Document:

Asset Purchase Agreement

 Exhibit 10.28 
 CONFORMED COPY 
 LLP INTEREST PURCHASE AGREEMENT 
 among 
 HSBC BANK PLC

 and 
 GLOBAL
PAYMENTS U.K. LTD. 
 DATED 17 June 2008 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	 ARTICLE 1 INTERPRETATION
	  	1
	 1.1
	  	Definitions	  	1
		
	 ARTICLE 2 SALE AND PURCHASE
	  	2
	 2.1
	  	Sale and Purchase	  	2
	 2.2
	  	Covenants for title	  	2
	 2.3
	  	No sale of part only	  	2
	 2.4
	  	VAT	  	2
		
	 ARTICLE 3 CONSIDERATION FOR THE CONTROLLING INTEREST
	  	2
	 3.1
	  	Consideration	  	2
	 3.2
	  	Payment of Purchase Price	  	3
		
	 ARTICLE 4 COMPLETION
	  	3
	 4.1
	  	Completion Date and Time	  	3
	 4.2
	  	Joint Venture Interest	  	3
	 4.3
	  	Deliveries at Completion	  	3
	 4.4
	  	Disclosure	  	3
	 4.5
	  	Consummation of Completion	  	4
	 4.6
	  	Failure to Complete	  	4
		
	 ARTICLE 5 CERTAIN ADDITIONAL AGREEMENTS OF THE BANK
	  	4
	 5.1
	  	Access to Facilities, Seller and Employees	  	4
	 5.2
	  	Delivery of Financial Statements and Valuation	  	5
	 5.3
	  	Merchant Agreements	  	5
	 5.4
	  	Exhibit 10	  	5
		
	 ARTICLE 6 WARRANTIES OF THE SELLER
	  	5
	 6.1
	  	Organization	  	5
	 6.2
	  	Authority	  	5
	 6.3
	  	Legal Proceedings	  	6
	 6.4
	  	No Violations	  	6
	 6.5
	  	Financial Information	  	7
	 6.6
	  	Ownership of Transferred Assets	  	8
	 6.7
	  	Agreements	  	8
	 6.8
	  	Employees	  	9
	 6.9
	  	Employee Plans	  	10
	 6.10
	  	Umbrella Agreements	  	11

					
	PURCHASE AGREEMENT	  		  	PAGE 2

  

					
	 6.11
	  	Compliance with Laws	  	11
	 6.12
	  	Authorizations	  	11
	 6.13
	  	Material Adverse Effect	  	12
	 6.14
	  	Merchants and Merchant Agreements; Third Party Vendor Agreements	  	12
	 6.15
	  	Independent Sales Organization Agreements and Referral Agreements	  	13
	 6.16
	  	Taxes	  	13
	 6.17
	  	Conduct of Business in Ordinary Course	  	15
	 6.18
	  	Terminals	  	17
	 6.19
	  	Reserve Accounts	  	17
	 6.20
	  	Chargebacks and Credit Losses.	  	17
	 6.21
	  	Joint Venture	  	18
	 6.22
	  	Competition/Anti-Trust	  	19
	 6.23
	  	Data Protection	  	19
	 6.24
	  	Solvency	  	20
	 6.25
	  	Insurances	  	20
	 6.26
	  	Trade	  	20
	 6.27
	  	Confidential Information Warranties	  	21
	 6.28
	  	Information Technology Warranties	  	21
		
	 ARTICLE 7 INDEMNIFICATION OF JOINT VENTURE
	  	22
	 7.1
	  	Deferred Membership Units	  	22
	 7.2
	  	Joint Venture Liabilities	  	22
		
	 ARTICLE 8 WARRANTIES OF THE PURCHASER
	  	23
	 8.1
	  	Organization	  	23
	 8.2
	  	Authority	  	23
	 8.3
	  	No Violations	  	23
	 8.4
	  	Authorizations and Consents	  	24
	 8.5
	  	No Brokers’ or Other Fees	  	24
		
	 ARTICLE 9 PRE-COMPLETION COVENANTS
	  	24
	 9.1
	  	Conduct of Business Prior to Completion	  	24
	 9.2
	  	Access to Books and Records; Investigations; Financial Statements	  	26
	 9.3
	  	Actions to Satisfy Completion Conditions	  	27
	 9.4
	  	Filings and Authorizations	  	27
	 9.5
	  	Notice of Untrue Warranty	  	28

					
	PURCHASE AGREEMENT	  		  	PAGE 3

  

					
	 9.6
	  	Exclusive Dealing	  	28
	 9.7
	  	Contacts with Employees, Merchants, Customers, Suppliers and Licensors	  	28
	 9.8
	  	No Brokers’ or Other Fees	  	29
	 9.9
	  	Employees	  	29
	 9.10
	  	VAT De-Grouping	  	29
		
	 ARTICLE 10 CONDITIONS TO COMPLETION
	  	31
	 10.1
	  	Conditions for the Benefit of the Purchaser	  	31
	 10.2
	  	Conditions for the Benefit of the Seller	  	31
	 10.3
	  	Conditions for the Benefit of All Parties	  	32
		
	 ARTICLE 11 TERMINATION
	  	32
	 11.1
	  	Termination	  	32
	 11.2
	  	Procedure and Effect of Termination; Extension of Interim Period	  	33
	 11.3
	  	Exclusivity	  	34
	 11.4
	  	Liquidated Damages	  	34
	 11.5
	  	Other Remedies	  	35
		
	 ARTICLE 12 LIMITATIONS
	  	35
	 12.1
	  	Application of this Article	  	35
	 12.2
	  	Taxation	  	35
	 12.3
	  	Financial Liability	  	35
	 12.4
	  	Time Limits	  	36
	 12.5
	  	Rights to information	  	37
	 12.6
	  	Purchaser's knowledge	  	37
	 12.7
	  	General limitations	  	37
	 12.8
	  	Right to Remedy	  	38
	 12.9
	  	Subsequent recovery from third party	  	38
	 12.10
	  	Claims against third party	  	38
	 12.11
	  	Claims by third parties	  	39
	 12.12
	  	Duty to mitigate	  	40
	 12.13
	  	No double recovery	  	40
	 12.14
	  	Operative Documents	  	40
	 12.15
	  	No reliance on statements	  	40
	 12.16
	  	Reduction in Consideration	  	41
	 12.17
	  	Waiver of Claims Against Employees	  	41

					
	PURCHASE AGREEMENT	  		  	PAGE 4

  

					
	 ARTICLE 13 POST-COMPLETION COVENANTS
	  	41
	 13.1
	  	Further Assurances	  	41
	 13.2
	  	Matters relating to Applicable Sales Taxes and VAT	  	41
		
	 ARTICLE 14 MISCELLANEOUS
	  	42
	 14.1
	  	Expenses	  	42
	 14.2
	  	Notices	  	42
	 14.3
	  	Third Party Beneficiaries	  	43
	 14.4
	  	Successors and Assigns	  	43
	 14.5
	  	Amendments and Waivers	  	44
	 14.6
	  	Severability of Provisions	  	44
	 14.7
	  	Counterparts	  	45
	 14.8
	  	Joint Announcement; Confidentiality	  	45
	 14.9
	  	Entire Agreement	  	46
	 14.10
	  	Survival	  	46
	 14.11
	  	Gross-Up	  	46
	 14.12
	  	Further Assurances	  	47
	 14.13
	  	Governing Law and Arbitration	  	47

 Schedules 
  

			
	Schedule 1.1	  	Definitions
	Schedule 4.3	  	Deliveries by the Seller and the Purchaser at Completion
	Schedule 6.1(b)	  	Business conducted outside of the United Kingdom
	Schedule 6.3	  	Legal Proceedings
	Schedule 6.4(a)	  	Exceptions relating to violations of Agreements, Laws, etc. relating to the Seller
	Schedule 6.4(b)	  	Third Party Vendor Agreements requiring consent
	Schedule 6.5(a)	  	Financial Statements
	Schedule 6.5(a)(ii)	  	Chargeback credit losses
	Schedule 6.7 (a), (c), (d) and (f)	  	Exceptions relating to Agreements
	Schedules 6.8(a) (i) to (iv), (vi) , (viii),(ix) (xi) and (b)	  	Exceptions relating to Employees

					
	PURCHASE AGREEMENT	  		  	PAGE 5

  

			
	Schedules 6.9(a),	  	
	(b)+(d)	  	Exceptions relating to Employee Plans
	Schedule 6.10	  	Umbrella ~ Agreements
	Schedule 6.11(a) and (b)	  	Exceptions relating to Compliance with Laws
	Schedule 6.12(a)	  	Exceptions relating to Authorizations for the Seller
	Schedule 6.12(c)	  	Exceptions relating to Authorizations for the Joint Venture
	Schedule 6.13	  	Material Adverse Effect
	Schedule 6.14(a)	  	Merchant list
	Schedule 6.14(c)	  	Merchant Agreement Form (current version)
	Schedule 6.14(d)	  	Merchant Agreements not covering Interchange Fees
	Schedule 6.14(e)	  	Third Party Vendor Agreements
	Schedule 6.14(f)	  	Software Licences
	Schedule 6.14(g)	  	Exceptions to Merchant PCI compliance
	Schedule 6.15	  	Independent Sales Organization Agreements and Referral Agreements
	Schedule 6.17 (b),	  	
	(c), (f) to (h) and (m)	  	Exceptions relating to Conduct of Business in Ordinary Course
	Schedules 6.18(a)-(b)	  	Terminals
	Schedule 6.19	  	Reserve Accounts
	Schedule 6.21(c)	  	Exceptions relating to violations of Agreements, Laws, etc. for the Joint Venture
	Schedule 6.22	  	Competition/Anti-Trust
	Schedule 6.23(b) to (c)	  	Data Protection
	Schedule 6.25(a)	  	Insurances
	Schedule 6.26(a)	  	Trading Statement
	Schedule 6.26(b)	  	Business Dealing in restricted countries
	Schedule 6.28 (a), (e)	  	Information Technology
	Schedule 9.1(b)	  	Exceptions relating to Conduct of Business
		  	prior to Completion

					
	PURCHASE AGREEMENT	  		  	PAGE 6

  

 Exhibits 
  

			
	 Exhibit 1
	  	Marketing Alliance Agreement
	 Exhibit 2
	  	Partnership Agreement
	 Exhibit 3
	  	HSBC Trademark License Agreement
	 Exhibit 4
	  	Transition Agreement
	 Exhibit 5
	  	Processing Agreement
	 Exhibit 6
	  	Hive Down Agreement
	 Exhibit 7
	  	GPN Trade Mark Licence Agreement
	 Exhibit 8
	  	GPN Parent Guarantee
	 Exhibit 9
	  	Variation Agreement
	 Exhibit 10
	  	Identified Merchant Agreements

 LLP INTEREST PURCHASE AGREEMENT 
 THIS LLP INTEREST PURCHASE AGREEMENT (this “Agreement”) is made the 17th day of June 2008 by and among: 
  

	(1)	HSBC Bank plc, a company organized under the Laws of England with registration number 14259 and whose registered office address is 8 Canada Square, London E14 5HQ (the
“Bank” or the “Seller”); and 

  

	(2)	Global Payments U.K. LTD., a limited company formed under the Laws of England and Wales with registration number 6588689 and whose registered office address is De Montfort
House, 51 De Montfort Street Leicester, LE1 7BB (the “Purchaser”). 

 WHEREAS: 
  

	(A)	The Bank is carrying on the Merchant Acquiring Business. 

  

	(B)	The Bank intends to carry out the Restructuring whereby the Merchant Acquiring Business and the Transferred Assets will be transferred to the Joint Venture, which will operate such
Merchant Acquiring Business and hold such Transferred Assets after the Restructuring with the cooperation of the Bank and its Affiliates as set out in the Operative Documents. 

  

	(C)	All of the interests in the Joint Venture will be legally and beneficially owned by the Bank and its nominees immediately prior to Completion. 

  

	(D)	The Seller has agreed to sell 51% of its Membership Units in the Joint Venture to the Purchaser and the Purchaser has agreed to purchase such Membership Units upon and subject to
the terms and conditions of this Agreement. 

 NOW, THEREFORE, the Seller and the Purchaser agree, on and subject to the terms and
conditions herein set forth, as follows: 
 ARTICLE 1 
 INTERPRETATION 
  

	1.1	Definitions. 

 For the purposes of this
Agreement, capitalised terms used in this Agreement but not otherwise defined herein shall have the meanings ascribed to them in Schedule 1.1 and the provisions of part 2 of Schedule 1.1 shall apply as if they appeared in this
Section 1.1. Other terms which are defined in this Agreement shall bear the meaning assigned to them where used elsewhere in this Agreement. 

					
	PURCHASE AGREEMENT	  		  	PAGE 2

  

 ARTICLE 2 
 SALE AND PURCHASE 
  

	2.1	Sale and Purchase. 

 On the terms and subject to the
conditions set forth in this Agreement, at Completion the Seller shall sell and the Purchaser shall purchase free of all Encumbrances and together with all rights attaching thereto the entire legal and beneficial interest in such number of
Membership Units as is equal to 51% of all Membership Units in the Joint Venture (“Controlling Interest”). 
  

	2.2	Covenants for title. 

 Upon Completion the
Seller shall be deemed to have given to the Purchaser the same covenants in relation to the sale of the Controlling Interest as are implied by Part I of the Law of Property (Miscellaneous Provisions) Act 1994 where a disposition is expressed to be
made with full title guarantee except that s.6(2) of such act shall be excluded and s.3(1) of such act shall apply as if the words “other than” to the end of the sub-section were deleted therefrom. 
  

	2.3	No sale of part only. 

 Neither the Seller
nor the Purchaser shall be obliged to complete the sale and purchase of any of the Membership Units unless the sale and purchase of all of the Controlling Interest is completed simultaneously. 
  

	2.4	VAT. 

 For the avoidance of doubt, no
additional sums in respect of any VAT which is chargeable under the provisions of the VATA at the date of this Agreement shall be payable, pursuant to this Agreement, on the Sale of the Controlling Interest to the Purchaser pursuant to this
Agreement. 
 ARTICLE 3 
 CONSIDERATION FOR THE CONTROLLING INTEREST 
  

	3.1	Consideration. 

 The consideration for the
sale of the Controlling Interest shall be: 
  

	 	(a)	the entry into by the Purchaser of this Agreement; and 

  

	 	(b)	the payment by the Purchaser to the Seller the sum of US$438,600,000 (the “Purchase Price”). 

					
	PURCHASE AGREEMENT	  		  	PAGE 3

  

	3.2	Payment of Purchase Price. 

 At Completion
and subject to the terms and conditions set forth in this Agreement, the Purchaser shall make payment of the Purchase Price by wire transfer in immediately available funds in U.S. Dollars to the Seller’s Account. 
 ARTICLE 4 
 COMPLETION

  

	4.1	Completion Date and Time. 

 The completion of
the sale and purchase of the Controlling Interest (the “Completion”) shall take place within three Business Days following satisfaction of all of the conditions to Completion set forth in Section 10.1(a) and 10.3(a) or at such
other later date and time as the Parties may agree (the “Completion Date”), provided that on such date all other conditions set out in Article 10 are satisfied. Completion shall take place at such location as the Parties agree, and
shall be effective as of the Effective Time. 
  

	4.2	Joint Venture Interest. 

 The Controlling
Interest shall pass on Completion whereupon: 
  

	 	(a)	the parties agree that, and the Seller shall procure that, the Purchaser shall be admitted as a member of the Joint Venture on the terms of the Initial Partnership Agreement; and

  

	 	(b)	the Seller shall cease to have any rights or entitlement in relation to the Controlling Interest. 

  

	4.3	Deliveries at Completion. 

 At Completion,
the Seller and the Purchaser shall make the deliveries set forth on Schedule 4.3. 
  

	4.4	Disclosure. 

  

	 	(a)	Subject to Section 4.4(c) below, no liability shall attach to the Seller in respect of a claim for breach of any of the Seller Warranties if and to the extent that the matter
or circumstance giving rise to the claim was fairly disclosed in its Disclosure Schedules with sufficient details to identify the nature and scope of the matter disclosed. 

  

	 	(b)	No liability shall attach to the Purchaser in respect of a claim for breach of any of the Purchaser Warranties if and to the extent that the matter or circumstance giving rise to
the claim was fairly disclosed in its Disclosure Schedules with sufficient details to identify the nature and scope of the matter disclosed. 

  

	 	(c)	Notwithstanding any other provision of this Agreement, the Seller shall be liable for any breach of Section 6.16(a) on an indemnity basis and the liability of the Seller for
breach of Section 6.16(a) shall not be limited by disclosure. 

					
	PURCHASE AGREEMENT	  		  	PAGE 4

  

	 	(d)	The disclosure of any matter or document shall not imply any representation, warranty or undertaking not expressly given in this Agreement, nor shall such disclosure be taken as
extending the scope of any of the Warranties. 

  

	 	(e)	If there is any inconsistency between the Disclosure Schedules and the contents of any document attached to the Disclosure Schedules, the contents of such document shall prevail.

  

	 	(f)	The Disclosure Schedules shall be deemed to include all information expressly contained in the Agreement and the Operative Documents. 

  

	4.5	Consummation of Completion. 

 The Seller and
the Purchaser agree to use their reasonable endeavours to consummate the Completion on the terms and subject to the conditions set forth in this Agreement including executing and procuring its Affiliates (as applicable) to execute the Joint Venture
Agreements (other than this Agreement) substantially in the form exhibited in this Agreement (to the extent not executed prior to this Agreement). 
  

	4.6	Failure to Complete. 

 If in any respect the
provisions of Section 4.3 are not complied with on the date for Completion set by Section 4.1 the Party not in default may: 
  

	 	(a)	defer Completion to a date not more than 60 days after the date set by Section 4.1 (and so that the provisions of this Section 4.6 apart from this Section 4.6
(a) shall apply to Completion as so deferred); or 

  

	 	(b)	proceed to Completion so far as practicable (without prejudice to its rights hereunder); or 

  

	 	(c)	terminate this Agreement and all other Operative Documents (to which it or its Affiliates is a party) without, save as provided by Article 11 and Section 14.1 of this
Agreement, incurring any liability whatsoever (except in respect of any antecedent breach thereof). 

 ARTICLE 5

 CERTAIN ADDITIONAL AGREEMENTS OF THE BANK 
  

	5.1	Access to Facilities, Seller and Employees. 

 With the prior written consent of the Bank, which consent shall not be unreasonably withheld or delayed and which may be conditional on a representative of the Bank being present at any such meetings, the Bank shall upon reasonable prior
notice and during business hours permit the Purchaser to visit the premises and facilities of the Bank in the United Kingdom, India and the Philippines, meet with any applicable vendors of the Bank, meet with the employees employed in the Merchant
Acquiring Business, meet with the representatives of the Merchants subject to the Security and Privacy Policies and Procedures of the Bank, and meet with the Card Associations and Network Organizations. 

					
	PURCHASE AGREEMENT	  		  	PAGE 5

  

	5.2	Delivery of Financial Statements and Valuation. 

  

	 	(a)	The Bank will deliver to the Purchaser at Completion the Audited Financial Statements. 

  

	 	(b)	The Bank will deliver to the Purchaser within 11 days of Completion the Additional Financial Statements. 

  

	 	(c)	The Bank will use its reasonable endeavors to cooperate with and assist the Purchaser and its Affiliates in connection with valuation of the Transferred Assets, including tangible
and intangible assets, in accordance with IFRS. 

  

	5.3	Merchant Agreements. 

 The Bank will deliver
at Completion an updated Schedule 6.14(a), which shall provide the same information as contained in Schedule 6.14(a) for the 12 month period ending on the last day of the month immediately preceding the Completion Date. 
  

	5.4	Exhibit 10  

 The Seller and the Purchaser
each undertake to comply with their respective obligations set out in Exhibit 10 to this Agreement 
 ARTICLE 6 
 WARRANTIES OF THE SELLER 
 The Seller warrants as
follows to the Purchaser, at the date hereof and immediately prior to Completion: 
  

	6.1	Organization. 

  

	 	(a)	The Bank is a company incorporated under the Laws of England and Wales. The Bank has all requisite corporate power to own and carry on the Merchant Acquiring Business as owned and
carried on by it. The Bank is duly qualified, approved, authorized, licensed or registered to carry on the Merchant Acquiring Business in each of the jurisdictions where its conduct of the Merchant Acquiring Business or its ownership of the Merchant
Acquiring Assets makes such qualification, license or registration necessary. 

  

	 	(b)	Except as set out in Schedule 6.1(b), no part of the Merchant Acquiring Business has ever been conducted through a branch, agency or permanent establishment outside the
United Kingdom. 

  

	6.2	Authority. 

 The Seller has the corporate
power and authority to enter into and perform its obligations under this Agreement and each of the Restructuring Agreements and the Operative Documents to which it is or will be a party and to effect the transactions contemplated hereby and thereby.
The execution, delivery and performance of this Agreement and each of the Restructuring Agreements and the Operative Documents 

					
	PURCHASE AGREEMENT	  		  	PAGE 6

  

 
to which it is or will be a party have been approved by all requisite corporate action on the part of such Seller, and, assuming this Agreement constitutes
the legally valid and binding obligation of the Purchaser, this Agreement constitutes (and each Restructuring Agreement and each Operative Document to which such Seller is or will be a party, when executed and delivered pursuant hereto, will
constitute) a legally valid and binding obligation of such Seller enforceable in accordance with its terms, subject only to any limitation under Laws relating to bankruptcy, insolvency, reorganization, moratorium and other similar Laws relating to
or affecting creditors’ rights generally and the discretion that a court of competent jurisdiction may exercise in the granting of equitable remedies (whether considered in a proceeding in equity or at law). 
  

	6.3	Legal Proceedings. 

 Except as set out in
Schedule 6.3, there are no actions, suits or proceedings pending or threatened in writing against the Merchant Acquiring Business that exceed £10,000 (or its equivalent), individually or £50,000 in the aggregate. There has been no
undertaking or assurance given by the Bank to any Governmental Entity in respect of the Merchant Acquiring Business and the Merchant Acquiring Business is not the subject of any injunction or similar court order which is still in force and which
affects the Merchant Acquiring Business or the Merchant Acquiring Assets. 
  

	6.4	No Violations. 

  

	 	(a)	 Except as set out in Schedule 6.4(a), the execution, delivery and performance by the Seller of this Agreement, or the Restructuring Agreements or the
Operative Documents to which it is or will be a party or the consummation of the transactions contemplated hereby or thereby does not and will not (i) violate, conflict with, result in a breach of or constitute a default under (with or without
notice or lapse of time or both) or require any Consent under any agreement, contract, instrument, indenture, mortgage or lease to which the Seller is a party or by which its properties or assets are bound, (ii) constitute a violation by the
Seller of any applicable Laws, or require any Authorization from any Governmental Entity, (iii) violate the membership agreements between the Bank and the Card Associations or between the Bank and the Network Organizations, or require any
Authorization from any such association or organization, (iv) violate, conflict with, or constitute a default entitling any other Person to exercise any rights under, any of the terms or provisions of its constitutional documents or by-laws,
(v) violate any order, judgment, injunction or decree of any court, arbitrator, or Governmental Entity against or binding upon the Seller or any of its properties or assets, or (vi) result in a breach of, or cause the termination or
revocation of, any Authorization or Consent held by the Bank which is necessary for the operation of the Merchant Acquiring Business or the ownership of the Merchant Acquiring Assets, other than, in each of the preceding sub-sections
(i) through (vi), such violations, conflicts, requirements, termination, revocation, breaches and defaults and exercises of rights as would not reasonably be expected to be, either individually or in the aggregate material or result in Losses
to the Merchant Acquiring Business of £1,000,000 or more. Upon Completion, except as set out in Schedule 6.4(a), all Consents necessary for the conduct by the Joint Venture of the Merchant Acquiring Business will 

					
	PURCHASE AGREEMENT	  		  	PAGE 7

  

	 	 
have been issued or granted to the Joint Venture and all such Consents will be in full force and effect and to the Bank’s Knowledge there is no
circumstance which indicates that any Consent is likely to be suspended, cancelled or revoked or that any Consent will expire within a period of one year from the date of this Agreement. 

  

	 	(b)	(i)The Merchant Acquiring Business does not enjoy the benefit of any licence, consent, permit, approval or authorisation or any right the benefit of which will be adversely affected
or lost upon the assignment to the Joint Venture by the Bank of its rights and interests thereunder or upon acquisition of the Controlling Interest by the Purchaser, and (ii) the agreements set out in Schedule 6.4(b) are the only Third
Party Vendor Agreements and the only Merchant Agreements with respect to the Merchant Acquiring Business in each case that contain provisions requiring the Consents of the relevant parties thereto for the assignment to the Joint Venture by the Bank
of its rights and interests thereunder or the acquisition of the Controlling Interest by the Purchaser. 

  

	6.5	Financial Information. 

  

	 	(a)	With respect to the Financial Statements delivered on or before the date of this Agreement which are set out in Schedule 6.5(a) and the Audited Financial Statements and
Additional Financial Statements in each case when delivered in accordance with the provisions of Section 5.2: 

  

	 	(i)	such financial statements and the revenues of the Merchant Acquiring Business (as shown therein and extracted from the respective management accounts of the Bank) were when
delivered true and accurate in all material respects; 

  

	 	(ii)	except as set out ins Schedule 6.5(a)(ii), the expenses incurred by the Merchant Acquiring Business in connection with the Third Party Vendor Agreements listed in Schedule
6.14(e) and the Independent Sales Organization Agreements and Referral Agreements listed in Schedule 6.15, as shown in the financial statements were when such financial statements were delivered true and accurate in all material respects;
provided, however, that for the purposes of this Section 6.5(a)(ii), such expenses for the financial period ending 31 December 2007 (on an annualized basis) as shown in such financial statements shall be regarded by the Bank and the
Purchaser as true and accurate on an aggregate basis in all material respects unless they have been understated by more than £150,000 for the respective periods; 

  

	 	(iii)	the methodology consistently applied for calculating the revenues as reflected in the financial statements uses an accrual basis of accounting and is a fair and appropriate
representation in all material respects of the results of operation of the Merchant Acquiring Business for the periods indicated; and 

  

	 	(iv)	such financial statements present a true and fair view of the point-of sale terminals, reserve accounts, other fixed assets and inventory (if any) of the Bank with respect to the
Merchant Acquiring Business as of the dates therein specified. 

					
	PURCHASE AGREEMENT	  		  	PAGE 8

  

	 	(b)	For the purposes of this Section 6.5 (but not otherwise) material shall mean, an adverse adjustment in the Net Profit before Tax of £500,000 for the profit and
loss statement or 5% in aggregate of the total assets in the balance sheet. 

  

	6.6	Ownership of Transferred Assets. 

  

	 	(a)	The Bank has legal and beneficial ownership of the Transferred Assets free and clear of all Encumbrances as at the date of this Agreement. Upon conclusion of all transactions
contemplated by this Agreement and the Other Operative Documents including but without limitation the Restructuring (which for the avoidance of doubt includes deferred transfer of Transferred Assets in accordance with the provisions of the Hive Down
Agreement), and subject to the receipt of the Consents and Authorizations referred to in Section 6.12, the Joint Venture will have legal and beneficial title to the Transferred Assets clear of all Encumbrances. 

  

	 	(b)	The Transferred Assets together with the services and arrangements to be provided pursuant to the provisions of the Marketing Alliance Agreement, HSBC Trademark Licence Agreement,
Processing Agreement and the Transition Agreement together comprise all of the assets, services and arrangements that the Joint Venture requires to enable it to carry on the Merchant Acquiring Business in materially the same manner and scope and to
the same extent as carried on prior to the Restructuring. 

  

	6.7	Agreements. 

 Since 1 June 2007:

  

	 	(a)	except as set out in Schedule 6.7(a), the Bank has, and to the Bank’s Knowledge all other parties to the Merchant Agreements and Third Party Agreements have, performed
in a timely manner all material obligations required to be performed by them to date under the terms of the Merchant Agreements or the Third Party Agreements; 

  

	 	(b)	the Bank has not received any written notice of default or termination or intent to terminate from any party to any Third Party Agreement, or any notice of fraud by or bankruptcy or
insolvency of any party to any such agreement; 

  

	 	(c)	except as set out in Schedule 6.7(c), the Bank has not received any written notice of default (in respect of any Merchant Agreement) or termination or intent to terminate
(any Merchant Agreement), fraud by or bankruptcy or insolvency of any party to any Merchant Agreements in excess of the number of such defaults, frauds, bankruptcy or insolvency which the Merchant Acquiring Business experiences in the Ordinary
Course; 

  

	 	(d)	except as set out in Schedule 6.7(d), the Bank has not received any written notice of the Bank’s default or fraud in respect of any Merchant Agreement;

					
	PURCHASE AGREEMENT	  		  	PAGE 9

  

	 	(e)	the Bank has not received any written notice of termination or intent to terminate any of the Key Accounts set out in Schedule 2 of the Marketing Alliance Agreement and, the level
of terminations of Merchant Agreements has since the Financial Statement Date not exceeded the number of terminations which the Merchant Acquiring Business experiences in the Ordinary Course; and 

  

	 	(f)	except as set out in Schedule 6.7(f), the Bank has not given notice of default, fraud or election to terminate or intent to terminate any Merchant Agreement or Third Party
Agreement in excess of the number of such defaults, frauds, or elections to terminate which the Merchant Acquiring Business experiences in the Ordinary Course. 

  

	6.8	Employees. 

  

	 	(a)	With respect to the Transferred Employees: 

  

	 	(i)	except as set out in Schedule 6.8(a)(i), the Bank is in compliance with all applicable Laws in respect of employment and employment practices and applicable terms and
conditions of employment; 

  

	 	(ii)	except as set out in Schedule 6.8(a)(ii), the Bank has not and is not engaged in any trade union, or other employee representative, dispute and no grievance, allegation or
claim is being conducted or has been threatened or is pending or to the Bank’s Knowledge is likely against the Bank; 

  

	 	(iii)	except as set out in Schedule 6.8(a)(iii), there are no collective bargaining agreements or other employee representation agreements or arrangements in force nor (to the
Bank’s Knowledge) is any trade union or other entity or organisation representing some or all of the employees seeking to organize or obtain recognition or representation rights. There is no labour strike, dispute, work slowdown or stoppage or
similar industrial action being taken against the Bank or which is threatened or is pending or likely relating to the Merchant Acquiring Business; 

  

	 	(iv)	no Transferred Employee has any agreement, save as disclosed in Schedule 6.8(a)(iv), which provides for a greater entitlement to length of notice or severance or long service
payment in order to terminate his or her employment without giving rise to a claim for damages or compensation other than pursuant to the Security of Employment Policy ( November 2006) as set out in Schedule 6.8(a)(iv);

  

	 	(v)	no former employee has to the Bank’s Knowledge the right to return to work in the Merchant Acquiring Business; 

  

	 	(vi)	except as set out in Schedule 6.8(a)(vi) no Transferred Employee is on secondment, maternity, paternity, parental, ill-health, injury or other leave or has been continuously
absent from work for at least four weeks prior to the date of this Agreement; 

					
	PURCHASE AGREEMENT	  		  	PAGE 10

  

	 	(vii)	No Transferred Employee has indicated or communicated his or her intention to resign or terminate his or her employment as a result of the transaction contemplated by this
Agreement; 

  

	 	(viii)	except as set out in Schedule 6.8(a)(viii) all of the Transferred Employees are wholly dedicated to the Merchant Acquiring Business and have been so dedicated throughout the
6 month period ending on the date of this Agreement; 

  

	 	(ix)	except as set out in Schedule 6.8(a)(ix) there are no employees, contractors, consultants or other individuals employed or engaged by a party other than the Bank who are
assigned to the Merchant Acquiring Business (whether in the United Kingdom or other jurisdictions) other than as set out in Schedule 6.8(a)(ix); 

  

	 	(x)	there are no agreements or arrangements which entitle any Transferred Employee to resign or be deemed to have been dismissed or to a variation of contract or giving rise to breach
of contract or to a payment or benefit as a result of the transfer of the Merchant Acquiring Business or the transaction contemplated by this Agreement; 

  

	 	(xi)	except as set out in Schedule 6.8(a)(xi) to the Bank’s Knowledge there are no employees reasonably required for the Merchant Acquiring Business who are not Transferred
Employees; 

  

	 	(b)	Schedule 6.8(b) sets out all the collective bargaining agreements being negotiated with respect to the Transferred Employees. 

  

	6.9	Employee Plans. 

 With respect to the
Transferred Employees: 
  

	 	(a)	The Bank has furnished to the Purchaser true, correct and complete copies of all of the Employee Plans and such Employee Plans are listed in Schedule 6.9(a).

  

	 	(b)	Except as described in Schedule 6.9(b), no commitments or promises to improve or otherwise amend any Employee Plan which applies to the Transferred Employees other than in
the Ordinary Course have been made by the Bank. 

  

	 	(c)	All employee data prepared and provided by the Bank to the Purchaser which relates to the Transferred Employees (other than data provided by the employees or any other third
parties) shall be true and correct in all material respects as of the last working day of the previous calendar month prior to the date of delivery to the Purchaser and the Bank shall, as soon as reasonably practicable, notify the Purchaser of any
material changes thereto which are within the Bank’s Knowledge. 

					
	PURCHASE AGREEMENT	  		  	PAGE 11

  

	 	(d)	Except as described in Schedule 6.9(d), the Employee Plans have been maintained in all material respects in compliance with their terms and with the requirements prescribed
by Laws of the United Kingdom. 

  

	6.10	Umbrella Agreements. 

 The Merchant
Agreements listed in Schedule 6.10 are part of larger master agreements and are the only Merchant Agreements that are not separate and independent agreements. 
  

	6.11	Compliance with Laws. 

  

	 	(a)	Except as set out in Schedule 6.11(a), the Merchant Acquiring Business is not in violation of any Laws or any Association Rules or Clearing System Rules applicable to the
Merchant Acquiring Business. Within the past 12 months preceding the date of this Agreement, except as set out in Schedule 6.11(a), the Bank has not in respect of the Merchant Acquiring Business received notice from any Card Association
or Network Organization that the Bank or any Merchant is not in compliance with any Association Rules or Clearing System Rules and has not in respect of the Merchant Acquiring Business received notice of the assessment of any fines or penalties due
from the Bank or any Merchant to a Card Association or Network Organization. 

  

	 	(b)	Except as set out in Schedule 6.11(b), the Seller has complied with the provisions of all Laws and all returns, particulars, resolutions and other documents required under
any Laws to be delivered on behalf of the Bank to any Governmental Entity in connection with the Merchant Acquiring Business have been properly made and delivered and the Seller has not received notification of the levy of any fine or penalty for
non-compliance. 

  

	6.12	Authorizations. 

  

	 	(a)	As of the date hereof and upon Completion, except as set out in Schedule 6.12(a) no Authorization or Consent is required to be obtained or made by or with respect to the
Seller to authorize or consent to the execution, delivery or performance by the Seller of, or for the Seller to execute, deliver or perform, this Agreement, the Restructuring Agreements and the Operative Documents to which the Seller is or will be a
party or the consummation of the transactions contemplated hereby or thereby. 

  

	 	(b)	All Authorizations or Consents necessary for the conduct by the Bank of the Merchant Acquiring Business and for its respective legal and beneficial ownership of the Transferred
Assets have been issued or granted to the Bank and all such Authorizations or Consents are in full force and effect. 

  

	 	(c)	 Except as set out in Schedule 6.12(c), upon Completion no Authorization or Consent will be required to be obtained or made by or with respect to the Joint
Venture to authorize or consent to the execution, delivery or performance by the Joint Venture of, or for the Joint Venture to execute, deliver or perform, the Restructuring Agreements and the Operative Documents to which the Joint Venture will be a
party or the consummation of the transactions contemplated 

					
	PURCHASE AGREEMENT	  		  	PAGE 12

  

	 	 
thereby or by this Agreement. Upon Completion, except as set out in Schedule 6.12(c), all Authorizations or Consents necessary for the conduct by the
Joint Venture of the Merchant Acquiring Business and for the Joint Venture’s legal and beneficial ownership of the Transferred Assets, including those enumerated in Section 9.4(a), will be issued or granted to the Joint Venture and all
such Authorizations or Consents will be in full force and effect. 

  

	6.13	Material Adverse Effect. 

 Except as set out
in Schedule 6.13, since the Financial Statement Date, there has not been any change in the operations or financial condition of the Merchant Acquiring Business and no event has occurred or circumstances exist which would result in a Material
Adverse Effect. 
  

	6.14	Merchants and Merchant Agreements; Third Party Vendor Agreements. 

  

	 	(a)	Schedule 6.14 (a) sets out a substantially true and correct list of all Merchants by Card Processing volume as of the Financial Statement Date detailing each
Merchants’ merchant account number, merchant classification code, calendar year 2007 Card processing volume, gross discount revenue and Interchange Fees paid for the 12 month period immediately preceding the Financial Statement Date. The
updated Schedule 6.14(a) to be provided pursuant to Section 5.3 shall, when provided, be materially true and correct. 

  

	 	(b)	All of the Key Accounts set out in Schedule 2 of the Marketing Alliance Agreement are subject to valid and binding written Merchant Agreements. To the Bank’s Knowledge the
number of Merchants who are not subject to valid and binding Merchant Agreements does not exceed 1% of all Merchants. 

  

	 	(c)	Schedule 6.14(c) contains a true, accurate and complete copy of the current version of the standard form Merchant Agreement presently used by the Bank in the United Kingdom
and a true, accurate and complete copy of each other version of the standard form Merchant Agreement used by the Bank in the United Kingdom during the last ten (10) years. All Merchant Agreements were created by the Bank in accordance with its
then current customary credit review and acceptance criteria for the Merchant Acquiring Business, which in all cases were in compliance with any applicable rules and regulations of the Card Associations and the Network Organizations. Save in respect
of the Key Accounts set out in Schedule 2 of the Marketing Alliance Agreement, none of the Merchant Agreements materially vary from the then current standard form. 

