Document:

exhibit101

Exhibit 10.1  EMPLOYMENT AGREEMENT  THIS EMPLOYMENT AGREEMENT (the "Agreement") is made and entered into by  and between ZEBRA TECHNOLOGIES CORPORATION, a Delaware corporation (the  "Company” or the “Employer"), and Nathan Winters  (the "Executive") as of January 11, 2021.   RECITALS  A. The Employer wishes to employ the Executive, and the Executive desires to accept  employment with the Employer.  B. The Employer and the Executive desire to enter into this agreement to delineate the  terms and conditions of the Executive’s employment.  NOW, THEREFORE, in consideration of the above premises and the following mutual  covenants and conditions, the parties agree as follows:  1. Employment.  As of  the first business day following the appointment of the  Executive by  the Company’s Board of Directors (the “Effective Date”) and following successful  completion of a detailed background check, the Executive accepts and shall commence  employment as the Chief Financial Officer on the following terms and conditions.  The Executive  understands and agrees that the Executive is an at-will employee, and the Executive and the  Employer can, and shall have the right to, terminate the employment relationship at any time for  any or no reason, with or without notice, and with or without cause, subject to the payment  provisions contained in Paragraph 7 of this Agreement.  Nothing contained in this Agreement or  any other agreement shall alter the at-will relationship.  2. Duties.  The Executive shall work for the Employer in a full-time capacity.  The  Executive shall, during the term of the Executive’s employment, have the duties, responsibilities,  powers, and authority customarily associated with the position of an executive officer.  The  Executive shall solely report to, and follow the direction of, the Chief Executive Officer of the  Employer (the “CEO”) or a designee of the Board of Directors of the Company (the “Board”).   The Executive shall diligently, competently, and faithfully perform all duties and will use the  Executive’s best efforts to promote the interests of the Employer.  It shall not be considered a  violation of the foregoing for the Executive to serve on business, industry, civic, religious or  charitable boards or committees, so long as such service is in compliance with the Employer’s  Corporate Governance Guidelines, the CEO is provided notice of such service and, in the CEO’s  reasonable determination, such service does not individually or in the aggregate significantly  interfere with the performance of the Executive's responsibilities as an employee of the Employer  in accordance with this Agreement.  Notwithstanding the foregoing, Executive represents that the  Executive presently serves in a position of authority for, or on a committee, the board of directors,  or a similar governing body of, the entities listed on attached Exhibit A, and that so long as such  service does not individually or in the aggregate significantly interfere with the performance of the  

 

2    Executive's responsibilities as an employee of the Employer in accordance with this Agreement,  Employer will permit Executive to continue such service.  3. Executive Loyalty.  Subject to the terms of this Agreement and the Corporate  Governance Guidelines, the Executive shall devote all of the Executive’s business time, attention,  knowledge, and skill solely and exclusively to the business and interests of the Employer, and the  Employer shall be entitled to all benefits and profits arising from or incident to any and all work,  services, and advice of the Executive.  The Executive expressly agrees that during the term of the  Executive’s employment, the Executive shall not engage, directly or indirectly, as a partner,  officer, director, member, manager, stockholder, supplier, advisor, agent, employee, or in any other  form or capacity, in any other business similar to that of the Employer. The foregoing  notwithstanding, and except as otherwise set forth in Paragraph 8, and provided that none of the  following reflects poorly on the Employer or, in the reasonable determination of the CEO,  individually or in the aggregate significantly interferes with the performance of the Executive’s  responsibilities as an employee of the Employer in accordance with this Agreement, nothing herein  contained shall be deemed to prevent the Executive from (1) otherwise managing the Executive’s  personal investments and financial affairs, or (2) investing the Executive’s money in the capital  stock or other securities of any corporation whose stock or securities are publicly-owned or are  regularly traded on any public exchange, so long as (a) the Executive does not beneficially own  stock in any such corporation if more than five percent (5%) of the Employer’s annual sales are to  such corporation or if the Employer’s products comprise more than five percent (5%) of such  corporation’s annual sales, or (b) the Executive does not beneficially own more than one percent  (1%) of the outstanding capital stock of any such corporation.  4. Compensation.  A. Base Salary.  The Employer shall pay the Executive an initial gross base  salary at an annual rate of $550,000.00 (the "Base Salary"), payable in substantially equal  installments in accordance with the Employer's payroll policy from time to time in effect.  The  Base Salary shall be subject to any payroll or other deductions as may be required to be made  pursuant to law, government order, or by agreement with, or consent of, the Executive.  The Base  Salary shall be reviewed at least annually, and may be increased or decreased from time to time as  shall be determined by the Employer, and once such Base Salary shall have been increased or  decreased, it shall thereafter be treated for all purposes of this Agreement as the Executive’s Base  Salary.  Unless specifically agreed to in writing by the Employer and the Executive, any increase  or decrease in Base Salary shall not limit or reduce any other obligation of the Employer or the  Executive under this Agreement.  B. Incentive Pay.  The Executive shall be eligible to earn a performance  incentive under the 2021 Zebra Incentive Plan or any successor short-term incentive plan, as any  such plan may be amended from time to time, upon the attainment of certain performance  measures.  The Compensation Committee of the Board (the “Compensation Committee”) or the  Board shall set the performance goals and targets for a given year, which goals and targets shall  be the same for executive officers other than personal performance goals and targets and other than  the CEO.  Following the Effective Date, for 2021, the incentive shall be targeted at seventy-five  percent (75%) of the Base Salary (the “Target Incentive”).  In accordance with the short-term  incentive plan established by the Board or the Compensation Committee for 2021, the actual  

 

3    incentive (“Incentive”) earned will be calculated based on the Executive’s prior base earnings and  associated target incentive during the time spent in the 2021 Plan Year in his prior position with  the Company and also based on the corresponding Base Salary actually earned and Target  Incentive following the Effective Date. The Incentive, if any, for a given year (the “Incentive  Year”) may be below, at or above the Target Incentive and shall be paid in the following year in  March of such year, provided, and except as otherwise set forth in Paragraph 7B, the Executive  must be employed by the Employer and in good standing as of the date that the Incentive is paid  to earn any Incentive for the Incentive Year.    C. Equity.  The Executive shall be eligible to be granted equity awards under  and pursuant to the terms of the Zebra Technologies Corporation 2018 Long-Term Incentive Plan,  or any successor long-term incentive plan, as any such plan may be amended from time to time.   Except with respect to the equity awards to be granted in connection with the appointment of the  Executive to Chief Financial Officer, the Executive’s equity awards shall be on the same terms  and conditions as other executive officers other than the CEO.  In connection with the appointment  of the Executive to Chief Financial Officer, the Executive will be granted equity awards with an  aggregate grant date fair value equal to $1,550,000 in accordance with Zebra’s Equity Grant  Approval Process and upon approval of the Compensation Committee of the Board of Directors.   The date of grant will be determined based on the Company’s policies governing off -cycle  grant awards in effect at the time of the appointment. This $1,550,000 award will be in the form  of time-vested restricted stock (40%) and performance-vested restricted stock (60%).  The time- vested restricted stock shall be granted on February 16, 2021, will be on the same terms and  conditions as the equity awards granted in 2020 to executive officers other than the CEO and will  vest in accordance with the terms of the award agreement in 1/3 increments on the anniversary of  the grant date. The performance-vested restricted stock shall be granted on May 6, 2021, will be  on the same terms and subject to the performance period and performance targets contained in the  2021 performance-vested restricted stock awards, and will vest on the three year anniversary of  the grant date.  In subsequent years, the target value of the Executive’s annual grant is reviewed  annually based on market data and other factors and is subject to the approval of the Compensation  Committee of the Board of Directors and may be adjusted.  Future year consideration for an equity  award is conditioned  upon the Employer’s performance; the Executive’s overall performance and  contribution to the business; and Compensation Committee approval; individually or collectively  which may result in an actual award greater than, equal to or less than the target award.  D. Employee Benefits.  During the term of the Executive’s employment, the  Employer shall:  (1) include the Executive in any life insurance, disability insurance,  medical, dental or health insurance, paid time off of four (4) weeks accrued pro- rata in each calendar year, which shall in all instances cease accruing in accordance  with the Employer’s paid time off policy for U.S. employees, savings, and  retirement plans and other benefit plans or programs (including, if applicable, any  excess benefit or supplemental executive retirement plans) maintained by the  Employer for the benefit of its executive officers; and   (2) include the Executive in such perquisites as the Employer may  establish from time to time that are commensurate with the Executive’s position  

 

4    and at least comparable to those received by other executive officers of the  Employer.  Nothing in this Agreement shall be construed to limit, condition, or otherwise encumber the rights  of the Employer, in its sole discretion, to amend, discontinue, substitute or maintain any benefit  plan, program, or perquisite.    5. Expenses.  While employed by the Employer, the Executive shall be entitled to  receive prompt reimbursement for all reasonable and necessary business expenses incurred by the  Executive, in accordance with the practices and policies applicable to executive officers of the  Employer, including travel expenses incurred in connection with the performance of the  Executive’s duties, professional and service company dues, journal subscriptions, educational  seminars, conferences, and symposiums and as required by the Internal Revenue Service to qualify  as ordinary and necessary business expenses under the Internal Revenue Code of 1986, as amended  (the "Code").  To receive reimbursement, the Executive shall comply with Zebra’s travel and  expense reimbursement policy in force, as amended from time to time, and timely submit to the  Employer such vouchers or expense statements that reasonably evidence expenses incurred..  6. Termination.  The Executive's services shall terminate upon the first to occur of the  following events:  A. Death or Disability.  Upon the Executive's date of death or the date the  Executive is given written notice that the Executive has been determined to be disabled by the  Employer.  For purposes of this Agreement, the Executive shall be deemed to be disabled if the  Executive, as a result of illness or incapacity, shall be unable to perform substantially the  Executive’s required duties for a period of one hundred eighty (180) consecutive days with or  without accommodation; provided, however, that if the Executive, after being unable to perform  substantially the Executive’s required duties for a period of less than one hundred eighty (180)  consecutive days as a result of illness or incapacity returns to active duty for less than thirty (30)  days, the period of such active duty  will be disregarded in determining whether the 180  consecutive day threshold has been accumulated (although it will not be accumulated as part of  the 180 day period).  A termination of the Executive's employment by the Employer for disability  shall be communicated to the Executive by written notice and shall be effective on the tenth (10th)  business day after receipt of such notice by the Executive, unless the Executive returns to full-time  performance of the Executive’s duties before such tenth (10th) business day.  B. Cause Termination.  On or as of the date the CEO or the CEO’s designee  provides the Executive with written notice that the Executive is being terminated for Cause.  For  purposes of this Agreement, and as determined by the CEO or the CEO’s designee in the CEO’s  or such designee’s sole discretion, the Executive shall be deemed terminated for “Cause” if the  CEO or the CEO’s designee terminates the Executive after the Executive:  (1) shall have committed, been indicted of, or been convicted of, or  admitted, plea bargained, entered a plea of no contest or nolo contendere to, any  felony of any kind or a misdemeanor, or violated any laws, involving fraud,  dishonesty or an act of moral turpitude;  

