Document:

EXHIBIT 10.3
 

 

 

BERMUDA PLEDGE
AGREEMENT

dated as of

November 8, 2006

among

MARVELL TECHNOLOGY
GROUP LTD.,

THE GUARANTORS
PARTY HERETO,

 

and

 

CREDIT SUISSE, CAYMAN ISLANDS BRANCH,

as Administrative Agent

   
 

 

TABLE OF
CONTENTS

_________________

 

	
  

  	
   

  	
   

  	
   

  	
  Page

  	
   

  
	
  Section
  1.

  	
   

  	
  Definitions.

  	
   

  	
  1

  	
   

  
	
  Section
  2.

  	
   

  	
  Grant of Transaction Liens.

  	
   

  	
  7

  	
   

  
	
  Section
  3.

  	
   

  	
  General Representations and
  Warranties.

  	
   

  	
  7

  	
   

  
	
  Section
  4.

  	
   

  	
  Further Assurances; General
  Covenants.

  	
   

  	
  9

  	
   

  
	
  Section
  5.

  	
   

  	
  Specified Equity Interests.

  	
   

  	
  11

  	
   

  
	
  Section
  6.

  	
   

  	
  Transfer Of Record Ownership.

  	
   

  	
  12

  	
   

  
	
  Section
  7.

  	
   

  	
  Right to Vote Securities.

  	
   

  	
  13

  	
   

  
	
  Section
  8.

  	
   

  	
  Right to Receive Distribution
  on Collateral.

  	
   

  	
  13

  	
   

  
	
  Section
  9.

  	
   

  	
  Remedies upon Event of Default.

  	
   

  	
  14

  	
   

  
	
  Section
  10.

  	
   

  	
  Application of Proceeds.

  	
   

  	
  14

  	
   

  
	
  Section
  11.

  	
   

  	
  Fees and Expenses;
  Indemnification.

  	
   

  	
  16

  	
   

  
	
  Section
  12.

  	
   

  	
  Authority to Administer
  Collateral.

  	
   

  	
  16

  	
   

  
	
  Section
  13.

  	
   

  	
  Limitation on Duty in Respect
  of Collateral.

  	
   

  	
  17

  	
   

  
	
  Section
  14.

  	
   

  	
  General Provisions Concerning
  the Administrative Agent.

  	
   

  	
  17

  	
   

  
	
  Section
  15.

  	
   

  	
  Termination of Transaction
  Liens; Release of Collateral.

  	
   

  	
  19

  	
   

  
	
  Section
  16.

  	
   

  	
  Additional Transaction Lien
  Grantors.

  	
   

  	
  19

  	
   

  
	
  Section
  17.

  	
   

  	
  Notices.

  	
   

  	
  19

  	
   

  
	
  Section
  18.

  	
   

  	
  No Implied Waivers; Remedies
  Not Exclusive

  	
   

  	
  20

  	
   

  
	
  Section
  19.

  	
   

  	
  Successors and Assigns

  	
   

  	
  20

  	
   

  
	
  Section
  20.

  	
   

  	
  Amendments and Waivers

  	
   

  	
  20

  	
   

  
	
  Section
  21.

  	
   

  	
  Governing Law; Jurisdiction;
  Consent to Service of Process

  	
   

  	
  20

  	
   

  
	
  Section
  22.

  	
   

  	
  Waiver of Jury Trial

  	
   

  	
  21

  	
   

  
	
  Section
  23.

  	
   

  	
  Appointment of Agent for
  Service of Process

  	
   

  	
  21

  	
   

  
	
  Section
  24.

  	
   

  	
  Waiver of Immunity

  	
   

  	
  22

  	
   

  
	
  Section
  25.

  	
   

  	
  Judgment Currency

  	
   

  	
  23

  	
   

  
	
  Section
  26.

  	
   

  	
  Use of English Language

  	
   

  	
  23

  	
   

  
	
  Section
  27.

  	
   

  	
  Severability

  	
   

  	
  23

  	
   

  
	
  Section 28.

  	
   

  	
  Counterparts, Integration, Effectiveness

  	
   

  	
  24

  	
   

  

 

 i
 

 

SCHEDULES:

Schedule 1                                    Specified Equity Interests Owned by Original Lien
Grantors

Schedule 2                                    UCC Information

EXHIBITS:

Exhibit A                                              Pledge Agreement Supplement

Exhibit B               Issuer Control Agreement

Exhibit C               Form 9

 ii

BERMUDA PLEDGE AGREEMENT

BERMUDA
PLEDGE AGREEMENT dated as of November 8, 2006 among MARVELL TECHNOLOGY GROUP
LTD., as Borrower and Lien Grantor, the GUARANTORS party hereto and CREDIT
SUISSE, CAYMAN ISLANDS BRANCH, as Administrative Agent.

WHEREAS,
the Borrower is entering into the Credit Agreement described in Section 1
hereof, pursuant to which the Borrower intends to borrow funds for the purposes
set forth therein;

WHEREAS,
the Borrower is willing to secure (i) its obligations under the Credit
Agreement and (ii) its obligations under certain Hedging Agreements by granting
Liens on certain of its assets to the Administrative Agent as provided in the
Security Documents;

WHEREAS,
each of the Guarantors is willing to guarantee the foregoing obligations of the
Borrower pursuant to the Guarantee Agreement and to secure its guarantee by
granting Liens on certain of its assets to the Administrative Agent as provided
in the Security Documents;

WHEREAS,
the Lenders are not willing to make loans under the Credit Agreement, and the
counterparties to the Hedging Agreements referred to above are not willing to
enter into or maintain them, unless (i) the foregoing obligations of the
Borrower are secured and guaranteed as described above and (ii) each guarantee
thereof is secured by Liens on assets of the relevant Guarantor as provided
herein; and

WHEREAS,
upon any foreclosure or other enforcement of the Security Documents, the net
proceeds of the relevant Collateral are to be received by or paid over to the
Administrative Agent and applied as provided herein;

NOW,
THEREFORE, in consideration of the foregoing and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto agree as follows: 

Section 1.  Definitions. 

(a)   Terms Defined in Credit Agreement.  Terms defined in the Credit Agreement and not
otherwise defined in subsection (b) or (c) of this Section have, as used
herein, the respective meanings provided for therein. 

(b)   Terms Defined in UCC.  As used herein, each of the following terms has the
meaning specified in the UCC:

 

 

	
  Term

  	
   

  	
   

  	
   

  	
  UCC

  	
   

  
	
  Authenticate

  	
   

  	
  9-102

  	
   

  
	
  Certificated
  Security

  	
   

  	
  8-102

  	
   

  
	
  Control

  	
   

  	
  8-106

  	
   

  
	
  Securities
  Intermediary

  	
   

  	
  8-102

  	
   

  
	
  Security

  	
   

  	
  8-102 & 10

  	
  3

  
	
  Uncertificated Security

  	
   

  	
  8-102

  	
   

  

 

(c)   Additional Definitions.  The following additional terms, as used
herein, have the following meanings:

“Agreement” means this Bermuda Pledge Agreement.

“Borrower” means Marvell Technology Group
Ltd., a Bermuda exempted company, as borrower and lien grantor.

“Cash Distributions” means dividends,
interest and other distributions and payments (including proceeds of
liquidation, sale or other disposition) made or received in cash upon or with
respect to any Collateral. 

“Collateral” means all property, whether now
owned or hereafter acquired, on which a Lien is granted or purports to be
granted to the Administrative Agent pursuant to the Security Documents.  When used with respect to a specific Lien
Grantor, the term “Collateral” means all its property on which such a Lien is
granted or purports to be granted by such Lien Grantor.

“Contingent Secured Obligation” means, at
any time, any Secured Obligation (or portion thereof) that is contingent in
nature at such time, including any Secured Obligation that is:

(i)       an obligation under a Hedging Agreement
to make payments that cannot be quantified at such time;

(ii)      any other obligation (including any
guarantee) that is contingent in nature at such time; or

(iii)     an obligation to provide collateral to
secure any of the foregoing types of obligations.

“Credit Agreement” means the Credit
Agreement dated as of November 8, 2006 among Marvell Technology Group Ltd., the
Lenders party thereto and Credit Suisse, Cayman Islands Branch, as
Administrative Agent.

“Effective Date” means the date hereof.

 2
 

 

 

“Equity Interest” means (i) in the case of a
corporation, any shares of its capital stock, (ii) in the case of a limited
liability company, any membership interest therein, (iii) in the case of a
partnership, any partnership interest (whether general or limited) therein,
(iv) in the case of any other business entity, any participation or other
interest in the equity or profits thereof, or (v) any warrant, option or other
right to acquire any Equity Interest described in this definition.

“Guarantee Agreement” means that certain Guarantee Agreement
dated as of November 8, 2006 among Marvell Technology Group Ltd., as Borrower,
the Guarantors party thereto and Credit Suisse, Cayman Islands Branch, as
Administrative Agent.

“Guarantors” means each Subsidiary listed on
the signature pages of the Guarantee Agreement under the caption “Guarantors”
and each Subsidiary that shall, at any time after the date thereof, become a
Guarantor pursuant to the Guarantee Agreement.

“Issuer Control Agreement” means an Issuer
Control Agreement substantially in the form of Exhibit B (with any changes that
the Administrative Agent shall have approved).

“Lien Grantors” means (i) Marvell Technology
Group Ltd., a Bermuda exempted company, and Marvell International Ltd., a
Bermuda exempted company and (ii) each Subsidiary that shall, at any time after
the date hereof, execute a Pledge Agreement Supplement and become a party
hereto pursuant to Section 16.

“LLC Interest” means a membership interest
or similar interest in a limited liability company.

“Non-Contingent Secured Obligation”
means at any time any Secured Obligation (or portion thereof) that is not a
Contingent Secured Obligation at such time.

“Opinion of Counsel” means a written opinion
of legal counsel (who may be counsel to a Lien Grantor or other counsel, in
either case approved by the Administrative Agent) addressed and delivered to
the Administrative Agent.

“Original Lien Grantor” means any Lien
Grantor that grants a Lien on any of its assets hereunder on the Effective
Date.

“own” refers to the possession of sufficient
rights in property to grant a security interest therein as contemplated by UCC
Section 9-203, and “acquire”
refers to the acquisition of any such rights.

 3
 

 

 

“Partnership Interest” means a partnership
interest, whether general or limited.

“Permitted Liens” means (i) the Transaction
Liens and (ii) any other Liens on the Collateral permitted to be created or
assumed or to exist pursuant to Section 6.02 of the Credit Agreement.

“Pledge Agreement Supplement” means a Pledge
Agreement Supplement, substantially in the form of Exhibit A, signed and
delivered to the Administrative Agent for the purpose of adding a Subsidiary as
a party hereto pursuant to Section 16 and/or adding additional property to the
Collateral.

“Pledged”, when used in conjunction with any
type of asset, means at any time an asset of such type that is included (or
that creates rights that are included) in the Collateral at such time.

“Post-Petition Interest” means any
interest that accrues after the commencement of any case, proceeding or other
action relating to the bankruptcy, insolvency or reorganization of any one or
more of the Lien Grantors (or would accrue but for the operation of applicable
bankruptcy or insolvency laws), whether or not such interest is allowed or
allowable as a claim in any such proceeding.

“Proceeds” means all proceeds of, and all
other profits, products, rents or receipts, in whatever form, arising from the
collection, sale, lease, exchange, assignment, licensing or other disposition
of, or other realization upon, any Collateral, including all claims of the
relevant Lien Grantor against third parties for loss of, damage to or
destruction of, or for proceeds payable under, or unearned premiums with
respect to, policies of insurance in respect of, any Collateral, and any
condemnation or requisition payments with respect to any Collateral.

“Ratings Release Conditions” means the following conditions
for terminating all the Transaction Liens:

(i) the Borrower shall
have given notice to the Administrative Agent at least 15 days prior to a date
(the “Release Date”) specifying such Release
Date;

(ii)      as of the Release Date, the corporate
family rating of the Borrower shall be at least Baa3 by Moody’s and the
corporate rating of the Borrower shall be at least BBB- by S&P, in each
case with no negative outlook;

 4
 

 

 

(iii)     as of the Release Date, no Default shall
have occurred and be continuing; and

(iv) on the Release Date,
the Administrative Agent shall have received a certificate, dated the Release
Date and executed by a Financial Officer, confirming the satisfaction of the
preceding conditions.

“Release Conditions” means the following
conditions for terminating all the Transaction Liens:

(i)       all Commitments under the Credit Agreement
shall have expired or been terminated;

(ii)      all Non-Contingent Secured Obligations
shall have been paid in full; and

(iii)     no Contingent Secured Obligation (other
than contingent indemnification and expense reimbursement obligations as to
which no claim shall have been asserted) shall remain outstanding.

“Secured Agreement”, when used with respect
to any Secured Obligation, refers collectively to the instruments, agreements
and other documents that set forth the obligations of a Credit Party and/or the
rights of a Secured Party with respect to such Secured Obligation.

“Secured Obligations” means (i) all
principal of all Loans outstanding from time to time under the Credit
Agreement, all interest (including Post-Petition Interest) on such Loans
and all other amounts now or hereafter payable by the Borrower pursuant to the
Loan Documents, and (ii) all obligations of any Lien Grantor under any Hedging
Agreement that is entered into with any counterparty that is the Arranger, the
Administrative Agent or a Lender or an Affiliate of the Arranger, the
Administrative Agent or a Lender, in each case at the time such Hedging
Agreement is entered into.

“Secured Parties” means the holders from
time to time of the Secured Obligations.

“Secured Party Requesting Notice” means, at
any time, a Secured Party that has, at least five Business Days prior thereto,
delivered to the Administrative Agent a written notice (i) stating that it
holds one or more Secured Obligations and wishes to receive copies of the
notices referred to in Section 14(e) and (ii) setting forth its address,
facsimile number and e-mail address to which copies of such notices should be
sent.

 5
 

 

 

“Security Documents” means this Agreement,
the Pledge Agreement Supplements, the Issuer Control Agreements and all other
supplemental or additional pledge agreements, control agreements or similar
instruments delivered with respect to any Specified Equity Interests pursuant
to the Loan Documents.

“Specified Equity Interests” means (i) any Equity Interests
in Marvell International Ltd., a Bermuda exempted company, and Marvell
International Technology Ltd., a Bermuda exempted company, and (ii) any Equity
Interests pledged pursuant to a Pledge Agreement Supplement.

“Transaction Guarantee” means, with respect
to each Guarantor, its guarantee of the Secured Obligations pursuant to the
Guarantee Agreement or a Guarantee Agreement Supplement.

“Transaction Liens” means the Liens granted
by the Lien Grantors under the Security Documents.

“UCC” means the Uniform Commercial Code as
in effect from time to time in the State of New York; provided that, if perfection or the effect
of perfection or non-perfection or the priority of any Transaction Lien
on any Collateral is governed by the Uniform Commercial Code as in effect in a
jurisdiction other than New York, “UCC” means the Uniform Commercial Code as in
effect from time to time in such other jurisdiction for purposes of the
provisions hereof relating to such perfection, effect of perfection or non-perfection
or priority.

(d)   Terms Generally.  The
definitions of terms herein (including those incorporated by reference to the
UCC or to another document) apply equally to the singular and plural forms of
the terms defined.  Whenever the context
may require, any pronoun includes the corresponding masculine, feminine and
neuter forms.  The words “include”, “includes” and “including”
shall be deemed to be followed by the phrase “without
limitation”.  The word “will” shall be construed to have the same
meaning and effect as the word “shall”.
 Unless the context requires otherwise,
(i) any definition of or reference to any agreement, instrument or other
document herein shall be construed as referring to such agreement, instrument
or other document as from time to time amended, supplemented or otherwise
modified (subject to any restrictions on such amendments, supplements or
modifications set forth in any Loan Document), (ii) any reference herein to any
Person shall be construed to include such Person’s successors and assigns,
(iii) the words “herein”, “hereof” and “hereunder”, and words of similar import, shall be construed to
refer to this Agreement in its entirety and not to any particular provision
hereof, (iv) all references herein to Sections, Exhibits and Schedules shall be
construed to refer to Sections of, and Exhibits and Schedules to, this
Agreement and (v) the word “property”
shall be construed to refer to any and all 

 6
 

 

 

tangible and
intangible assets and properties, including cash, securities, accounts and
contract rights.

(e)   If the Loans or any portion
thereof shall have been declared to be due and payable (or shall automatically
have become due and payable) as set forth in Article 7 of the Credit Agreement,
then for all purposes hereof the Administrative Agent shall be deemed to have
notified each of the Lien Grantors concurrently with the occurrence of such
event of its intention to exercise its rights under the Security Documents.

Section 2.  Grant of Transaction Liens. 

(a)   The
Borrower, in order to secure the Secured Obligations, and each Guarantor listed
on the signature pages hereof, in order to secure its Transaction Guarantee,
grants to the Administrative Agent for the benefit of the Secured Parties a
continuing security interest in all the following property of the Borrower or
such Guarantor, as the case may be, whether now owned or existing or hereafter
acquired or arising and regardless of where located:

(i)    all
Specified Equity Interests; and

(ii)   all Proceeds of the
Specified Equity Interests.

(b)   The Transaction Liens are
granted as security only and shall not subject the Administrative Agent or any
other Secured Party to, or transfer or in any way affect or modify, any
obligation or liability of any Lien Grantor with respect to any of the
Collateral or any transaction in connection therewith.

Section 3.  General Representations and Warranties. 
Each Original Lien Grantor represents and warrants
that: 

(a)   Such Lien Grantor is duly
organized, validly existing and in good standing under the laws of  its jurisdiction of organization.

(b)   Schedule 1 lists all
Specified Equity Interests owned by such Lien Grantor as of the Effective
Date.  Such Lien Grantor holds all such
Equity Interests directly (i.e., not
through a Subsidiary, a Securities Intermediary or any other Person).