  

	 	(d)	Except as set out in Schedule 6.14(d) which describes the names of the Merchants and the estimated annualized loss for calendar year 2007 for such Merchant relationship under
the Merchant Acquiring Business, all Merchant Agreements provide for a merchant service charge for Credit Card Transactions and/or Debit Card Transactions which exceed Interchange Fees charged by the applicable Card Association.

	 	(e)	The Third Party Vendor Agreements set out in Schedule 6.14(e) are all of the vendor agreements, other than immaterial vendor agreements, executed by the Bank under which the
Bank obtains goods and services related to the Merchant Acquiring Business. Schedule 6.14(e) accurately categorises the Third Party Vendor Agreements into the following categories: (i) Category ‘A’ Transferred Third Party
Vendors Agreements, which will be transferred to the Joint Venture on or as soon as reasonably practicable following the Transfer Date in accordance with the provisions of the Hive Down Agreement; (ii) Category ‘B’ Retained Third
Party Vendor Agreements which, in accordance with the provisions of the Hive Down Agreement, in each case, where required by the Joint Venture, will be transferred to the Joint Venture on or as soon as reasonably practicable following the Expiration
of Service to which the relevant Retained Third Party Vendor Agreement relates; and (iii) Shared Third Party Vendor Agreements which, in accordance with the provisions of the Hive Down Agreement, will not be transferred to the Joint Venture but
in relation to which the Bank shall, where required by the Joint Venture, in each case seek to obtain a contract in the name of the Joint Venture before the end of the Relevant Expiration of Service. There are no other third party vendor agreements
the benefit of which is required by the Joint Venture to operate the Merchants Acquiring Business in substantially the same manner as the Bank operates the Merchant Acquiring Business prior to Completion. 

  

	 	(f)	Schedule 6.14(f) part 1 sets out details of all software and software licenses to be transferred to the Joint Venture and Schedule 6.14(f) part 2 sets out details of
all other software and software licenses used in the Merchant Acquiring Business which are not being transferred to the Joint Venture. 

  

	 	(g)	Except as set out in Schedule 6.14(g) the Bank has received from each Level 1 Merchant (as defined by the Card Associations) a report on compliance (as required by the Card
Association) that indicates that each such Merchant is PCI compliant. 

  

	6.15	Independent Sales Organization Agreements and Referral Agreements. 

 The parties with which the Bank entered into the agreements listed in Schedule 6.15 are the only independent sales organizations of the Bank relating to the Merchant Acquiring Business (the “Independent
Sales Organizations”) and the only referral agreements of the Bank relating to the Merchant Acquiring Business (the “Referral Agreements”). The Bank has no outstanding obligations to make payments to any Independent Sales
Organization or referral agent for referring, soliciting, or servicing any Merchant or for any other reason whatsoever, other than obligations in the Ordinary Course of the Merchant Acquiring Business and which are Retained Liabilities. 

 

	6.16	Taxes. 

  

	 	(a)	Notwithstanding any other provision of this Agreement but subject to Section 4.4(c) and the operation of Section 9.10, all Taxation, for which the Joint Venture has been
liable or is liable to account for or which arises by reference to any Event on or before Completion, has been duly paid including, for the avoidance of doubt, any Taxation for which the Joint Venture is liable to account for with respect to the
Restructuring. The Purchaser shall have no liability for any Taxes arising out of the transaction pursuant to the Restructuring Agreements including the transfer to the Joint Venture of the Merchant Acquiring Business, or as a result of any other
matter arising or accruing prior to Completion. 

  

 13 

					
	PURCHASE AGREEMENT	  		  	PAGE 14

  

	 	(b)	The Joint Venture is a taxable person and is currently registered for the purposes of VAT as a member of the Bank VAT Group with VAT registration number GB 365684514.

  

	 	(c)	The Joint Venture (and prior to the completion of the Restructuring, the Bank with respect to the Merchant Acquiring Business and the Merchant Acquiring Assets) does not own or has
not owned any assets which are capital items subject to the capital goods scheme under Part XV of the VAT Regulations 1995. 

  

	 	(d)	The Bank has advanced, by way of a loan on demand of £100,000 to the Joint Venture on interest free terms which the Joint Venture is holding in a one month interest bearing
deposit account. 

  

	 	(e)	The Bank has contributed the Completion Assets and Merchant Acquiring Business, and will contribute on the Transfer Date, the Transfer Date Assets as described in and in accordance
with the Hive Down Agreement. 

  

	 	(f)	All notices, returns (including any land transaction returns), reports, accounts, computations, statements, assessments and registrations and any other necessary information
submitted by the Joint Venture (and in relation solely to VAT prior to the completion of the Restructuring, the Bank with respect to the Merchant Acquiring Business, the Merchant Acquiring Services and the Merchant Acquiring Assets) to any Taxation
Authority for the purposes of Taxation have been made on a proper basis, were submitted within applicable time limits, were accurate and complete when supplied and remain accurate and complete in all material respects. None of the above is, or is
likely to be, the subject of any material dispute with any Taxation Authority. 

  

	 	(g)	The Joint Venture (and in relation solely to VAT prior to the completion of the Restructuring, the Bank with respect to the Merchant Acquiring Business, the Merchant Acquiring
Services and the Merchant Acquiring Assets), has within applicable time limits, maintained all records in relation to Taxation as they are required to maintain. 

  

	 	(h)	The Joint Venture (and in relation solely to VAT prior to the completion of the Restructuring, the Bank with respect to the Merchant Acquiring Business, the Merchant Acquiring
Services and the Merchant Acquiring Assets) is not involved in any dispute with any Taxation Authority and has not been subject to any visit, audit, investigation, discovery or access order by any Taxation Authority. To the Bank’s Knowledge
there are no circumstances existing which make it likely that a visit, audit, investigation, discovery or access order will be made in the next 24 months. 

  

	 	(i)	Neither the execution nor Completion of this Agreement, nor any other event since the Financial Statements Date, will result in any asset which is part of the Merchant Acquiring
Business or which is a Merchant Acquiring Asset 

					
	PURCHASE AGREEMENT	  		  	PAGE 15

  

	 	 
being deemed to have been disposed of and re-acquired for Taxation purposes under section 179 of TCGA 1992, paragraphs 58 or 60 of Schedule 29 to the Finance
Act 2002, paragraph 12A of Schedule 9 to the Finance Act 1996, paragraph 30A of Schedule 29 to the Finance Act 2002, or as a result of any other event. 

  

	 	(j)	Neither entering into this Agreement nor Completion will result in the withdrawal of any stamp duty or stamp duty land tax relief granted on or before Completion in respect of any
asset which is part of the Merchant Acquiring Business. 

  

	 	(k)	All instruments (other than those which have ceased to have a legal effect) executed by the Joint Venture or which relate to the Merchant Acquiring Business (and which are or were
subject to stamp duty) have been duly stamped. 

  

	 	(l)	Each of the Members who is a Member of Joint Venture before Completion has invested in its own right in the Joint Venture and does not and did not hold its Membership Units as a
nominee or on behalf of another. 

  

	 	(m)	If the Bank had disposed of each of its assets of the Merchant Acquiring Business which qualifies for capital allowances before the Restructuring for a consideration equal to their
book value as shown in or adopted for the purposes of the last audited accounts of the Bank or for the value of consideration actually given on its original acquisition by the Bank, no balancing charge would arise in respect of any such asset under
any legislation relating to capital allowance. 

  

	 	(n)	for the purposes of stamp duty, the Transferred Assets do not include any stock, marketable securities or chargeable securities of any kind. 

  

	6.17	Conduct of Business in Ordinary Course. 

 Since the Financial Statement Date, the Merchant Acquiring Business has been carried on by the Bank in the Ordinary Course. Without limiting the generality of the foregoing, since the Financial Statement Date, the Bank has not: 

 

	 	(a)	sold, transferred or otherwise disposed of any of the Merchant Acquiring Assets except for Merchant Acquiring Assets which are obsolete or have worn out in the Ordinary Course of
the Merchant Acquiring Business, or which do not exceed £2,500 (or its equivalent), individually, or £50,000 (or its equivalent), in the aggregate; 

  

	 	(b)	except as set out in Schedule 6.17(b), made any capital expenditure or commitment therefor for point-of-sale terminals used in connection with the Merchant Acquiring Business
that exceeded £25,000 (or its equivalent), individually or £100,000 in the aggregate, and made any other capital expenditure or commitment therefor in respect of the Merchant Acquiring Business that exceeded £50,000 (or its
equivalent), individually or £250,000 in the aggregate; 

					
	PURCHASE AGREEMENT	  		  	PAGE 16

  

	 	(c)	except as set out in Schedule 6.17(c), discharged any secured or unsecured obligation or liability owed to the Bank (whether accrued, absolute, contingent or otherwise)
relating exclusively to the Merchant Acquiring Business that exceeded £10,000 (or its equivalent), individually or £40,000 in the aggregate; 

  

	 	(d)	increased its indebtedness for borrowed money or other indebtedness or made any loan or advance, or assumed, guaranteed or otherwise became liable with respect to the liabilities or
obligation of any Person in connection with the Merchant Acquiring Business, which indebtedness or other liability will be assumed by the Joint Venture on or after the Completion Date; 

  

	 	(e)	removed or transferred any Transferred Employee except as contemplated under the Operative Documents or as a result of termination of any employment for poor performance or
misconduct or as a result of the voluntary resignation of any employee for any reason or the voluntary opt out of any employee from the transfer; 

  

	 	(f)	except as set out in Schedule 6.17(f), written off as uncollectible any accounts receivable relating to the Merchant Acquiring Business that exceeded £25,000 (or its
equivalent), individually, or £100,000 (or its equivalent) in the aggregate; 

  

	 	(g)	except as set out in Schedule 6.17(g), , granted any increase in the rate of wages, salaries, bonuses, Employee Plans or other remuneration, compensation or benefit of
Transferred Employees that exceeded 15%, individually, or 4.0% in the aggregate, of the total Transferred Employee costs of the Merchant Acquiring Business; 

  

	 	(h)	except as set out in Schedule 6.17(h), suffered any loss or liability in respect of the Merchant Acquiring Business or any of the Merchant Acquiring Assets in excess of
£25,000 (or its equivalent), individually, or £175,000 (or its equivalent) in the aggregate, whether or not covered by insurance; 

  

	 	(i)	suffered any material shortage or any cessation or continued and non-routine interruption of inventory shipments, supplies or ordinary services in connection with the Merchant
Acquiring Business to the Bank; 

  

	 	(j)	cancelled or waived any claims or rights in connection with the Merchant Acquiring Business that exceeded £30,000 (or its equivalent), individually or in the aggregate;

  

	 	(k)	commenced, compromised or settled any litigation, proceeding or other governmental action relating to the Merchant Acquiring Business that exceeded £25,000 (or its
equivalent), individually, or £100,000 (or its equivalent) in the aggregate; 

  

	 	(l)	cancelled or reduced any of its insurance coverage on the Merchant Acquiring Business or any of the Merchant Acquiring Assets except in the Ordinary Course of the Merchant Acquiring
Business; 

					
	PURCHASE AGREEMENT	  		  	PAGE 17

  

	 	(m)	except as set out in Schedule 6.17(m) and for any closure in the Ordinary Course of the Merchant Acquiring Business (including closure as a result of ordinary system
maintenance), permitted or failed to prevent any of its facilities or operating systems applicable to the Merchant Acquiring Business to be shut down for any period of time in excess of two hours, or permitted or failed to prevent any facility or
operating system shutdown resulting in inability to authorize or process Card Transactions for a period of 120 consecutive minutes; 

  

	 	(n)	made any change to methodology applied for calculating the revenues as reflected in the Financial Statements; 

  

	 	(o)	authorized, agreed or otherwise committed contractually, whether or not in writing, to do any of the foregoing; or 

  

	 	(p)	become aware that any event which relates to the Merchant Acquiring Business has occurred which would entitle any Person to terminate any Merchant Agreement, or Third Party
Agreement which individually or in aggregate would have a material adverse effect on the Merchant Acquiring Business relative to either the Joint Venture’s rolling twelve month earnings prior to the occurrence of the event or the Joint
Venture’s total asset value as stated in the accounts at the end of the month prior to the occurrence of the event. 

  

	6.18	Terminals. 

  

	 	(a)	Schedule 6.18(a) lists all Terminals owned by the Bank and used in connection with the Merchant Acquiring Business. 

  

	 	(b)	Schedule 6.18(b) lists the number of non-EMV compliant Terminals that will need to be upgraded or replaced. 

  

	6.19	Reserve Accounts. 

 All amounts held, and
relating exclusively to the Merchant Acquiring Business, whether resulting from deferred crediting of the settlement amounts to the Merchants held by the Bank at the Effective Time or otherwise, as reserves for Chargebacks and Credit Losses accruing
before the Effective Time and the other arrangements in each case as set out in Schedule 6.19 (collectively, the “Reserve Accounts”) are the only security arrangements which relate exclusively to the Merchant Acquiring
Business, currently in place. The Seller shall update Schedule 6.19 three Business Days prior to the Completion Date. 
  

	6.20	Chargebacks and Credit Losses. 

 The
unreimbursed Chargebacks and Credit Losses for the Merchant Acquiring Business (including any unreimbursed Chargebacks and Credit Losses that are being subsidized or paid for by any division of the Bank outside of the Merchant Acquiring Business)
have been appropriately estimated and accounted for and reflected in the Financial Statements set out in Schedule 6.5. 

					
	PURCHASE AGREEMENT	  		  	PAGE 18

  

	6.21	Joint Venture. 

  

	 	(a)	Organization, Qualification, and Corporate Power. As of the Effective Time, the Joint Venture will: 

  

	 	(i)	have been duly organized and validly existing under the Laws of England and Wales; 

  

	 	(ii)	be duly qualified to conduct business under the Laws of each relevant jurisdiction where such qualification is required; and 

  

	 	(iii)	have full corporate power and authority to carry on the Merchant Acquiring Business in the relevant jurisdiction and to own and use the Transferred Assets. 

 

	 	(b)	Capitalization. As of the Effective Time: 

  

	 	(i)	there will be no outstanding options, warrants, purchase rights, subscription rights, conversion rights, exchange rights, or other contracts or commitments that could require the
Joint Venture to issue, sell, or increase its Membership Units; 

  

	 	(ii)	there will be no outstanding rights to exercise stock appreciation, phantom stock, profit participation or other equity ownership rights with respect to the Joint Venture;

  

	 	(iii)	the Seller has not entered into any voting trusts, proxies, or other agreements with any other Person with respect to the voting of the Membership Units; and

  

	 	(iv)	all of the Membership Units will be legally and beneficially owned by the Seller free and clear of all Encumbrances. 

  

	 	(c)	 No Violations. Except as set out in Schedule 6.21(c) the execution, delivery and performance by the Joint Venture of the Restructuring Agreements and
the Operative Documents to which it is or will be a party or the consummation of the transaction contemplated hereby or thereby does not and will not (i) violate, conflict with, result in a breach of or constitute a default under (with or
without notice or lapse of time or both) or require any Consent under any agreement, contract, instrument, indenture, mortgage or lease to which the Joint Venture is a party or by which its properties or assets are bound, (ii) constitute a
violation by the Joint Venture of any applicable Laws, or require any Authorization from any Governmental Entity, (iii) violate the membership agreements between the Bank and the Card Associations or between the Bank and the Network
Organizations, or require any Authorization from any such association or organization, (iv) violate, conflict with, or constitute a default entitling any other Person to exercise any rights under, any of the terms or provisions of its
constitutional documents or by-laws, (v) violate any order, judgment, injunction or decree of any court, arbitrator, or Governmental Entity against or binding upon any of the Joint Venture or any of its properties or assets, or (vi) result
in a breach of, or cause the termination or revocation of, 

					
	PURCHASE AGREEMENT	  		  	PAGE 19

  

	 	 
any Authorization or Consent held by the Bank or the Joint Venture which is necessary to the operation of the Merchant Acquiring Business or the ownership of
the Transferred Assets, other than, in each of the preceding sub-sections (i) through (vi), such violations, conflicts, requirements, termination, revocation, breaches and defaults and exercises of rights as would not reasonably be expected to
be, either individually or in the aggregate material or result in Losses to the Merchant Acquiring Business of £1,000,000 or more. 

  

	 	(d)	No Subsidiaries. The Joint Venture does not (directly or indirectly) own, Control or have any investment in any Person, and there does not exist on the part of the Joint
Venture (directly or indirectly) any commitment or obligation of any nature to acquire or make any investment or capital contribution in or to any Person. 

  

	 	(e)	Card Associations. The Joint Venture shall not require any Consent or Authorization from any Card Association in relation to the immediate operation of the Merchant Acquiring
Business following Completion. 

  

	6.22	Competition/Anti-Trust. 

 Except as set out
in Schedule 6.22, none of the Seller’s products, actions or contracts relating to the Merchant Acquiring Business in any material respect infringe or have in any material respect infringed any competition, anti-trust, restrictive trade
practice, anti-trust, fair trading or any applicable consumer protection Law in any applicable jurisdiction in which the Bank or any Affiliate carries on, has carried on or in which the activities of the Bank or any Affiliate may have an effect, in
each case in connection with the Merchant Acquiring Business. 
  

	6.23	Data Protection. 

  

	 	(a)	The Seller is for the purpose of the Merchant Acquiring Business registered with the UK Information Commissioner. 

  

	 	(b)	Except as set out in Schedule 6.23(b), all Merchant Acquiring Business Computer Systems that are used for the purpose of storing or using Personal Data for the Merchant
Acquiring Business are located inside the EEA. 

  

	 	(c)	Except as set out in Schedule 6.23(c), the Seller is not party to any agreement that requires the Bank to transfer Personal Data of the Merchant Acquiring Business to a third
party or that requires a third party to transfer Personal Data of the Merchant Acquiring Business to the Bank. All such agreements are listed in Schedule 6.23(c) and are in compliance with the Data Protection Act 1998.

  

	 	(d)	In the last three years: 

  

	 	(i)	the Seller has not received a written complaint or objection to its processing, collection, storage or use of Personal Data of the Merchant Acquiring Business;

					
	PURCHASE AGREEMENT	  		  	PAGE 20

  

	 	(ii)	the Seller has not been instructed by the UK Information Commissioner (nor by an equivalent body in any other jurisdiction) to change its processing, collection, storage or use of
Personal Data of the Merchant Acquiring Business; 

  

	 	(iii)	the processing, collection, storage and use of Personal Data of the Merchant Acquiring Business by the Seller has not been the subject of any proceedings (whether of a criminal,
civil or administrative nature) in the United Kingdom or any equivalent proceedings in any other jurisdiction. 

  

	6.24	Solvency. 

 No order has been made,
resolution passed, or to the Bank’s Knowledge, petition presented for the winding up of the Seller and no meeting has been convened for the purpose of winding up the Seller. The Seller has not in respect of the Merchant Acquiring Business, to
the Bank’s Knowledge, been a party to any transaction which could be avoided in a winding up. The Seller is not insolvent, or unable to pay its debts within the meaning of the insolvency legislation applicable to the Seller and the Seller has
not stopped paying its debts as they fall due. No event analogous to any of the foregoing has occurred in or outside the United Kingdom. 
  

	6.25	Insurances. 

  

	 	(a)	Full particulars of all the insurance policies (including the limit and basis of cover under each policy and the amount of the applicable excess) in which the Seller has an interest
in relation to the Merchant Acquiring Business and Transferred Assets (the “Insurances”) together with a list of claims made under such Insurances in the last 5 years which exceed £100,000 per claim are listed in
Schedule 6.25(a). In the reasonable opinion of the Bank the Insurances afford the Seller adequate cover. 

  

	 	(b)	All the Insurances are in full force and effect and will be maintained in full force without alteration pending Completion. All premiums have been paid on time in accordance with
any agreed payment plan. To the Bank’s Knowledge there are no circumstances which might lead to any liability under any of the Insurances being avoided by the insurers or the premiums being increased. There is no claim outstanding under any of
the Insurances nor is the Seller aware of any circumstances likely to give rise to such a claim or of any circumstances which might cause any of the insurers to refuse to renew any of them. 

  

	6.26	Trade. 

  

	 	(a)	The Merchant Acquiring Business is in material compliance with the trading statement a copy of which is set out in Schedule 6.26(a). 

  

	 	(b)	Except as set out in Schedule 6.26(b), neither the Bank nor any Affiliate, in respect of the Merchant Acquiring Business, has any business dealings either directly or
indirectly involving any Persons or entities in Iran, Iraq, Libya, Sudan, Syria, Cuba or North Korea. 

					
	PURCHASE AGREEMENT	  		  	PAGE 21

  

	6.27	Confidential Information Warranties. 

  

	 	(a)	The Seller has taken reasonable steps to protect its rights in its confidential information and any trade secret or confidential information of third parties used by or in relation
to the Merchant Acquiring Business. This confidential information has not been disclosed to any third party other than in the ordinary course of business, nor to the Bank’s Knowledge, unlawfully obtained by any third party.

  

	 	(b)	Where confidential information has been developed or acquired by the Seller in connection with the Merchant Acquiring Business in the 36-month period ending on the date of this
Agreement, such confidential information (except insofar as it has fallen into the public domain through no act or omission of the Seller) has been kept strictly confidential and has not been disclosed other than subject to an obligation of
confidentiality being imposed on the Person to whom the information was disclosed, and to the Bank’s Knowledge, there has not been a breach of such confidentiality obligations owed to the Merchant Acquiring Business by any third party.

  

	 	(c)	The Seller is not in relation to the Merchant Acquiring Business a party to a confidentiality or other agreement or otherwise subject to any duty which restricts the free use or
disclosure of confidential information relating to the Merchant Acquiring Business (other than confidential information belonging or relating to a third party). 

  

	6.28	Information Technology Warranties. 

  

	 	(a)	Except as set out in Schedule 6.28(a), there are no material defects relating to any element of the Computer System (to the Bank’s Knowledge), nor has the Computer
System been affected by any defects or faults which have caused any material interruption to the Merchant Acquiring Business at any time during the 12 month period ending on the date of this Agreement. 

  

	 	(b)	The Computer System has, at the date of this Agreement and will have at Completion the capacity and performance necessary to fulfill the present requirements of the Merchant
Acquiring Business. 

  

	 	(c)	The merchant processing systems and software currently used by the Bank in operating the Merchant Acquiring Business are operational for the purposes for which they are currently
used, and have not experienced any material mechanical or software failure within the 180 day period prior to the date hereof. 

  

	 	(d)	The Seller has taken steps necessary to ensure that reasonable disaster recovery procedures are in place with the intention that the Merchant Acquiring Business can continue in the
event of a failure of the Computer System (whether due to natural disaster, power failure or otherwise). 

  

	 	(e)	 Except as set out in Schedule 6.28(e), the Seller has not encountered in relation to the Merchant Acquiring Business any material or persistent problems in
relation to data compliance or as a result of any inability of any 

					
	PURCHASE AGREEMENT	  		  	PAGE 22

  

	 	 
hardware or software to accurately and correctly process data including any date or dates of any kind, whether being in the nature of an adverse effect on or
inconvenience in the operation of such hardware and software systems. 

  

	 	(f)	All records and information belonging to the Seller in relation to the Merchant Acquiring Business are in its exclusive possession, under its direct control and subject to
unrestricted access to it. 

  

	 	(g)	Notwithstanding the generality of the foregoing, where any of the records, systems, data or information of the Seller in connection with the Merchant Acquiring Business, including
the accounting records, are stored, maintained or operated by or on, or are otherwise dependent on or accessible by computer or other electronic, photographic or mechanical means, the Seller in relation to the Merchant Acquiring Business has direct
control of all equipment and hardware and software licenses necessary to enable it/them to store, maintain, operate or access such records, systems, data or information in the manner in which they have been stored, maintained, operated or accessed
prior to the date of this Agreement and prior to the Completion Date. 

  

	 	(h)	The Seller either owns or possesses licences (listed in Schedule 6.14(f)) for all software forming the Computer System, and there has been no breach of the terms of any such
license which would entitle the relevant licensor to terminate the license. 

 ARTICLE 7 
 INDEMNIFICATION OF JOINT VENTURE 
  

	7.1	Deferred Membership Units. 

 The Seller
undertakes to the Purchaser to satisfy any liability to the Joint Venture by contributing an amount equal to that which the Joint Venture would be entitled to recover pursuant to an indemnity by the Seller in favour of the Joint Venture indemnifying
and holding harmless the Joint Venture from and against all Joint Venture Liabilities but subject to the limitations contained in Section 12 in return for such number of Deferred Membership Units as have the aggregate nominal value equal to the
amount contributed by the Seller to the Joint Venture. 
  

	7.2	Joint Venture Liabilities. 

  

	 	(a)	To the extent the Seller fails to make a contribution to 7.1 then subject to the limitations contained in Article 12 and without prejudice to the Purchaser’s right to claim for
breach of the Warranties, the Seller agrees to indemnify and hold harmless the Joint Venture from and against all Joint Venture Liabilities. 

  

	 	(b)	Subject to the limitations contained in Article 12 and without prejudice to the Purchaser’s rights to claim for a breach of Warranties, the Seller agrees to indemnify and hold
harmless directors, officers, employees, Affiliates from and against all Joint Venture Liabilities. 

					
	PURCHASE AGREEMENT	  		  	PAGE 23

  

 ARTICLE 8 
 WARRANTIES OF THE PURCHASER 
 Subject to Article 12, the Purchaser warrants as follows to the Seller, effective as of
the date hereof, and immediately prior to Completion: 
  

	8.1	Organization. 

 The Purchaser is a company
incorporated under the Laws of England and Wales. The Purchaser has all requisite corporate power to own and carry on the Merchant Acquiring Business. 
  

	8.2	Authority. 

 The Purchaser has the corporate
power and authority to enter into and perform its obligations under this Agreement and each of the Operative Documents to which it is or will be a party and to effect the transactions contemplated hereby and thereby. The execution, delivery and
performance of this Agreement and each of the Operative Documents to which it is or will be a party have been approved by all requisite corporate action on the part of the Purchaser, and, assuming this Agreement constitutes the legally valid and
binding obligation of the Seller, this Agreement constitutes (and each Operative Document to which it is or will be a party, when executed and delivered pursuant hereto, will constitute) a legally valid and binding obligation of the Purchaser,
enforceable in accordance with its terms, subject only to any limitation under Laws relating to bankruptcy, insolvency, reorganization, moratorium and other similar Laws relating to or affecting creditors’ rights generally and the discretion
that a court of competent jurisdiction may exercise in the granting of equitable remedies (whether considered in a proceeding in equity or at law). 
  

	8.3	No Violations. 

 Except as set forth on
Schedule 8.3, the execution, delivery and performance by the Purchaser of this Agreement or the Operative Documents to which it is or will be a party does not and will not (i) violate, conflict with, result in a breach of or
constitute a default under (with or without notice or lapse of time or both) or require any Consent under any agreement, indenture, mortgage or lease to which the Purchaser is a party or by which its properties are bound, (ii) constitute a
violation by the Purchaser of any applicable Laws or require any Authorization from any Governmental Entity, (iii) violate any order, judgment, injunction or decree of any court, arbitrator, or Governmental Entity against or binding upon the
Purchaser or any of its properties, (iv) result in a breach of, or cause the termination or revocation of, any Authorization or Consent held by the Purchaser which is necessary to the ownership of its properties or the operation of its
businesses, or (v) violate, conflict with, or constitute a default entitling any other Person to exercise any rights under any of the terms or provisions of its deed of formation (or any governing or constitutional documents or their
equivalent) of the Purchaser or any contracts or instruments to which the Purchaser is a party or pursuant to which any of the Purchaser’s assets or properties is subject. 

					
	PURCHASE AGREEMENT	  		  	PAGE 24

  

	8.4	Authorizations and Consents. 

 Except as set
forth on Schedule 8.4, no Authorization or Consent is required to be obtained or made by or with respect to the Purchaser to authorize the execution, delivery or performance by the Purchaser of, or for the Purchaser to execute, deliver or
perform, this Agreement or the Operative Documents to which it is or will be a party or the consummation of the transactions contemplated hereby or thereby. 
  

	8.5	No Brokers’ or Other Fees. 

 Except for
payments which are to be met by the Purchaser (and which will not be recharged to the Joint Venture) , no broker, finder or investment banker is entitled to any fee or commission in connection with the transactions contemplated hereby based upon
arrangements made by or on behalf of the Purchaser. 
 ARTICLE 9 
 PRE-COMPLETION COVENANTS 
  

	9.1	Conduct of Business Prior to Completion. 

  

	 	(a)	In addition and without prejudice to Section 6.17, during the Interim Period, (and if, and only to the extent that, any Transferred Assets and any element of the Merchant
Acquiring Business will not be transferred to the Joint Venture until the Transfer Date or a later date in accordance with the provisions of the Hive Down Agreement, to the Transfer Date or if later until such later time), the Bank shall conduct the
Merchant Acquiring Business in the Ordinary Course except as required to give effect to the transactions contemplated hereby or by the Operative Documents. 

  

	 	(b)	Without limiting the generality of Section 9.1(a), the Bank covenants that except (1) as otherwise contemplated by this Agreement or by the other Operative Documents,
(2) as disclosed in Schedule 9.1(b), or (3) with the prior written consent of the Purchaser, from and after the date of this Agreement and until the Completion Date (and if, and only to the extent that, any Transferred Assets
and any element of the Merchant Acquiring Business will not be transferred to the Joint Venture until the Transfer Date or a later date in accordance with the provisions of the Hive Down Agreement, to the Transfer Date in respect of any Transferred
Assets and elements of the Merchant Acquiring business so affected or if later, until such later time), or earlier termination of this Agreement in accordance with the provisions of Article 11, the Bank shall with respect to the Merchant Acquiring
Business: 

  

	 	(i)	preserve intact the current business organization of the Merchant Acquiring Business, use reasonable endeavours to keep available the services of the Transferred Employees (save to
the extent that the Transferred Employees voluntarily opt out of the transfer) and all other employees who provide services to the Merchant Acquiring Business, including but not limited to the IT Employees and the Key GSC Employees and use
reasonable endeavours to maintain good relations with, and the goodwill of, suppliers, Merchants, customers, landlords, creditors, distributors and all other Persons having significant business relationships with the Bank in connection with the
Merchant Acquiring Business; 

					
	PURCHASE AGREEMENT	  		  	PAGE 25

  

	 	(ii)	notify the Purchaser of any change in the normal course of business or operations of the Merchant Acquiring Business and of any governmental, regulatory or other complaints,
investigations or hearings of which the Bank is notified or aware, or the institution or settlement of litigation, arbitration or other proceedings, in each case, involving the Merchant Acquiring Business that exceeds £20,000, and keep the
Purchaser reasonably informed of such events; 

  

	 	(iii)	retain legal and beneficial ownership, possession and control of the Transferred Assets and preserve the confidentiality of any confidential or proprietary information of or
relating to the Merchant Acquiring Business unless any disclosure is required by any applicable Laws, Association Rules, Clearing System Rules, Rules of any Stock Exchange or any Governmental Entity; 

  

	 	(iv)	not enter into any transaction other than on arms’ length terms and for full and proper consideration; 

  

	 	(v)	not incur in relation to the Merchant Acquiring Business any capital expenditure in excess of £20,000. 

  

	 	(vi)	not take for the purpose of financing the Merchant Acquiring Business any loans, borrowings or other form of funding or financial facility or assistance, or enter into any foreign
exchange contracts, interest rate swaps, collars, guarantees or agreements or other interest rate instruments or any contracts or arrangements relating to derivatives or differences, or in respect of which the financial outcome is to any extent
dependent upon future movements of an index or rate of currency exchange or interest, or in the future price of any securities or commodities; 

  

	 	(vii)	not create or allow to subsist any Encumbrance over any of the Transferred Assets or over the Membership Units; 

  

	 	(viii)	not enter into any joint venture, partnership or agreement or arrangement for the sharing of profits or assets in relation to the Merchant Acquiring Business;

  

	 	(ix)	not enter into any death, retirement, profit sharing, bonus, share option, share incentive or other scheme for the benefit of any of the employees of the Merchant Acquiring Business
or make any variation (including but without limitation, any increase in the rates of contribution) to any existing scheme or effect any keyman insurance; 

  

	 	(x)	 save to the extent that any Transferred Employee voluntarily opts-out of the transfer, not terminate the employment of any of the employees of the Merchant
Acquiring Business (including but not limited to the 

	 	 
Transferred Employees), except as contemplated under the Operative Documents or as a result of poor performance or misconduct, or, save at the request of the
Purchaser, employ or engage in relation to the Merchant Acquiring Business any new employees or directors or alter the terms of employment of any directors or employees of the Merchant Acquiring Business (including but not limited to the Transferred
Employees); 

  

	 	(xi)	make all required Governmental Entity filings and notifications on time and in full. 

  

	9.2	Access to Books and Records; Investigations; Financial Statements. 

  

	 	(a)	During the Interim Period, the Bank shall, upon reasonable request, afford to the Purchaser and its employees, accountants or other authorized representatives (upon reasonable
notice and during business hours) access to any of the Bank’s officers, employees and Books and Records relating to the Merchant Acquiring Business and the Joint Venture. In addition, the Bank shall allow the Purchaser to make copies and
extracts from such Books and Records (at the Purchaser’s expense), and the Bank shall furnish the Purchaser with all financial and operating data and other information with respect to the Merchant Acquiring Business and the Joint Venture
(including information in contracts of the Bank to the extent that such information affects the operation of the Merchant Acquiring Business or the Joint Venture) as the Purchaser shall from time to time reasonably request. The Purchaser’s
rights under this Section 9.2(a) shall be subject to the Purchaser’s Compliance with Security and Privacy Policies and Procedures of the Bank and any other reasonable restriction the Bank may place on such disclosure by reason of any
non-disclosure letter of applicable Laws. 

  

	 	(b)	If any warranty relating to the Financial Statements as set forth in Section 6.5 proves to be inaccurate when made at the date hereof or on the Completion Date and the
Purchaser wishes to make a claim for breach within the period specified in Section 12.4, the following procedures shall apply: 

  

	 	(i)	the Purchaser may by notice in writing to the Bank require that a senior executive officer or the equivalent of Global Payments and a senior executive manager or the equivalent of
the Bank shall meet and negotiate in good faith with a view to agreeing a just and equitable basis upon which they shall proceed to Completion (if Completion has not occurred) or to reach a just and equitable resolution of the Purchaser’s claim
(if Completion has occurred). In conducting such negotiation, such persons shall act reasonably and shall use their reasonable endeavours taking into account the mutual interests of the Purchaser and the Seller to reach such an agreement. If
agreement is reached, the Bank and the Purchaser shall proceed according to such agreement. 

  

	 	(ii)	If agreement cannot be reached through the process set forth in the preceding paragraph within 60 days (or such longer period as may be agreed by the Bank and the Purchaser) after
negotiation commenced, the Bank and the Purchaser shall be entitled to exercise all rights and remedies described herein. 

  

 26 

					
	PURCHASE AGREEMENT	  		  	PAGE 27

  

	 	(iii)	For the avoidance of doubt, if the Purchaser does not give notice in writing to the Bank according to paragraph (b)(i) within the period specified in Section 12.4, the
Purchaser shall not have the right to make any claim against the Seller for breach of the warranties contained in Section 6.5. 

  

	9.3	Actions to Satisfy Completion Conditions. 

  

	 	(a)	The Seller agrees to take all such reasonable actions as are within its power to control and to use its reasonable endeavours to cause other actions to be taken which are not within
its power to control, so as to ensure compliance with all of the conditions set forth in Article 10. 

  

	 	(b)	The Purchaser agrees to take all such reasonable actions as are within its power to control and use its reasonable endeavours to cause other actions to be taken which are not within
its power to control, so as to ensure compliance with all of the conditions set forth in Article 10. 

  

	9.4	Filings and Authorizations. 

  

	 	(a)	Each of the Parties, as soon as reasonably practicable after the execution of this Agreement, shall (i) make, or cause to be made, all such filings and submissions under all
Laws applicable to it, as may be required for it to consummate the Restructuring and the transfer of the Merchant Acquiring Business in accordance with the terms of this Agreement; (ii) use its reasonable endeavours to obtain, or cause to be
obtained, all Authorizations or Consents required to be obtained by it in order to consummate the Restructuring and such transfer; (iii) use its reasonable endeavours to take, or cause to be taken, all other actions which are reasonably
necessary in order for it to fulfill its obligations under this Agreement; and (iv) use its reasonable endeavours to obtain the Authorizations set forth in Section 10.3 and any other Consents or Authorizations that are required or
appropriate in connection with the Restructuring and the other transactions contemplated in this Agreement. The Parties shall coordinate and cooperate with each other in exchanging such information and supplying such assistance as may be reasonably
requested by each other in connection with the foregoing including providing each other with all notices and information supplied to or filed with any Governmental Entity (except for notices and information which the Seller or the Purchaser, in each
case acting reasonably, considers highly confidential and sensitive which may be filed on a confidential basis), and all notices and correspondence received from any Governmental Entity. 

