Document:

name_Exh_10_16

		
			 
		

		
			Exhibit 10.16
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			RIGHTSIDE DOMAINS EUROPE LIMITED
		

		
			(as Grantor)
		

		
			 
		

		
			 
		

		
			OBSIDIAN AGENCY SERVICES, INC.
		

		
			(as Collateral Agent for the Secured Parties)
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			SECURITY DEED
		

		
			(DEBENTURE)
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			William Fry
		

		
			Solicitors
		

		
			Fitzwilton House
		

		
			Wilton Place
		

		
			Dublin 2
		

		
			www.williamfry.ie
		

		
			 
		

		
			© William Fry 2014
		

		
			 
		

		
			019068.0006.JCH
		

		
			
		

		 

		

			 

		

		

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		CONTENTS
		

		
			 
		

			
					
						 

					
					
						 

				
	
					
						SECTION 1.0 - Interpretation

					
5 
				
	
					
						1.1    Credit Agreement

					
5 
				
	
					
						1.2    Additional Definitions

					
5 
				
	
					
						1.3    Interpretation

					
9 
				
	
					
						1.4    Certificates

					
10 
				
	
					
						1.5    Intercreditor Agreement

					
10 
				
	
					
						SECTION 2.0 - Nature of Security and Covenant To Pay

					
11 
				
	
					
						2.1    Nature of Security

					
11 
				
	
					
						2.2    Covenant to Pay

					
11 
				
	
					
						SECTION 3.0 - Fixed Charges, Assignments and Floating Charge

					
11 
				
	
					
						3.1    Fixed Charges

					
11 
				
	
					
						3.2    Assignments

					
13 
				
	
					
						3.3    Non-assignable

					
14 
				
	
					
						3.4    Floating Charge

					
14 
				
	
					
						3.5    Crystallisation of Floating Charge

					
14 
				
	
					
						3.6    Negative Pledge

					
15 
				
	
					
						3.7    After Acquired Property

					
15 
				
	
					
						3.8    Validity of Charges

					
16 
				
	
					
						3.9    Continuing Obligations

					
16 
				
	
					
						3.10  Proviso for Redemption/Release/Reassignment

					
16 
				
	
					
						SECTION 4.0 - ENFORCEABILITY OF SECURITY

					
16 
				
	
					
						4.1    Events of Default

					
16 
				
	
					
						SECTION 5.0 - RIGHTS AND POWERS OF THE LENDER

					
17 
				
	
					
						5.1    Entry into Possession

					
17 
				
	
					
						5.2    Further Right of Possession

					
17 
				
	
					
						5.3    Power of Sale

					
17 
				
	
					
						5.4    Power of Leasing and Accepting Surrenders

					
18 
				
	
					
						5.5    Power to Conduct Business

					
18 
				
	
					
						5.6    Due Date for Statutory Purposes

					
18 
				
	
					
						5.7    Non-applicability of Sections 92 and 94 of the Act

					
18 
				
	
					
						5.8    Position of Third Parties

					
19 
				
	
					
						5.9    Receipt of Collateral Agent Good Discharge

					
19 
				
	
					
						5.10 Application of Monies

					
19 
				
	
					
						SECTION 6.0 - APPOINTMENT OF RECEIVER

					
19 
				
	
					
						6.1    Power of Appointment

					
19 
				
	
					
						6.2    Powers of Receiver to Borrow

					
21 
				
	
					
						6.3    Application of Monies by Receiver

					
21 
				
	
					
						6.4    Liability of the Collateral Agent and Receiver

					
22 
				
	
					
						6.5    Receiver Agent of the Grantor

					
22 
				
	
					
						6.6    Section 108 of the Act

					
22 
				
	
					
						SECTION 7.0 - Continuing Security, etc.

					
22 
				
	
					
						7.1    Continuing Security

					
22 
				
	
					
						7.2    Opening of New Accounts

					
23 
				
	
					
						7.3    Reinstatement

					
23 
				
	
					
						7.4    Waiver of Defences

					
23 
				
	
					
						7.5    Additional Security

					
24 
				

		 

		

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						SECTION 8.0 – Shares

					
24 
				
	
					
						8.1    Covenants Relating to Shares

					
24 
				
	
					
						8.2    Deposit of Title Documents

					
24 
				
	
					
						8.3    Changes to Rights

					
24 
				
	
					
						8.4    Calls

					
25 
				
	
					
						8.5    Other Obligations in respect of Shares

					
25 
				
	
					
						8.6    Voting and Dividend Rights

					
25 
				
	
					
						SECTION 9.0 - Security Accounts

					
25 
				
	
					
						9.1    Covenants Relating to Security Accounts

					
25 
				
	
					
						9.2    Security Accounts

					
25 
				
	
					
						9.3    Withdrawals

					
26 
				
	
					
						9.4    Notices of Charge

					
26 
				
	
					
						SECTION 10.0 - Book Debt Receivables Account

					
26 
				
	
					
						10.1    Covenants Relating to Book Debt Receivables Account

					
26 
				
	
					
						10.2    Book Debt Receivables Account

					
26 
				
	
					
						10.3    Receipts

					
26 
				
	
					
						10.4    Withdrawals

					
26 
				
	
					
						10.5    Notices of Charge

					
26 
				
	
					
						10.6    Legal Assignment

					
27 
				
	
					
						SECTION 11.0 - Relevant Contracts/Insurances

					
27 
				
	
					
						11.1    Covenants relating to Relevant Contracts and Insurances

					
27 
				
	
					
						11.2    Preservation

					
27 
				
	
					
						11.3    Further Undertakings

					
27 
				
	
					
						11.4    Notices of Assignment

					
27 
				
	
					
						SECTION 12.0 - Intellectual Property

					
28 
				
	
					
						12.1    Covenants Relating to Intellectual Property

					
28 
				
	
					
						12.2    Intellectual Property

					
28 
				
	
					
						SECTION 13.0 - General Provisions

					
28 
				
	
					
						13.1    Assignment

					
28 
				
	
					
						13.2    Consolidation

					
28 
				
	
					
						13.3    Protection of Purchaser

					
28 
				
	
					
						13.4    No Waivers, Remedies Cumulative

					
29 
				
	
					
						13.5    Set-off

					
29 
				
	
					
						13.6    Preferential Claims

					
29 
				
	
					
						13.7    Power of Attorney

					
29 
				
	
					
						13.8    Waiver

					
30 
				
	
					
						13.9    Enforcement of Other Rights

					
30 
				
	
					
						13.10  Appropriations

					
30 
				
	
					
						13.11  Authority of the Collateral Agent

					
30 
				
	
					
						13.12  Duty; Obligations and Liabilities

					
30 
				
	
					
						13.13  Obligations and Liabilities with Respect to Security Assets

					
31 
				
	
					
						13.14  Confirmation of Role of Collateral Agent and Additional Powers

					
31 
				
	
					
						13.15  Notices

					
31 
				
	
					
						13.16  Non-Competition

					
32 
				
	
					
						13.17  Counterparts

					
32 
				
	
					
						13.18  Governing Law and Jurisdiction

					
32 
				
	
					
						Scheduled Property

					
33 
				
	
					
						Schedule 2

					
34 
				

		 

		

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						Part 1

					
34 
				
	
					
						The Fixtures and Fittings

					
34 
				
	
					
						Part 2

					
34 
				
	
					
						The Relevant Contracts

					
34 
				
	
					
						Part 3

					
34 
				
	
					
						The Licences

					
34 
				
	
					
						Part 4

					
34 
				
	
					
						The Shares

					
34 
				
	
					
						Part 5

					
34 
				
	
					
						The Intellectual Property

					
34 
				
	
					
						Part 6

					
34 
				
	
					
						The Security Accounts

					
34 
				
	
					
						Part 7

					
34 
				
	
					
						The Book Debt Receivable Account

					
34 
				
	
					
						SCHEDULE  3

					
35 
				
	
					
						PART 1

					
35 
				
	
					
						Form of Letters for Security Account

					
35 
				
	
					
						Part A

					
35 
				
	
					
						Notice to Account Bank

					
35 
				
	
					
						Part B

					
37 
				
	
					
						Acknowledgement of Security Account Bank

					
37 
				
	
					
						Part 2

					
38 
				
	
					
						Forms of Letter for Contracts

					
38 
				
	
					
						Part A

					
38 
				
	
					
						Notice to Counterparty

					
38 
				
	
					
						Part B

					
39 
				
	
					
						Acknowledgement of Counterparty

					
39 
				
	
					
						Part 3

					
40 
				
	
					
						Part A

					
40 
				
	
					
						Notice of Assignment of Insurances

					
40 
				
	
					
						Part B

					
42 
				
	
					
						Letter of Undertaking

					
42 
				
	
					
						Part 4

					
44 
				
	
					
						Form of Notice to and Acknowledgement From Bank Operating Book Debt Receivables Account

					
44 
				
	
					
						 

					
					
						 

				

		
			 
		

		

		

		 

		

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		THIS DEED is made on August 6, 2014
		

		
			BETWEEN:
		

		
			 
		

		
			(1)RIGHTSIDE DOMAINS EUROPE LIMITED, a company incorporated in Ireland with registered number 499862 and having its registered office at Arthur Cox Building, Earlsfort Terrace, Dublin 2 (the “Grantor”); and
		

		
			 
		

		
			(2)OBSIDIAN AGENCY SERVICES, INC. as collateral agent for the Secured Parties (the “Collateral Agent”).
		

		
			 
		

		
			RECITALS
		

		
			A.Rightside Group, Ltd., the direct parent company of the Grantor, has entered into the Credit Agreement with, amongst others, the Lenders and the Collateral Agent.
		

		
			 
		

		
			B.It is a condition of the Credit Agreement that the Grantor enter into this Deed in favour of the Collateral Agent, for the benefit of the Collateral Agent and the benefit of the other Secured Parties.
		

		
			 
		

		
			C.The Grantor and the Collateral Agent intend this document to have effect as a Deed.
		

		
			 
		

		
			D.The Directors of the Grantor are satisfied that it is in the best interests of and for the corporate benefit of the Grantor to enter into this Deed.
		

		
			 
		

		
			E.The Collateral Agent enters into this Deed as collateral agent for the Lenders in accordance with the terms set out in the Credit Agreement and this Deed.
		

		
			 
		

		
			THIS DEED WITNESSES as follows:
		

		
			SECTION 1.0 - INTERPRETATION
		

		
			1.1Credit Agreement
		

		
			Capitalised terms used in this Deed shall have the same meaning in this Deed as in the Credit Agreement unless otherwise provided in this Deed.
		

		
			1.2Additional Definitions
		

		
			In this Deed (including the Recitals) the following expressions shall, unless the context otherwise requires, have the following meanings, namely:
		

		
			1.2.1"Act", the Land and Conveyancing Law Reform Act 2009;
		

		
			1.2.2"Account Bank",  such bank as shall be approved by the Collateral Agent;
		

		
			1.2.3"Assigned Property", all assets and property assigned by this Deed and such expression shall include any part or parts of the Assigned Property;
		

		
			1.2.4"Book Debt Receivables", all present and future book debts and other debts, rentals, sales proceeds, royalties, fees, revenues, value added tax and monetary claims and all other amounts at any time recoverable or receivable by, or due or owing to, the Grantor (whether actual or contingent and whether arising under contract or in any other manner whatsoever) together with:
		

		
			(a)the benefit of all rights, guarantees, Lien and remedies relating to any of the foregoing (including without limitation, claims for damages and other remedies for non-payment of the same, all entitlements to interest, 
		

		 

		

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		negotiable and non-negotiable instruments, indemnities, reservations of property rights, rights of tracing and unpaid vendor's liens and similar associated rights);
		

		
			(b)all things in action which may give rise to a debt, revenue or claim and all other rights and remedies of whatever nature in respect of the same; and
		

		
			(c)all proceeds of any of the foregoing;
		

		
			1.2.5"Book Debt Receivables Account", the bank account(s) in the name of the Grantor as more particularly listed in Part 7 of Schedule 2 (Book Debt Receivables Account) and with the banks and bearing the account numbers set out therein, or any account or accounts replacing the same from time to time (in whatever currency) and the debt represented thereby;
		

		
			1.2.6“Business”, the business associated with managing, marketing and operating registries with respect to any gTLDs delegated by ICANN, which are operated in accordance with any registry agreement;
		

		
			1.2.7“Business Intellectual Property Rights”, Intellectual Property Rights owned, used or held exclusively or predominantly in, or in connection with, the Business;
		

		
			1.2.8"Charged Property", all property and assets charged by this Deed, the Floating Charge Property and the Scheduled Property and such expression shall include any part or parts of the Charged Property;
		

		
			1.2.9"Companies Acts",  the Companies Acts 1963 to 2013 and Parts 2 and 3 of the Investment Funds, Companies and Miscellaneous Provisions Act 2006, the Companies (Amendment) Act 2009 and the Companies (Miscellaneous Provisions) Act 2009, including all Acts of the Oireachtas and statutory instruments which are to be read as one with, or construed or read together as one with, such Acts and Parts 2 and 3 of the Investment Funds, Companies and Miscellaneous Provisions Act 2006, and every statutory modification or re-enactment thereof for the time being in force (or, where the context so admits or requires, any one or more of such Acts;
		

		
			1.2.10“Credit Agreement“, the credit agreement dated on or about the date of this Deed between (1) Rightside Group, Ltd. (as U.S. Borrower), (2)  United TLD HoldCo Limited (as Cayman Borrower, and, together with the U.S. Borrower, the “Borrowers”), the Lenders (as defined therein), and (3)  the Collateral Agent (as administrative agent and collateral agent);
		

		
			1.2.11“First Security Deed”, the security deed (debenture) dated 1 August between the Grantor and Silicon Valley Bank (as security trustee for the Secured Parties (as defined therein));
		

		
			1.2.12"Fixtures and Fittings", all present and future, fixed and moveable fixtures and fittings (including trade fixtures and fittings) and fixed plant, machinery, equipment, implements, motor vehicles and utensils from time to time on any freehold or leasehold property charged by or pursuant to this Deed or otherwise thereon or owned by the Grantor from time to time, including, but not limited to the fixtures, fittings, plant, machinery, equipment, implements, motor vehicles and utensils set out in Part 1 of Schedule 2  (Fixtures and Fittings);
		

		
			1.2.13"Floating Charge Property", the property of the Grantor charged by way of floating charge pursuant to Clause 3.4 of this Deed;
		

		
			1.2.14"Group", Rightside Group, Ltd., its holding company and its subsidiaries (if any) and any subsidiary or subsidiaries of its holding company (if any) from time to time;
		

		
			1.2.15“ICANN”, means the Internet Corporation for Assigned Names and Numbers;
		

		 

		

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			1.2.16"Insurances", contracts and policies of insurance (including, for the avoidance of doubt, all cover notes), including but not limited to the contracts and policies, existing as at the date hereof and listed in Part 8 of Schedule 2  (Insurances) and such other contracts and policies which are taken out after the date of this Deed by or on behalf of the Grantor or (to the extent of such interest) in which the Grantor has an interest (and including, in each case, all key man policies) and all claims, proceeds and returns of premiums of each such contract and policy;
		

		
			1.2.17"Intellectual Property", all copyrights, patents, trade marks, utility models, publication rights, registered designs, (including applications and rights to apply therefor and all renewals, modifications, extensions and derivations thereof), inventions, rights, service marks, rights in trade dress or get-up, trade and business names, domain names, domain name portfolios and top-level domain names, including domain name suffixes, also known as generic Top Level Domains, approved by ICANN, all Business Intellectual Property Rights,  confidential information and know-how, rights in computer software, database rights, topography rights, trade secrets, goodwill, Software and all other intellectual property rights of a similar nature in any part of the world and all fees, royalties and other rights and benefits of every kind deriving from any of the above and which now or at any time hereafter belong to the Grantor including, but not limited to, those listed in Part 5 of Schedule 2  (Intellectual Property);
		

		
			1.2.18"Intercompany Loans", all Indebtedness in respect of which one member of the Group is the creditor of another member of the Group;
		

		
			1.2.19“Intercreditor Agreement”, a subordination and intercreditor agreement dated on or about the date hereof between (1) Obsidian Agency Services, Inc (as administrative agent for the Fund Lenders) (as defined therein), (2) Silicon Valley Bank and (3) Rightside Group, Ltd.;
		

		
			1.2.20"Licences", all licences now or from time to time hereafter held by or on behalf of the Grantor and all licences pertaining to the Scheduled Property, including but not limited to the licences specified in Part 3 of Schedule 2  (Licences), as the same may be amended, varied, extended, renewed or supplemented from time to time, including the benefit of any authorisation (statutory or otherwise) held in connection with the use of any of the Security Assets and the right to recover and receive compensation which may be payable to it in respect of any such authorisation and/or licence;
		

		
			1.2.21"Receiver", any one or more receivers and/or manager appointed by the Collateral Agent in respect of the Grantor over all or any part of the Security Assets;
		

		
			1.2.22"Related Rights", in relation to any Shares:
		

		
			(a)all dividends, distributions, interest and other income paid or payable after the date hereof on all or any of the Shares;
		

		
			(b)all stocks, shares, securities (and the dividends and interest thereon), rights, money or property accruing or offered at any time by way of redemption, bonus, preference, option rights or otherwise to or in respect of any of the Shares or in substitution or exchange for any of the Shares;
		

		
			(c)all rights relating to any of the Shares which are deposited with or registered in the name of any depositary, custodian, nominee, clearing house or system, investment manager, chargee or other similar person or their nominee (including rights against any such person); and
		

		
			(d)all other rights attaching or relating to any of the Shares and all cash or other securities or investments in the future deriving from any of the Shares or such rights;
		

		 

		

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			1.2.23"Relevant Contracts", each contract, agreement and instrument assigned or purported to be assigned pursuant to Clause 3.2.3(a) (as the same may be amended, restated, substituted, supplemented or otherwise modified or replaced), including, but not limited to those or contracts, agreements and instruments more particular details of which are set out in Part 2 of Schedule 2  (Relevant Contracts);
		

		
			1.2.24"Rental Income", all rents, fees and other amounts payable or paid to or for the benefit of the Grantor pursuant to, or in contemplation of, any occupational lease;
		

		
			1.2.25"Scheduled Property", all premises intended to be mortgaged, charged or assigned by this Deed listed at Schedule 1 hereto and such expressions shall include any part or parts of the Scheduled Property and any rights and appurtenances appertaining thereto;
		

		
			1.2.26"Secured Obligations", all Obligations and all monies, obligations and liabilities at any time due, owing or incurred by the Loan Parties to the Collateral Agent under the Loan Documents whether present or future, actual or contingent (and whether incurred solely or jointly, or jointly and severally, and whether as principal or surety or in some other capacity);
		

		
			1.2.27"Secured Parties" has the meaning attributed to such term in the Credit Agreement;
		

		
			1.2.28"Security Accounts", the bank accounts in the name of the Grantor as more particularly listed in Part 6 of Schedule 2  (Security Accounts) and with the banks and bearing the account numbers set out therein, and any account or accounts replacing the same from time to time and the debt represented thereby;
		

		
			1.2.29"Security Assets", all assets, undertakings, rights and property of the Grantor (both present and future), the subject of any security created pursuant to this Deed and includes for the avoidance of doubt, the Grantor's rights and interest in the Assigned Property, the Floating Charge Property and the Charged Property;
		

		
			1.2.30"Security Period", the period beginning on the date of this Deed and ending on the date on which the Collateral Agent irrevocably confirms in writing that all the Secured Obligations have been unconditionally and irrevocably paid and discharged in full;
		

		
			1.2.31"Shares", all shares specified in Part 4 of Schedule 2  (Shares) under the heading "Shares" and all other shares, stocks, debentures, bonds, warrants, coupons or other securities and investments and all other interests (including, but not limited to, loan capital), in each case together with all Related Rights, now or in the future owned from time to time by, or on behalf of the Grantor, in whatever form in every company, corporation, firm, entity or consortium wheresoever situate;
		

		
			1.2.32"Software":
		

		
			(a)all computer programs, including source code and object code versions;
		

		
			(b)all data, databases and compilations of data, whether machine readable or otherwise; and
		

		
			(c)all documentation, training materials and configurations related to any of the foregoing.
		

		 

		

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			1.3Interpretation
		

		
			1.3.1Clause 1.3 of the Credit Agreement shall apply to this Deed unless otherwise provided in this Deed.
		

