Document:

REGISTRATION RIGHTS AGREEMENT

 

THIS REGISTRATION RIGHTS
AGREEMENT (this “Agreement”), dated as of April 25, 2022, is by and between IQSTEL Inc., a Nevada corporation (the
“Company”), and Apollo Management Group, Inc., a Florida corporation (the “Investor”).

 

WHEREAS:

 

A.                                 
In connection with the Common Stock Purchase Option granted by the Company in favor of the Investor
(the “Option”), the Company has agreed, upon the terms and subject to the conditions contained therein, to issue
and sell to the Investor that number of shares of the Company’s common stock, par value $0.01 per share (the “Common Stock”),
set forth therein (as exercised, the “Option Stock”). Capitalized terms not defined herein shall have the meanings
ascribed to them in the Option.

 

B.                                  
To induce the Investor to purchase the Option, the Company has agreed to provide certain registration
rights under the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder, or any similar successor statute
(collectively, the “Securities Act”), and applicable state securities laws and other rights as provided for herein.

 

NOW, THEREFORE, in
consideration of the premises and the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the Company and the Investor hereby agree as follows:

 

		1.	DEFINITIONS.

 

As used in this Agreement, the following terms shall have the following
meanings:

 

(a)                               
“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the
rules and regulations promulgated thereunder, or any similar successor statute.

 

(b)                              
“Person” means a corporation, a limited liability company, an association, a partnership,
an organization, a business, an individual, a governmental or political subdivision thereof, or a governmental agency.

 

(c)                               
“Prospectus” means the prospectus included in a Registration Statement (including,
without limitation, a prospectus that includes any information previously omitted from a prospectus filed as part of an effective registration
statement in reliance upon Rule 430A promulgated under the Securities Act), as amended or supplemented by any prospectus supplement, with
respect to the terms of the offering of any portion of the Registrable Securities covered by a Registration Statement, and all other amendments
and supplements to the Prospectus, including post-effective amendments, and all material incorporated by reference or deemed to be incorporated
by reference in such Prospectus.

 

(d)                              
“Registrable Securities” means all of (i) the shares of Option Stock issuable
upon exercise of the Option (without giving effect to any limitations on exercise set forth in the Option).

 

(e)                               
“Registration Statement” means any registration statement of the Company, including
the Prospectus, amendments, and supplements to such registration statement or Prospectus, including post-effective amendments, all exhibits
thereto, and all material incorporated by reference or deemed to be incorporated by reference in such registration statement.

 

    	 		 

    	 

    

 

thereto.

		(f)	“Rule 144” means Rule 144 under the Securities Act or any
successor rule

 

		(g)	“SEC” means the Securities and Exchange Commission or any
other federal

agency administering the Securities Act and the Exchange Act at the
time.

 

		(h)	“Securities Act” shall have the meaning set forth in the
Recitals above.

 

		2.	REGISTRATION.

 

(a)                               
The Company’s registration obligations set forth in this Section 2 including its obligations
to file Registration Statements, obtain effectiveness of Registration Statements, and maintain the continuous effectiveness of Registration
Statement that have been declared effective shall begin on the Grant Date and continue until all of the Registrable Securities have been
sold or may permanently be sold without any restrictions pursuant to Rule 144, as determined by the counsel to the Company pursuant to
a written opinion letter to such effect, addressed and acceptable to the Company’s transfer agent and to the Investor (the “Registration
Period”).

 

(b)                              
Piggy-Back Registrations. If at any time there is not an effective Registration Statement
covering all of the Registrable Securities and the Company proposes to register the offer and sale of any shares of its Common Stock under
the Securities Act (other than a registration

(i) pursuant to a Registration
Statement on Form S-8 (or other registration solely relating to an offering or sale to employees or directors of the Company
pursuant to any employee stock plan or other employee benefit arrangement), (ii) pursuant to a Registration Statement on Form S-4
(or similar form that relates to a transaction subject to Rule 145 under the Securities Act or any successor rule thereto), or (iii)
in connection with any dividend or distribution reinvestment or similar plan), whether for its own account or for the account of one
or more stockholders of the Company and the form of Registration Statement to be used may be used for any registration of
Registrable Securities, the Company shall give prompt written notice (in any event no later than five (5)
days prior to the filing of such Registration Statement) to the holders of Registrable Securities of its intention to effect such a
registration and shall include in such registration all Registrable Securities with respect to which the Company has received
written requests for inclusion from the holders of Registrable Securities; provided, however, that, the Company shall
not be required to register any Registrable Securities pursuant to this Section 2(b) that have been sold or may permanently be sold
without any restrictions pursuant to Rule 144, as determined by the counsel to the Company pursuant to a written opinion letter to
such effect, addressed and acceptable to the Company’s transfer agent and the Investor.

 

		3.	RELATED OBLIGATIONS.

 

(a)                               
The Company shall, not less than three (3) Trading Days prior to the filing of each Registration
Statement and not less than one (1) Trading Day prior to the filing of any related amendments and supplements to all Registration Statements
(except for Annual Reports on Form 10-K), furnish to the Investor copies of all such documents proposed to be filed, which documents (other
than those incorporated or deemed to be incorporated by reference) will be subject to the reasonable and prompt review of such Investor.
The Company shall not file a Registration Statement or any such Prospectus or any amendments or supplements thereto to which the Investor
shall reasonably object in good faith; provided, that, the Company is notified of such objection in writing no later than
two (2) Trading Days after the Investor have been so furnished copies of a Registration Statement.

 

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(b)                              
The Company shall furnish to the Investor, without charge, (i) at least one (1) copy of such Registration
Statement, as declared effective by the SEC and any amendment(s) thereto, including financial statements and schedules, all documents
incorporated therein by reference, all exhibits, and each preliminary prospectus, (ii) ten (10) copies of the final prospectus included
in such Registration Statement and all amendments and supplements thereto (or such other number of copies as the Investor may reasonably
request), and (iii) such other documents, which are not publicly available through EDGAR, as the Investor may reasonably request from
time to time in order to facilitate the disposition of the Registrable Securities owned by the Investor.

 

(c)                               
The Company shall use its best efforts to (i) register and qualify the Registrable Securities covered by a Registration Statement
under such other securities or “blue sky” laws of such jurisdictions in the United States as the Investor reasonably requests,
(ii) prepare and file in those jurisdictions, such amendments (including post-effective amendments) and supplements to such registrations
and qualifications as may be necessary to maintain the effectiveness thereof during the Registration Period, (iii) take such other actions
as may be necessary to maintain such registrations and qualifications in effect at all times during the Registration Period, and (iv)
take all other actions reasonably necessary or advisable to qualify the Registrable Securities for sale in such jurisdictions; provided,
however, that the Company shall not be required in connection therewith or as a condition thereto to (w) make any change to its
Certificate of Incorporation or By-laws, (x) qualify to do business in any jurisdiction where it would not otherwise be required to qualify
but for this Section 3(c), (y) subject itself to general taxation in any such jurisdiction, or (z) file a general consent to service
of process in any such jurisdiction. The Company shall promptly notify the Investor of the receipt by the Company of any notification
with respect to the suspension of the registration or qualification of any of the Registrable Securities for sale under the securities
or “blue sky” laws of any jurisdiction in the United States or its receipt of actual notice of the initiation or threat of
any proceeding for such purpose.

 

(d)                              
As promptly as practicable after becoming aware of such event or development, the Company shall notify
the Investor in writing of the happening of any event as a result of which the Prospectus included in a Registration Statement, as then
in effect, includes an untrue statement of a material fact or omission to state a material fact required to be stated therein or necessary
to make the statements therein, in light of the circumstances under which they were made, not misleading (provided that in no event shall
such notice contain any material, nonpublic information), and promptly prepare a supplement or amendment to such Registration Statement
to correct such untrue statement or omission, and deliver ten (10) copies of such supplement or amendment to the Investor. The Company
shall also promptly notify the Investor in writing (i) when a Prospectus or any Prospectus supplement or post-effective amendment has
been filed, and when a Registration Statement or any post-effective amendment has become effective (notification of such effectiveness
shall be delivered to the Investor by facsimile on the same day of such effectiveness), (ii) of any request by the SEC for amendments
or supplements to a Registration Statement or related prospectus or related information, and (iii) of the Company’s reasonable determination
that a post-effective amendment to a Registration Statement would be appropriate.

 

(e)                               
The Company shall use its best efforts to prevent the issuance of any stop order or other suspension
of effectiveness of a Registration Statement, or the suspension of the qualification of any of the Registrable Securities for sale in
any jurisdiction within the United States of America and, if such an order or suspension is issued, to obtain the withdrawal of such order
or suspension at the earliest possible moment and to notify the Investor of the issuance of such order and the resolution thereof or its
receipt of actual notice of the initiation or threat of any proceeding for such purpose.

 

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(f)                                 
If, after the execution of this Agreement, an Investor believes, after consultation with its legal
counsel, that it could reasonably be deemed to be an underwriter of Registrable Securities, at the request of the Investor, the Company
shall furnish to the Investor, on the date of the effectiveness of the Registration Statement and thereafter from time to time on such
dates as an Investor may reasonably request, (i) a letter, dated such date, from the Company’s independent certified public accountants
in form and substance as is customarily given by independent certified public accountants to underwriters in an underwritten public offering
and (ii) an opinion, dated as of such date, of counsel representing the Company for purposes of such Registration Statement, in form,
scope, and substance as is customarily given in an underwritten public offering, addressed to the Investor. Upon the request of the documents
discussed above pursuant to this Section 3(f), the Investor shall provide documents to the Company typically provided by an underwriter
of its securities in form, scope, and substance as is customarily given in an underwritten public offering, including an opinion of counsel
representing the Investor for purposes of such Registration Statement, addressed to the Company.

 

(g)                               
If, after the execution of this Agreement, an Investor believes, after consultation with its legal
counsel, that it could reasonably be deemed to be an underwriter of Registrable Securities, at the request of the Investor, the Company
shall make available for inspection by (i) the Investor and (ii) one (1) firm of accountants or other agents retained by the Investor
(collectively, the “Inspectors”) all pertinent financial and other records, and pertinent corporate documents and properties
of the Company (collectively, the “Records”), as shall be reasonably deemed necessary by each Inspector, and cause
the Company’s officers, directors, and employees to supply all information that any Inspector may reasonably request; provided,
however, that each Inspector shall agree, and the Investor hereby agrees, to hold in strict confidence and shall not make any disclosure
(except to an Investor) or use any Record or other information that the Company determines in good faith to be confidential, and of which
determination the Inspectors are so notified, unless (a) the disclosure of such Records is necessary to avoid or correct a misstatement
or omission in any Registration Statement or is otherwise required under the Securities Act, (b) the release of such Records is ordered
pursuant to a final, non-appealable subpoena or order from a court or government body of competent jurisdiction, or (c) the information
in such Records has been made generally available to the public other than by disclosure in violation of this or any other agreement of
which the Inspector and the Investor has knowledge. The Investor agrees that it shall, upon learning that disclosure of such Records is
sought in or by a court or governmental body of competent jurisdiction or through other means, give prompt notice to the Company and allow
the Company, at its expense, to undertake appropriate action to prevent disclosure of, or to obtain a protective order for, the Records
deemed confidential.

 

(h)                              
The Company shall hold in confidence and not make any disclosure of information concerning the Investor
provided to the Company unless (i) disclosure of such information is necessary to comply with federal or state securities laws, (ii) the
disclosure of such information is necessary to avoid or correct a misstatement or omission in any Registration Statement, (iii) the release
of such information is ordered pursuant to a subpoena or other final, non- appealable order from a court or governmental body of competent
jurisdiction, or (iv) such information has been made generally available to the public other than by disclosure in violation of this Agreement
or any other agreement. The Company agrees that it shall, upon learning that disclosure of such information concerning an Investor is
sought in or by a court or governmental body of competent jurisdiction or through other means, give prompt written notice to the Investor
and allow the Investor, at the Investor’s expense, to undertake appropriate action to prevent disclosure of, or to obtain a protective
order for, such information.

 

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(i)                                  
The Company shall use its best efforts to cause all the Registrable Securities to be listed on each
securities exchange on which the Common Stock is then listed. The Company shall pay all fees and expenses in connection with satisfying
its obligation under this Section 3(i).

 

(j)                                  
The Company shall cooperate with the holders of the Registrable Securities to facilitate the timely
preparation and delivery of certificates representing the Registrable Securities to be sold pursuant to such Registration Statement or
Rule 144 free of any restrictive legends and representing such number of shares of Common Stock and registered in such names as the holders
of the Registrable Securities may reasonably request a reasonable period of time prior to sales of Registrable Securities pursuant to
such Registration Statement or Rule; provided, that the Company may satisfy its obligations hereunder without issuing physical
stock certificates through the use of The Depository Trust Company’s Direct Registration System.

 

(k)                              
The Company shall use its best efforts to cause the Registrable Securities to be registered with
or approved by such other governmental agencies or authorities as may be necessary to consummate the disposition of such Registrable Securities.

 

(l)                                  
The Company shall otherwise use its best efforts to comply with all applicable rules and regulations
of the SEC in connection with any registration hereunder.

 

(m)                          
Within two (2) business days after a Registration Statement that covers Registrable Securities is
declared effective by the SEC, the Company shall deliver, and shall cause legal counsel for the Company to deliver, to the transfer agent
for such Registrable Securities (with copies to the Investor ) confirmation that such Registration Statement has been declared effective
by the SEC in the form attached hereto as Exhibit A.

 

(n)                              
The Company shall take all other reasonable actions necessary to expedite and facilitate disposition
by the Investor of Registrable Securities pursuant to a Registration Statement.

 

		4.	OBLIGATIONS OF THE INVESTOR.

 

(a)                               
The Investor agrees that, upon receipt of any notice from the Company of the happening of any event
of the kind described in Section 3(d), the Investor will immediately discontinue disposition of Registrable Securities pursuant to any
Registration Statement covering such Registrable Securities until the Investor’s receipt of the copies of the supplemented or amended
prospectus contemplated by Section 3(d) or receipt of notice that no supplement or amendment is required. Notwithstanding anything to
the contrary, the Company shall cause its transfer agent to deliver unlegended certificates for shares of Common Stock to a transferee
of an Investor in accordance with the terms of the Option in connection with any sale of Registrable Securities with respect to which
an Investor has entered into a contract for sale prior to the Investor’s receipt of a notice from the Company of the happening of
any event of the kind described in Section 3(d) and for which the Investor has not yet settled.

 

(b)                              
The Investor covenants and agrees that it will comply with the prospectus delivery requirements of
the Securities Act as applicable to it or an exemption therefrom in connection with sales of Registrable Securities pursuant to the Registration
Statement.

 

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		5.	EXPENSES OF REGISTRATION.

 

All expenses incurred by
the Company in complying with its obligations pursuant to this Agreement and in connection with the registration and disposition of Registrable
Securities shall be paid by the Company, including, without limitation, all registration, listing and qualifications fees, printers, fees,
and expenses of the Company’s counsel and accountants (except legal fees of Investor’s counsel associated with the review
of the Registration Statement).

 

		6.	INDEMNIFICATION.

 

With respect to Registrable
Securities that are included in a Registration Statement under this Agreement:

 

(a)                               
To the fullest extent permitted by law, the Company will, and hereby does, indemnify, hold harmless
and defend the Investor, the directors, officers, partners, employees, agents, representatives of, and each Person, if any, who controls
the Investor within the meaning of the Securities Act or the Exchange Act (each, an “Indemnified Person”), against
any losses, claims, damages, liabilities, judgments, fines, penalties, charges, costs, reasonable attorneys’ fees, amounts paid
in settlement, or expenses, joint or several (collectively, “Claims”) incurred in investigating, preparing, or defending
any action, claim, suit, inquiry, proceeding, investigation, or appeal taken from the foregoing by or before any court or governmental,
administrative, or other regulatory agency, body, or the SEC, whether pending or threatened, whether or not an indemnified party is or
may be a party thereto (“Indemnified Damages”), to which any of them may become subject insofar as such Claims (or
actions or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based upon: (i) any untrue statement
or alleged untrue statement of a material fact in a Registration Statement or any post-effective amendment thereto or in any filing made
in connection with the qualification of the offering under the securities or other “blue sky” laws of any jurisdiction in
which Registrable Securities are offered (a “Blue Sky Filing”), or the omission or alleged omission to state a material
fact required to be stated therein or necessary to make the statements therein not misleading; (ii) any untrue statement or alleged untrue
statement of a material fact contained in any final prospectus (as amended or supplemented, if the Company files any amendment thereof
or supplement thereto with the SEC) or the omission or alleged omission to state therein any material fact necessary to make the statements
made therein, in light of the circumstances under which the statements therein were made, not misleading; or (iii) any violation or alleged
violation by the Company of the Securities Act, the Exchange Act, any other law, including, without limitation, any state securities law,
or any rule or regulation thereunder relating to the offer or sale of the Registrable Securities pursuant to a Registration Statement
(the matters in the foregoing clauses (i) through (iii) being, collectively, “Violations”). The Company shall reimburse
the Investor and each such controlling person promptly as such expenses are incurred and are due and payable for any legal fees, or disbursements
or other reasonable expenses incurred by them in connection with investigating or defending any such Claim. Notwithstanding anything to
the contrary contained herein, the indemnification agreement contained in this Section 6(a): (x) shall not apply to a Claim by an Indemnified
Person arising out of or based upon a Violation that occurs in reliance upon and in conformity with information furnished in writing to
the Company by such Indemnified Person expressly for use in connection with the preparation of the Registration Statement or any such
amendment thereof or supplement thereto; (y) shall not be available to the extent such Claim is based on a failure of the Investor to
deliver or to cause to be delivered the prospectus made available by the Company, if such prospectus was timely made available by the
Company pursuant to Section 3(c); and (z) shall not apply to amounts paid in settlement of any Claim if such settlement is effected without
the prior written consent of the Company, which consent shall not be unreasonably withheld, delayed, denied, or conditioned. Such indemnity
shall remain in full force and effect regardless of any investigation made
by or on behalf of the Indemnified Person.

 

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(b)                              
In connection with a Registration Statement, the Investor agrees to indemnify, hold harmless, and
defend, to the same extent and in the same manner as is set forth in Section 6(a), the Company, each of its directors, each of its officers,
employees, representatives, or agents and each Person, if any, who controls the Company within the meaning of the Securities Act or the
Exchange Act (each, an “Indemnified Party”), against any Claim or Indemnified Damages to which any of them may become
subject, under the Securities Act, the Exchange Act, or otherwise, insofar as such Claim or Indemnified Damages arise out of or is based
upon any Violation, in each case to the extent, and only to the extent, that such Violation occurs in reliance upon and in conformity
with written information furnished to the Company by the Investor expressly for use in connection with such Registration Statement; and,
subject to Section 6(d), the Investor will reimburse any legal or other expenses reasonably incurred by them in connection with investigating
or defending any such Claim; provided, however, that the indemnity agreement contained in this Section 6(b) and the agreement
with respect to contribution contained in Section 7 shall not apply to amounts paid in settlement of any Claim if such settlement is effected
without the prior written consent of the Investor, which consent shall not be unreasonably withheld, delayed, denied, or conditioned;
provided, further, however, that the Investor shall be liable under this Section 6(b) for only that amount of a Claim
or Indemnified Damages as does not exceed the net proceeds to the Investor as a result of the sale of Registrable Securities pursuant
to such Registration Statement. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf
of such Indemnified Party. Notwithstanding anything to the contrary contained herein, the indemnification agreement contained in this
Section 6(b) with respect to any prospectus shall not inure to the benefit of any Indemnified Party if the untrue statement or omission
of material fact contained in the prospectus was corrected and such new prospectus was delivered to the Investor prior to the Investor’s
use of the prospectus to which the Claim relates.

 

(c)                               
Promptly after receipt by an Indemnified Person or Indemnified Party under this Section 6 of notice
of the commencement of any action or proceeding (including any governmental action or proceeding) involving a Claim, such Indemnified
Person or Indemnified Party shall, if a Claim in respect thereof is to be made against any indemnifying party under this Section 6, deliver
to the indemnifying party a written notice of the commencement thereof, and the indemnifying party shall have the right to participate
in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume control
of the defense thereof with counsel mutually satisfactory to the indemnifying party and the Indemnified Person or the Indemnified Party,
as the case may be; provided, however, that an Indemnified Person or Indemnified Party shall have the right to retain its
own counsel with the fees and expenses of not more than one (1) counsel for such Indemnified Person or Indemnified Party to be paid by
the indemnifying party, if, in the reasonable opinion of counsel retained by the indemnifying party, the representation by such counsel
of the Indemnified Person or Indemnified Party and the indemnifying party would be inappropriate due to actual or potential differing
interests between such Indemnified Person or Indemnified Party and any other party represented by such counsel in such proceeding. The
Indemnified Party or Indemnified Person shall cooperate fully with the indemnifying party in connection with any negotiation or defense
of any such action or claim by the indemnifying party and shall furnish to the indemnifying party all information reasonably available
to the Indemnified Party or Indemnified Person which relates to such action or claim. The indemnifying party shall keep the Indemnified
Party or Indemnified Person fully apprised at all times as to the status of the defense or any settlement negotiations with respect thereto.
No indemnifying party shall be liable for any settlement of any action, claim or proceeding effected without its prior

 

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written consent; provided, however,
that the indemnifying party shall not unreasonably withhold, delay, deny, or condition its consent. No indemnifying party shall, without
the prior written consent of the Indemnified Party or Indemnified Person, consent to entry of any judgment or enter into any settlement
or other compromise that does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified
Party or Indemnified Person of a release from all liability in respect to such claim or litigation. Following indemnification as provided
for hereunder, the indemnifying party shall be subrogated to all rights of the Indemnified Party or Indemnified Person with respect to
all third parties, firms, or corporations relating to the matter for which indemnification has been made. The failure to deliver written
notice to the indemnifying party within a reasonable time of the commencement of any such action shall not relieve such indemnifying party
of any liability to the Indemnified Person or Indemnified Party under this Section 6, except to the extent that the indemnifying party
is prejudiced in its ability to defend such action.

 

(d)                              
The indemnification required by this Section 6 shall be made by periodic payments of the amount thereof
during the course of the investigation or defense, as and when bills are received or Indemnified Damages are incurred.

 

(e)                               
The indemnity agreements contained herein shall be in addition to (i) any cause of action or similar
right of the Indemnified Party or Indemnified Person against the indemnifying party or others and (ii) any liabilities the indemnifying
party may be subject to pursuant to the law.

 

		7.	CONTRIBUTION.

 

To the extent any indemnification
by an indemnifying party is prohibited or limited by law, the indemnifying party agrees to make the maximum contribution with respect
to any amounts for which it would otherwise be liable under Section 6 to the fullest extent permitted by law; provided, however,
that: (i) no seller of Registrable Securities guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities
Act) shall be entitled to contribution from any seller of Registrable Securities who was not guilty of fraudulent misrepresentation and
(ii) contribution by any seller of Registrable Securities shall be limited in amount to the net amount of proceeds received by such seller
from the sale of such Registrable Securities.

 

		8.	REPORTS UNDER THE EXCHANGE ACT.

 

With a view to making available
to the Investor the benefits of Rule 144 promulgated under the Securities Act or any similar rule or regulation of the SEC that may at
any time permit the Investor to sell securities of the Company to the public without registration and, as a material inducement to the
Investor’s purchase of the Option, the Company represents, warrants, and covenants to the following:

 

(a)                               
The Company is subject to the reporting requirements of section 13 or 15(d) of the Exchange Act and
has filed all required reports under section 13 or 15(d) of the Exchange Act during the 12 months prior to the date hereof (or for such
shorter period that the issuer was required to file such reports), other than Form 8-K reports.

 

(b)                              
During the Registration Period, the Company shall file with the SEC in a timely manner all required
reports under section 13 or 15(d) of the Exchange Act (it being understood that nothing herein shall limit the Company’s obligations
under the Option) and such reports shall conform to the requirement of the Exchange Act and the SEC for filing thereunder.

 

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(c)                               
The Company shall furnish to the Investor so long as the Investor owns Registrable Securities, promptly
upon request, (i) a written statement by the Company that it has complied with the reporting requirements of Rule 144, (ii) a copy of
the most recent Annual Report on From 10-K or Quarterly Report on Form 10-Q of the Company and such other reports and documents so filed
by the Company, and (iii) such other information as may be reasonably requested to permit the Investor to sell such securities pursuant
to Rule 144 without registration.

 

		9.	AMENDMENT OF REGISTRATION RIGHTS.

 

Provisions of this Agreement
may be amended and the observance thereof may be waived (either generally or in a particular instance and either retroactively or prospectively),
only with the written consent of the Company and Investor. Any amendment or waiver effected in accordance with this Section 9 shall be
binding upon the Investor and the Company. No such amendment shall be effective if it applies to fewer than all of the holders of the
Registrable Securities. No consideration shall be offered or paid to any Person to amend or consent to a waiver or modification of any
provision of any of this Agreement unless the same consideration also is offered to all of the parties to this Agreement.

 

		10.	MISCELLANEOUS.

 

(a)                               
A Person is deemed to be a holder of Registrable Securities whenever such Person owns or is deemed
to own of record such Registrable Securities or owns the right to receive the Registrable Securities. If the Company receives conflicting
instructions, notices, or elections from two (2) or more Persons with respect to the same Registrable Securities, the Company shall act
upon the basis of instructions, notice, or election received from the registered owner of such Registrable Securities.

 

(b)                              
Any notices, consents, waivers or other communications required or permitted to be given under the
terms of this Agreement must be in writing and will be deemed to have been delivered upon: (i) receipt, when delivered personally, (ii)
one Trading Day after deposit with an overnight courier service with next day delivery specified, in each case, properly addressed to
the party to receive the same, or (iii) receipt, when sent by electronic mail (provided that the electronic mail transmission is not returned
in error or the sender is not otherwise notified of any error in transmission. The address and email address of the Investor for such
communications appear on the books of the Company and the address and email address of the Company for such communications appear on its
filings with the SEC and on its website. Alternative addresses and e- mail addresses can be provided by written notice given to each other
party three Trading Days prior to the effectiveness of such change. Written confirmation of receipt (i) given by the recipient of such
notice, consent, waiver or other communication, (ii) mechanically or electronically generated by the sender’s computer containing
the time, date, recipient’s electronic mail address and the text of such electronic mail or (iii) provided by a nationally recognized
overnight delivery service, shall be rebuttable evidence of personal service, receipt by electronic mail or receipt from a nationally
recognized overnight delivery service in accordance with clause (i), (ii) or (iii) above, respectively.

 

(c)                               
Failure of any party to exercise any right or remedy under this Agreement or otherwise, or delay
by a party in exercising such right or remedy, shall not operate as a waiver thereof.

 

(d)                              
This Agreement shall be governed by and construed in accordance with the laws of the State of Florida,
without giving effect to conflicts of laws thereof. Each of the parties consents to the jurisdiction of the Courts of the State of Florida
located in the City of Miami,

 

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County of Miami-Dade, and the U.S. District
Court for the Southern District of Florida in connection with any dispute arising under this Agreement and hereby waives, to the maximum
extent permitted by law, any objection, including any objection based on forum non conveniens, to the bringing of any such proceeding
in such jurisdictions. THE PARTIES HEREBY KNOWINGLY, VOLUNTARILY, AND INTENTIONALLY WAIVE THE RIGHT ANY OF THEM MAY HAVE TO A TRIAL BY
JURY IN RESPECT OF ANY LITIGATION BASED HEREON OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY COURSE OF CONDUCT,
COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN), OR ACTIONS OF ANY PARTY. THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE PARTIES’
ACCEPTANCE OF THIS AGREEMENT.

 

(e)                               
This Agreement shall inure to the benefit of and be binding upon the permitted successors and assigns
of each of the parties hereto.

 

(f)                                 
The headings in this Agreement are for convenience of reference only and shall not limit or otherwise
affect the meaning hereof.

 

(g)                               
This Agreement may be executed in identical counterparts, each of which shall be deemed an original
but all of which shall constitute one and the same agreement. This Agreement, once executed by a party, may be delivered to the other
party hereto as an attachment to an e-mail of a copy of this Agreement bearing the signature of the party so delivering this Agreement.

 

(h)                              
Each party shall do and perform, or cause to be done and performed, all such further acts and things,
and shall execute and deliver all such other agreements, certificates, instruments, and documents, as the other party may reasonably request
in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby.

 

(i)                                  
The language used in this Agreement will be deemed to be the language chosen by the parties to express
their mutual intent and no rules of strict construction will be applied against any party.

 

(j)                                  
This Agreement is intended for the benefit of the parties hereto and their respective permitted
successors and assigns, and is not for the benefit of, nor may any provision hereof be enforced by, any other Person. 

 

    	 	10	 

    	 

    

IN WITNESS WHEREOF, the Investor
and the Company have caused their signature page to this Registration Rights Agreement to be duly executed as of the date first above
written.

 

	 	COMPANY:	 
	 	IQSTEL INC.	 
	 	 	 
	 	 By: /s/ Leandro Iglesias	 
	 	 Name: Leandro Iglesias	 
	 	 Title:CEO	 
	 	 	 
	 	 	 
	 	 	 
	 	INVESTOR:	 
	 	APOLLP MANAGEMENT GROUP, INC.	 
	 	 	 
	 	 By: Yohane Naraine 	 
	 	 Name: Yohane Naraine 	 
	 	 Title:President 	 

    	 	11	 

    	 

    

EXHIBIT A

 

FORM OF NOTICE OF EFFECTIVENESS 

OF
REGISTRATION STATEMENT

 

 

Attention:

 

Re:IQSTEL INC.

 

Ladies and Gentlemen:

 

We are counsel to IQSTEL
INC., a Nevada corporation (the “Company”), and have represented the Company in connection with that certain Common
Stock Purchase Option (the “Option”) granted by the Company in favor of the Investor (the “Option”),
pursuant to which the Company has agreed, upon the terms and subject to the conditions contained therein, to issue and sell to the Investor
that number of shares of the Company’s common stock, par value $0.01 per share (the “Common Stock”), set forth
therein (as exercised, the “Option Stock”). In connection with the Option, the Company also has entered into a Registration
Rights Agreement with the Investor (the “Registration Rights Agreement”), pursuant to which the Company agreed, among
other things, to register the Registrable Securities (as defined in the Registration Rights Agreement) under the Securities Act of 1933,
as amended (the “Securities Act”). In connection with the Company’s obligations under the Registration Rights
Agreement, on  202 , the Company filed a Registration Statement
on Form S-1 (File No. 333-) (the “Registration Statement”)
with the Securities and Exchange Commission (the “SEC”) relating to the Registrable Securities, which names each of
the Investor as a selling stockholder thereunder.

 

In connection with
the foregoing, we advise you that a member of the SEC’s staff has advised us by telephone that the SEC has entered an order declaring
the Registration Statement effective under the Securities Act at [ENTER TIME OF EFFECTIVENESS] on [ENTER DATE OF EFFECTIVENESS]
and we have no knowledge, after telephonic inquiry of a member of the SEC’s staff, that any stop order suspending its effectiveness
has been issued or that any proceedings for that purpose are pending before, or threatened by, the SEC and the Registrable Securities
are available for resale under the Securities Act pursuant to the Registration Statement.

 

Very truly yours,

 

[Clark Hill PLC]

 

 

 

By: __________________________________

cc:Apollo Management
Group, Inc.

    	 	12Exhibit 10.1

 

[*****] Indicates omitted information. This redacted information has been excluded because
it is both (i) not material and (ii) of the type that the registrant treats as private and confidential.

 

THIS
OMNIBUS DEED OF AMENDMENT NO. 1 (this “Amendment”) is dated December 23_,
2021 and made among ARROW EMEA FUNDING CORP B.V., a private company with limited liability (besloten vennootschap met beperkte
aansprakelijkheid) incorporated under the laws of The Netherlands, as the SPV (the “SPV”), BNP PARIBAS (“BNPP”),
a société anonyme incorporated under the laws of France, as the Administrative Agent (in such capacity, the “Administrative
Agent”), as Purchaser Agent for the BNP Purchaser Group (in such capacity, the “BNPP Purchaser Agent”) and
as a Committed Purchaser, MATCHPOINT FINANCE PLC, a public limited company incorporated under the laws of Ireland, as a Conduit
Purchaser (“Matchpoint”), ING BELGIUM S.A./N.V., a public limited liability company (société
anonyme/naamloze vennootschap) organised under the laws of Belgium, as Purchaser Agent for the ING Purchaser Group (the “ING
Purchaser Agent”), MONT BLANC CAPITAL CORP, a corporation organised under the laws of the State of Delaware, as a Committed
Purchaser and as a Conduit Purchaser (“Mont Blanc”), ARROW ELECTRONICS (UK) LIMITED, a limited liability company
incorporated under the laws of England and Wales, as an Agent Servicer, an SPV Servicer and an Originator (“Arrow UK”),
ARROW CENTRAL EUROPE GMBH, a limited liability company (Gesellschaft mit beschränkter Haftung) incorporated under
the laws of Germany, as an Agent Servicer, an SPV Servicer and an Originator (“Arrow Germany”), ARROW ELECTRONICS,
INC., a corporation organised under the laws of the State of New York, as the Parent (the “Parent”), ARROW
ELECTRONICS FC B.V., a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) incorporated
under the laws of The Netherlands, as the Subordinated Lender (the “Subordinated Lender”), U.S. BANK TRUSTEES LIMITED,
a limited liability company incorporated under the laws of England and Wales, as the Security Trustee (the “Security Trustee”),
ELAVON FINANCIAL SERVICES DAC, a designated activity company registered in Ireland, as the Paying Agent (the “Paying
Agent”), and DEMICA LIMITED, a private company with limited liability incorporated under the Laws of England and Wales,
as the Reporting Services Provider (the “Reporting Services Provider”). Each Person above shall be a “Party”
and together shall be the “Parties”.

 

WITNESSETH

 

WHEREAS, the SPV, the Administrative
Agent, the BNPP Purchaser Agent, Matchpoint, the ING Purchaser Agent, Mont Blanc, Arrow UK, Arrow Germany, the Parent, the Subordinated
Lender, the Security Trustee and the Paying Agent have entered into that certain Master Framework Agreement, dated as of January 27,
2020 (as amended up to the date of this Amendment, the “Master Framework Agreement”);

 

WHEREAS, the SPV, the Administrative
Agent, the BNPP Purchaser Agent, Matchpoint, the ING Purchaser Agent, Mont Blanc, Arrow UK, Arrow Germany, the Security Trustee and the
Paying Agent have entered into that certain Receivables Transfer Agreement, dated as of January 27, 2020 (as amended up to the date of
this Amendment, the “Receivables Transfer Agreement”);

 

WHEREAS, Arrow UK and the
SPV have entered into that certain English Receivables Sale Agreement, dated as of January 27, 2020 (as amended up to the date of this
Amendment, the “English RSA”);

 

WHEREAS, the SPV, the Administrative
Agent, Arrow UK, Arrow Germany, the Security Trustee and the Paying Agent have entered into that certain Receivables Servicing Deed,
dated as of January 27, 2020 (as amended up to the date of this Amendment, the "Servicing Deed");

 

    

    

    

 

WHEREAS, the SPV, Arrow
Germany and the Security Trustee have entered into that certain English Declaration of Trust (German Collection Accounts), dated as of
January 27, 2020 (as amended up to the date of this Amendment, the "Arrow Germany DOT");

 

WHEREAS, the SPV, Arrow
UK, and the Security Trustee have entered into that certain English Declaration of Trust (English Collection Accounts), dated as of January
27, 2020 (as amended up to the date of this Amendment, the "Arrow UK DOT");

 

WHEREAS, the Parent, the
SPV, the Administrative Agent and the Security Trustee have entered into that certain Parent Undertaking Agreement, dated as of January
27, 2020 (as amended up to the date of this Amendment, the “Parent Undertaking”);

 

WHEREAS, the Subordinated
Lender, the SPV, Arrow UK, Arrow Germany and the Administrative Agent have entered into that certain Subordinated Loan Agreement, dated
as of January 27, 2020 (as amended up to the date of this Amendment, the “Subordinated Loan Agreement”);

 

WHEREAS, the SPV, Arrow
UK, Arrow Germany, the Administrative Agent and the Reporting Services Provider have entered into that certain Reporting Services Agreement,
dated as of January 27, 2020 (as amended up to the date of this Amendment, the “Reporting Services Agreement” and,
together with the Master Framework Agreement, Receivables Transfer Agreement, English RSA, Servicing Deed, Arrow Germany DOT, Arrow UK
DOT, Parent Undertaking and Subordinated Loan Agreement, the “Agreements” and each Agreement, reflecting the amendment
of such Agreement effected or proposed to be effected pursuant to this Amendment, the “Amended Agreements”);

 

WHEREAS, concurrently herewith
Arrow Germany, the SPV and the Administrative Agent are entering into that certain First Amendment to German Receivables Sale Agreement,
dated as of the Effective Date (the “German RSA Amendment”);

 

WHEREAS, concurrently herewith
Arrow Germany, Arrow UK and the Security Trustee are entering into that certain Dutch Account Security Agreement, dated as of the Effective
Date (the “Dutch Account Security Agreement”);

 

WHEREAS, the Parties desire
to amend the Agreements to which they are a party as provided herein; and

 

NOW THEREFORE, the Parties
agree as follows.

 

THIS DEED WITNESSES that:

 

	1.	DEFINITIONS
                                            AND INTERPRETATION

 

	1.1	Terms
                                            defined in the Amended Agreements

 

Terms defined in
each Amended Agreement but not in this Amendment shall have the same meaning in this Amendment as in such Amended Agreement or, if not
defined therein, in the Master Framework Agreement.

 

    

    

    

 

	1.2	Interpretation

 

The principles of interpretation
set out in Clause 2.2 (Interpretation) of the Master Framework Agreement apply to this Amendment, mutatis mutandis, as
if fully set forth herein.

 

	2.	AMENDMENTS
                                            TO THE AGREEMENTS

 

	2.1	Amendment
                                            of Master Framework Agreement. The Parties to the Master Framework Agreement hereby agree
                                            that with effect from the Effective Date, the Master Framework Agreement shall be amended
                                            as follows:

 

		(a)	Clause
                                            2.1 is hereby amended by adding the following defined terms in the appropriate alphabetical
                                            order:

 

"Affected
Financial Institution" means (a) any EEA Financial Institution or (b) any UK Financial Institution.

 

"Agent
Entity" is defined in Clause 8.11 (Erroneous Payments) of the Receivables Transfer Agreement.

 

"Compounded
Reference Rate" means, in relation to any RFR Banking Day, the percentage rate per annum which is the aggregate of:

 

		(a)	the
                                            Daily Non-Cumulative Compounded RFR for that RFR Banking Day; and

 

		(b)	the
                                            applicable Credit Adjustment Spread.

 

"Credit
Adjustment Spread" means any rate which is specified as such in the Reference Rate Terms.

 

"Daily
Non-Cumulative Compounded RFR Rate" means, in relation to any RFR Banking Day, the percentage rate per annum determined
by the Reporting Services Provider in accordance with the methodology set out in Schedule 4 (Daily Non- Cumulative Compounded RFR
Rate).

 

"Dutch Account Pledge Agreement
(German and English Collection Accounts)" means that certain Dutch account security agreement, dated on or around December 23,
2021, among the German Originator, the English Originator and the Security Trustee.

 

"Effective
Date" means December 23, 2021.

 

"EU
Securitisation Regulation" means Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December
2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation,
and amending certain other European Union Directives and Regulations, as amended and in effect from time to time.

 

    

    

    

 

"EU
Securitisation Regulation Rules" means the EU Securitisation Regulation, together with all relevant implementing regulations
in relation thereto, all regulatory technical standards, implementing technical standards and delegated regulations in relation thereto
or applicable in relation thereto pursuant to any transitional arrangements made pursuant to the EU Securitisation Regulation and, in
each case, any relevant guidance or policy statements published in relation thereto by European Banking Authority, the European Securities
and Markets Authority and the European Insurance and Occupational Pensions Authority (or in each case, any predecessor or successor or
any other applicable regulatory authority) or by the European Commission, in each case as amended and in effect from time to time.

 

"EUWA"
means the European Union (Withdrawal) Act 2018, as amended.

 

"FCA"
means the Financial Conduct Authority.

 

"ICE
TERM SONIA" means the ICE Term SONIA reference rate administered and published by ICE Benchmark Administration Limited,
or any other person which takes over the administration of such rate, published on the ICE Term Risk Free Rates portal at or around 11:55
am (London time).

 

"Other
Party Entity" is defined in Clause 8.11 (Erroneous Payments) of the Receivables Transfer Agreement.

 

"PRA"
means the United Kingdom Prudential Regulation Authority.

 

"Reference
Rate Terms" means the terms set out in Schedule 3 (Reference Rate Terms).

 

"Resolution
Authority" means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.

 

"RFR"
means the rate specified as such in the Reference Rate Terms.

 

"RFR
Banking Day" means any day specified as such in the Reference Rate Terms.

 

"Securitisation
Regulation Rules" means the EU Securitisation Regulation Rules and the UK Securitisation Regulation Rules.

 

"UK
Financial Institution" means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended form time
to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook
(as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions
and investment firms, and certain affiliates of such credit institutions or investment firms.

 

"UK
Insolvency Regulation" means the EU Insolvency Regulation, as it forms part of UK domestic law as "retained EU law"
by operation of the EUWA, and as amended by the Insolvency (Amendment) (EU Exit) Regulations 2019, SI 2019/146.

 

"UK
Securitisation Regulation" means Regulation (EU) 2017/2402 as it forms part of UK domestic law as "retained EU law"
by operation of the EUWA, and as amended by the Securitisation (Amendment) (EU Exit) Regulations 2019, and as further amended from time
to time.

 

    

    

    

 

"UK
Securitisation Regulation Rules" means the UK Securitisation Regulation together with (a) all applicable binding technical
standards made under the UK Securitisation Regulation; (b) all EU regulatory technical standards and implementing technical standards
relating to the EU Securitisation Regulation (including such regulatory technical standards or implementing technical standards which
are applicable pursuant to any transitional provisions of the EU Securitisation Regulation) forming part of UK domestic law by operation
of the EUWA; (c) relevant guidance, policy statements or directions relating to the application of the UK Securitisation Regulation (or
any binding technical standards) published by the PRA and/or the FCA (or their successors); (d) any guidelines relating to the application
of the EU Securitisation Regulation which are applicable in the UK, (e) any other relevant transitional, saving or other provision relevant
to the UK Securitisation Regulation by virtue of the operation of the EUWA; and (f) any other applicable laws, acts, statutory instruments,
rules, guidance or policy statements published or enacted relating to the UK Securitisation Regulation, in each case as may be amended
from time to time.

 

"UK
Resolution Authority" means the Bank of England or any other public administrative authority having responsibility for
the resolution of any UK Financial Institution.

 

		(b)	The
                                            definition of “Bail-In Action” in Clause 2.1 is hereby amended in its entirety
                                            to read as follows:

 

"Bail-In
Action" means the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect
of any liability of an Affected Financial Institution.

 

		(c)	The
                                            definition of “Bail-In Legislation” in Clause 2.1 is hereby amended in its entirety
                                            to read as follows:

 

"Bail-In
Legislation" means (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the
European Parliament and of the Council of the European Union, the implementing law, regulation rule or requirement for such EEA Member
Country from time to time which is described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, Part
I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United
Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates
(other than through liquidation, administration or other insolvency proceedings).

 

		(d)	The
                                            definition of "Collection Account" in Clause 2.1 is hereby amended in its entirety
                                            to read as follows:

 

"Collection
Account" means any account, at an Eligible Account Bank, described in Schedule 3 (Accounts) to the Receivables
Transfer Agreement under the heading "Collection Account" and any account added as a Collection Account in accordance with
the Transaction Documents.

 

    

    

    

 

		(e)	The
                                            definition of "Collection Account Agreements" in Clause 2.1 is hereby amended in
                                            its entirety to read as follows:

 

"Collection
Account Agreements" means, collectively, the English Declaration of Trust (English Collection Accounts), the English
Declaration of Trust (German Collection Accounts), the Dutch Account Pledge Agreement (German Collection Accounts), the Dutch Account
Pledge Agreement (German and English Collection Accounts), the Irish Declaration of Trust and the German Account Pledge Agreement, and
each other control or other security agreement or arrangement, in form and substance reasonably satisfactory to the Administrative Agent
and the Security Trustee and as may be appropriate under the laws of any relevant jurisdiction, with respect to a Collection Account.

 

		(f)	The
                                            definition of "Data Protection Law" in Clause 2.1 is hereby amended in its entirety
                                            to read as follows:

 

"Data
Protection Law" means Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the
protection of natural persons with regard to the processing of personal data and on the free movement of such data (repealing Directive
95/46/EC (General Data Protection Regulation)), including as it forms part of English law pursuant to the EUWA, the German Data Protection
Act (Bundesdatenschutzgesetz) or any other applicable Law relating to data protection or privacy.

 

		(g)	The
                                            definition of “Dutch Account Pledge Agreement (Collection Accounts)” in Clause
                                            2.1 is hereby amended in its entirety to read as follows:

 

"Dutch
Account Pledge Agreement (German Collection Accounts)" means that certain Dutch account security agreement, dated on
or around the Closing Date, among the German Originator and the Security Trustee.

 

		(h)	The
                                            definition of “Existing Law” in Clause 2.1 is hereby amended in its entirety
                                            to read as follows:

 

"Existing
Law" means (a) the Dodd-Frank Wall Street Reform and Consumer Protection Act; (b) the third Basel Accord issued by the
Basel Committee on Banking Supervision as set out in the publications entitled "Basel III: A global regulatory framework for more
resilient banks and banking systems", "Basel III: International framework for liquidity risk measurement, standards and monitoring"
and "Guidance for national authorities operating the countercyclical capital buffer" as updated from time to time (collectively
"Basel III") and any further guidance or standards published by the Basel Committee relating to Basel III, (c) any rules,
regulations, guidance, interpretations, directives or requests from any Official Body relating to, or implementing the Dodd-Frank Wall
Street Reform and Consumer Protection Act or Basel III (whether or not having the force of law), or (d) the Securitisation Regulation
Rules.

 

		(i)	The
                                            definition of "GBP Investment Interest Reserve Percentage" in Clause 2.1 is hereby
                                            amended in its entirety as follows:

 

"GBP
Investment Interest Reserve Percentage" means, as at any Monthly Calculation Date, the ratio (expressed as a percentage)
determined as:

 

		(a)	the
                                            product of:

 

    

    

    

 

		(i)	the
                                            maximum between:

 

(A)            
ICE TERM SONIA for a period of one (1) month as at such Monthly Calculation Date multiplied by [*****], and

 

(B)            
ICE TERM SONIA for a period of one (1) month as at such Monthly Calculation Date plus [*****], multiplied by

 

		(ii)	the
                                            product determined as:

 

		(A)	the
                                            Facility Limit, multiplied by

 

		(B)	the
                                            quotient determined as:

 

(x)             
the Base Currency Equivalent of the GBP Net Eligible Receivables Balance as at the Month End Date immediately preceding such Monthly
Calculation Date, divided by

 

(y)             
the Net Eligible Receivables Balance as at the Month End Date immediately preceding such Monthly Calculation Date, multiplied
by

 

(iii)           
the DSO as at the Month End Date immediately preceding such Monthly Calculation Date, multiplied by

 

		(iv)	the
                                            Relevant Stress Factor, multiplied by

 

		(v)	1/360;
                                            divided by

 

(b)             
the Net Eligible Receivables Balance as at the Month End Date immediately preceding such Monthly Calculation Date.

 

		(j)	Clause
                                            2.1 is hereby amended by the deletion of the definition of "LIBOR GBP" in its entirety.

 

		(k)	The
                                            definition of "Minimum Total Reserve Percentage" in Clause 2.1 is hereby amended
                                            so that references to the "Securitisation Regulation" are replaced by references
                                            to the "EU Securitisation Regulation".

 

		(l)	The
                                            definition of "Retained Interest" in Clause 2.1 is hereby amended in its entirety
                                            to read as follows:

 

"Retained
Interest" means a material net economic interest of not less than 5% as required by Article 6(1) of each of the Securitisation
Regulations in the form of a first loss tranche pursuant to (i) paragraph (d) of Article 6(3) of the EU Securitisation Regulation, and
(ii) paragraph (d) of Article 6(3) of the UK Securitisation Regulation, in each case as in effect on the Effective Date.

 

    

    

    

 

		(m)	The
                                            definition of "Securitisation Regulation" in Clause 2.1 is hereby amended in its
                                            entirety to read as follows:

 

"Securitisation
Regulations" means the EU Securitisation Regulation and the UK Securitisation Regulation.

 

		(n)	Clause
                                            2.1 is hereby amended by the deletion of the definition of "Securitisation Regulation
                                            Requirements" in its entirety.

 

		(o)	The
                                            definition of "SPV Account" in Clause 2.1 is hereby amended in its entirety to
                                            read as follows:

 

"SPV
Account" means any account, at an Eligible Account Bank, described in Schedule 3 (Accounts) to the Receivables
Transfer Agreement under the heading "SPV Accounts" and any account added as an SPV Account in accordance with the Transaction
Documents.

 

		(p)	The
                                            definition of "STS Requirements" in Clause 2.1 is hereby amended so that references
                                            to the "Securitisation Regulation" are replaced by references to the "EU Securitisation
                                            Regulation".

 

		(q)	The
                                            definition of "Subordinated Loan Interest Rate" in Clause 2.1 is hereby amended
                                            in its entirety to read as follows:

 

"Subordinated
Loan Interest Rate" means, (A) with respect to any Currency other than GBP, (i) the offered rate that appears on the
page of the Bloomberg Screen that displays an average ICE Benchmark Administration Limited (or any successor thereof acceptable to the
Subordinated Lender) London interbank offered rate for deposits in such Currency with a term equivalent to three months at 11:00 a.m.
London time on the applicable Settlement Date; or (ii) in the event such offered rate does not appear on such page or service or such
page or service shall cease to be available (other than under the circumstances set forth in Clause 2.5(e) (Successor Applicable Currency
Benchmark Rate) of the Receivables Transfer Agreement), the offered rate per annum (rounded upwards to five decimal places) equal
to the offered rate determined by the Subordinated Lender to be the offered rate on another page or other service that displays an average
ICE Benchmark Administration Limited (or any successor thereof acceptable to the Subordinated Lender) London interbank offered rate for
deposits in such Currency with a term equivalent to three months, in each case determined as of the most recent Subordinated Loan Interest
Determination Date, or (B) with respect to GBP, the Compounded Reference Rate on the applicable Settlement Date. If the calculation of
the Subordinated Loan Interest Rate results in a Subordinated Loan Interest Rate of less than zero (0), the Subordinated Loan Interest
Rate shall be deemed to be zero (0) for all purposes hereunder.

 

		(r)	The
                                            definition of "Total Reserve Percentage" in Clause 2.1 is hereby amended in its
                                            entirety to read as follows:

 

"Total
Reserve Percentage" means, for any Monthly Calculation Period, a percentage equal to the greater of:

 

		(a)	The
                                            Minimum Total Reserve Percentage, and

 

    

    

    

 

		(b)	the
                                            sum of:

 

(i)       
the Loss Reserve Percentage as at the Month End Date immediately preceding such Monthly Calculation Period, plus

 

(ii)       the
Non-Contractual Dilution Reserve Percentage as at the Month End Date immediately preceding such Monthly Calculation Period, plus

 

(ii)       the
Yield and Expenses Reserve Percentage as at the Month End Date immediately preceding such Monthly Calculation Period.

 

		(s)	The
                                            definition of "Write-Down and Conversion Powers" in Clause 2.1 is hereby amended
                                            in its entirety to read as follows:

 

"Write-Down
and Conversion Powers" means, (a) with respect to any EEA Resolution Authority, the write-down and conversion powers
of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down
and conversion powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, any powers of
the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any
UK Financial Institution 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.

 

		(t)	A
                                            new Schedule 3 (Reference Rate Terms) is hereby added in the form set forth on Annex
                                            B attached hereto.

 

		(u)	A
                                            new Schedule 4 (Daily Non-Cumulative Compounded RFR Rate) is hereby added in the form
                                            set forth on Annex C attached hereto.

 

	2.2	Amendment
                                            of Receivables Transfer Agreement. The Parties to the Receivables Transfer Agreement
                                            hereby agree that with effect from the Effective Date, the Receivables Transfer Agreement
                                            shall be amended as follows:

 

		(a)	The
                                            definition of "Alternate Rate" in Clause 2.5(c) is hereby amended in its entirety
                                            to read as follows:

 

"Alternate
Rate" means, for any Investment, for each day in any applicable Rate Period:

 

		(i)	initially
                                            funded in Dollars, the greater of (a) zero and (b) the sum of (x) LIBOR on such day for a
                                            period of one (1) month and (y) the Applicable Margin;

 

		(ii)	initially
                                            funded in Euros, the greater of (a) zero and (b) the sum of (x) EURIBOR on such day for a
                                            period of one (1) month and (y) the Applicable Margin;

 

		(iii)	initially
                                            funded in GBP, the greater of (a) zero and (b) the sum of (x) the Compounded Reference Rate
                                            on such day, provided that if such day is not a RFR Banking Day, the rate of interest for
                                            that day will be the rate applicable to the immediately preceding RFR Banking Day, as calculated
                                            by the Reporting Services Provider and (y) the Applicable Margin; and

 

    

    

    

 

		(iv)	on
                                            any day in any Rate Period falling on or after the date of any declaration or automatic occurrence
                                            of the Termination Date pursuant to Clause 6.3 (Remedies), a rate per annum equal to the
                                            Default Rate for such Currency.

 

		(b)	The
                                            definition of "Applicable Currency Benchmark Rate" in Clause 2.5(c) is hereby amended
                                            in its entirety to read as follows:

 

"Applicable
Currency Benchmark Rate" means, (i) with respect to any Investment denominated in Dollars, LIBOR, and (ii) with respect
to any Investment denominated in Euros, EURIBOR.

 

		(c)	Clause
                                            2.5(c) is hereby amended by the deletion of the definition of "LIBOR GBP" in its
                                            entirety.

 

		(d)	The
                                            definition of "Yield" in Clause 2.5(c) is hereby amended in its entirety to read
                                            as follows:

 

"Yield" [*****]

 

		(e)	Clause
                                            2.5(e) is hereby amended by adding a new paragraph to the end of such Clause to read as follows:

 

Without prejudice to any other provision
of this Agreement, each party hereto acknowledges and agrees that, as of the Effective Date, the circumstances set forth in Clause 2.5(e)(ii)(B)
above have arisen with respect to LIBOR.

 

		(f)	Clause
                                            2.5 is hereby amended by adding a new sub-clause (f) at the end of such Clause to read as
                                            follows:

 

		(f)	Successor
                                            RFR.

 

		(i)	Notwithstanding
                                            anything to the contrary in this Agreement or any other Transaction Document, if the SPV
                                            or the Majority Purchasers notify the Administrative Agent (with, in the case of the Majority
                                            Purchasers, a copy to the SPV) that the SPV or the Majority Purchasers (as applicable) have
                                            determined that:

 

		(A)	the
                                            methodology, formula or other means of determining the RFR has, in the opinion of the Majority
                                            Purchasers or the SPV, materially changed;

 

		(B)	the
                                            administrator of the RFR or its supervisor publicly announces that such administrator is
                                            insolvent and there is no successor administrator to continue to provide the RFR;

 

		(C)	the
                                            administrator of the RFR publicly announces that it has ceased or will cease to provide the
                                            RFR permanently or indefinitely and, at that time, there is no successor administrator to
                                            continue to provide the RFR;

 

    

    

    

 

		(D)	the
                                            supervisor of the administrator of the RFR publicly announces that the RFR has been or will
                                            be permanently or indefinitely discontinued;

 

		(E)	the
                                            administrator of the RFR or its supervisor announces that the RFR may no longer be used;
                                            or

 

		(F)	the
                                            administrator of the RFR (or the administrator of an interest rate which is a constituent
                                            element of the RFR) determines that the RFR should be calculated in accordance with its reduced
                                            submissions or other contingency or fallback policies or arrangements and the circumstance(s)
                                            or event(s) leading to such determination are not (in the opinion of the Majority Purchasers
                                            and the SPV) temporary,

 

then the Administrative Agent, the
SPV and the Servicers shall endeavour to establish an alternate rate of interest to such RFR that gives due consideration to the then-prevailing
market convention for determining a rate of interest for syndicated loans in England at such time, and shall enter into an amendment
to this Agreement and the other Transaction Documents to reflect such alternate rate of interest and such other related changes to this
Agreement and the other Transaction Documents as may be applicable (but, for the avoidance of doubt, such related changes shall not include
a reduction of the Applicable Margin).

 

Notwithstanding anything to the contrary
in Clause 12 (Amendments and Waivers), such amendment shall become effective without any further action or consent of any other
party to this Agreement so long as the Administrative Agent shall not have received, within five (5) Business Days of the date notice
of such alternate rate of interest is provided to the Purchaser Agents and the Purchasers, a written notice from the Majority Purchasers
of an objection to such amendment. Until an alternate rate of interest shall be determined in accordance with this Clause 2.5(f), (1)
the obligation of the Purchasers to make or maintain Investments with Yield calculated by reference to such RFR shall be suspended (to
the extent of the affected Investments or Rate Periods), and (2) the related RFR component shall no longer be utilized in determining
the Alternate Rate, if applicable. Upon receipt of such notice, the SPV may revoke any pending request for an Investment (to the extent
of the affected Investment or Rate Periods) or, failing that, will be deemed to have converted such request into a request for an Investment
with Yield calculated at the Base Rate.

 

		(g)	Clause
                                            3(a)(v) is hereby amended in its entirety to read as follows:

 

(v)  
is not established in a third country referred to in Article 4 of the EU Securitisation Regulation or in Article 4 of the UK Securitisation
Regulation.

 

    

    

    

 

		(h)	Clause
                                            5.1(x) is here amended in its entirety to read as follows:

 

(i)           Securitisation
Regulations. The SPV shall promptly provide each Purchaser and the Subordinated Lender with such information relating to the Receivables
or 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 to comply with any and all
applicable requirements of Article 5 and/or Article 7 of each Securitisation Regulation and any other due diligence provision or transparency
provision of the Securitisation Regulation Rules. The SPV shall make available all the information that a securitisation special purpose
entity is required to make available in accordance with Article 7 of the EU Securitisation Regulation and Article 7 of the UK Securitisation
Regulation.

 

		(i)	Clause
                                            5.2(d) is here amended in its entirety to read as follows:

 

(d)          Change
in payment instructions to Obligors. The SPV 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) or, except to the extent permitted or required by the Transaction Documents,
make any change in its instructions to Obligors regarding payments to be made to any Account, unless (i) such instructions are to deposit
such payments for a Receivable to another existing Account, (ii) with respect to the addition or termination of any bank as an Account
Bank or any account as an Account, (A) the Administrative Agent and each Purchaser Agent have received written notice of such addition,
termination or change at least thirty (30) days prior thereto, (B) the Majority Purchasers have consented to each new Account Bank and/or
the termination of any Account Bank (in each case, where applicable, and provided that such consent or instructions are not unreasonably
withheld or delayed), (C) the Administrative Agent and each Purchaser Agent have received a duly executed Account Agreement with respect
to each new Account, where applicable, and (D) the Administrative Agent and each Purchaser Agent have received an updated Schedule 3
(Accounts) along with a certification from the SPV that all conditions to add or remove such Account and/or Account Bank under
the Transaction Documents have been satisfied, or (iii) on and after the Account Redirection Date, such instructions are to deposit payments
into an SPV Account (it being agreed that, at any time on and after the Account Redirection Date, the SPV shall instruct all Obligors
to make all payments in respect of the Receivables and associated Related Rights to an SPV Account).

 

		(j)	Clause
                                            7.2(a)(i)(B) is hereby amended so that the words "or Compounded Reference Rate"
                                            are added after the words "the Applicable Currency Benchmark Rate" and before the
                                            word "hereunder".

 

		(k)	Clause
                                            7.4(a)(ii) is hereby amended in its entirety to read as follows:

 

(ii) any costs and
expenses in connection with the requirements of the EU Securitisation Regulation and the UK Securitisation Regulation, in each case including
any costs or fees related to the provision of information required in connection with transparency, due diligence or reporting requirements
requested by the Administrative Agent or any Purchaser,

 

    

    

    

 

		(l)	Clause
                                            8 is hereby amended by adding a new Clause 8.11 to the end of such Clause to read as follows:

 

8.11        Erroneous
Payments

 

Where a sum is to
be paid to the Administrative Agent, a Purchaser Agent or the Paying Agent, as applicable, under this Agreement or any other Transaction
Document for another party hereto or thereto, the Administrative Agent, such Purchaser Agent or the Paying Agent, as applicable, is not
obliged to pay that sum to that other party (or to enter into or perform any related exchange contract) until it has been able to establish
to its satisfaction that it has actually received that sum. If the Administrative Agent, a Purchaser Agent or the Paying Agent, as applicable,
or its Affiliate or representative on its behalf or direction (the Administrative Agent, each Purchaser Agent and the Paying Agent, as
applicable, and their applicable Affiliate or representative, an "Agent Entity") pays an amount to another party (unless
the immediately following sentence applies) or, at the direction of such party, that party’s Affiliate, related fund or representative
(such party and its applicable Affiliate, related fund or representative, an "Other Party Entity") and it proves to
be the case (in the sole determination of the Administrative Agent, a Purchaser Agent or the Paying Agent, as applicable) that (a) neither
the Administrative Agent, such Purchaser Agent or the Paying Agent, as applicable, nor the applicable Agent Entity actually received
that amount or (b) such amount was otherwise paid in error (whether such error was known or ought to have been known to such other party
or applicable Other Party Entity), then the party to whom that amount (or the proceeds of any related exchange contract) was paid (or
on whose direction its applicable Other Party Entity was paid) by the applicable Agent Entity shall hold such amount on trust or, to
the extent not possible as a matter of law, for the account (or will procure that its applicable Other Party Entity holds on trust or
for the account) of the Agent Entity and on demand (or will procure that its applicable Other Party Entity shall) refund the same to
the Agent Entity together with interest on that amount from the date of payment to the date of receipt by the Agent Entity, calculated
by the Administrative Agent, such Purchaser Agent or the Paying Agent, as applicable, to reflect its cost of funds. If the Administrative
Agent, a Purchaser Agent or the Paying Agent, as applicable, has notified the Purchasers that it is willing to make available amounts
for the account of the SPV before receiving funds from the Purchasers then if and to the extent that the Administrative Agent, such Purchaser
Agent or the Paying Agent, as applicable, does so but it proves (in the sole determination of the Administrative Agent, such Purchaser
Agent or the Paying Agent, as applicable) to be the case that it does not then receive funds from a Purchaser in respect of a sum which
it paid to the SPV: (i) the Administrative Agent, such Purchaser Agent or the Paying Agent, as applicable, shall notify Arrow of that
Purchaser’s identity and the SPV to whom that sum was made available shall hold such amount on trust or, to the extent not possible
as a matter of law, for the account, of the Administrative Agent, such Purchaser Agent or the Paying Agent, as applicable, and on demand
refund it to the Administrative Agent, such Purchaser Agent or the Paying Agent, as applicable; and (ii) the Purchaser by whom those
funds should have been made available shall on demand pay to the Administrative Agent, such Purchaser Agent or the Paying Agent, as applicable,
the amount (as certified by the Administrative Agent, such Purchaser Agent or the Paying Agent, as applicable) which will indemnify the
Administrative Agent, such Purchaser Agent or the Paying Agent, as applicable, against any funding cost incurred by it as a result of
paying out that sum before receiving those funds from that Purchaser.

 

    

    

    

 

		(m)	Clause
                                            25 is hereby amended in its entirety to read as follows:

 

25.          Acknowledgement
and Consent to Bail-In of Affected Financial Institutions

 

Notwithstanding anything
to the contrary in any Transaction Document or in any other agreement, arrangement or understanding among any such parties, each party
hereto acknowledges that any liability of any Affected Financial Institution arising under any Transaction Document, to the extent such
liability is unsecured, may be subject to the write-down and conversion powers of the applicable Resolution Authority and agrees and
consents to, and acknowledges and agrees to be bound by:

 

(a)          the
application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder
which may be payable to it by any party hereto that is an Affected Financial Institution; and

 

		(b)	the
                                            effects of any Bail-in Action on any such liability, including, if applicable:

 

(i)           a
reduction in full or in part or cancellation of any such liability;

 

(ii)           a
conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution,
its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other
instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any
other Transaction Document; or

 

(iii)          the
variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of the applicable Resolution
Authority.

 

		(n)	Schedule
                                            3 is hereby amended in its entirety as set forth on Annex A attached hereto.

 

	2.3	Amendment
                                            of English RSA. The Parties to the English RSA hereby agree that with effect from the
                                            Effective Date, the English RSA shall be amended as follows:

 

(a)          Clause
5.1(g) of the English RSA shall be amended in its entirety to read as follows:

 

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

 

(b)          Clause
6.1(d) of the English RSA shall be amended in its entirety to read as follows:

 

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

 

    

    

    

 

(c)          Clause
6.2(n) of the English RSA shall be amended in its entirety to read as follows:

 

(n)          Securitisation
Regulations. Upon request by a Purchaser or the Subordinated Lender, the Seller shall promptly provide each Purchaser or the Subordinated
Lender, as applicable, 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 each Securitisation Regulation and any other due diligence provision or transparency provision of the Securitisation
Regulation Rules. The Seller shall make available all the information that an originator is required to make available in accordance
with Article 7 of the EU Securitisation Regulation and Article 7 of the UK Securitisation Regulation.

 

(d)          Clause
6.3(e) of the English RSA shall be amended in its entirety to read as follows:

 

(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) with respect to the
addition or termination of any bank as an Account Bank or any account as an Account, (A) the Buyer and the Administrative Agent have
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/or the termination of any Account
Bank (in each case, where applicable, and provided that such consent or instructions are not unreasonably withheld or delayed), (C) the
Security Trustee has received a duly executed Account Agreement with respect to each new Account, where applicable, and (D) the Administrative
Agent and each Purchaser Agent have received an updated Schedule 3 (Accounts) to the Receivables Transfer Agreement along with
a certification from the Seller that all conditions to add or remove such Account and/or Account Bank under the Transaction Documents
have been satisfied, 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).

 

	2.4	Amendment
                                            of Servicing Deed. The Parties to the Servicing Deed hereby agree that with effect from
                                            the Effective Date, the Servicing Deed shall be amended as follows:

 

		(a)	Clause
                                            3.4(a) is hereby amended in its entirety to read as follows:

 

		(a)	With
                                            respect to each Monthly Calculation Period, by no later than 6:00 p.m. (London time) on:

 

    

    

    

 

		(i)	the
                                            Monthly Calculation Date for such Monthly Calculation Period; and

 

		(ii)	after
                                            the occurrence of a Servicer Default which is continuing, the second (2nd) Business Day after
                                            any request from the Administrative Agent or any Purchaser Agent,

 

each Agent Servicer
shall prepare and forward to the Administrative Agent, each Purchaser Agent, the Paying Agent and the SPV a Monthly Servicer Report,
certified by such Agent Servicer and containing, among other things, all information required by the Subordinated Lender to comply with
its requirements under Article 7 of the EU Securitisation Regulation in accordance with the Subordinated Loan Agreement and the related
regulatory technical standards and implementing technical standards, as amended or replaced from time to time and Article 7 of the UK
Securitisation Regulation in accordance with the Subordinated Loan Agreement and the related technical standards, as amended or replaced
from time to time.

 

		(b)	Clause
                                            5(r) is hereby amended in its entirety to read as follows:

 

(r)         Centre
of Main Interests. Each Servicer has its centre of main interests (as such term is used in the EU Insolvency Regulation or the UK
Insolvency Regulation, as applicable) in its jurisdiction of organization and it has no "establishment" (as such term is used
in the EU Insolvency Regulation or the UK Insolvency Regulation, as applicable) outside its jurisdiction of registered office other than
in Austria, Belgium, The Netherlands and Switzerland.

 

		(c)	Clause
                                            5(t) is hereby amended to include the words "or a UK Financial Institution" at
                                            the end.

 

		(d)	Clause
                                            6.1(q) is hereby amended in its entirety to read as follows:

 

(q)          Securitisation
Regulations. Upon request by a Purchaser, each Servicer shall promptly provide each Purchaser with such information relating to the
Receivables and the transactions under the Transaction Documents as any Purchaser may from time to time reasonably request in order to
enable such Purchaser (in its capacity as Purchaser or as a sponsor) to comply with any and all applicable requirements of Article 5
and/or Article 7 of each Securitisation Regulation and any other due diligence provision or transparency provision of the Securitisation
Regulation Rules. Each Servicer shall make available all the information that an originator, sponsor or securitisation special purpose
entity is required to make available in accordance with Article 7 of the EU Securitisation Regulation and Article 7 of the UK Securitisation
Regulation.

 

		(e)	Clause
                                            6.2(d) is hereby amended in its entirety to read as follows:

 

    

    

    

 

(d)          No
change in payment instructions to Obligors. No Servicer shall 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, except to the extent permitted
or required by the Transaction Documents, change in its instructions to Obligors regarding payments to be made to any Account, unless
(i) such instructions are to deposit such payments to another existing Account, (ii) with respect to the addition or termination of any
bank as an Account Bank or any account as an Account, (A) the Administrative Agent has received written notice of such addition, termination
or change at least thirty (30) days prior thereto, (B) the Administrative Agent (acting on the instructions of the Majority Purchasers)
has consented to each new Account Bank and/or the termination of any Account Bank (in each case, where applicable, and provided that
such consent or instructions are not unreasonably withheld or delayed), (C) the Security Trustee has received a duly executed Account
Agreement with respect to each new Account, where applicable, and (D) the Administrative Agent and each Purchaser Agent have received
an updated Schedule 3 (Accounts) to the Receivables Transfer Agreement along with a certification from the related Servicer that
all conditions to add or remove such Account and/or Account Bank under the Transaction Documents have been satisfied, 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, each Servicer shall instruct all Obligors to make all payments in respect of the Receivables
and their Related Rights (other than any Receivable originated prior to such date) to an SPV Account).

 

	2.5	Amendment
                                            of Arrow Germany DOT. The Parties to the Arrow Germany DOT hereby agree that with effect
                                            from the Effective Date, the Arrow Germany DOT shall be amended as follows:

 

		(a)	The
                                            definition of "Trust Accounts" in Clause 1.4 is hereby amended in its entirety
                                            to read as follows:

 

"Trust
Accounts" means the Collection Accounts listed in Schedule 1 (Trust Accounts) and any other account of Collection
Account Trustee deemed a Collection Account under the Transaction Documents (each such account being a "new Trust Account").

 

		(b)	Clause
                                            4 is hereby amended in its entirety to read as follows: The Collection Account Trustee shall:

 

(a)              immediately
on the date of this Declaration of Trust and on the date on which any new Trust Account is opened, deliver (with a copy to the SPV, the
Security Trustee and, with respect to any new Trust Account, the Administrative Agent) a duly executed Notice of Declaration of Trust
to each relevant Collection Account Bank; and

 

(b)              ensure
that such Collection Account Bank acknowledges such Notice of Declaration of Trust by providing a duly executed Acknowledgement of Declaration
of Trust to (i) the SPV and the Security Trustee, on or prior to the Closing Date, or (ii) with respect to any new Trust Account which
has been opened, the SPV, the Security Trustee and the Administrative Agent, promptly but in any event no later than thirty (30) days
after the date on which such new Trust Account has been opened.

 

    

    

    

 

	2.6	Amendment
                                            of Arrow UK DOT. The Parties to the Arrow UK DOT hereby agree that with effect from the
                                            Effective Date, the Arrow UK DOT shall be amended as follows:

 

		(a)	The
                                            definition of "Trust Accounts" in Clause 1.4 is hereby amended in its entirety
                                            to read as follows:

 

"Trust
Accounts" means the Collection Accounts listed in Schedule 1 (Trust Accounts) and any other account of Collection
Account Trustee deemed a Collection Account under the Transaction Documents (each such account being a "new Trust Account").

 

		(b)	Clause
                                            4 is hereby amended in its entirety to read as follows: The Collection Account Trustee shall:

 

(a)              immediately
on the date of this Declaration of Trust and on the date on which any new Trust Account is opened, deliver (with a copy to the SPV, the
Security Trustee and, with respect to any new Trust Account, the Administrative Agent) a duly executed Notice of Declaration of Trust
to each relevant Collection Account Bank; and

 

(b)              ensure
that such Collection Account Bank acknowledges such Notice of Declaration of Trust by providing a duly executed Acknowledgement of Declaration
of Trust to (i) the SPV and the Security Trustee, on or prior to the Closing Date, or (ii) with respect to any new Trust Account which
has been opened, the SPV, the Security Trustee and the Administrative Agent, promptly but in any event no later than thirty (30) days
after the date on which such new Trust Account has been opened.

 

	2.7	Amendment
                                            of Parent Undertaking. The Parties to the Parent Undertaking hereby agree that with effect
                                            from the Effective Date, the Parent Undertaking shall be amended as follows:

 

		(a)	Clause
                                            5.1 is hereby amended so that references to "the Securitisation Regulation" are
                                            replaced by references to "each Securitisation Regulation".

 

		(b)	Clause
                                            5.3(a)(ii) is hereby amended in its entirety to read as follows:

 

(ii) any costs and
expenses in connection with the requirements of the EU Securitisation Regulation and the UK Securitisation Regulation, in each case including
any costs or fees related to the provision of information required in connection with transparency, due diligence or reporting requirements
requested by the Administrative Agent or any Purchaser,

 

		(c)	Clause
                                            5.3(a)(vi) is hereby amended in its entirety to read as follows:

 

(vi)         any
and all costs and expenses, including any increased capital costs, fines or penalties, relating to its participation in the transactions
contemplated by the Transaction Documents arising as a result of the failure of any Arrow Party, the SPV or such transactions to comply
with the EU Securitisation Regulation or the UK Securitisation Regulation.

 

    

    

    

 

	2.8	Amendment
                                            of Subordinated Loan Agreement. The Parties to the Subordinated Loan Agreement hereby
                                            agree that with effect from the Effective Date, Clause 6 of the Subordinated Loan Agreement
                                            shall be amended in its entirety to read as follows:

 

		6.	COMPLIANCE
                                            WITH SECURITISATION REGULATION

 

		6.1	Risk
                                            Retention

 

At all times prior
to the Final Payout Date, the Subordinated Lender represents, warrants and covenants that:

 

		(a)	it
                                            (i) is an Affiliate of each of the Originators and (ii) is, through the Originators (as related
                                            entities), involved in the Contracts and any other agreements which give rise to the Receivables;

 

		(b)	by
                                            virtue of clause (a) above, it reasonably believes that it is an "originator" for
                                            purposes of each of the EU Securitisation Regulation and the UK Securitisation Regulation
                                            and will hold and will retain, on an ongoing basis, the Retained Interest by holding 100%
                                            of the outstanding principal balance of the Subordinated Loans;

 

		(c)	it
                                            will not sell, hedge or otherwise mitigate its credit risk under or associated with the Retained
                                            Interest or the Receivables or sell, transfer or otherwise surrender all or part of its rights,
                                            benefits or obligations arising from the Retained Interest, except to the extent permitted
                                            in accordance with the Securitisation Regulation Rules;

 

		(d)	it
                                            will not change the retention option or the method of calculating the Retained Interest except
                                            under exceptional circumstances in accordance with the Securitisation Regulation Rules;

 

		(e)	(i)
                                            it was not established for, and does not operate for, the sole purpose of securitising exposures,
                                            and it has a strategy and the capacity to meet payment obligations consistent with a broader
                                            business model that involves material support from capital, assets, fees or other sources
                                            of income, by virtue of which it does not rely on the exposures to be securitised, on any
                                            interests retained or proposed to be retained in accordance with the Securitisation Regulation
                                            Rules, or on any corresponding income from such exposures and interests as its sole or predominant
                                            source of revenue; and (ii) its responsible decision makers have the necessary experience
                                            to enable it to pursue the established business strategy, as well as adequate corporate governance
                                            arrangements;

 

		(f)	the
                                            Subordinated Lender shall confirm its continued compliance with the undertakings set out
                                            in clauses (a) through (e) of this Clause 6.1 (Risk Retention) to the Borrower, the
                                            Security Trustee and each Purchaser Agent in writing (which may be by way of email) (i) in
                                            each Monthly Servicer Report and (ii) promptly upon the reasonable written request of any
                                            of the Borrower, the Security Trustee or a Purchaser;

 

		(g)	the
                                            Subordinated Lender shall, and shall procure that each Arrow Party shall, notify the Borrower,
                                            the Security Trustee and each Purchaser Agent as soon as reasonably practicable if for any
                                            reason it fails to comply with the provisions clauses (a) to (e) of this Clause 6.1 (Risk
                                            Retention) in any way.

 

    

    

    

 

 

		6.2	Information
                                            Requirements

 

		(a)	The
                                            Subordinated Lender and each Originator shall, and shall procure that each other Arrow Party
                                            shall, promptly provide each Purchaser and the Subordinated Lender with such information
                                            relating to the Receivables and the transactions under the Transaction Documents as the Subordinated
                                            Lender, any Purchaser and/or the Borrower may from time to time reasonably request in order
                                            to enable those persons to comply with any and all applicable requirements of Article 5 and/or
                                            Article 7 of each Securitisation Regulation, including the completion of all relevant information
                                            required by the regulatory technical standards and implementing technical standards, as amended
                                            or replaced from time to time in relation to Article 7 of the EU Securitisation Regulation
                                            and the technical standards, as amended or replaced from time to time, in relation to Article
                                            7 of the UK Securitisation Regulation, and any other due diligence provision or transparency
                                            provision of the Securitisation Regulation Rules, provided that such information is in the
                                            possession of or reasonably obtainable by the Subordinated Lender, the relevant Originator
                                            and/or such other Arrow Party, as applicable.
	 	 	 

		(b)	For
                                            the purposes of Article 7(2) of the EU Securitisation Regulation and Article 7(2) of the
                                            UK Securitisation Regulation, the Originators, the Subordinated Lender (as an “originator”
                                            as defined in each Securitisation Regulation) and the Borrower designate the Subordinated
                                            Lender to fulfil the information requirements of Article 7(1) of the EU Securitisation Regulation
                                            and Article 7(1) of the UK Securitisation Regulation and the Subordinated Lender hereby accepts
                                            such designations.