  

	 	(b)	 The Parties shall timely file an application for review or notification (as applicable) under the Laws of any relevant jurisdiction that require such application or
notification, and, as soon as reasonably practicable, furnish any additional information requested of it under such Laws. The Parties shall provide each other with all information that the Parties have in their possession or under their direction or
control that may be required or useful in 

					
	PURCHASE AGREEMENT	  		  	PAGE 28

  

	 	 
connection with the applications or the notifications. The Parties shall keep each other reasonably informed as to the status of the proceedings related to
the above applications and notifications, but shall be under no obligation to deliver copies of (i) any notices or information supplied or filed by either Party under such Laws or any correspondence with any Governmental Entity under such Laws,
or (ii) any information relating to either Party or its activities whether of a confidential nature or in the public domain; provided, however, that each Party shall provide the other Party with copies of the applications and notifications, in
draft form and containing only information relating to the other Party in order for the other Party to confirm that such information is consistent with information previously provided by it. Each Party shall make such filings on a confidential basis
to the extent permitted by Laws and shall use its reasonable endeavours to keep confidential all notices, applications, information and correspondence contemplated by this Section 9.4(b). 

  

	9.5	Notice of Untrue Warranty. 

 The Seller
shall, as soon as reasonably practicable, notify the Purchaser, and the Purchaser shall, as soon as reasonably practicable, notify the Seller, upon any warranty made by it or them contained in this Agreement or any other Operative Document becoming
materially untrue or incorrect during the Interim Period in any respect. Any such notification shall set out particulars of the untrue or incorrect warranty and details of any actions being taken by the Seller or the Purchaser, as the case may be,
to rectify that state of affairs. Such notice will not prejudice the ability to bring a claim against the Seller or the Purchaser, as the case may be, for breach of any warranty. 
  

	9.6	Exclusive Dealing. 

 During the Interim
Period, the Bank shall not directly or indirectly, solicit, initiate, or encourage any inquiries or proposals from, discuss or negotiate with, provide any non-public information to, or consider the merits of any inquiries or proposals from, any
potential purchaser (other than the Purchaser) relating to the sale or assignment of the Merchant Acquiring Business, any of the Transferred Assets or any of the benefits or burdens of the Bank in connection therewith (other than as expressly
permitted in this Agreement or in connection with point-of-sale terminal sales or rentals made in the Ordinary Course of the Merchant Acquiring Business). 
  

	9.7	Contacts with Employees, Merchants, Customers, Suppliers and Licensors. 

 Prior to Completion, the Purchaser and its representatives shall not contact or communicate with the Merchants, customers, suppliers and licensors of the Merchant Acquiring Business in connection with the transactions
contemplated hereby without the prior written consent of the Bank, which consent shall not be unreasonably withheld or delayed and may be conditioned upon a representative of the Bank being present at any such meeting or conference. The
communications by the Purchaser and its representatives with the Merchants, customers, suppliers and licensors of the Merchant Acquiring Business in connection with the Restructuring and the other transactions contemplated hereby and by the other
Operative Documents shall be undertaken in a manner that is mutually agreed by the Bank and the Purchaser. 

					
	PURCHASE AGREEMENT	  		  	PAGE 29

  

	9.8	No Brokers’ or Other Fees. 

 No broker,
finder or investment banker is or will be entitled to any fee or commission in connection with the transactions contemplated hereby and by the Restructuring Agreements and the Joint Venture Agreements based upon arrangements made by or on behalf of
the Seller which is payable by the Purchaser or the Joint Venture. 
  

	9.9	Employees. 

 With respect to the Transferred
Employees, during the Interim Period and until the Transfer Date, the Bank undertakes: 
  

	 	(a)	to act in compliance with all applicable laws respecting employment and employment practices and terms and conditions of employment (including complying with all obligations to
inform and/or consult appropriate representatives and/or trade unions representing the Transferred Employees); 

  

	 	(b)	not to engage in any labor practice in breach of any applicable laws; 

  

	 	(c)	as soon as reasonably practicable after the Bank gains knowledge thereof, to notify the Purchaser of any labour practice complaint, dispute, grievance or arbitration or other
proceeding brought or pending or, to the Bank’s Knowledge, threatened against the Bank; 

  

	 	(d)	as soon as reasonably practicable after the Bank gains knowledge thereof, to notify the Purchaser of any collective bargaining agreements (or other employee representation
agreements) being negotiated with respect to, or, to the Bank’s Knowledge, any trade union or other employee representation entity seeking to organize or represent any of the Transferred Employees; 

  

	 	(e)	as soon as reasonably practicable after the Bank gains knowledge thereof, to notify the Purchaser of any labor strike, dispute, work slowdown or stoppage or similar industrial
action pending or involving or, to the Bank’s Knowledge, threatened against the Bank relating to the Merchant Acquiring Business; 

  

	 	(f)	to ensure that all employee data prepared and provided by the Bank to the Purchaser which relate to the Transferred Employees (other than data provided by the employees or any other
third parties) are true and correct in all material respects as of the last working day of the previous calendar month prior to the date of delivery to the Purchaser and ensure that the Bank has the applicable consents or permissions to provide such
employee data to the Purchaser. 

  

	9.10	VAT De-Grouping. 

  

	 	(a)	If it has not already done so at the date of this Agreement, the Bank shall make an application in the form and manner required by s.43B of the VATA and any legislation made
additional or supplemental thereto to Her Majesty’s Revenue and the Customs (“HMRC”) for the Joint Venture to be removed from the Bank VAT Group with effect from a date no later than Completion; and 

  

	 	(i)	the Bank shall provide the Purchaser with a copy of such application including the date from which the Joint Venture shall cease to be a member of the Bank VAT Group;

					
	PURCHASE AGREEMENT	  		  	PAGE 30

  

	 	(ii)	The Purchaser undertakes to and shall make an application in the form and manner required under the relevant provisions of the VATA and any legislation made additional or
supplemental thereto for the Joint Venture to be added to the Purchaser’s VAT group, such VAT group to take effect from a date no later than Completion (unless HMRC directs otherwise in which case Section 9.10(b) shall apply) and the Bank
shall provide the Purchaser with all reasonable assistance (including access to any documents) in relation thereto; 

  

	 	(b)	If for any reason HMRC determines that it will not remove the Joint Venture from the Bank VAT group, or that such removal shall take effect from a date after Completion then:

  

	 	(i)	the Bank shall send to the Purchaser a copy of such determination from HMRC; 

  

	 	(ii)	Joint Venture shall pay to the Bank on demand a sum to be calculated by the Bank which is equal to all output VAT for which any member of the Bank VAT Group is or becomes liable as
a result of the Joint Venture remaining in the Bank VAT Group for any period after Completion and for which the Joint Venture or the representative member of the Purchaser’s VAT group would have been liable had the Joint Venture been removed
from the Bank VAT Group at the date requested by the Bank and registered for VAT as described in Section 9.10(a)(ii) above, less a sum equal to any input VAT which the Bank receives from HMRC which is referable to any period after Completion
and which is properly attributable to credit for input VAT to which the Joint Venture would have been entitled had the Joint Venture been removed from the Bank VAT Group at the date requested by the Bank and registered for VAT as described in
9.10(a)(ii) above. 

  

	 	(iii)	where during any period after Completion the Joint Venture is found by HMRC to be liable pursuant to the provisions of s.43 (1) VATA for any sum in respect of VAT for which the
representative member of the Bank VAT Group is primarily liable and which liability relates to a supply for VAT purposes made or deemed to be made prior to Completion, the Bank shall pay to the Joint Venture, a sum equal to the VAT for which it so
liable. 

					
	PURCHASE AGREEMENT	  		  	PAGE 31

  

 ARTICLE 10 
 CONDITIONS TO COMPLETION 
  

	10.1	Conditions for the Benefit of the Purchaser. 

 The purchase of the Controlling Interest is subject to the following conditions to be fulfilled or performed at or prior to the Completion, which conditions are for the exclusive benefit of the Purchaser and may be waived in writing, in
whole or in part, by the Purchaser in its sole and absolute discretion: 
  

	 	(a)	  

  

	 	(i)	Completion of Restructuring. The Restructuring shall have been completed. 

  

	 	(ii)	Joint Venture Financing. The Bank shall have advanced, by way of a loan £100,000, held on one month deposit, to the Joint Venture on interest free terms which the Joint
Venture shall hold in an interest bearing deposit account. 

  

	 	(b)	Accuracy of Warranties. No fact or matter having occurred before Completion which would render any of the Seller Warranties untrue, inaccurate or misleading in any material
respect when repeated at or immediately prior to Completion where (A) such breach of Seller Warranties (in aggregate) would have a material adverse impact on the value of the Merchant Acquiring Business or (B) such breach of Seller
Warranties would in accordance with applicable Laws prevent the Purchaser from completing the purchase of the Controlling Interest; 

  

	 	(c)	Performance of Covenants. The Seller shall have fulfilled or complied in all material respects with all covenants and agreements of the Seller contained in Article 9 hereof;

  

	 	(d)	No Material Adverse Effect. There shall have been no Material Adverse Effect on the Merchant Acquiring Business during the Interim Period; 

  

	 	(e)	Satisfaction of Delivery Requirements. All of the conditions set forth in paragraph 1 of Schedule 4.3 to be satisfied by the Seller shall have been satisfied in
full. 

  

	10.2	Conditions for the Benefit of the Seller. 

 The sale of the Controlling Interest is subject to the following condition(s) to be fulfilled or performed at or prior to Completion, which condition(s) are for the exclusive benefit of the Seller and may be waived, in whole or in part, by
the Bank in its sole and absolute discretion: 
  

	 	(a)	Satisfaction of Delivery Requirements. All of the conditions set forth in paragraph 2 of Schedule 4.3 to be satisfied by the Purchaser shall have been satisfied
in full. 

					
	PURCHASE AGREEMENT	  		  	PAGE 32

  

	10.3	Conditions for the Benefit of All Parties. 

 The purchase and sale of the Controlling Interest is subject to the following terms and conditions to be fulfilled prior to Completion, which conditions are true conditions precedent: 
  

	 	(a)	Designation of the Joint Venture as a Bank, Financial Institution or Financial Service Provider. The Seller, the Joint Venture, and the Purchaser shall not have received
notice from any Governmental Entity that the Joint Venture will be considered a bank, financial institution, financial service provider or similar regulated entity under Laws in any Relevant Jurisdiction which would cause additional registration
requirements or minimum capital contribution requirements that would otherwise not be required absent such designation. 

 ARTICLE 11 
 TERMINATION 
  

	11.1	Termination. 

 This Agreement may be
terminated and the transactions contemplated hereby may be abandoned at any time prior to the Completion: 
  

	 	(a)	by the mutual consent of the Seller and the Purchaser; 

  

	 	(b)	by the Purchaser, if: 

  

	 	(i)	any fact or matter has occurred before Completion which would render any of the Seller Warranties untrue in any material respect when repeated at or immediately prior to Completion
and (A) such breach of Seller Warranties (in aggregate) would have a material adverse impact on the value of the Merchant Acquiring Business or (B) such breach of Seller Warranties would in accordance with applicable Laws prevent the
Purchaser from completing the purchase of the Controlling Interest; and 

  

	 	(ii)	the Seller has not fulfilled or complied in all material respects with all covenants and agreements of the Seller contained in Article 9 hereof, 

 and such breach shall not have been cured (if capable of cure) within 30 days after receipt by the Seller of notice of such breach from the Purchaser,
provided that the right to terminate this Agreement by the Purchaser under this Section 11.1(b) shall not be available to the Purchaser if the Purchaser is at that time in material breach of this Agreement; 
  

	 	(c)	by the Seller, if: 

  

	 	(i)	any fact or matter has occurred before Completion which would render any of the material Purchaser Warranties untrue in any material respect when repeated at or immediately prior to
Completion and such breach of Purchaser Warranties (in aggregate) would have a material adverse impact on the ability of the Purchaser to consummate the transaction contemplated hereunder; and 

					
	PURCHASE AGREEMENT	  		  	PAGE 33

  

	 	(ii)	the Purchaser has not fulfilled or complied in all material respects with all covenants and agreements of the Purchaser contained in Article 9 hereof, 

 and such breach shall not have been cured (if capable of cure) within 30 days after receipt by the Purchaser of notice of such breach from the Seller,
provided that the right to terminate this Agreement by the Seller under this Section 11.1(c) shall not be available to the Seller if the Seller is at that time in material breach of this Agreement; 
  

	 	(d)	by either the Purchaser or the Seller, if any court of competent jurisdiction or other Governmental Entity shall have issued an order, decree or ruling or taken any other action
restraining, enjoining or otherwise prohibiting, or denying an Authorization or Consent necessary for, the Completion, or the Restructuring, or the conduct of the Merchant Acquiring Business by the Joint Venture in a manner substantially similar to
that carried on by the Bank as at the Completion Date. 

  

	 	(e)	by either the Purchaser or the Seller in accordance with the provisions of Section 4.6(c) above. 

  

	11.2	Procedure and Effect of Termination; Extension of Interim Period. 

  

	 	(a)	In the event of the termination of this Agreement and the abandonment of the transactions contemplated hereby by the Seller or the Purchaser pursuant to this Article 11, notice
thereof shall forthwith be given to the other Party. If this Agreement is terminated and the transactions contemplated by this Agreement are abandoned as provided herein: 

  

	 	(i)	each Party shall redeliver all documents, work papers and other materials of any other Party relating to the transactions contemplated hereby, whether so obtained before or after
the execution hereof, to the Party furnishing the same and shall not retain any copies by any means or medium; and 

  

	 	(ii)	any confidentiality provisions of this Agreement which survive termination of this Agreement shall continue in full force and effect. 

  

	 	(b)	Any termination of this Agreement shall not affect the then accrued rights and obligations of the Parties (including the right to damages for the breach, if any, giving rise to the
termination and any other pre-termination breach by any of the Parties). 

  

	 	(c)	 If the Parties do not anticipate that Completion will occur by the date falling one year after the date of this Agreement, the Parties shall negotiate in good faith
to extend the Interim Period for such period as the Parties may agree, failing which the issue of the extension of the Interim Period and timing for Completion may be referred to a committee comprised of the chief executive 

					
	PURCHASE AGREEMENT	  		  	PAGE 34

  

	 	 
officer or chief operating officer of GPN and a senior executive of HSBC (being a person with a management of grade 3 or higher). Such committee members
shall use their reasonable endeavours to negotiate in good faith taking into account the Seller’s and the Purchaser’s mutual interests to reach a just and equitable proposed resolution to the matter within 60 days after such referral.
Failing resolution this Agreement shall be terminated in accordance with the provisions of Section 11.1. 

  

	11.3	Exclusivity. 

 If this Agreement is
terminated by the Purchaser pursuant to Section 11.1(b), the Bank agrees that it shall not, and it shall cause all its Affiliates, directors, officers, employees, agents, accountants, consultants, financial advisors, counsel and representatives
not to, directly or indirectly, solicit or accept any contact, enter into any discussions or negotiations, or enter into any binding or non-binding contracts, commitments, arrangements, agreements or understandings, with any third parties with
respect to any Alternate Transaction during the 9 month period after the termination of this Agreement by the Purchaser pursuant to Section 11.1(b). As used in this Section 11.3, an “Alternate Transaction” means any
contract, commitment, arrangement, agreement, understanding or other transaction by the Bank, directly or indirectly, with any third party involving (i) the transfer, in whole or in part, of the Merchant Acquiring Business, (ii) the
entering into of service or similar agreements with respect to the Merchant Acquiring Business or any part thereof, or (iii) any other transaction or series of transactions (or discussions or negotiations in respect thereof) with respect to the
Merchant Acquiring Business or any part thereof which has substantially similar economic effects to any of the transactions contemplated by this Agreement. 
  

	11.4	Liquidated Damages. 

  

	 	(a)	If this Agreement is terminated by the Purchaser pursuant to Section 11.1(b) (the “Non-Breaching Party”) due to a breach by the Seller (the “Breaching
Party”) as described in Section 11.1(b), the Bank shall be liable to pay the amount of US$3,000,000 to the Purchaser, on demand, in consideration of its efforts in connection with the transactions contemplated hereby, as liquidated
damages for any and all damages or expenses that the Purchaser may have incurred in connection herewith. The Purchaser hereby waives any further claims against the Seller for all such damages or expenses including any claims for breach of warranty.

  

	 	(b)	If this Agreement is terminated by the Seller pursuant to Section 11.1(c) (the “Non-Breaching Party”) due to a breach by the Purchaser (the “Breaching
Party”) as described in Section 11.1(c), the Purchaser shall be liable to pay the amount of US$6,000,000 to the Seller, on demand, in consideration of its efforts in connection with the transactions contemplated hereby, as liquidated
damages for any and all damages or expenses that the Seller may have incurred in connection herewith, and the Seller hereby waives any further claims against the Purchaser for all such damages or expenses including any claims for breach of warranty.

					
	PURCHASE AGREEMENT	  		  	PAGE 35

  

	 	(c)	If this Agreement is terminated by the Purchaser pursuant to Section 11.1(b) and, within the 9 month period thereafter, the Bank breaches its obligations under
Section 11.3, then the Bank shall be liable to pay the amount of US$3,000,000 to the Purchaser, on demand, as liquidated damages for any and all damages or expenses occasioned by such breach, and the Purchaser hereby waives any further claims
against any of the Seller for all such damages or expenses including any claims for breach of warranty. 

  

	 	(d)	The Parties have agreed that the liquidated damages set forth in the preceding paragraphs are a genuine pre-estimate of the Loss which the Non-Breaching Party is likely to suffer as
a result of termination of this Agreement due to a breach of the Breaching Party as described in Section 11.1(b) or (c) or 11.3, as the case may be, in view of the practical difficulties of calculating such damages and expenses in the
absence of agreement of the Parties. 

  

	11.5	Other Remedies. 

 Except as specifically
provided in Section 11.4 with respect to liquidated damages, (i) each Party’s right of termination under this Article 11 is in addition to and shall not exclude or restrict any other rights it may have under this Agreement or
otherwise, and the exercise of a right of termination shall not be an election of remedies, and (ii) nothing in Article 11 shall limit or affect any other rights or causes of action the Purchaser or the Seller may have with respect to the
warranties, covenants and indemnities in its or their favor contained in this Agreement. 
 ARTICLE 12 
 LIMITATIONS 
  

	12.1	Application of this Article. 

 The provisions
of this Article 12 apply notwithstanding, and in priority to, any other provision of this Agreement. 
  

	12.2	Taxation. 

 The Seller shall only be liable
to the Purchaser in relation to Claims in respect of Tax or Tax matters pursuant to a Claim under Section 6.16 and/or in accordance with Section 9.10. and/or Section 14(1)(c). 
  

	12.3	Financial Liability. 

  

	 	(a)	The maximum liability of the Seller for all Claims will not exceed the Purchase Price. 

  

	 	(b)	The Seller will not be liable for any Claim unless the aggregate liability for all Claims, following application of the other provisions of this Article 12, exceeds $500,000 in
which case the Seller will, subject to the other provisions of this Article 12, be liable for the whole of such amounts and not merely the excess. This Section 12.3(b) shall not apply to limit the Seller’s liability under Section 5.4,
14(1)(c) or 9.10(b)(iii) or where liability arises by reference to any VAT payable in respect of the contribution of Transferred Assets pursuant to the Hive Down Agreement. 

					
	PURCHASE AGREEMENT	  		  	PAGE 36

  

	12.4	Time Limits. 

  

	 	(a)	The Seller will not be liable for any Claim unless the Purchaser serves notice of the Claim on the Seller (specifying in reasonable detail the nature of the Claim and, so far as is
practicable, the amount claimed in respect of it) as soon as reasonably practicable and in any event within 25 Business Days after becoming aware of the matter, provided, however, that the failure to provide notice as provided herein shall relieve
the Seller of its obligations hereunder only to the extent that such failure prejudices the Seller. 

  

	 	(b)	The Seller will cease to be liable: 

  

	 	(i)	for any Claim under Section 6.16 not notified to the Seller prior to the date falling 7 years and 3 months from Completion; 

  

	 	(ii)	for any claim under the Warranties set out in Sections 6.2(Authority), 6.6(a) (Ownership of Transferred Assets) and 6.21(a), (b) and (d) (Joint Venture) not notified to
the Seller prior to the date falling 5 years from Completion; and 

  

	 	(iii)	for any other Claim not notified to the Seller prior to 31 July 2010. 

 A Claim notified in accordance with this Section 12.4 and not satisfied, settled or withdrawn will be unenforceable against the Seller on the expiry of the period of 24 months in respect of a Claim under
Section 6.16, 14.1(c) or 9.10 or 9 months in respect of any other Claim, starting on the day of notification of the Claim, unless proceedings (including particulars of claim) in respect of such Claim have been both issued and validly served on
the Seller within that period. The Purchaser will not be prevented by: 
  

	 	(A)	Section 12.7(c)(vi) from notifying pursuant to this Section 12.4 a contingent or unquantifiable Claim. 

  

	 	(B)	Section 12.14 from notifying pursuant to this Section 12.4 any Claim to which the Joint Venture has the right to reimbursement or restitution pursuant to the Operative
Documents, 

 if any such Claim is notified within the applicable time limit in this Section 12.3 then the 24 month or 9
month period (as the case may be) detailed above will commence on the day that Section 12.7(c)(vi) or Section 12.14 (as the case may be) ceases to prevent the Purchaser from taking any further steps to pursue such Claim. 
  

	 	(c)	The Purchaser shall cease to be liable for any claim under the Purchaser Warranties not notified to the Purchaser prior to the date falling 5 years from Completion.

					
	PURCHASE AGREEMENT	  		  	PAGE 37

  

	12.5	Rights to information. 

 If any Party gives
notice of a claim under the Warranties, that Party shall, and shall ensure that the Joint Venture shall (a) allow the other Party’s duly authorised representatives and professional advisers access for the purposes of the relevant claim or
Third Party Claim to its premises and personnel and the premises and personnel of the Joint Venture, and to any of its relevant records and information or the relevant records and information of the Joint Venture, (other than records or other
information which would be subject to legal privilege), and permit the other Party and those representatives and advisers to make copies (at their own cost) of those records and information; and (b) if so requested by the other Party, procure
at the cost of that Party that the auditors of the Joint Venture at the relevant time(s) grant to the firm of accountants appointed by that Party access to their audit working papers in respect of audits of the Joint Venture accounts for any
relevant financial year in connection with the relevant claim or Third Party Claim. Access under this Section 12.5 may be required only at reasonable times during normal business hours and on reasonable notice and will be subject to the Party
seeking access to information giving such undertakings as to confidentiality as the other Party may reasonably require and, in the case of access to the auditors’ working papers, to the appointed accountants signing such letters holding the
auditors harmless as the auditors may reasonably require. 
  

	12.6	Purchaser’s knowledge. 

  

	 	(a)	Subject only to the provisions of Section 12.6 (b) below, no Warranty made by the Seller in this Agreement shall be deemed in any way modified or discharged by reason of
any investigation or inquiry made or to be made by or on behalf of the Purchaser. Subject only to the provisions of Section 12.6 (b) below, for the purpose of determining the Seller’s liability hereunder in respect of any Warranty,
the Purchaser shall not be deemed to have knowledge of any matter relating to the subject matter of that Warranty unless disclosure in accordance with Section 4.4 is made by the Seller specifically in connection with that matter in the relevant
Disclosure Schedule. 

  

	 	(b)	The Purchaser undertakes to the Seller that it has no actual knowledge (having made enquiry of Suellyn Tornay, Jeff Baker, Jim Kelly, Manning Smith and Mac Schuessler) of any fact,
matter or circumstance which constitutes or may constitute a breach of any of the Seller Warranties and/or may give rise to a Claim and to the extent that any breach or Claim arises out of or in connection with any fact, matter or circumstance which
is within such actual knowledge of the Purchaser the Seller will not be liable for and the Purchaser waives and releases that Claim. 

  

	12.7	General limitations. 

 The Seller will not be
liable for any Claim and accordingly no Claim may be brought to the extent that: (a) the Purchaser or Joint Venture or any member of the Purchaser’s Group actually recovers any loss or damage under the terms of any insurance policy for the
time being in force; (b) specific provision therefore was made in the Financial Statements; (c) the Claim arises wholly or partly out of or in connection with, or the amount of the Claim is increased by (i) any voluntary act,
omission, transaction or 

					
	PURCHASE AGREEMENT	  		  	PAGE 38

  

 
arrangement carried out by, at the request of or with the written approval of the Purchaser or the Purchaser’s Group before or at Completion;
(ii) any voluntary act, omission, transaction or arrangement of the Purchaser or any member of the Purchaser’s Group or any of their respective officers, employees, agents or successors in title, or (to the extent under the exclusive
control or direction of the Purchaser) the Joint Venture after Completion (iii) any breach by the Purchaser of any of its obligations under this Agreement or any other Operative Document; (iv) any passing of or change in any statutory or
other binding or advisory legislative or regulatory provision or a change in the interpretation of law (whether or not as a result of case law) after the date of this Agreement (which has not been publicly announced at the date of this Agreement and
which has retrospective effect); (v) any change in the rate of Taxation or any imposition of any Taxation or change in the practice of, or concession operated by, any Taxation Authority which is not in force at the date of this Agreement (which
has not been publicly announced at the date of this Agreement and which has retrospective effect); (vi) the loss or liability suffered or incurred by the Purchaser to which the Claim relates is contingent, future or unascertainable and no Claim
may be brought for such loss or liability until the Purchaser actually suffers the loss or incurs the liability in question. Sub-Sections (a), (b), (c)(iv) and (c)(v) of this Section 12.7 shall not apply to limit the Seller’s liability
under Section 14(1)(c) or 9.10(b)(iii) or where liability arises by reference to any VAT payable in respect of the contribution of Transferred Assets pursuant to the Hive Down Agreement. 
  

	12.8	Right to Remedy. 

 A breach of any of the
Seller Warranties which is capable of remedy will not entitle the Purchaser to compensation unless and to the extent that such breach has not been remedied by the Seller within 30 Business Days after the date of service of the notice of the Claim.

  

	12.9	Subsequent recovery from third party. 

 The
Purchaser shall reimburse the Seller forthwith an amount equal to any sum paid by the Seller in respect of any Claim which is subsequently recovered by or paid to the Purchaser or the Joint Venture by any third party in respect of the matter giving
rise to the Claim (less any Expenses incurred in making such recovery). 
  

	12.10	Claims against third party. 

 Where the
Purchaser or Joint Venture or any member of the Purchaser’s Group may be entitled (whether by reason of insurance, payment, discount, credit, relief or otherwise) to recover from a third party any sum for any damage or liability which is or
could be the subject of a Claim (a “Third Party Recovery”), the Purchaser: (a) shall notify the Seller of the Third Party Recovery within 25 Business Days of the Purchaser or any member of the Purchaser’s Group becoming
aware that it may be entitled to make the Third Party Recovery, and in any event prior to taking any material step to enforce, compromise, settle or waive any right in relation to that Third Party Recovery; (b) shall provide the Seller with
such information as the Seller may reasonably require relating to the Third Party Recovery and shall keep the Seller reasonably informed of any material development in the conduct of the Third Party Recovery;(c) shall not (and shall procure that the
Joint Venture (so far as the Purchaser is reasonably able to do so) and each member of the Purchaser’s Group do 

					
	PURCHASE AGREEMENT	  		  	PAGE 39

  

 
not) compromise, settle or waive any right in relation to that Third Party Recovery without the written consent of the Seller; and (d) shall, following
written acknowledgment by the Seller that it is liable for such Claim pursuant to the terms of this Agreement and subject to the Seller paying the Purchaser’s Expenses first take steps or procure that the relevant member of the Purchaser’s
Group first takes steps (including the commencement and prosecution of proceedings) to enforce such Third Party Recovery as the Seller may reasonably require before taking any steps (other than the notification of the Claim under Section 12.3)
to pursue the Claim against the Seller. Following written acknowledgment by the Seller that it is liable for such Claim pursuant to the terms of this Agreement and the Seller paying the Purchaser’s Expenses incurred for such procurement, the
Purchaser shall, at the Seller’s request, use commercially reasonable endeavours to procure that the Seller is placed in a position to take over the conduct of all negotiations and proceedings arising in relation to the Third Party Recovery
following which the Seller shall not be liable for any legal costs or other expense subsequently incurred by the Joint Venture, the Purchaser or any member of the Purchaser’s Group in connection with the conduct of the Recovery. Any Claim will
be limited (in addition to the other limitations on the Seller’s liability referred to in this Article 12) to the amount by which the loss or damage suffered by the Purchaser as a result of such breach exceeds the amount (if any) so recovered
by way of the Third Party Recovery and the Purchaser shall pay over to the Seller all amounts recovered up to the amount of the relevant Claim previously discharged by the Seller, if any. The Seller will not be liable to the Purchaser only to the
extent that any Claim arises or is increased by the failure of the Purchaser to comply with its obligations under this Section 12.10. 
  

	12.11	Claims by third parties. 

 If grounds for any
Claim arise as a result of, or in connection with any claim by, or alleged liability to, a third party (“Third Party Claim”), the Purchaser: (a) shall notify the Seller of the Third Party Claim as soon as reasonably practicable
and in any event: (i) within 25 Business Days of the Purchaser becoming aware of the Third Party Claim, and (ii) prior to taking any material step to defend the Third Party Claim or to compromise, settle or waive any right in relation to
the Third Party Claim; (b) shall provide the Seller with such information as the Seller may reasonably require relating to the Third Party Claim and shall keep the Seller reasonably informed of any material development in the conduct of the
Third Party Claim; (c) shall not (and shall procure that the Joint Venture, the Purchaser and each member of the Purchaser’s Group do not) compromise, settle or waive any right or admit any liability in relation to that Third Party Claim
without the written consent of the Seller; and (d) shall, following written acknowledgment by the Seller that it is liable for such Claim pursuant to the terms of this Agreement and subject to the Seller paying the Purchaser’s Expenses
promptly: (i) take, and procure that the Joint Venture, the Purchaser and each member of the Purchaser’s Group take, such action as the Seller may reasonably request to avoid, dispute, resist, appeal, defend or compromise the Third Party
Claim; and (ii) use its reasonable endeavours to procure that the Seller is placed in a position to take over the conduct of all negotiations and proceedings arising in connection with the Third Party Claim following which the Seller shall not
be liable for any legal costs or other expense subsequently incurred by the Joint Venture, the Purchaser or any member of the Purchaser’s Group in connection with the defence of the Third Party Claim. The Seller will not be liable to the
Purchaser only to the extent that any Claim arises or is increased by the failure of the Purchaser to comply with its obligations under this Section 12.11. 

					
	PURCHASE AGREEMENT	  		  	PAGE 40

  

	12.12	Duty to mitigate. 

 Nothing in this Agreement
will be deemed to relieve the Purchaser from its common law duty to mitigate its loss. 
  

	12.13	No double recovery. 

 Neither the Purchaser
nor any member of the Purchaser’s Group will be entitled to recover damages or any other amount in respect of any Claim or otherwise obtain reimbursement or restitution in respect of a matter, loss or liability to the extent the Purchaser or
any member of the Purchaser’s Group has previously recovered in respect of the same matter, loss or liability pursuant to the provisions of any of the Operative Documents. Neither the Purchaser nor any member of the Purchaser’s Group will
be entitled to recover damages or any other amount in respect of any Claim or otherwise obtain reimbursement or restitution in respect of a matter, loss or liability to the extent that (i) the Seller has made a contribution to the Joint Venture
in accordance with Section 7.1; or failing that (ii) the Joint Venture has been indemnified for that matter loss or liability pursuant to the provision of Section 7.2; or (iii) the Joint Venture has previously recovered in each
case in respect of the same matter, loss or liability pursuant to the provisions of any of the Operative Documents. The Joint Venture will not be entitled to any contribution by the Seller pursuant to Section 7.1 or any indemnification pursuant
to the provisions of Section 7.2 to the extent that the Purchaser or any member of the Purchaser’s Group has recovered damages or any other amount in respect of any Claim or otherwise obtained reimbursement or restitution in respect of the
same matter, loss or liability pursuant to the terms of any of the Operative Documents. 
  

	12.14	Operative Documents. 

 To the extent that the
Joint Venture has the right to reimbursement or restitution in respect of a matter, loss or liability pursuant to the provisions of any of the Operative Documents (excluding the Purchase Agreement) including but not limited to clause 14 of the Hive
Down Agreement the Purchaser shall (so far as it is able) procure that the Joint Venture shall seek to obtain reimbursement or restitution in respect of such matter, loss or liability pursuant to the provisions of the relevant Operative Documents
(excluding the Purchase Agreement) before any Claim may be brought pursuant to the terms of this Agreement. For the avoidance of doubt, the operation of this Section 12.14 shall not result in the Joint Venture’s or the Purchaser’s
right of recovery being limited by any limitations on liability or recovery contained in any Operative Documents if such amounts would have been recoverable from the Seller pursuant to the terms of this Agreement. 
  

	12.15	No reliance on statements. 

 The Purchaser
shall not make any claim against the Seller in respect of any warranty, representation, indemnity, covenant, undertaking or otherwise arising out of or in connection with the sale of the Controlling Interest except where it is expressly contained in
this Agreement. The Purchaser confirms that it has not relied upon or been induced to enter into this Agreement by any warranty, representation, indemnity, covenant or undertaking given by any person which is not expressly contained in this
Agreement. 

					
	PURCHASE AGREEMENT	  		  	PAGE 41

  

	12.16	Reduction in Consideration. 

 Any payment
made by the Seller to the Purchaser in respect of any Claim will, to the extent possible, take effect as a reduction in the Purchase Price. 
  

	12.17	Waiver of Claims Against Employees. 

 The
Seller hereby fully and absolutely waives, to the extent permitted by Laws, any and all rights and claims which it might otherwise have in respect of any misrepresentation, inaccuracy or omission in or from any information or advice supplied or
given by any of the officers or employees of the Seller or the Joint Venture in enabling the Sellers to give the Seller Warranties or to prepare the Disclosure Schedules. 
 ARTICLE 13 
 POST-COMPLETION COVENANTS 
  

	13.1	Further Assurances. 

 On and after the
Completion Date, each Party shall give such further assurances to the other Party and execute, acknowledge and deliver all such acknowledgements and other instruments and take such further actions as may be reasonably necessary or appropriate to
effectuate the transactions contemplated by this Agreement and the other Operative Documents, including the transfer of the Controlling Interest to the Purchaser the transfer of the Merchant Acquiring Business to the Joint Venture, and the
completion of the Restructuring. 
  

	13.2	Matters relating to Applicable Sales Taxes and VAT. 

 After Completion, each of the Bank and the Purchaser shall use their respective commercially reasonable efforts (by providing relevant guidance, expertise, advice and support) to assist the Joint Venture: 
  

	 	(a)	should the Joint Venture choose to seek a ruling from HMRC that the supplies which it provides are properly exempt from VAT under any current or proposed legislation concerning VAT;
and 

  

	 	(b)	in the event that HMRC determine that in their view VAT is in fact chargeable on the relevant services to be supplied by the Joint Venture, in the contestation of the ruling to the
extent agreed between the parties, 

 provided always that, nothing in this clause shall oblige the Bank or the Purchaser to
take or omit to take any action which it believes in its absolute discretion, to be materially prejudicial to the interests of its business or the interests of any member of the Bank VAT Group or the Purchaser’s VAT group. 

					
	PURCHASE AGREEMENT	  		  	PAGE 42

  

 ARTICLE 14 
 MISCELLANEOUS 
  

	14.1	Expenses. 

  

	 	(a)	The expenses associated with the creation of HSBC Merchant Services LLP and the subsequent transfer of the Merchant Acquiring Assets to the Joint Venture and the Hive Down Agreement
shall be borne exclusively by the Bank. In any other case, except as otherwise specifically provided in this Agreement, each Party shall pay its own costs and expenses in connection with this Agreement and the transactions contemplated hereby,
including its own attorney’s fees, accounting fees and other expenses. For the avoidance of doubt, any Taxes recovered by any Party or the Joint Venture shall be reimbursed to the relevant Party which has paid for the relevant Taxes as part of
the expenses of the Restructuring. 

  

	 	(b)	The Purchaser shall pay any U.K. stamp duty, stamp duty reserve tax, and stamp duty land tax (if any) payable in respect of the purchase of the Controlling Interest under this
Agreement. 

  

	 	(c)	The Bank undertakes and acknowledges that it will settle any liability to SDLT of the Joint Venture arising in respect of the entering into by the Joint Venture of the Property
Agreements. 

  

	14.2	Notices. 

 All notices, demands and other
communications hereunder shall be in writing, and shall be delivered in person, sent by post (return receipt requested), sent via commercial courier or sent via facsimile (provided that the sending Party has automatically generated confirmation that
the entire facsimile was actually received by the receiving Party and the receiving party has provided voice confirmation of receipt) to the Parties at their respective addresses and facsimile numbers below: 
  

	 	(i)	If to the Seller, to: 

 HSBC Bank plc 
 8 Canada Square 
 London 
 E14 5HQ 
 Attention: Head of Commercial
Cards 
 Facsimile:  +44 (0)20 7991 4660 
 Telephone: +44 (0)20 7992 1844 
 With a copy to: 
 William James 
 Addleshaw Goddard LLP

 150 Aldersgate Street 
 London EC1A 4EJ 
 Facsimile:   +44 (0)20 7606 4390 
 Telephone: +44 (0)20 7880 5771 

					
	PURCHASE AGREEMENT	  		  	PAGE 43

  

	 	(ii)	If to the Purchaser, to: 

 Global Payments U.K. LTD.

 c/o Global Payments Inc. 
 10
Glenlake Parkway 
 North Tower 
 Atlanta, Georgia 30328 
 United States of America 
 Attention: General Counsel 
 Facsimile:   +1-770-829-8265 
 Telephone: +1-770-829-8250 
 With a copy
to: 
 Mark Thompson 
 King & Spalding International LLP 
 25 Cannon Street 
 London EC4M 5SE 
 Facsimile: +44(0)20 7551
7575 
 Telephone +44(0)20 7551 7500 
 The persons, addresses or facsimile numbers to which mailings or deliveries shall be made may be changed from time to time by notice given pursuant to the provisions of this Section 14.2. Any notice, demand or other communication given
pursuant to the provisions of this Section 14.2 shall be deemed to have been given on the date actually delivered. 
  

