Document:

Exhibit 10.4

Exhibit 10.4

DATED 16 MARCH 2011

MASTER AGREEMENT

FOR ASSIGNMENT OF RECEIVABLES

(Articles L.313-23 to L.313-34 of the French Monetary and Financial Code)

Between

AGZ HOLDING

as Assignor

NATIXIS

as Security Agent

and

THE BENEFICIARIES

 

 

 

INDEX

	 	 	 	 	 
	Clause	 	Page	 
	 
	 	 	 	 
	1. INTERPRETATION
	 	 	5	 
	 
	 	 	 	 
	2. SECURITY AGENT
	 	 	7	 
	 
	 	 	 	 
	3. ASSIGNMENT
	 	 	7	 
	 
	 	 	 	 
	4. EFFECTS OF EACH ASSIGNMENT
	 	 	8	 
	 
	 	 	 	 
	5. COLLECTION BY THE ASSIGNOR
	 	 	9	 
	 
	 	 	 	 
	6. COLLECTION BY THE SECURITY AGENT
	 	 	9	 
	 
	 	 	 	 
	7. NOTICE OF ASSIGNMENT — ACCEPTANCE
	 	 	9	 
	 
	 	 	 	 
	8. PRESERVATION OF SECURITY
	 	 	10	 
	 
	 	 	 	 
	9. REPRESENTATIONS AND WARRANTIES
	 	 	10	 
	 
	 	 	 	 
	10. UNDERTAKINGS
	 	 	11	 
	 
	 	 	 	 
	11. LIABILITY TO PERFORM
	 	 	12	 
	 
	 	 	 	 
	12. APPLICATION OF PROCEEDS
	 	 	12	 
	 
	 	 	 	 
	13. COVENANT TO RELEASE
	 	 	12	 
	 
	 	 	 	 
	14. EXPENSES, INDEMNITIES AND TAXES
	 	 	13	 
	 
	 	 	 	 
	15. CHANGES TO THE PARTIES
	 	 	13	 
	 
	 	 	 	 
	16. SEVERABILITY
	 	 	13	 
	 
	 	 	 	 
	17. NOTICES
	 	 	14	 
	 
	 	 	 	 
	18. FRENCH LANGUAGE
	 	 	14	 
	 
	 	 	 	 
	19. GOVERNING LAW AND JURISDICTION
	 	 	14	 
	 
	 	 	 	 
	20. DURATION
	 	 	14	 
	 
	 	 	 	 
	21. WAIVERS, REMEDIES CUMULATIVE
	 	 	14	 

Schedules

	 	 	 	 	 
	1. Form of an Assignment Form
	 	 	 	 
	2. Form of a Notice of Assignment
	 	 	 	 
	3. Form of Letter of Acceptance
	 	 	 	 
	4. List of the Lenders
	 	 	 	 

 

2.

 

THIS AGREEMENT IS MADE BY AND BETWEEN:

	1.	 	AGZ HOLDING, a société anonyme, incorporated under the laws of France under registration
number 413 765 108 RCS Nanterre, with registered capital of euro 35,905,326.00, and having its
registered office at Immeuble Les Renardières, 3 Place de Saverne, 92400 Courbevoie, duly
represented for the purpose of this Agreement, as Assignor;

	2.	 	NATIXIS, a société anonyme, incorporated under the laws of France under registration number
542 044 524 RCS Paris, with registered capital of euro 4,653,020,308.80, and having its
registered office at 30, avenue Pierre Mendès France 75013 Paris, duly represented for the
purpose of this Agreement, as Security Agent; and

	3.	 	THE LENDERS, as listed in Schedule 4, duly represented for the purpose of this Agreement by
the Security Agent itself represented by a duly authorized signatory for the purpose of this
Agreement.

 

3.

 

WHEREAS:

	(A)	 	Pursuant to a facilities agreement dated 16 March 2011 entered into between, inter alios, AGZ
Holding and Antargaz as Borrowers, BNP Paribas, Caisse Régionale de Crédit Agricole Mutuel de
Paris et d’Ile De France, Crédit Lyonnais SA and Natixis as Mandated Lead Arrangers and
Bookrunners, the Mandated Lead Arrangers (as defined therein), the Arrangers (as defined
therein), the Lenders (as defined therein), and Natixis as Facility Agent and Security Agent
(the “Facilities Agreement”), the Lenders have agreed to make certain Facilities available to
the Borrowers.

	(B)	 	Pursuant to Schedule 2 (Security Documents) of the Facilities Agreement, the Assignor is
required to grant to the Beneficiaries certain security interests as security for the Secured
Liabilities, including in particular the assignment by way of security of its trade
receivables (cession de créances professionnelles à titre de garantie) upon the terms and
conditions of this Master Agreement and each Assignment Form relating thereto.

 

4.

 

NOW, THEREFORE, IT HAS BEEN AGREED AS FOLLOWS:

	1.	 	INTERPRETATION

	 
	1.1	 	Definitions

In this Master Agreement, terms defined in the Facilities Agreement have the same meaning
when used in this Master Agreement, terms defined above have the same meaning when used in
this Master Agreement, and the following terms have the following meanings:

“Assigned Debtors” means the debtors of the Assignor under the Assigned Receivables.

“Assigned Receivables” means the Receivables assigned by way of security pursuant to this
Master Agreement and each relevant Assignment Form made in relation thereto.

“Assignees” means the Lenders.

“Assignment” means the assignment of the Assigned Receivables by way of security (cession de
créances professionnelles à titre de garantie) granted by the Assignor in accordance with the
Law by virtue of this Master Agreement and each Assignment Form made in relation thereto, as
security for the Secured Liabilities.

“Assignment Form” means a bordereau de cession in the form of Schedule 1 hereto.

“Assignor” means AGZ Holding, as designated above.

“Beneficiaries” means the Lenders, as represented by the Security Agent, from time to time
party to the Facilities Agreement.

“Business Day” means a day (other than a Saturday or a Sunday) on which banks are open for
general interbank business in Paris.

“Discharge Date” means the date on which (i) all the Secured Liabilities have been
irrevocably and unconditionally discharged in full, independently of any partial or
intermediate payment or (ii) the Security Agent acting on behalf of the Assignees may release
and discharge the Assignor from their liabilities hereunder in accordance with the terms of
this Master Agreement or the other Finance Documents.

“Event of Default” means an event specified as such in clause 18.1 (Events of Default) of the
Facilities Agreement.

“Finance Documents” has the meaning ascribed thereto in the Facilities Agreement.

“Insolvency” means any proceeding referred to in clauses 18.1(f) to 18.1(h) of the Facilities
Agreement.

“Intercreditor Agreement” has the meaning ascribed thereto in the Facilities Agreement.

“Law” means Articles L.313-23 to L.313-34 of the French Monetary and Financial Code (Code
monétaire et financier).

 

5.

 

“Lenders” means the financial institutions listed in Schedule 4, or any person to which
rights and/or obligations under the Facilities Agreement are assigned or transferred pursuant
to clauses 24 (Changes to Parties) of the Facilities Agreement and in each case their
respective successors.

“Letter of Acceptance” means a letter of acceptance in the form of Schedule 3 hereto.

“Master Agreement” means this master agreement for assignment of the Assigned Receivables by
way of security together with the schedules hereto, as supplemented or amended from time to
time.

“Notice of Assignment” means a notification de cession de créances in the form of Schedule 2
hereto.

“Payment Default” means a payment default as defined in clause 18.1(a) (Events of Default) of
the Facilities Agreement.

“Receivables” means, at any time, the unpaid portions of the obligations of any trade debtor
of the Assignor in respect of the supply of goods or services by the Assignor, together with
any related interests, default interests, deferred interests, expenses, commissions and
incidentals.

“Revolving Facility” has the meaning ascribed thereto in the Facilities Agreement.

“Secured Liabilities” means all present and future obligations and liabilities (whether
actual or contingent and whether owed jointly or severally) arising from the Assignor’s
obligations and liabilities to the Lenders (or any of them) in its capacity as Borrower under
or in connection with the Revolving Facility and the Finance Documents (or any of them)
(including, in each case, without limitation, under any amendments, supplements or
restatements of any of the Finance Documents or in relation to any new or increased advances
or utilisations); together with all costs, charges and expenses incurred by any Beneficiary
in connection with the protection, preservation or enforcement of its respective rights under
the Finance Documents or any other document evidencing or securing any such payment
liabilities in favour of the Beneficiaries, to the extent due under any such document and
subject to the provisions of the Facilities Agreement.

“Security Agent” means Natixis, as designated above, or any bank or financial institution
which becomes Security Agent under the Facilities Agreement.

“Security Period” means the period beginning on the date hereof and ending on the Discharge
Date.

	1.2	 	Construction

	 	(a)	 	In this Master Agreement, unless the contrary intention appears, a reference to:

	 	(i)	 	“assets” or “regulation” shall be construed in accordance with the
Facilities Agreement;

	 	(ii)	 	a Clause or a Schedule is, unless otherwise specified, a reference to
a clause or a schedule to this Agreement;

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

	 
	 	(iv)	 	a time of day is a reference to Paris time;

 

6.

 

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

	 	(vi)	 	any reference to a party to this Master Agreement or other person
includes, unless otherwise provided in this Master Agreement, such party’s or
person’s permitted successors, assignees, transferees or substitutes;

	 	(vii)	 	an agreement or document includes a reference to that agreement or
document as amended, novated or supplemented from time to time.

	 	(b)	 	The index to and the headings in this Master Agreement are for convenience only
and are to be ignored in construing this Master Agreement.

	 
	 	(c)	 	This Agreement is entered into with the benefit and subject to the burden of the
Intercreditor Agreement.

	2.	 	SECURITY AGENT

The Assignor hereby agrees that the Security Agent shall be the agent (mandataire) of the
Assignees for the purposes of this Master Agreement, acting in such capacity in its name but
on behalf of the Assignees.

	3.	 	ASSIGNMENT

	 
	3.1	 	Purpose of Assignment

	(a)	 	As security for its Secured Liabilities, the Assignor hereby undertakes, on the terms of this
Master Agreement and in accordance with the Law, to assign to the Assignees all its present
and future Receivables, provided that at all times, the value of such assigned Receivables
shall be at least equal to 80% (eighty percent) of its total outstanding Revolving Facility
Drawings.

	(b)	 	Each Assignee will benefit from any Assignment in the proportion which its Revolving
Commitments bears to the total Revolving Commitments (insofar as they relate to Advances made
to the Assignor) as at the date of such Assignment.