 

5    (2) shall have materially breached this Agreement or any other  agreement to which the Executive and the Employer are parties;  (3) shall have materially violated any written Employer policy,  regardless of whether within or outside the scope of the Executive’s authority;  (4) shall have committed willful or intentional misconduct, gross  negligence, or dishonest, fraudulent or unethical behavior, or other conduct  involving serious moral turpitude in the performance of the Executive’s duties  hereunder;   (5) shall have failed or refused to materially comply (to the best of the  Executive’s ability) with a specific direction of the Employer, unless the Executive  reasonably and in good faith believes such specific direction to be unlawful (in  which case the Employer’s termination of the Executive’s employment shall not be  for Cause under this provision); or  (6) engages in any conduct which breaches the Executive’s fiduciary  duty to the Employer, which materially injures the integrity, character or reputation  of the Employer or which impugns Executive's own integrity, character or  reputation so as to cause Executive to be unfit to act in the capacity of an executive  officer of the Employer.   A termination of employment by the Employer for Cause under subparagraphs 6B(2), (3), (4), (5)  or (6) shall be effectuated by the CEO or the CEO’s designee giving the Executive written notice  of the termination within thirty (30) days of the event constituting Cause or the CEO having actual  knowledge of the event constituting Cause, or such longer period as the parties may agree, setting  forth in reasonable detail the specific conduct of the Executive that constitutes Cause, the specific  provisions of this Agreement on which the Employer relies and, to the extent such Cause is  susceptible to cure, providing the Executive with a thirty (30) day cure period.  If such Cause is  susceptible to cure and the Executive fails to remedy the condition within such thirty (30) day cure  period, the Employer may terminate the Executive’s employment within thirty (30) days after the  expiration of the cure period, and if the Employer fails to so terminate the Executive’s  employment, any subsequent termination based upon the same underlying facts shall not constitute  a termination for Cause under this subparagraph 6B.  C. Employer Termination.  On the date the Employer terminates the  Executive's employment for any reason, other than a reason otherwise set forth in this Paragraph 6.  D. Good Reason Termination.  On the date the Executive terminates the  Executive’s employment for Good Reason.  The term “Good Reason” means the occurrence of  any one of the following:  (1) demotion of the Executive by the Employer to a non-executive  officer position (including a material diminution in the status of the Executive’s  responsibilities, authorities, powers or duties taken as a whole) or assignment to the  Executive of any duties materially inconsistent with the Executive’s position, status  or responsibilities under this Agreement;  

 

6    (2) material breach of any provision of this Agreement by the  Employer; or   (3) decrease in Base Salary as in effect on the Effective Date in an  amount equal to or greater than ten percent (10%) (unless such decrease is applied  on a proportionally equal basis to all executive officers of the Employer) (an  “Applicable Decrease”), but only if the Executive terminates the Executive’s  employment with the Employer as a result of an Applicable Decrease within fifteen  (15) business days of the later of (i) the effective date of the Applicable Decrease,  or (ii) the Executive having actual knowledge of Applicable Decrease (“Applicable  Decrease Date”).  For clarification purposes, should the Executive fail to terminate  the Executive’s employment with the Employer within fifteen (15) business days  of the Applicable Decrease Date, such termination shall not constitute termination  of employment by the Executive for Good Reason under this provision.  A termination of employment by the Executive for Good Reason under subparagraph 6D(1) or (2)  shall be effectuated by giving the Employer written notice of the termination within thirty (30)  days of the event constituting Good Reason, setting forth in reasonable detail the specific conduct  of the Employer that constitutes Good Reason and the specific provisions of this Agreement on  which Executive relies and providing the Employer with a thirty (30) day period during which it  may remedy the condition constituting Good Reason.  If the Employer fails to remedy the condition  within such thirty (30) day period, the Executive must terminate the Executive’s employment  within thirty (30) days after the expiration of the cure period, and if the Executive fails to so  terminate the Executive’s employment, any subsequent termination based upon the same  underlying facts shall not constitute a termination for Good Reason under this subparagraph 6D.  E. Resignation.  On the date the Executive terminates the Executive’s  employment for any reason (other than Good Reason), provided that the Executive shall give the  CEO thirty (30) days written notice prior to such date of the Executive’s intention to terminate  such employment.  The CEO or the CEO’s designee may, in the CEO’s or such designee’s sole  discretion, waive such thirty (30) day notice requirement.  7. Compensation Upon Termination.  A. Final Payments.  If the Executive's services are terminated pursuant to  Paragraph 6, the Executive shall be entitled to the Executive’s salary through the Executive’s final  date of active employment plus any accrued but unused vacation pay.  The Executive also shall be  entitled to any benefits mandated under the Consolidated Omnibus Budget Reconciliation Act of  1985 (“COBRA”) or pursuant to the terms of any death, insurance, or retirement plan, program,  or agreement provided by the Employer and to which the Executive is a party or in which the  Executive is a participant, including, but not limited to, any short-term or long-term disability plan  or program, if applicable.  B. Severance Benefits.  (1) In addition to the salary and benefits described in Paragraph 7A, if  the Executive's employment is terminated pursuant to Paragraphs 6C or 6D, the  

 

7    Executive shall be entitled to the following: (i) the continuation of the Executive’s  Base Salary at the annual salary rate then in effect (before any reduction under  Paragraph 6D(3) which is made on a proportionally equal basis to all executive  officers and which is made within the one (1) year period preceding the date the  Executive’s employment is terminated), for a period of one year following the  termination of the Executive’s employment (the “Severance Period”), payable  commencing on the first regularly scheduled payroll date after the date the  Executive’s employment is terminated and continuing thereafter on each  subsequent payroll date throughout the Severance Period in accordance with the  Employer’s payroll policy from time to time in effect and subject to the limitations  imposed under subparagraph 7B(3); (ii) a pro-rata portion of the  Incentive for the  year in which the Executive’s employment terminates calculated in accordance  with the terms of the relevant Zebra Incentive Plan, if such Incentive would have  been earned had the Executive been employed and in good standing as of the date  the Incentive otherwise is paid to other executive officers of the Employer, and  payable at the time the Incentive otherwise is paid to other senior level executives  of the Employer; (iii) any unpaid Incentive attributable to the calendar year prior to  the calendar year in which the Executive’s employment terminates, if such  Incentive would have been earned per the terms of the relevant Zebra Incentive  Plan had the Executive been employed and in good standing as of the date the  Incentive otherwise is paid to other executive officers of the Employer, and payable  at the time the Incentive otherwise is paid to other executive officers of the  Employer; (iv) a payment equal to one hundred percent (100%) of the Target  Incentive (before any reduction under Paragraph 6D(3) which is made on a  proportionally equal basis to all executive officers and which is made within the  one (1) year period preceding the date the Executive’s employment is terminated),  based upon the Base Salary then in effect as determined under subparagraph  7B(1)(i), to be calculated per the terms of the relevant Zebra Incentive Plan and  paid at the same time that performance Incentives are paid by the Employer to its  executive officers with respect to the year in which such termination occurs;  (v) equity compensation, if any, subject to the terms of the Executive’s respective  award agreements and governing Long Term Incentive Plans; (vi) professional  outplacement services by a company selected by, and paid by, the Employer within  one (1) year after the date of termination, in an amount not to exceed $32,000 and  which amount is subject to all applicable taxes; and (vii) continued coverage of the  Executive and the Executive’s dependents in the medical and dental insurance plans  then sponsored by the Employer, as mandated by COBRA, which may continue to  the extent required by applicable law and the Employer shall pay for such coverage,  at the same rate the Employer pays for health insurance coverage for its active  employees under its group health plan (with the Executive required to pay for any  employee-paid portion of such coverage), through the earlier of (a) the last day of  the Severance Period or (b) the date the Executive becomes eligible for coverage  under another group health plan; provided, however, that nothing herein shall be  construed to extend the period of time over which such COBRA continuation  coverage may be provided to the Executive and the Executive’s dependents beyond  that mandated by law and; provided further, that the Executive shall be required to  

 

8    pay the cost of such COBRA continuation coverage for any time following the last  day of the Severance Period.  (2) The foregoing notwithstanding, if at any time within one hundred  twenty (120) days immediately preceding or one (1) year immediately following a  "Change in Control," the Executive’s employment is terminated pursuant to  Paragraph 6C or 6D, the Executive shall be entitled to the following compensation,  in lieu of any payments otherwise set forth in Paragraph 7B(1)(i) and (iv) above,  and payable within sixty (60) days following the later of the Change in Control or  the termination, subject, however, to the limitations imposed under subparagraph  7B(3) and (4): two (2.0) times the Executive’s Base Salary at the annual rate then  in effect (before any reduction under Paragraph 6D(3) which is made on a  proportionally equal basis to all executive officers and which is made prior to the  Change in Control and within the one (1) year period preceding the date the  Executive’s employment is terminated) and two (2.0) times the Target Incentive  (before any reduction under Paragraph 6D(3) which is made on a proportionally  equal basis to all executive officers and which is made prior to the Change in  Control and within the one (1) year period preceding the date the Executive’s  employment is terminated), based upon the Base Salary then in effect as determined  under this subparagraph 7B(2).  In addition, upon the termination of the Executive’s  employment as set forth in this subparagraph 7B(2) the Executive and the  Executive’s dependents shall be offered continued coverage under the Employer’s  group health plan for the duration of the COBRA continuation period on the same  financial terms as described above in subparagraph 7B(1)(vii) and shall also be  entitled to the compensation and benefits, if any, set forth in subparagraphs  7B(1)(ii), (iii), (v) and (vi), above.  (3) Notwithstanding any of the above Sections on timing of payment, if  the Executive is a “specified employee” as such term is defined under Section 409A  of the Code and the regulations and guidance promulgated thereunder, any  payments described in this Paragraph 7B or Paragraph 7C to the extent applicable  shall be delayed for a period of six (6) months following the Executive’s separation  of employment to the extent and up to an amount necessary to ensure such  payments are not subject to the penalties and interest under Section 409A of the  Code.    (4) The payments and benefits to be made under this Paragraph 7B shall  be further conditioned upon the Executive’s execution of an agreement acceptable  to the Employer that (i) waives any rights the Executive may otherwise have against  the Employer, and (ii) releases the Employer from actions, suits, claims,  proceedings and demands related to the period of employment and/or the  termination of employment to the extent permissible by law.  Such agreement shall  be provided to the Executive prior to or promptly following the Executive’s  termination of employment, and must be executed by the Executive and returned to  the Employer within the time prescribed in such agreement (but in no event later  than the sixtieth (60th) day following termination of employment).   No payments  shall be made pursuant to Paragraph 7B unless and until the Employer shall have  