	14.3	Third Party Beneficiaries. 

  

	 	(a)	Save as provided in Section 14.3(b), no Person who is not a party to this Agreement shall have any right to enforce any term of this Agreement pursuant to the Contracts (Rights
of Third Parties) Act 1999. 

  

	 	(b)	The Joint Venture may enforce the provisions of Section 7.2. 

  

	14.4	Successors and Assigns. 

 This Agreement
shall be binding upon and shall inure to the benefit of the Parties and their respective successors and permitted assigns. This Agreement and all rights, privileges, duties and obligations of the Parties may not be assigned, transferred or otherwise
disposed of, in whole or part, by either Party without the prior written Consent of the other Party, which Consent shall not be unreasonably withheld or delayed; provided, however, that no such Consent shall be required (i) for the assignment
or delegation by any Party of any of its rights, privileges, duties and obligations hereunder to an Affiliate of such Party or (ii) for the assignment or 

					
	PURCHASE AGREEMENT	  		  	PAGE 44

  

 
delegation by any Party of any of its rights, privileges, duties and obligations hereunder to any Person into or with which the assigning or delegating Party
shall merge or consolidate or to which the assigning or delegating Party shall sell all or substantially all its assets. In the event of an assignment or delegation as contemplated by subsection (i) or (ii) above, the assigning or
delegating Party shall provide the other Party with notice thereof as soon as reasonably practicable thereafter. Neither an assignment or delegation under this Section 14.4 nor the Consent of a Party to an assignment or delegation by the other
Party under this Section 14.4 shall (i) directly or indirectly relieve that Party of any of its obligations under this Agreement or any of the other Operative Documents arising prior to such assignment or delegation; or
(ii) constitute either of the other Parties’ Consent to further assignment or delegation. If, at any time following an assignment or delegation to an Affiliate under sub-Section (i), the assignee or delegate ceases to be an Affiliate of
the assigning or delegating Party, the assigning or delegating Party shall procure that the assignee or delegate shall forthwith transfer back to the relevant Party the relevant right, privilege, duty or obligation. If there is an assignment or
encumbrance by a Party as permitted by this Section 14.4, the amount of loss or damage recoverable by the assignee or encumbrancer will be calculated as if that Person had been originally named as a party to this Agreement. 
  

	14.5	Amendments and Waivers. 

  

	 	(a)	No amendment or waiver of any provision of this Agreement, and no consent to any departure by any Party herefrom, shall be effective unless the same shall be in writing and signed
by the Party sought to be bound thereby, and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which it was given. No amendment, modification or alteration of the provisions of this
Agreement shall be binding unless the same shall be in writing and duly executed by the authorized representative of each of the Parties. 

  

	 	(b)	No failure or delay on the part of any Party in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any waiver on the part of any Party
of any right, power or privilege hereunder operate as a waiver of any other right, power or privilege hereunder, nor shall any single or partial exercise of any right, power or privilege hereunder preclude any other or further exercise thereof or
the exercise of any other right, power or privilege hereunder. 

  

	14.6	Severability of Provisions. 

 Whenever
possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under Law, but if any provision of this Agreement is held to be prohibited by or invalid under Law, such provision shall be ineffective only
to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Agreement. In such an event, the Parties shall use good faith endeavours to re-negotiate any such provision in
an effort to retain the spirit and intent of the original provision. 

					
	PURCHASE AGREEMENT	  		  	PAGE 45

  

	14.7	Counterparts. 

 This Agreement may be
executed by the Parties in one or more counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 
  

	14.8	Joint Announcement; Confidentiality. 

  

	 	(a)	No press release or other written public announcement (other than one containing public disclosures required by Law or the rules or regulations of any Stock Exchange applicable to
the relevant Party or any of its Affiliates which is listed on the Stock Exchange) on any matter concerning or connected to the transactions contemplated by the Operative Documents or the terms and conditions of the Operative Documents or any matter
ancillary thereto shall be made by any Party without the prior written approval of all Parties (such approval not to be unreasonably withheld). So far as reasonably practicable, the Parties shall consult as to the content, manner of making, and
timing of any such press release or other written public announcement (whether one made with the approval of the Parties or one required by Law or the rules or regulations of any applicable Stock Exchange) and each Party shall comply with such
requests in respect thereof as a Party shall reasonably make. Notwithstanding the foregoing and subject to the confidentiality provisions set out in any of the Operative Documents, nothing herein shall prevent any Party from disclosing, either
publicly or otherwise, (i) any information which has been previously disclosed pursuant to a mutually agreed press release or other mutually agreed written public announcement or which has been approved for disclosure by the other Parties, or
(ii) any information which is or has come into the public domain other than as a result of a breach of this Section 14.8. 

  

	 	(b)	(Subject to each Party’s ability to make any public disclosures required by Law and by the rules or regulations of any Stock Exchange applicable to the relevant Party or any of
its Affiliates which is listed on a Stock Exchange, the Parties shall use commercially reasonable endeavours to avoid publicly disclosing any sensitive commercial information concerning the transactions contemplated by the Operative Documents or the
terms and conditions thereof. 

  

	 	(c)	 Each of the Parties shall treat as confidential the Bank Data or the Purchaser Data, as appropriate, which come into its possession in the course of negotiating or
performing this Agreement, and shall use the Bank Data or the Purchaser Data exclusively for the purposes of this Agreement and for no other purposes, and shall not disclose any Bank Data or Purchaser Data to any other Person (excluding its
auditors, legal advisors and other professional advisors) except as agreed by the other Party, or as required by any Law or any Stock Exchange rule or regulation applicable to the relevant Party or any of its Affiliates which is listed on the Stock
Exchange, or as needed in connection with any lawsuit, claim, litigation or other proceeding or in connection with tax or regulatory matters, or except to the extent that any Bank Data or Purchaser Data was otherwise known to the receiving Party
prior to its coming into the receiving Party’s possession, or is or has come into the public domain other than as a result of the breach of this Section 14.8. Each of the Parties shall procure that its Affiliates shall comply with the
provisions of 

					
	PURCHASE AGREEMENT	  		  	PAGE 46

  

	 	 
this Section 14.8. Notwithstanding the foregoing, in the event that either Party is requested or required (by deposition, interrogatories, requests for
information or documents in legal proceedings, subpoenas, civil investigative demand or similar process or in order to comply with applicable requirements of any Stock Exchange or Governmental Entity, or by requirements of any securities Law or
regulations or other Laws) to disclose any Bank Data or Purchaser Data, such Party shall provide the other Party, to the extent that it is legally permitted to do so, with prompt notice of any such request or requirement so that the affected Party
may seek a protective order or other appropriate remedy and/or waive compliance with the provisions of this Section 14.8 in connection with such request or requirement. Any disclosure of Bank Data or Purchaser Data in accordance with the
preceding sentence shall not be deemed a breach or violation of this Section 14.8. 

  

	14.9	Entire Agreement. 

 The making, execution and
delivery of this Agreement, by the Parties, and the Disclosure Schedules agreed to by the Parties as of the date hereof, have been induced by no representations, statements, warranties or agreements other than those herein expressed or expressed in
the other Operative Documents. This Agreement, the Operative Documents, the Disclosure Schedules and any Exhibits and Schedules hereto and the other written instruments specifically referred to herein or therein embody the entire understanding of
the Parties in respect of the subject matter hereof and supersede and cancel in all respects all previous letters of intent, correspondence, understandings, agreements and undertakings (if any) between the Parties with respect to the subject matter
hereof whether such shall be written or oral. 
  

	14.10	Survival. 

 The Parties acknowledge and agree
that the provisions of Sections 11.2, 11.3, 11.4, 12 and 14 (and any other provisions which by their nature are expected to survive the expiration or termination of this Agreement) shall survive the expiration or termination of this Agreement.

  

	14.11	Gross-Up. 

  

	 	(a)	Any sum payable under this Agreement (including for the avoidance of doubt any contribution or subscription for Deferred Membership Units) shall be paid free and clear of all
deductions or withholdings or rights of counterclaim or set-off unless the deduction or withholding is required by Law. 

  

	 	(b)	If any deduction or withholding from any payment under this Agreement, the sum due from the payor in respect of such payment shall be increased to the extent necessary to ensure
that after the making of such deduction or withholding the payee receives and retains a net sum equal to the sum it would have received had no deduction or withholding been required to be made. 

  

	 	(c)	If any amount paid or due under this Agreement (except for the Purchase Price and amounts in respect of interest) results in a liability to Tax of the payee the payor shall pay to
the payee such further sum as will ensure that the net amount received and retained by the payee after such liability to Tax is taken into account shall equal the full amount which would have been received and retained by the liability to Tax in the
absence of such liability to Tax. 

					
	PURCHASE AGREEMENT	  		  	PAGE 47

  

	 	(d)	If an additional payment is made under Section 14.11(b) or (c) and the party receiving such payment (the “Recipient”), in its sole discretion, acting
reasonably, determines that it has received a credit for, refund of or relief from any tax or other monies payable by it or similar benefit by reason of any deduction or withholding for or on account of tax or by reason of any tax charged in respect
of which there is a gross up under Section14.11(c) then it shall reimburse to the payor such part of such additional payments paid to it pursuant to Section 14.11(b) or (c) by the Recipient, acting reasonably, certifies to the payor will
leave it (after such reimbursement) in no better or worse position that it would have been if no deduction or withholding had been required or no tax charge had arisen. 

  

	14.12	Further Assurances. 

 Each Party shall do and
perform or cause to be done and performed all such further acts and things and shall execute and deliver or cause to be executed and delivered all such other agreements, certificates, instruments, and documents as the other Party may reasonably
request in order to carry out the intent and accomplish the purposes of this Agreement. 
  

	14.13	Governing Law and Arbitration. 

  

	 	(a)	This Agreement shall be governed by and construed in accordance with English Law. 

  

	 	(b)	Any dispute, controversy or claim arising out of or in connection with this Agreement, including any question regarding its existence, validity or termination (a Dispute)
that is not amicably settled by the Parties shall at the request of any Party be referred to and finally resolved by arbitration under the LCIA Rules, which Rules are deemed to be incorporated by reference into this clause 

 

	 	(c)	The number of arbitrators shall be three. Subject to Article 8 of the LCIA Rules, the Claimant and the Respondent shall each nominate an arbitrator. The LCIA Court shall select and
appoint the third arbitrator. 

  

	 	(d)	The seat and legal place of arbitration shall be London, England. 

  

	 	(e)	The language to be used in the arbitral proceedings shall be English. 

  

	 	(f)	 If any Dispute raises issues which are substantially the same as or connected with issues raised in a Dispute which has already been referred to arbitration or a
dispute under one of the other Operative Documents which has already been referred to arbitration (in either case an “Existing Dispute”), or arises out of substantially the same facts as are the subject of an Existing Dispute (in
either case, a “Related Dispute”), and whether such Existing Dispute involves only the Parties to this Agreement or parties to the other Operative Documents (“Related Parties”), subject to the prior agreement in
each case of the Parties 

					
	PURCHASE AGREEMENT	  		  	PAGE 48

  

	 	 
involved in the Related Dispute, the Arbitral Tribunal appointed or to be appointed in respect of such Existing Dispute shall also be appointed as the
Arbitral Tribunal in respect of the Related Dispute. In such case, the Arbitral Tribunal may, subject to the prior agreement of all Parties and other parties involved in the Existing Dispute and the Related Dispute, having regard to the stage of the
proceedings of the Existing Dispute and other relevant circumstances, consolidate the proceedings arising out of the Existing Dispute and the Related Dispute. Where one or more members of the Arbitral Tribunal appointed in relation to the Existing
Dispute declines appointment in relation to the Related Dispute, replacement arbitrator(s) shall be selected and appointed by the LCIA Court. 

  

	 	(g)	The Arbitral Tribunal, once constituted, may, having regard to the stage of the proceedings and other relevant circumstances, upon the application of any Party join any one or more
of the Related Parties to arbitration proceedings commenced under this Clause, subject to the agreement of such Related Party or Parties. The Arbitral Tribunal may, upon the request of any Related Party so joined to arbitration proceedings commenced
under this Clause, join any one or more of the remaining Related Parties to such arbitration proceedings, subject to the agreement of such Related Party or Parties. 

 Signed, by the Parties or their duly authorized representatives on the day and year first above written. 

			
	 Signed by Sean O’Sullivan
 duly authorised for and on behalf of
 HSBC BANK plc
	 	Sean O’Sullivan
		 	For and on behalf of HSBC Bank plc
		
	Signed by Paul Garcia as attorney for Global Payments U.K. LTD under a power of attorney dated 16 June 2008	 	Paul Garcia
		 	Attorney for Global Payments U.K. LTDForm of Marketing Alliance Agreement

 Exhibit 10.30 
 MARKETING ALLIANCE AGREEMENT 
 HSBC BANK PLC 
 GLOBAL PAYMENTS INC. 
 AND

 HSBC MERCHANT SERVICES LLP 

 TABLE OF CONTENTS 
  

			
	 	  	Page
	 SECTION 1: DEFINITIONS AND INTERPRETATION
	  	1
	 1.1           Definitions and Interpretation
	  	1
		
	 SECTION 2: MERCHANT AGREEMENTS; SPECIAL ACCOUNTS
	  	1
	 2.1           Merchant Agreements
	  	1
	 2.2           Rights under Merchant Agreements
	  	1
	 2.3           Modifications to and terminations of Merchant Agreements
	  	2
	 2.4           Modification of Existing Merchant Agreements
	  	2
	 2.5           New Merchant Agreements
	  	2
	 2.6           Authorised Agent
	  	3
	 2.7           Key Accounts
	  	3
	 2.8           Bank Affiliate Transactions and “on us”
transactions
	  	5
		
	 SECTION 3: SERVICES
	  	6
	 3.1           Joint Venture Services; Processor Exclusivity
	  	6
	 3.2           Bank Services
	  	7
	 3.3           Authorisation and Consents
	  	7
	 3.4           Fees for Bank Services; Invoices
	  	8
	 3.5           GPN obligation in relation to Transition Agreement
	  	10
		
	 SECTION 4: DEPOSIT AND SETTLEMENT PROCEDURES
	  	10
	 4.1           Acceptance, Delivery, and Settlement of Credit Card Transaction,
etc
	  	10
	 4.2           Amendments
	  	11
	 4.3           Funding Costs for Merchant Settlement
	  	11
		
	 SECTION 5: PAYMENTS AND ACCOUNTS; CLEARING ARRANGEMENTS
	  	12
	 5.1           General
	  	12
	 5.2           Withdrawal of Account Fees and Unreimbursed Chargebacks,
etc
	  	12
	 5.3           Ownership of Settlement Accounts
	  	13
		
	 SECTION 6: EXCLUSIVITY AND MARKETING
	  	13
	 6.1           Referral of Potential Merchants; Covenant Not to Compete;
etc
	  	13
	 6.2           Marketing
	  	20
	 6.3           Governmental or other Contracts
	  	20
	 6.4           Benchmarking
	  	21
	 6.5           Customer Satisfaction Exercises
	  	21
		
	 SECTION 7: CHARGEBACKS, CREDIT LOSSES AND RISK MANAGEMENT
	  	21
	 7.1           Chargebacks and Credit Losses
	  	21
	 7.2           Processing Chargebacks and Credit Losses; Pre-Completion Transactions

	  	21
	 7.3           Payment for Unreimbursed Chargebacks and Credit Losses
	  	21
	 7.4           Reserve Accounts
	  	23
		
	 SECTION 8: MEMBERSHIP IN CARD ASSOCIATIONS AND NETWORK ORG
	  	25

  

 -1- 

			
	 	  	Page
	 8.1           Card Association and Network Organisation Membership by
Bank
	  	25
	 8.2           Card Association and Network Organisation, etc.
	  	25
	 8.3           Compliance with Association Rules by the Joint Venture
	  	26
	 8.4           Processing and Clearing Arrangements
	  	26
	 8.5           Bank Services Fees and Indemnity during Run-Off Period
	  	26
		
	 SECTION 9: PAYMENT OF SCHEME FEES
	  	27
	 9.1           Payment of Scheme Fees and Interchange Fees
	  	27
		
	 SECTION 10: AMENDMENTS TO SERVICES; PROBLEM NOTIFICATION
	  	28
	 10.1        Complaints
	  	28
	 10.2        Changes in Laws, Association Rules and Clearing System Rules
	  	28
	 10.3        Problem Notification
	  	28
	 10.4        Root-Cause Analysis and Resolution
	  	29
		
	 SECTION 11: SERVICE LOCATIONS AND SECURITY
	  	29
	 11.1        Rights of Access
	  	29
	 11.2        Joint Venture Service Locations
	  	29
	 11.3        Unauthorised Access or Copying
	  	29
	 11.4        Data Security for Bank System
	  	29
	 11.5        Data Security for Joint Venture
	  	30
	 11.6        Rights of Access to Bank Service Locations
	  	31
	 11.7        Co-operation with Special Investigations
	  	32
		
	 SECTION 12: REPORTS, DATA AND INTELLECTUAL PROPERTY
	  	32
	 12.1        Joint Venture Reports and Data Sharing
	  	32
	 12.2        Bank Reports and Data Sharing
	  	32
	 12.3        Format and Cost of Reports
	  	33
	 12.4        Ownership and use of the Bank Data
	  	33
	 12.5        Access to the Bank Data
	  	33
	 12.6        Privacy
	  	33
	 12.7        Ownership and use of the Joint Venture Data
	  	34
	 12.8        Access to the Joint Venture Data
	  	35
		
	 SECTION 13: BUSINESS RECOVERY PLANS
	  	35
	 13.1        Business Recovery Plan
	  	35
	 13.2        Force Majeure
	  	36
		
	 SECTION 14: AUDITS, REGULATORY EXAMINATIONS AND COMPLIANCE
	  	36
	 14.1        Audits and Inspections
	  	36
	 14.2        Regulatory Matters
	  	38
		
	 SECTION 15: TERM AND TERMINATION OF AGREEMENT
	  	39
	 15.1        Term and Agreement
	  	39
	 15.2        Termination Events
	  	40
	 15.3        Bank Default
	  	40
	 15.4        Joint Venture Default
	  	42
	 15.5        Other Termination Events
	  	43

  

 -2- 

			
	 	  	Page
	 15.6        Run-Off Period and Termination
	  	43
	 15.7        Consequences of termination where GPUK owns 100% of Membership
	  	45
		
	 SECTION 16: DESIGNATION OF RESPONSIBLE PERSONNEL
	  	46
	 16.1        Joint Venture Representatives
	  	46
		
	 SECTION 17: EMPLOYEES
	  	46
	 17.1        Employee recruitment Assistance
	  	46
		
	 SECTION 18: CREDIT POLICY
	  	46
	 18.1        Approval of Merchant Qualification Criteria
	  	46
		
	 SECTION 19: INDEMNIFICATION/LIMITATION OF LIABILITY, ETC.
	  	46
	 19.1        Indemnification
	  	46
	 19.2        Limitation of Liability
	  	49
	 19.3        Recovery
	  	50
	 19.4        Notice of Default
	  	51
	 19.5        Notice of Litigation
	  	51
		
	 SECTION 20: REMEDIES
	  	51
	 20.1        Remedies of the Bank
	  	51
		
	 SECTION 21: DISPUTE RESOLUTION
	  	52
	 21.1        Dispute Resolution
	  	52
		
	 SECTION 22: MISCELLANEOUS
	  	52
	 22.1        Amendments
	  	52
	 22.2        Notices
	  	52
	 22.3        No Waiver; Remedies
	  	54
	 22.4        Third Party Beneficiaries
	  	54
	 22.5        Assignment
	  	54
	 22.6        Governing Law, Jurisdiction
	  	55
	 22.7        Entire Agreement
	  	56
	 22.8        Independent Contractor
	  	56
	 22.9        Severability
	  	56
	 22.10      Execution in Counterparts
	  	56
	 22.11      Confidentiality
	  	56
	 22.12      Joint Announcement
	  	59
	 22.13      Survival
	  	59
	 22.14      Further Assurances
	  	59
	 22.15      Data Protection
	  	59
	 22.16      Expenses
	  	60
	 22.17      Binding Agreement
	  	60
	 22.18      Withholding Tax; Applicable Sales Taxes; Transfer Pricing
	  	60
	 22.19      Countering Bribery
	  	63

  

 -3- 

			
	 SCHEDULE 2.5 : EXISTING FORM OF NEW MERCHANT AGREEMENT
	  	66
	 SCHEDULE 2.7 : LIST OF KEY ACCOUNTS
	  	67
	 SCHEDULE 3.1(b) : JOINT VENTURE SERVICE LEVELS
	  	68
	 SCHEDULE 3.1(e) : PROCESSING AGREEMENT
	  	69
	 SCHEDULE 3.2.1 : BANK SERVICES AND FEES
	  	70
	 SCHEDULE 3.2.2 : BANK SERVICE LEVELS
	  	71
	 SCHEDULE 6.1(f) : REFUND OR REFERRAL FEE PURCHASE AMOUNT
	  	72
	 SCHEDULE 7.3 : INDEMNIFIED EXISTING MERCHANT LIST
	  	73
	 SCHEDULE 7.4 : EXISTING RESERVE ACCOUNTS
	  	74
	 SCHEDULE 18.1 : MERCHANT QUALIFICATION CRITERIA
	  	75

  

 -4- 

 MARKETING ALLIANCE AGREEMENT 
 This MARKETING ALLIANCE AGREEMENT is made on ____________2008, by and among HSBC Bank PLC, a company incorporated under the laws of England
and Wales (registered number 14259) with its registered office at 8 Canada Square, London E14 5HQ, GLOBAL PAYMENTS INC., a corporation organized under the Laws of the State of Georgia U.S.A with its registered address at 10 Glenlake Parkway,
North Tower, Atlanta, Georgia, 30328, and HSBC Merchant Services LLP (No. 0C337146) a limited liability partnership incorporated under the laws of England and Wales whose registered office at De Montfort House, 51 De Montfort Street,
Leicester, LE1 7BB. 
 WHEREAS, the Bank and GPUK entered into the Purchase Agreement pursuant to which the Bank agreed to sell and
GPUK agreed to purchase a 51% interest in the Joint Venture; and 
 WHEREAS, the Parties have each agreed to undertake or cause to be
undertaken certain activities with respect to the Merchant Acquiring Business; and 
 WHEREAS, the execution and delivery of this
Agreement by the Bank, GPN and the Joint Venture is one of the deliveries to be made at Completion by the Seller and the Joint Venture under Section 4.3 of the Purchase Agreement; and 
 NOW, THEREFORE, in consideration of the closing of the transactions contemplated by the Purchase Agreement, of the foregoing and of the mutual
covenants and agreements contained herein, the receipt and sufficiency of which are hereby acknowledged, the Bank, GPN and the Joint Venture hereby agree as follows: 
 SECTION 1. DEFINITIONS AND INTERPRETATION 
 SECTION 1.1 Definitions and Interpretation.
Capitalised terms used but not defined in this Agreement shall bear the same meanings as in part 1 of Schedule 1.1 to the Purchase Agreement (the “Definition and Interpretation Schedule”) and the provisions of part 2
of the Definition and Interpretation Schedule shall apply as if they appeared in this Section. Other expressions which are defined in this Agreement shall bear the meanings so assigned to them where used elsewhere in this Agreement. 
 SECTION 2. MERCHANT AGREEMENTS; SPECIAL ACCOUNTS 
 SECTION 2.1 Merchant Agreements. Except as expressly provided for in this Agreement, the Bank shall remain a party to all Existing Merchant Agreements and take such other actions as may be necessary in
consultation with the Joint Venture in order to comply with the applicable Association Rules as they relate to the Bank Services. 
 SECTION
2.2 Rights under Merchant Agreements. The rights and obligations of the Joint Venture and the Bank in relation to the Existing Merchant Agreements and New Merchant Agreements entered into between the Effective Time and the New Form Merchant
Agreement Issue Date are as set out in the Hive Down Agreement. Except as expressly set out herein the Joint Venture shall, after the Effective Time, be entitled to receive all of the rights under all Existing Merchant Agreements and New Merchant
Agreements and shall be 

  

 -1- 

 
responsible for all liabilities arising from or relating to all Existing Merchant Agreements and New Merchant Agreements in accordance with this Agreement.
Except as otherwise permitted, where the Bank owns any Membership Units in the Joint Venture and is no longer represented on the Board, the Joint Venture will not assign or transfer the benefits or obligations under any Merchant Agreements to any
Person without the prior written Consent of the Bank. 
 SECTION 2.3 Modifications to and terminations of Merchant Agreements.

  

	 	(a)	The Joint Venture shall not modify any Merchant Agreement in a way which increases the Bank’s liabilities to the Card Associations or under this Agreement or any other
Operative Document without the Bank’s prior written Consent. Except as set forth in the preceding sentence, Section 2.4 (Modification of Existing Merchant Agreements), Section 2.7 (Key Accounts) and Section 6.1(q) (Exclusivity
and Marketing), the Joint Venture shall have the right to modify any Merchant Agreement at any time. 

  

	 	(b)	Subject to the provisions of Section 2.7(c) regarding Key Accounts, the Joint Venture shall have the right to terminate any Merchant Agreement at any time. Unless otherwise
expressly provided for in this Agreement, the Bank shall not terminate any Existing Merchant Agreement or New Merchant Agreement without the prior Consent of the Joint Venture such Consent not to be unreasonably withheld. 

SECTION 2.4 Modification of Existing Merchant Agreements. Without prejudice to Section 2.3, the Joint Venture shall not effect
modifications to Existing Merchant Agreements prior to 1 January 2009 (i) except to the extent it deems reasonably necessary to protect itself against a Loss; or (ii) except in relation to Key Accounts to which Section 2.7
applies, to (on notice to a Merchant in accordance with the terms of the relevant Existing Merchant Agreement), increase the fees charged to that Merchant where: 
  

	 	(a)	such increase is equivalent to a fully absorbed cost increase (including an increase in Interchange Fees) received from a Card Association or Network Organisation;

  

	 	(b)	the Merchant is priced below Interchange Fees plus Assessments provided that the increase does not result in charges which exceed the Standard Rate; or 

  

	 	(c)	as otherwise agreed with the Bank (including where incorporated in an amended or replaced form of agreement approved by the Bank). 

 SECTION 2.5 New Merchant Agreements. The Bank and the Joint Venture shall cooperate in good faith to agree a new form of Merchant Agreement
as soon as practicable following the Completion Date and, in any event, prior to the date 75 days from the Completion Date (the “New Form Merchant Agreement Target Date”). If the Bank and the Joint Venture have not agreed a new form
of Merchant Agreement by the New Form Merchant Agreement Target Date, the Bank and the Joint Venture shall be deemed to have agreed to the latest draft form of Merchant Agreement as proposed by the Joint Venture on such date, provided that such
draft form of Merchant Agreement shall comply with applicable Laws, Association Rules and Clearing System Rules. The form of Merchant Agreement deemed to be 

  

 -2- 

 
agreed under the preceding sentence or as agreed between the Bank and the Joint Venture prior to the New Form Merchant Agreement Target Date shall be the
“New Form Merchant Agreement”. From the Effective Date until the date the New Form Merchant Agreement has been printed and is ready for issue (which shall be no later than the date 60 days following the New Form Merchant Agreement
Target Date) (or any later date agreed between the Joint Venture and the Bank) (the “New Form Merchant Agreement Issue Date”), except as otherwise provided herein, all Merchant Agreements executed by the Joint Venture shall be
substantially in the form set out in Schedule 2.5 (Existing Form of New Merchant Agreement). From the New Form Merchant Agreement Issue Date (or any later date agreed between the Joint Venture and the Bank), except as otherwise provided
herein, all Merchant Agreements executed by the Joint Venture shall be substantially in the form of the New Form Merchant Agreement, which form may be amended from time to time by the Joint Venture with the prior written Consent of the Bank, (the
form in Schedule 2.5 together with the New Form Merchant Agreement and any subsequently agreed amended forms each being an “Agreed Form New Merchant Agreement”). Notwithstanding the foregoing, if the Bank and the Joint
Venture provide a joint response to a request for proposal (“RFP”) which relates to Merchant Acquiring Services, the Joint Venture shall have the limited authority to sign, on behalf of the Bank, a New Merchant Agreement which is
substantially in the form presented in the joint RFP response even if the form materially differs from the Agreed Form Merchant Agreement, provided that the obligations of the Bank in such agreement do not differ materially from the obligations of
the Bank under the Agreed Form Merchant Agreement. Except as set forth above, the Bank’s Consent shall be required prior to the execution of any New Merchant Agreement negotiated between the Joint Venture and a Merchant pursuant to any other
RFP. Where in this Section 2 the Bank’s Consent is required in relation to a modification to a Merchant Agreement, or to the terms of a New Merchant Agreement, or to the terms of a new Agreed Form New Merchant Agreement, the Bank’s
Consent shall not be unreasonably withheld or delayed and shall be assumed to have been given unless the Bank advises the Joint Venture that it does not Consent within 7 days of a written request for Consent being received by the Bank. 

SECTION 2.6 Authorised Agent. The Bank hereby grants to the Joint Venture the limited authority to sign any New Merchant Agreements from time
to time on behalf of the Bank in accordance with the terms of this Agreement, provided that such New Merchant Agreements do not differ substantially from the Agreed Form New Merchant Agreement. 
 SECTION 2.7 Key Accounts. 
  

	 	(a)	Attached hereto as Schedule 2.7 (List of Key Accounts) is a list of Merchants that the Parties acknowledge are significant relationship customers of the Bank (the
“Key Accounts”). Notwithstanding any provision to the contrary in this Agreement, the Bank may add any Merchant or otherwise revise the list of Merchants set out in Schedule 2.7 (List of Key Accounts) at any time and from
time to time as the Bank may reasonably consider appropriate by giving at least 30 days notice to the Joint Venture provided that at no time will Schedule 2.7 (List of Key Accounts) contain more than 250 Merchants. 

 

	 	(b)	 Notwithstanding Section 2.7(c), the Joint Venture may, with 7 days prior written notice to the Bank, amend the pricing relating to a Key Account 

  

 -3- 

	 	 
where the Key Account is currently priced below the Standard Rate applicable to Merchants having characteristics in the market place (including volume
levels) materially the same as those of the relevant Key Account (“Relevant Standard Rate”), provided that the increased price charged shall not be greater than the Relevant Standard Rate. 

  

	 	(c)	Except as permitted in Section 2.7 (b), if the Joint Venture desires to cause a Merchant Agreement that relates to a Key Account to be terminated or modified in respect of any
material commercial terms (including discount fees and other fees and expenses payable by the Key Account) or to commence or threaten legal action against a Key Account in connection with the applicable Merchant Agreement, the Joint Venture shall
first give notice to the Bank’s Joint Venture Representative of its intention to do so (a “Key Account Notice”), which notice shall include a description of the Joint Venture’s proposed course of action and the reasons
therefore. A Key Account Notice indicating that the Joint Venture desires either to terminate a Merchant Agreement that relates to a Key Account because it reasonably believes that a continuation of the Merchant Agreement with the Key Account may
result in Losses to the Joint Venture (including Losses arising from or in connection with the potential bankruptcy or insolvency of the Key Account or the risk profile of the Key Account or the potential sale, assignment, transfer or disposal of
the Key Account), or to seek injunctive or other equitable relief against the Key Account, shall be considered an “Emergency”. The Bank must respond to an Emergency within two Business Days after the Key Account Notice is received
by the Bank. If the Key Account Notice does not relate to an Emergency, the Bank shall respond within five Business Days after receipt of the Key Account Notice. If the Bank responds to the Joint Venture within the applicable response time that it
wishes to become involved in the proposed action involving a Key Account with a view to avoiding or preventing the proposed termination, modification or legal or other proceeding or action or otherwise addressing the issues set forth in the Key
Account Notice, the Bank and the Joint Venture shall negotiate in good faith to ensure that a mutually agreeable solution is reached as soon as reasonably possible. In the event that (i) the Bank does not respond to the Key Account Notice
within the applicable response time, or (ii) the Bank responds but the Bank and the Joint Venture do not reach a mutually agreeable solution including where the Bank does not agree to subsidise or otherwise contribute or provide rights of
indemnity (to the satisfaction of the Joint Venture) with respect to Losses arising from or in connection with such Key Account or the Merchant Agreement relating to such Key Account (A) in the case of an Emergency, at the end of the second
Business Day, or (B) in any other case, at the end of the 10th Business Day after the Bank has responded, or failed to respond within the applicable response time, to the Key Account Notice, the Joint Venture shall be permitted to proceed with
the course of action proposed in the Key Account Notice without any further notice to or Consent from the Bank. 

  

 -4- 

	 	(d)	The Bank may, from time to time, request the Joint Venture to offer Merchant Acquiring Services for specified fixed periods to certain Key Accounts on the basis of Interchange Fees
and Assessments plus an agreed margin which margin (“Discounted Margin”) is lower than the margin element of the Standard Rate applicable to Merchants having characteristics in the market place (including volume levels) materially
the same as those of the relevant Key Account (“Standard Margin”). The Joint Venture and the Bank shall negotiate in good faith taking into account prevailing market conditions and competitive pricing and agree on a reduction of the
Standard Margin for such Key Accounts, failing which the Joint Venture shall honour the Discounted Margin request as long as the Bank agrees to pay to the Joint Venture the difference between the Discounted Margin and the Standard Margin (the
“Reimbursement Amount”). The Joint Venture shall invoice the Bank monthly for any Reimbursement Amount owed by the Bank under this Agreement and such invoices shall be due and payable within 30 days after receipt by the Bank.

  

	 	(e)	If the Bank desires to terminate any arrangement described in Section 2.7(d) with respect to a particular Key Account, it shall have the right to do so by providing the Joint
Venture with written notice in advance of such termination specifying the effective date of termination; provided, however, that such notice period must be at least as long as the notice period required under the terms of the applicable Merchant
Agreement for the Joint Venture to terminate or if appropriate amend, as applicable, the applicable Merchant Agreement plus an additional 30 days. 

 SECTION 2.8 Bank Affiliate Transactions and “on us” transactions.  
  

	 	(a)	The Bank acknowledges that there are certain Credit Card Transactions (collectively, “Bank Affiliate Transactions”) of the Bank and certain of its Affiliates and
other Persons in which the Bank has an ownership interest (e.g., insurance and brokerage subsidiaries) (collectively, for the purposes of this Section only, “Bank Affiliates”). The Bank agrees that it shall use commercially
reasonable endeavours to ensure that all Bank Affiliates who utilise the Merchant Acquiring Services or services similar to the Merchant Acquiring Services (i) process Bank Affiliate Transactions exclusively through the Joint Venture; and
(ii) execute a New Merchant Agreement with the Joint Venture in the same form as the Agreed Form Merchant Agreement not later than 6 months after the Effective Time. Where a Bank Affiliate Transaction is processed in the absence of a Merchant
Agreement being in place with the relevant Bank Affiliate the Bank shall charge the Bank Affiliate at a rate equivalent to that charged by the Joint Venture in the Ordinary Course for such processing and shall reimburse the Joint Venture all sums
received from the Bank Affiliate. 

  

	 	(b)	 The Bank acknowledges that certain Credit Card Transactions are processed as “on us” transactions by the Bank rather than being processed through the
Credit Card Interchange System, including, but not limited to, Bank Affiliate Transactions referred to above. Between the Effective Time and 

  

 -5- 

	 	 
the date that all transactions are processed through the Credit Card Interchange System, the issuing side of the Bank shall receive “on-us” rates
for all “on-us” transactions which rates shall not exceed the Interchange Fees that the relevant Bank Affiliate Transaction would have otherwise attracted. The Bank agrees that following the Transition Period, all such transactions shall
be processed through the Credit Card Interchange System, unless otherwise agreed or required by Laws or Association Rules. 

 SECTION 3. SERVICES 
 SECTION 3.1 Joint Venture Services; Processor Exclusivity. 
  

	 	(a)	During the Term, the Joint Venture shall provide the Joint Venture Services in respect of all Merchant Agreements in accordance with this Agreement (either through itself or through
the Transition Agreement or the Processing Agreement). For the avoidance of doubt, if any of the Bank’s benefits or obligations under any Merchant Agreements which are intended to be transferred or assigned to the Joint Venture are not
effectively transferred or assigned for any reason, the Joint Venture shall perform the Joint Venture Services (including such obligations) in respect of such Existing Merchant Agreements in accordance with this Agreement notwithstanding that the
Bank may remain bound by such Merchant Agreements in respect of such obligations and the Joint Venture shall be entitled to all of the benefits thereunder. 

  

	 	(b)	Without prejudice to the generality of this Section 3.1, the Joint Venture shall ensure that the Joint Venture Services shall not give rise to any material deterioration in
terms of the types, quality or standard of the services, products and functionalities provided or supported by the Bank under the Merchant Acquiring Business as a whole immediately prior to the Completion Date. The Joint Venture shall provide the
Joint Venture Services in accordance with the service levels described in Schedule 3.1(b) (Joint Venture Service Levels). Notwithstanding the foregoing, during the period from the Completion Date to a date 30 days after the Back End Migration
Completion Date or the Front End Migration Completion Date (as applicable) if and to the extent that the Required Information delivered by the Bank under the Transition Agreement does not include the information described in Part 1 (in relation to
Back End Migration) or Part 2 (in relation to Front End Migration) of Schedule 6 of the Transition Agreement or such information is inaccurate then the Joint Venture shall not be in breach of its obligations under this Agreement to meet a Joint
Venture Service Level if the breach is caused by such omission or inaccuracy of information and provided always that the Joint Venture shall use commercially reasonable endeavours to achieve the relevant Joint Venture Service Levels and to cure any
failure to do so. Notwithstanding anything in this Agreement to the contrary, except for a breach of the Joint Venture Critical Service Levels which are set forth in Section 15.4 (c) below, no breach of a Joint Venture Service Level shall
constitute a Joint Venture Default. 