	(c)	 	This Master Agreement shall apply automatically to all Assignment Forms delivered by the
Assignor to the Security Agent, on each date of Assignment, provided that such Assignment
Forms make specific reference to this Master Agreement.

	3.2	 	Date of Assignment

	(a)	 	So long as and to the extent that no Drawing is made by the Assignor under the Facilities
Agreement, the Assignor shall not be obligated to assign any of its Receivables by way of
security hereunder.

	(b)	 	In the event that no Drawing by the Assignor is outstanding and the Assignor intends to make
a Drawing under the Facilities Agreement, it shall, on the Drawdown Date for such Drawing and
monthly thereafter for so long as any Drawing by the Assignor is outstanding, assign to the
Assignees by way of security all of its Receivables, provided that at all times, the value of
such assigned Receivables shall be at least equal to 80% (eighty percent) of its total
outstanding Revolving Facility Drawings.

 

7.

 

	3.3	 	Method of Assignment

	(a)	 	Each Assignment made pursuant to this Master Agreement shall be made by the Assignor to the
Assignees by remittance of an Assignment Form to the Security Agent on each date of Assignment
in accordance with Clause 3.2 (Date of Assignment). Each Assignment Form shall (i) list and
clearly identify the relevant Assigned Receivables and incorporate all of the specific
requirements of the Law and all regulations in force relating thereto, (ii) be signed by a
legally authorised representative of the Assignor and (iii) set out the Assignees as
beneficiaries and set out the respective proportion of the benefit taken by each Assignee.

	(b)	 	The Security Agent shall, on its reasonable judgement or after consultation of the Assignees,
be entitled to reject any Assignment Form to the extent that such Assignment Form does not
comply with the provisions of this Master Agreement or the Law. Immediately upon notice
thereof by the Security Agent to the Assignor, the Assignor undertakes to replace the relevant
Assignment Form by delivery of a new Assignment Form, which shall be acceptable to the
Security Agent, acting reasonably, after consultation of the Assignees.

	(c)	 	Where any new Assignment Form (the “New Assignment Form”) delivered by the Assignor relates
to Receivables which have already been assigned (the “Re-assigned Receivables”) under any
Assignment Form previously delivered by that Assignor (i) the Re-assigned Receivables shall
not be deemed assigned under any New Assignment Form and shall not be included in the scope of
any new Assignment granted by virtue of the New Assignment Form with respect to any
outstanding Drawings of the Assignor already secured by such Re-assigned Receivables but (ii)
provided any Drawing to which were previously assigned the Re-assigned Receivables is no
longer outstanding, the Re-assigned Receivables shall be deemed assigned under the relevant
New Assignment Form and shall be included in the scope of any new Assignment granted by virtue
of the New Assignment Form with respect to any new Drawings of the Assignor.

	(d)	 	Each Assignment Form shall be delivered by the Assignor to the Security Agent who shall hold
such Assignment Form on behalf of the Assignees and shall ascertain the date thereof. Each
Assignee hereby appoints the Security Agent, which hereby accepts, to (i) be the addressee of
each Assignment Form remitted by the Assignor pursuant to this Master Agreement, (ii)
ascertain the date of each Assignment Form as the date on which the Assignment Form is
remitted by the Assignor, and (iii) hold each such Assignment Form on its behalf.

	4.	 	EFFECTS OF EACH ASSIGNMENT

The execution of each Assignment Form by the Assignor pursuant to this Master Agreement will
automatically entail the transfer to the Assignees of the full ownership of the Assigned
Receivables. The Assignees will be deemed owner of the Assigned Receivables from the date of
the relevant Assignment Form as such has been ascertained by the Security Agent in accordance
with the provisions of paragraph 4.3(d) above. The execution of each Assignment Form by the
Assignor pursuant to this Master Agreement will in addition automatically entail the transfer
to the Assignees of any guarantees and security interests guaranteeing each Assigned
Receivables.

 

8.

 

	5.	 	COLLECTION BY THE ASSIGNOR

For so long as no Payment Default has occurred, nor a payment default with respect to a
notification relating to any Event of Default made in accordance with clause 18.2
(Acceleration) of the Facilities Agreement, and without prejudice and subject to Clauses 6
and 7 of this Master Agreement, the Assignor is hereby appointed by each Assignee, and shall
be entitled to:

	 	(i)	 	collect on its current account(s) all payments to be made from time to time by
its Assigned Debtors under its Assigned Receivables; and

	 
	 	(ii)	 	at its own cost, file any claim, take any action or proceedings it thinks fit or
advisable against any Assigned Debtor to recover any amount owed to him in case of
default by any Assigned Debtor to pay any amount payable by such Assigned Debtor under
any underlying contract or agreement,

provided that any payment received by the Assignor shall be collected by it for the account
of the Assignees. The sums collected by the Assignor under its Assigned Receivables shall be
deemed the property of the Assignees.

	6.	 	COLLECTION BY THE SECURITY AGENT

	(a)	 	Upon the occurrence of a Payment Default or a payment default with respect to a notification
relating to any Event of Default made in accordance with clause 18.2 (Acceleration) of the
Facilities Agreement (the “Relevant Payment Default”), the Security Agent shall be entitled to
terminate, immediately and without notice, all the discretions, powers and authorizations
granted to the Assignor pursuant to Clause 5, and/or to send a notice to the relevant Assigned
Debtor in accordance with Clause 7 below, in which case the provisions of Clause 7 shall
apply, subject to paragraph (c) of this Clause 6.

	(b)	 	All proceeds received by the Security Agent acting on behalf of the Assignees and/or the
Assignees in respect of, collection from, or other realisation upon all or any part of the
Assigned Receivables shall be applied for repayment of all the Secured Liabilities in
accordance with the relevant provisions of the Facilities Agreement and the Intercreditor
Agreement.

	(c)	 	Upon such Relevant Payment Default being remedied or waived and in the event the Security
Agent has sent a notice to the relevant Assigned Debtor in accordance with Clause 7 below, the
provisions of paragraph (a) of this Clause 6 shall cease to apply and the collection of any
Assigned Receivables for which no notice has been sent to the relevant Assigned Debtor under
Clause 7 below, shall be made according to Clause 5 above.

	7.	 	NOTICE OF ASSIGNMENT — ACCEPTANCE

	 
	7.1	 	Notice of Assignment

The Agent, acting on the instructions of the Majority Lenders, shall be entitled at any time
following the occurrence of a Payment Default or a payment default with respect to a
notification relating to any Event of Default made in accordance with clause 18.2
(Acceleration) of the Facilities Agreement, to notify any Assignment made pursuant to this
Master Agreement to any relevant Assigned Debtor in accordance with the provisions of Article
L.313-28 of the French Monetary and Financial Code. Each such notice shall take the form of a
Notice of Assignment. In any such case, any relevant Assigned Debtor shall then pay the sums
payable by it under each Assigned Receivables directly to the Security Agent on behalf and
for the account of the Assignees. Any payment made by any Assigned Debtor to the Assignor as
from the date of receipt of a Notice of Assignment will not discharge such Assigned Debtor of
its obligations under this Clause 7.1.

 

9.

 

	7.2	 	Acceptance

	 
	 	 	The Security Agent, acting upon the request of the Majority Lenders,
shall be entitled at any time following the occurrence of a Payment
Default or a payment default with respect to a notification relating
to any Event of Default made in accordance with clause 18.2
(Acceleration) of the Facilities Agreement, to request any Assigned
Debtor to covenant to pay directly to the Assignees (“engagement
direct”) in accordance with the provisions of Article L.313-29 of the
French Monetary and Financial Code. Each such request shall take the
form of a Letter of Acceptance. Upon countersigning of such letter,
the Assigned Debtor shall cease to be entitled to raise any defenses
based on the underlying contracts entered into between such Assigned
Debtor and the Assignor to the fullest extent permitted by law.

	 
	8.	 	PRESERVATION OF SECURITY

	 
	8.1	 	Continuing security

	 
	 	 	The security (cession de créances professionnelles à titre de
garantie) created by each Assignment Form shall extend to the ultimate
balance of the Secured Liabilities, regardless of any intermediate
payment or discharge in part.

	 
	8.2	 	Additional security

	 
	 	 	Each Assignment is in addition to and is not in any way prejudiced by
any other security now or hereafter held by the Assignees in respect
of the Secured Liabilities.

	 
	8.3	 	Security transfer

	 
	 	 	In the event of any assignment, transfer, novation or disposal of a
part or all of its rights and obligations by any Assignee under the
Facilities Agreement to which such Assignee is a party, such Assignee
hereby expressly maintains, which the Assignor accept, all its rights
and privileges hereunder for the benefit of its successor, in
accordance with the terms of Article 1278 of the (French) Civil Code
(Code Civil) so that each Assignment will secure the Secured
Liabilities to the rateable benefit of such successor, without further
formalities.

	 
	9.	 	REPRESENTATIONS AND WARRANTIES

	 
	9.1	 	Representations and Warranties

The Assignor represents and warrants to the Assignees that:

	 	(a)	 	Due incorporation: it is a limited liability company, duly incorporated and
validly existing under the laws of the jurisdiction of its incorporation, with the power
to own its assets and carry on its business as it is being conducted;

	 
	 	(b)	 	Corporate power and authority: it has the power to enter into and perform, and
has taken all necessary action to authorise the entry into, performance and delivery by
it of, this Master Agreement and each Assignment Form and the obligations contemplated
herein;

	 
	 	(c)	 	Insolvency: it is not in Insolvency, nor in a situation likely to result in the
same;

 

10.

 

	 	(d)	 	Authorisations, approvals and consents: no authorization, approval, consent,
licence, notice or other requirement of public or corporate bodies of the Assignor is
required in connection with the entry into, performance, validity or enforceability of
this Master Agreement and each Assignment Form, except any authorization that has been
duly obtained and of which written evidence has been provided to the Security Agent;

	 
	 	(e)	 	Validity: this Master Agreement and each Assignment Form constitute its legal,
valid, binding and enforceable obligation in accordance with their terms;

	 
	 	(f)	 	Non-conflict: the execution of this Master Agreement and each Assignment Form,
and performance by the Assignor of the transactions contemplated by this Agreement and
each Assignment Form do not and will not breach, violate or conflict with any agreement
to which the Assignor is a party or which is binding upon its assets, by-laws, rules,
regulations, or any applicable law, regulation or official or judicial order or any
authorization;

	 
	 	(g)	 	Ownership: it has valid title and is the sole absolute legal owner of its
Receivables which shall be assigned to the Assignees hereunder;

	 
	 	(h)	 	Security Interests: its Assigned Receivables are not subject to any Security
Interest, and there are no similar restrictions which may affect the rights of the
Beneficiaries under this Master Agreement and the Assignment; and

	 
	 	(i)	 	No legal proceedings: no litigation, arbitration or administrative proceeding of
or before any court, arbitral body or agency have been started or threatened which might
impair the ability of the Assignor to enter into this Agreement or to perform its
obligations hereunder.