 

9    received such agreement and any period during which the Executive may revoke  such agreement shall have expired without revocation.  In the event such period  spans two (2) calendar years, payment will not commence until the second calendar  year and after the severance agreement and general release of claims has become  effective.  Any payments which the Executive would have otherwise received prior  to the end of such revocation period shall be paid, in a single lump sum without  interest, as soon as practical after the revocation period expires, but in no event later  than March 15 of the year following the year in which the termination of  employment occurs.  For purposes of this Paragraph 7B, "Change in Control" shall  be as defined under the 2018 Long-Term Incentive Plan,  as in effect on the date  hereof, which definition is incorporated herein by reference; provided, however,  the definition of Change in Control as set forth herein is not intended to be broader  than the definition of a “change in control event” as defined by reference to the  regulations under Section 409A of the Code, and the payments described in  Paragraph 7B(2) shall not be payable unless the applicable Change in Control  constitutes a change in control event in accordance with Section 409A of the Code  and the regulations and guidance promulgated thereunder.   (5) Subject to the limitations set forth under Section 7B(3), each  installment of Base Salary and Incentive paid under Section 7B is designated as a  separate payment for purposes of the short-term deferral rules under Treasury  Regulation Section 1.409A-1(b)(4)(i)(F) and the exemption for involuntary  terminations under separation pay plans under Treasury Regulation Section  1.409A-1(b)(9)(iii).  As a result, the following payments are intended to be exempt  from Section 409A of the Code: (1) payments that are made on or before the 15th  day of the third month of the calendar year following the calendar year in which  the Executive terminates employment, and (2) subsequent payments made on or  before the last day of the second calendar year following the year of the Executive’s  termination that do not exceed the lesser of two times the Executive’s annual rate  of pay in the year prior to the Executive’s termination or two times the limit under  Section 401(a)(17) of the Internal Revenue Code then in effect.  In the event that  any provision of this Agreement is deemed to be subject to Section 409A of the  Code, the Employer shall administer this Agreement in accordance with the  requirements set forth in Section 409A of the Code and any rules and regulations  issued thereunder.  If any provision of this Agreement does not comply with the  requirements of Section 409A of the Code, the Employer, in exercise of its sole  discretion and without consent of the Executive, may amend or modify this  Agreement in any manner to the extent necessary to meet the requirements of  Section 409A of the Code; provided, that any such amendment or modification  shall not reduce or diminish the amount or value of any payment to be made to  Executive under this Agreement.  

 

10    C. Excise Tax.  If it shall be determined that any payment to the  Executive pursuant to this Agreement or any other payment or benefit from the  Employer, any affiliate, any stockholder of the Employer or any other person that  constitutes a “parachute payment” as defined by Section 280G of the Code would  be subject to the excise tax imposed by Section 4999 of the Code because the total  present value of such parachute payments equals or exceeds three times the “Base  Amount” (as defined under Section 280G of the Code), then such parachute  payments shall be reduced to an amount (the “Reduced Amount”) such that the  total present value of all such parachute payments, calculated as provided in Section  280G, equals one dollar less than three times the Base Amount; provided, however,  that such reduction shall be made if and only if the Reduced Amount is at least  equal to the total amount of all parachute payments prior to such reduction less the  amount of the excise tax that would be imposed on the Executive under Section  4999 if the parachute payments were not so reduced.  Such reduction shall be done  (i) first by reducing all cash parachute payments in the reverse order that they are  scheduled to be paid, (ii) next by reducing all performance-vested equity grants, the  acceleration of which would result in parachute payments, in proportion to the value  of such grants, and (iii) next by reducing all time-vested equity grants, the  acceleration of which would result in parachute payments, in the reverse order of  the date on which they would otherwise have vested, and the Executive hereby  consents to the reduction of any parachute payments, the payment or vesting of  which is not governed by this Agreement.    8. Restrictive Covenants.  A. Confidentiality.  (1) Confidential Information.  The Executive understands that the  Employer possesses Confidential Information which is important to its business,  the Employer devotes significant financial, human and other resources to the  development of its products, its customer base and the general goodwill associated  with its business and the Employer diligently maintains the secrecy and  confidentiality of its Confidential Information.  For purposes of this Agreement,  Confidential Information is information that was or will be developed, created, or  discovered by or on behalf of the Employer, or which became or will become  known by, or was or is conveyed to the Employer, which has commercial value in  the Employer’s business.  “Confidential Information” means any and all  financial, technical, commercial or other information concerning the business and  affairs of the Employer that is confidential and proprietary to the Employer,  including without limitation, (i) information relating to the Employer’s past and  existing customers and vendors and development of prospective customers and  vendors, including specific customer product requirements, pricing arrangements,  payment terms, customer lists and other similar information; (ii) inventions,  designs, methods, discoveries, works of authorship, creations, improvements or  ideas developed or otherwise produced, acquired or used by the Employer; (iii) the  Employer’s proprietary programs, processes or software, consisting of but not  limited to, computer programs in source or object code and all related  

 

11    documentation and training materials, including all upgrades, updates,  improvements, derivatives and modifications thereof and including programs and  documentation in incomplete stages of design or research and development; (iv) the  subject matter of the Employer’s patents, design patents, copyrights, trade secrets,  trademarks, service marks, trade names, trade dress, manuals, operating  instructions, training materials, and other industrial property, including such  information in incomplete stages of design or research and development; and (v)  other confidential and proprietary information or documents relating to the  Employer’s products, business and marketing plans and techniques, sales and  distribution networks and any other information or documents which the Employer  reasonably regards as being confidential.  (2) Employer Materials.  Executive understands that the Employer  possesses or will possess Employer Materials which are important to its business.  For purposes of this Agreement, “Employer Materials” are documents or other  media or tangible items that contain or embody Confidential Information or any  other information concerning the business, operations or future/strategic plans of  the Employer, whether such documents have been prepared by the Executive or by  others.  (3) Treatment of Confidential Information and Employer Property.  In  consideration of the Executive’s employment by the Employer, the compensation  received by the Executive from the Employer, and the Employer’s agreement to  give Executive access to certain Confidential Information, the Executive agrees as  follows:  (a) All Confidential Information and trade secret rights, and  other intellectual property and rights (collectively “Rights”) in connection  therewith will be the sole property of the Employer.  At all times, both  during the Executive’s employment by the Employer and after its  termination for any reason, Executive will keep in confidence and trust and  will not use or disclose any Confidential Information or anything relating to  it without the prior written consent of the CEO or the CEO’s designee,  except as may be necessary and appropriate in the ordinary course of  performing the Executive’s duties to the Employer.  (b) All Employer Materials will be the sole property of the  Employer.  The Executive agrees that during the Executive’s employment  by the Employer, the Executive will not remove any Employer Materials  from the business premises of the Employer or deliver any Employer  Materials to any person or entity outside the Employer, except in connection  with performing the duties of the Executive’s employment.  The Executive  further agrees that, immediately upon the termination of the Executive’s  employment by the Executive or by the Employer for any reason, or during  the Executive’s employment if so requested by the Employer, the Executive  will return all Employer Materials, apparatus, equipment and other physical  

 

12    property, or any reproduction of such property, excepting only the  Executive’s copy of this Agreement.  B. Non-Solicitation and Non-Competition.  In consideration for the  compensation and benefits granted by the Employer to Executive under this Agreement, and in  further consideration by the Executive’s appointment and promotion to Chief Financial Officer of  the Employer, the Executive hereby agrees that during the Executive’s employment by the  Employer and for a period ending twelve (12) months after the Executive’s termination of  employment with the Employer, the Executive will not directly or indirectly:  (1) Contact, solicit, interfere with or divert any of the Employer’s or its  subsidiaries’ customers by disclosing, divulging, using or relying on Confidential  Information, proprietary information or trade secrets acquired during the  Executive’s employment with the Employer;     (2) Accept employment or engage in a competing business, or engage in any  activity that may result in the disclosure, divulging or otherwise use of Confidential  Information acquired during the Executive’s employment with the Employer; and    (3) Solicit any person who is employed by the Employer or any subsidiary of  the Employer for the purpose of encouraging that employee to cease employment  with the Employer or join Executive as a partner, agent, employee or otherwise in  any business activity which is competitive with the Employer or any subsidiary of  the Employer.    C. Nondisparagement.  While employed by the Employer and for a one year  period thereafter, the Executive shall refrain from (1) making any false statement about the  Employer, and (2) all conduct, verbal or otherwise, that disparages or damages or could disparage  or damage the reputation, goodwill, or standing in the community of the Employer or any of its  subsidiaries or affiliates, or any of their officers, directors, employees and stockholders,  or that  could have a deleterious effect upon the Employer’s or any of its subsidiaries’ or affiliates’  business; provided, however, that nothing contained in this Paragraph 8C or any other paragraph  of this Agreement shall preclude the Executive from making in good faith any statement in  connection with or participating in any investigation that is conducted pursuant to any law or any  order of any court or regulatory commission.  D. Forfeitures.  In the event that the Executive breaches any of the restrictions  in this Paragraph 8, the Executive shall forfeit all of the applicable payments and benefits under  this Agreement, including but not limited to such payments and benefits pursuant to Paragraph 7  (except those contained in Paragraph 7A or as otherwise prohibited by law), and the Employer  shall have the right to recapture and seek repayment of any such applicable payments and benefits  under this Agreement.  Any Incentive, Severance or proceeds from Equity referenced under this  Agreement may be subject to clawback policies currently in force by the Employer.  Any such  clawback policies under their terms may provide the Employer rights to recoup Incentive,  Severance and/or Equity proceeds notwithstanding any term of this Agreement. The Employer and  the Executive acknowledge that the remedies set forth hereunder are not to be considered a form  