(c)   All Specified Equity
Interests owned by such Lien Grantor are owned by it free and clear of any Lien
other than (i) the Transaction Liens and (ii) any inchoate tax liens.  All shares of capital stock included in such
Specified Equity Interests have been duly authorized and validly issued and are
fully paid and non-assessable. 
None of such Specified Equity Interests is subject to any option to
purchase or similar right of any Person. 
Such Lien Grantor is not and

 7
 

 

 

will not become a
party to or otherwise bound by any agreement (except the Loan Documents) which
restricts in any manner the rights of any present or future holder of any
Specified Equity Interest with respect thereto.

(d)   No financing statement,
security agreement, mortgage or similar or equivalent document or instrument
covering all or part of the Collateral owned by such Lien Grantor is on file or
of record in any jurisdiction in which such filing or recording would be
effective to perfect or record a Lien on such Collateral, except financing
statements, mortgages or other similar or equivalent documents with respect to
the Transaction Liens.

(e)   The Transaction Liens on all
Specified Equity Interests owned by such Lien Grantor (i) have been validly
created, (ii) will attach to each item of such Collateral on the Effective Date
(or, if such Lien Grantor first obtains rights thereto on a later date, on such
later date) and (iii) when so attached, will secure all the Secured Obligations
or such Lien Grantor’s Transaction Guarantee, as the case may be.

(f)    When UCC
financing statements describing the Collateral as set forth in Schedule 2
hereto have been filed in the offices specified therein, the Transaction Liens
will constitute perfected security interests in the Collateral owned by such
Lien Grantor, prior to all Liens and rights of others therein.  Except for the filing of such UCC financing
statements and the filings referred to in Section 3(h), no registration,
recordation or filing with any governmental body, agency or official is
required in connection with the execution or delivery of the Security Documents
or is necessary for the validity or enforceability thereof or for the
perfection or due recordation of the Transaction Liens or for the enforcement
of the Transaction Liens.

(g)   This Agreement creates in
favor of the Secured Parties a valid security interest in the Collateral,
securing the Secured Obligations.  Upon
the filing of a Form 9 with the Registrar of Companies of Bermuda, which will
be made promptly following the execution of this Agreement, the security
interest in the Collateral will constitute a security interest in favor of the
Secured Parties enforceable against third parties (including creditors of, and
any liquidator or administrator appointed with respect to, such Lien Grantor or
the Borrower) prior to all Liens and rights of others therein, except for
statutorily preferred claims under the laws of the Bermuda (“Statutory
Claims”), including without limitation claims in respect of taxes, assessments
or impositions, certain wages or salaries. No Statutory Claims against the Lien
Grantor or the Borrower exist as of the date hereof.

(h)   Other than
the filings referred to in Section 3(f) and the filing of the Form 9 with the
Registrar of Companies of Bermuda, which will be made 

 8
 

 

 

promptly following the execution of this Agreement and
which has been duly executed by the parties thereto, and the execution of an
Issuer Control Agreement (in the case of any Collateral in the form of
Uncertificated Securities), no authorization or approval or other action by,
and no notice to or filing with, any Governmental Authority or regulatory body
or any other third party is required for (i) the grant by such Lien Grantor of
the security interest granted hereunder or for the execution, delivery or
performance of this Agreement by such Lien Grantor, or (ii) the maintenance or
effectiveness of the security interest created hereunder (including the first
priority nature of the Secured Parties’ security interest or its enforceability
against third parties).  Except as
provided in this Section 3(h), no authorization or approval or other action by,
and no notice to or filing with, any Governmental Authority or regulatory body
or any other third party is required for the exercise by the Secured Parties of
their rights provided for in this Agreement or the remedies in respect of the
Collateral pursuant to this Agreement.

(i)    The pledge of Collateral
made pursuant to this Agreement is not subject to any restrictions of
constitutional documents relating to the Lien Grantors, and to the extent that
any consent or approval is required by the manager or board of directors of any
Lien Grantor or any other party for the pledge of the Collateral, such consent
or approval has been obtained prior to execution of this Agreement.  To the extent that any consent or approval is
required by or from the board of directors of the Lien Grantor or any other
party for the transfer of the Collateral, (i) with respect to any transfer of
the Collateral  to the Administrative
Agent, the Secured Parties or any affiliate of a Secured Party, such consent or
approval has been obtained prior to the execution of this Agreement as provided
in, and subject to the terms of, the Issuer Control Agreement (if any), and
(ii) with respect to any transfer of the Collateral to any other person, such
consent or approval will be given at the time of such transfer.

Section 4.  Further Assurances; General Covenants.  Each
Lien Grantor covenants as follows:

(a)   Such Lien
Grantor will, from time to time, at the Borrower’s expense, execute, deliver,
file and record any statement, assignment, instrument, document, agreement or
other paper and take any other action (including any filing of financing or
continuation statements under the UCC) that from time to time may be necessary
or reasonably desirable, or that the Administrative Agent may reasonably
request, in order to:

(i)    create, preserve, perfect,
confirm or validate the Transaction Liens on such Lien Grantor’s Collateral;

(ii)   cause the Administrative Agent
to have Control thereof;

 9
 

 

 

(iii)  enable the Administrative
Agent and the other Secured Parties to obtain the full benefits of the Security
Documents; or

(iv)  enable the Administrative
Agent to exercise and enforce any of its rights, powers and remedies with
respect to any of such Lien Grantor’s Collateral.

To the extent permitted
by applicable law, such Lien Grantor authorizes the Administrative Agent to
execute and file such financing statements or continuation statements without
such Lien Grantor’s signature appearing thereon.  Such Lien Grantor agrees that a carbon,
photographic, photostatic or other reproduction of this Agreement or of a
financing statement is sufficient as a financing statement.  Such Lien Grantor constitutes the
Administrative Agent its attorney-in-fact to execute and file all
filings required or so requested for the foregoing purposes, all acts of such
attorney being hereby ratified and confirmed; and such power, being coupled
with an interest, shall be irrevocable until all the Transaction Liens granted
by such Lien Grantor terminate pursuant to Section 15.  The Borrower will pay the costs of, or
incidental to, any recording or filing of any financing or continuation
statements or other documents recorded or filed pursuant hereto. 

(b)   Such Lien
Grantor will not (i) change its name or corporate structure, (ii) change its
location (determined as provided in UCC Section 9-307) or (iii) become
bound, as provided in UCC Section 9-203(d), by a security agreement
entered into by another Person as lien grantor, unless it shall have given the
Administrative Agent prior notice thereof and delivered a certificate of a
Financial Officer with respect thereto in accordance with Section 4(c).

(c)   At least 30
days before it takes any action contemplated by Section 4(b), such Lien Grantor
will, at the Borrower’s expense, cause to be delivered to the Administrative
Agent a certificate of a Financial Officer, in form and substance reasonably
satisfactory to the Administrative Agent, to the effect that (i) all financing
statements and amendments or supplements thereto, continuation statements and
other documents required to be filed or recorded in order to perfect and
protect the Transaction Liens against all creditors of and purchasers from such
Lien Grantor after it takes such action (except any continuation statements
specified in such certificate that are to be filed more than six months after
the date thereof) have been filed or recorded in each office necessary for such
purpose, (ii) all fees and taxes, if any, payable in connection with such
filings or recordations have been paid in full and (iii) except as otherwise
agreed by the Required Lenders, such action will not adversely affect the
perfection or priority of the Transaction Lien on any Collateral to be owned by
such Lien Grantor after it takes such action or the accuracy of such Lien
Grantor’s representations and warranties herein relating to such Collateral.

 10
 

 

 

(d)   Such Lien Grantor will,
promptly upon request, provide to the Administrative Agent all information and
evidence concerning such Lien Grantor’s Collateral that the Administrative
Agent may reasonably request from time to time to enable it to enforce the
provisions of the Security Documents.

(e)   From time to time upon the
reasonable request by the Required Lenders, such Lien Grantor will, at the
Borrower’s expense, cause to be delivered to the Secured Parties an Opinion of
Counsel reasonably satisfactory to the Administrative Agent as to such matters
relating to the transactions contemplated hereby as the Required Lenders may
reasonably request.

Section
5.  Specified
Equity Interests.  Each Lien
Grantor represents, warrants and covenants as follows:

(a)   Certificated Securities.  On the Effective Date (in the case of an
Original Lien Grantor) or the date on which it signs and delivers its first
Pledge Agreement Supplement (in the case of any other Lien Grantor), such Lien
Grantor will deliver to the Administrative Agent as Collateral hereunder all
certificates representing Pledged Certificated Securities then owned by such
Lien Grantor.  Thereafter, whenever such
Lien Grantor acquires any other certificate representing a Pledged Certificated
Security, such Lien Grantor will immediately deliver such certificate to the
Administrative Agent as Collateral hereunder.

(b)   Uncertificated Securities.  On the Effective Date (in the case of an
Original Lien Grantor) or the date on which it signs and delivers its first
Pledge Agreement Supplement (in the case of any other Lien Grantor), such Lien
Grantor will enter into (and cause the relevant issuer to enter into) an Issuer
Control Agreement in respect of each Pledged Uncertificated Security then owned
by such Lien Grantor and deliver such Issuer Control Agreement to the
Administrative Agent (which shall enter into the same).  Thereafter, whenever such Lien Grantor
acquires any other Pledged Uncertificated Security, such Lien Grantor will
enter into (and cause the relevant issuer to enter into) an Issuer Control
Agreement in respect of such Pledged Uncertificated Security and deliver such
Issuer Control Agreement to the Administrative Agent (which shall enter into
the same).

(c)           Perfection as to Certificated Securities.  When such Lien Grantor delivers the
certificate representing any Pledged Certificated Security owned by it to the
Administrative Agent and complies with Section 5(e) in connection with such
delivery, (i) the Transaction Lien on such Pledged Certificated Security will
be perfected, subject to no prior Liens or rights of others, (ii) the Administrative
Agent will have Control of such Pledged Certificated Security and (iii) the
Administrative Agent will be a protected purchaser (within the meaning of UCC
Section 8-303) thereof.

 11

(d)   Perfection as to Uncertificated Securities.  When such Lien Grantor, the Administrative
Agent and the issuer of any Pledged Uncertificated Security owned by such Lien
Grantor enter into an Issuer Control Agreement with respect thereto, (i) the
Transaction Lien on such Pledged Uncertificated Security will be perfected,
subject to no prior Liens or rights of others, (ii) the Administrative Agent
will have Control of such Pledged Uncertificated Security and (iii) the
Administrative Agent will be a protected purchaser (within the meaning of UCC
Section 8-303) thereof.

(e)   Delivery of Pledged Certificates.  All Pledged Certificates, when delivered to
the Administrative Agent, will be in suitable form for transfer by delivery, or
accompanied by duly executed instruments of transfer or assignment in blank,
with signatures appropriately guaranteed, all in form and substance
satisfactory to the Administrative Agent.

(f)    Communications.  Each
Lien Grantor will promptly give to the Administrative Agent copies of any
notices and other communications received by it with respect to Pledged
Securities registered in the name of such Lien Grantor or its nominee. 

(g)   Compliance with Applicable Foreign Laws.  If and so long as the Collateral includes any
Equity Interest in a legal entity organized under the laws of a jurisdiction
outside the United States, the relevant Lien Grantor will take all such action
as may be required under the laws of such foreign jurisdiction to ensure that
the Transaction Lien on such Collateral ranks prior to all Liens and rights of
others therein.

(h)   Form 9.  Without
limiting the generality of the foregoing, the relevant Lien Grantor will
promptly after the execution of this Agreement cause to be filed in Bermuda a
Form 9 in substantially the form attached hereto as Exhibit D.

Section 6.  Transfer Of Record Ownership. 
At
any time when an Event of Default shall
have occurred and be continuing and the Administrative Agent shall have
notified the Lien Grantors of its intent to enforce its security interest in
the Collateral, the Administrative Agent may (and to the extent that action by
it is required, the relevant Lien Grantor, if directed to do so by the
Administrative Agent, will as promptly as practicable) cause each of the Pledged Securities (or
any portion thereof specified in such direction) to be transferred of record
into the name of the Administrative Agent or its nominee.  Each Lien Grantor will take any and all
actions reasonably requested by the Administrative Agent to facilitate compliance
with this Section.  If
the provisions of this Section are implemented, Section 5(b) shall not
thereafter apply to any Pledged Security that is registered in the name of the
Administrative Agent or its nominee. 
The Administrative Agent

 12
 

will promptly give to the relevant Lien Grantor copies
of any notices and other communications received by the Administrative Agent
with respect to Pledged Securities registered in the name of the Administrative
Agent or its nominee.

Section 7.  Right to Vote Securities. 

(a)   Unless an
Event of Default shall have occurred and be continuing and the Administrative
Agent shall have notified it of its intent to exercise its rights under the
Security Documents, each Lien Grantor will have the right, from time to time,
to vote and to give consents, ratifications and waivers with respect to any
Pledged Security owned by it, and the Administrative Agent will, upon receiving
a written request from such Lien Grantor, deliver to such Lien Grantor or as
specified in such request such proxies, powers of attorney, consents,
ratifications and waivers in respect of any such Pledged Security that is
registered in the name of the Administrative Agent or its nominee, in each case
as shall be specified in such request and be in form and substance satisfactory
to the Administrative Agent.  Unless an
Event of Default shall have occurred and be continuing and the Administrative
Agent shall have notified such owner of its intent to exercise its rights under
the Security Documents, the Administrative Agent will have no right to take any
action which the owner of a Pledged Partnership Interest or Pledged LLC
Interest is entitled to take with respect thereto, except the right to receive
payments and other distributions to the extent provided herein.

(b)   If an Event of Default shall
have occurred and be continuing and the Administrative Agent shall have
notified a Lien Grantor of its intent to exercise its rights under the Security
Documents, the Administrative Agent will have the right to the extent permitted
by law (and, in the case of a Pledged Partnership Interest or Pledged LLC
Interest, by the relevant partnership agreement, limited liability company
agreement, operating agreement or other governing document) to vote, to give
consents, ratifications and waivers and to take any other action with respect
to the Pledged Equity Interests of such Lien Grantor, with the same force and
effect as if the Administrative Agent were the absolute and sole owner thereof,
and such Lien Grantor will take all such action as the Administrative Agent may
reasonably request from time to time to give effect to such right.

Section 8.  Right to Receive Distribution on Collateral. 
If an Event of Default shall have
occurred and be continuing and the Administrative Agent shall have notified the
Lien Grantors of its intent to exercise its rights under the Security
Documents, the Administrative Agent shall have the right to receive and to
retain as Collateral hereunder all Cash Distributions and each Lien Grantor
shall take all such action as the Administrative Agent may deem necessary or
appropriate to give effect to such right. 
All such Cash Distributions which are received by a Lien Grantor during
the continuance of an Event of Default shall be

 13
 

received in trust for the benefit of the
Administrative Agent and the Lenders and, if the Administrative Agent so
directs during the continuance of an Event of Default, shall be segregated from
other funds of such Lien Grantor and shall, forthwith upon demand by the
Administrative Agent during the continuance of an Event of Default, be paid
over to the Administrative Agent as Collateral in the same form as received
(with any necessary endorsement).  After
all Events of Default have been cured, the Administrative Agent’s right to
retain Cash Distributions under this Section 8 shall cease and the
Administrative Agent shall pay over to the appropriate Lien Grantor any such
Collateral retained by it during the continuance of an Event of Default.

Section 9.  Remedies upon Event of Default.  

(a)   If an Event of Default shall have occurred
and be continuing, the Administrative Agent may exercise (or cause its
sub-agents to exercise) any or all of the remedies available to it (or to such
sub-agents) under the Security Documents.

(b)   Without limiting the
generality of the foregoing, if an Event of Default shall have occurred and be
continuing, the Administrative Agent may exercise on behalf of the Secured
Parties all the rights of a secured party under the UCC (whether or not in
effect in the jurisdiction where such rights are exercised) with respect to any
Collateral and, in addition, the Administrative Agent may, without being
required to give any notice, except as herein provided or as may be required by
mandatory provisions of law, withdraw all cash held by it pursuant to Section 8
and apply such cash as provided in Section 10 and, if there shall be no such
cash or if such cash shall be insufficient to pay all the Secured Obligations
in full, sell or otherwise dispose of the Collateral or any part thereof.  Notice of any such sale or other disposition
shall be given to the relevant Lien Grantor(s) as required by Section 12.

Section 10.  Application of Proceeds. 

(a)   If an Event
of Default shall have occurred and be continuing, the Administrative Agent may
apply (i) any cash held by it and (ii) the proceeds of any sale or other
disposition of all or any part of the Collateral, in the following order of
priorities: 

                first,     to
pay the expenses of such sale or other disposition, including reasonable compensation
to agents of and counsel for the Administrative Agent, and all expenses,
liabilities and advances incurred or made by the Administrative Agent in
connection with the Security Documents, and any other amounts then due and
payable to the Administrative Agent pursuant to Section 9.03 of the Credit
Agreement;

 14
 

 

          second,     to pay the
unpaid principal of the Secured Obligations ratably (or provide for the payment
thereof pursuant to Section 10(b)), until payment in full of the principal of
all Secured Obligations shall have been made (or so provided for);

              third,     to
pay ratably all interest (including Post-Petition Interest) on the
Secured Obligations payable under the Credit Agreement, until payment in full
of all such interest and fees shall have been made;

            fourth,     to
pay all other Secured Obligations ratably (or provide for the payment thereof
pursuant to Section 10(b)), until payment in full of all such other Secured
Obligations shall have been made (or so provided for); and

           finally,     to
pay to the relevant Lien Grantor, or as a court of competent jurisdiction may
direct, any surplus then remaining from the proceeds of the Collateral owned by
it;

provided that Collateral owned by a Guarantor and
any proceeds thereof shall be applied pursuant to the foregoing clauses first, second,
third and fourth only to the extent permitted by the
limitation in Section 2(i) of the Guarantee Agreement.  The Administrative Agent may make such
distributions hereunder in cash or in kind or, on a ratable basis, in any combination
thereof.