 

		(c)	The
                                            Subordinated Lender shall promptly make available, or shall procure that the same is made
                                            available to the Purchasers, any relevant competent authorities (as defined under the EU
                                            Securitisation Regulation and the UK Securitisation Regulation) and, upon request therefor,
                                            potential investors, and to the Agent Servicers, all documents, reports and information necessary
                                            to fulfil the reporting requirements under Article 7 of the EU Securitisation Regulation
                                            and Article 7 of the UK Securitisation Regulation including:

 

		(i)	the
                                            provision of the applicable templates, completed with all relevant information, in accordance
                                            with the regulatory technical standards and implementing technical standards, as amended
                                            or replaced from time to time, in relation to Article 7 of the EU Securitisation Regulation
                                            and the technical standards, as amended or replaced from time to time, in relation to the
                                            Article 7 of the UK Securitisation Regulation; and

 

		(ii)	information
                                            required to be disclosed pursuant to Article 7(1)(g) of the EU Securitisation Regulation
                                            and Article 7(1)(g) of the UK Securitisation Regulation.

 

     

     

    

 

		(d)	Pursuant
                                            to the Securitisation Regulations 2018, the FCA has been appointed as the competent authority
                                            in the United Kingdom with respect to the English Originator for the purposes of the UK Securitisation
                                            Regulation. Pursuant to the Direction of the FCA and the PRA (the "FCA/PRA Direction")
                                            in relation to regulation 25 of the UK Securitisation Regulations 2018 (the "Securitisation
                                            Regulations 2018"), the English Originator must, either directly or through the
                                            entity designated under the first sub-paragraph of Article 7(2) of the UK Securitisation
                                            Regulation, before pricing, make a notification to the FCA in the form and manner prescribed
                                            in the FCA/PRA Direction. The Subordinated Lender undertakes to make (or procure that the
                                            English Originator makes) such a notification to the FCA within the time required and otherwise
                                            in accordance with the Securitisation Regulations 2018 and the FCA/PRA Direction, and to
                                            provide all such other notifications and information required under the Securitisation Regulations
                                            2018 and the FCA/PRA Direction in accordance with the Securitisation Regulations 2018 and
                                            the FCA/PRA Direction.

 

		(e)	The
                                            Subordinated Lender shall (or shall procure that the German Originator shall) provide such
                                            notices and other information to Bundesanstalt für Finanzdienstleistungsaufsicht in
                                            the form and manner prescribed in Gesetz zur Anpassung von Finanzmarktgesetzen an die Verordnung
                                            (EU) 2017/2402 und an die durch die Verordnung (EU) 2017/2401 geänderte Verordnung (EU)
                                            Nr. 575/2013, and otherwise comply with such regulation.

 

		(f)	The
                                            Subordinated Lender will make (or procure that the Borrower makes) the following information
                                            available to the Authority for the Financial Markets (Autoriteit Financiële Markten)
                                            ("AFM") in the Netherlands (i) at the latest on the signing date of the
                                            Transaction Documents, an Excel file based on the template of the FCA prescribed in accordance
                                            with the FCA/PRA Direction with information in respect of the securitisation; (ii) as soon
                                            as possible when requested by the AFM, the information set forth in Article 7(1)(a) and (e)
                                            of the EU Securitisation Regulation; and (iii) without delay, any information required to
                                            be disclosed pursuant to Article 7(1)(g) of the EU Securitisation Regulation, by sending
                                            such information to the following email address: [*****], provided that as soon as any legislation,
                                            regulation or instruction has been provided or published by the relevant competent authority
                                            in the Netherlands, the Subordinated Lender shall make (or procure that the Borrower makes)
                                            the information referred to in Article 7(1)(a), (e) and (g) of the EU Securitisation Regulation
                                            available in accordance with such legislation, regulation or instruction.
	 	 	 

		6.3	Securitisation
                                            Regulation Compliance

 

At all times prior to the Final
Payout Date, the Originators and the Subordinated Lender represent and warrant that:

 

		(a)	they
                                            shall not select Receivables to be transferred to the Borrower with the aim of rendering
                                            losses on those Receivables, measured over the life of the transaction contemplated by the
                                            Transaction Documents, higher than the losses over the same period on comparable accounts
                                            receivable held on its balance sheet, in accordance with Article 6(2) of the EU Securitisation
                                            Regulation and Article 6(2) of the UK Securitisation Regulation;

 

     

     

    

 

		(b)	none
                                            of the Receivables is a securitisation position (as defined in each of the Securitisation
                                            Regulations); and

 

		(c)	they
                                            applied to the Receivables the same sound and well-defined criteria for credit-granting which
                                            they apply to non-securitised receivables and the same clearly established processes for
                                            approving and, where relevant, amending, renewing and refinancing the Receivables have been
                                            and will be applied and the Originators have effective systems in place to apply those criteria
                                            and processes in order to ensure that credit-granting is based on a thorough assessment of
                                            the creditworthiness, taking appropriate account of each Obligor meeting its obligations
                                            under the relevant Contract.

 

		2.9	Amendment
                                            of Reporting Services Agreement. The Parties to the Reporting Services Agreement hereby
                                            agree that with effect from the Effective Date, the Reporting Services Agreement shall be
                                            amended so that references to "the Securitisation Regulation" are replaced by references
                                            to "each Securitisation Regulation".

 

		3.	EFFECTIVENESS

 

		3.1	Effective
                                            Date

 

Subject
to Clause 3.3 below, this Amendment shall become effective on the date hereof (the “Effective Date”), provided
that the Administrative Agent shall have received (a) a counterpart (or counterparts) of this Amendment executed and delivered by each
of the Parties, (b) a counterpart (or counterparts) of the German RSA Amendment executed and delivered by each of the parties hereto
and (c) a counterpart (or counterparts) of the Dutch Account Security Agreement executed and delivered by each of the parties thereto.
All covenants, agreements, representations and warranties made herein and in each Agreement shall survive the execution and delivery
of this Amendment and shall continue in full force and effect.

 

		3.2	Status

 

This
Amendment is designated as a Transaction Document.

 

		3.3	Continuing
                                            effect; Further Assurances

 

		(a)	On
                                            the Effective Date, and immediately following receipt of the items specified in Clause
                                            3.1 above, the amendments and modifications to the Agreements shall be, and shall be
                                            deemed to be, effective, modified and amended in accordance herewith and, in each case, the
                                            respective rights, limitations, obligations, duties, liabilities and immunities of the respective
                                            parties thereto and hereto shall hereafter be determined, exercised and enforced subject
                                            in all respects to the modifications and amendments, and all the terms and conditions of
                                            this Amendment shall be deemed to be a part of the respective terms and conditions of the
                                            applicable Agreement for any and all purposes.
	 	 	 

		(b)	Except
                                            as modified and expressly amended by this Amendment, each Agreement is in all respects ratified
                                            and confirmed, and all the terms, provisions and conditions thereof shall be and remain in
                                            full force and effect.

 

     

     

    

 

		(c)	Nothing
                                            in this Amendment shall constitute an amendment, waiver, consent or release of any right
                                            or remedy of the Administrative Agent, any Purchaser or any other Secured Party under the
                                            Transaction Documents nor otherwise prejudice the right or remedy of the Administrative Agent,
                                            any Purchaser or any other Secured Party under any Transaction Document and each of the Administrative
                                            Agent, any Purchaser or any other Secured Party reserves any other right or remedy it may
                                            have now or subsequently under the Transaction Documents.

 

		(d)	Each
                                            Originator shall at the request of the Administrative Agent or the Security Trustee and at
                                            its own expense promptly execute (in such form as the Administrative Agent or Security Trustee
                                            may reasonably require) and do any document, act or thing which the Administrative Agent
                                            or Security Trustee considers necessary or appropriate to preserve, perfect, protect or give
                                            effect to, the amendments contained in this Amendment.

 

		4.	CERTAIN
                                            REPRESENTATIONS/REAFFIRMATIONS

 

		4.1	The
                                            SPV and each Arrow Party hereby represents and warrants to each of the other Parties that:

 

		(a)	the
                                            representations and warranties made by it in the Agreements to which it is a party, in each
                                            case as amended by this Amendment, and each of the other Transaction Documents to which it
                                            is a party are true and correct in all material respects (except those representations and
                                            warranties qualified by materiality or by reference to a material adverse effect, which are
                                            true and correct in all respects) on and as of the Effective Date unless such representations
                                            and warranties by their terms refer to an earlier date, in which case they were true and
                                            correct in all material respects (except those representations and warranties qualified by
                                            materiality or by reference to a material adverse effect, which are true and correct in all
                                            respects) on and as of such earlier date;
	 	 	 

		(b)	the
                                            execution and delivery by it of this Amendment and the performance of its obligations under
                                            this Amendment, the Agreements to which it is a party (each as amended hereby) and the other
                                            Transaction Documents to which it is a party are within its organizational powers and have
                                            been duly authorized by all necessary action on its part, and this Amendment, the Agreements
                                            to which it is a party (each as amended hereby) and the other Transaction Documents to which
                                            it is a party are its valid and legally binding obligations, enforceable in accordance with
                                            their respective terms, subject to the effect of bankruptcy, insolvency, reorganization or
                                            other similar laws affecting the enforcement of creditors’ rights generally, and subject
                                            to general principles of equity, regardless of whether considered in a proceeding in equity
                                            or at law; and
	 	 	 

		(c)	immediately
                                            before and after giving effect to this Amendment, no Early Amortisation Event, Potential
                                            Event of Default, Event of Default, Potential Servicer Default or Servicer Default has occurred
                                            and is continuing.

 

		4.2	By
                                            its signature below, the Parent hereby affirms, agrees and acknowledges, as of the Effective
                                            Date, that (a) all of the terms and conditions set forth in the Parent Undertaking and all
                                            of the covenants made by the Parent therein are hereby confirmed and ratified, and (b) all
                                            of its obligations under the Parent Undertaking shall continue and remain in full force and
                                            effect, notwithstanding the amendments set forth in Article 2 (Amendments to the
                                            Agreements) of this Amendment and the amendments effected by the German RSA Amendment.

 

     

     

    

 

		5.	CONFIRMATIONS

 

The
SPV confirms to the Administrative Agent, each Purchaser and each other Secured Party that:

 

		(a)	its
                                            obligations under, and the Security granted by it in and pursuant to, the Security Documents
                                            are not discharged or otherwise affected by the amendments contained in or the other provisions
                                            of this Amendment and shall accordingly remain in full force and effect; and

 

		(b)	the
                                            Secured Liabilities (as defined in each Security Document) shall after the Effective Date
                                            extend to the obligations of the SPV under the Amended Agreements and under any other Transaction
                                            Documents.

 

		6.	MISCELLANEOUS

 

		6.1	Costs
                                            and Expenses

 

The
Originators shall promptly on demand pay the Administrative Agent, each Purchaser and each other Secured Party the amount of all costs
and expenses (including legal fees) incurred by any of them in connection with the negotiation, preparation, printing, execution of this
Amendment and any other documents referred to in this Amendment. The Originators shall pay all costs and expenses (including legal fees)
referred to in the immediately preceding sentence and invoiced on or prior to the date hereof within thirty (30) days of the Effective
Date.

 

		6.2	Counterparts

 

This
Amendment 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 Amendment. Delivery by electronic mail of an executed signature page of this Amendment
shall be effective as delivery of an executed counterpart of this Amendment.

 

		6.3	Third
                                            Party Rights

 

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

 

     

     

    

 

		6.4	Notices

 

The
provisions of Clause 4.1 (Notices) of the Master Framework Agreement shall apply to this Amendment as if set out in full again
here, with such changes as are appropriate to fit this context.

 

		6.5	GOVERNING
                                            LAW

 

This
Amendment and any non-contractual obligations arising out of or in connection with it shall be governed by and construed in accordance
with the laws of England.

 

		6.6	Jurisdiction
                                            of the English Courts

 

		(a)	The
                                            Parties 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 Amendment (including Clause 6.5 (Governing Law) and this Clause
                                            6.6), or the transactions contemplated hereby, and, for such purposes, irrevocably submits
                                            to the exclusive jurisdiction of such courts.

 

		(b)	Each
                                            Party for itself irrevocably waives any objection which it might now or hereafter have to
                                            the courts referred to in Clause 6.6(a) 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 Amendment, or the transactions contemplated hereby and agrees not to claim that
                                            any such court is not a convenient or appropriate forum.

 

		6.7	Limited
                                            Recourse and No Proceedings

 

		(a)	Limited
                                            Recourse to the SPV. Notwithstanding anything to the contrary contained in this Amendment,
                                            the obligations of the SPV under this Amendment are solely the corporate obligations of the
                                            SPV and shall be payable solely to the extent of funds available to the SPV 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.

 

		(b)	No
                                            Proceedings against the SPV. No party to this Amendment may, prior to the date which
                                            is two (2) years and one (1) day after the Final Payout Date, institute against, or join
                                            any other Person in instituting against, the SPV any proceeding of a type referred to in
                                            the definition of Event of Insolvency.

 

		(c)	Limited
                                            Recourse to the Conduit Purchasers. The obligations of each Conduit Purchaser under
                                            this Amendment are solely the corporate obligations of such Conduit Purchaser and are payable
                                            solely to the extent of available funds pursuant to the Programme Documents (as defined below).
                                            No recourse shall be had for the payment of any amount owing by any Conduit Purchaser under
                                            this Amendment or for the payment by such Conduit Purchaser of any fee in respect hereof
                                            or any other obligation or claim of or against such Conduit Purchaser arising out of or based
                                            upon this Amendment, against any employee, director, officer, member, manager or affiliate
                                            of such Conduit Purchaser; provided, however, that the foregoing shall not
                                            relieve any such Person of any liability they might have as a result of fraudulent acts or
                                            omissions committed by them. Each party hereto agrees that each Conduit Purchaser shall be
                                            liable for any claims that it may have against such Conduit Purchaser only to the extent
                                            that such Conduit Purchaser has funds available for such purpose in accordance with the programme
                                            documents in respect of its asset-backed commercial paper notes issuance programme (“Programme
                                            Documents”) and that, to the extent that any such claims remain unpaid after the
                                            application of such funds in accordance with the Programme Documents such claims shall be
                                            extinguished. The provisions of this Clause 6.7(c) will survive the termination of
                                            this Amendment.

 

     

     

    

 

		(d)	No
                                            Proceedings against the Conduit Purchasers. Each party hereto agrees that it shall
                                            not institute against, or join any Person in instituting against, any Conduit Purchaser any
                                            bankruptcy, examinership, reorganization, arrangement, insolvency or liquidation proceeding,
                                            or other proceeding under any bankruptcy or similar law of any jurisdiction, for two (2)
                                            years and one (1) day after (i) the latest maturing commercial paper note of any series (as
                                            set out in the Programme Documents of such Conduit Purchaser) or (ii) the latest maturing
                                            medium term note of such Conduit Purchaser, if any, is paid in full. This Clause 6.7(d)
                                            shall survive termination of this Amendment.

 

		6.8	Binding
                                            Effect

 

This
Amendment shall be binding on the parties hereto and their respective successors and assigns; provided that, except pursuant to
the Servicing Deed, the SPV may not assign any of its rights or delegate any of its duties under this Amendment without the prior written
consent of the Majority Purchasers.

 

		6.9	Partial
                                            Invalidity

 

If,
at any time, any provision of this Amendment 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.

 

		6.10	Instruction
                                            to Security Trustee and Paying Agent

 

The
Administrative Agent (at the direction of the Specified Purchasers, which each Specified Purchaser provides by entering into this Amendment)
hereby instructs (a) the Security Trustee and the Paying Agent (and instructs the SPV to instruct the Paying Agent, which the SPV does
by entering into this Amendment) to execute and deliver this Amendment, and (b) the Security Trustee to execute and deliver the Dutch
Account Security Agreement.

 

     

     

    

 

IN
WITNESS WHEREOF, this Amendment has been executed as a deed by the parties hereto on the date first above written.

 

	 	ARROW
  EMEA FUNDING CORP B.V., as the SPV
	 	by Intertrust Management B.V., Managing Director
	 	 
	 	By:	/s/ Sytse van Ulsen	 	/s/ Edwin van Ankeren

	 	 	Name:	Sytse van Ulsen	 	Edwin van Ankeren
	 	 	Title:	Proxyholder	 	Director

 

	 	Signature of 

  Witness:
	 	 
	 	Name of 

  Witness:
	 	 
	 	Address of 

  Witness:
	 	 
	 	Occupation of 

  Witness:

 

Omnibus Amendment No. 1

 

     

     

    

 

	 	ARROW
  CENTRAL EUROPE GMBH, as
	 	Originator, Agent Servicer and SPV Servicer
	 	 
	 	By:	/s/ Christopher Stansbury
	 	 	Name:	Christopher Stansbury
	 	 	Title:	Director

 

Omnibus Amendment No. 1

 

     

     

    

 

	 	ORIGINATOR, AGENT SERVICER, SPV SERVICER
	 	 	 
	 	EXECUTED
  as a deedby 	Christopher Stansbury	,)	 
	 	duly authorised for and onbehalf	)	/s/ Christopher Stansbury
	 	of ARROW ELECTRONICS (UK)	)	 
	 	LIMITED	)	 

 

	 	EXECUTED
  as a deedby 	Mark Smith	,)	 
	 	duly authorised for and onbehalf	)	/s/ Mark Smith
	 	of ARROW ELECTRONICS (UK)	)	 
	 	LIMITED	)	 

 

Omnibus Amendment
No. 1

 

     

     

    

 

	 	ARROW ELECTRONICS, INC., as the Parent
	 	 
	 	By:	/s/ Christopher Stansbury
	 	 	Name:	Christopher Stansbury
	 	 	Title:	Senior Vice President, Chief Financial Officer

 

Omnibus Amendment
No. 1

 

     

     

    

 

Administrative Agent
and Purchaser Agent for the BNPP Purchaser Group

 

Executed as a deed by
BNP Paribas, a company incorporated in France, acting by Andrea
De Martino and Emilie Astier who,
in accordance with the laws of that territory, are acting under the authority of that company.

 

 

	Signature in the name of the company:	BNP Paribas
	 	 
	Signature
  of Andrea De Martino:	/s/ Andrea De Martino
	 	 
	Signature
  of Emilie Astier:	/s/ Emilie Astier

 

Omnibus Amendment
No. 1

 

     

     

    

 

	CONDUIT PURCHASER	 
	 	 
	Given under the common seal of 

    Matchpoint Finance plc 

    and delivered as a deed in the presence of:	 
	 	 
	 	
	 	Director 
	 	 
	 	 
	 	Director / Secretary
	 	 
	Vincent Lyons	 	 
	Witness Name	 
	 	 
	76 HEYTESBURY LANE, BALLSBRIDGE, DUBLIN 4	 	 
	Witness Address	 
	 	 
	Financial Accountant	 	 
	Witness Occupation 	 

 

Omnibus
                     Amendment No. 1

 

     

     

    

 

	 	Purchaser Agent for the ING Purchaser
    Group
	 	 
	 	ING BELGIUM S.A./N.V.
	 	 
	 	By:	/s/ Gert Sonck	/s/ Annemarie Coolen
	 	 	Name: 	Gert Sonck	Annemarie Coolen
	 	 	Title: 	Director	Vice President
	 	 

 

	 	Signature of Witness: 	/s/
    Anton Lauwers
	 	 
	 	Name of Witness: Anton Lauwers
	 	 
	 	Address of Witness: Brusselsepoortstraat
    148, 9000, Ghent, Belgium
	 	 
	 	Occupation of Witness: Banker

 

Omnibus
                     Amendment No. 1

 

     

     

    

 

	 	MONT BLANC CAPITAL CORP, as a Committed Purchaser and as
    a Conduit Purchaser
	 	 
	 	By:	/s/ Dennis Strid
	 	 	Name: 	Dennis Strid
	 	 	Title:	Vice President

 

Omnibus
                     Amendment No. 1

 

     

     

    

 

	 	U.S. BANK TRUSTEES LIMITED, as the Security Trustee
	 	 
	 	By:	/s/ John Collins
	 	 	Name: 	John Collins
	 	 	Title:	Authorised Signatory
	 	 
	 	By:	/s/ James Preuss
	 	 	Name:	James Preuss
	 	 	Title:	Authorised Signatory

 

Omnibus Amendment
No. 1

 

     

     

    

 

	 	ELAVON FINANCIAL SERVICES DAC,
    as the Paying Agent
	 	 
	 	By:	/s/ John Collins
	 	 	Name: 	John Collins
	 	 	Title:	Authorised Signatory
	 	 
	 	By:	/s/ James Preuss
	 	 	Name:	James Preuss
	 	 	Title:	Authorised Signatory

 

Omnibus
                     Amendment No. 1

 

     

     

    

 

	 	ARROW ELECTRONICS FC B.V.,
    as the Subordinated Lender
	 	 
	 	By:	/s/ William Dakin
	 	 	Name: 	William Dakin
	 	 	Title: 	Director

 

Omnibus
                     Amendment No. 1

 

     

     

    

 

	 	DEMICA LIMITED, as Reporting
    Services Provider
	 	 
	 	By:	/s/ Maurice Benisty
	 	 	Name: 	Maurice Benisty
	 	 	Title: 	Chief Commercial Officer

 

	 	Signature of Witness:	/s/
    Martin Chalanset
	 	 
	 	Name of Witness: Martin Chalanset
	 	 
	 	Address of Witness: 7 Garden Walk EC2A
    3EW, London
	 	 
	 	Occupation of Witness: Senior Associate

 

Omnibus Amendment
No. 1

 

     

     

    

 

ANNEX A

 

SCHEDULE 3

ACCOUNTS

 

COLLECTION ACCOUNTS

 

Arrow Electronics (UK)
Limited

 

[*****]

 

Arrow Central
Europe GmbH

 

[*****]

 

SPV Accounts

 

[*****]

 

     

     

    

 

ANNEX B

 

SCHEDULE 3 

REFERENCE RATE TERMS

 

	CURRENCY:	Sterling.
	 	 
	Cost of funds as a fallback	Cost of funds will not apply as a fallback.

 

Definitions

 

	Credit Adjustment
  Spread:	[*****]
	 	 
	Break Costs:	None specified

 

	Business Day Conventions (definition of "Month" and Non-Business
Days):	(a)	If
                                            any period is expressed to accrue by reference to a Month or any number of Months then, in
                                            respect of the last Month of that period:

 

		(i)	subject
                                            to paragraph (iii) below, if the numerically corresponding day is not a Business Day, that
                                            period shall end on the next Business Day in that calendar month in which that period is
                                            to end if there is one, or if there is not, on the immediately preceding Business Day;

 

		(ii)	if
                                            there is no numerically corresponding day in the calendar month in which that period is to
                                            end, that period shall end on the last Business Day in that calendar month; and

 

		(iii)	if
                                            a Rate Period or a Monthly Calculation Period begins on the last Business Day of a calendar
                                            month, that Rate Period or Monthly Calculation Period shall end on the last Business Day
                                            in the calendar month in which that Rate Period or Monthly Calculation Period is to end.

 

		(b)	If
                                            a Rate Period or a Monthly Calculation Period would otherwise end on a day which is not a
                                            Business Day, that Rate Period or Monthly Calculation Period will instead end on the next
                                            Business Day in that calendar month (if there is one) or the preceding Business Day (if there
                                            is not).

 

     

     

    

 

		(c)	The
                                            Business Day Conventions shall apply to each Rate Period or Monthly Calculation Period.

 

	Central Bank
  Rate:	The Bank of England's Bank Rate as published by the Bank of England from time to time.

 

	Central Bank
  Rate Adjustment:	In relation to the Central Bank Rate prevailing at close of business on any RFR Banking
  Day, the [*****]. trimmed arithmetic mean (calculated by the Administrative Agent of the Central Bank Rate Spread for the five most
  immediately preceding RFR Banking Days for which the RFR was available.

 

	Central Bank
  Rate Spread:	In relation to any RFR Banking Day, the difference (expressed as a percentage rate per
  annum) (calculated by the Administrative Agent between: (i) the RFR for the RFR Banking Day; and (ii) the Central Bank Rate prevailing
  at the close of business on that RFR Banking Day.

 

	Daily Rate:	The "Daily Rate" for any RFR Banking Day is:

 

		(a)	the
                                            RFR for that RFR Banking Day; or

 

		(b)	if
                                            the RFR is not available for that RFR Banking Day, the percentage rate per annum which is
                                            the aggregate of:

 

		(i)	the
                                            Central Bank Rate for that RFR Banking Day; and

 

		(ii)	the
                                            applicable Central Bank Rate Adjustment; or

 

		(c)	if
                                            paragraph (b) above applies but the Central Bank Rate for that RFR Banking Day is not available,
                                            the percentage rate per annum which is the aggregate of:

 

		(i)	the
                                            most recent Central Bank Rate for a day which is no more than five RFR Banking Days before
                                            that RFR Banking Day; and

 

		(ii)	the
                                            applicable Central Bank Rate Adjustment, rounded, in either case, to four decimal places.

 

     

     

    

 

	Lookback Period:	Five RFR Banking Days.

 

	Relevant Market:	The sterling wholesale market.

 

	Reporting Day
  (SONIA):	The Business Day which follows the day which is the Lookback Period prior to the last day
  of the Interest Period.

 

	RFR:	The
                                            SONIA (sterling overnight index average) reference rate displayed on the relevant screen
                                            of any authorised distributor of that reference rate.

 

	RFR Banking
  Day:	A day (other than a Saturday or Sunday) on which banks are open for general business in
  London.

 

     

     

    

  

ANNEX C

 

SCHEDULE 4

DAILY NON-CUMULATIVE RFR
RATE

 

The "Daily Non-Cumulative Compounded
RFR Rate" for any RFR Banking Day "i" during a Rate Period or Monthly Calculation Period is the percentage rate per
annum (without rounding, to the extent reasonably practicable for the Administrative Agent, any Purchaser or any other Secured Party
performing the calculation, taking into account the capabilities of any software used for that purpose) calculated as set out below:

 

 

where:

 

"UCCDRi"
means the Unannualised Cumulative Compounded Daily Rate for that RFR Banking Day "i";

 

"UCCDRi-1"
means, in relation to that RFR Banking Day "i", the Unannualised Cumulative Compounded Daily Rate for the immediately
preceding RFR Banking Day (if any) during that Rate Period or Monthly Calculation Period;

 

"dcc" means 365 or, in any case
where market practice in the Relevant Market is to use a different number for quoting the number of days in a year, that number;

 

"ni"
means the number of calendar days from, and including, that RFR Banking Day "i" up to, but excluding, the following
RFR Banking Day; and

 

the "Unannualised Cumulative Compounded
Daily Rate" for any RFR Banking Day (the "Cumulated RFR Banking Day") during that Rate Period or Monthly Calculation
Period is the result of the below calculation (without rounding, to the extent reasonably practicable for the Administrative Agent, any
Purchaser or any other Secured Party performing the calculation, taking into account the capabilities of any software used for that purpose):

 

where:

 

"ACCDR" means the Annualised
Cumulative Compounded Daily Rate for that Cumulated RFR Banking Day;

 

"tni"
means the number of calendar days from, and including, the first day of the Cumulation Period to, but excluding, the RFR Banking Day
which immediately follows the last day of the Cumulation Period;

 

"Cumulation Period"
means the period from, and including, the first RFR Banking Day of that Rate Period or Monthly Calculation Period to, and including,
that Cumulated RFR Banking Day;

 

"dcc" has the meaning
given to that term above; and

 

     

     

    

 

the "Annualised Cumulative
Compounded Daily Rate" for that Cumulated RFR Banking Day is the percentage rate per annum (rounded to 5 decimal places) calculated
as set out below:

 

 

     

     

    

  

where: 

 

"d0"
means the number of RFR Banking Days in the Cumulation Period;

 

"Cumulation Period" has
the meaning given to that term above;

 

"i"
means a series of whole numbers from one to d0, each representing the relevant RFR Banking
Day in chronological order in the Cumulation Period;

 

"DailyRatei-LP"
means, for any RFR Banking Day "i" in the Cumulation Period, the Daily Rate for the RFR Banking Day which is the Lookback
Period prior to that RFR Banking Day "i";

 

"ni"
means, for any RFR Banking Day "i" in the Cumulation Period, the number of calendar days from, and including, that RFR
Banking Day "i" up to, but excluding, the following RFR Banking Day;

 

"dcc"
has the meaning given to that term above;

 

and
 "tni" has the meaning given to that term above.

 

     

     

    

 

THIS
OMNIBUS DEED OF AMENDMENT NO. 2 (this “Amendment”) is dated September 20, 2022 and made among ARROW
EMEA FUNDING CORP B.V., a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) incorporated
under the laws of The Netherlands, as the SPV (the “SPV”), BNP PARIBAS (“BNPP”), a société
anonyme incorporated under the laws of France, as the Administrative Agent (in such capacity, the “Administrative Agent”),
as Purchaser Agent for the BNP Purchaser Group (in such capacity, the “BNPP Purchaser Agent”) and as a Committed Purchaser,
MATCHPOINT FINANCE PLC, a public limited company incorporated under the laws of Ireland, as a Conduit Purchaser (“Matchpoint”),
ING BELGIUM S.A./N.V., a public limited liability company (société anonyme/naamloze vennootschap) organised under
the laws of Belgium, as Purchaser Agent for the ING Purchaser Group (the “ING Purchaser Agent”), MONT BLANC CAPITAL
CORP, a corporation organised under the laws of the State of Delaware, as a Committed Purchaser and as a Conduit Purchaser (“Mont
Blanc”), ARROW ELECTRONICS (UK) LIMITED, a limited liability company incorporated under the laws of England and Wales,
as an Agent Servicer, an SPV Servicer and an Originator (“Arrow UK”), ARROW CENTRAL EUROPE GMBH, a limited
liability company (Gesellschaft mit beschränkter Haftung) incorporated under the laws of Germany, as an Agent Servicer, an
SPV Servicer and an Originator (“Arrow Germany”), ARROW ELECTRONICS, INC., a corporation organised under the
laws of the State of New York, as the Parent (the “Parent”), Arrow
Electronics FC B.V., a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid)
incorporated under the laws of The Netherlands, as the Subordinated Lender (the “Subordinated Lender”), U.S. BANK
TRUSTEES LIMITED, a limited liability company incorporated under the laws of England and Wales, as the Security Trustee and mandatario
con rappresentanza pursuant to and for the purposes of Italian law (the “Security Trustee”), and ELAVON FINANCIAL
SERVICES DAC, a designated activity company registered in Ireland, as the Paying Agent (the “Paying Agent”). Each
Person above shall be a “Party” and together shall be the “Parties”.

 

WITNESSETH

 

WHEREAS, the SPV, the Administrative
Agent, the BNPP Purchaser Agent, Matchpoint, the ING Purchaser Agent, Mont Blanc, Arrow UK, Arrow Germany, the Parent, the Subordinated
Lender, the Security Trustee and the Paying Agent have entered into that certain Master Framework Agreement, dated as of January 27,
2020 (as amended up to the date of this Amendment, the “Master Framework Agreement”);

 

WHEREAS, the SPV, the Administrative
Agent, the BNPP Purchaser Agent, Matchpoint, the ING Purchaser Agent, Mont Blanc, Arrow UK, Arrow Germany, the Security Trustee and the
Paying Agent have entered into that certain Receivables Transfer Agreement, dated as of January 27, 2020 (as amended up to the date of
this Amendment, the “Receivables Transfer Agreement”);

 

WHEREAS, the SPV, the Administrative
Agent, Arrow UK, Arrow Germany, the Security Trustee and the Paying Agent have entered into that certain Receivables Servicing Deed,
dated as of January 27, 2020 (as amended up to the date of this Amendment, the “Servicing Deed”);

 

WHEREAS, the Subordinated
Lender, the SPV, Arrow UK, Arrow Germany and the Administrative Agent have entered into that certain Subordinated Loan Agreement, dated
as of January 27, 2020 (as amended up to the date of this Amendment, the “Subordinated Loan Agreement” and, together
with the Master Framework Agreement, Receivables Transfer Agreement and Servicing Deed, the “Agreements” and each
Agreement, reflecting the amendment of such Agreement effected or proposed to be effected pursuant to this Amendment, the “Amended
Agreements”);

 

WHEREAS, the Parties desire
to amend the Agreements to which they are a party as provided herein and, to the extent applicable to such Party, provide a limited waiver
as provided herein; and

 

NOW THEREFORE, the Parties
agree as follows.

 

     

     

    

 

THIS DEED WITNESSES that:

 

		1.	Definitions
                                            and interpretation

 

		1.1	Terms
                                            defined in the Amended Agreements

 

Terms defined in each Amended Agreement
or the German RSA (as defined below) but not in this Amendment shall have the same meaning in this Amendment as in such Amended Agreement
or the German RSA, as applicable, or, if not defined therein, in the Master Framework Agreement.

 

		1.2	Interpretation

 

The principles of interpretation set
out in Clause 2.2 (Interpretation) of the Master Framework Agreement apply to this Amendment, mutatis mutandis, as if fully
set forth herein.

 

		2.	AmendmentS
                                            TO the Agreements

 

		2.1	Amendment
                                            of Master Framework Agreement. The Parties to the Master
                                            Framework Agreement hereby agree that with effect from the Effective Date, the Master Framework
                                            Agreement shall be amended in its entirety in the form of Annex A attached hereto.

 

		2.2	Amendment
                                            of Receivables Transfer Agreement. The Parties to the Receivables
                                            Transfer Agreement hereby agree that with effect from the Effective Date, the Receivables
                                            Transfer Agreement shall be amended in its entirety in the form of Annex B attached
                                            hereto.

 

		2.3	Amendment
                                            of Servicing Deed. The Parties to the Servicing Deed hereby
                                            agree that with effect from the Effective Date, the Servicing Deed shall be amended as follows:

 

		(a)	Clause
                                            4.1 of the Servicing Deed shall be amended in its entirety to read as follows:

 

	 	“4.1	Allocation and distribution of Available Funds

 

Each Servicer shall
allocate, hold and distribute Collections (including, for the avoidance of doubt, any Collections then on deposit in any Collection Account
or SPV Account), any interest and income available on amounts on deposit in any Collection Account or SPV Account and proceeds of any
Investment solely in accordance with this Clause 4.1, subject to Clause 4.6 (Allocation and payments in different Currencies).

 

		(a)	Daily Allocations. Subject to Clause
                                            4.3 (Collections held on trust) below, on each Business Day (other than a Settlement
                                            Date), each Agent Servicer shall allocate, set aside and hold on trust Collections that are
                                            received or deemed received by the SPV, the SPV Servicers or the Agent Servicers, as applicable,
                                            on such day in the following order of priority:

 

		(i)	first, pro rata based on the amounts owing
                                            pursuant to this Clause 4.1(a)(i), to the SPV, in an amount equal to (x) any expenses
                                            (including management or corporate services fees and expenses of the SPV and any Taxes payable
                                            by the SPV) of the SPV, as the case may be, then due and payable or that will become due
                                            and payable on or prior to the next Settlement Date and (y) the SPV Profit Amount;

 

     

     

    

 

		(ii)	second, for the benefit of the Administrative
                                            Agent, the Security Trustee, the Purchasers and any other applicable party, in an aggregate
                                            amount equal to the sum of:

  

		(A)	the Yield accrued up to and including such
                                            day on the Aggregate Invested Amount;

 

		(B)	the Agent Servicing Fee, the SPV Servicing
                                            Fee and the Backup Servicing Fee (if any) accrued up to and including such day;

 

		(C)	any other fees accrued up to and including
                                            such day as described in the Fee Letters or the Receivables Transfer Agreement;

 

		(D)	any payment or optional or mandatory prepayment
                                            of the Aggregate Invested Amounts to be made in accordance with Clause 2.4 (Repayment
                                            of Investments and Yield) of the Receivables Transfer Agreement on or before the next
                                            Settlement Date (and, after the Termination Date, the Aggregate Invested Amounts);

 

		(E)	any other amounts owing by the SPV or any
                                            other Arrow Party as described in the definition of Aggregate Unpaids,

 

in the case of each
item referred to in Clause 4.1(a)(ii)(A) to (D), less the amount previously allocated, set aside and held on trust and as at such day
held on trust by any Agent Servicer in respect of that item; and

 

		(iii)	third,
                                            to the SPV for application in accordance with Clause 4.2 (Application of Available
                                            Funds allocated to the SPV); provided that, 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, each Servicer shall cause amounts pursuant
                                            to this Clause 4.1(a)(iii) to be deposited and retained in an SPV Account and shall
                                            allocate such Collections in accordance with this Clause 4.1(a) on the immediately succeeding
                                            Business Day;

 

provided, that, with
respect to this Clause 4.1(a), such Collections shall be held on trust first, from Sold Receivable Collections received or deemed
received on such day, and second, solely to the extent such Sold Receivable Collections are insufficient to satisfy the amounts
required to be held on trust pursuant to this Clause 4.1(a), from Unsold Receivable Collections received or deemed received on such day;
provided, further, that each SPV Servicer shall transfer any amounts held on trust pursuant to this Clause 4.1(a) to the applicable Agent
Servicer upon receipt thereof.”

 

     

     

    

 

		(b)	Deposits and Distributions on Settlement
                                            Dates. On each Settlement Date, each Agent Servicer shall distribute Collections so allocated
                                            in accordance with Clause 4.1(a) (including, for the avoidance of doubt, any Collections
                                            then on deposit in any Collection Account or SPV Account), together with any income available
                                            on amounts on deposit in any Collection Account or SPV Account and any proceeds of any Investment
                                            (if applicable), in the order of priority set forth below:

 

		(i)	to the SPV to pay, (x) pro rata, any expenses
                                            (including management or corporate services fees and expenses of the SPV and any Taxes payable
                                            by the SPV) of the SPV then due and payable and (y) the SPV Profit Amount;

 

		(ii)	first, to the Security Trustee
                                            to pay any Liabilities then due and second, to the Paying Agent to pay any Liabilities
                                            then due;

 

		(iii)	pro rata to the SPV Account Bank and,
                                            solely after the occurrence of the Termination Date, the Reporting Services Provider any
                                            fees and other amounts due and payable to the SPV Account Bank and, if applicable, the Reporting
                                            Services Provider then due provided that the amounts payable pursuant to this clause (iii)
                                            shall not exceed [*****] in any calendar year until the occurrence of the Termination Date;
                                            and shall not exceed [*****] in any calendar year thereafter;

 

		(iv)	solely to the extent the Agent Servicers
                                            and the SPV Servicers are not Arrow Parties, to each Agent Servicer and SPV Servicer and
                                            the Backup Servicer (if any) in payment of its respective accrued Agent Servicing Fee, SPV
                                            Servicing Fee and the Backup Servicing Fee (if any) payable on such Settlement Date;

 

		(v)	to the Purchasers, pro rata based on the
                                            amount of accrued and unpaid Yield owing to each of them and any accrued and unpaid fees
                                            owing to each of them under the Fee Letters or the Receivables Transfer Agreement, in payment
                                            of the accrued and unpaid Yield and such fees;

 

		(vi)	to the Purchasers, pro rata based on
                                            the respective amounts of the Investments made by them, in repayment and reduction of the
                                            Aggregate Invested Amounts, if any, then due and payable;

 

		(vii)	to the Administrative Agent, each Purchaser
                                            Agent, the applicable Purchasers or such other Persons as may be entitled to such payment,
                                            in payment of any other Aggregate Unpaids (other than the Aggregate Invested Amounts, Yield,
                                            Agent Servicing Fee, SPV Servicing Fee and Backup Servicing Fee (if any)) owed by the SPV
                                            or any Arrow Party hereunder to such Person;

 

		(viii)	to the extent the Agent Servicers are
                                            Arrow Parties, to each Agent Servicer in payment of its respective accrued Agent Servicing
                                            Fee payable on such Settlement Date;

 

		(ix)	pro rata, to the SPV Account Bank and,
                                            if applicable, the Reporting Services Provider, any fees and other amounts due and payable
                                            to the SPV Account Bank and, if applicable, the Reporting Services Provider, to the
                                            extent not already paid pursuant to clause (iii) above;

 

		(x)	in satisfaction of the SPV's obligations
                                            under Clause 2.2 (Appointment of SPV Servicers), to the extent the SPV Servicers are
                                            Arrow Parties, to each SPV Servicer in payment of its respective accrued SPV Servicing Fee
                                            payable on such Settlement Date; and

 

		(xi)	to the SPV for application in accordance
                                            with Clause 4.2 (Application of Available Funds allocated to the SPV).

 

     

     

    

 

		(c)	Each SPV Servicer shall retain all remaining
                                            amounts following the distributions made pursuant to Clause 4.1(b) (Deposits and Distributions
                                            on Settlement Dates) above for the benefit of the SPV as payment of a fee for the maintenance
                                            of the SPV Guaranty and the related SPV Collateral (such fee, the "SPV Guaranty Fee").

 

		(d)	Notwithstanding the foregoing, the aggregate
                                            amount of Collections which are received by the SPV and applied pursuant to Clauses 4.1(b)(i)
                                            through (xi) above following the Termination Date and until the Final Payout Date may not
                                            exceed an amount equal to the excess of (i) the Base Currency Equivalent of the Unpaid Balance
                                            of all Sold Receivables and Unsold Receivables as of the close of business immediately prior
                                            to the Termination Date (the "Termination Date Portfolio") over (ii) the
                                            Base Currency Equivalent of the Unpaid Balance of all Receivables in the Termination Date
                                            Portfolio which became Defaulted Receivables after the Termination Date, net of recoveries
                                            (including proceeds under any Credit Insurance Policy) received by the SPV on such Defaulted
                                            Receivables.”

 

		(b)	Clause
                                            4.4 of the Servicing Deed shall be amended in its entirety to read as follows:

 

		“4.4	Deemed Collections

 

		(a)	Dilutions. If on any day the Unpaid
                                            Balance of a Receivable is reduced as a result of any Dilution or such Receivable is cancelled
                                            as a result of any Dilution, the SPV shall be deemed to have received on such day a Collection
                                            of such Receivable (i) if such Receivable is cancelled, in the full amount of the Unpaid
                                            Balance (as determined immediately prior to such Dilution) of such Receivable or (ii) otherwise,
                                            in the full amount of such Dilution, then the SPV shall be deemed to have received on such
                                            day a Deemed Collection related to such Receivable.

 

		(b)	Purchase Price Adjustment. If on
                                            any day the Unpaid Balance of a Receivable is less than the Unpaid Balance on the basis on
                                            which the purchase price for such Receivable has been determined pursuant to the applicable
                                            Sale Agreement, then the SPV shall be deemed to have received on such day a Deemed Collection
                                            equal to such reduction.

 

		(c)	Breach of representation or warranty.
                                            (x) If on any day any of the representations or warranties in Clauses 3(d) (Receivables
                                            and Related Rights), 3(k) (Good Title), 3(l) (Eligibility of Receivables),
                                            3(r) (Transfers under the Sale Agreements), 3(s) (No voidability) or 3(u) (Data
                                            Protection) of the Receivables Transfer Agreement or Clause 5(h) (Eligibility of Receivables)
                                            or 5(n) (Data Protection) of this Deed, was untrue with respect to a Receivable then
                                            the SPV shall be deemed to have received on such day a Deemed Collection of such Receivable
                                            in the full amount of the Unpaid Balance of such Receivable and (y) if on any day an application
                                            of Collections is made as described in Clause 4.2(b) when it should have been retained by
                                            a Servicer pursuant to the proviso to Clause 4.2(b) then the SPV shall be deemed to have
                                            received on such day a Deemed Collection in the full amount of the Collections so applied.

 

     

     

    

 

		(d)	Excluded Obligor. If on any day
                                            any Obligor of any Receivable is or, subsequent to the sale and transfer of such Receivable
                                            to the Administrative Agent (to be held on trust for the benefit of the Purchasers), becomes,
                                            an Excluded Obligor, then the SPV shall be deemed to have received on such day a Deemed Collection
                                            of such Receivable in full.

 

		(e)	Not later than the next Settlement Date
                                            after the SPV shall be deemed to have received a Deemed Collection pursuant to this Clause
                                            4.4, the applicable Servicer (i) shall pay to the applicable Agent Servicer an amount (in
                                            the Currency in which such Receivable or Collection is denominated) equal to such Deemed
                                            Collection and (ii) such amount shall be applied by such Agent Servicer as a Collection in
                                            accordance with Clause 4.1 (Allocation and Distribution of Available Funds).”

 

		(c)	Clause
                                            6.1(j) of the Servicing Deed shall be amended in its entirety to read as follows:

 

		“(j)	Collections.
                                            (i) Prior to the Account Redirection Date, each Servicer shall (or shall require the SPV
                                            and the Originators to) instruct all Obligors to cause all Collections to be deposited directly
                                            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) on and after the Account Redirection
                                            Date, each Servicer shall (and shall require the SPV and the Originators to) instruct, in
                                            a manner satisfactory to the Administrative Agent, all Obligors to cause all Collections
                                            to be deposited directly to an SPV Account (unless those Collections have already been paid
                                            into an SPV Account). Notwithstanding anything to the contrary in this Deed or any other
                                            Transaction Document, if an Obligor of any Receivable is or, subsequent to the sale and transfer
                                            of such Receivable to the Administrative Agent (to be held on trust for the benefit of the
                                            Purchasers), becomes an Excluded Obligor, the Servicer will (or will cause SPV to), within
                                            five (5) Business Days of becoming aware that an Obligor is an Excluded Obligor, instruct
                                            such Obligor to deliver payments on such Receivable to any account, postal box or other location
                                            other than a Collection Account or an SPV Account. The Servicer shall not permit Collections
                                            on Receivables, the Obligors of which are Excluded Obligors, to be deposited into any Collection
                                            Account or SPV Account, except for Deemed Collections on Receivables, the Obligors of which
                                            are Excluded Obligors, to be deposited into any Collection Account or SPV Account. If such
                                            Collections are nevertheless deposited into any Collection Account or SPV Account, the Servicer
                                            will (or will cause SPV to) within five (5) Business Days identify and transfer such funds
                                            out of the applicable Collection Account or SPV Account.”

 

		2.4	Amendment
                                            of Subordinated Loan Agreement. The Parties to the Subordinated
                                            Loan Agreement hereby agree that with effect from the Effective Date, the Subordinated Loan
                                            Agreement shall be amended as follows:

 

		(a)	Clause
                                            6.2(b) of the Subordinated Loan Agreement shall be amended in its entirety to read as follows:

 

		“(b)	For the purposes of Article 7(2)
                                            of the EU Securitisation Regulation and Article 7(2) of the UK Securitisation Regulation,
                                            the Originators, the Subordinated Lender (as an “originator” as defined in each
                                            Securitisation Regulation) and the Borrower designate the Subordinated Lender to fulfil the
                                            information requirements of Article 7(1) of the EU Securitisation Regulation and Article
                                            7(1) of the UK Securitisation Regulation and the Subordinated Lender hereby accepts such
                                            designations. Without prejudice to the immediately preceding sentence, the Subordinated Lender,
                                            the Originators and the Borrower agree that the Originators (in their capacity as Servicers),
                                            on behalf of the Subordinated Lender, shall appoint the Reporting Services Provider (including
                                            any successor or replacement reporting services provider) under clause 2.1 (Appointment)
                                            of the Reporting Services Agreement to assist in the fulfillment of the reporting obligations
                                            under Article 7 of each Securitisation Regulation, including providing the Reports (as defined
                                            in the Reporting Services Agreement) in the format required by each Securitisation Regulation.”

 

     

     

    

 

		3.	EFFECTIVENESS

 

		3.1	Effective
                                            Date

 

Subject to Clause 3.3 below,
this Amendment shall become effective on the date hereof (the “Effective Date”), provided that the Administrative
Agent shall have received each of the following:

 

		(a)	a
                                            counterpart (or counterparts) of this Amendment executed and delivered by each of the Parties;

 

		(b)	a
                                            copy of the provisional STS report of Prime Collateralised Securities (PCS) EU SAS, verifying
                                            that the securitisation transaction described in the Transaction Documents complies with
                                            Article 23 to 26 of the EU Securitisation Regulation, completed to the reasonable satisfaction
                                            of the Administrative Agent;

 

		(c)	a
                                            counterpart (or counterparts) of the Purchaser Fee Letter, dated as of the date hereof (the
                                            “Purchaser Fee Letter”), by and among the Parent, BNPP, Matchpoint, the
                                            ING Purchaser Agent and Mont Blanc executed and delivered by each of the parties thereto;

 

		(d)	a
                                            counterpart (or counterparts) of the Administrative Agent Fee Letter, dated as of the date
                                            hereof (the “Administrative Agent Fee Letter”), by and among the Parent
                                            and the Administrative Agent executed and delivered by each of the parties thereto; and

 

		(e)	each
                                            of the other documents, agreements (in fully executed form), opinions of counsel, lien search
                                            results, filings, certificates and other deliverables listed on the closing memorandum attached
                                            as Annex C hereto, in each case, in form and substance reasonably satisfactory to
                                            the Administrative Agent.

 

All covenants, agreements,
representations and warranties made herein and in each Agreement shall survive the execution and delivery of this Amendment and shall
continue in full force and effect.

 

		3.2	Status

 

This Amendment is designated as a Transaction
Document.

 

		3.3	Continuing
                                            effect; Further Assurances

 

		(a)	On
                                            the Effective Date, and immediately following receipt of the items specified in Clause
                                            3.1 above, the amendments and modifications to the Agreements shall be, and shall be
                                            deemed to be, effective, modified and amended in accordance herewith and, in each case, the
                                            respective rights, limitations, obligations, duties, liabilities and immunities of the respective
                                            parties thereto and hereto shall hereafter be determined, exercised and enforced subject
                                            in all respects to the modifications and amendments, and all the terms and conditions of
                                            this Amendment shall be deemed to be a part of the respective terms and conditions of the
                                            applicable Agreement for any and all purposes.

 

     

     

    

 

		(b)	Except
                                            as modified and expressly amended by this Amendment, each Agreement is in all respects ratified
                                            and confirmed, and all the terms, provisions and conditions thereof shall be and remain in
                                            full force and effect.

 

		(c)	Expect
                                            for the limited purposes set forth in Clause 8, nothing in this Amendment shall constitute
                                            an amendment, waiver, consent or release of any right or remedy of the Administrative Agent,
                                            any Purchaser or any other Secured Party under the Transaction Documents nor otherwise prejudice
                                            the right or remedy of the Administrative Agent, any Purchaser or any other Secured Party
                                            under any Transaction Document and each of the Administrative Agent, any Purchaser or any
                                            other Secured Party reserves any other right or remedy it may have now or subsequently under
                                            the Transaction Documents.

 

		(d)	Each
                                            Originator shall at the request of the Administrative Agent or the Security Trustee and at
                                            its own expense promptly (i) execute (in such form as the Administrative Agent or Security
                                            Trustee may reasonably require) any document and (ii) do any act or thing, in each case which
                                            the Administrative Agent or Security Trustee considers necessary or appropriate to preserve,
                                            perfect, protect or give effect to, the amendments contained in this Amendment.

 

		4.	CERTAIN
                                            Representations/Reaffirmations

 

		4.1	The
                                            SPV and each Arrow Party hereby represents and warrants to each of the other Parties that:

 

		(a)	the
                                            representations and warranties made by it in the Agreements to which it is a party, in each
                                            case as amended by this Amendment, and each of the other Transaction Documents to which it
                                            is a party are true and correct in all material respects (except those representations and
                                            warranties qualified by materiality or by reference to a material adverse effect, which are
                                            true and correct in all respects) on and as of the Effective Date unless such representations
                                            and warranties by their terms refer to an earlier date, in which case they were true and
                                            correct in all material respects (except those representations and warranties qualified by
                                            materiality or by reference to a material adverse effect, which are true and correct in all
                                            respects) on and as of such earlier date;

 

		(b)	the
                                            execution and delivery by it of this Amendment and the performance of its obligations under
                                            this Amendment, the Agreements to which it is a party (each as amended hereby) and the other
                                            Transaction Documents to which it is a party are within its organizational powers and have
                                            been duly authorized by all necessary action on its part, and this Amendment, the Agreements
                                            to which it is a party (each as amended hereby) and the other Transaction Documents to which
                                            it is a party are its valid and legally binding obligations, enforceable in accordance with
                                            their respective terms, subject to the effect of bankruptcy, insolvency, reorganization or
                                            other similar laws affecting the enforcement of creditors’ rights generally, and subject
                                            to general principles of equity, regardless of whether considered in a proceeding in equity
                                            or at law; and

 

     

     

    

 

		(c)	immediately
                                            before and after giving effect to this Amendment, no Early Amortisation Event, Potential
                                            Event of Default, Event of Default, Potential Servicer Default or Servicer Default has occurred
                                            and is continuing, except as expressly waived pursuant to Clause 8.

 

		4.2	By
                                            its signature below, the Parent hereby affirms, agrees and acknowledges, as of the Effective
                                            Date, that (a) all of the terms and conditions set forth in the Parent Undertaking and all
                                            of the covenants made by the Parent therein are hereby confirmed and ratified, and (b) all
                                            of its obligations under the Parent Undertaking shall continue and remain in full force and
                                            effect, notwithstanding the amendments set forth in Clause 2(Amendments to the
                                            Agreements) of this Amendment or the limited waiver set forth in Clause 8 (Additional
                                            Settlement Date; Limited Waiver).

 

		5.	Additional
                                            Representations and Warranties

 

		5.1	Each
                                            Originator represents and warrants to the Administrative Agent, the Purchaser Agents, the
                                            Purchasers, the Security Trustee and the Paying Agent, that, on the Effective Date and on
                                            each Purchase Date, Investment Date and Settlement Date that such Originator has expertise
                                            in, and at least five years' experience of, originating Receivables of a similar nature to
                                            the Receivables in the Portfolio.

 

		5.2	Each
                                            Committed Purchaser confirms for the purposes of EU STS Requirements that it is in compliance
                                            with Article 25(3) of the EU Securitisation Regulation and that its relevant competent authority
                                            has not objected to it acting as sponsor of an ABCP programme.

 

		6.	Confirmations

 

The SPV confirms
to the Administrative Agent, each Purchaser and each other Secured Party that:

 

		(a)	its
                                            obligations under, and the Security granted by it in and pursuant to, the Security Documents
                                            are not discharged or otherwise affected by the amendments contained in or the other provisions
                                            of this Amendment and shall accordingly remain in full force and effect; and

 

		(b)	the
                                            Secured Liabilities (as defined in each Security Document) shall after the Effective Date
                                            extend to the obligations of the SPV under the Amended Agreements and under any other Transaction
                                            Documents.

 

		7.	Miscellaneous

 

		7.1	Costs
                                            and Expenses

 

The Originators shall promptly on demand
pay the Administrative Agent, each Purchaser and each other Secured Party the amount of all costs and expenses (including legal fees)
incurred by any of them in connection with the negotiation, preparation, printing and execution of this Amendment and any other documents
referred to in this Amendment. The Originators shall pay all costs and expenses (including legal fees) referred to in the immediately
preceding sentence and invoiced on or prior to the date hereof within thirty (30) days of the Effective Date.

 

		7.2	Counterparts

 

This
Amendment 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 Amendment. Delivery by electronic mail of an executed signature page of this Amendment
shall be effective as delivery of an executed counterpart of this Amendment.

 

     

     

    

 

		7.3	Third
                                            Party Rights

 

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

 

		7.4	Notices

 

The provisions of Clause 4.1 (Notices)
of the Master Framework Agreement shall apply to this Amendment as if set out in full again here, with such changes as are appropriate
to fit this context.

 

		7.5	Mandatario
                                            con rappresentanza pursuant to and for the purposes of Italian law

 

References in any Transaction Document
to the Security Trustee in connection with and/or related to any security document governed by Italian law shall be deemed to include
a reference to the Security Trustee also in its capacity as mandatario con rappresentanza pursuant to and for the purposes of
Italian law where applicable.

 

		7.6	GOVERNING
                                            LAW

 

This
Amendment and any non-contractual obligations arising out of or in connection with it shall be governed by and construed in accordance
with the laws of England. 

 

		7.7	Jurisdiction
                                            of the English Courts

 

		(a)	The
                                            Parties 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 Amendment (including Clause 7.5 (Governing Law) and this Clause
                                            7.6), or the transactions contemplated hereby, and, for such purposes, irrevocably submits
                                            to the exclusive jurisdiction of such courts.

 

		(b)	Each
                                            Party for itself irrevocably waives any objection which it might now or hereafter have to
                                            the courts referred to in Clause 7.6(a) 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 Amendment, or the transactions contemplated hereby and agrees not to claim that
                                            any such court is not a convenient or appropriate forum.

 

		7.8	Limited
                                            Recourse and No Proceedings

 

		(a)	Limited
                                            Recourse to the SPV. Notwithstanding anything to the contrary contained in this Amendment,
                                            the obligations of the SPV under this Amendment are solely the corporate obligations of the
                                            SPV and shall be payable solely to the extent of funds available to the SPV 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.

 

     

     

    

 

		(b)	No
                                            Proceedings against the SPV. No party to this Amendment may, prior to the date which
                                            is two (2) years and one (1) day after the Final Payout Date, institute against, or join
                                            any other Person in instituting against, the SPV any proceeding of a type referred to in
                                            the definition of Event of Insolvency.

 

		(c)	Limited
                                            Recourse to the Conduit Purchasers. The obligations of each Conduit Purchaser under
                                            this Amendment are solely the corporate obligations of such Conduit Purchaser and are payable
                                            solely to the extent of available funds pursuant to the Programme Documents (as defined below).
                                            No recourse shall be had for the payment of any amount owing by any Conduit Purchaser under
                                            this Amendment or for the payment by such Conduit Purchaser of any fee in respect hereof
                                            or any other obligation or claim of or against such Conduit Purchaser arising out of or based
                                            upon this Amendment, against any employee, director, officer, member, manager or affiliate
                                            of such Conduit Purchaser; provided,
                                            however, that
                                            the foregoing shall not relieve any such Person of any liability they might have
                                            as a result of fraudulent acts or omissions committed by them. Each party hereto agrees that
                                            each Conduit Purchaser shall be liable for any claims that it may have against such Conduit
                                            Purchaser only to the extent that such Conduit Purchaser has funds available for such purpose
                                            in accordance with the programme documents in respect of its asset-backed commercial paper
                                            notes issuance programme (“Programme Documents”) and that, to the extent
                                            that any such claims remain unpaid after the application of such funds in accordance with
                                            the Programme Documents such claims shall be extinguished. The provisions of this Clause
                                            7.7(c) will survive the termination of this Amendment.

 

		(d)	No
                                            Proceedings against the Conduit Purchasers. Each party hereto agrees that it shall
                                            not institute against, or join any Person in instituting against, any Conduit Purchaser any
                                            bankruptcy, examinership, reorganization, arrangement, insolvency or liquidation proceeding,
                                            or other proceeding under any bankruptcy or similar law of any jurisdiction, for two (2)
                                            years and one (1) day after (i) the latest maturing commercial paper note of any series (as
                                            set out in the Programme Documents of such Conduit Purchaser) or (ii) the latest maturing
                                            medium term note of such Conduit Purchaser, if any, is paid in full. This Clause 7.7(d)
                                            shall survive termination of this Amendment.

 

		7.9	Binding
                                            Effect

 

This
Amendment shall be binding on the parties hereto and their respective successors and assigns; provided that, except pursuant to
the Servicing Deed, the SPV may not assign any of its rights or delegate any of its duties under this Amendment without the prior written
consent of the Majority Purchasers.

 

		7.10	Partial
                                            Invalidity

 

If,
at any time, any provision of this Amendment 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.

 

		7.11	Instruction
                                            to Security Trustee and Paying Agent

 

The Administrative
Agent (at the direction of the Specified Purchasers, which each Specified Purchaser provides by entering into this Amendment) hereby
instructs the Security Trustee and the Paying Agent (and instructs the SPV to instruct the Paying Agent, which the SPV does by entering
into this Amendment) to execute and deliver this Amendment.

 

     

     

    

 

		8.	Additional
                                            Settlement Date; Limited Waiver

 

		8.1	Additional
                                            Settlement Date

 

Pursuant to paragraph (a)(ii) of the
definition of “Settlement Date” in the Master Framework Agreement, each of the Agent Servicers, the Administrative Agent
and the Majority Purchasers hereby agree that September 28, 2022, shall be a “Settlement Date” under the Transaction Documents
(the “Additional Settlement Date”). Solely with respect to the Additional Settlement Date, the following shall apply
(including any other modifications to terms or determination dates that are mutually agreed in writing between the Agent Servicers, the
Administrative Agent and the Majority Purchasers and relate solely to the Additional Settlement Date):

 

		(a)	Month
                                            End Date – September 20, 2022

 

		(b)	Monthly
                                            Calculation Date – September 23, 2022

 

		(c)	Dilution
                                            Horizon Ratio – shall be calculated using values for each component part thereof as
                                            of the immediately preceding Monthly Calculation Date

 

		(d)	Net
                                            Eligible Receivables Balance – clause (e) of “Net Eligible Receivables Balance”
                                            shall be calculated using the Base Currency Equivalent of the aggregate outstanding Provisions
                                            for Contractual Dilutions with respect to Eligible Obligors as of the immediately preceding
                                            Monthly Calculation Date

 

		(e)	Minimum
                                            Total Reserve Percentage – shall be calculated (i) as of September 23, 2022, and (ii)
                                            solely to the extent the BNPP Purchaser Agent and the ING Purchaser Agent have provided written
                                            consent (which may be by electronic mail) to Parent regarding the same, using [*****]%

 

		(f)	Loss
                                            Reserve Percentage – shall reflect the Loss Reserve Percentage from September 1, 2022

 

		(g)	Yield
                                            and Expenses Reserve Percentage – shall reflect the Yield and Expenses Reserve Percentage
                                            from September 1, 2022

 

For the avoidance of doubt, the terms
and determination dates used in this Clause 8.1 are solely with respect to the Additional Settlement Date and shall in no way
effect past or future Settlement Dates which shall continue pursuant to and in accordance with the Transaction Documents as if the Additional
Settlement Date had not occurred.

 

		8.2	Limited
                                            Waiver Regarding Certain Accounts of Arrow Germany

 

Reference is hereby
made to the (i) Receivables Transfer Agreement, and (ii) German Receivables Sale Agreement, dated as of January 27, 2020 (as amended,
restated, supplemented or otherwise modified from time to time, the “German RSA”), by and between the SPV, as buyer,
and Arrow Germany, as seller and original servicer.

 

The following clauses
(a) – (d) are collectively referred to herein as the “Subject Covenants”:

 

(a)       Pursuant
to Clause 6.2(f) of the German RSA, Arrow Germany shall, among other things, instruct all relevant Obligors to cause all Collections
to be deposited directly to a Collection Account.

 

     

     

    

 

(b)       Pursuant
to Clause 6.2(g) of the German RSA, Arrow Germany shall, among other things, hold all Collections received by it from time to time on
trust for the benefit of the SPV and 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).

 

(c)       Pursuant
to Clause 6.2(h) of the German RSA, Arrow Germany shall, among other things, procure that each Collection Account shall at all times
be subject to an Account Agreement.

 

(d)       Pursuant
to Clause 6.3(e) of the German RSA, Arrow Germany shall not, among other things, add 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 unless (i) the SPV and the Administrative
Agent have received written notice of such addition at least thirty (30) days prior thereto, (ii) the SPV and the Administrative Agent
(acting on the instructions of the Majority Purchasers) have consented to each new Account Bank (in each case, where applicable, and
provided that such consent or instructions are not unreasonably withheld or delayed), (iii) the Security Trustee has received a duly
executed Account Agreement with respect to each new Account, where applicable, and (iv) the Administrative Agent and each Purchaser Agent
have received an updated Schedule 3 (Accounts) to the Receivables Transfer Agreement along with a certification from Arrow Germany
that all conditions to add such Account and/or Account Bank under the Transaction Documents have been satisfied.

 

Pursuant to Clause
6.1(c) of the Receivables Transfer Agreement, an Early Amortisation Event will occur if any Arrow Party shall fail to perform or observe
any term, covenant, agreement or other term contained in (i) any Specified Covenant Clause, or (ii) any Transaction Document (other than
as addressed in Clauses 6.1(a) and 6.1(c)(i) (Early Amortisation Events)) and such failure in the case of this Clause 6.1(c)(ii)
has continued for twenty (20) days after such Person obtained knowledge or received notice thereof.

 

Each of the SPV,
the Administrative Agent, the BNPP Purchaser Agent, the ING Purchaser Agent, the Security Trustee and the Paying Agent agrees and acknowledges
that (i) in December 2019, Arrow Germany opened an account in Italy with [*****] (the “Italian Account”) into which
Collections have been deposited since August 1, 2020 (the “Initial Breach Date”) and continue to be deposited and
for which the amount of Collections in such account for any month did not and will not exceed €1,300,000, and (ii) prior to the
end of the Waiver Period, the Italian Account is not a Collection Account or an SPV Account, in each case constituting a failure to comply
with one or more of the Subject Covenants and triggering an Early Amortization Event (collectively, the “Specified Breaches”).

 

Pursuant to Clause
12.1 of the Receivables Transfer Agreement, each of the SPV, the Administrative Agent, the Security Trustee, the Paying Agent and each
Majority Purchaser party hereto hereby waives, on a limited basis, (i) the occurrence of the Specified Breaches, (ii) any failure to
give notice of the Specified Breaches, (iii) any false representation, warranty, certification or statement regarding any Account, Account
Bank or the absence of an Early Amortisation Event or Event of Default, solely to the extent that such falsity arose from the Specified
Breaches, (iv) any failure of the SPV, any Servicer or any Originator under the Transaction Documents to comply with a covenant or obligation
with respect to any Account or Account Bank, solely to the extent that such failure arose from the Specified Breaches and (v) with respect
to any Investment, the failure to satisfy any condition pursuant to Clause 4.2 of the Receivables Transfer Agreement, solely to the extent
that such failure arose from the Specified Breaches (such events, the “Resulting Events”), in each case, solely to
the extent occurring during the period of time from the Initial Breach Date, to and including the earlier of (1) the date that the Security
Trustee and Administrative Agent has received a duly executed Account Agreement with respect to the Italian Account in form and substance
satisfactory to the Security Trustee and Administrative Agent and (2) December 31, 2022 (the “Waiver Period”).

 

     

     

    

 

 

For the avoidance
of doubt, the limited waiver granted hereunder shall not apply to any period of time other than the Waiver Period. The waiver set forth
in the immediately preceding paragraph is a one-time waiver and is limited to its express terms. The execution, delivery and effectiveness
of this Amendment shall not operate as a waiver of any right, power or remedy of the Administrative Agent, the Security Trustee, the
Paying Agent, any Purchaser Agent or any Purchaser, nor constitute a waiver of any provision of the Receivables Transfer Agreement or
any other Transaction Document or any other documents, instruments and agreements executed and/or delivered in connection therewith except
to the limited extent specifically set forth herein. Additionally, nothing contained in this Amendment shall be construed to modify or
in any way amend Clause 6.2(f), Clause 6.2(g), Clause 6.2(h) or Clause 6.3(e) of the German RSA or Clause 6.1(c) of the Receivables Transfer
Agreement or any other provision of the Receivables Transfer Agreement, the German RSA or any other Transaction Document, other than
as expressly set forth in Clause 2 (Amendments to the Agreements).

 

[Signature Pages Follow]

 

     

     

    

  

IN
WITNESS WHEREOF, this Amendment has been executed as a deed by the parties hereto on the date first above written.

 

	 	ARROW EMEA FUNDING CORP B.V.,
    as the SPV
	 	 
	 	By: 	/s/
    Henry Kröner
	 	 	Name: Henry Kröner
	 	 	Title: proxy holder
	 	 
	 	Signature of Witness:
	 	 
	 	Name of Witness:
	 	 
	 	Address of Witness:
	 	 
	 	Occupation of Witness:
	 	 
	 	By: 	/s/ Kristina Adamovich
	 	 	Name: Kristina Adamovich
	 	 	Title: proxy holder
	 	 
	 	Signature of Witness:
	 	 
	 	Name of Witness:
	 	 
	 	Address of Witness:
	 	 
	 	Occupation of Witness: 

 

Omnibus Amendment No. 2

 

     

     

    

 

	 	ARROW CENTRAL EUROPE GMBH, as Originator, Agent Servicer and
    SPV Servicer
	 	 
	 	By:	/s/
    Rajesh Agrawal
	 	 	Name: Rajesh Agrawal
	 	 	Title: Managing Director
	 	 
	 	By:	/s/ Carine Jean-Claude
	 	 	Name: Carine Jean-Claude
	 	 	Title: Managing Director

 

Omnibus Amendment No. 2

 

     

     

    

 

	 	ORIGINATOR, AGENT SERVICER, SPV
    SERVICER
	 	 
	 	EXECUTED
    as a deed by  	/s/
    Rajesh Agrawal,	)
	 	duly authorised for and on behalf	)
	 	of ARROW ELECTRONICS (UK)	)
	 	LIMITED	)
	 	  
	 	EXECUTED as a deed
    by  	/s/ Carine Jean-Claude,	)
	 	duly authorised for and on behalf	)
	 	of ARROW ELECTRONICS (UK)	)
	 	LIMITED	)

 

Omnibus Amendment No. 2

 

     

     

    

 

	 	ARROW
ELECTRONICS, INC., as the Parent
	 	 
	 	By:	/s/
William Dakin
	 	 	Name: William Dakin
	 	 	Title: VP and Treasurer
	 	 
	 	By:	/s/
Carine Jean-Claude
	 	 	Name: Carine Jean-Claude
	 	 	Title: SVP, CLO and Secretary

  

Omnibus Amendment No. 2

 

    

     

    

 

	 	Arrow
Electronics FC B.V., as the Subordinated Lender
	 	 
	 	By:	/s/
William Dakin
	 	 	Name: William Dakin
	 	 	Title: Director
	 	 
	 	By:	/s/
Carine Jean-Claude
	 	 	Name: Carine Jean-Claude
	 	 	Title: Director

 

Omnibus Amendment No. 2

 

     

     

    

 

Administrative Agent and Purchaser Agent for
the BNPP Purchaser Group

 

Executed as a deed by BNP Paribas, a company
incorporated in France, acting by Emilie Astier and Eric Lefol who, in accordance with the laws of that territory, are
acting under the authority of that company.

 

Signature in the name of the company:            
                     BNP Paribas

 

Signature of __/s/ Emilie Astier___________________: 

 

Signature of _/s/ Eric Lefol____________________:  

 

Omnibus Amendment No. 2

 

     

     

    

 

CONDUIT PURCHASER

Given under the common seal of

Matchpoint Finance plc

and delivered as a deed in the presence of:

  

	 	/s/ Adrian J. Masterson
	 	Director
	 	  
	 	Adrian J. Masterson
	 	Director / Secretary

  

	Renata Santos	 
	Witness Name	 
	  	 
	4th Floor, 25-28 Adelaide Road, Dublin
    2, Ireland	 
	Witness Address	 
	 	 
	Accounts Administrator	 
	Witness Occupation	 

 

Omnibus Amendment No. 2

 

     

     

    

  

	 	Purchaser Agent for the ING Purchaser Group
	 	 
	 	ING
Belgium S.A./N.V.
	 	 
	 	By:	/s/
Ellen Aelvoet
	 	 	Name: Ellen Aelvoet
	 	 	Title: Head of WB Belgium

 

	 	Signature of
    Witness:	/s/
    Anton Lauwers     
	 	 
	 	Name of Witness:
    Anton Lauwers
	 	 
	 	Address of
    Witness:

 

	 	Occupation of Witness: Associate – Working Capital
Solutions
	 	 
	 	By:	/s/
Gordana Hulina
	 	 	Name: Gordana Hulina
	 	 	Title: CRO ING BELGIUM  

 

Omnibus Amendment No. 2

 

     

     

    

 

	 	MONT
BLANC CAPITAL CORP, as a Committed Purchaser and as a Conduit Purchaser
	 	 
	 	By:	/s/
Dennis Strid
	 	 	Name: Dennis Strid
	 	 	Title: Vice President
	 	 
	 	By:	/s/
Thomas Ryan
	 	 	Name: Thomas Ryan
	 	 	Title: Managing Director

 

Omnibus Amendment No. 2

 

     

     

    

 

	 	U.S.
BANK TRUSTEES LIMITED, as the Security Trustee
	 	 
	 	By:	/s/
James Preuss
	 	 	Name: James Preuss
	 	 	Title: Authorised Signatory
	 	 	 
	 	By:	/s/
John Collins
	 	 	Name: John Collins
	 	 	Title: Authorised Signatory

 

Omnibus Amendment No. 2

 

     

     

    

 

	 	ELAVON
FINANCIAL SERVICES DAC, as the Paying Agent 
	 	 
	 	By:	/s/
James Preuss
	 	 	Name: James Preuss 

Title: Authorised Signatory  
	 	 	 
	 	By:	/s/
John Collins
	 	 	Name: John Collins
	 	 	Title: Authorised Signatory

 

     

     

    

  

ANNEX A

 

MASTER FRAMEWORK AGREEMENT

 

     

     

    

 

CONFORMED COPY through

EXECUTION COPY

First Amendment to MFA, dated as of May 27,
2020

Omnibus Deed of Amendment No. 1, dated December
23, 2021

Omnibus Deed of Amendment No. 2, dated September
20, 2022

 

	Dated
    January 27, 2020
	 
	(1) 	ARROW EMEA FUNDING
    CORP B.V., as SPV
	 
	(2)	BNP
    PARIBAS, as Administrative Agent, a Committed Purchaser and Purchaser Agent for the BNP Purchaser Group
	 
	(3)	MATCHPOINT FINANCE PLC, as Conduit Purchaser
	 
	(4)	ING
    Belgium S.A./N.V., as Purchaser Agent for the
    ING Purchaser Group
	 
	(5) 	MONT
    BLANC CAPITAL CORP, as a Committed Purchaser and as a Conduit Purchaser
	 
	(6) 	ARROW
    ELECTRONICS (UK) LIMITED, as Agent Servicer, SPV Servicer and Originator
	 
	(7) 	ARROW
    CENTRAL EUROPE GMBH, as Agent Servicer, SPV Servicer and Originator
	 
	(8) 	ARROW
    ELECTRONICS, INC., as Parent
	 
	(9) 	Arrow
    Electronics FC B.V., as Subordinated Lender
	 
	(10)	U.S.
    Bank TRUSTEES LIMITED, as Security Trustee and
    mandatario con rappresentanza pursuant to and for the purposes of Italian law
	 
	(11)	ELAVON
    FINANCIAL SERVICES DAC, as Paying Agent
	 
	(12) 	CERTAIN
    OTHER PARTIES FROM TIME TO TIME PARTY TO THE TRANSACTION DOCUMENTS DESCRIBED HEREIN
	 
	MASTER
    FRAMEWORK AGREEMENT

 

     

     

    

 

CONTENTS

 

	Clause	Page

 

		1.	This Master Framework Agreement	2

 

		2.	Definitions and interpretation	2

 

		3.	Amendments	61

 

		4.	Notices and payments	61

 

		5.	VAT	62

 

		6.	FATCA	63

 

		7.	Third Party Rights	65

 

		8.	Counterparts; Electronic delivery	65

 

		9.	Governing Law	65

 

		10.	Jurisdiction	65

 

		11.	Service of Process	66

 

		12.	No Proceedings; Limited Recourse	66

 

		13.	Notification
                                            and Acknowledgement of Assignment	67

 

		14.	Reporting
                                            Services Provider Actions	67

  

	Schedule 1	Address and Payment Information
	Schedule 2	Arrow Fiscal Calendar
	Schedule 3	Reference Rate Terms
	Schedule 4	Daily Non-Cumulative Compounded RFR Rate
	 	 
	Exhibit A	Form of Agreed Jurisdiction Request
	Exhibit B	Excluded Obligors

 

     

     

    

 

THIS
MASTER FRAMEWORK AGREEMENT (this "Agreement") is dated on January 27, 2020 and made among:

 

		(1)	ARROW
                                            EMEA FUNDING CORP B.V., a private company with limited liability (besloten
                                            vennootschap met beperkte aansprakelijkheid) incorporated under the laws of The Netherlands
                                            whose registered number is 74299069 and whose registered office is at Basisweg 10, 1043 AP
                                            Amsterdam, The Netherlands, as the SPV;

 

		(2)	BNP PARIBAS, a société
                                            anonyme incorporated under the laws of France, as the Administrative Agent, Purchaser Agent
                                            for the BNP Purchaser Group and a Committed Purchaser;

 

		(3)	MATCHPOINT FINANCE PLC, a public limited
                                            company incorporated under the laws of Ireland (registered number 386704), whose registered
                                            office is at 4th Floor, 25-28 Adelaide Road, Dublin 2, Ireland, as a Conduit Purchaser;

 

		(4)	ING
                                            Belgium S.A./N.V., a public limited liability company (société anonyme/naamloze
                                            vennootschap) organised under the laws of Belgium, having its principal office at Avenue
                                            Marnix 24, 1000 Brussels, Belgium, enterprise number 0403.200.393, as Purchaser Agent for
                                            the ING Purchaser Group;

 

		(5)	MONT BLANC CAPITAL CORP, a corporation
                                            organised under the laws of the State of Delaware and having its registered office at 874
                                            Walker Road, Suite C, City of Dover, County of Kent, State of Delaware 19904, United States
                                            of America, as a Committed Purchaser and as a Conduit Purchaser;

 

		(6)	ARROW ELECTRONICS (UK) LIMITED, a limited
                                            liability company incorporated under the laws of England and Wales, with company number 02582534
                                            and having its registered office at Kao 1 Kao Park, Hockham Way, Harlow, Essex, CM17 9NA,
                                            United Kingdom, as an Agent Servicer, an SPV Servicer and an Originator;

 

		(7)	ARROW CENTRAL EUROPE GMBH, a limited
                                            liability company (Gesellschaft mit beschränkter Haftung) incorporated under
                                            the laws of Germany, as an Agent Servicer, an SPV Servicer and an Originator;

 

		(8)	ARROW ELECTRONICS, INC., a corporation
                                            organised under the laws of the State of New York, as the Parent;

 

		(9)	Arrow
                                            Electronics FC B.V., a private company with limited liability (besloten vennootschap
                                            met beperkte aansprakelijkheid) incorporated under the laws of The Netherlands whose
                                            registered number is 75739879 and whose registered office is at Elzenkade 1, 3992 AD Houten,
                                            The Netherlands, as the Subordinated Lender;

 

		(10)	U.S.
                                            Bank TRUSTEES LIMITED, a limited liability company incorporated under the laws
                                            of England and Wales and with registration number 02379632, whose registered office is at
                                            125 Old Broad Street, London, EC2N 1AR, United Kingdom, as the Security Trustee and mandatario
                                            con rappresentanza pursuant to and for the purposes of Italian law (which shall include
                                            such company and all other Persons or companies for the time being acting as Security Trustee
                                            under this Agreement);

 

		(11)	ELAVON FINANCIAL SERVICES DAC, a designated
                                            activity company registered in Ireland with the Companies Registration Office, registered
                                            number 418442, with its registered office at Building 8, Cherrywood Business Park, Loughlinstown,
                                            Dublin 18, D18 W319, Ireland, in its capacity as Paying Agent which term shall where the
                                            context permits, include the Paying Agent and any successor paying agent for the time being
                                            so appointed under the terms of the Transaction Documents; and

 

		(12)	Certain other parties from time to time party
                                            to the Transaction Documents (as defined below).