  

 -6- 

	 	(c)	As the Joint Venture’s and the GPN Processor’s technological infrastructure becomes operational and, in no event later than the end of the Transition Period, the Joint
Venture Services shall include products and services that, considered as a whole from the vantage point of customers, are reasonably competitive in comparison to leading acquirers in the United Kingdom. For greater certainty, the Joint Venture shall
not be required to offer every product or service offered by leading acquirers in the United Kingdom and shall not be required to be the lowest cost acquirer. 

  

	 	(d)	The Joint Venture Services shall also include merchant reporting tools and other back-end product features which are necessary for the growth of the Merchant Acquiring Business.

  

	 	(e)	The Joint Venture has appointed GPN as the GPN Processor with effect from the Effective Date under the terms of the Processing Agreement attached at Schedule 3.1
(e) (Processing Agreement). Whilst the Bank is represented on the Board, the Joint Venture shall not agree to any amendment to the Processing Agreement which could reasonably be expected to have a material adverse effect on the Joint
Venture or the Bank or to terminate the Processing Agreement without the Board’s Consent. If the Bank is not represented on the Board, the Joint Venture shall (i) not make any material amendment to the terms of the following provisions
within the Processing Agreement: Sections 7 (Joint Venture Data, Bank Data), 8 (Data Processing), 9 (Audits, Regulatory Examinations and Compliance) and 10.13 (Confidentiality); and (ii) procure that the GPN Processor complies with
Section 2.4(c) of the Processing Agreement (Use of Subcontractors); and (iii) not enter into any replacement Processing Agreement that does not include provisions offering substantially the same protections to the Bank as those contained
in the Sections described above, in each case, without the Bank’s Consent. In the event that the Joint Venture receives a notice of termination of the Processing Agreement from the GPN Processor, at any time, the Joint Venture shall promptly
notify the Bank. 

 SECTION 3.2 Bank Services. During the Term the Bank shall provide the Bank Services as set out in
Schedule 3.2.1 (Bank Services and Fees) unless otherwise agreed with the Joint Venture or provided for in this Agreement. The Bank shall ensure that the Bank Services shall not (i) give rise to any material deterioration in the services
and functionalities provided or supported by the Bank prior to the Effective Time which are equivalent to the Bank Services; and (ii) cause any breach of the Merchant Agreements. The Bank shall provide the Bank Services in accordance with the
standards applied before the Completion Date and in accordance with the service levels described in Schedule 3.2.2 (Bank Service Levels). Except for a breach of a Bank Critical Service Level which is set forth in Section 15.3 (c), no
breach of a Bank Service Level hereunder shall constitute a Bank Default. 
 SECTION 3.3 Authorisations and Consents. The Joint
Venture shall be solely and fully responsible for ensuring compliance by the Joint Venture with all applicable Laws, Association Rules and Clearing System Rules, including any service levels established thereunder, and obtaining and complying with
the terms and conditions of all Authorisations and Consents required by applicable Laws, Association Rules and Clearing System Rules, in 

  

 -7- 

 
each case, with respect to the Joint Venture Services to be performed by the Joint Venture or by other Persons (other than the Bank) on its behalf, and shall
pay all related Merchant acquiring fees, costs and expenses and assume all other obligations associated therewith. The Joint Venture shall be solely and fully responsible for and shall pay all fines and penalties arising from or in connection with
any non-compliance by the Joint Venture or any Person (other than the Bank) on its behalf with any Merchant Agreement, applicable Laws, Association Rules or Clearing System Rules or other applicable requirements in respect of its delivery of the
Joint Venture Services. As between the Bank and the Joint Venture, the Joint Venture shall collect from and be responsible for any fines and penalties arising from the non-compliance by a Merchant with any Association Rules or Clearing System Rules.
Other than the Merchant acquiring fees, costs and expenses described above the Joint Venture shall not be responsible for any Authorisations, Consents, memberships or sponsorships required to be obtained and/or maintained by the Bank or any Person
on its behalf or for any related fees, costs and expenses required or incurred in connection with the performance by the Bank or any Person on its behalf of the Bank Services. The Bank shall be solely and fully responsible for ensuring compliance
with all applicable Laws, Association Rules and Clearing System Rules, including any service levels established thereunder, and obtaining and complying with the terms and conditions of all Authorisations and Consents required by applicable Laws,
Association Rules and Clearing System Rules, in each case, with respect to the Bank Services to be performed by it or by other Persons on its behalf and, subject to the Bank’s right to reimbursement as set out in this Agreement, shall pay
related fees, costs and expenses and assume all other obligations associated therewith. For the avoidance of doubt, the Bank shall pay all membership fees, costs and expenses of the applicable Card Associations and Network Organisations which arise
solely and directly from the Bank’s status as an issuer of Cards (and no right of reimbursement shall apply to such fees, costs and expenses). The Bank shall be responsible for and shall pay all fines and penalties arising from or in connection
with non-compliance by the Bank or any Person on its behalf with any applicable Laws, Association Rules or Clearing System Rules or other applicable requirements, in respect of its delivery of the Bank Services (and no right of reimbursement shall
apply to such fees, costs and expenses). Notwithstanding anything to the contrary contained in this Agreement, the Bank shall not be responsible for any Authorisations and Consents required to be obtained and/or maintained by the Joint Venture or
any Person on its behalf or for any related fees, costs and expenses required or incurred in connection with the performance by the Joint Venture or any Person on its behalf of the Joint Venture Services. In the event that the Bank receives a notice
of a violation by the Joint Venture of a Merchant Agreement or an applicable Law, Association Rule or Clearing System Rule, the Bank shall as soon as reasonably practicable notify (but in no event more than two Business Days following receipt of
such notice) the Joint Venture of the occurrence and details of such event. 
 SECTION 3.4 Fees for Bank Services; Invoices.

  

	 	(a)	 Except as provided for in Section 8.5, the Bank shall charge the Joint Venture in providing the Bank Services the fees described in Schedule 3.2.1 (Bank
Services and Fees) and, for any new Bank Service that is not provided as of the Effective Time and is not covered by Schedule 3.2.1, an amount equal to the Direct Costs incurred by the Bank or any of its Affiliates in the provision of the
Bank Services not covered by Schedule 3.2.1, subject to any adjustment pursuant to Section 22.18(k) (Withholding Tax; Applicable Sales Taxes; Transfer Pricing) (provided that, for the avoidance of doubt, the Bank may not charge for the
same services under both this Agreement 

  

 -8- 

	 	 
and the Transition Agreement). The Bank shall invoice the Joint Venture by the 15th day of each month for the Bank Services provided during the immediately preceding month. The Joint Venture shall pay any undisputed amounts set forth in the Bank invoices within 30 days after receipt. All payments
shall be made in pounds sterling. Except as otherwise specifically set out in this Agreement, the charges set forth in Schedule 3.2.1 are the sole and exclusive charges for the Bank Services. For greater certainty, any Bank Service covered by
Section 9.1(b) (Payment of Scheme Fees and Interchange Fees) shall be reimbursed in accordance with that Section 9.1(b) and not this Section. 

  

	 	(b)	The Joint Venture shall notify the Bank of any disputed amounts contained in any invoice submitted under this Section in the manner specified in, and the dispute shall be resolved
in accordance with, Section 3.4(e). 

  

	 	(c)	GPN and the Joint Venture shall have the right to audit the Books and Records of the Bank applicable only to the Bank’s billing for the provision of the Bank Services
hereunder; provided that such inspection shall be conducted not more often than at reasonable intervals, shall be at mutually agreeable times upon prior appointment and subject to the Bank’s Security and Privacy Policies and Procedures.

  

	 	(d)	Each of the Bank and the Joint Venture shall have the right to audit the Books and Records of the GPN Processor applicable only to its billing for the performance of its obligations
under the Processing Agreement; provided that such inspection shall be conducted not more often than at reasonable intervals, shall be at mutually agreeable times upon prior appointment and subject to the GPN Processor’s Security and Privacy
Policies and Procedures. The Joint Venture shall procure that the GPN Processor complies with this Section 3.4(d). 

  

	 	(e)	Any dispute arising from any invoice issued pursuant to this Section 3.4 shall be resolved in the following manner: 

  

	 	(i)	within 180 days after receiving the invoice, the Joint Venture shall serve written notice on the Bank stating the nature and amount of its dispute; 

  

	 	(ii)	the Joint Venture and the Bank shall each appoint an appropriate officer with authority to resolve the dispute on its behalf within 10 days after the Bank has received the notice of
dispute from the Joint Venture; 

  

	 	(iii)	the officers respectively appointed by the Joint Venture and the Bank shall act in good faith and use all reasonable endeavours to resolve the dispute; 

  

	 	(iv)	if the dispute is not resolved within 30 days after the Bank receives the notice of dispute from the Joint Venture, the dispute shall be handled in accordance with Section 21
(Dispute Resolution); 

  

 -9- 

	 	(v)	the Bank shall not be entitled to serve notice under Section 15.4(a) in respect of any disputed amount for as long as such dispute is continuing; 

  

	 	(vi)	the Joint Venture shall pay the Bank all undisputed amounts of any invoice on or before the due date whilst the dispute is being resolved in accordance with the provisions of this
Agreement. If it is later agreed by the Joint Venture and the Bank or it is ordered by an arbitrator or court that the whole or any part of the disputed amount of the invoice should be paid by the Joint Venture, the Joint Venture shall pay to the
Bank the disputed amount together with interest on that amount at the rate of 10% per annum for the period from the due date on the applicable invoice until the date on which payment is actually received by the Bank. 

 

	 	(f)	The Joint Venture shall not be obligated to pay any fees or expenses to the Bank under this Agreement unless the Bank delivers an invoice to the Joint Venture for such fees or
expenses within six months after the last day of the month in which such fees or expenses are incurred. All invoices issued to the Joint Venture shall be in a form which complies with any applicable Laws. 

 SECTION 3.5 GPN obligation in relation to Transition Agreement. GPN shall pay to the Bank the sum described in Section 5.5(b) (Delayed
Back-End Migration Completion) of the Transition Agreement on behalf of the GPN Processor. 
 SECTION 4. DEPOSIT AND SETTLEMENT PROCEDURES

 SECTION 4.1 Acceptance, Delivery, and Settlement of Credit Card Transaction Records and Debit Card Transaction Records.

  

	 	(a)	On and after the Effective Time, the Joint Venture shall accept Credit Card Transaction Records and Debit Card Transaction Records from Merchants in documentary or electronic
(including telephonic) form and shall transmit such information as is reasonably required by the Bank to settle with Merchants in the Ordinary Course of the Joint Venture’s business in accordance with the provisions of this Agreement and the
applicable Merchant Agreement. 

  

	 	(b)	The Bank or its Affiliates (as applicable) shall, on the instructions of the Joint Venture and subject to the receipt of the information described in Section 4.1(a), transfer
funds from the applicable Settlement Account to the Merchant Depository Accounts (whether maintained by Merchants with it or with financial institutions other than the Bank or any of its Affiliates) in the Ordinary Course of the Bank’s business
for settling transactions effected by the Merchants. In the case of Merchants that are settled on a net basis, such settlement amounts shall be net of certain Account Fees depending on the Joint Venture’s arrangement with the Merchant.

  

 -10- 

	 	(c)	The Bank or its Affiliates, as applicable, shall debit funds from the applicable Settlement Account to effect transfers in accordance with Section 4.1(b). In the event that the
Daily Aggregate Balance of the Settlement Accounts is negative at the end of a day, the Joint Venture shall pay the Bank a service fee in accordance with Section 4.3. Unless otherwise agreed by the Joint Venture and the Bank, the Bank and its
Affiliates shall be prohibited from backdating any settlement deposits into a Merchant Depository Account (e.g., giving a Merchant credit for funds availability in its Merchant Depository Account before the funds are actually deposited). The Joint
Venture shall also be prohibited from requesting the transfer of funds to either a Merchant Depository Account or a Joint Venture Bank Account prior to the requests for settlement being sent to the respective Card Association or Network Association.

  

	 	(d)	The Parties agree that any over-the-counter cash advances shall be processed (authorized and settled) through the Credit Card Interchange System from the Effective Time. The Joint
Venture shall be entitled to all processing revenues (including but not limited to the reverse interchange) arising from over-the-counter cash advances whether or not Bank Affiliates have entered into a Merchant Agreement pursuant to
Section 2.8 (a) (Bank Affiliate Transactions and “on us” transactions). The Bank shall be liable for any valid Chargeback arising from such transactions. 

 SECTION 4.2 Amendments. The Parties acknowledge and agree that the procedures set forth in this Section 4 may be amended by agreement between
the Joint Venture and the Bank from time to time provided that such amended procedures are in accordance with applicable Laws, Association Rules, Clearing System Rules and provided further that there is no material adverse impact on the Bank.

 SECTION 4.3 Funding Costs for Merchant Settlement. 
  

	 	(a)	In the event the Daily Aggregate Balance of all of the Settlement Accounts at midnight (local time in the UK) on any day is negative, the Joint Venture shall owe the Bank a service
fee equal to the negative amount of such Daily Aggregate Balance multiplied by the Bank’s then applicable daily lending rate which shall be equal to the best rate then available from the Bank for a similar secured lending facility. The Bank
shall provide the Joint Venture with a reconciliation of the debit balances and credit balances in all of the Settlement Accounts which have been used to calculate each Daily Aggregate Balance within thirty days after the end of the applicable month
and the Joint Venture shall pay any service fee owing to the Bank within 30 days after the Joint Venture’s receipt of the applicable invoice from the Bank. The reconciliation provided by the Bank shall include a description of the daily debit
or credit balance in each Settlement Account, together with the applicable lending rate. 

  

	 	(b)	Upon receiving cleared funds from the applicable Card Association or other settlement system for settlement of Credit Card Transactions, the Bank shall apply such funds towards
satisfaction of any debit balance in the relevant Settlement Account on a same day basis. 

  

 -11- 

	 	(c)	The Daily Aggregate Balance shall not include any debit balance in any Settlement Account to the extent that the applicable amount of debit balance is satisfied in full through the
receipt of cleared funds from the applicable Card Association or other settlement system on or before midnight (local time in the UK) on the same day that such amount of debit balance was incurred. 

  

	 	(d)	Notwithstanding anything to the contrary contained in this Agreement, the Bank shall not charge the Joint Venture any service fee described in Section 4.3(a) on any Card
Transactions involving Cards issued by the Bank which are “on us” transactions. 

 SECTION 5. PAYMENTS AND
ACCOUNTS; CLEARING ARRANGEMENTS 
 SECTION 5.1 General. 
  

	 	(a)	The Bank shall maintain one or more internal, segregated settlement accounts (the “Settlement Accounts”), the sole purpose of which shall be for the
Bank to receive funds from the Card Associations and Network Organizations, as the case may be, in connection with the Merchant Acquiring Business. 

  

	 	(b)	The Bank shall provide the Joint Venture electronically with details of settlement activities (in the manner, format and content agreed to by the Joint Venture and the Bank) on a
daily and monthly basis. The Bank’s obligation under this Section is satisfied by providing the Joint Venture with unlimited electronic view access to the Settlement Accounts. 

  

	 	(c)	The Bank shall provide the Joint Venture the ability to instruct the Bank to make transfers from the Settlement Account to Merchant Depository Accounts or from the Settlement
Accounts or from the Merchant Depository Accounts to the Joint Venture bank accounts consistent with funding rights provided for in the Merchant Agreements and in accordance with Association Rules. These transfers will reflect settlement activities
and shall include, but not be limited to, Account Fees, merchant fees, establishment of Reserve Accounts, Chargeback and Credit Losses, merchant funding exceptions (i.e., returns and miscellaneous Merchant fund transfers), Card Association fees and
exceptions (i.e., rejects). 

  

	 	(d)	In any event where the Merchant Acquiring Business receives settlement proceeds from the Credit Card Associations in one currency and pays a Merchant in another currency, the Bank
agrees to make any such currency conversion requested by the Joint Venture. The Bank shall charge the Joint Venture for such foreign exchange activities as provided for in Schedule 3.2.1 (Bank Services and Fees). 

 SECTION 5.2 Withdrawal of Account Fees and Unreimbursed Chargebacks from Merchant Depository Accounts. The Bank shall take the actions set forth
in this Section 5.2 unless otherwise prohibited by the Merchant Agreement. On a monthly basis, or more frequently if requested by the Joint Venture, for all Merchants which do not have their 
  

 -12- 

 
Account Fees debited from their net settlement amounts on a daily basis, (a) the Joint Venture shall direct the Bank to withdraw the Account Fees from
each Merchant Depository Account maintained with the Bank or any of its Affiliates, and (b) for each Merchant whose Merchant Depository Account is maintained with a financial institution other than the Bank, collect such Account Fees from the
Merchant in the Ordinary Course of the Bank’s business. Except as otherwise stated in Sections 2.4 (Modification of Existing Merchant Agreements), 2.7 (Key Accounts) and 6.1(q) (Exclusivity and Marketing), the Joint Venture shall have the right
to change the manner in which Account Fees are calculated and the Bank shall be obligated to use commercially reasonable endeavours to accommodate such changes, so long as changes are consistent with the applicable Merchant Agreements, Law and/or
Association Rules. On each Business Day for any Merchant whose unreimbursed Chargebacks and Credit Losses are not already offset from its daily settlement amounts, the Joint Venture shall direct the Bank to (i) withdraw any unreimbursed
Chargebacks and Credit Losses from each Merchant Depository Account maintained with the Bank or any of its Affiliates, and (ii) for each Merchant whose Merchant Depository Account is maintained with a financial institution other than the Bank
or any of its Affiliates, collect such Chargebacks and Credit Losses from the Merchant in the Ordinary Course of the Bank’s business. The Bank shall cause the Account Fees and amounts related to unreimbursed Chargebacks, Credit Losses and
Merchant settlement adjustments, if any, to be deposited into a Joint Venture Bank Account. For the avoidance of doubt, the Bank is not required to take any collection or enforcement steps or action other than debiting or collecting the relevant
amounts in accordance with this Agreement. 
 SECTION 5.3 Ownership of Settlement Accounts. The Parties agree that the
Settlement Accounts shall be held in the name of the Bank or its Affiliates in order to comply with applicable Association Rules concerning the use by the Joint Venture of the Bank’s BIN/ICAs. The Parties agree that the funds which are
held in the Settlement Accounts at any given time are held for the benefit of the applicable Merchants and the Joint Venture according to the terms of the relevant Merchant Agreement and this Agreement as their respective rights and interests to
those funds are set forth therein and the Bank shall not exercise any right over such funds except as otherwise set forth in this Agreement. 
 SECTION 6. EXCLUSIVITY AND MARKETING 
 SECTION 6.1 Referral of Potential Merchants; Covenant Not to Compete; Exclusivity;
Indemnification for Indemnified Merchants. 
  

	 	(a)	For the purposes of this Section 6, “Restriction Period” means the period of time commencing on the Completion Date and ending on the start of the
Run-Off Period. 

  

	 	(b)	Subject to Section 6.1 (c), during the Restriction Period, neither the Bank nor any of its Affiliates shall provide access to a BIN/ICA number owned by the Bank or an Affiliate
of the Bank to any Person for the purposes of a Competing Business in the United Kingdom. This Section 6.1 (b) shall not restrict the Bank or any of its Affiliates from providing access to an Affiliate of the Bank (whose primary business
is outside the United Kingdom) to a BIN/ICA number owned by the Bank or a Bank Affiliate in relation to the provision of services similar to Merchant Acquiring Services that are Pan-European or International Acquiring Services to a merchant of such

  

 -13- 

	 	 
Affiliate (whose primary business is outside the United Kingdom) in respect of which an expression of interest is received by the Bank or an Affiliate of the
Bank from outside the United Kingdom. 

  

	 	(c)	In the case of GPN subject to Sections 6.1 (k) and 6.1(j), during the Restriction Period, neither the Bank, the Joint Venture nor GPN nor any of their respective Affiliates
shall directly or indirectly solicit or accept on its own behalf or on behalf of any Person (other than the Joint Venture) any Merchants or Prospective Merchants in relation to a Competing Business in the United Kingdom. 

  

	 	(i)	The Bank further agrees that where GPUK (or any Affiliate of GPUK) owns 100% of the Membership Units in the Joint Venture neither the Bank nor its Affiliates shall:

  

	 	(A)	for six months following the Restriction Period solicit or accept Merchants or Prospective Merchants on its own behalf or on behalf of any Person (other than the Joint Venture); or

  

	 	(B)	for eighteen months following the later of (i) the end of the Restriction Period, and (ii) completion of the Transfer resulting in GPUK (or any Affiliate of GPUK) owning
100% of the Membership Units in the Joint Venture, solicit Merchants on its own behalf or on behalf of any Person (other than the Joint Venture), 

 in each case in relation to a Competing Business in the United Kingdom. 
  

	 	(ii)	GPN further agrees that where the Bank owns 100% of the Membership Units in the Joint Venture neither GPN nor its Affiliates shall, for eighteen months following the later of
(i) the end of the Restriction Period, and (ii) completion of the Transfer resulting in the Bank owning 100% of the Membership Units in the Joint Venture, solicit Merchants on its own behalf or on behalf of any Person (other than the Joint
Venture) in relation to a Competing Business in the United Kingdom, except as permitted by Section 6.1(k). 

  

	 	(d)	During the Restriction Period neither the Bank nor any of its Affiliates shall participate, directly or indirectly, in a Competing Business in the United Kingdom (unless such
Competing Business is entered into through the Joint Venture). 

  

	 	(e)	Subject to Section 6.1(g), during the Restriction Period, the Bank shall refer only to the Joint Venture any Person (a “Prospective Merchant”) who expresses an
interest in obtaining any of the following: 

  

	 	(i)	Merchant Acquiring Services in the United Kingdom; 

  

	 	(ii)	Merchant Acquiring Services that are Pan-European; or 

  

 -14- 

	 	(iii)	International Acquiring Services, 

 in each case where the
relevant referral is made by or through the Bank based in the United Kingdom. 
  

	 	(f)	Notwithstanding anything to the contrary contained in this Agreement, in the event of a Change of Control of the Bank, the foregoing shall continue to apply to the Bank and its
successors notwithstanding such Change of Control. In the case of a Change of Control of the Bank involving a Merger Transaction where the Bank is not the Surviving Person immediately following the completion of such Merger Transaction, then the
obligations contained in this Section shall apply to (i) all of the branches (and the existing and potential merchants with accounts at such branches) of the Bank in existence on the date immediately prior to the Change of Control even if the
name of such branches is changed or the control of such branches is changed as a result of such Change of Control, and (ii) to any other branches which bear the HSBC name (or derivation thereof) provided that there shall be no obligation on the
Surviving Person to comply with this Section where to do so would put the Surviving Person in breach of a written obligation of the Surviving Person pre-dating the Merger Transaction. The foregoing exception shall relieve the Bank or the Surviving
Person of its obligations hereunder only to the extent prohibited by the express terms of the agreement and for only so long as the written agreement referred to in the foregoing sentence remains in effect and the Bank and/or the Surviving Person
shall terminate such obligation at the earliest possible time allowed by such agreement (pursuant to a right to terminate for convenience or at the end of the term) and shall not seek to extend the term of such obligation. If, following a Change of
Control of the Bank, there is a material, sustained reduction in the number of referrals being made by the Bank to the Joint Venture and such reduction is not justified by normal market fluctuations or circumstances other than the Change of Control
of the Bank, the Bank’s referral obligations shall cease and the Bank shall pay GPN (on behalf of GPUK) an amount as set forth in Schedule 6.1 (f) (Refund of Referral Fee Purchase Amount) (the “Referral Fee Purchase
Amount”). 

  

	 	(g)	Section 6.1 (e) shall not apply where the Joint Venture determines that Joint Venture Services or functionalities required by any Prospective Merchant are not currently
made available by the Joint Venture and cannot be made available by the Joint Venture within a reasonable period of time. 

  

	 	(h)	The Parties acknowledge that, in addition to the Merchant Acquiring Business that is the subject of this transaction, as at the Completion Date the Bank and/or its Affiliates
operate businesses similar to the Merchant Acquiring Business in other regions of Europe (each an “Affiliated Business”). If, prior to the start of the Run-Off Period, the Bank or its Affiliate desires to transfer an Affiliated
Business to another Person (other than an Affiliate of the Bank), the Bank must, subject to the grant of any regulatory approvals that may be required and to the remainder of this Section 6.1(h), first provide to the Joint Venture the
opportunity to review 

  

 -15- 

	 	 
information relevant to transferring that Affiliated Business and to allow the Joint Venture, within a period of 30 days following receipt of all information
reasonably requested by the Joint Venture, to make an offer to acquire such Affiliated Business and to accept such offer provided that it is on terms (including material non-monetary terms) substantially equal to or better than those offered by the
relevant other Person (and in the case of a transfer relating to an Affiliated Business operated by HSBC Bank Malta, the terms are deemed by HSBC Bank Malta to be an acceptable offer) and unless the Bank or the relevant Affiliate decides not to
proceed with the transfer of the Affiliated Business. If GPN (or one of its Affiliates) has already entered into another merchant acquiring joint venture with another major financial institution in the primary country in which such Affiliated
Business operates which is a competitor of the Bank, which relationship the Bank reasonably deems unacceptable, and which cannot be terminated or which cannot be modified to the Bank’s reasonable satisfaction within a reasonable period of time,
the Joint Venture shall have no right of first refusal under this Section 6.1(h) as to such Affiliated Business at that time but no other rights hereunder shall be affected. 

  

	 	(i)	If prior to the start of the Run-Off Period the Bank or any of its Affiliates (each, a “Controlled Person”) directly or indirectly acquires a business similar to
the Merchant Acquiring Business in the United Kingdom (an “Acquired Affiliated Business”), such Controlled Person shall be required, subject to the grant of any regulatory approvals that may be required, to offer such business to
the Joint Venture at fair market value (determined in accordance with the procedures set forth in the Partnership Agreement) (other than in relation to an Affiliated Business operated by HSBC Bank Malta in respect of which the value shall be as
agreed between the Joint Venture and HSBC Bank Malta) within 180 days of such acquisition in accordance with the provisions of this Section unless such a transfer (A) would result in a breach of any pre-existing obligation of such Acquired
Affiliated Business that is assumed by the Bank in connection with the acquisition of such Acquired Affiliated Business or of an obligation of the Bank or any of its Affiliates which exists as at the Completion Date, or (B) is otherwise
prohibited by Laws, or (C) would cause the Bank to incur a material termination fee (unless the Joint Venture agrees to fund such termination fee). The foregoing exception shall only relieve the Bank of its obligations hereunder for so long as
the obligation, restriction, or cause, as applicable, referred to in the foregoing sentence remains in effect and the Bank shall terminate such obligation at the earliest possible time allowed by such agreement (under a right of termination for
convenience or as allowed at the end of the term only) and shall not seek to extend the term of such obligation. Except in relation to a transfer relating to an Affiliated Business operated by HSBC Bank Malta, the Joint Venture has a period of 30
days following receipt of the determination of fair market value from the Appraisers which shall constitute the offer from the Bank in which to accept such offer. The parties agree that, if (i) an exception to the Bank’s obligation to
offer the Acquired Affiliated Business to the Joint Venture as described in this Section 6.1(i) applies, or (ii) the Joint Venture does not accept the offer 

  

 -16- 

	 	 
to acquire the Acquired Business within this 30 day period, the Bank’s obligations set out in this Section 6.1(i) shall not apply in relation to
the Acquired Affiliated Business at that time, but any other rights hereunder shall not be affected. In the event that an offer by the Joint Venture is accepted pursuant to the terms of this Agreement, the Joint Venture and the Bank shall use
commercially reasonable endeavours to complete such sale as soon as practicable. In relation to an Acquired Affiliated Business operated by HSBC Bank Malta, should the Controlled Person be required to offer such business to the Joint Venture then
the Controlled Person shall provide to the Joint Venture the opportunity to review information relevant to transferring that Acquired Affiliated Business and to allow the Joint Venture, within a period of 30 days following receipt of all information
reasonably requested, to make an offer to acquire such Acquired Affiliated Business and to accept such offer provided that it is on terms (including material non-monetary terms) that are deemed by HSBC Bank Malta to be an acceptable offer.

  

	 	(j)	From the Completion Date until the earlier of (i) start of the Run-Off Period and (ii) the date on which the Bank and its Affiliates together owns less than 15% of the
Membership Units in the Joint Venture, GPN agrees that, except as set forth in Section 6.1(k) below, neither GPN nor any of its Affiliates shall, directly or indirectly, participate in a Competing Business in the United Kingdom unless such
Competing Business is entered into through the Joint Venture (provided that nothing shall restrict GPN’s rights to solicit or provide cash advance services to merchants which are casinos). In the case of a Change of Control of GPN involving a
Merger Transaction where GPN is not the Surviving Person immediately following the completion of such Merger Transaction, then the obligations contained in Section 6.1(c), 6.1(j) and 6.1(k) shall thereafter only apply to GPN and its
subsidiaries. Notwithstanding the foregoing restrictions, GPN and its Affiliates (without prejudice, in the case of the Joint Venture, to Section 6.1(o)) shall be permitted to directly or indirectly provide front end processing services (e.g.
authorisation and capture of Card Transactions) in any market without restriction. 

  

	 	(k)	Nothing herein shall restrict GPN or any of its Affiliates (without prejudice, in the case of the Joint Venture, to Section 6.1(o)) from providing Merchant Acquiring Services
or services similar to the Merchant Acquiring Services to any Merchant, Prospective Merchant, or prospective merchant where: 

  

	 	(i)	GPN or its Affiliate receives a referral or a request for proposal to do so from a Person with whom GPN has a contractual business relationship who has access to a BIN/ICA in the
United Kingdom and whose primary business is outside the United Kingdom; and 

  

	 	(ii)	the primary business of the merchant to which the referral or request for proposal relates is outside the United Kingdom; and 

  

	 	(iii)	the referral is received from inside or outside the United Kingdom. 

  

 -17- 

 For the avoidance of doubt the BIN/ICA numbers owned by the Bank or any of its Affiliates and utilised
by the Joint Venture pursuant to this Agreement shall not be used for any other business of GPN. 
  

	 	(l)	During the Restriction Period the Joint Venture shall not form an alliance with any Restricted Entities in the United Kingdom or assign or sell any Merchant Agreements to which the
Bank is a party to another bank. Notwithstanding the foregoing the Bank acknowledges that a parent of the Joint Venture could be acquired by a bank or by a Restricted Entity and nothing herein shall be construed as attempting to prevent or restrict
such acquisition and such acquisition shall not put either the Joint Venture or the acquiring party in breach of this Section as a result of such acquisition. 

  

	 	(m)	The Joint Venture may solicit: 

  

	 	(i)	Merchant Acquiring Services within the United Kingdom; 

  

	 	(ii)	International Acquiring Services anywhere in the world; 

  

	 	(iii)	Merchant Acquiring Services, both domestic and Pan-European, in regions of Europe where the Bank or any of its Affiliates as of the Completion Date: 

  

	 	(A)	do not operate a business similar to the Merchant Acquiring Business; or 

  

	 	(B)	operate a business similar to the Merchant Acquiring Business but subsequently ceased operating such business, 

 (“Non-Operating Region”). 
  

	 	(n)	Notwithstanding Section 6.1(m) the Joint Venture can provide Merchant Acquiring Services in any region of Europe provided that the referral or request for services is received
by the Joint Venture outside a Non-Operating Region. 

  

	 	(o)	Save as permitted by Section 6.1(m), the Joint Venture shall, during the Term, be prohibited from offering or marketing the Joint Venture Services without the Consent of the
Board whilst the Bank is represented on the Board and thereafter without the Consent of the Bank. 

  

	 	(p)	The Joint Venture shall pay the Bank a referral fee in connection with referrals of potential merchants to the Joint Venture consistent with the terms set forth in Schedule
3.2.1 (Bank Services and Fees) and the Bank agrees that the Merchant Acquiring Business shall remain a discreet line item on the performance statements for the retail and commercial referral generating relationship managers. Such amount shall be
paid for each potential merchant that (a) executes a Merchant Agreement with the Joint Venture, and (b) remains active for no less than 30 days. 

  

 -18- 

	 	(q)	If the Joint Venture does not wish to enter into a New Merchant Agreement with a Prospective Merchant or prospective merchant referred to the Joint Venture by the Bank, the Bank may
request that the Joint Venture accept such Prospective Merchant or prospective merchant (each, an “Indemnified Merchant”) in exchange for the Bank’s agreement to subsidize or otherwise contribute or provide rights of indemnity
as agreed by the Joint Venture and the Bank, as applicable, with respect to Losses under the Merchant Agreement with the Indemnified Merchant. The Joint Venture shall not unreasonably refuse to offer Joint Venture Services to a Prospective Merchant
or prospective merchant referred to the Joint Venture by the Bank unless such refusal is consistent with the Merchant Qualification Criteria or unless the Joint Venture is incapable of providing the services requested. If the Joint Venture and the
Bank agree upon the terms and conditions of such arrangement, the Joint Venture shall accept such Prospective Merchant or prospective merchant subject to such arrangement and shall not modify such arrangements in a manner which would increase the
Bank’s liability or cause the Bank’s subsidy obligations to increase without the Bank’s prior Consent and shall in relation to any other modifications to or the termination of any such arrangement provide the Bank with prior
notification. The Bank acknowledges and agrees that, except as expressly set out below, the indemnification obligations described in this Section are complete, (subject to Section 6.1(r)) irrevocable, nontransferable, unqualified, unconditional
and, subject to the Bank’s right to terminate such obligations under Section 6.1(r), shall survive termination of this Agreement. Notwithstanding anything to the contrary contained herein, the Bank, their Affiliates and their successors
and assigns waive any and all claims, demands, and causes of action against the Joint Venture, GPN, and all of GPN’s Affiliates regarding any indemnification amounts paid or owed under this Section unless the Losses under the Merchant Agreement
with the Indemnified Merchant were caused by the Joint Venture’s negligence or wilful default. 

  

	 	(r)	 Unless otherwise provided hereunder in this Section 6.1(r), Section 7.3(a), or otherwise, if the Bank desires to terminate its subsidy, contribution
and/or indemnity obligation with respect to a particular Merchant, it shall have the right to do so by providing the Joint Venture with notice in advance of such termination with a minimum notice period equal to the notice period for termination set
forth in the applicable Merchant Agreement plus thirty days. Once the Joint Venture has received such notice, it shall have the right to continue providing services for such Merchant or to terminate the applicable Merchant Agreement. In either
event, the subsidy, contribution and/or indemnity obligation of the Bank, as applicable, shall continue to apply with respect to all services provided and all transactions which are handled prior to the effective date of termination of the subsidy,
contribution and/or indemnity obligation of the Bank, as applicable, which effective date will occur on the date specified in the Bank’s notice as long as the notice has been given in compliance with the notice requirements set forth above.
Notwithstanding the foregoing, the Bank shall not have the right to terminate the Bank’s subsidy, contribution, and/or subsidy contribution if the termination of the Merchant Agreement is prohibited by any bankruptcy 

  

 -19- 

	 	 
stay, court order, or other legal proceeding, in which event such obligation of the Bank shall continue to apply with respect to all services provided and
all transactions which are handled prior to the effective date of termination of the Merchant Agreement. The foregoing shall survive the termination of this Agreement. 

  

	 	(s)	In the event that (a) the Bank wishes to respond to a request for proposal issued by a Prospective Merchant or prospective merchant for services to be provided by the Bank or
any of its Affiliates and the Bank desires to include in its response the Joint Venture Services of the Joint Venture or (b) if the request for proposal specifically requests or refers to Joint Venture Services, the Bank shall contact the Joint
Venture and the Joint Venture shall provide the terms and conditions, including the prices, and supporting marketing materials to be included in such proposal with a view to agreeing to the same with the Joint Venture to enable the Bank to submit
the response to the Prospective Merchant or prospective merchant within the time reasonably required by the Bank or its Affiliate. 

  

	 	(t)	In connection with the determination to enter into a New Merchant Agreement with a Prospective Merchant or prospective merchant, the Joint Venture shall follow the Card Association
Rules and the Merchant Qualification Criteria agreed to between the Bank and the Joint Venture. The Joint Venture further agrees that if it receives a notice from the Bank that a Merchant does not, in the reasonable opinion of the Bank (having
consulted the Joint Venture and having regard of its comments), meet the Merchant Qualification Criteria or that a Merchant Agreement substantially increases the reputation, legal, financial or credit risk of the Bank, then the Joint Venture shall
terminate such Merchant Agreement as soon as reasonably practicable taking into account the Joint Venture’s need to reduce financial risk by accumulating a reasonable amount of reserves, and promptly notify the Bank of the effective date of the
termination. 

  

	 	(u)	The Parties shall, where expressly applicable and to the extent permitted by Laws, procure that their Affiliates shall comply with the provisions of this Section 6.1.

 SECTION 6.2 Marketing. During the Term, the Joint Venture shall permit the Bank and its Affiliates to market
its products (other than the Merchant Acquiring Services or services similar to Merchant Acquiring Services) to the Joint Venture’s customers so long as such marketing does not adversely impact the relationship between the Joint Venture and
such customers and does not otherwise violate the terms of this Agreement and conforms with all Laws and Association Rules. The Joint Venture and the Bank shall advise the other of any opt outs, suppression requests and/or other notices or requests
that it receives from the Merchants or other Persons and shall work together to determine the appropriate actions relating to such notices and/or requests provided that the Party whose marketing activity is the subject of the notice and/or request
shall be solely responsible for taking the necessary action in relation to it. 
  