	9.2	 	Time for making representations and warranties

	 
	 	 	The representations and warranties set out in this Clause 9 are made on the date
hereof and are deemed to be repeated throughout the Security Period upon each date such
representations and warranties are deemed to be repeated in the Facilities Agreement.

	 
	10.	 	UNDERTAKINGS

	 
	10.1	 	Duration

The undertakings in this Clause 10 remain in force from the date of this Master Agreement
until the Discharge Date.

10.2 No Disposal

Without the Security Agent’s prior written consent and/or except as permitted or required
under the Facilities Agreement, the Assignor will not, throughout the Security Period:

	 	(i)	 	assign, pledge, transfer or otherwise dispose of, nor suffer or permit any of the
same to occur with respect to, any Assigned Receivables or its rights attached to such
Assigned Receivables to the benefit of a party other than the Assignees;

	 
	 	(ii)	 	modify the Assignees’ rights relating to the Assigned Receivables upon the
delivery of any relevant Assignment Form; in particular the Assignor shall not modify or
restrict the
scope or rights attached to the Assigned Receivables vis-à-vis the Assigned Debtors,
including by sub-contracting part or whole of its obligations under the underlying
contract or agreement supporting the relevant Assigned Receivables, it being understood
that the assignment does not preclude to repay any Assigned Receivable to the Assignor;

 

11.

 

	 	(iii)	 	modify the guarantees and security interests attached to the Assigned
Receivables upon the delivery of any relevant Assignment Form or agree any material
amendment of or material variation in the Assigned Receivables in a way which
detrimentally and materially affects the rights of the Assignees;

	 
	 	(iv)	 	create, incur or permit to subsist any Security Interest over the Assigned
Receivables other than for the benefit of the Assignees;

	 
	 	(v)	 	except within the normal course of its activities, grant any time or other
indulgence under the Assigned Receivables; and

	 
	 	(vi)	 	take any action or exercise any rights (or omit to take any action or exercise
any rights) that may reasonably be expected to have a Material Adverse Effect on the
rights of the Assignees under this Master Agreement, any Assignment Form or the Assigned
Receivables.

	10.3	 	Information

From the date of this Master Agreement and throughout the Security Period, the Assignor
undertakes:

	 	(i)	 	promptly to provide to the Security Agent all information relating to its
Assigned Receivables which the Security Agent may from time to time reasonably require;
and

	 
	 	(ii)	 	upon becoming aware thereof, promptly to inform the Security Agent of any
judicial disputes relating to its Assigned Receivables.

	11.	 	LIABILITY TO PERFORM

	 
	 	 	The Assignees and the Security Agent shall not be required in any
manner to perform or fulfil any obligation of any Assignor in respect
of Assigned Receivables and the underlying contracts and/or agreements
supporting the Assigned Receivables entered into between any Assignor
and the Assigned Debtors, or to make any payment or to present or file
any claim or take any other action to collect or enforce the payment
of any amount to which they may have been or to which they may be
entitled hereunder at any time or times.

	 
	12.	 	APPLICATION OF PROCEEDS

	 
	 	 	Any moneys received by the Assignees or the Security Agent from the
Assignor pursuant to this Master Agreement shall be applied as set out
and in the order and priority set forth under the Intercreditor
Agreement.

	 
	13.	 	COVENANT TO RELEASE

	 
	 	 	On or, as soon as practicable, after the Discharge Date, the Security
Agent acting on behalf of the Assignees shall, at the cost of the
Assignor, execute and do all such deeds, acts and things
as may be necessary to release and discharge the Assignor from their liabilities hereunder,
and in particular hand over all existing Assignment Forms to the Assignor.

 

12.

 

	14.	 	EXPENSES, INDEMNITIES AND TAXES

	 
	 	 	In accordance with, and subject to the provisions of, clause 14 (Fees, Expenses and
Stamp Duties) of the Facilities Agreement, all out of pocket costs and expenses (including
reasonable legal fees and expenses) together with any applicable value added tax or other
like Taxes incurred by the Beneficiaries or the Security Agent in connection with the
negotiation or execution of this Master Agreement will be for the account of the Assignor.

	15.	 	CHANGES TO THE PARTIES

All the rights, privileges, powers, discretions and authorities of the Assignees hereunder
will benefit their respective successors and assignees and all terms, conditions,
representations and warranties and undertakings of the Assignor hereunder shall oblige its
respective successors and assignees in the same manner, it being agreed and understood that:

	 	(a)	 	the Assignor shall not assign, transfer, novate or dispose of any of, or any
interest in its rights and/or obligations under this Master Agreement, and

	 
	 	(b)	 	the Assignees and the Security Agent shall be entitled to assign, transfer,
novate or dispose of any of, or any interest in their rights and/or obligations
hereunder to any successor in accordance with the relevant provisions of the Facilities
Agreement.

The provisions of this Master Agreement and the rights arising therefrom shall remain in
full force and effect and benefit to any successors, transferees or assignees of a
Beneficiary or the Security Agent, without any specific notice, registration or reiteration,
in case, inter alia, of any sale, merger, demerger, spin-off or assets contribution which a
Beneficiary may decide to proceed. It is expressly agreed that an asset contribution or a
partial merger within the meanings of articles L. 236-1 et sequitur of the French Commercial
Code (Code de Commerce) shall be deemed to be a transfer for the purpose of the present
provision.

	16.	 	SEVERABILITY

	 
	 	 	If a provision of this Master Agreement is or becomes illegal, invalid
or unenforceable, that shall not affect:

	 	(a)	 	the validity or enforceability in that jurisdiction of any other provision of
this Master Agreement; or

	 
	 	(b)	 	the validity or enforceability in other jurisdictions of that provision or any
other provision of this Master Agreement.

In any case, if such illegality, invalidity or enforceability occurs, the parties shall
negotiate in good faith with a view to agree on the replacement of such provision by a
provision which is legal, valid and enforceable and which is to the extent applicable in
accordance with the intents and purposes of this Master Agreement and which in its economic
effect come as close as practicable to the provision being replaced.

 

13.

 

	17.	 	NOTICES

	 
	 	 	Except as specifically provided otherwise in this Agreement, all
notices or other communications under or in connection with this
Agreement shall be given to each party as specified in clause 18
(Notices) of the Intercreditor Agreement.

	 
	18.	 	FRENCH LANGUAGE

	 
	 	 	
The Assignment Forms, the Notice of Assignment and the Letter of
Acceptance executed by the Assignor pursuant to this Master Agreement
shall be made in the French language.

	 
	19.	 	GOVERNING LAW AND JURISDICTION

	 
	19.1	 	Governing law

	 
	 	 	This Master Agreement together with each Assignment Form made
pursuant to this Master Agreement shall be governed by and construed
in accordance with French law.

	 
	19.2	 	Jurisdiction

	 
	 	 	For the benefit of the Assignees, the Assignor agree that the courts
of France have jurisdiction to settle any disputes in connection with
this Master Agreement, each Assignment and each Assignment Form made
pursuant to this Master Agreement and accordingly submits to the
jurisdiction of the Commercial Court of Paris.

	 
	20.	 	DURATION

This Master Agreement shall remain in full force and effect until the Discharge Date. The
Security Agent shall notify the Assignor and each Assigned Debtor which has received a Notice
of Assignment or which has executed a Letter of Acceptance promptly on the occurrence of the
Discharge Date.

	21.	 	WAIVERS, REMEDIES CUMULATIVE

	 
	(a)	 	The rights of the Assignees and the Security Agent under this Master Agreement:

	 	(i)	 	may be exercised as often as necessary;

	 
	 	(ii)	 	are cumulative and not exclusive of its rights under general law; and

	 
	 	(iii)	 	may be waived only in writing and specifically.

	(b)	 	Delay in exercising or non-exercise of any such right is not a waiver of that right.

 

14.

 

Made in Paris

On 16 March 2011

In as many original copies as parties to this Agreement

The Assignor

	 	 	 	 	 	 	 	 	 
	AGZ HOLDING
	 
	 	 	 	 	 	 	 	 
	By:

	 	François Varagne	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	The Security Agent	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	NATIXIS	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	By:

	 	Jean-Philippe Narni
	 	 	 	Sylvie Delorme	 	 
	 
	 	 	 	 	 	 	 	 
	The Beneficiaries	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	THE LENDERS	 	 	 	 	 	 
	Represented by the Security Agent	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	By:

	 	Jean-Philippe Narni
	 	 	 	Sylvie Delorme	 	 

 

15.

 

[TRANSLATION FOR INFORMATION PURPOSES ONLY]

FORM OF AN ASSIGNMENT FORM

ASSIGNMENT OF PROFESSIONAL RECEIVABLES

(SUBJECT TO THE REQUIREMENTS OF ARTICLES L.313-23 TO L.313-34

OF THE FRENCH MONETARY AND FINANCIAL CODE)

(ASSIGNMENT BY WAY OF SECURITY)

Assignor company:

AGZ HOLDING, a société anonyme, incorporated under the laws of France under registration number 413
765 108 RCS Nanterre, with registered capital of euro 35,905,326.00, and having its registered
office at Immeuble Les Renardières, 3 Place de Saverne, 92400 Courbevoie;

(the “Assignor”).