 

13    of liquidated damages and the forfeiture, recapture or repayment shall not be the exclusive  remedies hereunder.  E. Intellectual Property.  The Employer has adopted a policy on Inventions  intended to encourage research and inventions by its employees, to appraise and determine relative  rights and equities of all parties concerned, to facilitate patent applications, licensing, and the  generation of royalties, if any, and to provide a uniform procedure in patent matters when the  Employer has a right or equity.  “Inventions” includes all improvements, inventions, designs,  formulas, works of authorship, trade secrets, technology, computer programs, compositions, ideas,  processes, techniques, know-how and data, whether or not patentable, made or conceived or  reduced to practice or developed by the Executive, either alone or jointly with others, during the  term of the Executive’s employment, including during any period prior to the date of this  Agreement.  (1) Ownership and Assignment.  Except as defined in this Agreement,  all Inventions which the Executive makes, conceives, reduces to practice or  develops (in whole or in part, either alone or jointly with others) during the  Executive’s employment will be the sole property of the Employer to the maximum  extent permitted by law.  The Executive agrees to assign such Inventions and all  Rights in them to the Employer.  Exemptions from this Agreement to assign may  be authorized in those circumstances where the mission of the Employer is better  served by such action, provided that overriding obligations to other parties are met  and such exemptions are not inconsistent with other Employer policies.  Further,  the Executive may petition the Employer for license to make, market or sell a  particular Invention.  The Employer may release patent rights to the inventor in  those circumstances when:  (a) the Employer provides the Executive with notification in  writing that it elects not to file a patent application and the inventor is  prepared to do so at the Executive’s expense, or  (b) at the Employer’s discretion, the equity of the situation  indicates that such release should be given, provided in either case that no  further research or development to develop that invention will be conducted  involving Employer support or facilities, and provided further that a shop  right is granted to the Employer and, at the Employer’s discretion, the  Employer shall have a royalty-free, assignable license to the Invention and  any intellectual property rights related to it.  The provisions of Paragraph 8E(1) do not apply to an Invention for which no  equipment, supplies, facility, or trade secret information of the Employer was used  and which was developed entirely on the Executive’s own time, unless (a) the  Invention relates (1) to the business of the Employer, or (2) to the Employer’s actual  or demonstrably anticipated research or development, or (b) the Invention results  from any work performed by the Executive for the Employer.  

 

14    (2) Disclosure to the Employer.  The Executive promptly will disclose  in writing to the CEO, with a copy to the General Counsel of the Employer, all  Inventions.  The Executive also will disclose to the General Counsel of the  Employer all things that would be Inventions if made during the term of the  Executive’s employment, conceived, reduced to practice, or developed by the  Executive within six months after the termination of the Executive’s employment  with the Employer, unless the Executive can demonstrate that the Invention has  been conceived and first reduced to practice by the Executive following the  termination of the Executive’s employment with the Employer.  Such disclosures  will be received by the Employer in confidence (to the extent they are not assigned  in this Paragraph and do not extend the assignment made in this Paragraph.)  The  Executive will not disclose Inventions to any person outside the Employer unless  requested to do so by the CEO or the General Counsel of the Employer.  (3) Assistance with Rights.  The Executive agrees to perform, during  and after employment, all acts deemed necessary or desirable by the Employer to  permit and assist it, at the Employer’s expense, in obtaining, maintaining, defending  and enforcing Rights with respect to such Inventions and improvements in any and  all countries.  Such acts may include, but are not limited to, execution of documents  and assistance or cooperation in legal proceedings.  The Executive agrees to execute  such declarations, assignments, or other documents as may be necessary in the  course of Invention evaluation, patent prosecution, or protection of patent or  analogous property rights, to assure that title in such Inventions will be held by the  Employer or by such other parties designated by the Employer as may be  appropriate under the circumstances.  The Executive irrevocably designates and  appoints the Employer and its duly authorized officers and agents, as the  Executive’s agents and attorneys-in-fact to act for and on the Executive’s behalf  and instead of the Executive, to execute and file any documents and to do all other  lawfully permitted acts to further the above purposes with the same legal force and  effect as if executed by the Executive.  (4) Moral Rights.  Any assignment of copyright pursuant to this  Agreement includes all rights of paternity, integrity, disclosure and withdrawal and  any other rights that may be known as or referred to as “moral rights” (collectively  “Moral Rights”).  To the extent such Moral Rights cannot be assigned under  applicable law and to the extent the following is allowed by the laws in the various  countries where Moral Rights exist, Executive hereby waives such Moral Rights  and consents to any action of the Employer that would violate such Moral Rights  in the absence of such consent.  The Executive will confirm any such waivers and  consents from time to time as requested by the Employer.  F. No Conflicts.  The execution and delivery of this Agreement by the  Executive does not conflict with, or result in a breach of or constitute a default under, any  agreement or contract, whether oral or written, to which the Executive is a party or by which the  Executive may be bound.  In addition, the Executive has informed the Employer of, and provided  the Employer with copies of, any non-solicitation, non-competition, confidentiality, work-for-hire  or similar agreements to which the Executive is subject or may be bound.    

 

15    G. Disclosure.  The Executive acknowledges and agrees that the scope  described above is necessary and reasonable in order to protect the Employer in the conduct of its  business and that, if the Executive becomes employed by another employer, the Executive shall  be required to disclose the existence of this Paragraph 8 to such employer and the Executive hereby  consents to and the Employer is hereby given permission to disclose the existence of this Paragraph  8 to such employer.  H. Market Information.  The Executive acknowledges that the Executive may  become aware of "material" nonpublic information relating to the Employer’s vendors, suppliers,  alliance and/or joint venture partners, customers, or competitors (each, a “Business Partner”)  whose stocks are publicly traded.  The Executive acknowledges that the Executive is prohibited  by law as well as by Employer policy from trading in the shares of such Business Partners while  in possession of such information or directly or indirectly disclosing such information to any other  persons so that they may trade in these shares. For purposes of this Paragraph H, "material"  information may include any information, positive or negative, which might be of significance to  an investor in determining whether to purchase, sell or hold the stock of publicly traded customers.   Information may be significant for this purpose even if it would not alone determine the investor's  decision.  Examples include a potential business acquisition, internal financial information that  departs in any way from what the market would expect, the acquisition or loss of a major contract,  or an important financing transaction.  I. Unauthorized Material.  The Employer does not wish to incorporate any  unlicensed or unauthorized material into its products or services or those of its subsidiaries.   Therefore, the Executive agrees that the Executive will not knowingly disclose to the Employer, use  in the Employer's business, or cause the Employer to use, any information or material which is  confidential or proprietary to any third party including, but not limited to, any former employer,  competitor or client, unless the Employer has a right to receive and use such information.  The  Executive will not incorporate into the Executive’s work any material which is subject to the  copyrights of any third party unless the Employer has a written agreement with such third party or  otherwise has the right to receive and use such information.  J. Injunctive Relief.  It is agreed that any breach or anticipated or threatened  breach of any of the Executive's covenants contained in this Paragraph 8 will result in irreparable  harm and continuing damages to the Employer and its business and that the Employer's remedy at  law for any such breach or anticipated or threatened breach will be inadequate and, accordingly,  in addition to any and all other remedies that may be available to the Employer at law or in equity  in such event, any court of competent jurisdiction may issue a decree of specific performance or  issue a temporary and permanent injunction, without the necessity of the Employer posting bond  or furnishing other security and without proving special damages or irreparable injury, enjoining  and restricting the breach, or threatened breach, of any such covenant, including, but not limited  to, any injunction restraining the Executive from disclosing, in whole or part, any Confidential  Information.  The Executive further agrees to pay all of the Employer's costs and expenses,  including reasonable attorneys' and accountants' fees, incurred in successfully enforcing such  covenants.  9. Notices.  Any and all notices required in connection with this Agreement shall be  deemed adequately given only if in writing and (a) personally delivered, or sent by first class,  

 

16    registered or certified mail, postage prepaid, return receipt requested, or by recognized overnight  courier, (b) sent by electronic mail, provided a hard copy is mailed on that date to the party for  whom such notices are intended, or (c) sent by other means at least as fast and reliable as first class  mail.  A written notice shall be deemed to have been given to the recipient party on the earlier of  (a) the date it shall be delivered to the address required by this Agreement; (b) the date delivery  shall have been refused at the address required by this Agreement; (c) with respect to notices sent  by mail or overnight courier, the date as of which the Postal Service or overnight courier, as the  case may be, shall have indicated such notice to be undeliverable at the address required by this  Agreement; or (d) with respect to electronic mail, the date on which the electronic mail is sent and  receipt of which is confirmed.  Any and all notices referred to in this Agreement, or which either  party desires to give to the other, shall be addressed to the Executive’s residence in the case of the  Executive, or, if to the Employer, to:  General Counsel   Zebra Technologies Corporation  3 Overlook Point  Lincolnshire, IL 60069  Either party may from time to time designate a new address by notice given in accordance with  this Paragraph 9.  10. Waiver of Breach.  A waiver by either party of a breach of any provision of this  Agreement by the other party shall not operate or be construed as a waiver or estoppel of any  subsequent breach by such other party.  No waiver shall be valid unless in writing and signed by  an authorized officer of the Employer or by the Executive, as the case may be.  11. Assignment.  The Executive acknowledges that the services to be rendered by the  Executive are unique and personal.  Accordingly, the Executive may not assign any of the  Executive’s duties or obligations under this Agreement.  This Agreement shall be binding upon  and inure to the benefit of the Executive, the Executive’s estate and beneficiaries.  The rights and  obligations of the Employer under this Agreement shall inure to the benefit of and shall be binding  upon the successors and assigns of the Employer.  12. Entire Agreement.  This Agreement and the documents referred to in it constitute  the entire and final agreement between the parties; provided, however, that (i) any award or  agreement that I have received from Company under any Long-Term Incentive Plan, or  comparable compensation plan that permits forfeiture or clawback of awards due to breach of any  post-employment restrictions set forth therein apply in addition to any remedies available under  this Agreement and (ii) any Indemnification Agreement between the Employer and Executive shall  not be affected by this Agreement and remains in full force and effect.  No change or modification  of this Agreement shall be valid unless in writing and signed by the Employer and the Executive.    13. Severability.  If any provision of this Agreement shall be found invalid or  unenforceable for any reason, in whole or in part, then such provision shall be deemed modified,  restricted, or reformulated to the extent and in the manner necessary to render the same valid and  enforceable, or shall be deemed excised from this Agreement, as the case may require, and this  Agreement shall be construed and enforced to the maximum extent permitted by law, as if such  