		
			1.3.2In addition to Clause 1.3.1:
		

		
			(a)an “amendment”, includes a supplement, amendment, novation, restatement or re-enactment and “amended” is to be construed accordingly;
		

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

		
			(c)an “authorisation”, includes an authorisation, consent, approval, resolution, licence, exemption, filing, registration or notarisation;
		

		
			(d)the “Collateral Agent”, “Administrative Agent”, a “Lender” or a “Secured Party”  shall mean the Collateral Agent, Administrative Agent, any Lender or any Secured Party respectively and its successors, assigns, participants and novatees and this Deed shall be enforceable notwithstanding any change in the constitution of the Collateral Agent, Administrative Agent, any Lender or any Secured Party or the absorption of the Collateral Agent, Administrative Agent, any Lender or any Secured Party in or amalgamation with any other person or the acquisition of all or part of the undertaking of the Collateral Agent, Administrative Agent, a Lender or a Secured Party by any other person;
		

		
			(e)“company”, includes a corporation or a body corporate;
		

		
			(f)“dispose”, means to sell, transfer, grant, lease, lend, grant options over or otherwise dispose of and “disposal” is to be construed accordingly; 
		

		
			(g)"examiner", means an examiner appointed under the provisions of the Companies Acts 1963-2013;
		

		
			(h)“Grantor” or “Loan Party”  means the Grantor, a Loan Party and its successors and permitted assigns;
		

		
			(i)a provision or matter “including” or which “includes” shall be construed without limitation to any events, circumstances, conditions, acts or matters listed or specified after those words;
		

		
			(j)a  “Loan Document” or any other document, agreement or instrument is a reference to that Loan Document or other document, agreement or instrument as amended, restated, assigned, novated, varied, supplemented or replaced from time to time;
		

		
			(k)a  “person”, includes any individual, company, government, state, agency, organisation, association, body, department, trust, partnership (whether or not having separate legal personality) or any other entity of any description;
		

		
			(l)a  “regulation”, includes any regulation, rule, official directive, request or guideline (whether or not having the force of law but, if not having the force of law, being of a type with which any person to which it applies is accustomed to comply) of any governmental, inter-governmental or supranational body, agency, department or regulatory, self-regulatory or other authority or organisation;
		

		 

		

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			(m)“subsidiary” and “holding company”, means a subsidiary or a holding company as defined by Section 155 Companies Act, 1963 and “subsidiaries” and “holding companies” and cognate words shall be construed accordingly;
		

		
			(n)the “winding up”, “dissolution” or “examinership” of a company shall be construed so as to include any equivalent or analogous proceedings under the law of the jurisdiction in which a company carries on business including, but not limited to, the seeking of liquidation, winding up, reorganisation, dissolution, examinership, administration, arrangements, adjustment, protection or relief of debtors.
		

		
			(o)a provision of law is a reference to that provision as extended, applied, amended or re-enacted and includes any subordinate legislation;
		

		
			(p)a Clause, a Subclause or a Schedule is a reference to a clause or subclause of, or a schedule to, this Deed; and
		

		
			(q)words denoting the neuter shall include the masculine and feminine and vice versa.
		

		
			1.3.3Unless the contrary intention appears, the index to and the headings in this Deed do not affect its interpretation.
		

		
			1.3.4If the Collateral Agent considers that an amount paid by any Loan Party to a Secured Party under any Loan Document is capable of being avoided or otherwise set aside on the liquidation or examinership of the Grantor or otherwise, then such amount shall not be considered to have been irrevocably paid for the purposes hereof.
		

		
			1.3.5Notwithstanding anything to the contrary in this Deed, the obligations, liabilities and undertakings under this Deed shall be deemed not to be undertaken or incurred to the extent that the same would:
		

		
			(a)constitute unlawful financial assistance prohibited by Section 60 of the Companies Act 1963 (or any analogous provision of any other applicable law); or
		

		
			(b)constitute a breach of Section 31 of the Companies Act 1990 (or any analogous provision of any other applicable law).
		

		
			1.4Certificates
		

		
			Any certificate or determination of the Collateral Agent as to any amounts owing under this Deed will be conclusive and binding on the Grantor, save in the case of manifest error.
		

		
			1.5Intercreditor Agreement
		

		
			1.5.1Notwithstanding anything to the contrary in this Deed or any other Loan Document, the Liens created and other rights granted by the Grantor to the Collateral Agent pursuant to this Deed and the exercise of any such rights or related remedies by the Collateral Agent are subject to the provisions of the Intercreditor Agreement.
		

		
			1.5.2In the event of any conflict between the terms of the Intercreditor Agreement and the terms of this Deed the terms of the Intercreditor Agreement shall prevail.  
		

		
			1.5.3Any reference in this Deed to a “first fixed charge”, a “first floating charge” or words of similar effect describing the Liens created pursuant to this Deed shall be understood to refer to such priority subject to the terms of the Intercreditor Agreement up to and until the release of the Liens over the Charged Portfolio by Silicon Valley Bank.  
		

		 

		

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			1.5.4All representations, warranties, covenants and undertakings in this Deed are subject to the qualifications in this Clause 1.5.  Prior to the release of the Liens over the Charged Portfolio by Silicon Valley Bank the representations, warranties, covenants, undertakings and other requirements of this Deed relating to the delivery of documents of title for the Charged Property or relating to actions to vest control of the Charged Property in the Collateral Agent shall be deemed satisfied by the delivery of such documents of title and vesting of such control in Silicon Valley Bank (as bailee for the Secured Parties pursuant to the terms of the Intercreditor Deed).
		

		
			SECTION 2.0 - NATURE OF SECURITY AND COVENANT TO PAY
		

		
			2.1Nature of Security
		

		
			2.1.1All the security created under this Deed:
		

		
			(a)is created in favour of the Collateral Agent as collateral agent for the Secured Parties, for its benefit and the benefit of the other Secured Parties;
		

		
			(b)is created over all of the present and future assets of the Grantor;  and
		

		
			(c)is security for the payment of all the Secured Obligations.
		

		
			2.1.2If the Grantor is prohibited from creating security over any of its assets (including for the avoidance of doubt, its rights under any document) without obtaining the consent of a third party:
		

		
			(a)the Grantor must notify the Collateral Agent promptly upon it becoming aware of the same; and
		

		
			(b)the fixed charge or assignment created by this Deed shall not take effect as regards the relevant asset until such consent is obtained, at which time that asset shall immediately become subject to such charge or assignment;
		

		
			(c)if applicable, the security created by this Deed will secure all amounts which the Grantor may receive, or has received, under that document but exclude the document itself including, but not limited to, all damages, compensation, remuneration, profit, proceeds, rent or income derived therefrom; and
		

		
			(d)unless the Collateral Agent otherwise requires, the Grantor must use its best endeavours to promptly obtain the consent of such third party to that asset being secured under this Deed.
		

		
			2.2Covenant to Pay
		

		
			The Grantor hereby unconditionally and irrevocably covenants with the Collateral Agent as collateral agent for the Secured Parties that it will pay, discharge or perform the Secured Obligations on the due date therefor.  Any amount not paid hereunder when due shall bear interest (after as well as before judgment and payable on demand) at the Default Rate from time to time (compounding on a monthly basis) from the due date until the date such amount is unconditionally and irrevocably paid and discharged in full.
		

		
			SECTION 3.0 - FIXED CHARGES, ASSIGNMENTS AND FLOATING CHARGE
		

		
			3.1Fixed Charges
		

		
			Subject to Clauses 3.6 and 3.11, the Grantor, as legal and beneficial owner, as continuing security for the payment, performance and discharge of all of the Secured Obligations hereby charges in favour of the Collateral Agent as collateral agent for the Secured Parties,  for its 
		

		 

		

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		benefit and the benefit of the other Secured Parties, by way of first fixed charge, all its present and future rights, title, interest and benefit in and to:
		

		
			3.1.1all its estate, right, title and interest in any land, premises or buildings (including the Scheduled Property) now belonging to the Grantor (whether or not the legal title is vested in the Grantor or registered in the name of the Grantor) and all future estate, right, title and interest of the Grantor in such land, premises or buildings and in any other immovable property (in each case whether freehold or leasehold and whether or not registered) vested in or held by or on behalf of the Grantor from time to time and the proceeds of sale thereof together in all cases (to the extent the same are not already subject to an effective fixed security hereunder) all fixtures and fittings (including trade fixtures) and all fixed plant and machinery from time to time in or on such land, premises or buildings with the payment, performance and discharge of the Secured Obligations, and hereby assents to the registration of such charges as a burden on such freehold, leasehold and other immovable property (as applicable);
		

		
			3.1.2the Licences;
		

		
			3.1.3the Shares and all Related Rights; 
		

		
			3.1.4the Fixtures and Fittings;
		

		
			3.1.5all of its rights in respect of any amount standing to the credit of any account (including without prejudice to the generality of the foregoing, the Security Accounts and the Book Debt Receivables Account) it has with any person and the debt represented by it;
		

		
			3.1.6all Book Debt Receivables, all other moneys due and owing to the Grantor and the benefit of all rights, securities or guarantees of any nature enjoyed or held by it in relation to each of the same;
		

		
			3.1.7all its Intellectual Property, provided that to the extent that a fixed charge is not created over any of the Intellectual Property by this Clause 3.1.7, the charge thereover purported to be effected by this clause shall operate as an absolute assignment of any and all damages, compensation, remuneration, profit, rent, royalty or income which the Grantor may now or at any time hereafter derive therefrom or be awarded or entitled to in any respect thereof;
		

		
			3.1.8all of its beneficial interest, claim or entitlement in and to any pension fund and in and to any asset of any pension fund;
		

		
			3.1.9all of its goodwill;
		

		
			3.1.10all of the uncalled capital of the Grantor and all rights and claims to which the Grantor is now or may hereafter become entitled as a result of any calls made in relation thereto;
		

		
			3.1.11all rights and claims to which the Grantor is now or may hereafter become entitled in relation to or in connection with the Security Assets, including those against any manufacturer, supplier, installer, builder, contractor, professional advisor, lessee or licensee and any guarantor or surety for the obligations of any such person and, to the extent that any of the Security Assets are now or at any time hereafter hired, leased or rented to any other person, the rights under the hiring, leasing or rental contract or agreement and any guarantee, indemnity or security for the performance of the obligation of such person and any other rights and benefits relating thereto; and
		

		
			3.1.12all rights and benefits in respect of the Insurances and all claims and returns of premiums in respect thereof to the extent that they are not effectively assigned by Clause 3.3 below.
		

		 

		

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			3.2Assignments
		

		
			Subject to Clause 3.10, the Grantor, as legal and beneficial owner as continuing security for the payment, performance and discharge of all of the Secured Obligations hereby assigns and agrees to assign absolutely to the Collateral Agent as collateral agent for the Secured Parties by way of first fixed security, all its present and future right, title, interest and benefit in and to:
		

		
			3.2.1(insofar as the same are capable of assignment) the benefit of:
		

		
			(a)all rights of the Grantor to be paid or receive compensation under any statute by reason of any compulsory acquisition, requisition or other exercise of compulsory power in relation to the Scheduled Property or any part thereof or any refusal, withdrawal or modification of planning permission or approval relative thereto or any control or restriction imposed on or affecting the use of all or any part of the Scheduled Property and so that the production of this Deed to the local authority, government body or agency or other person liable to pay such compensation shall be a sufficient authority to such local authority, government body or agency or other person to pay the same to the Collateral Agent and the Collateral Agent shall have power to give good receipt therefor; and
		

		
			(b)any covenant or undertaking for the making of roads and footpaths, laying down of sewers or the provision of all other usual services including street lighting and the payment of road charges or other private street improvement of the Scheduled Property and any indemnity against payment of such charges or expenses;
		

		
			and hereby irrevocably appoints the Collateral Agent to be its attorney and in its name and on its behalf to:
		

		
			(i)claim, assess, agree, recover any such compensation; and
		

		
			(ii)exercise any such right or to give any such notice or counter-notice concerning the Scheduled Property as by or under any statute the Grantor may be entitled to exercise or give against or to any local or other competent or appropriate authority;
		

		
			3.2.2(insofar as the same are capable of assignment) the Insurances and all proceeds in respect of the Insurances and all rights and benefits in respect of the Insurances (including all claims relating to the Insurances and all returns of premiums in respect thereof);  
		

		
			3.2.3(insofar as the same are capable of assignment)  all of its rights and benefits (but not its obligations) in respect of: 
		

		
			(a)the Relevant Contracts (including all monies payable to the Grantor and all claims, awards and judgments in favour of or received or receivable by the Grantor under or in connection with any Relevant Contracts);
		

		
			(b)all occupational leases;
		

		
			(c)all Rental Income;
		

		
			(d)all guarantees of Rental Income contained in or relating to any occupational lease;
		

		
			(e)all letters of credit issued in its favour; and 
		

		
			(f)all bills of exchange and other negotiable instruments held by it; and
		

		 

		

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			3.2.4all of its rights in respect of any Intercompany Loans to which it is a party. 
		

		
			3.3Non-assignable
		

		
			To the extent that any such right, title and interest described in Clause 3.2.2 or 3.2.3 is not assignable or capable of assignment:
		

		
			3.3.1the assignment purported to be effected by Clause 3.2 shall operate as:
		

		
			(a)in the case of the Insurances, an assignment of any and all present and future proceeds of the Insurances; and 
		

		
			(b)in the case of the Relevant Contracts, occupational leases, guarantees of Rental Income and letters of credit (as the case may be) an assignment of all present and future damages, compensation, remuneration, profit, rent, income or monies which the Grantor may derive therefrom or be awarded or entitled to in respect thereof; and
		

		
			in each case as continuing security for the payment and performance of the Secured Obligations; and 
		

		
			3.3.2the Grantor shall hold the benefit of any such right, title and interest in trust for the Collateral Agent.
		

		
			3.4Floating Charge
		

		
			The Grantor, as beneficial owner, as continuing security for the payment, performance and discharge of the Secured Obligations, hereby charges in favour of the Collateral Agent, for its benefit and the benefit of the other Secured Parties, by way of first floating charge all of the Grantor’s stock-in-trade, inventory and raw materials together with the whole of the Grantor’s undertakings, property, assets and rights whatsoever and wheresoever both present and future, other than any assets for the time being effectively mortgaged or charged to the Collateral on behalf of the Secured Parties by way of mortgage or fixed charge or effectively assigned to the Collateral Agent on behalf of the Secured Parties (whether at law or in equity) pursuant to Clause 3.1, 3.2 and 3.3 of this Deed or otherwise subject to an effective fixed security in favour of the Collateral Agent, for its benefit and the benefit of the other Secured Parties.
		

		
			3.5Crystallisation of Floating Charge
		

		
			3.5.1The Collateral Agent may at any time:
		

		
			(a)on or after the occurrence of an Event of Default which is continuing; and 
		

		
			(b)if it shall appear to the Collateral Agent that all or a substantial part of the Floating Charge Property is in danger of being seized or sold under any form of distress or execution levied or threatened to be levied or to be otherwise in jeopardy;
		

		
			by notice in writing to the Grantor convert the floating charge with immediate effect into a fixed charge with regard to any Floating Charge Property specified in the notice.
		

		
			3.5.2Notwithstanding Clause 3.5.1 and without prejudice to any rule of law which may have a similar effect, the floating charge shall automatically be converted with immediate effect into a fixed charge as regards the Floating Charge Property and without notice from the Collateral Agent to the Grantor or without any requirement for further or any action on the part of the Grantor or any other Secured Party on:
		

		
			(a)the Grantor ceasing to carrying on its business;
		

		 

		

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			(b)the presentation of a petition for the compulsory winding up of the Grantor;
		

		
			(c)the convening of a meeting for the passing of a resolution for the voluntary winding up of the Grantor;
		

		
			(d)the appointment by any person of a receiver and/or manager to the Grantor or any of its assets;
		

		
			(e)the presentation of a petition for the appointment of an examiner to the Grantor or any related company; 
		

		
			(f)the creation or attempted creation of any Lien over all or any part of the Floating Charge Property without the prior consent in writing of the Collateral Agent or the levying or attempted levying by any person of any distress, execution, sequestration or other process against any of the Floating Charge Property; or
		

		
			(g)the issuance of a notice to the Grantor striking the Grantor off the register of companies.
		

		
			3.5.3The giving by the Collateral Agent of a notice under paragraph 3.5.1 above, or the occurrence of any event specified at paragraph 3.5.2 above, shall subject to the terms of the Intercreditor Agreement and the prior ranking conversion of any asset the subject of a floating charge in the First Security Deed to a first fixed charge have the effect of converting any asset the subject of a floating charge under paragraph 3.4, into a first fixed charge in favour of the Collateral Agent, for its benefit and the benefit of the other Secured Parties, and thereupon the Collateral Agent shall immediately assume exclusive control of such assets, and the Grantor shall not be permitted to deal with such assets otherwise than with and subject to the prior written consent of the Collateral Agent. Where such assets include book debts of the Grantor, it shall not be permitted to release, exchange, settle, compromise, set-off, grant time or indulgence, or otherwise deal with such book debts and all monies received by it in respect of such book debts will be paid into a bank account of the Grantor and it shall not be permitted to make withdrawals or payments from any bank account without the prior written consent of the Collateral Agent.
		

		
			3.6Negative Pledge
		

		
			3.6.1The Grantor shall not, save as otherwise permitted by the terms of the Loan Documents:
		

		
			(a)create or permit to subsist any Lien on any Security Asset save for any Liens created under this Deed and the First Security Deed; or
		

		
			(b)sell, transfer, licence, lease, grant any option over or otherwise dispose of any Security Asset or enter into any agreement to sell, transfer, licence, lease, grant any option over or otherwise dispose of any Security Asset.
		

		
			3.6.2The Grantor, without prejudice to Clause 3.6.1(a) and (b) above but in addition to the restrictions in those sub-clauses, shall not (save for any Liens created under this Deed and the First Security Deed)  sell, assign, charge, factor or discount or in any other manner deal with any of the Book Debt Receivables without the prior written consent of the Collateral Agent.
		

		
			3.7After Acquired Property
		

		
			If and whenever the Grantor shall acquire after the date of this Deed any freehold, leasehold or other immovable property it shall forthwith inform the Collateral Agent in writing of the acquisition and as soon as may be practicable if so required by the Collateral Agent deliver to the Collateral Agent the deeds and documents in its possession relating to the property so 
		

		 

		

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		acquired and the Grantor shall, if required by the Collateral Agent, at the Grantor's own expense, execute, deliver, sign, and do all acts and deeds which shall be necessary to grant to the Collateral Agent a first fixed charge on such property in such form as the Collateral Agent on behalf of the Secured Parties shall require as further security for all monies intended to be hereby secured.  Forthwith upon the acquisition of any land, the title to which is registered or required to be registered under the Registration of Title Act, 1964, the Grantor shall give notice to the Collateral Agent and shall furnish the Collateral Agent with such information regarding such land as the Collateral Agent may reasonably require to register a Lien as a burden against the Charged Property.
		

		
			3.8Validity of Charges
		

		
			The charges hereby created shall be and shall be deemed to be effective and shall have effect whether or not the principal monies and interest and all other sums intended to be hereby secured or any part thereof shall be advanced before or after or upon the date of the execution of these presents.
		

		
			3.9Continuing Obligations
		

		
			Notwithstanding any other provisions of this Deed:
		

		
			3.9.1the Grantor shall remain liable under any contracts (including the Relevant Contracts), agreements and other documents included in the Security Assets (to the extent set forth therein) to perform all of its duties and obligations thereunder to the same extent as if this Deed had not been executed;
		

		
			3.9.2the exercise by the Collateral Agent of any of the rights hereunder shall not release the Grantor from any of its duties or obligations under such contracts, agreements and other documents; and
		

		
			3.9.3the Collateral Agent shall not have any obligation or liability under any such contracts, agreements or other documents included in the Security Assets by reason of this Deed, nor shall the Collateral Agent be obligated to perform any of the obligations or duties or to discharge any of the liabilities of the Grantor thereunder or to make any payment or any enquiry as to the nature or sufficiency of any payment received by it or the Grantor or to take any action to collect or enforce any such contract, agreement or other document.
		

		
			3.10Proviso for Redemption/Release/Reassignment
		

		
			Upon satisfaction in full of the Secured Obligations and subject to the Grantor ceasing to have any liability (whether actual or contingent) to the Secured Parties in respect of the Secured Obligations in accordance with the terms of this Deed and the Lenders ceasing to be under any commitment to advance any amounts to any Borrower and upon the payment of all costs, charges and expenses incurred by the Collateral Agent or any Receiver in relation to this Deed effected by operation of law or pursuant to any judgment, decree or act of the Grantor the security hereby constituted shall be automatically released and all rights to the Security Assets shall revert to the Grantor.  The Collateral Agent will at any time thereafter at the request and cost of the Grantor (but subject to the rights and claims of any person having prior rights to the Security Assets or any of them)  execute and do all such deeds, acts and things that may be necessary to surrender, reassign, discharge or release the charges and assignments hereby created and reconvey or surrender to the Grantor or its assigns the Security Assets.
		

		
			SECTION 4.0 - ENFORCEABILITY OF SECURITY
		

		
			4.1Events of Default 
		

		
			The security hereby constituted shall immediately become enforceable and the floating charge hereby granted shall immediately crystallise and become a specific charge and all rights of the 
		

		 

		

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		Grantor to deal for any purpose whatsoever with the Security Assets or any part thereof following the occurrence of an Event of Default which is continuing.
		

		
			SECTION 5.0 - RIGHTS AND POWERS OF THE LENDER
		

		
			5.1Entry into Possession
		

		
			At any time after the security hereby constituted shall have become enforceable the Collateral Agent may, in its absolute discretion:
		

		
			5.1.1enforce all or any part of the security in any manner it sees fit and the power of sale and other powers conferred on mortgagees by the Act shall apply to this Deed in each case as varied or extended by this Deed without the need to obtain the consent of the Grantor or an order for possession under Sections 97 or 98 of the Act; and/or
		

		
			5.1.2without further notice or demand, enter into possession of the Security Assets (or any part thereof); and/or
		

		
			5.1.3sell, call in, collect, convert into money or otherwise deal with the Security Assets (or any part thereof) with the power to sell any of the Security Assets either together as one lot or in parcels and either by public auction, tender or private contract and either for a sum on account and a charge for the balance with full power upon every such sale to make any special or other stipulation as to the title or evidence of commencement of title or otherwise which the Collateral Agent and/or any Receiver shall think proper and with full power to give an option to purchase all or any part of the Security Assets, buy in, rescind or vary any contract for the sale of the Security Assets or any part thereof and to resell the same without being responsible for any loss which may be occasioned thereby and with full power to compromise and effect compositions and for the purposes aforesaid or any of them to execute and do all such assurances and things as it shall think fit and any and all monies expended by the Collateral Agent for the Secured Parties and/or any Receiver under this Section shall be deemed to be expenses properly incurred by the Collateral Agent and/or any Receiver.
		