(b)   If at any
time any portion of any monies collected or received by the Administrative
Agent would, but for the provisions of this Section 10(b), be payable pursuant
to Section 10(a) in respect of a Contingent Secured Obligation, the Administrative
Agent shall not apply any monies to pay such Contingent Secured Obligation but
instead shall request the holder thereof, at least 10 days before each proposed
distribution hereunder, to notify the Administrative Agent as to the maximum
amount of such Contingent Secured Obligation if then ascertainable.  If the holder of such Contingent Secured
Obligation does not notify the Administrative Agent of the maximum
ascertainable amount thereof at least two Business Days before such
distribution, such holder will not be entitled to share in such
distribution.  If such holder does so
notify the Administrative Agent as to the maximum ascertainable amount thereof,
the Administrative Agent will allocate to such holder a portion of the monies
to be distributed in such distribution, calculated as if such Contingent
Secured Obligation were outstanding in such maximum ascertainable amount.  However, the Administrative Agent will not
apply such portion of such monies to pay such Contingent Secured Obligation, but
instead will hold such monies or invest such monies in Permitted
Investments.  All such monies and
Permitted Investments and all proceeds thereof will constitute Collateral
hereunder, but will be subject to distribution in accordance with this Section
10(b) rather than Section 10(a).  The
Administrative

 15
 

 

Agent will hold all such monies and Permitted
Investments and the net proceeds thereof in trust until all or part of such
Contingent Secured Obligation becomes a Non-Contingent Secured
Obligation, whereupon the Administrative Agent at the request of the relevant
Secured Party will apply the amount so held in trust to pay such Non-Contingent
Secured Obligation; provided
that, if the other Secured Obligations theretofore paid pursuant to the same
clause of Section 10(a) (i.e.,
clause second or fourth) were not paid in full, the
Administrative Agent will apply the amount so held in trust to pay the same
percentage of such Non-Contingent Secured Obligation as the percentage of
such other Secured Obligations theretofore paid pursuant to the same clause of
Section 10(a).  If (i) the holder of such
Contingent Secured Obligation shall advise the Administrative Agent that no
portion thereof remains in the category of a Contingent Secured Obligation and
(ii) the Administrative Agent still holds any amount held in trust pursuant to
this Section 10(b) in respect of such Contingent Secured Obligation (after
paying all amounts payable pursuant to the preceding sentence with respect to
any portions thereof that became Non-Contingent Secured Obligations),
such remaining amount will be applied by the Administrative Agent in the order
of priorities set forth in Section 10(a).

(c)   In making the payments and
allocations required by this Section, the Administrative Agent may rely upon
information supplied to it pursuant to Section 14(c).  All distributions made by the Administrative
Agent pursuant to this Section shall be final (except in the event of manifest
error) and the Administrative Agent shall have no duty to inquire as to the
application by any Secured Party of any amount distributed to it.

Section 11.  [Intentionally Omitted.]

Section 12.  Authority to Administer
Collateral.  Each
Lien Grantor irrevocably appoints the Administrative Agent its true and lawful
attorney, with full power of substitution, in the name of such Lien Grantor,
any Secured Party or otherwise, for the sole use and benefit of the Secured
Parties, but at the Borrower’s expense, to the extent permitted by law to
exercise, at any time and from time to time while an Event of Default shall
have occurred and be continuing, all or any of the following powers with
respect to all or any of such Lien Grantor’s Collateral:

(a)       to demand, sue for,
collect, receive and give acquittance for any and all monies due or to become
due upon or by virtue thereof,

(b)      to settle, compromise,
compound, prosecute or defend any action or proceeding with respect thereto,

 16
 

 

(c)       to sell, lease, license
or otherwise dispose of the same or the proceeds or avails thereof, as fully
and effectually as if the Administrative Agent were the absolute owner thereof,
and

(d)      to extend the time of
payment of any or all thereof and to make any allowance or other adjustment
with reference thereto;

provided that the Administrative Agent will give the
relevant Lien Grantor at least ten days’ prior written notice of the time and
place of any public sale thereof or the time after which any private sale or
other intended disposition thereof will be made. Any such notice shall (i) contain the information specified
in UCC Section 9-613, (ii)
be Authenticated and (iii) be
sent to the parties required to be notified pursuant to UCC Section 9-611(c);
provided that, if the
Administrative Agent fails to comply with this sentence in any respect, its
liability for such failure shall be limited to the liability (if any) imposed
on it as a matter of law under the UCC.

Section 13.  Limitation on Duty in Respect
of Collateral. 
Beyond the exercise of reasonable care in
the custody and preservation thereof, the Administrative Agent will have no
duty as to any Collateral in its possession or control or in the possession or
control of any sub-agent or bailee or any income therefrom or as to the
preservation of rights against prior parties or any other rights pertaining thereto.  The Administrative Agent will be deemed to
have exercised reasonable care in the custody and preservation of the
Collateral in its possession or control if such Collateral is accorded
treatment substantially equal to that which it accords its own property, and
will not be liable or responsible for any loss or damage to any Collateral, or
for any diminution in the value thereof, by reason of any act or omission of
any sub-agent or bailee selected by the Administrative Agent in good faith,
except to the extent that such liability arises from the Administrative Agent’s
gross negligence or willful misconduct.

Section 14.  General Provisions Concerning the
Administrative Agent.  

(a)   The provisions of Article 8
of the Credit Agreement shall inure to the benefit of the Administrative Agent,
and shall be binding upon all Lien Grantors and all Secured Parties, in
connection with this Agreement and the other Security Documents.  Without limiting the generality of the foregoing,
(i) the Administrative Agent shall not be subject to any fiduciary or other
implied duties, regardless of whether an Event of Default has occurred and is
continuing, (ii) the Administrative Agent shall not have any duty to take any
discretionary action or exercise any discretionary powers, except discretionary
rights and powers expressly contemplated by the Security Documents that the
Administrative Agent is required in writing to exercise by the Required Lenders
(or such other number or percentage of the Lenders as shall be necessary under
the circumstances as provided in Section 9.02 of the Credit Agreement), and
(iii) except as expressly 

 17
 

 

set forth in the
Loan Documents, the Administrative Agent shall not have any duty to disclose,
and shall not be liable for any failure to disclose, any information relating
to the Borrower or any of the Guarantors that is communicated to or obtained by
the bank serving as Administrative Agent or any of its Affiliates in any
capacity.  The Administrative Agent shall
not be responsible for the existence, genuineness or value of any Collateral or
for the validity, perfection, priority or enforceability of any Transaction
Lien, whether impaired by operation of law or by reason of any action or
omission to act on its part under the Security Documents. The Administrative
Agent shall be deemed not to have knowledge of any Event of Default unless and
until written notice thereof is given to the Administrative Agent by the
Borrower or a Secured Party.

(b)   Sub-Agents and Related Parties.  The
Administrative Agent may perform any of its duties and exercise any of its
rights and powers through one or more sub-agents appointed by it.  The Administrative Agent and any such
sub-agent may perform any of its duties and exercise any of its rights and
powers through its Related Parties.  The
exculpatory provisions of Section 13 and this Section shall apply to any such
sub-agent and to the Related Parties of the Administrative Agent and any such
sub-agent.

(c)   Information as to Secured Obligations and Actions by
Secured Parties.  For all
purposes of the Security Documents, including determining the amounts of the
Secured Obligations and whether a Secured Obligation is a Contingent Secured
Obligation or not, or whether any action has been taken under any Secured
Agreement, the Administrative Agent will be entitled to rely on information
from (i) its own records for
information as to the Lender Parties, their Secured Obligations and actions
taken by them, (ii) any Secured
Party (or any trustee, agent or similar representative) for information as to
its Secured Obligations and actions taken by it, to the extent that the
Administrative Agent has not obtained such information from its own records,
and (iii) the Borrower, to the
extent that the Administrative Agent has not obtained information from the
foregoing sources.

(d)   Refusal to
Act.  The Administrative Agent
may refuse to act on any notice, consent, direction or instruction from any
Secured Parties or any agent, trustee or similar representative thereof that,
in the Administrative Agent’s opinion, (i)
is contrary to law or the provisions of any Security Document, (ii) may expose the Administrative
Agent to liability (unless the Administrative Agent shall have been
indemnified, to its reasonable satisfaction, for such liability by the Secured
Parties that gave such notice, consent, direction or instruction) or (iii) is unduly prejudicial to
Secured Parties not joining in such notice, consent, direction or instruction.

 18
 

 

(e)   Copies of Certain Notices. 
Within two Business Days after it receives or sends any notice referred
to in this subsection, the Administrative Agent shall send to the Lenders and
each Secured Party Requesting Notice, copies of any notice given by the
Administrative Agent to any Lien Grantor, or received by it from any Lien
Grantor, pursuant to Section 9, 10, 12 or 15.

Section 15.  Termination of Transaction
Liens; Release of Collateral.

(a)   The
Transaction Liens granted by each Guarantor shall terminate upon the earlier of
(i) the release of its Transaction Guarantee pursuant to Section 2(c) of the
Guarantee Agreement and (ii) the satisfaction of all of the Ratings Release
Conditions (subject to reinstatement as set forth in Section 5.12 of the Credit
Agreement).

(b)   The
Transaction Liens granted by the Borrower shall terminate upon the earlier of
(i) the satisfaction of all of the Release Conditions and (ii) the satisfaction
of all of the Ratings Release Conditions (subject to reinstatement as set forth
in Section 5.12 of the Credit Agreement).

(c)   At any time before the
Transaction Liens granted by the Borrower terminate, the Administrative Agent
may, at the written request of the Borrower, (i) release any Collateral (but not all or substantially all the
Collateral) with the prior written consent of the Required Lenders or (ii) release all or substantially all
the Collateral with the prior written consent of all Lenders.

(d)   The Administrative Agent
shall be fully protected in relying upon a certificate of a Financial Officer
of the Borrower as to whether all of the Ratings Release Conditions are
satisfied.  Upon any termination of a
Transaction Lien or release of Collateral, the Administrative Agent will, at
the expense of the relevant Lien Grantor, execute and deliver to such Lien
Grantor such documents as such Lien Grantor shall reasonably request to
evidence the termination of such Transaction Lien or the release of such
Collateral, as the case may be.

(e)   Notwithstanding the
foregoing, at any time that Section 5.12(c) of the Credit Agreement is
applicable, the Lien Grantors shall take all actions as shall be necessary to
cause the Minimum Stock Collateral Condition to promptly be satisfied.

Section 16.  Additional Transaction Lien
Grantors.  Any
Subsidiary may become a party hereto by signing and delivering to the
Administrative Agent a Pledge Agreement Supplement, whereupon such Subsidiary
shall become a “Lien Grantor” as defined herein.

Section 17.  Notices. 
Each notice, request or other communication given to
any party hereunder shall be given in accordance with Section 9.01 of the 

 19
 

 

Credit Agreement, and in the case of any such notice,
request or other communication to a Lien Grantor other than the Borrower, shall
be given to it in care of the Borrower.

Section 18.  No Implied Waivers; Remedies Not Exclusive.  No failure by the Administrative
Agent or any Secured Party to exercise, and no delay in exercising and no
course of dealing with respect to, any right or remedy under any Loan Document
shall operate as a waiver thereof; nor shall any single or partial exercise by
the Administrative Agent or any Secured Party of any right or remedy under any
Loan Document preclude any other or further exercise thereof or the exercise of
any other right or remedy.  The rights
and remedies specified in the Loan Documents are cumulative and are not
exclusive of any other rights or remedies provided by law.

Section 19.  Successors and Assigns.  This Agreement is for the benefit
of the Administrative Agent and the Secured Parties.  If all or any part of any Secured Party’s interest
in any Secured Obligation is assigned or otherwise transferred, the
transferor’s rights hereunder, to the extent applicable to the obligation so
transferred, shall be automatically transferred with such obligation.  This Agreement shall be binding on the Lien
Grantors and their respective successors and assigns.

Section 20.  Amendments and Waivers.  Neither this Agreement nor any
provision hereof may be waived, amended, modified or terminated except pursuant
to an agreement or agreements in writing entered into by the Administrative
Agent, with the consent of such Lenders as are required to consent thereto
under Section 9.02 of the Credit Agreement. 
No such waiver, amendment or modification shall (i) be binding upon any
Lien Grantor, except with its written consent, or (ii) affect the rights of a
Secured Party (other than a Lender) hereunder more adversely than it affects
the comparable rights of the Lenders hereunder, without the consent of such
Secured Party.

Section
21.  Governing Law; Jurisdiction; Consent to
Service of Process.  (a) This Agreement shall be construed
in accordance with and governed by the laws of the State of New York, except as
otherwise required by mandatory provisions of law and except to the extent that
remedies provided by the laws of any jurisdiction other than the State of New
York are governed by the laws of such jurisdiction.

(b)   Each of the
Lien Grantors irrevocably and unconditionally submits, for itself and its
property, to the nonexclusive jurisdiction of the Supreme Court of the State of
New York sitting in New York County and of the United States District Court of
the Southern District of New York, and any relevant appellate court, in any
action or proceeding arising out of or relating to any Loan 

 20
 

 

Document, or for recognition or enforcement of any
judgment, and each party hereto irrevocably and unconditionally agrees that all
claims in respect of any such action or proceeding may be heard and determined
in such New York State court or, to the extent permitted by law, in such
Federal court.  Each party hereto agrees
that a final judgment in any such action or proceeding shall be conclusive and
may be enforced in other jurisdictions by suit on the judgment or in any other
manner provided by law.  Nothing in any
Loan Document shall affect any right that any Secured Party may otherwise have
to bring any action or proceeding relating to any Loan Document against any
Lien Grantor or its properties in the courts of any jurisdiction. 

(c)   Each of the Lien Grantors
irrevocably and unconditionally waives, to the fullest extent it may legally
and effectively do so, any objection that it may now or hereafter have to the
laying of venue of any suit, action or proceeding arising out of or relating to
this Agreement in any court referred to in subsection (b) of this Section.  Each party hereto irrevocably waives, to the
fullest extent permitted by law, the defense of an inconvenient forum to the
maintenance of any such suit, action or proceeding in any such court.

(d)   Each party hereto irrevocably
consents to service of process in the manner provided for notices in Section
9.01 of the Credit Agreement.  Nothing in
any Loan Document will affect the right of any party hereto to serve process in
any other manner permitted by law.

Section 22.  Waiver of Jury Trial.  EACH PARTY HERETO WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN
ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO ANY
LOAN DOCUMENT OR ANY TRANSACTION CONTEMPLATED THEREBY (WHETHER BASED ON
CONTRACT, TORT OR ANY OTHER THEORY). 
EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR
ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH
OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE
FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE
BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL
WAIVERS AND CERTIFICATIONS IN THIS SECTION.

Section 23.  Appointment of Agent for Service of
Process.  (a)  Each of the Lien Grantors hereby irrevocably designates, appoints,
authorizes and empowers as its agent for service of process, CT Corporation
System, at its offices currently located at 111 Eighth Avenue, 13th Floor, New
York, NY 10011 (the “Process Agent”),
to accept and acknowledge for and on behalf of such Lien Grantor 

 21
 

 

service of any and
all process, notices or other documents that may be served in any suit, action
or proceeding relating hereto in any New York State or Federal court sitting in
the State of New York.  With respect to
each Lien Grantor, such designation and appointment shall be irrevocable until
all of its Transaction Liens have been released pursuant to Section 15.  Each of the Lien Grantors covenants and
agrees that it shall take any and all reasonable action, including the
execution and filing of any and all documents, that may be necessary to
continue the foregoing designations and appointments in full force and effect
and to cause the Process Agent to continue to act in such capacity.

(b)   Each of the Lien
Grantors consents to
process being served in any suit, action or proceeding of the nature referred
to in Section 21 by serving a copy thereof upon the Process Agent.  Without prejudice to the foregoing, the
Secured Parties and the Administrative Agent agree that to the extent lawful
and possible, written notice of said service upon the Process Agent shall also
be mailed by registered or certified airmail, postage prepaid, return receipt requested,
to each Lien Grantor, care of the Borrower, at the Borrower’s address specified
in or pursuant to Section 9.01 of the Credit Agreement or to any other address
of which such Lien Grantor shall have given written notice to the
Administrative Agent.  If said service
upon the Process Agent shall not be possible or shall otherwise be impractical
after reasonable efforts to effect the same, each of the Lien Grantors consents
to process being served in any suit, action or proceeding of the nature referred
to in Section 21 by the mailing of a copy thereof by registered or certified
airmail, postage prepaid, return receipt requested, to such Lien Grantor at the
address of the Borrower specified in or pursuant to Section 9.01 of the Credit
Agreement or to any other address of which such Lien Grantor shall have given
written notice to the Administrative Agent, which service shall be effective 14
days after deposit in the United States Postal Service. Each of the Lien
Grantors agrees that such service (i) shall be deemed in every respect
effective service of process upon itself in any such suit, action or proceeding
and (ii) shall to the fullest extent permitted by law, be taken and held to be
valid personal service upon and personal delivery to itself.

(c)   Nothing in this Section
shall affect the right of any party hereto to serve process in any manner
permitted by law, or limit any right that any party hereto may have to bring
proceedings against any other party hereto in the courts of any jurisdiction or
to enforce in any lawful manner a judgment obtained in one jurisdiction in any
other jurisdiction.

Section 24.  Waiver of Immunity.  To the extent that any Lien
Grantor has or hereafter may acquire any immunity from jurisdiction of any
court or from any legal process (whether through service or notice, attachment
prior to judgment, attachment in aid or execution, or otherwise) with respect
to itself or its property, such Lien Grantor hereby irrevocably waives such
immunity in respect of its 

 22
 

 

obligations under
the Secured Agreements to the extent permitted by applicable law and, without
limiting the generality of the foregoing, agrees that the waivers set forth in
this Section shall have effect to the fullest extent permitted under the
Foreign Sovereign Immunities Act of 1976 of the United States of America and
are intended to be irrevocable for purposes of such Act.