 

17    provision had been originally incorporated herein as so modified, restricted, or reformulated or as  if such provision had not been originally incorporated herein, as the case may be.  The parties  further agree to seek a lawful substitute for any provision found to be unlawful; provided, that, if  the parties are unable to agree upon a lawful substitute, the parties desire and request that a court  or other authority called upon to decide the enforceability of this Agreement modify those  restrictions in this Agreement that, once modified, will result in an agreement that is enforceable  to the maximum extent permitted by the law in existence at the time of the requested enforcement.  14. Headings.  The headings in this Agreement are inserted for convenience only and  are not to be considered a construction of the provisions hereof.  15. Execution of Agreement.  This Agreement may be executed in several counterparts,  each of which shall be considered an original, but which when taken together, shall constitute one  agreement.  16. Recitals.  The recitals to this Agreement are incorporated herein as an integral part  hereof and shall be considered as substantive and not precatory language.  17. Governing Law; Choice of Forum.  This Agreement shall be governed by, and  construed in accordance with,  the laws of the State of Illinois, without reference to its conflict of  law provisions.  Furthermore, the Executive agrees and consents to submit to personal jurisdiction  in the State of Illinois in any state or federal court of competent subject matter jurisdiction situated  in Lake or Cook County, Illinois.  The Executive further agrees that the sole and exclusive venue  for any suit arising out of, or seeking to enforce, the terms of this Agreement shall be in a state or  federal court of competent subject matter jurisdiction situated in Lake or Cook County, Illinois.   In addition, the Executive waives any right to challenge in another court any judgment entered by  such Lake or Cook County court or to assert that any action instituted by the Employer in any such  court is in the improper venue or should be transferred to a more convenient forum.  Further, the  Executive waives any right the Executive may otherwise have to a trial by jury in any action to  enforce the terms of this Agreement.  18. Indemnification.  The Employer shall obtain and maintain for the Executive  directors’ and officers’ liability insurance coverage and shall indemnify the Executive to the extent  permitted under the Employer’s By-Laws and/or Certificate of Incorporation and/or any  indemnification agreement between the Employer and the Executive.  19. No Mitigation.   The Executive shall have no obligation or duty to seek subsequent  employment or engagement as an employee (including self-employment) or as a consultant or  otherwise mitigate the Employer’s obligation under this Agreement.  Payments and benefits due  under Paragraph 7 of this Agreement shall not be reduced by any compensation earned by the  Executive as an employee or consultant from any employment or consulting arrangement after the  Executive’s termination of employment.     

 

18    IN WITNESS WHEREOF, the parties have set their signatures on the date set forth below.  ZEBRA TECHNOLOGIES CORPORATION: EXECUTIVE:    By:  /s/ Anders Gustafsson   By:  /s/ Nathan Winters         Anders Gustafsson, CEO     Nathan Winters      Date signed: January 11, 2021  Date signed:  January 11, 2021exhibit1050

13 November 2020  THE ENTITIES LISTED IN SCHEDULE 1  as Initial Sellers, Initial Servicers and Initial Depositors  ZEBRA TECHNOLOGIES CORPORATION  as Centralising Agent and Parent Company  ESTER FINANCE TECHNOLOGIES  as Purchaser and Deposit Beneficiary  CREDIT AGRICOLE CORPORATE & INVESTMENT BANK  as Programme Manager and Arranger  CREDIT AGRICOLE LEASING & FACTORING  as Programme Agent  FIRST DEED OF AMENDMENT relating to the  MASTER FRAMEWORK AGREEMENT  dated 29 April 2020  Herbert Smith Freehills Paris LLP  1  

 

THIS FIRST DEED OF AMENDMENT is made and delivered as a deed on 13 November 2020  AMONG:  (1) THE ENTITIES listed in Schedule 1 (as the case may be, the "Initial Sellers", the "Initial Servicers" or the "Initial Depositors"); (1) ZEBRA TECHNOLOGIES CORPORATION, a corporation formed under the laws of the State of Delaware (United States of America) (the "Centralising Agent" and the "Parent Company"); (2) ESTER FINANCE TECHNOLOGIES (formerly known as Ester Finance Titrisation), a French société anonyme à directoire et conseil de surveillance duly licensed as a credit institution in France by the Autorité de Contrôle Prudentiel et de Résolution, whose registered office is at 12 place des Etats-Unis, CS 70052, 92547 Montrouge Cedex, France, registered with the Registre du Commerce et des Sociétés of Nanterre under number 414 886 226 (the "Purchaser" or the "Deposit Beneficiary"); (3) CREDIT AGRICOLE CORPORATE & INVESTMENT BANK, a French société anonyme, duly licensed as a credit institution in France by the Autorité de Contrôle Prudentiel et de Résolution, whose registered office is at 12 place des Etats-Unis, CS 70052, 92547 Montrouge Cedex, France, registered with the Registre du Commerce et des Sociétés of Nanterre under number 304 187 701 ("CA-CIB") as Programme Manager (in such capacity, the "Programme Manager") and arranger (in such capacity, the "Arranger"); and (4) CREDIT AGRICOLE LEASING & FACTORING, a French société anonyme, whose registered office is at 12 place des Etats-Unis, CS 70052, 92547 Montrouge Cedex, France, registered with the Registre du Commerce et des Sociétés of Nanterre under number 692 029 457 (the "Programme Agent"). each, a "Party" and together the "Parties". WHEREAS:  (A) The Parties entered into a master framework agreement entitled "Master Framework Agreement" dated 29 April 2020 (the "Master Framework Agreement") in relation to the setting up of a trade receivables sale programme (the "Programme"). (B) The Parties wish to enter into this first deed of amendment (the "Deed") in order to implement certain technical amendments agreed by the Parties to the Master Framework Agreement in accordance with the terms of this Deed. IT IS HEREBY AGREED AS FOLLOWS:  DEFINITIONS AND INTERPRETATION  1.1 Definitions  Unless otherwise defined herein or the context otherwise requires, capitalised terms and  expressions used herein shall have the meanings ascribed to them in the Master  Framework Agreement as amended by this Deed and the following terms shall have the  following meanings:  "Restated Master Framework Agreement" means the Master Framework Agreement as  amended and restated in accordance with this Deed in the form set out in Schedule 2  (Amended and restated Master Framework Agreement).  1.2 Interpretation  This Deed shall be construed in accordance with the construction rules set out at clause  1.2 of the Master Framework Agreement.   07/17145540_3 2  

 

  07/17145540_3 3  1.3 Contracts (Rights of Third Parties) Act 1999  The provisions of clause 27.10 (Contracts (Rights of Third Parties) Act 1999) of the Master  Framework Agreement shall apply to this Deed.     AMENDMENT TO THE MASTER FRAMEWORK AGREEMENT  The Parties acknowledge and agree that as from the date of this Deed, the Master  Framework Agreement shall be amended and restated with effect from (and including) the  date of this Deed so as to exclusively read as attached as Schedule 2 (Amended and  restated Master Framework Agreement) and so that the rights and obligations of the  parties to this Deed relating to their performance under the Master Framework Agreement  from (and including) the date of this Deed shall be governed by, and construed in  accordance with, the terms of the Restated Master Framework Agreement.   EFFECTIVE DATE  This Deed shall enter into force on the date hereof.   REPRESENTATIONS   4.1 Each Zebra Entity makes the representations set out in clause 16.1 (Representations) of  the Master Framework Agreement as at the date of this Deed, by reference to the facts and  circumstances now existing as if references to the Transaction Documents included  references to this Deed.   CONTINUATION AND FURTHER ASSURANCE  5.1 This Deed is supplemental to, and shall be construed as one with, the Master Framework  Agreement.  5.2 Except as varied by the terms of this Deed, the Master Framework Agreement will remain  in full force and effect and any reference in this Deed to the Master Framework Agreement  or to any provision of the Master Framework Agreement will be construed as a reference to  the Master Framework Agreement, or that provision, as amended and restated by this  Deed.  5.3 Each Party, shall, at the request of the Purchaser or the Programme Manager and at such  Party's own expense, do all such acts and things necessary or desirable to give effect to  the amendments effected or to be effected pursuant to this Deed.   5.4 Each of the Purchaser, the Parent Company, the Centralising Agent, the Initial Depositors,  the Initial Servicers and the Initial Sellers confirm that any security or guarantee created or  given by it in connection with a Transaction Document (including, for the avoidance of  doubt, the Parent Undertaking) will (a) continue to be in full force and effect; and (b) extend  to the relevant liabilities and obligations under the Transaction Documents as amended by  this Deed.  5.5 The Parties hereby designate this Deed as a Transaction Document.  5.6 Except as otherwise provided in this Deed, the Transaction Documents remain in full force  and effect.  5.7 Each Zebra Entity agrees that it shall promptly, upon the request of the Programme  Manager, execute and deliver at its own expense any document and do any act or thing in  order to confirm or establish the validity and enforceability of this Deed.  

 

  07/17145540_3 4   FEES AND EXPENSES  Each Zebra Entity shall promptly upon demand pay any Finance Party the amount of all  reasonable and duly documented fees, costs and expenses (including legal fees and any  applicable value added tax or other similar tax thereon) incurred by it in connection with the  negotiation, preparation, printing and execution of this Deed.   COUNTERPARTS  This Deed may be executed in any number of counterparts, and this has the same effect  as if the signatures on the counterparts were on a single copy of this Deed.   GOVERNING LAW  This Deed and any non-contractual obligations arising therefrom is governed by, and shall  be construed in accordance with, English law.   JURISDICTION  9.1 Any dispute relating to the existence, validity, interpretation, performance or any other  matter arising out of this Deed (including any non-contractual rights or claims) shall be  subject to the exclusive jurisdiction of the courts of England and Wales (a "Dispute").  9.2 The Parties agree that the courts of England are the most appropriate and convenient  courts to settle Disputes and accordingly no Party will argue to the contrary.  IN WITNESS whereof this Deed has been executed and delivered as a deed on the date first  above written.   