Assignee banks:

	•	 	BANQUE PALATINE, a société anonyme à directoire incorporated under the
laws of France under registration number 542 104 245 RCS Paris,with
registered capital of euro 538,802,680.00, having its registered
office at 42 rue d’Anjou 75008 Paris, acting as Lender;

	 
	•	 	BARCLAYS BANK PLC, a company incorporated under the laws of England
and Wales under registration number 1026167, with registered capital
of sterling 3,040,001,000, having its registered office at 1 Churchill
Place, London E14 5HP, United Kingdom,, acting as Lender;

	 
	•	 	BANCO BILBAO VIZCAYA ARGENTARIA, a société anonyme, incorporated under
the laws of the Kingdom of Spainacting through its Paris Branch under
registered number 349 358 887 RCS Paris, with registered capital of
euro 1,523,867,581.08, and having its registered office at 29, Avenue
de l’Opéra 75001 Paris, France, acting as Lender;

	 
	•	 	BNP PARIBAS, a société anonyme incorporated under the laws of the
Republic of France under registration number 662 042 449 RCS Paris,
with registered capital of euro 2,397,320,312.00, having its
registered office at 16, boulevard des Italiens, 75009 Paris, acting
as Lender;

	 
	•	 	BRED BANQUE POPULAIRE, a société anonyme coopérative de Banque
Populaire incorporated under the laws of France under registration
number 552 091 795 RCS Paris,with registered capital of euro
432,487,500.00, having its registered office at 18 quai de la Rapée
75012 Paris, acting as Lender

	 
	•	 	CAISSE REGIONALE DE CREDIT AGRICOLE MUTUEL DE PARIS ET D’ILE DE
FRANCE, a société coopérative, incorporated under the laws of France
under registration number 775 665 615 RCS Paris, a credit institution
and brokerage insurance firm registered with the Register of the
Intermediaries in Insurances under number 07 008 015, and having its
registered office at 26 quai de la Rapée, 75012 Paris, acting as
Lender;

 

16.

 

	•	 	CREDIT DU NORD, a société anonyme incorporated under the laws of
France under registration number 456 504 851 RCS Lille,with registered
capital of euro 890,263,248.00, having its registered office at 28
place Rihour 59000 Lille, acting as Lender;

	 
	•	 	CREDIT LYONNAIS, a société anonyme incorporated under the laws of the
Republic of France under registration number 954 509 741 RCS Lyon,
with registered capital of euro 1,847,860,375.00, having its
registered office at 18, rue de la République, 69002 Lyon, acting as
Lender;

	 
	•	 	BANQUE COMMERCIALE POUR LE MARCHE DE L’ENTREPRISE, a société anonyme à
directoire et conseil de surveillance, incorporated under the laws of
France under registration number 378 398 911 RCS Brest, with
registered capital of euro 330,000,000, having its registered office
at 1 allée Louis Lichou 29480 Le Relecq-Kerhuon France, acting as
Lender;

	 
	•	 	CREDIT SUISSE INTERNATIONAL, a company incorporated under the laws of
England and Wales under registration number 02500199, having its
registered office at One Cabot Square, London, UK E14 4QJ, acting as
Lender;

	 
	•	 	HSBC FRANCE, a société anonyme, incorporated under the laws of France
under registration number 775 670 284 RCS Paris, with registered
capital of euro 337,189,100, having its registered office at 103,
avenue des Champs-Elysées, 75419 Paris, France, acting as Lender;

	 
	•	 	ING BELGIUM SA, SUCCURSALE EN FRANCE, incorporated under registration
number 490 100 260, having its main office at Coeur Défense, Tour A,
Place de la Défense, 90-102 avenue du Général de Gaulle, 92400
Courbevoie, France, a branch of ING Belgium SA/NV, with capital of
euro 2,350,000,000, having its registered office at Marnix 24, B-1000
Brussels, registered with the Brussels register under number 0403 200
393, acting as Lender;

	 
	•	 	NATIXIS, a société anonyme incorporated under the laws of the Republic
of France under registration number 542 044 524 RCS Paris, with
registered capital of euro 4,653,020,308.80, having its registered
office at 30, avenue Pierre Mendès France 75013 Paris, acting as
Lender;

	 
	 	 	and their respective successors and assignees under a facilities agreement dated 16 March
2011 entered into between, inter alios, AGZ Holding and Antargaz as Borrowers, BNP Paribas,
Caisse Régionale de Crédit Agricole Mutuel de Paris et d’Ile De France, Crédit Lyonnais SA
and Natixis as Mandated Lead Arrangers and Bookrunners, the Mandated Lead Arrangers (as
defined in the Facilities Agreement), the Arrangers (as defined in the Facilities Agreement),
the Lenders,, and Natixis as Facility Agent and Security Agent (the “Facilities Agreement”),

(the “Assignees”).

The Assignees are represented by NATIXIS acting as Security Agent on behalf of the Assignees.

A list of the percentage held by the Assignees in the Revolving Facility is attached in
Schedule A hereto.

 

17.

 

Receivables assigned:

	 	 	 	 	 	 	 
	 	 	Contrat giving rise to	 	 	 	 
	 	 	the Assigned	 	Amount of Assigned	 	Stated Maturity and
	Assigned Debtor	 	Receivable	 	Receivable	 	Payment Location
	 	 	 	 	 	 	 
	[•]
	 	[•]
	 	[•]
	 	Maturity on [•]
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	In the account of [•]

open in the books of

[•].

or

In accordance with article L. 313-23 alinéa 4 of the French Monetary and Financial Code, the
transmission of the Assigned Receivables is made via a computer process which makes it possible to
identify them. The Assigned Receivables are identified on a diskette attached hereto.

The assigned receivables and their characteristics are listed in the schedule attached thereto.

	 	 	 	 	 
	Aggregate amount of the assigned receivables:

	 	Number: [          ]
	 	 
	 
	 	 	 	 
	 

	 	Amount: € [          ]	 	 

(the “Assigned Receivables”).

The present assignment form is governed by the provisions of Articles L.313-23 to L.313-34 of the
French Monetary and Financial Code and is subject to all provisions of a master agreement for
assignment of account receivables by way of security dated as of 16 March 2011 entered into between
inter alia NATIXIS as Security Agent, AGZ HOLDING as Assignor and the Assignees (the “Master
Agreement”).

The present assignment form is granted as security for all the Secured Liablities of the Assignor
to the Assignees, as defined in the Master Agreement.

Terms and expressions defined in the Master Agreement and used herein shall, unless the context
requires otherwise, have the meaning ascribed in the Master Agreement.

The present assignment form may be endorsed and transferred to the benefit of any other credit
institution.

	 	 	 	 	 	 	 	 	 
	Signature and seal of	 	 	 	Date
	AGZ HOLDING	 	 	 	NATIXIS	 	 
	as Assignor	 	 	 	As Security Agent on behalf of the Assignees	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	On	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

18.

 

SCHEDULE A

List of Assignees

 

19.

 

TRANSLATION FOR INFORMATION PURPOSES ONLY

NOTICE OF ASSIGNMENT OF ACCOUNTS RECEIVABLE AS REFERRED TO AT

ARTICLE L. 313-28 OF THE FRENCH MONETARY AND FINANCIAL

CODE

	 	 	 
	From:

	 	The Lenders party to the Master Agreement

Represented by NATIXIS as Security Agent
	 
	 	 
	Attention:

	 	[Assigned Debtor]

Obj: Assignment of trade receivable by way of security dated as of [          ]

[          ], the [          ]

Dear Sirs,

In accordance with the provisions of Articles L.313-23 to L.313-34 of the French Monetary and
Financial Code, the French company AGZ Holding (the “Assignor”) assigned to NATIXIS as Security
Agent on behalf of the Lenders the receivable listed on the assignment form dated [          ] (the
“Assignment Form”), a copy of which is attached hereto, and for which you are debtor (the
“Assignment”).

The Assignment was made in accordance with a master agreement for the assignment of accounts
receivable by way of security dated 16 March 2011 (the “Master Agreement”).

In accordance with Article L.313-28 of the French Monetary and Financial Code, you are kindly
requested to refrain, effective from the date of this notice, from making any payment under the
receivable(s) listed on the Assignment Form to the Assignor and consequently, to pay your debt
directly to our account n° [          ], re [          ], with our branch located in [          ].

This letter shall be governed by, and interpreted in accordance with, the laws of France and any
dispute relating hereto shall be referred to the exclusive jurisdiction of the Commercial Court of
Paris.

Yours faithfully,

	 	 	 
	The Lenders
	 	 
	Represented by NATIXIS

	 	 
	as Security Agent
	 	 
	 
	 	 
	 	 	 
	By:
	 	 

 

20.

 

TRANSLATION FOR INFORMATION PURPOSES ONLY

DEED OF ACCEPTANCE OF THE ASSIGNMENT OR PLEDGE OF RECEIVABLE

From: [Assigned Debtor]

	 	 	 
	Attention:

	 	NATIXIS as Security Agent

on behalf of the assignees of the Assigned Receivable

Obj: Acceptance of an Assignment of accounts receivable by way of security dated as of [          ]

[          ], the [          ]

Dear Sirs,

We refer to the assignment of accounts receivable by way of security (the “Assignment”) made among
the French company AGZ Holding as assignor and NATIXIS as assignee.

The Assignment was made pursuant to a master agreement for the assignment of accounts receivable
dated 16 March 2011 (the “Master Agreement”), and pursuant to a deed of assignment dated [          ]
(the “Assignment Form”), and in accordance with the provisions of Articles L.313-23 to L.313-34 of
the French Monetary and Financial Code.

Further to your demand and in accordance with the provisions of Article L.313-29 of the French
Monetary and Financial Code, we hereby accept the Assignment in our capacity of assigned debtor.

Accordingly, we hereby undertake to directly pay to you any sum due under the receivable held by
the French company [          ] against us and listed in the Assignment Form (the “Assigned Receivable”)
and to pay our debt directly to your account n° [          ], re [          ], with your branch located in
[          ].

In addition, we hereby expressly and irrevocably waive any rights to raise against the assignees of
the Assigned Receivable any defences based on the underlying contracts entered into between us and
[          ].

 

21.

 

This deed shall be governed by, and interpreted in accordance with, the laws of France and any
dispute relating hereto shall be submitted to the exclusive jurisdiction of the Commercial Court of
Paris.

Yours faithfully,

	 	 	 	 	 
	[ASSIGNED DEBTOR]	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 

 

22.