Section 25.  Judgment Currency.  (a) If, for the purpose of
obtaining judgment in any court, it is necessary to convert a sum due hereunder
in dollars into another currency, the parties hereto agree, to the fullest
extent that they may legally and effectively do so, that the rate of exchange
used shall be that at which in accordance with normal banking procedures the
Administrative Agent could purchase dollars with such other currency in New
York, New York, on the Business Day immediately preceding the day on which
final judgment is given.

(b)   The obligation of each Lien
Grantor in respect of any sum due to any Secured Party hereunder in dollars
shall, to the extent permitted by applicable law, notwithstanding any judgment
in a currency other than dollars, be discharged only to the extent that on the
Business Day following receipt of any sum adjudged to be so due in the judgment
currency such Secured Party may in accordance with normal banking procedures
purchase dollars in the amount originally due to it with the judgment
currency.  If the amount of dollars so
purchased is less than the sum originally due to such Secured Party, each Lien
Grantor agrees, as a separate obligation and notwithstanding any such judgment,
to indemnify such Secured Party against the resulting loss; and if the amount
of dollars so purchased is greater than the sum originally due to such Secured
Party, such Secured Party agrees to repay such excess.

Section 26.  Use of English Language.  Any translation of this Agreement into
another language shall have no interpretive effect. All documents or notices to
be delivered pursuant to or in connection with this Agreement shall be in the
English language or, if any such document or notice is not in the English
language, accompanied by an English translation thereof, and the English
language version of any such document or notice shall control for purposes
hereof.

Section 27.  Severability. 
If any provision of any Loan Document is invalid, illegal or
unenforceable in any jurisdiction then, to the fullest extent permitted by law,
(i) such provision shall, as to such jurisdiction, be ineffective to the extent
(but only to the extent) of such invalidity, illegality or unenforceability,
(ii) the other provisions of the Loan Documents shall remain in full force and
effect in such jurisdiction and shall be liberally construed in favor of the
Administrative Agent and the Secured Parties in order to carry out the
intentions of the parties thereto as nearly as may be possible and (iii) the
invalidity, illegality

 23
 

 

or
unenforceability of any such provision in any jurisdiction shall not affect the
validity, legality or enforceability of such provision in any other
jurisdiction.

Section 28.  Counterparts, Integration,
Effectiveness.  This Agreement
may be executed in counterparts (and by different parties hereto on different
counterparts), each of which shall constitute an original, but all of which when
taken together shall constitute a single contract.  This Agreement, the other Loan Documents and
any separate letter agreements with respect to fees payable to the
Administrative Agent constitute the entire contract among the parties relating
to the subject matter hereof and supersede any and all previous agreements and
understandings, oral or written, relating to the subject matter hereof.  Except as provided in Section 4.01 of the
Credit Agreement, this Agreement (i) will become effective when the Administrative
Agent shall have signed this Agreement and received counterparts hereof that,
when taken together, bear the signatures of each of the other parties hereto
and (ii) thereafter will be binding upon and inure to the benefit of the
parties hereto and their respective successors and assigns.  Delivery of an executed counterpart of a
signature page of this Agreement by facsimile will be effective as delivery of
a manually executed counterpart of this Agreement.

 

 24

 

 

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

	
  

  	
   

  	
  MARVELL TECHNOLOGY GROUP LTD., 

  as Borrower and Lien Grantor

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/ George Hervey

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  	
   

  	
  George Hervey

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  	
   

  	
  V.P. and CFO

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  MARVELL INTERNATIONAL LTD., 

  as Guarantor and Lien Grantor

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/ George Hervey

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  	
   

  	
  George Hervey

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  	
   

  	
  V.P. and CFO

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  CREDIT SUISSE, CAYMAN ISLANDS BRANCH, as
  Administrative Agent

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/ Phillip Ho

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  	
   

  	
  Phillip Ho

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  	
   

  	
  Director

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/ Shaheen Malik

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  	
   

  	
  Shaheen Malik

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  	
   

  	
  Associate

  
									

 

SCHEDULE 1

SPECIFIED EQUITY INTERESTS 

OWNED BY ORIGINAL LIEN GRANTORS

(as of the Effective Date)

	
  Issuer

  	
   

  	
  Jurisdiction

  of

  Organization

  	
   

  	
  Owner of

  Equity Interest

  	
   

  	
  Percentage

  Owned

  	
   

  	
  Number of

  Shares or 

  Units

  	
   

  
	
  Marvell International
  Ltd.

  	
   

  	
  Bermuda

  	
   

  	
  Marvell

  Technology

  Group Ltd.

  	
   

  	
  100

  	
  %

  	
  12,024

  	
   

  
	
  Marvell International Technology Ltd.

  	
   

  	
  Bermuda

  	
   

  	
  Marvell

  International Ltd.

  	
   

  	
  100

  	
  %

  	
  12,000

  	
   

  

 

 S-1-1

 

SCHEDULE 2

UCC INFORMATION

In order to perfect the
Transaction Liens granted by a Lien Grantor, a duly completed financing statement
on Form UCC-1, with the collateral described as set forth below, should be on
file in the office set forth below opposite such Lien Grantor.

 

	
  Lien Grantor

  	
   

  	
  Office(1)

  
	
  Marvell Technology Group Ltd.

  	
   

  	
  Bermuda

  
	
  Marvell International
  Ltd.

  	
   

  	
  Bermuda

  

 

 

DESCRIPTION OF COLLATERAL

All shares of capital stock, membership interests, partnership
interests and other securities or equity interests now owned or hereafter
acquired by the Debtor in [specify entity or entities whose Equity Interests
are being pledged] and all rights and privileges with respect thereto, and all
dividends and other payments and distributions with respect thereto, and all
proceeds of the foregoing.

(1)  Insert Lien Grantor’s “location” determined
as provided in UCC Section 9-307.

 

 

 S-2-1

EXHIBIT A

to Bermuda Pledge Agreement

PLEDGE AGREEMENT SUPPLEMENT

PLEDGE
AGREEMENT SUPPLEMENT dated as of _______, ____, between [NAME OF LIEN GRANTOR]
(the “Lien Grantor”) and CREDIT
SUISSE, CAYMAN ISLANDS BRANCH, as Administrative Agent.

WHEREAS,
Marvell Technology Group Ltd. (the “Borrower”), the
lenders party thereto and Credit Suisse, Cayman Islands Branch, as
Administrative Agent (the “Administrative Agent”),
are parties to a Credit Agreement dated as of November 8, 2006 (as heretofore
amended and/or supplemented, the “Credit
Agreement”);

WHEREAS,
the Borrower, the Guarantors and the Administrative Agent, are parties to a
Guarantee Agreement dated as of November 8, 2006 (as heretofore amended and/or
supplemented, the “Guarantee Agreement”)
pursuant to which the Guarantors party thereto have guaranteed certain
obligations of the Borrower, including under the Credit Agreement; 

WHEREAS,
the Borrower, the Guarantors party thereto and the Administrative Agent are
parties to a Bermuda Pledge Agreement dated as of November 8, 2006 (as
heretofore amended and/or supplemented, the “Pledge
Agreement”) under which the Borrower and the Guarantors secure
certain obligations (the “Secured Obligations”);

WHEREAS,
[name of Lien Grantor] has become [is] a party to the Guarantee Agreement as a
Guarantor;

WHEREAS,
[name of Lien Grantor] is willing to become [is] a party to the Pledge
Agreement as a Lien Grantor thereunder; and 

WHEREAS,
terms defined in the Pledge Agreement (or whose definitions are incorporated by
reference in Section 1 of the Pledge Agreement) and not otherwise defined
herein have, as used herein, the respective meanings provided for therein; 

 B-1
 

 

NOW,
THEREFORE, in consideration of the foregoing and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto agree as follows: 

1.     Grant of Transaction Liens. 
(a) In order to secure [its Transaction Guarantee](2) [the Secured
Obligations](3), the Lien Grantor grants to the Administrative Agent for the
benefit of the Secured Parties a continuing security interest in all the
following property of the Lien Grantor, whether now owned or existing or
hereafter acquired or arising and regardless of where located (the “New Collateral”):

[describe
property being added to the Collateral]

(b)   The
foregoing Transaction Liens are granted as security only and shall not subject
the Administrative Agent or any other Secured Party to, or transfer or in any
way affect or modify, any obligation or liability of the Lien Grantor with
respect to any of the New Collateral or any transaction in connection
therewith.

2.     Delivery of Collateral. 
Concurrently with delivering this Pledge Agreement Supplement to the
Administrative Agent, the Lien Grantor is complying with the provisions of
Section 5 of the Pledge Agreement with respect to Specified Equity Interests,
in each case if and to the extent included in the New Collateral at such time.

3.     Party to Pledge Agreement. 
Upon delivering this Pledge Agreement Supplement to the Administrative
Agent, the Lien Grantor will become a party to the Pledge Agreement and will
thereafter have all the rights and obligations of a Lien Grantor thereunder and
be bound by all the provisions thereof as fully as if the Lien Grantor were one
of the original parties thereto.(4)

4.     Representations and Warranties.  (a) The Lien Grantor is duly organized,
validly existing and in good standing under the laws of [jurisdiction of
organization].

(2)  Delete bracketed words if the Lien Grantor is
the Borrower.

(3)  Delete bracketed words if the Lien Grantor is
a Guarantor.

(4)  Delete Section 4 if the Lien Grantor is
already a party to the Pledge Agreement.

 B-2
 

 

(b)   Each of the
representations and warranties set forth in the Pledge Agreement and the Credit
Agreement is true as applied to the Lien Grantor and the New Collateral.  For purposes of the foregoing sentence,
references in said agreements to a “Lien Grantor”, a “Subsidiary” or a “Credit
Party” shall be deemed to refer to the Lien Grantor, references to Schedules to
the Pledge Agreement shall be deemed to refer to the corresponding Schedules to
this Pledge Agreement Supplement, references to “Collateral” shall be deemed to
refer to the New Collateral, and references to the “Closing Date” or the
“Effective Date” shall be deemed to refer to the date on which the Lien Grantor
signs and delivers this Pledge Agreement Supplement.

5.     [Compliance with Foreign Law. 
The Lien Grantor represents that it has taken, and agrees that it will
continue to take, all actions required under the laws (including the conflict
of laws rules) of its jurisdiction of organization to ensure that the
Transaction Liens on the New Collateral rank prior to all Liens and rights of
others therein.(5)]

6.     Governing Law.  This
Pledge Agreement Supplement shall be construed in accordance with and governed
by the laws of the State of New York.

(5)  Include Section 6 if the Lien Grantor is
organized under the laws of a jurisdiction outside the United States.

 

 B-3

IN
WITNESS WHEREOF, the parties hereto have caused this Pledge Agreement
Supplement to be duly executed by their respective authorized officers as of
the day and year first above written.

	
  

  	
   

  	
  [NAME OF LIEN GRANTOR]

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  CREDIT SUISSE, CAYMAN ISLANDS BRANCH, as
  Administrative Agent

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  

 

 B-1
 

Schedule 1

to Pledge Agreement

Supplement

SPECIFIED EQUITY
INTERESTS 

OWNED BY LIEN GRANTOR

	
  Issuer

  	
   

  	
   

  	
   

  	
  Jurisdiction

  of

  Organization

  	
   

  	
  Percentage

  Owned

  	
   

  	
  Number of

  Shares or Units

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

 

 B-2

EXHIBIT B

to Bermuda Pledge Agreement

ISSUER CONTROL AGREEMENT

ISSUER
CONTROL AGREEMENT dated as of [date ] among _____________ (the “Lien Grantor”), CREDIT SUISSE, CAYMAN
ISLANDS BRANCH, as Administrative Agent (the “Secured
Party”), and _________ (the “Issuer”).  All references herein to the “UCC” refer to the Uniform Commercial Code
as in effect from time to time in [Issuer’s jurisdiction of incorporation].

W I T N E S S E T H :

WHEREAS,
the Lien Grantor is the registered holder of [specify Pledged Uncertificated
Securities issued by the Issuer] issued by the Issuer (the “Securities”); 

WHEREAS,
pursuant to a Bermuda Pledge Agreement dated as of November 8, 2006 (as such
agreement may be amended and/or supplemented from time to time, the “Pledge Agreement”), the Lien Grantor has
granted to the Secured Party a continuing security interest (the “Transaction Lien”) in all right, title and
interest of the Lien Grantor in, to and under the Securities, whether now
existing or hereafter arising; and

WHEREAS,
the parties hereto are entering into this Agreement in order to perfect the
Transaction Lien on the Securities; 

NOW,
THEREFORE, the parties hereto agree as follows:

Section 1.  Nature of Securities.  The
Issuer confirms that (i) the Securities are “uncertificated securities” (as
defined in Section 8-102 of the UCC) and (ii) the Lien Grantor is
registered on the books of the Issuer as the registered holder of the
Securities.

Section 2.  Instructions.  The
Issuer agrees to comply with any “instruction” (as defined in Section 8-102
of the UCC) originated by the Secured Party and relating to the Securities
without further consent by the Lien Grantor or any other person.  The Lien Grantor consents to the foregoing
agreement by the Issuer.

Section 3.  Waiver of Lien; Waiver of
Set-off. 
The Issuer waives any security interest,
lien or right of set-off that it may now have or hereafter acquire in or with
respect to the Securities.  The Issuer’s
obligations in respect of the 

 B-1
 

 

Securities will not be subject to deduction, set-off
or any other right in favor of any person other than the Secured Party.

Section 4.  Choice of Law.  This
Agreement shall be governed by the laws of [Issuer’s jurisdiction of
incorporation].

Section 5.  Conflict with Other
Agreements. 
There is no agreement (except this
Agreement) between the Issuer and the Lien Grantor with respect to the
Securities
except for [identify any existing other agreements] (the “Existing
Other Agreements”).  In the
event of any conflict between this Agreement (or any portion hereof) and any
other agreement (including any Existing Other Agreement) between the Issuer and
the Lien Grantor with respect to the Securities, whether now existing or
hereafter entered into, the terms of this Agreement shall prevail.

Section 6.  Amendments.  No
amendment or modification of this Agreement or waiver of any right hereunder
shall be binding on any party hereto unless it is in writing and is signed by
all the parties hereto.

Section 7.  Notice of Adverse Claims.  Except
for the claims and interests of the Secured Party and the Lien Grantor in the
Securities, the Issuer does not know of any claim to, or interest in, the
Securities.  If any person asserts any
lien, encumbrance or adverse claim (including any writ, garnishment, judgment,
attachment, execution or similar process) against the Securities, the Issuer
will promptly notify the Secured Party and the Lien Grantor thereof.

Section 8.  Maintenance of Securities.  In
addition to, and not in lieu of, the obligation of the Issuer to honor
instructions as agreed in Section 2 hereof, the Issuer agrees as follows: 

(i)    Lien Grantor Instructions; Notice of Exclusive Control.  So long as the Issuer has not received a
Notice of Exclusive Control (as defined below), the Issuer may comply with
instructions of the Lien Grantor or any duly authorized agent of the Lien
Grantor in respect of the Securities. 
After the Issuer receives a written notice from the Secured Party that
it is exercising exclusive control over the Securities (a “Notice of Exclusive Control”), the Issuer
will cease complying with instructions of the Lien Grantor or any of its
agents. 

(ii)   Non-Cash Dividends and Distributions.  After the Issuer receives a Notice of
Exclusive Control, the Issuer shall deliver to the Secured Party all dividends,
interest and other distributions paid or made upon or with respect to the
Securities.

 B-2
 

 

(iii)  Voting Rights.  Until
the Issuer receives a Notice of Exclusive Control, the Lien Grantor shall be
entitled to direct the Issuer with respect to voting the Securities.

(iv)  Statements and Confirmations.  The Issuer will promptly send copies of all
statements and other correspondence concerning the Securities simultaneously to
each of the Lien Grantor and the Secured Party at their respective addresses
specified in Section 11 hereof.

(v)   Tax Reporting.  All
items of income, gain, expense and loss recognized in respect of the Securities
shall be reported to the Internal Revenue Service and all state and local
taxing authorities under the name and taxpayer identification number of the
Lien Grantor.

Section 9.  Representations,
Warranties and Covenants of the Issuer.  The
Issuer makes the following representations, warranties and covenants: 

(i)    This Agreement is a valid
and binding agreement of the Issuer enforceable in accordance with its terms.

(ii)   The Issuer has not entered
into, and until the termination of this Agreement will not enter into, any
agreement with any other person relating to the Securities pursuant to which it
has agreed, or will agree, to comply with instructions (as defined in Section 8-102
of the UCC) of such person.  The Issuer
has not entered into any other agreement with the Lien Grantor or the Secured
Party purporting to limit or condition the obligation of the Issuer to comply
with instructions as agreed in Section 2 hereof.

Section 10.  Successors.  This
Agreement shall be binding upon, and shall inure to the benefit of, the parties
hereto and their respective successors and assigns.

Section 11.  Notices. 
Each
notice, request or other communication given to any party hereunder shall be in
writing (which term includes facsimile or other electronic transmission) and
shall be effective (i) when delivered to such party at its address specified
below, (ii) when sent to such party by facsimile or other electronic
transmission, addressed to it at its facsimile number or electronic address
specified below, and such party sends back an electronic confirmation of
receipt or (iii) ten days after being sent to such party by certified or
registered United States mail, addressed to it at its address specified below,
with first class or airmail postage prepaid:

Lien
Grantor: [address]

 B-3
 

 

Secured
Party: [address]

Issuer:
[address]

Any party may change its
address, facsimile number and/or e-mail address for purposes of this Section by
giving notice of such change to the other parties in the manner specified
above.

Section 12.  Termination.  The
rights and powers granted herein to the Secured Party (i) have been granted in
order to perfect the Transaction Lien, (ii) are powers coupled with an interest
and (iii) will not be affected by any bankruptcy of the Lien Grantor or any
lapse of time.  The obligations of the Issuer
hereunder shall continue in effect until the Secured Party has notified the
Issuer in writing that the Transaction Lien has been terminated pursuant to the
Pledge Agreement.

Section 13.  Counterparts.  This
Agreement may be executed in any number of counterparts, all of which shall
constitute one and the same instrument, and any party hereto may execute this
Agreement by signing and delivering one or more counterparts.