 

    1 

     

    

 

IT IS AGREED that:

 

		1.	This
                                            Master Framework Agreement

 

		1.1	Status
                                            of this Agreement

 

This Master Framework Agreement (this
"Agreement") dated January 27, 2020, is entered into by and among the parties whose signatures appear on the signature
pages hereto and certain other parties that become party to one or more Transaction Documents from time to time after the Closing Date.

 

		1.2	Application
                                            of definitions

 

Capitalised terms used in each of the
Transaction Documents (as defined herein) shall, unless otherwise defined therein or where the context requires a different meaning,
have the meanings provided in this Agreement.

 

		2.	Definitions
                                            and interpretation

 

		2.1	Defined
                                            terms

 

To the extent set out in Clause 1.2
(Application of definitions), the following terms used in the Transaction Documents have the following meanings:

 

"Account"
means the SPV Accounts and the Collection Accounts.

 

"Account
Agreements" means the SPV Account Agreements and the Collection Account Agreements, collectively.

 

"Account
Banks" means the SPV Account Banks and the Collection Account Banks.

 

"Account
Redirection Date" means the date designated by the Administrative Agent by notice to the SPV, the Servicers and the Parent
at any time (a) following the occurrence of an Event of Default or Early Amortisation Event or (b) the Parent has a Public Debt Rating
from at least two Rating Agencies of (i) "BB-" or below from S&P, (ii) "BB-" or below from Fitch and/or (iii)
 "Ba3" or below from Moody's (or such other rating as the Administrative Agent, the Majority Purchasers and the Parent may agree
in writing); provided that, for purposes of clause (b) above (x) if at any time only one Rating Agency has issued a Public Debt Rating
for the Parent, then such Public Debt Rating alone shall be used to determine if an Account Redirection Date has occurred pursuant to
clause (b) above, and (y) if at any time Parent does not have a Public Debt Rating, then Parent shall be deemed to have a Public Debt
Rating of (i) "BB-" or below from S&P, (ii) "BB-" or below from Fitch and (iii) "Ba3" or below from
Moody's.

 

    2 

     

    

 

"Accountants'
Letter" is defined in Clause 6.1(b)(vi) (Annual agreed upon procedures audit) of the Servicing Deed.

 

"Adjusted
Term SOFR" is defined in Clause 2.5(c) (Rate Definitions) of the Receivables Transfer Agreement.

 

"Administrative
Agent" means BNP Paribas, in its capacity as administrative agent for the Purchasers, and any successor
to it in that capacity appointed pursuant to Clause 8 (The Administrative Agent, Purchaser Agents and Paying Agent) of the
Receivables Transfer Agreement.

 

"Administrative
Agent-Related Persons" means the Administrative Agent, together with its Affiliates, and the officers,
directors, employees, agents and attorneys-in-fact of such Persons and their respective Affiliates.

 

"Administrative
Agent Fee Letter" means each fee letter agreement, dated on or after the Closing Date, between the Parent and the Administrative
Agent.

 

"Adverse
Claim" means a mortgage, charge, pledge, lien or other security interest, any agreement or arrangement having a similar
effect and any other encumbrance or right in, of or on any Person's assets in favour of any other Person; provided, however, that a subordinated
lien on one or more Collection Accounts in favor of ING Bank N.V. (or its Affiliates) to secure an Originator's obligations with respect
to certain cash pooling arrangements between ING Bank N.V. (or its Affiliates) and one or more Arrow Parties shall not constitute an
Adverse Claim under the Transaction Documents for any purpose so long as such arrangement is subject to subordination provisions in form
and substance satisfactory to the Administrative Agent in its sole discretion.

 

"Affected
Financial Institution" means (a) any EEA Financial Institution or (b) any UK Financial Institution.

 

"Affiliate"
means, as to any Person, any other Person which, directly or indirectly, owns, is in control of, is controlled by, or is under common
control with, such Person, in each case whether legally or beneficially. A Person shall be deemed to control another Person if the controlling
Person possesses, directly or indirectly, the power to direct or cause the direction of the management or policies of the other Person,
whether through the ownership of voting shares or membership interests, by contract, or otherwise.

 

"Agent
Entity" is defined in Clause 8.11 (Erroneous Payments) of the Receivables Transfer Agreement.

 

"Agent
Servicer" means, initially, the English Agent Servicer and the German Agent Servicer, as applicable, and
any other Person as may from time to time be appointed as an Agent Servicer pursuant to Clause 2.1(a) (Appointment of Agent Servicers)
of the Servicing Deed.

 

"Agent
Servicing Fee" means an amount in the Base Currency equal to either (a) at any time when each Agent Servicer
is an Arrow Party or an Affiliate thereof, the actual cost of servicing the Sold Receivables plus an amount consistent with industry
standards determined by the Agent Servicers and approved by the Administrative Agent in its reasonable discretion, such additional amount
to be reviewed and updated from time to time, or (b) at any time when any Agent Servicer is not an Arrow Party or an Affiliate thereof,
the amount determined by agreement between such Person and the Administrative Agent, in either case, payable in arrears on each Settlement
Date from Collections pursuant to, and subject to the Priority of Payments set out in, the Servicing Deed.

 

    3 

     

    

 

"Agreed
Jurisdiction Request" means a request by an Agent Servicer, on behalf of the SPV, to add an additional jurisdiction as
an Agreed Obligor Jurisdiction or an Agreed Receivable Jurisdiction, as applicable, substantially in the form of Exhibit A.

 

"Agreed
Obligor Jurisdiction" means Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France,
Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, The Netherlands, Poland, Portugal, Romania, Slovakia,
Slovenia, Spain, Sweden, the United Kingdom, solely with respect to the German Originator, Switzerland, and each additional Agreed Obligor
Jurisdiction with respect to Arrow Germany or Arrow UK agreed to in writing from time to time by the Administrative Agent and each Purchaser
Agent pursuant to an Agreed Jurisdiction Request; provided that, (i) with respect to Romania, a legal memorandum from local counsel
in Romania has been received by and addressed to the Administrative Agent and each Purchaser Agent with respect to true sale, tax, choice-of-law,
perfection and enforcement matters in such jurisdiction, (ii) upon the occurrence of a Level II Rating Event, a legal memorandum or opinion
(as determined by the Administrative Agent acting on behalf of each Purchaser Agent) from local counsel in each such Agreed Obligor Jurisdiction
has been received by and addressed to the Administrative Agent and each Purchaser Agent with respect to true sale, tax, choice-of-law,
perfection and enforcement matters in such jurisdiction; provided, however, if no such memorandum or opinion is given or
if such memorandum or opinion does not provide a favorable opinion with respect to true sale, tax, choice-of-law, perfection and enforcement
matters or otherwise, each in the reasonable opinion of the Administrative Agent and each Purchaser Agent, then the related jurisdiction
shall no longer be deemed an Agreed Obligor Jurisdiction until such a favorable memorandum or opinion in form and substance satisfactory
to the Administrative Agent and each Purchaser Agent is received by the Administrative Agent and each Purchaser Agent, and (iii) any
other information that has been reasonably requested by the Administrative Agent or any Purchaser Agent has been provided to the Administrative
Agent and each Purchaser Agent, in each case of clauses (i), (ii) and (iii) above, in form and substance reasonably satisfactory to the
Administrative Agent and each Purchaser Agent.

 

"Agreed
Receivable Jurisdiction" means (a) with respect to the German Originator, Austria, Belgium, Germany, The Netherlands,
Switzerland, the United States and each additional Agreed Receivable Jurisdiction with respect to Arrow Germany agreed to in writing
from time to time by the Administrative Agent and each Purchaser Agent pursuant to an Agreed Jurisdiction Request and (b) with respect
the English Originator, England and the United States and each additional Agreed Receivable Jurisdiction with respect to Arrow UK agreed
to in writing from time to time by the Administrative Agent and each Purchaser Agent pursuant to an Agreed Jurisdiction Request; provided
that, in each case of clauses (a) and (b) above (i) a legal opinion or opinions from local counsel in each such Agreed Receivable
Jurisdiction have been received by and addressed to the Administrative Agent and each Purchaser Agent with respect to true sale, tax,
choice-of-law and perfection matters in such jurisdiction and (ii) any other information that has been reasonably requested by the Administrative
Agent or any Purchaser Agent has been provided to the Administrative Agent and each Purchaser Agent, in each case of clauses (i) and
(ii) above, in form and substance reasonably satisfactory to the Administrative Agent and each Purchaser Agent.

 

"Aggregate
3rd Party Annual Fees" means, at any time, the sum of:

 

(a)       the
Corporate Services Provider Annual Fee, plus

 

(b)       the
Reporting Services Provider Annual Fee, plus

 

(c)       the
Security Trustee Annual Fee, plus

 

(d)       the
SPV Account Bank Annual Fee, plus

 

(e)       the
Paying Agent Annual Fee.

 

    4 

     

    

 

"Aggregate
Invested Amount" means the Base Currency Equivalent of the aggregate outstanding Invested Amounts in respect of the Investments.

 

"Aggregate
Unpaids" means, at any time, an amount equal to the sum of (a) the Base Currency Equivalent of the aggregate unpaid
Yield accrued, and to accrue with respect to all then current Rate Periods, at such time, (b) the Aggregate Invested Amount at such time
and (c) the Base Currency Equivalent of any and all present and future obligations and liabilities (whether actual or contingent
and whether owed jointly or severally or in any other capacity whatsoever) hereunder and under the other Transaction Documents from Collections
and/or by the SPV and/or any Arrow Party to the Administrative Agent, the Purchaser Agents, the Purchasers, the Security Trustee or the
other Secured Parties under and in connection with the Receivables Transfer Agreement and the other Transaction Documents, of whatever
nature and whenever arising.

 

"Agreement"
is defined in Clause 1.1 (Status of this Agreement).

 

"Alternate
Rate" is defined in Clause 2.5(c) (Rate Definitions) of the Receivables Transfer Agreement.

 

"Anti-Corruption
Laws" means, with respect to any Person, all Laws of any jurisdiction applicable to such Person concerning or relating
to bribery, money laundering or corruption, including the U.K. Bribery Act 2010, the U.S. Foreign Corrupt Practices Act of 1977, as amended,
and any applicable Law implemented by the OECD Convention on Combating Bribery of Foreign Public Officials in International Business
Transactions.

 

"Applicable
Exchange Rate" means, at any time in relation to any amount denominated in a currency and any other currency, (i) the currency
exchange rate specified in any hedging contract related to the Transaction Documents, to the extent applicable, or (ii) otherwise, the
rate determined by the Administrative Agent or the applicable Agent Servicer, as applicable, as the currency exchange rate at which such
amount could be converted into such other currency under a spot foreign exchange contract in the applicable currency exchange market.

 

"Applicable
Currency Benchmark Rate" is defined in Clause 2.5(c) (Rate Definitions) of the Receivables Transfer Agreement.

 

"Applicable
Margin" is defined in Clause 2.5(c) (Rate Definitions) of the Receivables Transfer Agreement.

 

"Arrow"
means Arrow Electronics, Inc., a company incorporated under the laws of the State of New York.

 

    5 

     

    

 

 

"Arrow
Documents" is defined in Clause 2.1(a) (Undertakings to cause performance or perform) of the
Parent Undertaking Agreement.

 

"Arrow
Germany" means Arrow Central Europe GmbH, a limited liability company (Gesellschaft mit beschränkter Haftung)
organized under the laws of Germany.

 

"Arrow
Obligations" is defined in Clause 2.1(a) (Undertakings to cause performance or perform) of
the Parent Undertaking Agreement.

 

"Arrow
Party" means each Originator, each Agent Servicer, each SPV Servicer, the Parent, the Subordinated Lender and each Affiliate
of any of them from time to time party to a Transaction Document.

 

"Arrow
UK" means Arrow Electronics (UK) Limited, a limited liability company incorporated under the laws of England and Wales,
with company number 02582534 and having its registered office at Kao 1 Kao Park, Hockham Way, Harlow, CM17 9NA, Essex United Kingdom.

 

"Asset
Interest" means the rights of the Purchasers in and to the Portfolio and the SPV Collateral.

 

"Assignable
Interest" is defined in Clause 16 (Assignment of Rights in the Portfolio and Receivables) of the Receivables Transfer
Agreement.

 

"Assignment
and Assumption Agreement" means an Assignment and Assumption Agreement substantially in the form of Exhibit A
(Form of Assignment, Novation and Assumption Agreement) to the Receivables Transfer Agreement.

 

"Austrian
Receivable" means a Receivable governed by Austrian law that is originated by Arrow Germany in its capacity as Originator
and sold to the SPV under the German Sale Agreement.

 

"Backup
Servicer" is defined in Clause 2.9 (Backup Servicer) of the Servicing Deed.

 

"Backup
Servicing Agreement" means an agreement entered into pursuant to Clause 2.9 (Backup Servicer) of the Servicing
Deed on or after the occurrence of a Level I Rating Event, in form and substance satisfactory to the Administrative Agent, among the
SPV, each Originator, the Administrative Agent, the Security Trustee, the Paying Agent and the Backup Servicer, governing the roles and
responsibilities to be provided by the Backup Servicer.

 

"Backup
Servicing Fee" means, following the appointment of a Backup Servicer in accordance with Clause 2.9 (Backup
Servicer) of the Servicing Deed, any fees payable to such Backup Servicer under the applicable Backup Servicing Agreement in the
Base Currency.

 

"Bail-In
Action" means the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect
of any liability of an Affected Financial Institution.

 

"Bail-In
Legislation" means (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU
of the European Parliament and of the Council of the European Union, the implementing law, regulation rule or requirement for such
EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule and (b) with respect to the United
Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable
in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their
affiliates (other than through liquidation, administration or other insolvency proceedings).

 

    6 

     

    

 

"Base
Currency" means Euro.

 

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

 

"Base
Rate" is defined in Clause 2.5(c) (Rate Definitions) of the Receivables Transfer Agreement.

 

"Belgian
Receivable" means a Receivable governed by Belgian law that is originated by Arrow Germany in its capacity as Originator
and sold to the SPV under the German Sale Agreement.

 

"Beneficial
Ownership Certification" means a certification regarding beneficial ownership or control as required by the Beneficial
Ownership Regulation.

 

"Beneficial
Ownership Regulation" means 31 C.F.R. § 1010.230.

 

"Business
Day" means a day on which commercial banks and foreign exchange markets settle payments in New York, New York, Brussels,
Belgium, London, England, Paris, France, Frankfurt, Germany, Amsterdam, the Netherlands, Luxemburg City, Luxemburg, and Dublin, Ireland;
provided that, (x) in relation to any sum payable in Euro, a “Business Day” shall be a day on which the Trans-European
Automated Real-Time Gross Settlement Express Transfer (TARGET2) System is open, (y) in relation to any sum payable in Dollars, a
 “Business Day” shall be a day on which members of the Securities Industry and Financial Markets Association that are fixed
income departments are open for the entire day for purposes of trading in United States government securities, and (z) in relation
to any sum payable in Pounds, a “Business Day” shall be any day except for (i) a Saturday, (ii) a Sunday or (iii) a
day on which banks are closed for general business in London, England.

 

"Capitalised
Lease" of a Person means any lease of assets by such Person as lessee which would be capitalised on a balance sheet
of such Person prepared in accordance with GAAP.

 

"Change
of Control" means, with respect to:

 

		(a)	any
                                            Arrow Party (other than the Parent), the failure of the Parent to own, directly or indirectly,
                                            free and clear of any Adverse Claim and on a fully diluted basis, one hundred percent (100%)
                                            of the outstanding Equity Interests of such Arrow Party; or

 

		(b)	the
                                            Parent:

 

(i)            less
than a majority of the members of the Parent's board of directors shall be Persons who either (x) were serving as directors on the
Closing Date or (y) were nominated as directors and/or approved by the vote of the majority of the directors who are directors referred
to in clause (x) above or this clause (y), or

 

    7 

     

    

 

(ii)            a
Person or group of Persons acting in concert (other than the direct or indirect beneficial owners of the Equity Interests of the Parent
as of the Closing Date) shall, as a result of a tender or exchange offer, open market purchases, privately negotiated purchases or otherwise,
have become the direct or indirect beneficial owner (within the meaning of Rule 13d-3 under the Securities Exchange Act of 1934)
of securities of the Parent representing 40% or more of the combined voting power of the outstanding voting securities for the election
of directors or shall have the right to elect a majority of the board of directors of the Parent.

 

"Closing
Date" means January 27, 2020.

 

"Collection
Account" means any account, at an Eligible Account Bank, described in Schedule 3 (Accounts) to the Receivables
Transfer Agreement under the heading "Collection Account" and any account added as a Collection Account in accordance with
the Transaction Documents.

 

"Collection
Account Agreements" means, collectively, the English Declaration of Trust (English Collection Accounts), the English
Declaration of Trust (German Collection Accounts), the Dutch Account Pledge Agreement (German Collection Accounts), the Dutch Account
Pledge Agreement (German and English Collection Accounts), the Irish Declaration of Trust, the German Account Pledge Agreement, the Polish
Account Pledge Agreement and the Italian Account Pledge Agreement, and each other control or other security agreement or arrangement,
in form and substance reasonably satisfactory to the Administrative Agent and the Security Trustee and as may be appropriate under the
laws of any relevant jurisdiction, with respect to a Collection Account.

 

"Collection
Account Bank" means any Eligible Account Bank listed in Schedule 3 (Accounts) to the Receivables Transfer Agreement
and any other Eligible Account Bank added as a Collection Account Bank in accordance with the Transaction Documents.

 

"Collections"
means, with respect to any Receivable, all cash collections and other cash proceeds of such Receivable, including (i) all
finance or similar charges, if any, (ii) any cash proceeds of Related Rights with respect to such Receivable, (iii) any Deemed
Collections received pursuant to the Transaction Documents, and (iv) all amounts received in respect of such Receivable on account
of any Credit Insurance Policy.

 

"Commercial
Paper" means the promissory notes issued or to be issued by any Conduit Purchaser in the commercial paper market.

 

"Commitment"
means, with respect to each Committed Purchaser, as the context requires, (a) the commitment of such Committed Purchaser
to make Investments in accordance with the Receivables Transfer Agreement in an amount not exceeding the amount described in the following
paragraph (b), and (b) an amount equal to (i) the amount set out opposite such Committed Purchaser's name in Schedule
1 (Purchaser Groups and Commitments) to the Receivables Transfer Agreement under the heading "Commitment and Purchaser
Group Limit" (or in the case of a Committed Purchaser which becomes a party to the Receivables Transfer Agreement pursuant to
an Assignment and Assumption Agreement, as set out in such Assignment and Assumption Agreement), plus (ii) the amount of
any increase to such Committed Purchaser's Commitment consented to by such Committed Purchaser, minus (iii) the amount of
any Commitment or portion thereof assigned by such Committed Purchaser pursuant to an Assignment and Assumption Agreement, minus (iv) upon
any reduction of the Facility Limit, an amount equal to the product of (A) the amount of such reduction of the Facility Limit,
times (B) a fraction the numerator of which is the Commitment of such Committed Purchaser and the denominator of which is the Facility
Limit in each case before giving effect to such reduction.

 

    8 

     

    

 

"Commitment
Termination Date" means December 15, 2025, or such later date to which the Commitment Termination Date may be extended
by the SPV (or the Servicers on its behalf), the Administrative Agent and any or all of the Committed Purchasers (in their sole discretion).
Each Purchaser Agent shall use commercially reasonable efforts to notify the SPV (or the Servicers on its behalf) within ninety (90)
days of any Commitment Termination Date (but in any event no later than sixty (60) days prior to any Commitment Termination Date) if
the Committed Purchasers in its Purchaser Group intend to renew their Commitments. For the avoidance of doubt and notwithstanding anything
in any Transaction Document to the contrary, no Committed Purchaser shall have any obligation to renew its Commitment.

 

"Committed
Purchasers" means each of the financial institutions identified as such in Schedule 1 (Purchaser Groups and Commitments)
to the Receivables Transfer Agreement and any other financial institution that has become a party to the Receivables Transfer Agreement
pursuant to Clause 17 (Successors and assigns; binding effect) of the Receivables Transfer Agreement, but excluding any such financial
institution that is no longer a party to the Receivables Transfer Agreement as provided in Clause 17 (Successors and assigns; binding
effect) of the Receivables Transfer Agreement.

 

"Committed
Purchaser's Purchaser Group Pro Rata Share" means, with respect to a Committed Purchaser at any time, the Commitment
of such Committed Purchaser at that time, divided by the sum of the Commitments of all Committed Purchasers in such Committed
Purchaser's Purchaser Group at that time.

 

"Compounded
Reference Rate" means, in relation to any RFR Banking Day, the percentage rate per annum which is the aggregate of:

 

		(a)	the
                                            Daily Non-Cumulative Compounded RFR for that RFR Banking Day; and

 

		(b)	the
                                            applicable Credit Adjustment Spread.

 

"Conduit
Purchaser" means any commercial paper conduit that is designated as a Conduit Purchaser on the signature pages to
the Receivables Transfer Agreement and any other commercial paper conduit that has become a party to the Receivables Transfer Agreement
as a "Conduit Purchaser" pursuant to Clause 17 (Successors and assigns; binding effect) of the Receivables Transfer
Agreement, but excluding any such commercial paper conduit that is no longer a party to the Receivables Transfer Agreement as provided
in Clause 17 (Successors and assigns; binding effect) of the Receivables Transfer Agreement.

 

"Conduit
Purchaser Fee" means [*****]%.

 

"Contract"
means, with respect to any Receivable, any and all contracts, instruments, agreements, leases, invoices, purchase orders and
related documents, notes, or other written documentation pursuant to which such Receivable arises or which evidence such Receivable or
under which an Obligor becomes or is obligated to make payment in respect of such Receivable.

 

"Contractual
Dilution" means, with respect to any Receivable, any reduction, cancellation or adjustment in the Unpaid Balance of such
Receivable as a result of a contractual arrangement between the applicable Originator and the applicable Obligor including, discounts,
volume rebates or volume discounts, in each case arising pursuant to the Contract related to such Receivable; it being understood that
in the event an Originator is not able to identify such reduction, cancellation or adjustment as a Contractual Dilution, such reduction,
cancellation or adjustment will be treated as Non-Contractual Dilution.

 

    9 

     

    

 

"Contractual
Dilution Ratio" means, as at any Month End Date, the ratio (expressed as a percentage) computed by dividing

 

(a)            the
Base Currency Equivalent of the aggregate amount of Contractual Dilutions issued with respect to Eligible Receivables which arose during
the 12 Monthly Calculation Periods preceding such Month End Date, by

 

(b)            the
Base Currency Equivalent of the aggregate initial Unpaid Balance of Eligible Receivables which arose during the 12 Monthly Calculation
Periods preceding such Month End Date.

 

"Corporate
Services Provider" means Intertrust Management B.V.

 

"Corporate
Services Provider Annual Fee" means the fee payable in accordance with the Corporate Services Provider Fee Letter and
as of the Closing Date the Corporate Services Provider Annual Fee is [*****].

 

"Corporate
Services Provider Fee Letter" means that certain letter dated February 25, 2019, between the Corporate Services
Provider and Arrow.

 

"Coverage
Test" means a test that is satisfied if, on any date of determination, the Net Eligible Receivables Balance exceeds the
sum of the Aggregate Invested Amount and the Required Reserves.

 

"CP
Rate" is defined in Clause 2.5(c) (Rate Definitions) of the Receivables Transfer Agreement.

 

"Credit
and Collection Policy" means, with respect to any Originator, the credit and collection policy or policies and practices
of such Originator relating to the Receivables and the Contracts, as in effect on (a) the Closing Date and attached as Schedule
2 (Credit and Collection Policies) to the Receivables Transfer Agreement or (b) with respect to any Person who becomes an
Originator after the Closing Date, the Initial Effective Date in respect of such Person, in each case, as modified from time to time
pursuant to notice to the Administrative Agent in a manner not in violation of the Transaction Documents.

 

"Credit
Insurance Policy" means a credit insurance policy naming the Administrative Agent, any Purchasers and/or the SPV as insured,
which policy insures the payment of certain Receivables owing by one or more Obligors.

 

"Credit
Insurance Provider" means each insurance company that provides a Credit Insurance Policy to the SPV.

 

"Credit
Adjustment Spread" means any rate which is specified as such in the Reference Rate Terms.

 

    10 

     

    

 

"Cumulative
Sales Over the Loss Horizon" means, as at any Month End Date, the amount equal to the result of the following formula:

 

(A
+ B) x (C – D)

 

where:

 

A =
the Base Currency Equivalent of the aggregate initial Unpaid Balance of the Eligible Receivables that came into existence during the
previous "D" number of Monthly Calculation Periods preceding such Month End Date;

 

B =
the Base Currency Equivalent of the aggregate initial Unpaid Balance of the Eligible Receivables that came into existence during the
 "D+1" previous Monthly Calculation Period preceding such Month End Date;

 

C =
the Loss Horizon; and

 

D =
the Loss Horizon rounded downward to the next whole number.

 

"Currency"
means Dollars, Pounds and Euro or any other currency agreed by each Purchaser, the SPV and the Servicers.

 

"Customer
Information" means, with respect to any Obligor, the Obligor's Contract(s) and any non-public information with respect
to such Obligor that has been delivered by any Arrow Party to the Administrative Agent, any Purchaser or any other Secured Party pursuant
to, or in connection with, the Transaction Documents or the transactions contemplated thereby, including any information with respect
to the goods or services provided by any Arrow Party to such Obligor, the amount of Receivables owing by such Obligor and the contact
details of such Obligor.

 

"Daily
Non-Cumulative Compounded RFR Rate" means, in relation to any RFR Banking Day, the percentage rate per annum determined by the
Reporting Services Provider in accordance with the methodology set out in Schedule 4 (Daily Non-Cumulative Compounded RFR Rate).

 

"Daily
Term SOFR Determination Date" is defined in Clause 2.5(c) (Rate Definitions) of the Receivables Transfer
Agreement.

 

"Data
Protection Law" means Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on
the protection of natural persons with regard to the processing of personal data and on the free movement of such data (repealing Directive
95/46/EC (General Data Protection Regulation)), including as it forms part of English law pursuant to the EUWA, the German Data Protection
Act (Bundesdatenschutzgesetz) or any other applicable Law relating to data protection or privacy.

 

"Days
Sales Outstanding" or "DSO" means, as at any Month End Date, a number of days equal to the product of (a) thirty
(30) and (b) the sum of:

 

		(i)	the
                                            number "X", rounded downward, if necessary, to the nearest whole number, where
                                            X is a number such that each of the following statements is true:

 

		(A)	the
                                            Base Currency Equivalent of the aggregate initial Unpaid Balance of the Eligible Receivables
                                            that came into existence during the previous "X" number of Monthly Calculation
                                            Periods preceding such Month End Date is less than the Base Currency Equivalent of the aggregate
                                            Unpaid Balance of all Eligible Receivables as at such Month End Date; and

 

    11 

     

    

 

		(B)	the
                                            Base Currency Equivalent of the aggregate initial Unpaid Balance of all Eligible Receivables
                                            that came into existence during the previous "X+1" number of Monthly Calculation
                                            Periods preceding such Month End Date is greater than the Base Currency Equivalent of the
                                            aggregate Unpaid Balance of all Eligible Receivables as at such Month End Date; plus

 

		(ii)	the positive value, equal
                                            to:

 

		(A)	the
                                            Base Currency Equivalent of the aggregate Unpaid Balance of all Eligible Receivables as at
                                            such Month End Date minus the Base Currency Equivalent of the aggregate initial Unpaid Balance
                                            of all Eligible Receivables that came into existence during the previous "X" number
                                            of Monthly Calculation Periods preceding such Month End Date; divided by

 

		(B)	the
                                            Base Currency Equivalent of the aggregate initial Unpaid Balance of all Eligible Receivables
                                            that came into existence during the previous "X+1" Monthly Calculation Periods
                                            preceding such Month End Date.

 

"Deemed
Collections" means any Collections on any Receivable deemed to have been received by the applicable Agent Servicer pursuant
to the Servicing Deed, by any Originator pursuant to any Sale Agreement or by the SPV pursuant to the Receivables Transfer Agreement.

 

"Default
Rate" is defined in Clause 2.5(c) (Rate Definitions) of the Receivables Transfer Agreement.

 

"Default
Ratio" means, as at any Month End Date, the quotient (expressed as a percentage), calculated as:

 

		(a)	the
                                            Base Currency Equivalent of the aggregate Unpaid Balance of all Eligible Receivables which
                                            became Defaulted Receivables during the Monthly Calculation Period ending on such Month End
                                            Date, divided by

 

		(b)	the
                                            Base Currency Equivalent of the aggregate initial Unpaid Balance of all Eligible Receivables
                                            issued during the fifth (5th) Monthly Calculation Period immediately preceding the Monthly
                                            Calculation Period ending on such Month End Date.

 

"Defaulted
Receivable" means, without duplication, any Receivable (a) as to which any payment, or part thereof, remains unpaid
for ninety-one (91) days or more after the original due date of such Receivable; (b) as to which an Event of Insolvency has occurred
with respect to the Obligor thereof; (c) which has been declared or identified by the SPV, any Originator or any Servicer as uncollectible
or irrecoverable; (d) in respect of which legal proceedings have been initiated for its recovery; (e) which, consistent with
the applicable Originator's Credit and Collection Policy, should be written off as uncollectible; or (f) that is a Delinquent Receivable
that (i) has its terms extended, materially amended or otherwise modified pursuant to Clause 6.2(a) (No extension or amendment
of Receivables) of the Servicing Deed, Clause 5.2(b) (No extension or amendment of Receivables) of the Receivables Transfer
Agreement, Clause 6.3(b) (No extension or amendment of Receivables) of the German Sale Agreement, or Clause 6.3(b) (No
extension or amendment of Receivables) of the English Sale Agreement or (ii) is evidenced by a negotiable instrument pursuant
to Clause 6.2(f) (Instruments) of the Servicing Deed, Clause 5.2(k) (Negotiable instruments) of the Receivables
Transfer Agreement, Clause 6.3(g) (Negotiable instruments) of the German Sale Agreement, or Clause 6.3(g) (Negotiable
instruments) of the English Sale Agreement

 

    12 

     

    

 

"Defaulting
Purchaser" means any Committed Purchaser that has failed to fund all or any portion of the Investments required to be
funded by it hereunder within two (2) Business Days of the date such Investment was required to be funded hereunder unless such
Purchaser notifies the Administrative Agent and the SPV in writing that such failure is the result of such Purchaser's determination
that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be
specifically identified in such writing) has not been satisfied. Any determination by the Administrative Agent that a Purchaser is a
Defaulting Purchaser, and of the effective date of such status, shall be conclusive and binding absent manifest error, and such Purchaser
shall be deemed to be a Defaulting Purchaser upon delivery of written notice of such determination to the SPV and each other Purchaser.
No Purchaser that is also acting in the capacity as Administrative Agent hereunder or that is an affiliate of the Administrative Agent
may be designated as a Defaulting Purchaser.

 

"Delegate"
means any delegate, agent, attorney or co-trustee appointed by the Security Trustee.

 

"Delinquency
Ratio" means, as at any Month End Date, the quotient (expressed as a percentage), calculated as:

 

		(a)	the
                                            Base Currency Equivalent of the aggregate Unpaid Balance of all Delinquent Receivables as
                                            at such Month End Date, divided by

 

		(b)	the
                                            Base Currency Equivalent of the aggregate initial Unpaid Balance of all Eligible Receivables
                                            issued during the fourth (4th) Monthly Calculation Period immediately preceding the Monthly
                                            Calculation Period ending on such Month End Date.

 

"Delinquent
Receivable" means any Receivable (a) as to which any payment, or part thereof, remains unpaid for sixty-one (61)
days or more after the original due date of such Receivable, and (b) which is not a Defaulted Receivable.

 

"Designated
Office" means, with respect to any Purchaser, the office of such Purchaser specified as its "Designated Office"
under its name on Schedule 1 (Purchaser Groups and Commitments) to the Receivables Transfer Agreement or as specified in the Assignment
and Assumption Agreement pursuant to which such Purchaser became a party to the Receivables Transfer Agreement or, in either case, such
other office of such Purchaser as such Purchaser may specify from time to time to the SPV and the Servicers.

 

"Dilution"
means Contractual Dilution or Non-Contractual Dilution.

 

"Dilution
Horizon Ratio" means, as at any Month End Date, the quotient (expressed as a percentage) calculated as:

 

		(a)	the
                                            sum of (i) the Base Currency Equivalent of the aggregate initial Unpaid Balance of all
                                            Eligible Receivables which arose during the Monthly Calculation Period ending on such Month
                                            End Date plus (ii) the initial Unpaid Balance of all Eligible Receivables which arose
                                            during the Monthly Calculation Period immediately preceding the current Monthly Calculation
                                            Period multiplied by fifty percent (50.0%), divided by

 

    13 

     

    

 

		(b)	the
                                            Net Eligible Receivables Balance as at such Month End Date;

 

provided
that the applicable period set forth in clause (a) above may be adjusted annually by the Administrative Agent with the consent of
the Specified Purchasers by written notice to the Servicer at least ten (10) Business Days prior to the effectiveness of such adjustment,
which adjustment may take into account the dilution testing results from the most recently delivered Accountants' Letter.

 

"Dilution
Ratio" means, as at any Month End Date, the ratio (expressed as a percentage) computed by dividing

 

		(a)	the
                                            Base Currency Equivalent of the aggregate amount of Dilutions issued with respect to Eligible
                                            Receivables which arose during the Monthly Calculation Period ending on such Month End Date,
                                            by

 

		(b)	the
                                            Base Currency Equivalent of the aggregate initial Unpaid Balance of Eligible Receivables
                                            which arose during the Monthly Calculation Period ending on the immediately preceding Month
                                            End Date.

 

"Dilution
Reserve Floor" means [*****].

 

"Dilution
Spike" means, as at any Month End Date, the highest of the Non-Contractual Dilution Ratios for the twelve (12) Month
End Dates immediately preceding (and including) such Month End Date.

 

"Discount"
has the meaning given to it in the applicable Sale Agreement.

 

"Dollar",
"US$" or "$" means the lawful currency of the United States.

 

"Dutch
Account Pledge Agreement (German Collection Accounts)" means that certain Dutch account security agreement, dated on
or around the Closing Date, among the German Originator and the Security Trustee.

 

"Dutch
Account Pledge Agreement (German and English Collection Accounts)" means that certain Dutch account security agreement,
dated on or around December 23, 2021, among the German Originator, the English Originator and the Security Trustee.

 

"Dutch
Account Pledge Agreement (SPV Accounts)" means that certain Dutch account security agreement, dated on or around the
Closing Date, among the Dutch SPV and the Security Trustee.

 

"Dutch
Receivable" means a Receivable governed by Dutch law that is originated by Arrow Germany in its capacity as Originator
and sold to the SPV under the German Sale Agreement.

 

"Dynamic
Loss Reserve Percentage" means, as at any Month End Date, the product (expressed as a percentage) of:

 

		(a)	the Relevant Stress
                                            Factor; multiplied by

 

    14 

     

    

 

		(b)	the Loss Horizon Ratio
                                            as of such date; multiplied by

 

		(c)	the
                                            maximum over the twelve (12) Month End Dates immediately preceding (and including) such Month
                                            End Date of the three (3) month rolling average of the Default Ratio.

 

"Early
Amortisation Event" has the meaning given to it in Clause 6.1 (Early Amortisation Events) of the Receivables Transfer
Agreement.

 

"EEA
Financial Institution" means (a) any credit institution or investment firm established in any EEA Member Country
which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is
a parent of an institution described in clause (a) of this definition, or (c) any institution established in an EEA Member
Country which is a subsidiary of an institution described in clauses (a) and (b) of this definition and is subject to consolidated
supervision with its parent.

 

"EEA
Member Country" means any of the member states of the European Union, Iceland, Liechtenstein and Norway.

 

"EEA
Resolution Authority" means any public administrative authority or any Person entrusted with public administrative authority
of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.

 

"Effective
Date" means December 23, 2021.

 

"Eligible
Account Bank" means any depository institution with a short-term unsecured debt rating of at least P-1 from Moody's,
F1 from Fitch and at least A-1 from S&P.

 

"Eligible
Investments" means any demand or time deposits or certificates of deposit or bearer securities or commercial paper rated
at least A-1 by S&P, F1 from Fitch and P-1 by Moody's which mature prior to the date and time for any payments to be made on the
Investments and which are held with or issued by any Person whose short term unsecured and unsubordinated debt obligations are rated
at least A-1 by S&P, F1 from Fitch and P-1 by Moody's.

 

"Eligible
Obligor" means, at any time, an Obligor which:

 

		(a)	is
                                            (i) a customer of an Originator, (ii) resident in an Agreed Obligor Jurisdiction,
                                            (iii) granted credit in accordance with such Originator's Credit and Collection Policies
                                            and (iv) billed by such Originator on a regular basis;

 

		(b)	at
                                            the time of the sale of the relevant Receivable to the SPV by the applicable Originator pursuant
                                            to the applicable Sale Agreement, is not insolvent;

 

		(c)	is
                                            not an Arrow Party or any Affiliate of any Arrow Party;

 

		(d)	is
                                            not an individual and does not have the benefit of any applicable consumer credit legislation;

 

		(e)	is
                                            not an Official Body;

 

    15 

     

    

 

		(f)	is
                                            not a supplier to an Originator unless such supplier has been identified by the related Originator
                                            in a written notice delivered to the Administrative Agent prior to the Closing Date;

 

		(g)	is
                                            not a Person as to which the funding of such Receivables of such Obligor by any Purchaser,
                                            the Administrative Agent or any Program Support Provider would be restricted or prohibited
                                            under applicable Law;

 

		(h)	is
                                            resident in (i) a country that has fully adopted Regulation (EC) No 593/2008 of 17 June 2008
                                            or (ii) solely with respect to a German Receivable, Switzerland; and

 

		(i)	to
                                            the extent such Obligor is externally rated by a rating agency, it is not, to the best of
                                            the relevant Originator’s knowledge, rated B+ or below (or its equivalent) by such
                                            rating agency, provided that:

 

		(i)	the
                                            relevant Originator need only take into account information obtained: (A) from such
                                            Obligor at the time of origination of the relevant Receivables, (B) in the course of
                                            its servicing procedures, (C) in the course of its own risk-management procedures, and/or
                                            (D) any such information notified to it by a third party; and

 

		(ii)	the
                                            relevant Originator will not be required to perform any checks or conduct any further investigation
                                            in relation to any information obtained in accordance with paragraph (i) immediately
                                            above for the purposes of assessing whether the relevant Obligor complies with the rating
                                            criteria of the relevant rating agency as set out in this paragraph (i)

 

"Eligible
Receivable" means, at any time, any Receivable:

 

		(a)	the
                                            Obligor of which is an Eligible Obligor;

 

		(b)	which
                                            is a non-interest bearing trade receivable (i) evidenced by an invoice sufficiently
                                            detailed to identify the relevant Obligor and the relevant amount owed by such Obligor, and
                                            (ii) originated by the applicable Originator in the ordinary course of its business;

 

		(c)	with
                                            respect to which the applicable Originator has performed all obligations required to be performed
                                            by it thereunder, including, if applicable, shipment of any goods or merchandise or performance
                                            of any services purchased thereunder;

 

		(d)	which
                                            has been billed to the relevant Obligor and is due and payable by such Obligor;

 

		(e)	which
                                            is required to be paid in full on or before 120 days (or such other number of days as may
                                            be agreed by the Administrative Agent, the Majority Purchasers and the Parent), in each case,
                                            after the original billing date therefor;

 

		(f)	which
                                            was originated in all material respects in accordance with, and otherwise satisfies, all
                                            applicable requirements of the applicable Credit and Collection Policy;

 

		(g)	arising
                                            under a Contract which (i) was executed after 17 December 2009, save in the case
                                            of a Contract entered into with a Swiss Obligor, or (ii) was executed prior to
                                            17 December 2009 which relates to an Obligor located in an Agreed Obligor Jurisdiction
                                            where such jurisdiction has implemented the Rome Convention into local domestic law at the
                                            date of execution of the Contract;

 

    16 

     

    

 

		(h)	the
                                            Obligor of which has been directed, in the invoice related to such Receivable or otherwise,
                                            to make all payments:

 

		(i)	prior
                                            to the Account Redirection Date, to a Collection Account or an SPV Account; or

 

		(ii)	on
                                            and after the Account Redirection Date, to an SPV Account;

 

		(i)	which
                                            under any related Contract and applicable Law is assignable, or, in relation to English Receivables,
                                            assignable or capable of being the subject of a declaration of trust, without the consent
                                            of or notice to the related Obligor other than such consents as have been obtained and notices
                                            that have been given; provided that so long as no Level I Rating Event exists and solely
                                            with respect to German Receivables governed by German law, no such consent shall be required
                                            for Contracts that contain a restriction on assignment of such Contract;

 

		(j)	which,
                                            together with any related Contract, (i) is in full force and effect and constitutes
                                            the legal, valid and binding obligation of the related Obligor enforceable against such Obligor
                                            in accordance with its terms with full recourse to such Obligor and (ii) has not been
                                            paid nor discharged by set-off or otherwise and is not subject to any proceedings, dispute,
                                            set-off, counterclaim or other defence of an Obligor subject to (x) applicable Insolvency
                                            Laws and (y) general equitable principles (whether enforceability of such principles
                                            is considered in a proceeding at law or in equity);

 

		(k)	which
                                            is denominated and payable in a Currency or any other currency agreed to in writing by the
                                            Administrative Agent and each Purchaser Agent;

 

		(l)	which
                                            has not been compromised, adjusted or modified (including by the extension of time for payment
                                            or the granting of any discounts, allowances or credits), except as expressly permitted by
                                            the Receivables Transfer Agreement and the other Transaction Documents;

 

		(m)	which
                                            is a right to payment of a monetary obligation for (i) assets that have been sold, assigned
                                            or otherwise transferred, or (ii) services rendered, in each case, by the applicable
                                            Originator to an Obligor, and which is not evidenced by an instrument, note, agreement or
                                            other writing the delivery or endorsement of which is necessary to transfer or otherwise
                                            perfect an ownership interest in such Receivable;

 

		(n)	which,
                                            together with any Contract related thereto, does not contravene any Laws applicable thereto
                                            (including Laws relating to consumer protection, unfair contract terms, consumer credit,
                                            fair debt collection practices and privacy) and with respect to which no part of the Contract
                                            related thereto is in violation of any such Law;

 

		(o)	the
                                            assignment or other disposal of which (directly and indirectly) to the SPV does not violate,
                                            conflict or contravene any applicable Law or any contractual or other restriction, limitation
                                            or encumbrance other than such contractual or other restriction, limitation or encumbrance
                                            that has been satisfied;

 

    17 

     

    

 

		(p)	which
                                            (together with the Related Rights related thereto) has been the subject of:

 

		(i)	a
                                            valid transfer and assignment or other disposal of good and marketable title by the applicable
                                            Originator to the SPV pursuant to, and in accordance with, the Sale Agreement to which such
                                            Originator is a party;

 

		(ii)	in
                                            the case of a Sold Receivable, a valid transfer and assignment or other disposal under the
                                            Receivables Transfer Agreement by the SPV to the Administrative Agent; and

 

		(iii)	in
                                            the case of an Unsold Receivable, the grant of a first priority perfected security interest
                                            therein by the SPV to the Security Trustee, on behalf of the Secured Parties, of all of the
                                            SPV's rights therein, as security for the Aggregate Unpaids;

 

in each
case, free and clear of any Adverse Claim (other than any Adverse Claim created or permitted pursuant to the Transaction Documents) and
in any event ranking ahead of any other security interest and the rights of any other creditor of the SPV or any Arrow Party;

 

		(q)	which
                                            does not arise from (i) a Contract which is subcontracted, in whole or in part, by the
                                            applicable Originator to a third party, or (ii) an executory contract;

 

		(r)	which
                                            is governed by the Laws of an Agreed Receivable Jurisdiction or, solely with respect to an
                                            English Receivable or German Receivable that arises from an Obligor's purchase order, the
                                            related Contract does not contain a governing law clause or similar provision;

 

		(s)	which
                                            is payable without deduction or withholding for or on account of any taxes and which may
                                            be transferred free of any stamp, registration or similar taxes;

 

		(t)	with
                                            respect to a German Receivable governed by German law, if the relevant German Receivable
                                            is subject to an extended retention of title (verlängerter Eigentumsvorbehalt)
                                            or a manufacturing clause (Verarbeitungsklausel) which provides for the assignment
                                            of such Receivable to a supplier of the German Originator, the contractual arrangement between
                                            the German Originator and such supplier authorizes (including by way of deemed authorisation
                                            (konkludent)) the German Originator (i) to collect from the relevant Obligor
                                            such Receivable in its own name and (ii) to sell and validly assign such Receivable
                                            under a true sale factoring (echtes Factoring); provided that, in any such case, (x) the
                                            German Originator shall duly pay such supplier in accordance with the requirements of such
                                            contractual arrangement; provided, further, that (y) the purchase price payable under
                                            the German Sale Agreement with respect to such Receivable shall exceed the German Originator's
                                            payment obligations to such supplier under such contractual arrangement;

 

		(u)	with
                                            respect to a German Receivable governed by German law, which is not subject to a current
                                            account agreement (kontokorrent gebundene Forderungen) within the meaning of section
                                            355 of the German Commercial Code (Handelsgesetzbuch);

 

		(v)	with
                                            respect to an English Receivable, the obligations required to be performed under the related
                                            Contract (other than payment of such Receivable), including, if applicable, shipment of any
                                            goods or merchandise or performance of any services purchased thereunder are solely the obligations
                                            of the English Originator and have been performed by the English Originator;

 

    18 

     

    

 

		(w)	(i) which
                                            goods and/or services under any related Contract have not been rejected by the related Obligor
                                            or (ii) if the goods and/or services under any related Contract have been rejected by
                                            the related Obligor, which rejected goods and/or services by the related Obligor have been
                                            formally disputed by the related Originator;

 

		(x)	which
                                            is not an Excluded Receivable;

 

		(y)	solely
                                            with respect to a Swiss Receivable, which is freely assignable pursuant to article 164 et
                                            seq. of the Swiss Code of Obligations (Obligationenrecht);

 

		(z)	solely
                                            with respect to a Receivable originated by the Swiss Branch of the German Originator, arising
                                            under a Contract which is not related to or subject to an auction or stock exchange;

 

		(aa)	solely
                                            with respect to a Receivable originated by the Swiss Branch of the German Originator, arising
                                            under a Contract for which the Swiss branch of the German Originator received a purchase
                                            order in Switzerland from an Eligible Obligor and the Contract is most closely connected
                                            to the Swiss branch pursuant to article 117 of the Swiss Private International Law Act;

 

		(bb)	at
                                            any time a Level II Rating Event exists and solely with respect to a Swiss Receivable, which
                                            is evidenced by an original Swiss Declaration of Assignment that has been delivered to the
                                            SPV on the related Purchase Date or the Business Day immediately following such Purchase
                                            Date;

 

		(cc)	solely
                                            with respect to a Receivable that is subject to a Credit Insurance Policy, the related Credit
                                            Insurance Policy lists each of the SPV and the Administrative Agent as an insured party in
                                            form and substance satisfactory to the SPV and the Administrative Agent;

 

		(dd)	solely
                                            with respect to a Belgian Receivable:

 

		(i)	which
                                            does not arise from credit or life insurances;

 

		(ii)	which
                                            is not represented in the form of negotiable instruments, endorseable invoices, drafts, bills
                                            of exchange or promissory notes;

 

		(iii)	if
                                            the relevant Belgian Receivable is subject to an extended retention of title (verlengd
                                            eigendomsvoorbehoud/réserve de propriété prolongée) which
                                            provides for the assignment of such Receivable to a supplier of the German Originator, the
                                            contractual arrangement between the German Originator and such supplier expressly authorizes
                                            the German Originator (i) to collect from the relevant Obligor such Receivable in its
                                            own name and (ii) to sell and validly assign such Receivable in the manner provided
                                            in the Transaction Documents; provided that, in any such case, (x) the German Originator
                                            shall duly pay such supplier in accordance with the requirements of such contractual arrangement;
                                            provided, further, that (y) the purchase price payable under the German Sale Agreement
                                            with respect to such Receivable shall clearly exceed the German Originator's payment obligations
                                            to such supplier under such contractual arrangement;

 

    19 

     

    

 

		(iv)	which
                                            is not secured by a mortgage (hypotheek/hypothèque) or any other security which
                                            must be recorded in a register;

 

		(v)	which
                                            is not subject to, nor arises in connection with, a contract which is subject to Belgian
                                            public procurement laws and regulations;

 

		(ee)	which
                                            at the time of transfer and assignment by the relevant Originator to the SPV pursuant to
                                            the relevant Sale Agreement is not:

 

		(i)	an
                                            exposure in default within the meaning of Article 178(1) of Regulation (EU) No
                                            575/2013; or

 

		(ii)	an
                                            exposure to an Obligor which is a credit-impaired debtor or guarantor, who, to the best of
                                            such Originator's knowledge:

 

		(A)	has
                                            been declared insolvent or had a court grant his creditors a final non-appealable right of
                                            enforcement or material damages as a result of a missed payment within three years prior
                                            to the date of origination or has undergone a debt restructuring process with regard to its
                                            non-performing exposures within three years prior to the date of transfer or assignment of
                                            the relevant Receivables to the SPV, except if: (I) such restructured Receivable has
                                            not presented new arrears since the date of the restructuring, which must have taken place
                                            at least one year prior to the date of such relevant transfer or assignment of the restructured
                                            Receivable to the SPV; and (II) the information provided by the relevant Originator
                                            or the SPV in accordance with Article 7(1) sub-paragraphs (a) and (e)(i) of
                                            the Securitisation Regulations explicitly sets out the proportion of restructured Receivables,
                                            the time and details of the restructuring as well as their performance since the date of
                                            the restructuring;

 

		(B)	was,
                                            at the time of origination, where applicable, on a public credit registry of persons with
                                            adverse credit history or, where there is no such public credit registry, another credit
                                            registry that is available to such Originator; or

 

		(C)	has
                                            a credit assessment or a credit score indicating that the risk of contractually agreed payments
                                            not being made is significantly higher than for comparable Receivables held by such Originator
                                            which are not transferred to the SPV pursuant to the Transaction Documents; and

 

		(ff)	which
                                            is not a securitisation position, derivative or transferable security (as defined in Article 4(1) of
                                            Directive 2014/65/EU).

 

"Eligible
Receivables Balance" means, at any time, an amount equal to the Base Currency Equivalent of the aggregate Unpaid Balance
of all Eligible Receivables at such time.

 

"English
Agent Servicer" means Arrow UK.

 

    20 

     

    

 

"English
Law Documents" means this Agreement, the Receivables Transfer Agreement, the English Receivables Sale Agreement, the
English Security Agreement, the English Declaration of Trust (English Collection Accounts), the English Declaration of Trust (German
Collection Accounts), the English Declaration of Trust (Unsold Receivables), the Servicing Deed, the Parent Undertaking Agreement, the
Subordinated Loan Agreement, the Fee Letters and the Reporting Services Agreement.

 

"English
Declaration of Trust (English Collection Accounts)" means a declaration of trust over the English Accounts of the English
Originator, dated on or around the Closing Date, by and among the SPV, the Security Trustee and the English Originator.

 

"English
Declaration of Trust (German Collection Accounts)" means a declaration of trust over the English Accounts of the German
Originator, dated on or around the Closing Date, by and among the SPV, the Security Trustee and the German Originator.

 

"English
Declaration of Trust (Unsold Receivables)" means a declaration of trust over the Unsold Receivables of the SPV, dated
on or around the Closing Date, by and between the Security Trustee and the SPV.

 

"English
Originator" means Arrow UK.

 

"English
Originator Stop-Purchase Date" has the meaning given to that term in the English Sale Agreement.

 

"English
Receivables" means the Receivables originated by Arrow UK in its capacity as Originator and sold to the SPV under the
English Receivables Sale Agreement.

 

"English
Sale Agreement" means that certain English receivables sale agreement, dated on or around the Closing Date, made between
the English Originator, as seller, and the SPV, as buyer.

 

"English
Security Agreement" means the security agreement governed by English law, dated on or around the Closing Date, by and
among the SPV and the Security Trustee.

 

"English
SPV Servicer" means Arrow UK.

 

"Equity
Interests" of any Person means any and all shares in its issued share capital, partnership interests, membership interests
in a limited liability company, beneficial interests in a trust or other equity ownership interests in that Person, and any warrants,
options or other rights entitling the holder thereof to purchase or acquire any such equity interest.

 

"ESMA"
means the European Securities and Markets Authority.

 

"ESR
Policy Framework" means a Purchaser Agent’s policy or policies, if any, from time to time establishing processes for identifying,
assessing, managing, mitigating and reporting material environmental and social risks.

 

"EU
Bail-In Legislation Schedule" means the EU Bail-In Legislation Schedule published by the Loan Market Association (or
any successor Person), as in effect from time to time.

 

"EU
Insolvency Regulation" means Regulation (EU) No 2015/848 of the European Parliament and of the Council of the European
Union of 20 May 2015 on insolvency proceedings (recast).

 

    21 

     

    

 

"EU
Securitisation Regulation" means Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017
laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation,
and amending certain other European Union Directives and Regulations, as amended and in effect from time to time.

 

"EU
Securitisation Regulation Rules" means the EU Securitisation Regulation, together with all relevant implementing regulations
in relation thereto, all regulatory technical standards, implementing technical standards and delegated regulations in relation thereto
or applicable in relation thereto pursuant to any transitional arrangements made pursuant to the EU Securitisation Regulation and, in
each case, any relevant guidance or policy statements published in relation thereto by European Banking Authority, the European Securities
and Markets Authority and the European Insurance and Occupational Pensions Authority (or in each case, any predecessor or successor or
any other applicable regulatory authority) or by the European Commission, in each case as amended and in effect from time to time.

 

"EU
STS Requirements" means the transaction level requirements for an ABCP transaction (as defined in the EU Securitisation
Regulation) to be considered STS (as defined in the EU Securitisation Regulation) as set out in Article 24 (Transaction-level
requirements) of the EU Securitisation Regulation.

 

"Euro
Investment Interest Reserve Percentage" means, as at any Monthly Calculation Date, the ratio (expressed as a percentage)
determined as:

 

		(a)	the product of:

 

		(i)	the maximum between:

 

		(A)	EURIBOR
                                            for a period of one (1) month as at such Monthly Calculation Date multiplied by [*****],
                                            and

 

		(B)	EURIBOR
                                            for a period of one (1) month as at such Monthly Calculation Date [*****], multiplied
                                            by

 

		(ii)	the product determined
                                            as:

 

		(A)	the Facility Limit,
                                            multiplied by

 

		(B)	the quotient determined
                                            as:

 

		(x)	the
                                            Euro Net Eligible Receivables Balance as at the Month End Date immediately preceding such
                                            Monthly Calculation Date, divided by

 

		(y)	the
                                            Net Eligible Receivables Balance as at the Month End Date immediately preceding such Monthly
                                            Calculation Date, multiplied by

 

		(iii)	the
                                            DSO as at the Month End Date immediately preceding such Monthly Calculation Date, multiplied
                                            by

 

		(iv)	the Relevant Stress Factor,
                                            multiplied by

 

		(v)	1/360; divided by

 

		(b)	the Net Eligible Receivables
                                            Balance as at the Month End Date immediately preceding such Monthly Calculation Date.

 

    22 

     

    

 

"EURIBOR"
is defined in Clause 2.5(c) (Rate Definitions) of the Receivables Transfer Agreement.

 

"Euro"
or "€" means the lawful currency of the Participating Member States.

 

"Euro
Eligible Receivables Balance" means, at any time, an amount in Euro equal to the aggregate Unpaid Balance of all Eligible
Receivables denominated in Euro at such time.

 

"Euro
Net Eligible Receivables Balance" means, at any time, an amount in Euro equal to:

 

		(a)	the Euro Eligible Receivables
                                            Balance at such time, less

 

		(b)	the
                                            aggregate outstanding Dilutions denominated in Euro with respect to Eligible Receivables
                                            at such time, less

 

		(c)	the
                                            aggregate Unpaid Balance of all Defaulted Receivables which are Eligible Receivables denominated
                                            in Euro at such time, less

 

		(d)	the
                                            aggregate Unapplied Cash denominated in Euro with respect to Eligible Obligors outstanding
                                            at such time, less

 

		(e)	the
                                            aggregate outstanding Provisions for Contractual Dilutions denominated in Euro with respect
                                            to Eligible Obligors at such time, less

 

		(f)	the
                                            aggregate Unpaid Balance of all Eligible Receivables denominated in Euro the Obligor of which
                                            is located in Poland and which is subject to Polish VAT, less

 

		(g)	the product of:

 

		(i)	the sum of:

 

		(A)	the
                                            aggregate Obligor Excess Concentration Amount at such time for all Eligible Obligors, plus

 

		(B)	at
                                            any time when a Level II Rating Event does not exist, the excess, if any, of (x) the
                                            Base Currency Equivalent of the aggregate Unpaid Balance of the Eligible Receivables the
                                            Obligor of which is located in Bulgaria, Sweden, Denmark, Malta, Finland, Latvia, Lithuania,
                                            Croatia, Estonia, Luxembourg, Greece or Cyprus, over (y) the product of (I) [*****],
                                            multiplied by (II) the Eligible Receivables Balance, plus

 

		(C)	at
                                            any time when a Level II Rating Event does not exist, the excess, if any, of (i) the
                                            Base Currency Equivalent of the aggregate Unpaid Balance of Swiss Receivables which are Eligible
                                            Receivables, over (ii) the product of (x) [*****], multiplied by (y) the Eligible
                                            Receivables Balance, plus

 

    23 

     

    

 

		(D)	at
                                            any time when a Level I Rating Event does not exist, the excess, if any, of (i) the
                                            Base Currency Equivalent of the aggregate Unpaid Balance of German Receivables governed
                                            by German law which arise under a Contract that contains a restriction on assignment which
                                            are Eligible Receivables, over (ii) the product of (x) [*****], multiplied by (y) the
                                            Eligible Receivables Balance, multiplied by

 

		(ii)	the quotient determined
                                            as:

 

		(A)	the Euro Eligible Receivables
                                            Balance, divided by

 

		(B)	the Eligible Receivables
                                            Balance.

 

"EUWA"
means the European Union (Withdrawal) Act 2018, as amended.

 

"Event
of Default" is defined in Clause 6.2 (Events of Default) of the Receivables Transfer Agreement.

 

"Event
of Insolvency" means, with respect to any Person, the occurrence of any of the following:

 

		(a)	such
                                            Person:

 

		(i)	is
                                            dissolved (other than pursuant to a consolidation, amalgamation or merger);

 

		(ii)	becomes
                                            insolvent or is unable or fails to pay its debts as such debts become due;

 

		(iii)	shall
                                            admit in writing its inability to pay its debts generally as they become due; or

 

		(iv)	shall
                                            make a general assignment, arrangement, composition with or trust for the benefit of creditors;

 

		(b)	the
                                            institution of any voluntary case or other proceeding by such Person seeking to adjudicate
                                            it as insolvent or bankrupt, or seeking liquidation, winding up, reorganisation, administration,
                                            examinership, voluntary or other arrangement, adjustment, protection, relief or composition
                                            of it or its debts under any Insolvency Law, or seeking the entry of an order for relief
                                            or the appointment of a receiver, trustee, examiner or other similar official for it or any
                                            substantial part of its assets or such Person shall consent to the appointment of or taking
                                            possession by a receiver, trustee, examiner or other similar official for such Person or
                                            for any substantial part of its assets;

 

		(c)	the
                                            institution of any case or other proceeding against such Person without such Person's application
                                            or consent seeking to adjudicate it as bankrupt or insolvent, or seeking liquidation, winding
                                            up, reorganisation, administration, examinership, voluntary or other arrangement, adjustment,
                                            protection, relief or composition of it or its debts under any Insolvency Law, or seeking
                                            the entry of an order for relief or the appointment of a receiver, trustee, examiner or other
                                            similar official for it or any other substantial part of its assets and such case or proceeding
                                            shall have continued undismissed, or unstayed and in effect, for a period of thirty (30)
                                            days or an order for relief in respect of such Person shall be entered in an involuntary
                                            case under an Insolvency Law or any other relief under any bankruptcy or insolvency law or
                                            other similar law affecting creditors' rights, or a petition is presented for its winding-up
                                            or liquidation by it or against such Person;

 

    24 

     

    

 

		(d)	has
                                            a secured party take possession of all or substantially all its assets or has a distress,
                                            execution, attachment, sequestration or other legal process levied, enforced or sued on or
                                            against all or substantially all its assets and such secured party maintains possession,
                                            or any such process is not dismissed, discharged, stayed or restrained, in each case within
                                            30 days thereafter;

 

		(e)	the
                                            order of any preliminary insolvency measures by an insolvency court (or any other competent
                                            authority) against such Person;

 

		(f)	has
                                            a resolution passed for its winding-up, official management or liquidation (other than pursuant
                                            to a consolidation, amalgamation or merger);

 

		(g)	seeks
                                            or becomes subject to the appointment of an administrator, provisional liquidator, conservator,
                                            receiver, trustee, custodian or other similar official for it or for all or substantially
                                            all its assets (other than, for so long as it is required by law or regulation not to be
                                            publicly disclosed, any such appointment which is to be made, or is made, by a person or
                                            entity described in paragraph (c) above); or

 

		(h)	such
                                            Person shall take any corporate, partnership or other similar appropriate action to authorise
                                            or initiate any of the actions set forth in the preceding paragraphs (a), (b),
                                            (c) or (d).

 

"Excess
Concentration Amount" means, as at any Month End Date, the aggregate Obligor Excess Concentration Amount for all Eligible
Obligors.

 

"Excluded
Obligor" means, as of any date of determination, each obligor which (a) is listed on Exhibit B attached hereto,
(b) is a Restricted Party or (c) a Purchaser Agent has notified the Seller, the Servicer, the Administrative Agent and each
other Purchaser Agent is excluded on the grounds that such obligor (i) is subject to internal sanctions screening by such Purchaser
Agent, (ii) does not comply with internal sanctions, "know your customer" or similar requirements of such Purchaser Agent,
(iii) is otherwise subject to any Sanction or in breach of any Anti-Corruption Law or (iv) does not comply with such Purchaser
Agent’s ESR Policy Framework.

 

"Excluded
Receivable" means, at any time, any Receivable (a) arising from a Contract with a Sanctioned Person, (b) arising
from a Contract with an Obligor which is located in a Sanctioned Country, (c) arising from a Contract which is governed by the Laws
of a Sanctioned Country, (d) that is otherwise related to a Sanctioned Person or Sanctioned Country, or (e) arising from a
Contract the Obligor of which is an Excluded Obligor.

 

"Excluded
Taxes" is defined in Clause 7.3(c) (Taxes) of the Receivables Transfer Agreement.

 

"Existing
Law" means (a) the Dodd-Frank Wall Street Reform and Consumer Protection Act; (b) the third Basel Accord issued
by the Basel Committee on Banking Supervision as set out in the publications entitled "Basel III: A global regulatory framework
for more resilient banks and banking systems", "Basel III: International framework for liquidity risk measurement, standards
and monitoring" and "Guidance for national authorities operating the countercyclical capital buffer" as updated from time
to time (collectively "Basel III") and any further guidance or standards published by the Basel Committee relating to
Basel III, (c) any rules, regulations, guidance, interpretations, directives or requests from any Official Body relating to, or
implementing the Dodd-Frank Wall Street Reform and Consumer Protection Act or Basel III (whether or not having the force of law), or
(d) the Securitisation Regulation Rules.

 

    25 

     

    

 

 

"Expected
Dilution Percentage" means, as at any Month End Date, the average of the Non-Contractual
Dilution Ratio for the twelve (12) Month End Dates immediately preceding (and including) such Month End Date.

 

"Expense
Reserve Purchaser Fee Component" means, as at any Monthly Calculation Date, the fraction
(expressed as a percentage) determined as:

 

		(a)	the
                                            product of:

 

		(i)	the
                                            sum of:

 

		(A)	the
                                            product of (x) [*****], multiplied by (y) the Facility Limit, plus

 

(B)           the
product of (x) the Conduit Purchaser Fee, multiplied by (y) the Purchaser Group Limit for the BNP Purchaser Group, plus

 

(C)           the
product of (x) the Conduit Purchaser Fee, multiplied by (y) the Purchaser Group Limit for the ING Purchaser Group, multiplied
by

 

		(ii)	the
                                            DSO as at the Month End Date immediately preceding such Monthly Calculation Date, multiplied
                                            by

 

		(iii)	the
                                            Relevant Stress Factor, multiplied by

 

		(iv)	1/360,
                                            divided by

 

		(b)	the
                                            Net Eligible Receivables Balance as at the Month End Date immediately preceding such Monthly
                                            Calculation Date.

 

"Expense
Reserve 3rd Party Fee Component" means, as at any Monthly Calculation Date, the sum (expressed
as a percentage) determined as:

 

		(a)	the
                                            fraction (expressed as a percentage) determined as:

 

		(i)	the
                                            product of:

 

		(A)	(x) the
                                            Aggregate 3rd Party Annual Fees divided by (y) 12, multiplied by

 

		(B)	(x) the
                                            DSO as at the Month End Date immediately preceding such Monthly Calculation Date divided
                                            by (y) 30, multiplied by

 

		(C)	the
                                            Relevant Stress Factor, divided by

 

		(ii)	the
                                            Net Eligible Receivables Balance as at the Month End Date immediately preceding such Monthly
                                            Calculation Date, plus

 

		(b)	the
                                            Servicing Fee Reserve Percentage.

 

    26

     

    

 

"Expense
Reserve Percentage" means, as at any Monthly Calculation Date, the sum (expressed as a
percentage) of:

 

		(a)	the
                                            Expense Reserve Purchaser Fee Component as at such Monthly Calculation date, plus

 

		(b)	the
                                            Expense Reserve 3rd Party Fee Component as at such Monthly Calculation date.

 

"FATCA"
means: (a) sections 1471 to 1474 of the United States Internal Revenue Code of 1986 as
in effect on the date hereof (or any amended or successor version that is substantially comparable and not materially more onerous to
comply with) or any associated regulations; (b) any Law of any other jurisdiction, or relating to an intergovernmental agreement
between the United States and any other jurisdiction, which (in either case) facilitates the implementation of any Law referred to in
paragraph (a) above; or (c) any agreement pursuant to the implementation of any Law referred to in paragraphs (a) or (b) above
with the United States Internal Revenue Service, the United States government or any governmental or taxation authority in any other
jurisdiction.

 

"FATCA
Deduction" means a deduction or withholding from a payment under a Transaction Document
required by FATCA.

 

"FATCA
Exempt Party" means a Person that is entitled to receive payments free from any FATCA deduction.

 

"Facility
Limit" means €600,000,000.

 

"FCA"
means the Financial Conduct Authority.

 

"Fee
Letters" means the Administrative Agent Fee Letters and the Purchaser Fee Letters, collectively,
with respect to certain fees to be paid by the SPV and the Arrow Parties in connection with the transactions contemplated by the Transaction
Documents.

 

"Final
Payout Date" means the date, after the Termination Date, on which the Aggregate Invested
Amounts have been reduced to zero (0), all accrued Agent Servicing Fees and Backup Servicing Fees (if any) have been paid in full, and
all other Aggregate Unpaids have been paid in full in cash.

 

"Fitch"
means Fitch Ratings, Inc. or any successor thereto which is an internationally recognised
statistical rating organisation.

 

"Foundation
Management Agreement" means that certain foundation management agreement, dated as of the
Closing Date, by and among the Stichting Arrow EMEA Funding Corp, the Corporate Services Provider and the Administrative Agent.

 

"GAAP"
means, with respect to (i) any Arrow Party, United States generally accepted accounting
principles (in effect from time to time and applicable to such Arrow Party) or, if applicable in the context, generally accepted accounting
principles in effect and applicable to such Arrow Party by Law, and (ii) any other Person, generally accepted accounting principles
applicable to such Person (including generally accepted accounting principles applicable to such Person by Law) or the consolidated group
of which such Person is a member.

 

    27

     

    

 

"GBP
Eligible Receivables Balance" means, at any time, an amount in GBP equal to the aggregate
Unpaid Balance of all Eligible Receivables denominated in GBP at such time.

 

"GBP
Investment Interest Reserve Percentage" means, as at any Monthly Calculation Date, the ratio
(expressed as a percentage) determined as:

 

		(a)	the
                                            product of:

 

		(i)	the
                                            maximum between:

 

		(A)	ICE
                                            TERM SONIA for a period of one (1) month as at such Monthly Calculation Date multiplied
                                            by [*****], and

 

		(B)	ICE
                                            TERM SONIA for a period of one (1) month as at such Monthly Calculation Date plus [*****],
                                            multiplied by

 

		(ii)	the
                                            product determined as:

 

		(A)	the
                                            Facility Limit, multiplied by

 

		(B)	the
                                            quotient determined as:

 

(x)            the
Base Currency Equivalent of the GBP Net Eligible Receivables Balance as at the Month End Date immediately preceding such Monthly Calculation
Date, divided by

 

(y)            the
Net Eligible Receivables Balance as at the Month End Date immediately preceding such Monthly Calculation Date, multiplied by

 

		(iii)	the
                                            DSO as at the Month End Date immediately preceding such Monthly Calculation Date, multiplied
                                            by

 

		(iv)	the
                                            Relevant Stress Factor, multiplied by

 

		(v)	1/360;
                                            divided by

 

		(b)	the
                                            Net Eligible Receivables Balance as at the Month End Date immediately preceding such Monthly
                                            Calculation Date.

 

"GBP
Net Eligible Receivables Balance" means, at any time, an amount in GBP equal to:

 

		(a)	the
                                            GBP Eligible Receivables Balance at such time, less

 

		(b)	the
                                            aggregate outstanding Dilutions denominated in GBP with respect to Eligible Receivables at
                                            such time, less

 

		(c)	the
                                            aggregate Unpaid Balance of all Defaulted Receivables which are Eligible Receivables denominated
                                            in GBP at such time, less

 

		(d)	the
                                            aggregate Unapplied Cash denominated in GBP with respect to Eligible Obligors outstanding
                                            at such time, less

 

    28

     

    

 

		(e)	the
                                            aggregate outstanding Provisions for Contractual Dilutions denominated in GBP with respect
                                            to Eligible Obligors at such time, less

 

		(f)	the
                                            aggregate Unpaid Balance of all Eligible Receivables denominated in GBP the Obligor of which
                                            is located in Poland and which is subject to Polish VAT, less

 

		(g)	the
                                            product of:

 

		(i)	the
                                            sum of:

 

		(A)	the
                                            aggregate Obligor Excess Concentration Amount at such time for all Eligible Obligors, plus

 

		(B)	at
                                            any time when a Level II Rating Event does not exist, the excess, if any, of (x) the
                                            Base Currency Equivalent of the aggregate Unpaid Balance of the Eligible Receivables the
                                            Obligor of which is located in Bulgaria, Sweden, Denmark, Malta, Finland, Latvia, Lithuania,
                                            Croatia, Estonia, Luxembourg, Greece or Cyprus, over (y) the product of (I) [*****],
                                            multiplied by (II) the Eligible Receivables Balance, plus

 

		(C)	at
                                            any time when a Level II Rating Event does not exist, the excess, if any, of (i) the
                                            Base Currency Equivalent of the aggregate Unpaid Balance of Swiss Receivables which are Eligible
                                            Receivables, over (ii) the product of (x) [*****], multiplied by (y) the Eligible
                                            Receivables Balance, plus

 

		(D)	at
                                            any time when a Level I Rating Event does not exist, the excess, if any, of (i) the
                                            Base Currency Equivalent of the aggregate Unpaid Balance of German Receivables governed
                                            by German law which arise under a Contract that contains a restriction on assignment which
                                            are Eligible Receivables, over (ii) the product of (x) [*****], multiplied by (y) the
                                            Eligible Receivables Balance, multiplied by

 

		(ii)	the
                                            quotient determined as:

 

		(A)	the
                                            GBP Eligible Receivables Balance, divided by

 

		(B)	the
                                            Eligible Receivables Balance.

 

"GDPR"
means (EU) 2016/679 on the protection of natural persons with regard to the processing of personal
data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation).

 

"German
Account Pledge Agreement" means that certain German Account Pledge Agreement, dated on
or around the Closing Date, among the German Originator and the Security Trustee.

 

"German
Agent Servicer" means Arrow Germany.

 

"German
Originator" means Arrow Germany.

 

    29

     

    

 

"German
Originator Stop-Purchase Date" has the meaning given to that term in the German Sale Agreement.

 

"German
Receivables" means the Receivables originated by Arrow Germany in its capacity as Originator
and sold to the SPV under the German Sale Agreement.

 

"German
SPV Servicer" means Arrow Germany.

 

"German
Sale Agreement" means that certain German receivables sale agreement, dated on or around
the Closing Date, made between the German Originator, as seller, and the SPV, as buyer.

 

"German
Security Agreement" means any agreement pursuant to which a security is created under German
law pursuant to any of the Transaction Documents.

 

"Guarantee"
means, as to any Person (the "guaranteeing person"), any obligation of (a) the
guaranteeing person or (b) another Person (including, without limitation, any bank under any letter of credit) to induce the creation
of which the guaranteeing person has issued a reimbursement, counterindemnity or similar obligation, in either case guaranteeing or in
effect guaranteeing any Indebtedness, leases, dividends or other obligations (the "primary obligations") of any other
third Person (the "primary obligor") in any manner, whether directly or indirectly, including, without limitation, any
obligation of the guaranteeing person, whether or not contingent, (i) to purchase any such primary obligation or any property constituting
direct or indirect security therefor, (ii) to advance or supply funds (1) for the purchase or payment of any such primary obligation
or (2) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of
the primary obligor, (iii) to purchase property, securities or services primarily for the purpose of assuring the owner of any such
primary obligation of the ability of the primary obligor to make payment of such primary obligation or (iv) otherwise to assure
or hold harmless the owner of any such primary obligation against loss in respect thereof; provided, however, that the term Guarantee
shall not include endorsements of instruments for deposit or collection in the ordinary course of business. The amount of any Guarantee
of any guaranteeing person shall be deemed to be the lower of (a) an amount equal to the stated or determinable amount of the primary
obligation in respect of which such Guarantee is made and (b) the maximum amount for which such guaranteeing person may be liable
pursuant to the terms of the instrument embodying such Guarantee, unless such primary obligation and the maximum amount for which such
guaranteeing person may be liable are not stated or determinable, in which case the amount of such Guarantee shall be such guaranteeing
person's maximum reasonably anticipated liability in respect thereof as determined by such Person in good faith.

 

"ICE
TERM SONIA" means the ICE Term SONIA reference rate administered and published by ICE Benchmark
Administration Limited, or any other person which takes over the administration of such rate, published on the ICE Term Risk Free Rates
portal at or around 11:55 am (London time).

 

"Indebtedness"
means, without duplication, with respect to any Person, such Person's (a) obligations for
borrowed money, (b) obligations representing the deferred purchase price of assets other than accounts payable arising in the ordinary
course of such Person's business on terms customary in the trade, (c) obligations, whether or not assumed, secured by security interests
or payable out of the proceeds or products of assets now or hereafter owned or acquired by such Person, (d) obligations which are
evidenced by notes, acceptances (including bankers acceptances), or other instruments, (e) Capitalised Lease obligations, (f) obligations
for which such Person is obligated pursuant to a Guarantee, (g) reimbursement obligations, contingent or otherwise, with respect
to any letters of credit, (h) the excess of all unrealised losses over all unrealised profits of the Person in question arising
from hedge agreements and (i) any other liabilities which would be treated as indebtedness in accordance with GAAP.

 

    30

     

    

 

"Indemnified
Amounts" is defined in Clause 7.1 (Indemnities by the SPV) of the Receivables Transfer
Agreement.

 

"Indemnified
Parties" is defined in Clause 7.1 (Indemnities by the SPV) of the Receivables Transfer
Agreement.

 

"Initial
Effective Date" means, in respect of any Person who becomes an Originator after the Closing
Date, the "Effective Date" or similar term as specified in the applicable Sale Agreement on and after which such Originator
is eligible to sell receivables to the SPV as buyer.

 

"Initial
Investment Date" means the date on which the initial Investment is made under the Receivables
Transfer Agreement.

 

"Insolvency
Law" means any Law, administration, or regulation relating to reorganisation, winding up,
administration, examinership, composition or adjustment of debts or otherwise relating to bankruptcy or insolvency.

 

"Invested
Amounts" means the aggregate outstanding principal balance of Investments, as reduced from
time to time by amounts paid to the applicable Purchaser(s) holding such Investments pursuant to Clause 2.4 (Repayment of Investments
and Yield) of the Receivables Transfer Agreement, as applicable; provided that if such Invested Amount shall have been reduced by
any payment and thereafter all or a portion of such payment is rescinded or must be returned for any reason, such Invested Amount shall
be increased by the amount of such rescinded or returned payment, as though it had not been received by such Purchaser(s).

 

"Investment"
is defined in Clause 2.2(a) (Investments; Purchase Price) of the Receivables Transfer
Agreement.

 

"Investment
Company Act" means the Investment Company Act of 1940.

 

"Investment
Date" has the meaning specified in Clause 2.3(a) (Notice of Investment Request)
of the Receivables Transfer Agreement.

 

"Investment
Request" means each request substantially in the form of Exhibit B (Form of
Investment Request) to the Receivables Transfer Agreement which may be attached to any Monthly Servicer Report.

 

"Irish
Declaration of Trust" means that certain declaration of trust, dated on or around the Closing
Date, among Arrow UK, the SPV and the Security Trustee.

 

"Irish
Security Agreement" means the security agreement governed by Irish law, dated on or around
the Closing Date, by and between the SPV and the Security Trustee.

 

"Italian
Account Pledge Agreement" means that certain deed of pledge over balance on bank account
of the German Originator, dated on or around the Second Amendment Effective Date, among the German Originator and the Security Trustee
(also in its capacity as mandatario con rappresentanza pursuant to and for the purposes of Italian law).

 

    31

     

    

 

"Law"
means any law (including common law), constitution, statute, treaty, regulation, rule, ordinance,
order, injunction, writ, decree, judgment or award of any Official Body or any fiscal, monetary or other authority having jurisdiction
over or the ability (either directly or indirectly) to otherwise control, regulate or bind any Person or its property or assets.