 

SCHEDULE 4

LIST OF THE LENDERS

	 	 	 	 	 
	 	 	Revolving	 
	 	 	Commitment (EUR)	 
	 
	 	 	 	 
	Banque Palatine
	 	 	1 400 000	 
	 
	 	 	 	 
	Barclays Bank Plc
	 	 	3 800 000	 
	 
	 	 	 	 
	Banco Bilbao Vizcaya Argentaria
	 	 	1 900 000	 
	 
	 	 	 	 
	BNP Paribas
	 	 	5 700 000	 
	 
	 	 	 	 
	Bred Banque Populaire
	 	 	1 900 000	 
	 
	 	 	 	 
	Caisse Régionale de Crédit Agricole Mutuel de Paris et
d’Ile de France
	 	 	2 000 000	 
	 
	 	 	 	 
	Crédit du Nord
	 	 	1 900 000	 
	 
	 	 	 	 
	Crédit Lyonnais
	 	 	5 700 000	 
	 
	 	 	 	 
	Banque Commerciale pour le Marché de l’Entreprise
	 	 	3 800 000	 
	 
	 	 	 	 
	Crédit Suisse International
	 	 	1 900 000	 
	 
	 	 	 	 
	HSBC France
	 	 	1 900 000	 
	 
	 	 	 	 
	ING Belgium SA, Succursale en France
	 	 	3 800 000	 
	 
	 	 	 	 
	Natixis
	 	 	4 300 000	 
	 	 	 	 
	 
	 	 	 	 
	 
	 	 	40,000,000	 
	 	 	 	 

 

23.Exhibit 10.5

Exhibit 10.5

DATED 16 MARCH 2011

MASTER AGREEMENT

FOR ASSIGNMENT OF RECEIVABLES

(Articles L.313-23 to L.313-34 of the French Monetary and Financial Code)

Between

ANTARGAZ

as Assignor

NATIXIS

as Security Agent

and

THE BENEFICIARIES

 

 

 

INDEX

	 	 	 	 	 
	Clause	 	Page	 
	 
	 	 	 	 	 
	1. INTERPRETATION
	 	 	5	 
	 
	 	 	 	 
	2. SECURITY AGENT
	 	 	7	 
	 
	 	 	 	 
	3. ASSIGNMENT
	 	 	7	 
	 
	 	 	 	 
	4. EFFECTS OF EACH ASSIGNMENT
	 	 	8	 
	 
	 	 	 	 
	5. COLLECTION BY THE ASSIGNOR
	 	 	8	 
	 
	 	 	 	 
	6. COLLECTION BY THE SECURITY AGENT
	 	 	9	 
	 
	 	 	 	 
	7. NOTICE OF ASSIGNMENT — ACCEPTANCE
	 	 	9	 
	 
	 	 	 	 
	8. PRESERVATION OF SECURITY
	 	 	10	 
	 
	 	 	 	 
	9. REPRESENTATIONS AND WARRANTIES
	 	 	10	 
	 
	 	 	 	 
	10. UNDERTAKINGS
	 	 	11	 
	 
	 	 	 	 
	11. LIABILITY TO PERFORM
	 	 	12	 
	 
	 	 	 	 
	12. APPLICATION OF PROCEEDS
	 	 	12	 
	 
	 	 	 	 
	13. COVENANT TO RELEASE
	 	 	12	 
	 
	 	 	 	 
	14. EXPENSES, INDEMNITIES AND TAXES
	 	 	13	 
	 
	 	 	 	 
	15. CHANGES TO THE PARTIES
	 	 	13	 
	 
	 	 	 	 
	16. SEVERABILITY
	 	 	13	 
	 
	 	 	 	 
	17. NOTICES
	 	 	14	 
	 
	 	 	 	 
	18. FRENCH LANGUAGE
	 	 	14	 
	 
	 	 	 	 
	19. GOVERNING LAW AND JURISDICTION
	 	 	14	 
	 
	 	 	 	 
	20. DURATION
	 	 	14	 
	 
	 	 	 	 
	21. WAIVERS, REMEDIES CUMULATIVE
	 	 	14	 

Schedules

	1.	 	Form of an Assignment Form

	 
	2.	 	Form of a Notice of Assignment

	 
	3.	 	Form of Letter of Acceptance

	 
	4.	 	List of the Lenders

 

2.

 

THIS AGREEMENT IS MADE BY AND BETWEEN:

	1.	 	ANTARGAZ, a société anonyme, incorporated under the laws of France under registration number
572 126 043 RCS Nanterre, with registered capital of euro 3,935,349.00, and having its
registered office at Immeuble Les Renardières, 3 Place de Saverne, 92400 Courbevoie, duly
represented for the purpose of this Agreement, as Assignor;

	2.	 	NATIXIS, a société anonyme, incorporated under the laws of France under registration number
542 044 524 RCS Paris, with registered capital of euro 4,653,020,308.80, and having its
registered office at 30, avenue Pierre Mendès France 75013 Paris, duly represented for the
purpose of this Agreement, as Security Agent; and

	3.	 	THE LENDERS, as listed in Schedule 4, duly represented for the purpose of this Agreement by
the Security Agent itself represented by a duly authorized signatory for the purpose of this
Agreement.

 

3.

 

WHEREAS:

	(A)	 	Pursuant to a facilities agreement dated 16 March 2011 entered into between, inter alios, AGZ
Holding and Antargaz as Borrowers, BNP Paribas, Caisse Régionale de Crédit Agricole Mutuel de
Paris et d’Ile De France, Crédit Lyonnais SA and Natixis as Mandated Lead Arrangers and
Bookrunners, the Mandated Lead Arrangers (as defined therein), the Arrangers (as defined
therein), the Lenders (as defined therein), and Natixis as Facility Agent and Security Agent
(the “Facilities Agreement”), the Lenders have agreed to make certain Facilities available to
the Borrowers.

	(B)	 	Pursuant to Schedule 2 (Security Documents) of the Facilities Agreement, the Assignor is
required to grant to the Beneficiaries certain security interests as security for the Secured
Liabilities, including in particular the assignment by way of security of its trade
receivables (cession de créances professionnelles à titre de garantie) upon the terms and
conditions of this Master Agreement and each Assignment Form relating thereto.

 

4.

 

NOW, THEREFORE, IT HAS BEEN AGREED AS FOLLOWS:

	1.	 	INTERPRETATION

	 
	1.1	 	Definitions

In this Master Agreement, terms defined in the Facilities Agreement have the same meaning
when used in this Master Agreement, terms defined above have the same meaning when used in
this Master Agreement, and the following terms have the following meanings:

“Assigned Debtors” means the debtors of the Assignor under the Assigned Receivables.

“Assigned Receivables” means the Receivables assigned by way of security pursuant to this
Master Agreement and each relevant Assignment Form made in relation thereto.

“Assignees” means the Lenders.

“Assignment” means the assignment of the Assigned Receivables by way of security (cession de
créances professionnelles à titre de garantie) granted by the Assignor in accordance with the
Law by virtue of this Master Agreement and each Assignment Form made in relation thereto, as
security for the Secured Liabilities.

“Assignment Form” means a bordereau de cession in the form of Schedule 1 hereto.

“Assignor” means Antargaz, as designated above.

“Beneficiaries” means the Lenders, as represented by the Security Agent, from time to time
party to the Facilities Agreement.

“Business Day” means a day (other than a Saturday or a Sunday) on which banks are open for
general interbank business in Paris.

“Discharge Date” means the date on which (i) all the Secured Liabilities have been
irrevocably and unconditionally discharged in full, independently of any partial or
intermediate payment or (ii) the Security Agent acting on behalf of the Assignees may release
and discharge the Assignor from their liabilities hereunder in accordance with the terms of
this Master Agreement or the other Finance Documents.

“Event of Default” means an event specified as such in clause 18.1 (Events of Default) of the
Facilities Agreement.

“Finance Documents” has the meaning ascribed thereto in the Facilities Agreement.

“Insolvency” means any proceeding referred to in clauses 18.1(f) to 18.1(h) of the Facilities
Agreement.

“Intercreditor Agreement” has the meaning ascribed thereto in the Facilities Agreement.

“Law” means Articles L.313-23 to L.313-34 of the French Monetary and Financial Code (Code
monétaire et financier).

 

5.

 

“Lenders” means the financial institutions listed in Schedule 4, or any person to which
rights and/or obligations under the Facilities Agreement are assigned or transferred pursuant
to clauses 24 (Changes to Parties) of the Facilities Agreement and in each case their
respective successors.

“Letter of Acceptance” means a letter of acceptance in the form of Schedule 3 hereto.

“Master Agreement” means this master agreement for assignment of the Assigned Receivables by
way of security together with the schedules hereto, as supplemented or amended from time to
time.

“Notice of Assignment” means a notification de cession de créances in the form of Schedule 2
hereto.

“Payment Default” means a payment default as defined in clause 18.1(a) (Events of Default) of
the Facilities Agreement.

“Receivables” means, at any time, the unpaid portions of the obligations of any trade debtor
of the Assignor in respect of the supply of goods or services by the Assignor, together with
any related interests, default interests, deferred interests, expenses, commissions and
incidentals.

“Revolving Facility” has the meaning ascribed thereto in the Facilities Agreement.

“Secured Liabilities” means all present and future obligations and liabilities (whether
actual or contingent and whether owed jointly or severally) arising from the Assignor’s
obligations and liabilities to the Lenders (or any of them) in its capacity as Borrower under
or in connection with the Revolving Facility and the Finance Documents (or any of them)
(including, in each case, without limitation, under any amendments, supplements or
restatements of any of the Finance Documents or in relation to any new or increased advances
or utilisations); together with all costs, charges and expenses incurred by any Beneficiary
in connection with the protection, preservation or enforcement of its respective rights under
the Finance Documents or any other document evidencing or securing any such payment
liabilities in favour of the Beneficiaries, to the extent due under any such document and
subject to the provisions of the Facilities Agreement.

“Security Agent” means Natixis, as designated above, or any bank or financial institution
which becomes Security Agent under the Facilities Agreement.

“Security Period” means the period beginning on the date hereof and ending on the Discharge
Date.

	1.2	 	Construction

	 	(a)	 	In this Master Agreement, unless the contrary intention appears, a reference to:

	 	(i)	 	“assets” or “regulation” shall be construed in accordance with the
Facilities Agreement;

	 	(ii)	 	a Clause or a Schedule is, unless otherwise specified, a reference to
a clause or a schedule to this Agreement;

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

 

6.

 

	 	(iv)	 	a time of day is a reference to Paris time;

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

	 	(vi)	 	any reference to a party to this Master Agreement or other person
includes, unless otherwise provided in this Master Agreement, such party’s or
person’s permitted successors, assignees, transferees or substitutes;

	 	(vii)	 	an agreement or document includes a reference to that agreement or
document as amended, novated or supplemented from time to time.

	 	(b)	 	The index to and the headings in this Master Agreement are for convenience only
and are to be ignored in construing this Master Agreement.

	 
	 	(c)	 	This Agreement is entered into with the benefit and subject to the burden of the
Intercreditor Agreement.

	2.	 	SECURITY AGENT

The Assignor hereby agrees that the Security Agent shall be the agent (mandataire) of the
Assignees for the purposes of this Master Agreement, acting in such capacity in its name but
on behalf of the Assignees.

	3.	 	ASSIGNMENT

	 
	3.1	 	Purpose of Assignment

	(a)	 	As security for its Secured Liabilities, the Assignor hereby undertakes, on the terms of this
Master Agreement and in accordance with the Law, to assign to the Assignees all its present
and future Receivables.