 

  07/17145540_3 6  SCHEDULE 2  AMENDED AND RESTATED MASTER FRAMEWORK AGREEMENT     

 

07/17532116_3 1  29 April 2020  (as amended and restated on 13 November 2020)  THE ENTITIES LISTED IN Part A OF Schedule 1  as Initial Sellers, Initial Servicers and Initial Depositors  ZEBRA TECHNOLOGIES CORPORATION  as Centralising Agent and Parent Company  ESTER FINANCE TECHNOLOGIES  as Purchaser and Deposit Beneficiary  CREDIT AGRICOLE CORPORATE & INVESTMENT BANK  as Programme Manager and Arranger  CREDIT AGRICOLE LEASING & FACTORING  as Programme Agent  MASTER FRAMEWORK AGREEMENT  Herbert Smith Freehills Paris LLP  

 

  07/17532116_3 1  TABLE OF CONTENTS    Clause Headings     Page  1. DEFINITIONS AND CONSTRUCTION .......................................................................... 3  2. PURPOSE .................................................................................................................... 25  3. COMMON TERMS ....................................................................................................... 25  4. PERIODS AND COMMITMENTS ................................................................................. 25  5. PURCHASE LIMITS AND PERIMETER ...................................................................... 26  6. PURCHASE PROCEDURE .......................................................................................... 27  7. PURCHASE PRICE ...................................................................................................... 32  8. REASSIGNMENT ......................................................................................................... 34  9. REPURCHASE OF ASSIGNED RECEIVABLES ......................................................... 37  10. SERVICING MANDATE AND DUTIES ........................................................................ 37  11. APPOINTMENT AND DUTIES OF THE CENTRALISING AGENT ............................. 41  12. MANAGEMENT OF COLLECTIONS AND OTHER PAYMENTS ................................ 42  13. DEEMED COLLECTIONS ............................................................................................ 46  14. DILUTION PROTECTION MECHANISM ..................................................................... 46  15. CASH DEPOSIT ........................................................................................................... 46  16. AUDIT OF DATA AND MONITORING OF THE SERVICING MANDATES BY  THE PURCHASER ....................................................................................................... 48  17. REPRESENTATIONS, COVENANTS AND INDEMNITY ............................................ 48  18. TAXES .......................................................................................................................... 55  19. CHANGE IN CIRCUMSTANCES ................................................................................. 56  20. CONSEQUENCES OF THE OCCURRENCE OF A STOP PURCHASE EVENT  ...................................................................................................................................... 56  21. PAYMENTS MECHANICS ........................................................................................... 56  22. PROGRAMME AGENT AND PROGRAMME MANAGER ........................................... 57  23. ACCESSION OF ADDITIONAL SELLERS AND WITHDRAWALS .............................. 59  24. CHANGE TO THE PARTIES ........................................................................................ 60  25. CONFIDENTIALITY ...................................................................................................... 61  26. NOTICES ...................................................................................................................... 61  27. AMENDMENTS TO THE TRANSACTION DOCUMENTS ........................................... 62  28. MISCELLANEOUS PROVISIONS ................................................................................ 63  29. GOVERNING LAW AND JURISDICTION .................................................................... 66  SCHEDULE 1 LIST OF SELLERS, SERVICERS, DEPOSITORS AND COLLECTION  ACCOUNTS .................................................................................................................. 67  SCHEDULE 2 CALCULATION OF THE PURCHASE PRICE .......................................................... 68  SCHEDULE 3 CALCULATION OF THE REQUIRED SUPPORT AMOUNT MONTH M BY  RELEVANT CURRENCY ............................................................................................. 72  SCHEDULE 4 NOTICES DETAILS .................................................................................................. 74  SCHEDULE 5 FORM OF ACCESSION LETTER TO THE MASTER FRAMEWORK  AGREEMENT ............................................................................................................... 76  SCHEDULE 6 LIST OF EXCLUDED DEBTORS .............................................................................. 84  

 

  07/17532116_3 2  SCHEDULE 7 DEBTOR COUNTRY LIMIT ...................................................................................... 85         

 

07/17532116_3 3  THIS MASTER FRAMEWORK AGREEMENT is made and delivered as a deed on 29 April 2020 (as  lastly amended on 13 November 2020)  BETWEEN:  (1) THE ENTITIES listed in Part A of Schedule 1 (as the case may be, the "Initial Sellers", the "Initial Servicers" or the "Initial Depositors"); (2) ZEBRA TECHNOLOGIES CORPORATION, a corporation formed under the laws of the State of Delaware (United States of America) (the "Centralising Agent" and the "Parent Company"); (3) ESTER FINANCE TECHNOLOGIES (formerly known as Ester Finance Titrisation), a French société anonyme à directoire et conseil de surveillance duly licensed as a credit institution in France by the Autorité de Contrôle Prudentiel et de Résolution, whose registered office is at 12 place des Etats-Unis, CS 70052, 92547 Montrouge Cedex, France, registered with the Registre du Commerce et des Sociétés of Nanterre under number 414 886 226 (the "Purchaser" or the "Deposit Beneficiary"); (4) CREDIT AGRICOLE CORPORATE & INVESTMENT BANK, a French société anonyme, duly licensed as a credit institution in France by the Autorité de Contrôle Prudentiel et de Résolution, whose registered office is at 12 place des Etats-Unis, CS 70052, 92547 Montrouge Cedex, France, registered with the Registre du Commerce et des Sociétés of Nanterre under number 304 187 701 ("CA-CIB") as Programme Manager (in such capacity, the "Programme Manager") and arranger (in such capacity, the "Arranger"); and (5) CREDIT AGRICOLE LEASING & FACTORING, a French société anonyme, whose registered office is at 12 place des Etats-Unis, CS 70052, 92547 Montrouge Cedex, France, registered with the Registre du Commerce et des Sociétés of Nanterre under number 692 029 457 (the "Programme Agent"). each, a "Party" and together the "Parties". WHEREAS:  (A) The Parties have agreed to set up on the date of this Agreement a trade receivables sale Programme (the "Programme") under which each Seller will sell and assign, on an ongoing basis in accordance with the terms set out in this master framework agreement (the "Agreement") and in the relevant Local Receivables Purchase Agreement to which the relevant Seller is a party, certain Receivables it originates in the ordinary course of its business to Ester Finance Technologies, acting as Purchaser. (B) Each of the Parties agrees that the terms and conditions of the Transaction Documents shall be governed by this Agreement, as supplemented in relation to each Seller by the Local Receivables Purchase Agreement to which such Seller is a party. THE PARTIES HEREBY AGREE as follows:  1. DEFINITIONS AND CONSTRUCTION Definitions Unless the context requires otherwise, capitalised words and expressions used in any Transaction Document shall have the meanings and constructions ascribed to them below: "Accession" means the addition of a member of the Parent Group to the Programme as an Additional Seller pursuant to Clause 23. "Accession Approval Date" has the meaning ascribed to such term in Clause 23.5. "Accession Date" means with respect to any Additional Seller, the date on which such Additional Seller accedes to the Programme pursuant to Clause 23. "Accession Letter" means the accession letter to this Agreement entered into by any Additional Seller and the relevant Parties for the purpose of acceding to this Agreement and the Programme in the form of Schedule 5. "Accession Agreements" means the Accession Letter together with (i) a Local Receivables Purchase Agreement (or an amended and restated Local Receivables Purchase Agreement if 

 

  07/17532116_3 4  the relevant Additional Seller is incorporated in the same jurisdiction than another Seller already  a Party to the Programme) and (ii) a Collection Account Security Document, in a form equivalent  to those entered into by the Initial Seller acting from to the same jurisdiction as that Additional  Seller and listed in Part B of Schedule 1.  "Accession Request" has the meaning ascribed to such term in Clause 23.1.   "Additional Seller" means each member of the Parent Group that is added from time to time  to the Programme and becomes a Party to this Agreement and a Local Receivables Purchase  Agreement as an Additional Seller pursuant to Clause 23.  "Adjustment Amount" means in respect of each Seller, on any Monthly Payment Date, with  respect to the Assigned Receivables transferred as Future Receivables or Existing New  Receivables which have been transferred and invoiced by such Seller during the Collection  Period ending on the Monthly Cut-Off Date falling immediately prior to such Monthly Payment  Date (as such Assigned Receivables are identified and individualised in the relevant Aggregate  Electronic File delivered by such Seller to the Purchaser on the Monthly Reporting Date falling  immediately prior to such Monthly Payment Date), an amount being equal to:    the Purchase Price of such Assigned Receivables; minus   the aggregate amount of each Advanced Purchase Price already paid by the  Purchaser to the Applicable Seller with respect to the Assigned Receivables during  such Collection Period by way of set-off in accordance with Clause 7.3, provided that:  (i) if such difference is positive, then such amount shall be payable by the  Purchaser to such Seller on such Monthly Payment Date in accordance  with Clause 7.3.1(B)(2); and  (ii) if such difference is negative, then such amount shall constitute a claim of  the Purchaser against such Seller which shall be due and payable on such  Monthly Payment Date in accordance with Clause 7.3.2.   "Advanced Purchase Price" means on any day, the daily advance of the Purchase Price of  the Assigned Receivables invoiced on such day payable by the Purchaser to the relevant Seller,  subject to, and in accordance with, the relevant Local Receivables Purchase Agreement. Such  an advance shall, on any such day, be equal to (and set off against) the sum of:   the aggregate amount of Collections then received or recovered by the related  Servicer and due and payable to the Purchaser on that day; and   the aggregate amount of Deemed Collections due and payable by the related Seller  to the Purchaser on such day.  provided that such set-off shall be taken into account in the calculation of the Adjustment  Amount on each Monthly Payment Date in accordance with Clause 7.3.  "Affected Receivable" has the meaning ascribed to such term in Clause 8.  "Affected Relevant Party" has the meaning ascribed to such term in Clause 18.1.  "Affiliate" means in relation to any Person, any other Person that, directly or indirectly, is in  control of, is controlled by or is under common control with such Person or is a director or officer  of such Person.  "Agreement" has the meaning ascribed to such term in the Recital.  "Aggregate Electronic Files" means the files prepared by each Seller and the Centralising  Agent, in the form agreed between the Purchaser, the Programme Agent, the Programme  Manager and the Centralising Agent, containing the details of all outstanding Assigned  Receivables and all offered Existing Receivables, Existing New Receivables and Future  Receivables and to which is attached the current Perimeter.  "Alternate Base Rate" means a fluctuating interest rate per annum as shall be in effect from  time to time, which rate shall be at all times equal to the rate of interest determined by CA-CIB  in New York, from time to time in its sole discretion, as its prime commercial lending rate (which  rate is not necessarily the lowest rate that CA-CIB charges any corporate customer).  "Amortisation Period" means the period commencing on (and excluding) the Revolving  Termination Date and ending on the Final Maturity Date.  