 

"Level
I Rating Event" means, on any date of determination, Arrow has a Public Debt Rating from
at least two Rating Agencies of (i) "BB+" or below from S&P, (ii) "BB+" or below from Fitch and/or
(iii) "Ba1" or below from Moody's, in each case, as of such date of determination (it being understood that the existence
of a Level II Rating Event shall also constitute a Level I Rating Event).

 

"Level
II Rating Event" means, on any date of determination, Arrow (a) has a Public Debt
Rating from at least two Rating Agencies of (i) "BB" or below from S&P, (ii) "BB" or below from Fitch
and/or (iii) "Ba2" or below from Moody's, in each case, as of such date of determination, or (b) has no Public Debt
Rating.

 

"Liabilities"
means any loss, damage, fees, cost, charge, claim, demand, expense, indemnities, judgment, action,
proceeding or other liability whatsoever (including, without limitation, in respect of taxes, duties, levies, imposts and other charges)
and including any value added tax or similar tax charged or chargeable in respect thereof and legal fees and expenses on a full indemnity
basis.

 

"Loss
Horizon" means, as at any Month End Date, the number equal to the result of the following
formula:

 

A + B

 

where:

 

A is
the weighted average payment terms calculated over all Eligible Receivables outstanding as at such Month End Date, expressed in months
(i.e. calculated in days and divided by 30); provided that such weighted average shall be calculated on the basis of the Base Currency
Equivalent of such Eligible Receivables; and

 

B is
equal to 3.

 

"Loss
Horizon Ratio" means, as at any Month End Date, the quotient (expressed as a percentage)
determined as:

 

		(a)	the
                                            Cumulative Sales Over the Loss Horizon as at such Month End Date, divided by

 

		(b)	the
                                            Net Eligible Receivables Balance as at such Month End Date.

 

"Loss
Reserve Floor" means [*****].

 

"Loss
Reserve Percentage" means, as at any Month End Date, the maximum between:

 

		(a)	the
                                            Dynamic Loss Reserve Percentage as at such Month End Date, and

 

		(b)	the
                                            Loss Reserve Floor as at such Month End Date.

 

    32

     

    

 

"Majority
Purchasers" means, at any time, (x) there are less than three Purchaser Groups,
the Administrative Agent and the Purchaser Agents for those Purchaser Groups which hold Commitments aggregating 100% of the Facility
Limit as of such time, and (y) there are three or more Purchaser Groups, the Administrative Agent and the Purchaser Agents for those
Purchaser Groups which hold Commitments aggregating in excess of a percentage of the Facility Limit as agreed at such time by the Administrative
Agent, each Purchaser Agent and the Parent (or, in the case of clauses (x) and (y), if the Commitments shall have been terminated,
one or more Purchaser Agents for those Purchaser Groups whose aggregate pro rata shares of the Aggregate Invested Amounts are equal to
100%, in the case of clause (x), or exceed a percentage of the Aggregate Invested Amounts as agreed at such time by the Administrative
Agent, each Purchaser Agent and the Parent, in the case of clause (y)). The Commitments and Invested Amounts of any Defaulting Purchaser
shall be disregarded from both the numerator and the denominator in determining the Majority Purchasers at any time.

 

"Material
Adverse Effect" means any event or condition
which could have material adverse effect on (a) the collectability of the Receivables, (b) the business, operations, property,
prospects or condition (financial or otherwise) of the SPV, (c) the ability of the SPV or any Arrow Party to perform its respective
obligations under the Transaction Documents to which it is a party, (d) the legality, validity or enforceability of any Transaction
Document or any part thereof or the rights or remedies of the Administrative Agent, the Purchasers or the Security Trustee thereunder,
or (e) the SPV's, the Administrative Agent's, the Security Trustee's or any Purchaser's interest in the Receivable and the Related
Rights.

 

"Maturity
Date" means the earlier of:

 

		(a)	the
                                            Commitment Termination Date from time to time in effect; and

 

		(b)	the
                                            date on which the Investments are declared or automatically become due and payable pursuant
                                            to Clause 6.3 (Remedies) of the Receivables Transfer Agreement.

 

"Minimum
Total Reserve Percentage" means,

 

		a)	until
                                            the 30th of September 2020, [*****], and

 

		b)	from
                                            the 30th of September 2020 and at any other date thereafter either:

 

		i.	prior
                                            to (and excluding) the date on which the Transaction is an EU STS Transaction, [*****], or

 

		ii.	from
                                            (and including) the date on which the Transaction is an EU STS Transaction, [*****];

 

provided
that if a notification is sent to ESMA that the Transaction no longer meets the STS Requirements or the Transaction is no longer considered
an EU STS Transaction following a decision of the competent authorities, then paragraph (i) will apply from (and including) the
date of such notification.

 

For the
purposes of the Transaction Documents, the Transaction will be an "EU STS Transaction" (once a notification has been
submitted to ESMA by each of BNP Paribas and ING Belgium S.A./N.V. in accordance with Article 27 of the EU Securitisation Regulation
that the Transaction complies with the STS Requirements) on such date that each notification by BNP Paribas and ING Belgium S.A./N.V.
is published on the register maintained by ESMA on its website.

 

    33

     

    

 

"Month
End Date" means the last day of each fiscal month of Arrow set forth on Schedule 2 (Arrow
Fiscal Calendar) hereto.

 

"Monthly
Calculation Date" means the third (3rd) Business Day after the Month End Date.

 

"Monthly
Calculation Period" means the period from the Closing Date until the first Month End Date
thereafter and each subsequent period from a Month End Date until the next Month End Date; provided that the last Monthly Calculation
Period shall end on the Final Payout Date.

 

"Monthly
Servicer Report" means a report, in substantially the form attached as Schedule 1 (Form of
Monthly Servicer Report) to the Servicing Deed or in such other form as is mutually agreed to by the SPV, the Agent Servicers and
the Administrative Agent, furnished by the Agent Servicers pursuant to Clause 3.4 (Reports) of the Servicing Deed, which in each
case shall include as an attachment an Investment Request substantially in the form of Exhibit B (Form of Investment Request)
to the Receivables Transfer Agreement.

 

"Moody's"
means Moody's Investors Service, Inc., or any successor that is an internationally recognised
statistical rating organisation.

 

"Net
Eligible Receivables Balance" means, at any time, an amount equal to:

 

		(a)	the
                                            Eligible Receivables Balance at such time, less

 

		(b)	the
                                            Base Currency Equivalent of the aggregate Dilutions previously issued with respect to Eligible
                                            Receivables and still outstanding at such time, less

 

		(c)	the
                                            Base Currency Equivalent of the aggregate Unpaid Balance of all Defaulted Receivables which
                                            are Eligible Receivables at such time, less

 

		(d)	the
                                            Base Currency Equivalent of the aggregate Unapplied Cash with respect to Eligible Obligors
                                            outstanding at such time, less

 

		(e)	the
                                            Base Currency Equivalent of the aggregate outstanding Provisions for Contractual Dilutions
                                            with respect to Eligible Obligors at such time, less

 

		(f)	the
                                            Excess Concentration Amount at such time, less

 

		(g)	at
                                            any time when a Level II Rating Event does not exist, the excess, if any, of (i) the
                                            Base Currency Equivalent of the aggregate Unpaid Balance of the Eligible Receivables the
                                            Obligor of which is located in Bulgaria, Sweden, Denmark, Malta, Finland, Latvia, Lithuania,
                                            Croatia, Estonia, Luxembourg, Greece or Cyprus, over (ii) the product of (A) [*****],
                                            multiplied by (B) the Eligible Receivables Balance, less

 

		(h)	at
                                            any time when a Level II Rating Event does not exist, the excess, if any, of (i) the
                                            Base Currency Equivalent of the aggregate Unpaid Balance of Swiss Receivables which are Eligible
                                            Receivables, over (ii) the product of (A) [*****], multiplied by (B) the Eligible
                                            Receivables Balance, less

 

    34

     

    

 

		(i)	at
                                            any time when a Level I Rating Event does not exist, the excess, if any, of (i) the
                                            Base Currency Equivalent of the aggregate Unpaid Balance of German Receivables governed
                                            by German law which arise under a Contract that contains a restriction on assignment which
                                            are Eligible Receivables, over (ii) the product of (A) [*****], multiplied by (B) the
                                            Eligible Receivables Balance, less

 

		(j)	the
                                            Base Currency Equivalent of the aggregate Unpaid Balance of all Eligible Receivables the
                                            Obligor of which is located in Poland and which is subject to Polish VAT.

 

"New
Euro Monthly Sold Receivables Targeted Amount" means, as at any Monthly Calculation Date,
with respect to the immediately following Monthly Settlement Date, an amount in Euro determined as the difference between (a) the
Targeted Euro Investment Amount as at such Monthly Calculation Date, minus (b) the Unpaid Balance of the Sold Receivables denominated
in Euro previously transferred to the Administrative Agent as of the immediately preceding Month End Date; provided that, for the avoidance
of doubt, such amount shall take into consideration any Collections received and any write-off made or which should have been made in
accordance with the Credit and Collection Policy of the relevant Originator with respect to such Sold Receivables previously transferred
to the Administrative Agent during the previous Monthly Calculation Periods (including the immediately preceding Monthly Calculation
Period).

 

"New
GBP Monthly Sold Receivables Targeted Amount" means, as at any Monthly Calculation Date,
with respect to the immediately following Monthly Settlement Date, an amount in GBP determined as the difference between (a) the
Targeted GBP Investment Amount as at such Monthly Calculation Date, minus (b) the Unpaid Balance of the Sold Receivables denominated
in GBP previously transferred to the Administrative Agent as of the immediately preceding Month End Date; provided that, for the avoidance
of doubt, such amount shall take into consideration any Collections received and any write-off made or which should have been made in
accordance with the Credit and Collection Policy of the relevant Originator with respect to such Sold Receivables previously transferred
to the Administrative Agent during the previous Monthly Calculation Periods (including the immediately preceding Monthly Calculation
Period).

 

"New
USD Monthly Sold Receivables Targeted Amount" means, as at any Monthly Calculation Date,
with respect to the immediately following Monthly Settlement Date, an amount in USD determined as the difference between (a) the
Targeted USD Investment Amount as at such Monthly Calculation Date, minus (b) the Unpaid Balance of the Sold Receivables denominated
in USD previously transferred to the Administrative Agent as of the immediately preceding Month End Date; provided that, for the avoidance
of doubt, such amount shall take into consideration any Collections received and any write-off made or which should have been made in
accordance with the Credit and Collection Policy of the relevant Originator with respect to such Sold Receivables previously transferred
to the Administrative Agent during the previous Monthly Calculation Periods (including the immediately preceding Monthly Calculation
Period).

 

"Non-Consenting
Purchaser" is defined in Clause 12 (Amendments
and Waivers) of the Receivables Transfer Agreement.

 

"Non-Contractual
Dilution" means, with respect to any Receivable, any debt owed by the corresponding Originator
to the Obligor of such Receivable, which does not correspond to discounts, volume rebates or volume discounts or another reduction set
out in the Obligor's Contract(s) relating to such Receivable, and which results from:

 

		(a)	any
                                            credit memo or credit note issued by the corresponding Originator in relation to any defect,
                                            reject or return of goods sold by the corresponding Originator to the Obligor of such Receivable;

 

    35

     

    

 

		(b)	any
                                            credit memo or credit note issued by the corresponding Originator in relation to an error
                                            on a Receivable; or

 

		(c)	any
                                            other credit memos, credit notes, reduction, cancellation, adjustment or any transactions
                                            that will come at a reduction of the Unpaid Balance of such Receivable and that either could
                                            not have been anticipated by the corresponding Originator or that could not be identified
                                            as a Contractual Dilution by the relevant Originator.

 

"Non-Contractual
Dilution Ratio" means, as at any Month End Date, the ratio (expressed as a percentage)
computed by dividing:

 

		(a)	the
                                            Base Currency Equivalent of the aggregate amount of Non-Contractual Dilutions issued with
                                            respect to Eligible Receivables during the Monthly Calculation Period ending on such Month
                                            End Date, by

 

		(b)	the
                                            Base Currency Equivalent of the aggregate initial Unpaid Balance of Eligible Receivables
                                            which arose during the Monthly Calculation Period ending on the immediately preceding Month
                                            End Date.

 

"Non-Contractual
Dilution Reserve Percentage" means, as at any Month End Date, the greater of:

 

		(a)	the
                                            Dilution Reserve Floor, and

 

		(b)	a
                                            percentage calculated in accordance with the following formula:

 

[(EDP
x SF) + ((DS – EDP) x (DS/EDP))] x DHR

 

where:

 

SF
= the Relevant Stress Factor;

 

EDP
= Expected Dilution Percentage;

 

DS
= Dilution Spike; and

 

DHR
= Dilution Horizon Ratio.

 

"Non-Defaulting
Purchaser" means, at any time, each Purchaser that is not a Defaulting Purchaser at such
time.

 

"Obligor"
means, with respect to any Receivable, the Person (other than any Person that is Arrow or an
Affiliate of Arrow) obligated to make payments in respect of such Receivable pursuant to a Contract or otherwise; provided, however,
for the purposes of the definitions of "Obligor Concentration Limit" and "Obligor Excess Concentration Amount", any
group of two or more Obligors that are Affiliates of each other shall be treated as a single Obligor.

 

    36

     

    

 

"Obligor
Concentration Limit" means on any day and for any Obligor having a long-term or short-term
debt rating from S&P or Moody's in one of the categories set out below, the percentage set forth opposite such rating:

 

	S&P/Moody's/Fitch
    Short-Term 

    Rating	S&P/Moody's/Fitch
    Long-Term 

    Rating	Obligor
    

    Concentration 

    Limit
	A-1/P-1/F1
    or higher	A+/A1/A+
    or higher	Loss
    Reserve Floor
	A-2/P-2/F2	A
    to BBB+ / A2 to Baa1 / A to BBB+	Loss
    Reserve Floor / 2
	A-3/P-3/F3	BBB
    to BBB- / Baa2 to Baa3 / BBB to BBB-	Loss
    Reserve Floor / 3
	Below
    A-3/P-3/F3 or no rating	Below
    BBB- / below Baa3 / below BBB - or no rating 	Loss
    Reserve Floor / 5

 

provided
that, for purposes of this definition (a) the long-term and/or short-term rating of a parent company shall be imputed to its Subsidiaries
to the extent any such Subsidiary does not have a long-term and/or short-term rating, (b) if an Obligor maintains both short-term
and long-term ratings then the short-term rating shall be used in preference to the long-term rating, and (c) subject to the foregoing,
if any Obligor (including any group of two or more Obligors) has more than one such long-term rating or more than one such short-term
rating, the lowest such rating shall apply.

 

"Obligor
Excess Concentration Amount" means, with respect to any Obligor at any time, an amount
in the Base Currency Equivalent equal to the amount by which (a) the Base Currency Equivalent of the aggregate Unpaid Balances of
all Eligible Receivables of such Obligor at such time, exceeds (b) the product of (i) the Obligor Concentration Limit for such
Obligor, multiplied by (ii) the Eligible Receivables Balance at such time.

 

"Official
Body" means any government or political subdivision or any agency, authority, bureau, central
bank, commission, department or instrumentality of any such government or political subdivision, or any court, tribunal, grand jury or
arbitrator, or any accounting board or authority (whether or not part of government) which is responsible for the establishment or interpretation
of national or international accounting principles, in each case whether foreign or domestic (including any supra-national bodies such
as the European Union or the European Central Bank).

 

    37

     

    

 

"Organic
Documents" of any Person means its memorandum and articles of association, articles or certificate
of incorporation and by-laws, limited liability agreement, partnership agreement, deed of incorporation or other comparable charter
or organisational documents.

 

"Originator
Stop Purchase Percentage" means, for any Originator at any time, the ratio (expressed as
a percentage) equal to (a) the Base Currency Equivalent of the aggregate Unpaid Balance of the Receivables originated by such Originator
and transferred to the SPV under a Sale Agreement in the immediately preceding twelve-month period (as determined as of the most recent
Settlement Date) divided by (b) the Base Currency Equivalent of the aggregate Unpaid Balance of all Receivables originated by all
Originators and transferred to the SPV under the Sale Agreements in the immediately preceding twelve-month period (as determined as of
the most recent Settlement Date).

 

"Originators"
means, as the context requires, all or any one of the English Originator, the German Originator
and each Person approved in writing by the Administrative Agent with the consent of all Purchaser Agents collectively that enters into
and executes and delivers, as seller, a Sale Agreement with the SPV as buyer after the Closing Date and any other documentation and legal
opinions requested by the Administrative Agent or any Purchaser Agent substantially similar to those provided with respect to the Originators
as of the Closing Date.

 

"Other
Party Entity" is defined in Clause 8.11 (Erroneous Payments) of the Receivables Transfer
Agreement.

 

"Parent"
means Arrow.

 

"Parent
Undertaking Agreement" means that certain Parent Undertaking Agreement, dated on or around
the Closing Date, among the Parent, the SPV and the Administrative Agent.

 

"Participating
Member State" means any member state of the European Community that adopts or has adopted
the Euro as its lawful currency in accordance with the legislation of the European Community relating to Economic and Monetary Union.

 

"Paying
Agent" means Elavon Financial Services DAC.

 

"Paying
Agent Annual Fee" means [*****].

 

"Periodic
Term SOFR Determination Date" is defined in Clause 2.5(c) (Rate Definitions)
of the Receivables Transfer Agreement.

 

"Permitted
Investment Date" means, with respect to (a) the initial Investment (or initial Investments
in more than one Currency), such day as may be agreed to by the Administrative Agent, the Majority Purchasers and the Agent Servicers,
and (b) any other Investment (i) any date set out in paragraph (a) of the definition of Settlement Date, or (ii) to
the extent the Administrative Agent and the Majority Purchasers, in their sole discretion, agrees, any other Business Day.

 

    38

     

    

 

"Person"
means an individual, partnership, limited liability company, limited company, corporation, joint
stock company, trust (including a business trust), unincorporated association, joint venture, firm, enterprise, Official Body or any
other entity.

 

"Personal
Data" has the meaning given to that term in the GDPR.

 

"Polish
Account Pledge Agreement" means that certain Agreement for Civil and Registered Pledges
Over Rights Under the Bank Accounts, dated as of January 21, 2022, among the German Originator and the Security Trustee.

 

"Portfolio"
has the meaning specified in Clause 2.1(a) (Sale and Purchase) of the Receivables
Transfer Agreement.

 

"Potential
Early Amortisation Event" means an event which but for the lapse of time or the giving
of notice, or both, would constitute an Early Amortisation Event.

 

"Potential
Event of Default" means an event which but for the lapse of time or the giving of notice,
or both, would constitute an Event of Default.

 

"Potential
Servicer Default" means an event which but for the lapse of time or the giving of notice,
or both, would constitute a Servicer Default.

 

"Pounds",
"GBP" or "£" means the lawful currency of the United Kingdom.

 

"PRA"
means the United Kingdom Prudential Regulation Authority.

 

"Priority
of Payments" means the priority of payments set forth in Clause 4.1(b) (Deposits
and Distributions on Settlement Dates) of the Servicing Deed and Clause 4.2(b) (Application of Available Funds allocated
to the SPV) of the Servicing Deed, as applicable.

 

"Pro
Rata Share" means, with respect to a Committed Purchaser at any time, the Commitment of
such Committed Purchaser at that time, divided by the sum of the Commitments of all Committed Purchasers at that time.

 

"Program
Support Agreement" means and includes any agreement entered into by any Program Support
Provider providing for the issuance of one or more letters of credit for the account of a Conduit Purchaser, the issuance of one or more
surety bonds for which a Conduit Purchaser is obligated to reimburse the applicable Program Support Provider for any drawings thereunder,
the sale by a Conduit Purchaser to any Program Support Provider of the Asset Interest (or portions thereof or participations therein)
and/or the making of loans and/or other extensions of credit to a Conduit Purchaser in connection with a Conduit Purchaser's commercial
paper program, together with any letter of credit, surety bond or other instrument issued thereunder.

 

"Program
Support Provider" means and includes any Person now or hereafter extending credit or having
a commitment to extend credit to or for the account of, or to make purchases from, a Conduit Purchaser or issuing a letter of credit,
surety bond or other instrument to support any obligations arising under or in connection with a Conduit Purchaser's commercial paper
program.

 

"Provisions
for Contractual Dilutions" means any provisions made by the Originators in the non-consolidated
financial accounts issued by such Originator in accordance with GAAP for Contractual Dilutions.

 

    39

     

    

 

"Public
Debt Rating" means, as of any date, the rating that has been most recently announced by
S&P, Fitch or Moody's, as the case may be, for any class of non-credit enhanced long-term senior unsecured debt issued by the Parent
or, if no such debt of the Parent is then outstanding, the corporate credit rating most recently announced by S&P, Fitch or Moody's,
as the case may be, provided, if any such rating agency shall have issued more than one such rating, the lowest such rating issued by
such rating agency. For purposes of the foregoing, (a) if any rating established by S&P, Fitch or Moody's shall be changed,
such change shall be effective as of the date on which such change is first announced publicly by the rating agency making such change;
and (b) if S&P, Fitch or Moody's shall change the basis on which ratings are established, each reference to the Public Debt
Rating announced by S&P, Fitch or Moody's, as the case may be, shall refer to the then equivalent rating by S&P, Fitch or Moody's,
as the case may be.

 

"Purchase
Date" means, with respect to any Receivable, the date of purchase thereof under the applicable
Sale Agreement.

 

"Purchaser
Agent" means each Person acting as agent on behalf of a Purchaser Group and designated
as a Purchaser Agent for such Purchaser Group on the signature pages to the Receivables Transfer Agreement or any other Person who
becomes a party to the Receivables Transfer Agreement as a Purchaser Agent pursuant to an Assignment and Assumption Agreement.

 

"Purchaser
Agent-Related Persons" means, with respect to any Purchaser Agent, such Purchaser Agent,
together with its Affiliates and their respective officers, directors, employees and agents and Affiliates.

 

"Purchaser
Fee Letter" means each fee letter agreement, dated on or after the Closing Date, among
the Parent, the Administrative Agent, the Purchasers and the Purchaser Agents.

 

"Purchaser
Group" means, (i) for BNP Paribas, BNP Paribas as a Committed Purchaser and as Purchaser
Agent for the BNP Purchaser Group and Matchpoint Finance plc as a Conduit Purchaser, (ii) for Mont Blanc Capital Corp, ING
Belgium S.A./N.V. as Purchaser Agent for the ING Purchaser Group and Mont Blanc Capital Corp, as a Committed Purchaser and as a Conduit
Purchaser, and (iii) for any other Committed Purchaser, such Committed Purchaser, its related Conduit Purchaser, if any, and its
related Purchaser Agent, as set forth on Schedule 1 (Purchaser Groups and Commitments) to the Receivables Transfer Agreement.

 

"Purchaser
Group Limit" means, for any Purchaser Group, the amount identified as the "Purchaser
Group Limit" for such Purchaser Group as set forth on Schedule 1 (Purchaser Groups and Commitments) to the Receivables Transfer
Agreement, as such amount may be increased or decreased as set forth in any Assignment and Assumption Agreement to which the parties
in such Purchaser Group may be party or otherwise pursuant to the Receivables Transfer Agreement.

 

"Purchasers"
means, collectively, the Committed Purchasers and the Conduit Purchasers.

 

"Rate
Period" is defined in Clause 2.5(b) (Rate Periods) of the Receivables Transfer
Agreement.

 

"Receivable"
means any indebtedness and other obligations owed by any Obligor to any Originator, showing
from the records of such Originator (without giving effect to any transfer under the Sale Agreements), or any right of the SPV to payment
from or on behalf of an Obligor, arising in connection with the sale of products or services by such Originator to such Obligor or an
Affiliate of such Obligor, and includes the obligation to pay any fees and other charges with respect thereto. The term Receivable shall
not include any Excluded Receivable.

 

    40

     

    

 

"Receivables
Transfer Agreement" means that certain Receivables Transfer Agreement, dated on or around
the Closing Date, made among the SPV, the Administrative Agent, the Purchaser Agents, Purchasers, the Security Trustee, the Paying Agent,
the Agent Servicers and the SPV Servicers.

 

"Receiver"
means a receiver, a receiver and manager or an administrative receiver of the whole or any part
of the SPV Collateral.

 

"Recipient"
is defined in Clause 2.8 (Sharing of payments, etc.) of the Receivables Transfer
Agreement.

 

"Records"
means all Contracts, if any, and other purchase orders, invoices, agreements, books, records
and other documents and any other media, materials or devices for the storage of information (including tapes, disks, punch cards, computer
programs and databases and related assets) maintained by the SPV or any Arrow Party with respect to the Receivables and their Related
Rights, or the Obligors.

 

"Reference
Rate Terms" means the terms set out in Schedule 3 (Reference Rate Terms).

 

"Related
Rights" means, in respect of any Receivable, all Related Security and RSA Rights relating
thereto.

 

"Related
Security" means with respect to any Receivable, all of the applicable Originator's (without
giving effect to any transfer under any Sale Agreement) and the SPV's rights in, to and under:

 

		(a)	any
                                            goods (including returned or repossessed goods) and documentation of title evidencing the
                                            shipment or storage of any goods relating to any sale giving rise to such Receivable;

 

		(b)	all
                                            other security interests and assets subject thereto from time to time, if any, purporting
                                            to secure payment of such Receivable, whether pursuant to a Contract related to such Receivable
                                            or otherwise, together with all registrations, financing statements and other filings signed
                                            by an Obligor relating thereto;

 

		(c)	any
                                            Contract and all guarantees, indemnities, warranties, insurance (and proceeds and premium
                                            refunds thereof) or other agreements or arrangements of any kind from time to time supporting
                                            or securing payment of such Receivable, whether pursuant to a Contract related to such Receivable
                                            or otherwise;

 

		(d)	all
                                            Records related to such Receivable; and

 

		(e)	all
                                            Collections on and other proceeds of any of the foregoing.

 

"Relevant
Stress Factor" means 2.5.

 

    41

     

    

 

"Reporting
Services Agreement" means the Reporting Services Agreement, dated on or around the Closing
Date, by and among the SPV, the Servicers, the Administrative Agent and the Reporting Services Provider.

 

"Reporting
Services Provider" means Demica Limited.

 

"Reporting
Services Provider Annual Fee" means [*****].

 

"Required
Reserves" means, at any time during a Monthly Calculation Period, an amount equal to the
product of (a) the Total Reserve Percentage at such time, times (b) the Net Eligible Receivables Balance at such time.

 

"Resolution
Authority" means an EEA Resolution Authority or, with respect to any UK Financial Institution,
a UK Resolution Authority.

 

"Restricted
Party" means a Person that is (a) subject to, or owned or controlled by a Person subject
to, any Sanctions, or a Person acting on behalf of such a Person, (b) located in or organized under the laws of a country or territory
that is the subject of country- or territory-wide Sanctions, or a Person who is owned or controlled by, or acting on behalf of such a
Person or (c) otherwise a subject of Sanctions.

 

"Retained
Interest" means a material net economic interest of not less than 5% as required by Article 6(1) of
each of the Securitisation Regulations in the form of a first loss tranche pursuant to (i) paragraph (d) of Article 6(3) of
the EU Securitisation Regulation, and (ii) paragraph (d) of Article 6(3) of the UK Securitisation Regulation, in
each case as in effect on the Effective Date.

 

"RFR"
means the rate specified as such in the Reference Rate Terms.

 

"RFR
Banking Day" means any day specified as such in the Reference Rate Terms.

 

"RSA
Rights" means, in respect of any Receivable, (a) all of the applicable Originator's
right, title, interest and benefit in the Sale Agreement under which the Receivable was sold by such Originator to the SPV in respect
of any warranties, representations, undertakings and indemnities provided by such Originator in respect of such Receivable and its rights
to exercise all powers as seller under the relevant Sale Agreement with respect to such Receivable and (b) all of the SPV's right,
title, interest and benefit in the Sale Agreement under which the Receivable was acquired by the SPV from the applicable Originator in
respect of any warranties, representations, undertakings and indemnities provided to the SPV in respect of such Receivable and its rights
to exercise all power as purchaser under the relevant Sale Agreement with respect to such Receivable.

 

"S&P"
means S&P Global Ratings, a Standard & Poor's Financial Services LLC business,
or any successor that is an internationally recognised statistical rating organisation.

 

"Sale
Agreement" means, as the context requires, all or any one of the English Sale Agreement,
the German Sale Agreement and each other receivables sale agreement entered into after the Closing Date between the SPV as buyer and
another Arrow Party as seller and approved in writing by the Administrative Agent with the consent of all Purchaser Agents acting together.

 

"Sanctioned
Country" means, at any time, a country, region or territory which is, or whose government
is, the subject or target of any Sanctions.

 

    42

     

    

 

"Sanctioned
Person" means, at any time, (a) any Person listed in any Sanctions-related list of
designated Persons maintained by the Office of Foreign Assets Control of the U.S. Department of the Treasury, the U.S. Department of
State, or by the United Nations Security Council, the European Union, any member state of the European Union, Her Majesty's Treasury
of the United Kingdom or other relevant sanctions authority or otherwise subject to any Sanctions, (b) any Person located, operating,
organized or resident in a Sanctioned Country, or (c) any Person owned or controlled by any such Person or Persons described in
the foregoing clauses (a) and (b).

 

"Sanctions"
means any economic or financial sanctions, restrictive measures or trade embargoes enacted,
imposed, administered or enforced from time to time by (a) the U.S. government, including those administered by the Office of Foreign
Assets Control of the U.S. Department of the Treasury or the U.S. Department of State, or (b) the United Nations Security Council,
the European Union, any European Union member state, Her Majesty's Treasury of the United Kingdom or other relevant sanctions authority.

 

"Screen
Rate" is defined in Clause 2.5(c) (Rate Definitions) of the Receivables Transfer
Agreement.

 

"Second
Amendment Effective Date" means September 20, 2022.

 

"Secured
Parties" means the Purchasers, the Administrative Agent, the Purchaser Agents, the Security
Trustee, the Paying Agent and the other Indemnified Parties.

 

"Securitisation
Regulations" means the EU Securitisation Regulation and the UK Securitisation Regulation.

 

"Securitisation
Regulation Rules" means the EU Securitisation Regulation Rules and the UK Securitisation
Regulation Rules.

 

"Security"
means a mortgage, charge, pledge, lien, standard security, assignation in security or other
security interest securing any obligation of any person or any other agreement or arrangement having a similar effect.

 

"Security
Documents" means the English Security Agreement, the German Security Agreement, the Irish
Security Agreement, the English Declaration of Trust (Unsold Receivables), the Account Agreements, and each other security agreement,
deed of charge or other agreement or document creating a security interest executed or delivered from time to time by the SPV or any
Arrow Party pursuant to, or in connection with, the transactions contemplated by the Transaction Documents.

 

"Security
Trustee" means U.S. Bank Trustees Limited, as security trustee (and mandatario con rappresentanza
pursuant to and for the purposes of Italian law) for the Secured Parties.

 

"Security
Trustee Annual Fee" means [*****].

 

"Servicer"
means the Agent Servicers, in respect of the Asset Interest, and the SPV Servicers, solely in
respect of the SPV Collateral.

 

"Servicer
Default" is defined in Clause 7.1 (Servicer Default) of the Servicing Deed.

 

    43

     

    

 

"Servicer
Joinder Agreement" is defined in Clause 2.5 (Addition of Servicers) of the Servicing
Deed.

 

"Servicing
Deed" means that certain Receivables Servicing Deed, dated on or around the Closing Date,
made among the SPV, the Administrative Agent, the Security Trustee, the Paying Agent, the Agent Servicers and the SPV Servicers.

 

"Servicing
Fee Reserve Percentage" means [*****].

 

"Settlement
Date" means (a) prior to the Termination Date (i) except as provided in paragraph
(a)(ii), with respect to any Monthly Calculation Period, the third (3rd) Business Day following the Monthly Calculation Date
with respect to such Monthly Calculation Period (or, if such day is not a Business Day, the immediately preceding Business Day), or (ii) such
other Business Day as the Agent Servicers, the Administrative Agent and the Majority Purchasers may from time to time mutually agree,
and (b) on and after the Termination Date, each Business Day selected from time to time by the Administrative Agent (it being understood
that the Administrative Agent may select Settlement Dates to occur as frequently as daily) or, in the absence of any such selection,
the date which would be the Settlement Date pursuant to paragraph (a)(i) or (a)(ii), as applicable, of this definition.

 

"Significant
Subsidiary" means any Subsidiary that, directly or indirectly, accounts for more than ten
percent (10%) of the assets of Arrow and its Subsidiaries, determined on a consolidated basis in accordance with GAAP.

 

"SOFR"
is defined in Clause 2.5(c) (Rate Definitions) of the Receivables Transfer Agreement.

 

"SOFR
Administrator" is defined in Clause 2.5(c) (Rate Definitions) of the Receivables
Transfer Agreement.

 

"Sold
Receivable Collections" means the aggregate Collections attributable to the Sold Receivables
that are received or deemed received.

 

"Sold
Receivable Related Rights" means all Related Rights with respect to the Sold Receivables.

 

"Sold
Receivables" is defined in Clause 2.1(a) (Sale and Purchase) of the Receivables
Transfer Agreement.

 

"Specified
Covenant Clause" means, with respect to:

 

		(a)	the
                                            SPV, Clauses 5.1(b)(iv) (Notice of Events of Default, Early Amortisation Events,
                                            etc), 5.1(b)(v) (Credit and Collection Policy), 5.1(c) (Change
                                            of Business), 5.1(h) (Performance and compliance with Receivables and
                                            Contracts and Credit and Collection Policy), 5.1(i) (Collections),
                                            5.1(j) (Collections received), 5.1(k) (Accounts), 5.1(m) (Limitation
                                            on business activities), 5.2(a) (No sales, adverse claims, etc), 5.2(c) (No
                                            subsidiaries, mergers, etc), 5.2(d) (Change in payment instructions to Obligors), 5.2(g) (No
                                            amendment of Transaction Documents), 5.2(h) (Other Indebtedness) and 5.2(i) (Payments
                                            to the Originators) of the Receivables Transfer Agreement;

 

    44

     

    

 

		(b)	the
                                            Agent Servicers and the SPV Servicers, Clauses 6.1(b)(iv) (Notice of Servicer Defaults
                                            or Potential Servicer Defaults, etc), 6.1(b)(v) (Credit and Collection Policy),
                                            6.1(c) (Change of Business), 6.1(h) (Performance and Compliance with
                                            Receivables and Contracts and Credit and Collection Policy), 6.1(j) (Collections),
                                            6.1(k) (Collections received), 6.2(b) (No change to Credit and Collection
                                            Policy), 6.2(c) (No mergers, etc) and 6.2(d) (No change in payment
                                            instructions to Obligors) of the Servicing Deed;

 

		(c)	the
                                            Parent, Clauses 4.1(a)(v) (Notice of Early Amortisation Event, Potential Early Amortisation
                                            Event, Events of Default or Potential Events of Default, etc), 4.1(a)(vi) (Change
                                            in debt ratings), 4.1(b) (Maintenance of existence, etc.), 4.2(a) (No
                                            sales, liens, etc), 4.2(b) (No change in business or Credit and Collection Policy)
                                            and 4.2(c) (No mergers, etc) of the Parent Undertaking Agreement; or

 

		(d)	any
                                            Originator, Clauses 6.2(d) (Performance and compliance with Receivables and Credit
                                            and Collection Policy), 6.2(g) (Collections received), 6.2(h) (Accounts),
                                            6.3(a) (No adverse claims, etc), 6.3(c) (No change in Credit and Collection
                                            Policy), 6.3(d) (No mergers, etc.) and 6.3(e) (Change in payment
                                            instructions to Obligors) of the relevant Sale Agreement.

 

"Specified
Purchasers" means, at any time, (x) if there are less than three Purchaser Groups,
any Purchaser Agent, and (y) if there are three or more Purchaser Groups, the Purchaser Agents for those Purchaser Groups which
hold Commitments aggregating in excess of a percentage of the Facility Limit as agreed at such time by the Administrative Agent,
each Purchaser Agent and the Parent (or, in the case of clauses (x) and (y), if the Commitments shall have been terminated, any
Purchaser Agent, in the case of clause (x), or the Purchaser Agents for those Purchaser Groups whose aggregate pro rata shares of the
Aggregate Investment Amounts exceed a percentage of the Aggregate Invested Amounts as agreed at such time by the Administrative Agent,
each Purchaser Agent and the Parent, in the case of clause (y)). The Commitments and Invested Amounts of any Defaulting Purchaser shall
be disregarded from both the numerator and the denominator in determining the Specified Purchasers at any time.

 

"SPV"
means Arrow EMEA Funding Corp B.V., a private limited liability company (besloten vennootschap
met beperkte aansprakelijkheid) incorporated under the laws of the Netherlands.

 

"SPV
Account" means any account, at an Eligible Account Bank, described in Schedule 3 (Accounts)
to the Receivables Transfer Agreement under the heading "SPV Accounts" and any account added as an SPV Account in accordance
with the Transaction Documents.

 

"SPV
Account Agreements" means, collectively, the Dutch Account Pledge Agreement (SPV Accounts)
and each other control or other security agreement or arrangement, in form and substance reasonably satisfactory to the Administrative
Agent and the Security Trustee and as may be appropriate under the laws of any relevant jurisdiction, with respect to an SPV Account.

 

"SPV
Account Bank" means any Eligible Account Bank listed in Schedule 3 (Accounts) to
the Receivables Transfer Agreement and any other Eligible Account Bank added as an SPV Account Bank in accordance with the Transaction
Documents.

 

"SPV
Account Bank Annual Fee" means [*****].

 

"SPV
Collateral" is defined in Clause 27.9 (Security Interest) of the Receivables Transfer
Agreement.

 

    45

     

    

 

 

"SPV
Guaranty" is defined in Clause 27.1 (Guaranty of Payment) of the Receivables Transfer Agreement.

 

"SPV
Guaranty Fee" is defined in Clause 4.1(c) (Allocation and Distribution of Available Funds) of the Servicing
Deed.

 

"SPV
Management Agreement" means that certain SPV management agreement, dated as of the Closing Date, by and among the SPV,
the Corporate Services Provider and the Administrative Agent.

 

"SPV
Profit Amount" means, with respect to any fiscal year, an amount per annum equal to the greater of (a) [*****] and
(b) the product of (x) the aggregate amount of fees owed by the SPV to the Corporate Services Provider under Clause 6 of the
SPV Management Agreement in such fiscal year and (y) [*****].

 

"SPV
Servicers" means, initially, the English SPV Servicer, the German SPV Servicer and any other Person as may from time
to time be appointed as SPV Servicer pursuant to Clause 2.2(b) (Appointment of SPV Servicers) of the Servicing Deed.

 

"SPV
Servicing Fee" means an amount in the Base Currency equal to either (a) at any time when each SPV Servicer is an
Arrow Party or an Affiliate thereof, the actual cost of servicing the Unsold Receivables plus an amount consistent with industry standards
determined by the SPV Servicers and approved by the SPV in its reasonable discretion, such additional amount to be reviewed and updated
from time to time, or (b) at any time when any SPV Servicer is not an Arrow Party or an Affiliate thereof, the amount determined
by agreement between such Person and the SPV, in either case, payable in arrears on each Settlement Date from Collections pursuant to,
and subject to the priority of payments set out in, the Servicing Deed.

 

"Subordinated
Lender" has the meaning specified in the Subordinated Loan Agreement.

 

"Subordinated
Loan" has the meaning specified in the Subordinated Loan Agreement.

 

"Subordinated
Loan Additional Interest Amount" means, in relation to any Settlement Date, a variable amount of interest in an amount
equal to the excess, if any, of (a) the amount of any Collections allocated to the SPV under Clause 4.1(c) (Allocation and
Distribution of Available Funds) of the Servicing Deed, over (b) the amount of such Collections allocated and applied by the
applicable Agent Servicer, on behalf of the SPV pursuant to Clause 4.2(b)(i) (Application of Available Funds allocated to the
SPV) and 4.2(b)(ii) (Application of Available Funds allocated to the SPV) of the Servicing Deed.

 

"Subordinated
Loan Agreement" means that certain Subordinated Loan Agreement, dated on or around the Closing Date, made among the Subordinated
Lender, the SPV, the Agent Servicers, the SPV Servicers and the Administrative Agent.

 

"Subordinated
Loan Borrowing Statement" has the meaning specified in Clause 2.3 (Borrowing procedures) of the Subordinated Loan
Agreement.

 

"Subordinated
Loan Fixed Interest Amount" has the meaning specified in Clause 3.1(a) (Interest) of the Subordinated Loan
Agreement.

 

    46 

     

    

 

"Subordinated
Loan Interest Determination Date" means the first Business Day of each calendar month.

 

"Subordinated
Loan Interest Rate" means, (A) with respect to Dollars, the Term SOFR Reference Rate for a tenor of three (3) months,
as such rate is published by the Term SOFR Administrator, on the applicable Settlement Date, determined as of the most recent Subordinated
Loan Interest Determination Date, (B) with respect to Euros, the offered rate equal to the Euro Interbank Offered Rate as administered
by the European Money Markets Institute (or any successor thereof acceptable to the Subordinated Lender) with a term equivalent to three
months at 11:00 a.m. Brussels time on the applicable Settlement Date, determined as of the most recent Subordinated Loan Interest
Determination Date, or (C) with respect to GBP, the Compounded Reference Rate on the applicable Settlement Date.  If the calculation
of the Subordinated Loan Interest Rate results in a Subordinated Loan Interest Rate of less than zero (0), the Subordinated Loan Interest
Rate shall be deemed to be zero (0) for all purposes hereunder.

 

"Subsidiary"
means, with respect to any Person, any other Person (a) of which shares or other ownership interests having ordinary
voting power to elect a majority of the board of directors or other Persons performing similar functions are at the time directly or
indirectly owned by such Person, or (b) that is directly or indirectly controlled by such Person. A Person shall be deemed to control
another Person if the controlling Person possesses, directly or indirectly, the power to direct or cause the direction of the management
or policies of the other Person, whether through the ownership of voting shares or membership interests, by contract, or otherwise.

 

"Swiss 10-Non-Bank Rule"
means the rule that the aggregate number of actual and deemed creditors under the German Sale Agreement for Swiss Withholding Tax
purposes that are not Swiss Qualifying Banks must not at any time exceed ten (10), in each case in accordance with the meaning of the
Swiss Guidelines or the applicable legislation or explanatory notes addressing the same issues that are in force at such time.

 

"Swiss 20-Non-Bank Rule"
means the rule that (without duplication) the aggregate number of actual and deemed creditors other than Swiss Qualifying Banks,
of the Swiss Seller under all its outstanding debt relevant for classification as debenture (Kassenobligation) (including debt arising
under this Agreement), facilities and/or private placements) must not at any time exceed twenty (20), in each case in accordance with
the meaning of the Swiss Guidelines or the applicable legislation or explanatory notes addressing the same issues that are in force at
such time.

 

"Swiss Federal Tax Administration"
means the tax authorities referred to in art. 34 of the Swiss Federal Act on Withholding Tax of 13 October 1965 (Bundesgesetz über
die Verrechnungssteuer).

 

"Swiss
Guidelines" means, together, the guidelines S-02.123 in relation to interbank loans of 22 September 1986 as issued by the
Swiss Federal Tax Administration (Merkblatt S-02.123 vom 22 September 1986 betreffend Zinsen von Bankguthaben, deren Gläubiger
Banken sind Interbankguthaben)), S-02.130.1 in relation to money market instruments and accounts receivable of April 1999 (Merkblatt
S-02.130.1 vom April 1999 "Geldmarktpapiere und Buchforderungen inländischer Schuldner"), the circular letter No. 15
(1-015-DVS-2017) of 3 October 2017 in relation to bonds and derivative financial instruments as subject matter of taxation of Swiss
federal income tax, Swiss withholding tax and Swiss stamp taxes (Kreisschreiben Nr. 15 "Obligationen und derivative Finanzinstrumente
als Gegenstand der direkten Bundessteuer, der Verrechnungssteuer und der Stempelabgaben" vom 3. Oktober 2017) and the circular letter
No. 34 of 26 July 2011 (1-034-V-2011) in relation to customer credit balances (Kreisschreiben Nr. 34 "Kundenguthaben"
vom 26. Juli 2011) and the practice note 010-DVS-2019 dated 5 February 2019 published by the Swiss Federal Tax Administration regarding
Swiss Withholding Tax in the Group (Mitteilung-010-DVS-2019-d vom 5. Februar 2019 - Verrechnungssteuer: Guthaben im Konzern), the circular
letter No. 46 of 24 July 2019 (1-046-VS-2019) in relation to syndicated credit facilities, promissory note loans, bills of
exchange and subparticipations (Kreisschreiben Nr. 46 vom 24. Juli 2019 betreffend "Steuerliche Behandlung von Konsortialdarlehen,
Schuldscheindarlehen, Wechseln und Unterbeteiligungen") and the circular letter No. 47 of 25 July 2019 (1-047-V-2019)
in relation to bonds (Kreisschreiben Nr. 47 vom 25. Juli 2019 betreffend "Obligationen") as issued, and as amended or replaced
from time to time by the Swiss Federal Tax Administration, or as applied in accordance with a tax ruling (if any) issued by the Swiss
Federal Tax Administration, or as substituted or superseded and overruled by any law, statute, ordinance, regulation, court decision
or the like as in force from time to time.

 

    47 

     

    

 

"Swiss Non-Bank Rules"
means the Swiss 10-Non-Bank Rule and the Swiss 20 Non-Bank Rule.

 

"Swiss Qualifying Banks"
means

 

		(i)	any
                                            bank as defined in the Swiss Federal Code for Banks and Savings Banks dated 8 November 1934
                                            (Bundesgesetz über die Banken und Sparkassen); or

 

		(ii)	a
                                            person or entity which effectively conducts banking activities with its own infrastructure
                                            and staff as its principal business purpose and which has a banking license in full force
                                            and effect issued in accordance with the banking laws in force in its jurisdiction of incorporation,
                                            or if acting through a branch, issued in accordance with the banking laws in the jurisdiction
                                            of such branch, all and in each case in accordance with the Swiss Guidelines.

 

"Swiss
Related Security" means any Related Security which is governed by Swiss law.

 

"Swiss
Receivable" means a Receivable governed by Swiss law that is originated by Arrow Germany in its capacity as Originator
and sold to the SPV under the German Sale Agreement.

 

"Swiss
Seller" means the German Originator with its registered branch (Zweigniederlassung) in Rümlang/ZH, Switzerland.

 

"Swiss Withholding Tax"
means the tax imposed based on the Swiss Withholding Tax Act.

 

"Swiss Withholding Tax Act"
means the Swiss Federal Act on the Withholding Tax of 13 October 1965 (Bundesgesetz über die Verrechnungssteuer), together
with the related ordinances, regulations and guidelines.

 

"Targeted
Euro Investment Amount" means, as at any Monthly Calculation Date, the amount in Euro determined as:

 

		(a)	the lesser of

 

		(i)	the product of:

 

		(A)	the Facility Limit, multiplied
                                            by

 

    48 

     

    

 

		(B)	the quotient of:

 

		(1)	the
                                            Euro Net Eligible Receivables Balance as at the Month End Date immediately preceding such
                                            Monthly Calculation Date, divided by

 

 

		(2)	the
                                            Net Eligible Receivables Balance as at the Month End Date immediately preceding such Monthly
                                            Calculation Date, and

 

		(ii)	the
                                            product of:

 

		(A)	the
                                            Euro Net Eligible Receivables Balance as at the Month End Date immediately preceding such
                                            Monthly Calculation date, multiplied by

 

		(B)	1
                                            (one) minus the Total Reserve Percentage (expressed as a percentage); or

 

		(b)	any
                                            other amount denominated in Euro requested by the applicable Agent Servicer, on behalf of
                                            the SPV, in the related Investment Request, provided that such amount requested is lower
                                            than the amount calculated in clause (a) above.

 

"Targeted
GBP Investment Amount" means, as at any Monthly Calculation Date, the amount in GBP determined as:

 

		(a)	the lesser of

 

		(i)	the product of:

 

		(A)	the Facility Limit, multiplied
                                            by

 

		(B)	the quotient of:

 

		(1)	the
                                            GBP Net Eligible Receivables Balance as at the Month End Date immediately preceding such
                                            Monthly Calculation Date, divided by

 

		(2)	the
                                            Net Eligible Receivables Balance as at the Month End Date immediately preceding such Monthly
                                            Calculation Date, and

 

		(ii)	the
                                            product of:

 

		(A)	the
                                            GBP Net Eligible Receivables Balance as at the Month End Date immediately preceding such
                                            Monthly Calculation date, multiplied by

 

		(B)	1
                                            (one) minus the Total Reserve Percentage; or

 

		(b)	any other amount denominated
                                            in GBP requested by the applicable Agent Servicer, on behalf of the SPV, in the related Investment
                                            Request, provided that such amount requested is lower than the amount calculated in clause
                                            (a) above.

 

    49 

     

    

 

"Targeted
USD Investment Amount" means, as at any Monthly Calculation Date, the amount in USD determined as:

 

		(a)	the lesser of

 

		(i)	the product of:

 

		(A)	the Facility Limit, multiplied
                                            by

 

		(B)	the quotient of:

 

		(1)	the
                                            USD Net Eligible Receivables Balance as at the Month End Date immediately preceding such
                                            Monthly Calculation Date, divided by

 

		(2)	the
                                            Net Eligible Receivables Balance as at the Month End Date immediately preceding such Monthly
                                            Calculation Date, and

 

		(ii)	the
                                            product of:

 

		(A)	the
                                            USD Net Eligible Receivables Balance as at the Month End Date immediately preceding such
                                            Monthly Calculation date, multiplied by

 

		(B)	1
                                            (one) minus the Total Reserve Percentage; or

 

		(b)	any other amount denominated
                                            in USD requested by the applicable Agent Servicer, on behalf of the SPV, in the related Investment
                                            Request, provided that such amount requested is lower than the amount calculated in clause
                                            (a) above.

 

"Taxes"
is defined in Clause 7.3(a) (Taxes) of the Receivables Transfer Agreement.

 

"Term
SOFR" is defined in Clause 2.5(c) (Rate Definitions) of the Receivables Transfer Agreement.

 

"Term
SOFR Adjustment" is defined in Clause 2.5(c) (Rate Definitions) of the Receivables Transfer Agreement.

 

"Term
SOFR Administrator" is defined in Clause 2.5(c) (Rate Definitions) of the Receivables Transfer Agreement.

 

"Term
SOFR Reference Rate" is defined in Clause 2.5(c) (Rate Definitions) of the Receivables Transfer Agreement.

 

"Termination
Date" means the earliest of:

 

		(a)	the
                                            Commitment Termination Date;

 

    50 

     

    

 

		(b)	the
                                            date on which the Termination Date is declared pursuant to Clause 6.3(a) or (b) (Remedies)
                                            or automatically occurs pursuant to Clause 6.3(a) or (c) (Remedies)
                                            of the Receivables Transfer Agreement; and

 

		(c)	the
                                            day on which (i) any Originator, any other Arrow Party or the SPV shall become obligated
                                            to withhold any amounts in respect of Taxes from any payment made (or deemed to be made)
                                            by such Person to any Secured Party or the SPV pursuant to any Transaction Document, or shall
                                            have received notice from any Official Body that it shall be obligated to do so, whether
                                            with immediate, retroactive or prospective effect (other than any withholding taxes on any
                                            payments or distributions to or for the account of the Secured Parties in respect of which
                                            no additional amounts are payable under the Transaction Documents); provided that with respect
                                            to any such withholding tax for which an indemnity payment or other compensation payment
                                            is required to be made pursuant to any Transaction Document, the amount of any such withholding,
                                            individually or when taken together with any other amount to be withheld in respect of Tax
                                            from any payment made (or deemed to be made) by such Person to any Secured Party or the SPV
                                            pursuant to any Transaction Document (or, in the case of any withholding with prospective
                                            effect, any other amount that will in the future have to be withheld) for which an indemnity
                                            payment or other compensation payment is or will be required to be made pursuant to any Transaction
                                            Document exceeds the Threshold Debt Amount for the Parent, and (ii) the Administrative
                                            Agent shall have declared the Termination Date to have occurred by written notice thereof
                                            to the SPV and the Agent Servicers.

 

"Threshold
Debt Amount" means (a) in relation to the SPV, [*****], and (b) in the case of any Arrow Party, [*****], or,
in each case, the equivalent in any other currency or currencies.

 

"Total
Reserve Percentage" means, for any Monthly Calculation Period, a percentage equal to the greater of:

 

		(a)	The Minimum Total Reserve
                                            Percentage, and

 

		(b)	the sum of:

 

		(i)	the Loss Reserve Percentage
                                            as at the Month End Date immediately preceding such Monthly Calculation Period, plus

 

		(ii)	the Non-Contractual Dilution
                                            Reserve Percentage as at the Month End Date immediately preceding such Monthly Calculation
                                            Period, plus

 

		(ii)	the
                                            Yield and Expenses Reserve Percentage as at the Month End Date immediately preceding such
                                            Monthly Calculation Period.

 

"Transaction"
means the securitisation transaction as documented in the Transaction Documents.

 

"Transaction
Costs" is defined in Clause 7.4(a) (Other costs and expenses) of the Receivables Transfer Agreement.

 

"Transaction
Documents" means, collectively, this Agreement, the Receivables Transfer Agreement, the Subordinated Loan Agreement,
the Sale Agreements, the Servicing Deed, the Backup Servicing Agreement, the Security Documents, the Parent Undertaking Agreement, the
Fee Letters, the Reporting Services Agreement, each Credit Insurance Policy, the SPV Management Agreement, the Foundation Management
Agreement and all of the other instruments, agreements and other documents from time to time executed and delivered by the SPV or any
Arrow Party pursuant to or, with the prior written consent of the Administrative Agent, in connection with any of the foregoing, including
any documentation specifically designated as a "Transaction Document" pursuant to the terms thereof.

 

    51 

     

    

 

"UK
Financial Institution" means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended form time
to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook
(as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions
and investment firms, and certain affiliates of such credit institutions or investment firms.

 

"UK
Insolvency Regulation" means the EU Insolvency Regulation, as it forms part of UK domestic law as "retained EU law"
by operation of the EUWA, and as amended by the Insolvency (Amendment) (EU Exit) Regulations 2019, SI 2019/146.

 

"UK
Securitisation Regulation" means Regulation (EU) 2017/2402 as it forms part of UK domestic law as "retained EU law"
by operation of the EUWA, and as amended by the Securitisation (Amendment) (EU Exit) Regulations 2019, and as further amended from time
to time.

 

"UK
Securitisation Regulation Rules" means the UK Securitisation Regulation together with (a) all applicable binding
technical standards made under the UK Securitisation Regulation; (b) all EU regulatory technical standards and implementing technical
standards relating to the EU Securitisation Regulation (including such regulatory technical standards or implementing technical standards
which are applicable pursuant to any transitional provisions of the EU Securitisation Regulation) forming part of UK domestic law by
operation of the EUWA; (c) relevant guidance, policy statements or directions relating to the application of the UK Securitisation
Regulation (or any binding technical standards) published by the PRA and/or the FCA (or their successors); (d) any guidelines relating
to the application of the EU Securitisation Regulation which are applicable in the UK, (e) any other relevant transitional, saving
or other provision relevant to the UK Securitisation Regulation by virtue of the operation of the EUWA; and (f) any other applicable
laws, acts, statutory instruments, rules, guidance or policy statements published or enacted relating to the UK Securitisation Regulation,
in each case as may be amended from time to time.

 

"UK
Resolution Authority" means the Bank of England or any other public administrative authority having responsibility for
the resolution of any UK Financial Institution.

 

"Unapplied
Cash" means, at any time, the amount computed for each given Obligor as the sum of the Base Currency Equivalent of Collections
which are not applied to any of its Receivables and as stated in the relevant Monthly Servicer Report.

 

"Undrawn
Margin" means, as of any date, [*****].

 

"United
States" means the United States of America.

 

"Unpaid
Balance" means, with respect to any Receivable at any time, the unpaid amount of such Receivable at such time.

 

    52 

     

    

 

"Unpaid
Balance Excluding VAT" means, with respect to any Receivable at any time, the Unpaid Balance of such Receivables minus
the VAT Amount with respect to such Receivable.

 

"Unsold
Receivable" is defined in Clause 2.1(c) (Unsold Receivables) of the Receivables Transfer Agreement.

 

"Unsold
Receivable Collections" means the aggregate Collections attributable to the Unsold Receivables that are received or deemed
received.

 

"Unsold
Receivable Related Rights" means all Related Rights with respect to the Unsold Receivables.

 

"Unsold
Receivable Related Security" means all Related Security with respect to the Unsold Receivables.

 

"USD
Eligible Receivables Balance" means, at any time, an amount in USD equal to the aggregate Unpaid Balance of all Eligible
Receivables denominated in Dollars at such time.

 

"USD
Investment Interest Reserve Percentage" means, as at any Monthly Calculation Date, the ratio (expressed as a percentage)
determined as:

 

		(a)	the product of:

 

		(i)	the maximum between:

 

		(A)	Adjusted
                                            Term SOFR for a period of one (1) month as at such Monthly Calculation Date multiplied
                                            by [*****], and

 

		(B)	Adjusted
                                            Term SOFR for a period of one (1) month as at such Monthly Calculation Date plus [*****],
                                            multiplied by

 

		(ii)	the product determined
                                            as:

 

		(A)	the Facility Limit,
                                            multiplied by

 

		(B)	the quotient determined
                                            as:

 

		(x)	the
                                            Base Currency Equivalent of the USD Net Eligible Receivables Balance as at the Month End
                                            Date immediately preceding such Monthly Calculation Date, divided by

 

		(y)	the
                                            Net Eligible Receivables Balance as at the Month End Date immediately preceding such Monthly
                                            Calculation Date, multiplied by

 

		(ii)	the
                                            DSO as at the Month End Date immediately preceding such Monthly Calculation Date, multiplied
                                            by

 

		(iii)	the Relevant Stress
                                            Factor, multiplied by

 

		(iv)	1/360; divided by

 

		(b)	the Net Eligible Receivables
                                            Balance as at the Month End Date immediately preceding such Monthly Calculation Date.

 

    53 

     

    

 

"USD
Net Eligible Receivables Balance" means, at any time, an amount in USD equal to:

 

		(a)	the USD Eligible Receivables
                                            Balance at such time, less

 

		(b)	the
                                            aggregate outstanding Dilutions denominated in Dollars with respect to Eligible Receivables
                                            at such time, less

 

		(c)	the
                                            aggregate Unpaid Balance of all Defaulted Receivables which are Eligible Receivables denominated
                                            in Dollars at such time, less

 

		(d)	the
                                            aggregate Unapplied Cash denominated in Dollars with respect to Eligible Obligors outstanding
                                            at such time, less

 

		(e)	the
                                            aggregate outstanding Provisions for Contractual Dilutions denominated in Dollars with respect
                                            to Eligible Obligors at such time, less

 

		(f)	the
                                            aggregate Unpaid Balance of all Eligible Receivables denominated in USD the Obligor of which
                                            is located in Poland and which is subject to Polish VAT, less

 

		(g)	the product of:

 

		(i)	the sum of:

 

		(A)	the
                                            aggregate Obligor Excess Concentration Amount at such time for all Eligible Obligors, plus

 

		(B)	at
                                            any time when a Level II Rating Event does not exist, the excess, if any, of (x) the
                                            Base Currency Equivalent of the aggregate Unpaid Balance of the Eligible Receivables the
                                            Obligor of which is located in Bulgaria, Sweden, Denmark, Malta, Finland, Latvia, Lithuania,
                                            Croatia, Estonia, Luxembourg, Greece or Cyprus, over (y) the product of (I) [*****],
                                            multiplied by (II) the Eligible Receivables Balance, plus

 

		(C)	at
                                            any time when a Level II Rating Event does not exist, the excess, if any, of (i) the
                                            Base Currency Equivalent of the aggregate Unpaid Balance of Swiss Receivables which are Eligible
                                            Receivables, over (ii) the product of (x) [*****], multiplied by (y) the Eligible
                                            Receivables Balance, plus

 

		(D)	at
                                            any time when a Level I Rating Event does not exist, the excess, if any, of (i) the
                                            Base Currency Equivalent of the aggregate Unpaid Balance of German Receivables governed
                                            by German law which arise under a Contract that contains a restriction on assignment which
                                            are Eligible Receivables, over (ii) the product of (x) [*****], multiplied by (y) the
                                            Eligible Receivables Balance, multiplied by

 

		(ii)	the quotient determined
                                            as:

 

		(A)	the USD Eligible Receivables
                                            Balance, divided by

 

		(B)	the Eligible Receivables
                                            Balance.

 

    54 

     

    

 

"U.S.
Government Securities Business Day" is defined in Clause 2.5(c) (Rate Definitions) of the Receivables Transfer
Agreement.

 

"VAT"
means:

 

		(a)	any
                                            tax imposed in compliance with the Council Directive of 28 November 2006 on the common
                                            system of value added tax (EC Directive 2006/112); and

 

		(b)	any
                                            other tax of a similar nature, whether imposed in a member state of the European Union in
                                            substitution for, or levied in addition to, such tax referred to in clause (a) above,
                                            or imposed elsewhere.

 

"VAT
Amount" means, with respect to any Receivable, as at any time, the VAT applicable to such Receivable and reported as
such on the related invoice and in the Monthly Servicer Report.

 

"Volcker
Rule" means Section 13 of the U.S. Bank Holding Company Act of 1956, as amended, and the applicable rules and
regulations thereunder.

 

"Week
End Date" means the last day of each week of Arrow set forth on Schedule 2 (Arrow Fiscal Calendar) hereto.

 

"Weekly
Calculation Period" means, whenever a Level II Rating Event exists, the period from the date of such Level II Rating
Event until the first Week End Date thereafter and each subsequent period from a Week End Date until the next Week End Date; provided
that the last Weekly Calculation Period shall end on the Final Payout Date.

 

"Weekly
Reporting Date" means the second (2nd) Business Day after the Week End Date.

 

"Weekly
Servicer Report" means a report in form and substance to be mutually agreed to by the SPV, the Agent Servicers and the
Administrative Agent, furnished by the Agent Servicers pursuant to Clause 3.4 (Reports) of the Servicing Deed.

 

"Weekly
Settlement Date" means the fifth (5th) Business Day after the Week End Date.

 

"Write-Down
and Conversion Powers" means, (a) with respect to any EEA Resolution Authority, the write-down and conversion powers
of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down
and conversion powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, any powers
of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any
UK Financial Institution 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.

 

    55 

     

    

 

"Yield"
means interest on Investments and is further defined in Clause 2.5(c) (Rate Definitions) of the Receivables
Transfer Agreement.

 

"Yield
and Expenses Reserve Percentage" means, as at any Monthly Calculation Date, the sum (expressed as a percentage) of:

 

		(a)	the
                                            Euro Investment Interest Reserve Percentage as at such Monthly Calculation Date, plus

 

		(b)	the
                                            GBP Investment Interest Reserve Percentage as at such Monthly Calculation Date, plus

 

		(c)	the
                                            USD Investment Interest Reserve Percentage as at such Monthly Calculation Date, plus

 

		(d)	the Expense Reserve
                                            Percentage as at such Monthly Calculation Date.

 

		2.2	Interpretation

 

In each Transaction Document:

 

		(a)	accounting
                                            terms not otherwise defined in this Agreement, and accounting terms partly defined in this
                                            Agreement to the extent not defined, shall have the respective meanings given to them under,
                                            and shall be construed in accordance with, GAAP;

 

		(b)	the
                                            words "hereof," "herein" and "hereunder" and words of similar
                                            import used in any Transaction Document refer to such Transaction Document as a whole and
                                            not to any particular provision of such Transaction Document;

 

		(c)	unless
                                            otherwise specified, references to any Clause, Schedule or Exhibit are references to
                                            Clauses, Schedules and Exhibits in or to that Transaction Document and references to any
                                            paragraph, subclause, clause or other subdivision within any Clause or definition refer to
                                            such paragraph, subclause, clause or other subdivision of such Clause or definition;

 

		(d)	the
                                            term "including" means "including without limitation" (with related words
                                            being construed accordingly), "in particular" means "in particular but without
                                            limitation" and other general words shall not be given a restrictive interpretation
                                            by reason of their being preceded or followed by words indicating a particular class of assets,
                                            matters or things;

 

		(e)	the
                                            term "disposal" includes any lease, licence, transfer, sale or other disposal of
                                            any kind (with related words being construed accordingly);

 

		(f)	the
                                            masculine, feminine or neuter gender respectively includes the other genders and the singular
                                            includes the plural (and vice versa);

 

		(g)	references
                                            to any Law refer to that Law as amended, re-enacted or replaced from time to time and includes
                                            any subordinated legislation in force under it from time to time;

 

    56 

     

    

 

		(h)	references
                                            to any Person's Organic Documents refer to such Organic Documents as amended and otherwise
                                            in effect as at the Closing Date or as amended pursuant to and in accordance with the Transaction
                                            Documents;

 

		(i)	any
                                            Transaction Document or any other instrument, document or agreement is as supplemented, amended,
                                            replaced, restated, renewed, novated or otherwise modified from time to time (however fundamental
                                            that supplement, amendment, replacement, restatement, renewal, novation or modification may
                                            be, even if it involves increased, new, additional and/or replacement facilities or an increase
                                            in any other amount or rate) in accordance with the Transaction Documents;

 

		(j)	references
                                            to any Person include that Person's successors, permitted assigns and permitted transferees
                                            in accordance with their respective interests;

 

		(k)	a
                                            "right" includes any title, estate, interest, claim, remedy, power, authority,
                                            discretion or other right of any kind, both present and future (and any reference to rights
                                            in a particular asset or type or category of assets includes any rights in the proceeds of
                                            any disposal of that asset or any assets within that type or category);

 

		(l)	the
                                            term "assets" includes present and future properties, revenues, rights and other
                                            assets of every description (and any reference to a particular type of category of assets
                                            includes any present or future assets of that type or category);

 

		(m)	the
                                            term "indemnity" means "indemnify and keep indemnified";

 

		(n)	the
                                            term "regulation" includes any regulation, rule, official directive, notice, code
                                            of practice, guideline, demand or decision (in each case whether or not having the force
                                            of law) of any Official Body;

 

		(o)	headings
                                            are for purposes of reference only and shall not otherwise affect the meaning or interpretation
                                            of any provision of any Transaction Document in which they appear;

 

		(p)	unless
                                            otherwise specifically provided with respect to any computation of a period of time, in the
                                            computation of a period of time from a specified date to a later specified date, the word
                                            "from" means "from and including", the words "to" and "until"
                                            each means "to but excluding", and the word "within" means "from
                                            and excluding a specified date and to and including a later specified date";

 

		(q)	if
                                            the addition or removal of a material Obligor to or from the Portfolio, as applicable, causes
                                            the historical data contained in the calculation of Days Sales Outstanding, the Default Ratio,
                                            the Dilution Horizon Ratio, the Dilution Ratio and/or the Loss Horizon Ratio as of any Month
                                            End Date (collectively, the "Ratios") to become materially misleading or
                                            inaccurate as reasonably determined by the Administrative Agent, the Administrative Agent
                                            (at the direction of the Specified Purchasers) may adjust the historical data contained in
                                            such Ratios so that the calculation of such Ratios more accurately reflects the Asset Interest
                                            (after giving effect to any such removal or addition of an Obligor);

 

		(r)	all
                                            references to a "transfer" or "assignment" of (i) Sold Receivables
                                            and Sold Receivable Related Rights to the Administrative Agent shall mean and be a reference
                                            to an absolute sale and assignment of such Sold Receivables and Sold Receivable Related Rights
                                            to the Administrative Agent for all purposes other than U.S. federal and state income Tax
                                            purposes, and (ii) Unsold Receivables and Unsold Receivable Related Rights to the Security
                                            Trustee (also in its capacity as mandatario con rappresentanza pursuant to and for
                                            the purposes of Italian law) shall mean and be a reference to a security interest over such
                                            Unsold Receivables and Unsold Receivable Related Rights in favor of the Security Trustee
                                            (also in its capacity as mandatario con rappresentanza pursuant to and for the purposes
                                            of Italian law);

 

    57 

     

    

 

		(s)	all
                                            references to the "initial" Unpaid Balance of any Receivable means the Unpaid Balance
                                            of such Receivable at the time of transfer or purported transfer from the applicable Originator
                                            to the SPV;

 

		(t)	all
                                            references to Servicer shall be construed to be references to (i) the Agent Servicers,
                                            as servicers of the Portfolio and (ii) the SPV Servicers, as servicers of the SPV Collateral;

 

		(u)	an
                                            Event of Default, Early Amortisation Event, Servicer Default or any other breach under the
                                            Transaction Documents shall be "continuing" unless waived in accordance with each
                                            applicable Transaction Document;

 

		(v)	in
                                            each Transaction Document, where it relates to a Dutch entity, or Dutch security, a reference
                                            to:

 

		(i)	a
                                            "necessary action to authorise" where applicable, includes without limitation:

 

		(A)	any
                                            action required to comply with the Works Councils Act of the Netherlands (Wet op de ondernemingsraden);
                                            and

 

		(B)	obtaining
                                            an unconditional positive advice (advies) from the competent works council(s) if
                                            a positive advice is required pursuant to the Works Councils Act of the Netherlands (Wet
                                            op de ondernemingsraden);

 

		(ii)	a
                                            "board of directors" means a managing board (bestuur);

 

		(iii)	a
                                            "director" means a managing director (bestuurder);

 

		(iv)	a
                                            "security interest" includes any mortgage (hypotheek), pledge (pandrecht),
                                            retention of title arrangement (eigendomsvoorbehoud), privilege (voorrecht),
                                            right of retention (recht van retentie), right to reclaim goods (recht van reclame),
                                            and, in general, any right in rem (beperkt recht), created for the purpose of granting
                                            security (goederenrechtelijk zekerheidsrecht);

 

		(v)	a
                                            "winding-up", "administration" or "dissolution" includes a
                                            bankruptcy (faillissement) or dissolution (ontbinding);

 

		(vi)	a
                                            "moratorium" includes surseance van betaling and "a moratorium is declared"
                                            or "occurs" includes surseance verleend;

 

		(vii)	any
                                            "step" or "procedure" taken in connection with insolvency proceedings
                                            includes a Dutch entity having filed a notice under section 36 of the Tax Collection Act
                                            of the Netherlands (Invorderingswet 1990);

 

    58 

     

    

 

		(viii)	a
                                            "liquidator" includes a curator;

 

		(ix)	an
                                            "administrator" includes a bewindvoerder;

 

		(x)	an
                                            "attachment" includes a beslag;

 

		(xi)	"gross
                                            negligence" means grove schuld;

 

		(xii)	"willful
                                            misconduct" means opzet;

 

		(xiii)	a
                                            merger includes a juridische fusie;

 

		(xiv)	"insolvency"
                                            includes a bankruptcy, moratorium and or any resolution proceedings within the meaning of
                                            Section 3A of the Wft; and

 

		(xv)	a
                                            "Subsidiary" includes a dochtermaatschappij as in section 2:24a of the Dutch
                                            Civil Code;

 

		(w)	in
                                            each Transaction Document, where it relates to a Belgian entity, or Belgian security, a reference
                                            to:

 

		(i)	"gross
                                            negligence" is a reference to zware fout/faute lourde and "wilful misconduct"
                                            is a reference to opzet/dol;

 

		(ii)	a
                                            "liquidator", "trustee in bankruptcy", "compulsory manager",
                                            "receiver", "administrative receiver", "administrator" or similar
                                            officer includes any insolventiefunctionaris/praticien de l'insolvabilité,
                                            curator/curateur, vereffenaar/liquidateur, gedelegeerd rechter/juge délégué,
                                            ondernemingsbemiddelaar/médiateur d'entreprise, gerechtsmandataris/ mandataire
                                            de justice, voorlopig bewindvoerder/administrateur provisoire, gerechtelijk
                                            bewindvoerder/administrateur judiciaire, mandataris ad hoc/mandataire ad hoc and
                                            any sekwester/séquestre;

 

		(iii)	a
                                            "suspension of payments", "moratorium of any indebtedness", or "reorganisation"
                                            includes any gerechtelijke reorganisatie/réorganisation judiciaire;

 

		(iv)	an
                                            "insolvency" includes any insolventieprocedure/procedure d'insolvabilité,
                                            gerechtelijke reorganisatie/réorganisation judiciaire, faillissement/faillite
                                            and any other concurrence between creditors (samenloop van schuldeisers/concours des créanciers);

 

		(v)	a
                                            "security interest" includes a mortgage (hypotheek/hypothèque), a
                                            pledge (pand/gage), a transfer by way of security (overdracht ten titel van zekerheid/transfert
                                            à titre de garantie), any other proprietary security interest (zakelijke zekerheid/sûreté
                                            réelle), a mandate to grant a mortgage, a pledge or any other real surety, a privilege
                                            (voorrecht/privilège) and a retention of title (eigendomsvoorbehoud/réserve
                                            de propriété);

 

    59 

     

    

 

		(vi)	an
                                            entity being "incorporated" in Belgium or of which its "jurisdiction of incorporation"
                                            is Belgium, means that that entity has its registered office (statutaire zetel/siège
                                            statutaire) in Belgium;

 

		(vii)	a
                                            "composition" includes any minnelijk akkoord met schuldeisers/accord amiable
                                            avec des créanciers or any gerechtelijke reorganisatie/réorganisation
                                            judiciaire;

 

		(viii)	"winding-up",
                                            "administration" or "dissolution" includes any vereffening/liquidation,
                                            ontbinding/dissolution, sluiting van een onderneming/fermeture d'entreprise and faillissement/faillite;

 

		(ix)	"attachment",
                                            "sequestration", "distress", "execution" or analogous procedures
                                            includes any uitvoerend beslag/saisie exécution and bewarend beslag/saisie
                                            conservatoire;

 

		(x)	a
                                            "merger" includes an overdracht van algemeenheid/transfert d'universalité,
                                            an overdracht van bedrijfstak/transfert de branche d'activité, a splitsing/scission
                                            and a fusie/fusion as well as assimilated transactions (gelijkgestelde verrichtingen/operations
                                            assimilées) in accordance with Articles 676 and 677 of the Belgian Companies Code
                                            or article 12:7 and 12:8 of the Belgian Code of Companies and Associations, whichever is
                                            applicable;

 

		(xi)	the
                                            "Belgian Companies Code" means the Belgian Wetboek van vennootschappen/Code
                                            des sociétés dated 7 May 1999, as amended from time to time; and

 

		(xii)	the
                                            "Belgian Code of Companies and Associations" means the Belgian Wetboek van vennootschappen
                                            en verenigingen/Code des sociétés et des associations dated 23 March 2019,
                                            as amended from time to time; and

 

		(x)	all
                                            references to gross negligence shall have the meaning provided under New York law

 

		2.3	Rates

 

Each
of the Administrative Agent, the Paying Agent and each Purchaser Agent does not warrant or accept responsibility for, and shall not have
any liability with respect to (a) the continuation of, administration of, submission of, calculation of or any other matter related
to the Base Rate, the Term SOFR Reference Rate, Adjusted Term SOFR, Term SOFR, EURIBOR or the Compounded Reference Rate, or any
component definition thereof or rates referred to in the definition thereof, or any alternative, successor or replacement rate thereto
(including any Benchmark Replacement), including whether the composition or characteristics of any such alternative, successor or replacement
rate (including any replacement Applicable Currency Benchmark Rate or RFR) will be similar to, or produce the same value or economic
equivalence of, or have the same volume or liquidity as, the Base Rate, the Term SOFR Reference Rate, Adjusted Term SOFR, Term SOFR,
EURIBOR or the Compounded Reference Rate or any other Applicable Currency Benchmark Rate or RFR prior to its discontinuance or unavailability,
or (b) the effect, implementation or composition of any amendments or waivers to the Transaction Documents related to the Base Rate,
the Term SOFR Reference Rate, Adjusted Term SOFR, Term SOFR, EURIBOR or the Compounded Reference Rate or any other Applicable Currency
Benchmark Rate or RFR, or any component definition thereof or rates referred to in the definition thereof, or any alternative, successor
or replacement rate thereto (including any replacement Applicable Currency Benchmark Rate or RFR). Each of the Administrative Agent,
the Paying Agent and each Purchaser Agent and their respective affiliates or other related entities may engage in transactions that affect
the calculation of the Base Rate, the Term SOFR Reference Rate, Adjusted Term SOFR, Term SOFR, EURIBOR or the Compounded Reference Rate
or any other Applicable Currency Benchmark Rate or RFR, any alternative, successor or replacement rate (including any replacement Applicable
Currency Benchmark Rate or RFR) or any relevant adjustments thereto, in each case, in a manner adverse to the SPV. Each of the Administrative
Agent, the Paying Agent and each Purchaser Agent may select information sources or services in its reasonable discretion to ascertain
the Base Rate, the Term SOFR Reference Rate, Adjusted Term SOFR, Term SOFR, EURIBOR or the Compounded Reference Rate or any other Applicable
Currency Benchmark Rate or RFR, in each case pursuant to the terms of this Agreement and the other Transaction Documents, and shall have
no liability to the SPV, any Purchaser or any other person or entity for damages of any kind, including direct or indirect, special,
punitive, incidental or consequential damages, costs, losses or expenses (whether in tort, contract or otherwise and whether at law or
in equity), for any error or calculation of any such rate (or component thereof) provided by any such information source or service.

 

    60 

     

    

 

		3.	Amendments

 

Any provision of this Agreement may
be amended if, but only if, such amendment is in writing and is signed by the SPV, each Agent Servicer, each SPV Servicer, the Parent,
the Originators, the Conduit Purchasers, the Majority Purchasers, the Administrative Agent, the Security Trustee and the Paying Agent;
provided, that no such amendment shall (a) change any term used in any Transaction Document, unless signed by or on behalf of each
Person which is a party to such Transaction Document whose consent is required to amend such Transaction Document or (b) (i) increase
the Commitment of a Committed Purchaser, (ii) reduce the Aggregate Invested Amounts or rate of Yield to accrue thereon or any fees
or other amounts payable hereunder, (iii) postpone any date fixed for the payment of any scheduled distribution in respect of the
Aggregate Invested Amounts or Yield with respect thereto or any fees or other amounts payable hereunder or for termination of any Commitment,
(iv) change the percentage of the Commitments of Committed Purchasers which shall be required for the Committed Purchasers or any
of them to take any action under the Transaction Documents, (v) release all or substantially all of the property with respect to
which a security or ownership interest therein has been granted hereunder to the Administrative Agent, the Security Trustee or the other
Secured Parties or (vi) extend or permit the extension of the Commitment Termination Date (it being understood that a waiver of
an Early Amortisation Event or Event of Default shall not constitute an extension or increase in the Commitment of any Committed Purchaser),
unless signed by each Committed Purchaser directly affected thereby.