	(b)	 	Each Assignee will benefit from any Assignment in the proportion which its Revolving
Commitments bears to the total Revolving Commitments (insofar as they relate to Advances made
to the Assignor) as at the date of such Assignment.

	(c)	 	This Master Agreement shall apply automatically to all Assignment Forms delivered by the
Assignor to the Security Agent, on each date of Assignment, provided that such Assignment
Forms make specific reference to this Master Agreement.

	3.2	 	Date of Assignment

	(a)	 	So long as and to the extent that no Drawing is made by the Assignor under the Facilities
Agreement, the Assignor shall not be obligated to assign any of its Receivables by way of
security hereunder.

	(b)	 	In the event that no Drawing by the Assignor is outstanding and the Assignor intends to make
a Drawing under the Facilities Agreement, it shall, on the Drawdown Date for such Drawing and
monthly thereafter for so long as any Drawing by the Assignor is outstanding, assign to the
Assignees by way of security all of its Receivables.

 

7.

 

	3.3	 	Method of Assignment

	(a)	 	Each Assignment made pursuant to this Master Agreement shall be made by the Assignor to the
Assignees by remittance of an Assignment Form to the Security Agent on each date of Assignment
in accordance with Clause 3.2 (Date of Assignment). Each Assignment Form shall (i) list and
clearly identify the relevant Assigned Receivables and incorporate all of the specific
requirements of the Law and all regulations in force relating thereto, (ii) be signed by a
legally authorised representative of the Assignor and (iii) set out the Assignees as
beneficiaries and set out the respective proportion of the benefit taken by each Assignee.

	(b)	 	The Security Agent shall, on its reasonable judgement or after consultation of the Assignees,
be entitled to reject any Assignment Form to the extent that such Assignment Form does not
comply with the provisions of this Master Agreement or the Law. Immediately upon notice
thereof by the Security Agent to the Assignor, the Assignor undertakes to replace the relevant
Assignment Form by delivery of a new Assignment Form, which shall be acceptable to the
Security Agent, acting reasonably, after consultation of the Assignees.

	(c)	 	Where any new Assignment Form (the “New Assignment Form”) delivered by the Assignor relates
to Receivables which have already been assigned (the “Re-assigned Receivables”) under any
Assignment Form previously delivered by that Assignor (i) the Re-assigned Receivables shall
not be deemed assigned under any New Assignment Form and shall not be included in the scope of
any new Assignment granted by virtue of the New Assignment Form with respect to any
outstanding Drawings of the Assignor already secured by such Re-assigned Receivables but (ii)
provided any Drawing to which were previously assigned the Re-assigned Receivables is no
longer outstanding, the Re-assigned Receivables shall be deemed assigned under the relevant
New Assignment Form and shall be included in the scope of any new Assignment granted by virtue
of the New Assignment Form with respect to any new Drawings of the Assignor.

	(d)	 	Each Assignment Form shall be delivered by the Assignor to the Security Agent who shall hold
such Assignment Form on behalf of the Assignees and shall ascertain the date thereof. Each
Assignee hereby appoints the Security Agent, which hereby accepts, to (i) be the addressee of
each Assignment Form remitted by the Assignor pursuant to this Master Agreement, (ii)
ascertain the date of each Assignment Form as the date on which the Assignment Form is
remitted by the Assignor, and (iii) hold each such Assignment Form on its behalf.

	4.	 	EFFECTS OF EACH ASSIGNMENT

The execution of each Assignment Form by the Assignor pursuant to this Master Agreement will
automatically entail the transfer to the Assignees of the full ownership of the Assigned
Receivables. The Assignees will be deemed owner of the Assigned Receivables from the date of
the relevant Assignment Form as such has been ascertained by the Security Agent in accordance
with the provisions of paragraph 4.3(d) above. The execution of each Assignment Form by the
Assignor pursuant to this Master Agreement will in addition automatically entail the transfer
to the Assignees of any guarantees and security interests guaranteeing each Assigned
Receivables.

	5.	 	COLLECTION BY THE ASSIGNOR

For so long as no Payment Default has occurred, nor a payment default with respect to a
notification relating to any Event of Default made in accordance with clause 18.2
(Acceleration) of the Facilities Agreement, and without prejudice and subject to Clauses 6
and
7 of this Master Agreement, the Assignor is hereby appointed by each Assignee, and shall be
entitled to:

	 	(i)	 	collect on its current account(s) all payments to be made from time to time by
its Assigned Debtors under its Assigned Receivables; and

	 
	 	(ii)	 	at its own cost, file any claim, take any action or proceedings it thinks fit or
advisable against any Assigned Debtor to recover any amount owed to him in case of
default by any Assigned Debtor to pay any amount payable by such Assigned Debtor under
any underlying contract or agreement,

 

8.

 

provided that any payment received by the Assignor shall be collected by it for the account
of the Assignees. The sums collected by the Assignor under its Assigned Receivables shall be
deemed the property of the Assignees.

	6.	 	COLLECTION BY THE SECURITY AGENT

	(a)	 	Upon the occurrence of a Payment Default or a payment default with respect to a notification
relating to any Event of Default made in accordance with clause 18.2 (Acceleration) of the
Facilities Agreement (the “Relevant Payment Default”), the Security Agent shall be entitled to
terminate, immediately and without notice, all the discretions, powers and authorizations
granted to the Assignor pursuant to Clause 5, and/or to send a notice to the relevant Assigned
Debtor in accordance with Clause 7 below, in which case the provisions of Clause 7 shall
apply, subject to paragraph (c) of this Clause 6.

	(b)	 	All proceeds received by the Security Agent acting on behalf of the Assignees and/or the
Assignees in respect of, collection from, or other realisation upon all or any part of the
Assigned Receivables shall be applied for repayment of all the Secured Liabilities in
accordance with the relevant provisions of the Facilities Agreement and the Intercreditor
Agreement.

	(c)	 	Upon such Relevant Payment Default being remedied or waived and in the event the Security
Agent has sent a notice to the relevant Assigned Debtor in accordance with Clause 7 below, the
provisions of paragraph (a) of this Clause 6 shall cease to apply and the collection of any
Assigned Receivables for which no notice has been sent to the relevant Assigned Debtor under
Clause 7 below, shall be made according to Clause 5 above.

	7.	 	NOTICE OF ASSIGNMENT — ACCEPTANCE

	 
	7.1	 	Notice of Assignment

The Agent, acting on the instructions of the Majority Lenders, shall be entitled at any time
following the occurrence of a Payment Default or a payment default with respect to a
notification relating to any Event of Default made in accordance with clause 18.2
(Acceleration) of the Facilities Agreement, to notify any Assignment made pursuant to this
Master Agreement to any relevant Assigned Debtor in accordance with the provisions of Article
L.313-28 of the French Monetary and Financial Code. Each such notice shall take the form of a
Notice of Assignment. In any such case, any relevant Assigned Debtor shall then pay the sums
payable by it under each Assigned Receivables directly to the Security Agent on behalf and
for the account of the Assignees. Any payment made by any Assigned Debtor to the Assignor as
from the date of receipt of a Notice of Assignment will not discharge such Assigned Debtor of
its obligations under this Clause 7.1.

	7.2	 	Acceptance

	 
	 	 	The Security Agent, acting upon the request of the Majority Lenders,
shall be entitled at any time following the occurrence of a Payment
Default or a payment default with respect to a notification relating
to any Event of Default made in accordance with clause 18.2
(Acceleration) of the Facilities Agreement, to request any Assigned
Debtor to covenant to pay directly to the Assignees (“engagement
direct”) in accordance with the provisions of Article L.313-29 of the
French Monetary and Financial Code. Each such request shall take the
form of a Letter of Acceptance. Upon countersigning of such letter,
the Assigned Debtor shall cease to be entitled to raise any defenses
based on the underlying contracts entered into between such Assigned
Debtor and the Assignor to the fullest extent permitted by law.

 

9.

 

	8.	 	PRESERVATION OF SECURITY

	 
	8.1	 	Continuing security

	 
	 	 	The security (cession de créances professionnelles à titre de
garantie) created by each Assignment Form shall extend to the ultimate
balance of the Secured Liabilities, regardless of any intermediate
payment or discharge in part.

	 
	8.2	 	Additional security

	 
	 	 	Each Assignment is in addition to and is not in any way prejudiced by
any other security now or hereafter held by the Assignees in respect
of the Secured Liabilities.

	 
	8.3	 	Security transfer

	 
	 	 	In the event of any assignment, transfer, novation or disposal of a
part or all of its rights and obligations by any Assignee under the
Facilities Agreement to which such Assignee is a party, such Assignee
hereby expressly maintains, which the Assignor accept, all its rights
and privileges hereunder for the benefit of its successor, in
accordance with the terms of Article 1278 of the (French) Civil Code
(Code Civil) so that each Assignment will secure the Secured
Liabilities to the rateable benefit of such successor, without further
formalities.

	9.	 	REPRESENTATIONS AND WARRANTIES

	 
	9.1	 	Representations and Warranties

The Assignor represents and warrants to the Assignees that:

	 	(a)	 	Due incorporation: it is a limited liability company, duly incorporated and
validly existing under the laws of the jurisdiction of its incorporation, with the power
to own its assets and carry on its business as it is being conducted;

	 
	 	(b)	 	Corporate power and authority: it has the power to enter into and perform, and
has taken all necessary action to authorise the entry into, performance and delivery by
it of, this Master Agreement and each Assignment Form and the obligations contemplated
herein;

	 
	 	(c)	 	Insolvency: it is not in Insolvency, nor in a situation likely to result in the
same;

 

10.

 

	 	(d)	 	Authorisations, approvals and consents: no authorization, approval, consent,
licence, notice or other requirement of public or corporate bodies of the Assignor is
required in connection with the entry into, performance, validity or enforceability of
this Master Agreement and each Assignment Form, except any authorization that has been
duly obtained and of which written evidence has been provided to the Security Agent;

	 
	 	(e)	 	Validity: this Master Agreement and each Assignment Form constitute its legal,
valid, binding and enforceable obligation in accordance with their terms;

	 
	 	(f)	 	Non-conflict: the execution of this Master Agreement and each Assignment Form,
and performance by the Assignor of the transactions contemplated by this Agreement and
each Assignment Form do not and will not breach, violate or conflict with any agreement
to which the Assignor is a party or which is binding upon its assets, by-laws, rules,
regulations, or any applicable law, regulation or official or judicial order or any
authorization;

	 
	 	(g)	 	Ownership: it has valid title and is the sole absolute legal owner of its
Receivables which shall be assigned to the Assignees hereunder;

	 
	 	(h)	 	Security Interests: its Assigned Receivables are not subject to any Security
Interest, and there are no similar restrictions which may affect the rights of the
Beneficiaries under this Master Agreement and the Assignment; and

	 
	 	(i)	 	No legal proceedings: no litigation, arbitration or administrative proceeding of
or before any court, arbitral body or agency have been started or threatened which might
impair the ability of the Assignor to enter into this Agreement or to perform its
obligations hereunder.