 

  07/17532116_3 5  "Anti-Corruption Laws" means any applicable laws, rules, or regulations relating to bribery or  corruption, including (a) the United States Foreign Corrupt Practices Act of 1977, (b) the United  Kingdom Bribery Act of 2010, (c) the Singapore Prevention of Corruption Act, Chapter 241 of  Singapore and (d) any other similar law, rule or regulation in any applicable jurisdiction currently  in force or hereafter enacted.  "Anti-Money Laundering Laws" means any laws or regulations relating to money laundering  or terrorist financing in any applicable jurisdiction currently in force or hereafter enacted.  "Applicable Currency Equivalent" means any initial amounts denominated in the Relevant  Currency after being converted into Euro amounts on the basis of the applicable Spot Rate  Exchange with respect to amounts denominated in such Relevant Currency.  "Applicable Law" means in relation to any Party, any treaty, law, decree, regulation, courts  decision, official decision (including double taxation agreements and EU law, published practice  or concession of any relevant taxing authority) which applies to that Party.  "Applicable Seller" means with respect to any Assigned Receivable, the Seller that originated  such Receivable.  "Assigned Debtor" means a Debtor against which an Assigned Receivable is held.  "Assigned Receivable" means any Receivable which has been sold by any Seller to the  Purchaser in accordance with this Agreement and a Local Receivables Purchase Agreement  and which has not been repurchased from the Purchaser or which has not been reassigned or  retransferred to the Applicable Seller or, the purchase of which has not been rescinded in  accordance with, and subject to, the terms of Clauses 8 or Clause 9.  "Blocking Notice" has the meaning ascribed to such term in Clause 12.3.4.  "BNPP" means BNP Paribas Commercial Finance Limited.  "Breach" has the meaning ascribed to such term in Clause 8.1.  "Business Day" means any day which is (i) a TARGET Day and (ii) a day other than a Saturday,  a Sunday or a bank holiday in Paris, London, New-York, Sydney and Singapore and on which  banks are open for business for the purposes of inter–bank transactions in Paris.  "Calculation Report" means the report in the form agreed between the Purchaser, the  Programme Agent, the Programme Manager and the Centralising Agent setting out the  Purchase Price payable to each Seller in respect of Receivables sold during the relevant period.  "Cash Collateral Accounts" means:    with respect to the English Seller,   with respect to the Singapore Seller,  (i) with respect to the Deposit denominated in Euro, the account referenced  [**************]  (IBAN)  and  BSUIFRPP  (BIC)  opened  and  maintained  in  France in the name of the Deposit Beneficiary in the books of CA-CIB (or any  other account opened in replacement of such account);  (ii) with respect to the Deposit denominated in GBP, the account referenced  [**************]  (IBAN)  and  BSUIFRPP  (BIC)  opened  and  maintained  in  France in  the name of  the Deposit  Beneficiary in  the books of  CA-CIB  (or  any other account opened in replacement of such account); and  (iii) with respect to the Deposit denominated in USD, the account referenced  [**************]  (IBAN)  and  BSUIFRPP  (BIC)  opened  and  maintained  in  France in the name of the Deposit Beneficiary in the books of CA-CIB (or any  other account opened in replacement of such account).   (i) with respect to the Deposit denominated in Euro, the account referenced  [**************] (IBAN) and BSUIFRPP (BIC) opened and maintained in  France in the name of the Deposit Beneficiary in the books of CA-CIB (or any  other account opened in replacement of such account);  (ii) with respect to the Deposit denominated in GBP, the account referenced  [**************] (IBAN) and BSUIFRPP (BIC) opened  

 

  07/17532116_3 6  and maintained in France in the name of the Deposit Beneficiary in the books  of CA-CIB (or any other account opened in replacement of such account);  and   with respect to an Additional Seller, the accounts opened in the books of CA-CIB and  listed in the Accession Letter.  "Change of Control" means in respect of any Seller or any Servicer, the occurrence of any  event pursuant to which the Parent Company no longer holds directly or indirectly at least one  hundred percent (100%) of the voting rights and share capital of such Seller or Servicer.  "Change of Law" means the enactment, adoption, amendment, substitution of a new or existing  Applicable Law or the change in the interpretation, administration or application of such  Applicable Law made by any competent authority (including a judgment by a court of competent  jurisdiction or by an administrative authority), becoming effective or made public after the  Signing Date.  "Charge over Collection Account" means any charge over a Collection Account entered into  between the relevant Servicer and the Purchaser.  "Collateralised Obligations" means, for each Seller, any and all payment obligations (present  and future) at any time due, owing or incurred by such Sellers (as Seller or Servicer) to the  Purchaser under the Transaction Documents or CA-CIB in its capacity as common agent under  the Inter-Creditor Agreement – Euro Collection Account or  the Inter-Creditor Agreement – GBP  Collection Account including without limitation any Dilution and any sums (other than sums  corresponding to returned items that were previously transferred by the Collection Account  Bank to the Purchaser) paid by the Purchaser or CA-CIB in its capacity as common agent under  the Inter-Creditor Agreement – Euro Collection Account or  the Inter-Creditor Agreement – GBP  Collection Account to the Collection Account Bank on behalf of the relevant Seller, subject to  and in accordance with the Transaction Documents (excluding, for the avoidance of doubt, any  payment due to a failure to pay under any Assigned Receivable resulting from the relevant  Assigned Debtor becoming Insolvent after the relevant Eligibility Test Date and/or the  aforementioned retuned items) within the limits of the applicable Required Support Amount  Month M by Relevant Currency as such amount shall be determined on each Monthly  Calculation Date by the Programme Agent in accordance with this Agreement.   "Collection Accounts" means for each Servicer, the bank accounts as specified, in respect to  the Initial Sellers, in Part B of Schedule 1 and every other collection account(s) opened after  the Signing Date or, in the case of Additional Seller, the Accession Date.  "Collection Account Bank" means, in relation to any Collection Account, the account bank  with which such Collection Account is opened, as specified, in respect to the Initial Sellers, in  Part B of Schedule 1.  "Collection Account Security Document" means (i) any Declaration of Trust or (ii) any  Charge over Collection Account (including for the avoidance of doubt, the English Seller –  Additional Collection Account Security Document as from the date it has been executed by the  parties thereto).  "Collection Period" means any period of time starting from (but excluding) any Monthly Cut- Off Date and ending on (and including) the Monthly Cut-Off Date immediately falling thereafter,  and the first Collection Period shall commence on (but excluding) the Initial Monthly Cut-Off  Date and end on (and including) the Monthly Cut-Off Date immediately falling thereafter.  "Collections" means, in respect of any Assigned Receivable, as the context may require:   all amounts received in respect of such Assigned Receivable and/or any Related  Security and/or Related Rights collected and allocated in accordance with this  Agreement and the applicable Local Receivables Purchase Agreement after the  Purchase Date on which such Assigned Receivable was transferred;   all Deemed Collections arising from time to time pursuant to Clause 13; and  (iii) with respect to the Deposit denominated in USD, the account referenced  [**************](IBAN) and BSUIFRPP (BIC) opened and maintained in France  in the name of the Deposit Beneficiary in the books of CA-CIB (or any other  account opened in replacement of such account);   

 

07/17532116_3 7  any amount refunded or credited to the Applicable Seller by the competent tax  authorities or any third party (including without limitation any collection agencies) in  relation to VAT or other similar amounts arising from Assigned Receivables which  have reduced the amount receivable by the Purchaser or are attributable to a reduced  amount receivable by the Purchaser unless such amount has already given rise to  the payment of a Deemed Collection.  "Common Terms" has the meaning ascribed to such term in Clause 3.1.  "Conditions Precedent" means, with respect to the purchase of Receivables by the Purchaser  from a Seller, the applicable conditions precedent as set out in Clause 6.3.  "Contract" means, in relation to any Receivable, the agreement between the Applicable Seller  and a Debtor giving rise to that Receivable.  "Contractual Payment Term" means, in relation to any Receivable, the exact number of  calendar days between the Invoice Issue Date and the Invoice Due Date.  "Consultation Period" has the meaning ascribed to such term in Clause 5.3.  "Credit and Collection Policy" means, in relation to each Seller (in such capacity or as  Servicer), the credit, servicing and collection procedures implemented by such Seller and  Servicer and reviewed by the Programme Manager before the Signing Date or the applicable  Accession Date, as modified from time to time in accordance with this Agreement.  "Credit Risk Premium Rate" means 0.60%, as modified from time to time pursuant to Clause  7.2.  "Debtor" means each Person obliged to make payments due in respect of a Receivable.  "Debtor Country Limit" means, for any Debtor referred in limb (b) of the definition of "Included  Debtor" acting from an Eligible Debtor Jurisdiction (i.e. the Eligible Debtor Jurisdiction from  which such Included Debtor makes orders and pays the relevant Invoices), the limit of  Outstanding Amount of Eligible Receivables owed by such Included Debtor as at the  immediately preceding Monthly Calculation Date. Each Debtor Country Limit is mentioned and  shall apply as stated in Schedule 7 (Debtor Country Limit).  "Declaration of Trust" means any declaration of trust over Collections entered into between  the relevant Servicer and the Purchaser.  "Deemed Collection" has the meaning ascribed to such term in Clause 13.3.  "Default Ratio" means a fraction, expressed as a percentage, calculated by the Programme  Agent on each Monthly Calculation Date by reference to the preceding Monthly Cut-Off Date,  of which:  the numerator is equal to the Outstanding Amount of all Assigned Receivables that (i)  have become Defaulted Receivables during the Collection Period immediately  preceding such Monthly Calculation Date and (ii) remain unpaid on such Monthly  Calculation Date; and  the denominator is equal to the sum of the Face Value of all Assigned Receivables  with an Invoice Due Date falling during the 3rd Collection Periods immediately  preceding such Monthly Calculation Date;  provided that the Default Ratio will be calculated on the Monthly Calculation Date falling on July  2020 and on each Monthly Calculation Date thereafter.  "Defaulted Debtor" means an Included Debtor (i) which owes a Defaulted Receivable and/or  (ii) which is Insolvent or subject to Insolvency Proceedings. "Defaulted Receivable" means a Receivable in respect of which any payment, or part thereof,  remains unpaid for more than 91 days from its Invoice Due Date.  "Delinquent Debtor" means an Eligible Debtor (i) which owes a Delinquent Receivable and/or  (ii) which is Insolvent. 