 -20- 

 SECTION 6.3 Governmental or other Contracts. If a Governmental Entity or any other Merchant
requires a financial institution to be the only other party to any contract, agreement, understanding, commitment or arrangement involving the Merchant Acquiring Business or any part thereof (each, a “Governmental Contract”) and the
Joint Venture is interested in pursuing such Merchant Agreement or Governmental Contract, the Bank agrees to enter into such Merchant Agreement or Governmental Contract on behalf of the Joint Venture. The economic benefits and burdens of such
Governmental Contract or Merchant Agreement shall inure to the Joint Venture like any other New Merchant Agreement hereunder. 
 SECTION 6.4
Benchmarking. The Bank may require the Joint Venture to carry out a benchmarking exercise to determine if the Joint Venture’s products, services and costs are competitive in the marketplace provided that the Joint Venture shall not be
obliged to carry out such an exercise more frequently than once per year. To the extent that such exercise reveals deficiencies, the Joint Venture, in combination with the GPN Processor, shall prepare and present to the Board a plan to make the
products and services more competitive. 
 SECTION 6.5 Customer Satisfaction Exercises. On an annual basis, the Joint Venture, in
cooperation with the Bank shall, at its cost, conduct research to gauge customer satisfaction across its products and services. To the extent that such research produces results that are significantly below the standard obtained by the Bank in
relation to its customers, the Joint Venture shall prepare and present to the Board a plan to improve customer satisfaction in general and with respect to specific deficiencies highlighted by the research results. 
 SECTION 7. CHARGEBACKS, CREDIT LOSSES AND RISK MANAGEMENT 
 SECTION 7.1 Chargebacks and Credit Losses. 
  

	 	(a)	The Joint Venture shall be responsible for, and reimburse the Bank in respect of, all unreimbursed Chargebacks and Credit Losses with respect to Card Transactions that occur after
the Effective Time, subject to the provisions of Section 8.2 (b) of the Transition Agreement. The Bank shall be reimbursed for sums due under this Section 7.1(a) by debiting such funds from the applicable Settlement Account.

  

	 	(b)	The Bank shall follow the Joint Venture’s reasonable instructions, if any, with respect to monitoring Merchants and holding funds relating to the Merchant Acquiring Business at
the Joint Venture’s request subject to any applicable Law or Association Rules. 

 SECTION 7.2 Processing Chargebacks
and Credit Losses; Pre-Completion Transactions. Without prejudice to the Bank’s obligations under the Transition Agreement, the Joint Venture shall process Chargebacks and Credit Losses relating to the Merchant Agreements in an expeditious
manner in the Ordinary Course of its business after the Effective Date. The Bank shall be responsible for, and reimburse the Joint Venture in respect of all unreimbursed Chargebacks and Credit Losses with respect to Card Transactions which are
authorised (or if no authorisation, presented) on or prior to the Effective Time, even if the such Chargebacks and Credit Losses are incurred or received after the Effective Time except to the extent that any such Chargebacks or Credit Losses arise
as a result of the Joint Venture’s negligence or wilful default in performing its obligations under this Agreement or any Joint Venture Agreements (provided always that prior to Back-end Migration Completion any such Chargebacks and/or Credit
Losses which arise as a result of an IT systems failure shall not be deemed to result from the Joint Venture’s negligence or wilful default in performing its obligations). 
  

 -21- 

 SECTION 7.3 Payment for Unreimbursed Chargebacks and Credit Losses. 
  

	 	(a)	The Bank agrees to pay the Joint Venture for all unreimbursed Chargebacks and Credit Losses applicable to any Merchant referred to in Schedule 7.3 (Indemnified Existing
Merchant List) (each, an “Indemnified Existing Merchant”) except to the extent that such unreimbursed Chargebacks and Credit Losses arise from the Joint Venture’s negligence or wilful default in performing its obligations
hereunder (provided always that prior to Back-end Migration Completion any such Chargebacks and/or Credit Losses which arise as a result of an IT systems failure shall not be deemed to result from the Joint Venture’s negligence or wilful
default in performing its obligations). The obligation of the Bank in the preceding sentence shall survive as to all transactions handled until the indemnification obligation is terminated by the Bank in accordance with the provisions of
Section 6.1(r) (Exclusivity and Marketing). If a Merchant Agreement with an Indemnified Existing Merchant (but not, for the avoidance of doubt, an Indemnified Merchant) is, before the date 51 months and 18 days following the Completion Date,
terminated as a result of the termination of the Bank’s indemnification obligation pursuant to the preceding sentence, the Bank shall pay to GPN (on behalf of GPUK) a sum calculated as follows (the “Terminated Merchant Value”):

 Terminated Merchant Value = (Merchant Value x (a/51.6)) x b% 
 where: 
 Merchant Value = the value
attributed to the relevant Indemnified Existing Merchant as set out in Column (2) of the table in Schedule 7.3 (Indemnified Existing Merchant List); 
 a = 51.6 minus the Elapsed Months; 
 Elapsed Months = the number of whole calendar months and
days that have elapsed since the Completion Date, expressed to one decimal place on the basis that the number of days elapsed should be divided by the number of days in the relevant part month (i.e. if the elapsed period equals 26 months and 24 days
of June, the Elapsed Months shall equal 26.8); and 
 b = the percentage of the total Membership Units in the Joint Venture owned by
GPUK (or any of its Affiliates) at the relevant time, 
 provided that when “a” equals zero or is negative or the
“Merchant Value” equals zero or is negative, no payment will be payable under this Section 7.3(a). 
  

 -22- 

	 	(b)	The Joint Venture shall notify the Bank promptly after experiencing unreimbursed Chargebacks and Credit Losses from any Indemnified Existing Merchant or Indemnified Merchant and
shall exercise reasonable endeavours to collect all such amounts and to terminate the relevant Merchant Agreement in the Ordinary Course. As soon as the Joint Venture becomes aware that it has a right to payment from the Bank under this Section with
respect to an Indemnified Existing Merchant or Indemnified Merchant, it shall promptly notify the Bank. The Bank shall not be obligated to pay the Joint Venture for any unreimbursed Chargebacks and/or Credit Losses under this Agreement unless the
Joint Venture requests payment in respect such Chargebacks and/or Credit Losses within six months after the date on which the Joint Venture makes a final determination of the loss. If, at any time, the Joint Venture has recovered damages or other
compensation for unreimbursed Chargebacks or Credit Losses from the Bank and also recovers funds, payments, or costs from another Person relating to such unreimbursed Chargebacks or Credit Losses, the amounts so recovered (less the reasonable costs
of recovery) shall be remitted to the Bank up to the amounts previously paid by the Bank for such unreimbursed Chargebacks and Credit Losses. 

  

	 	(c)	The termination of the Bank’s indemnity obligations, as described in Section 7.3(a) or 6.1(r), shall have no effect on Chargebacks and Credit Losses arising out of
transactions which occur prior to the effective time of such termination regardless of when the relevant unreimbursed Chargeback or Credit Loss is received. 

 SECTION 7.4 Reserve Accounts. 
  

	 	(a)	 The Parties acknowledge that there are certain Reserve Accounts held on behalf of Merchants as of the Effective Time (“Existing Reserve Accounts”),
which include but shall not be limited to the Existing Reserve Accounts set forth on Schedule 7.4. (Existing Reserve Accounts). As for Existing Reserve Accounts containing cash amounts that were established on behalf of a Merchant, the Bank
shall transfer such funds to the Joint Venture and the Joint Venture shall hold those funds in accordance with the Merchant Agreement unless a Card Association advises either the Bank or the Joint Venture that this is not permitted in which case the
Bank shall retain and maintain such Existing Reserve Accounts in accordance with Section 7.4(b) as if such Existing Reserve Account was a new Reserve Account. As for Existing Reserve Accounts containing cash amounts that were established on
behalf of Merchants but were established by another area of the Bank the Bank shall not transfer the funds to the Joint Venture but the Bank agrees, to the extent that the Bank is not otherwise prevented by applicable Laws from doing so, to take all
steps reasonably necessary to allow the Joint Venture to withdraw from such Existing Reserve Accounts from time to time amounts necessary to satisfy any Losses incurred by the Joint Venture with respect to the applicable Merchant for Chargebacks or
Credit Losses accruing after the Effective Time. The Bank agrees to take all commercially reasonable actions requested by the Joint Venture in order to exercise or enforce the rights of the Bank in any Existing Reserve Accounts on behalf of the
Joint Venture. The Parties acknowledge that nothing in this 

  

 -23- 

	 	 
Section 7.4 shall create any greater priority for the Joint Venture with respect to funds or collateral held in Existing Reserve Accounts than would
otherwise be the case under applicable Laws. The Bank shall not release funds or collateral held in an Existing Reserve Account to the Merchant unless and until the Merchant’s liability to the Joint Venture in respect of Chargebacks and Credit
Losses has been satisfied in full. In relation to any Existing Reserve Accounts that were established on behalf of Indemnified Existing Merchants or new Reserve Accounts which the Bank establishes in relation to Indemnified Merchants in accordance
with Section 7.4 (b) the Joint Venture acknowledges that the Bank shall have no obligation to release funds or collateral held in such Reserve Accounts to the relevant Merchant unless and until the Merchant’s liability in respect of
which the Bank is providing an indemnity to the Joint Venture has been satisfied in full. 

  

	 	(b)	In the event that the Joint Venture establishes a new Reserve Account on behalf of a Merchant, such Reserve Accounts shall be maintained and controlled by the Joint Venture unless a
Card Association advises either the Bank or the Joint Venture that it is not permitted for the Joint Venture to establish Reserve Accounts in which case the Bank shall, at the Joint Venture’s request, establish and maintain such Reserve
Accounts on behalf of the Joint Venture. In the event that the Joint Venture, acting reasonably, deems it prudent to establish a reserve by delaying settlement funding or by retrieving previously credited settlement funds from a Merchant Depository
Account for a Merchant, the Bank shall ensure that the Bank or its Affiliates, as applicable, shall (at the Joint Venture’s request, which may be oral provided that it is promptly confirmed in writing (which shall include by E-mail)) promptly
withhold any Merchant settlement or debit from the Merchant Depository Account previous settlement credits and transfer such amounts to the Joint Venture as a reserve held for the Joint Venture’s benefit to offset any future Chargebacks or
Credit Losses under the applicable Merchant Agreement. In the event that the Merchant is a Key Account, the request from the Joint Venture shall be considered a Key Account Notice relating to an Emergency and shall be handled in accordance with
Section 2.7 (Key Accounts). If the Bank does not establish a Reserve Account or effect a withholding as described above within one Business Day of the request (provided that, where such request is oral, it is promptly confirmed in writing
(which shall include by E-mail)) then, to the extent that such failure or delay causes the Joint Venture to suffer additional Loss through its inability to recover unreimbursed Chargebacks or Credit Losses the Bank shall be liable for such Loss. In
relation to Indemnified Merchants the Joint Venture acknowledges that the Bank shall be entitled to create and hold new Reserve Accounts as the Bank deems fit to protect itself against a potential Loss arising from its indemnification obligations to
the Joint Venture. 

  

	 	(c)	From the Effective Time, Existing Reserve Accounts and new Reserve Accounts, including delaying settlement funding, held by the Joint Venture shall earn interest on a daily basis
equal to the Aggregate Balances multiplied by the Earnings Rate, set forth in Schedule 3.2.1 (Bank Services and Fees). The interest will be credited to a bank account designated by the Joint Venture monthly. 

  

 -24- 

 SECTION 8. MEMBERSHIP IN CARD ASSOCIATIONS AND NETWORK ORGANISATIONS 
 SECTION 8.1 Card Association and Network Organisation Membership by Bank. During the Term, the Bank shall remain a member of MasterCard, Maestro,
and VISA, and any other Card Association or Network Organisation operating in the United Kingdom and, subject to reimbursement by the Joint Venture of all out of pocket associated costs, shall use reasonable efforts to become a member in any other
region as required by the Merchant Acquiring Business (including the International Acquiring Business) of the Joint Venture and to carry out its obligations as a member thereof in connection with the Merchant Acquiring Business in compliance with
applicable Association Rules. The Bank shall take commercially reasonable endeavours to ensure that a representative of the Joint Venture is appointed to committees relating to the Merchant Acquiring Business of MasterCard and VISA, to the extent
permitted by applicable Association Rules. If membership on a particular committee is not permitted by applicable Association Rules, the Bank shall use reasonable efforts to get permission to allow a Joint Venture representative to attend MasterCard
and VISA committee meetings along with the Bank’s representative. If attendance by the Joint Venture representative is not allowed, the Bank shall attend committee meetings on a regular basis and shall as soon as reasonably practicable
following each committee meeting, provide the Joint Venture with a summary of all verbal and written information discussed at such meeting unless disclosure is otherwise prohibited by the applicable Association Rules. The Bank shall be and remain
solely responsible for the terms relating to its membership of all Card Associations and Network Organisations and the negotiation and agreement of such terms and any changes to them shall be a matter solely for the Bank. 
 SECTION 8.2 Card Association and Network Organisation – Membership by the Joint Venture. In the event the Joint Venture is allowed to become
a direct member of any of the Card Associations or Network Organisations, the Joint Venture may, in its sole discretion, apply for membership unless such membership would necessitate capital requirements that the Joint Venture cannot meet without
the assistance of the Bank and GPUK. In such event, the Joint Venture may only apply for membership with the written Consent of the Bank and GPUK. In the event that the Bank and GPUK do consent to such an application and the Joint Venture does
become a member of a Card Association or Network Organisation directly, then: (i) the provisions of Clause 8 of the Partnership Agreement shall apply to the funding of capital requirements arising directly from such membership; and
(ii) any applicable rights and obligations of the Bank within this Agreement associated with the relevant Card Association or Network Organisation shall become the rights and obligations of the Joint Venture; and (iii) all the Bank’s
applicable rights and obligations shall cease. The Joint Venture and the Bank shall work together to modify the Merchant Agreements accordingly. Subject to the approval of the relevant Card Associations, the Bank shall assign any applicable BIN/ICA
to the Joint Venture subject to and in accordance with Association Rules. The Bank shall continue to have the rights and obligations in accordance with this Agreement with respect to any other BIN/ICA needed for the operation of the business which
has not been obtained by the Joint Venture or for any other membership or sponsorship contemplated hereunder which has not been obtained by the Joint Venture directly. 
  

 -25- 

 SECTION 8.3 Compliance with Association Rules by the Joint Venture. During the Term, the
Joint Venture and GPN shall cooperate to work with the Bank in connection with the Joint Venture, GPN and/or the Bank obtaining and maintaining any Authorisations or Consents from Card Associations, Network Organisations and Clearing Systems as are
required in connection with the performance by or on behalf of the Joint Venture of the Joint Venture Services or by the Bank of the Bank Services and, without limiting the foregoing, the Joint Venture and GPN shall comply with all Association Rules
and other obligations relating to it being designated a Member Service Provider or an Independent Sales Organisation or a Third Party Administrator. After the Transition Period, the Joint Venture shall undertake all reporting, audit, compliance and
related procedures (“BIN/ICA Reporting”) required by the applicable Association Rules with respect to the use of BINs/ICAs, whether such BIN/ICA Reporting is required to be done on a regular basis or on an ad hoc basis
pursuant to a request by the relevant Card Association, Network Organisation or any Governmental Entity. During the Transition Period the Bank shall be solely and fully responsible for all required BIN/ICA Reporting. 
 SECTION 8.4 Processing and Clearing Arrangements. At the Effective Time, the Bank shall (either directly or through its Affiliates or
through non-affiliated parties) have and shall thereafter, subject to the remainder of this Section, maintain segregated BIN/ICA numbers adequate for use in processing, clearing and settling of all of the Credit Card Transactions effected in
connection with the Merchant Acquiring Business as it exists as of the Effective Date. If, after the Effective Time, the Joint Venture requires additional BIN/ICA numbers due to international expansion or for any other reason, subject to
reimbursement by the Joint Venture of all associated costs of the Bank and its Affiliates, the Bank shall, or shall procure that one of its Affiliates shall, use commercially reasonable endeavours to obtain such BIN/ICA numbers unless it is
prohibited from doing so by Law or by an Association Rule. In the event that a BIN/ICA number used by the Joint Venture is owned by a party not-affiliated with the Bank and such non-affiliated party elects to discontinue availability of that
BIN/ICA, the Bank shall use commercially reasonable endeavours to secure a comparable service, but shall not be liable for failure to do so. 
 SECTION 8.5 Bank Services Fees during Run-Off Period. The Bank Services, from the Completion Date to the start of the Run-Off Period, shall be provided by the Bank in accordance with the cost basis described in Schedule 3.2.1
(Bank Services and Fees). During the Run-Off Period the Bank shall charge the Joint Venture for the Bank Services at the prevailing market rates in the relevant market other than in relation to the Bank’s lending rate in relation to Settlement
Accounts which shall continue to be charged in accordance with Section 4.3(a) (Funding Costs for Merchant Settlement). The Joint Venture and the Bank shall negotiate in good faith to agree the appropriate market rates on which the Bank Services
will be provided and, in the event they cannot agree within 60 days following the start of the Run-Off Period, either the Joint Venture or the Bank may invoke the dispute resolution procedures set out in Section 21 (Dispute Resolution). The
Joint Venture shall not use any BIN/ICA sponsored by the Bank or its Affiliates for the benefit of any Person other than the Joint Venture or for any purpose other than the Merchant Acquiring Business. 
  

 -26- 

 SECTION 9. PAYMENT OF SCHEME FEES 
 SECTION 9.1 Payment of Scheme Fees and Interchange Fees. 
  

	 	(a)	The Joint Venture shall reimburse the Bank for any and all interchange costs incurred by the Bank in connection with the Merchant Acquiring Business. 

  

	 	(b)	The Joint Venture shall reimburse the Bank for any and all membership fees, BIN/ICA fees, scheme fees, assessments, or any other fees assessed by Card Associations or Network
Organisations in connection with the Merchant Acquiring Business including actual and out of pocket costs or expenses incurred by the Bank related to the BIN/ICA as a result of industry wide regulatory changes (including charges for capital
allocation) where, in the main, competitors of the Joint Venture (including but not limited to at least two of the Restricted Entities) have passed such costs through to their merchants. Such fees shall be passed through by the Bank to the Joint
Venture at actual cost, based on the methodology set out in this Section. When such costs are specific to the Merchant Acquiring Business and individually itemised on invoices received by the Bank, such costs shall be passed straight through to the
Joint Venture. In the event that such costs are bundled, tiered, stepped or otherwise combined with fees unrelated to the Merchant Acquiring Business and no unit count is available to differentiate such costs, so long as such fees apply to the
Merchant Acquiring Business at least in part, then such fees shall be passed through to the Joint Venture on a basis consistent with the Ordinary Course prior to the Completion Date in an amount in proportion to net merchant acquiring volumes
relative to the Bank’s total net turnover volumes (inclusive of credit or debit card issuing or other businesses applicable to the fee assessed) with the applicable Card Associations or Network Organisations and this calculation shall be
carried out at the end of the calendar year in respect of costs incurred during such calendar year consistent with the Ordinary Course prior to the Completion Date. If there is no Ordinary Course, then the Joint Venture and the Bank shall agree on a
fair and reasonable methodology for allocating the costs amongst the Merchant Acquiring Business and the other businesses of the Bank. 

  

	 	(c)	If the Bank receives a discount reimbursement or rebate from a Card Association or Network Organisation, the Bank shall pay the Joint Venture a pro rata amount of that discount
based on the net turnover of the Merchant Acquiring Business with respect to the Bank’s net turnover of the Bank’s issuing business or other businesses which apply to the rebate or discount consistent with the Ordinary Course prior to the
Completion Date. 

  

	 	(d)	With respect to the International Acquiring Business, interchange, assessments, scheme fees, or other network or membership related charges and any other fees assessed by Card
Associations or Network Organisations shall be passed through to the Joint Venture at the cost assessed by the Card Associations or Network Organisations to the Bank or the Bank Affiliate directly or by Bank Affiliates or third parties. To the
extent that costs related to the International Acquiring Business passed through from Bank Affiliates or Card Associations or Network Organisations do not adhere to the principles described in Section 9.1 a), b) or c) above, the Bank shall use
reasonable efforts to enforce such principles with the Bank Affiliates or to otherwise reassess pass-through of scheme fees, however, only to the extent that such pursuits are commercially reasonable.  

  

 -27- 

 SECTION 10. AMENDMENTS TO SERVICES; PROBLEM NOTIFICATION 
 SECTION 10.1 Complaints. The Joint Venture shall implement customer complaint policies and procedures concerning the Joint Venture Services
consistent with the Ordinary Course of its business having regard to the Bank’s policies and procedures to deal with complaints. 
 SECTION 10.2 Changes in Laws, Association Rules and Clearing System Rules. The Joint Venture and the Bank may from time to time identify and assess the impact on provision of the Joint Venture Services and the Bank Services,
respectively, hereunder of a change in applicable Laws, Association Rules or Clearing System Rules that relates to the Joint Venture Services or the Bank Services, as applicable, or their provision hereunder (a “Legal Change”). The
Joint Venture and the Bank shall in good faith attempt to agree upon any modifications to the Joint Venture Services or Bank Services, as applicable, required as a result of a Legal Change provided that the Bank shall, in its sole discretion, be
entitled to determine and implement any Changes to the Bank Services necessitated by a Legal Change and the Joint Venture shall, in its sole discretion, be entitled to determine and implement any Changes to the Joint Venture Services necessitated by
a Legal Change. Should either the Joint Venture or the Bank have a good faith basis to conclude that the Changes to the Services, if any, made by the Bank or the Joint Venture will have a material impact on the other, then a Dispute will have arisen
which will be resolved according to Section 21(Dispute Resolution). While a Party is making any agreed upon modifications resulting from a Legal Change, it shall use commercially reasonable endeavours to continue to provide the Services for
which it is responsible in accordance with the provisions of this Agreement. If, however, such Legal Change prevents the Party from providing the Services in accordance with the provisions of this Agreement, the Party shall use commercially
reasonable endeavours to arrange a reasonable solution which gives effect to the intent of this Agreement as closely as practicable and that delivers the Service in the most commercially reasonable manner in the then existing circumstances.
Notwithstanding Section 3.4 (a) (Fees for Bank Services; Invoices) and subject to Section 22.18(h) (Withholding Tax; Applicable Sales Taxes; Transfer Pricing), if the Bank’s or the Joint Venture’s cost of providing the
Services for which it is responsible hereunder is substantially increased as a result of a Legal Change, the Joint Venture and the Bank shall in good faith negotiate an amendment to the Bank Services or the Joint Venture Services described in this
Agreement, as the case may be, to minimise such increase. 
 SECTION 10.3 Problem Notification. The Bank or the Joint Venture, shall,
as soon as reasonably practicable, notify the other Party in the event either that the Bank or the Joint Venture becomes aware of an event, occurrence, error, defect or malfunction materially affecting the ability of the Joint Venture or the Bank to
perform the Services for which it is responsible hereunder. Notwithstanding the foregoing, any failure by any Party to give any notice pursuant to this Section relating to a problem relating to the other Party shall not relieve the other Party of
any liability hereunder. If more than one problem arises or occurs at one time, the Parties shall agree upon the order of priority in which the problems are to be addressed and resolved. 
  

 -28- 

 SECTION 10.4 Root-Cause Analysis and Resolution. As soon as reasonably practicable
following any material failure of either the Joint Venture or the Bank to provide any of the Services for which such Party is responsible hereunder in accordance with this Agreement and in any event within three days after receipt of a notice from a
Party to the other Party in respect thereof, the defaulting Party shall commence and conduct a detailed analysis to identify the cause of such failure; and as soon as reasonably practicable thereafter provide the other Party with a written report
detailing the cause of, and procedure for correcting, such failure. In addition, the defaulting Party shall deliver to the other Party, within a commercially reasonable time, a corrective action plan that addresses actions to be taken in an effort
to try to avoid a recurrence of such failure. 
 SECTION 11. SERVICE LOCATIONS AND SECURITY 
 SECTION 11.1 Rights of Access to Joint Venture Service Locations. Subject to the confidentiality requirements in this Agreement or as otherwise
agreed to by the Joint Venture and the Bank, each of the Bank and its Advisors shall be permitted access, for the purposes of the Merchant Acquiring Business or the provision of Bank Services hereunder, to any Joint Venture Service Location during
the normal operating hours for such Joint Venture Service Location and in accordance with the Joint Venture’s Security and Privacy Policies and Procedures; provided, however, that each of the Bank and its Advisors shall, except in emergency
situations, make reasonable accommodation for the needs of the Joint Venture to run its business unimpeded, particularly at busy times of the year. 
 SECTION 11.2 Joint Venture Service Locations. The Joint Venture agrees that it shall not provide any of the Joint Venture Services from any locations without obtaining all required Authorisations from applicable Governmental
Entities. 
 SECTION 11.3 Unauthorised Access or Copying. The Joint Venture and the Bank shall give each other prompt notice if it
becomes aware of any unauthorised copying of, or access to, the Bank Data or the Joint Venture Data, respectively, or any part thereof, such notice to be in the form of a reasonably detailed incident report. 
 SECTION 11.4 Data Security for Bank System. To the extent that the Joint Venture has, pursuant to the Joint Venture Agreements, the right to gain
access to or use any system or facility operated by the Bank or by an Affiliate of the Bank (a “Bank System”), the Joint Venture acknowledges, agrees and covenants that: 
  

	 	(a)	except as expressly otherwise provided in this Agreement or any of the other Operative Documents, the Joint Venture shall have no right or title to, interest in or ownership of, any
Bank System or any component or portion thereof; 

  

	 	(b)	except as expressly otherwise provided in this Agreement or any of the other Operative Documents, the Joint Venture shall neither permit nor enable any Person (other than GPN and
the GPN Processor or any of its Advisors, and then only strictly on the basis that the Joint Venture shall procure that such Persons act in accordance with this Agreement and any conditions reasonably imposed by the Bank) to access or use any Bank
System or any component or portion thereof; 

  

 -29- 

	 	(c)	except as expressly otherwise provided in this Agreement or any of the other Operative Documents, the Joint Venture shall not, and shall not facilitate or assist another Person
(other than GPN or any of its Advisors, and then only on the basis that the Joint Venture shall procure that such Persons act strictly in accordance with this Agreement and any conditions reasonably imposed by the Bank) to gain access to or use any
Bank System or any component or portion thereof; 

  

	 	(d)	the Joint Venture shall not, and shall not facilitate or assist another Person to, reverse compile or disassemble any object code version of any software application or program in
the Bank System or any component or portion thereof; 

  

	 	(e)	the Joint Venture shall not make any untrue or unsubstantiated claim or representation as to the ownership of, or act as the owner of, any Bank System or any component or portion
thereof; 

  

	 	(f)	the Joint Venture shall not, and shall not facilitate or assist another Person to, gain access or attempt to gain access through any Bank System or any component or portion thereof
(in respect of which the Joint Venture has, under this Agreement or any other Operative Document, a right of access), to any other system or facility or any component or portion thereof to which the Joint Venture does not, under this Agreement or
any other Operative Document have the right to access; 

  

	 	(g)	except as may otherwise be provided in this Agreement or any of the other Operative Documents, the Joint Venture shall not, nor shall it facilitate or assist another Person to,
perform any act that is inconsistent with or in violation of this Agreement or any other Operative Document, or that may jeopardize the rights of the Bank, its Affiliates or any third party licensors, in the Bank System or any component or portion
thereof; and 

  

	 	(h)	the rights to gain access to or use any system or facility as set out in this Section shall be subject to the Bank’s Security and Privacy Policies and Procedures, and any
obligations of confidentiality or like restrictions imposed upon the Bank under any legally binding agreements to which the Bank is a party. 

 SECTION 11.5 Data Security for Joint Venture System. To the extent that the Bank has, pursuant to the Joint Venture Agreements, the right to gain access to or use any system or facility operated by the Joint
Venture or the GPN Processor or any of their respective Affiliates (a “Joint Venture System”), the Bank acknowledges, agrees and covenants that: 
  

	 	(a)	except as expressly otherwise provided in this Agreement or any of the other Operative Documents, the Bank shall have no right or title to, interest in or ownership of, any Joint
Venture System or any component or portion thereof; 

  

	 	(b)	 except as expressly otherwise provided in this Agreement or any of the other Operative Documents, the Bank shall neither permit nor enable any Person 

  

 -30- 

	 	 
(other than any of its Advisors, and then only strictly in accordance with this Agreement and any conditions reasonably imposed by the Joint Venture) to
access or use any Joint Venture System or any component or portion thereof; 

  

	 	(c)	except as expressly otherwise provided in this Agreement or any of the other Operative Documents, the Bank shall not, and shall not facilitate or assist another Person (other than
any of its Advisors, and then only strictly in accordance with this Agreement and any conditions reasonably imposed by the Joint Venture) to, gain access to or use any Joint Venture System or any component or portion thereof;

  

	 	(d)	the Bank shall not, and shall not facilitate or assist another Person to, reverse compile or disassemble any object code version of any software application or program in the Joint
Venture System or any component or portion thereof; 

  

	 	(e)	the Bank shall not make any untrue or unsubstantiated claim or representation as to the ownership of, or act as the owner of, any Joint Venture System or any component or portion
thereof; 

  

	 	(f)	the Bank shall not, and shall not facilitate or assist another Person to, gain access or attempt to gain access through any Joint Venture System or any component or portion thereof
(in respect of which the Bank has, under this Agreement or any other Operative Document, a right of access), to any other system or facility or any component or portion thereof to which the Bank does not, under this Agreement or any other Operative
Document have the right to access; 

  

	 	(g)	except as may otherwise be provided in this Agreement or any of the other Operative Documents, the Bank shall not, nor shall it facilitate or assist another Person to, perform any
act that is inconsistent with or in violation of this Agreement or any other Operative Document, or that may jeopardize the rights of the Joint Venture, the GPN Processor, any of their respective Affiliates or any third party licensors, in the Joint
Venture System or any component or portion thereof; and 

  

	 	(h)	the rights to gain access to or use any system or facility as set out in this Section shall be subject to the Joint Venture’s Security and Privacy Policies and Procedures, and
any obligations of confidentiality or like restrictions imposed upon the Joint Venture under any legally binding agreements to which it is a party. 

 SECTION 11.6 Rights of Access to Bank Service Locations.  
  

	 	(a)	 During the Term, the Bank agrees to provide employees of the Joint Venture, GPN, and of the GPN Processor or, subject to the Bank’s prior approval, other
specified independent contactors of the Joint Venture or other employees of the Joint Venture’s subcontractors (cumulatively the “Access Employees”) with access to and use of the Bank’s systems and with access to and use
of facilities in the United Kingdom, Philippines and India to the 

  

 -31- 

	 	 
extent necessary for the purposes of the Merchant Acquiring Business or the provision of Joint Venture Services hereunder provided that such access or use is
in accordance with the Bank’s Security and Privacy Policies and Procedures and does not and will not directly or indirectly contravene any Laws. 

 SECTION 11.7 Co-operation with Special Investigations. The Joint Venture and the Bank shall, in good faith, provide reasonable co-operation and assistance to each other and their respective Advisors with
respect to any investigation of an actual or alleged security breach at a Joint Venture Service Location or a Bank Service Location. 
 SECTION 12. REPORTS, DATA AND INTELLECTUAL PROPERTY 
 SECTION 12.1 Joint Venture Reports and Data Sharing. As part of
the Joint Venture Services, the Joint Venture shall provide to the Bank such data and reports as the Bank and the Joint Venture may agree upon from time to time, including the following: 
  

	 	(a)	periodic reports detailing the Joint Venture’s performance against those Joint Venture Service Levels which are tracked by the Joint Venture in the Ordinary Course of its
business; 

  

	 	(b)	daily reports detailing Reserve Accounts; 

  

	 	(c)	monthly closed account reports by reason code; 

  

	 	(d)	referral stream quantum and payments reports data to enable reporting on the Bank’s monthly performance management systems at mutually agreeable times and in a mutually agreed
upon format; and 

  

	 	(e)	up to once in each year, a report providing details of the names and addresses of all Merchants. 

 SECTION 12.2 Bank Reports and Data Sharing. As part of the Bank Services, the Bank shall provide to the Joint Venture such written reports as the
Bank and the Joint Venture may agree upon from time to time, including the following reports: 
  

	 	(a)	daily reconciliation of debits and credits to the Settlement Account, including detailed information as reasonable requested by the Joint Venture regarding the settlement fund
transfers referenced in Section 4.1(b) and the settlement funding costs referenced in Sections 4.1(c) (Acceptance, Delivery and Settlement of Credit Card Transaction Records and Debit Card Transaction Records) and 4.3 (Funding Costs for
Merchant Settlement); 

  

	 	(b)	daily Merchant funding reports; 

  

	 	(c)	daily settlement reports from each Card Association unless such reports are provided directly by the applicable Card Association; and 

  

	 	(d)	Debit Card funding and Network Organization settlement reports. 

  

 -32- 

 SECTION 12.3 Format and Cost of Reports. The reports required to be provided pursuant Sections
12.1 and 12.2 may be provided directly to the relevant Party or through access to an electronic view. The reasonable fees, costs and expenses of such reports shall be solely and wholly borne by the Party to which the reporting obligation applies
unless such reporting activities were not in the Ordinary Course of business in which case the reporting Party shall be provided with costs reimbursement consistent with the agreement made between the Parties for the report(s). Notwithstanding the
foregoing, the reports set forth above shall be considered reports provided in the Ordinary Course of the providing Party’s business. 
 SECTION 12.4 Ownership and use of the Bank Data. Notwithstanding the Joint Venture’s use of the Bank Data in connection with the Merchant Acquiring Business or providing the Joint Venture Services, the Bank Data is and shall
remain the property of the Bank or its customers, as applicable. The Bank Data shall not be: 
  

	 	(a)	used in any way, directly or indirectly, by the Joint Venture or any of its Advisors other than to the extent necessary in connection with the Merchant Acquiring Business or the
provision of the Joint Venture Services; 

  

	 	(b)	disclosed (other than pursuant to this Agreement) sold, assigned, leased or otherwise provided by the Joint Venture to any Person (other than the GPN Processor and their respective
Affiliates and Advisors, and then only on a need-to-know and strictly confidential basis for performing the Merchant Acquiring Business or providing the Joint Venture Services and in accordance with the terms of this Agreement and, in the case of
the GPN Processor, the Processing Agreement); or 

  

	 	(c)	commercially exploited in any way, directly or indirectly, by or on behalf of the Joint Venture or any of the Affiliates of the Joint Venture or any of their respective Advisors.

 Without prejudice to Section 6 (Exclusivity and Marketing), the restrictions on the Joint Venture’s use of the Bank Data set out
in this Section 12.4 shall not apply to information which (i) has otherwise been disclosed by a Merchant or other Person to the Joint Venture directly or indirectly other than as a result of a breach of any obligation of confidence;
(ii) is or becomes available in the public domain other than as a result of a disclosure by the Joint Venture in violation of the terms of any confidentiality undertaking; or (iii) is independently developed by the Joint Venture without
reference to or use of the Bank Data. 
 SECTION 12.5 Access to the Bank Data. Notwithstanding the Joint Venture’s use of the
Bank Data in connection with the Merchant Acquiring Business or providing the Joint Venture Services, at all times during the Term, the Joint Venture shall, subject to Section 11 (Service Locations and Security), provide (and procure that the
GPN Processor and their respective Affiliates and Advisors shall provide) the Bank with unrestricted access to the Bank Data used or being used in accordance with Section 12.4 (Ownership and use of the Bank Data). 
 SECTION 12.6 Privacy. The Parties agree to comply with all reasonable requirements of the Bank’s and the Joint Venture’s Security and
Privacy Policies and Procedures in connection with the Merchant Agreements and all applicable privacy Laws, Association Rules and Clearing System Rules in connection with the provision of the Services. 
  

 -33- 

 SECTION 12.7 Ownership and use of the Joint Venture Data.  
  

	 	(a)	Notwithstanding the Bank’s access to the Joint Venture Data in connection with the Operative Agreements or providing the Bank Services or as otherwise permitted under this
Agreement, the Joint Venture Data is and shall remain the property of the Joint Venture. 

  

	 	(b)	The Bank and its Affiliates shall be permitted to use the Joint Venture Data: (i) in connection with providing the Bank Services; (ii) to perform its obligations and
benefit from its rights under the Merchant Agreements during the Term; and (iii) during the Term and thereafter to market its products and services and those of its Affiliates to Merchants (provided that such use complies with all Laws and
Association Rules), provided in each case that the Bank shall not use the Joint Venture Confidential Information to solicit Merchant Acquiring Services or services similar to the Merchant Acquiring Services unless the Bank owns all Membership Units
in the Joint Venture. 

  

	 	(c)	GPN and its Affiliates shall be permitted to use the Joint Venture Data: (i) in its capacity as GPN Processor, to perform its obligations under the Processing Agreement;
(ii) during the Term, to market its products and services and those of its Affiliates to Merchants (provided that such use complies with all Laws and Association Rules), provided in each case that GPN shall not use the Joint Venture
Confidential Information to solicit services similar to the material products and services of the Bank, which shall be defined as loan, savings, money transmission and insurance services and shall exclude cash advance card processing services for
casinos and (iii) after the Term where GPUK (or any of its Affiliates) owns all Membership Units in the Joint Venture, for any purpose. 