 

		4.	Notices
                                            and payments

 

		4.1	Notices

 

		(a)	Except
                                            as provided below, each notices and other communication to be made or given under or in connection
                                            with any Transaction Document shall be in writing (including electronic transmission or similar
                                            writing) and shall be given to the intended recipient at its address or electronic mail address
                                            set out in Schedule 1 (Address and payment information) or at such other address or
                                            electronic mail address as such party may specify for the purposes of notice to such party.

 

    61 

     

    

 

		(b)	Each
                                            such notice or other communication shall be effective:

 

		(i)	if
                                            given by electronic mail, when such electronic mail is transmitted to the electronic mail
                                            address applicable pursuant to this Clause 4 and confirmation is received;

 

		(ii)	if
                                            given by overnight courier, two (2) Business Days after deposit thereof with an international
                                            overnight courier service; or

 

		(iii)	if
                                            given by any other means, when received at the address applicable pursuant to this Clause
                                            4,

 

provided that
each Investment Request shall only be effective upon receipt by each Purchaser Agent.

 

		(c)	Notwithstanding
                                            anything in this Clause 4 to the contrary, the SPV hereby authorises the Administrative Agent
                                            and the Purchasers to make investments in Eligible Investments and to make Investments based
                                            on telephonic notices made by any Person which the Administrative Agent or such Purchaser
                                            in good faith believe to be acting on behalf of the SPV and the SPV agrees to deliver promptly
                                            to the Administrative Agent a written confirmation of each telephonic notice signed by an
                                            authorised officer of the SPV. However, the absence of such confirmation shall not affect
                                            the validity of such notice. If the written confirmation differs in any material respect
                                            from the action taken by the Administrative Agent or such Purchaser, the records of the Administrative
                                            Agent or such Purchaser shall govern.

 

		4.2	Payments

 

Unless otherwise specified, each payment
to be made pursuant to any Transaction Document to an account of the Administrative Agent, the Agent Servicers, the SPV Servicers or
any of the Purchasers shall be made to their respective accounts listed at Schedule 1 (Address and payment information) or at
such other account as such party may hereafter specify in a notice given in the manner required under Clause 4.1.

 

		5.	VAT

 

		(a)	Unless
                                            otherwise specified, all amounts expressed to be payable under a Transaction Document by
                                            any party (a "Customer") to another party other than an Arrow Party (a "Supplier"),
                                            excluding all amounts expressed to be payable under a Transaction Document by or on behalf
                                            of the Administrative Agent, any Purchaser Agent or any Purchaser to the SPV, which (in whole
                                            or in part) constitute the consideration for any supply for VAT purposes are deemed to be
                                            exclusive of any VAT which is chargeable on that supply, and accordingly, if VAT is or becomes
                                            chargeable on any supply made by a Supplier to a Customer under a Transaction Document and
                                            such Supplier is required to account to the relevant tax authority for the VAT, that Customer
                                            must pay to such Supplier (in addition to and at the same time as paying any other consideration
                                            for such supply) an amount equal to the amount of the VAT (and such Supplier must promptly
                                            provide an appropriate VAT invoice to that Customer).

 

    62 

     

    

 

		(b)	Unless
                                            otherwise specified, all amounts expressed to be payable under a Transaction Document by
                                            any party to an Arrow Party or by or on behalf of the Administrative Agent, any Purchaser
                                            Agent or any Purchaser to the SPV which (in whole or in part) constitute the consideration
                                            for any supply for VAT purposes are deemed to be inclusive of any VAT which is chargeable
                                            on that supply, and accordingly, if VAT is or becomes chargeable on any supply made by an
                                            Arrow Party under a Transaction Document or by the SPV to the Administrative Agent, any Purchaser
                                            Agent or any Purchaser under a Transaction Document, the party receiving or deemed to receive
                                            the supply for VAT purposes (the "Relevant Recipient") shall not be required
                                            to pay any additional amount in respect of any such VAT to the relevant Arrow Party or to
                                            the SPV (as applicable) in any circumstances.  Unless otherwise specified, where the
                                            Relevant Recipient is required to account to the relevant tax authority for VAT in respect
                                            of a supply for VAT purposes made to it by an Arrow Party or the SPV (as applicable), the
                                            amount of consideration payable to the relevant Arrow Party or to the SPV (as applicable)
                                            in respect of the relevant supply for VAT purposes shall be reduced by an amount equal to
                                            the VAT liability suffered by the Relevant Recipient.

 

		(c)	Where
                                            a Transaction Document requires any party (an "Indemnifying Party") to reimburse
                                            or indemnify another party for any cost or expense, the Indemnifying Party shall reimburse
                                            or indemnify (as the case may be) such party for the full amount of such cost or expense,
                                            including such part thereof as represents VAT, save to the extent that such party reasonably
                                            determines that it is entitled to credit or repayment in respect of such VAT from the relevant
                                            tax authority.

 

		(d)	Any
                                            reference in any Transaction Document to any Person shall, at any time when such Person is
                                            treated as a member of a group for VAT purposes, include (where appropriate and unless the
                                            context otherwise requires) a reference to the Person who is treated as making the supply
                                            or (as appropriate) receiving the supply under the grouping rules (as provided for in
                                            Article 11 of the Council Directive 2006/112/EC (or as implemented by the relevant member
                                            state of the European Union or any other similar provision in any jurisdiction which is not
                                            a member state of the European Union)) so that a reference to a Person shall be construed
                                            as a reference to that Person or the relevant group or unity (or fiscal unity) of which that
                                            Person is a member for VAT purposes at the relevant time or the relevant member (or head)
                                            of that group or unity (or fiscal unity) at the relevant time (as the case may be).

 

		(e)	In
                                            relation to any supply made by a party to another party under a Transaction Document, if
                                            reasonably requested by the first party, the second party must promptly provide the first
                                            party with details of the second party's VAT registration and such other information as is
                                            reasonably requested in connection with the first party's VAT reporting requirements in relation
                                            to such supply.

 

		6.	FATCA

 

		(a)	Subject
                                            to paragraph (c) below, each party shall, within ten Business Days of a reasonable request
                                            by another party:

 

		(i)	confirm
                                            to that other party whether it is:

 

		(A)	a
                                            FATCA Exempt Party; or

 

		(B)	not
                                            a FATCA Exempt Party;

 

    63 

     

    

 

		(ii)	supply
                                            to that other party such forms, documentation and other information relating to its status
                                            under FATCA as that other party reasonably requests for the purposes of that other party's
                                            compliance with FATCA; and

 

		(iii)	supply
                                            to that other party such forms, documentation and other information relating to its status
                                            as that other party reasonably requests for the purposes of that other party's compliance
                                            with any other law, regulation, or exchange of information regime.

 

		(b)	If
                                            a party confirms to another party pursuant to paragraph (a)(i) above that it is a FATCA
                                            Exempt Party and it subsequently becomes aware that it is not or has ceased to be a FATCA
                                            Exempt Party, that party shall notify that other party reasonably promptly.

 

		(c)	Paragraph
                                            (a) above shall not oblige any party to do anything which would or might in its reasonable
                                            opinion constitute a breach of:

 

		(i)	any
                                            law or regulation;

 

		(ii)	any
                                            fiduciary duty; or

 

		(iii)	any
                                            duty of confidentiality.

 

		(d)	If
                                            a party fails to confirm whether or not it is a FATCA Exempt Party or to supply forms, documentation
                                            or other information requested in accordance with paragraph (a)(i) or (a)(ii) above
                                            (including, for the avoidance of doubt, where paragraph (c) above applies), then such
                                            party shall be treated for the purposes of the Transaction Documents (and payments under
                                            them) as if it is not a FATCA Exempt Party until such time as the party in question provides
                                            the requested confirmation, forms, documentation or other information.

 

		(e)	If
                                            any withholding certificate, withholding statement, document, authorisation or waiver provided
                                            to a party pursuant to paragraph (a) above is or becomes materially inaccurate or incomplete,
                                            the party that provided it shall promptly update it and provide such updated withholding
                                            certificate, withholding statement, document, authorisation or waiver unless it is unlawful
                                            for the party to do so (in which case the party shall promptly notify the party that requested
                                            such withholding certificate, withholding statement, document, authorisation or waiver.

 

		(f)	Each
                                            party may make any FATCA Deduction it is required to make by FATCA, and any payment required
                                            in connection with that FATCA Deduction, and no party (other than where this party is an
                                            Arrow Party and the recipient is the SPV) shall be required to increase any payment in respect
                                            of which it makes such a FATCA Deduction or otherwise compensate the recipient of the payment
                                            for that FATCA Deduction.

 

		(g)	Each
                                            party shall promptly, upon becoming aware that it must make a FATCA Deduction (or that there
                                            is any change in the rate or the basis of such FATCA Deduction), notify the party to whom
                                            it is making the payment.

 

    64 

     

    

 

		7.	Third
                                            Party Rights

 

		(a)	Except
                                            in respect of the Secured Parties not party to this Agreement, which Persons (including,
                                            for the avoidance of doubt, their respective successors and permitted assigns) are intended
                                            to have the benefit of (but shall not enforce other than via the Administrative Agent) this
                                            Agreement pursuant to the Contracts (Rights of Third Parties) Act 1999, and except as provided
                                            in the relevant Transaction Documents as regards the application of this Agreement thereto,
                                            a Person who is not a 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 term of this
                                            Agreement.

 

		(b)	Save
                                            as provided in Clause 3 (Amendments), this Agreement may be varied from time to time
                                            or rescinded without the consent of any Person that is not a party to this Agreement and
                                            sub-sections 2(1)(a) to (c) of the Contracts (Rights of Third Parties) Act 1999
                                            shall not apply to this Agreement.

 

		8.	Counterparts;
                                            Electronic delivery

 

This Agreement 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 Agreement. Delivery by electronic mail of an executed signature page of this Agreement shall be effective as delivery
of an executed counterpart of this Agreement.

 

		9.	Governing
                                            Law

 

This Agreement (including Clause 10
(Jurisdiction) and any non-contractual obligations arising out of or in connection with it) is governed by, and shall be construed
in accordance with, English law, save that in its application to particular Transaction Documents, terms particular to the law governing
said Transaction Documents shall be construed in accordance with said governing law.

 

		10.	Jurisdiction

 

		(a)	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 Agreement (including Clause 9 (Governing law) and this Clause 10), any other
                                            Transaction Document or the transactions contemplated hereby or thereby and, for such purposes,
                                            irrevocably submits to the exclusive jurisdiction of such courts.

 

		(b)	Each
                                            party hereto for itself irrevocably waives any objection which it might now or hereafter
                                            have to the courts referred to in Clause 10(a) (Jurisdiction) being nominated
                                            as the forum to hear and determine any suit, action or proceeding, and to settle any dispute,
                                            which may arise out of or in connection with this Agreement, any other Transaction Document
                                            or the transactions contemplated hereby or thereby and agrees not to claim that any such
                                            court is not a convenient or appropriate forum.

 

    65 

     

    

 

 

	11.	Service
                                            of Process

 

Without
prejudice to any other mode of service allowed under relevant law, each Arrow Party:

 

		(a)	Irrevocably
                                            appoints Arrow UK as their agent for service of process in relation to any proceedings before
                                            the English courts in connection with the English Law Documents; and

 

		(b)	Agree
                                            that failure by a process agent to notify each Arrow Party of the process will not invalidate
                                            the proceedings concerned.

 

	12.	No
                                            Proceedings; Limited Recourse

 

		(a)	No
                                            party to this Agreement may, prior to the date which is two (2) years and one (1) day
                                            after the Final Payout Date, institute against, or join any other Person in instituting against,
                                            the SPV any proceeding of a type referred to in the definition of Event of Insolvency.

 

		(b)	Notwithstanding
                                            anything to the contrary contained in this Agreement or in any other Transaction Document,
                                            the obligations of the SPV under this Agreement and each of the other Transaction Documents
                                            to which it is a party are solely the corporate obligations of the SPV and shall be payable
                                            solely to the extent of funds available to the SPV 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.

 

		(c)	Each
                                            party hereto agrees that it shall not institute against, or join any Person in instituting
                                            against, any Conduit Purchaser any bankruptcy, examinership, reorganization, arrangement,
                                            insolvency or liquidation proceeding, or other proceeding under any bankruptcy or similar
                                            law of any jurisdiction, for two (2) years and one (1) day after (i) the latest
                                            maturing commercial paper note of any series (as set out in the Programme Documents (as defined
                                            below) of such Conduit Purchaser) or (ii) the latest maturing medium term note of such
                                            Conduit Purchaser, if any, is paid in full. This Clause 12(c) shall survive termination
                                            of this Agreement and the termination of each Transaction Document to which such Conduit
                                            Purchaser is a party.

 

		(d)	The
                                            obligations of each Conduit Purchaser under this Agreement are solely the corporate obligations
                                            of such Conduit Purchaser and are payable solely to the extent of available funds pursuant
                                            to the Programme Documents. No recourse shall be had for the payment of any amount owing
                                            by any Conduit Purchaser under this Agreement or for the payment by such Conduit Purchaser
                                            of any fee in respect hereof or any other obligation or claim of or against such Conduit
                                            Purchaser arising out of or based upon this Agreement, against any employee, director, officer,
                                            member, manager or affiliate of such Conduit Purchaser; provided, however,
                                            that the foregoing shall not relieve any such Person of any liability they might have
                                            as a result of fraudulent acts or omissions committed by them. Each party hereto agrees that
                                            each Conduit Purchaser shall be liable for any claims that it may have against such Conduit
                                            Purchaser only to the extent that such Conduit Purchaser has funds available for such purpose
                                            in accordance with the programme documents in respect of its asset-backed commercial paper
                                            notes issuance programme ("Programme Documents") and that, to the extent
                                            that any such claims remain unpaid after the application of such funds in accordance with
                                            the Programme Documents such claims shall be extinguished. The provisions of this Clause
                                            12(d) will survive the termination of this Agreement and the termination of each Transaction
                                            Document to which each Conduit Purchaser is a party.

 

    66

     

    

 

	13.	Notification
                                            and Acknowledgement of Assignment.

 

		(a)	Notification
                                            of Assignment. The SPV hereby notifies each party to this Agreement of the assignment
                                            of its rights under the Transaction Documents to the Security Trustee, pursuant to the terms
                                            of the English Security Agreement and the Irish Security Agreement.

 

		(b)	Acknowledgement
                                            of Assignment. Each party to this Agreement hereby acknowledges the assignment of the
                                            rights of the SPV under the Transaction Documents to the Security Trustee, pursuant to the
                                            terms of the English Security Agreement and the Irish Security Agreement.

 

	14.	Reporting
                                            Services Provider Actions.

 

The
parties hereto agree that any action taken by the Reporting Services Provider on behalf of any Arrow Party or the SPV that has the effect
of satisfying such Arrow Party's or the SPV's obligation under any Transaction Document shall be deemed by each party hereto to have
satisfied such Arrow Party's or the SPV's obligation thereunder provided that, for the avoidance of doubt, any obligation of an Arrow
Party or the SPV under any Transaction Document shall remain the sole obligation of such Arrow Party or the SPV and shall not be transferred
to the Reporting Services Provider in any circumstance.

 

    67

     

    

 

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

 

	 	ARROW
EMEA FUNDING CORP B.V., as SPV
	 	 	 
	 	By:	 
	 		Name:
	 	 	Title:

 

    S-1

     

    

 

	 	ARROW
CENTRAL EUROPE GMBH, as Originator, Agent Servicer and SPV Servicer
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    S-2

     

    

 

	 	ARROW
ELECTRONICS (UK) LIMITED, as Originator, Agent Servicer and SPV Servicer
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    S-3

     

    

 

	 	BNP
PARIBAS, as the Administrative Agent, a Committed Purchaser and Purchaser Agent for the BNP Purchaser Group
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    S-4

     

    

 

	CONDUIT
    PURCHASER	 	 
	 	 	 
	Signed
    for and on behalf of 	 	 
	Matchpoint
    Finance plc 	 	 
	by
    its lawfully appointed attorney:	 	 
	 	Name:	 

 

    S-5

     

    

 

	 	ING
Belgium S.A./N.V., as Purchaser Agent for the ING
Purchaser Group
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    S-6

     

    

 

	 	MONT
BLANC CAPITAL CORP, as a Committed Purchaser and as a Conduit Purchaser
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    S-7

     

    

 

	 	ARROW
    ELECTRONICS, INC., as the Parent
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    S-8

     

    

 

	 	Arrow
Electronics FC B.V., as the Subordinated Lender
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    S-9

     

    

 

	 	U.S.
BANK TRUSTEES LIMITED, as the Security Trustee
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
  
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
  

 

    S-10

     

    

 

	 	ELAVON
FINANCIAL SERVICES DAC, as the Paying Agent
	 	 
	 	By:	 
	 	 	Name:

	 	 	Title:
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    S-11

     

    

 

SCHEDULE
1

ADDRESS AND PAYMENT INFORMATION

 

If
to the SPV:

 

Arrow
EMEA Funding Corp B.V. 

Prins
Bernhardplein 200 

1097
JB Amsterdam 

The
Netherlands 

Attention:
EMEA Securitization 

E-mail
addresses:     [*****]

 

Payment
Information:

 

If
in Euros: 

[*****]

 

If
in Dollars: 

[*****]

 

If
in Pounds: 

[*****]

 

If
to the Administrative Agent:

 

BNP
Paribas, as Administrative Agent 

37
place du Marché Saint Honoré 

75001
Paris 

France 

Attention:
[*****] 

E-mail
addresses: [*****]

 

If
to the BNP Purchaser Group Committed Purchaser and Purchaser Agent:

 

BNP
Paribas, as Administrative Agent 

37
place du Marché Saint Honoré 

75001
Paris 

France 

Attention:
[*****] 

E-mail
addresses: [*****]

 

If
to the BNP Purchaser Group Conduit Purchaser:

 

Matchpoint
Finance plc 

4th
Floor 25-28 Adelaide Road 

Dublin
2 

Republic
of Ireland 

Attention:
The Directors 

E-mail
addresses: [*****] 

Tel.
No.: [*****] 

Facsimile
No.: [*****]

 

    Sch. 1-1

     

    

 

and
with a copy to:

 

BNP
Paribas, London Branch, as Administrator 

10
Harewood Avenue 

London
NW1 6AA 

United
Kingdom 

Attention:
Asset Finance & Securitisation – Portfolio Management, Servicing 

Tel.
No.: [*****] 

Facsimile
No.: [*****] 

E-mail
addresses: [*****]

 

Payment
Information:

 

[*****]

 

If
to the ING Purchaser Group Purchaser Agent:

 

ING
Belgium S.A./N.V. 

Marnixlaan
24 

1000
Brussels, Belgium 

Attention:
[*****] 

E-mail
addresses: [*****]

 

If
to the ING Purchaser Group Committed Purchaser or Conduit Purchaser:

 

Mont
Blanc Capital Corp 

c/o
ING Capital LLC 

1133
Avenue of the Americas 

New
York, NY 10036 

Attention:
[*****] 

E-mail
addresses: [*****]

 

Payment
Information:

 

[*****]

 

If
to the English Agent Servicer, the English SPV Servicer or the English Originator:

 

Arrow
Electronics (UK) Limited 

Kao
1, Kao Park, Hockham Way 

Harlow,
Essex UK CM17 9NA 

Attention:
EMEA Securitization 

E-mail
addresses:     [*****]

 

Payment
Information:

 

[*****]

 

    Sch. 1-2

     

    

 

If
to the German Agent Servicer, the German SPV Servicer or the German Originator:

 

Arrow
Central Europe GmbH 

Frankfurter
Strasse 211, 

D-63263
Neu-Isenburg, 

Germany 

Attention:
EMEA Securitization 

E-mail
addresses:     [*****]

 

Payment
Information:

 

[*****]

 

If
to the Guarantor or the Parent:

 

Arrow
Electronics, Inc. 

9201
E. Dry Creek Road 

Centennial,
CO, USA 80113 

Attention:
EMEA Securitization 

E-mail
addresses:     [*****]

 

If
to the Subordinated Lender:

 

Arrow
Electronics FC B.V. 

Elzenkade
1 

3992
AD Houten 

The
Netherlands 

Attention:
EMEA Securitization 

E-mail
addresses:     [*****]

 

Payment
Information:

 

[*****]

 

If
to the Security Trustee:

 

U.S.
Bank Trustees Limited 

125
Old Broad Street, Fifth Floor 

London
EC2N 1AR 

United
Kingdom 

Attention:
Structured Finance Relationship Management 

Facsimile
No.: [*****] 

E-mail
addresses: [*****]

 

If
to the Paying Agent:

 

Elavon
Financial Services DAC 

Building
8, Cherrywood Business Park

Loughlinstown, Dublin 18 

D18
W319, Ireland 

Attention:
Structured Finance Agency Services 

Facsimile
No.: [*****]  

E-mail
addresses: [*****]

 

    Sch. 1-3

     

    

 

Payment
Information:

 

[*****]

 

If
to the Corporate Services Provider:

 

Intertrust
Management B.V. 

Prins
Bernhardplein 200 

1097
JB Amsterdam, the Netherlands 

Attention:
the Directors 

E-mail
addresses: [*****]

 

    Sch. 1-4

     

    

 

SCHEDULE
2

ARROW FISCAL CALENDAR

 

[*****]

 

    Sch. 2-1

     

    

 

SCHEDULE
3

REFERENCE RATE TERMS

 

	CURRENCY:	Sterling.
	 	 
	Cost
    of funds as a fallback	Cost
    of funds will not apply as a fallback.
	 	 
	Definitions	 
	 	 
	Credit
    Adjustment Spread:	[*****]
	 	 
	Break
    Costs:	None
    specified

 

	Business
Day Conventions (definition of "Month" and Non-Business Days):	(a)	If
any period is expressed to accrue by reference to a Month or any number of Months then, in respect of the last Month of that period:  
	 	 
	 	 	(i)	subject
to paragraph (iii) below, if the numerically corresponding day is not a Business Day, that period shall end on the next Business
Day in that calendar month in which that period is to end if there is one, or if there is not, on the immediately preceding Business
Day;
	 	 
	 	 	(ii)	if
there is no numerically corresponding day in the calendar month in which that period is to end, that period shall end on the last Business
Day in that calendar month; and
	 	 
	 	 	(iii)	if
a Rate Period or a Monthly Calculation Period begins on the last Business Day of a calendar month, that Rate Period or Monthly Calculation
Period shall end on the last Business Day in the calendar month in which that Rate Period or Monthly Calculation Period is to end.

 

	 	(b)	If
a Rate Period or a Monthly Calculation Period would otherwise end on a day which is not a Business Day, that Rate Period or Monthly Calculation
Period will instead end on the next Business Day in that calendar month (if there is one) or the preceding Business Day (if there is
not). 
	 	 
	 	(c)	The
Business Day Conventions shall apply to each Rate Period or Monthly Calculation Period.

 

	Central
    Bank Rate:	The
    Bank of England's Bank Rate as published by the Bank of England from time to time.
	 	 
	Central
    Bank Rate Adjustment:	In
    relation to the Central Bank Rate prevailing at close of business on any RFR Banking Day, the [*****] trimmed arithmetic mean (calculated
    by the Administrative Agent of the Central Bank Rate Spread for the five most immediately preceding RFR Banking Days for which the
    RFR was available.

 

    Sch. 4-1

     

    

 

	Central
    Bank Rate Spread:	In
    relation to any RFR Banking Day, the difference (expressed as a percentage rate per annum) (calculated by the Administrative Agent
    between: (i) the RFR for the RFR Banking Day; and (ii) the Central Bank Rate prevailing at the close of business on that
    RFR Banking Day.
	 	 
	Daily
    Rate:	The
    "Daily Rate" for any RFR Banking Day is:

 

	 	(a)	the
RFR for that RFR Banking Day; or
	 	 
	 	(b)	if
the RFR is not available for that RFR Banking Day, the percentage rate per annum which is the aggregate of:
	 	 
	 	 	(i)	the
Central Bank Rate for that RFR Banking Day; and
	 	 
	 	 	(ii)	the
applicable Central Bank Rate Adjustment; or
	 	 
	 	(c)	if
paragraph (b) above applies but the Central Bank Rate for that RFR Banking Day is not available, the percentage rate per annum which
is the aggregate of:
	 	 
	 	 	(i)	the
most recent Central Bank Rate for a day which is no more than five RFR Banking Days before that RFR Banking Day; and
	 	 
	 	 	(ii)	the
applicable Central Bank Rate Adjustment, rounded, in either case, to four decimal places.

 

	Lookback
    Period:	Five
    RFR Banking Days.
	 	 
	Relevant
    Market:	The
    sterling wholesale market.
	 	 
	Reporting
    Day (SONIA):	The
    Business Day which follows the day which is the Lookback Period prior to the last day of the Interest Period.
	 	 
	RFR:	The
    SONIA (sterling overnight index average) reference rate displayed on the relevant screen of any authorised distributor of that reference
    rate.
	 	 
	RFR
    Banking Day:	A
    day (other than a Saturday or Sunday) on which banks are open for general business in London.

 

    Sch. 4-2

     

    

 

 

SCHEDULE 4

DAILY NON-CUMULATIVE RFR RATE

 

The
 "Daily Non-Cumulative Compounded RFR Rate" for any RFR Banking Day "i" during a Rate Period or Monthly Calculation
Period is the percentage rate per annum (without rounding, to the extent reasonably practicable for the Administrative Agent, any Purchaser
or any other Secured Party performing the calculation, taking into account the capabilities of any software used for that purpose)
calculated as set out below:

 

 

where:

 

"UCCDRi" means the
Unannualised Cumulative Compounded Daily Rate for that RFR Banking Day "i";

 

"UCCDRi-1"
means, in relation to that RFR Banking Day "i", the Unannualised Cumulative Compounded Daily Rate for the immediately
preceding RFR Banking Day (if any) during that Rate Period or Monthly Calculation Period;

 

"dcc" means 365 or, in any case
where market practice in the Relevant Market is to use a different number for quoting the number of days in a year, that number;

 

"ni" means the number
of calendar days from, and including, that RFR Banking Day "i" up to, but excluding, the following RFR Banking Day;
and

 

the
 "Unannualised Cumulative Compounded Daily Rate" for any RFR Banking Day (the "Cumulated RFR Banking Day")
during that Rate Period or Monthly Calculation Period is the result of the below calculation (without rounding, to the extent
reasonably practicable for the Administrative Agent, any Purchaser or any other Secured Party performing the calculation, taking into
account the capabilities of any software used for that purpose):

 

 

 

where:

 

"ACCDR" means the
Annualised Cumulative Compounded Daily Rate for that Cumulated RFR Banking Day;

 

"tni" means
the number of calendar days from, and including, the first day of the Cumulation Period to, but excluding, the RFR Banking Day which
immediately follows the last day of the Cumulation Period;

 

"Cumulation
Period" means the period from, and including, the first RFR Banking Day of that Rate Period or Monthly Calculation Period
to, and including, that Cumulated RFR Banking Day;

 

"dcc" has the meaning
given to that term above; and

 

    Sch. 4-1

     

    

  

the "Annualised Cumulative
Compounded Daily Rate" for that Cumulated RFR Banking Day is the percentage rate per annum (rounded to 5 decimal places) calculated
as set out below:

 

 

where:

 

"d0" means
the number of RFR Banking Days in the Cumulation Period;

 

"Cumulation Period"
has the meaning given to that term above;

 

"i" means a series
of whole numbers from one to d0, each representing the relevant RFR Banking Day in chronological order in the Cumulation Period;

 

"DailyRatei-LP"
means, for any RFR Banking Day "i" in the Cumulation Period, the Daily Rate for the RFR Banking Day which is the Lookback
Period prior to that RFR Banking Day "i";

 

"ni" means,
for any RFR Banking Day "i" in the Cumulation Period, the number of calendar days from, and including, that RFR Banking
Day "i" up to, but excluding, the following RFR Banking Day;

 

"dcc" has the meaning
given to that term above; and

 

"tni" has
the meaning given to that term above.

  

    Sch. 4-2

     

    

 

EXHIBIT A

FORM OF AGREED JURISDICTION REQUEST

 

BNP Paribas, as a Purchaser Agent

37 place du Marché Saint Honoré

75001 – Paris – France

Attention: Business & Portfolio Management Team

 

ING Belgium S.A./N.V., as a Purchaser Agent

Marnixlaan 24

1000 Brussels, Belgium

Attention: [*****]

 

[Additional Purchaser Agents]

 

Arrow EMEA Funding Corp B.V., the SPV

Prins Bernhardplein 200

1097 JB Amsterdam

The Netherlands

Attention: EMEA Securitization

 

Date:

 

Re: Agreed [Obligor] [Receivable]
Jurisdiction

 

Reference is made to the Master Framework Agreement
dated as of January 27, 2020 (and as further amended, supplemented or otherwise modified from time to time, the "MFA"),
among Arrow EMEA Funding Corp B.V., as the SPV (the "SPV"), BNP Paribas, as Administrative Agent, the Purchasers and
Purchaser Agents from time to time party thereto, Arrow Electronics (UK) Limited, as an Agent Servicer and an SPV Servicer, Arrow Central
Europe GmbH, as an Agent Servicer and an SPV Servicer, Arrow Electronics FC B.V., as the Subordinated Lender, U.S. Bank Trustees Limited,
as security trustee, and Elavon Financial Services DAC, as paying agent. Capitalized terms defined in the MFA are used herein with the
same meanings.

 

		1.	The
                                            Agent Servicer(s) on behalf of the SPV hereby request that the following jurisdiction(s)
                                            be additional Agreed Receivable Jurisdiction(s) for purposes of the Transaction Documents
                                            effective as of the date set forth opposite its name:

 

	Originator	Agreed
    Receivable Jurisdiction	Effective
    Date
	 	 	 

		2.	The
                                            Agent Servicer(s) on behalf of the SPV hereby request that the following jurisdiction(s)
                                            be additional Agreed Obligor Jurisdiction(s) for purposes of the Transaction Documents effective
                                            as of the date set forth opposite its name:

 

	Originator	Agreed
    Obligor Jurisdiction	Effective
    Date

  

    Exhibit A-1

     

    

  

		3.	After
                                            giving effect to the requests made in Section 1 above, the current list of Agreed Receivable
                                            Jurisdictions is as set forth on Schedule A.

 

		4.	After
                                            giving effect to the requests made in Section 2 above, the current list of Agreed Obligor
                                            Jurisdictions is as set forth on Schedule B.

 

    Exhibit A-2

     

    

 

IN WITNESS WHEREOF, the Agent Servicer(s), on
behalf of the SPV has caused this Agreed Jurisdiction Request to be executed and delivered as of this ____ day of ____________, _____.

 

	 	[ARROW ELECTRONICS (UK) LIMITED, as
    Agent Servicer, on behalf of the SPV
	 	  
	 	By:	 
	 	 	Name:
	 	 	Title: ]
	 	 
	 	[ARROW CENTRAL EUROPE GMBH, as
    Agent Servicer, on behalf of the SPV
	 	  
	 	By:	 
	 	 	Name:
	 	 	Title: ]
	 	 
	 	CONSENTED AND AGREED TO BY:
	 	 
	 	BNP
                                            PARIBAS, 

                                                                                as
                                            Administrative Agent and a Purchaser Agent

	 	 
	 	By:	 
	 	Name:
	 	Title: 
	 	 
	 	By:	 
	 	Name:
	 	Title:

 

    Exhibit A-3

     

    

 

	 	CONSENTED AND AGREED TO BY:
	 	 
	 	ING
    Belgium S.A./N.V., 

as a Purchaser Agent
	 	 
	 	By:	 
	 	Name:
	 	Title: 
	 	 
	 	By:	 
	 	Name:
	 	Title:

 

[Attach Schedules A and
B, as applicable] 

 

    Exhibit A-4

     

    

 

EXHIBIT B

EXCLUDED OBLIGORS

 

[*****]

 

     

     

    

 

EXECUTION VERSION

 

ANNEX B

 

RECEIVABLES TRANSFER AGREEMENT

 

     

     

    

 

EXECUTION
VERSION

 

CONFORMED COPY through

EXECUTION COPY

First Amendment to RTA, dated as of May 27,
2020

Omnibus Deed of Amendment No. 1, dated December
23, 2021

Omnibus Deed of Amendment No. 2, dated September
20, 2022

 

	Dated
    January 27, 2020
	 
	(1)       ARROW
                                            EMEA FUNDING CORP B.V., as SPV

     

    (2)       BNP
    PARIBAS, as Administrative Agent, Purchaser Agent for the BNP

    Purchaser Group and a Committed Purchaser

     

    (3)       MATCHPOINT
    FINANCE PLC, as a Conduit Purchaser

     

    (4)       ING
    Belgium S.A./N.V., as Purchaser Agent for the ING Purchaser Group

     

    (5)       MONT
    BLANC CAPITAL CORP, as a Committed Purchaser and as a Conduit Purchaser

     

    (6)       ARROW
    ELECTRONICS (UK) LIMITED, as an Agent Servicer and an SPV Servicer

     

    (7)       ARROW
    CENTRAL EUROPE GMBH, as an Agent Servicer and an SPV Servicer

     

    (8)       U.S.
    Bank TRUSTEES LIMITED, as Security Trustee and mandatario con rappresentanza 

    pursuant to and for the purposes of Italian law

     

    (9)       ELAVON
    FINANCIAL SERVICES DAC, as Paying Agent

     

    (10)       THE
    PERSONS FROM TIME TO TIME PARTY HERETO as Committed Purchasers, 

    Conduit Purchasers and Purchaser Agents

     

	 	RECEIVABLES
    TRANSFER AGREEMENT	 

 

     

     

    

 

CONTENTS

 

	Clause	Page

 

		1.	Definitions	2

 

		2.	Amounts and Terms
                                            of the Purchases	2

 

		3.	Representations
                                            and Warranties of the SPV	17

 

		4.	Conditions Precedent	22

 

		5.	Covenants	25

 

		6.	Early Amortisation
                                            Events, Events of Default and Remedies	34

 

		7.	Indemnification;
                                            Expenses; Related Matters	39

 

		8.	The Administrative
                                            Agent, Purchaser Agents and Paying Agent	48

 

		9.	Security Trustee's
                                            Rights, Powers and Discretions	59

 

		10.	Term of Agreement	76

 

		11.	Remedies and
                                            Waivers	76

 

		12.	Amendments and
                                            Waivers	76

 

		13.	Notices and Payments	77

 

		14.	Certificates
                                            or Determinations	77

 

		15.	Severability
                                            and Partial Invalidity	77

 

		16.	Assignment of
                                            Rights in the Portfolio and Receivables	78

 

		17.	Successors and
                                            Assigns; Binding Effect	78

 

		18.	Consent to Disclose/Confidentiality	82

 

		19.	No Proceeding;
                                            Limited Recourse	82

 

		20.	Third Party Rights	83

 

		21.	Counterparts;
                                            Electronic Delivery	83

 

		22.	Entire Agreement	84

 

		23.	Governing Law	84

 

		24.	Enforcement;
                                            jurisdiction	84

 

		25.	Acknowledgement
                                            and Consent to Bail-In of Affected Financial Institutions	84

 

		26.	Further Assurances	85

 

		27.	SPV Guaranty	85

 

		28.	Confirmation
                                            of Status for Swiss Non-Bank Rules	89

 

		29.	Replacement of
                                            Certain Purchasers	90

 

 

    i

     

    

 

Schedules

 

		1	Purchaser Groups and Commitments

 

		2	Credit and Collection Policies

 

		3	Accounts

 

		4	Location of Certain Offices

 

		5	Sold Receivables Selection
                                            Process

  

Exhibits

 

		A	Form of Assignment, Novation
                                            and Assumption Agreement

 

		B	Form of Investment Request

 

		C	Notice of Repayment

 

    ii

     

    

  

THIS
RECEIVABLES TRANSFER AGREEMENT (this "Agreement") is dated January 27, 2020 and made as a deed among:

 

		(1)	ARROW
                                            EMEA FUNDING CORP B.V., a private company with limited liability (besloten
                                            vennootschap met beperkte aansprakelijkheid) incorporated under the laws of The Netherlands
                                            whose registered number is 74299069 and whose registered office is at Basisweg 10, 1043 AP
                                            Amsterdam, The Netherlands, as the SPV;

 

		(2)	BNP PARIBAS, a société
                                            anonyme incorporated under the laws of France, as the Administrative Agent, Purchaser Agent
                                            for the BNP Purchaser Group and a Committed Purchaser;

 

		(3)	MATCHPOINT FINANCE PLC, a public limited
                                            company incorporated under the laws of Ireland (registered number 386704), whose registered
                                            office is at 4th Floor, 25-28 Adelaide Road, Dublin 2, Ireland, as a Conduit Purchaser;

 

		(4)	ING
                                            Belgium S.A./N.V., a public limited liability company (société anonyme/naamloze
                                            vennootschap) organised under the laws of Belgium, having its principal office at Avenue
                                            Marnix 24, 1000 Brussels, Belgium, enterprise number 0403.200.393, as Purchaser Agent for
                                            the ING Purchaser Group;

 

		(5)	MONT BLANC CAPITAL CORP, a corporation
                                            organised under the laws of the State of Delaware and having its registered office at 874
                                            Walker Road, Suite C, City of Dover, County of Kent, State of Delaware 19904, United States
                                            of America, as a Committed Purchaser and as a Conduit Purchaser;

 

		(6)	ARROW ELECTRONICS (UK) LIMITED, a limited
                                            liability company incorporated under the laws of England and Wales, with company number 02582534
                                            and having its registered office at Kao 1 Kao Park, Hockham Way, Harlow, CM17 9NA, Essex
                                            United Kingdom, as an Agent Servicer and an SPV Servicer;

 

		(7)	ARROW CENTRAL EUROPE GMBH, a limited
                                            liability company (Gesellschaft mit beschränkter Haftung) incorporated under
                                            the laws of Germany, as an Agent Servicer and an SPV Servicer;

 

		(8)	U.S.
                                            Bank TRUSTEES LIMITED, a limited liability company incorporated under the laws
                                            of England and Wales and with registration number 02379632, whose registered office is at
                                            125 Old Broad Street, London, EC2N 1AR, United Kingdom, as the Security Trustee and mandatario
                                            con rappresentanza pursuant to and for the purposes of Italian law (which shall include
                                            such company and all other Persons or companies for the time being appointed as security
                                            trustee under this Agreement);

 

		(9)	ELAVON FINANCIAL SERVICES DAC, a designated
                                            activity company registered in Ireland with the Companies Registration Office, registered
                                            number 418442, with its registered office at Building 8, Cherrywood Business Park, Loughlinstown,
                                            Dublin 18, D18 W319, Ireland, in its capacity as Paying Agent which term shall where the
                                            context permits, include the Paying Agent and any successor paying agent for the time being
                                            so appointed under this Agreement; and

 

		(10)	THE OTHER PERSONS FROM TIME TO TIME PARTY
                                            HERETO as Committed Purchasers, Conduit Purchasers and Purchaser Agents.

  

    1

     

    

 

PRELIMINARY STATEMENTS

 

The SPV has acquired, and
will acquire from time to time, Receivables from the Originators pursuant to the Sale Agreements. The SPV desires to sell the Receivables
to the Purchasers and, in connection therewith, has requested that the Purchasers make Investments from time to time, on the terms, and
subject to the conditions, set forth herein.

 

In consideration of the mutual
agreements, provisions and covenants contained herein, the sufficiency of which are hereby acknowledged, the parties hereto agree and
this Agreement witnesses that:

 

		1.	Definitions

 

		1.1	Terms
                                            defined in Master Framework Agreement

 

In this Agreement, unless otherwise
defined herein, capitalised terms have the meanings set forth in the Master Framework Agreement dated on or about the Closing Date and
signed by, among others, the parties hereto (the "Master Framework Agreement").

 

		1.2	Interpretation

 

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

 

		2.	Amounts
                                            and Terms of the Purchases

 

		2.1	Agreement
                                            for Sale and Purchase

 

		(a)	Sale
                                            and Purchase. Subject to the terms and conditions hereof, the SPV agrees to sell, assign,
                                            transfer and convey and hereby sells, assigns, transfers and conveys to the Administrative
                                            Agent (to be held on trust for the benefit of the Purchasers), and the Administrative Agent
                                            (on trust on behalf of and for the benefit of the Purchasers) agrees to purchase, accept
                                            assignment and transfer and hereby accepts assignment and transfer from the SPV, all of the
                                            SPV's right, title (whether legal or beneficial), interest and benefit to:

 

		(i)	(x)
                                            the Receivables identified in the Investment Request delivered on the initial Investment
                                            Date and (y) on each Investment Date thereafter until the Termination Date, the Receivables
                                            identified in the Investment Request delivered with respect to such Investment Date, in each
                                            case, in accordance with rules set forth in Schedule 5 (Sold Receivables Selection Process)
                                            and to the extent such Receivables are existing and have been acquired by the SPV prior to
                                            the Termination Date under the applicable Sale Agreement (such Receivables, collectively,
                                            the "Sold Receivables"); and

 

		(ii)	all
                                            other associated Sold Receivable Related Rights in respect of the Sold Receivables sold on
                                            each Investment Date (including the initial Investment Date), whether existing on the initial
                                            Investment Date or thereafter arising at any time and acquired by the SPV under the Sale
                                            Agreements (clauses (i) and (ii), collectively, the "Portfolio").

 

Each such sale, assignment,
transfer or conveyance shall be with full title guarantee and automatically occur on each Investment Date without any further action
by the SPV, the Administrative Agent or any other Person.

 

    2

     

    

 

		(b)	Purchasers.
                                            The Administrative Agent shall hold the Portfolio on trust on behalf of the Purchasers in
                                            accordance with the respective portions of the Portfolio funded by such Purchasers from time
                                            to time. The SPV shall transfer 100% of its interest in the Sold Receivables in full to the
                                            Administrative Agent (on trust on behalf of the Purchasers), and no Sold Receivable shall
                                            be transferred to the Administrative Agent in part.

 

		(c)	Unsold
                                            Receivables. Receivables that are not transferred to the Administrative Agent pursuant
                                            to this Clause 2.1 shall be retained by the SPV (such Receivables, collectively, the "Unsold
                                            Receivables") and pledged to the Security Trustee (also in its capacity as mandatario
                                            con rappresentanza pursuant to and for the purposes of Italian law), on trust for the
                                            benefit of the Secured Parties, as collateral for the guaranty of the SPV set forth in Clause
                                            27 (SPV Guaranty).

 

		(d)	True
                                            Sale. It is the intention of the parties hereto that each transfer of the Portfolio under
                                            this Agreement shall constitute a true sale, which sale is absolute and irrevocable and provides
                                            the Administrative Agent with the full benefits of ownership of the Portfolio (which benefits
                                            it shall hold on trust for the Purchasers).

 

		(e)	Records.
                                            The SPV (or the Servicers on its behalf) shall indicate the Receivables that have been sold
                                            to the Administrative Agent by way of notation in its master records.

 

		(f)	Trust.
                                            It is the intention of the parties hereto that the Administrative Agent shall hold the Portfolio
                                            purchased pursuant to this Clause 2.1 on trust for the Purchasers.

 

		2.2	Investments

 

		(a)	Investments;
                                            Purchase Price. Subject to the terms and conditions hereof, including those set out in
                                            Clause 4 (Conditions precedent), any Conduit Purchaser may, in its sole discretion,
                                            and, in the event that such Conduit Purchaser declines or fails to do so, the Committed Purchasers
                                            of such Conduit Purchaser's Purchaser Group shall, make Investments in any Currency in the
                                            Portfolio to purchase Sold Receivables and the related Sold Receivable Related Rights in
                                            an amount equal to the Base Currency Equivalent (based on the Applicable Exchange Rate on
                                            the applicable Investment Date) of such Conduit Purchaser's (or Committed Purchaser’s)
                                            Purchaser Group's Pro Rata Share of the aggregate Unpaid Balance of the Sold Receivables
                                            identified in, and transferred pursuant to, the Investment Request delivered on the applicable
                                            Investment Date (including the initial Investment Date), as the case may be (the "Purchase
                                            Price", and each such payment, an "Investment"); provided that,
                                            for the avoidance of doubt, the Purchase Price paid for any Receivable shall be paid in the
                                            Currency in which such Receivable is denominated.

 

		(b)	Investment
                                            Date. Investments shall be made from time to time on any Permitted Investment Date occurring
                                            during the period from the Closing Date to the Termination Date.

 

    3

     

    

 

		(c)	General
                                            rules relating to Investments. Notwithstanding any other provision of this Agreement
                                            or any other Transaction Document:

 

		(i)	no
                                            Investment shall be made on or after the Termination Date; and

 

		(ii)	no
                                            Investment shall be made by any Purchaser on any date if, after giving effect to such Investment
                                            and the application of the proceeds thereof:

 

		(A)	the
                                            Aggregate Invested Amount would exceed the Facility Limit;

 

		(B)	the
                                            Coverage Test would not be satisfied;

 

		(C)	in
                                            the case of any Purchaser Group, the portion of the Aggregate Invested Amount then funded
                                            by the Purchasers of such Purchaser Group would exceed such Purchaser Group's Purchaser Group
                                            Limit then in effect; or

 

		(D)	in
                                            the case of any Purchaser Group, the portion of the Investment then funded by the Purchasers
                                            of such Purchaser Group would exceed such Purchaser Group's Committed Purchaser's Pro Rata
                                            Share of such Investments.

 

		(d)	Currency
                                            of Investments. Subject to the terms and conditions hereof, each Investment made hereunder
                                            by a Purchaser from time to time in respect of any Sold Receivables and the related Sold
                                            Receivable Related Rights shall be made in the Currency of the purchase price payable by
                                            the SPV pursuant to the relevant Sale Agreement in respect of such Sold Receivables and the
                                            related Sold Receivable Related Rights.

 

		(e)	Obligations
                                            of SPV and the Servicers. The foregoing sale, assignment and transfer does not constitute
                                            and is not intended to result in the creation, or an assumption by the Administrative Agent
                                            or any Purchaser, of any obligation of the SPV, any Originator, any Agent Servicer or any
                                            other Person under or in connection with the Portfolio.

 

		2.3	Purchase
                                            procedures

 

		(a)	Notice
                                            of Investment Request. The applicable Agent Servicer, on behalf of the SPV, shall request
                                            each Investment (including the Investment on the initial Investment Date) to be made hereunder
                                            by delivering (or causing to be delivered) to each Purchaser Agent by e-mail an Investment
                                            Request no later than 6:00 p.m. (London time) on the third (3rd) Business Day prior to the
                                            proposed Investment Date of such Investment (which notice shall be deemed received upon the
                                            delivery of any Monthly Servicer Report with an Investment Request attached thereto). Each
                                            such Investment Request shall specify:

 

		(i)	the
                                            date of such Investment (the "Investment Date"), which shall be a Permitted
                                            Investment Date;

 

		(ii)	the
                                            Currency of the Investment;

 

		(iii)	the
                                            amount of such Investment, which shall comply with Clauses 2.2(a) (Investments; Purchase
                                            Price), 2.2(b) (Investment Date), 2.2(c) (General rules relating to Investments),
                                            2.2(d) (Currency of Investments) and 2.3(b) (Amount of Investments);

 

    4

     

    

 

		(iv)	all
                                            other information specified in Exhibit B (Form of Investment Request); and

 

		(v)	the
                                            Sold Receivables to be transferred to the Administrative Agent, for the benefit of the Purchasers,
                                            on such Investment Date.

 

		(b)	Amount
                                            of Investments. Subject to Clause 2.2(c) (General rules relating to Investments)
                                            above, the amount of each Investment made by the Purchasers on any Investment Date (when
                                            combined with all other Investments to be funded by the Purchasers on such Investment Date)
                                            shall be at least equal to the Base Currency Equivalent (based on the Applicable Exchange
                                            Rate on such day for delivery on such Investment Date) of €1,000,000 (or such lesser
                                            amount as may be approved by the Majority Purchasers) and an integral multiple of the Base
                                            Currency Equivalent (based on the Applicable Exchange Rate on such day for delivery on such
                                            Investment Date) of €250,000 (or such lesser amount as may be approved by the Majority
                                            Purchasers).

 

		(c)	Conduit
                                            Purchaser acceptance or rejection; Investment Request irrevocable.

 

		(i)	If
                                            an Investment Request is received prior to the Termination Date, each Conduit Purchaser's
                                            Purchaser Agent shall, on behalf of such Conduit Purchaser, accept or reject such Investment
                                            Request so received, by notice given to the Administrative Agent, the applicable Servicer
                                            Agent, the Reporting Services Provider and the SPV by e-mail by no later than the close of
                                            its business on the Business Day following its receipt of any such Investment Request and
                                            before the proposed Investment Date. Notwithstanding anything herein or in any other Transaction
                                            Document to the contrary, at no time will any Conduit Purchaser have any obligation to make
                                            any Investment hereunder.

 

		(ii)	Each
                                            Investment Request shall be irrevocable and binding on the SPV, and the SPV shall indemnify
                                            the Administrative Agent and each Purchaser against any loss or expense incurred by such
                                            Purchaser, either directly or indirectly (including through a Program Support Agreement),
                                            as a result of any failure by the SPV to sell the Sold Receivables and Sold Receivable Related
                                            Rights, including any loss or expense incurred by the Administrative Agent or any Purchaser,
                                            either directly or indirectly (pursuant to a Program Support Agreement or otherwise) by reason
                                            of the liquidation or reemployment of funds acquired by the Administrative Agent or such
                                            Purchaser (or the applicable Program Support Provider(s)) (including funds obtained by issuing
                                            Commercial Paper or promissory notes or obtaining deposits or loans from third parties) in
                                            order to fund such Investment.

 

		(iii)	Upon
                                            request of the SPV (or the Servicers on its behalf), the Administrative Agent or the relevant
                                            Purchaser shall furnish to the SPV, at any time after demand for payment of an amount under
                                            clause (ii) above, a certificate outlining in reasonable detail the computation of any amounts
                                            owing. Any such certificate furnished shall be binding and conclusive in the absence of manifest
                                            error.

 

    5

     

    

 

		(d)	Committed
                                            Purchaser's Commitment. At any time when a Conduit Purchaser has rejected a request for
                                            an Investment or if there is no Conduit Purchaser in the applicable Purchaser Group, the
                                            applicable Servicer Agent, on behalf of the SPV, shall so notify the Committed Purchasers
                                            that are members of such Purchaser Group and the Committed Purchasers of such Purchaser Group
                                            shall make such Investment. Each Investment made by each Committed Purchaser in a Purchaser
                                            Group shall be made on a pro rata basis, in accordance with its Committed Purchaser's Purchaser
                                            Group Pro Rata Share of such Investments. The obligation of a Committed Purchaser in a Purchaser
                                            Group to remit its Committed Purchaser's Purchaser Group's Pro Rata Share of any such Investment
                                            shall be several from that of each other Committed Purchaser, and the failure of any Committed
                                            Purchaser to so make its Committed Purchaser's Purchaser Group's Pro Rata Share available
                                            to the SPV shall not relieve any other Committed Purchaser of its obligations hereunder in
                                            respect of such Investment.

 

		(e)	Making
                                            of Investments. On each Investment Date, each Conduit Purchaser or each Committed Purchaser,
                                            as the case may be, shall remit the aggregate amount of the Investment to be made on such
                                            Investment Date by (i) with respect to Investments denominated in Euros, 2:00 p.m. London
                                            time, and (ii) with respect to Investments denominated in Pounds or Dollars, 3:00 p.m. London
                                            time, by electronic transfer of same day funds in the applicable Currency to the applicable
                                            account of the Paying Agent indicated under the heading "Payment Information" in
                                            Schedule 1 (Address and payment information) to the Master Framework Agreement, or
                                            otherwise specified in writing by the Paying Agent. Upon the Paying Agent’s receipt
                                            of the funds from the Purchasers, the Paying Agent shall remit the aggregate amount of the
                                            Investment to be made on such Investment Date by (i) with respect to Investments denominated
                                            in Euros, 3:00 p.m. London time, and (ii) with respect to Investments denominated in Pounds
                                            or Dollars, 4:00 p.m. London time, by electronic transfer of same day funds in the applicable
                                            Currency to the applicable SPV Account indicated in Schedule 3 (Accounts) or to any
                                            other account specified by the applicable Agent Servicer on behalf of the SPV (including
                                            to the account of the applicable Agent Servicer specified in Schedule 1 (Address and payment
                                            information) to the Master Framework Agreement). The proceeds of such Investment will
                                            then be applied by the SPV on the relevant Settlement Date in payment to any Originator in
                                            respect of the purchase of Sold Receivables and the Sold Receivable Related Rights which
                                            are the subject of the Investment.

 

		(f)	Acceptance
                                            of Offer. The Conduit Purchaser or the Committed Purchaser shall be deemed to have accepted
                                            the offer constituted by the Investment Request upon making payment to the applicable Paying
                                            Agent account in accordance with Clause 2.3(e) (Making of Investments) above and the
                                            Sold Receivables and Sold Receivable Related Rights will be transferred to the Administrative
                                            Agent (for the benefit of the Purchasers) with full title guarantee.

 

		2.4	Repayment
                                            of Investments and Yield

 

		(a)	The
                                            SPV (or the applicable Agent Servicer on behalf of the SPV) shall cause the repayment of
                                            each Investment in accordance with the Priority of Payments, in the Currency in which such
                                            Investment is denominated, to the Purchasers in each Purchaser Group in accordance with such
                                            Purchaser Group's Committed Purchaser's Pro Rata Share:

 

		(i)	on
                                            each Settlement Date, to the extent that, absent such payment and after giving effect to
                                            any other required payments on such Settlement Date, (A) the Aggregate Invested Amount would
                                            exceed the Facility Limit, or (B) the Coverage Test would not be satisfied;

 

    6

     

    

 

		(ii)	on
                                            each Settlement Date, to the extent any of the Targeted EUR Investment Amount, the Targeted
                                            USD Investment Amount, or the Targeted GBP Investment Amount is lower than, respectively,
                                            the Targeted EUR Investment Amount, the Targeted USD Investment Amount or the Targeted GBP
                                            Investment Amount as of the immediately preceding Settlement Date;

 

		(iii)	on
                                            each Settlement Date after the Termination Date, in an amount equal to the Collections available
                                            for such payment in accordance with Clause 4 (Allocation, Deposit and Distribution of
                                            Available Funds) of the Servicing Deed; and

 

		(iv)	in
                                            full on the Maturity Date.

 

		(b)	The
                                            SPV (or the applicable Agent Servicer on behalf of the SPV) shall pay Yield (in the Currency
                                            of the related Investment) to the Purchasers in each Purchaser Group on the Aggregate Invested
                                            Amounts from time to time outstanding, on each Settlement Date in accordance with the Priority
                                            of Payments, calculated in accordance with Clause 2.5 (Determination of Yield and Rate
                                            Periods) and Clause 2.6(b) (Yield, fees and other costs and expenses) and payable
                                            from the Collections available for such payment in accordance with Clause 4 (Allocation,
                                            Deposit and Distribution of Available Funds) of the Servicing Deed.

 

		(c)	The
                                            SPV (or the applicable Agent Servicer on behalf of the SPV) shall deliver to each Purchaser
                                            Agent and the Paying Agent a notice of repayment substantially in the form of Exhibit C (Notice
                                            of Repayment), which may be attached to any Monthly Servicer Report, in connection with
                                            any repayment pursuant to this Clause 2.4 (which notice shall be deemed received upon the
                                            delivery of any Monthly Servicer Report with a Notice of Repayment attached thereto).

 

		(d)	Notwithstanding
                                            anything to the contrary contained in this Agreement or any other Transaction Document, if
                                            any Purchaser becomes a Defaulting Purchaser, then, until such time as such Purchaser is
                                            no longer a Defaulting Purchaser, to the extent permitted by Law:

 

		(i)	any
                                            payment of Collections by the Agent Servicer for the account of such Defaulting Purchaser
                                            (whether voluntary or mandatory, at maturity or otherwise) shall be applied pursuant to Clause
                                            4.1(b) of the Servicing Deed as follows: first, so long as no Event of Default, Potential
                                            Event of Default, Early Amortisation Event or Potential Early Amortisation Event has occurred
                                            and is continuing, to the payment of any amounts owing to the SPV as a result of any judgment
                                            of a court of competent jurisdiction obtained by the SPV against such Defaulting Purchaser
                                            as a result of such Defaulting Purchaser’s breach of its obligations under this Agreement;
                                            and second, to such Defaulting Purchaser or as otherwise directed by a court of competent
                                            jurisdiction; provided that if (x) such payment is a payment of the principal amount of any
                                            Investment in respect of which such Defaulting Purchaser has not fully funded its appropriate
                                            share, and (y) such Investment were made at a time when the conditions set forth in Clause
                                            4.2 were satisfied or waived, such payment shall be applied solely to pay the Investments
                                            of all Non-Defaulting Purchasers on a pro rata basis prior to being applied to the payment
                                            of any Investments of such Defaulting Purchaser until such time as all Investments are held
                                            by the Purchasers pro rata in accordance with their Commitments. Any payments, prepayments
                                            or other amounts paid or payable to a Defaulting Purchaser that are applied (or held) to
                                            pay amounts owed by a Defaulting Purchaser pursuant to this Clause 2.4(d)(i) shall be deemed
                                            paid to and redirected by such Defaulting Purchaser, and each Purchaser irrevocably consents
                                            hereto; and

 

    7

     

    

 

		(ii)	Each
                                            Defaulting Purchaser shall be entitled to receive Yield for any period during which such
                                            Purchaser is a Defaulting Purchaser only to extent allocable to the portion of the Aggregate
                                            Invested Amount funded by it.

 

		2.5	Determination
                                            of Yield and Rate Periods

 

		(a)	[Reserved].

 

		(b)	Rate
                                            Periods. Each rate period applicable to any Investment (each, a "Rate Period")
                                            shall be (i) initially, the period commencing on (and including) the date of the initial
                                            funding of such Investment and ending (but excluding) the next following Settlement Date,
                                            and (ii) thereafter each period commencing on (and including) a Settlement Date and ending
                                            on (but excluding) the next following Settlement Date.

 

		(c)	Rate
                                            Definitions. In this Agreement:

 

"Adjusted
Term SOFR" means, for purposes of any calculation, the rate per annum equal to (a) Term SOFR for such calculation plus
(b) the Term SOFR Adjustment.

 

"Alternate
Rate" means, for any Investment, for each day in any applicable Rate Period:

 

		(i)	initially
                                            funded in Dollars, the greater of (a) zero and (b) the sum of (x) Adjusted Term SOFR on such
                                            day for a period of one (1) month and (y) the Applicable Margin;

 

		(ii)	initially
                                            funded in Euros, the greater of (a) zero and (b) the sum of (x) EURIBOR on such day for a
                                            period of one (1) month and (y) the Applicable Margin;

 

		(iii)	initially
                                            funded in GBP, the greater of (a) zero and (b) the sum of (x) the Compounded Reference Rate
                                            on such day, provided that if such day is not a RFR Banking Day, the rate of interest for
                                            that day will be the rate applicable to the immediately preceding RFR Banking Day, as calculated
                                            by the Reporting Services Provider and (y) the Applicable Margin; and

 

		(iv)	on
                                            any day in any Rate Period falling on or after the date of any declaration or automatic occurrence
                                            of the Termination Date pursuant to Clause 6.3 (Remedies), a rate per annum equal to the
                                            Default Rate for such Currency.

 

"Applicable
Currency Benchmark Rate" means, (i) with respect to any Investment denominated in Dollars, the Term SOFR Reference Rate,
and (ii) with respect to any Investment denominated in Euros, EURIBOR.

 

"Applicable
Margin" means, as of any date, (i) at any time the Transaction is an EU STS Transaction, [*****], and (ii) at any other
time, [*****].

 

    8

     

    

 

"Base
Rate" means, for any day, a fluctuating rate per annum equal to the rate of interest in effect for such day as publicly
announced from time to time by the applicable Purchaser Agent as its "prime rate". The "prime rate" is a rate set
by each Purchaser Agent based upon various factors including such Purchaser Agent's costs and desired return, general economic conditions
and other factors, and is used as a reference point for pricing some loans, which may be priced at, above, or below such announced rate.
Any change in the prime rate announced by a Purchaser Agent shall take effect at the opening of business on the day specified in the
public announcement of such change.

 

"Conduit
Fee" means, for each day, an amount equal to the product of (i) the Conduit Purchaser Fee, multiplied by (ii) the Purchaser
Group Limit for the BNP Purchaser Group or the ING Purchaser Group, as applicable, on such day, multiplied by (iii) 1/360, which Conduit
Fee shall accrue on each day from the date hereof until the later of (x) the Termination Date and (y) the date on which the aggregate
outstanding Investment of Matchpoint Finance plc or Mont Blanc Capital Corp, as applicable, shall have been finally paid in full, and
Conduit Fees accrued during any Rate Period shall be due and payable in arrears on the Settlement Date on which such Rate Period ends;
provided that all accrued and unpaid Conduit Fees shall be due and payable on the later of (x) the Termination Date and (y) the date
on which the aggregate outstanding Investment of Matchpoint Finance plc or Mont Blanc Capital Corp, as applicable, shall have been finally
paid in full if such date is not a Settlement Date.

 

"CP
Rate" means, for any Rate Period for any Investment, the per annum rate equivalent to the weighted average cost (as determined
by the applicable Purchaser Agent and which shall include commissions of placement agents and dealers, incremental carrying costs incurred
with respect to Commercial Paper maturing on dates other than those on which corresponding funds are received by the related Conduit
Purchaser, other borrowings by such Conduit Purchaser (other than under any Program Support Agreement) and any other costs, including
hedging costs and expenses, associated with the issuance of Commercial Paper) of or related to the issuance of Commercial Paper (other
than the Conduit Fee) that are allocated, in whole or in part, by such Conduit Purchaser or such Purchaser Agent to fund or maintain
such Investment (and which may be also allocated in part to the funding of other assets of such Conduit Purchaser).

 

"Default
Rate" means, in relation to any Investment or any other amount payable under the Transaction Documents and denominated
in any Currency, a rate per annum equal to the Base Rate plus [*****] per annum.

 

"EURIBOR"
means, in relation to any Investment initially funded in Euros and any Rate Period: (a) a rate per annum determined by the applicable
Purchaser Agent to be equal to the applicable Screen Rate (rounded upwards to five decimal places) at 11:00 a.m. Brussels time on the
first day of such Rate Period; or (b) in the event that the applicable Screen Rate is not available and the circumstances set forth in
Clause 2.5(e) (Successor Applicable Currency Benchmark Rate) are not applicable at such time with respect to EURIBOR, the rate
per annum determined by the applicable Purchaser Agent to be the arithmetic mean (rounded upwards to five decimal places) of the rates
offered by such Purchaser Agent to leading banks in the London interbank market for deposits in Euros and with a term equivalent to such
Rate Period, in each case, at or about 11.00 a.m. (Brussels time) on the date which is two (2) Banking Days prior to the first day of
the relevant Rate Period.

 

    9

     

    

 

 

"Screen
Rate" means the rate per annum equal to the Euro Interbank Offered Rate as administered by the European Money Markets
Institute or a comparable or successor rate specified by the applicable Purchaser Agent.

 

"SOFR"
means a rate equal to the secured overnight financing rate as administered by the SOFR Administrator.

 

"SOFR
Administrator" means the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing
rate).

 

"Term
SOFR" means, (a) in relation to any Investment initially funded in Dollars and any Rate Period, the Term SOFR Reference
Rate for a tenor of one (1) month on the day (such day, the "Periodic Term SOFR Determination Day") that is two (2)
U.S. Government Securities Business Days prior to the first day of such Rate Period, as such rate is published by the Term SOFR Administrator;
provided, however, that if as of 5:00 p.m. (New York City time) on any Periodic Term SOFR Determination Day the Term SOFR
Reference Rate for the applicable tenor has not been published by the Term SOFR Administrator and the circumstances set forth in Clause
2.5(e) (Successor Applicable Currency Benchmark Rate) are not applicable at such time with respect to the Term SOFR Reference
Rate, then Term SOFR will be the Term SOFR Reference Rate for such tenor as published by the Term SOFR Administrator on the first preceding
U.S. Government Securities Business Day for which such Term SOFR Reference Rate for such tenor was published by the Term SOFR Administrator
so long as such first preceding U.S. Government Securities Business Day is not more than three (3) U.S. Government Securities Business
Days prior to such Periodic Term SOFR Determination Day; and (b) in relation to any Investment initially funded in Dollars and any day,
the Term SOFR Reference Rate for a tenor of one month on the day (such day, the "Daily Term SOFR Determination Day")
that is two (2) U.S. Government Securities Business Days prior to such day, as such rate is published by the Term SOFR Administrator;
provided, however, that if as of 5:00 p.m. (New York City time) on any Daily Term SOFR Determination Day the Term SOFR
Reference Rate for the applicable tenor has not been published by the Term SOFR Administrator and the circumstances set forth in Clause
2.5(e) (Successor Applicable Currency Benchmark Rate) are not applicable at such time with respect to the Term SOFR Reference
Rate, then Term SOFR will be the Term SOFR Reference Rate for such tenor as published by the Term SOFR Administrator on the first preceding
U.S. Government Securities Business Day for which such Term SOFR Reference Rate for such tenor was published by the Term SOFR Administrator
so long as such first preceding U.S. Government Securities Business Day is not more than three (3) U.S. Government Securities Business
Days prior to such Daily SOFR Determination Day.

 

"Term
SOFR Adjustment" means a percentage equal to [*****] per annum.

 

"Term
SOFR Administrator" means CME Group Benchmark Administration Limited (CBA) (or a successor administrator of the Term
SOFR Reference Rate selected by the Administrative Agent in its reasonable discretion).

 

"Term
SOFR Reference Rate" means the forward-looking term rate based on SOFR.

 

"Undrawn
Fee" means, for each day and any Purchaser Group, an amount equal to the product of (i) the Undrawn Margin, multiplied
by (ii) the excess, if any, of (A) such Purchaser Group’s Commitment on such day, over (B) the Base Currency Equivalent of the
aggregate outstanding Invested Amount of all Purchasers in such Purchaser Group on such day, multiplied by (ii) 1/360, which Undrawn
Fee shall accrue on each day from the date hereof until the later of (x) the Termination Date and (y) the date on which the aggregate
outstanding Investment of all Purchasers shall have been finally paid in full, and Undrawn Fees accrued during any Rate Period shall
be due and payable in arrears on the Settlement Date on which such Rate Period ends; provided that all accrued and unpaid Unused Fees
shall be due and payable on the later of (x) the Termination Date and (y) the date on which the aggregate outstanding Investment of all
Purchasers shall have been finally paid in full if such date is not a Settlement Date; provided that, for the avoidance of doubt, any
Undrawn Fee shall be payable in the Base Currency.

 

    10 

     

    

 

"U.S.
Government Securities Business Day" means any day except for (a) a Saturday, (b) a Sunday or (c) a day on which the Securities
Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for
purposes of trading in United States government securities.

 

"Yield"
[*****]

 

		(d)	Inability
                                            to Determine Rates; Illegality.

 

		(i)	Inability
                                            to Determine Rates. If on or prior to the date on which any Applicable Currency Benchmark
                                            Rate is determined for any Currency for any proposed Rate Period:

 

		(A)	any
                                            Purchaser Agent reasonably determines (which determination shall be conclusive absent manifest
                                            error) that adequate and reasonable means do not exist for ascertaining such Applicable Currency
                                            Benchmark Rate (including because the Screen Rate is not available or published on a current
                                            basis), for the applicable Currency and such Rate Period, or

 

		(B)	any
                                            Purchaser Agent reasonably determines that any Applicable Currency Benchmark Rate for the
                                            applicable Currency and such Rate Period will not adequately and fairly reflect the cost
                                            to such Purchaser Agent of making its Investment for the applicable Currency and such Rate
                                            Period;

 

then such Purchaser
Agent shall give notice thereof to the Purchasers in such Purchaser Agent's Purchaser Group, the Administrative Agent and the SPV as
soon as practicable thereafter. If such notice is given and until such notice is withdrawn, no member of such Purchaser Agent's Purchaser
Group shall calculate Yield with respect to any Investment by reference to such Applicable Currency Benchmark Rate.

 

		(ii)	Illegality.
                                            Notwithstanding any other provision herein, if the adoption of or any change in any Law or
                                            in the interpretation thereof by any Official Body charged with the administration or interpretation
                                            thereof shall make it unlawful for any Purchaser to make Investments to the SPV as contemplated
                                            by this Agreement, the commitment of such Purchaser hereunder to make Investments shall forthwith
                                            be cancelled to the extent necessary to remedy or prevent such illegality. Upon any such
                                            cancellation, the applicable Purchaser shall provide written notice to the SPV explaining
                                            the basis for such cancellation, which shall be binding and conclusive in the absence of
                                            manifest error. Notwithstanding anything herein to the contrary, any Existing Law shall be
                                            deemed to be a change in Law hereunder, regardless of the date enacted, adopted, issued or
                                            implemented.

 

    11 

     

    

 

		(e)	Successor
                                            Applicable Currency Benchmark Rate. Notwithstanding anything to the contrary in this
                                            Agreement or any other Transaction Document, if the Administrative Agent determines (which
                                            determination shall be conclusive absent manifest error) or the SPV or the Majority Purchasers
                                            notify the Administrative Agent (with, in the case of the Majority Purchasers, a copy to
                                            the SPV) that the SPV or the Majority Purchasers (as applicable) have determined that:

 

		(i)	the
                                            circumstances set forth in Clause 2.5(d)(i) (Inability to Determine Rates) have arisen
                                            and such circumstances are unlikely to be temporary, or

 

		(ii)	the
                                            circumstances set forth in Clause 2.5(d)(i) (Inability to Determine Rates) have not
                                            arisen but either:

 

		(A)	the
                                            supervisor for the administrator of such Applicable Currency Benchmark Rate has made a public
                                            statement that the administrator of such Applicable Currency Benchmark Rate is insolvent
                                            (and there is no successor administrator that will continue publication of such Applicable
                                            Currency Benchmark Rate),

 

		(B)	the
                                            administrator of such Applicable Currency Benchmark Rate has made a public statement identifying
                                            a specific date after which such Applicable Currency Benchmark Rate will permanently or indefinitely
                                            cease to be published by it (and there is no successor administrator that will continue publication
                                            of such Applicable Currency Benchmark Rate), or

 

		(C)	the
                                            supervisor for the administrator of such Applicable Currency Benchmark Rate or an Official
                                            Body having jurisdiction over the Administrative Agent or any Purchaser Agent has made a
                                            public statement identifying a specific date after which such Applicable Currency Benchmark
                                            Rate may no longer be used for determining interest rates for loans,

 

then, the Administrative
Agent, the SPV and the Servicers shall endeavour to establish an alternate rate of interest to such Applicable Currency Benchmark Rate
that gives due consideration to the then-prevailing market convention for determining a rate of interest for syndicated loans in the
United States, England or France, as applicable, at such time, and shall enter into an amendment to this Agreement and the other Transaction
Documents to reflect such alternate rate of interest and such other related changes to this Agreement and the other Transaction Documents
as may be applicable (but, for the avoidance of doubt, such related changes shall not include a reduction of the Applicable Margin).

 

Notwithstanding anything
to the contrary in Clause 12 (Amendments and Waivers), such amendment shall become effective without any further action or consent
of any other party to this Agreement so long as the Administrative Agent shall not have received, within five (5) Business Days of the
date notice of such alternate rate of interest is provided to the Purchaser Agents and the Purchasers, a written notice from the Majority
Purchasers of an objection to such amendment. Until an alternate rate of interest shall be determined in accordance with this Clause
2.5(e) (but, in the case of the circumstances described in clauses (A) and (B) above, only to the extent such Applicable Currency Benchmark
Rate for the applicable Currency and such Rate Period is not available or published at such time on a current basis), (1) the obligation
of the Purchasers to make or maintain Investments with Yield calculated by reference to such Applicable Currency Benchmark Rate shall
be suspended (to the extent of the affected Investments or Rate Periods), and (2) the related Applicable Currency Benchmark Rate component
shall no longer be utilized in determining the Alternate Rate, if applicable. Upon receipt of such notice, the SPV may revoke any pending
request for an Investment (to the extent of the affected Investment or Rate Periods) or, failing that, will be deemed to have converted
such request into a request for an Investment with Yield calculated at the Base Rate.

 

    12 

     

    

 

		(f)	Successor
                                            RFR.

 

		(i)	Notwithstanding
                                            anything to the contrary in this Agreement or any other Transaction Document, if the SPV
                                            or the Majority Purchasers notify the Administrative Agent (with, in the case of the Majority
                                            Purchasers, a copy to the SPV) that the SPV or the Majority Purchasers (as applicable) have
                                            determined that:

 

		(A)	the
                                            methodology, formula or other means of determining the RFR has, in the opinion of the Majority
                                            Purchasers or the SPV, materially changed;

 

		(B)	the
                                            administrator of the RFR or its supervisor publicly announces that such administrator is
                                            insolvent and there is no successor administrator to continue to provide the RFR;

 

		(C)	the
                                            administrator of the RFR publicly announces that it has ceased or will cease to provide the
                                            RFR permanently or indefinitely and, at that time, there is no successor administrator to
                                            continue to provide the RFR;

 

		(D)	the
                                            supervisor of the administrator of the RFR publicly announces that the RFR has been or will
                                            be permanently or indefinitely discontinued;

 

		(E)	the
                                            administrator of the RFR or its supervisor announces that the RFR may no longer be used;
                                            or

 

		(F)	the
                                            administrator of the RFR (or the administrator of an interest rate which is a constituent
                                            element of the RFR) determines that the RFR should be calculated in accordance with its reduced
                                            submissions or other contingency or fallback policies or arrangements and the circumstance(s)
                                            or event(s) leading to such determination are not (in the opinion of the Majority Purchasers
                                            and the SPV) temporary,

 

then the Administrative
Agent, the SPV and the Servicers shall endeavour to establish an alternate rate of interest to such RFR that gives due consideration
to the then-prevailing market convention for determining a rate of interest for syndicated loans in England at such time, and shall enter
into an amendment to this Agreement and the other Transaction Documents to reflect such alternate rate of interest and such other related
changes to this Agreement and the other Transaction Documents as may be applicable (but, for the avoidance of doubt, such related changes
shall not include a reduction of the Applicable Margin).

 

    13 

     

    

 

Notwithstanding anything
to the contrary in Clause 12 (Amendments and Waivers), such amendment shall become effective without any further action or consent
of any other party to this Agreement so long as the Administrative Agent shall not have received, within five (5) Business Days of the
date notice of such alternate rate of interest is provided to the Purchaser Agents and the Purchasers, a written notice from the Majority
Purchasers of an objection to such amendment. Until an alternate rate of interest shall be determined in accordance with this Clause
2.5(f), (1) the obligation of the Purchasers to make or maintain Investments with Yield calculated by reference to such RFR shall be
suspended (to the extent of the affected Investments or Rate Periods), and (2) the related RFR component shall no longer be utilized
in determining the Alternate Rate, if applicable. Upon receipt of such notice, the SPV may revoke any pending request for an Investment
(to the extent of the affected Investment or Rate Periods) or, failing that, will be deemed to have converted such request into a request
for an Investment with Yield calculated at the Base Rate.

 

		2.6	Yield,
                                            fees and other costs and expenses

 

		(a)	Subject
                                            to any limitation on recourse herein or in any other Transaction Document, the SPV shall
                                            pay, as and when due in accordance with this Agreement, the Fee Letters, the Servicing Deed
                                            or a Backup Servicing Agreement (if any), as the case may be, all fees hereunder and under
                                            the Fee Letters, Yield, all amounts payable pursuant to Clause 7 (Indemnification; expenses;
                                            related matters), if any, and the Agent Servicing Fees, SPV Servicing Fees and Backup
                                            Servicing Fees (if any) in accordance with the Priority of Payments.

 

		(b)	On
                                            each Settlement Date, the SPV shall pay (or shall cause the Paying Agent to pay) to the account
                                            of each Purchaser an amount equal to (i) the accrued and unpaid Yield for the related Rate
                                            Period allocable to such Purchaser, plus (ii) to the extent any Investment has been funded
                                            by a Conduit Purchaser an amount equal to the interest or discount accrued on such Conduit
                                            Purchaser's Commercial Paper to the extent such Commercial Paper was issued in order to fund
                                            any such Investment in an amount in excess of the amount actually borrowed by the SPV. Nothing
                                            in this Agreement or in any other Transaction Document shall limit in any way the obligations
                                            of the SPV to pay these amounts set forth in this Clause 2.6(b).

 

		2.7	Payments
                                            and computations, etc.

 

		(a)	The
                                            SPV (or the applicable Servicer on behalf of the SPV) shall, not later than (i) with respect
                                            to payments denominated in Euros, 2:00 p.m. London time, and (ii) with respect to payments
                                            denominated in Pounds or Dollars, 3:00 p.m. London time, on each Settlement Date and on any
                                            other Business Day on which any payment of Yield, fees or any other amounts due under any
                                            Transaction Document is due and payable, transfer to the Paying Agent in an account indicated
                                            under the heading "Payment Information" in Schedule 1 (Address and payment information)
                                            to the Master Framework Agreement, or otherwise specified in writing by the Paying Agent,
                                            such amount in the relevant Currency as shall be sufficient for the purposes of the payment
                                            of Yield, fees or any other amounts due under any Transaction Document in immediately available,
                                            freely transferable, cleared funds or in such funds and at such times (being not later than
                                            (i) with respect to payments denominated in Euros, 2:00 p.m. London time, and (ii) with respect
                                            to payments denominated in Pounds or Dollars, 3:00 p.m. London time) on the relevant due
                                            date (and if such day is not a Business Day, the Business Day preceding such day) as may
                                            be required under the Transaction Documents. The SPV (or the Paying Agent on its behalf)
                                            shall distribute all amounts received pursuant to any Transaction Document and owed to the
                                            Administrative Agent, a Purchaser Agent, a Conduit Purchaser or a Committed Purchaser, as
                                            applicable, no later than (i) with respect to payments denominated in Euros, 3:00 p.m. London
                                            time, and (ii) with respect to payments denominated in Pounds or Dollars, 4:00 p.m. London
                                            time, on the day when due in immediately available funds and such amounts shall be paid or
                                            deposited in the account of the Administrative Agent, such Purchaser Agent, Conduit Purchaser
                                            or Committed Purchaser, as applicable, indicated under the heading "Payment Information"
                                            in Schedule 1 (Address and payment information) to the Master Framework Agreement
                                            or as otherwise directed by such Person in writing, until otherwise notified by such Person.