	
  

  	
   

  	
  [NAME OF LIEN GRANTOR]

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  CREDIT SUISSE, CAYMAN ISLANDS BRANCH, as
  Administrative Agent

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  	
   

  	
   

  

 

 B-4
 

 

	
  

  	
   

  	
  [NAME OF ISSUER]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  

 

 B-5
 

Exhibit A

[Letterhead of
Credit Suisse, Cayman Islands Branch]

[Date]

[Name and Address of
Issuer]

Attention:
________________________

Re:  Notice of Exclusive
Control

Ladies and Gentlemen:

As
referenced in the Issuer Control Agreement dated as of ______, ____ among [name
of Lien Grantor], us and you (a copy of which is attached), we notify you that
we will hereafter exercise exclusive control over [specify Pledged
Uncertificated Securities] registered in the name of [name of Lien Grantor]
(the “Securities”).  You are instructed not to accept any
directions or instructions with respect to the Securities from any person other
than the undersigned unless otherwise ordered by a court of competent
jurisdiction.

You
are instructed to deliver a copy of this notice by facsimile transmission to
[name of Lien Grantor].

	
   

  	
   

  	
  Very truly yours,

  
	
   

  	
   

  	
   

  
	
  

  	
   

  	
  CREDIT SUISSE, CAYMAN ISLANDS BRANCH, as
  Administrative Agent

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  

 

cc: [name of Lien Grantor]

 B-6

 

EXHIBIT C

to Bermuda Pledge Agreement

FORM 9

 C-1EXHIBIT 10.4

 

 

Dated
8 November 2006

 

 

 

MARVELL INTERNATIONAL LTD.

as Chargor

and

CREDIT SUISSE, CAYMAN ISLANDS BRANCH

as Administrative Agent

 

 

 

SHARE CHARGE

 

 

 

 

 

 

 

	
  

  	
  ALLEN & GLEDHILL

  ONE MARINA BOULEVARD #28-00

  SINGAPORE 018989

  

 

   
 

 

TABLE OF CONTENTS

	
  Contents

  	
   

  	
  Page

  
	
  1.

  	
   

  	
  Definitions and Interpretation

  	
   

  	
  1

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  2.

  	
   

  	
  Security

  	
   

  	
  5

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  3.

  	
   

  	
  Restrictions and Further Assurance

  	
   

  	
  5

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  4.

  	
   

  	
  Charged Assets

  	
   

  	
  5

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  5.

  	
   

  	
  General Undertakings

  	
   

  	
  7

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  6.

  	
   

  	
  Representations and Warranties

  	
   

  	
  9

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  7.

  	
   

  	
  Enforcement

  	
   

  	
  11

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  8.

  	
   

  	
  Administrative Agent’s Rights

  	
   

  	
  11

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  9.

  	
   

  	
  Order of Distributions

  	
   

  	
  12

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  10.

  	
   

  	
  Liability of Administrative Agent and Delegates

  	
   

  	
  13

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  11.

  	
   

  	
  Power of Attorney

  	
   

  	
  13

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  12.

  	
   

  	
  Protection of Third Parties

  	
   

  	
  14

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  13.

  	
   

  	
  Saving Provisions

  	
   

  	
  14

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  14.

  	
   

  	
  Discharge of Security

  	
   

  	
  16

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  15.

  	
   

  	
  Conduct of Business by the Secured Parties

  	
   

  	
  17

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  16.

  	
   

  	
  Currency Indemnity

  	
   

  	
  17

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  17.

  	
   

  	
  Payments

  	
   

  	
  18

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  18.

  	
   

  	
  Trust Provisions

  	
   

  	
  18

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  19.

  	
   

  	
  Rights, Amendments, Waivers and Determinations

  	
   

  	
  25

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  20.

  	
   

  	
  Separate and Independent Obligations

  	
   

  	
  26

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  21.

  	
   

  	
  Partial Invalidity

  	
   

  	
  26

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  22.

  	
   

  	
  Notices

  	
   

  	
  26

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  23.

  	
   

  	
  Counterparts

  	
   

  	
  26

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  24.

  	
   

  	
  Governing Law

  	
   

  	
  27

  

 

 ii
 

 

 

	
  25.

  	
   

  	
  Jurisdiction

  	
   

  	
  27

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Schedule 1 Rights of Administrative Agent

  	
   

  	
  29

  
	
   

  	
   

  	
   

  
	
  Schedule 2 Shares

  	
   

  	
  31

  
	
   

  	
   

  	
   

  
	
  Schedule 3 Form No. 9

  	
   

  	
  32

  

 

 iii

 

This
Deed is made on 8 November 2006 between:

(1)                                 Marvell
International Ltd., a Bermuda exempted company incorporated and existing
under the laws of Bermuda with registration number EC29736 (the “Chargor”); and

(2)                                 Credit
Suisse, Cayman Islands Branch (the “Administrative Agent”),
as trustee for the benefit of, the Secured Parties (as defined in the Credit
Agreement defined below).

Whereas:

(A)                               Pursuant to a Credit Agreement (the “Credit  Agreement”,
which term includes any amendment, amendment and restatement, supplement or
modification thereof) dated as of November 8, 2006, made among (1) Marvell
Technology Group Ltd (the “Borrower”),
as borrower, (2) the lenders from time to time party thereto (the “Lenders”), as lenders, and (3) the Administrative Agent, the
Borrower intends to borrow funds for the purposes set forth therein.

(B)                               Pursuant to a Guarantee Agreement (the “Guarantee Agreement”, which term includes
any amendment, amendment and restatement, supplement or modification thereof)
dated as of November 8, 2006 made among (1) the Borrower, as borrower, (2) the
subsidiaries of the Borrower listed on the signature pages of the Guarantee
Agreement (including the Chargor) (the “Guarantors”),
as guarantors and (3) the Administrative Agent, the Guarantors agree to
guarantee the obligations of the Borrower under (a) the Credit Agreement and
(b) certain Hedging Agreements (as defined in the Credit Agreement).

(C)                               The Guarantee Agreement provides that the Lenders are
not willing to make loans under the Credit Agreement unless the guarantee of
the Chargor, as a Guarantor under the Guarantee Agreement, is secured by Liens
(as defined in the Credit Agreement) on the assets of the Chargor.

(D)                               The Chargor has agreed to enter into this Deed and to
create, upon the terms and conditions of this Deed, the security interest
expressed to be created by this Deed over the Charged Assets (as defined below)
as a continuing security interest to secure its Transaction Guarantee (as
defined in the Credit Agreement).

It is
agreed as follows:

1.                                      Definitions
and Interpretation

1.1                               Definitions

In this Deed, unless a contrary indication appears, and except to the
extent that the content requires otherwise, terms used in the Credit Agreement
have the same meaning and construction and, in addition:

“Act” means the Conveyancing and Law of
Property Act, Chapter 61 of Singapore.

“Authorisation” means an authorisation,
consent, approval, resolution, licence, exemption, filing, notarisation or
registration.

“Charged Assets” means the assets from
time to time subject, or expressed to be subject, to the Charges or any part of
those assets.

 1
 

 

 

“Charges” means all or any of the
Security created or expressed to be created by or pursuant to this Deed.

“Collateral” mean all property, whether
now owned or hereafter acquired, on which a Lien is granted or purports to be
granted to the Administrative Agent pursuant to the Security Documents and when
used with respect to the Chargor, “Collateral”
means all its assets on which such a Lien is granted or purports to be granted
by the Chargor

“Company” means Marvell Asia Pte Ltd, a
company incorporated in Singapore with company registration number 199702379M,
having its registered office at 151 Lorong Chuan #02-05 New Tech Park,
Singapore 556741.

“Contingent Secured Obligation” means,
at any time, any Secured Obligation (or portion thereof) that is contingent in
nature at such time, including any Secured Obligation that is:

(a)                                  an
obligation under a Hedging Agreement to make payments that cannot be quantified
at such time;

(b)                                 any
other obligation (including any guarantee) that is contingent in nature at such
time; or

(c)                                  an
obligation to provide collateral to secure any of the foregoing types of
obligations.

“Currency of Account” means the currency
in which the relevant indebtedness is denominated or, if different, is payable.

“Delegate” means a delegate or
sub-delegate appointed under Clause 8.2 (Delegation).

“Dividends” means, in relation to any
Share, all present and future:

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

(b)                                 rights,
shares, money or other assets accruing or offered by way of redemption, bonus,
option or otherwise in respect of that Share;

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

(d)                                 other
rights and assets attaching to, deriving from or exercisable by virtue of the
ownership of, that Share.

“Party” means a party to this Deed.

“Permitted Liens” means (a) the
Transaction Liens and (b) any other Liens on the Collateral permitted to be
created or assumed or to exist pursuant to Section 6.02 of the Credit
Agreement.

“Post-Petition Interest” means any
interest that accrues after the commencement of any case, proceeding or other
action relating to the Winding-up, bankruptcy, insolvency or reorganisation of
any one or more of the Lien Grantors (or would accrue but for the operation of
applicable Winding-up, bankruptcy or insolvency laws), whether or not such
interest is allowed or allowable as a claim in any such proceeding.

 2
 

 

 

“Ratings Release Conditions” means the
following conditions for terminating all the Transaction Liens:

(a)                                  the
Borrower shall have given notice to the Administrative Agent at least 15 days
prior to a date (the “Release Date”)
specifying such Release Date;

(b)                                 as
of the Release Date, the corporate family rating of the Borrower shall be at
least Baa3 by Moody’s and the corporate rating of the Borrower shall be at
least BBB - by S&P, in each case with no negative outlook;

(c)                                  as
of the Release Date, no Default shall have occurred and be continuing; and

(d)                                 on
the Release Date, the Administrative Agent shall have received a certificate,
dated the Release Date and executed by the chief financial officer, principal
accounting officer, treasurer or controller of the Borrower, confirming the
satisfaction of the preceding conditions.

“Secured  Obligations” means (i) all principal of all Loans outstanding
from time to time under the Credit Agreement, all interest (including
Post-Petition Interest) on such Loans and all other amounts now or hereafter
payable by the Borrower pursuant to the Loan Documents and (ii) all obligations
of any Lien Grantor under any Hedging Agreement that is entered into with any
counterparty that is the Arranger, the Administrative Agent or a Lender or an
Affiliate of the Arranger, the Administrative Agent or a Lender, in each case
at the time such Hedging Agreement is entered into.

“Secured Parties” means
the holders from time to time of the Secured Obligations.

“Security” means a Lien or any mortgage,
charge, pledge, lien or other security interest securing any obligation of any
person or any other agreement or arrangement having a similar effect.

“Security Documents” means this Deed and
all other supplemental or additional charge documents or similar instruments
delivered with respect to the Charged Assets pursuant to the Credit Agreement.

“Shares” means:

(a)                                  all
present and future shares in the Company, including the shares issued and
outstanding at the date of this Deed described in Schedule 2 (Shares); and

(b)                                 all
warrants, options or other rights to subscribe for, purchase or otherwise
acquire those shares,

in each case now or in
the future owned by the Chargor or (to the extent of its interest) in which it
now or in the future has an interest.

“Transaction
Guarantee” means, with respect to the Chargor, its guarantee of the
Secured Obligations pursuant to the Guarantee Agreement.

“Transaction
Liens” means the Security granted by the Lien Grantors under the
Security Documents.

 3
 

 

 

“UCC”
means the Uniform Commercial Code as in effect from time to time in the State
of New York.

“Winding-up” means winding-up,
amalgamation, reconstruction, administration, judicial management, dissolution,
liquidation, merger or consolidation or any analogous procedure or step in any
jurisdiction.

1.2                               Construction

1.2.1                     Unless a
contrary indication appears, any reference in this Deed to:

(i)                           “assets” includes present and future
properties, revenues and rights of every description;

(ii)                        the
“Administrative Agent”, the “Chargor”, any “Credit
Party”, any “Lien Grantor”,
any “Party” or any “Secured
Party” shall be construed so as to include its successors in title,
permitted assigns and permitted transferees;

(iii)                     a
“Loan Document” or any other agreement
or instrument is to a reference to that Loan Document or other agreement or
instrument as amended or novated;

(iv)                    “indebtedness” includes any obligation
(whether incurred as principal or as surety) for the payment or repayment of
money, whether present or future, actual or contingent;

(v)                       a
“person” includes any person,
firm, company, corporation, government, state or agency of a state or any
association, trust or partnership (whether or not having separate legal
personality) or two or more of the foregoing;

(vi)                    a
“regulation” includes any
regulation, rule, official directive, request or guideline (whether or not
having the force of law) of any governmental, intergovernmental or
supranational body, agency, department or regulatory, self-regulatory or other
authority or organisation; and

(vii)                 a
provision of law is a reference to that provision as amended or re-enacted.

1.2.2                     Clause
and Schedule headings are for ease of reference only.

1.2.3                     An Event
of Default is “continuing” if it
has not been remedied or waived.

1.3                               Third
party rights

1.3.1                     Unless
expressly provided to the contrary, a person who is not a Party (other than a
Secured Party) has no right under the Contracts (Rights of Third Parties) Act,
Chapter 53B of Singapore to enforce or to enjoy the benefit of any term of this
Deed.

1.3.2                     Notwithstanding
any terms of this Deed, the consent of any third party (other than a Secured
Party) is not required for any variation (including any release or compromise
of any liability under) or termination of this Deed.

 4
 

 

 

2.                                      Security

The Chargor, as beneficial owner and as continuing security for its
Transaction Guarantee and for the due and punctual payment and discharge of all
the Secured Obligations guaranteed by the Chargor under its Transaction
Guarantee, charges in favour of the Administrative Agent (as trustee for the
benefit of the Secured Parties) by way of first fixed charge all of the Chargor’s
present and future Shares and Dividends.

3.                                      Restrictions
and Further Assurance

3.1                               Security

The Chargor shall not create or permit to subsist any Security (other
than Transaction Liens) over any of its assets except for the Charges and the
Permitted Liens, nor do anything else prohibited by or under the terms of the
Credit Agreement, the Guarantee Agreement, the US Pledge Agreement or the
Bermuda Pledge Agreement.

3.2                               Disposal

The Chargor shall not (nor shall it agree to) enter into a single
transaction or a series of transactions (whether related or not and whether
voluntary or involuntary) to sell, lease, transfer or otherwise dispose of any
Charged Asset except, in the case of Dividends, as permitted by Clause 4.5 (Dividends prior to an Event of Default).

3.3                               Further
assurance

The Chargor shall promptly do whatever the Administrative Agent
reasonably requests:

3.3.1                     to
perfect or protect the Charges or the priority of the Charges; or

3.3.2                     to
facilitate the realisation of the Charged Assets or the exercise of any rights
vested in the Administrative Agent or any Delegate,

including, without limitation, executing any transfer, charge,
mortgage, assignment or assurance of the Charged Assets (whether to the
Administrative Agent or its nominees or otherwise), making any registration and
giving any notice, order or direction.

3.4                               Bermuda
filing

The Chargor will promptly after the execution of this Deed, cause to be
filed, in Bermuda, a Form 9 with the Registrar of Companies of Bermuda in
substantially the form attached hereto as Schedule 3 (Form 9).

4.                                      Charged
Assets

4.1                               Acquisition

The Chargor shall, as soon as practicable, notify the Administrative
Agent of its acquisition of, or agreement to acquire, any Shares.

 5
 

 

 

4.2                               Documents

The Chargor shall, on the date of this Deed and, where
Shares are acquired by it after the date of this Deed, on the date of such
acquisition:

4.2.1                     deposit
with the Administrative Agent, or as it directs, all certificates representing
the Shares; and

4.2.2                     execute
and/or deliver to the Administrative Agent such other documents relating to the
Shares, including stamped transfers of Shares executed in blank, as the
Administrative Agent requires.

4.3                               Voting
prior to an Event of Default

At any time before an Event of Default shall have occurred and be
continuing, and the Administrative Agent shall have notified the Chargor of its
intent to exercise its rights under this Deed, the Chargor shall be entitled to
exercise or direct the exercise of the voting and other rights attached to any
Share as it sees fit provided that:

4.3.1                     it does
so for a purpose not inconsistent with any Loan Document; and

4.3.2                     the
exercise of or failure to exercise those rights would not have an adverse
effect on the value of the relevant Shares or the Charged Assets and would not
otherwise prejudice the interests of any Secured Party under any Loan Document.

4.4                               Voting
after an Event of Default

At any time after an Event of Default shall have occurred and be
continuing, and the Administrative Agent shall have notified the Chargor of its
intent to exercise its rights under this Deed:

4.4.1                     the
Administrative Agent shall be entitled to exercise or direct the exercise of
the voting and other rights attached to any Share as it sees fit; and

4.4.2                     the
Chargor shall comply or procure the compliance with any directions of the
Administrative Agent in respect of the exercise of those rights and shall
promptly execute and/or deliver to the Administrative Agent such forms of proxy
as it requires with a view to enabling such person as it selects to exercise
those rights.

4.5                               Dividends prior to an Event of Default

At any time before an Event of Default shall have occurred and be
continuing, and the Administrative Agent shall have notified the Chargor of its
intent to exercise its rights under this Deed, the Chargor is entitled to
receive, retain and use any Dividends or any other distribution.

4.6                               Dividends
after an Event of Default

At any time after an Event of Default shall have occurred and be
continuing, and the Administrative Agent shall have notified the Chargor of its
intent to exercise its rights under this Deed, the Administrative Agent shall
have the right to receive and retain all Dividends and the Chargor shall take
all such action as the Administrative Agent may deem necessary or appropriate
to give effect to such right and if any Dividend or other distribution is
received by 

 6
 

 

 

the Chargor at such time, the Chargor shall hold such Dividend or other
distribution received by it on trust for the benefit of the Administrative
Agent and the Secured Parties and, if the Administrative Agent so directs,
shall forthwith upon demand by the Administrative Agent pay the same over to
the Administrative Agent or as it may direct, provided that after all Events of
Default have been remedied, the Administrative Agent’s right to retain any such
Dividend or other distribution shall cease and the Administrative Agent shall
pay over to the Chargor, without interest, any such Dividends or other
distributions that the Chargor would otherwise be permitted to receive, retain
and use pursuant to Clause 4.5 (Dividends prior to an
Event of Default).