	9.2	 	Time for making representations and warranties

	 
	 	 	The representations and warranties set out in this Clause 9 are made on the date
hereof and are deemed to be repeated throughout the Security Period upon each date such
representations and warranties are deemed to be repeated in the Facilities Agreement.

	 
	10.	 	UNDERTAKINGS

	 
	10.1	 	Duration

The undertakings in this Clause 10 remain in force from the date of this Master Agreement
until the Discharge Date.

	10.2	 	No Disposal

Without the Security Agent’s prior written consent and/or except as permitted or required
under the Facilities Agreement, the Assignor will not, throughout the Security Period:

	 	(i)	 	assign, pledge, transfer or otherwise dispose of, nor suffer or permit any of the
same to occur with respect to, any Assigned Receivables or its rights attached to such
Assigned Receivables to the benefit of a party other than the Assignees;

	 
	 	(ii)	 	modify the Assignees’ rights relating to the Assigned Receivables upon the
delivery of any relevant Assignment Form; in particular the Assignor shall not modify or
restrict the scope or rights attached to the Assigned Receivables vis-à-vis the Assigned
Debtors, including by sub-contracting part or whole of its obligations under the
underlying contract or agreement supporting the relevant Assigned Receivables, it being
understood that the assignment does not preclude to repay any Assigned Receivable to the
Assignor;

 

11.

 

	 	(iii)	 	modify the guarantees and security interests attached to the Assigned
Receivables upon the delivery of any relevant Assignment Form or agree any material
amendment of or material variation in the Assigned Receivables in a way which
detrimentally and materially affects the rights of the Assignees;

	 
	 	(iv)	 	create, incur or permit to subsist any Security Interest over the Assigned
Receivables other than for the benefit of the Assignees;

	 
	 	(v)	 	except within the normal course of its activities, grant any time or other
indulgence under the Assigned Receivables; and

	 
	 	(vi)	 	take any action or exercise any rights (or omit to take any action or exercise
any rights) that may reasonably be expected to have a Material Adverse Effect on the
rights of the Assignees under this Master Agreement, any Assignment Form or the Assigned
Receivables.

	10.3	 	Information

From the date of this Master Agreement and throughout the Security Period, the Assignor
undertakes:

	 	(i)	 	promptly to provide to the Security Agent all information relating to its
Assigned Receivables which the Security Agent may from time to time reasonably require;
and

	 	(ii)	 	upon becoming aware thereof, promptly to inform the Security Agent of any
judicial disputes relating to its Assigned Receivables.

	11.	 	LIABILITY TO PERFORM

The Assignees and the Security Agent shall not be required in any manner to perform or fulfil
any obligation of any Assignor in respect of Assigned Receivables and the underlying
contracts and/or agreements supporting the Assigned Receivables entered into between any
Assignor and the Assigned Debtors, or to make any payment or to present or file any claim or
take any other action to collect or enforce the payment of any amount to which they may have
been or to which they may be entitled hereunder at any time or times.

	12.	 	APPLICATION OF PROCEEDS

Any moneys received by the Assignees or the Security Agent from the Assignor pursuant to this
Master Agreement shall be applied as set out and in the order and priority set forth under
the Intercreditor Agreement.

	13.	 	COVENANT TO RELEASE

On or, as soon as practicable, after the Discharge Date, the Security Agent acting on behalf
of the Assignees shall, at the cost of the Assignor, execute and do all such deeds, acts and
things as may be necessary to release and discharge the Assignor from their liabilities
hereunder, and in particular hand over all existing Assignment Forms to the Assignor.

 

12.

 

	14.	 	EXPENSES, INDEMNITIES AND TAXES

In accordance with, and subject to the provisions of, clause 14 (Fees, Expenses and
Stamp Duties) of the Facilities Agreement, all out of pocket costs and expenses (including
reasonable legal fees and expenses) together with any applicable value added tax or other
like Taxes incurred by the Beneficiaries or the Security Agent in connection with the
negotiation or execution of this Master Agreement will be for the account of the Assignor.

	15.	 	CHANGES TO THE PARTIES

All the rights, privileges, powers, discretions and authorities of the Assignees hereunder
will benefit their respective successors and assignees and all terms, conditions,
representations and warranties and undertakings of the Assignor hereunder shall oblige its
respective successors and assignees in the same manner, it being agreed and understood that:

	 	(a)	 	the Assignor shall not assign, transfer, novate or dispose of any of, or any
interest in its rights and/or obligations under this Master Agreement, and

	 	(b)	 	the Assignees and the Security Agent shall be entitled to assign, transfer,
novate or dispose of any of, or any interest in their rights and/or obligations
hereunder to any successor in accordance with the relevant provisions of the Facilities
Agreement.

The provisions of this Master Agreement and the rights arising therefrom shall remain in
full force and effect and benefit to any successors, transferees or assignees of a
Beneficiary or the Security Agent, without any specific notice, registration or reiteration,
in case, inter alia, of any sale, merger, demerger, spin-off or assets contribution which a
Beneficiary may decide to proceed. It is expressly agreed that an asset contribution or a
partial merger within the meanings of articles L. 236-1 et sequitur of the French Commercial
Code (Code de Commerce) shall be deemed to be a transfer for the purpose of the present
provision.

	16.	 	SEVERABILITY

If a provision of this Master Agreement is or becomes illegal, invalid or unenforceable, that
shall not affect:

	 	(a)	 	the validity or enforceability in that jurisdiction of any other provision of
this Master Agreement; or

	 	(b)	 	the validity or enforceability in other jurisdictions of that provision or any
other provision of this Master Agreement.

In any case, if such illegality, invalidity or enforceability occurs, the parties shall
negotiate in good faith with a view to agree on the replacement of such provision by a
provision which is
legal, valid and enforceable and which is to the extent applicable in accordance with the
intents and purposes of this Master Agreement and which in its economic effect come as close
as practicable to the provision being replaced.

 

13.

 

	17.	 	NOTICES

Except as specifically provided otherwise in this Agreement, all notices or other
communications under or in connection with this Agreement shall be given to each party as
specified in clause 18 (Notices) of the Intercreditor Agreement.

	18.	 	FRENCH LANGUAGE

The Assignment Forms, the Notice of Assignment and the Letter of Acceptance executed by the
Assignor pursuant to this Master Agreement shall be made in the French language.

	19.	 	GOVERNING LAW AND JURISDICTION

	 
	19.1	 	Governing law

	 	 	This Master Agreement together with each Assignment Form made
pursuant to this Master Agreement shall be governed by and construed
in accordance with French law.

	 
	19.2	 	Jurisdiction

	 
	 	 	For the benefit of the Assignees, the Assignor agree that the courts
of France have jurisdiction to settle any disputes in connection with
this Master Agreement, each Assignment and each Assignment Form made
pursuant to this Master Agreement and accordingly submits to the
jurisdiction of the Commercial Court of Paris.

	20.	 	DURATION

This Master Agreement shall remain in full force and effect until the Discharge Date. The
Security Agent shall notify the Assignor and each Assigned Debtor which has received a Notice
of Assignment or which has executed a Letter of Acceptance promptly on the occurrence of the
Discharge Date.

	21.	 	WAIVERS, REMEDIES CUMULATIVE

	 
	(a)	 	The rights of the Assignees and the Security Agent under this Master Agreement:

	 	(i)	 	may be exercised as often as necessary;

	 
	 	(ii)	 	are cumulative and not exclusive of its rights under general law; and

	 
	 	(iii)	 	may be waived only in writing and specifically.

	(b)	 	Delay in exercising or non-exercise of any such right is not a waiver of that right.

 

14.

 

Made in Paris

On 16 March 2011

In as many original copies as parties to this Agreement

The Assignor

ANTARGAZ

	By: 	 	 François Varagne

The Security Agent

NATIXIS

	 	 	 	 	 
	By:

	 	Jean-Philippe Narni
	 	Sylvie Delorme

The Beneficiaries

THE LENDERS

Represented by the Security Agent

	 	 	 	 	 
	By:

	 	Jean-Philippe Narni
	 	Sylvie Delorme

 

15.

 

[TRANSLATION FOR INFORMATION PURPOSES ONLY]

FORM OF AN ASSIGNMENT FORM

ASSIGNMENT OF PROFESSIONAL RECEIVABLES

(SUBJECT TO THE REQUIREMENTS OF ARTICLES L.313-23 TO L.313-34

OF THE FRENCH MONETARY AND FINANCIAL CODE)

(ASSIGNMENT BY WAY OF SECURITY)

Assignor company:

ANTARGAZ, a société anonyme, incorporated under the laws of France under registration number 572
126 043 RCS Nanterre, with registered capital of euro 3,935,349.00, and having its registered
office at Immeuble Les Renardières, 3 Place de Saverne, 92400 Courbevoie;

(the “Assignor”).

Assignee banks:

	•	 	BANQUE PALATINE, a société anonyme à directoire incorporated under the
laws of France under registration number 542 104 245 RCS Paris,with
registered capital of euro 538,802,680.00, having its registered
office at 42 rue d’Anjou 75008 Paris, acting as Lender;

	 
	•	 	BARCLAYS BANK PLC, a company incorporated under the laws of England
and Wales under registration number 1026167, with registered capital
of sterling 3,040,001,000, having its registered office at 1 Churchill
Place, London E14 5HP, United Kingdom, acting as Lender;

	 
	•	 	BANCO BILBAO VIZCAYA ARGENTARIA, a société anonyme, incorporated under
the laws of the Kingdom of Spainacting through its Paris Branch under
registered number 349 358 887 RCS Paris, with registered capital of
euro 1,523,867,581.08, and having its registered office at 29, Avenue
de l’Opéra 75001 Paris, France, acting as Lender;

	 
	•	 	BNP PARIBAS, a société anonyme incorporated under the laws of the
Republic of France under registration number 662 042 449 RCS Paris,
with registered capital of euro 2,397,320,312.00, having its
registered office at 16, boulevard des Italiens, 75009 Paris, acting
as Lender;

	 
	•	 	BRED BANQUE POPULAIRE, a société anonyme coopérative de Banque
Populaire incorporated under the laws of France under registration
number 552 091 795 RCS Paris,with registered capital of euro
432,487,500.00, having its registered office at 18 quai de la Rapée
75012 Paris, acting as Lender

	 
	•	 	CAISSE REGIONALE DE CREDIT AGRICOLE MUTUEL DE PARIS ET D’ILE DE
FRANCE, a société coopérative, incorporated under the laws of France
under registration number 775 665 615 RCS Paris, a credit institution
and brokerage insurance firm registered with the Register of the
Intermediaries in Insurances under number 07 008 015, and having its
registered office at 26 quai de la Rapée, 75012 Paris, acting as
Lender;

	 
	•	 	CREDIT DU NORD, a société anonyme incorporated under the laws of
France under registration number 456 504 851 RCS Lille,with registered
capital of euro 890,263,248.00, having its registered office at 28
place Rihour 59000 Lille, acting as Lender;

 

16.