  

	 	(d)	Except as expressly permitted under this Agreement or any of the Operative Documents, at any time during the Term whilst the Bank has an ownership interest in the Joint Venture:

  

	 	(i)	the Joint Venture Data shall not be disclosed (other than to its Affiliates), sold, assigned, leased or otherwise provided to any Person (excluding its auditors, legal advisors and
other professional advisors, who are subject to standard confidentiality obligations) except: (A) disclosure in the Ordinary Course of the Merchant Acquiring Business (as permitted by applicable Laws); or (B) in respect of Joint Venture
Data other than Merchant specific data, disclosure as necessary in connection with a potential acquisition of GPN, provided that Joint Venture shall ensure that such Person respects the confidentiality obligations set out in Section 22.11
(Confidentiality); or (C) in respect of Joint Venture Data other than Merchant specific data, disclosure as necessary in connection with financing activities by GPN or any of its Affiliates; and 

  

 -34- 

	 	(ii)	if there is a Change of Control in respect of the Joint Venture, GPUK or GPN which results in a Restricted Entity acquiring Control of the Joint Venture, GPUK or GPN then the Joint
Venture shall ensure that no Joint Venture Data is, or can be, used by such Restricted Entity or any of its Affiliates (excluding the Joint Venture, the GPN Processor, GPUK and GPN) for merchant level analysis in connection with pricing or for
solicitation. 

  

	 	(e)	Without prejudice to Section 6 (Exclusivity and Marketing), the restrictions on the Bank’s use of the Joint Venture Data set out in Section 12.7 shall not apply to
information which: (i) has otherwise been disclosed by a Merchant or other Person to the Bank, other than in connection with the Merchant Acquiring Business or as a result of a breach of any obligation of confidence; (ii) is or becomes
available in the public domain other than as a result of a disclosure by the Bank in violation of the terms of any Joint Venture Agreement; or (iii) is independently developed by the Bank without reference to or use of the Joint Venture Data.
For the avoidance of doubt, the Joint Venture acknowledges that data identical to the Joint Venture Data may be held separately by the Bank, obtained directly in relation to any of the Bank’s businesses other than the Merchant Acquiring
Business and nothing in this Agreement is intended to affect the Bank’s ownership or use of such data. 

 SECTION 12.8
Access to the Joint Venture Data. Notwithstanding the Bank’s use of the Joint Venture Data in connection with the Merchant Acquiring Business or providing the Bank Services or as otherwise permitted under this Agreement, at all times
during the Term the Bank shall, subject to Section 11 (Service Locations and Security), provide the Joint Venture with unrestricted access to the Joint Venture Data used or being used by it. 
 SECTION 13. BUSINESS RECOVERY PLANS 
 SECTION 13.1 Business Recovery Plan. The Joint Venture’s Business Recovery Plan must be completed, approved by the Board, and submitted to the Bank within nine months of the Effective Date. Until such time as the Joint Venture
has an operational Business Recovery Plan, the Bank shall continue to make theirs available on a basis consistent with the Ordinary Course of the Merchant Acquiring Business prior to the Completion Date. The Joint Venture and the Bank shall:

  

	 	(a)	maintain their respective Business Recovery Plans in accordance with their terms as provided to the other Party in writing on or before the date hereof; 

  

	 	(b)	periodically update and test the effectiveness of their respective Business Recovery Plans; 

  

	 	(c)	provide the other Party with copies of their amended Business Recovery Plans as soon as reasonably practicable following any amendment; 

  

	 	(d)	on a periodic basis, certify to the other Party that the certifying Party’s Business Recovery Plan has been successfully tested; 

  

	 	(e)	implement their respective Business Recovery Plans in accordance with the applicable terms; 

  

 -35- 

	 	(f)	consult with the other Party regarding the priority to be given to the Services upon the occurrence of an event that triggers any obligation under either Party’s Business
Recovery Plan; 

  

	 	(g)	not amend their respective Business Recovery Plans in a manner that may materially affect the Merchant Acquiring Business without the prior written Consent of the other Party, such
Consent not to be unreasonably withheld; and 

  

	 	(h)	ensure that each of their respective Business Recovery Plans complies with all applicable Laws, Association Rules and Clearing Systems Rules. 

 SECTION 13.2 Force Majeure. Neither the Joint Venture nor the Bank shall be liable for a failure or delay in the performance of its obligations
pursuant to this Agreement (other than the obligations referred to in Section 15.3 (c ) (in the case of the Bank) and Section 15.4 (c ) (in the case of the Joint Venture)), including the failure or delay in respect of providing the
Services which it shall provide hereunder if, and to the extent that, and only for so long as such failure or delay is caused, directly or indirectly, by fire, flood, earthquake, elements of nature or acts of God, acts of war, terrorism, riots,
civil disorders, rebellions, strikes, lock outs or labor or supply disruptions or revolutions or any other similar causes beyond the reasonable control of such Party or any of its subcontractors or other Persons (and, in relation to the Joint
Venture, the GPN Processor) engaged to provide the relevant Services on its behalf hereunder (each, a “Force Majeure Event”) provided that the affected Party: 
  

	 	(a)	has continued to use commercially reasonable endeavours to resume performance of such obligations whenever and to whatever extent possible without delay; 

 

	 	(b)	has adopted and implemented a Business Recovery Plan in accordance with the provisions of Section 13.1; 

  

	 	(c)	has complied with its Business Recovery Plan; and 

  

	 	(d)	still has failed in the performance of such obligations. 

 If a Force
Majeure Event occurs, the affected Party shall, as soon as reasonably practicable, notify the other Party by telephone (to be confirmed in writing within five days after the inception of such failure or delay) of the occurrence of a Force Majeure
Event, and describe in reasonable detail the circumstances causing the Force Majeure Event. 
 SECTION 14. AUDITS, REGULATORY EXAMINATIONS
AND COMPLIANCE 
 SECTION 14.1 Audits and Inspections.  
  

	 	(a)	 Upon reasonable notice, each Party shall provide such internal auditors and/or external auditors of the other Parties with access, as requested, to the Joint
Venture Service Locations or the Bank Service Locations, as applicable, for the purpose of performing audits or inspections of the Joint Venture Services or the Bank Services, as applicable. Each Party shall 

  

 -36- 

	 	 
provide such auditors any assistance that they may reasonably require, at the sole expense of the requesting Party. If any audit by an auditor designated by
the auditing Party results in the audited Party being notified that it is not in compliance with any provisions of this Agreement or any other Operative Documents, or any applicable Laws, Association Rules or Clearing System Rules, the audited Party
shall, within the period of time specified by the auditing Party, use commercially reasonable endeavours to remedy the non-compliance. 

  

	 	(b)	Each Party shall provide such inspectors designated by any Governmental Entity, Card Association or Network Organisation having jurisdiction over that Party with access to the Joint
Venture Service Locations or the Bank Service Locations, as applicable, for the purpose of performing inspections of the Joint Venture Services or the Bank Services, as applicable, subject to and in accordance with the applicable Laws, Association
Rules or Clearing System Rules. If an inspection by any such Governmental Entity, Card Association or Network Organisation results in the inspected Party being notified that it is not in compliance with any applicable Laws, Association Rules or
Clearing System Rules, the inspected Party shall, within the period of time specified by such Governmental Entity, Card Association or Network Organisation, use commercially reasonable endeavours to remedy such non-compliance.

  

	 	(c)	In addition, the Joint Venture shall permit the Risk Teams to have access, on reasonable notice, during normal business hours to the Joint Venture’s documentation, records
and/or marketing materials (in each case in whatever media), staff (including the right to observe staff fulfilling their roles and undertaking training) and premises (and any premises within which the Joint Venture and/or its representatives
undertake activities) in each case for the purpose of undertaking monitoring activities and satisfying themselves that the Joint Venture, its procedures and processes (including without limitation its training, risk, regulatory and audit functions)
are operating effectively and in accordance with this Agreement and the other Operative Agreements (but on the basis that neither the Joint Venture nor GPUK is relying on any report or recommendation made to the Joint Venture by the Risk Teams and
that the Risk Teams shall not owe any duty of care either to the Joint Venture or GPUK in respect of any such reports or recommendations). Notwithstanding the foregoing, in connection with the foregoing right, neither GPUK nor their internal and
external auditors shall have the right to access (other than view access) any IT system operated by the Bank or any of its Affiliates and neither the Bank nor any of their internal and external auditors shall have the right to access (other than
view access) any IT system operated by GPN or its Affiliates. 

  

	 	(d)	Promptly upon request by the Joint Venture from time to time, the Bank shall, to the extent permitted by Laws, provide the Joint Venture with copies of its underwriting files or
similar documents for individual Merchants that are parties to Existing Merchant Agreements. 

  

 -37- 

 SECTION 14.2 Regulatory Matters.  
  

	 	(a)	The Parties shall cooperate with each other to ensure that all information necessary or desirable for making (or responding to any requests for information following) any
notification or filing made in respect of this Agreement, or the transactions contemplated by it, is supplied to the Party dealing with such notification and filing and that they are properly, accurately and promptly made and updated as necessary.

  

	 	(b)	Without prejudice to the other provisions of this Section 14, if any material regulatory action (including but not limited to any order of any Court or any order or decision
made by any regulatory authority or agency or any enactment of any regulatory authority which may prohibit or restrict the carrying on of all or part of the Merchant Acquiring Business or in consequence of which a Party may incur a fine or liability
and damages were this Agreement or the other Operative Documents to be performed in accordance with their terms) is taken or threatened, the Joint Venture and the Bank shall promptly meet to discuss: 

  

	 	(i)	the situation and the action to be taken as a result; and 

  

	 	(ii)	whether any modification to the terms of this Agreement or the other Operative Documents (or any other agreement entered into pursuant to this Agreement or the other Operative
Documents) should be made in order that any requirement (whether as a condition of giving any approval, exemption, clearance or consent or otherwise) of any regulatory authority may be reconciled with and within the intended scope of the business
arrangement contemplated by this Agreement and the other Operative Documents. The Parties shall co operate to give effect as soon as practicable to any such agreed modifications. 

  

	 	(c)	Notwithstanding any other provision of this Agreement, if during the Term a material regulatory or compliance matter relating to: (i) the Bank or its Affiliates which may
affect the Merchant Acquiring Business; or (ii) the Joint Venture or its Affiliates, or any of their respective activities or procedures arises including, without limitation: 

  

	 	(i)	any dispute with the Financial Services Authority, the Office of Fair Trading, the Banking Standards Code Board, Network Organisation, Card Association, the Competition Commission
or any other regulator with jurisdiction over the Joint Venture’s Group in relation to Laws (a “Regulator”); 

  

	 	(ii)	any material breach or alleged breach by the Bank or its Affiliates or the Joint Venture or any of its Affiliates of the Association Rules; 

  

	 	(iii)	any material dispute with or complaint by a third party in which there is an allegation or claim made or is likely to be made or implied that the Joint Venture or any of its
Affiliates or the Bank or any of its Affiliates may not have complied in all respects with Laws; or 

  

 -38- 

	 	(iv)	any investigation or enquiry by, or review, consultation or other dialogue with, a Regulator related to any matter referred to in Section 14.2(c)(i) to (iii) above or
which may reasonably be expected to be so related, 

 (each being a “Regulatory Matter”) then each Party so
becoming aware shall as soon as reasonably practicable after becoming aware of the same notify the Joint Venture, the Bank and the Members of this fact (a “Regulatory Matter Notification”). 
  

	 	(d)	Following the service of a Regulatory Matter Notification the Joint Venture and the Bank shall promptly discuss how to deal with such Regulatory Matter and shall keep each other
informed and consult as appropriate in relation to it. 

  

	 	(e)	Save (but only to the extent) expressly required by Laws or a recognised investment exchange, each of the Parties undertakes to the other Parties that it will not at any time
following a Regulatory Matter Notification make any public announcement, statement or communication in relation to a Regulatory Matter Notification regarding, related to or mentioning any of the other Parties or their Affiliates, whether in response
to enquiries or otherwise to the public without the prior consent of the relevant Party or Parties. 

  

	 	(f)	The course of action (the “Regulatory Resolution”) as decided by the Board or as determined by the Bank as the case may be, as amended from time to time, in
accordance with this paragraph, shall be implemented by the Joint Venture or the Bank, as applicable, and each of the Parties shall exercise its rights hereunder (insofar as it lawfully can) so as to procure that all steps required to implement the
Regulatory Resolution are taken and shall take all steps within their respective powers to ensure that the representatives appointed by them take all steps to implement the Regulatory Resolution. 

  

	 	(g)	Each Party shall keep the other Parties informed at regular intervals and as requested by the other Parties from time to time as to the way the Regulatory Resolution is being
implemented and the way the Regulatory Matter develops. The Joint Venture or the Bank, as the case may be, shall be entitled to amend the Regulatory Resolution but in the case of a Joint Venture Regulatory Resolution only with the prior written
approval of the Board. 

 SECTION 15. TERM AND TERMINATION OF AGREEMENT 
 SECTION 15.1 Term of Agreement. Unless otherwise terminated by agreement of the Parties or in accordance with its terms, this Agreement shall
remain in full force and effect for an initial period of ten years from the Completion Date and shall be automatically extended for successive ten-year periods on the same terms and conditions expressed herein, or as may be amended, unless a Party
serves on each of the other Parties a notice of termination at least one year prior to the expiration of the initial period (or any extensions or renewals thereof) such notice to take effect at the end of the applicable Run-Off Period. 

 

 -39- 

 SECTION 15.2 Termination Events. Except as specifically set forth in
Section 15.1, the only events which may result in the termination of this Agreement are:  
  

	 	(a)	a Bank Default as set forth in Section 15.3; or 

  

	 	(b)	a Joint Venture Default as set forth in Section 15.4; 

  

	 	(c)	the occurrence of any of the events described in Section 15.5; or 

  

	 	(d)	the Bank being required to terminate this Agreement by applicable Laws, Association Rules or Clearing System Rules, 

 (each, a “Termination Event”), and then only in accordance with the provisions of Section 15.6 and, in the case of the Termination
Events specified in Sections 15.2 (a) and (b), Section 20 (Remedies). 
 SECTION 15.3 Bank Default. Upon the occurrence of
any of the following events, the Bank shall be deemed to have committed a “Bank Default” and the Joint Venture shall be entitled to terminate this Agreement by giving written notice to the Bank, such notice to take effect at the end
of the applicable Run-Off Period: 
  

	 	(a)	without prejudice to Section 15.3(c), the Bank defaults in the performance of any of the Bank Services hereunder or any of its other obligations under this Agreement (unless
such default or failure in performance is caused by the Joint Venture or GPN or any Person acting on their respective behalves or by a Card Association or Network Organisation) and a corrective action plan is not implemented and effective to cure
such default during the 120 day period after notice and demand for cure has been given by the Joint Venture to the Bank (except that such period shall be extended to the extent that there shall be a Force Majeure Event which prevents the Bank from
curing the default) and provided that the default has a material adverse effect on the Merchant Acquiring Business relative to either the Joint Venture’s rolling twelve month earnings prior to the occurrence of the default or the Joint
Venture’s total asset value as stated in the accounts at the end of the month prior to the occurrence of the default. Notwithstanding the foregoing except for a breach of a Bank Critical Service Level which is set forth in Section 15.3(c)
no breach of a Bank Service Level hereunder shall constitute a Bank Default; 

  

	 	(b)	if a default as described in Section 15.3(a) occurs which default would have resulted in a Bank Default had the Bank not cured the default (the “Relevant
Default”) and subsequently two further Bank defaults arise out of the same facts and circumstances no less than 120 days but no more than 4 years after notice and demand for cure has been given by the Bank in relation to the Relevant
Default, if the Relevant Default and each of the two other Bank defaults has a material adverse effect on the Merchant Acquiring Business relative to either the Joint Venture’s rolling twelve month earnings prior to the occurrence of the
default or the Joint Venture’s total asset value as stated in the accounts at the end of the month prior to the occurrence of the default; 

  

 -40- 

	 	(c)	notwithstanding any Force Majeure Event, the Bank fails to: 

  

	 	(i)	debit or credit a material number of the Merchant Depository Accounts (based on the portfolio as a whole) in accordance with Section 4.1(b) (Acceptance, Delivery and Settlement
of Credit Card Transaction Records and Debit Card Transaction Records) for five consecutive Business Days; or 

  

	 	(ii)	debit a material number of the Merchant Depository Accounts (based on the portfolio as a whole) in accordance with Section 5.2 (Withdrawal of Account Fees and Unreimbursed
Chargebacks from Merchant Depository Accounts) within five Business Days after the required date; or 

  

	 	(iii)	in respect of a material number of Merchants (based on the portfolio as a whole), debit or withhold a Merchant Depository Account or withhold any Merchant settlement amounts in
accordance with Section 7.1(b) (Chargebacks and Credit Losses) and such defaults are not cured within five Business Days after notice and demand for cure has been given by the Joint Venture to the Bank; or 

  

	 	(iv)	debit the Settlement Account in accordance with Section 4.1(c) (Acceptance, Delivery and Settlement of Credit Card Transaction Records and Debit Card Transaction Records) in
respect of material number of Merchants (based on the portfolio as a whole), and any such defaults are not cured within five Business Days after notice and demand for cure has been given by the Joint Venture to the Bank, 

 unless in each case such failure is the result of a breach by the Joint Venture or GPN of their respective obligations under this Agreement or caused by a
failure or default of the applicable Card Association or Network Organisation and provided that the Bank shall not be considered to have committed a Bank Default under this Section 15.3(c) if any requisite payment has been effected through any
other means within the applicable time period specified above; 
  

	 	(d)	a material breach by the Bank of Section 6 (Exclusivity and Marketing) which is incapable of cure or which, if capable of being cured, is not cured within 30 days after notice
and demand for cure has been given by the Joint Venture; or 

  

	 	(e)	an Insolvency Event occurs in relation to the Bank. 

  

 -41- 

 SECTION 15.4 Joint Venture Default. Upon the occurrence of any of the following events, the
Joint Venture shall be deemed to have committed a “Joint Venture Default”, and the Bank shall be entitled to terminate this Agreement by giving written notice to the Joint Venture such notice to take effect at the end of the
applicable Run-Off Period: 
  

	 	(a)	without prejudice to Sections 15.4(c), the Joint Venture defaults in the performance of any of the Joint Venture Services hereunder or any of its obligations under this Agreement
(unless such default or failure in performance is caused by the Bank or any Person acting on the Bank’s behalf or by a Card Association or Network Organisation) and a corrective action plan is not implemented and effective to cure such default
within the 120 day period after notice and demand for cure has been given by the Bank to the Joint Venture (except that such period shall be extended to the extent that there shall be a Force Majeure Event which prevents the Joint Venture from
curing the default) and provided that the default has a material adverse effect on either (i) the Merchant Acquiring Business; or (ii) the Bank, in each case relative to either the Joint Venture’s rolling twelve month earnings prior
to the occurrence of the default or the Joint Venture’s total asset value as stated in the accounts at the end of the month prior to the occurrence of the default. Notwithstanding the foregoing except for a breach of a Joint Venture Critical
Service Level which is set forth in Section 15.4(c) no breach of a Joint Venture Service Level hereunder shall constitute a Joint Venture Default; 

  

	 	(b)	if a default as described in Section 15.4(a) occurs which default would have resulted in a Joint Venture Default had the Joint Venture not cured the default (the
“Relevant Default”) and subsequently two further Joint Venture defaults arise out of the same facts and circumstances no less than 120 days but no more than 4 years after notice and demand for cure has been given by the Bank in
relation to the Relevant Default, if the Relevant Default and each of the two other Joint Venture defaults has a material adverse effect on either (i) the Merchant Acquiring Business; or (ii) the Bank, in each case relative to either the
Joint Venture’s rolling twelve month earnings prior to the occurrence of the default or the Joint Venture’s total asset value as stated in the accounts at the end of the month prior to the occurrence of the default;

  

	 	(c)	notwithstanding a Force Majeure Event, the Joint Venture fails to: 

  

	 	(i)	accept or process a material number of Card Transactions (based on the portfolio as a whole) for five consecutive Business Days; or 

  

	 	(ii)	transmit information affecting a material number of Merchants (based on the portfolio as a whole) to the Bank in accordance with Section 4.1(a) (Acceptance, Delivery and
Settlement of Credit Card Transaction Records and Debit Card Transaction Records) for five consecutive Business Days; or 

  

	 	(iii)	provide settlement information to the applicable Card Association for five consecutive Business Days; or 

  

 -42- 

	 	(iv)	accept or process any Chargebacks for twenty consecutive days, unless in each case such failure is as a result of a breach of the Bank of its obligations under this Agreement or the
Transition Agreement or caused by a failure or the default of the applicable Card Association or Network Organisation; 

  

	 	(d)	GPN defaults in the performance of any of its obligations under this Agreement and a corrective action plan is not implemented and effective to cure such default within the 120 day
period after notice and demand for cure has been given by the Bank to GPN (except that such period shall be extended to the extent that there shall be a Force Majeure Event) and provided that the default has a material adverse effect on either
(i) the Merchant Acquiring Business; or (ii) the Bank, in each case relative to either the Joint Venture’s rolling twelve month earnings prior to the occurrence of the default or the Joint Venture’s total asset value as stated in
the accounts at the end of the month prior to the occurrence of the default; 

  

	 	(e)	a material breach by the Joint Venture or GPN of Section 6 (Exclusivity and Marketing) which is incapable of cure or which, if capable of being cured, is not cured within 30
days after notice and demand for cure has been given by the Bank; 

  

	 	(f)	an Insolvency Event occurs in relation to the Joint Venture and/or GPN; or 

  

	 	(g)	The service of a notice of termination by the Bank in respect of the HSBC Trade Mark Licence Agreement under Article 8.1 of the HSBC Trade Mark Licence Agreement following three
separate but repeated, wilful, material, egregious breaches of the HSBC Trade Mark Licence Agreement, provided that the first two breaches have been notified to the chief executive officer or chief operating officer of GPN and the Parties had at
least thirty days to resolve each such matter. 

 SECTION 15.5 Other Termination Events. 
  

	 	(a)	If the Bank acquires all the Membership Units in the Joint Venture, this Agreement shall automatically terminate with effect from the end of the Run-Off Period.

  

	 	(b)	If GPUK or any of its Affiliates acquires all of the Membership Units held by the Bank or its Affiliates in the Joint Venture under Clause 22 (Tenth Anniversary Termination or
Renewal) of the Partnership Agreement, this Agreement shall automatically terminate with effect from the end of the Run-Off Period. 

 SECTION 15.6 Run-Off Period and Termination. 
  

	 	(a)	If a Termination Event occurs in relation to which the Joint Venture or the Bank, as applicable, serves notice to terminate this Agreement, or in the case of the Termination Events
specified in Section 15.5 there is an automatic Termination Event, then this Agreement shall continue in full force and effect on the same terms and conditions for the applicable Run-Off Period (determined in accordance with Section 15.6
(b)) except that the following provisions shall cease to apply with effect from the start of the Run-Off Period: 

  

	 	(i)	Section 2.8 (a) (Bank Affiliate Transactions and “on us” Transactions); and 

  

 -43- 

	 	(ii)	Section 6 (Exclusivity and Marketing) other than Sections 6.1 (c), 6.1 (o), 6.1 (q) and 6.1(r) which shall continue in full force and effect until the end of the Run-Off
Period in accordance with their respective terms. 

  

	 	(b)	The Run-Off Period applicable to each Termination Event is set out below: 

  

	 	(i)	if there is a Joint Venture Default and the Bank serves notice to terminate in accordance with Section 15.4 then the Run-Off Period shall be two years from the service of such
notice; 

  

	 	(ii)	if there is a Bank Default and the Joint Venture serves notice to terminate in accordance with Section 15.3 then the Run-Off Period shall be two years from the service of such
notice; 

  

	 	(iii)	in the circumstances described in Section 15.5(b) then the Run-Off Period shall be two years from the Bank’s service of its notice in accordance with Clause 22.2 of the
Partnership Agreement, provided that if the Bank subsequently decides that it does not wish to transfer its Membership Units to GPUK (or its Affiliate) in accordance with Clause 22 of the Partnership Agreement, the Bank shall reimburse the GPUK (and
its Affiliates) for all reasonable, direct out of pocket expenses incurred by any of them between the date of service of the Bank’s notice and the date the Bank notifies GPUK that it does not wish to transfer its Membership Units to GPUK (or
its Affiliate) in connection with it seeking a replacement partner to provide services similar to those provided by the Bank under this Agreement; 

  

	 	(iv)	in all circumstances where Bank acquires 100% of the Membership Units in the Joint Venture the Run-Off Period shall be for a period of up to two years with such period determined by
the Bank in its discretion subject to the Bank giving 3 months’ notice to terminate the Run-Off Period; 

  

	 	(v)	if a notice of termination is served in accordance with Section 15.1 the Run-Off Period shall be two years from the end of the relevant ten-year period; and

  

	 	(vi)	if the Agreement is terminated in accordance with 15.2(d) the Run-Off Period shall be two years from the service of the notice of termination by the Bank. 

 

 -44- 

	 	(c)	Except as set out in Section 15.6 (a), during the Run-Off Period each Party shall continue to comply with its obligations and exercise its rights as set out herein including in
relation to the provision of the Joint Venture Services and the Bank Services. 

  

	 	(d)	In addition to Section 15.6 (c), during the Run-Off Period the Parties shall, at their own cost, work together in good faith and use their commercially reasonable endeavours to
cause an orderly transition of the Services to the Parties or a new service provider, as applicable. 

  

	 	(e)	Notwithstanding the foregoing, if the applicable Laws, Association Rules or Clearing System Rules would not allow all of the Services to continue for the applicable Run-Off Period
as contemplated in Section 15.6 (b) the Bank and the Joint Venture shall agree upon a modification to the Run-Off Period which would be in compliance with such Laws, Association Rules or Clearing System Rules. 

  

	 	(f)	At the end of the Run-Off Period this Agreement shall terminate subject always to the provisions of Section 22.13 (Survival). 

 SECTION 15.7 Consequences of termination where GPUK owns 100% of Membership Units. 
 Where this Agreement terminates and GPUK and/or its Affiliates owns all of the Membership Units in the Joint Venture, the following provisions shall
apply: 
  

	 	(a)	GPN shall indemnify the Bank and its Affiliates against all Losses incurred by the Bank or any of its Affiliates arising from or in connection with any Merchant or any of the
Merchant Agreements from the end of the Term, other than Losses caused by the Bank’s negligence or wilful default; 

  

	 	(b)	to the extent it is permitted under the Association Rules, the Bank shall assign to the Joint Venture or any Person designated by the Joint Venture the BIN/ICAs used exclusively as
at the end of the Term to process Card Transactions for Merchants and any residual rights or obligations under the Merchant Agreements; 

  

	 	(c)	the Joint Venture (or any Person on its behalf) shall perform all of the Bank’s obligations under the Merchant Agreements following the end of the Term and shall (and shall
procure that any Person on its behalf shall) perform such obligations in accordance with applicable Laws, Association Rules and Clearing System Rules; and 

  

	 	(d)	the Joint Venture shall (i) no later than the date immediately prior to the end of the Run-Off Period, send to all Merchants a new starter kit and a new form of merchant
agreement to which the Bank is not a party, advising Merchants that the Joint Venture (or any Person on its behalf) has assumed all of the obligations of the Bank under the relevant Merchant Agreement, and (ii) without prejudice to (i), migrate
Merchants onto new merchant agreements to which the Bank is not a party as soon as practicable in connection with contract renegotiations (excluding routine pricing and amendments) in the Ordinary Course. 

  

 -45- 

 SECTION 16. DESIGNATION OF RESPONSIBLE PERSONNEL 
 SECTION 16.1 Joint Venture Representative. Each Party agrees that it shall from time to time designate one or more officers or employees (each, a
“Joint Venture Representative”) who shall be responsible for implementing the provisions of this Agreement and coordinating all communications with the other Parties relating to the subject matter of this Agreement. The initial
Joint Venture Representatives of the Bank and the Joint Venture are set forth in the Partnership Agreement. The Bank shall ensure that the Bank’s Joint Venture Representative is a senior-level liaison with merchant acquiring experience. In the
event the Bank desires to change the Bank’s Joint Venture Representative, the Joint Venture shall have the right to approve such proposed change. 
 SECTION 17. EMPLOYEES 
 SECTION 17.1 Employee Recruitment Assistance. In addition to the
requirements set forth in the Employment Agreement, the Bank agrees to provide limited recruitment assistance as reasonably requested from time to time by the Joint Venture. 
 SECTION 18. CREDIT POLICY 
 SECTION
18.1 Approval of Merchant Qualification Criteria. The initial Merchant Qualification Criteria are attached hereto as Schedule 18.1 (Merchant Qualification Criteria). The Joint Venture agrees to adhere to such Merchant Qualification
Criteria and any applicable Association Rules and Clearing System Rules. The Joint Venture shall have the right to modify the Merchant Qualification Criteria from time to time, subject to the following: 
  

	 	(a)	if the Joint Venture makes a material change to the Merchant Qualification Criteria making them more restrictive, it shall notify the Bank and the Bank shall have twenty Business
Days after receipt of such notice to object to such new criteria and any objections by the Bank under this Section shall be resolved in accordance with Section 21 (Dispute Resolution); 

  

	 	(b)	if the Joint Venture proposes a material change to the Merchant Qualification Criteria making them materially less restrictive, the Joint Venture must receive the prior written
Consent of the Bank before implementing such change. 

 SECTION 18.2 Review of Merchant Qualification
Criteria. The Joint Venture agrees to review the Merchant Qualification Criteria on the reasonable request of the Bank.  
 SECTION 19. INDEMNIFICATION/LIMITATION OF LIABILITY AND PROCEDURES FOR CLAIMS 
 SECTION 19.1 Indemnification.

  

	 	(a)	 Subject to the terms of this Agreement, the provisions of Section 8.5 and the limit specified in Section 19.2(d), the Bank shall indemnify the other
Parties 

  

 -46- 

	 	 
and hold them harmless from any Losses suffered or incurred by them or any of their respective Affiliates that shall directly or indirectly result from or
arise out of (i) the breach by the Bank of this Agreement, or (ii) the Bank’s violation of any applicable Laws, Association Rules and Clearing System Rules or any acts or omissions of the Bank which causes the Joint Venture or GPN or
their respective Affiliates to violate any applicable Laws, Association Rules and Clearing System Rules or (iii) the negligence or wilful default of the Bank or any Person providing any of the Bank Services on its behalf;

  

	 	(b)	Subject to the terms of this Agreement and the limit specified in Section 19.2(e), GPN shall indemnify the other Parties and hold them harmless from any Losses suffered or
incurred by them or any of their respective Affiliates that shall directly or indirectly result from or arise out of (i) the breach by GPN of this Agreement, or (ii) GPN’s violation of any applicable Laws, Association Rules and
Clearing System Rules or any acts or omissions of GPN in connection with this Agreement which causes the Joint Venture or the Bank or their respective Affiliates to violate any applicable Laws, Association Rules and Clearing System Rules or
(iii) the negligence or wilful default of GPN or any Person performing obligations pursuant to this Agreement on its behalf. 

  

	 	(c)	Subject to the terms of this Agreement, the Joint Venture shall indemnify the other Parties and hold them harmless from any Losses suffered or incurred by them or their respective
Affiliates that shall directly or indirectly result from or arise out of (i) the breach by the Joint Venture of this Agreement or a Merchant Agreement, or (ii) the Joint Venture’s violation of any applicable Laws, Association Rules
and Clearing System Rules or any acts or omissions of the Joint Venture which cause the Bank or GPN or their respective Affiliates to violate any applicable Laws, Association Rules and Clearing System Rules, or (iii) the negligence or wilful
default of the Joint Venture or any Person providing any of the Joint Venture Services on its behalf, provided that, in all cases, the Joint Venture shall not be required to indemnify GPN or the Bank where the event described in (i), (ii) and
(iii) results from a breach of the Processing Agreement by the GPN Processor or a breach of the Transition Agreement by the Bank, respectively; 

  

	 	(d)	 If there occurs an event that an Indemnitee asserts is indemnifiable pursuant to Sections 19.1(a), 19.1(b) or 19.1(c) the Indemnitee shall notify the Indemnifying
Party as soon as reasonably practicable. If such event involves (i) the assertion of any claim or liability (a “Claim”) or (ii) the commencement of any action or legal proceeding of any kind (an “Action”)
by another Person (other than a Party), the Indemnitee shall give the Indemnifying Party notice as soon as reasonably practicable of the assertion of such Claim or the commencement of such Action; provided, however, that the failure to provide
notice as soon as reasonably practicable as provided herein shall relieve the Indemnifying Party of its obligations hereunder only to the extent that such failure materially prejudices the Indemnifying Party. If any Claim or Action shall be made or
brought against 

  

 -47- 

	 	 
any Indemnitee and it shall notify the Indemnifying Party of the receipt or commencement thereof, the Indemnifying Party shall be entitled to participate
therein or, following the delivery by the Indemnifying Party to the Indemnitee of the Indemnifying Party’s acknowledgment in writing that the relevant Loss is an indemnified liability hereunder, to assume the defense thereof with counsel
selected by the Indemnifying Party and, after notice from the Indemnifying Party to the Indemnitee of such election so to assume the defense thereof, the Indemnifying Party shall not be liable to the Indemnitee for any legal expenses of other
counsel or any other expenses subsequently incurred by such Indemnitee in connection with the defense thereof. The Indemnifying Party and the Indemnitee agree to cooperate fully with each other and their respective counsel in connection with the
defense, negotiation or settlement of any Action or Claim. The Indemnitee shall have the right to participate at its own expense in the defense of any Action or Claim. If the Indemnifying Party assumes the defense of an Action or Claim (A) no
settlement or compromise thereof may be effected (1) by the Indemnifying Party without the prior written Consent of the Indemnitee (which Consent shall not be unreasonably withheld or delayed) unless (x) there is no finding or admission of
any violation of Law or any violation of the rights of any Person by any Indemnitee and no adverse effect on any other claims that may be made against any Indemnitee and (y) all relief provided is paid or satisfied in full by the Indemnifying
Party or (2) by the Indemnitee without the prior written Consent of the Indemnifying Party and (B) the Indemnitee may subsequently assume the defense of an Action or Claim if the Indemnitee reasonably determines that the Indemnifying Party
is not vigorously defending such Action or Claim. In no event shall an Indemnifying Party be liable for any settlement effected without its prior written Consent (which Consent shall not be unreasonably withheld or delayed).

  

	 	(e)	In case any direct claim is made by one Party against another Party in respect of which indemnification may be sought under this Section, the Indemnitee shall, as soon as reasonably
practicable, give notice to the Indemnifying Party, which shall specify the factual basis for the claim and the amount of such claim. The Indemnifying Party shall have 60 days from receipt of notice of the claim within which to make such
investigation of the claim as the Indemnifying Party considers reasonably necessary or desirable. For the purpose of such investigation, the Indemnitee shall make available to the Indemnifying Party reasonable documentation relevant to the claim,
together with all such other information as the Indemnifying Party may reasonably request. If both Parties agree at or before the expiration of such time period (or any agreed upon extension thereof) to the validity and amount of such claim, the
Indemnifying Party shall immediately pay to the Indemnitee the full agreed upon amount of the claim, but failing such agreement the matter shall be referred to the dispute resolution procedures in accordance with Section 21 (Dispute
Resolution). 

  

 -48- 

 SECTION 19.2 Limitation of Liability. 
  

	 	(a)	Notwithstanding anything to the contrary in this Agreement, nothing in this Agreement shall exclude, restrict or limit a Party’s liability for: 

  

	 	(i)	death or personal injury resulting from its negligence; or 

  

	 	(ii)	its fraud; or 

  

	 	(iii)	its breach of Section 6 (Exclusivity and Marketing). 

  

	 	(b)	Except as specifically provided in Section 13.2 (Force Majeure) neither the Joint Venture nor the Bank shall be liable for failure to provide or delay in providing any of the
Joint Venture Services or the Bank Services, respectively, if such failure or delay is directly or indirectly due to any Force Majeure Event affecting the Party not performing, or affecting one of its subcontractors or other Persons providing the
relevant Services on its behalf; provided that the Party affected by such Force Majeure Event has complied with the requirements of Section 13.2 (Force Majeure). Neither the Joint Venture nor the Bank shall have any liability for Losses
(whether ordinary, special, punitive, indirect or consequential in nature) of the other Parties resulting directly or indirectly from such Force Majeure Event as long as such Party has complied with the requirements of Section 13.2 (Force
Majeure). 

  

	 	(c)	The Joint Venture makes no warranties or representations regarding the Joint Venture Services except as specifically stated in this Agreement. The Joint Venture shall use due care
in performing all Joint Venture Services hereunder and in complying with all applicable Laws, Association Rules, and Clearing System Rules, including those concerning the handling of Chargebacks and Credit Losses, dispute resolutions, and
arbitration. The Joint Venture shall not be responsible in any manner for errors, omissions or failures of any Person other than those of the Joint Venture, any Affiliate or Advisor of the Joint Venture or any other Person engaged by the Joint
Venture to provide any of the Joint Venture Services directly or indirectly on its behalf hereunder. If there is any failure in performance or errors or omissions by the Joint Venture in respect of any of its obligations hereunder, the Joint Venture
shall use commercially reasonable endeavours to correct such failure in performance or errors or omissions. Subject to Section 19.2(a) and without prejudice to the Joint Venture’s obligations to make payments to the Bank under this
Agreement, in no event shall the Joint Venture be liable to the Bank or any other Person for special, punitive, indirect, or consequential damages, losses, expenses or liabilities even if the Joint Venture has been advised of the possibility of the
same. 