5.                                      General
Undertakings

5.1                               Authorisations

The Chargor shall promptly obtain, comply with and maintain in full
force and effect, any Authorisation required to enable it to perform its
obligations under this Deed and to ensure the legality, validity,
enforceability or admissibility in evidence in its jurisdiction of
incorporation and any other relevant jurisdiction of this Deed.

5.2                               Compliance
with laws

The Chargor shall comply
in all respects with all laws to which it may be subject, if failure so to
comply would have a material adverse effect on the validity, enforceability or
priority of the Security created by this Deed.

5.3                               Depreciation
of Charged Assets

The Chargor shall not do or cause or permit to be done anything which
may in any way depreciate, jeopardise or otherwise prejudice the value of the
Charged Assets.

5.4                               No
prejudicial conduct

The Chargor shall not do, or permit to be done, anything which could
prejudice the Charges.

5.5                               Discharge other debts

The Chargor shall punctually pay and discharge all debts and
obligations which by law have priority over the Charges.

5.6                               Transfers

The Chargor shall at the request of the
Administrative Agent, at any time after an Event of Default shall have occurred
and be continuing, procure the passing, by the board of directors of the
Company of a resolution, in terms approved by the Administrative Agent,
approving the registration of the transfers of all of the Charged Assets, or
any Charged Assets specified in the relevant request, to the Administrative
Agent or, as the Administrative Agent may direct, any third party.

5.7                               Memorandum
and Articles of Association

The Chargor will (unless it has already done so) cause the
Articles of Association of the Company to be amended in the manner requested by
the Administrative Agent for the purpose of ensuring:

 7
 

 

 

5.7.1                     that the
directors of the Company shall not decline to register, or suspend the
registration of, any transfer of any Shares where such transfer is executed
(whether as transferor or transferee) by any bank or financial institution
holding any Security over such Shares, or by any nominee of such bank or
financial institution;

5.7.2                     that any
bank or other institution (including any agent or trustee on behalf of such
bank or other institution) holding any Security over any Shares have been
charged by way of security from time to time, shall have a first fixed charge
over such Shares, ranking in priority over any lien expressed to be created
under the Articles of Association of the Company (which shall in all respects
be subject to such first fixed charge) whether the period for the payment,
fulfilment or discharge of the relevant secured debt shall have actually
arrived or not, and, regardless of when such charge and such Security was
created;

5.7.3                     that any bank or other institution (including any
agent or trustee on behalf of such bank or other institution) holding any
Security over any Shares, shall not be required to provide any other evidence
to prove its title to those Shares apart from the certificates of the Shares,

but shall not, unless the Administrative
Agent shall otherwise have given its prior consent in writing, cause, procure
or allow any other amendments or variations to be made to the Memorandum of
Association or Articles of Association of the Company which may have the effect
of superseding, revoking or otherwise negating the abovementioned amendments.

5.8                               Change
of name or corporate structure

5.8.1                     The
Chargor shall not:

(i)                           change
its name or corporate structure;

(ii)                        change
its location (determined as provided in UCC Section 9-307); or

(iii)                     become
bound, as provided in UCC Section 9-203(d), by a security agreement
entered into by another Person as lien grantor,

unless it shall have given the Administrative
Agent prior notice thereof and delivered a certificate of a Financial Officer
with respect thereto in accordance with Clause 5.8.2.

5.8.2                     At least
30 days before it takes any action contemplated by Clause 5.8.1, the Chargor
will, at the Borrower’s expense, cause to be delivered to the Administrative
Agent a certificate of a Financial Officer, in form and substance reasonably
satisfactory to the Administrative Agent, to the effect that:

(i)                           all
financing statements and amendments or supplements thereto, continuation
statements and other documents required to be filed or recorded in order to
perfect and protect the Transaction Liens against all creditors of and
purchasers from the Chargor after it takes such action (except any continuation
statements specified in such certificate that are to be filed more than six
months after the date thereof) have been filed or recorded in each office
necessary for such purpose;

 8
 

 

 

(ii)                        all
fees and taxes, if any, payable in connection with such filings or recordations
have been paid in full; and

(iii)                     except
as otherwise agreed by the Required Lenders, such action will not adversely
affect the perfection or priority of the Charges on any of the Charged Assets
after it takes such action or the accuracy of the  representations and warranties of the Chargor
set out in Clause 6 (Representations and
Warranties) relating to the Charged Assets.

6.                                      Representations
and Warranties

The Chargor makes the representations and warranties set out in this
Clause 6 to the Administrative Agent on the date of this Deed.

6.1                               Binding
obligations

The obligations expressed to be assumed by it in this Deed are legal,
valid, binding and enforceable, subject to:

6.1.1                     any
general principles of law limiting its obligations or the enforceability of the
Security expressed to be created by this Deed which are specifically referred
to in any legal opinion delivered pursuant to a Loan Document; or

6.1.2                     the
requirements specified at the end of Clause 6.2 (Validity and admissibility in evidence).

6.2                               Validity
and admissibility in evidence

All Authorisations required or desirable:

6.2.1                     to enable
it lawfully to enter into, exercise its rights and comply with its obligations
in this Deed and the transactions contemplated by it;

6.2.2                     to make
this Deed admissible in evidence in its jurisdiction of incorporation and other
relevant jurisdictions; and

6.2.3                     to
enable it to create the Charges and to ensure that the Charges have and will
have the priority and ranking which they are expressed to have,

have been obtained or effected and are in
full force and effect, save for the payment
of stamp duty up to a maximum amount of S$500 payable in Singapore in respect
of the stamping of this Deed.

6.3                               No
filing or stamp Taxes

Except for the requirements specified at the end of Clause 6.2 (Validity and admissibility in evidence) it
is not necessary, under the laws of its jurisdiction of incorporation that this
Deed be filed, recorded or enrolled with any court or other authority in that
jurisdiction or that any stamp, registration or similar Tax be paid on or in
relation to this Deed or the transactions contemplated by this Deed.

 9
 

 

 

6.4                               Ranking

Subject to any applicable reservations in
legal opinions delivered pursuant to any Loan Document and the requirements
specified at the end of Clause 6.2 (Validity
and admissibility in evidence), this Deed creates in favour of the
Administrative Agent the Security which it is expressed to create, with the
ranking and priority it is expressed to have.

6.5                               Title

It has good and valid title in all respects to the assets which are
expressed to be subject to the Security created by or pursuant to this Deed,
free from all Security except for the Charges.

6.6                               Winding-up

Except as permitted pursuant to the Credit Agreement, no meeting has
been convened, order made or resolution passed for its Winding-up, no such step
is intended by it and, so far as it is aware, no petition, application or the
like is outstanding for its Winding-up.

6.7                               Shares
fully paid etc

The Shares (described in Schedule 2 (Shares))
are duly authorised, validly issued and non-assessable and are (or will be when
the Memorandum and Articles of Association of the Company have been amended
pursuant to Clause 5.7 (Memorandum and Articles of
Association)) freely transferable in accordance with the terms of
the Articles of Association of the Company. There are no moneys or liabilities
outstanding or payable in respect of any of the Shares.

6.8                               Share
capital

The Shares constitute all the share capital in the Company and no
person has or is entitled to any conditional or unconditional option, warrant
or other right to subscribe for, purchase or otherwise acquire any issued or
unissued Shares, or any interest in Shares, in the capital of the Company.

6.9                               Form
9

6.9.1                     This Deed
creates in favour of the Secured Parties a valid security interest in the Shares,
securing the Secured Obligations and other obligations secured under Clause
2.  Upon the filing of a Form 9 with the
Registrar of Companies of Bermuda, which will be made promptly following the
execution of this Deed, the security interest in the Shares will constitute a
security interest in favour of the Secured Parties enforceable against third
parties (including creditors of, and any liquidator or administrator appointed
with respect to, the Chargor or the Borrower) prior to all Liens and rights of
others therein, except for statutorily preferred claims under the laws of the
Bermuda (“Statutory Claims”),
including without limitation claims in respect of Taxes, assessments or
impositions, certain wages or salaries. No Statutory Claims against the Chargor
or the Company exist as of the date hereof.

6.9.2                     Other
than the filing of Form 9 with the Registrar of Companies of Bermuda, which
will be made promptly following the execution of this Deed, no authorisation or

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approval or
other action by, and no notice to or filing with, any Governmental Authority or
regulatory body or any other third party is required for (i) the grant by the
Chargor of the security interest granted hereunder or for the execution,
delivery or performance of this Deed by the Chargor, or (ii) the maintenance or
effectiveness of the security interest created hereunder (including the first
priority nature of the Secured Parties’ security interest or its enforceability
against third parties).  Except as
provided in Clause 6.2 and paragraph 6.9.1 above, no authorisation or approval
or other action by, and no notice to or filing with, any Governmental Authority
or regulatory body or any other third party is required for the exercise by the
Secured Parties of their rights provided for in this Deed or the remedies in
respect of the Shares pursuant to this Deed.

7.                                      Enforcement

7.1                               When
enforceable

The Charges shall be enforceable, and the power of sale and other
powers conferred by Section 24 of the Act as varied and extended by this Deed
shall be exercisable, if an Event of Default shall have occurred and be
continuing.

7.2                               Power
of sale

The statutory power of sale, of appointing a receiver and the other
statutory powers conferred on mortgagees by the Act as varied and extended by
this Deed shall arise on the date of this Deed and may be exercised by the
Administrative Agent free from the restrictions imposed by Section 25 of the
Act, provided that if any of the Charged Assets are to be sold pursuant to the
exercise of such statutory power of sale then, to the extent that reasonable
notice of such sale is required by any applicable law, ten days’ notice (which
shall be deemed to be reasonable notice) of such sale shall be given to the
Chargor (but nothing in this Clause 7.2 confers any right on the Administrative
Agent to take any action before an Event of Default shall have occurred and be
continuing which it would not have had in the absence of this Clause 7.2).

7.3                               Consolidation

Section 21 of the Act shall not apply to this Deed.

8.                                      Administrative
Agent’s Rights

8.1                               Rights
of Administrative Agent

At any time after an Event of Default shall have occurred and be
continuing (whether or not the Administrative Agent shall have taken possession
of the Charged Assets), the Administrative Agent shall have the rights set out
in Schedule 1 (Rights of Administrative Agent).

8.2                               Delegation

The Administrative Agent may delegate in any manner to any person any
rights exercisable by the Administrative Agent under any Loan Document. Any
such delegation may be made 

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upon such terms and conditions (including power to sub-delegate) as the
Administrative Agent thinks fit.

9.                                      Order
of Distributions

9.1                               Application
of proceeds

If an Event of Default shall have occurred and be continuing and the
Administrative Agent shall have notified the Chargor of its intent to exercise
its rights under the Security Documents, the Administrative Agent or any
Delegate in exercise of its rights under this Deed may, subject to the rights
of any creditors having priority, apply (a) any cash held by it and (b) the
proceeds of any sale or other disposition of all or any part of the Charged
Assets or any enforcement of its rights under this Deed in the order provided
in Clause 9.2 (Order of distributions).

9.2                               Order
of distributions

The order referred to in Clause 9.1 (Application
of proceeds) is:

9.2.1                     in or
towards the payment of all expenses of and incidental to such sale or other
disposition (including, reasonable compensation to any Delegate, agent of and
counsel for the Administrative Agent and all costs, losses, expenses,
liabilities, and advances incurred or made by the Administrative Agent in
connection with this Deed and the other Loan Documents) and any other amounts
then due and payable to the Administrative Agent pursuant to Section 9.03 of
the Credit Agreement;

9.2.2                     in or
towards (i) payment of the unpaid principal of the Secured Obligations rateably
and (ii) rateable provision for the payment of the Contingent Secured
Obligations, until payment in full of the principal of all Secured Obligations
shall have been made and provided for;

9.2.3                     in or
towards payment rateably of all interest (including Post-Petition Interest) on
the Secured Obligations payable under the Credit Agreement, until payment in
full of all such interest and fees shall have been made;

9.2.4                     in or
towards (i) payment of all other Secured Obligations rateably and (ii) rateable
provision for the payment of all other Contingent Secured Obligations, until
payment in full of all such other Secured Obligations and other Contingent
Secured Obligations shall have been made (or so provided for); and

9.2.5                     in
payment of any surplus to the Chargor or other person entitled to it,

provided that Collateral owned by the Chargor
and any proceeds thereof shall be applied pursuant to Clauses 9.2.1, 9.2.2,
9.2.3 and 9.2.4 only to the extent permitted by the limitation in Section 2(i)
of the Guarantee Agreement (which provides that the obligations of the Chargor
under its Transaction Guarantee shall be limited to an aggregate amount equal
to the largest amount that would not render such Transaction Guarantee subject
to avoidance under Section 548 of the United States Bankruptcy Code or any
comparable provisions of applicable law). 
The Administrative Agent may make such distributions hereunder in cash
or in kind or, on a rateable basis, in any combination thereof.

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9.3                               Contingent Secured Obligation

If, at any
time, any portion of any monies collected or received by the Administrative
Agent would, but for the provisions of this Clause 9.3, be payable pursuant to
Clause 9.2 in respect of a Contingent Secured Obligation, the Administrative
Agent shall not apply any monies to pay such Contingent Secured Obligation but
instead shall request the holder thereof, at least 10 days before each proposed
distribution hereunder, to notify the Administrative Agent as to the maximum
amount of such Contingent Secured Obligation if then ascertainable.  If the holder of such Contingent Secured
Obligation does not notify the Administrative Agent of the maximum
ascertainable amount thereof at least two Business Days before such
distribution, such holder will not be entitled to share in such
distribution.  If such holder does so
notify the Administrative Agent as to the maximum ascertainable amounts thereof,
the Administrative Agent will allocate to such holder a portion of the monies
to be distributed in such distribution, calculated as if such Contingent
Secured Obligation were outstanding in such maximum ascertainable amount.

10.                               Liability
of Administrative Agent and Delegates

10.1                        Possession

If the Administrative Agent or any Delegate takes possession of the
Charged Assets, it or he may at any time relinquish possession.

10.2                        Administrative
Agent’s liability

Neither the Administrative Agent nor any Delegate
shall (either by reason of taking possession of the Charged Assets or for any
other reason and whether as mortgagee in possession or otherwise) be liable to
the Chargor, any Secured Party or any other person for any costs, losses,
liabilities or expenses relating to the realisation of any Charged Assets or
from any act, default, omission or misconduct of the Administrative Agent, any
Delegate or their respective officers, employees or agents in relation to the
Charged Assets or in connection with the Loan Documents except to the extent
caused by its or his own gross negligence or wilful misconduct. Any third party
referred to in this Clause 10 may enjoy the benefit or enforce the terms of
this Clause 10 in accordance with the provisions of the Contracts (Rights of
Third Parties) Act, Chapter 53B of Singapore.

11.                               Power
of Attorney

11.1                        Appointment

The Chargor by way of security irrevocably appoints the Administrative
Agent and every Delegate severally its attorney (with full power of
substitution), on its behalf and in its name or otherwise, at such time and in
such manner as the attorney thinks fit:

11.1.1              to do anything
which the Chargor is obliged to do (but has not done) under any Loan Document
to which it is a party (including to execute charges over, transfers,
conveyances, mortgages, assignments and assurances of, and other instruments,
notices, orders and directions relating to, the Charged Assets); and

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11.1.2              to exercise any
of the rights conferred on the Administrative Agent or any Delegate in relation
to the Charged Assets or under any Loan Document, the Act or under general law,

provided that the Administrative Agent shall not exercise any rights or
powers conferred on in this Clause 11.1 unless an Event of Default shall have
occurred and be continuing and the Administrative Agent shall have notified the
Chargor of its intent to exercise any right to sell or otherwise dispose of any
of the Charged Assets.  The
Administrative Agent will give the Chargor at least ten days’ prior written
notice of the time and place of any public sale or the time at which any
private sale or other intended disposition thereof will be made.

11.2                        Ratification

The Chargor ratifies and confirms and agrees to ratify and confirm
whatever any such attorney shall do in the exercise or purported exercise of
the power of attorney granted by it in Clause 11.1 (Appointment).  Any attorney referred to in this Clause 11
which is not a party to this Deed may enjoy the benefit or enforce the terms of
this Clause 11 in accordance with the provisions of the Contracts (Rights of
Third Parties) Act, Chapter 53B of Singapore.

12.                               Protection
of Third Parties

12.1                        No
duty to enquire

No purchaser or other person dealing with the Administrative Agent, any
other Secured Party or any Delegate shall be concerned to enquire:

12.1.1              whether the
rights conferred by or pursuant to any Loan Document are exercisable;

12.1.2              whether any
consents, regulations, restrictions or directions relating to such rights have
been obtained or complied with;

12.1.3              otherwise as to
the propriety or regularity of acts purporting or intended to be in exercise of
any such rights; or

12.1.4              as to the
application of any money borrowed or raised.

12.2                        Protection
to purchasers

Upon any sale or disposal of the Charged Assets or any part thereof
which the Administrative Agent shall make or purport to make under the
provisions of this Deed, a statement in writing from the Administrative Agent
that the Charges have become enforceable and that the power of sale has become
exercisable shall be conclusive evidence of the fact in favour of any purchaser
or other person to whom any of the Charged Assets may be transferred and such
purchaser or other person will take the same free of any rights of the Chargor.

13.                               Saving
Provisions

13.1                        Continuing
Security

Subject to Clause 14 (Discharge of Security),
the Charges are continuing Security and will extend to the ultimate balance of
the Secured Obligations, regardless of any intermediate payment or discharge in
whole or in part.