		
			PROVIDED THAT Section 99 of the Act shall not apply to this Deed and neither the Collateral Agent nor any Receiver shall be obliged to take any steps to sell or lease the Security Assets (or any part thereof) after going into possession of the Security Assets (or any part thereof) and the Collateral Agent and any Receiver shall have absolute discretion as to the time of exercise of the power of sale and the power of leasing and all other powers conferred on them by the Act or otherwise.  The rights of the Collateral Agent and any Receiver are without prejudice to and in addition to any right of possession (express or implied) to which the Collateral Agent and/or any Receiver is otherwise entitled (whether by virtue of this Deed, operation of law,  statute, contract or otherwise).
		

		
			5.2Further Right of Possession
		

		
			In addition to the powers hereunder given the Collateral Agent may enter into possession of and hold or appoint a Receiver to take possession of any part of the Security Assets which may at any time appear to it in danger of being taken under any process of law by any creditor of the Grantor or to be otherwise from any cause whatever in jeopardy and to any Receiver appointed under this Clause the provisions of Clause 6.1 shall apply mutatis mutandis and the Collateral Agent may at any time give up possession or withdraw the receivership.
		

		
			5.3Power of Sale
		

		
			At any time after the security hereby constituted has become enforceable the power of sale and all other powers conferred on mortgagees by the Act shall be exercisable immediately without the need:
		

		 

		

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			5.3.1for the occurrence of any of the events specified in sub-sections (a) to (c) of section 100(1) of the Act; or
		

		
			5.3.2to give notice as specified in the final proviso to section 100(1) of the Act; or
		

		
			5.3.3to obtain the consent of the Grantor or a court order authorising the exercise of the power of sale under sections 100(2) or (3) of the Act; or
		

		
			5.3.4to give any notice to the Grantor under section 103(2) of the Act.
		

		
			Section 94 of the Act shall not apply to any security constituted by this Deed or any enforcement of such security.
		

		
			5.4Power of Leasing and Accepting Surrenders
		

		
			The statutory powers of leasing conferred on the Collateral Agent and any Receiver are extended so as to authorise the Collateral Agent and any Receiver to lease, make agreements for leases, accept surrenders of leases and make agreements to accept surrenders of leases as it or he may think fit and without the need to comply with any provision of sections 112 to 114 of the Act.  Without prejudice to the generality of the foregoing, the Collateral Agent and any Receiver may exercise the statutory power to accept surrenders of leases conferred by the Act for any purpose that it or he thinks fit and not just for the purpose of granting new leases under section 112 of the Act and any new lease granted by the Collateral Agent or any Receiver following the acceptance of a surrender need not comply with the requirements of section 114(3) of the Act.
		

		
			5.5Power to Conduct Business 
		

		
			At any time after the occurrence of an Event of Default which is continuing and until the whole of the Security Assets shall be sold, called in, collected or converted under the powers of conversion the Collateral Agent may if it shall think fit so to do, carry on the business of the Grantor in and with the Security Assets and may manage and conduct the same as it shall in its discretion think fit and for the purposes of the said business may employ such agents, managers, Receivers, accountants and servants upon such terms as to remuneration or otherwise as it shall think proper and may exercise all rights of voting conferred by any part of the Security Assets and otherwise deal with and exercise or permit to be exercised any powers or rights incidental to the ownership of any of the Security Assets on such terms and conditions and generally in such manner as it may deem expedient and generally may do or cause to be done all such acts and things and may enter into such arrangements respecting the Security Assets or any part thereof as it could do it if was absolutely entitled thereto and without being responsible for any loss or damage which may arise or be occasioned thereby. The Collateral Agent shall out of the profits and income of the Security Assets and the monies to be made by it in carrying on the said business pay and discharge the expenses incurred in and about the carrying on and management of the said business or in the exercise of any of the powers conferred by this Section or otherwise in respect of the Security Assets and all outgoings which it shall think fit to pay and shall pay and apply the residue of the said profits, income and monies in the same manner as hereinbefore provided with respect of the monies to arise from any sale, calling in, collection or conversion under the powers of conversion. 
		

		
			5.6Due Date for Statutory Purposes
		

		
			For the purpose of all powers implied by statute (but not otherwise), the Secured Obligations are deemed to have become due on the date of this Deed.
		

		
			5.7Non-applicability of Sections 92 and 94 of the Act
		

		
			Section 92 of the Act shall not apply to this Deed.  Section 94 of the Act shall not apply to the security constituted by this Deed or any enforcement of such security.
		

		 

		

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			5.8Position of Third Parties
		

		
			No person (including a purchaser) dealing with the Collateral Agent or any Receiver or its or his attornies or agents will be concerned to enquire:
		

		
			5.8.1whether any of the Secured Obligations have become payable or remain due; or
		

		
			5.8.2whether due notice has been given to any person; or
		

		
			5.8.3whether any power which the Collateral Agent or any Receiver is purporting to exercise has become exercisable or has been or is being properly exercised; or
		

		
			5.8.4whether the Receiver is authorised to act; or
		

		
			5.8.5how any money paid to the Collateral Agent as collateral agent for the Secured Parties or to any Receiver is to be applied,
		

		
			and all protections to purchasers contained in sections 105, 106 and 108(5) of the Act shall apply to any person (including a purchaser) dealing with the Collateral Agent or any Receiver in like manner as if the statutory powers of sale and appointing a receiver had not been varied or extended by this Deed.
		

		
			5.9Receipt of Collateral Agent Good Discharge
		

		
			Upon any sale, calling in, collection or conversion or other dealing under any of the provisions herein contained the receipt of the Collateral Agent or any Receiver for the purchase money of the Security Assets sold or for any other monies paid to it shall effectually discharge the purchaser or person paying the same therefrom and from being concerned to see to the application or the loss or misapplication thereof. 
		

		
			5.10Application of Monies
		

		
			Notwithstanding section 109 of the Act, the Collateral Agent shall hold the monies arising from any exercise of the powers of sale or conversion upon trust that it shall thereout in the first place pay or retain or provide for the payment or satisfaction of the costs and expenses and liabilities incurred in or about the execution of such powers or otherwise in relation to these presents and shall apply the residue of such monies in accordance with Clause 8.3 of the Credit Agreement. 
		

		
			SECTION 6.0 - APPOINTMENT OF RECEIVER
		

		
			6.1Power of Appointment
		

		
			At any time after the occurrence of an Event of Default which is continuing (and so that no delay or waiver of the right to exercise the powers hereby conferred shall prejudice the future exercise of such powers) and without the need for the occurrence of any of the events specified in section 108(1)(a) to (c) inclusive of the Act, the Collateral Agent may without further notice by writing under the hand of any director, general manager, assistant general manager or secretary for the time being of the Collateral Agent or any person authorised by any one of them in writing appoint a Receiver of the Security Assets or any part thereof and remove any Receiver so appointed and appoint another or others in his stead and/or appoint another person to act jointly with any such Receiver and the following provisions shall have effect:
		

		
			6.1.1such appointment may be made either before or after the Collateral Agent shall have entered into or taken possession of the Security Assets or any part thereof;
		

		
			6.1.2such Receiver shall have and be entitled to exercise all powers conferred by the Act, without the restrictions contained in the Act, in the same way as if the Receiver had been duly appointed under the Act and in addition, shall have the power on behalf of and at the cost of the Grantor to do or omit to do anything which the Grantor could 
		

		 

		

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		do or omit to do in relation to the Security Assets or any part thereof and in particular but without limiting any powers hereinbefore referred to shall have power to do all or any of the following:  
		

		
			(a)to enter upon, take possession of, collect and get in the Security Assets and for that purpose to take, defend or discontinue any proceedings or submit any matter to arbitration or mediation in the name of the Grantor;
		

		
			(b)to re-let or let the Security Assets or any part thereof from time to time to such person or persons as he shall think fit for any term of years which he thinks right or on yearly monthly or weekly tenancies at the best rents which may be reasonably obtainable and to surrender or accept surrenders, grant licences or otherwise dispose of all or any of the Security Assets on such terms and conditions as he may think fit;
		

		
			(c)to carry on, manage, develop, construct or diversify the business of the Grantor or any part thereof (or concur in so doing);
		

		
			(d)to sell or concur in selling the Security Assets or any part thereof and to carry such sale into effect and by deed in the name and on behalf of the Grantor or otherwise convey the same to the purchaser thereof;
		

		
			(e)to make any arrangement or compromise or enter into, vary or cancel any contracts which he shall think expedient in the interests of the Collateral Agent;  
		

		
			(f)to make and effect all such repairs, improvements, structural and other alterations or extensions or demolitions or renewals of the Security Assets as he shall think fit and renew such of the plant, machinery and any other effects of the Grantor whatsoever as shall be worn out lost or otherwise become unserviceable without being responsible for loss or damage; and do anything else in connection with the Security Assets which the Receiver may think desirable for the purpose of making productive and increasing the letting or market value of the Security Assets or protecting the security hereby created; and
		

		
			(g)to effect, maintain, renew, increase or vary such insurances as he shall, in his absolute discretion, think fit;
		

		
			(h)to promote the formation of a subsidiary company and/or companies of the Grantor with a view to such subsidiary company and/or companies purchasing, leasing, licensing or otherwise acquiring interests in all or any of the assets of the Grantor;
		

		
			(i)to make allowances to, and re-arrangements with, any lessee, tenants or other persons from whom any rents and profits may be receivable (including the granting of any licences and reviewing rent in accordance with the terms of and varying the provisions of any leases affecting the Security Assets);
		

		
			(j)to redeem any prior encumbrance and to settle and prove the accounts of the encumbrancer and accounts so settled and proved shall be conclusive and binding on the Grantor and the money so paid shall be a receivership expenses;
		

		
			(k)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 Grantor or relating in any way to the Security Assets or any part thereof and take, defend, continue and 
		

		 

		

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		discontinue any proceedings relating to the Security Assets or any part thereof;
		

		
			(l)to appoint, hire and employ and to remunerate managers, agents, servants, attendants, workmen and others on such terms and generally in such manner as he shall think fit in connection with any exercise by him of any of the within powers or otherwise for any purpose connected with the Security Assets or any part thereof and to discharge any person so appointed, hired or employed; and
		

		
			(m)generally, to use (at his option) the name of the Grantor in the exercise of all or any of the powers hereby conferred and to do all such other acts and things as maybe considered to be incidental or conducive to any of the matters and powers aforesaid and which the Receiver may or can lawfully do as agent for the Grantor;
		

		
			6.1.3unless otherwise directed by the Collateral Agent, such Receiver may also exercise all the powers and authority vested in the Collateral Agent by these presents and in particular all powers vested in the Collateral Agent by Section 5.0 hereof;
		

		
			6.1.4the Collateral Agent may from time to time fix the remuneration of such Receiver and direct payment thereof out of the Charged Property but the Grantor alone shall be liable for such remuneration;
		

		
			6.1.5the Collateral Agent may from time to time or at any time require such Receiver to give security for the due performance of his duties as such Receiver and may fix the nature and amount of security to be so given but the Collateral Agent shall not be bound in any case to require any such security; 
		

		
			6.1.6the Collateral Agent shall be in no way responsible for any misconduct or negligence on the part of such Receiver;
		

		
			6.1.7subject as provided in Section 5.0 and herein the provisions of any relevant enactment conferring powers on a mortgagee or Receiver shall apply to and be deemed to be conferred upon any Receiver appointed hereunder as if such provisions and powers were incorporated herein. 
		

		
			6.2Powers of Receiver to Borrow
		

		
			Subject as provided in this Section, any Receiver appointed under these presents may for the purpose of defraying his costs charges, losses or expenses (including his remuneration) which shall be incurred by him in the exercise of the powers, authorities and discretions vested in him and for all other purposes hereof or any of them, raise and borrow money on the security of the Security Assets or any part thereof either in priority to the security hereby constituted or otherwise and on such terms and conditions as he may 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 monies so raised or borrowed provided that no Receiver shall exercise this power without first obtaining the written consent of the Collateral Agent but the Collateral Agent shall incur no responsibility or liability to the Grantor or otherwise by reason of its giving or refusing such consent whether absolutely or subject to any limitation or condition.
		

		
			6.3Application of Monies by Receiver
		

		
			The net profits of carrying on the said business and/or the net proceeds of any sale by the Receiver shall subject to any prior ranking claims thereon, and notwithstanding section 109 of the Act, be applied by him as follows:
		

		
			6.3.1firstly, in payment of all costs, charges and expenses of and incidental to the appointment of the Receiver and the exercise by him of all or any of the powers 
		

		 

		

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		aforesaid including the remuneration of the Receiver and all outgoings properly paid by him; and
		

		
			6.3.2secondly, in or towards payment in the manner provided in Clause 8.3 of the Credit Agreement,
		

		
			PROVIDED THAT if the Receiver shall be of the opinion that the security may prove deficient payments may be made on account of unpaid principal monies before unpaid interest due under these presents but such alteration in the order of payment of principal monies and interest shall not prejudice the right of the Collateral Agent to receive the full amount to which it would have been entitled if the primary order of payment had been observed or any less amount which the sum ultimately realised may be sufficient to pay.
		

		
			6.4Liability of the Collateral Agent and Receiver
		

		
			The Collateral Agent and any Receiver appointed by the Collateral Agent under this Deed shall not, in any circumstances, whether by reason of the Collateral Agent or such Receiver entering into possession of the Security Assets or any part thereof or for any other reason whatsoever be liable to account as mortgagee in possession or on any basis whatsoever for anything except actual receipts or be liable for any loss arising from any realisation of the Security Assets or any part thereof or any default or omission in relation to the Security Assets or any exercise or non-exercise of any power, authority or discretion conferred on the Collateral Agent or any Receiver in relation to the Security Assets or any part thereof by or pursuant to this Deed or the Act.
		

		
			6.5Receiver Agent of the Grantor
		

		
			Any Receiver appointed hereunder shall be deemed to be the agent of the Grantor for all purposes and be in the same position as the Receiver duly appointed under the Act in connection with his powers and duties hereunder save so far as he shall be specifically authorised to engage the responsibility of the Collateral Agent or shall expressly undertake personal liability which he shall not be deemed to do by entering into any contract as or in which he is described as Receiver and the Grantor shall be solely responsible for all acts and defaults of the Receiver as agent for the Grantor and for such remuneration of the Receiver as the Collateral Agent shall consider reasonable and be liable under any contracts or engagements made or entered into by him and the Collateral Agent shall not in making the appointment or in consenting thereto incur any liability for any such acts or defaults or otherwise save in the case of fraud, gross negligence or wilful misconduct.
		

		
			6.6Section 108 of the Act
		

		
			The provisions of section 108 of the Act (with the exception of sub-sections 1(a) and (b) thereof and save so far as modified by the provisions hereof) shall apply to these presents and to any Receiver appointed by the Collateral Agent hereunder.  Section 108(7) of the Act shall not apply to the commission and/or remuneration of a Receiver appointed pursuant to this Deed.  A Receiver shall be entitled to remuneration at a rate to be fixed by agreement between such Receiver and the Collateral Agent (or failing such agreement to be fixed by the Collateral Agent).
		

		
			SECTION 7.0 - CONTINUING SECURITY, ETC.
		

		
			7.1Continuing Security
		

		
			The security constituted by this Deed shall be  a continuing security which shall extend to all the Secured Obligations and shall not be considered as satisfied or discharged by any intermediate payment or settlement of all or any of the Secured Obligations and is in addition to and independent of and shall not prejudice, affect or merge with any other security which the Collateral Agent may hold at any time for any of the Secured Obligations and shall not be in any way prejudiced thereby or by the invalidity thereof.
		

		 

		

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			7.2Opening of New Accounts
		

		
			7.2.1If for any reason the security constituted hereby or pursuant hereto ceases to be a continuing security (other than by way of discharge of such security), any Secured Party may open a new account with or continue any existing account with the Grantor and the liability of the Grantor in respect of the Secured Obligations at the date of such cessation shall remain regardless of any payments in or out of any such account.
		

		
			7.2.2At any time on receiving notice that the Grantor has created a Lien over any of the property or assets hereby charged the Collateral Agent and any Secured Party may close the then current account of the Grantor (if any) and open a new account with the Grantor and no monies paid or carried to the credit of such new account shall be appropriated towards or have the effect of discharging any part of the amount owing on this security at the date of such notice.  
		

		
			7.3Reinstatement
		

		
			7.3.1Where any discharge (whether in respect of the obligations of the Grantor or any security for those obligations or otherwise) is made in whole or in part or any arrangement is made on the faith of any payment, security or other disposition which is avoided or must be restored on insolvency, liquidation or otherwise without limitation, the liability of the Grantor under this Deed shall continue as if the discharge or arrangement had not occurred.  
		

		
			7.3.2The Collateral Agent may concede or compromise any claim that any payment, security or other disposition is liable to avoidance or restoration.
		

		
			7.4Waiver of Defences
		

		
			7.4.1The liability of the Grantor hereunder will not be affected by any act, omission, circumstance, matter or thing which but for this provision would release or prejudice any of its obligations hereunder or prejudice or diminish such obligations in whole or in part, including without limitation, and whether or not known to the Grantor or any Secured Party:
		

		
			(a)any time, indulgence or waiver granted to, or composition with, the Grantor or any other person; or
		

		
			(b)the release of the Grantor or any other person under the terms of any composition or arrangement with any creditor of the Grantor; or 
		

		
			(c)the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect or take up or enforce any rights or remedies against, or any security over assets of, the Grantor or any other person or any non-presentment or non-observance of any formality or other requirement in respect of any instruments or any failure to realise the full value of any other security; or
		

		
			(d)any legal limitation, disability, incapacity or lack of powers, authority or legal personality of or dissolution or change in the members or status of or other circumstance relating to, the Grantor or any other person; or
		

		
			(e)any variation (however fundamental and whether or not involving any increase in the liability of the Grantor thereunder) or replacement of any Loan Document or any other document or security so that references to the Loan Documents or other documents or security in this Deed shall include each such variation or replacement; or
		

		 

		

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			(f)any unenforceability, illegality, invalidity or frustration of any obligation of the Grantor or any other person under any Loan Document or any other document or security, or any failure of the Grantor to become bound by the terms of a Loan Document whether through any want of power or authority or otherwise; or
		

		
			(g)any postponement, discharge, reduction, non-provability or other similar circumstance affecting any obligation of the Grantor under a Loan Document or any security granted therefor resulting from any insolvency, liquidation or dissolution proceedings or from any law, regulation or order, this Deed be construed as if there were no such circumstance,
		

		
			to the intent that the Grantor's obligations under this Deed shall remain in full force, and this Deed shall be construed accordingly, as if there were no such circumstance, act, variation, limitation, omission, unenforceability, illegality, matter or thing.
		

		
			The Collateral Agent shall not be concerned to see or investigate the powers or authorities of the Grantor or its officers or agents, and monies obtained or Secured Obligations incurred in purported exercise of such powers or authorities or by any person purporting to act on behalf of the Grantor shall be deemed to form a part of the Secured Obligations, and "Secured Obligations" shall be construed accordingly.
		

		
			7.5Additional Security
		

		
			This Deed is in addition to and is not in any way prejudiced by any other security now or hereafter held by the Collateral Agent.
		

		
			SECTION 8.0 - SHARES
		

		
			8.1Covenants relating to Shares
		

		
			The Grantor hereby covenants with the Collateral Agent as collateral agent for the Secured Parties that in relation to the Shares it will at all times during the continuance of this security comply with the provisions set forth in the following Clauses of this Section, save to the extent otherwise permitted by the terms of the Credit Agreement.
		

		
			8.2Deposit of Title Documents
		

		
			The Grantor shall:
		

		
			8.2.1immediately upon the date of this Deed, or if acquired after the date of this Deed, forthwith following the acquisition of same, deposit with the Collateral Agent, or as the Collateral Agent may direct, all certificates and other documents of title or evidence of ownership in relation to any of the Shares; and
		

		
			8.2.2execute in blank and deliver to the Collateral Agent all share transfer forms and all other documents which may be requested by the Collateral Agent in order to enable the Collateral Agent or its nominees to be registered as the owner or otherwise obtain a legal title to any of the Shares.
		

		
			8.3Changes to Rights
		

		
			The Grantor shall not take or allow the taking of any action on its behalf in relation to any of the Shares which would (in the opinion of the Collateral Agent) prejudice the value of, or the ability of the Collateral Agent to realise, the security created in this Deed.
		

		 

		

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			8.4Calls 
		

		
			The Grantor shall pay all calls or other payments due and payable in respect of any of the Shares and in the event of the Grantor failing to do so, the Collateral Agent may, but shall not be obliged to, pay the calls or other payments on behalf of the Grantor.  The Grantor must immediately on request reimburse the Collateral Agent for any payment made by the Collateral Agent in respect of the foregoing.
		

		
			8.5Other Obligations in respect of Shares
		

		
			8.5.1The Grantor shall promptly copy to the Collateral Agent and comply with all requests for information which is within its knowledge relating to any of the Shares.  If it fails to do so, the Collateral Agent may elect to provide such information as it may have on behalf of the Grantor.
		

		
			8.5.2The Grantor shall comply with all other conditions and obligations assumed by it in respect of any of the Shares.
		