  

	 	(d)	 The Bank makes no warranties or representations regarding the Bank Services except as specifically stated in this Agreement. The Bank shall use due care in
performing all the Bank Services hereunder and in complying with all applicable Laws, Association Rules, and Clearing System Rules, including those concerning membership and its sponsorship of the Joint 

  

 -49- 

	 	 
Venture. The Bank shall not be responsible in any manner for errors, omissions or failures of any Person other than those of the Bank, any Affiliate or
Advisor of the Bank or any other Person engaged by the Bank to provide any of the Bank Services on its behalf hereunder. If there is any failure in performance or errors or omissions by the Bank in respect of any of its obligations hereunder, the
Bank shall use commercially reasonable endeavours to correct such failure in performance or errors or omissions. Subject to Section 19.2 (a) or to the Bank’s obligations to make payments pursuant to the terms of the Merchant
Agreements in accordance with its obligations under this Agreement or pursuant to the provisions of Sections 6.1(f) (in relation to the Referral Fee Purchase Amount) or Section 7.3(a) (in relation to the Terminated Merchant Value), in no event
shall the Bank be liable to the Joint Venture, GPN or any other Person for (i) special, punitive, indirect, or consequential damages, losses, expenses or liabilities even if the Bank has been advised of the possibility of the same or
(ii) amounts which in aggregate (including the liability of the Bank under the Transition Agreement that is subject to the liability cap under Section 8.2(a) (Limitation of Liability and Transition Timing) of the Transition Agreement and
under this Agreement) during the Term of this Agreement exceed 7,500,000.00 U.S. Dollars, provided that, from the date on which the price payable for the Bank Services increases in accordance with Section 8.5 (Bank Services Fees during Run-Off
Period), this sum shall be the higher of 7,500,000.00 U.S. Dollars and a sum equal to the average monthly fee payable by the Joint Venture to the Bank under this Agreement during the 12 month period (or such lesser number of months for which this
Agreement has been in effect) immediately prior to the event giving rise to the claim, multiplied by six. If the Joint Venture recovers damages or other compensation in respect of a Loss from the Bank under the terms of the Transition Agreement, a
claim cannot be brought under this Agreement in respect of the same Loss. 

  

	 	(e)	Subject to Section 19.2(a) and save for its obligation to indemnify the Bank under Section 15.7(a) (Consequences of termination where GPUK owns 100% of Membership Units),
in no event shall GPN be liable to the Joint Venture, the Bank or any other Person for (i) special, punitive, indirect, or consequential damages, losses, expenses or liabilities even if GPN has been advised of the possibility of the same or
(ii) amounts which in aggregate (including the liability of the GPN Processor under the Processing Agreement that is subject to the liability cap under Section 6.2(b) (Limitation) of the Processing Agreement and of GPN under this
Agreement) during the Term of this Agreement exceed 7,500,000.00 U.S. Dollars. If the Joint Venture recovers damages or other compensation in respect of a Loss from GPN under the terms of the Processing Agreement, a claim cannot be brought under
this Agreement in respect of the same Loss. 

 SECTION 19.3 Recovery. If, at any time, a Party has recovered
damages or other compensation from another Party in respect of the relevant Loss under this Section 19 and also recovers funds, payments, or costs from another Person which is not a Party to this Agreement relating to such Loss, the amounts so
recovered (less the reasonable costs of recovery and amounts previously paid to the other Party in respect of such Loss) shall be remitted to such other Party up to the amounts previously paid by such other Party. 
  

 -50- 

 SECTION 19.4 Notice of Default. Each Party shall, as soon as reasonably practicable,
notify the other Party if a default or event of default with respect to it has occurred hereunder. 
 SECTION 19.5 Notice of
Litigation. Each Party shall, as soon as reasonably practicable, give notice to the other Parties of any material claims, proceedings, disputes (including labor disputes), changes or litigation likely, impending or threatened which may have a
material effect on the fulfillment of any of the terms hereof by it (whether or not any such claim, change, proceeding, dispute or litigation is covered by insurance) and of which it is aware. It shall provide the other Parties with all information
reasonably requested, from time to time, concerning the status of such claims, proceedings, changes, disputes, litigation or developments. 
 SECTION 20. REMEDIES 
 SECTION 20.1 Remedies of the Bank. Upon the occurrence of a Joint Venture Default, the Bank
may do any or all of the following as the Bank, in its sole and absolute discretion, shall determine: 
  

	 	(a)	exercise its rights of termination in accordance with Section 15 (Term and Termination of Agreement); and/or 

  

	 	(b)	invoke the dispute resolution procedures set forth in Section 21 (Dispute Resolution); and/or 

  

	 	(c)	exercise any of its other rights and remedies provided for hereunder or under Laws. 

 SECTION 20.2 Remedies of the Joint Venture. Upon the occurrence of a Bank Default, the Joint Venture may do any or all of the following as the Joint Venture, in its sole and absolute discretion, shall
determine: 
  

	 	(a)	exercise its rights of termination in accordance with Section 15 (Term and Termination of Agreement); and/or 

  

	 	(b)	invoke the dispute resolution procedures set forth in Section 21 (Dispute Resolution); and/or 

  

	 	(c)	exercise any of its other rights and remedies provided for hereunder or under Laws. 

  

 -51- 

 SECTION 21. DISPUTE RESOLUTION 
 SECTION 21.1 Dispute Resolution. Whilst the Bank owns any Membership Units in the Joint Venture any dispute in connection with the
interpretation or operation of this Agreement (a “Dispute”) shall be handled in accordance with the dispute resolution procedures set forth in Clause 18.9 of the Partnership Agreement which shall apply, mutatis mutandis. Thereafter
any Dispute shall, subject to Section 3.4 (Fees for Bank Services; Invoices) be handled as follows: 
  

	 	(a)	a Party may notify the other Parties of the Dispute in writing requesting that the Joint Venture Representatives meet and use their reasonable endeavours to reach a just and
equitable resolution to the Dispute within ten Business Days after the date of service of such notice; 

  

	 	(b)	If the Dispute cannot be resolved in that 10 Business Day period, the Dispute shall be referred in writing within a further 5 Business Days by the Joint Venture Representatives to a
committee comprised of the managing director of the Joint Venture, the chief executive officer or chief operating officer of GPN and a senior executive of HSBC (being a person with a management of grade 3 or higher). Such committee members shall use
their reasonable endeavours to negotiate in good faith to reach a just and equitable resolution to the Dispute within 20 Business Days after the date of such referral; and 

  

	 	(c)	in any event if the Dispute is not resolved on the expiry of 35 Business Days after the date on which notification was given pursuant to Section 21.1 (A), the Parties shall be
entitled to exercise all rights and remedies available to them hereunder and at Law. 

  

	 	(d)	Nothing in this Section shall prevent any Party: 

  

	 	(i)	from seeking ancillary relief including specific performance or injunctive relief on a with or without prejudice basis; or 

  

	 	(ii)	from referring a Dispute to arbitration in accordance with Section 22.6 (Governing Law and Jurisdiction) at any time if it requires protection for a right which would otherwise
become statute barred. 

 SECTION 22. MISCELLANEOUS 
 SECTION 22.1 Amendments. No amendment or waiver of any provision of this Agreement, and no Consent to any departure by the Bank or the Joint
Venture herefrom, shall be effective unless the same shall be in writing and signed by each Party sought to be bound thereby, and then such waiver or Consent shall be effective only in the specific instance and for the specific purpose for which it
was given. No amendment, modification or alteration of the provisions of this Agreement shall be binding unless the same shall be in writing and duly executed by the authorised representatives of each of the Parties. 
 SECTION 22.2 Notices. Any notice (which in this Section 22.2 shall include any other communication) required to be given under this Agreement
or in connection with the matters contemplated by it shall, except where otherwise specifically provided, be in writing in the English language. Notices given by e-mail or any other form of non-permanent display will not be effective, even if
actually given. Any such notice shall be addressed as provided in this Section 22.2 and shall be: 
  

	 	(a)	personally delivered, in which case it shall be deemed to have been served upon delivery at the relevant address; or 

  

 -52- 

	 	(b)	if from and to any place within the United Kingdom, sent by first class pre-paid post, in which case it shall be deemed to have been served two Business Days after the date of
posting; or 

  

	 	(c)	if from or to any place outside the United Kingdom, sent by pre-paid airmail, in which case it shall be deemed to have been served seven Business Days after the date of posting; or

  

	 	(d)	sent by fax, in which case it shall be deemed to have been served upon receipt of a voice confirmation from the Party to whom such fax was addressed indicating that the entire fax
has been received. 

 provided that in each case where the personal delivery or fax transmission occurs after 17:00 hours on a
Business Day or on any day which is not a Business Day, service shall be deemed to have taken place at 09:00 on the next following Business Day. 
 All references to time in this Section 22.2 are to the then local time in the country of the addressee. 
 The addressees and
other details of the Parties are: 
  

	 	(i)	If to the Bank, to: 

 HSBC Bank plc 
 8 Canada Square 
 London 
 E14 5HQ 
 Attention: Head of Commercial
Cards 
 Fax No: +44(0)207 991 4660 
 Telephone No: +44(0)207 992 1844 
  

	 	(ii)	If to the Joint Venture to 

 De Montfort House 

51 De Montfort Street 
 Leicester

 LE1 7BB 
 Attention: Managing
Director 
 Fax No: +44(0)116 281 8408 
 Telephone No: +44(0)116 281 8010 
 Copied to both: 
 HSBC Bank plc 
 8 Canada Square 
 London 
 E14 5HQ 
  

 -53- 

 Attention: Head of Commercial Cards 
 Fax No: +44(0)207 991 4660 
 Telephone No:
+44(0)207 992 1844 
 and 
 Global Payments Inc. 
 10 Glenlake Parkway 
 North Tower 
 Atlanta, Georgia 30328 
 Attention: General Counsel 
 Fax No:
+1-770-829-8265 
 Telephone No: +1-770-829-8250 
 if to GPN, to 
 Global Payments Inc. 
 10 Glenlake Parkway 
 North Tower

 Atlanta, Georgia 30328 
 Attention: General Counsel 
 Fax No: +1-770-829-8265 
 Telephone No: +1-770-829-8250 
 Any Party may give notice to the other Party of any change to its address or
of any other details in this Section 22.2, provided that such notification shall only be effective on the date specified in such notice or five days after the notice is deemed to have been served as specified in this Section 22.2 whichever
is later. 
 SECTION 22.3 No Waiver; Remedies. No failure by any Party to exercise, and no delay by any Party in exercising, any right
under this Agreement shall operate as a waiver thereof; nor shall any single or partial exercise of any right under this Agreement preclude any other or further exercise thereof or the exercise of any other right. The remedies provided in this
Agreement are cumulative and not exclusive of any remedies provided by Law and rights may be released or waived as regards any Party without affecting the liability of any other Party. 
 SECTION 22.4 Third Party Beneficiaries. No person who is not a party to this Agreement is entitled to enforce any of its terms, whether
under the Contracts (Rights of Third Parties) Act 1999 or otherwise. 
 SECTION 22.5 Assignment. This Agreement shall be
binding upon and inure to the benefit of the Parties and their successors and permitted assigns. This Agreement and all rights, privileges, duties and obligations of the Parties may not be assigned, transferred or otherwise disposed of, in whole or
part, by any Party without the prior written Consent of the 

  

 -54- 

 
other Parties; provided, however, that no such Consent shall be required (i) for the assignment or delegation by any Party of any of its rights
(excluding in the case of the Joint Venture, for the avoidance of doubt, the right to receive any revenue under a Merchant Agreement), privileges, duties and obligations hereunder to an Affiliate of such Party or (ii) for the assignment or
delegation by any Party of any of its rights, privileges, duties and obligations hereunder to any Person into or with which the assigning or delegating Party shall merge or consolidate or to which the assigning or delegating Party shall sell all or
substantially all its assets. In the event of an assignment or delegation as contemplated by subsection (i) or (ii) above, the assigning or delegating Party shall provide the other Party with notice thereof as soon as reasonably
practicable thereafter. Neither an assignment or delegation under this Section nor the Consent of a Party to an assignment or delegation by the other Party under this Section shall (i) directly or indirectly relieve that Party of any of its
obligations under this Agreement or any of the other Operative Documents arising prior to such assignment or delegation; or (ii) constitute either of the other Parties’ Consent to further assignment or delegation. If, at any time following
an assignment or delegation to an Affiliate under subsection 22.5(i) above, the assignee or delegate ceases to be an Affiliate of the assigning or delegating Party, the assigning or delegating Party shall procure that the assignee or delegate shall
forthwith transfer back to the relevant Party the relevant right, privilege, duty or obligation. If there is an assignment or encumbrance by a Party as permitted by this Section 22.5, the amount of loss or damage recoverable by the assignee or
encumbrancer will be calculated as if that Person had been originally named as a party to this Agreement. 
 SECTION 22.6 Governing Law,
Jurisdiction. 
  

	 	(a)	This Agreement shall be governed by and construed in accordance with English Law. 

  

	 	(b)	Any Dispute shall first be subject to amicable settlement discussions in accordance with Section 21 (Dispute Resolution). Any Dispute that is not amicably settled in accordance
with Section 21 (Dispute Resolution) shall at the request of any Party be referred to and finally resolved by arbitration under the LCIA Rules, which Rules are deemed to be incorporated by reference into this Section. 

 

	 	(c)	The number of arbitrators shall be three. Subject to Article 8 of the LCIA Rules, the Claimant and the Respondent shall each nominate an arbitrator. The LCIA Court shall select and
appoint the third arbitrator. 

  

	 	(d)	The seat and legal place of arbitration shall be London, England. 

  

	 	(e)	The language to be used in the arbitral proceedings shall be English. 

  

	 	(f)	If any Dispute raises issues which are substantially the same as or connected with issues raised in a Dispute which has already been referred to arbitration or a dispute under one
of the other Operative Documents which has already been referred to arbitration (in either case an “Existing Dispute”), or arises out of substantially the same facts as are the subject of an Existing Dispute (in either case, a
“Related Dispute”), and whether such Existing Dispute involves only the Parties to this Agreement or parties to the other Operative Documents (“Related Parties”), subject to the prior agreement in each case of the
Parties involved in the Related Dispute, the Arbitral Tribunal appointed or to be appointed in respect of such Existing Dispute shall also be appointed as the Arbitral Tribunal in respect of the Related Dispute. In such case, the Arbitral Tribunal
may, 

  

 -55- 

	 	 
subject to the prior agreement of all Parties and other parties involved in the Existing Dispute and the Related Dispute, having regard to the stage of the
proceedings of the Existing Dispute and other relevant circumstances, consolidate the proceedings arising out of the Existing Dispute and the Related Dispute. Where one or more members of the Arbitral Tribunal appointed in relation to the Existing
Dispute declines appointment in relation to the Related Dispute, replacement arbitrator(s) shall be selected and appointed by the LCIA Court. 

  

	 	(g)	The Arbitral Tribunal, once constituted, may, having regard to the stage of the proceedings and other relevant circumstances, upon the application of any Party join any one or more
of the Related Parties to arbitration proceedings commenced under this Section, subject to the agreement of such Related Party or Parties. The Arbitral Tribunal may, upon the request of any Related Party so joined to arbitration proceedings
commenced under this Section, join any one or more of the remaining Related Parties to such arbitration proceedings, subject to the agreement of such Related Party or Parties. 

 SECTION 22.7 Entire Agreement. This Agreement, together with the Operative Documents and other documents referred to herein and therein, embodies
the entire agreement and understanding of the Parties with respect to the subject matter hereof and supersedes and cancels in all respects all previous letters of intent, correspondence, understandings, agreements and undertakings (if any) between
the Parties with respect to the subject matter hereof whether such shall be written or oral. 
 SECTION 22.8 Independent Contractor.
Except as expressly provided for in the Joint Venture Agreements, nothing herein contained shall be construed as constituting a partnership, agency or joint venture between the Joint Venture and the Bank and/or GPN (other than for Tax purposes) and
each Party specifically disclaims any obligation or liability for the conduct, performance of services or failure to act or omission of each of the other Parties. Each Party intends that it shall be considered an independent contractor of the other
for the Services and other obligations performed by it under this Agreement. 
 SECTION 22.9 Severability. Whenever possible, each
provision of this Agreement shall be interpreted in such manner as to be effective and valid under Law, but if any provision of this Agreement is held to be prohibited by or invalid under Law, such provision shall be ineffective only to the extent
of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Agreement. In such an event the Parties shall use good faith endeavours to re-negotiate any such provision in an effort to
retain the spirit and intent of the original provision. 
 SECTION 22.10 Execution in Counterparts. This Agreement may be executed by
the Parties in separate counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 
 SECTION 22.11 Confidentiality. 
  

	 	(a)	 During the Term and for a period of five years thereafter, each of the Bank and GPN shall treat all information relating to the Joint Venture or any of its
Affiliates (which may be written, oral or in any other format) that is disclosed to or otherwise learnt by the Bank, GPN or any of their Affiliates or Advisors in connection with this Agreement or 

  

 -56- 

	 	 
any of the Operative Documents (including the Joint Venture Data) (“Joint Venture Confidential Information”) as confidential
and shall not use or disclose such information to any other Person (excluding such of its Affiliates and Advisors to whom disclosure is required in connection with this Agreement or any of the Operative Documents) unless agreed by the Joint Venture.
Without prejudice to Section 6 (Exclusivity and Marketing), this Section 22.11(a) shall not apply to the extent that: 

  

	 	(i)	the Joint Venture Confidential Information has otherwise been disclosed by a Merchant or any other Person (other than an Affiliate of the Joint Venture) to the Bank or GPN, other
than in connection with the Merchant Acquiring Business or as a result of a breach of any obligation of confidence; 

  

	 	(ii)	the Joint Venture Confidential Information is or becomes available in the public domain other than as a result of a disclosure by the Bank or GPN in violation of the terms of any
Operative Agreement; or 

  

	 	(iii)	the Joint Venture Confidential Information is independently developed by the Bank or GPN without reference to or use of the Joint Venture Confidential Information.

 Notwithstanding the above, the Bank and GPN and their Affiliates may use and disclose the Joint Venture Confidential
Information to the extent that such use and disclosure is permitted under Section 12.7 (Ownership and Use of the Joint Venture Data). The Bank and GPN shall procure that its Affiliates and Advisors shall comply with the provisions of this
Section. 
  

	 	(b)	During the Term and for a period of five years thereafter, each of GPN and the Joint Venture shall treat all information relating to the Bank or any of its Affiliates (which may be
written, oral or in any other format) that is disclosed to or otherwise learnt by the Joint Venture, GPN or any of their Affiliates or Advisors in connection with this Agreement or the other Operative Documents (including the Bank Data but excluding
data that is also Joint Venture Data) (“Bank Confidential Information”) as confidential and shall not use or disclose such information to any other Person (excluding its Affiliates and Advisors to whom disclosure is
required in connection with this Agreement or the other Operative Documents) unless agreed by the Bank. Without prejudice to Section 6 (Exclusivity and Marketing), this Section 22.11(b) shall not apply to the extent that:

  

	 	(i)	the Bank Confidential Information has otherwise been disclosed by a Merchant or any other Person (other than an Affiliate of the Bank) to the Joint Venture or GPN, other than as a
result of a breach of any obligation of confidence; 

  

	 	(ii)	the Bank Confidential Information is or becomes available in the public domain other than as a result of a disclosure by the Joint Venture or GPN in violation of the terms of any
Operative Document; or 

  

	 	(iii)	the Bank Confidential Information is independently developed by Joint Venture or GPN without reference to or use of the Bank Confidential Information. 

  

 -57- 

 Notwithstanding the foregoing, GPN and the Joint Venture are permitted to (a) use and disclose the
Bank Confidential Information to the extent that such use and disclosure is permitted under Section 12.4 (Ownership and Use of the Bank Data); and (b) disclose the Bank Confidential Information to any third party to the extent necessary
for funding purposes in order to exercise its rights under Section 6.1(h) or 6.1(i) or to acquire Membership Units under the Partnership Agreement (other than an acquisition pursuant to Clause 8 (Funding and Changes in Capital Contributions) of
the Partnership Agreement), provided that the Joint Venture shall ensure that such third party respects the confidentiality restrictions set out in this Section 22.11 as if it were a party to this Agreement. 
 The Joint Venture and GPN shall procure that their Affiliates (other than each other) and their Advisors shall comply with the provisions of this Section.

  

	 	(c)	During the Term and for a period of five years thereafter, each of the Bank and the Joint Venture shall treat all information relating to GPN or any of its Affiliates (excluding the
Joint Venture) (which may be written, oral or in any other format) that is disclosed to or otherwise learnt by the Bank or the Joint Venture of their Affiliates or Advisors in connection with this Agreement or any of the Operative Documents
(“GPN Confidential Information”) as confidential and shall not use or disclose such information to any other Person (excluding such of its Affiliates and Advisors to whom disclosure is required in connection with this Agreement or
any of the Operative Documents) unless agreed by the GPN. Without prejudice to Section 6 (Exclusivity and Marketing), this Section 22.11(c) shall not apply to the extent that: 

  

	 	(i)	the GPN Confidential Information has otherwise been disclosed by any Person (other than an Affiliate of GPN) to the Bank or the Joint Venture, other than in connection with the
Merchant Acquiring Business or as a result of a breach of any obligation of confidence; 

  

	 	(ii)	the GPN Confidential Information is or becomes available in the public domain other than as a result of a disclosure by the Bank or the Joint Venture in violation of the terms of
any Operative Agreement; or 

  

	 	(iii)	the GPN Venture Confidential Information is independently developed by the Bank or the Joint Venture without reference to or use of the GPN Confidential Information.

 The Bank and the Joint Venture shall procure that its Affiliates and Advisors shall comply with the provisions of this
Section. 
  

	 	(d)	Notwithstanding the foregoing, in the event that any Party is requested or required (by deposition, interrogatories, requests for information or documents in legal proceedings,
subpoenas, civil investigative demand or similar process or in order to comply with applicable requirements of any Stock Exchange or Governmental Entity, or by requirements of any securities Law or regulations or other Laws) to disclose the Joint
Venture Confidential Information or the Bank Confidential Information, as applicable, such Party shall provide the other Parties, to the extent that it is legally permitted to do so, with prompt notice of any such request or requirement so that the
affected Party may seek a protective order or other appropriate remedy and/or waive compliance with the 

  

 -58- 

	 	 
provisions of this Section in connection with such request or requirement. Any disclosure of Joint Venture Confidential Information or Bank Confidential
Information in accordance with the preceding sentence shall not be deemed a breach or violation of this Agreement. 

 SECTION 22.12 Joint Announcement. No press release or other written public announcement (other than one containing public disclosures required by Law or the rules or regulations of any Stock Exchange applicable to the relevant Party
or any of its Affiliates which is listed on the Stock Exchange) on any matter concerning or connected to the transactions contemplated by the Operative Documents or the terms and conditions of the Operative Documents or any matter ancillary thereto
shall be made by any Party without the prior written approval of all Parties (such approval not to be unreasonably withheld). So far as reasonably practicable, the Parties shall consult as to the content, manner of making, and timing of any such
press release or other written public announcement (whether one made with the approval of the Parties or one required by Law or the rules or regulations of any applicable Stock Exchange) and each Party shall comply with such requests in respect
thereof as a Party shall reasonably make. Notwithstanding the foregoing and subject to the confidentiality provisions set out in any of the Operative Documents, nothing herein shall prevent any Party from disclosing, either publicly or otherwise,
(i) any information which has been previously disclosed pursuant to a mutually agreed press release or other mutually agreed written public announcement or which has been approved for disclosure by the other Parties, or (ii) any
information which is or has come into the public domain other than as a result of a breach of this Section. 
 SECTION 22.13 Survival.
The Parties acknowledge and agree that the provisions of Sections 2.2, the second sentence of Section 2.3(b), the second sentence of Section 3.1(a), the indemnity obligation in Section 6.1(q), Section 6.1(r), the last sentence of
Section 6.3 in respect of Government Contracts entered into prior to the termination of this Agreement, Section 7.1, Section 7.3, Section 12.7, Section 15.7, Section 19, Section 21.1, Section 22.2,
Section 22.5, Section 22.6, Section 22.11, Section 22.12 and Section 22.19(e) and (f) (and any other provisions which by their nature are expected to survive the termination of this Agreement) shall survive the
termination of this Agreement and, subject to Clauses 20.2 and 20.3 of the Partnership Agreement, the termination of this Agreement or any other Operative Document for any reason shall not affect any rights or liabilities that have accrued prior to
such termination. 
 SECTION 22.14 Further Assurances. Each Party shall do and perform or cause to be done and performed all such
further acts and things and shall execute and deliver or cause to be executed and delivered all such other agreements, certificates, instruments and documents as the other Parties may reasonably request in order to carry out the intent and
accomplish the purposes of this Agreement. 
 SECTION 22.15 Data Protection. Each Party undertakes (i) to comply with its
respective obligations under the Data Protection Laws; (ii) not do or omit to do anything which causes the other Party to breach any Data Protection Laws or contravene the terms of any registration, notification or authorisation under any Data
Protection Laws of the Party; and (iii) to maintain at all times any necessary registrations and notifications of its particulars in accordance with applicable Data Protection Laws and any regulations made thereunder and will 
  

 -59- 

 
ensure that such applicable registrations and notifications are kept accurate and up to date during the Term and supply on request to the other party a copy
of such registrations and notifications, together with any amended particulars that may be filed from time to time. 
 SECTION 22.16
Expenses. The Parties shall bear their own costs and expenses (including legal fees) incurred in relation to or incidental to the negotiation, finalisation, execution and implementation of this Agreement. 
 SECTION 22.17 Binding Agreement. Each of the Parties warrants that this Agreement is a legal, valid and binding agreement on it, and each
Party undertakes to do or procure to be done all such things as may be within its control, including the passing of resolutions to ensure that all the provisions of this Agreement are observed and performed. 
 SECTION 22.18 Withholding Tax; Applicable Sales Taxes; Transfer Pricing. 
  

	 	(a)	If at any time any Party is required to make any deduction or withholding in respect of Taxes from any payment due under this Agreement (other than Merchant settlement payments),
the sum due from such Party in respect of such payment shall be increased to the extent necessary to ensure that, after the making of such deduction or withholding, the other Party receiving such payment receives on the due date for such payment
(and retains, free from any liability in respect of such deduction or withholding) a net sum equal to the sum which it would have received had no such deduction or withholding been required to be made and the paying Party shall fully indemnify the
receiving Party against any losses or costs incurred by it by reason of any failure of the paying Party to make any such deduction or withholding. The paying Party shall promptly deliver to the receiving Party any receipts, certificates or other
proof evidencing the amounts (if any) paid or payable in respect of any deduction or withholding as aforesaid. Such receipt, certificate or other proof must be either the original, a duplicate original, or a duly certified or authenticated copy. If
it is in a foreign language, a certified translation thereof must be furnished to the party bearing the withholding. 

  

	 	(b)	Each of the Parties shall use their best endeavours, shall co-operate with, and implement the reasonable suggestions of the others to seek to ensure that the services each may
provide to the Joint Venture are, to the greatest degree, properly exempt from or otherwise free from VAT under the relevant provisions of the VATA, and for the avoidance of doubt, such co-operation shall include the conclusion of an agreement at
such time as may be agreed by the Parties (acting reasonably) and in pursuance of this Agreement, that certain service(s) as may be agreed between the Parties may be provided to a recipient other than a Party with the aim of providing card
processing services to the Joint Venture. For the avoidance of doubt, nothing in this paragraph shall oblige any Party to take any action which it deems in its absolute discretion (acting reasonably), would be materially prejudicial to its
interests. 

  

	 	(c)	Notwithstanding any other provision of this Agreement, all sums payable by the Joint Venture are inclusive of any VAT which is chargeable on the supply or supplies for which such
sums form the whole or part of the consideration for VAT purposes; Provided always that where under this Agreement any Party (the “Supplier”) makes or is deemed to make a supply to the Joint Venture and VAT becomes properly chargeable on
such supply either: 

  

	 	(i)	As a result of any change in law or published interpretation; or 

  

 -60- 

	 	(ii)	As a result of a misinterpretation or misapprehension in respect of the applicable VAT law which is not due to the unilateral, wilful or proactive negligent conduct of the relevant
Party; 

 then any actual or deemed consideration for such supply shall be exclusive of any such VAT, and the Joint Venture
shall pay to the Supplier, against the issue to the Joint Venture by the Supplier of a valid VAT invoice in respect of the relevant supply, an amount equal to the VAT chargeable thereon for which the Supplier is liable to account to HM Revenue and
Customs, and the Supplier shall duly report and account for such sums to HM Revenue and Customs. 
  

	 	(d)	All sums payable by the either the Bank or GPN as the case may be, to the other, shall be exclusive of any VAT chargeable on the supply or supplies for which such sums form the
whole or part of the consideration for VAT purposes, and where one (the “Supplier”) makes or is deemed to make a supply to the other (the “Recipient”), then the Recipient shall pay to the Supplier, on demand and
against issue to it of a valid VAT invoice by the Supplier in respect of the relevant supply, an amount equal to the VAT for which the Supplier is liable to account to HM Revenue and Customs. 

  

	 	(e)	In the event that a Tax Authority, court or tribunal determines in writing that any amount paid as VAT on fees payable under this Agreement was not properly chargeable, the Supplier
shall promptly provide a copy of such determination to the Joint Venture, or as the case may be, the Recipient, and the Supplier shall refund to the Joint Venture, or as the case may be, the Recipient, the amount of the VAT paid to it by the Joint
Venture under this Section, provided that no such refund shall exceed the amount originally paid to the Supplier. 

  

	 	(f)	The Supplier shall make repayment of the amount of the VAT referred to in Section 22.18(e) above promptly after receiving the relevant determination unless it has already
accounted to the Tax Authority for the VAT. In that case the Supplier will apply for a refund from the Tax Authority, use reasonable endeavours to obtain it as quickly as possible, and will repay it to the party receiving the supply when and to the
extent received from the Tax Authority. 

  

	 	(g)	Where under this Agreement a Party (the “Payor”) is liable to indemnify, reimburse or pay any costs passed through to the Payer by another Party (the
“Recipient”) and the cost or liability in respect of which the Recipient is to be so paid includes an element in respect of VAT for which the Recipient is liable, then the Payer shall pay to the Recipient a sum including an amount
equal to the amount of any such VAT which the Recipient is not entitled to recover by way of credit or repayment from the relevant Tax Authority (the “Irrecoverable VAT”), such that the Recipient is put in the same position after
receipt of the payment to be made by the Payer as if it had not incurred such Irrecoverable VAT in the first place, Provided Always That, this Section shall not apply to any such VAT which the Recipient is liable to pay in respect of a supply made
to it by the Payer. 

  

 -61- 

	 	(h)	If an additional payment is made under Section 22.18(a) and the party receiving such payment (the “Recipient”), in its sole discretion (acting reasonably)
determines that it has received or been granted (and has derived use and benefit from) a credit against, a relief or remission for or repayment of any Tax, then it will, having so determined, but on that occasion only, determine whether and, if so,
to what extent it can then make a payment to party making the payment under Section 22.18(a) (the “Payor”) without thereby putting itself in a worse after-tax position than if the relevant additional amount had not been
required to be paid. If the Recipient so determines that such a payment can be made, it will thereupon make the appropriate payment to the Payor accordingly. Any such payment shall be conclusive evidence of the amount due to the Payor hereunder and
shall be accepted by the Payor in full and final settlement of its rights of reimbursement under this Section 22.18(h) in respect of such deduction or withholding. 

  

	 	(i)	If the Recipient makes any payment to the Payor pursuant to Section 22.18(h) and the Recipient subsequently determines that the credit, relief, remission or repayment in
respect of which such payment was made was not available to it or has been withdrawn from it or that it was unable to use such credit, relief, remission or repayment in full, the Payor shall reimburse the Recipient to the extent the Recipient, in
its sole opinion (acting reasonably), determines is necessary to place it in the same after-tax position as it would have been in if the relevant additional amount had not been required to be paid by the Recipient provided that no such reimbursement
shall exceed the amount originally paid to the Payor pursuant to Section 22.18(h). 

  

	 	(j)	Notwithstanding any other provision in this Agreement, any product, service or other supply provided under this Agreement whether domestic or cross border by a Person who is
considered related to or connected with another Person for the purposes of the applicable transfer pricing rules shall use best endeavours to ensure that at least the minimum fees or charges necessary to comply with the requirements of the
applicable transfer pricing rules and in accordance with the OECD Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations, OECD, 2001 as amended from time to time (OECD Transfer Pricing Guidelines), as appropriate, are
charged. The Parties further agree to ensure that appropriate documentation and supporting agreements are prepared, entered into and maintained where required to ensure compliance with the applicable transfer pricing rules and if appropriate the
OECD Transfer Pricing Guidelines. 

  

	 	(k)	To the extent a Tax Authority determines that the fees or charges are different than they should be in order to prevent the applicable transfer pricing rules from applying in
circumstances where the Joint Venture is receiving a product, service or other supply under this Agreement, the Parties shall (or shall procure that) such fees or charges are altered propectively to reflect the provision agreed with the Tax
Authority. Notwithstanding the above, the Parties agree that there shall be a transfer pricing review in accordance with the principles of the OECD Transfer Pricing Guidelines of the fees and charges provided for under this Agreement if it is agreed
between the Parties (each party acting reasonably) that such a review would be prudent on the basis of prevailing market practice from time to time and the Parties shall (and shall procure that) such fees and charges are altered prospectively to
reflect the provision determined as a consequence of such transfer pricing review. 

  

 -62- 

	 	(l)	The Parties agree to act in good faith in connection with any dealings with a Tax Authority in relation to a transfer pricing enquiry in connection with any product, service or
other supply provided under this Agreement and each party shall use its reasonable endeavours in relation to such enquiry to negotiate with the Tax Authority a settlement which minimises the level of any adjustment imposed in order to comply with
the “arm’s length” requirements of the applicable transfer pricing rules and the OECD Transfer Pricing Guidelines, as appropriate. In addition, the parties agree to act in good faith and reasonably in relation to any transfer pricing
review undertaken in accordance with Section 22.18(k). 

 SECTION 22.19 Countering Bribery. 
  

	 	(a)	The Joint Venture shall have exclusive control over its employees in the conduct of activities under this Agreement, and shall be regarded as an independent contractor. Except as
may be otherwise expressly provided in any Joint Venture Agreements, the Joint Venture is not constituted an agent of the Bank or GPN for any purpose whatsoever and the Joint Venture is expressly prohibited from doing any acts which do or may create
the impression or inference that the Joint Venture is an agent of the Bank or GPN, and the Joint Venture is not granted any right or authority to create any obligation or responsibility, express or implied, on behalf of, or in the name of the Bank
or GPN in any manner whatsoever. 

  

	 	(b)	The Joint Venture represents to the Bank and GPN that in connection with the transactions contemplated by this Agreement, or in connection with other business transactions involving
the Bank or GPN, it has not made and agrees that it shall not make any payment or transfer anything of value, directly or indirectly: 

  

	 	(i)	to any governmental official or employee (including employees of a government corporation or public international organisation) or to any political party or candidate for public
office except for any legitimate purpose; or 

  

	 	(ii)	to any other person or entity if such payments or transfers would violate the Laws of the jurisdiction in which made or the Laws of the United Kingdom. 

  

	 	(c)	It is the intent of the Parties that no payment or transfer of value shall be made by the Joint Venture in connection with the transactions contemplated by this Agreement or in
connection with other business transactions involving the Bank or GPN which has the purpose or effect of public or commercial bribery or acceptance of or acquiescence in extortion, kickbacks, or other unlawful or improper means of obtaining
business. 

  

	 	(d)	The Joint Venture further represents and agrees that it is familiar with the provisions of the US Foreign Corrupt Practices Act (“FCPA”) or the equivalent
anti-corruption or prevention of bribery legislation applicable to it (“Other Legislation”) and agrees that: 

  

	 	(i)	it is not a government official (as the term is defined in the FCPA) or affiliated with any government official; 

  

	 	(ii)	it has not previously engaged in conduct that would have violated the Other Legislation or FCPA (had the Joint Venture been subject to its terms); and 

  

 -63- 

	 	(iii)	it shall not violate or cause the Bank or GPN to violate the FCPA or the Other Legislation in connection with the services to be provided by it under this Agreement.

  

	 	(e)	In the event of termination of this Agreement in accordance with Section 15.4 as a result of a Default in the performance of the Joint Venture’s obligations under this
Section 22.19, without prejudice to any other rights that the Bank or its Affiliates may have, the Bank and its Affiliates may retain from or charge to the Joint Venture the amount of any costs, fines or penalties which the Bank or any of its
Affiliates is required to pay as a consequence of acts by the Joint Venture during the Term. 

  

	 	(f)	In the event of termination of this Agreement in accordance with Section 15.4 as a result of a Default in the performance of the Joint Venture’s obligations under this
Section 22.19, without prejudice to any other rights that GPUK or its Affiliates may have, GPUK and its Affiliates may retain from or charge to the Joint Venture the amounts of any costs, fines or penalties which GPUK or any of its Affiliates
is required to pay as a consequence of acts by the Joint Venture during the Term. 

 [Signatures Appear on Following Page]

  

 -64- 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed by their respective signatories
thereunto duly authorised, as of the date first above written. 
  

			
	HSBC BANK PLC
		
	By:	 	/s/ Sean O’Sullivan
		 	Name: Sean O’Sullivan
		 	Title: Chief Operating Officer
	
	GLOBAL PAYMENTS INC.
		
	By:	 	/s/ Paul Garcia
		 	Name: Paul Garcia
		 	Title: Chief Executive Officer
	
	HSBC MERCHANT SERVICES LLP
		
	By:	 	/s/ Sean O’Sullivan
		 	Name: Sean O’Sullivan
		 	Title: Chief Operating Officer

 [Signature Page – Marketing Alliance Agreement] 
  

 -65-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00145-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00145-of-00352.parquet"}]]