 

    14 

     

    

 

		(b)	Pursuant
                                            to Clause 3.4 of the Servicing Deed, the applicable Servicer shall ensure that, not later
                                            than 6:00 p.m. (London time) on the Monthly Calculation Date for such Monthly Calculation
                                            Period, or after the occurrence of a Servicer Default which is continuing, the second (2nd)
                                            Business Day after any request from the Administrative Agent or any Purchaser Agent (in each
                                            case not later than two (2) Business Days preceding the date on which any payment is to be
                                            made by the Paying Agent pursuant to this Clause 2.7), the Paying Agent shall receive a Monthly
                                            Servicer Report which shall at a minimum set out the amounts of Yield, fees or any other
                                            amounts due under any Transaction Document to be paid on the relevant due date and the relevant
                                            currency for such payments.

 

		(c)	The
                                            Paying Agent shall promptly (in any event within one (1) Business Day of such missed payment)
                                            notify by email each of the Administrative Agent, the Purchaser Agents, the Purchasers, the
                                            Servicers and the SPV if it (i) has not received unconditionally the full amount required
                                            for any payment by the relevant date and time specified in this Clause 2.7 or (ii) has not
                                            made a payment in the full amount required for any payment by the relevant date and time
                                            specified in this Clause 2.7.

 

		(d)	Notwithstanding
                                            anything contained herein or any other Transaction Document to the contrary, each amount
                                            to be paid or deposited by the SPV hereunder (or by the applicable Servicer on behalf of
                                            the SPV pursuant to the Servicing Deed) shall be paid in a manner such that the amount to
                                            be paid or deposited is actually received by the Paying Agent, in accordance with the terms
                                            hereof (and of the Servicing Deed, as applicable), no later than (i) with respect to payments
                                            denominated in Euros, 2:00 p.m. London time, and (ii) with respect to payments denominated
                                            in Pounds or Dollars, 3:00 p.m. London time, on the day when due in immediately available
                                            funds. If the amount is payable to the Administrative Agent, a Purchaser Agent, a Conduit
                                            Purchaser or a Committed Purchaser it shall be paid or deposited in the account of the Administrative
                                            Agent, such Purchaser Agent, Conduit Purchaser or Committed Purchaser, as applicable, indicated
                                            under the heading "Payment Information" in Schedule 1 (Address and payment information)
                                            to the Master Framework Agreement or as otherwise directed by such Person in writing, until
                                            otherwise notified by such Person. The SPV (or the Paying Agent on its behalf) shall distribute
                                            all amounts received pursuant to any Transaction Document and owed to the Administrative
                                            Agent, a Purchaser Agent, a Conduit Purchaser or a Committed Purchaser, as applicable, no
                                            later than (i) with respect to payments denominated in Euros, 3:00 p.m. London time, and
                                            (ii) with respect to payments denominated in Pounds or Dollars, 4:00 p.m. London time, on
                                            the day when due in immediately available funds and such amounts shall be paid or deposited
                                            in the account of the Administrative Agent, such Purchaser Agent, Conduit Purchaser or Committed
                                            Purchaser, as applicable, indicated under the heading "Payment Information" in
                                            Schedule 1 (Address and payment information) to the Master Framework Agreement or
                                            as otherwise directed by such Person in writing, until otherwise notified by such Person.

 

    15 

     

    

 

		(e)	Notwithstanding
                                            anything contained herein or any other Transaction Document to the contrary, each of the
                                            parties hereto acknowledges and agrees that the Paying Agent may remit (i) on behalf of the
                                            Administrative Agent, each Purchaser Agent, Conduit Purchaser or Committed Purchaser, any
                                            Investment or any other fees or amounts due hereunder, directly to the SPV in the account
                                            indicated in Schedule 1 (Address and payment information) to the Master Framework
                                            Agreement in accordance with the terms hereof, and (ii) on behalf of the SPV, the applicable
                                            Servicer or any other Arrow Party, any payments of Yield, fees or any other amounts due under
                                            any Transaction Document directly to the Administrative Agent, any Purchaser Agent, Conduit
                                            Purchaser or Committed Purchaser, as the case may be, to the account of the Administrative
                                            Agent, such Purchaser Agent, Conduit Purchaser or Committed Purchaser, as applicable, indicated
                                            in Schedule 1 (Address and payment information) to the Master Framework Agreement,
                                            or as otherwise directed by such Person in writing, in accordance with the terms hereof.

 

		(f)	The
                                            SPV shall, to the extent permitted by Law, pay to the Purchasers in each Purchaser Group,
                                            upon demand, interest on any amount not paid or deposited when due hereunder at a rate equal
                                            to the Default Rate applicable to the Currency in which such amounts are denominated.

 

		(g)	All
                                            computations of Yield and per annum fees hereunder shall be made on the basis of a year of
                                            360 days for the actual number of days (unless stated otherwise, including the first but
                                            excluding the last day) elapsed. Any computations by a Purchaser Agent or the Administrative
                                            Agent of amounts payable by the SPV hereunder shall be conclusive and binding upon the SPV
                                            in the absence of manifest error.

 

		(h)	Notwithstanding
                                            anything contained herein or any other Transaction Document to the contrary, each of the
                                            parties hereto acknowledges and agrees that each amount to be paid or deposited hereunder
                                            or under any other Transaction Document by (i) the SPV (or by the applicable Servicer on
                                            behalf of the SPV pursuant to the Servicing Deed) shall be deemed to have been received by
                                            the Person to which it is to be paid when such amount to be paid or deposited is received
                                            in the account of such Person, and (ii) the Administrative Agent, any Purchaser Agent, any
                                            Conduit Purchaser or any Committed Purchaser shall be deemed to have been received by the
                                            Person to which it is to be paid when such amount to be paid or deposited is received in
                                            the account of the Paying Agent.

 

		2.8	Sharing
                                            of payments, etc.

 

If any Purchaser or Purchaser Agent
(for purposes of this Clause 2.8 only, being a "Recipient") shall obtain any payment (whether voluntary, involuntary,
through the exercise of any right of set-off, or otherwise) in respect of any Investment (other than (A) pursuant to the Fee Letters
or Clause 7 (Indemnification; Expenses; Related Matters); (B) as a result of the differences in the timing of the applications
of Collections pursuant to Clause 2.4 (Repayment of Investments and Yield) or the Servicing Deed; or (C) as a result of the different
methods for calculating Yield) in excess of its rateable share of payments on account of such Investment obtained by the Purchasers entitled
thereto, such Recipient shall forthwith purchase from the Purchasers entitled to a share of such amount participations in the portions
of its Investments as shall be necessary to cause such Recipient to share the excess payment rateably with each such other Person entitled
thereto; provided that if all or any portion of such excess payment is thereafter recovered from such Recipient, such purchase from each
such other Person shall be rescinded and each such other Person shall repay to the Recipient the purchase price paid by such Recipient
for such participation to the extent of such recovery, together with an amount equal to such other Person's rateable share (according
to the proportion of (a) the amount of such other Person's required payment to (b) the total amount so recovered from the Recipient)
of any interest or other amount paid or payable by the Recipient in respect of the total amount so recovered.

 

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		2.9	Right
                                            of set-off

 

Without in any way limiting the provisions
of Clause 5.1(j) (Collections received), the Administrative Agent, each Purchaser Agent and each Purchaser is hereby authorised
(in addition to any other rights it may have) at any time after the occurrence of the Termination Date due to the occurrence of an Event
of Default or Early Amortisation Event or during the continuance of an Event of Default or Early Amortisation Event to set off, appropriate
and apply (without presentment, demand, protest or other notice which are hereby expressly waived) any deposits and any other indebtedness
held or owing by the Administrative Agent, such Purchaser Agent or such Purchaser to, or for the account of, the SPV against the amount
of the Aggregate Unpaids owing by the SPV to such Person or to the Administrative Agent or such Purchaser Agent on behalf of such Person.

 

		2.10	Proceeds
                                            of Subordinated Loans

 

		(a)	On
                                            the Initial Investment Date, the applicable SPV Servicer, on behalf of the SPV, shall request
                                            a Subordinated Loan in an amount equal to the excess of (i) the aggregate purchase price
                                            of the Receivables to be transferred to the SPV pursuant to the applicable Sale Agreement,
                                            over (ii) the aggregate amount of the Investments made by the Purchasers to the SPV on the
                                            Initial Investment Date in respect of such Receivables.

 

		(b)	If
                                            on any day the SPV has insufficient funds to pay the full purchase price of Receivables to
                                            be purchased on such day pursuant to, and in accordance with the terms and conditions of,
                                            the Sale Agreements, the applicable SPV Servicer, on behalf of the SPV, shall request a Subordinated
                                            Loan on such day in amount equal to such insufficiency in accordance with the Subordinated
                                            Loan Agreement.

 

		3.	Representations
                                            and Warranties of the SPV

 

The SPV represents and warrants to
the Administrative Agent, the Purchaser Agents, the Purchasers, the Security Trustee and the Paying Agent, that, on the Closing Date
and on each Purchase Date, Investment Date and Settlement Date:

 

		(a)	Corporate
                                            existence; Compliance with Law. It (i) is duly organised and validly existing under the
                                            laws of the jurisdiction of its organisation, (ii) has all corporate power and all licenses,
                                            authorizations, consents and approvals of all Official Bodies required to perform its obligations
                                            under the Transaction Documents and to carry on its business in each jurisdiction in which
                                            its business is now and proposed to be conducted (except where such failure to have any such
                                            licenses, authorizations, consents and approvals would not individually or in the aggregate
                                            have a Material Adverse Effect), (iii) to the extent applicable, 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, (iv)
                                            is in compliance with all requirements of Law, and (v) is not established in a third country
                                            referred to in Article 4 of the EU Securitisation Regulation or in Article 4 of the UK Securitisation
                                            Regulation.

 

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		(b)	Corporate
                                            power; Authorization; Enforceable Obligations.

 

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

 

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

 

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

 

		(iv)	This
                                            Agreement constitutes, and each other Transaction Document to which the SPV is a party when
                                            executed and delivered will constitute, a legal, valid and binding obligation of the SPV
                                            enforceable against the SPV in accordance with its terms, except as enforceability may be
                                            limited by (i) applicable Insolvency Laws and (ii) general equitable principles (whether
                                            enforceability of such principles is considered in a proceeding at law or in equity).

 

		(c)	No
                                            Legal Bar. The execution, delivery and performance of the Transaction Documents to which
                                            the SPV is a party and the use of proceeds of Investments hereunder will not violate (i)
                                            any Law, (ii) any agreement or instrument binding on or affecting any of its assets, (iii)
                                            any writ, order, judgment, award, injunction, decree or other instrument binding on or affecting
                                            it or any of its assets, or (iv) its Organic Documents, and will not result in, or require,
                                            the creation or imposition of any Adverse Claim upon or with respect to any of its assets
                                            (other than any Adverse Claim created or permitted pursuant to the Transaction Documents).

 

		(d)	Receivables
                                            and Related Rights. (i) Each Receivable and its Related Rights is owned by the SPV, free
                                            and clear of any Adverse Claim (other than any Adverse Claim created or permitted pursuant
                                            to the Transaction Documents) immediately prior to the sale (if applicable) of the Sold Receivables
                                            and Sold Receivable Related Rights contemplated by Clause 2.1 (Agreement for Sale and
                                            Purchase), and (ii) at all times on and after the sale of the Sold Receivables and Sold
                                            Receivable Related Rights pursuant to Clause 2.1 (Agreement for Sale and Purchase)
                                            until the Final Payout Date (A) all actions to be taken in order to perfect and protect the
                                            ownership or security interest rights, as applicable, of the Administrative Agent and the
                                            Security Trustee (also in its capacity as mandatario con rappresentanza pursuant to
                                            and for the purposes of Italian law) in the Receivables and Related Rights against any Adverse
                                            Claim (other than any Adverse Claim created or permitted pursuant to the Transaction Documents)
                                            will have been duly taken in each jurisdiction necessary for such purpose, (B) all registrations,
                                            financing statements, notices, instruments and documents required to be recorded or filed
                                            in order to perfect and protect the ownership or security interest rights, as applicable,
                                            of the Administrative Agent and the Security Trustee (also in its capacity as mandatario
                                            con rappresentanza pursuant to and for the purposes of Italian law) in the Receivables
                                            and Related Rights against any Adverse Claim (other than any Adverse Claim created or permitted
                                            pursuant to the Transaction Documents) or the rights of any creditor of, or purchaser from,
                                            the SPV or any Arrow Party will have been duly made, recorded or filed in or on the appropriate
                                            registration or filing office, Official Body or other Person in each jurisdiction necessary
                                            for such purpose, and (C) all fees and taxes, if any, payable in connection with such actions,
                                            registrations, filings and other documents shall have been paid in full.

 

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

 

		(f)	Tax
                                            status. It has (i) timely filed all tax returns required to be filed, and (ii) paid or
                                            made adequate provision for the payment of all taxes, assessments and other governmental
                                            charges except any such taxes, assessments or charges which are being diligently contested
                                            in good faith by appropriate proceedings and for which adequate reserves in accordance with
                                            GAAP have been set aside on its books.

 

		(g)	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 SPV or against any of its assets or with respect
                                            to any of the Transaction Documents or any of the transactions contemplated thereby.

 

		(h)	Use
                                            of proceeds. The SPV will use the proceeds of each Investment only for the purchase of
                                            Receivables and Related Rights pursuant to the Sale Agreements and other purposes in accordance
                                            with the Transaction Documents and applicable Law.

 

		(i)	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 on Schedule 4 (Location of certain offices).

 

		(j)	Subsidiaries;
                                            trade names, etc. The SPV (i) has no Subsidiaries or divisions, no branch office in any
                                            jurisdiction, no employees and no premises, (ii) has not done business under any trade name
                                            or other name other than its legal name, (iii) has not engaged in any activities since its
                                            incorporation other than the activities referred to in or contemplated by the Transaction
                                            Documents, and (iv) since the date of its incorporation, has not changed its name, merged
                                            with or into or consolidated with any other Person or been the subject of any proceedings
                                            under any Insolvency Law.

 

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		(k)	Good
                                            title. At all times on and after the Closing Date, or in the case of Receivables and
                                            Related Rights of Persons becoming Originators after the Closing Date, the Initial Effective
                                            Date with respect to such Person, until the Final Payout Date, (i) the Administrative Agent
                                            (on behalf of the Purchasers) shall have a valid and enforceable ownership interest in the
                                            Sold Receivables and Sold Receivable Related Rights, free and clear of any Adverse Claim
                                            (other than any Adverse Claim created or permitted pursuant to the Transaction Documents);
                                            and (ii) the Security Trustee (on behalf of the Secured Parties) shall have a first priority
                                            perfected security interest in the Unsold Receivables, Unsold Receivable Related Rights and
                                            the Accounts.

 

		(l)	Eligibility
                                            of Receivables. Each Receivable that is treated as an Eligible Receivable for purposes
                                            of any Monthly Servicer Report is in fact an Eligible Receivable as of the date of such Monthly
                                            Servicer Report, and each Receivable which is included in the calculation of any Net Eligible
                                            Receivables Balance as of the date of any Monthly Servicer Report is in fact an Eligible
                                            Receivable and not a Defaulted Receivable at such time. To the best of the SPV's knowledge,
                                            there is no fact (including any default by the Obligor thereunder or under any other Receivable)
                                            that has caused it, or should have caused it, to expect any payments on such Receivable not
                                            to be paid in full when due or that is reasonably likely to cause or result in any other
                                            Material Adverse Effect with respect to such Receivable. On and after the occurrence of a
                                            Level I Rating Event any and all German Receivables governed by German law which arise under
                                            a Contract that contains a restriction on assignment shall not be Eligible Receivables.

 

		(m)	Coverage
                                            Test. The Coverage Test is satisfied.

 

		(n)	Credit
                                            and Collection Policy. Since the Closing Date, or in the case of Persons becoming Originators
                                            after the Closing Date, the Initial Effective Date with respect to such Persons, there have
                                            been no material changes in any Credit and Collection Policy other than changes not in violation
                                            of, and for which the Majority Purchasers have received notice or provided consent, as applicable,
                                            in accordance with, this Agreement and the Transaction Documents.

 

		(o)	Material
                                            Adverse Effect. Since the Closing Date, there has been no Material Adverse Effect.

 

		(p)	No
                                            Event of Default or Early Amortisation Event. No event has occurred and is continuing
                                            which constitutes or may reasonably be expected to constitute an Event of Default or an Early
                                            Amortisation Event.

 

		(q)	Accounts.
                                            The names and addresses of all the Account Banks, together with the account numbers of the
                                            Accounts at such Account Banks, are specified in Schedule 3 (Accounts) or at such
                                            other Account Banks and/or with such other Accounts as have been notified to the SPV and
                                            the Administrative Agent and for which an Account Agreement has been executed and delivered
                                            to the Security Trustee in accordance herewith. All Accounts are subject to a valid and enforceable
                                            Account Agreement and the Security Trustee, on behalf of the Secured Parties, has a valid
                                            and perfected security interest or trust in each Account, free and clear of any Adverse Claim
                                            (other than any Adverse Claim created or permitted pursuant to the Transaction Documents).

 

    20 

     

    

 

		(r)	Transfers
                                            under the Sale Agreements. Each Receivable has been purchased by the SPV pursuant to,
                                            and in accordance with, the terms of a Sale Agreement.

 

		(s)	No
                                            voidability. (i) The SPV has given reasonably equivalent value and/or fair market value
                                            under applicable Law to each Originator in consideration for the transfer to it of the Receivables
                                            and their Related Rights, and (ii) the Administrative Agent has given reasonably equivalent
                                            value and/or fair market value under applicable Law to the SPV in consideration for the transfer
                                            to it of the Sold Receivables and Sold Receivable Related Rights, and, in each case, each
                                            such transfer has not been made for or on account of an antecedent debt owed by any such
                                            seller to any Person and no such transfer is or may be voidable under any Insolvency Law.

 

		(t)	Investment
                                            Company Act and Volcker Rule. The SPV (i) is not a "covered fund" under the
                                            Volcker Rule and (ii) is not, and is not controlled by, an "investment company"
                                            within the meaning of the Investment Company Act or is exempt from all provisions of the
                                            Investment Company Act. In determining that the SPV is not an investment company, the SPV
                                            is relying on the exemption from the definition of "investment company" set forth
                                            in Section 3(c)(5) of the Investment Company Act.

 

		(u)	Data
                                            Protection. Either (i) no Data Protection Law is applicable to the Receivables or (ii)
                                            the SPV is in compliance in all material respects with all applicable Data Protection Laws
                                            applicable to it or its business or assets. All authorisations required under the GDPR necessary
                                            for the conduct of its business, trade and ordinary activities have been obtained or effected
                                            and are in full force and effect.

 

		(v)	Choice
                                            of law. The choice of English, German and Dutch law (as the case may be), and each other
                                            governing law of any Transaction Document entered into after the Closing Date, as the governing
                                            law of the Transaction Documents will be recognised and enforced in the SPV's jurisdiction.
                                            Any judgment obtained in England, Germany or the Netherlands (as the case may be), or such
                                            other applicable jurisdiction, in relation to any Transaction Document will be recognised
                                            and enforced in the SPV's jurisdiction.

 

		(w)	Governing
                                            Law of Receivables. Each Receivable that is treated as an Eligible Receivable for purposes
                                            of any Monthly Servicer Report is governed by the Laws of an Agreed Receivable Jurisdiction.

 

		(x)	Tax.
                                            Under the Laws of the SPV's jurisdiction of incorporation and tax residence, (a) it is not
                                            necessary that any stamp, registration or similar tax be paid on or in relation to any Transaction
                                            Document or any transaction contemplated thereunder, and (b) the SPV is not required to make
                                            any withholding or deduction on account of tax from any payment it may make (or be deemed
                                            to make) under any Transaction Document (including interest accruing after a payment default).

 

		(y)	Consolidation.
                                            The SPV's assets and liabilities are consolidated with the assets and liabilities of the
                                            Parent for purposes of reporting under GAAP.

 

		(z)	Anti-Corruption
                                            Laws and Sanctions. The SPV has implemented and maintains in effect policies and procedures
                                            designed to ensure compliance by the SPV and its subsidiaries, directors, officers, and,
                                            to the extent commercially reasonable, affiliates, employees or agents, with Anti-Corruption
                                            Laws and applicable Sanctions. The SPV and its subsidiaries, directors and officers and,
                                            to the best knowledge of the SPV, its affiliates, employees and agents, are in compliance
                                            with Anti-Corruption Laws and applicable Sanctions in all material respects. None of (i)
                                            the SPV and its subsidiaries, directors and officers or, to the knowledge of the SPV, any
                                            of its affiliates or employees, or (ii) to the knowledge of the SPV, any advisor or agent
                                            of the SPV 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.

 

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		(aa)	Tax
                                            Residency. The SPV 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.

 

		(bb)	EEA
                                            Financial Institutions. The SPV is not an EEA Financial Institution.

 

		(cc)	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 and it has no "establishment" (as
                                            that term is used in Article 2(10) of the EU Insolvency Regulation) in any other jurisdiction.

 

		(dd)	Pari
                                            Passu. The claims of the other parties against it under the Transaction Documents to
                                            which it is a party rank at least pari passu with the claims of all its other unsecured
                                            creditors save those whose claims are preferred by any applicable Insolvency Law.

 

		4.	Conditions
                                            Precedent

 

		4.1	Conditions
                                            precedent to Closing Date

 

The occurrence of the Closing Date
and the effectiveness of the Commitments hereunder shall be subject to the conditions precedent that (x) all amounts required to be paid
on or prior to the Closing Date pursuant to the Fee Letters shall have been paid in full, (y) the fees and expenses described in Clause
7.4(a) (Other costs and expenses) and invoiced prior to the Closing Date shall have been paid in full, and (z) the SPV shall have
delivered, or caused to be delivered, to the Administrative Agent, for itself and each of the Purchasers, each of the following documents
in form and substance satisfactory to the Administrative Agent and each Purchaser Agent:

 

		(a)	Copies
                                            of this Agreement and each of the other Transaction Documents (other than the Backup Servicing
                                            Agreement or certain Account Agreements pursuant to Clause 6.2(h) (Accounts) of the
                                            German Sale Agreement or Clause 6.2(h) (Accounts) of the English Sale Agreement),
                                            duly executed and delivered by each of the parties thereto;

 

		(b)	A
                                            certificate of an authorised representative of the SPV certifying and attaching (1) the Organic
                                            Documents of the SPV, (2) resolutions of the board of directors of the SPV authorising the
                                            execution, delivery and performance by the SPV of the Transaction Documents to be delivered
                                            by the SPV hereunder and thereunder, (3) resolutions of the shareholder of the SPV authorising
                                            the execution, delivery and performance by the SPV of the Transaction Documents to be delivered
                                            by the SPV hereunder and thereunder, and (4) the incumbency, authority and signature of each
                                            of its authorised representatives executing the Transaction Documents or any certificates
                                            or other documents delivered hereunder or thereunder on its behalf;

 

    22 

     

    

 

		(c)	A
                                            certificate of an authorised representative of each Originator, each Agent Servicer, each
                                            SPV Servicer, the Parent and the Subordinated Lender certifying and attaching (1) copies
                                            of the Organic Documents of such Arrow Party, (2) resolutions of the board of directors or
                                            other governing body and, if required, the shareholders of such Arrow Party authorising the
                                            execution, delivery and performance by it of each Transaction Document to be delivered by
                                            it hereunder or thereunder, (3) all other documents evidencing necessary corporate action
                                            (including shareholder consents) and government approvals, if any, (4) the incumbency, authority
                                            and signature of each of its authorised representatives executing the Transaction Documents
                                            or any certificates or other documents delivered hereunder or thereunder on its behalf, and
                                            (5) to the extent available in the applicable jurisdiction, a good standing certificate (or
                                            equivalent) for such Arrow Party issued by a government official of its jurisdiction of incorporation
                                            or organisation, as applicable;

 

		(d)	To
                                            the extent generally available in the applicable jurisdiction, company searches or other
                                            similar searches required by the Administrative Agent or any Purchaser Agent, in each case,
                                            against each Arrow Party and the SPV on or around the Closing Date with respect to any other
                                            security interests or other Adverse Claims then existing with respect to the Receivables
                                            and associated Related Rights or any Contract;

 

		(e)	Legal
                                            opinions of counsel to the SPV, the Arrow Parties or the Administrative Agent, as applicable,
                                            covering such matters as the Administrative Agent and the Purchaser Agents may reasonably
                                            request, in form and substance reasonably satisfactory to the Administrative Agent and the
                                            Purchaser Agents;

 

		(f)	A
                                            favourable EU risk retention memorandum delivered by Milbank and addressed to the Administrative
                                            Agent, in form and substance reasonably satisfactory to the Administrative Agent;

 

		(g)	Satisfactory
                                            results of a review and audit of each Originator's collection, operating and reporting systems,
                                            the Credit and Collection Policy, historical receivables data and accounts, including satisfactory
                                            results of a review of such Originator's operating locations and satisfactory review and
                                            approval of the Eligible Receivables in existence on the date of the initial purchases under
                                            the relevant Sale Agreements;

 

		(h)	Evidence
                                            of establishment of each of the Accounts;

 

		(i)	The
                                            most recent audited and reviewed consolidated financial statements of Arrow shall have been
                                            provided;

 

		(j)	All
                                            documentation and other information required by regulatory authorities under applicable "know
                                            your customer" and anti-money laundering rules and regulations, in each case, at least
                                            five (5) days prior to the Closing Date;

 

		(k)	To
                                            the extent the SPV qualifies as a "legal entity customer" under the Beneficial
                                            Ownership Regulation, at least five (5) days prior to the Closing Date, a Beneficial Ownership
                                            Certification in relation to the SPV;

 

		(l)	Any
                                            powers of attorney which the Administrative Agent, the SPV or the Security Trustee may reasonably
                                            request in accordance with the Transaction Documents; and

 

		(m)	Any
                                            other approvals, instruments, certificates, opinions and other documents which the Administrative
                                            Agent or any Purchaser may reasonably request.

 

    23 

     

    

 

		4.2	Conditions
                                            precedent to all Investments

 

Each Investment hereunder shall be
subject to the conditions precedent that, on the date of such Investment, the following statements are true (and the SPV by accepting
the amount of such Investment shall be deemed to have certified that):

 

		(a)	The
                                            representations and warranties contained in Clause 3 (Representations and warranties of
                                            the SPV) are true, complete and correct in all material respects with the same force
                                            and effect as if made on and as of such date (except that any representation or warranty
                                            which by its terms is made as of an earlier date shall be true and correct in all material
                                            respects as of such earlier date);

 

		(b)	The
                                            making of such Investment does not violate any provision of Clause 2.1 (Agreement for
                                            Sale and Purchase);

 

		(c)	The
                                            Administrative Agent and each Purchaser Agent shall have received an Investment Request (which
                                            may be attached to a Monthly Servicer Report), appropriately completed, within the time period
                                            required by Clause 2.3 (Purchase procedures);

 

		(d)	The
                                            Administrative Agent and each Purchaser Agent shall have received a Monthly Servicer Report
                                            with respect to the proposed Investment Date in accordance with Clause 3.4 (Reports)
                                            of the Servicing Deed (and solely with respect to the initial Investment Date, a Monthly
                                            Servicer Report with respect to the proposed Investment Date no later than five (5) Business
                                            Days prior to the initial Investment Date in form and substance satisfactory to the Administrative
                                            Agent) and the information set forth therein shall be true, complete and correct in all material
                                            respects;

 

		(e)	No
                                            Event of Default, Potential Event of Default, Early Amortisation Event or Potential Early
                                            Amortisation Event has occurred and is continuing;

 

		(f)	The
                                            Termination Date has not occurred;

 

		(g)	Solely
                                            with respect to the initial Investment Date, Mont Blanc Capital Corp has received a favourable
                                            ratings confirmation from S&P;

 

		(h)	Solely
                                            with respect to the initial Investment Date, payment of all the reasonable and documented
                                            fees and disbursements of the Administrative Agent’s special counsel, Mayer Brown LLP,
                                            which may be deducted from the proceeds of such initial Investment; and

 

		(i)	Any
                                            Subordinated Loan requested on the date of such Investment shall have been (or shall simultaneously
                                            with such Investment be) made by the Subordinated Lender.

 

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		5.	Covenants

 

		5.1	Affirmative
                                            covenants of the SPV

 

At all times from the Closing Date
to the Final Payout Date, unless the Majority Purchasers shall otherwise consent in writing in accordance with Clause 12 (Amendments
and Waivers):

 

		(a)	Accounting.
                                            The SPV shall maintain a system of accounting established and administered in accordance
                                            with GAAP.

 

		(b)	Reporting
                                            requirements. The SPV shall furnish (or cause to be furnished) to the Administrative
                                            Agent and each Purchaser Agent:

 

		(i)	Annual
                                            reporting. As soon as available but in any event not later than the later of the date
                                            permitted by Law and 120 days after the end of each fiscal year of the SPV, a copy of the
                                            audited balance sheet of the SPV as at the end of such year and the related statements of
                                            operations and shareholders' equity and cash flows for such year, setting forth in each case
                                            in comparative form the figures for the previous year, reported on without a "going
                                            concern" or like qualification or exception, or qualification arising out of the scope
                                            of the audit by any independent certified public accountants of nationally recognised standing
                                            reasonably acceptable to the Administrative Agent.

 

		(ii)	Quarterly
                                            reporting. As soon as available but in any event within sixty (60) days after the end
                                            of each of the first three (3) quarterly periods of each fiscal year of the SPV, the unaudited
                                            consolidated balance sheet of the SPV as at the end of such quarter and the related unaudited
                                            consolidated statements of operations and shareholders' equity and of cash flows of the SPV
                                            for such quarter and the portion of the fiscal quarter through the end of such quarter, setting
                                            forth in each case in comparative form the figures for such quarter of the previous year,
                                            certified by its director of finance or chief financial officer as fairly presenting in all
                                            material respects when considered in relation to the consolidated financial statements of
                                            the SPV (subject to normal year-end audit adjustments).

 

		(iii)	Compliance
                                            certificates. Concurrently with the delivery of the financial statements referred to
                                            in clauses (i) and (ii) above, a certificate of the director of the SPV, stating that (x)
                                            the attached financial statements have been prepared in accordance with GAAP and accurately
                                            reflect the financial condition of the SPV, and (y) to the best of such Person’s knowledge,
                                            no Potential Event of Default, Event of Default, Potential Early Amortisation Event or Early
                                            Amortisation Event exists, or if any Potential Event of Default, Event of Default, Potential
                                            Early Amortisation Event or Early Amortisation Event exists, stating the nature and status
                                            thereof.

 

		(iv)	Notice
                                            of Events of Default, Early Amortisation Events, etc. (A) As soon as possible and in
                                            any event within two (2) Business Days after the SPV obtains knowledge of the occurrence
                                            of any Event of Default, Potential Event of Default, Early Amortisation Event or Potential
                                            Early Amortisation Event a statement of a director setting out details of such Event of Default,
                                            Potential Event of Default, Early Amortisation Event or Potential Early Amortisation Event
                                            and the action which it proposes to take with respect thereto, which information shall be
                                            updated promptly from time to time; (B) promptly after the SPV obtains knowledge thereof,
                                            notice of any litigation, investigation or other proceedings that may exist at any time between
                                            it and any Person, notice of such litigation, investigation or proceedings; and (C) promptly
                                            after the occurrence thereof, notice of a Material Adverse Effect.

 

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		(v)	Credit
                                            and Collection Policy. Within (x) ten (10) Business Days after the date any material
                                            change in or amendment to the Credit and Collection Policy is made, a copy of the Credit
                                            and Collection Policy then in effect indicating such change or amendment, and (y) one hundred
                                            twenty (120) days after the close of the Parent's fiscal years, a complete copy of the Credit
                                            and Collection Policy then in effect.

 

		(vi)	Change
                                            in auditors or Accounting Policy. Promptly, notice of any change in the auditors or material
                                            change in the accounting policy of the SPV.

 

		(vii)	Information
                                            under Transaction Documents. Promptly upon its receipt of any report, information, notice
                                            or other document delivered by any Arrow Party to the SPV pursuant to any Transaction Document
                                            and not concurrently delivered to the Administrative Agent, a copy of the same.

 

		(viii)	Corporate
                                            Services Provider Annual Fee. As soon as reasonably available but in any event prior
                                            to the last day of each fiscal year of Arrow, with a copy to each Servicer, the Corporate
                                            Services Provider Annual Fee for the immediately following fiscal year of Arrow.

 

		(ix)	Other
                                            information. Such other information (including non-financial information) as the Administrative
                                            Agent or any Purchaser Agent may from time to time reasonably request with respect to the
                                            SPV, the Arrow Parties or the Receivables and associated Related Rights including, for the
                                            avoidance of doubt, for purposes of compliance with applicable "know your customer"
                                            and anti-money laundering rules and regulations.

 

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

 

		(d)	Compliance
                                            with Laws. The SPV shall comply with all Laws to which it or its assets may be subject,
                                            except to the extent that the failure to comply therewith would not be expected to have a
                                            Material Adverse Effect.

 

		(e)	Inspection
                                            of records. The SPV shall (or shall require the Servicers and/or the Originators to),
                                            at any time and from time to time during regular business hours, upon reasonable notice under
                                            the circumstances, and subject to applicable Law (including applicable Data Protection Law)
                                            permit the Administrative Agent and any Purchaser Agents that wants 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 Receivables and associated Related Rights, including any related Contracts in its
                                            possession or in the possession of the Servicers and/or Originators, and (ii) to visit the
                                            offices of the SPV, for the purpose of examining such materials.

 

    26 

     

    

 

		(f)	Performance
                                            discussions. The SPV shall (or shall require the Servicers and/or the Originators to),
                                            upon ten (10) Business Days' prior written notice from the Administrative Agent and any Purchaser
                                            Agents that want to participate, permit such Persons at any time to visit the offices of
                                            the SPV to discuss any information or records delivered pursuant to Clause 5.1(e) (Inspection
                                            of Records) above and other matters relating to the Receivables and associated Related
                                            Rights or the SPV's performance hereunder, under the Contracts and under the other Transaction
                                            Documents with any of the officers, directors, relevant employees or auditors of the SPV
                                            having knowledge of such matters.

 

		(g)	Keeping
                                            of records and books of account. The SPV shall (or shall require the Servicers and/or
                                            the Originators to) maintain and implement administrative and operating procedures (including
                                            an ability to recreate records evidencing Receivables and any related Contracts 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 (including records adequate to permit the daily identification
                                            of each new Receivable and all Collections of and adjustments to each existing Receivable).
                                            The SPV shall give the Administrative Agent and each Purchaser Agent and the Purchasers prompt
                                            notice of any material change in its administrative and operating procedures referred to
                                            in the previous sentence.

 

		(h)	Performance
                                            and compliance with Receivables and Contracts and Credit and Collection Policy. The SPV
                                            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; and (ii) not act in any way inconsistent with any Credit and
                                            Collection Policy in all material respects.

 

		(i)	Collections.
                                            (i) Prior to the Account Redirection Date, the SPV shall (or shall require the Servicers
                                            and/or the Originators to) instruct all 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 SPV shall (or shall require the Servicers and the Originators to) instruct, in
                                            a manner satisfactory to the Administrative Agent and each Purchaser Agent, all Obligors
                                            to cause all Collections to be deposited directly to an SPV Account. Notwithstanding anything
                                            to the contrary in this Agreement or any other Transaction Document, if an Obligor of any
                                            Receivable is or, subsequent to the sale and transfer of such Receivable to the Administrative
                                            Agent (to be held on trust for the benefit of the Purchasers), becomes an Excluded Obligor,
                                            the SPV (or any Servicer on its behalf) will, within five (5) Business Days of becoming aware
                                            that an Obligor is an Excluded Obligor, instruct such Obligor to deliver payments on such
                                            Receivable to any account, postal box or other location other than a Collection Account or
                                            an SPV Account. The SPV shall not permit Collections on Receivables, the Obligors of which
                                            are Excluded Obligors, to be deposited into any Collection Account or SPV Account, except
                                            for Deemed Collections on Receivables, the Obligors of which are Excluded Obligors, to be
                                            deposited into any Collection Account or SPV Account. If such Collections are nevertheless
                                            deposited into any Collection Account or SPV Account, the SPV (or any Servicer on its behalf)
                                            will within five (5) Business Days identify and transfer such funds out of the applicable
                                            Collection Account or SPV Account.

 

		(j)	Collections
                                            received. The SPV shall hold in trust (or to the extent the concept of trust is not recognised
                                            in a relevant jurisdiction, on behalf of) all Collections (including, in the case of paragraph
                                            (ii) below, any Collections received or deposited into any Collection Account) received by
                                            it from time to time for the benefit of the Secured Parties and (i) at any time prior to
                                            the Account Redirection Date, deposit such Collections immediately after its receipt thereof,
                                            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 after receipt thereof, to an SPV Account
                                            (unless those Collections have already been paid into an SPV Account).

 

    27 

     

    

 

		(k)	Accounts.
                                            The SPV (or the Servicers on the SPV's behalf) shall procure that each Account shall at all
                                            times be subject to an Account Agreement and that only Collections and any other amounts
                                            expressly permitted hereunder are received into the Accounts.

 

		(l)	Sale
                                            treatment. Subject to applicable GAAP, the SPV shall not account for, or otherwise treat,
                                            the transactions contemplated by the Sale Agreements in any manner other than as a sale of
                                            Receivables and associated Related Rights by the relevant Originator to the SPV. In addition,
                                            the SPV shall disclose (in a footnote or otherwise) in all of its financial statements the
                                            existence and nature of the transaction contemplated hereby and by the Sale Agreements and
                                            the ownership, as applicable, of the SPV and the Administrative Agent, on behalf of the Secured
                                            Parties, in the Receivables and associated Related Rights.

 

		(m)	Limitation
                                            on business activities. The SPV shall not engage in any business or transactions other
                                            than the transactions contemplated by the Transaction Documents and activities reasonably
                                            incidental thereto. The officers and directors of the SPV (as appropriate) shall make decisions
                                            with respect to the business and daily operations of the SPV independently from and not dictated
                                            by any controlling Person.

 

		(n)	Corporate
                                            Documents. The SPV shall only amend, alter, change or repeal its Organic Documents with
                                            the prior written consent of the Majority Purchasers.

 

		(o)	Security
                                            interest, etc. The SPV shall, at its expense, take (or cause to be taken) all action
                                            necessary or desirable to establish and maintain in favour of the Security Trustee (also
                                            in its capacity as mandatario con rappresentanza pursuant to and for the purposes
                                            of Italian law) for the benefit of the Secured Parties a valid and enforceable first priority
                                            perfected security interest in the Unsold Receivables, the Unsold Receivable Related Rights
                                            and the Accounts, free and clear of any Adverse Claim (other than any Adverse Claim created
                                            or permitted pursuant to the Transaction Documents), and shall promptly execute and deliver
                                            all documents and take any other such actions which may be necessary or reasonably requested
                                            by the Administrative Agent to perfect, protect or more fully evidence such security interest.

 

		(p)	Enforcement
                                            of the Transaction Documents. The SPV, on its own behalf and on behalf of the Administrative
                                            Agent and each Purchaser Group, shall promptly procure compliance with and/or, as appropriate,
                                            enforce all covenants granted in its favour and other obligations of the SPV and the Arrow
                                            Parties contained in the Transaction Documents.  The SPV shall deliver consents, approvals,
                                            directions, notices and waivers and take other actions under any Transaction Document as
                                            may be directed by the Administrative Agent (acting at the direction of the Specified Purchasers
                                            or, solely with respect to Clause 7.1 of the German Sale Agreement, all Purchaser Agents);
                                            provided that, solely with respect to (i) the SPVs rights under Clause 4.1(b)(ii) of the
                                            German Sale Agreement and Clause 4.1(b)(i) of the English Sale Agreement, the Administrative
                                            Agent shall only direct the SPV on and after the Account Redirection Date, and (ii) the SPVs
                                            rights under Clause 4.1(b)(iii) of the German Sale Agreement and Clause 4.1(b)(ii) of the
                                            English Sale Agreement, the Administrative Agent shall only direct the SPV after the occurrence
                                            of an Early Amortization Event or an Event of Default.

 

    28 

     

    

 

		(q)	Separateness.

 

		(i)	The
                                            SPV shall pay its own liabilities out of its own funds.

 

		(ii)	The
                                            SPV shall hold itself out and identify itself as a separate and distinct Person under its
                                            own name and not as a division or part of any other Person.

 

		(iii)	The
                                            SPV shall promptly correct any misunderstanding of which it has knowledge regarding its separate
                                            existence and identity.

 

		(iv)	The
                                            SPV shall prepare and maintain its own full and complete books, records and financial statements
                                            separate from any other Person. The SPV's financial statements will comply with GAAP.

 

		(v)	The
                                            SPV shall maintain at least one bank account in its own name.

 

		(vi)	The
                                            SPV shall not assume or guarantee or become obligated for any debts of any Person and no
                                            Person will assume or guarantee or become obligated for the debts of the SPV, other than
                                            as provided in the Transaction Documents. The SPV will not hold its credit out as being available
                                            to satisfy the obligations of any other Persons.

 

		(vii)	The
                                            SPV shall not acquire obligations or securities of any Person except as otherwise expressly
                                            contemplated in the Transaction Documents. The SPV will not make loans, advances or otherwise
                                            extend credit to any Person except as expressly contemplated by the Transaction Documents.

 

		(viii)	Except
                                            to the extent provided in the Transaction Documents, the SPV shall not commingle any of its
                                            money or other assets with the money or assets of any other Person.

 

		(ix)	Except
                                            as expressly contemplated in the Transaction Documents, the SPV shall engage in transactions
                                            and conduct all other business activities solely in its own name and through its own authorised
                                            officers and agents. The SPV will present itself to the public as a separate company. Except
                                            to the extent provided in, or anticipated by, the Transaction Documents, no Person will be
                                            appointed agent of the SPV.

 

		(x)	The
                                            SPV shall duly observe, in a timely manner in all material respects, all material obligations,
                                            including any filing and publication requirements, of a limited company incorporated under
                                            the Laws of the Netherlands.

 

		(r)	Join
                                            in legal proceedings. If the Administrative Agent so requires, the SPV shall participate
                                            in or join in and lend its name to, and take such other steps as may be required by the Administrative
                                            Agent (as the case may be) in relation to any legal proceedings in relation to the Receivables
                                            and associated Related Rights or the Transaction Documents brought by the Administrative
                                            Agent.

 

    29 

     

    

 

 

		(s)	Registrations.
                                            The SPV shall (or shall cause the Servicers and/or the Originators to) effect and maintain
                                            all required registrations and filings in respect of the SPV and make, file or record (and
                                            maintain the making, filing or recording of) any registration, notice or other document required
                                            to be restated, filed or recorded with any Official Body.

 

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

 

		(u)	FATCA
                                            Compliance. The SPV shall maintain the status of a FATCA Exempt Party. If, after the
                                            date hereof, FATCA is amended or replaced with a successor regime so that the amended or
                                            successor regime is not substantively comparable to FATCA or is materially more onerous to
                                            comply with than FATCA, the SPV shall make commercially reasonable efforts to maintain its
                                            entitlement to receive payments free from deduction or withholding under such amended or
                                            successor regime.

 

		(v)	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 and shall have
                                            no "establishment" (as that term is used in Article 2(10) of the EU Insolvency
                                            Regulation) in any other jurisdiction.

 

		(w)	GDPR
                                            Compliance. The SPV shall:

 

		(i)	at
                                            all times maintain an entry in the register of fee payers maintained by the Information Commissioner
                                            pursuant to the Data Protection (Charges and Information) Regulations 2018 and shall renew
                                            the same before its expiry;

 

		(ii)	comply
                                            with all of the provisions of the GDPR applicable to the Receivables;

 

		(iii)	instruct
                                            each Servicer, where such Servicer processes Personal Data on behalf of the SPV, to take
                                            such steps in the processing of those personal data as:

 

		(A)	are
                                            reasonably necessary for the performance of the SPV's obligations pursuant to the Transaction
                                            Documents; and

 

		(B)	are
                                            consistent with the performance of the SPV's obligations and any Law; and

 

		(iv)	in
                                            respect of each Receivable, ensure (or shall ensure that each Servicer on its behalf ensures)
                                            that all data protection, consumer credit and other legislation or regulations (including,
                                            without limitation, FSMA) which the SPV is obliged to comply with (including any requirements
                                            of, without limitation, the Office of Fair Trading, HM Revenue & Customs and the
                                            FCA and any successor institutions) are complied with at all times or within any applicable
                                            grace period agreed by the Office of Fair Trading, the FCA or any successor institutions.

 

    30 

     

    

 

		(x)	Securitisation
                                            Regulations. The SPV shall promptly provide each Purchaser and the Subordinated Lender
                                            with such information relating to the Receivables or 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 to comply with any and all applicable requirements of Article 5 and/or Article 7
                                            of each Securitisation Regulation and any other due diligence provision or transparency provision
                                            of the Securitisation Regulation Rules. The SPV shall make available all the information
                                            that a securitisation special purpose entity is required to make available in accordance
                                            with Article 7 of the EU Securitisation Regulation and Article 7 of the UK Securitisation
                                            Regulation.

 

		(y)	Eligible
                                            Account Banks. If any Account Bank ceases to be an Eligible Account Bank, the SPV 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.

 

		(z)	Credit
                                            Insurance Policies.

 

		(i)	At
                                            all times prior to the Final Payout Date:

 

		(A)	the
                                            SPV shall refrain from taking any action or omitting to take any action which might in any
                                            way prejudice or limit the SPV's rights to payment under any Credit Insurance Policy with
                                            respect to the Receivables insured thereby;

 

		(B)	the
                                            SPV shall maintain all records and documents that may be necessary to make claims for indemnification
                                            under such Credit Insurance Policy;

 

		(C)	the
                                            SPV shall use all reasonable efforts to cause each Servicer to perform its obligations under
                                            Clause 6.1(s) (Credit Insurance Policies) of the Servicing Deed;

 

		(D)	the
                                            SPV shall deliver any additional instruments, certificates and documents, provide such other
                                            information and take such other actions as may be necessary or reasonably desirable (in the
                                            reasonable opinion of the Administrative Agent or any Purchaser Agent) to give further assurances
                                            of any of the rights granted or provided for herein or under any Credit Insurance Policy
                                            (including providing copies of invoices, purchase orders and the proof of delivery of products
                                            as may be requested by the insurer thereunder); and

 

		(E)	the
                                            SPV shall deliver any notification, instrument, certificate or document received by the SPV
                                            from any Credit Insurance Provider pursuant to the applicable Credit Insurance Policy to
                                            the Administrative Agent and any other Purchaser insured under such Credit Insurance Policy;
                                            provided that, for the avoidance of doubt, in the event that any provision of a Credit Insurance
                                            Policy conflicts or is inconsistent with the provisions of any Transaction Document the provisions
                                            of such Transaction Document shall govern.

 

		(ii)	The
                                            SPV shall remit to an SPV Account any amounts the SPV receives from any Credit Insurance
                                            Provider.  Any such amounts shall be applied as Collections in accordance with Clause
                                            4.1 (Allocation and Distribution of Available Funds) of the Servicing Deed.

 

    31 

     

    

 

		5.2	Negative
                                            covenants of the SPV

 

At
all times from the Closing Date to the Final Payout Date, unless the Majority Purchasers shall otherwise consent in writing in
accordance with Clause 12 (Amendments and Waivers):

 

		(a)	No
                                            sales, adverse claims, etc. (i) Except as otherwise expressly provided herein
                                            or in any other Transaction Document, the SPV shall not (A) 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 or permitted pursuant to the Transaction
                                            Documents) upon, or with respect to, any of the Receivables and associated Related Rights,
                                            including any Adverse Claim arising from an Adverse Claim on any inventory or goods (other
                                            than any Adverse Claim arising by operation of Law on such inventory or goods that are in
                                            relation to Receivables which are not part of the Net Eligible Receivables Balance), or (B) assign
                                            any right to receive income in respect thereof (other than as may arise by operation of Law
                                            in respect of Receivables which are not part of the Net Eligible Receivables Balance), and
                                            (ii) the SPV shall not grant any security interest to, or sell, transfer or otherwise
                                            dispose of any of its assets (including the assets sold and assigned and/or transferred to
                                            it by the Originators pursuant to the Sale Agreements) to any Person, except as otherwise
                                            expressly provided for in the Transaction Documents.

 

		(b)	No
                                            extension or amendment of Receivables. The SPV 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 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 Receivable is a Defaulted Receivable or a Delinquent
                                            Receivable, and (C) such extension, amendment, modification or waiver will maximize
                                            Collections with respect to such Receivable; provided that such extension, amendment, modification
                                            or waiver would not, individually or in the aggregate, have a Material Adverse Effect.

 

		(c)	No
                                            Subsidiaries, mergers, etc. The SPV 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. The SPV shall not form or create any Subsidiary.

 

		(d)	Change
                                            in payment instructions to Obligors. The SPV 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)
                                            or, except to the extent permitted or required by the Transaction Documents, make any change
                                            in its instructions to Obligors regarding payments to be made to any Account, unless (i) such
                                            instructions are to deposit such payments for a Receivable to another existing Account, (ii) with
                                            respect to the addition or termination of any bank as an Account Bank or any account as an
                                            Account, (A) the Administrative Agent and each Purchaser Agent have received written
                                            notice of such addition, termination or change at least thirty (30) days prior thereto, (B) the
                                            Majority Purchasers have consented to each new Account Bank and/or the termination of any
                                            Account Bank (in each case, where applicable, and provided that such consent or instructions
                                            are not unreasonably withheld or delayed), (C) the Administrative Agent and each Purchaser
                                            Agent have received a duly executed Account Agreement with respect to each new Account, where
                                            applicable, and (D) the Administrative Agent and each Purchaser Agent have received
                                            an updated Schedule 3 (Accounts) along with a certification from the SPV that all
                                            conditions to add or remove such Account and/or Account Bank under the Transaction Documents
                                            have been satisfied, or (iii) on and after the Account Redirection Date, such instructions
                                            are to deposit payments into an SPV Account (it being agreed that, at any time on and after
                                            the Account Redirection Date, the SPV shall instruct all Obligors to make all payments in
                                            respect of the Receivables and associated Related Rights to an SPV Account).

 

    32 

     

    

 

		(e)	Deposits
                                            to Accounts. The SPV 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.

 

		(f)	No
                                            impairment of security. The SPV 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 security agreement or document entered into or filed, in connection with this Agreement
                                            or any other Transaction Document becoming impaired or unenforceable in any material respect.

 

		(g)	No
                                            Amendment of Transaction Documents. The SPV shall not modify, supplement or otherwise
                                            amend any Transaction Document or waive or consent to any provision thereof without the prior
                                            written consent of the Administrative Agent (acting on behalf of the Majority Purchasers
                                            or, solely with respect to Clause 7.1 of the German Sale Agreement, all Purchaser Agents);
                                            nor shall the SPV take, or permit any Arrow Party to take, any other action under any Transaction
                                            Document that could have a Material Adverse Effect or which is inconsistent with the terms
                                            of this Agreement.

 

		(h)	Other
                                            Indebtedness. Except as provided herein, the SPV shall not create, incur, assume or suffer
                                            to exist any Indebtedness or any other liability other than Indebtedness of the SPV representing
                                            fees, expenses and indemnities arising hereunder or Indebtedness arising under the Sale Agreements
                                            for the purchase price of the Receivables and the associated Related Rights.

 

		(i)	Payments
                                            to the Originators. The SPV shall not acquire any Receivable other than under and pursuant
                                            to the terms of the Sale Agreements and the SPV shall not become obligated to pay, and shall
                                            not make payment of, any amounts to any Originator, other than payments (including any cash
                                            portion and any Subordinated Loans) arising out of the purchase of Receivables pursuant to
                                            the Sale Agreements.

 

		(j)	Restricted
                                            payments. The SPV shall not (A) purchase or redeem any of its issued shares, (B) prepay,
                                            purchase or redeem any Indebtedness, (C) lend or advance any funds or (D) repay
                                            any loans or advances to, for or from any Person, in each case, except to the extent provided
                                            in the Transaction Documents.

 

		(k)	Negotiable
                                            instruments. The SPV 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.

 

    33 

     

    

 

		(l)	Credit
                                            Insurance Policies. The SPV shall not amend, waive or consent to any modification of
                                            any Credit Insurance Policy without prior written consent of the Administrative Agent and
                                            each Purchaser.

 

		(m)	Derivatives.
                                            Other than with respect to derivative contracts related solely to currency or interest rate
                                            hedges, the SPV shall not enter into any derivative contracts.

 

		6.	Early
                                            Amortisation Events, Events of Default and Remedies

 

		6.1	Early
                                            Amortisation Events

 

The occurrence of any of the following
events which is continuing (and has not been waived in accordance with the Transaction Documents) shall constitute an Early Amortization
Event ("Early Amortisation Event"):

 

		(a)	any
                                            Arrow Party shall fail to make any payment or deposit required to be made by it under any
                                            Transaction Document on the date when due thereunder and such failure remains unremedied
                                            for one (1) Business Day;

 

		(b)	any
                                            representation, warranty, certification or statement made or deemed to be made by any Arrow
                                            Party in any Transaction Document or in any other information, certificate, report or other
                                            document delivered pursuant to any of the foregoing shall prove to have been incorrect in
                                            any material respect when made or deemed to be made or delivered (in each case, other than
                                            any breach of a representation, warranty, certification or statement solely relating to a
                                            Receivable for which the SPV shall have been deemed to have received a Collection in full
                                            for such Receivable in accordance with Clause 4.4 (Deemed Collections) of the Servicing
                                            Deed, and has been paid the Unpaid Balance of such Receivable in accordance therewith);

 

		(c)	any
                                            Arrow Party shall fail to perform or observe any term, covenant, agreement or other term
                                            contained in (i) any Specified Covenant Clause, or (ii) any Transaction Document
                                            (other than as addressed in Clauses 6.1(a) and 6.1(c)(i) (Early Amortisation
                                            Events)) and such failure in the case of this Clause 6.1(c)(ii) has continued for
                                            twenty (20) days after such Person obtained knowledge or received notice thereof;

 

		(d)	the
                                            Coverage Test is not satisfied;

 

		(e)	a
                                            Servicer Default shall occur;

 

		(f)	any
                                            of the following shall occur:

 

		(i)	the
                                            average of the Default Ratios for any three (3) consecutive Month End Dates shall exceed
                                            1.1%,

 

		(ii)	the
                                            average of the Delinquency Ratios for any three (3) consecutive Month End Dates shall
                                            exceed 1.6%,

 

		(iii)	the
                                            average of the Non-Contractual Dilution Ratios for any three (3) consecutive Month End
                                            Dates shall exceed 4.00%,

 

    34 

     

    

 

		(iv)	the
                                            Contractual Dilution Ratio for any Month End Date shall exceed 1.1%, or

 

		(v)	Days
                                            Sales Outstanding for any Month End Date shall exceed ninety (90) days;

 

		(g)	any
                                            Arrow Party shall (i) default in any payment of principal of or interest of any Indebtedness
                                            with an outstanding principal amount in excess of the Threshold Debt Amount when due beyond
                                            the period of grace, if any, provided in the instrument or agreement under which such Indebtedness
                                            or guarantee was created, or (ii) default in the observance or performance of any other
                                            agreement or condition relating to any such Indebtedness or contained in any instrument or
                                            agreement evidencing, securing or relating thereto, or any other event shall occur or condition
                                            exist, the effect of which default or other event or condition is to cause, or to permit
                                            the holder or holders of such Indebtedness or beneficiary or beneficiaries of any such Indebtedness
                                            (or a trustee or agent on behalf of such holder or holders or beneficiary or beneficiaries)
                                            to cause, with the giving of notice if required, such Indebtedness to become due prior to
                                            its stated maturity;

 

		(h)	one
                                            or more judgments or decrees with respect to any Arrow Party involving in the aggregate a
                                            liability (not paid or fully covered by insurance) equal to the Threshold Debt Amount or
                                            more, and all such judgments or decrees shall not have been vacated, discharged, stayed or
                                            bonded pending appeal within sixty (60) days from the entry thereof;

 

		(i)	a
                                            Change of Control shall have occurred with respect to any Arrow Party;

 

		(j)	the
                                            Subordinated Lender fails for any reason (including as a result of the failure to meet any
                                            condition precedent) to make a Subordinated Loan under the Subordinated Loan Agreement following
                                            delivery by the SPV (or any Servicer on the SPV’s behalf) of a Subordinated Loan Borrowing
                                            Statement;

 

		(k)	any
                                            Committed Purchaser shall fail to renew the applicable liquidity facility for its related
                                            Conduit Purchaser or be required to draw on such liquidity facility for a period of more
                                            than six (6) months;

 

		(l)	there
                                            shall have occurred any Material Adverse Effect; or

 

		(m)	(1) the
                                            imposition of any withholding taxes on any payments or distributions to be made (or deemed
                                            to be made) by the SPV in respect of the Investments, by the Purchasers to the SPV or by
                                            the Originators, the Servicers or the Obligors to or for the account of the Secured Parties
                                            (other than, in any such case, any withholding taxes on payments or distributions to or for
                                            the account of the Secured Parties in respect of which no additional amounts are payable
                                            under the Transaction Documents) or (2) the SPV becoming (x) taxable on a net income
                                            basis in any jurisdiction other than the Netherlands, or (y) obligated or otherwise
                                            liable to account to any Official Body for any stamp, registration or similar tax or irrevocable
                                            value added or other similar tax as a result of the assignment of any Receivable by an Originator
                                            to the SPV or to the Administrative Agent (on behalf of the Purchasers).

 

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		6.2	Events
                                            of Default

 

The occurrence of any one or more of
the following events which is continuing (and has not been waived in accordance with the Transaction Documents) shall constitute an "Event
of Default":

 

		(a)	the
                                            SPV shall fail to make any payment or deposit required to be made by it under any Transaction
                                            Document on the date when due thereunder and such failure remains unremedied for one (1) Business
                                            Day;

 

		(b)	any
                                            representation, warranty, certification or statement made or deemed to be made by the SPV
                                            in any Transaction Document or in any other information, certificate, report or other document
                                            delivered pursuant to any of the foregoing shall prove to have been incorrect in any material
                                            respect when made or deemed to be made or delivered (in each case, other than any breach
                                            of a representation, warranty, certification or statement solely relating to a Receivable
                                            for which the SPV shall have been deemed to have received a Collection in full for such Receivable
                                            in accordance with Clause 4.4 (Deemed Collections) of the Servicing Deed, and has
                                            been paid the Unpaid Balance of such Receivable in accordance therewith);

 

		(c)	the
                                            SPV shall fail to perform or observe any term, covenant, agreement or other term contained
                                            in (i) any Specified Covenant Clause, or (ii) any Transaction Document (other than
                                            as addressed in Clauses 6.2(a) and 6.2(c)(i) (Events of Default)) and such
                                            failure in the case of this Clause 6.2(c)(ii) has continued for twenty (20) days after
                                            the SPV obtained knowledge or received notice thereof;

 

		(d)	an
                                            Event of Insolvency shall occur with respect to the SPV, any Originator, any Agent Servicer,
                                            any SPV Servicer, the Parent, the Subordinated Lender or any Significant Subsidiary;

 

		(e)	(i) the
                                            Administrative Agent shall for any reason fail or cease to have a valid and enforceable first
                                            priority perfected ownership interest in the Sold Receivables and Sold Receivable Related
                                            Rights, free and clear of any Adverse Claims (other than any Adverse Claim created or permitted
                                            pursuant to the Transaction Documents) or (ii) the Security Trustee (also in its capacity
                                            as mandatario con rappresentanza pursuant to and for the purposes of Italian law)
                                            shall for any reason fail or cease to have a valid and enforceable first priority perfected
                                            security interest ranking ahead of any other security interest and the rights of any other
                                            creditor of the SPV and any Arrow Party, in the Unsold Receivables, the Unsold Receivable
                                            Related Rights and the Accounts, free and clear of any Adverse Claim (other than any Adverse
                                            Claim created or permitted pursuant to the Transaction Documents);

 

		(f)	the
                                            SPV shall (i) default in any payment of principal of or interest of any Indebtedness
                                            with an outstanding principal amount in excess of the Threshold Debt Amount when due beyond
                                            the period of grace, if any, provided in the instrument or agreement under which such Indebtedness
                                            or guarantee was created, or (ii) default in the observance or performance of any other
                                            agreement or condition relating to any such Indebtedness or contained in any instrument or
                                            agreement evidencing, securing or relating thereto, or any other event shall occur or condition
                                            exist, the effect of which default or other event or condition is to cause, or to permit
                                            the holder or holders of such Indebtedness or beneficiary or beneficiaries of any such Indebtedness
                                            (or a trustee or agent on behalf of such holder or holders or beneficiary or beneficiaries)
                                            to cause, with the giving of notice if required, such Indebtedness to become due prior to
                                            its stated maturity;

 

    36 

     

    

 

		(g)	one
                                            or more judgments or decrees with respect to the SPV involving in the aggregate a liability
                                            (not paid or fully covered by insurance) equal to the Threshold Debt Amount or more, and
                                            all such judgments or decrees shall not have been vacated, discharged, stayed or bonded pending
                                            appeal within sixty (60) days from the entry thereof; or

 

		(h)	any
                                            of the Transaction Documents shall cease, for any reason, to be in full force and effect,
                                            or the SPV or any Arrow Party shall so assert in writing.

 

		6.3	Remedies

 

		(a)	If
                                            any Early Amortisation Event shall occur, then, upon such occurrence or at any time thereafter
                                            while such Early Amortisation Event is continuing, the Administrative Agent may, and at the
                                            direction of the Specified Purchasers, the Administrative Agent shall, by notice to the SPV
                                            and with a copy to the Servicers, declare the Termination Date to have occurred, and upon
                                            such declaration the Termination Date shall occur and no further Investments may be made
                                            hereunder; provided that, solely upon the occurrence of the events described under Clause
                                            6.1(k) and/or Clause 6.1(f)(i), the Termination Date shall automatically occur without
                                            further action by any Person and no further Investments may be made hereunder.

 

		(b)	If
                                            any Event of Default shall occur, then:

 

		(i)	Except
                                            in the case of an Event of Default of any of the types listed in Clause 6.3(c) (Remedies),
                                            upon such occurrence or at any time thereafter while such Event of Default is continuing,
                                            the Administrative Agent may, and at the direction of the Specified Purchasers, the Administrative
                                            Agent shall, by notice to the SPV and with a copy to the Servicers, do any of the following:

 

		(A)	declare
                                            the Termination Date to have occurred, and upon such declaration the Termination Date shall
                                            occur and no further Investments may be made hereunder; and/or

 

		(B)	declare
                                            the entire amount of all outstanding Investments, together with any Yield thereon and all
                                            other Aggregate Unpaids, to be immediately due and payable, and upon such declaration all
                                            such amounts shall become and be immediately due and payable,

 

in each case, without any further notice,
demand or other further action of any kind, all of which the SPV hereby irrevocably waives.

 

		(c)	In
                                            the case of any Event of Default described in Clause 6.2(d) (Events of Default):

 

		(i)	the
                                            Termination Date shall occur, and

 

		(ii)	all
                                            Investments, together with any Yield accrued thereon and all other Aggregate Unpaids, shall
                                            become and be immediately due and payable,

 

    37 

     

    

 

in each case, immediately and automatically
without any notice, demand or other action of any kind, all of which the SPV hereby irrevocably waives.

 

		(d)	In
                                            the case of any Event of Default declared pursuant to Clause 6.3(b) or automatically
                                            occurring pursuant to Clause 6.3(c), the Security Trustee may, and at the direction of the
                                            Administrative Agent (at the direction of the Specified Purchasers), the Security Trustee
                                            (also in its capacity as mandatario con rappresentanza pursuant to and for the purposes
                                            of Italian law) shall, enforce its security interests in the Unsold Receivables, Unsold Receivable
                                            Related Rights and the Accounts pursuant to the Transaction Documents and exercise, on behalf
                                            of the Administrative Agent and the Purchasers, any and all other rights and remedies of
                                            the Administrative Agent and the Purchasers under this Agreement, the Security Documents
                                            and the other Transaction Documents.

 

		(e)	In
                                            the case of any Event of Default declared pursuant to Clause 6.3(b) or automatically
                                            occurring pursuant to Clause 6.3(c), the Administrative Agent may, and at the direction of
                                            the Specified Purchasers, the Administrative Agent shall, enforce its security interests
                                            in the Sold Receivables and Sold Receivable Related Rights pursuant to the Transaction Documents
                                            and exercise, on behalf of the Purchasers, any and all other rights and remedies of the Administrative
                                            Agent and the Purchasers under this Agreement, the Security Documents and the other Transaction
                                            Documents.

 

		(f)	In
                                            the case of an Event of Default declared pursuant to Clause 6.3(b) or automatically
                                            occurring pursuant to Clause 6.3(c), the Administrative Agent and the Security Trustee (also
                                            in its capacity as mandatario con rappresentanza pursuant to and for the purposes
                                            of Italian law) shall have and may exercise, in addition to its rights and remedies under
                                            this Agreement and the other Transaction Documents, any and all other rights and remedies
                                            provided under the Laws of each applicable jurisdiction and other applicable Laws, all of
                                            which rights and remedies shall be cumulative.

 

		(g)	For
                                            the avoidance of doubt, upon the occurrence of an Event of Default or the Account Redirection
                                            Date, the Security Trustee (also in its capacity as mandatario con rappresentanza pursuant
                                            to and for the purposes of Italian law) and/or the Administrative Agent, as applicable, shall
                                            be entitled to exercise its rights and remedies under each Account Agreement.

 

		(h)	The
                                            Administrative Agent and the Security Trustee shall, as soon as reasonably practicable, provide
                                            written notice of any actions taken under this Clause 6.3 to the SPV and the Servicers.

 

		6.4	Facility
                                            Termination Date

 

If a Termination Date occurs, the purchase
of Receivables by the Administrative Agent on behalf of the Purchasers from the SPV shall immediately terminate without demand, protest
or further notice of any kind, all of which are hereby expressly waived by the SPV. The aforementioned rights and remedies shall be without
limitation, and shall be in addition to all other rights and remedies of the Administrative Agent, the Security Trustee and the other
Secured Parties otherwise available under any other provision of this Agreement, any other Transaction Document, by operation of Law,
at equity or otherwise, all of which are hereby expressly preserved.

 

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		7.	Indemnification;
                                            Expenses; Related Matters

 

		7.1	Indemnities
                                            by the SPV

 

		(a)	Without
                                            limiting any other rights which the Indemnified Parties may have hereunder, under any other
                                            Transaction Document or under applicable Law, the SPV shall indemnify and hold harmless the
                                            Purchasers, the Purchaser Agents, the Administrative Agent, the Security Trustee, the Paying
                                            Agent, the Program Support Providers and their respective officers, directors, employees
                                            and agents of any of the foregoing (collectively, "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 arising out of or resulting
                                            from any breach of this Agreement or any other Transaction Document by the SPV or any transaction
                                            contemplated hereby or thereby including in connection with or relating to:

 

		(i)	any
                                            actual or threatened claim, investigation by an Official Body or order, consent, decree,
                                            judgment, or other claims or other proceedings of whatever sort (including the preparation
                                            of any defence with respect thereto) in any action or proceeding between the SPV or any Arrow
                                            Party 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 the
                                            provision of the Commitments or the making of Investments or otherwise in connection with
                                            this Agreement, the other Transaction Documents or any of the other transactions contemplated
                                            hereby or thereby;

 

		(ii)	the
                                            failure to (i) vest in the SPV ownership of the Receivables and Related Rights and (ii) vest
                                            in the Administrative Agent, on behalf of the Purchasers, ownership of the Sold Receivables
                                            and Sold Receivable Related Rights, in each case, free of any Adverse Claims;

 

		(iii)	the
                                            failure to vest in the Security Trustee (also in its capacity as mandatario con rappresentanza
                                            pursuant to and for the purposes of Italian law) a first priority perfected security
                                            interest prior to all other interests in all of the Unsold Receivables, Unsold Receivable
                                            Related Rights and the Accounts, in each case, free and clear of any Adverse Claim (other
                                            than any Adverse Claim created or permitted pursuant to the Transaction Documents);

 

		(iv)	any
                                            dispute, claim, setoff or defence (other than discharge or bankruptcy) of an Obligor to the
                                            payment of any Receivable (including a defence based on such Receivable or the related Contract
                                            not being a legal, valid and binding obligation of such Obligor enforceable against it in
                                            accordance with its terms), or any other claim resulting from the sale of the merchandise,
                                            goods or services related to such Receivable or the furnishing or failure to furnish such
                                            merchandise, goods or services or relating to collection activities with respect to such
                                            Receivable or from any breach or alleged breach of any provision of the Receivables or any
                                            Contracts related thereto restricting assignment of any Receivables;

 

    39 

     

    

 

		(v)	the
                                            payment of any Collections into an account other than an Account, or any failure of a bank
                                            or other financial institution at which an Account is maintained to remit any amounts held
                                            in the Accounts or any related lock-boxes pursuant to applicable instructions whether by
                                            reason of the exercise of set-off rights or otherwise;

 

 

		(vi)	any
                                            reduction in the Invested Amounts as a result of the distribution of Collections or as a
                                            result of any payment under any Credit Insurance Policy if all or a portion of such distributions
                                            shall thereafter be rescinded or otherwise must be returned for any reason; or

 

		(vii)	any
                                            payments received in relation to Receivables, the Obligors of which are Excluded Obligors,

 

excluding, however, Indemnified
Amounts to the extent (i) resulting from gross negligence or wilful misconduct on the part of such Indemnified Party, as finally
determined by a court of competent jurisdiction, (ii) the same has been fully and finally paid to such Indemnified Party pursuant
to any other provision of this Agreement or any other Transaction Document, (iii) relating to Receivables that are uncollectable
due to an Obligor's insolvency or an Obligor's inability to pay any amount due and payable by it due to its creditworthiness or (iv) relating
to Excluded Taxes.

 

Unless otherwise specifically stated
in any discharge of this Agreement, the provisions of this Clause 7.1 shall continue in full force and effect notwithstanding such discharge
and whether or not the Security Trustee or the Paying Agent is then the security trustee or paying agent, as applicable, or notwithstanding
the termination or expiry of this Agreement.

 

		7.2	Increased
                                            Costs

 

		(a)	If
                                            the adoption of or any change in any Law or in the interpretation or application thereof
                                            or compliance by any Indemnified Party with any request or directive (whether or not having
                                            the force of law) from any Official Body made subsequent to the Closing Date (but, for the
                                            avoidance of doubt, not concerning compliance with the Law existing at or prior to the Closing
                                            Date (or its interpretation or application at or prior to the Closing Date):

 

		(i)	shall
                                            subject any Indemnified Party to any tax of any kind whatsoever with respect to the Transaction
                                            Documents, or change the basis of taxation of payments to such Indemnified Party in respect
                                            thereof;

 

		(ii)	shall
                                            impose, modify or hold applicable any reserve, special deposit, deposit insurance, compulsory
                                            loan or similar requirement against assets held by, deposits or other liabilities in or for
                                            the account of, advances, loans or other extensions of credit by, or any other acquisition
                                            of funds by, any office of such Indemnified Party which is not otherwise included in the
                                            determination of the Applicable Currency Benchmark Rate or Compounded Reference Rate hereunder;
                                            or

 

    40 

     

    

 

		(iii)	shall
                                            impose on such Indemnified Party any other condition,

 

and the result of any of the foregoing
is to increase the cost to such Indemnified Party with respect to this Agreement, the other Transaction Documents, the financing of the
Asset Interest, the obligations hereunder, or the funding of any purchases hereunder or under a Program Support Agreement, by an amount
such Indemnified Party reasonably deems to be material, then, in any such case, the SPV shall promptly pay such Indemnified Party, within
five (5) Business Days after its demand, any additional amounts necessary to compensate such Indemnified Party for such increased
cost or reduced amount receivable, together with interest on each such amount from the date due until payment in full at a rate per annum
equal to the Base Rate. If any Indemnified Party becomes entitled to claim any additional amounts pursuant to this Clause 7.2, it shall
promptly notify the SPV, through the Administrative Agent, of the event by reason of which it has become so entitled. A certificate as
to any additional amounts payable pursuant to this Clause 7.2 submitted by such Indemnified Party, through the Administrative Agent,
to the SPV shall be conclusive in the absence of manifest error. Notwithstanding anything herein to the contrary, any Existing Law shall
be deemed to be a change in Law hereunder, regardless of the date enacted, adopted, issued or implemented.

 

		(b)	If
                                            any Indemnified Party shall have determined that the adoption of or any change in any Law
                                            regarding capital adequacy or liquidity requirements or in the interpretation or application
                                            thereof or compliance by such Indemnified Party with any request or directive regarding capital
                                            adequacy or liquidity requirements (whether or not having the force of law) from any Official
                                            Body made subsequent to the Closing Date does or shall have the effect of reducing the rate
                                            of return on such Indemnified Party's capital as a consequence of its obligations hereunder
                                            to a level below that which such Indemnified Party could have achieved but for such change
                                            or compliance (taking into consideration such Indemnified Party's policies with respect to
                                            capital adequacy or liquidity requirements) by an amount reasonably deemed by such Indemnified
                                            Party to be material, then from time to time, after submission by such Indemnified Party
                                            to the SPV (with a copy to the Administrative Agent) of a written request therefor (which
                                            written request shall be conclusive in the absence of manifest error), the SPV shall pay
                                            to such Indemnified Party such additional amount or amounts as will compensate such Indemnified
                                            Party for such reduction. Notwithstanding anything herein to the contrary, any Existing Law
                                            shall be deemed to be a change in Law hereunder, regardless of the date enacted, adopted,
                                            issued or implemented.

 

		(c)	A
                                            certificate of each Indemnified Party setting forth such amount or amounts as shall be necessary
                                            to compensate such Indemnified Party as specified in paragraphs (a) and (b) above,
                                            as the case may be, and setting forth in reasonable detail an explanation of the basis of
                                            requesting such compensation in accordance with paragraphs (a) or (b) above, including
                                            calculations in detail comparable to the detail set forth in certificates delivered to such
                                            Indemnified Party in similar circumstances under comparable provisions of other comparable
                                            credit agreements, shall be delivered to the SPV and shall be conclusive absent manifest
                                            error. The SPV shall pay each Indemnified Party the amount shown as due on any such certificate
                                            delivered to it within five (5) Business Days after its receipt of the same.

 

		(d)	Failure
                                            or delay on the part of any Indemnified Party to demand compensation pursuant to this Clause
                                            7.2 shall not constitute a waiver of such Indemnified Party's right to demand such compensation;
                                            provided that the SPV shall not be required to compensate an Indemnified Party pursuant to
                                            this Clause 7.2 for any increased costs or reductions incurred more than six (6) months
                                            prior to the date that such Indemnified Party notifies the SPV of the event giving rise to
                                            such increased costs or reductions and of such Indemnified Party's intention to claim compensation
                                            therefor; provided, further, that, if the event giving rise to such increased costs or reductions
                                            is retroactive, then the six (6)-month period referred to above shall be extended to include
                                            the period of retroactive effect thereof.

 

    41 

     

    

 

		7.3	Taxes

 

		(a)	All
                                            distributions or other payments made (or deemed to be made) hereunder by the SPV to any Purchaser,
                                            the Administrative Agent, a Purchaser Agent or any other Person to whom a payment is owing
                                            by the SPV pursuant to the Transaction Documents (each, a "recipient") shall
                                            be made free and clear of and without deduction for any present or future income, excise,
                                            stamp or franchise taxes and any other taxes, levies, imposts, deductions, assessments, fees,
                                            duties, withholdings or other charges of any nature whatsoever imposed by any taxing authority
                                            (including any interest, additions to tax or penalties applicable thereto) (such items being
                                            called "Taxes"), except as required by Law.  In the event that any
                                            withholding or deduction from any payment made by the SPV hereunder is required in respect
                                            of any Taxes, then the SPV 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 such recipient an official receipt or other documentation satisfactory to such
                                            recipient evidencing such payment to such authority; and

 

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

 

		(b)	Each
                                            party to this agreement shall, to the extent 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 (and each Purchaser Agent
                                            shall so cooperate in respect of, and shall procure the cooperation of, each recipient that
                                            is a member of its Purchaser Group); provided, however, that any Secured Party shall not
                                            be required to prepare or furnish any documentation or information that it determines in
                                            its reasonable judgment could subject such Secured Party to any material unreimbursed cost
                                            or expense or adversely prejudice the commercial position of such Secured Party. The SPV
                                            may, at its own cost, engage the Servicers or the Parent to the extent required to assist
                                            in any procedural formalities pursuant to this Clause 7.3.

 

    42 

     

    

 

		(c)	Moreover,
                                            if any Taxes (other than Taxes imposed on or measured by the recipient's net income or gross
                                            receipts by the jurisdiction under the Laws of which such recipient is organized or under
                                            which such recipient is otherwise domiciled or resident for tax purposes or any jurisdiction
                                            in which the recipient is taxable by reason of having a permanent establishment in that jurisdiction
                                            (other than any such Taxes attributable to such recipient being a resident or attributable
                                            to a permanent establishment which arises solely as a result of the recipient’s participation
                                            in the transactions contemplated by the Transaction Documents) or in the case of any Purchaser,
                                            the jurisdiction of such Purchaser's Designated Office or (in each case) any political subdivision
                                            thereof ("Excluded Taxes")) are directly asserted against any recipient
                                            with respect to any payment or income earned or received by such recipient hereunder or under
                                            any other Transaction Document or otherwise with respect to the Transaction Documents or
                                            the transactions contemplated thereunder, the SPV shall, upon receipt of a written notice
                                            from the recipient setting forth the additional amounts to be paid to it hereunder and a
                                            reasonable description as to how such amounts have been determined, promptly pay such additional
                                            amounts (including any penalties, interest or expenses to the extent not attributable to
                                            the recipient's willful misconduct or gross negligence) as shall be necessary in order that
                                            the net amounts received and retained by the recipient after the payment of such Taxes (including
                                            any Taxes on such additional amount) shall equal the amount such recipient would have received
                                            had such Taxes not been asserted. 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 SPV, to mitigate any such additional amount, other than where, in the reasonable
                                            judgement of the recipient, to do so might be prejudicial to it.

 

		(d)	If
                                            the SPV fails to pay any Taxes owed by it when due to the appropriate taxing authority or
                                            fails to remit to the recipient the required receipts or other required documentary evidence,
                                            the SPV 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
                                            any Purchaser claims any additional amounts to be payable pursuant to this Clause 7.3, it
                                            hereby agrees to use reasonable efforts (consistent with its internal policy and legal and
                                            regulatory restrictions) to change the jurisdiction of its Designated Office if the making
                                            of such a change would avoid the need for, or reduce the amount of, any such additional amounts
                                            that may thereafter accrue and would not, in the reasonable judgment of such Purchaser, be
                                            otherwise disadvantageous to such Purchaser.