		
			8.6Voting and Dividend Rights
		

		
			8.6.1Until the occurrence of an Event of Default which is continuing and upon the receipt of written notice from the Collateral Agent informing the Grantor otherwise:
		

		
			(a)the Grantor may exercise the voting rights, powers and other rights in respect of the relevant Shares provided that such rights and powers must not be exercised in any manner which would prejudice the value of, or the ability of the Collateral Agent to realise, the security created by this Deed; and
		

		
			(b)all dividends or other income paid or payable in relation to any investments shall be paid directly to the Grantor.
		

		
			The Grantor shall indemnify the Collateral Agent against any loss or liability incurred by the Collateral Agent as a consequence of the Collateral Agent acting in respect of the Shares on the direction of the Grantor unless such loss or liability is caused by the negligence or wilful default of the Collateral Agent.
		

		
			8.6.2Upon the occurrence of an Event of Default which is continuing and upon the receipt of written notice from the Collateral Agent informing the Grantor otherwise, the Collateral Agent may exercise (in the name of the Grantor and without any further consent or authority on the part of the relevant company) any voting rights and any powers or rights which may be exercised by the legal or beneficial owner of any Share, any person who is the holder of any investment.
		

		
			SECTION 9.0 - SECURITY ACCOUNTS
		

		
			9.1Covenants relating to Security Accounts
		

		
			The Grantor hereby covenants with the Collateral Agent as collateral agent for the Secured Parties that in relation to the Security Accounts it will at all times during the continuance of this security comply with the provisions set forth in the following Clauses of this Section 9.0, save to the extent otherwise permitted by the Credit Agreement.
		

		
			9.2Security Accounts
		

		
			All Security Accounts must, unless the Collateral Agent otherwise agrees in writing, be maintained with an Account Bank.
		

		 

		

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			9.3Withdrawals
		

		
			9.3.1The Grantor shall not, following the occurrence of an Event of Default which is continuing, withdraw any moneys from a Security Account except with the prior consent of the Collateral Agent.
		

		
			9.3.2Subject as provided in Clause 9.3.1, the Collateral Agent (or a Receiver) may withdraw amounts standing to the credit of a Security Account to meet an amount due and payable in accordance with the terms of the Loan Documents when it is due and payable.
		

		
			9.4Notices of Charge
		

		
			Upon execution and delivery of this Deed, the Grantor shall immediately:
		

		
			9.4.1give notice to any relevant Account Bank substantially in the form of Part 1 of Schedule 3  (Form of Letters for Security Account); and
		

		
			9.4.2use its best endeavours to ensure that the Account Bank acknowledges the notice substantially in the form of Part 1 of Schedule 3  (Form of Letters for Security Account).
		

		
			SECTION 10.0 - BOOK DEBT RECEIVABLES ACCOUNT
		

		
			10.1Covenants relating to Book Debt Receivables Account
		

		
			The Grantor hereby covenants with the Collateral Agent as collateral agent for the Secured Parties that in relation to the Book Debt Receivables Account it will at all times during the continuance of this security comply with the provisions set forth in the following Clauses of this Section 10.0, save to the extent otherwise permitted by the Credit Agreement.
		

		
			10.2Book Debt Receivables Account
		

		
			The Book Debt Receivables Account must, unless the Collateral Agent otherwise agrees in writing, be maintained with an Account Bank.
		

		
			10.3Receipts
		

		
			The Grantor shall get in and realise its Book Debt Receivables in the ordinary course of its business and hold the proceeds of the getting in and realisation on trust for the Collateral Agent for the Secured Parties
		

		
			10.4Withdrawals
		

		
			10.4.1The Grantor shall not, without the prior written consent of the Collateral Agent, withdraw any moneys from Book Debt Receivables Account.
		

		
			10.4.2The Collateral Agent (or a Receiver) may withdraw amounts standing to the credit of a Book Debt Receivables Account to meet any Secured Obligation due and payable in accordance with the terms of the Loan Documents when it is due and payable.
		

		
			10.5Notices of Charge
		

		
			10.5.1Upon execution and delivery of this Deed, the Grantor shall immediately deliver to the Account Bank with which the Book Debt Receivables Account is maintained, a notice to the Account Bank, and procure that the Account Bank has signed and delivered to the Collateral Agent, a letter, in each case substantially in the form of Part 4 of Schedule 3 (Form of Notice to Account Bank operating Book Debts Receivables Accounts).
		

		 

		

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			10.5.2Upon receipt of the acknowledgement in Clause  10.5.1 above from the Account Bank, the Collateral Agent will send a letter to that branch substantially in the form of Part 4 of Schedule 3  (Form of Letters for Book Debt Receivables Account).
		

		
			10.5.3The Grantor shall:
		

		
			(a)collect all Book Debt Receivables in the ordinary course of trading as agent for the Collateral Agent;
		

		
			(b)immediately upon receipt pay all monies which it may receive in respect of the Book Debt Receivables into the Book Debt Receivables Account;
		

		
			(c)pending such payment into a Book Debt Receivables Account hold all monies so received upon trust for the Collateral Agent.
		

		
			10.6Legal Assignment
		

		
			The Grantor shall, if called upon to do so by the Collateral Agent, execute and deliver to the Collateral Agent a legal assignment of its then Book Debt Receivables and other debts on such terms as the Collateral Agent may require and give notice thereof to the debtors from whom the same are due owing or incurred and take any other steps as the Collateral Agent may require to perfect such legal assignment.
		

		
			SECTION 11.0 - RELEVANT CONTRACTS/INSURANCES
		

		
			11.1Covenants relating to Relevant Contracts and Insurances
		

		
			The Grantor hereby covenants with the Collateral Agent as collateral agent for the Secured Parties that in relation to the Relevant Contracts and Insurances it will at all times during the continuance of this security comply with the provisions set forth in the following Clauses of this Section.
		

		
			11.2Preservation
		

		
			The Grantor shall not, without the prior written consent of the Collateral Agent:
		

		
			11.2.1amend or waive any term of, or terminate, any Relevant Contract to which it is a party; or
		

		
			11.2.2take any action which might jeopardise the existence or enforceability of any such Relevant Contract.
		

		
			11.3Further Undertakings
		

		
			The Grantor hereby further undertakes with the Collateral Agent that it shall:
		

		
			11.3.1duly and promptly perform its obligations, and diligently pursue its rights, under each Relevant Contract to which it is a party; and
		

		
			11.3.2supply the Collateral Agent and any Receiver with copies of each Relevant Contract and any information and documentation relating to any Relevant Contract requested by the Collateral Agent or any Receiver.
		

		
			11.4Notices of Assignment
		

		
			Upon execution and delivery of this Deed, the Grantor shall immediately serve a notice of assignment:
		

		
			11.4.1in relation to the Insurances, substantially in the form of Part 3 of Schedule 3  (Notice of Assignment of Insurances);
		

		 

		

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			11.4.2in relation to the Relevant Contracts, substantially in the form set out in Part 2 of Schedule 3  (Notice to Contract Party), on each counterparty to a Relevant Contract to which it is a party; and
		

		
			11.4.3use its best endeavours to procure that each such party acknowledges that notice, substantially in the form of Part 3 of Schedule 3  (Letter of Undertaking) or Part 2 of Schedule 3  (Acknowledgement from Contract Party) as the case may be.
		

		
			SECTION 12.0 - INTELLECTUAL PROPERTY
		

		
			12.1Covenants relating to Intellectual Property
		

		
			The Grantor hereby covenants with the Collateral Agent as collateral agent for the Secured Parties that in relation to the Intellectual Property it will at all times during the continuance of this security comply with the provisions set forth in the following Clauses of this Section.
		

		
			12.2Intellectual Property
		

		
			The Grantor shall:
		

		
			12.2.1if it shall become aware of any infringement of its Intellectual Property, at once give the Collateral Agent all information in its possession with regard thereto and at its own cost commence and diligently prosecute and permit the Collateral Agent in the name, and at the cost of the Grantor, to commence and prosecute all proceedings which in the sole opinion of the Collateral Agent are necessary to prevent such infringement or to recover damages in respect thereof;
		

		
			12.2.2not, without prior written consent of the Collateral Agent in relation to its Intellectual Property or any part thereof grant any exclusive registered user agreement or exclusive licence;
		

		
			12.2.3lodge all notices, complete all filings and registrations and do all other acts as may be necessary to ensure that its Intellectual Property is valid and subsisting and remains vested in it and take all such actions and proceedings as are reasonably necessary to protect such Intellectual Property and if any or all such Intellectual Property shall at any time become void to lodge all notices and do all acts as may be necessary to restore such Intellectual Property to it and in particular to pay all fees as may be necessary for all of the above purposes before the same shall become due.
		

		
			SECTION 13.0 - GENERAL PROVISIONS
		

		
			13.1Assignment
		

		
			13.1.1The Grantor may not assign, transfer or delegate any of its rights or obligations under this Deed without the prior written consent of the Collateral Agent.
		

		
			13.1.2The Collateral Agent may assign, transfer or delegate any of its rights or obligations under this Deed without the prior written consent of or notice to the Grantor.
		

		
			13.2Consolidation
		

		
			The statutory restrictions on the consolidation of mortgages shall not apply to this security.
		

		
			13.3Protection of Purchaser
		

		
			Where a conveyance is made in professed exercise of the power of sale applicable hereto the title of the purchaser (the "Purchaser") shall not be impeachable on the grounds that no case has arisen to authorise the sale or that due notice was not given or that the power was otherwise improperly exercised and the Purchaser shall not either before or on conveyance 
		

		 

		

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		be concerned to see or inquire whether a case has arisen to authorise the sale or due notice has been given or the power is otherwise than properly or regularly exercised but this provision shall not prejudice a claim for damages against the person exercising the power or any person damnified by an unauthorised or improper or irregular exercise thereof.
		

		
			13.4No Waivers,  Remedies Cumulative
		

		
			No failure on the part of the Collateral Agent (or any Secured Party) to exercise, nor any delay in exercising any right, remedy, power or privilege under this Deed or any Loan Document will operate as a waiver thereof, nor will any single or partial exercise of any such right, remedy, power or privilege preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges under this Deed are cumulative and not exclusive of any such right, remedy, power or privilege that may otherwise be available to the Collateral Agent or any Secured Party.
		

		
			13.5Set-off
		

		
			In addition to any other right of set-off to which the Collateral Agent (or any Secured Party)  may at any time be entitled (whether by agreement, operation or law or otherwise), the Collateral Agent (or any Secured Party) may at any time after the occurrence and during the continuance of an Event of Default (both before and after any demand hereunder and without notice) set-off any liability of the Grantor to the Collateral Agent (or any Secured Party) (whether actual or contingent and whether or not then due and payable) against any credit balance on any account of the Grantor with the Collateral Agent (or any Secured Party)  and may retain the whole or any part of such credit balance to meet the liability of the Grantor to the Collateral Agent (or any Secured Party).
		

		
			13.6Preferential Claims
		

		
			The Grantor shall procure that all debts and obligations to or in respect of persons employed by the Grantor which by law may have priority over the security hereby created shall be punctually duly paid and discharged.  
		

		
			13.7Power of Attorney    
		

		
			13.7.1The Grantor by way of security irrevocably appoints the Collateral Agent as collateral agent for the Secured Parties (whether or not a Receiver has been appointed) and, also as a separate appointment, or any Receiver or Receivers appointed to be the attorney or attorneys of the Grantor for the Grantor and in the name and on behalf of the Grantor as its act and deed to execute, deliver and perfect all documents and do all things which the attorney may consider to be required or desirable for:
		

		
			(a)carrying out any obligation imposed on the Grantor by this Deed (including the execution and delivery of any deeds, charges, assignments or other security and any transfers of any of the Security Assets); and
		

		
			(b)enabling the Collateral Agent and/or any Receiver to exercise, or delegate the exercise of, any of the rights, powers and authorities conferred on them by or pursuant to this Deed or by law (including the exercise of any right of a legal or beneficial owner of any of the Security Assets).
		

		
			13.7.2The Grantor shall ratify and confirm all things done and all documents executed by any attorney in the exercise or purported exercise of any of his powers.  
		

		
			13.7.3The Power of Attorney referred to in this Deed shall become enforceable following the occurrence of an Event of Default which shall be continuing.
		

		 

		

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			13.8Waiver    
		

		
			A waiver by the Collateral Agent (or any Secured Party)  of any breach of any of the terms provisions or conditions hereof or the acquiescence by the Collateral Agent (or any Secured Party) in any act (whether commission or omission) shall not constitute a general waiver of such term provision or condition or of any subsequent act contrary thereto.
		

		
			13.9Enforcement of Other Rights
		

		
			The Grantor waives any right it may have of first requiring the Collateral Agent (or any Secured Party) to proceed against or enforce any other rights or security the Collateral Agent (or any Secured Party) may have or benefit from before enforcing the security constituted hereby.
		

		
			13.10Appropriations
		

		
			Until all the Secured Obligations have been unconditionally and irrevocably paid and discharged in full, the Collateral Agent as collateral agent for the Secured Parties may:
		

		
			13.10.1refrain from applying or enforcing any other monies, security or rights held or received by it in respect of the Secured Obligations unless and until the amounts recovered by the Collateral Agent from the Grantor are sufficient to discharge in full all of the Secured Obligations PROVIDED THAT it holds any such other monies not applied in accordance with Clause 13.10.2 below or apply and enforce the same in such manner and order as it sees fit (whether against the Secured Obligations or otherwise) and the Grantor shall not be entitled to the benefit of the same; and
		

		
			13.10.2hold in a suspense account any moneys received from the Grantor or on account of the Grantor's liability in respect of the Secured Obligations.  Amounts standing to the credit of any such suspense account shall bear interest at a rate considered by the Collateral Agent (acting reasonably) to be a fair market rate.
		

		
			13.11Authority of the Collateral Agent
		

		
			The Grantor acknowledges that the rights and responsibilities of the Collateral Agent under this Deed with respect to any action taken by the Collateral Agent or the exercise or non-exercise by the Collateral Agent of any option, voting right, request, judgment or other right or remedy provided for herein or resulting or arising out of this Deed shall, as between the Collateral Agent and the other Secured Parties, be governed by the Credit Agreement and by such other agreements with respect thereto as may exist from time to time among them, but, as between the Collateral Agent and the Grantor, the Collateral Agent shall be conclusively presumed to be acting as collateral agent for the Secured Parties with full and valid authority so to act or refrain from acting, and the Grantor shall not be under any obligation or entitlement to make any inquiry respecting such authority.
		

		
			13.12Duty; Obligations and Liabilities
		

		
			The Collateral Agent’s sole duty with respect to the custody, safekeeping and physical preservation of the Security Assets in its possession shall be to deal with them in the same manner as the Collateral Agent deals with similar property for its own account.  The powers conferred on the Collateral Agent hereunder are solely to protect the Collateral Agent’s interest in the Security Assets and shall not impose any duty upon the Collateral Agent to exercise any such powers.  The Collateral Agent shall be accountable only for amounts that it receives as a result of the exercise of such powers, and neither it nor any of its Affiliates shall be responsible to the Grantor for any act or failure to act hereunder, except for their own gross negligence or wilful misconduct as finally determined by a court of competent jurisdiction.  In addition, the Collateral Agent shall not be liable or responsible for any loss or damage to any Security Assets, or for any diminution in the value thereof, by reason of the act or omission of any warehousemen, carrier, forwarding agency, consignee or other bailee if such Person has been selected by the Collateral Agent in good faith.
		

		 

		

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			13.13Obligations and Liabilities with respect to Security Assets
		

		
			No Secured Party and none of their Affiliates thereof shall be liable for failure to demand, collect or realise upon any Security Assets or for any delay in doing so or shall be under any obligation to sell or otherwise dispose of any Security Assets upon the request of the Grantor or any other person or to take any other action whatsoever with regard to any Security Assets.  The powers conferred on the Collateral Agent hereunder shall not impose any duty upon any Secured Party to exercise any such powers.  The Secured Parties shall be accountable only for amounts that they actually receive as a result of the exercise of such powers, and neither they nor any of their respective officers, directors, employees or agents shall be responsible to any Grantor for any act or failure to act hereunder, except for their own gross negligence or wilful misconduct as finally determined by a court of competent jurisdiction.
		

		
			13.14Confirmation of Role of Collateral Agent and Additional Powers
		

		
			The Collateral Agent confirms that it acts as collateral agent for the Secured Parties in respect of the Charged Property, in accordance with the terms and conditions of the Credit Agreement and this Deed, and in performing such role it shall have all of the other powers and rights granted to trustees pursuant to the Trustee Act 1893, as amended.
		

		
			13.15Notices
		

		
			Any notice, demand or other communication required or permitted to be given or made under this Deed shall be sent in the manner provided in Section 9.01 of the Credit Agreement and shall be addressed as follows:
		

		
			 
		

		
			(a)if to the Collateral Agent, to:
		

		
			Address:c/o Tennenbaum Capital Partners, LLC
		

		
			2951 28th Street
		

		
			Suite 1000
		

		
			Santa Monica
		

		
			California, 90405
		

		
			 
		

		
			Attention:Asher Finci
		

		
			Fax No.:(310) 889-4950
		

		
			with a copy to Proskauer Rose LLP at:
		

		
			Address:2049 Century Park East
		

		
			Suite 3200
		

		
			Los Angeles
		

		
			California, 90067
		

		
			 
		

		
			Attention:Steven O. Weisse and Glen K. Lim
		

		
			Fax No.:(310) 557-2193
		

		
			(b)if to the Grantor, to:
		

		
			Address:Arthur Cox Building
		

		
			Earlsfort Centre
		

		
			Earlsfort Terrace
		

		
			Dublin 2
		

		
			Ireland
		

		
			 
		

		
			Attention:David Ryan
		

		
			Fax No.:+353 1 9012199
		

		 

		

			30

		

		

			<22560-v1>

		

 

		
			13.16Non-Competition
		

		
			13.16.1Until all the Secured Obligations have been unconditionally and irrevocably paid and discharged in full the Grantor shall not by virtue of any payment made, security realised or monies received or recovered under the Loan Documents or any security therefor for or on account of the liability of any third party:
		

		
			(a)be subrogated to any rights, security or moneys held, received or receivable by any Secured Party or any trustee or agent on their behalf) or be entitled to any right of contribution or indemnity; or
		

		
			(b)claim, rank, prove or vote as a creditor of any other Loan Party or its estate in competition with the Collateral Agent (or any trustee or agent on its behalf); or
		

		
			(c)receive, claim or have the benefit of any payment, distribution or security from or on account of any other Loan Party, or exercise any right of set-off as against any other Loan Party.
		

		
			13.16.2The Grantor will hold in trust for and forthwith pay or transfer to the Collateral Agent any payment or distribution or benefit of security received by it contrary to the provision of this Clause 13.16.  If the Grantor exercises any right of set-off contrary to the above, it will forthwith pay an amount equal to the amount set off to the Collateral Agent.  
		

		
			13.17Counterparts
		

		
			This Deed may be executed in any number of counterparts and by the parties to this Deed on separate counterparts, each of which, when executed and delivered, shall constitute an original, but all the counterparts shall together constitute but one and the same instrument.
		

		
			13.18Governing Law and Jurisdiction
		

		
			13.18.1This Deed shall be governed by and construed in accordance with the laws of Ireland.
		

		
			13.18.2The Grantor hereby agrees for the exclusive benefit of the Collateral Agent that any legal action or proceeding (the "Proceedings") brought against it with respect to this Deed may be brought in the High Court in Ireland or such other competent Court of Ireland as the Collateral Agent may elect and the Grantor waives any objection to the Proceedings being taken in such courts whether on the grounds of venue or on the ground that the Proceedings have been brought in an inconvenient forum.  The Grantor undertakes to enter an unconditional appearance within 14 days after the completion of any service or process of any Proceedings.  The Grantor hereby consents to the service by post of any process issued in that jurisdiction.  Nothing herein shall affect the Collateral Agent's right to serve process in any other manner permitted by law.
		

		
			13.18.3Nothing in this Clause shall limit the right of the Collateral Agent to take Proceedings to any other court or competent jurisdiction nor shall the taking of Proceedings in any or more jurisdictions preclude the taking of Proceedings in any other jurisdiction (whether concurrently or not).
		

		
			IN WITNESS whereof the parties have executed and delivered this Deed on the date first specified above.
		

		 

		

			31

		

		

			<22560-v1>

		

 

		
		

		
			SCHEDULE  1
		

		
			Scheduled Property
		

		
			None at the date of this Deed.
		

		
			 
		

		

		

		 

		

			32

		

		

			<22560-v1>

		

 

		SCHEDULE  2
		

		
			PART 1
		

		
			The Fixtures and Fittings
		

		
			None at the date of this Deed.
		

		
			PART 2
		

		
			The Relevant Contracts
		

		
			None at the date of this Deed
		

		
			PART 3
		

		
			The Licences
		

		
			None at the date of this Deed.
		

		
			PART 4
		

		
			The Shares
		

		
			None at the date of this Deed.
		

		
			PART 5
		

		
			The Intellectual Property
		

		
			None at the date of this Deed.
		

		
			PART 6
		

		
			The Security Accounts
		

		
			None at the date of this Deed. 
		

		
			PART 7
		

		
			The Book Debt Receivable Account
		

		
			None at the date of this Deed. 
		

		
			PART  8
		

		
			The Insurances
		

		
			None at the date of this Deed. 
		