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13.2                        Reinstatement

If any payment by the Chargor or any discharge given by a Secured Party
(whether in respect of the obligations of any Credit Party or any Security for
those obligations or otherwise) is avoided or reduced as a result of insolvency
or any similar event:

13.2.1              the liability of
the Chargor and the Charges shall continue as if the payment, discharge,
avoidance or reduction had not occurred; and

13.2.2              each Secured
Party shall be entitled to recover the value or amount of that security or
payment from the Chargor, as if the payment, discharge, avoidance or reduction
had not occurred.

13.3                        Waiver
of defences

Neither the obligations of the Chargor under this Deed nor the Charges
will be affected by an act, omission, matter or thing which, but for this Clause,
would reduce, release or prejudice any of its obligations under any Loan
Document or any of the Charges (without limitation and whether or not known to
it or any Secured Party) including:

13.3.1              any time, waiver
or consent granted to, or composition with, the Chargor, any other Credit Party
or other person;

13.3.2              the release of
the Chargor, any other Credit Party or any other person under the terms of any
composition or arrangement with any creditor of any Credit Party;

13.3.3              the taking,
variation, compromise, exchange, renewal or release of, or refusal or neglect
to perfect, take up or enforce any rights against, or security over assets of,
the Chargor, any other Credit Party or other person or any non-presentation or
non-observance of any formality or other requirement in respect of any
instrument or any failure to realise the full value of any security;

13.3.4              any incapacity
or lack of power, authority or legal personality of or dissolution or change in
the members or status of the Chargor, any other Credit Party or any other
person;

13.3.5              any amendment
(however fundamental) or replacement of a Loan Document or any other document
or security;

13.3.6              any
unenforceability, illegality or invalidity of any obligation of any person
under any Loan Document or any other document or security;

13.3.7              any insolvency,
liquidation, Winding-up or similar proceedings; or

13.3.8              this Deed or any
other Loan Document not being executed by or binding against any person
intended or expressed to be party thereto.

13.4                        Immediate
recourse

The Chargor waives any right it may have of first requiring any Secured
Party (or any trustee or agent on its behalf) to proceed against or enforce any
other rights or security or claim payment from any person before claiming from
the Chargor under this Deed.  This waiver
applies irrespective of any law or any provision of a Loan Document to the
contrary.

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13.5                        Appropriations

Until all the Secured Obligations have been irrevocably paid in full
and all facilities which might give rise to Secured Obligations have
terminated, each Secured Party (or any trustee or agent on its behalf) may:

13.5.1              refrain from
applying or enforcing any other moneys, security or rights held or received by
that Secured Party (or any trustee or agent on its behalf) in respect of those
amounts, or apply and enforce the same in such manner and order as it sees fit
(whether against those amounts or otherwise) and the Chargor shall not be
entitled to the benefit of the same; and

13.5.2              hold in an
interest-bearing suspense account any moneys received from the Chargor or on
account of the Chargor’s liability under this Deed.

13.6                        Deferral
of Chargor’s rights

Until all the Secured Obligations have been irrevocably paid in full
and all facilities which might give rise to Secured Obligations have terminated
and unless the Administrative Agent otherwise directs, the Chargor will not
exercise any rights which it may have by reason of performance by it of its
obligations under the Loan Documents:

13.6.1              to be
indemnified by any other Credit Party;

13.6.2              to claim any
contribution from any other Credit Party or any other guarantor of any Credit
Party’s obligations under the Loan Documents; and/or

13.6.3              to
take the benefit (in whole or in part and whether by way of subrogation or
otherwise) of any rights of the Secured Parties under the Loan Documents or of
any guarantee or other security taken pursuant to, or in connection with, the
Loan Documents by any Secured Party.

13.7                        Additional Security

The Charges are in addition to and are not in
any way prejudiced by any other guarantees or Security now or subsequently held
by any Secured Party.

14.                               Discharge
of Security

14.1                        Discharge
of Security

14.1.1              Subject to
Clause 14.2 (Retention of Security) and to
reinstatement as set forth in Section 5.12 of the Credit Agreement, upon the
occurrence of the earlier of (i) the release of the Transaction Guarantee of
the Chargor pursuant to Section 2(c) of the Guarantee Agreement and (ii) the
satisfaction of all of the Ratings Release Conditions, the Administrative Agent
shall, at the request and cost of the Chargor, release, reassign or discharge
(as appropriate) the Charged Assets from the Charges.

14.1.2              At any time
before the Transaction Liens granted by the Borrower terminate, the Administrative
Agent may, at the written request of the Borrower, (i) release any Charged Assets (but not all or substantially all
the Charged Assets) with the prior 

 16
 

 

 

written
consent of the Required Lenders or (ii) release all or substantially all the
Charged Assets with the prior written consent of all Lenders.

14.2                        Retention
of Security

If the Administrative Agent considers that any amount paid or credited
to any Secured Party under any Loan Document is capable of being avoided or
otherwise set aside on the Winding-up of the Chargor or any other person or
otherwise so that the Transaction Guarantee of the Chargor may be reinstated
pursuant to Section 2(c)(i) of the Guarantee Agreement, the event described in
Clause 14.1.1(i) above shall not be considered to have occurred.

15.                               Conduct
of Business by the Secured Parties

No provision of this Deed will:

15.1.1              interfere with
the right of each Secured Party to arrange its affairs (Taxes or otherwise) in
whatever manner it thinks fit;

15.1.2              oblige any
Secured Party to investigate or claim any credit, relief, remission or
repayment available to it or the extent, order and manner of any claim; or

15.1.3              oblige any
Secured Party to disclose any information relating to its affairs (Taxes or
otherwise) or any computations in respect of Taxes.

16.                               Currency
Indemnity

16.1                        Currency
indemnity

16.1.1              If any sum due
from the Chargor under this Deed (a “Sum”), or any
order, judgment or award given or made in relation to a Sum, has to be
converted from the Currency of Account into another currency (the “Second Currency”) for the purpose of:

(i)                           making
or filing a claim or proof against the Chargor;

(ii)                        obtaining
or enforcing an order, judgment or award in relation to any litigation or
arbitration proceedings,

the Chargor shall as an independent
obligation, within three Business Days of demand, indemnify each Secured Party
to whom that Sum is due against any cost, loss or liability arising out of or
as a result of the conversion including any discrepancy between (a) the rate of
exchange used to convert that Sum from the Currency of Account into the Second
Currency and (b) the rate or rates of exchange available to that Secured Party
at the time of its receipt of that Sum.

16.1.2              The Chargor
waives any right it may have in any jurisdiction to pay any amount under this
Deed in a currency or currency unit other than that in which it is expressed to
be payable.

16.2                        Indemnities
separate

The indemnity in Clause
16.1 shall:

 17

 

 

16.2.1              constitute a
separate and independent obligation from the other obligations in this Deed;

16.2.2              give rise to a
separate and independent cause of action;

16.2.3              apply
irrespective of any indulgence granted by any Secured Party;

16.2.4              continue in full
force and effect despite any judgment, order, claim or proof for a liquidated
amount in respect of any Secured Obligation or any other judgment or order; and

16.2.5              apply whether or
not any claim under it relates to any matter disclosed by the Chargor or
otherwise known to any Secured Party.

17.                               Payments

17.1                        Payments

All payments by the Chargor under this Deed (including damages for its
breach) shall be made in the Currency of Account and to such account, with such
financial institution and in such other manner as the Administrative Agent may
direct.

17.2                        Continuation
of accounts

At any time after:

17.2.1              the receipt by
any Secured Party of notice (either actual or otherwise) of any subsequent
Security affecting the Charged Assets; or

17.2.2              the presentation
of a petition or the passing of a resolution in relation to the Winding-up of
the Chargor,

any Secured Party may open a new account in the name of the Chargor
with that Secured Party (whether or not it permits any existing account to
continue). If that Secured Party does not open such a new account, it shall
nevertheless be treated as if it had done so when the relevant event occurred.
No moneys paid into any account, whether new or continuing, after that event
shall discharge or reduce the amount recoverable pursuant to any Loan Document
to which the Chargor is party.

18.                               Trust Provisions

18.1                        Declaration of Trust

The Administrative Agent agrees to
and shall hold the Charged Assets and the benefit of this Deed on trust for the
Secured Parties from time to time as security for the Transaction Guarantee of
the Chargor and for the due and punctual payment and discharge of all the
Secured Obligations guaranteed by the Chargor under the Transaction Guarantee
of the Chargor and on the terms and subject to the conditions contained in this
Deed and the obligations, rights and benefits vested or to be vested in the
Administrative Agent by this Deed or any document entered into pursuant hereto
shall (as well before as after enforcement) be performed and (as the case may
be) exercised in accordance with the provisions of this Deed.

 18
 

 

 

18.2                        Rights upon enforcement

At any time after an Event of
Default shall have occurred and be continuing and until the whole of the
Charged Assets shall be sold, called in, collected or converted under the
powers of conversion conferred upon the Administrative Agent, the
Administrative Agent shall have, in addition to the powers conferred upon it by
or pursuant to this Deed, power at its discretion and without being responsible
for any loss or damage which may arise or be occasioned thereby and without any
consent by the Secured Parties or the Chargor to do each and every of the
following things:

18.2.1              settle, adjust, refer to arbitration, compromise or
arrange all accounts, questions, claims and demands whatsoever in relation to
the Charged Assets or any part thereof;

18.2.2              execute and do contracts, deeds, documents and things
and bring, defend or abandon actions, suits and proceedings in relation to the
Charged Assets in the name of the Chargor;

18.2.3              discharge the Charged Assets or any part thereof from
the security constituted by this Deed where the Administrative Agent considers
such discharge to be expedient in the interests of the Secured Parties and on
such terms and conditions as it thinks fit; and

18.2.4              generally to do anything in relation to the Charged
Assets or any part thereof as it could do if it were absolutely entitled
thereto.

18.3                        Indemnification

The Administrative Agent shall not
be bound to take any steps to enforce the performance of any provisions of this
Deed unless it shall be indemnified to its satisfaction by the Secured Parties
against all proceedings, claims and demands to which it may be or become liable
and all costs, charges, expenses and liabilities which may be incurred by it in
connection therewith.

18.4                        Raise Moneys

The Administrative Agent may at any
time after the security constituted by this Deed shall have become enforceable,
advance, raise or borrow money on the security of the Charged Assets or any
part thereof for the purpose of defraying any costs, charges, losses and
expenses which shall be paid or incurred by the Administrative Agent in
relation to this Deed (including remuneration of the Administrative Agent) or
which the Administrative Agent anticipates may be paid or incurred in the
exercise of the powers, authorities and discretions vested in it or for all
other purposes of this Deed and the Administrative Agent may advance, raise and
borrow such moneys at such rates of interest and generally on such terms and
conditions as the Administrative Agent shall think fit and may secure the
repayment of the moneys so advanced, raised or borrowed with interest on the
same by mortgaging or otherwise charging the Charged Assets or any part thereof
and generally in such manner and form as the Administrative Agent shall think
fit and for the purposes aforesaid may execute and do all such assurances,
deeds, acts and things as it shall think fit and no person lending any such
money shall be concerned to enquire as to the propriety or purpose of the
exercise of this power or to see to the application of any moneys so raised or
borrowed.

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18.5                        Supplement to the Trustees Act

By way of supplement to the
Trustees Act, Chapter 337 of Singapore, it is expressly declared as follows:

18.5.1              the Administrative Agent may, in relation to this
Deed, act on the opinion, certificate or advice of, or information obtained
from, any lawyer, valuer, banker, broker, accountant or other expert appointed
by the  Administrative Agent, the Chargor
or any other Secured Party and shall not be responsible for any loss occasioned
by so acting;

18.5.2              any such opinion, certificate, advice or information
may be sent or obtained by letter or facsimile transmission and the
Administrative Agent shall not be liable for acting on any opinion,
certificate, advice or information purporting to be conveyed by any such letter
or facsimile transmission although the same shall contain some error or shall
not be authentic;

18.5.3              the Administrative Agent may call for and shall be at
liberty to accept a certificate signed by any director of the Chargor as to any
fact or matter on which the Administrative Agent may need or wish to be
satisfied as sufficient evidence thereof and a like certificate that any assets
in the  opinion  of 
the  person so certifying have a
particular value or produce a particular income or are suitable for such
company’s purposes as sufficient evidence that they have that value or produce
that income or are so suitable and a like certificate to the effect that any
particular dealing, transaction, step or thing is in the opinion of the person
so certifying expedient as sufficient evidence that it is expedient and the
Administrative Agent shall not be bound in any such case to call for further
evidence or be responsible for any loss that may be occasioned by its failing
to do so or by its acting on any such certificate;

18.5.4              with a view to facilitating sales and other dealings
under any provisions of this Deed, the Administrative Agent shall have full
power prospectively to consent to any specified transaction conditionally on
the same conforming to any specified conditions laid down or approved by the
Administrative Agent;

18.5.5              the Administrative Agent shall have full power to
determine as between itself and the other Secured Parties all questions and
doubts arising in relation to any of the provisions of this Deed and every such
determination whether made upon a question actually raised or implied in the
acts or proceedings of the Administrative Agent shall be conclusive and shall
bind all persons interested under this Deed;

18.5.6              the Administrative Agent shall not be bound to take
any steps to ascertain whether any event has happened which causes, or which
with the lapse of time and/or a relevant determination, would cause, the
Secured Obligations to become payable or the security constituted by this Deed
to become enforceable and the Administrative Agent shall be entitled to assume
without enquiry that no such event has happened and that the Chargor is duly
performing all its obligations contained in this Deed and that the Borrower and
each of the other Loan Parties is duly performing its obligations contained in
the other Loan Documents;

 20
 

 

 

18.5.7              the Administrative Agent shall not be concerned with
or be responsible for any consolidation, amalgamation or merger of the Chargor
or any sale or transfer of all or substantially all of the assets of the
Chargor or the form or substance of any plan relating thereto or the
consequences thereof to any Secured Party;

18.5.8              the Administrative Agent shall be at liberty to hold
or deposit this Deed and any share certificates or documents relating to this
Deed with any banker or banking company or any company whose business includes
undertaking the safe custody of share certificates or documents or with any
lawyer or firm of lawyers of good repute and the Administrative Agent shall not
be responsible for, or be required to insure against, any loss incurred in
connection with any such holding or deposit and the Administrative Agent may
pay all sums required to be paid on account or in respect of any such deposit;

18.5.9              save as herein expressly provided, the Administrative
Agent shall as between itself and the other Secured Parties, as regards all the
duties, trusts, powers, authorities, rights and discretions vested in it by
this Deed, have absolute and uncontrolled discretion as to the exercise thereof
and it shall be in no way responsible for any loss, costs, damages, expenses or
inconvenience which may result from the exercise or non-exercise thereof
and whenever the Administrative Agent is, under the provisions of this Deed,
bound to act at the request or direction of the Secured Parties the
Administrative Agent shall nevertheless not be so bound unless first
indemnified to its satisfaction 
against  all actions, proceedings,
claims and demands to which it may render itself liable and all costs, charges,
damages, expenses and liabilities which it may incur by so doing;

18.5.10       the Administrative Agent may, in the conduct of the
trusts of this Deed, instead of acting personally, employ and pay an agent,
whether or not a lawyer or other professional person, 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 Administrative Agent (including the
receipt and payment of money) and any trustee, being a lawyer, banker, broker
or other person engaged in any profession or business, shall be entitled to
charge and be paid all usual professional and other charges for business
transacted and acts done by him or any partner of his or by his firm in
connection with such trusts and also his charges in addition to disbursements
for all other work and business done and all time spent by him or his partner
or firm on matters arising in connection with this Deed, including matters
which might or should have been attended to in person by a trustee not being a
lawyer, banker, broker or other person engaged in any profession or business;
and the Administrative Agent shall not be in any way responsible for any loss
incurred by reason of any misconduct or default on the part of any such person
appointed by it hereunder or be bound to supervise the proceedings or acts of
any such person;

18.5.11       the Administrative Agent may whenever it thinks it
expedient in the interest of the Secured Parties, whether by power of attorney
or in such other manner as it may think fit, delegate to any person or persons
or fluctuating body of persons selected by it all or any of the trusts, rights,
powers, duties, authorities and discretions vested in it by this Deed and any
such delegation may be made upon such terms and conditions

 21
 

 

 

(including power to sub-delegate with the approval of the
Administrative Agent) and subject to such regulations as the Administrative
Agent may in the interests of the Secured Parties think fit and, provided that
the Administrative Agent shall have exercised reasonable care in the selection
of such delegate, it shall not be under any obligation to supervise the
proceedings of and shall not be in any way responsible for any loss incurred by
reason of any misconduct or default on the part of any such delegate or sub-delegate
or be bound to supervise the proceedings or acts of any such person; the
Administrative Agent shall, within a reasonable time of any such delegation or
any renewal, extension or termination thereof, give notice thereof to the
Chargor and shall procure that any delegate shall give notice to the Chargor of
any appointment of any sub-delegate;

18.5.12       the Administrative Agent shall be entitled to rely on
the certificate of a duly authorised officer of any Secured Party as to the
amount payable in respect of the Secured Obligations due to such Secured Party
and shall not be liable to the Chargor by reason of such reliance;

18.5.13       any consent given by the Administrative Agent for the
purposes of this Deed may be given on such terms and conditions (if any) as the
Administrative Agent thinks fit;

18.5.14       the Administrative Agent shall not (unless ordered so
to do by a court of competent jurisdiction) be required to disclose to any
Secured Party any confidential, financial, price sensitive, or other
information made available to the Administrative Agent by the Chargor in connection
with this Deed and no Secured Party shall be entitled to take any action to
obtain from the Administrative Agent any such information; and

18.5.15       the Administrative Agent may determine whether or not
a default in the performance by the Chargor of any obligation under the
provisions of this Deed is in its opinion capable of remedy and/or is
materially prejudicial to the interests of the Secured Parties and any such
determination shall be conclusive and binding upon the Chargor and the Secured
Parties,

Provided,
nevertheless, that nothing contained in this sub-Clause shall, in any case in
which the Administrative Agent has failed to show the degree of care and
diligence required of it as trustee having regard to the provisions of this
Deed conferring on the Administrative Agent any powers, authorities or
discretions, relieve or indemnify the Administrative Agent against any
liability for breach of trust or any liability which by virtue of any rule of
law would otherwise attach to it in respect of any negligence, default, breach
of duty or breach of trust of which it may be guilty in relation to its duties
under this Deed.