 

		(f)	If
                                            an additional payment is made under the preceding sub-Clauses 7.3(a), (c) or (d) 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 SPV 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 SPV 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.

 

    43 

     

    

 

		(g)	Notwithstanding
                                            anything to the contrary in this Agreement, the SPV shall have no obligation to indemnify
                                            any recipient for Excluded Taxes or to otherwise satisfy the obligation of any recipient
                                            to pay Excluded Taxes. In addition, the SPV 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 (or the failure of the Purchaser Agent of the Purchaser
                                            Group of which the recipient is a member (as applicable)) to deliver to the SPV, at the time
                                            or times reasonably requested by the SPV, such properly completed and executed documentation
                                            reasonably requested by the SPV (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 (or the Purchaser Agent of the Purchaser Group of which the recipient is a member
                                            (as applicable)) shall not be required to complete, execute or deliver any documentation
                                            if, in such recipient's (or the Purchaser Agent of the Purchaser Group of which the recipient
                                            is a member (as applicable)) 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 SPV shall have no obligation to indemnify or to otherwise compensate
                                            or satisfy the obligation of any Purchaser for any withholding Taxes on account of Tax imposed
                                            by the United Kingdom on payments of Yield (a "UK Tax Deduction"), if on
                                            the date on which the payment falls due:

 

		(i)	the
                                            payment could have been made to the relevant Purchaser without a UK Tax Deduction if the
                                            Purchaser had been a Qualifying Purchaser, but on that date that Purchaser is not or has
                                            ceased to be a Qualifying Purchaser other than as a result of any change after the date it
                                            became a Purchaser under this Agreement in (or in the interpretation, administration, or
                                            application of) any law or Treaty or any published practice or published concession of any
                                            relevant taxing authority; or

 

		(ii)	the
                                            relevant Purchaser is a Treaty Purchaser and the SPV is able to demonstrate that the payment
                                            could have been made to the Purchaser without the UK Tax Deduction had that Purchaser complied
                                            with its obligations under paragraph (h) or (i) (as applicable) below.

 

		(h)	(i) 
                                            Subject to clause (ii) below, a Treaty Purchaser and the SPV shall co-operate in completing
                                            any procedural formalities necessary for the SPV to obtain authorisation to make payments
                                            of Yield without a UK Tax Deduction; and (ii) (A) a Treaty Purchaser which is a
                                            party to this Agreement when it is first entered into (an "Original Purchaser")
                                            and that holds a passport under the HMRC DT Treaty Passport scheme, and which wishes that
                                            scheme to apply to this Agreement, shall confirm its scheme reference number and its jurisdiction
                                            of tax residence in Schedule 1 (Purchaser Groups and Commitments); and (B) a
                                            Treaty Purchaser which is not an Original Purchaser and that holds a passport under the HMRC
                                            DT Treaty Passport scheme, and which wishes that scheme to apply to this Agreement, shall
                                            confirm its scheme reference number and its jurisdiction of tax residence in the documentation
                                            which it executes on becoming a Party as a Purchaser, and, having done so, that Purchaser
                                            shall be under no obligation pursuant to clause (i) above.

 

		(i)	If
                                            a Purchaser has confirmed its scheme reference number and its jurisdiction of tax residence
                                            in accordance with clause (h)(ii) above and (i) the SPV has not made a Borrower
                                            DTTP Filing in respect of that Purchaser, or (ii) the SPV has made a Borrower DTTP Filing
                                            in respect of that Purchaser but (A) that Borrower DTTP Filing has been rejected by
                                            HM Revenue & Customs; or (B) HM Revenue & Customs has not given the
                                            SPV authority to make payments to that Purchaser without a UK Tax Deduction within 60 days
                                            of the date of the Borrower DTTP Filing, and in each case, the SPV has notified that Purchaser
                                            in writing, that Purchaser and the SPV shall co-operate in completing any additional procedural
                                            formalities necessary for the SPV to obtain authorisation to make that payment without a
                                            UK Tax Deduction.

 

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		(j)	If
                                            a Purchaser has not confirmed its scheme reference number and jurisdiction of tax residence
                                            in accordance with clause (h)(ii) above, no Arrow Party shall make a Borrower DTTP Filing
                                            or file any other form relating to the HMRC DT Treaty Passport scheme in respect of that
                                            Purchaser unless the Purchaser otherwise agrees.

 

		(k)	The
                                            SPV shall, promptly on making a Borrower DTTP Filing, deliver a copy of that Borrower DTTP
                                            Filing to the relevant Purchaser Agent for delivery to the relevant Purchaser.

 

		(l)	For
                                            the purposes of Clauses 7.3(g) through (k):

 

"Borrower DTTP Filing"
means an HM Revenue & Customs' Form DTTP2 duly completed and filed by the SPV, which contains the relevant Purchaser’s
scheme reference number and jurisdiction of tax residence and is filed with the Revenue & Customs' within thirty (30) days of
the relevant Purchaser becoming a party to this Agreement.

 

"CTA" means the Corporation
Tax Act 2009 of the United Kingdom.

 

"ITA" means the Income
Tax Act 2007 of the United Kingdom.

 

"Qualifying Purchaser"
means a Purchaser which is beneficially entitled to Yield payable to that Purchaser in respect of an Investment and is:

 

		(i)	a Purchaser:

 

(A)           which
is a bank (as defined for the purpose of section 879 of the ITA) making an Investment under this Agreement and is within the charge to
United Kingdom corporation tax as respects any payments of Yield made in respect of that Investment or would be within such charge as
respects such payment apart from section 18A of the CTA; or

 

(B)            in
respect of an Investment made under this Agreement by a person that was a bank (as defined for the purpose of section 879 of the ITA)
at the time that that advance was made and within the charge to United Kingdom corporation tax as respects any payments of Yield made
in respect of that Investment; or

 

		(ii)	a Purchaser which is:

 

(A)            a
company resident in the United Kingdom for United Kingdom tax purposes;

 

(B)            a
partnership each member of which is: (1) a company so resident in the United Kingdom; or a company not so resident in the United
Kingdom which carries on a trade in the United Kingdom through a permanent establishment and which brings into account in computing its
chargeable profits (within the meaning of section 19 of the CTA) the whole of any share of interest payable in respect of that advance
that falls to it by reason of Part 17 of the CTA;

 

    45 

     

    

 

(C)            a
company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent establishment and which
brings into account interest payable in respect of that advance in computing the chargeable profits (within the meaning of section 19
of the CTA) of that company, or

 

		(iii)	a Treaty Purchaser.

 

"Treaty Purchaser"
means a Purchaser which: (i) is treated as a resident of a Treaty State for the purposes of the relevant Treaty; (ii) does
not carry on a business in the United Kingdom through a permanent establishment with which that Purchaser’s Investments are effectively
connected; and (iii) meets all other conditions which need to be met to enable it to benefit from a full exemption from Tax imposed
by the United Kingdom on interest such that any payment of Yield may be made by the SPV to that Purchaser without a UK Tax Deduction,
provided that for these purposes it shall be assumed that all procedural formalities which are capable of satisfaction have been so satisfied.

 

"Treaty State" means
a jurisdiction having a double taxation agreement (a "Treaty") with the United Kingdom which makes provision for full
exemption from tax imposed by the United Kingdom on interest.

 

		7.4	Other
                                            costs and expenses

 

		(a)	The
                                            SPV shall pay or cause to be paid, and indemnify the Purchasers, the Purchaser Agents, the
                                            Administrative Agent, the Security Trustee and the Paying Agent against liability for the
                                            payment of, all reasonable costs and expenses incurred in connection with (i) the development,
                                            preparation and execution of, and any amendment, supplement or modification to, this Agreement
                                            and the other Transaction Documents and any other documents prepared in connection herewith
                                            or therewith, and the consummation and administration of the transactions contemplated hereby
                                            and thereby (including the perfection or protection of the Asset Interest), including, without
                                            limitation, the fees and disbursements of counsel to the Administrative Agent, the Security
                                            Trustee and the other Secured Parties, (ii) any costs and expenses in connection with
                                            the requirements of the EU Securitisation Regulation and the UK Securitisation Regulation,
                                            in each case including any costs or fees related to the provision of information required
                                            in connection with transparency, due diligence or reporting requirements requested by the
                                            Administrative Agent or any Purchaser, (iii) the enforcement or preservation of any
                                            rights under this Agreement, the other Transaction Documents and any such other documents
                                            upon the occurrence of an Event of Default or Early Amortisation Event (including the perfection
                                            and protection of the Asset Interest), including, without limitation, the fees and disbursements
                                            of counsel to the Administrative Agent, the Security Trustee and the other Secured Parties
                                            (including the allocated fees and expenses of in-house counsel), (iv) any and all recording
                                            and filing fees and (subject to Clause 7.4(b) below) any and all liabilities with respect
                                            to, or resulting from any delay in paying, stamp, excise and other taxes, if any, which may
                                            be payable or determined to be payable in connection with the execution and delivery of,
                                            or consummation or administration of any of the transactions contemplated by, or any amendment,
                                            supplement or modification of, or any waiver or consent under or in respect of, this Agreement,
                                            the other Transaction Documents and such other documents, and (v) any audit, dispute,
                                            disagreement, proceedings or preparation for proceedings involving this Agreement or any
                                            of the other Transaction Documents (all of such amounts, collectively, "Transaction
                                            Costs").

 

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		(b)	The
                                            SPV shall pay on demand (or otherwise reimburse a recipient in a timely fashion for) all
                                            stamp and other similar Taxes (other than Excluded Taxes) and fees (including, interest,
                                            late payment fees and penalties to the extent not attributable to the recipient's wilful
                                            misconduct) paid, payable or determined to be payable in connection with the execution, delivery,
                                            performance (including any sale of Receivables), registration, filing and recording of this
                                            Agreement, any other Transaction Document or any other instrument, or other document delivered
                                            in connection therewith (other than any Taxes, fees and other amounts payable on a transfer
                                            or assignment of a Secured Party's interest in the Transaction Documents at a time when no
                                            Event of Default, Potential Event of Default, Early Amortization Event or Potential Early
                                            Amortization Event exists, and any other instruments or documents delivered in connection
                                            therewith).

 

		7.5	Breakage
                                            costs

 

The SPV shall pay each Purchaser Agent
for the account of each Purchaser in such Purchaser Agent's Purchaser Group on demand, such amount or amounts as shall compensate any
such Purchaser for any loss, cost or expense incurred by such Purchaser (as reasonably determined by the applicable Purchaser Agent)
as a result of any full or partial repayment of any Investment other than on the Settlement Date, such compensation to be (i) limited
to an amount equal to any loss, cost or expense suffered by such Purchaser during the period from the date of receipt of such repayment
to (but excluding) the Settlement Date and (ii) net of the income, if any, received by such Purchaser from investing the proceeds
of such repayment of such Investment. The determination by the applicable Purchaser Agent of the amount of any such loss or expense shall
be set forth in a written notice to the SPV in reasonable detail and shall be conclusive, absent manifest error.

 

		7.6	Currency
                                            indemnity

 

If under any applicable Law, or pursuant
to a judgment or order being made or registered against the SPV or any Arrow Party, or the liquidation of the SPV or any Arrow Party
or for any other reason, any payment under or in connection with this Agreement or any Transaction Document (including any payment pursuant
to this Clause 7 is made or fails to be satisfied, in a currency (the "payment currency") other than the currency in
which such payment is expressed to be due under or in connection with this Agreement or any Transaction Document or, in the event no
currency is specified, a currency determined by the Person (in its reasonable good faith opinion) to whom such payment is owed or otherwise
payable (the "contractual currency"), then, to the extent that the amount of such payment actually received by the Administrative
Agent, any Indemnified Party, any Purchaser Agent or any Purchaser (the "payee"), when converted into the contractual
currency at the rate of exchange falls short of such amount due, the SPV or relevant Arrow Party (the "currency payor")
as a separate and independent obligation, shall indemnify the payee against the amount of such shortfall. For the purposes of this Clause
7.6, "rate of exchange" means the rate at which the payee is able on or about the date of such payment to purchase,
in accordance with its normal practice, the contractual currency with the payment currency and shall take into account (and the currency
payor shall be liable for) any premium and other costs of exchange including any taxes or duties incurred by reason of any such exchange.

 

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		7.7	Mitigation

 

		(a)	If,
                                            in respect of any Purchaser Group, circumstances arise or have arisen which would result
                                            in:

 

		(i)	any
                                            amount being payable to a Purchaser or other Indemnified Party in respect of any Tax;

 

 

		(ii)	a
                                            claim for any increased costs (pursuant to Clause 7.2 (Increased Costs)); and/or

 

		(iii)	any
                                            amount being payable to such Purchaser Group pursuant to, or cancelled pursuant to, Clause
                                            9.1 (Indemnities by the Servicers) of the Servicing Deed, Clause 5.1 (Indemnities
                                            by the Parent) of the Parent Undertaking Agreement, Clause 7.1 (Indemnities by the
                                            SPV), Clause 2.3(c)(ii) (Conduit Purchaser acceptance or rejection; Investment
                                            Request irrevocable) or Clause 2.5(d)(ii) (Illegality),

 

then without in any way limiting, reducing
or otherwise qualifying the obligations of the SPV, the Parent or the relevant Agent Servicer (as applicable) under paragraphs (i) to
(iii) above, as applicable, each Purchaser in each Purchaser Group shall following the persons responsible for administering the
Investments of such Purchaser Group becoming aware of such circumstances notify the SPV and the Administrative Agent thereof and, if
so requested by the SPV, shall, at the expense of the SPV, make commercially reasonable efforts in consultation with the SPV and the
Administrative Agent to mitigate the effects of such circumstances acceptable to the SPV and the Administrative Agent, including (but
not limited to) the transfer or assignment of such Purchasers’ rights and obligations under this Agreement to an Affiliate or,
in the case of paragraph (iii) above, to another financier (with the consent of the Administrative Agent, the SPV and the Parent),
and provided, in each case, that such Purchaser shall not be obliged to take any steps that in the reasonable judgement of such Purchaser,
could be prejudicial or otherwise disadvantageous to it.

 

		(b)	Paragraph
                                            (a) above does not in any way limit the obligations of the SPV, the Parent or the relevant
                                            Agent Servicer (as applicable) under this Agreement or the Transaction Documents.

 

		8.	The
                                            Administrative Agent, Purchaser Agents and Paying Agent

 

		8.1	Appointment and Authorization

 

		(a)	Each
                                            Purchaser and each Purchaser Agent hereby irrevocably appoints, designates and authorises
                                            the Administrative Agent to take such action on its behalf under the provisions of this Agreement
                                            and each other Transaction Document and to exercise such powers and perform such duties as
                                            are expressly delegated to the Administrative Agent by the terms of this Agreement and any
                                            other Transaction Document, together with such other powers as are reasonably incidental
                                            thereto. Notwithstanding any provision to the contrary contained elsewhere in this Agreement
                                            or in any other Transaction Document, the Administrative Agent shall not have any duties
                                            except those expressly set out in this Agreement and the other Transaction Documents (and
                                            in particular the Administrative Agent shall not be subject to the duty of care imposed on
                                            trustees by the Trustee Act 2000), nor shall the Administrative Agent have or be deemed to
                                            have any fiduciary relationship with any Purchaser or any Purchaser Agent, and no implied
                                            duties or other obligations or liabilities shall be read into this Agreement or any other
                                            Transaction Document or otherwise exist against the Administrative Agent. Without limiting
                                            the generality of the foregoing sentence, the use of the term "agent" in this Agreement
                                            with reference to the Administrative Agent is not intended to connote any fiduciary or other
                                            implied (or express) obligations arising under agency doctrine of any applicable Law. Instead,
                                            such term is used merely as a matter of market custom, and is intended to create or reflect
                                            only an administrative relationship between independent contracting parties.

 

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		(b)	Each
                                            Purchaser in a Purchaser Group, on behalf of itself and its assigns, hereby designates and
                                            appoints its applicable Purchaser Agent to act as its purchaser agent under this Agreement
                                            and under each other Transaction Document, and authorizes such Purchaser Agent to take such
                                            actions as agent on its behalf and to exercise such powers as are delegated to such Purchaser
                                            Agent by the terms of this Agreement and the other Transaction Documents, together with such
                                            powers as are reasonably incidental thereto. Notwithstanding any provision to the contrary
                                            contained elsewhere in this Agreement or in any other Transaction Document, no Purchaser
                                            Agent shall have any duties other than those expressly set out in this Agreement and the
                                            other Transaction Documents (and in particular no Purchaser Agent shall be subject to the
                                            duty of care imposed on trustees by the Trustee Act 2000), nor shall any Purchaser Agent
                                            have or be deemed to have any fiduciary relationship with any Purchaser, and no implied duties
                                            or other obligations or liabilities shall be read into this Agreement or any other Transaction
                                            Document or otherwise exist against any Purchaser Agent. Without limiting the generality
                                            of the foregoing sentence, the use of the term "purchaser agent" in this Agreement
                                            with reference to a Purchaser Agent is not intended to connote any fiduciary or other implied
                                            (or express) obligations arising under agency doctrine of any applicable Law. Instead, such
                                            term is used merely as a matter of market custom, and is intended to create or reflect only
                                            an administrative relationship between independent contracting parties.

 

		(c)	The
                                            SPV hereby irrevocably appoints, designates and authorises the Paying Agent to take such
                                            action on its behalf under the provisions of this Agreement and each other Transaction Document
                                            and to exercise such powers and perform such duties as are expressly delegated to the Paying
                                            Agent by the terms of this Agreement and any other Transaction Document, together with such
                                            other powers as are reasonably incidental thereto. Notwithstanding any provision to the contrary
                                            contained elsewhere in this Agreement or in any other Transaction Document, the Paying Agent
                                            shall not have any duties except those expressly set out in this Agreement and the other
                                            Transaction Documents, nor shall the Paying Agent have or be deemed to have any fiduciary
                                            relationship with any party hereto, and no implied duties or other obligations or liabilities
                                            shall be read into this Agreement or any other Transaction Document or otherwise exist against
                                            the Paying Agent. Without limiting the generality of the foregoing sentence, the use of the
                                            term "agent" in this Agreement with reference to the Paying Agent is not intended
                                            to connote any fiduciary or other implied (or express) obligations arising under agency doctrine
                                            of any applicable Law. Instead, such term is used merely as a matter of market custom, and
                                            is intended to create or reflect only an administrative relationship between independent
                                            contracting parties.

 

		(d)	Except
                                            as otherwise specifically provided in this Agreement, the provisions of this Clause 8 are
                                            solely for the benefit of the Purchaser Agents, the Administrative Agent, the Purchasers
                                            and the Paying Agent, and none of the SPV or any Arrow Party shall have any rights as a third-party
                                            beneficiary or otherwise under any of the provisions of this Clause 8, except that this Clause
                                            8 shall not affect any obligations, if any, which any Purchaser Agent, the Administrative
                                            Agent, any Purchaser or the Paying Agent may have to the SPV or any Arrow Party under the
                                            other provisions of this Agreement. Furthermore, no Purchaser shall have any rights as a
                                            third-party beneficiary or otherwise under any of the provisions hereof in respect of a Purchaser
                                            Agent which is not the Purchaser Agent for such Purchaser.

 

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		(e)	The
                                            Administrative Agent declares that it will hold any interest (whether legal or beneficial)
                                            in the Portfolio on trust for the Purchasers.

 

		8.2	Delegation
                                            of duties

 

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

 

		8.3	Liability
                                            of Administrative Agent and Purchaser Agents

 

		(a)	No
                                            Administrative Agent-Related Person shall (i) be liable for any action taken or omitted
                                            to be taken by any of them under or in connection with this Agreement or any other Transaction
                                            Document or the transactions contemplated hereby (except for its own gross negligence or
                                            wilful misconduct), (ii) be liable for any appointment or performance of or failure
                                            to approve a Backup Servicer pursuant to Clause 2.9 of the Servicing Deed or otherwise or
                                            the terms and execution of any related Backup Servicing Agreement, or (iii) be responsible
                                            in any manner to any Purchaser or any Purchaser Agent for any recital, statement, representation
                                            or warranty made by the SPV or any Arrow Party, or any officer thereof, or any Backup Servicer
                                            (if any), contained in this Agreement or in any other Transaction Document, or in any certificate,
                                            report, statement or other document referred to or provided for in, or received by the Administrative
                                            Agent under or in connection with, this Agreement or any other Transaction Document, or the
                                            validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or
                                            any other Transaction Document, or for any failure of the SPV, any Arrow Party or any Backup
                                            Servicer (if any) or any other party to any Transaction Document to perform its obligations
                                            hereunder or thereunder. No Administrative Agent-Related Person shall be under any obligation
                                            to any Purchaser or any Purchaser Agent to ascertain or to inquire as to the observance or
                                            performance of any of the agreements contained in, or conditions of, this Agreement or any
                                            other Transaction Document, or to inspect the books, records or other assets of the SPV or
                                            any Arrow Party or any of their respective Affiliates.

 

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

 

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		8.4	Reliance
                                            by Administrative Agent and Purchaser Agents

 

		(a)	Each
                                            Purchaser Agent and the Administrative Agent shall be entitled to rely, and shall be fully
                                            protected in relying, upon any writing, resolution, notice, consent, certificate, affidavit,
                                            letter, telegram, electronic mail, telex or telephone message, statement or other document
                                            or conversation believed by it to be genuine and correct and to have been signed, sent or
                                            made by or on behalf of the proper Person or Persons, and upon advice and statements of legal
                                            counsel (including counsel to the SPV or any Arrow Party), independent accountants and other
                                            professionals and experts selected by the Administrative Agent or such Purchaser Agent. The
                                            Administrative Agent and each Purchaser Agent shall be fully justified in failing or refusing
                                            to take any action under this Agreement or any other Transaction Document unless it shall
                                            first receive such advice or concurrence of the Majority Purchasers (or in the case of any
                                            Purchaser Agent, the Purchasers within its Purchaser Group that have a majority of the Purchaser
                                            Group Limit of such Purchaser Group) as it deems appropriate and, if it so requests, it shall
                                            first be indemnified to its satisfaction by the relevant Purchasers against any and all losses
                                            which may be incurred by it by reason of taking or continuing to take any such action. The
                                            Administrative Agent and each Purchaser Agent shall in all cases be fully protected in acting,
                                            or in refraining from acting, under this Agreement or any other Transaction Document in accordance
                                            with a request or consent of the Majority Purchasers (or in the case of any Purchaser Agent,
                                            the Purchasers within its Purchaser Group that have a majority of the Purchaser Group Limit
                                            of such Purchaser Group) or, if required hereunder, all Purchasers and such request and any
                                            action taken or failure to act pursuant thereto shall be binding upon each relevant Purchaser.

 

		(b)	For
                                            purposes of determining compliance with the conditions specified in Clause 4 (Conditions
                                            precedent) on the Closing Date or the date of any Investment, each Purchaser that has
                                            executed this Agreement shall be deemed to have consented to, approved or accepted or to
                                            be satisfied with, each document or other matter either sent by the Administrative Agent
                                            or the Purchaser Agent of such Purchaser's Purchaser Group to such Purchaser for consent,
                                            approval, acceptance or satisfaction, or required thereunder to be consented to or approved
                                            by or acceptable or satisfactory to such Purchaser.

 

		8.5	Notice
                                            of Default

 

The Administrative Agent and each Purchaser
Agent shall not be deemed to have knowledge or notice of the occurrence of a Potential Event of Default, an Event of Default, a Servicer
Default, a Potential Servicer Default, an Early Amortisation Event or a Potential Early Amortisation Event unless the Administrative
Agent or such Purchaser Agent has received written notice from a Purchaser or the SPV referring to this Agreement, describing such Potential
Event of Default, Event of Default, Servicer Default, Potential Servicer Default, Early Amortisation Event or Potential Early Amortisation
Event and stating that such notice is a "Notice of Event of Default or Potential Event of Default", "Notice of Servicer
Default or Potential Servicer Default" or "Notice of Early Amortisation Event or Potential Early Amortisation Event" as
applicable. The Administrative Agent will notify the applicable Purchaser Agent of its receipt of any such notice whereupon each such
Purchaser Agent shall promptly give notice thereof to the Purchasers in such Purchaser Agent's Purchaser Group. In the event a Purchaser
Agent receives such a notice (other than from the Administrative Agent), such Purchaser Agent shall promptly give notice thereof to the
Administrative Agent. The Administrative Agent shall (subject to Clause 8.4 (Reliance by Administrative Agent and Purchaser Agents))
take such action with respect to such Potential Event of Default, Event of Default, Servicer Default, Potential Servicer Default, Early
Amortisation Event or Potential Early Amortisation Event as may be requested by the Specified Purchasers; provided that, unless and until
the Administrative Agent shall have received any such request, the Administrative Agent may (but shall not be obligated to) take such
action, or refrain from taking such action, with respect to such Potential Event of Default, Event of Default, Potential Servicer Default,
Servicer Default, Early Amortisation Event or Potential Early Amortisation Event as it shall deem advisable or in the best interest of
the Purchasers and the Purchaser Agents.

 

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		8.6	Credit
                                            decision; disclosure of information by the Administrative Agent

 

Each Purchaser acknowledges that none
of the Administrative Agent-Related Persons or the Purchaser Agent-Related Persons has made any representation or warranty to it, and
that no act by the Administrative Agent or any Purchaser Agent hereinafter taken, including any consent to and acceptance of any review
of the affairs of the SPV or any Arrow Party or any of their respective Affiliates, shall be deemed to constitute any representation
or warranty by any Administrative Agent-Related Person or any Purchaser Agent-Related Person, as applicable, to any Purchaser as to any
matter, including whether the Administrative Agent-Related Persons or the Purchaser Agent-Related Persons have disclosed material information
in their possession. Each Purchaser, including any Purchaser by transfer, represents to the Administrative Agent and the applicable Purchaser
Agent that it has, independently and without reliance upon any Administrative Agent-Related Person or Purchaser Agent-Related Person
and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business,
prospects, operations, assets, financial and other condition and creditworthiness of the SPV and each Arrow Party and their respective
Affiliates, and all applicable regulation relating to the transactions contemplated hereby, and made its own decision to enter into this
Agreement and to extend credit to the SPV hereunder. Each Purchaser also represents that it shall, independently and without reliance
upon any Administrative Agent-Related Person or any Purchaser Agent-Related Person and based on such documents and information as it
shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action
under this Agreement and the other Transaction Documents, and to make such investigations as it deems necessary to inform itself as to
the business, prospects, operations, assets, financial and other condition and creditworthiness of the SPV and each Arrow Party. Except
for notices, reports and other documents expressly herein required to be furnished to the Purchasers or Purchaser Agent by the Administrative
Agent herein, the Administrative Agent shall not have any duty or responsibility to provide any Purchaser or any Purchaser Agent with
any credit or other information concerning the business, prospects, operations, assets, financial and other condition or creditworthiness
of the SPV and each Arrow Party or their respective Affiliates which may come into the possession of any of the Administrative Agent-Related
Persons.

 

		8.7	Indemnification
                                            of the Administrative Agent

 

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

 

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		8.8	Individual
                                            Capacity of Administrative Agent, Purchaser and Purchaser Agents

 

The Administrative Agent and its respective
Affiliates may make loans to, issue letters of credit for the account of, accept deposits from, acquire equity interests in and generally
engage in any kind of banking, trust, financial advisory, underwriting or other business with the SPV and any Arrow Party or any of their
Subsidiaries or Affiliates as though it were not the Administrative Agent hereunder and without notice to or consent of the Purchasers.
The Purchasers and Purchaser Agents acknowledge that, pursuant to such activities, the Administrative Agent or its Affiliates may receive
information regarding the SPV and the Arrow Parties or their respective Affiliates (including information that may be subject to confidentiality
obligations) and acknowledge that the Administrative Agent shall be under no obligation to provide such information to them. Each of
the Purchaser Agents and the Administrative Agent shall have the same rights and powers under this Agreement as any Purchaser and may
exercise the same as though it were not such an agent, and the terms "Purchaser" and "Committed Purchasers" shall,
unless the context otherwise indicates, include each of the Purchaser Agents and the Administrative Agent in their individual capacities.

 

		8.9	Resignation
                                            or Termination of Administrative Agent

 

The Administrative Agent may resign
as Administrative Agent upon thirty (30) days' notice to the Purchaser Agents and the Purchasers. At any time the Administrative Agent
has a long-term debt rating less than or equal to “BBB-“ from S&P, the Majority Purchasers may terminate the appointment
of the Administrative Agent by giving the Administrative Agent at least ninety (90) days' prior written notice to that effect. If the
Administrative Agent resigns under this Agreement, the Majority Purchasers shall appoint from among the Committed Purchasers a successor
agent. If the Administrative Agent is terminated under this Agreement, the Majority Purchasers shall appoint a successor agent provided
that the terminated Administrative Agent shall have no obligation in any manner to assist or appoint a successor agent. If no successor
agent is appointed prior to the effective date of the resignation or termination of the Administrative Agent, the Administrative Agent
may, after consulting with the Majority Purchasers, appoint a successor agent from among the Committed Purchasers. Upon the acceptance
of its appointment as successor agent hereunder, such successor agent shall succeed to all the rights and duties of the retiring Administrative
Agent and the term "Administrative Agent" shall mean such successor agent and the retiring or terminated Administrative Agent's
appointment and duties as Administrative Agent shall be terminated, except that any retiring or terminated Administrative Agent's resignation
hereunder as Administrative Agent, the provisions of this Clause 8.9 and Clauses 8.3 (Liability of Administrative Agent and Purchaser
Agents) and 8.7 (Indemnification of the Administrative Agent) shall continue to apply in its favour in respect of any actions
taken or omitted to be taken by it while it was the Administrative Agent under this Agreement. If no successor agent has accepted appointment
as Administrative Agent by the date which is thirty (30) days following a retiring Administrative Agent's notice of resignation or the
termination the Administrative Agent, the retiring or terminated Administrative Agent's resignation or termination shall nevertheless
thereupon become effective and the Committed Purchasers shall perform all of the duties of the Administrative Agent hereunder until such
time, if any, as the Majority Purchasers appoint a successor agent as provided for above. It is understood and agreed that any resignation
or termination of the Administrative Agent pursuant to this Clause 8.9 shall apply to all of such Administrative Agent's rights and duties
in its capacity as Administrative Agent and that under no circumstances may the Administrative Agent resign or be terminated with respect
to only a portion of such rights and duties.

 

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		8.10	Paying
                                            Agent Conditions

 

		(a)	The
                                            Paying Agent shall be entitled to deal with money paid to it by any Person for the purposes
                                            of this Agreement or any other Transaction Document to which it is a party in the same manner
                                            as other money paid to a banker by its customers and shall not be liable to account to such
                                            Person for any interest or other amounts in respect of the money. No money held by the Paying
                                            Agent need be segregated except as required by law.

 

		(b)	The
                                            Paying Agent shall not exercise any right of set-off, lien, right of combination of accounts
                                            or similar claim against the SPV, any Arrow Party, the Administrative Agent, the Security
                                            Trustee, any Purchaser Agent or any other Secured Party in respect of any moneys payable
                                            to or by it under the terms of this Agreement or any other Transaction Document to which
                                            it is a party.

 

		(c)	The
                                            Paying Agent shall be obliged to perform such duties and only such duties as are set out
                                            in this Agreement and any other Transaction Document to which it is a party and no implied
                                            duties or obligations against the Paying Agent shall be read into this Agreement or any other
                                            Transaction Document to which it is a party.

 

		(d)	The
                                            Paying Agent may (at the expense of the SPV) consult with legal and other professional advisers
                                            and the opinion of the advisers shall be full and complete protection in respect of action
                                            taken, omitted or suffered under this Agreement or any other Transaction Document in good
                                            faith and in accordance with the opinion of the advisers.

 

		(e)	The
                                            Paying Agent shall be protected and shall incur no liability for or in respect of action
                                            taken, omitted or suffered in reliance upon any instruction, request or order from the SPV,
                                            any Arrow Party, the Administrative Agent, the Security Trustee, any Purchaser Agent or any
                                            other Secured Party, or any notice, resolution, direction, consent, certificate, affidavit,
                                            statement, facsimile, telex or other paper or document which it reasonably believes to be
                                            genuine and to have been delivered, signed or sent by the proper party or parties or upon
                                            written instructions from the SPV, any Arrow Party, the Administrative Agent, the Security
                                            Trustee, any Purchaser Agent or any other Secured Party.

 

		(f)	The
                                            Paying Agent and its officers, directors, employees or controlling persons may engage or
                                            be interested in any financial or other transaction with any Person and/or any of their Affiliates,
                                            as freely as if the Paying Agent were not appointed under this Agreement.

 

		(g)	The
                                            Paying Agent shall not be under any obligation to take any action under this Agreement or
                                            any other Transaction Document to which it is a party which it expects will result in any
                                            expense or liability accruing to it, the payment of which within a reasonable time is not,
                                            in its opinion, assured to it.

 

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		(h)	The
                                            Paying Agent shall not be liable for any failure to perform its obligations under this Agreement
                                            or any other Transaction Document if such failure to perform has resulted from the failure
                                            of another party to provide the necessary information for such performance or from having
                                            acted on any information subsequently found to be incorrect unless such failure was due to
                                            the Paying Agent’s gross negligence, wilful misconduct or fraud.

 

		(i)	For
                                            the avoidance of doubt, the Paying Agent shall not be liable in respect of any Indemnified
                                            Amounts incurred by any Person as a result of the performance of its obligations under this
                                            Agreement or any other Transaction Document to which it is a party or the exercise or non-exercise
                                            of the discretions conferred or imposed upon it under this Agreement or any other Transaction
                                            Document to which it is a party or by operation of law save where such Indemnified Amounts
                                            are incurred as a direct consequence or result of the Paying Agent's gross negligence, wilful
                                            misconduct or fraud.

 

		(j)	Notwithstanding
                                            anything in this Agreement or any other Transaction Document to the contrary, in no event
                                            shall the Paying Agent be liable for consequential loss or damage of any kind whatsoever
                                            regardless of the form of action and whether or not the Paying Agent has been advised of
                                            the possibility of such loss or damage save where such consequential loss or damage are incurred
                                            as a direct consequence or result of the Paying Agent's gross negligence, wilful misconduct
                                            or fraud.

 

		(k)	The
                                            Paying Agent may call for and shall be at liberty to accept as sufficient evidence of any
                                            fact or matter or the expediency of any transaction or thing which is prima facie within
                                            the knowledge of a party to any of the Transaction Documents a certificate signed by any
                                            authorised signatory of such party and the Paying Agent shall not be bound in any such case
                                            to call for further evidence or be responsible for any Indemnified Amounts that may be occasioned
                                            by it or any other person acting on such certificate.

 

		(l)	The
                                            Paying Agent shall not be bound to monitor or supervise the observance and performance by
                                            any party to the Transaction Documents of their respective obligations thereunder and, until
                                            it shall have actual knowledge or express notice to the contrary, the Paying Agent shall
                                            be entitled to assume that no Event of Default, Potential Event of Default, Early Amortisation
                                            Event or Potential Early Amortisation Event has happened and that the SPV and the other parties
                                            to the Transaction Documents are observing and performing all their respective obligations
                                            thereunder.

 

		(m)	The
                                            Paying Agent may in relation to this Agreement or any other Transaction Document to which
                                            it is a party, instead of acting personally, employ and pay an agent to transact or conduct,
                                            or concur in transacting or conducting, any business and to do, or concur in doing, all acts
                                            required to be done in connection with this Agreement or any other Transaction Document to
                                            which it is a party or whenever it thinks fit delegate by power of attorney or otherwise
                                            to any person or persons or fluctuating body of persons any business to be done in connection
                                            with this Agreement or any other Transaction Document to which it is a party provided that
                                            any such agent or other party was selected by the Paying Agent with due care and the Paying
                                            Agent shall not be responsible for any loss, liability, expense, demand, cost, claim or proceedings
                                            incurred by reason of the misconduct, omission or default on the part of any person appointed
                                            by it with due care under this Agreement. The Paying Agent shall give a reasonable notice
                                            to the SPV and the Administrative Agent of any such agency or delegation or any renewal,
                                            extension or termination.

 

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		(n)	No
                                            provision of this Agreement or any other Transaction Document to which it is a party will
                                            require the Paying Agent to do anything which may be illegal or contrary to applicable law
                                            or regulation or the requirements of any regulatory authority or prevent the Paying Agent
                                            from doing anything which is necessary or desirable to comply with any applicable law or
                                            regulation or the requirements of any regulatory authority.

 

		(o)	Notwithstanding
                                            any conflicting provision in this Agreement or any other Transaction Document, but without
                                            prejudice to the SPV’s right to terminate the Paying Agent pursuant to clause (p) below,
                                            to the extent the Paying Agent no longer has the necessary regulatory consents, capacity
                                            and/or licences to perform the services required by it under this Agreement or any other
                                            Transaction Document to which it is a party solely as a consequence of any United Kingdom
                                            exit from the European Union, it may, subject to clause (p) below, transfer its rights
                                            and obligations to a replacement Paying Agent that is an Affiliate of the Paying Agent and
                                            approved by the SPV and Administrative Agent on behalf of the Majority Purchasers, provided
                                            that the SPV and Administrative Agent are provided with such legal and tax opinions in respect
                                            of such replacement in form and substance satisfactory to the SPV and the Administrative
                                            Agent that such replacement would not result in any adverse tax consequences for the SPV
                                            or any Secured Party. To the extent there is no such Affiliate of the Paying Agent which
                                            satisfies such requirements available and/or is approved by the SPV and Administrative Agent,
                                            then the SPV may terminate the appointment of the Paying Agent in accordance with clause
                                            (p) below.

 

		(p)	The
                                            Administrative Agent (acting at the direction of the Specified Purchasers) or the SPV, with
                                            the prior written approval of the Administrative Agent (acting at the direction of the Specified
                                            Purchasers), may terminate the appointment of the Paying Agent at any time by giving the
                                            Paying Agent at least ninety (90) days' prior written notice to that effect. Notwithstanding
                                            the provisions of this clause (p), if at any time the Paying Agent becomes incapable of acting
                                            or is adjudged bankrupt or insolvent, files a voluntary petition in bankruptcy, makes an
                                            assignment for the benefit of its creditors, consents to the appointment of an administrator,
                                            examiner, liquidator or administrative or other receiver of all or any substantial part of
                                            its property, if an administrator, examiner, liquidator or administrative or other receiver
                                            of it or of all or a substantial part of its property is appointed, it admits in writing
                                            its inability to pay or meet its debts as they may mature or suspends payment of its debts,
                                            if an order of any court is entered approving any petition filed by or against it under the
                                            provisions of any applicable bankruptcy or insolvency law or if a public officer takes charge
                                            or control of the Paying Agent or of its property or affairs for the purpose of rehabilitation,
                                            administration or liquidation, the Administrative Agent (acting at the direction of the Specified
                                            Purchasers) or the SPV, with the prior written approval of the Administrative Agent (acting
                                            at the direction of the Specified Purchasers), may forthwith without notice terminate the
                                            appointment of the Paying Agent. The termination of the appointment of the Paying Agent under
                                            this Agreement shall not entitle the Paying Agent to any amount by way of compensation but
                                            shall be without prejudice to any amount then accrued due or any other rights arising prior
                                            to such termination. The Paying Agent may resign under this Agreement at any time by giving
                                            to the SPV, the Administrative Agent, the Security Trustee and each Purchaser Agent at least
                                            ninety (90) days' prior written notice to that effect. If the Paying Agent shall be removed
                                            or resigns pursuant to and in accordance with this clause (p), the SPV shall promptly and
                                            in any event within thirty (30) days appoint a successor approved in writing by the Administrative
                                            Agent (acting at the direction of the Majority Purchasers). If the SPV fails to appoint a
                                            successor within such period, the Paying Agent may select a leading bank approved in writing
                                            by the Administrative Agent (acting at the direction of the Majority Purchasers) to act as
                                            the Paying Agent and the SPV shall appoint that bank as the successor Paying Agent. Notwithstanding
                                            the provisions of this clause (p), so long as any of the Aggregate Unpaids are outstanding,
                                            the termination or resignation of the Paying Agent shall not be effective until the acceptance
                                            of appointment by the successor Paying Agent.

 

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		(q)	Any
                                            successor Paying Agent appointed pursuant to clause (p) above shall execute and deliver
                                            to its predecessor, the SPV and the Administrative Agent an instrument accepting the appointment
                                            under this Agreement, and the successor Paying Agent, without any further act, deed or conveyance,
                                            shall become vested with all the authority, rights, powers, trusts, immunities, duties and
                                            obligations of the predecessor with like effect as if originally named as the Paying Agent.

 

		(r)	If
                                            the appointment of the Paying Agent under this Agreement is terminated (whether by the Administrative
                                            Agent, the SPV or by the resignation of the Paying Agent), the Paying Agent shall (solely
                                            to the extent the Administrative Agent or the SPV has terminated the Paying Agent, at the
                                            SPV's expense) on the date on which the termination takes effect deliver to its successor
                                            Paying Agent all amounts (if any) held by it in respect of any Receivables or otherwise related
                                            to any Transaction Document.

 

		(s)	If
                                            the Paying Agent shall change its specified office, it shall give to the SPV, the Administrative
                                            Agent, the Security Trustee and each Purchaser Agent not less than forty-five (45) days'
                                            prior written notice to that effect giving the address of the new specified office.

 

		(t)	Any
                                            corporation into which the Paying Agent may be merged or converted, or any corporation with
                                            which the Paying Agent may be consolidated, or any corporation resulting from any merger,
                                            conversion or consolidation to which the Paying Agent shall be a party, or any corporation,
                                            including affiliated corporations, to which the Paying Agent shall sell or otherwise transfer
                                            (i) all or substantially all of its assets or (ii) all or substantially all of
                                            its corporate trust business shall, on the date when the merger, conversion, consolidation
                                            or transfer becomes effective and to the extent permitted by any applicable laws and subject
                                            to any credit rating requirements set out in this Agreement or any other Transaction Document
                                            to which it is a party become the successor Paying Agent under the Transaction Documents
                                            to which it is a party without the execution or filing of any paper or any further act on
                                            the part of the parties to this Agreement, unless otherwise required by the SPV, and after
                                            the said effective date all references in this Agreement and any other Transaction Document
                                            to the Paying Agent shall be deemed to be references to such successor corporation. Written
                                            notice of any such merger, conversion, consolidation or transfer shall immediately be given
                                            to the SPV, the Administrative Agent, the Security Trustee and each Purchaser Agent by the
                                            Paying Agent.

 

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		(u)	Subject
                                            to and in accordance with the Priority of Payments and without duplication of amounts paid
                                            under Clause 7.1 above, the SPV undertakes to indemnify the Paying Agent on demand against
                                            all Indemnified Amounts which it may incur or which may be made against it as a result of
                                            or in connection with the appointment of or the exercise of the powers and duties by the
                                            Paying Agent under this Agreement or any other Transaction Document to which it is a party
                                            except as may result from the Paying Agent's gross negligence, wilful misconduct or fraud,
                                            as finally determined by a court of competent jurisdiction, and excluding in respect of (i) any
                                            Tax imposed on or calculated by reference to the net income received or receivable by the
                                            Paying Agent and (ii) any amount in respect of VAT which the Paying Agent, or any member
                                            of a VAT group of which the Paying Agent is a member, can recover from a Tax authority. This
                                            clause (u) shall survive termination of this Agreement and the resignation and/or removal
                                            of the Paying Agent.

 

		(v)	The
                                            Paying Agent undertakes to indemnify the SPV against all Indemnified Amounts which it may
                                            incur or which may be made against it as a direct result of the Paying Agent's gross negligence
                                            or wilful misconduct as finally determined by a court of competent jurisdiction. This clause
                                            (v) shall survive termination of this Agreement and the resignation and/or removal of
                                            the Paying Agent.

 

		(w)	Subject
                                            to and in accordance with the Priority of Payments, the SPV shall pay to the Paying Agent
                                            such fees in respect of the services of the Paying Agent under the Transaction Documents
                                            to which it is a party as shall be agreed between the SPV and the Paying Agent. The SPV shall
                                            also pay to the Paying Agent or the relevant Tax authority (if applicable) an amount equal
                                            to any VAT which may be payable in respect of the fees payable in accordance with this clause
                                            (w) (where applicable and provided that a valid VAT invoice has been provided to the
                                            SPV) together with all properly incurred expenses incurred by the Paying Agent in connection
                                            with its services under the Transaction Documents to which it is a party. Reimbursement of
                                            the Paying Agent's expenses shall not include any amount in respect of VAT which the Paying
                                            Agent, or any other member of any VAT group of which the Paying Agent is a member for VAT
                                            purposes, can recover by way of a credit or repayment from the relevant Tax authority.

 

		8.11	Erroneous
                                            Payments

 

Where a sum is to be paid to the Administrative
Agent, a Purchaser Agent or the Paying Agent, as applicable, under this Agreement or any other Transaction Document for another party
hereto or thereto, the Administrative Agent, such Purchaser Agent or the Paying Agent, as applicable, is not obliged to pay that sum
to that other party (or to enter into or perform any related exchange contract) until it has been able to establish to its satisfaction
that it has actually received that sum. If the Administrative Agent, a Purchaser Agent or the Paying Agent, as applicable, or its Affiliate
or representative on its behalf or direction (the Administrative Agent, each Purchaser Agent and the Paying Agent, as applicable, and
their applicable Affiliate or representative, an "Agent Entity") pays an amount to another party (unless the immediately
following sentence applies) or, at the direction of such party, that party’s Affiliate, related fund or representative (such party
and its applicable Affiliate, related fund or representative, an "Other Party Entity") and it proves to be the case
(in the sole determination of the Administrative Agent, a Purchaser Agent or the Paying Agent, as applicable) that (a) neither the
Administrative Agent, such Purchaser Agent or the Paying Agent, as applicable, nor the applicable Agent Entity actually received that
amount or (b) such amount was otherwise paid in error (whether such error was known or ought to have been known to such other party
or applicable Other Party Entity), then the party to whom that amount (or the proceeds of any related exchange contract) was paid (or
on whose direction its applicable Other Party Entity was paid) by the applicable Agent Entity shall hold such amount on trust or, to
the extent not possible as a matter of law, for the account (or will procure that its applicable Other Party Entity holds on trust or
for the account) of the Agent Entity and on demand (or will procure that its applicable Other Party Entity shall) refund the same to
the Agent Entity together with interest on that amount from the date of payment to the date of receipt by the Agent Entity, calculated
by the Administrative Agent, such Purchaser Agent or the Paying Agent, as applicable, to reflect its cost of funds. If the Administrative
Agent, a Purchaser Agent or the Paying Agent, as applicable, has notified the Purchasers that it is willing to make available amounts
for the account of the SPV before receiving funds from the Purchasers then if and to the extent that the Administrative Agent, such Purchaser
Agent or the Paying Agent, as applicable, does so but it proves (in the sole determination of the Administrative Agent, such Purchaser
Agent or the Paying Agent, as applicable) to be the case that it does not then receive funds from a Purchaser in respect of a sum which
it paid to the SPV: (i) the Administrative Agent, such Purchaser Agent or the Paying Agent, as applicable, shall notify Arrow of
that Purchaser’s identity and the SPV to whom that sum was made available shall hold such amount on trust or, to the extent not
possible as a matter of law, for the account, of the Administrative Agent, such Purchaser Agent or the Paying Agent, as applicable, and
on demand refund it to the Administrative Agent, such Purchaser Agent or the Paying Agent, as applicable; and (ii) the Purchaser
by whom those funds should have been made available shall on demand pay to the Administrative Agent, such Purchaser Agent or the Paying
Agent, as applicable, the amount (as certified by the Administrative Agent, such Purchaser Agent or the Paying Agent, as applicable)
which will indemnify the Administrative Agent, such Purchaser Agent or the Paying Agent, as applicable, against any funding cost incurred
by it as a result of paying out that sum before receiving those funds from that Purchaser.

 

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		9.	Security
                                            Trustee's Rights, Powers and Discretions

 

		9.1	Declaration

 

The Security Trustee hereby declares
that it holds any interest (whether legal or beneficial) in the SPV Collateral on trust or, in any jurisdiction where the trust would
not be recognised, as agent (or mandatario con rappresentanza pursuant to and for the purposes of Italian law) for itself and
the other Secured Parties in accordance with the terms of the Transaction Documents.

 

Each of the Secured Parties authorises
the Security Trustee to perform the duties, obligations and responsibilities and to exercise the rights, powers, authorities and discretions
specifically given to the Security Trustee under or in connection with the Transaction Documents together with any other incidental rights,
powers, authorities and discretions, releases the Security Trustee from any restrictions (to the extent that such restrictions would
otherwise apply) on representing several persons and self-dealing and any other similar restrictions (if any) under any applicable law
(with the express consent pursuant to articles 1394 and 1395 of the the Italian civil code (codice civile), enacted by Royal Decree
No. 262 of March 16, 1942, as subsequently amended and supplemented (the “Italian Civil Code”)), expressly
waives any right it may have under article 1394 of the Italian Civil Code in respect of contractual arrangements entered into by the
Security Trustee in its name and on its behalf pursuant to or in connection with the Transaction Documents, in both cases to the extent
it is legally possible for such party to do so, grants the Security Trustee the power to negotiate and approve the terms and conditions
of such Transaction Document, execute any other agreement or instrument, give or receive any notice or declaration, identify and specify
to third parties the names of the Secured Parties at any given date, and take any other action in relation to the creation, perfection,
confirmation, extension, maintenance, enforcement and release of the security created thereunder in the name and on behalf of (as mandatario
con rappresentanza of) the Secured Parties.

 

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		9.2	Powers
                                            supplemental to Trustee Acts

 

The rights, powers, authorities and
discretions given to the Security Trustee under or in connection with the Transaction Documents shall be supplemental to the Trustee
Act 1925 and the Trustee Act 2000 and in addition to any which may be vested in the Security Trustee by law or regulation or otherwise.

 

		9.3	Disapplication
                                            of Trustee Acts

 

s.1 (The Duty of Care) of the Trustee
Act 2000 shall not apply to the duties of the Security Trustee in relation to the trusts constituted by this Agreement or any other Transaction
Document. Where there are any inconsistencies between the Trustee Act 1925, the Trustee Act 2000 and the provisions of any Transaction
Document, the provisions of the relevant Transaction Document shall prevail to the extent allowed by law and, in the case of any such
inconsistency with the Trustee Act 2000, the provisions of this Agreement shall constitute a restriction or exclusion for the purposes
of that Act.

 

		9.4	Instructions

 

		(a)	The
                                            Security Trustee shall, for so long as any amount is outstanding under the Transaction Documents
                                            or any Commitment is in force, deal solely with and take instructions only from the Administrative
                                            Agent (at the direction of the Specified Purchasers), to the exclusion of any other Secured
                                            Party in relation to the exercise of its rights and the performance of its obligations under
                                            this Agreement and the other Transaction Documents.

 

		(b)	The
                                            Security Trustee shall, save as otherwise provided in this Agreement, act as trustee or,
                                            in any jurisdiction where the trust would not be recognised, as agent (or mandatario con
                                            rappresentanza pursuant to and for the purposes of Italian law) under this Agreement
                                            and the other Transaction Documents in accordance with any instructions given to it by the
                                            Administrative Agent (at the direction of the Specified Purchasers), which instructions shall
                                            be binding on the Security Trustee, the SPV and all of the Secured Parties.

 

		(c)	The
                                            Security Trustee shall, if so instructed by the Administrative Agent (at the direction of
                                            the Specified Purchasers), refrain from exercising any right, power or discretion vested
                                            in it as security trustee under this Agreement.

 

		(d)	The
                                            Security Trustee shall be entitled to request instructions, or clarification of any instruction,
                                            from the Administrative Agent (at the direction of the Specified Purchasers) as to whether,
                                            and in what manner, it should exercise or refrain from exercising any right, power, authority
                                            or discretion under this Agreement or any other Transaction Document and the Security Trustee
                                            may refrain from acting unless and until it receives any such instructions or clarification
                                            that it has requested.

 

		(e)	The
                                            Security Trustee may refrain from exercising any right, power or discretion vested in it
                                            under this Agreement or under any other Transaction Document unless and until instructed
                                            by the Administrative Agent (at the direction of the Specified Purchasers) as to whether
                                            or not such right, power or discretion is to be exercised and, if it is to be exercised,
                                            as to the manner in which it should be exercised.

 

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		(f)	The
                                            Security Trustee may refrain from acting in accordance with any instructions of the Administrative
                                            Agent (at the direction of the Specified Purchasers) or any Secured Party until it shall
                                            have been indemnified and/or prefunded and/or secured to its satisfaction (whether by way
                                            of payment in advance or otherwise) for all costs, claims, expenses (including legal fees),
                                            losses and liabilities (together with any applicable VAT) which it will or may expend or
                                            incur in complying with such instructions.

 

		(g)	The
                                            Security Trustee may do any act or thing in the exercise of any of its duties under this
                                            Agreement, without incurring any liability therefor, which in its absolute discretion (in
                                            the absence of any instructions of the Administrative Agent (at the direction of the Specified
                                            Purchasers)) as to the doing of such act or thing it deems advisable for the protection and
                                            benefit of all or any of the Secured Parties.

 

		(h)	Where
                                            the Security Trustee acts (or refrains from acting) upon the instructions of the Administrative
                                            Agent (at the direction of the Specified Purchasers) pursuant to this Agreement or any other
                                            Transaction Document, the Security Trustee shall have no liability for so acting (or refraining
                                            from acting) to any person (save in the case of gross negligence, fraud or wilful misconduct
                                            of the Security Trustee), including any minority or individual Purchasers, regardless of
                                            their number or amount of their Commitments.

 

		9.5	Information
                                            for the Security Trustee

 

The SPV shall promptly provide any
additional information required by the Security Trustee in connection with its functions under this Agreement or the other Transaction
Documents on written request from the Security Trustee.

 

		9.6	No
                                            fiduciary duties

 

Nothing in this Agreement constitutes
the Security Trustee as an agent, trustee or fiduciary of any party to a Transaction Document other than the Secured Parties.

 

		9.7	No
                                            duty to account

 

		(a)	Notwithstanding
                                            anything to the contrary expressed or implied in this Agreement, the Security Trustee shall
                                            not be bound to account to any other Secured Party for any sum or the profit element of any
                                            sum received by it for its own account whether in connection with the Transaction Documents
                                            or otherwise.

 

		(b)	The
                                            Security Trustee and any other person, whether or not acting for itself, may acquire, hold
                                            or dispose of any security (or any interest therein) of the SPV or any other person, may
                                            enter into or be interested in any contract or transaction with any such person and may act
                                            on, or as depositary or agent for, any committee or body of holders of any securities of
                                            any such person in each case with the same rights as it would have had if the Security Trustee
                                            were not acting as Security Trustee and need not account for any profit.

 

		9.8	Business
                                            with the SPV

 

		(a)	The
                                            Security Trustee may accept deposits from, lend money to, and generally engage in any kind
                                            of banking, investment or other business with, the SPV.

 

		(b)	None
                                            of the Security Trustee or its directors and officers shall be precluded from entering into
                                            transactions in the ordinary course of business with any of the other parties or be accountable
                                            for the same (including any profit therefrom) to any Secured Party or any person.

 

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		9.9	Rights
                                            and discretions

 

		(a)	The
                                            Security Trustee may rely (without liability to any person and without further investigation)
                                            on any representation, communication, notice or document reasonably believed by it to be
                                            genuine.

 

		(b)	The
                                            Security Trustee may assume (without liability to any person) that:

 

		(i)	any
                                            directions or instructions received by it from the Administrative Agent (at the direction
                                            of the Specified Purchasers) or relevant Secured Party or Secured Parties pursuant to this
                                            Agreement and the other Transaction Documents are duly given in accordance with the terms
                                            of this Agreement and/or any other relevant Transaction Document;

 

		(ii)	unless
                                            it has received notice of revocation, that those directions have not been revoked; and

 

		(iii)	if
                                            it receives any instructions to act in relation to the Security, this Agreement or any other
                                            Transaction Document, that all applicable conditions under the Transaction Documents for
                                            so acting have been satisfied.

 

		(c)	The
                                            Security Trustee may call for and/or rely (without liability to any person) on a certificate
                                            or instruction or direction from any person (whether or not addressed to the Security Trustee):

 

		(i)	as
                                            to any matter of fact or circumstance which might be expected to be within the knowledge
                                            of that person (including, but without limitation, as to any amount that is owing or due
                                            to any person in respect of any claims under or pursuant to the priorities of payment set
                                            out in the Servicing Deed); or

 

		(ii)	to
                                            the effect that such person approves of any particular dealing, transaction, step, action
                                            or thing, as sufficient evidence that that is the case and may assume the truth and accuracy
                                            of that certificate or instruction (including, but without limitation, the correctness and
                                            accuracy of any calculations or determinations contained therein or related thereto and the
                                            reasonableness of any amounts contained therein) and shall not be bound to call for any further
                                            evidence or be liable for acting thereon and regardless of any monetary liability cap.

 

		(d)	If
                                            the Security Trustee, in the exercise of its functions, requires to be satisfied or to have
                                            information as to any fact or the expediency of any act, it may call for and/or rely on (without
                                            liability to any person) and accept as sufficient evidence of that fact or the expediency
                                            of that act a certificate signed by any two directors or authorised signatories of the SPV
                                            or signed by an Originator. The Security Trustee need not call for further evidence and will
                                            not be responsible for any liability that may be occasioned by acting on such a certificate.

 

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		(e)	The
                                            Security Trustee may upon a disposal of any of the Security by any Receiver in accordance
                                            with the provisions of the Transaction Documents to any third party, release such property
                                            from the security created under the relevant Transaction Document.

 

		(f)	The
                                            Security Trustee may, if authorised or instructed by the Administrative Agent (at the direction
                                            of the Specified Purchasers), agree to any amendments or variation to the terms of or waiver
                                            in respect of any breaches of or defaults under, or otherwise excuse performance of any provision
                                            of, or grant consents under, any Security Document on behalf of the Secured Parties, any
                                            such amendment, variation, waiver or consent so authorised to be binding on all the Parties
                                            and the Security Trustee to be under no liability whatsoever in respect thereof.

 

		(g)	The
                                            duties of the Security Trustee under the Transaction Documents are solely mechanical and
                                            administrative in nature.

 

		(h)	The
                                            Security Trustee may engage (at the expense of the SPV to the extent such expenses are properly
                                            incurred by the Security Trustee) and pay for the advice or services of any lawyers, accountants,
                                            surveyors or other experts whose advice or services may to it seem necessary and rely on
                                            any advice so obtained and will not be responsible to anyone for any loss occasioned by so
                                            acting or relying whether such advice is obtained or addressed to the SPV, the Security Trustee
                                            or any other person and whether or not the liability of such expert in respect of such advice
                                            is limited by a monetary cap or otherwise. Any such opinion, advice or information may be
                                            sent or obtained by letter, electronic mail or other written format and the Security Trustee
                                            will not be liable to anyone for acting in good faith on any opinion, advice or information
                                            purporting to be conveyed by such means even if it contains some error or is not authentic.

 

		(i)	The
                                            Security Trustee shall not be bound to disclose to any other person any information relating
                                            to the SPV or any Transaction Document if such disclosure would or might in its opinion constitute
                                            a breach of any law or regulation or a breach of a fiduciary duty or duty of confidentiality
                                            or be otherwise actionable at the suit of any person.

 

		(j)	The
                                            Security Trustee shall not be under any obligations other than those for which express provision
                                            is made under the Transaction Documents to which it is expressed to be a party (and no others
                                            shall be implied).

 

		(k)	Notwithstanding
                                            anything else contained in this Agreement or the other Transaction Documents, the Security
                                            Trustee may refrain from doing anything which would or might in its opinion be contrary to
                                            any law of any jurisdiction or any directive or regulation of any agency of any state or
                                            which would or might otherwise render it liable to any person and may do anything which is,
                                            in its opinion, necessary to comply with any such law, directive or regulation.

 

		(l)	Nothing
                                            contained in this Agreement or the other Transaction Documents shall require the Security
                                            Trustee to expend or risk its own funds or otherwise incur any financial liability in the
                                            performance of its duties or the exercise of any right, power, authority or discretion hereunder
                                            if, in its sole opinion, the repayment of such funds or adequate indemnity against, security
                                            for, or prefunding for such risk or liability is not assured to it (without prejudice to
                                            any further demand).

 

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		(m)	The
                                            Security Trustee shall have no responsibility for investigating whether any request, instruction
                                            or direction given to it by any person breaches any rights or restriction set out in this
                                            Agreement or any other Transaction Document. If the Administrative Agent (at the direction
                                            of the Specified Purchasers) or any Secured Party, in issuing any request or instruction
                                            or direction under the Transaction Documents, breaches any rights or restrictions set out
                                            in any Transaction Document, this shall not invalidate that request, instruction or direction
                                            unless the Administrative Agent (at the direction of the Specified Purchasers) or the Secured
                                            Party (as the case may be) inform the Security Trustee in writing in relation to a request
                                            or instruction made or given by it before the Security Trustee commences to act on such request
                                            or instruction that such request or instruction was invalid and should not be acted on. If
                                            the Security Trustee is so informed after it has commenced acting on a request, instruction
                                            or direction, the validity of any action taken shall not be affected but the Security Trustee
                                            shall take no further action in accordance with such request or instruction, except to the
                                            extent that it has become legally obliged to do so.

 

		(n)	Any
                                            consent or approval given by the Security Trustee may be on such terms and subject to such
                                            conditions as the Security Trustee thinks fit.

 

		(o)	The
                                            Security Trustee shall not be obliged to enter into any modification of, supplement to or
                                            amendment to any Transaction Document to which it is a party (whether such amendment, supplement
                                            or modification arises pursuant to Clause 12 (Amendments and waivers), as a result
                                            of the appointment or an additional, replacement or successor Transaction Party or otherwise)
                                            if, in the opinion of the Security Trustee, doing so would impose more onerous or additional
                                            obligations, responsibilities or duties upon it or expose it to further liabilities or reduce
                                            or amend the protective provisions afforded to the Security Trustee in this Agreement or
                                            any other Transaction Document in any way.

 

		(p)	The
                                            Security Trustee may, in the conduct of its trust business, instead of acting personally,
                                            employ and pay an agent to transact or conduct, or concur in transacting or conducting, any
                                            business and to do or concur in doing all acts required to be done by the Security Trustee
                                            (including the receipt and payment of money). Provided that the Security Trustee has exercised
                                            due care in the selection of any such agent, the Security Trustee shall not be responsible
                                            for any misconduct, omission or default on the part of any person appointed by it with due
                                            care hereunder or be bound to supervise the proceedings or acts of any such persons.

 

		(q)	The
                                            Security Trustee may appoint with due care and pay any Person to act as a custodian or nominee
                                            on any terms in relation to any SPV Collateral as the Security Trustee may determine, including
                                            for the purpose of depositing with a custodian this Agreement or any document relating to
                                            the trust created under this Agreement and the Security Trustee shall not be responsible
                                            for any loss, liability, expense, demand, cost, claim or proceedings incurred by reason of
                                            the misconduct, omission or default on the part of any person appointed by it with due care
                                            under this Agreement or be bound to supervise the proceedings or acts of any person

 

		(i)	Each
                                            of the Security Trustee, any Receiver and any Delegate may, at any time, delegate by power
                                            of attorney or otherwise to any person for any period, all or any right, power, authority
                                            or discretion vested in it in its capacity as such.

 

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		(ii)	That
                                            delegation may be made upon any terms and conditions (including the power to sub-delegate)
                                            and subject to any restrictions that the Security Trustee, that Receiver or that Delegate
                                            (as the case may be) may, in its discretion, think fit in the interests of the Secured Parties.

 

		(iii)	No
                                            Security Trustee, Receiver or Delegate shall be bound to supervise, or be in any way responsible
                                            for any damages, costs or losses incurred by reason of any misconduct, omission or default
                                            on the part of, any such delegate or sub-delegate appoint with due care.

 

		(r)	The
                                            Security Trustee shall not be liable for any error of judgment made in good faith by any
                                            officer or employee of the Security Trustee assigned by the Security Trustee to administer
                                            its corporate trust matters.

 

		(s)	No
                                            party (other than the Security Trustee, that Receiver or that Delegate (as applicable)) may
                                            take any proceedings against any officer or employee of the Security Trustee, a Receiver
                                            or a Delegate, in respect of any claim it might have against the Security Trustee, a Receiver
                                            or a Delegate or in respect of any act or omission of any kind by that officer or employee
                                            in relation to any Transaction Document or any SPV Collateral and any officer or employee
                                            of the Security Trustee, a Receiver or a Delegate may rely on this Clause 9.9(s).

 

		(t)	The
                                            Security Trustee will not be liable for any decline in value nor any loss realised upon any
                                            sale or other disposition pursuant to the Transaction Documents of any of the Security. In
                                            particular and without limitation, the Security Trustee shall not be liable for any such
                                            decline or loss directly or indirectly arising from its acting or failing to act as a consequence
                                            of an opinion reached by it in good faith based on advice received by it in accordance with
                                            the Transaction Documents.

 

		(u)	The
                                            Secured Parties shall not have any independent power to enforce, or have recourse to, any
                                            of the Security over the SPV Collateral or to exercise any right, power, authority or discretion
                                            arising under the Transaction Documents except through the Security Trustee.

 

		(v)	Subject
                                            to the confidentiality provisions under the Transaction Documents the Security Trustee may
                                            disclose to any other party under any Transaction Document any information it reasonably
                                            believes it has received as Security Trustee under the Transaction Documents.

 

		(w)	In
                                            acting as Security Trustee, the Security Trustee shall be regarded as acting through its
                                            trust division which shall be treated as a separate entity from any other of its divisions
                                            or departments. If information is received by another division or department of the Security
                                            Trustee, it may be treated as confidential to that division or department and the Security
                                            Trustee shall not be deemed to have notice of it.

 

		(x)	Nothing
                                            in this Agreement shall oblige the Security Trustee to carry out (i) any "know
                                            your customer" or other checks in relation to any Person; or (ii) any check on
                                            the extent to which any transaction contemplated by this Agreement might be unlawful for
                                            any Secured Party, on behalf of any Secured Party and each Secured Party confirms to the
                                            Security Trustee that it is solely responsible for any such checks it is required to carry
                                            out and that it may not rely on any statement in relation to such checks made by the Security
                                            Trustee.

 

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		(y)	Where
                                            it is necessary or desirable for any purpose in connection with this Agreement or any other
                                            Transaction Document for the Security Trustee to convert any sum from one currency to another,
                                            it shall (unless otherwise provided by this Agreement or required by Law) be converted at
                                            such rate or rates in accordance with such method and as at such date for the determination
                                            of such rate of exchange, as may be specified by the Security Trustee in its absolute discretion
                                            but having regard to current rates of exchange if available, and the Security Trustee shall
                                            not be liable for any liability occasioned by the said conversion under this clause and any
                                            rate, method and date so specified shall be binding on the SPV and the Secured Parties.

 

		9.10	Responsibility

 

The Security Trustee shall not be responsible
for the genuineness, validity or effectiveness of any of the Transaction Documents or any other documents entered into in connection
therewith or any other document or any obligations or rights created or purported to be created thereby or pursuant thereto or any Security
or the priority thereof constituted or purported to be constituted by or pursuant to this Agreement or any of the Transaction Documents,
nor shall it be responsible or liable to any person because of any invalidity of any provision of such documents or the unenforceability
thereof, whether arising from statute, law or decision of any court, and (without prejudice to the generality of the foregoing) the Security
Trustee shall not have any responsibility for or have any duty to make any investigation in respect of or in any way be liable whatsoever
for:

 

		(a)	the
                                            nature, status, creditworthiness or solvency of the SPV or any other party to any Transaction
                                            Document (other than the Security Trustee);

 

		(b)	the
                                            title, ownership, value, sufficiency, enforceability, unsuitability, inadequacy, unfitness
                                            or existence of any SPV Collateral or any security (howsoever described) relating thereto
                                            as security for the Aggregate Unpaids;

 

		(c)	the
                                            execution, delivery, enforceability, effectiveness, suitability, legality, validity, adequacy,
                                            admissibility in evidence or enforceability of this Agreement or any other Transaction Document
                                            comprised within the SPV Collateral or any other document entered into in connection therewith;

 

		(d)	the
                                            registration, recording, filing, protection or perfection of any security relating to this
                                            Agreement or the other Transaction Documents relating to the SPV Collateral or the priority
                                            of the security thereby created whether in respect of any Investment or any other sums or
                                            liabilities;

 

		(e)	the
                                            scope or accuracy of any representations, warranties or statements made by or on behalf of
                                            the SPV or any other Person or entity (other than the Security Trustee) who has at any time
                                            provided any Transaction Document comprised within the SPV Collateral or in any document
                                            entered into in connection therewith;

 

		(f)	the
                                            performance or observance by the SPV or any other Person (other than the Security Trustee)
                                            with any provisions of this Agreement or any other Transaction Document comprised within
                                            the SPV Collateral or in any document entered into in connection therewith or the fulfilment
                                            or satisfaction of any conditions contained therein or relating thereto or as to the existence
                                            or occurrence at any time of any default, event of default or similar or other event contained
                                            therein or any waiver or consent which has at any time been granted in relation to any of
                                            the foregoing;

 

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		(g)	in
                                            connection with the Security Trustee's entitlement (if any) to take action to terminate the
                                            appointment of the Servicer, the Security Trustee:

 

		(i)	will
                                            not be responsible for carrying out the role of Servicer itself during the time the SPV is
                                            attempting to identify such replacement Servicer or thereafter if the SPV is unable to find
                                            such replacement; and

 

		(ii)	will
                                            not be required to take any action to find a replacement Servicer;

 

		(h)	the
                                            existence, accuracy or sufficiency of any legal or other opinions, searches, reports, certificates,
                                            valuations or investigations delivered or obtained or required to be delivered or obtained
                                            at any time in connection with the SPV Collateral (other than those provided by the Security
                                            Trustee, if any);

 

		(i)	the
                                            title to, or the ownership, value, sufficiency or existence of the SPV Collateral;

 

		(j)	arranging
                                            or maintaining insurance of any of the SPV Collateral or requiring any other Person to maintain
                                            any insurance or to verify any obligation to arrange or maintain insurance contained in any
                                            Transaction Document and the Security Trustee shall not be liable for any damages, costs
                                            or losses to any Person as a result of the lack of, or inadequacy of, any such insurance;
                                            and where the Security Trustee is named as an insured party, it shall not be liable for any
                                            damages, costs or losses to any Person as a result of its failure to notify the insurers
                                            of any material fact relating to the risk assumed by such insurers or any information of
                                            any kind;

 

		(k)	the
                                            failure to effect or procure registration of or to give notice to any Person in relation
                                            to or otherwise protect the security created or purported to be created by or pursuant to
                                            this Agreement or other documents entered into in connection therewith;

 

		(l)	the
                                            failure by any Person (other than the Security Trustee) to obtain or comply with any licence,
                                            consent or other authority in connection with any Transaction Document; or

 

		(m)	the
                                            failure to call for delivery of documents of title to or require any transfers, assignments,
                                            assignations, legal mortgages, standard securities, charges or other further assurances in
                                            relation to any of the SPV Collateral the subject matter of any of this Agreement or any
                                            other document.

 

		9.11	Liability

 

		(a)	Nothing
                                            in this Agreement shall in any case in which the Security Trustee has failed to show the
                                            degree of care and diligence required of it as Security Trustee having regard to the provisions
                                            of this Agreement and the other Transaction Documents conferring on it any trusts, powers,
                                            authorities or discretions relieve or indemnify the Security Trustee against any liabilities
                                            which by virtue of any rule of Law would otherwise attach to it in respect of any gross
                                            negligence, wilful default or fraud in relation to its duties under this Agreement.

 

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		(b)	Without
                                            prejudice to any provision of any Transaction Document excluding or limiting the liability
                                            of the Security Trustee, any Receiver or Delegate, any liability of the Security Trustee,
                                            any Receiver or Delegate arising under or in connection with any Transaction Document or
                                            the SPV Collateral shall be limited to the amount of actual loss which has been finally judicially
                                            determined to have been suffered (as determined by reference to the date of default of the
                                            Security Trustee, Receiver or Delegate or, if later, the date on which the loss arises as
                                            a result of such default) but without reference to any special conditions or circumstances
                                            known to the Security Trustee, any Receiver or Delegate at any time which increase the amount
                                            of that loss. In no event shall the Security Trustee, any Receiver or Delegate be liable
                                            for any loss of profits, goodwill, reputation, business opportunity or anticipated saving,
                                            or for special, punitive, indirect or consequential loss or damages, whether or not the Security
                                            Trustee, the Receiver or Delegate has been advised of the possibility of such loss or damages
                                            and regardless of whether the claim for damages is made in negligence, for breach of contract
                                            or otherwise.

 

		(c)	Notwithstanding
                                            anything to the contrary in this Agreement or in any other Transaction Document, the Security
                                            Trustee shall not in any event be liable for any loss or damage, or any failure or delay
                                            in the performance of its obligations hereunder if it is prevented from so performing its
                                            obligations by any reason which is beyond the control of the Security Trustee, including,
                                            but not limited to, by any existing or future law or regulation, any existing or future act
                                            of governmental authority, act of God, flood, war whether declared or undeclared, terrorism,
                                            riot, rebellion, civil commotion, strike, lockout, other industrial action, general failure
                                            of electricity or other supply, aircraft collision, technical failure, accidental or mechanical
                                            or electrical breakdown, computer failure or failure of any money transmission system or
                                            any event where, in the reasonable opinion of the Security Trustee, performance of any duty
                                            or obligation under or pursuant to this Agreement would or may be illegal or would result
                                            in the Security Trustee being in breach of any law, rule, regulation, or any decree, order
                                            or judgment of any court, or practice, request, direction, notice, announcement or similar
                                            action (whether or not having the force of law) of any relevant government, government agency,
                                            regulatory authority, stock exchange or self-regulatory organisation to which the Security
                                            Trustee is subject, and the Security Trustee may without liability do anything which is,
                                            in its opinion, necessary to comply with the same.

 

		(d)	Nothing
                                            contained in this Agreement or any other Transaction Document shall require the Security
                                            Trustee to (a) do anything which may be illegal or contrary to applicable law or regulation
                                            (including, without limitation, Section 619 of the Dodd-Frank Wall Street Reform and
                                            Consumer Protection Act) or (b) do anything which may cause the Security Trustee to
                                            be considered a sponsor of a covered fund under Section 619 of the Dodd-Frank Wall Street
                                            Reform and Consumer Protection Act and any regulations promulgated thereunder.

 

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		(e)	The
                                            Security Trustee may, at the expense of the SPV take and instruct any agent or delegate to
                                            take any action which it in its sole discretion considers appropriate so as to comply with
                                            any applicable law, request of any public or regulatory authority or any internal policy
                                            of the Security Trustee (including “know your client” and other compliance policies
                                            and procedures) which relates to the prevention of fraud, money laundering, terrorism or
                                            other criminal activities or the provision of financial and other services to sanctioned
                                            persons or entities. Such action may include but is not limited to the interception and investigation
                                            of transactions on the accounts of the SPV (particularly those involving the international
                                            transfer of funds) including the source of the intended recipient of funds paid into or out
                                            of the accounts of the SPV or in relation to the Transaction Documents. In certain circumstances,
                                            such action may delay or prevent the processing of the instructions of the SPV or other parties
                                            in connection with the Transaction Documents, the settlement of transactions over the accounts
                                            of the SPV or the Security Trustee's performance of its obligations under the Transaction
                                            Documents.

 

		(f)	The
                                            Security Trustee shall not be responsible for the performance of, or be under any obligation
                                            to monitor or supervise the functions or performance of, any other party to the Transaction
                                            Documents or any of their respective agents or delegates, under or in relation to the Transaction
                                            Documents and any other document referred to herein. Without prejudice to the foregoing,
                                            nothing in this Agreement shall require the Security Trustee to assume an obligation of any
                                            other Person arising under any provisions of the Securitisation Regulations or any provisions
                                            of the listing, prospectus, disclosure or transparency rules (or equivalent rules of
                                            any other competent authority).

 

		9.12	German
                                            Collateral Matters

 

In relation to the German Security
Agreements the following additional provisions shall apply:

 

		(a)	The
                                            Security Trustee, with respect to the part of the Security secured pursuant to the German
                                            Security Agreements or any other Security created under German law ("German Collateral"),
                                            shall:

 

		(i)	hold,
                                            administer and realise such German Collateral that is transferred or assigned by way of security
                                            (Sicherungseigentum/Sicherungsabtretung) or otherwise granted to it and is creating
                                            or evidencing a non-accessory security right (nicht akzessorische Sicherheit) in its
                                            own name as trustee (Treuhänder) for the benefit of the Secured Parties;

 

		(ii)	hold,
                                            administer, and realise any such German Collateral that is pledged (verpfändet)
                                            or otherwise transferred to the Security Trustee and is creating or evidencing an accessory
                                            security right (akzessorische Sicherheit) as agent.

 

		(b)	With
                                            respect to the German Collateral, each Secured Party hereby authorizes and grants a power
                                            of attorney, and each future Secured Party by becoming a party to this Agreement in accordance
                                            with Clause 17 (Successors and assigns; binding effect) of this Agreement authorizes,
                                            and grants a power of attorney (Vollmacht) to the Security Trustee (whether or not
                                            by or through employees or agents) to:

 

		(i)	accept
                                            as its representative (Stellvertreter) any pledge or other creation of any accessory
                                            security right granted in favour of such Secured Party in connection with the German Security
                                            Agreements and to agree to and execute on its behalf as its representative (Stellvertreter)
                                            any amendments and/or alterations to any German Security Agreements or any other agreement
                                            related to such German Collateral which creates a pledge or any other accessory security
                                            right (akzessorische Sicherheit) including the release or confirmation of release
                                            of such security;

 

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		(ii)	execute
                                            on behalf of itself and the Secured Parties where relevant and without the need for any further
                                            referral to, or authority from, the Secured Parties or any other person all necessary releases
                                            of any such German Collateral secured under the German Security Agreements or any other agreement
                                            related to such German Collateral;

 

		(iii)	realise
                                            such German Collateral in accordance with the German Security Agreements or any other agreement
                                            securing such German Collateral;

 

		(iv)	at
                                            the direction of the Administrative Agent (at the direction of the Specified Purchasers),
                                            make, receive all declarations and statements and undertake all other necessary actions and
                                            measures which are necessary or reasonably desirable (in the opinion of the Administrative
                                            Agent or any Purchaser Agent) in connection with such German Collateral or the German Security
                                            Agreements or any other agreement securing the German Collateral;

 

take such action
on its behalf as may from time to time be authorized under or in accordance with the German Security Agreements; and

 

		(v)	exercise
                                            such rights, remedies, powers and discretions as are specifically delegated to or conferred
                                            upon the Secured Parties under the German Security Agreements together with such powers and
                                            discretions as are reasonably incidental thereto.