		

		

		 

		

			33

		

		

			<22560-v1>

		

 

		SCHEDULE 3
		

		
			PART 1
		

		
			Form of Letters for Security Account
		

		
			PART A
		

		
			Notice to Account Bank
		

		
			 
		

		
			[On the letterhead of the Grantor]
		

		
			 
		

		
			To:[Account Bank]
		

		
			 
		

		
			 
		

		
			[Date]
		

		
			 
		

		
			 
		

		
			Dear Sirs
		

		
			Security Deed dated [                      ] 2014 (the "Security Deed") between (1) Rightside Domains Europe Limited and (2) Obsidian Agency Services, Inc. (acting as collateral agent for the Secured Parties) (the “Collateral Agent”)
		

		
			1.This letter constitutes notice to you that pursuant to the Security Deed we have charged (by way of a first fixed charge) in favour of the Collateral Agent, for its benefit and the benefit of the other Secured Parties, all our right, title and interest in respect of any monies standing to the credit of the accounts maintained by us with you, more particular details of which are set out in the Schedule to this Notice (the "Accounts").
		

		
			2.We irrevocably instruct and authorise you to:
		

		
			2.1disclose to the Collateral Agent any information relating to any Account requested from you by the Collateral Agent;
		

		
			2.2comply with the terms of any written notice or instruction relating to any Account received by you from the Collateral Agent;
		

		
			2.3hold all sums standing to the credit of any Account to the order of the Collateral Agent; and
		

		
			2.4pay or release any sum standing to the credit of any Account in accordance with the written instructions of the Collateral Agent.
		

		
			3.We are not permitted to withdraw any amount from any Account without the prior written consent of the Collateral Agent.
		

		
			4.We acknowledge that you may comply with the instructions in this letter without any further permission from us.
		

		
			5.We enclose a copy of the Security Deed.
		

		
			6.The instructions in this letter may not be revoked or amended without the prior written consent of the Collateral Agent.
		

		
			7.This letter is governed by Irish law.
		

		 

		

			34

		

		

			<22560-v1>

		

 

		
			8.Please confirm your agreement to the above by sending the attached acknowledgement to the Collateral Agent at [                   ] with a copy to ourselves.
		

		
			 
		

		
			Yours faithfully
		

		
			 
		

		
			 
		

		
			 
		

		
			....................................
		

		
			(Authorised signatory)
		

		
			Rightside Domains Europe Limited
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			Schedule
		

		
			 
		

		
			The Security Accounts
		

		
			 
		

		
			 
		

		
			[Details]
		

		

		

		 

		

			35

		

		

			<22560-v1>

		

 

		PART B
		

		
			Acknowledgement of Security Account Bank
		

		
			 
		

		
			[On the letterhead of the Account Bank]
		

		
			 
		

		
			To:Obsidian Agency Services, Inc. (acting as collateral agent for the Secured Parties) 
		

		
			 
		

		
			 
		

		
			Copy:[Grantor]
		

		
			[Date]
		

		
			 
		

		
			 
		

		
			Dear Sirs
		

		
			Security Deed dated [                      ] 2014 (the "Security Deed") between (1) Rightside Domains Europe Limited and (2) Obsidian Agency Services, Inc. (acting as collateral agent for the Secured Parties) (the “Collateral Agent”)
		

		
			We confirm receipt from Rightside Domains Europe Limited (the "Grantor") of a notice (the "Notice") dated [                      ] 2014 with respect to a charge under the terms of the Security Deed over all the right, title and interest of the Grantor to any amount standing to the credit of any of the Grantor's accounts with us (the "Accounts").
		

		
			We confirm that we:
		

		
			1.accept the instructions contained in the notice and agree to comply with the Notice;
		

		
			2.have not received notice of the interest of any third party in any Account;
		

		
			3.have neither claimed nor exercised, nor will claim or exercise, any security interest, set-off, counterclaim or other right in respect of any Account; and
		

		
			4.will not permit any amount to be withdrawn from any Account without your prior written consent.
		

		
			The Accounts maintained with us are:
		

		
			[Specify accounts and account numbers]
		

		
			This letter is governed by Irish law.
		

		
			 
		

		
			Yours faithfully
		

		
			 
		

		
			 
		

		
			 
		

		
			.......................................
		

		
			(Authorised signatory)
		

		
			[Account Bank]
		

		

		

		 

		

			36

		

		

			<22560-v1>

		

 

		PART 2
		

		
			Forms of Letter for Contracts
		

		
			PART A
		

		
			Notice to Counterparty
		

		
			 
		

		
			To:[Contract party]
		

		
			 
		

		
			[Date]
		

		
			 
		

		
			 
		

		
			Dear Sirs
		

		
			Security Deed dated [                      ] 2014 (the "Security Deed") between (1) Rightside Domains Europe Limited and (2) Obsidian Agency Services, Inc. (acting as collateral agent for the Secured Parties) (the “Collateral Agent”)
		

		
			1.This letter constitutes notice to you that under the Security Deed we have assigned by way of security to the Collateral Agent all our right, title and interest in and to [insert details of Contracts or add a schedule of Contracts] (the "Contracts").
		

		
			2.We confirm that:
		

		
			2.1we will remain liable under the Contracts to perform all the obligations assumed by us under the Contracts; and
		

		
			2.2none of the Collateral Agent, its agents, any receiver or any other person will at any time be under any obligation or liability to you under or in respect of the Contracts.
		

		
			3.We will also remain entitled to exercise all our rights, powers and discretions under the Contracts, and you should continue to give notices under the Contracts to us, unless and until you receive notice from the Collateral Agent to the contrary stating that the security has become enforceable.  In this event, all the rights, powers and discretions will be exercisable by, and notices must be given to, the Collateral Agent or as it directs.
		

		
			4.Please note that we have agreed that we will not amend or waive any provision of or terminate the Contracts without the prior consent of the Collateral Agent.
		

		
			5.This letter is governed by Irish law.
		

		
			Please acknowledge receipt of this letter by sending the attached acknowledgement to the Collateral Agent at [                      ].
		

		
			 
		

		
			Yours faithfully
		

		
			 
		

		
			 
		

		
			 
		

		
			..............................
		

		
			(Authorised signatory)
		

		
			Rightside Domains Europe Limited
		

		

		

		 

		

			37

		

		

			<22560-v1>

		

 

		PART B
		

		
			Acknowledgement of Counterparty
		

		
			 
		

		
			To:Silicon Valley Bank
		

		
			 
		

		
			 
		

		
			Copy:Rightside Domains Europe Limited
		

		
			 
		

		
			[Date]
		

		
			 
		

		
			 
		

		
			Dear Sirs
		

		
			We confirm receipt from Rightside Domains Europe Limited (the "Grantor") of a notice dated [                      ] (the "Notice") of an assignment on the terms of the Security Deed dated [                      ] 2014 of all the Grantor's right, title and interest in and to [insert details of the Contracts] (the "Contracts").
		

		
			We confirm that we will pay all sums due, and give notices, under the Contracts as directed in the Notice.
		

		
			This letter is governed by Irish law.
		

		
			 
		

		
			Yours faithfully
		

		
			 
		

		
			 
		

		
			 
		

		
			...................................
		

		
			(Authorised signatory)
		

		
			[Counterparty]
		

		

		

		 

		

			38

		

		

			<22560-v1>

		

 

		PART 3
		

		
			PART A
		

		
			Notice of Assignment of Insurances
		

		
			 
		

		
			(for attachment by way of endorsement to the Insurance Policies)
		

		
			 
		

		
			 
		

		
			To:[Insurer]
		

		
			 
		

		
			[Date]
		

		
			 
		

		
			We,  Rightside Domains Europe Limited hereby give notice that by a Security  Deed dated [               ], between (1) Rightside Domains Europe Limited and (2) Obsidian Agency Services, Inc. (acting as collateral agent for the Secured Parties) (the “Collateral Agent”), we have assigned to the Collateral Agent the policies of insurance more particular details of which are set out in the Schedule to this Notice (the "Policies") and all our interest (including the benefit of all money owing or to become owing to us in respect of the Policies together with all interest thereon).
		

		
			We hereby irrevocably authorise and instruct you to issue a letter of undertaking, in the form attached, to the Collateral Agent and to act on the instructions of the Collateral Agent in the manner provided in that letter without any further reference to or authorisation from us.
		

		
			This letter shall be governed by Irish law.
		

		
			 
		

		
			Yours faithfully
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			..............................
		

		
			(Authorised signatory)
		

		
			Rightside Domains Europe Limited
		

		
			 
		

		

		

		 

		

			39

		

		

			<22560-v1>

		

 

		
		

		
			SCHEDULE
		

		
			Policies
		

		

		

		 

		

			40

		

		

			<22560-v1>

		

 

		PART B
		

		
			Letter of Undertaking
		

		
			 
		

		
			To:Obsidian Agency Services, Inc. (acting as collateral agent for the Secured Parties) (the “Collateral Agent”)
		

		
			 
		

		
			 
		

		
			 
		

		
			[Date]
		

		
			Dear Sirs,
		

		
			Letter of Undertaking
		

		
			In accordance with an assignment of the insurance policies referred to in the Schedule to this letter (the "Policies") made by Rightside Domains Europe Limited (the "Grantor") we undertake:
		

		
			1.to note your interest as loss payee on the Policies; 
		

		
			2.to disclose to you without any reference to or further authority from the Grantor such information relating to the Policies as you may at any time request; 
		

		
			3.not to release any of the Policies on request by the Grantor without your prior written consent; 
		

		
			4.following written notification from you of the occurrence of an Event of Default which is outstanding, to pay all claims payable under the policies of Insurance to you unless you otherwise agree in writing and save as obliged by law. 
		

		
			This letter shall be governed by Irish law.
		

		
			 
		

		
			Yours faithfully, 
		

		
			 
		

		
			 
		

		
			..............................
for and on behalf of
		

		
			[Insurer]
		

		
			 
		

		
			 
		

		
			 
		

		

		

		 

		

			41

		

		

			<22560-v1>

		

 

		
		

		
			SCHEDULE
		

		
			Policies
		

		

		

		 

		

			42

		

		

			<22560-v1>

		

 

		PART 4
		

		
			Form of notice to and acknowledgement from bank operating Book Debt Receivables Account
		

		
			 
		

		
			To:[insert name and address of Account Bank]
		

		
			 
		

		
			Dear Sirs,
		

		
			 
		

			
					
						Re:

					
					
						Account Holder: Rightside Domains Europe Limited (the "Grantor")

				
	
					
						Account No: (the "Book Debt Receivables Account")

				
	
					
						Account Branch: [insert branch address]

				

		
			 
		

		
			1.We give notice that, by a Security Deed dated 2014 (the "Security Deed") between (1) the Grantor and (2) Obsidian Agency Services, Inc. (acting as collateral agent for the Secured Parties)   (the "Collateral Agent"), the Grantor has charged to the Collateral Agent all its present and future right, title and interest in and to:
		

		
			1.1[the Book Debt Receivables, the Book Debt Receivables Account, all monies from time to time standing to the credit of the Book Debt Receivables Account and all additions to or renewals or replacements thereof (in whatever currency); and 
		

		
			1.2all monies standing to the credit of any other accounts from time to time maintained with you by the Grantor,]
		

		
			(together the "Charged Accounts") and to all interest from time to time accrued or accruing on the Charged Accounts and all rights to repayment of any of the foregoing by you.
		

		
			2.We advise you that, under the terms of the Security  Deed, we are not entitled to withdraw any monies from the Book Debt Receivables Accounts without first having obtained the prior written consent of the Collateral Agent.
		

		
			3.We irrevocably authorise and instruct you from time to time: 
		

		
			3.1unless the Collateral Agent so authorises you, not to permit withdrawals from the Security Accounts; 
		

		
			3.2to hold all monies from time to time standing to the credit of the Charged Accounts to the order of the Collateral Agent;  
		

		
			3.3to pay all or any part of the monies standing to the credit of the Charged Accounts to the Collateral Agent (or as it may direct) promptly following receipt of written instructions from the Collateral Agent to that effect; and 
		

		
			3.4to disclose to the Collateral Agent such information relating to the Grantor and the Charged Accounts as the Collateral Agent may from time to time request you to provide.
		

		
			3.5[to pay all monies received by you for our account to (and only to) [specify account].]
		

		
			4.We agree that you are not bound to enquire whether the right of the Collateral Agent to withdraw any monies from any Charged Account has arisen or be concerned with the propriety or regularity of the exercise of that right or to be concerned with notice to the contrary or be 
		

		 

		

			43

		

		

			<22560-v1>

		

 

		concerned with or responsible for the application of any monies received by the Collateral Agent.
		

		
			5.The provisions of this notice may only be revoked or amended with the prior written consent of the Collateral Agent.  
		

		
			6.Please confirm by completing the enclosed copy of this notice and returning it to the Collateral Agent (with a copy to the Grantor) that:
		

		
			6.1you agree to act in accordance with the provisions of this notice;
		

		
			6.2you have not, at the date this notice is returned to the Collateral Agent, received notice of any assignment or charge of or claim to the monies standing to the credit of any of the Charged Accounts or the grant of any security or other interest over those monies in favour of any third party and you will notify the Collateral Agent promptly if you should do so in the future; and
		

		
			6.3you do not now and will not in the future exercise any right to combine accounts or any rights of set-off or lien or any similar rights in relation to the monies standing to the credit of the Charged Accounts. 
		

		
			7.This notice (and any acknowledgement) shall be governed by and construed in accordance with the laws of Ireland.
		

		
			 
		

		
			Yours faithfully,
		

		
			 
		

		
			 
		

		
			______________________________ 
		

		
			for and on behalf of
		

		
			Rightside Domains Europe Limited
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			Countersigned by
		

		
			 
		

		
			 
		

		
			______________________________ 
		

		
			for and on behalf of
		

		
			[                      ]
		

		
			 
		

		

		

		 

		

			44

		

		

			<22560-v1>

		

 

		[On Copy]
		

		
			 
		

		
			To:Obsidian Agency Services, Inc. (acting as collateral agent for the Secured Parties)
		

		
			[                      ]
		

		
			 
		

		
			 
		

		
			Copy to:  Rightside Domains Europe Limited
		

		
			 
		

		
			We acknowledge receipt of the above notice. We confirm and agree:
		

		
			(a)that the matters referred to in it do not conflict with the terms which apply to any Charged Account; and 
		

		
			(b)the matters set out in paragraphs 1 to 3 in the above notice.
		

		
			 
		

		
			 
		

		
			 
		

		
			_________________________ 
		

		
			for and on behalf of
		

		
			[Account Bank]
		

		
			 
		

		
			 
		

		
			Dated: [                      ]
		

		
			 
		

		
			 
		

		

		

		 

		

			45

		

		

			<22560-v1>

		

 

		
		

		
			EXECUTION PAGE
		

		
			Grantor 
		

		
			 
		

			
					
						GIVEN under the COMMON SEAL of

					
						RIGHTSIDE DOMAINS EUROPE LIMITED 

					
						and delivered as a deed:

					
						 

					
					
						 

					
					
						/s/ David Ryan

				
	
					
						 

					
					
						 

					
					
						Director

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Jacqui McGowan Smyth

				
	
					
						 

					
					
						 

					
					
						Director/Secretary

					
						For and on behalf of

					
						BRADWELL LIMITED

				

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			Collateral Agent
		

		
			 
		

			
					
						collateral agent for the Secured Parties:

					
						 

					
						 

				
	
					
						SIGNED AND DELIVERED as a deed by

					
						OBSIDIAN AGENCY SERVICES, INC. as collateral agent for the Secured Parties:

					
						 

				
	
					
						 

				
	
					
						By:/s/ Howard Levkowitz

				
	
					
						 

				
	
					
						Name:Howard Levkowitz

				
	
					
						 

				
	
					
						Title:President 

				

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		 

		

			46

		

		

			<22560-v1>name_Exh_10_17

		

			 

		

		
			Exhibit 10.17
		

		
			Dated this 6th day of August 2014
		

		
			 
		

		
			BETWEEN
		

		
			 
		

		
			DMIH LIMITED
		

		
			 
		

		
			(as Chargor)
		

		
			 
		

		
			AND
		

		
			 
		

		
			OBSIDIAN AGENCY SERVICES, INC.
		

		
			 
		

		
			(as Chargee) 
		

		
			 
		

		
			 
		

		
			SECOND PRIORITY CHARGE OVER SHARES IN 
		

		
			 
		

		
			UNITED TLD HOLDCO LTD.
		

		
			 
		

		
			 
		

		
			 
		

		
			Conyers Dill & Pearman (Cayman) Limited
		

		
			Attorneys at Law
		

		
			Cayman Islands
		

		
			 
		

		
			NOTE:  This document will be subject to stamp duty in the Cayman Islands if executed in or brought into the Cayman Islands
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

		TABLE OF CONTENTS
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						1

					
					
						    

					
					
						INTERPRETATION

					
					
						    

					
4 
					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						2

					
					
						 

					
					
						FIRST PRIORITY CHARGE

					
					
						 

					
6 
					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						3

					
					
						 

					
					
						CHARGOR’S REPRESENTATIONS AND WARRANTIES

					
					
						 

					
6 
					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						4

					
					
						 

					
					
						CHARGOR’S COVENANTS

					
					
						 

					
8 
					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						6

					
					
						 

					
					
						DEALINGS WITH CHARGED PROPERTY

					
					
						 

					
12 
					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						7

					
					
						 

					
					
						PRESERVATION OF SECURITY

					
					
						 

					
13 
					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						8

					
					
						 

					
					
						ENFORCEMENT OF SECURITY

					
					
						 

					
15 
					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						9

					
					
						 

					
					
						RECEIVER

					
					
						 

					
16 
					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						10

					
					
						 

					
					
						FURTHER ASSURANCES

					
					
						 

					
18 
					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						11

					
					
						 

					
					
						INDEMNITIES

					
					
						 

					
19 
					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						12

					
					
						 

					
					
						POWER OF ATTORNEY

					
					
						 

					
20 
					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						13

					
					
						 

					
					
						EXPENSES

					
					
						 

					
21 
					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						14

					
					
						 

					
					
						NOTICES

					
					
						 

					
22 
					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						15

					
					
						 

					
					
						ASSIGNMENTS

					
					
						 

					
23 
					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						16

					
					
						 

					
					
						RELEASE

					
					
						 

					
23 
					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						17.

					
					
						 

					
					
						CURRENCY

					
					
						 

					
24 
					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						18.

					
					
						 

					
					
						MISCELLANEOUS

					
					
						 

					
24 
					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						19

					
					
						 

					
					
						LAW AND JURISDICTION

					
					
						 

					
26 
					
					
						 

				

		
			 
		

		

		

		 

		

			2

		

 

		

			 

		

		THIS SECOND PRIORITY CHARGE OVER SHARES is made on the 6th day of August 2014
		

		
			 
		

		
			BETWEEN:
		

		
			 
		

			
	
			
				 (1)
			

			
	
			
			DMIH Limited a limited liability company incorporated under the laws of Ireland and having its registered office address at Arthur Cox Building, Earlsfort Centre, Earlsfort Terrace, Dublin 2, Co. Dublin, Ireland (the “Chargor”); and

		
			 
		

		
			AND:
		

		
			 
		

			
	
			
				 (2)
			

			
	
			
			Obsidian Agency Services, Inc.,  having its principal office address at 2951 28th Street, Suite 1000, Santa Monica, California 90405, United States of America, as collateral agent under the Credit Agreement (as defined below) (the “Chargee”). 

		
			 
		

		
			WHEREAS:
		

		
			 
		

			
	
			
				 (A)
			

			
	
			
			By a credit agreement (the “Credit Agreement”) dated as of August 6, 2014 among Rightside Group, Ltd. (the “U.S. Borrower”),  United TLD Holdco Ltd., an exempted company incorporated with limited liability under the laws of the Cayman Islands and a wholly owned subsidiary of the Chargor (the “Cayman Borrower”, and together with the U.S. Borrower, the “Borrowers”), the lenders party thereto (the “Lenders”) and the Chargee as administrative agent and collateral agent, the Chargee has agreed to extend certain term loans to the Borrowers, upon the terms and conditions specified in the Credit Agreement;

		
			 
		

			
	
			
				 (B)
			

			
	
			
			Pursuant to the Credit Agreement and, as security for the Cayman Obligations (as defined below), the Chargor has agreed to grant the second priority Security Interests created by this Charge which, notwithstanding anything to the contrary herein, will automatically convert into a first priority Security Interest upon the discharge of the First Priority Charge (defined below);

		
			 
		

			
	
			
				 (C)
			

			
	
			
			It is also noted that the Chargor is a party to certain credit facility arrangements granted by Silicon Valley Bank as Revolving Loan Lender (as defined in the Credit Agreement)  pursuant to the terms of the Revolving Loan Documents (as defined in the Credit Agreement);

		
			 
		

			
	
			
				 (D)
			

			
	
			
			As security for the Chargor’s obligation to the Revolving Loan Lender under the Revolving Loan Documents, the Chargor has granted a first priority charge over shares (the “First Priority Charge”) dated 1 August 2014 over the Charged Property in favour of the Revolving Loan Lender; and

		
			 
		

		 

		

			3

		

 

		

			 

		

			
	
			
				 (E)
			

			
	
			
			It is noted further that Chargee and the Revolving Loan Lender have entered into the Intercreditor Agreement (as defined in the Credit Agreement) to regulate the relationship between, inter alia, the First Priority Charge and this Charge. 