 

	•	 	CREDIT LYONNAIS, a société anonyme incorporated under the laws of the
Republic of France under registration number 954 509 741 RCS Lyon,
with registered capital of euro 1,847,860,375.00, having its
registered office at 18, rue de la République, 69002 Lyon, acting as
Lender;

	 
	•	 	BANQUE COMMERCIALE POUR LE MARCHE DE L’ENTREPRISE, a société anonyme à
directoire et conseil de surveillance, incorporated under the laws of
France under registration number 378 398 911 RCS Brest, with
registered capital of euro 330,000,000, having its registered office
at 1 allée Louis Lichou 29480 Le Relecq-Kerhuon France, acting as
Lender;

	 
	•	 	CREDIT SUISSE INTERNATIONAL, a company incorporated under the laws of
England and Wales under registration number 02500199, having its
registered office at One Cabot Square, London, UK E14 4QJ, acting as
Lender;

	 
	•	 	HSBC FRANCE, a société anonyme, incorporated under the laws of France
under registration number 775 670 284 RCS Paris, with registered
capital of euro 337,189,100, having its registered office at 103,
avenue des Champs-Elysées, 75419 Paris, France, acting as Lender;

	 
	•	 	ING BELGIUM SA, SUCCURSALE EN FRANCE, incorporated under registration
number 490 100 260, having its main office at Coeur Défense, Tour A,
Place de la Défense, 90-102 avenue du Général de Gaulle, 92400
Courbevoie, France, a branch of ING Belgium SA/NV, with capital of
euro 2,350,000,000, having its registered office at Marnix 24, B-1000
Brussels, registered with the Brussels register under number 0403 200
393, acting as Lender;

	 
	•	 	NATIXIS, a société anonyme incorporated under the laws of the Republic
of France under registration number 542 044 524 RCS Paris, with
registered capital of euro 4,653,020,308.80, having its registered
office at 30, avenue Pierre Mendès France 75013 Paris, acting as
Lender;

and their respective successors and assignees under a facilities agreement dated 16 March
2011 entered into between, inter alios, AGZ Holding and Antargaz as Borrowers, BNP Paribas,
Caisse Régionale de Crédit Agricole Mutuel de Paris et d’Ile De France, Crédit Lyonnais SA
and Natixis as Mandated Lead Arrangers and Bookrunners, the Mandated Lead Arrangers (as
defined in the Facilities Agreement), the Arrangers (as defined in the Facilities Agreement),
the Lenders, and Natixis as Facility Agent and Security Agent (the “Facilities Agreement”),

(the “Assignees”).

The Assignees are represented by NATIXIS acting as Security Agent on behalf of the Assignees.

A list of the percentage held by the Assignees in the Revolving Facility is attached in
Schedule A hereto.

 

17.

 

Receivables assigned:

	 	 	 	 	 	 	 
	 	 	Contrat giving rise to	 	 	 	 
	 	 	the Assigned	 	Amount of Assigned	 	Stated Maturity and
	Assigned Debtor	 	Receivable	 	Receivable	 	Payment Location
	 	 	 	 	 	 	 
	[•]
	 	[•]
	 	[•]
	 	Maturity on [•]
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	In the account of [•]
	 
	 	 	 	 	 	open in the books of [•].

or

In accordance with article L. 313-23 alinéa 4 of the French Monetary and Financial Code, the
transmission of the Assigned Receivables is made via a computer process which makes it possible to
identify them. The Assigned Receivables are identified on a diskette attached hereto.

The assigned receivables and their characteristics are listed in the schedule attached thereto.

	 	 	 
	Aggregate amount of the assigned receivables:

	 	Number: [                    ]
	 
	 	 
	 

	 	Amount: € [                    ]

(the “Assigned Receivables”).

The present assignment form is governed by the provisions of Articles L.313-23 to L.313-34 of the
French Monetary and Financial Code and is subject to all provisions of a master agreement for
assignment of account receivables by way of security dated as of 16 March 2011 entered into between
inter alia NATIXIS as Security Agent, ANTARGAZ as Assignor and the Assignees (the “Master
Agreement”).

The present assignment form is granted as security for all the Secured Liablities of the Assignor
to the Assignees, as defined in the Master Agreement.

Terms and expressions defined in the Master Agreement and used herein shall, unless the context
requires otherwise, have the meaning ascribed in the Master Agreement.

 

18.

 

The present assignment form may be endorsed and transferred to the benefit of any other credit
institution.

	 	 	 	 	 	 	 	 	 
	Signature and seal of	 	Date	 	 
	ANTARGAZ	 	NATIXIS	 	 
	as Assignor	 	As Security Agent on behalf of the Assignees	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	On	 	 	 	 
	 

	 	 	 	 	 	 

	 	 

 

19.

 

SCHEDULE A

List of Assignees

 

20.

 

TRANSLATION FOR INFORMATION PURPOSES ONLY

NOTICE OF ASSIGNMENT OF ACCOUNTS RECEIVABLE AS
REFERRED TO AT 
ARTICLE L. 313-28 OF THE FRENCH MONETARY AND FINANCIAL CODE

			
	From:	 	The Lenders party to the Master Agreement
Represented by NATIXIS as Security Agent

Attention: [Assigned Debtor]

Obj: Assignment of trade receivable by way of security dated as of [                    ]

[                    ], the [                    ]

Dear Sirs,

In accordance with the provisions of Articles L.313-23 to L.313-34 of the French Monetary and
Financial Code, the French company Antargaz (the “Assignor”) assigned to NATIXIS as Security Agent
on behalf of the Lenders the receivable listed on the assignment form dated [                    ] (the “Assignment
Form”), a copy of which is attached hereto, and for which you are debtor (the “Assignment”).

The Assignment was made in accordance with a master agreement for the assignment of accounts
receivable by way of security dated 16 March 2011 (the “Master Agreement”).

In accordance with Article L.313-28 of the French Monetary and Financial Code, you are kindly
requested to refrain, effective from the date of this notice, from making any payment under the
receivable(s) listed on the Assignment Form to the Assignor and consequently, to pay your debt
directly to our account n° [                    ], re [                    ], with our branch located in [                    ].

This letter shall be governed by, and interpreted in accordance with, the laws of France and any
dispute relating hereto shall be referred to the exclusive jurisdiction of the Commercial Court of
Paris.

Yours faithfully,

The Lenders

Represented by NATIXIS

as Security Agent

	 	 	 
	 

By:

	 	 

 

21.

 

TRANSLATION FOR INFORMATION PURPOSES ONLY

DEED OF ACCEPTANCE OF THE ASSIGNMENT OR PLEDGE OF RECEIVABLE

From: [Assigned Debtor]

			
	Attention:	 	NATIXIS as Security Agent
on behalf of the assignees of the Assigned Receivable

Obj: Acceptance of an Assignment of accounts receivable by way of security dated as of [                    ]

[                    ], the [                    ]

Dear Sirs,

We refer to the assignment of accounts receivable by way of security (the “Assignment”) made among
the French company Antargaz as assignor and NATIXIS as assignee.

The Assignment was made pursuant to a master agreement for the assignment of accounts receivable
dated 16 March 2011 (the “Master Agreement”), and pursuant to a deed of assignment dated [                    ]
(the “Assignment Form”), and in accordance with the provisions of Articles L.313-23 to L.313-34 of
the French Monetary and Financial Code.

Further to your demand and in accordance with the provisions of Article L.313-29 of the French
Monetary and Financial Code, we hereby accept the Assignment in our capacity of assigned debtor.

Accordingly, we hereby undertake to directly pay to you any sum due under the receivable held by
the French company [                    ] against us and listed in the Assignment Form (the “Assigned Receivable”)
and to pay our debt directly to your account n° [                    ], re [                    ], with your branch located in
[                    ].

In addition, we hereby expressly and irrevocably waive any rights to raise against the assignees of
the Assigned Receivable any defences based on the underlying contracts entered into between us and
[                    ].

 

22.

 

This deed shall be governed by, and interpreted in accordance with, the laws of France and any
dispute relating hereto shall be submitted to the exclusive jurisdiction of the Commercial Court of
Paris.

Yours faithfully,

[ASSIGNED DEBTOR]

	 	 	 	 	 
	By:
	 	 	 	 
	 
	 	 	 	 
	 

Name:
	 	 

 

31.

 

SCHEDULE 4

LIST OF THE LENDERS

	 	 	 	 	 
	 	 	Revolving	 
	 	 	Commitment (EUR)	 
	Banque Palatine
	 	 	1 400 000	 
	Barclays Bank Plc
	 	 	3 800 000	 
	Banco Bilbao Vizcaya Argentaria
	 	 	1 900 000	 
	BNP Paribas
	 	 	5 700 000	 
	Bred Banque Populaire
	 	 	1 900 000	 
	Caisse Régionale de Crédit Agricole Mutuel de Paris et
d’Ile de France
	 	 	2 000 000	 
	Crédit du Nord
	 	 	1 900 000	 
	Crédit Lyonnais
	 	 	5 700 000	 
	Banque Commerciale pour le Marché de l’Entreprise
	 	 	3 800 000	 
	Crédit Suisse International
	 	 	1 900 000	 
	HSBC France
	 	 	1 900 000	 
	ING Belgium SA, Succursale en France
	 	 	3 800 000	 
	Natixis
	 	 	4 300 000	 
	 
	 	 	 
	 
	 	 	40,000,000	 
	 
	 	 	 

 

32.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00189-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00189-of-00352.parquet"}]]