 

		(c)	Each
                                            of the Secured Parties agrees that, if the courts of Germany do not recognize or give effect
                                            to the trust expressed to be created by this Agreement or any German Security Agreement,
                                            the relationship of the Secured Parties to the Security Trustee shall be construed as one
                                            of principal and agent but, to the extent permissible under the laws of Germany, all the
                                            other provisions of this Agreement shall have full force and effect between the parties hereto.

 

		(d)	Each
                                            Secured Party hereby ratifies and approves, and each future Secured Party by becoming a party
                                            to this Agreement in accordance with Clause 17 (Successors and assigns; binding effect)
                                            of this Agreement ratifies and approves, all acts and declarations previously done by the
                                            Security Trustee on such person's behalf (including, for the avoidance of doubt, the declarations
                                            made by the Security Trustee as representative without power of attorney (Vertreter ohne
                                            Vertretungsmacht) in relation to the creation of any pledge (Pfandrecht) on behalf
                                            and for the benefit of each Secured Party as future pledgee or otherwise).

 

		(e)	For
                                            the purpose of performing its rights and obligations as Security Trustee and to make use
                                            of any authorization granted under the German Security Agreements, each Secured Party hereby
                                            authorizes, and each future Secured Party by becoming a party to this Agreement in accordance
                                            with Clause 17 (Successors and assigns; binding effect) of this Agreement authorizes,
                                            the Security Trustee to act as its agent (Stellvertreter), and, to the extent possible,
                                            releases the Security Trustee from any restrictions on representing several persons and self-dealing
                                            under any applicable law, and in particular from the restrictions of Section 181 of the German
                                            Civil Code (Bürgerliches Gesetzbuch). The Security Trustee has the power to grant
                                            sub-power of attorney, including the release from the restrictions of section 181 of the
                                            German Civil Code (Bürgerliches Gesetzbuch).

 

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		9.13	German
                                            Parallel Debt

 

		(a)	The
                                            SPV hereby irrevocably and unconditionally undertakes (and to the extent necessary undertakes
                                            in advance) to pay to (or to the order of) the Security Trustee amounts equal to any amounts
                                            owing from time to time by the SPV to any Secured Party under this Agreement and any other
                                            Transaction Document pursuant to any Aggregate Unpaids as and when those amounts are due
                                            under any Transaction Document (such payment undertakings under this Clause 9.13 and the
                                            obligations and liabilities resulting therefrom being the "German Parallel Debt").

 

		(b)	The
                                            Security Trustee shall have its own independent right to demand payment of the German Parallel
                                            Debt by the SPV. The SPV and the Security Trustee acknowledge that the obligations of the
                                            SPV under this Clause 9.13 are several, separate and independent (selbständiges Schuldanerkenntnis)
                                            from, and shall not in any way limit or affect, the corresponding obligations of the SPV
                                            to any Secured Party under this Agreement or any other Transaction Document (the "Corresponding
                                            Debt") nor shall the amounts for which the SPV are liable under this Clause 9.13
                                            be limited or affected in any way by its Corresponding Debt provided that:

 

		(i)	the
                                            German Parallel Debt shall be decreased to the extent that the Corresponding Debt has been
                                            irrevocably paid or discharged (other than, in each case, contingent obligations);

 

		(ii)	the
                                            Corresponding Debt shall be decreased to the extent that the German Parallel Debt has been
                                            irrevocably paid or discharged;

 

		(iii)	the
                                            amount of the German Parallel Debt shall at all times be equal to the amount of the Corresponding
                                            Debt;

 

		(iv)	the
                                            German Parallel Debt will be payable in the currency or currencies of the Corresponding Debt;
                                            and

 

		(v)	for
                                            the avoidance of doubt, the German Parallel Debt will become due and payable at the same
                                            time when the Corresponding Debt becomes due and payable.

 

		(c)	The
                                            security granted under any German Security Agreement with respect to the German Parallel
                                            Debt is granted to the Security Trustee in its capacity as sole creditor of the German Parallel
                                            Debt.

 

		(d)	Without
                                            limiting or affecting the Security Trustee's rights against the SPV (whether under this Agreement
                                            or any other Transaction Document), the SPV acknowledges that:

 

		(i)	nothing
                                            in this Agreement shall impose any obligation on the Security Trustee to advance any sum
                                            to the SPV or otherwise under any Transaction Document; and

 

		(ii)	for
                                            the purpose of any vote taken under any Transaction Document, the Security Trustee shall
                                            not be regarded as having any participation or commitment other that those which it has in
                                            its capacity as a Secured Party.

 

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		(e)	The
                                            Parties to this Agreement acknowledge and confirm that the provisions contained in this Agreement
                                            shall not be interpreted so as to increase the maximum total amount of the Aggregate Unpaids.

 

		(f)	The
                                            German Parallel Debt shall remain effective in case a third person should assume or be entitled,
                                            partially or in whole, to any rights of any of the Secured Parties under any Transaction
                                            Documents, be it by virtue of assignment, assumption or otherwise.

 

		(g)	All
                                            monies received or recovered by the Security Trustee pursuant to this Agreement and all amounts
                                            received or recovered by the Security Trustee from or by the enforcement of any security
                                            granted to secure the German Parallel Debt shall be applied in accordance with this Agreement.

 

		9.14	Dutch
                                            Parallel Liability

 

In this Clause:

 

"Corresponding Liabilities"
means all present and future liabilities and contractual and non-contractual obligations of the SPV under or in connection with this
Agreement and the other Transaction Documents, but excluding its Dutch Parallel Liability.

 

"Dutch Parallel Liability"
means the SPV's undertaking pursuant to this Clause 9.14.

 

		(a)	The
                                            SPV irrevocably and unconditionally undertakes to pay to the Security Trustee an amount equal
                                            to the aggregate amount of its Corresponding Liabilities (as these may exist from time to
                                            time).

 

		(b)	The
                                            Parties agree that:

 

		(i)	The
                                            SPV's Dutch Parallel Liability is due and payable at the same time as, for the same amount
                                            of and in the same currency as its Corresponding Liabilities;

 

		(ii)	The
                                            SPV's Dutch Parallel Liability is decreased to the extent that its Corresponding Liabilities
                                            have been irrevocably paid or discharged and its Corresponding Liabilities are decreased
                                            to the extent that its Dutch Parallel Liability has been irrevocably paid or discharged;

 

		(iii)	the
                                            SPV's Dutch Parallel Liability is independent and separate from, and without prejudice to,
                                            its Corresponding Liabilities, and constitutes a single obligation of the SPV to the Security
                                            Trustee (even though the SPV may owe more than one Corresponding Liability to the Secured
                                            Parties under the Transaction Documents) and an independent and separate claim of the Security
                                            Trustee to receive payment of that Dutch Parallel Liability (in its capacity as the independent
                                            and separate creditor of that Dutch Parallel Liability and not as a co-creditor in respect
                                            of the Corresponding Liabilities); and

 

		(iv)	for
                                            purposes of this Clause 9.14, the Security Trustee acts in its own name and not as agent,
                                            representative or trustee of the Secured Parties and accordingly holds neither its claim
                                            resulting from the Dutch Parallel Liability nor any security securing the Dutch Parallel
                                            Liability on trust.

 

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		9.15	Remuneration

 

The
SPV shall (subject as hereinafter provided) pay to the Security Trustee a fee of such amount and payable on such dates as shall be agreed
in a separate fee letter by the SPV and the Security Trustee. All such remuneration shall be payable in accordance with the Priority
of Payments. Such remuneration shall accrue from day to day from the date of this Agreement and be payable up to and including the date
when all of the Aggregate Unpaids have been paid or discharged and the Security Trustee has released, reassigned, retrocessed and/or
discharged the SPV Collateral.

 

		9.16	Additional
                                            Remuneration

 

In the event of the occurrence of an
Event of Default, Potential Event of Default, Early Amortisation Event, Potential Early Amortisation Event occurring or the Security
Trustee considering it expedient or necessary or being requested by the SPV to undertake any duties which the Security Trustee and the
SPV agree to be of an exceptional nature or otherwise outside the scope of the normal duties of the Security Trustee under this Agreement
or the other Transaction Documents, the SPV shall pay to the Security Trustee at the Security Trustee's then applicable hourly rate such
additional remuneration as shall be agreed between the Security Trustee and the SPV at the relevant time. Any duties in connection with
the granting of waivers, consents, authorisations or modifications, the substitution of the SPV, a Potential Event of Default, an Event
of Default, an Amortisation Event, a Potential Early Amortisation Event, a Servicer Default and a Potential Servicer Default or the taking
of enforcement action and at any time during the period after the taking of such enforcement action shall be deemed to be of an exceptional
nature.

 

		9.17	Disputes

 

In the event of the Security Trustee
and the SPV failing to agree:

 

		(a)	(in
                                            a case to which Clause 9.15 (Remuneration) applies) upon the amount of any remuneration;
                                            or

 

		(b)	(in
                                            a case to which Clause 9.16 (Additional Remuneration) applies upon whether such duties
                                            are of an exceptional nature or otherwise outside the scope of the normal duties of the Security
                                            Trustee under this Agreement or the other Transaction Documents or upon the amount of such
                                            additional remuneration,

 

such matters shall
be determined by an independent third party (acting as an expert and not as an arbitrator) selected by the Security Trustee and approved
by the SPV or, failing such approval, nominated (on the application of the Security Trustee) by the President for the time being of the
Law Society of England and Wales (the expenses being involved in such nomination and the fees of such independent third party being payable
by the SPV), and the determination of any such independent third party shall be final and binding on the SPV and the Security Trustee.

 

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		9.18	Expenses

 

Subject to the Priority of Payments,
the SPV shall also pay or discharge all liabilities, including legal fees, which the Security Trustee or the Receiver of the SPV may
properly incur in relation to the negotiation, preparation and execution of, the exercise or attempted exercise of its powers and the
performance of its duties under, and in any other manner in relation to, this Agreement, the Security and any of the other Transaction
Documents to which the Security Trustee is a party, including, but not limited to, travelling and legal expenses and any stamp, issue,
registration, documentary and other similar taxes or duties paid or payable by the Security Trustee or the Receiver of the SPV in connection
with any action taken or contemplated by or on behalf of the Security Trustee for enforcing, or resolving any doubt concerning, or for
any other purpose in relation to, this Agreement, the Security or any of the other Transaction Documents (including, in each case, any
irrecoverable VAT in respect thereof following receipt of a valid VAT invoice in respect of such costs).

 

		9.19	Interest

 

All sums payable by the SPV under Clauses
9.17 (Disputes) and 9.18 (Expenses) shall:

 

		(a)	in
                                            the case of payments actually made by the Security Trustee prior to the demand, (if not paid
                                            within seven (7) days of such demand) carry interest at the rate per annum equal to [*****]
                                            per annum higher than the Bank of England Base Rate for the time being from the first Business
                                            Day following the date of the same being demanded, or incurred, as the case may be, to the
                                            date of actual payment (provided that such demand shall be made on a Business Day, otherwise
                                            interest shall be payable from the second Business Day following the date of the demand to
                                            the date of actual payment); and

 

		(b)	in
                                            all other cases, shall carry interest at such rate from the date thirty (30) days after the
                                            date of the same being demanded, (or where the demand specifies from the date of such demand)
                                            to the date of actual payment.

 

Any amounts payable
pursuant to Clauses 9.15 (Remuneration) and 9.16 (Additional Remuneration) shall carry interest at the aforesaid rate from
the due date thereof to the date of actual payment.

 

		9.20	Stamp
                                            Duties

 

The SPV shall, to the extent required
and permitted by applicable United Kingdom law, pay all stamp duties, registration, documentary and other similar fees, duties or taxes
(including interest and penalties thereon), including any tax levied under the Stamp Act 1891 as amended and supplemented, (if any) payable
on or arising out of or in consequence of:

 

		(a)	the
                                            creation of the Security constituted by or pursuant to this Agreement; and

 

		(b)	the
                                            execution and delivery of this Agreement and enforcement of its provisions or the Security
                                            and documents executed pursuant hereto and the other Transaction Documents.

 

		9.21	Resignation
                                            or Termination of the Security Trustee

 

		(a)	The
                                            Security Trustee may resign by giving ninety (90) days' written notice to the other Secured
                                            Parties and the SPV, in which case the Majority Purchasers (after consultation with the other
                                            Secured Parties and the SPV) may appoint a successor Security Trustee.

 

		(b)	The
                                            Administrative Agent (acting at the direction of the Specified Purchasers) or the SPV, with
                                            the prior written approval of the Administrative Agent (acting at the direction of the Specified
                                            Purchasers), may terminate the appointment of the Security Trustee at any time by giving
                                            the Security Trustee at least ninety (90) days' prior written notice to that effect, in which
                                            case the Majority Purchasers (after consultation with the other Secured Parties and the SPV)
                                            may appoint a successor Security Trustee.

 

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		(c)	If
                                            the Majority Purchasers have not appointed a successor Security Trustee in accordance with
                                            clause (a) or (b) above within sixty (60) days after notice of resignation was given, the
                                            retiring or terminated Security Trustee may appoint (or petition the courts to appoint) a
                                            successor Security Trustee.

 

		(d)	The
                                            retiring or terminated Security Trustee shall (at the SPV's expense) make available to the
                                            successor Security Trustee such documents and records and provide such assistance as the
                                            successor Security Trustee may reasonably request for the purposes of performing its functions
                                            as Security Trustee under the Transaction Documents.

 

		(e)	Notwithstanding
                                            anything in this Agreement, any other Transaction Document or otherwise to the contrary,
                                            the resignation notice of the Security Trustee shall only take effect upon:

 

		(i)	the
                                            acceptance of appointment by the successor; and

 

		(ii)	the
                                            transfer of the SPV Collateral to that successor.

 

		(f)	Upon
                                            the acceptance of appointment of a successor and the transfer of the SPV Collateral to that
                                            successor, the retiring or terminated Security Trustee shall be discharged from any further
                                            obligation in respect of the Transaction Documents (other than its obligations under clause
                                            (d) above) but shall remain entitled to the benefit of Clause 7.1 (Indemnities by the
                                            SPV) and this Clause 9.21 (and any fees for the account of the retiring or terminated
                                            Security Trustee shall cease to accrue from (and shall be payable on) that date). Any successor
                                            and each of the other parties hereto shall have the same rights and obligations amongst themselves
                                            as they would have had if such successor had been an original party hereto.

 

		9.22	Additional
                                            Security Trustees

 

		(a)	The
                                            Security Trustee may at any time appoint (and subsequently remove) any person to act as a
                                            separate trustee or as a co-trustee jointly with it:

 

		(i)	if
                                            it considers that appointment to be in the interests of the Secured Parties;

 

		(ii)	for
                                            the purposes of conforming to any legal requirement, restriction or condition which the Security
                                            Trustee deems to be relevant; or

 

		(iii)	for
                                            obtaining or enforcing any judgment in any jurisdiction,

 

and the Security Trustee
shall give prior notice to the SPV and the Secured Parties of that appointment.

 

		(b)	Any
                                            person so appointed shall have the rights, powers, authorities and discretions (not exceeding
                                            those given to the Security Trustee under or in connection with the Transaction Documents)
                                            and the duties, obligations and responsibilities that are given or imposed by the instrument
                                            of appointment.

 

		(c)	The
                                            reasonable remuneration that the Security Trustee may pay to that person, and any reasonable
                                            and properly incurred costs and expenses (together with any applicable VAT) incurred by that
                                            person in performing its functions pursuant to that appointment shall, for the purposes of
                                            this Agreement, be treated as costs and expenses incurred by the Security Trustee.

 

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		10.	Term
                                            of Agreement

 

This Agreement shall terminate on the
Final Payout Date, provided that (a) the indemnification and payment provisions of Clause 7 (Indemnification; expenses; related matters)
and Clause 8.7 (Indemnification of the Administrative Agent); and (b) the agreements set forth in Clause 18 (Consent to Disclose/Confidentiality),
Clause 19 (No proceeding; limited recourse), Clause 23 (Governing law) and Clause 24 (Enforcement; jurisdiction),
in each case, shall be continuing and shall survive any termination of this Agreement.

 

		11.	Remedies
                                            and Waivers

 

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

 

		12.	Amendments
                                            and Waivers

 

		12.1	Any
                                            provision of this Agreement may be supplemented, waived, modified or otherwise amended if,
                                            but only if, such amendment or waiver is in writing and is signed by the SPV, the Administrative
                                            Agent, the Security Trustee (acting on the instructions of the Administrative Agent (at the
                                            direction of the Specified Purchasers)), the Paying Agent and each Majority Purchaser; provided
                                            that no waiver of an Early Amortization Event pursuant to Clause 6.1(k) shall be valid unless
                                            also waived by the affected Purchaser; provided, further, that no such amendment shall, unless
                                            signed by each Committed Purchaser directly affected thereby: 

 

		(a)	increase
                                            the Commitment of a Committed Purchaser;

 

		(b)	reduce
                                            the Aggregate Invested Amount or rate of Yield to accrue thereon or any fees or other amounts
                                            payable under this Agreement;

 

		(c)	postpone
                                            any date fixed for the payment of any scheduled distribution in respect of the Aggregate
                                            Invested Amount or Yield with respect thereto or any fees or other amounts payable under
                                            this Agreement or for the termination of any Commitment;

 

		(d)	change
                                            the percentage of the Commitments of the Committed Purchasers which shall be required for
                                            the Committed Purchasers or any of them to take any action under the Transaction Documents;

 

		(e)	release
                                            all or substantially all of the assets with respect to which a security or ownership interest
                                            therein has been granted under the Transaction Documents to the Administrative Agent, the
                                            Security Trustee or any other Secured Party; or

 

		(f)	extend
                                            or permit the extension of the Commitment Termination Date (it being understood that a waiver
                                            of an Event of Default or Early Amortisation Event shall not constitute an extension or increase
                                            in the Commitment of any Committed Purchaser).

 

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		12.2	At
                                            any time (i) there are three or more Purchaser Groups, (ii) any consent, waiver or amendment
                                            to this Agreement or the other Transaction Documents pursuant to this Clause 12 requires
                                            the consent of the Majority Purchasers and (iii) the Majority Purchasers have agreed to such
                                            consent, waiver or amendment, then any Purchaser who does not agree to such consent, waiver
                                            or amendment shall be deemed a "Non-Consenting Purchaser".
                                            

 

		12.3	If
                                            any Purchaser becomes a Non-Consenting Purchaser, then, if no Event of Default, Early Amortisation
                                            Event, Potential Event of Default or Potential Early Amortisation Event has occurred and
                                            is continuing, such Purchaser may, in its sole discretion, upon notice to the Administrative
                                            Agent and each Purchaser Agent, (x) terminate its Commitments hereunder and require the SPV
                                            to repay all Aggregate Unpaids owing to such Purchaser as of such termination date, or (y)
                                            assign and delegate, without recourse (in accordance with and subject to the restrictions
                                            contained in, and the consents required by, Clause 16 (Assignment of rights in the Portfolio
                                            and Receivables)), all of its interests, rights and obligations under this Agreement
                                            and the other Transaction Documents to an existing Purchaser or an acceding Purchaser; provided
                                            that such Non-Consenting Purchaser shall have received payment of an amount equal to the
                                            outstanding principal of its Investments, accrued interest thereon, accrued fees and all
                                            other amounts payable to it hereunder and under the other Transaction Documents from the
                                            assignee (to the extent of such outstanding principal) or from the SPV (in the case of accrued
                                            interest, fees and other amounts).

 

		12.4	A
                                            Defaulting Purchaser’s right to approve or disapprove any amendment, waiver or consent
                                            with respect to this Agreement or any other Transaction Document shall be excluded as set
                                            forth in the definition of Majority Purchasers and Specified Purchasers.

 

		13.	Notices
                                            and Payments

 

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

 

		14.	Certificates
                                            or Determinations

 

Any certificate or determination of
the Administrative Agent, the Security Trustee, the Paying Agent, any Purchaser Agent or any Purchaser as to any matter provided for
in this Agreement is, in the absence of manifest error, conclusive evidence of the matters to which it relates.

 

		15.	Severability
                                            and Partial Invalidity

 

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

 

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		16.	Assignment
                                            of Rights in the Portfolio and Receivables.

 

Subject to Clause 17.2, the Administrative
Agent and the Purchasers may freely transfer, sell or assign their rights in the Asset Interest, or any particular Sold Receivable and
the associated Sold Receivable Related Rights, acquired by them pursuant to this Agreement, at any time in their discretion (each an
"Assignable Interest").

 

		17.	Successors
                                            and Assigns; Binding Effect

 

		17.1	Binding
                                            effect

 

This Agreement shall be binding on
the parties hereto and their respective successors and assigns; provided that, except pursuant to the Servicing Deed, the SPV may not
assign any of its rights or delegate any of its duties under this Agreement or any other Transaction Document to which it is a party
without the prior written consent of the Majority Purchasers. Except as otherwise provided in this Clause 17, no provision of this Agreement
shall in any manner restrict the ability of any Purchaser to assign, participate, grant security interests in, or otherwise transfer
any portion of, the Investments, the Asset Interest or its other rights and interests under this Agreement or any other Transaction Document.

 

		17.2	Transfer
                                            by Committed Purchaser

 

Any Committed Purchaser may transfer
all or any portion of its Commitment together with a pro rata share of its interest in the Aggregate Invested Amount, the Asset Interest
and its other rights and obligations under this Agreement to any Person with the written approval of the Purchaser Agent of such Committed
Purchaser's Purchaser Group on behalf of the Conduit Purchasers in such Purchaser Group, the Administrative Agent and, so long as no
Event of Default or Early Amortisation Event has occurred and is continuing, the Parent (such approval of the Parent, the applicable
Purchaser Agent or the Administrative Agent not to be unreasonably withheld or delayed). In connection with any such transfer, the assignor
shall deliver to the assignee(s) a duly executed Assignment and Assumption Agreement, transferring to such assignee a pro rata share
of such assignor's Commitment and other obligations under this Agreement and a pro rata interest in such assignor's Aggregate Invested
Amount, the Asset Interest and its other rights under this Agreement, and such assignor shall promptly execute and deliver all further
instruments and documents, and take all further action, as the assignee may reasonably request, in order to protect, or more fully evidence
the assignee's right, title and interest in and to such interest and to enable the Administrative Agent and the applicable Purchaser
Agent, on behalf of such assignee, to exercise or enforce any rights under this Agreement and the other Transaction Documents to which
such assignor is or, immediately prior to such transfer was, a party. Upon any such transfer, (a) the assignee shall assume such specified
pro rata share of the rights and obligations of the assignor under this Agreement and the other Transaction Documents to which such assignor
is or, immediately prior to such transfer, was a party (including, for the avoidance of doubt such specified share of the assignor's
Commitment and interest in the Aggregate Invested Amount and the Asset Interest) for all purposes of this Agreement and the other Transaction
Documents to which such assignor is or, immediately prior to such transfer, was a party and (b) the assignor shall have no further obligation
with respect to the portion of its Commitment which has been so transferred and shall relinquish its rights with respect to the portion
of its interest in the Aggregate Invested Amount, the Asset Interest which has been transferred for all purposes of this Agreement and
the other Transaction Documents to which such assignor is or, immediately prior to such transfer, was a party. No such transfer shall
be effective unless a fully executed copy of the relevant Assignment and Assumption Agreement shall be delivered to the Administrative
Agent, the applicable Purchaser Agent and the SPV. All costs and expenses of the Administrative Agent and the applicable Purchaser Agent
incurred in connection with any such transfer shall be borne by the SPV. The Administrative Agent, acting solely for this purpose as
an agent of the SPV, shall maintain a copy of each Assignment and Assumption Agreement delivered to it and a register for the recordation
of the names and addresses of the assignees and the pro rata share of the Commitment transferred to each of them pursuant to the terms
hereof from time to time. The entries in this register shall be conclusive absent manifest error. Such register shall be available for
inspection by the SPV and any Committed Purchaser, at any reasonable time and from time to time upon reasonable prior notice.

 

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		17.3	Assignment
                                            and Assumption Agreement

 

By executing and delivering an Assignment
and Assumption Agreement, the assignor and assignee thereunder confirm to and agree with each other and the other parties to this Agreement
as follows:

 

		(a)	other
                                            than as provided in such Assignment and Assumption Agreement, the assignor makes no representation
                                            or warranty and assumes no responsibility with respect to any statements, warranties or representations
                                            made in or in connection with this Agreement, the other Transaction Documents or any other
                                            instrument or document furnished pursuant hereto or thereto or the execution, legality, validity,
                                            enforceability, genuineness, sufficiency or value of this Agreement, the other Transaction
                                            Documents or any such other instrument or document;

 

		(b)	the
                                            assignor makes no representation or warranty and assumes no responsibility with respect to
                                            the financial condition of the SPV or any Arrow Party or the performance or observance by
                                            the SPV or any Arrow Party of any of their respective obligations under this Agreement, the
                                            other Transaction Documents or any other instrument or document furnished pursuant hereto;

 

		(c)	such
                                            assignee confirms that it has received a copy of this Agreement, each other Transaction Document
                                            and such other instruments, documents and information as it has deemed appropriate to make
                                            its own credit analysis and decision to enter into such Assignment and Assumption Agreement
                                            and to purchase such interest;

 

		(d)	such
                                            assignee will, independently, without reliance upon any Purchaser Agent, any other Purchaser,
                                            the Administrative Agent, any of the Administrative Agent's Affiliates, the Security Trustee,
                                            the Paying Agent or the assignor and based upon such agreements, documents and information
                                            as it shall deem appropriate at the time, continue to make its own credit decisions in taking
                                            or not taking action under this Agreement and the other Transaction Documents;

 

		(e)	such
                                            assignee appoints and authorises the Administrative Agent, the applicable Purchaser Agent,
                                            the Paying Agent and the Security Trustee to take such action as agent on its behalf and
                                            to exercise such powers under this Agreement, the other Transaction Documents and any other
                                            instrument or document furnished pursuant to this Agreement or another Transaction Document
                                            as are delegated to the Administrative Agent, the applicable Purchaser Agent, the Paying
                                            Agent or the Security Trustee by the terms of this Agreement or another Transaction Document,
                                            together with such powers as are reasonably incidental thereto and to enforce its respective
                                            rights and interests in and under this Agreement, the other Transaction Documents, the Receivables,
                                            the associated Related Rights and the Accounts;

 

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		(f)	such
                                            assignee agrees that it will perform all of the obligations required of it by and in accordance
                                            with the terms of this Agreement and the other Transaction Documents; and

 

		(g)	such
                                            assignee agrees that it will not institute against any Conduit Purchaser any proceeding of
                                            the type referred to in Clause 19.1 (No proceeding against the Conduit Purchaser)
                                            prior to the date which is two (2) years and one (1) day after the payment in full of all
                                            Commercial Paper or medium term notes issued by such Conduit Purchaser.

 

		17.4	Transfer
                                            by a Conduit Purchaser

 

		(a)	Each
                                            party hereto agrees and consents:

 

		(i)	to
                                            any Conduit Purchaser's assignment, participation, grant of security interests in or other
                                            transfers of any portion of, or any of its beneficial interest in, the Asset Interest (or
                                            portion thereof), including to any collateral agent or trustee in connection with its commercial
                                            paper program; and

 

		(ii)	to
                                            the transfer by any Conduit Purchaser of all of its rights and obligations hereunder to any
                                            other Person, and upon such transfer such Conduit Purchaser shall be released from all obligations
                                            and duties, if any, hereunder; provided, however, that such Conduit Purchaser may not, without
                                            the prior consent of the Committed Purchasers in such Conduit Purchaser's Purchaser Group,
                                            make any such transfer of its rights hereunder unless the assignee either:

 

		(I)	is to any Member of
                                            its Purchase Group or any Affiliate thereof; or

		(II)	(A)	is principally engaged in the purchase of
                                            assets similar to the assets being purchased hereunder,

		(B)	has as its Purchaser Agent the Purchaser Agent
                                            of the assigning Conduit Purchaser, and

		(C)	issues Commercial Paper with credit ratings
                                            substantially comparable to the ratings of the Commercial Paper of the assigning Conduit
                                            Purchaser; provided, further, that such Conduit Purchaser may not, if no Event of Default
                                            or Early Amortisation Event has occurred and is continuing, make such assignment without
                                            the consent of the Parent (such consent not to be unreasonably withheld or delayed) if such
                                            assignment is to an assignee other than (x) an assignee administered by a Purchaser Agent
                                            which issues Commercial Paper with credit ratings the same as or higher than the ratings
                                            of the Commercial Paper of the assigning Conduit Purchaser (so long as such assignment does
                                            not increase the amount of withholding tax payable by the SPV or any Arrow Party) or (y)
                                            any other Conduit Purchaser party to this Agreement. 
	 	 	 

		(b)	Upon
                                            any such transfer in accordance with paragraph (a) above, (x) the assignee shall assume the
                                            transferred rights and obligations of the assignor under this Agreement and the other Transaction
                                            Documents to which such assignor is or, immediately prior to such transfer, was a party for
                                            all purposes of this Agreement and the other Transaction Documents and (y) the assignor shall
                                            have no further obligation with respect to the portion of its obligations which has been
                                            so transferred and shall relinquish its rights with respect to the portion of its interest
                                            in the Aggregate Invested Amount, the Asset Interest which has been transferred for all purposes
                                            of this Agreement and the other Transaction Documents to which such assignor is or, immediately
                                            prior to such transfer, was a party. The Purchaser Agent of any Conduit Purchaser's Purchaser
                                            Group shall promptly notify the Administrative Agent, the SPV and the Parent of any assignment
                                            by such Conduit Purchaser pursuant to this Clause 17.4.

 

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		17.5	Limitation
                                            of liability

 

Solely to the extent
that Arrow has not provided written consent (such consent not to be unreasonably withheld or delayed) of a Purchaser’s assignment
or transfer or other disposition of or encumbrance of its rights or obligations under the Transaction Documents or a change in its Designated
Office, if such Purchaser assigns or transfers or otherwise disposes of or encumbers any of its rights or obligations under the Transaction
Documents or changes its Designated Office and as a result of circumstances existing at the date the assignment, transfer, disposal,
encumbrance or change occurs, the SPV, Parent or relevant Agent Servicer (as applicable) would be obliged to make a payment to the Purchaser,
its assignee or transferee or the Purchaser acting through its new Designated Office under Clause 7.2 (Increased Costs) or Clause
7.3 (Taxes), Clause 5.2 (Taxes) of the Parent Undertaking Agreement, Clause 8.4 (Value Added Taxes) or Clause 9.3 (Taxes) of the
Servicing Deed or any part of the Agency Servicing Fee would be required to be reduced pursuant to Clause 8.4 (Value Added Taxes) of
the Servicing Deed, then the Purchaser, its assignee or transferee or the Purchaser acting through its new Designated Office is only
entitled to receive payment under those Clauses to the same extent as the Purchaser or Purchaser acting through its previous Designated
Office would have been, or (as applicable) such Agency Servicing Fee shall only be reduced to the extent that it would have been, if
assignment, transfer, disposal, encumbrance or change had not occurred; provided that, notwithstanding anything contained in this Clause
17.5 to the contrary, no Purchaser’s (including acting through its new Designated Office), its assignee’s or transferee’s
right to receive payment under the Clauses above shall be limited in any manner by this Clause 17.5 if such Purchaser’s assignment,
transfer, disposal, encumbrance or other change is pursuant to, and in accordance with the requirements of, Clause 7.7.

 

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		18.	Consent
                                            to Disclose/Confidentiality

 

		18.1	Consent
                                            to Disclosure

 

The
SPV 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 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, to any investors
of the Commercial Paper on an anonymised and portfolio aggregate basis, any Program Support Provider or any of such Persons' counsel
or accountants in relation to this Agreement or any other Transaction Document; provided that, notwithstanding anything in this Agreement
or any other Transaction Document to the contrary, the SPV hereby consents, subject to applicable Law (including Data Protection Laws),
to the disclosure of any Customer Information in connection with the enforcement of any Receivables and associated Related Rights related
thereto or the exercise of any right of any Person under the Transaction Documents following the occurrence of an Event of Default, Early
Amortisation Event or the Account Redirection Date.

 

		18.2	Confidentiality

 

The SPV shall not disclose the contents
of this Agreement or any other Transaction Document, or any other proprietary or confidential information of or with respect to the Administrative
Agent, the Security Trustee, any collateral agent described in Clause 17.4 (Transfer by a Conduit Purchaser), any other Secured
Party or any Program Support Provider to any other Person except (a) its auditors and attorneys, employees or financial advisors (other
than a 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.

 

		19.	No
                                            Proceeding; Limited Recourse

 

		19.1	No
                                            proceeding against the Conduit Purchaser

 

Each party hereto
agrees that it shall not institute against, or join any Person in instituting against, any Conduit Purchaser any bankruptcy, examinership,
reorganization, arrangement, insolvency or liquidation proceeding, or other proceeding under any bankruptcy or similar law of any jurisdiction,
for two (2) years and one (1) day after (i) the latest maturing commercial paper note of any series (as set out in the Programme Documents
(as defined below) of such Conduit Purchaser) or (ii) the latest maturing medium term note of such Conduit Purchaser, if any, is paid
in full.

 

		19.2	No
                                            proceeding against the SPV

 

No party to this Agreement may, prior
to the date which is two (2) years and one (1) day after the Final Payout Date, institute against, or join any other Person in instituting
against, the SPV any proceeding of a type referred to in the definition of Event of Insolvency.

 

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		19.3	Limited
                                            recourse

 

		(a)	Each
                                            party hereto agrees that notwithstanding anything to the contrary contained in this Agreement
                                            or in any other Transaction Document, the obligations of the SPV under this Agreement and
                                            each of the other Transaction Documents to which it is a party are solely the corporate obligations
                                            of the SPV and shall be payable solely to the extent of funds available to the SPV 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.

 

		(b)	The
                                            obligations of each Conduit Purchaser under this Agreement are solely the corporate obligations
                                            of such Conduit Purchaser and are payable solely to the extent of available funds pursuant
                                            to the Programme Documents. No recourse shall be had for the payment of any amount owing
                                            by any Conduit Purchaser under this Agreement or for the payment by such Conduit Purchaser
                                            of any fee in respect hereof or any other obligation or claim of or against such Conduit
                                            Purchaser arising out of or based upon this Agreement, against any employee, director, officer,
                                            member, manager or affiliate of such Conduit Purchaser; provided,
                                            however, that
                                            the foregoing shall not relieve any such Person of any liability they might have
                                            as a result of fraudulent acts or omissions committed by them. Each party hereto agrees that
                                            each Conduit Purchaser shall be liable for any claims that it may have against such Conduit
                                            Purchaser only to the extent that such Conduit Purchaser has funds available for such purpose
                                            in accordance with the programme documents in respect of its asset-backed commercial paper
                                            notes issuance programme ("Programme Documents") and that, to the extent that any
                                            such claims remain unpaid after the application of such funds in accordance with the Programme
                                            Documents such claims shall be extinguished.

 

		19.4	The
                                            provisions of this Clause 19 will survive the termination of this Agreement and the termination
                                            of each Transaction Document.

 

		20.	Third
                                            Party Rights

 

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

 

		(b)	Save
                                            as provided in Clause 12 (Amendments and waivers), this Agreement may be varied from
                                            time to time or rescinded without the consent of any Person that is not a party to this Agreement
                                            and sub-sections 2(1)(a) to (c) of the Contracts (Rights of Third Parties) Act 1999 shall
                                            not apply to this Agreement.

 

		21.	Counterparts;
                                            Electronic Delivery

 

This Agreement 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 Agreement. Delivery by electronic mail of an executed signature page of this Agreement shall be effective as delivery of
an executed counterpart of this Agreement.

 

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		22.	Entire
                                            Agreement

 

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

 

		23.	Governing
                                            Law

 

		(a)	Except
                                            as set forth in Clause 23(b) and (c) (Governing Law) below, this Agreement (including
                                            Clause 24 (Enforcement; Jurisdiction) and any non-contractual obligations arising
                                            out of or in connection with it) shall be governed by and construed in accordance with the
                                            laws of England.

 

		(b)	Clauses
                                            9.12 (German Collateral Matters) and 9.13 (German Parallel Debt) of this Agreement
                                            shall be governed by and construed in accordance with the laws of Germany.

 

		(c)	Clause
                                            9.14 (Dutch Parallel Liability) of this Agreement shall be governed by and construed
                                            in accordance with the laws of the Netherlands.

 

		24.	Enforcement;
                                            jurisdiction

 

		(a)	The
                                            courts of England have exclusive jurisdiction to settle any dispute arising out of or in
                                            connection with this Agreement (including Clause 23 (Governing Law) and this Clause
                                            24 and a dispute regarding the existence, validity or termination of this Agreement) (a "Dispute").

 

		(b)	The
                                            parties agree that the courts of England are the most appropriate and convenient courts to
                                            settle Disputes and accordingly no party will argue to the contrary.

 

		25.	Acknowledgement
                                            and Consent to Bail-In of Affected Financial Institutions

 

Notwithstanding anything
to the contrary in any Transaction Document or in any other agreement, arrangement or understanding among any such parties, each party
hereto acknowledges that any liability of any Affected Financial Institution arising under any Transaction Document, to the extent such
liability is unsecured, may be subject to the write-down and conversion powers of the applicable Resolution Authority and agrees and
consents to, and acknowledges and agrees to be bound by:

 

(a)       the
application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder
which may be payable to it by any party hereto that is an Affected Financial Institution; and

 

(b)       the
effects of any Bail-in Action on any such liability, including, if applicable:

 

(i)       a
reduction in full or in part or cancellation of any such liability;

 

(ii)       a
conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution,
its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other
instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any
other Transaction Document; or

 

(iii)       the
variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of the applicable Resolution
Authority.

 

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		26.	Further
                                            Assurances

 

Each party to this Agreement hereby
agrees that it will fully cooperate to do all such further acts and things and execute any further documents as may be necessary or reasonably
desirable (in the opinion of the Administrative Agent or any Purchaser Agent) to give full effect to the arrangements contemplated by
this Agreement and the other Transaction Documents.

 

		27.	SPV
                                            Guaranty

 

		27.1	Guaranty
                                            of Payment. The SPV hereby absolutely, irrevocably and
                                            unconditionally guarantees to each Purchaser, the Administrative Agent and the Security Trustee
                                            the prompt payment of the Portfolio and the Aggregate Unpaids, in full when due (whether
                                            at stated maturity, as a mandatory prepayment, by acceleration or otherwise) and the timely
                                            performance and payment of all other obligations of the SPV under the Transaction Documents
                                            (such guaranty, the "SPV Guaranty"). The
                                            SPV Guaranty is a guaranty of payment and not of collection and is a continuing irrevocable
                                            guaranty and shall apply to the Portfolio and all of the Aggregate Unpaids whenever arising.
                                            Notwithstanding any provision to the contrary contained in any Transaction Document, to the
                                            extent the obligations of the SPV shall be adjudicated to be invalid or unenforceable for
                                            any reason (including because of any applicable state or federal Law relating to fraudulent
                                            conveyances or transfers) then the obligations of the SPV hereunder shall be limited to the
                                            maximum amount that is permissible under applicable Law (whether federal or state or otherwise
                                            and including all applicable Insolvency Laws).

 

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		27.2	Unconditional
                                            Guaranty. The obligations of the SPV under the SPV Guaranty
                                            are absolute and unconditional, irrespective of the value, genuineness, validity, regularity
                                            or enforceability of any of the Transaction Documents or any other agreement or instrument
                                            referred to therein, to the fullest extent permitted by applicable Law, irrespective of any
                                            other circumstance whatsoever which might otherwise constitute a legal or equitable discharge
                                            or defence of a surety or guarantor. The SPV agrees that the SPV Guaranty may be enforced
                                            by the Administrative Agent, the Security Trustee or the Purchasers without the necessity
                                            at any time of resorting to or exhausting any other security or collateral and without the
                                            necessity at any time of having recourse to any of the other Transaction Documents or any
                                            collateral, including the Portfolio, hereafter securing the Portfolio and the Aggregate Unpaids
                                            or otherwise and the SPV hereby waives the right to require the Administrative Agent, the
                                            Security Trustee or the Purchasers to make demand on or proceed against any Arrow Party,
                                            the SPV, any Obligor or any other Person or to require the Administrative Agent, the Security
                                            Trustee or the Purchasers to pursue any other remedy or enforce any other right. The SPV
                                            further agrees that no Person or Official Body shall have any right to request any return
                                            or reimbursement of funds from the Administrative Agent, the Security Trustee or the Purchasers
                                            in connection with monies received under the Transaction Documents. The SPV further agrees
                                            that nothing contained herein shall prevent the Administrative Agent, the Security Trustee
                                            or the Purchasers from suing on, subject to the terms of, the other Transaction Documents
                                            (subject to the non-petition provision requirements set out in the Transaction Documents)
                                            or foreclosing its or their, as applicable, security interest in or lien on the Portfolio
                                            or any other collateral securing the Portfolio and the Aggregate Unpaids or from exercising
                                            any other rights available to it or them, as applicable, under any Transaction Document (subject
                                            to the non-petition provision requirements set out in the Transaction Documents), or any
                                            other instrument of security and the exercise of any of the aforesaid rights and the completion
                                            of any foreclosure proceedings shall not constitute a discharge of the SPV's obligations
                                            under the SPV Guaranty; it being the purpose and intent of the SPV that its obligations under
                                            the SPV Guaranty shall be absolute, independent and unconditional under any and all circumstances.
                                            Neither the SPV Guaranty nor any remedy for the enforcement thereof shall be impaired, modified,
                                            changed or released in any manner whatsoever by an impairment, modification, change, release,
                                            increase or limitation of the liability of any Arrow Party or the SPV or by reason of the
                                            bankruptcy or insolvency of any Arrow Party or the SPV. The SPV hereby waives any and all
                                            notice of the creation, renewal, extension, accrual, or increase of any of the Portfolio
                                            or the Aggregate Unpaids and notice of or proof of reliance by the Administrative Agent,
                                            the Security Trustee or any Purchaser on the SPV Guaranty or acceptance of the SPV Guaranty.
                                            The Portfolio and the Aggregate Unpaids, and any part of them, shall conclusively be deemed
                                            to have been created, contracted or incurred, or renewed, extended, amended or waived, in
                                            reliance upon the SPV Guaranty. All dealings between any Arrow Party, the SPV or any Obligor,
                                            on the one hand, and the Administrative Agent, the Security Trustee and the Purchasers, on
                                            the other hand, likewise shall be conclusively presumed to have been had or consummated in
                                            reliance upon the SPV Guaranty. The SPV hereby represents and warrants that it is, and immediately
                                            after giving effect to the SPV Guaranty and the obligation evidenced hereby, will be, solvent.
                                            The SPV Guaranty and the obligations of the SPV under the SPV Guaranty shall be valid and
                                            enforceable and shall not be subject to any limitation, impairment or discharge for any reason
                                            (other than payment in full of the Portfolio and the Aggregate Unpaids), including the occurrence
                                            of any of the following, whether or not the Administrative Agent, the Security Trustee or
                                            any Purchaser shall have had notice or knowledge of any of them: (a) any failure to assert
                                            or enforce or agreement not to assert or enforce, or the stay or enjoining, by order of court,
                                            by operation of Law or otherwise, of the exercise or enforcement of, any claim or demand
                                            or any right, power or remedy with respect to the Portfolio or the Aggregate Unpaids or any
                                            agreement relating thereto, or with respect to any guaranty of or other security for the
                                            payment of the Portfolio or the Aggregate Unpaids, (b) any waiver, amendment or modification
                                            of, or any consent to departure from, any of the terms or provisions (including provisions
                                            relating to Events of Default or Early Amortisation Events) of any Transaction Document or
                                            any agreement or instrument executed pursuant thereto, or of any guaranty or other security
                                            for the Portfolio or the Aggregate Unpaids, (c) to the fullest extent permitted by Law, any
                                            of the Portfolio or the Aggregate Unpaids, or any agreement relating thereto, at any time
                                            being found to be illegal, invalid or unenforceable in any respect, (d) the application of
                                            payments received from any source to the payment of Indebtedness other than the Portfolio
                                            or the Aggregate Unpaids, even though the Administrative Agent, the Security Trustee or any
                                            Purchaser might have elected to apply such payment to any part or all of the Portfolio or
                                            the Aggregate Unpaids, (e) any failure to perfect or continue perfection of a security interest
                                            in any of the Asset Interest, (f) any defences, set-offs or counterclaims which any Arrow
                                            Party, the SPV or any Obligor may allege or assert against the Administrative Agent, the
                                            Security Trustee or the Purchasers in respect of the Portfolio or the Aggregate Unpaids,
                                            including failure of consideration, breach of warranty, payment, statute of frauds, statute
                                            of limitations, accord and satisfaction and usury, and (g) any other act or thing or omission,
                                            or delay to do any other act or thing, which may or might in any manner or to any extent
                                            vary the risk of the SPV as an obligor in respect of the Portfolio or the Aggregate Unpaids.

 

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		27.3	Modifications.
                                            The SPV agrees that: (a) all or any part of SPV Collateral now or hereafter held for the
                                            Portfolio or the Aggregate Unpaids, if any, may be exchanged, compromised or surrendered
                                            from time to time in accordance with the Transaction Documents; (b) none of the Purchasers,
                                            the Security Trustee (also in its capacity as or mandatario con rappresentanza pursuant
                                            to and for the purposes of Italian law) or the Administrative Agent shall have any obligation
                                            to protect, perfect, secure or insure any such liens now or hereafter held, if any, for the
                                            Portfolio or the Aggregate Unpaids; (c) the time or place of payment of the Portfolio or
                                            the Aggregate Unpaids may be changed or extended, in whole or in part, to a time certain
                                            or otherwise, and may be renewed or accelerated, in whole or in part; (d) any Obligor, any
                                            Arrow Party, the SPV or any other party liable for payment under the Transaction Documents
                                            may be granted indulgences generally; (e) any of the provisions of the Transaction Documents,
                                            including this Agreement and the Portfolio may be modified, amended or waived; (f) any party
                                            (including any co-guarantor) liable for the payment thereof may be granted indulgences or
                                            be released; and (g) any deposit balance for the credit of any Obligor, any Arrow Party,
                                            the SPV or any other party liable for the payment of the Portfolio or the Aggregate Unpaids
                                            or liable upon any security therefor may be released, in whole or in part, at, before or
                                            after the stated, extended or accelerated maturity of the Portfolio or the Aggregate Unpaids,
                                            all without notice to or further assent by the SPV, which shall remain bound thereon, notwithstanding
                                            any such exchange, compromise, surrender, extension, renewal, acceleration, modification,
                                            indulgence or release.

 

		27.4	Waiver
                                            of Rights. The SPV expressly waives to the fullest extent
                                            permitted by applicable Law: (a) notice of acceptance of the SPV Guaranty by the Purchasers,
                                            the Security Trustee and the Administrative Agent and of all extensions of credit to the
                                            SPV by the Purchasers; (b) presentment and demand for payment or performance of any of the
                                            Portfolio or the Aggregate Unpaids; (c) protest and notice of dishonour or of default (except
                                            as specifically required in this Agreement) with respect to the Portfolio or the Aggregate
                                            Unpaids or with respect to any security therefor; (d) notice of the Purchasers, the Security
                                            Trustee or the Administrative Agent obtaining, amending, substituting for, releasing, waiving
                                            or modifying any lien, if any; (e) all other notices, demands, presentments, protests or
                                            any agreement or instrument related to this Agreement, any other Transaction Document or
                                            the Portfolio or the Aggregate Unpaids to which the SPV might otherwise be entitled; (f)
                                            any right to require the Administrative Agent, the Security Trustee or any Purchaser as a
                                            condition of payment or performance by the SPV, to (i) proceed against any Obligor, the SPV,
                                            any Arrow Party or any other Person, (ii) proceed against or exhaust any other security held
                                            from any Obligor, the SPV, any Arrow Party or any other Person, (iii) proceed against or
                                            have resort to any balance of any deposit account, securities account or credit on the books
                                            of the Administrative Agent, the Purchasers, the Security Trustee or any other Person, or
                                            (iv) pursue any other remedy in the power of the Administrative Agent, the Security Trustee
                                            or the Purchasers whatsoever; (g) any defence arising by reason of the incapacity, lack of
                                            authority or any disability or other defence of any Obligor, any Arrow Party, the SPV or
                                            any other Person including any defence based on or arising out of the lack of validity or
                                            the unenforceability of the Portfolio or the Aggregate Unpaids or any agreement or instrument
                                            relating thereto or by reason of the cessation of the liability of any Obligor, any Arrow
                                            Party, the SPV or any other Person from any cause other than payment in full of the Portfolio
                                            and the Aggregate Unpaids; (h) any defence based upon any Law which provides that the obligation
                                            of a surety must be neither larger in amount nor in other respects more burdensome than that
                                            of the principal; (i) any defence based upon the Administrative Agent's, the Security Trustee's
                                            or any Purchaser's errors or omissions in the administration of the Portfolio or the Aggregate
                                            Unpaids; (j) any principles or provisions of Law, statutory or otherwise, which are or might
                                            be in conflict with the terms of this Agreement and any legal or equitable discharge of the
                                            Portfolio or the Aggregate Unpaids; (k) the benefit of any statute of limitations affecting
                                            the SPV's liability under the SPV Guaranty or the enforcement of the SPV Guaranty; (l) any
                                            rights to set-offs, recoupments and counterclaims; (m) promptness, diligence and any requirement
                                            that the Administrative Agent, the Security Trustee and the Purchasers protect, secure, perfect
                                            or insure any other security interest or lien or any property subject thereto; and (n) to
                                            the fullest extent permitted by Law, any defences or benefits that may be derived from or
                                            afforded by Law which limit the liability of or exonerate guarantors or sureties, or which
                                            may conflict with the terms of this Agreement and the SPV Guaranty.

 

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		27.5	Reinstatement.
                                            Notwithstanding anything contained in this Agreement or the other Transaction Documents,
                                            the obligations of the SPV under this Clause 27 shall be automatically reinstated if and
                                            to the extent that for any reason any payment by or on behalf of any Person in respect of
                                            the Portfolio or the Aggregate Unpaids is rescinded or must be otherwise restored by any
                                            holder of any of the Portfolio or the Aggregate Unpaids, whether as a result of any proceedings
                                            in bankruptcy or reorganization or otherwise, and the SPV agrees that it will indemnify Administrative
                                            Agent, the Security Trustee and each Purchaser on demand for all reasonable costs and expenses
                                            (including reasonable fees of counsel) incurred by such Person in connection with such rescission
                                            or restoration, including any such costs and expenses incurred in defending against any claim
                                            alleging that such payment constituted a preference, fraudulent transfer or similar payment
                                            under any Insolvency Law.

 

		27.6	Remedies.
                                            The SPV agrees that, as between the SPV, on the one hand, and the Administrative Agent, the
                                            Security Trustee and the Purchasers, on the other hand, the Aggregate Unpaids guaranteed
                                            under the SPV Guaranty shall include the full amount of the Portfolio, and the Aggregate
                                            Unpaids (as so defined) may be declared to be forthwith due and payable as provided in Clause
                                            6 (Early Amortisation Events, Events of Default and Remedies) (and shall be deemed
                                            to have become automatically due and payable in the circumstances provided in Clause 6 (Early
                                            Amortisation Events, Events of Default and Remedies)) notwithstanding any stay, injunction
                                            or other prohibition preventing such declaration (or preventing such Aggregate Unpaids from
                                            becoming automatically due and payable) as against any other Person and that, in the event
                                            of such declaration (or such Aggregate Unpaids being deemed to have become automatically
                                            due and payable), such Aggregate Unpaids (whether or not due and payable by any other Person)
                                            shall forthwith become due and payable by the SPV. The SPV acknowledges and agrees that the
                                            full amount of the Aggregate Unpaids (as so defined) are secured in accordance with the terms
                                            of the Transaction Documents and that the Administrative Agent, the Security Trustee and
                                            the Purchasers may exercise their remedies thereunder in accordance with the terms thereof.

 

		27.7	Subrogation.
                                            The SPV agrees that, until the indefeasible payment of the Portfolio and the Aggregate Unpaids
                                            in full in cash and the termination of the Commitments, it will not exercise, and hereby
                                            waives any right of reimbursement, subrogation, indemnification, contribution, offset, remedy
                                            (direct or indirect) or other claims against any Arrow Party, the SPV, or any other Person
                                            arising by contract or operation of Law or equity in connection with any payment made or
                                            required to be made by the SPV under the SPV Guaranty or the other Transaction Documents
                                            now or hereafter. The SPV further agrees that, to the extent the waiver of its rights of
                                            subrogation, reimbursement, indemnification and contribution as set forth herein is found
                                            by a court of competent jurisdiction to be void or voidable for any reason, any rights of
                                            subrogation, reimbursement or indemnification the SPV may have against any Arrow Party, the
                                            SPV or any other Person or against any portion of the Portfolio or other collateral or security,
                                            and any rights of contribution the SPV may have against any Arrow Party, the SPV or any other
                                            Person, shall be junior and subordinate to any rights the Administrative Agent, the Security
                                            Trustee or any Purchaser may have against the SPV, any Arrow Party, or any other Person,
                                            to all right, title and interest the Administrative Agent, the Security Trustee or any Purchaser
                                            may have in any such other collateral. After the indefeasible payment in full in cash of
                                            the Portfolio and the Aggregate Unpaids and the termination of the Commitments, the SPV shall
                                            be entitled to exercise against any Originator, any Servicer any other Person all such rights
                                            of reimbursement, subrogation, contribution, indemnification and offset, and all such other
                                            claims, to the fullest extent permitted by Law.

 

		27.8	Inducement.
                                            The Purchasers have been induced to make the Investments under this Agreement in part based
                                            upon the assurances by the SPV that the SPV desires that the Aggregate Unpaids be honoured
                                            and enforced as separate obligations of the SPV, should the Administrative Agent, the Security
                                            Trustee and the Purchasers desire to do so. 

 

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		27.9	Security
                                            Interest. To secure the prompt payment and performance
                                            of the Portfolio and the Aggregate Unpaids and all other obligations of the SPV under the
                                            Transaction Documents, the SPV shall grant to the Security Trustee (also in its capacity
                                            as mandatario con rappresentanza pursuant to and for the purposes of Italian law),
                                            for the benefit of the Secured Parties, a continuing security interest in and lien upon all
                                            property and assets of the SPV, including the SPV Accounts and the Unsold Receivables, the
                                            Unsold Receivable Related Security and all Unsold Receivable Collections related thereto,
                                            whether now owned or hereafter acquired, and wherever located, and all proceeds of the foregoing
                                            (collectively, the "SPV Collateral").
                                            

 

		27.10	Further
                                            Assurances. Promptly upon request, the SPV shall deliver
                                            such instruments, assignments or other documents or agreements, and shall take such actions,
                                            as the Administrative Agent, the Security Trustee or any Purchaser deems appropriate (acting
                                            in a commercially reasonable manner), to evidence or perfect its lien on any of the SPV Collateral,
                                            or otherwise to give effect to the intent of the Transaction Documents. The SPV authorizes
                                            the Administrative Agent, on behalf of the Security Trustee and the other Secured Parties,
                                            to file any registration that indicates the SPV Collateral as "all assets" or "all
                                            personal property" of the SPV, or words to similar effect, and ratifies any action taken
                                            by the Administrative Agent before the Closing Date to effect or perfect the Security Trustee's
                                            lien on any SPV Collateral. 

 

		27.11	No
                                            Proceeding; Limited Recourse. For the avoidance of doubt,
                                            notwithstanding anything to the contrary contained in this Clause 27, Clause 19 (No Proceeding;
                                            Limited Recourse) of this Agreement shall apply to this Clause 27.

 

		28.	Confirmation
                                            of Status for Swiss Non-Bank Rules

 

Each Committed Purchaser and each Conduit
Purchaser and each person which becomes a Party to this Agreement pursuant to Clause 17 after the date of this Agreement shall confirm
for the benefit of the Swiss Seller which of the following categories it falls in:

 

		(a)	a
                                            Swiss Qualifying Bank; or

 

		(b)	not
                                            a Swiss Qualifying Bank, but counts as one (1) slot only for the purposes of the Swiss Non-Bank
                                            Rules;

 

Notwithstanding anything
contained in this Agreement or any other Transaction Document to the contrary, each Arrow Party has made its own determination that (i)
BNP Paribas, as a Committed Purchaser, is a Swiss Qualifying Bank, and (ii) each of Mont Blanc Capital Corp, as a Committed Purchaser
and as a Conduit Purchaser, and Matchpoint Finance Plc, as a Conduit Purchaser, are not Swiss Qualifying Banks, and each counts as one
(1) slot only, in each case for clauses (i) and (ii) above, for the purposes of the Swiss Non-Bank Rules.  The SPV and each Arrow
Party further agrees that any designation made by a Purchaser pursuant to this Clause 28 shall not relieve the SPV or any Arrow Party
from any obligation to indemnify such Purchaser for any taxes, costs or other expenses or losses suffered by such Purchaser due to its
designation under this Clause 28, regardless of whether or not such designation was or is incorrect in any respect.

 

    89

     

    

 

 

		29.	Replacement
                                            of Certain Purchasers

 

		29.1	Replacement.
                                            If any Originator, any other Arrow Party or the SPV shall become obligated to withhold any
                                            amounts in respect of Taxes from any payment made (or deemed to be made) by such Person to
                                            any Secured Party or the SPV pursuant to any Transaction Document, or shall have received
                                            notice from any Official Body that it shall be obligated to do so, whether with immediate,
                                            retroactive or prospective effect (other than any withholding taxes on any payments or distributions
                                            to or for the account of the Secured Parties in respect of which no additional amounts are
                                            payable under the Transaction Documents); provided that with respect to any such withholding
                                            tax for which an indemnity payment or other compensation payment is required to be made pursuant
                                            to any Transaction Document, the amount of any such withholding, individually or when taken
                                            together with any other amount to be withheld in respect of Tax from any payment made (or
                                            deemed to be made) by such Person to any Secured Party or the SPV pursuant to any Transaction
                                            Document (or, in the case of any withholding with prospective effect, any other amount that
                                            will in the future have to be withheld) for which an indemnity payment or other compensation
                                            payment is or will be required to be made pursuant to any Transaction Document exceeds the
                                            Threshold Debt Amount for the Parent, and a Purchaser has caused the Administrative Agent
                                            to declare the Termination Date to have occurred, then the SPV may, at its sole expense and
                                            effort, so long as no Event of Default, Potential Event of Default, Early Amortisation Event
                                            or Potential Early Amortisation Event has occurred and is continuing, upon notice to such
                                            Purchaser and the Administrative Agent, (a) with the consent of each other Purchaser,
                                            terminate the Commitment of the Committed Purchaser in such Purchaser’s Purchaser Group
                                            and repay all obligations of the SPV and any Arrow Party owing to such Purchaser relating
                                            to the Investments as of such termination date, or (b) require such Purchaser to assign
                                            and delegate, without recourse (in accordance with Clause 17), all of its interests, rights
                                            (other than existing rights to payments pursuant to the Transaction Documents) and obligations
                                            under this Agreement and the related Transaction Documents to another financial institution
                                            that shall assume such obligations (which financial institution may be another Purchaser,
                                            if a Purchaser accepts such assignment), provided that:

 

		(a)	such
                                            Purchaser shall have received payment of an amount equal to the outstanding principal of
                                            its portion of the Investments, accrued Yield thereon, accrued fees and all other amounts
                                            payable to it hereunder and under the other Transaction Documents from the assignee (to the
                                            extent of such outstanding principal and accrued Yield and fees);

 

		(b)	such
                                            assignment does not conflict with Law; and

 

		(c)	at
                                            any time while BNP Paribas is the Administrative Agent, such Purchaser is not BNP Paribas.

 

		29.2	Defaulting
                                            Purchaser Cure. If the SPV and the Administrative Agent
                                            agree in writing that a Purchaser is no longer a Defaulting Purchaser, the Administrative
                                            Agent will so notify the parties hereto, whereupon as of the effective date specified in
                                            such notice and subject to any conditions set forth therein, such Purchaser will, to the
                                            extent applicable, fund that portion of Investment not yet funded up to its Pro Rata Share
                                            or take such other actions as the Administrative Agent may determine to be necessary to cause
                                            the Investments to be held pro rata by the Purchasers in accordance with their Commitments,
                                            whereupon such Purchaser will cease to be a Defaulting Purchaser; provided that no adjustments
                                            will be made retroactively with respect to fees accrued or payments made by or on behalf
                                            of the SPV while that Purchaser was a Defaulting Purchaser; and provided, further, that,
                                            except to the extent otherwise expressly agreed by the affected parties, no change hereunder
                                            from Defaulting Purchaser to Non-Defaulting Purchaser will constitute a waiver or release
                                            of any claim of any party hereunder arising from that Purchaser having been a Defaulting
                                            Purchaser.

 

    90

     

    

 

IN
WITNESS WHEREOF, this Agreement has been executed as a deed by the parties hereto on the date first above written.

 

	 	ARROW
    EMEA FUNDING CORP B.V., as the SPV
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	Signature of Witness:
	 	 
	 	Name of Witness:
	 	 
	 	Address of Witness:
	 	 
	 	Occupation of Witness:

 

    

     

    

 

	 	ARROW
    CENTRAL EUROPE GMBH, as an Agent Servicer and an SPV Servicer
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	Signature of Witness:
	 	 
	 	Name of Witness:
	 	 
	 	Address of Witness:
	 	 
	 	Occupation of Witness:

 

    

     

    

 

	 	ARROW
    ELECTRONICS (UK) LIMITED, as an Agent Servicer and an SPV Servicer
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	Signature of Witness:
	 	 
	 	Name of Witness:
	 	 
	 	Address of Witness:
	 	 
	 	Occupation of Witness:

 

    

     

    

  

	 	

    BNP PARIBAS, as the Administrative Agent, a Committed Purchaser and Purchaser Agent for the BNP Purchaser Group
	 	 
	 	By:	
	 	 	Name:
	 	 	Title:
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    

     

    

  

	SIGNED AND
    DELIVERED	)	 
	for and on behalf of and as
    the deed of	)	 
	MATCHPOINT FINANCE PLC	)	 
	by its lawfully appointed attorney	)	 
	in the presence of:	)	 

 

	 	 	
	 	 	 
	 	 	 
	(Witness Signature)  	 	 
	 	 	 
	 	 	 
	(Witness Address)  	 	 
	 	 	 
	 	 	 
	(Witness Occupation)  	 	 

 

    

     

    

 

	 	ING BELGIUM S.A./N.V.,
    as Purchaser Agent for the ING Purchaser Group
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	Signature of Witness:
	 	 
	 	Name of Witness:
	 	 
	 	Address of Witness:
	 	 
	 	Occupation of Witness:

 

    

     

    

   

	 	MONT BLANC CAPITAL CORP,
    as a Committed Purchaser and as a Conduit Purchaser
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	Signature of Witness:
	 	 
	 	Name of Witness:
	 	 
	 	Address of Witness:
	 	 
	 	Occupation of Witness:

 

    

     

    

 

	 	U.S.
    BANK TRUSTEES LIMITED, as the Security Trustee
	 	 
	 	By:	
	 	 	Name:
	 	 	Title:
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    

     

    

 

	 	ELAVON FINANCIAL SERVICES DAC, as the Paying Agent
	 	 
	 	By:	
	 	 	Name:
	 	 	Title:
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    

     

    

 

SCHEDULE 1

PURCHASER GROUPS AND COMMITMENTS

 

	Purchaser
    Group	Commitment
    and Purchaser Group Limit
	BNP Purchaser Group

    Purchaser Agent

    BNP Paribas

     

    Committed Purchaser

    BNP Paribas (HMRC DTTP number

    [*****]

    and tax resident in France)

     

    Designated Office

    BNP Paribas

    37 place du Marché Saint Honoré

    75001 Paris

    France

    Attention: Securitised Products Group

    (SPG) (ACI: [*****])

    E-mail addresses: [*****]

     

    Conduit Purchaser

    Matchpoint Finance plc (HMRC DTTP number [*****]
    DTTP and tax resident in Ireland)

     

    Designated Office

    4th Floor

    25-28 Adelaide Road

    Dublin 2

    Ireland

    Attention: The Directors

    [*****]

     

    With a copy to:

     

    BNP Paribas, London Branch, as Administrator

    10 Harewood Avenue

    London NW1 6AA

    United Kingdom

    Attention: Asset Finance & Securitisation
    – Portfolio Management, Servicing

    [*****]

     
	Commitment: €300,000,000

    Purchaser Group Limit: €300,000,000

 

    Sch. 1-1

     

    

 

	ING Purchaser Group

    Purchaser Agent

    ING Belgium S.A./N.V.

     

    Committed Purchaser and Conduit Purchaser

    Mont Blanc Capital Corp (HMRC DTTP number [*****]
    DTTP and tax resident in United States of America)

     

    Designated Office

    Mont Blanc Capital Corp

    c/o ING Capital LLC

    1133 Avenue of the Americas

    New York, NY 10036

    [*****]

     
	Commitment: €300,000,000

    Purchaser Group Limit: €300,000,000

	Total	€600,000,000

 

    Sch. 1-2

     

    

 

SCHEDULE 2

CREDIT AND COLLECTION POLICIES

 

[*****]

 

    Sch. 2-1

     

    

 

SCHEDULE 3

ACCOUNTS

COLLECTION ACCOUNTS

 

Arrow Electronics (UK) Limited

 

[*****]

 

Arrow Central Europe GmbH

 

[*****]

 

SPV ACCOUNTS

 

[*****]

 

    Sch. 3-1

     

    

 

SCHEDULE 4

LOCATION OF CERTAIN OFFICES

English Seller

 

	Name:	Arrow Electronics (UK) Limited
	Address:	Kao 1, Kao Park, Hockham Way, Harlow, Essex UK CM17 9NA
	Attention:	EMEA Securitization
	Email:	[*****]

 

German Seller

 

	Name:	Arrow Central Europe GmbH
	Address:	Frankfurter Strasse 211,
	 	D-63263 Neu-Isenburg,
	 	Germany
	Attention:	EMEA Securitization
	Email:	[*****]

 

Guarantor

 

	Name:	Arrow Electronics, Inc.
	Address:	9201 E. Dry Creek Road, Centennial, CO, USA 80113
	Attention:	EMEA Securitization
	Email:	[*****]

 

Subordinated Lender

 

	Name:	Arrow Electronics FC B.V.
	Address:	Elzenkade 1, 3992 AD Houten, The Netherlands
	Attention:	EMEA Securitization
	Email:	[*****]

 

SPV

 

	Name:	Arrow EMEA Funding Corp B.V.
	Address:	Prins Bernhardplein 200, 1097 JB Amsterdam, the Netherlands
	Attention:	EMEA Securitization
	Email:	[*****]

 

    Sch. 4-1

     

    

 

SCHEDULE 5

SOLD RECEIVABLES SELECTION PROCESS

 

On each Monthly Calculation Date, the Reporting
Services Provider will select, amongst the Receivables transferred to the SPV during the immediately preceding Monthly Calculation Period,
the Receivables denominated in Euro, USD and GBP that will be purchased by the Purchasers for each Currency pursuant to the Receivables
Transfer Agreement (and to be treated as Sold Receivables) on the immediately following Settlement Date, through the following steps
and rules:

 

		1.	The
                                            New Euro Monthly Sold Receivables Targeted Amount ("Euro Target Amount"),
                                            the New USD Monthly Sold Receivables Targeted Amount ("USD Target Amount")
                                            and the New GBP Monthly Sold Receivables Targeted Amount ("GBP Target Amount")
                                            will be calculated by the Reporting Services Provider;

 

		2.	Increase
                                            each of the Euro Target Amount, the USD Target Amount and the GBP Target Amount respectively
                                            by 1,000 Euro ("Euro Target Amount Plus"), 1,000 USD ("USD Target
                                            Amount Plus") and 1,000 GBP ("GBP Target Amount Plus");

 

		3.	For
                                            each "X" Currency, select Receivables denominated in such "X" Currency,
                                            to achieve the "X" Target Amount Plus with the following process:

 

		a.	Sort
                                            Receivables from the largest Unpaid Balance to the smallest Unpaid Balance;

 

		b.	Add
                                            Receivables incrementally (starting with the largest ones);

 

		c.	Check
                                            for any limit breach above the "X" Target Amount Plus; if there is a limit breach
                                            then remove the latest Receivable added until there is no breach;

 

		d.	Top-up
                                            the selection:

 

		1.	Sort
                                            Receivables from the smallest Unpaid Balance to the largest Unpaid Balance;

 

		2.	Add
                                            Receivables incrementally (starting with the smallest ones);

 

		3.	Check
                                            for any limit breach above the "X" Target Amount Plus; if there is a limit breach
                                            then remove the latest Receivable added until there is no breach; no further Receivables
                                            can be selected; and

 

		4.	Check
                                            final amount of selected Sold Receivables for a Currency "X" is (i) above the "X"
                                            Target Amount and (ii) below the "X" Target Amount Plus.

  

    Sch. 5-1

     

    

 

EXHIBIT A

FORM OF ASSIGNMENT, NOVATION AND ASSUMPTION AGREEMENT

 

Reference is made to the Receivables Transfer
Agreement dated as of the Closing Date (as it may be amended or otherwise modified from time to time, the "Agreement"),
among Arrow EMEA Funding Corp B.V. (the "SPV"), Arrow Electronics (UK) Limited, as an Agent Servicer and an SPV Servicer,
Arrow Central Europe GmbH, as an Agent Servicer and an SPV Servicer, BNP Paribas, as administrative agent (the "Administrative
Agent"), U.S. Bank Trustees Limited, as security trustee, Elavon Financial Services DAC, as paying agent, and the other financial
institutions from time to time party thereto, as Committed Purchasers, Conduit Purchasers and Purchaser Agents. Terms defined in the
Agreement are used herein with the same meaning.

 

[●] (the "Assignor") and
[●] (the "Assignee") hereby agree as follows:

 

		2.	The
                                            Assignor hereby transfers to the Assignee by way of novation, without recourse and without
                                            representation and warranty other than as provided in Clause 3(i) below, and the Assignee
                                            hereby assumes from the Assignor, an interest in and to all of the Assignor's rights and
                                            obligations under the Agreement and the other Transaction Documents, including the Assignor's
                                            rights in the Portfolio, the SPV Collateral and the Accounts. Such interest expressed as
                                            a percentage of all rights and obligations of the Committed Purchasers, shall be equal to
                                            the percentage equivalent of a fraction the numerator of which is €●] and the
                                            denominator of which is the Facility Limit. After giving effect to such transfer, the Assignee's
                                            Commitment will be as set forth on the signature page hereto.

 

		3.	In
                                            consideration of the payment of [●], being [●]% of the existing Aggregate Invested
                                            Amount, and of [●], being [●]% of the aggregate unpaid accrued Yield, receipt
                                            of which payment is hereby acknowledged, the Assignor hereby transfers to the Administrative
                                            Agent for the account of the Assignee, and the Assignee hereby assumes from the Assignor,
                                            a [●]% interest in and to all of the Assignor's right, title and interest in and to
                                            the Aggregate Invested Amount made by the undersigned under the Agreement.

 

		4.	The
                                            Assignor (i) represents and warrants that it is the legal and beneficial owner of the interest
                                            being transferred by it hereunder and that such interest is free and clear of any Adverse
                                            Claim; (ii) makes no representation or warranty and assumes no responsibility with respect
                                            to any statements, warranties or representations made in or in connection with the Agreement,
                                            any other Transaction Document or any other instrument or document furnished pursuant thereto
                                            or the execution, legality, validity, enforceability, genuineness, sufficiency or value of
                                            the Agreement or the Receivables, any other Transaction Document or any other instrument
                                            or document furnished pursuant thereto; and (iii) makes no representation or warranty and
                                            assumes no responsibility with respect to the financial condition of the SPV or any Arrow
                                            Party or the performance or observance by the SPV or any Arrow Party of any of its obligations
                                            under the Agreement, any other Transaction Document, or any instrument or document furnished
                                            pursuant thereto.

 

		5.	The
                                            Assignee (i) confirms that it has received a copy of the Transaction Documents and the Sale
                                            Agreements together with copies of the financial statements referred to in the Transaction
                                            Documents, to the extent delivered through the date of this Assignment and Assumption Agreement
                                            (this "Assignment"), and such other documents and information as it has
                                            deemed appropriate to make its own credit analysis and decision to enter into this Assignment;
                                            (ii) agrees that it will, independently and without reliance upon the applicable Purchaser
                                            Agent, the Administrative Agent, the Security Trustee, any of its Affiliates, the Assignor
                                            or any other Purchaser and based on such documents and information as it shall deem appropriate
                                            at the time, continue to make its own credit decisions in taking or not taking action under
                                            the Agreement and any other Transaction Document; (iii) appoints and authorises the Administrative
                                            Agent to take such action as agent on its behalf and to exercise such powers and discretion
                                            under the Agreement and the other Transaction Documents as are delegated to the Administrative
                                            Agent by the terms thereof, together with such powers and discretion as are reasonably incidental
                                            thereto; (iv) appoints and authorises the Security Trustee to take such action as agent on
                                            its behalf and to exercise such powers and discretion under the Agreement and the other Transaction
                                            Documents as are delegated to the Security Trustee by the terms thereof, together with such
                                            powers and discretion as are reasonably incidental thereto; (v) agrees that it will perform
                                            in accordance with their terms all of the obligations which by the terms of the Agreement
                                            are required to be performed by it as a Committed Purchaser; (vi) agrees that it will not
                                            institute against any Conduit Purchaser any proceeding of the type referred to in Clause
                                            19 (No Proceeding; limited recourse) of the Agreement prior to the date which is two
                                            (2) years and one (1) day after the payment in full of all Commercial Paper issued by such
                                            Conduit Purchaser; and (vii) specifies as its address for notices and its account for payments
                                            the office and account set forth beneath its name on the signature pages hereof.

 

    Exh. A-1

     

    

  

		6.	The
                                            Assignee confirms that it is (please tick the appropriate box)

 

			 ̈	a Swiss Qualifying Bank; or

 

			 ̈	not a Swiss Qualifying Bank,
                                            but counts as one (1) slot only for the purposes of the Swiss Non-Bank Rules.

 

		7.	The
                                            effective date for this Assignment shall be the later of (i) the date on which the Administrative
                                            Agent receives this Assignment executed by the parties hereto and receives the consent of
                                            the applicable Purchaser Agent, on behalf of the Conduit Purchasers in such Purchaser Agent's
                                            Purchaser Group, and (ii) the date of this Assignment (the "Effective Date").
                                            Following the execution of this Assignment and the consent of the applicable Purchaser Agent,
                                            on behalf of the Conduit Purchasers in such Purchaser Agent's Purchaser Group, this Assignment
                                            will be delivered to the Administrative Agent for acceptance and recording.

 

		8.	Upon
                                            such acceptance and recording, as of the Effective Date, (i) the Assignee shall be a party
                                            to the Agreement and, to the extent provided in this Assignment, have the rights and obligations
                                            of a Committed Purchaser thereunder, and (ii) the Assignor shall, to the extent provided
                                            in this Assignment, relinquish its rights and be released from its obligations under the
                                            Agreement.

 

		9.	Upon
                                            such acceptance and recording, from and after the Effective Date, the Administrative Agent
                                            and the applicable Purchaser Agent of the Assignor's Purchaser Group shall make all payments
                                            under the Agreement in respect of the interest transferred hereby (including, without limitation,
                                            all payments in respect of such interest in Aggregate Invested Amount, Yield and fees) to
                                            the Assignee. The Assignor and Assignee shall make all appropriate adjustments in payments
                                            under the Agreement for periods prior to the Effective Date directly between themselves.

 

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

 

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

 

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

 

		13.	If
                                            any one or more of the covenants, agreements, provisions or terms of this agreement shall
                                            for any reason whatsoever be held invalid, then such covenants, agreements, provisions, or
                                            terms shall be deemed severable from the remaining covenants, agreements, provisions, or
                                            terms of this agreement and shall in no way affect the validity or enforceability of the
                                            other provisions of this agreement.

 

		14.	This
                                            agreement may be executed in any number of counterparts and by different parties hereto in
                                            separate counterparts, each of which when so executed shall be deemed to be an original and
                                            all of which when taken together shall constitute one and the same agreement. Delivery by
                                            electronic mail of an executed signature page of this agreement shall be effective as delivery
                                            of an executed counterpart hereof.

 

		15.	This
                                            agreement shall be binding on the parties hereto and their respective successors and assigns.

 

    Exh. A-2

     

    

 

IN WITNESS WHEREOF, the parties hereto have caused
this Assignment and Assumption Agreement to be executed by their respective officers thereunto duly authorised as of the date first above
written.

 

[ASSIGNOR]

	SIGNED
    by [●], Director, duly authorised for	)	 
	and on behalf of [●]	)	 

  

[ASSIGNEE]

	SIGNED
    by [●], Director, duly authorised for	)	 
	and on behalf of [●]	)	 

  

COMMITMENT: €[●]

  

Address for notices and Account for payments:

	For
    Credit Matters:	For
    Administrative Matters:
	[NAME]	[NAME]
	 	 
	Attention:	Attention:
	Telephone:
    [●]	Telephone:
    [●]
	E-mail: [●]	E-mail: [●]
	Designated
    Office: [●]	 
	 	 
	Account for
    Payments:	 
	NAME	 
	ABA Number:
    [●]	 
	Account Number:
    [●]	 
	Attention:
    [●]	 
	Re:
    [●]	 
	Consented
    to this [●] day of [●], 20[●]	Accepted
    this [●] day of [●], 20[●]

 

    Exh. A-3

     

    

 

 

APPROVED AND ACCEPTED BY:

Purchaser Agent

	SIGNED
    by [●], duly authorised for and on	)	 
	behalf of [PURCHASER AGENT]	)	 
	 	)	 

Administrative Agent

	SIGNED
    by [●], duly authorised for and on	)	 
	behalf of BNP PARIBAS	)	 
	 	)	 

SPV

	SIGNED
    by Intertrust Management B.V., 	)	 
	Director, duly authorised for and on behalf of	)	 
	Arrow EMEA Funding Corp B.V.	)	 

 

    Exh. A-4

     

    

 

EXHIBIT B

FORM OF INVESTMENT REQUEST

  

[*****]

 

    Exh. B-1

     

    

 

EXHIBIT C

NOTICE OF REPAYMENT

 

[*****]

  

    Exh. B-2

     

    

 

ANNEX C

 

CLOSING MEMORANDUM

  

[*****]

 

    Exh. B-3

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