		
			 
		

		
			NOW THIS CHARGE WITNESSES as follows:
		

		
			 
		

			
	
			
				 1
			

			
	
			
			INTERPRETATION

		
			 
		

			
	
			
				 1.1
			

			
	
			
			In this Charge, unless the context otherwise requires, the following words and expressions shall have the following meanings:

		
			 
		

			
					
						“Business Day”

					
					
						 

					
					
						has the meaning attributed to such term in the Credit Agreement;

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						“Cayman Obligations”

					
						 

					
						“Charge”

					
					
						    

					
					
						has the meaning attributed to such term in the Credit Agreement;

					
						 

					
						means this charge over shares;

					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						“Charged Property”

					
					
						 

					
					
						means all of the issued shares of the Company and all other shares in the Company from time to time legally or beneficially owned by the Chargor during the Security Period (together the “Charged Shares”) and all dividends or other distributions, interest and other moneys paid or payable after the date hereof in connection therewith and all interests in and all rights accruing at any time to or in respect of all or any of the Charged Shares and all and any other property that may at any time be received or receivable by or otherwise distributed to the Chargor in respect of or in substitution for, or in addition to, or in exchange for, or on account of, any of the foregoing, including, without limitation, any shares or other securities resulting from the sub-division, consolidation, change, conversion or reclassification of any of the Charged Shares, or the reorganisation, merger or amalgamation of the Company with any other body corporate, or the occurrence of any event which results in the substitution or exchange of the Charged Shares;

				
	
					
						 

					
					
						 

					
					
						 

				

		 

		

			4

		

 

		

			 

		

			
					
						“Company”

					
					
						 

					
					
						means United TLD Holdco Ltd., an exempted company incorporated with limited liability under the laws of the Cayman Islands (company registration number 266441), whose registered office address is at the offices of Maples Corporate Services Limited, Ugland House, South Church Street, George Town, PO Box 309, Grand Cayman KY1-1104, Cayman Islands;  

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						“Event of Default”

					
					
						 

					
					
						has the meaning attributed to such term in the Credit Agreement;

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						“Parties”

					
					
						 

					
					
						means the parties to this Charge collectively; “Party” means any one of them;

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						“Secured Parties”

					
					
						 

					
					
						has the meaning attributed to such term in the Credit Agreement;

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						“Security Interest”

					
					
						 

					
					
						means any charge, mortgage, pledge, lien, security interest or other encumbrance, howsoever created or arising; and

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						“Security Period”

					
					
						 

					
					
						means the period commencing on the date of execution of this Charge and terminating upon discharge of the security created by this Charge by the release of this Charge by the Chargee in accordance with Clause 16.

				

		
			 
		

			
	
			
				 1.2
			

			
	
			
			In this Charge unless the context otherwise requires:

		
			 
		

			
	
			
				 (a)
			

			
	
			
			references to statutory provisions shall be construed as references to those provisions as amended or re-enacted or as their application is modified by other provisions from time to time and shall include references to any provisions of which they are re-enactments (whether with or without modification);

		
			 
		

			
	
			
				 (b)
			

			
	
			
			references to clauses and schedules are references to clauses hereof and schedules hereto; references to sub-clauses or clauses are, unless otherwise stated, references to sub-clauses of the clauses hereof or clauses of the schedule in which the reference appears;

		
			 
		

			
	
			
				 (c)
			

			
	
			
			references to the singular shall include the plural and vice versa and references to the masculine shall include the feminine and/or neuter and vice versa;

		
			 
		

		 

		

			5

		

 

		

			 

		

			
	
			
				 (d)
			

			
	
			
			references to persons shall include companies, partnerships, associations and bodies of persons, whether incorporated or unincorporated;

		
			 
		

			
	
			
				 (e)
			

			
	
			
			references to assets include property, rights and assets of every description;

		
			 
		

			
	
			
				 (f)
			

			
	
			
			references to any document are to be construed as references to such document as amended or supplemented from time to time including, without limitation any increase in the amount or change to the repayment period or other terms of the facilities provided under any Loan Document;

		
			 
		

			
	
			
				 (g)
			

			
	
			
			an Event of Default is “continuing” if it has not been waived or cured pursuant to and in accordance with the provisions of the Credit Agreement; and

		
			 
		

			
	
			
				 (h)
			

			
	
			
			capitalized terms used in this Charge but not otherwise defined shall bear the respective meanings given to them in the Credit Agreement.

		
			 
		

			
	
			
				 2
			

			
	
			
			FIRST PRIORITY CHARGE

		
			 
		

			
	
			
				 2.1
			

			
	
			
			Notwithstanding any other provision of this Charge, the rights of the Chargee hereunder shall in all respects be subject to and deferred in point of priority to the Security Interests and all other rights granted in favour of the Revolving Loan Lender pursuant to the First Priority Charge and the terms of the Intercreditor Agreement and the Chargee shall have no rights to take any enforcement action under this Charge (including, without limitation, pursuant to Clauses 8 (Enforcement), 9 (Receiver) and 12 (Power of Attorney) until the First Priority Charge is discharged and released or, otherwise, in accordance with the Intercreditor Agreement.  

		
			 
		

			
	
			
				 3
			

			
	
			
			CHARGOR’S REPRESENTATIONS AND WARRANTIES

		
			 
		

			
	
			
				 3.1
			

			
	
			
			The Chargor hereby represents and warrants to the Chargee that:

		
			 
		

			
	
			
				 (a)
			

			
	
			
			the authorised share capital of the Company is US$50,000 divided into 50,000 shares with a par value of US$1.00 each;

		
			 
		

			
	
			
				 (b)
			

			
	
			
			the issued share capital of the Company is US$1,000 divided into 1,000 shares with a par value of US$1.00 each;

		
			 
		

			
	
			
				 (c)
			

			
	
			
			all presently outstanding shares of the Company are duly authorized and validly issued, fully paid and non-assessable, and in each case such shares have been issued 
		

		 

		

			6

		

 

		

			 

		

			in full compliance with the requirements of all applicable securities laws and regulations and the constitutional documents of the Company;

		
			 
		

			
	
			
				 (d)
			

			
	
			
			there are no outstanding options, warrants, rights (including conversion or pre-emptive rights and rights of first refusal) or other third party rights of any kind, proxy or shareholders agreement or agreements of any kind for the purchase or acquisition of the Company or any of its securities;

		
			 
		

			
	
			
				 (e)
			

			
	
			
			the Chargor is a company duly organised, validly existing and in good standing under the laws of Ireland;

		
			 
		

			
	
			
				 (f)
			

			
	
			
			the Chargor is the legal and beneficial owner of all of the Charged Property free from any Security Interest (other than those created by this Charge and the First Priority Charge) and any options or rights of pre-emption;

		
			 
		

			
	
			
				 (g)
			

			
	
			
			the Chargor has full power and authority (i) to be the legal and beneficial owner of the Charged Property, (ii) to execute and deliver this Charge and (iii) to comply with the provisions of, and perform all its obligations under, this Charge;

		
			 
		

			
	
			
				 (h)
			

			
	
			
			this Charge constitutes the Chargor’s legal, valid and binding obligations enforceable against the Chargor in accordance with its terms except as such enforcement may be limited by any relevant bankruptcy, insolvency, administration or similar laws affecting creditors’ rights generally;

		
			 
		

			
	
			
				 (i)
			

			
	
			
			the entry into and performance of this Charge by the Chargor and enforcement hereof by the Chargee will not (i) contravene the terms of any agreement to which the Chargor is bound or to which the Charged Property is subject or the memorandum and articles of association of the Company; (ii) does not violate any law or regulation of any governmental or official authority; and (ii) is not contrary to any agreement, contract or other undertaking to which the Chargor is a party or which is binding upon the Chargor or any of its assets;

		
			 
		

			
	
			
				 (j)
			

			
	
			
			all consents, licences, approvals and authorisations required in connection with the entry into, performance, validity and enforceability of this Charge have been obtained and are in full force and effect;

		
			 
		

			
	
			
				 (k)
			

			
	
			
			there is no litigation pending or, to the knowledge of the Chargor, threatened in writing (whether or not the defence thereof or liabilities in respect thereof are covered by insurance) against or significantly affecting the Chargor, the Company or its shares;

		

		

		 

		

			7

		

 

		

			 

		

		 
		

			
	
			
				 (l)
			

			
	
			
			the Chargor is solvent, no steps have been taken or are being taken to appoint a receiver or manager to take over its assets or a liquidator to wind it up; and

		
			 
		

			
	
			
				 (m)
			

			
	
			
			the foregoing representations and warranties are true and accurate as at the date hereof and will be true and correct throughout the continuance of this Charge with reference to the facts and circumstances subsisting from time to time.

		
			 
		

			
	
			
				 4
			

			
	
			
			CHARGOR’S COVENANTS

		
			 
		

			
	
			
				 4.1
			

			
	
			
			The Chargor hereby covenants with the Chargee to pay all amounts, interest, expenses, claims, liabilities, losses, costs, duties, fees, charges or other moneys constituting the Cayman Obligations at the times and in the manner specified in the Credit Agreement and/or any other relevant Loan Document. 

		
			 
		

			
	
			
				 4.2
			

			
	
			
			The Chargor hereby covenants that:

		
			 
		

			
	
			
				 (a)
			

			
	
			
			subject to the First Priority Charge and the terms of the Intercreditor Agreement, it will on the date hereof deliver to the Chargee:

		
			 
		

			
	
			
				 (i)
			

			
	
			
			the original share certificate(s), if any, and any other documents of title in relation to the Charged Shares;

		
			 
		

			
	
			
				 (ii)
			

			
	
			
			a blank, signed and undated transfer in respect of the Charged Shares in the form set out in Schedule 1;

		
			 
		

			
	
			
				 (iii)
			

			
	
			
			an executed and undated letter of resignation and related letter of authorisation from each director and each officer, if any, of the Company in the form set out in Schedule 2;

		
			 
		

			
	
			
				 (iv)
			

			
	
			
			an irrevocable shareholder proxy signed by the Chargor in favour of the Chargee for its benefit and the benefit of the other Secured Parties in the form set out in Schedule 3;

		
			 
		

			
	
			
				 (v)
			

			
	
			
			an undertaking signed by a director of the Company in the form set out in Schedule 4;  

		
			 
		

			
	
			
				 (vi)
			

			
	
			
			a notice of charge over shares addressed by the Chargor to the Company in the form set out in Schedule 5 and acknowledged by the Company; and

		
			 
		

		 

		

			8

		

 

		

			 

		

			
	
			
				 (vii)
			

			
	
			
			a certified copy of the special resolution of the Company dated 31 July 2014 amending the restrictions on the transfer of shares in the articles of association of the Company in a  form acceptable to the Chargee.

		
			 
		

			
	
			
				 4.3
			

			
	
			
			The Chargor hereby covenants that,  subject to the First Priority Charge and the terms of the Intercreditor Agreement, it will forthwith:

		
			 
		

			
	
			
				 (a)
			

			
	
			
			deliver to the Chargee:

		
			 
		

			
	
			
				 (i)
			

			
	
			
			all original share certificates, if any, and other documents of title relating to any shares in the Company acquired by the Chargor after the date of this Charge forthwith upon such acquisition;

		
			 
		

			
	
			
				 (ii)
			

			
	
			
			blank, signed and undated transfer in respect of any shares in the Company acquired by the Chargor after the date of this Charge forthwith upon such acquisition; and

		
			 
		

			
	
			
				 (iii)
			

			
	
			
			an executed and undated letter of resignation and related letter of authority for the Chargee to date the same from each newly appointed director and officer of the Company forthwith upon such appointment;

		
			 
		

			
	
			
				 (b)
			

			
	
			
			on demand of the Chargee and at the expense of the Chargor, execute and deliver to the Chargee or to such person or persons as the Chargee may nominate such additional charge or charges of the Charged Property (or any part thereof) for the purpose of further securing discharge of all Cayman Obligations, each such additional charge to be in such form as the Chargee may reasonably require; and

		
			 
		

			
	
			
				 (c)
			

			
	
			
			on request of the Chargee,  provide to the Chargee promptly on receipt by the Chargor a copy of all notices, written consents, reports, accounts, circulars and other communications issued by the Company or by any third party in respect of the Charged Shares.

		
			 
		

			
	
			
				 4.4
			

			
	
			
			The Chargor covenants that it shall not, and shall ensure that the Company will not, without the prior consent in writing of the Chargee:

		
			 
		

			
	
			
				 (a)
			

			
	
			
			save pursuant to an enforcement of the First Priority Charge, permit any person other than the Chargor, the Chargee, the other Secured Parties or any transferee nominated by the Chargee on enforcement of this Charge to be the registered holder of any of the Charged Shares;

		
			 
		

		 

		

			9

		

 

		

			 

		

			
	
			
				 (b)
			

			
	
			
			assign, lease, license or grant any interest in the Charged Shares or agree to surrender or dispose of them (save as in accordance with this Charge, the First Priority Charge or the Credit Agreement);

		
			 
		

			
	
			
				 (c)
			

			
	
			
			permit any variation of the rights attaching to the Charged Shares, in a way which materially prejudices the value of the Charged Shares or otherwise jeopardises the security constituted by this Charge;

		
			 
		

			
	
			
				 (d)
			

			
	
			
			take or permit any action which might result in an increase or reduction in the authorised or issued share capital of the Company, in a way which materially prejudices the value of the Charged Shares or otherwise jeopardises the security constituted by this Charge;

		
			 
		

			
	
			
				 (e)
			

			
	
			
			exercise any voting or other rights in a way which may materially prejudice the value of the Charged Shares or otherwise materially jeopardise the security constituted by this Charge over them;

		
			 
		

			
	
			
				 (f)
			

			
	
			
			effect or permit the Company to be continued to another jurisdiction outside of the Cayman Islands;

		
			 
		

			
	
			
				 (g)
			

			
	
			
			effect or permit any scheme of arrangement, merger, consolidation, amalgamation or other reorganisation applicable to the Company; 

		
			 
		

			
	
			
				 (h)
			

			
	
			
			take any action or cause any action to be taken that shall submit the Company to any proceeding under any applicable law involving bankruptcy, insolvency, reorganization or other laws affecting the rights of creditors generally; or

		
			 
		

			
	
			
				 (i)
			

			
	
			
			save in accordance with clauses  4.2(a)(vii) and 10.2, permit any amendment to the memorandum or articles of association of the Company, in a way which materially prejudices the value of the Charged Shares or otherwise jeopardises the security constituted by this Charge.

		
			 
		

			
	
			
				 4.5
			

			
	
			
			The Chargor hereby covenants that during the Security Period it will remain the legal and the beneficial owner of the Charged Property (subject only to the Security Interests hereby created and pursuant to the First Priority Charge, and except as permitted under the Credit Agreement) and that it will not without the prior consent in writing of the Chargee:

		
			 
		

			
	
			
				 (a)
			

			
	
			
			create or suffer the creation of any Security Interest (other than that created by this Charge and the First Priority Charge) on or in respect of the whole of any part of the Charged Property or any of its interest therein; 

		

		

		 

		

			10

		

 

		

			 

		

		 
		

			
	
			
				 (b)
			

			
	
			
			sell, assign, transfer or otherwise dispose of any of its interest in the Charged Property; or

		
			 
		

			
	
			
				 (c)
			

			
	
			
			permit the register of members of the Company to be maintained outside of the Cayman Islands.

		
			 
		

			
	
			
				 4.6
			

			
	
			
			The Chargor hereby further covenants that during the Security Period it shall procure that the Company shall not, without the prior consent in writing of the Chargee and except as permitted under the Credit Agreement:

		
			 
		

			
	
			
				 (a)
			

			
	
			
			create or permit to subsist any Security Interest upon the whole or any of its assets, except pursuant to the First Priority Charge;

		
			 
		

			
	
			
				 (b)
			

			
	
			
			register any transfer of the Charged Shares to any person (except to the Chargee or its nominees pursuant to the provisions of this Charge); except pursuant to the First Priority Charge;

		
			 
		

			
	
			
				 (c)
			

			
	
			
			issue any replacement share certificates in respect of any of the Charged Shares;

		
			 
		

			
	
			
				 (d)
			

			
	
			
			continue its existence under the laws of any jurisdiction other than the Cayman Islands;

		
			 
		

			
	
			
				 (e)
			

			
	
			
			do anything which might prejudice its status as an exempted company;

		
			 
		

			
	
			
				 (f)
			

			
	
			
			issue, allot or grant warrants or options with respect to any additional shares;

		
			 
		

			
	
			
				 (g)
			

			
	
			
			exercise any rights of forfeiture over any of the Charged Shares; or

		
			 
		

			
	
			
				 (h)
			

			
	
			
			purchase, redeem, otherwise acquire, cancel, sub-divide, amalgamate, merge, reclassify or otherwise restructure any of the Charged Property.

		
			 
		

			
	
			
				 5
			

			
	
			
			SECURITY

		
			 
		

			
	
			
				 5.1
			

			
	
			
			In consideration of the Lenders making the Facility available to the Company and as a continuing security for the due and prompt payment, performance and discharge of the Cayman Obligations, the Chargor as legal and beneficial owner hereby:

		
			 
		

			
	
			
				 (a)
			

			
	
			
			charges in favour of the Chargee for its benefit and the benefit of the other Secured Parties by way of a second priority fixed charge the Charged Shares; 

		 

		

			11

		

 

		

			 

		

		
			 
		

			
	
			
				 (b)
			

			
	
			
			charges in favor of the Chargee for its benefit and the benefit of the other Secured Parties by way of second priority fixed charge all benefits present and future, actual and contingent accruing in respect of the Charged Property and all the Chargor’s right, title and interest to and in the Charged Property (to the extent not effectively charged under Sub-Clause (a)); and

		
			 
		

			
	
			
				 (c)
			

			
	
			
			assigns, and agrees to assign, absolutely by way of second priority security in favour of the Chargee for its benefit and the benefit of the other Secured Parties all its rights, present and future, actual and contingent, relating to any of the Charged Property (to the extent not effectively charged under Sub-Clause (a)).

		
			 
		

			
	
			
				 5.2
			

			
	
			
			The Chargor shall remain liable to perform all the obligations assumed by it in relation to the Charged Property and the Chargee shall be under no obligation of any kind whatsoever in respect thereof or be under any liability whatsoever in the event of any failure by the Chargor to perform its obligations in respect thereof.

		
			 
		

			
	
			
				 5.3
			

			
	
			
			If the Chargee at any time receives or is deemed to have received notice of any subsequent Security Interest affecting all or part of the Charged Property or any assignment of transfer of the Charged Property which is prohibited by the terms of this Charge, all payments thereafter by or on behalf of the Chargor to the Chargeee  shall be treated as having been credited to a new account of the Chargor and not as having been applied in reduction of the Cayman Obligations as at the time when the Chargee receives such notice.

		
			 
		

			
	
			
				 6
			

			
	
			
			DEALINGS WITH CHARGED PROPERTY

		
			 
		

			
	
			
				 6.1
			

			
	
			
			Unless and until an Event of Default has occurred and is continuing and the Lender shall have given written notice to the Chargor of the Lender’s intention to exercise its rights pursuant to Clause 8.1:

		
			 
		

			
	
			
				 (a)
			

			
	
			
			the Chargor shall be entitled to exercise all voting and/or consensual powers pertaining to the Charged Property or any part thereof for all purposes not inconsistent with the terms of this Charge and/or any other Loan Document;

		
			 
		

			
	
			
				 (b)
			

			
	
			
			the Chargor shall be entitled to receive and retain any dividends, interest or other moneys or assets accruing on or in respect of the Charged Property or any part thereof; and

		
			 
		

			
	
			
				 (a)
			

			
	
			
			the Chargor shall be entitled to receive all notices pertaining to the Charged Shares.

		
			 
		

		 

		

			12

		

 

		

			 

		

			
	
			
				 6.2
			

			
	
			
			The Chargor shall pay all calls, instalments or other payments, and shall discharge all other obligations, which may become due in respect of any of the Charged Property and upon the occurrence of an Event of Default which is continuing, the Chargee may if it thinks fit make such payments or discharge such obligations on behalf of the Chargor.  Any sums so paid by the Chargee in respect thereof shall be repayable on demand and pending such repayment shall constitute part of the Cayman Obligations.

		
			 
		

			
	
			
				 7
			

			
	
			
			PRESERVATION OF SECURITY

		
			 
		

			
	
			
				 7.1
			

			
	
			
			It is hereby agreed and declared that:

		
			 
		

			
	
			
				 (a)
			

			
	
			
			the Security Interest created by this Charge shall be held by the Chargee as a continuing security for the payment and discharge of the Cayman Obligations and the security so created shall not be satisfied by any intermediate payment or satisfaction of any part of the Cayman Obligations;

		
			 
		

			
	
			
				 (b)
			

			
	
			
			the Security Interest so created shall be in addition to and shall not in any way be prejudiced or affected by any Security Interest created pursuant to any other Loan Document;

		
			 
		

			
	
			
				 (c)
			

			
	
			
			the Chargee shall not be bound to enforce any other security before enforcing the security created by this Charge;

		
			 
		

			
	
			
				 (d)
			

			
	
			
			no delay or omission on the part of the Chargee in exercising any right, power or remedy under this Charge shall impair such right, power or remedy or be construed as a waiver thereof nor shall any single or partial exercise of any such right, power or remedy preclude any further exercise thereof or the exercise of any other right, power or remedy.  The rights, powers and remedies herein provided are cumulative and not exclusive of any rights, powers and remedies provided by law and may be exercised from time to time and as often as the Chargee may deem expedient; and

		
			 
		

			
	
			
				 (e)
			

			
	
			
			any waiver by the Chargee of any terms of this Charge shall only be effective if given in writing and then only for the purpose and upon the terms for which it is given.