18.6                        Title

The Administrative Agent shall
accept without investigation, requisition or objection, such title as the
Chargor may have to the Charged Assets and shall not be bound or concerned to
examine or enquire into nor be liable for any defect or failure in the title of
the Chargor to the Charged Assets or any part thereof whether such defect or
failure was known to the Administrative Agent or might have been discovered
upon examination or enquiry and whether capable of remedy or not but the
Chargor shall nevertheless observe any undertaking given by them with regard to
any such title.

 22
 

 

 

18.7                        Indemnity

The Administrative Agent and every
other attorney, agent or other person appointed by the Administrative Agent
under the provisions of this Deed shall be entitled to be indemnified out of
the Charged Assets in respect of all liabilities, costs, charges and expenses
properly incurred by it or him in relation to this Deed or to the preparation
and execution or purported execution thereof or to the carrying out of the
trusts of this Deed or the exercise of any trusts, powers or discretions vested
in it or him pursuant to this Deed and against all actions, proceedings, costs,
claims and demands in respect of any matter or thing done or omitted in any way
relating to this Deed in priority to any payments to the Secured Parties and
the Administrative Agent and the Administrative Agent may retain and pay out of
any moneys in its or his hands arising from this Deed all sums necessary to
effect such indemnity and also the remuneration of the Administrative Agent (if
any). Any third party referred to in this Clause 18.7 may enjoy the benefit of
or enforce the terms of this Clause in accordance with the provisions of the
Contracts (Rights of Third Parties) Act, Chapter 53B of Singapore.

18.8                        Performance of covenants

The Administrative Agent is hereby
authorised and it is declared that it is entitled to assume without enquiry (in
the absence of knowledge by or an express notice to it to the contrary) that
the Chargor is duly performing and observing all the covenants and provisions
contained in this Deed and on its part to be performed and observed and notwithstanding
knowledge by or notice to the Administrative Agent of any breach of any such
covenant, condition, provision or obligation it shall be in the discretion of
the Administrative Agent whether to take any action or proceedings or to
enforce the performance thereof and notwithstanding that the security
constituted by this Deed shall have become enforceable and that it may be
expedient to enforce the same the Administrative Agent shall not be bound to
enforce the same or any of the covenants, conditions, provisions or obligations
of this Deed unless and until in any of such cases the Administrative Agent is
requested to do so by the Required Lenders and then only if it shall be
indemnified to its satisfaction against all actions, proceedings, costs, claims
and demands to which it may render itself liable and all costs, charges,
damages and expenses which it may incur by so doing.

18.9                        Other transactions

The Administrative Agent and any
director or officer of any corporation being a trustee pursuant to this Deed or
any company or person in any other way associated with the Administrative Agent
hereof shall be entitled to enter into or to be otherwise interested in any
banking, financial or business contracts or any other transactions or
arrangements with the Chargor or in connection with the whole or any part of
the Charged Assets which it could have entered into had it not been a trustee
pursuant to this Deed; and the Administrative Agent shall not be accountable to
the Chargor or any of the Secured Parties for any profits or benefits resulting
or arising from any contract, transaction or arrangement as is mentioned in
this Clause and the Administrative Agent shall also be at liberty to retain for
its own benefit and shall be in no way accountable to the Chargor or any of the
Secured Parties for any benefits or profits or any fees, commissions, discounts
or share of brokerage allowed to it by bankers, brokers or other parties in
relation to or otherwise arising out of any contract, transaction or arrangement
(including any dealing with the Charged Assets) permitted by or

 23
 

 

 

effected under or in connection
with this Deed and if any contract, transaction or arrangement as is mentioned
in this Clause is dependent on or involves the exercise by the Administrative
Agent of any discretion the Administrative Agent shall be free if it thinks fit
to exercise such discretion so as to permit such contract, transaction or
arrangement notwithstanding its interest therein.

18.10                 Modifications

The Administrative Agent may at any
time and from time to time without the consent or sanction of the Secured
Parties concur with the Chargor in making such modifications to this Deed as
may be agreed between the Chargor and the Administrative Agent, provided that
the Administrative Agent is of the opinion that such modification will not be
materially prejudicial to the interests of the Secured Parties or where the
modification is to correct a manifest error or omission.

18.11                 Waiver

Unless otherwise directed by the
Secured Parties, the Administrative Agent may from time to time and at any
time, provided that in its opinion the interests of the Secured Parties will
not thereby be materially prejudiced, waive or authorise, on such terms and
conditions (if any) as shall seem expedient to the Administrative Agent, any
breach or proposed breach by the Chargor of any of the covenants, conditions,
provisions or obligations on its part contained in this Deed other than a
breach which gives rise to an event upon which the security constituted by this
Deed becomes enforceable without prejudice to the rights of the Administrative
Agent in respect of any subsequent breach thereof.

18.12                 Discretion

Where under this Deed provision is
made for the giving of any consent or the exercise of any discretion by the
Administrative Agent any such consent may be given and any such discretion may
be exercised on such terms and conditions (if any) as the Administrative Agent
may think fit and the Chargor shall observe and perform any such terms and
conditions and the Administrative Agent may at any time waive or agree to a
variation in such terms and conditions. 
Any such consent may be given retrospectively.

18.13                 New Trustee

Subject to Clause 18.15, the power
to appoint a new trustee hereof shall be vested in the Chargor but no person
shall be appointed who shall not previously have been approved by the Secured
Parties.  Any appointment of a new
trustee hereof shall as soon as practicable thereafter be notified by the Chargor
to the Secured Parties. The Required Lenders shall have power to remove any
trustee for the time being hereof.

18.14                 Retirement

Any Administrative Agent hereof
may, subject to Clause 18.15, retire at any time on giving not less than 30
days’ prior written notice thereof to the Chargor and each of the Lenders
without assigning any reason and without being responsible for any costs
occasioned by such retirement. The Chargor undertakes that, in the event of the
Administrative Agent giving notice under this Clause, it shall as soon as
possible procure a new trustee to be appointed.

 24
 

 

 

The retirement of an Administrative
Agent shall not take effect unless and until a new trustee is appointed.

18.15                 Documentation

Where a new trustee is appointed
pursuant to Clause 18.13 or 18.14, each of the Parties agrees to execute such
documents and take such steps as are necessary to procure that the rights and
benefits of the security constituted by this Deed are fully and effectually
vested in such new trustee.

18.16                 Powers Additional

The powers conferred on the Administrative
Agent shall be in addition to any powers which may from time to time be vested
in the Administrative Agent by the general law.

18.17                 No Action

The Administrative Agent shall be
fully justified in failing or refusing to take any action hereunder (i) if such
action would, in the opinion of the Administrative Agent, be contrary to law or
the terms herein or any other Loan Document or (ii) if the Administrative Agent
shall not first be indemnified to its satisfaction against any and all liability
and expense which may be incurred by it by reason of taking or continuing to
take any such action.

19.                               Rights,
Amendments, Waivers and Determinations

19.1                        Ambiguity

Where there is any ambiguity or conflict between the rights conferred
by law and those conferred by or pursuant to any Loan Document, the terms of
that Loan Document shall prevail.

19.2                        Exercise
of rights

No failure to exercise, nor any delay in exercising, on the part of any
Secured Party or Delegate, any right or remedy under any Loan Document shall
operate as a waiver, nor shall any single or partial exercise of any right or
remedy prevent any further or other exercise or the exercise of any other right
or remedy. The rights and remedies provided in the Loan Documents are
cumulative and not exclusive of any rights or remedies provided by law.

19.3                        Amendments
and waivers

Any term of this Deed may be amended or waived only with the consent of
the Administrative Agent and the Chargor.

19.4                        Determinations

Any certification or determination by any Secured Party or any Delegate
under any Loan Document is, in the absence of manifest error, conclusive
evidence of the matters to which it relates.

 25
 

 

 

20.                               Separate
and Independent Obligations

The Security created by the Chargor by or in connection with any Loan
Document is separate from and independent of the Security created or intended
to be created by any other Credit Party by or in connection with any Loan
Document.

21.                               Partial
Invalidity

If, at any time, any provision of the Loan Documents 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 such provision under
the law of any other jurisdiction will in any way be affected or impaired.

22.                               Notices

22.1                        Communications
in writing

Any communication to be made under or in connection with this Deed
shall be made in writing and, unless otherwise stated, may be made by fax or
letter.

22.2                        Addresses

The address and fax number (and the department or officer, if any, for
whose attention the communication is to be made) of each Party for any
communication or document to be made or delivered under or in connection with
this Deed is that identified with its name below, or any substitute address,
fax number or department or officer as the Party may notify to the other by not
less than five Business Days’ notice.

22.3                        Delivery

22.3.1              Any
communication or document made or delivered by one Party to another under or in
connection with this Deed will only be effective:

(i)                                     if by way of fax,
when received in legible form; or

(ii)                                  if by way of letter,
when it has been left at the relevant address or five Business Days after being
deposited in the post postage prepaid in an envelope addressed to it at that
address;

and, if a particular department or officer is specified as part of its
address details provided under Clause 22.2 (Addresses),
if addressed to that department or officer.

22.3.2              Any
communication or document to be made or delivered to the Administrative Agent
will be effective only when actually received by the Administrative Agent and
then only if it is expressly marked for the attention of the department or
officer specified below (or any substitute department or officer as the
Administrative Agent shall specify for this purpose).

23.                               Counterparts

This Deed may be executed in any number of counterparts, and this has
the same effect as if the signatures on the counterparts were on a single copy
of this Deed.

 26
 

 

 

24.                               Governing
Law

This Deed shall be governed by, and construed in accordance with, the
laws of Singapore.

25.                               Jurisdiction

25.1                        Jurisdiction
of Singapore courts

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

25.2                        Service of
process

Without prejudice to any other mode of service allowed under any
relevant law the Chargor:

25.2.1              irrevocably
appoints the Company as its agent for service of process in relation to any
proceedings before the Singapore courts in connection with this Deed; and

25.2.2              agrees that
failure by a process agent to notify the Chargor of the process will not
invalidate the proceedings concerned.

25.3                        Venue

The Parties agree that the courts of Singapore are the most appropriate
and convenient courts to settle Disputes and accordingly no Party will argue to
the contrary.

25.4                        Other
competent jurisdiction

This Clause 25 is for the benefit of the Administrative Agent only. As
a result, the Administrative Agent shall not be prevented from taking
proceedings relating to a Dispute in any other courts with jurisdiction. To the
extent allowed by law, the Administrative Agent may take concurrent proceedings
in any number of jurisdictions.

25.5                        Consent to
enforcement

25.5.1              The Chargor
irrevocably and generally consents in respect of any Dispute anywhere to the
giving of any relief or the issue of any process in connection with that
Dispute including, without limitation, the making, enforcement or execution
against any assets whatsoever (irrespective of their use of intended use) of
any order or judgment which may be made or given in that Dispute, and agrees
that any final order or judgment shall be conclusive.

25.5.2              The Chargor
expressly agrees and consents to the provisions of this Clause 25.

25.6                        Waiver of
immunity

The Chargor irrevocably agrees that, should any Party take any
proceedings anywhere (whether for an injunction, specific performance, damages
or otherwise in connection with any Loan Document), no immunity (to the extent
that it may at any time exist, whether on the grounds of sovereignty or
otherwise) from those proceedings, from attachment (whether in aid of
execution, before judgment or otherwise) of its assets or from execution of
judgment shall be claimed by it or with respect to its assets, any such
immunity being irrevocably waived.

 27
 

 

 

The Chargor irrevocably agrees that it and its assets are, and shall be,
subject to such proceedings, attachment or execution in respect of its
obligations under this Deed.

 28
 

 

 

Schedule
1

Rights of
Administrative Agent

The Administrative Agent
shall, in addition to the rights and benefits to which it shall be entitled,
under Clause 18, have the right, either in its own name or in the name of the
Chargor or otherwise and in such manner and on such terms and conditions as the
Administrative Agent thinks fit, and either alone or jointly with any other
person:

(a)           Enter into possession

to take possession of,
get in and collect the Charged Assets and to require payment to it of all
Dividends;

(b)           Deal
with
Charged Assets

to sell, transfer,
assign, exchange or otherwise dispose of or realise the Charged Assets to any
person either by public or private offer or auction, tender or private contract
and for a consideration of any kind (which may be payable or delivered in one
amount or by instalments spread over a period or deferred);

(c)           Borrow money

to borrow or raise money
either unsecured or on the security of the Charged Assets (either in priority
to the Charges or otherwise);

(d)           Claims

to settle, adjust, refer
to arbitration, compromise and arrange any claims, accounts, disputes,
questions and demands with or by any person who is or claims to be a creditor
of the Chargor or relating to the Charged Assets;

(e)           Legal actions

to bring, prosecute,
enforce, defend and abandon actions, suits and proceedings in relation to the
Charged Assets or any business of the Chargor;

(f)            Redemption of Security

to redeem any Security
(whether or not having priority to the Charges) over the Charged Assets and to
settle the accounts of any person with an interest in the Charged Assets;

(g)           Rights of ownership

to exercise and do (or
permit the Chargor or any nominee of it to exercise and do) all such rights and
things as the Administrative Agent would be capable of exercising or doing if
it were the absolute beneficial owner of the Charged Assets; and

 29
 

 

 

(h)           Other powers

to do anything else it
may think fit for the realisation of the Charged Assets or incidental to the
exercise of any of the rights conferred on the Administrative Agent under or by
virtue of any Loan Document to which the Chargor is party, the Act or any other
applicable laws or regulations.

 30
 

 

 

Schedule
2

Shares

 

 

100,000  issued and fully paid-up ordinary shares in
the capital of the Company.

 31
 

 

 

Schedule
3

Form No. 9

BERMUDA

THE COMPANIES ACT 1981

PARTICULARS OF A MORTGAGE OR CHARGE

Pursuant to section 55 of the Companies Act 1981

Name of Company

Marvell
International Ltd. (the “Company”)

Date and description of the instrument creating or evidencing
the mortgage or charge

Share
Charge (the “Charge”)
dated as of 8 November 2006 between the
Company and Credit Suisse, Cayman Islands Branch, as trustee for the benefit of
the Secured Parties (as defined in the Charge).

Amount due or owing on the mortgage or charge

Secured Obligations (as defined in the Charge) guaranteed
by the Company under its Transaction Guarantee (as defined in the Charge), and such Transaction Guarantee

Names, addresses and description of the mortgagees or persons
entitled to the charge

Credit Suisse, Cayman
Islands Branch

c/o
Eleven Madison Avenue, New York, New York 10010, U.S.A.

as
trustee for the benefit of the Secured Parties (as defined in the Charge).

Short particulars of all the property mortgaged or charged

Charged
Assets (as defined in the Charge)

Particulars as to commission, allowance or discount (Note 3)

 32
 

 

 

N/A

Signed:                                                                  Date:
[8] November 2006

Conyers Dill &
Pearman

Designation of position in relation to the company

Attorneys to Credit
Suisse

 33
 

 

 

NOTES:

1.                                       The
original instrument or certified copy creating the charge, together with this
form, must be delivered to the Registrar and must be accompanied by the
prescribed fee. Please complete the form in black type.

2.                                       A
description of the instrument, eg “Trust Deed” “Debenture”, “Mortgage” or “legal
charge”, etc, as the case may be, should be given.

3.                                       In
this section should be inserted the amount or rate per cent of the commission,
allowance or discount (if any) paid or made either directly or indirectly by
the company to any person in consideration of his subscribing or agreeing to
subscribe, whether absolutely or conditionally, or procuring or agreeing to
procure subscriptions, whether absolute or conditional for any of the
debentures included in this return.  The
rate of interest payable under the terms of the debentures should not be
entered.

4.                                       If
the spaces overleaf are insufficient, the particulars may be continued on a
separate sheet.

 34
 

 

 

In
witness whereof this
Deed has been duly executed as a deed on the date stated at the beginning of
this Deed.

	
  The Chargor

  	
   

   

  

  
	
   

  
	
   

  
	
  SIGNED SEALED
  and DELIVERED

  
	
   

  
	
  by /s/ Carol
  Feathers

  
	
   

  
	
  as attorney of
  and for and on behalf of

  
	
   

  
	
  MARVELL
  INTERNATIONAL LTD.

  
	
   

  
	
  in the presence
  of :

  

 

 

	
  /s Carol Feathers

  	
   

  

 

Witness’s
signature

	
  Address:

  	
  c/o Marvell Technology Group Ltd.

  
	
   

  	
  5488 Marvell
  Lane, Santa Clara, CA 95054

  
	
   

  	
  United States of
  America

  
	
   

  	
   

  
	
  Fax No.:

  	
  +1 408 832 4309

  

 

Attention:              Chief Financial Officer

 35
 

 

 

	
  The Administrative Agent

  	
   

   

  

  
	
   

  
	
   

  
	
  SIGNED SEALED
  and DELIVERED

  
	
   

  
	
  by 

  	
  Cassandra Droogan

  	
   

  
	
   

  	
  Vice President

  	
   

  
	
   

  	
  Shaheen Malik

  	
   

  
	
   

  	
  Associate

  	
   

  
	
   

  
	
  as attorney of
  and for and on behalf of

  
	
   

  
	
  CREDIT
  SUISSE,

  
	
   

  
	
  CAYMAN
  ISLANDS BRANCH

  
	
   

  
	
  in the presence
  of :

  

 

 

	
  /s/ NUPUR KUMAR

  	
   

  
	
  Witness’s signature Nupur
  Kumar

  

 

	
  Address:

  	
  Eleven Madison Avenue,

  
	
   

  	
  New York, New
  York 10010

  
	
   

  	
  United States of
  America

  
	
   

  	
   

  
	
  Fax No.:

  	
  + 1 212 325 8304

  

 

Attention:              Thomas Lynch

 36

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