		
			 
		

		 

		

			13

		

 

		

			 

		

			
	
			
				 7.2
			

			
	
			
			The rights of the Chargee under this Charge and the security hereby constituted shall not be affected by any act, omission, matter or thing which, but for this provision, might operate to impair, affect or discharge such rights and security, in whole or in part, including without limitation, and whether or not known to or discoverable by the Company, the Chargor, the Chargee or any other person:

		
			 
		

			
	
			
				 (a)
			

			
	
			
			any time or waiver granted to or composition with the Company or any other person; 

		
			 
		

			
	
			
				 (f)
			

			
	
			
			the taking, variation, compromise, renewal or release of or refusal or neglect to perfect or enforce any rights, remedies or securities against the Company or any other person; 

		
			 
		

			
	
			
				 (g)
			

			
	
			
			any legal limitation, disability, incapacity or other circumstances relating to the Company or any other person; 

		
			 
		

			
	
			
				 (h)
			

			
	
			
			any amendment or supplement to any Loan Document or any other document or security; 

		
			 
		

			
	
			
				 (i)
			

			
	
			
			the dissolution, liquidation, merger, consolidation, reconstruction or reorganisation of the Company or any other person; or

		
			 
		

			
	
			
				 (j)
			

			
	
			
			the unenforceability, invalidity or frustration of any obligations of the Company or any other person under any Loan Document or any other document or security.

		
			 
		

			
	
			
				 7.3
			

			
	
			
			Until the Cayman Obligations have been unconditionally and irrevocably satisfied and discharged in full to the satisfaction of the Chargee, the Chargor shall not by virtue of any payment made hereunder on account of the Cayman Obligations or by virtue of any enforcement by the Chargee or any other Secured Party of its rights under, or the security constituted by, this Charge or by virtue of any relationship between or transaction involving, the Chargor and the Company (whether such relationship or transaction shall constitute the Chargor a creditor of the Company, a guarantor of the obligations of the Company or a party subrogated to the rights of others against the Company or otherwise howsoever and whether or not such relationship or transaction shall be related to, or in connection with, the subject matter of this Charge):

		
			 
		

			
	
			
				 (a)
			

			
	
			
			exercise any rights of subrogation in relation to any rights, security or moneys held or received or receivable by the Chargee or any person; 

		
			 
		

		 

		

			14

		

 

		

			 

		

			
	
			
				 (k)
			

			
	
			
			exercise any right of contribution from any co-surety liable in respect of such moneys and liabilities under any other guarantee, security or agreement; 

		
			 
		

			
	
			
				 (l)
			

			
	
			
			exercise any right of set-off or counterclaim against the Company or any such co-surety; 

		
			 
		

			
	
			
				 (m)
			

			
	
			
			receive, claim or have the benefit of any payment, distribution, security or indemnity from the Company or any such co-surety; or

		
			 
		

			
	
			
				 (n)
			

			
	
			
			unless so directed by the Chargee (when the Chargor will prove in accordance with such directions), claim as a creditor of the Company or any such co-surety in competition with the Chargee.

		
			 
		

			
	
			
				 7.4
			

			
	
			
			The Chargor shall hold in trust for the Chargee and forthwith pay or transfer (as appropriate) to the Chargee any such payment (including an amount equal to any such set-off), distribution (other than such dividend or distribution payments described in clause 5.1(b)) or benefit of such security, indemnity or claim in fact received by it.

		
			 
		

			
	
			
				 7.5
			

			
	
			
			Until the Cayman Obligations have been unconditionally and irrevocably satisfied and discharged in full to the satisfaction of the Chargee, the Chargee may at any time keep in a separate account or accounts (without liability to pay interest thereon) in the name of the Chargee for as long as it may think fit, any moneys received, recovered or realised under this Charge or under any other guarantee, security or agreement relating in whole or in part to the Cayman Obligations without being under any immediate obligation to apply the same or any part thereof in or towards the discharge of such amount, provided that the Chargee shall be obliged to apply amounts standing to the credit of such account or accounts once the aggregate amount held by the Chargee in any such account or accounts is sufficient to satisfy the outstanding amount of the Cayman Obligations in full.

		
			 
		

			
	
			
				 8
			

			
	
			
			ENFORCEMENT OF SECURITY

		
			 
		

			
	
			
				 8.1
			

			
	
			
			Subject to the terms of the First Priority Charge and the Intercreditor Agreement, upon the occurrence and during the continuance of an Event of Default, the security hereby constituted shall become immediately enforceable and the Chargee may, at any time, without notice to, or consultation with, or the consent of, the Chargor:

		
			 
		

			
	
			
				 (a)
			

			
	
			
			solely and exclusively exercise all voting and/or consensual powers pertaining to the Charged Property or any part thereof and may exercise such powers in such manner as the Chargee may think fit; and/or

		
			 
		

		 

		

			15

		

 

		

			 

		

			
	
			
				 (o)
			

			
	
			
			remove the then existing directors and officers (with or without cause) by dating and presenting the undated, signed letters of resignation delivered pursuant to this Charge; and/or

		
			 
		

			
	
			
				 (p)
			

			
	
			
			receive and retain all dividends, interest, distributions or other moneys or assets accruing on or in respect of the Charged Property or any part thereof, such dividends, interest, distributions or other moneys or assets to be held by the Chargee, until applied in the manner described in clause 8.4, as additional security charged under and subject to the terms of this Charge and any such dividends, interest, distributions or other moneys or assets received by the Chargor after such time shall be held in trust by the Chargor for the Chargee and paid or transferred to the Chargee on demand; and/or

		
			 
		

			
	
			
				 (q)
			

			
	
			
			sell, transfer, grant options over or otherwise dispose of the Charged Property or any part thereof at such place and in such manner and at such price or prices as the Chargee may deem fit, and thereupon the Chargee shall have the right to deliver, assign and transfer in accordance therewith the Charged Property so sold, transferred, granted options over or otherwise disposed of; and/or

		
			 
		

			
	
			
				 (r)
			

			
	
			
			complete any undated blank share transfer forms of all or any part of the Charged Property by dating the same and/or inserting its name or the name of its nominee as transferee.

		
			 
		

			
	
			
				 8.6
			

			
	
			
			The Chargee shall not be obliged to make any enquiry as to the nature or sufficiency of any payment received by it under this Charge or to make any claim or to take any action to collect any moneys assigned by this Charge or to enforce any rights or benefits assigned to the Chargee by this Charge or to which the Chargee may at any time be entitled hereunder.

		
			 
		

			
	
			
				 8.7
			

			
	
			
			Upon any sale of the Charged Property or any part thereof by the Chargee the purchaser shall not be bound to see or enquire whether the Chargee’s power of sale has become exercisable in the manner provided in this Charge and the sale shall be deemed to be within the power of the Chargee, and the receipt of the Chargee for the purchase money shall effectively discharge the purchaser who shall not be concerned with the manner of application of the proceeds of sale or be in any way answerable therefor.

		
			 
		

			
	
			
				 8.8
			

			
	
			
			All moneys received by the Chargee pursuant to this Charge shall be held by it upon trust and shall be applied in the manner provided for in Section 8.3 of the Credit Agreement.

		
			 
		

			
	
			
				 8.9
			

			
	
			
			Neither the Chargee, the other Secured Parties nor their respective agents, managers, officers, employees, delegates or advisers shall be liable for any claim, demand, liability, 
		

		 

		

			16

		

 

		

			 

		

			loss, damage, cost or expense incurred or arising in connection with the exercise or purported exercise of any rights, powers and discretions hereunder in the absence of fraud or dishonesty and in no event shall the Chargee be liable for any consequential damages. 

		
			 
		

			
	
			
				 8.10
			

			
	
			
			The Chargee shall not by reason of the taking of possession of the whole or any part of the Charged Property or any part thereof be liable to account as mortgagee-in-possession or for anything except actual receipts or be liable for any loss upon realisation or for any default or omission for which a mortgagee-in-possession might be liable.

		
			 
		

			
	
			
				 8.11
			

			
	
			
			The Chargor authorises the Chargee (but the Chargee shall not be obliged to exercise such right) after the occurrence of an Event of Default which is continuing to set-off against the Cayman Obligations any amount or other obligation (contingent or otherwise) owing by the Chargee to the Chargor.

		
			 
		

			
	
			
				 9
			

			
	
			
			RECEIVER

		
			 
		

			
	
			
				 9.1
			

			
	
			
			Subject to the terms of the First Priority Charge and the Intercreditor Agreement, at any time on and from the occurrence of an Event of Default which is continuing, the Chargee may, without notice to the Chargor, appoint one or more persons to be a Receiver (the “Receiver”) in relation to the Charged Property.

		
			 
		

			
	
			
				 9.2
			

			
	
			
			Where the Chargee appoints two or more persons as Receiver, the Receivers may act jointly or independently.

		
			 
		

			
	
			
				 9.3
			

			
	
			
			The Chargee may remove any Receiver it appoints and appoint another person or other persons as Receiver or Receivers, either in the place of the person removed (or who has otherwise ceased to act) or to act jointly with a Receiver or Receivers.

		
			 
		

			
	
			
				 9.4
			

			
	
			
			In addition to all other rights or powers vested in the Chargee hereunder or by statute or otherwise, the Receiver may take such action in relation to the enforcement of this Charge to:

		
			 
		

			
	
			
				 (a)
			

			
	
			
			take possession of, redeem, collect and get in all or any part of the Charged Property;

		
			 
		

			
	
			
				 (s)
			

			
	
			
			raise or borrow money and grant security therefor over all or any part of the Charged Property;

		
			 
		

			
	
			
				 (t)
			

			
	
			
			appoint an attorney or accountant or other professionally qualified person to assist him in the performance of his functions;

		
			 
		

		 

		

			17

		

 

		

			 

		

			
	
			
				 (u)
			

			
	
			
			do all acts and to execute in the name and on behalf of the Chargor any document or deed in respect of all or any part of the Charged Property; 

		
			 
		

			
	
			
				 (v)
			

			
	
			
			in the name of the Chargor or in his own name, bring, prosecute, enforce, defend and abandon applications, claims, disputes, actions, suits and proceedings in connection with all or any part of the Charged Property and to submit to arbitration, negotiate, compromise and settle any such applications, claims, disputes, actions, suits or proceedings;

		
			 
		

			
	
			
				 (w)
			

			
	
			
			sell, call in, collect and convert to money the Charged Property or any of it at such place and in such manner and at such price or prices as he shall think fit;

		
			 
		

			
	
			
				 (x)
			

			
	
			
			exercise any powers, discretion, voting or other rights or entitlements in relation to the Charged Property and generally to carry out any other action which he may in his sole discretion deem appropriate in relation to the enforcement of this Charge;

		
			 
		

			
	
			
				 (y)
			

			
	
			
			make any arrangement or compromise which he shall think expedient; and

		
			 
		

			
	
			
				 (z)
			

			
	
			
			do all such other acts and things as may be considered to be incidental or conducive to any of the matters or powers aforesaid and which the Receiver lawfully may or can do as agent for the Chargor.

		
			 
		

			
	
			
				 9.5
			

			
	
			
			Every Receiver shall, so far as it concerns responsibility for his acts, be deemed to be an agent of the Chargor, which shall be solely responsible for his acts and defaults and for the payment of his remuneration and no Receiver shall at any time act as agent for the Chargee.

		
			 
		

			
	
			
				 9.6
			

			
	
			
			Every Receiver shall be entitled to remuneration for his services at a rate to be fixed by agreement between him and the Chargee (or, failing such agreement, to be fixed by the Chargee) appropriate to the work and responsibilities involved, upon the basis of current industry practice.

		
			 
		

			
	
			
				 9.7
			

			
	
			
			To the fullest extent permissible under law, the Chargee may exercise any right or power that the Receiver may exercise in relation to the enforcement of this Charge.

		
			 
		

			
	
			
				 9.8
			

			
	
			
			The Chargee shall have no liability or responsibility to the Chargor arising out of the exercise or non-exercise of the powers conferred on it by the above Clause.

		
			 
		

			
	
			
				 9.9
			

			
	
			
			The appointment of a Receiver shall not preclude the Chargee from making any subsequent appointment of a Receiver over all or any of the Charged Property over which a Receiver has not previously been appointed or has ceased to act.

		

		

		 

		

			18

		

 

		

			 

		

		 
		

			
	
			
				 10
			

			
	
			
			FURTHER ASSURANCES

		
			 
		

			
	
			
				 10.1
			

			
	
			
			The Chargor shall execute and do all such assurances, acts and things as the Chargee in its absolute discretion may require for:

		
			 
		

			
	
			
				 (a)
			

			
	
			
			perfecting, protecting or ensuring the priority of the Security Interest hereby created (or intended to be created);

		
			 
		

			
	
			
				 (aa)
			

			
	
			
			preserving or protecting any of the rights of the Chargee under this Charge; 

		
			 
		

			
	
			
				 (bb)
			

			
	
			
			ensuring that the security constituted by this Charge and the covenants and obligations of the Chargor under this Charge shall inure to the benefit of any assignee of the Chargee;

		
			 
		

			
	
			
				 (cc)
			

			
	
			
			facilitating the appropriation or realisation of the Charged Property or any part thereof; or

		
			 
		

			
	
			
				 (dd)
			

			
	
			
			exercising any power, authority or discretion vested in the Chargee under this Charge,

		
			 
		

		
			in any such case forthwith upon demand by the Chargee and at the expense of the Chargor.
		

		
			 
		

			
	
			
				 10.10
			

			
	
			
			Without limitation to the generality of clause 10.1, the Chargor covenants with the Chargee that it will on demand of the Chargee use its best efforts to procure any amendment to the memorandum and articles of association of the Company necessary or, in the opinion of the Chargee (acting reasonably) desirable, in order to give effect to the terms of this Charge or any documents or transactions provided for herein.

		
			 
		

			
	
			
				 10.11
			

			
	
			
			The Chargor shall provide such assurances and do all acts and things the Receiver may in his absolute discretion require for the purpose of exercising the powers (or giving effect to the exercise of the powers) conferred on the Receiver hereunder and the Chargor hereby irrevocably appoints the Receiver to be the lawful attorney in fact of the Chargor to do any act or thing and to exercise all the powers of the Chargor for the purpose of exercising the powers (or giving effect to the exercise of the powers) conferred on the Receiver hereunder.

		
			 
		

			
	
			
				 11
			

			
	
			
			INDEMNITIES

		
			 
		

			
	
			
				 11.1
			

			
	
			
			The Chargor will indemnify and save harmless the Chargee,  the other Secured Parties, the Receiver and each agent or attorney appointed under or pursuant to this Charge from and 
		

		 

		

			19

		

 

		

			 

		

			against any and all expenses, claims, liabilities, losses, taxes, costs, duties, fees and charges properly and reasonably suffered, incurred or made by the Chargee,  the other Secured Parties, the Receiver or such agent or attorney:

		
			 
		

			
	
			
				 (a)
			

			
	
			
			in the exercise or purported exercise of any rights, powers or discretions vested in them pursuant to this Charge or by law;

		
			 
		

			
	
			
				 (ee)
			

			
	
			
			in the preservation or enforcement of the Chargee’s or any other Secured Party’s rights under this Charge or the priority thereof; or

		
			 
		

			
	
			
				 (ff)
			

			
	
			
			on the release of any part of the Charged Property from the security created by this Charge,

		
			 
		

		
			and the Chargee,  the other Secured Parties, the Receiver or such agent or attorney may retain and pay all sums in respect of the same out of money received under the powers conferred by this Charge.  All amounts recoverable by the Chargee, the other Secured Parties, the Receiver or such agent or attorney or any of them shall be recoverable on a full indemnity basis.
		

		
			 
		

			
	
			
				 11.12
			

			
	
			
			If, under any applicable law or regulation, and whether pursuant to a judgment being made or registered against the Chargor or the bankruptcy or liquidation of the Chargor or for any other reason any payment under or in connection with this Charge is made or falls to be satisfied in a currency (the “Payment Currency”) other than the currency in which such payment is due under or in connection with this Charge (the “Contractual Currency”), then to the extent that the amount of such payment actually received by the Chargee when converted into the Contractual Currency at the rate of exchange, falls short of the amount due under or in connection with this Charge, the Chargor, as a separate and independent obligation, shall indemnify and hold harmless the Chargee against the amount of such shortfall.  For the purposes of this Clause,  “rate of exchange” means the rate at which the Chargee is able on or about the date of such payment to purchase the Contractual Currency with the Payment Currency and shall take into account any premium and other costs of exchange with respect thereto.

		
			 
		

			
	
			
				 12
			

			
	
			
			POWER OF ATTORNEY

		
			 
		

		 

		

			20

		

 

		

			 

		

			
	
			
				 12.1
			

			
	
			
			Subject to the terms of the First Priority Charge and the Intercreditor Agreement, the Chargor, by way of security and in order more fully to secure the performance of its obligations hereunder,  hereby irrevocably appoints the Chargee, each director and officer of the Chargee and the persons deriving title under it jointly and also severally to be its attorney:

		
			 
		

			
	
			
				 (a)
			

			
	
			
			to execute and complete in favour of the Chargee or its nominees or of any purchaser any documents which the Chargee may from time to time require for perfecting its title to or for vesting any of the assets and property hereby charged or assigned in the Chargee or its nominees or in any purchaser and to give effectual discharges for payments;

		
			 
		

			
	
			
				 (gg)
			

			
	
			
			to take and institute on non‐payment (if the Chargee in its sole discretion so decides) all steps and proceedings in the name of the Chargor or of the Chargee for the recovery of such moneys, property and assets hereby charged and to agree accounts;

		
			 
		

			
	
			
				 (hh)
			

			
	
			
			to act as the Chargor’s corporate representative (and/or to appoint any officer or nominee of the Chargee for such purpose) to represent the Chargor at any general meeting of the members of the Company and to sign any resolution in writing of the members of the Company or to requisition or convene general meetings of the Company or to waive or consent to short notice of such in that capacity;

		
			 
		

			
	
			
				 (ii)
			

			
	
			
			to make allowances and give time or other indulgence to any surety or other person liable; 

		
			 
		

			
	
			
				 (jj)
			

			
	
			
			otherwise generally to act for it and in its name and on its behalf; and

		
			 
		

			
	
			
				 (kk)
			

			
	
			
			to sign, execute, seal and deliver and otherwise perfect and do any such legal assignments and other assurances, charges, authorities and documents over the moneys, property and assets hereby charged, and all such deeds, instruments, acts and things (including, without limitation, those referred to in clause 9) which may be required for the full exercise of all or any of the powers conferred or which may be deemed proper on or in connection with any of the purposes aforesaid,

		
			 
		

		
			provided that, unless and until the occurrence of an Event of Default which is continuing, the Chargee may not exercise any powers pursuant to this appointment.    
		

		
			 
		

			
	
			
				 12.13
			

			
	
			
			The power hereby conferred shall be a general power of attorney and the Chargor hereby ratifies and confirms and agrees to ratify and confirm any instrument, act or thing which any such attorney may execute or do.  In relation to the power referred to herein, the 
		

		 

		

			21

		

 

		

			 

		

			exercise by the Chargee of such power shall be conclusive evidence of its right to exercise the same.

		
			 
		

			
	
			
				 13
			

			
	
			
			EXPENSES

		
			 
		

			
	
			
				 13.1
			

			
	
			
			The Chargor shall pay to the Chargee on demand all reasonable and documented costs, fees and expenses (including, but not limited to, reasonable legal fees and expenses) and taxes thereon incurred by the Chargee or for which the Chargee may become liable in connection with:

		
			 
		

			
	
			
				 (a)
			

			
	
			
			the negotiation, preparation and execution of this Charge;

		
			 
		

			
	
			
				 (ll)
			

			
	
			
			the preserving or enforcing of, or attempting to preserve or enforce, any of its rights under this Charge or the priority hereof;

		
			 
		

			
	
			
				 (mm)
			

			
	
			
			any variation of, or amendment or supplement to, any of the terms of this Charge; and/or

		
			 
		

			
	
			
				 (nn)
			

			
	
			
			any consent or waiver required from the Chargee in relation to this Charge,

		
			 
		

		
			and in any case referred to in sub-clause (c) and (d) regardless of whether the same is actually implemented, completed or granted, as the case may be.
		

		
			 
		

			
	
			
				 13.14
			

			
	
			
			The Chargor shall pay promptly any stamp, documentary and other like duties and taxes to which this Charge may be subject or give rise and shall indemnify the Chargee on demand against any and all liabilities with respect to or resulting from any delay or omission on the part of the Chargor to pay any such duties or taxes.

		
			 
		

		 

		

			22

		

 

		

			 

		

			
	
			
				 14
			

			
	
			
			NOTICES

		
			 
		

		
			14.1Any notice required to be given hereunder shall be in writing in the English language and shall be served by sending the same by prepaid recorded post, facsimile or by delivering the same by hand to the address of the Party or Parties in question as set out below (or such other address as such Party or Parties shall notify the other Parties of in accordance with this Clause). Any notice sent by post as provided in this Clause shall be deemed to have been served five Business Days after despatch and any notice sent by facsimile as provided in this Clause shall be deemed to have been served at the time of despatch and in proving the service of the same it will be sufficient to prove in the case of a letter that such letter was properly stamped, addressed and placed in the post; and in the case of a facsimile that such facsimile was duly despatched to a current facsimile number of the addressee.
		

		
			 
		

			
					
						 

					
					
						 

				
	
					
						Chargor:

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						Name:

					
					
						DMIH Limited

				
	
					
						Address: 

					
					
						c/o Rightside Group, Ltd.

				
	
					
						 

					
					
						5808 Lake Washington Blvd. NE. Suite 300

				
	
					
						 

					
					
						Kirkland, WA 98033

				
	
					
						 

					
					
						United States of America

				
	
					
						 

					
					
						 

				
	
					
						Attention:  

					
					
						Tracy Knox, Chief Financial Officer

				
	
					
						Telephone:

					
					
						(425) 298 2336

				
	
					
						E-mail: 

					
					
						tracy.knox@rightside.co

				
	
					
						 

					
					
						 

				
	
					
						Chargee:

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						Name:  

					
					
						Obsidian Agency Services, Inc.

				
	
					
						Address: 

					
					
						c/o Tennenbaum Capital Partners, LLC, 

				
	
					
						 

					
					
						2951 28th Street, Suite 1000, 

				
	
					
						 

					
					
						Santa Monica, 

				
	
					
						 

					
					
						California 90405, 

				
	
					
						 

					
					
						United States of America.

				
	
					
						 

					
					
						 

				
	
					
						Attention: 

					
					
						Asher Finci 

				
	
					
						Fax No:

					
					
						(310) 889-4950), 

				
	
					
						 

					
					
						 

				
	
					
						with a copy (which shall not constitute notice) to:

				
	
					
						 

					
					
						 

				
	
					
						Address:

					
					
						Proskauer Rose LLP, 

				

		 

		

			23

		

 

		

			 

		

			
					
						 

					
					
						2049 Century Park East, Suite 3200, 

				
	
					
						 

					
					
						Los Angeles, 

				
	
					
						 

					
					
						California 90067, 

				
	
					
						 

					
					
						United States of America. 

				
	
					
						 

					
					
						 

				
	
					
						Attention:  

					
					
						Steven O. Weise and Glen K. Lim

				
	
					
						Fax: 

					
					
						Fax No. (310) 557-2193

				

		
			 
		

			
	
			
				 15
			

			
	
			
			ASSIGNMENTS

		
			 
		

			
	
			
				 15.1
			

			
	
			
			This Charge and all non-contractual obligations arising out of or in connection with it shall be binding upon and shall inure to the benefit of the Chargor and the Chargee and each of their respective successors and (subject as hereinafter provided) assigns and transferees and references in this Charge to any of them shall be construed accordingly.

		
			 
		

			
	
			
				 15.2
			

			
	
			
			The Chargor may not assign or transfer all or any part of its rights and/or obligations under this Charge without the prior written consent of the Chargee.

		
			 
		

			
	
			
				 15.3
			

			
	
			
			The Chargee may assign or transfer all or any part of its rights or obligations under this Charge to any assignee or transferee and shall notify the Chargor promptly following any such assignment or transfer.

		
			 
		

			
	
			
				 16
			

			
	
			
			RELEASE

		
			 
		

			
	
			
				 16.1
			

			
	
			
			Upon the Chargee being satisfied that the Cayman Obligations have been unconditionally and irrevocably paid and discharged in full, and following a written request therefor from the Chargor, the Chargee will, subject to being indemnified to its reasonable satisfaction for the costs and expenses incurred by the Chargee in connection therewith, release the security constituted by this Charge. 

		
			 
		

			
	
			
				 16.2
			

			
	
			
			Any settlement or discharge under this Charge between the Chargee and the Chargor shall be conditional upon no security or payment to the Chargee by the Company or the Chargor or any other person being avoided or set-aside or ordered to be refunded or reduced by virtue of any provision or enactment relating to bankruptcy, insolvency, administration or liquidation for the time being in force and, if such condition is not satisfied, the Chargee shall be entitled to recover from the Chargor on demand the value of such security or the amount of any such payment as if such settlement or discharge had not occurred.

		
			 
		

			
	
			
				 16.3
			

			
	
			
			Any receipt, release or discharge of any Security Interest created by this Charge or of any liability arising under this Charge may be given by the Chargee in accordance with the 
		

		 

		

			24

		

 

		

			 

		

			provisions of this Charge and shall not release or discharge the Chargor from any liability owed to the Chargee for the same or any other monies which may exist independently of this Charge.  Where such receipt, release or discharge relates to only part of the Cayman Obligations such receipt, release or discharge shall not prejudice or affect any other part of the Cayman Obligations or any of the rights and remedies of the Chargee under this Charge or any of the obligations of the Chargor under this Charge.

		
			 
		

			
	
			
				 16.4
			

			
	
			
			The Chargee shall, following the release of the Security Interest and discharge of the obligations of the Chargor under this Charge, provide written confirmation of such release and discharge to the Chargor.

		
			 
		

			
	
			
				 16.5
			

			
	
			
			The security constituted by this Charge shall be continuing and shall not be considered as satisfied or discharged by any intermediate payment or settlement of the whole or any part of the Cayman Obligations or any other matter or thing whatsoever and shall be binding until all the Cayman Obligations have been unconditionally and irrevocably paid and discharged in full in accordance with the terms of this Charge.

		
			 
		

			
	
			
				 16.6
			

			
	
			
			This Charge is in addition to and shall not merge with or otherwise prejudice or affect any banker’s lien, right to combine and consolidate accounts, right of set-off or other contractual or other right or remedy, or any guarantee, lien, pledge, bill, note, charge or other security now or hereafter held by or available to the Chargee.

		
			 
		

			
	
			
				 17
			

			
	
			
			CURRENCY

		
			 
		

			
	
			
				 17.1
			

			
	
			
			For the purpose of, or pending the discharge of, any of the Cayman Obligations, the Chargee may, in its sole discretion, convert any moneys received, recovered, or realised in any currency under this Charge (including the proceeds of any previous conversion under this Clause) from their existing currency or denomination into any other at such rate or rate of exchange and at such time as the Chargee thinks fit. 

		
			 
		

			
	
			
				 17.2
			

			
	
			
			No payment to the Chargee (whether under any judgment of a court or otherwise) shall discharge the Cayman Obligations in respect of which it was made unless and until the Chargee shall have received payment in full in the currency in which such Cayman Obligations were incurred and, to the extent that the amount of any such payment shall on actual conversion into such currency fall short of such Cayman Obligations expressed in that currency, the Chargee shall have a further separate cause of action against the Chargor and shall be entitled to enforce that cause of action and this Charge to recover the amount of the shortfall.  

		
			 
		

		 

		

			25

		

 

		

			 

		

			
	
			
				 18
			

			
	
			
			MISCELLANEOUS

		
			 
		

			
	
			
				 18.1
			

			
	
			
			The Chargee, at any time and from time to time, may delegate by power of attorney or in any other manner to any person or persons all or any of the powers, authorities and discretions which are for the time being exercisable by the Chargee under this Charge in relation to the Charged Property or any part thereof.  Any such delegation may be made upon such terms and be subject to such regulations as the Chargee may think fit.  The Chargee shall not be in any way liable or responsible to the Chargor for any loss or damage arising from any act, default, omission or misconduct on the part of any such delegate provided the Chargee has acted reasonably in selecting such delegate.

		
			 
		

			
	
			
				 18.2
			

			
	
			
			All sums payable by the Chargor under this Charge shall be paid without any set off, counterclaim, withholding or deduction whatsoever unless required by law in which event the Chargor will, simultaneously with making the relevant payment under this Charge, pay to the Chargee such additional amount as will result in the receipt by the Chargee of the full amount which would otherwise have been receivable and will supply the Chargee promptly with evidence satisfactory to the Chargee that the Chargor has accounted to the relevant authority for the sum withheld or deducted.

		
			 
		

			
	
			
				 18.3
			

			
	
			
			No delay or omission on the part of the Chargee in exercising any right or remedy under this Charge shall impair that right or remedy or operate as or be taken to be a waiver of it nor shall any single, partial or defective exercise of any such right or remedy preclude any other or further exercise under this Charge of that or any other right or remedy.

		
			 
		

			
	
			
				 18.4
			

			
	
			
			The Chargee’s rights, powers and remedies under this Charge are cumulative and are not, nor are they to be construed as, exclusive of any rights, powers or remedies provided by law or otherwise and may be exercised from time to time and as often as the Chargee deems expedient.

		
			 
		

			
	
			
				 18.5
			

			
	
			
			If at any time any one or more of the provisions of this Charge 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 of this Charge nor the legality, validity or enforceability of such provision under the law of any other jurisdiction shall be in any way affected or impaired as a result. 

		
			 
		

			
	
			
				 18.6
			

			
	
			
			Any statement, certificate or determination of the Chargee as to the Cayman Obligations or (without limitation) any other matter provided for in this Charge shall, in the absence of manifest error, be conclusive and binding on the Chargor. 

		
			 
		

		 

		

			26

		

 

		

			 

		

			
	
			
				 18.7
			

			
	
			
			The Chargor shall at all times maintain an agent for service of process in the Cayman Islands.  Such agent shall be the Company, with an address of c/o the offices of Maples Corporate Services Limited, Ugland House, South Church Street, PO Box 309, Grand Cayman KY1-1104, Cayman Islands, and any writ, judgment or other notice of legal process shall be sufficiently served on the Chargor if delivered to such agent at its address set out above.  The Chargor undertakes not to revoke any authority of above agent and if, for any reason, such agent no longer serves as agent of the Chargor to receive service of process the Chargor shall promptly appoint another such agent and advise the Chargee of the new agent’s name and address for service.

		
			 
		

			
	
			
				 18.8
			

			
	
			
			The Chargor shall be deemed to be a principal debtor and the sole, original and independent obligor for the Cayman Obligations and the Security Interest created by this Charge shall be deemed to be a principal security for the Cayman Obligations.  The liability of the Chargor under this Charge shall not be discharged, impaired or otherwise affected by any circumstance, act, omission, matter or thing which but for this provision might operate to reduce, release, prejudice or otherwise exonerate the Chargor from its obligations under the Loan Documents in whole or in part, including without limitation and whether or not known to the Chargor, the Chargee or any other person any variation (however fundamental and whether or not involving any increase in the liability of the Chargor or any other obligor thereunder) or replacement of any Loan Documents or any other document or security so that the Chargor’s obligations under this Charge remain in full force and effect and that this Charge shall be construed accordingly as if there were no such circumstance, act, omission, matter or thing.

		
			 
		

			
	
			
				 18.9
			

			
	
			
			This Charge, including its Schedules, contains the whole agreement between the Parties in respect of the subject matter of this Charge.  

		
			 
		

			
	
			
				 18.10
			

			
	
			
			No variations of this Charge shall be effective unless made in writing and signed by each of the Parties.

		
			 
		

			
	
			
				 18.11
			

			
	
			
			The headings in this Charge are inserted for convenience only and shall not affect the construction of this Charge.

		
			 
		

			
	
			
				 18.12
			

			
	
			
			This Charge may be executed in counterparts each of which when executed and delivered shall constitute an original but all such counterparts together shall constitute one and the same instrument.

		
			 
		

			
	
			
				 18.13
			

			
	
			
			If any of the clauses, sub-clauses, conditions, covenants or restrictions of this Charge or any deed or document emanating from it shall be found to be void but would be valid if some part thereof were deleted or modified, then such clause, sub-clause, condition, covenant or 
		

		 

		

			27

		

 

		

			 

		

			restriction shall apply with such deletion or modification as may be necessary to make it valid and effective.

		
			 
		

			
	
			
				 18.14
			

			
	
			
			Sections 8 and 19(3) of the Electronic Transactions Law (2003 Revision) of the Cayman Islands shall not apply to this Charge.       

		
			 
		

			
	
			
				 19
			

			
	
			
			LAW AND JURISDICTION

		
			 
		

			
	
			
				 19.1
			

			
	
			
			This Charge shall be governed by and construed in accordance with the laws of the Cayman Islands and the Parties hereby irrevocably submit to the non-exclusive jurisdiction of the courts of the Cayman Islands, provided that nothing in this Clause shall affect the right of the Chargee to serve process in any manner permitted by law or limit the right of the Chargee to take proceedings with respect to this Charge against the Chargor in any jurisdiction nor shall the taking of proceedings with respect to this Charge in any jurisdiction preclude the Chargee from taking proceedings with respect to this Charge in any other jurisdiction, whether concurrently or not.

		
			 
		

		
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			28

		

 

		

			 

		

		
		

		
			IN WITNESS whereof the Parties have caused this Charge to be duly executed (as a Deed in the case of the Chargor) and delivered the day and year first before written.
		

		
			 
		

		
			 
		

			
					
						EXECUTED as a DEED and DELIVERED

					
					
						)

					
					
						 

				
	
					
						by DMIH Limited, in the presence of:-

					
					
						)

					
					
						/s/ Rick Danis

				

		
			 
		

		
			 
		

			
					
						 

					
					
						 

				
	
					
						Witness  

					
					
						/s/ Elizabeth Lee

				
	
					
						Name   

					
					
						Elizabeth Lee

				

		
			 
		

		
			 
		

			
					
						EXECUTED and DELIVERED

					
					
						)

					
					
						 

				
	
					
						by Obsidian Agency Services, Inc.

					
					
						)

					
					
						 

				
	
					
						 

					
					
						)

					
					
						/s/ Howard Levkowitz

				

		
			 
		

		

		

		 

		

			29

		

 

		

			 

		

		
		

		
			SCHEDULE 1
		

		
			 
		

		
			SHARE TRANSFER FORM
		

		
			 
		

		
			The undersigned, DMIH Limited, (the “Transferor”) for value received, receipt and sufficiency of which is hereby acknowledged, hereby transfers to ______________________________, of ______________________________  (the “Transferee”), the _____ shares standing in its name in the company called United TLD Holdco Ltd. to hold the same unto the Transferee.
		

		
			 
		

		
			 
		

		
			Signed by the Transferor 
		

		
			 
		

		
			acting by:
		

		
			 
		

		
			 
		

		
			_______________________
		

		
			 
		

		
			DMIH Limited 
		

		
			 
		

		
			Dated this _________________
		

		
			 
		

		
			Signed by the Transferee 
		

		
			 
		

		
			acting by:
		

		
			 
		

		
			 
		

		
			_______________________
		

		
			 
		

		
			[Name] 
		

		
			 
		

		
			Dated this ___________
		

		

		

		 

		

			30

		

 

		

			 

		

		SCHEDULE 2
		

		
			 
		

		
			LETTER OF RESIGNATION
		

		
			 
		

		
			To:United TLD Holdco Ltd.
		

		
			 
		

		
			I, [Name of Director], hereby tender my resignation as a Director of United TLD Holdco Ltd. (“the Company”) with effect from the date hereof and confirm that I have no claims against the Company whether for compensation for loss of office, arrears of pay or otherwise.
		

		
			 
		

		
			 
		

		
			____________________
		

		
			 
		

		
			[Name] 
		

		
			 
		

		
			Director
		

		
			 
		

		
			Date:  _______________
		

		
			 
		

		

		

		 

		

			31

		

 

		

			 

		

		
		

		
			AUTHORITY TO DATE LETTER OF RESIGNATION
		

		
			 
		

		
			TO:Obsidian Agency Services, Inc. (the “Chargee”)
		

		
			 
		

		
			You are hereby authorised to complete and date the letter of resignation I have deposited with you today in respect of my directorship of United TLD Holdco Ltd. by dating the same at any time after an Event of Default (as defined in the second priority charge over shares entered into between DMIH Limited and the Chargee dated [              ] 2014 (as the same may be amended from time to time)) has occurred which is continuing.
		

		
			 
		

		
			 
		

		
			____________________
		

		
			 
		

		
			[Name] 
		

		
			 
		

		
			[Director]
		

		
			 
		

		
			Date:______________2014
		

		

		

		 

		

			32

		

 

		

			 

		

		
		

		
			SCHEDULE 3
		

		
			 
		

		
			IRREVOCABLE PROXY
		

		
			 
		

		
			The undersigned,  DMIH Limited (the "Shareholder"), being the legal and beneficial owner of all of the issued shares of United TLD Holdco Ltd., a Cayman Islands exempted company (the "Company"), hereby appoints Obsidian Agency Services, Inc., as Chargee (the "Proxy Holder") the true and lawful attorney, proxy and representative and proxy of the Shareholder for and in the Shareholder's name, place and stead to attend all meetings of the shareholders of the Company and to vote at a meeting any and all shares in the Company at the time standing in the Shareholder's name and to exercise all consensual rights in respect of such shares (including without limitation giving or withholding written consents of shareholders and calling special general meetings of shareholders) upon the occurrence of an Event of Default (having the meaning assigned in the second priority charge over shares and entered into between the Shareholder and the Proxy Holder dated [      ] 2014 (the “Share Charge”)) which is continuing.
		

		
			 
		

		
			The Shareholder hereby affirms that this proxy is given pursuant to the Share Charge.  THIS PROXY IS COUPLED WITH AN INTEREST AND IS IRREVOCABLE.
		

		
			 
		

		
			The Shareholder hereby ratifies and confirms and undertakes to ratify and confirm all that the Proxy Holder may lawfully do or cause to be done by virtue hereof.
		

		
			 
		

		
			If at any time this proxy shall for any reason be ineffective or unenforceable or fail to provide the Chargee with the rights or the control over the Shareholder's shares of the Company purported to be provided herein, the Shareholder shall execute a replacement instrument which provides the Chargee with substantially the same control over the Company as contemplated herein.  This irrevocable proxy shall be governed by the laws of the Cayman Islands and the Shareholder irrevocably submits to the jurisdiction of the courts of the Cayman Islands in relation to the matters contained herein.
		

		
			 
		

		
			Executed and delivered as a deed this ______________2014
		

		
			 
		

		
			_______________
		

		
			Director
		

		
			For and on behalf of 
		

		
			DMIH Limited
		

		
			In the presence of:
		

		
			 
		

		
			Witness  _____________________________
		

		
			Name     _____________________________
		

		

		

		 

		

			33

		

 

		

			 

		

		Address _____________________________
		

		

		

		 

		

			34

		

 

		

			 

		

		
		

		
			SCHEDULE 4
		

		
			 
		

		
			UNDERTAKING
		

		
			 
		

		
			United TLD Holdco Ltd.
		

		
			 
		

		
			(the “Company”)
		

		
			 
		

		
			To:Obsidian Agency Services, Inc. (the “Chargee”)
		

		
			 
		

		
			_________________2014
		

		
			 
		

		
			Charge Over Shares
		

		
			 
		

		
			I confirm that we have been instructed by DMIH Limited (the “Chargor”) to make and have accordingly made an annotation of the existence of the second priority charge over shares entered into between the Chargor and the Chargee (the “Share Charge”) noting the existence of the security interests created in favour of Chargee by the Share Charge in the register of members of the Company in the terms required by the Share Charge, a true copy of which is attached hereto.
		

		
			 
		

		
			The Company hereby irrevocably undertakes and covenants with the Chargee:
		

		
			 
		

			
	
			
				 (i)
			

			
	
			
			following the occurrence of an Event of Default which is continuing, to register all transfers of shares of the Company made pursuant to and in accordance with the terms of the Share Charge submitted to the Company for registration as soon as practical following submission, subject to the terms of the First Priority Charge and the Intercreditor Agreement (each as defined in the Share Charge);

		
			 
		

			
	
			
				 (ii)
			

			
	
			
			not to register any transfer of the issued shares of the Company (other than pursuant to the Share Charge), subject to the terms of the First Priority Charge and the Intercreditor Agreement;

		
			 
		

			
	
			
				 (iii)
			

			
	
			
			not to issue, redeem or repurchase any shares of the Company without the prior written consent of the Chargee, in a way which materially prejudices the value of the Charged Shares or otherwise jeopardises the security constituted by the Share Charge; or

		
			 
		

			
	
			
				 (iv)
			

			
	
			
			not without the Chargee’s prior written consent to change the registered office of the Company or the place at which (or the service provider by which) the register of members of the Company is maintained. 

		
			 
		

		

		

		 

		

			35

		

 

		

			 

		

		Additionally, the Company acknowledges and agrees to its appointment as agent for service of process in the Cayman Islands for the Chargor in accordance with clause 18.7 of the Share Charge.
		

		
			 
		

		
			Executed and delivered as a deed this ___________2014 for and on behalf of the Company
		

		
			 
		

		
			____________________
		

		
			 
		

		
			Director
		

		
			 
		

		
			In the presence of:
		

		
			 
		

		
			Witness  _____________________________
		

		
			Name     _____________________________
		

		
			Address _____________________________
		

		
			 
		

		

		

		 

		

			36

		

 

		

			 

		

		
		

		
			SCHEDULE 5
		

		
			 
		

		
			NOTICE OF CHARGE OVER SHARES
		

		
			 
		

		
			To:United TLD Holdco Ltd. (the “Company”)
		

		
			 
		

		
			________________2014
		

		
			 
		

		
			Charge over Shares
		

		
			 
		

		
			We hereby notify you that pursuant to a second priority charge over shares dated [      ] 2014 between DMIH Limited (the “Chargor”) and Obsidian Agency Services, Inc., as Chargee (the “Chargee”), the Chargor has granted a security interest over all of the shares in the Company registered in its name (the “Share Charge”) and, at any time after the Chargee notifies you that an Event of Default (as defined in the Share Charge) has occurred and is continuing, you (and any service provider of the Company in possession of the register of members of the Company) are hereby authorised and instructed to take such steps to register the Chargee or its nominee as the registered holder of the shares pursuant to the Share Charge without further reference to ourselves.
		

		
			 
		

		
			Yours faithfully,
		

		
			 
		

		
			 
		

		
			_______________
		

		
			 
		

		
			Director
		

		
			For and on behalf of 
		

		
			DMIH Limited
		

		
			In the presence of:
		

		
			 
		

		
			Witness  _____________________________
		

		
			Name     _____________________________
		

		
			Address _____________________________
		

		 

		

			37

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