 

07/17532116_3 8  "Delinquent Ratio" means a fraction, expressed as a percentage, calculated by the  Programme Agent on each Monthly Calculation Date by reference to the preceding Monthly  Cut-Off Date, of which:  the numerator is equal to the Outstanding Amount of all Assigned Receivables that (i)  have become Delinquent Receivables during the Collection Period immediately  preceding such Monthly Calculation Date and (ii) remain unpaid on such Monthly  Calculation Date; and  the denominator is equal to the sum of the Face Values of all Assigned Receivables  with an Invoice Due Date falling during the 3rd Collection Periods immediately  preceding such Monthly Calculation Date;  provided that the Delinquent Ratio will be calculated on the Monthly Calculation Date falling on  July 2020 and each Monthly Calculation Date thereafter.  "Delinquent Receivable" means a Receivable in respect of which any payment, or part thereof,  remains unpaid for more than 60 days and less than 91 days from its Invoice Due Date.  "Deposit" means, at any time and for each Depositor:  (a) together (i) the Initial Deposits and (ii) any other payments in respect of applicable Deposit Complementary Amounts by Currency made thereafter by the relevant Depositor in accordance with Clause 14; minus (b) (i) any amounts by which each Deposit is reduced in accordance with Clause 15.3.1, and (ii) any amounts repaid to the relevant Depositor in accordance with Clause 15.4.1 or 15.4.2. in each case as paid by the relevant Depositor to the Deposit Beneficiary or by the Deposit  Beneficiary to the relevant Depositor (as applicable) in accordance with the terms of this Clause  14 and, as applicable, credited to or debited from the relevant Cash Collateral Account.  "Depositor" means (i) the Initial Depositors and (ii) each Additional Seller in its capacity as  depositor.  "Deposit Complementary Amount by Currency" means an amount determined in each  Relevant Currency on each Monthly Calculation Date by the Programme Agent as being equal  to the relevant Incremental Required Support Amount Month M by Relevant Currency.  "Deposit Refund Amount by Relevant Currency" means any Incremental Required Support  Amount Month M by Relevant Currency being negative on a Monthly Calculation Date.  "Dilution" means any reduction or cancellation, in whole or in part, of the Face Value of any  Assigned Receivable by reason of the occurrence of any of the following circumstances:  any credit note, rebate, discount or allowances for prompt payment, for quantity, for  return of goods, invoicing error or cancellation or any other commercial adjustment,  granted by any Seller in accordance with the relevant Credit and Collection Policies  and applied to an Assigned Receivable;  any change in the terms of or cancellation of a Contract or Receivable which reduces  the amount payable by the Debtor on the related Receivable;  any trade discount, fidelity premium or other premium, bonus or promotional discount  in favour of the relevant Assigned Debtor;  any set-off exercised by the relevant Assigned Debtor in respect of any claim by such  Assigned Debtor as to amounts owed by it on such Assigned Receivable (whether  such claim arises out of the same or a related transaction or an unrelated transaction,  and whether agreed by the Seller or arising by operation of law);  any specifically asserted dispute, set off, counterclaim or defence whatsoever,  including, without limitation, any non-payment by the relevant Assigned Debtor due  to failure by any Seller to deliver any merchandise or provide any services (excluding,  for the avoidance of doubt, any dispute resulting from non-payment of the Assigned  Debtor due to Insolvency Proceedings); and  any recourse or claim of any third party on such Assigned Receivable.  

 

  07/17532116_3 9  "Dilution Credit Insurance Policy" means any credit insurance policy entered into between  the Purchaser and any credit insurer, on or after the First Amendment Signing Date, to cover  all or part of the risk of non-payment of Dilutions by the Sellers under Clause 13.1 borne by the  Purchaser under the Programme.  "Dilution Ratio" means the fraction, expressed as a percentage, calculated by the Programme  Agent on each Monthly Calculation Date by reference to the preceding Monthly Cut-Off Date,  of which:   the numerator is equal to the aggregate amount of Deemed Collections in respect of  Dilutions, as reported in the Servicer Report provided by the Centralising Agent  pursuant to Clause 6.1 with respect to the Collection Period immediately preceding  such Monthly Calculation Date; and   the denominator is equal to the sum of the Face Values of all Receivables originated  by the Sellers within the immediately preceding Collection Period.  "Discount" has the meaning ascribed to such term in Schedule 2.  "DSO" means, for each Seller, the number of days determined by the Programme Agent on any  Monthly Calculation Date as being equal to:   with respect to the English Seller and Receivables denominated in EUR, for the Initial  Monthly Calculation Date, 55 calendar days and for the immediately two following  Monthly Calculation Dates, 67 calendar days;   with respect to the English Seller and Receivables denominated in GBP, for the Initial  Monthly Calculation Date, 51 calendar days and for the immediately two following  Monthly Calculation Dates, 63 calendar days;   with respect to the English Seller and Receivables denominated in USD, for the Initial  Monthly Calculation Date, 69 calendar days and for the immediately two following  Monthly Calculation Dates, 81 calendar days;   with respect to the Singapore Seller and Receivables denominated in USD, for the  Initial Monthly Calculation Date, 43 calendar days and for the immediately two  following Monthly Calculation Dates, 55 calendar days;   with respect to an Additional Seller and for the three Monthly Calculation Dates falling  immediately after the Accession Date, the number calendar days set-out in the  relevant Accession Letter; and   thereafter, the product rounded up to next integer of (a) the aggregate Outstanding  Amount of Assigned Receivables of the relevant Seller and (b) 90 days; divided by  the aggregate amount of all Assigned Receivables invoiced by the relevant Seller  within the 3 preceding Collections Periods.  "Electronic Files" means together the Aggregate Electronic Files and the Returned Electronic  Files.   "Eligibility Test Date" means:   with respect to any Existing Receivable, the Purchase Date on which it is purchased  by the Purchaser; and   with respect to any Existing New Receivable or Future Receivable, the Monthly Cut- Off Date following the relevant Invoice Issue Date except for the criteria (c) of the  definition of Eligible Receivable only, which shall be the Purchase Date.  "Eligible Collection Account Bank" means a Collection Account Bank which is at least short- term rated A-1 by Standard & Poor's or P-1 by Moody's.  "Eligible Debtor" means a Debtor that satisfies each of the criteria set out below (as well as  any further criteria set out in the applicable Local Receivables Purchase Agreement) as of the  applicable Eligibility Test Date:   it is an Included Debtor;   it is not an Affiliate of any member of the Parent Group;   subject to item (n) below, it is not a Defaulted Debtor;  

 

  07/17532116_3 10   it is not, to the best of the knowledge of the relevant Seller, Insolvent or subject to  Insolvency Proceedings;   to the best of the relevant Seller's knowledge, it has not been declared Insolvent nor  has a court granted its creditors a final non-appealable right of enforcement or  material damages as a result of a missed payment within 3 years prior to the relevant  Eligibility Test Date and has not undergone a debt restructuring process with regard  to any of its non-performing receivables within 3 years prior to the Eligibility Test Date,  provided that such Seller shall have no obligation to perform checks additional to  those it would usually perform as Seller or Servicer solely for the purpose of  determining whether these events have occurred in respect of the relevant Debtor;   it is a legal entity incorporated and acting from an Eligible Debtor Jurisdiction, and if  it acts from an establishment located outside its jurisdiction of incorporation both the  jurisdiction of its incorporation and the jurisdiction of its establishment shall be  required to be Eligible Debtor Jurisdictions in accordance with the definition thereof;   it is a corporate entity acting in its ordinary course of business;   it is not an entity owing a payment under a Receivable which is already subject to (or  offered to sale under) any securitisation, factoring or invoice discounting transaction  or any other transaction having similar legal content and/or effect, entered into by any  of the Sellers, other than the Programme;   it is identified with a unique ID number (as determined by the Programme Manager)  in the system of the Applicable Seller;   it is not entitled to claim immunity from suit, execution, attachment or other legal  process in any proceedings taken its jurisdiction of incorporation in relation to the  Receivables;   it is neither an individual nor an entity which benefits from any applicable consumer  protection laws or regulations including but not limited to the Consumer Credit  Directive (2008/48/EC) of the European Union as may be updated or replaced from  time to time or any implementing legislation in any Member State of the European  Union;   it has received instructions to pay directly all amounts due under the offered  Receivables to a Collection Account of the Applicable Seller;    it is not a central or local public entity (including a municipality) or a public  administration entity;    the Assigned Receivables owed by such Debtor which are past due for more than  120 days do not represent more than 5% of the Outstanding Amount of Assigned  Receivables owed to such Zebra Entity on the Monthly Cut-Off Date preceding its  Purchase Date;   it is not a Sanctioned Person; and   it fulfils any additional criteria set out in the Local Receivables Purchase Agreement  entered into between such Seller and the Purchaser.   "Eligible Debtor Jurisdictions" means, on any Eligibility Test Date (i) Belgium, Germany,  United Kingdom, China, Australia, Italy, Netherlands, France, Spain, India, Korea, Republic of  Cyprus, Singapore, United Arab Emirates, Turkey, South Africa, Indonesia, Poland, Sweden,  Denmark, Taiwan, New Zealand, Thailand, Ireland, Switzerland, Vietnam, Japan, Malaysia,  Austria, Slovakia, Portugal, Czech Republic, Norway, Hungary, Philippines, Greece, Croatia  and Israel and (ii) any new jurisdiction agreed from time to time in writing between the Purchaser  and the Centralising Agent and, if requested by the Purchaser, for which a legal enforceability  analysis satisfactory to the Purchaser and the Programme Manager has been carried out.  "Eligible Receivable" means, a Receivable that satisfies each of the criteria set out below (as  well as any further criteria set out in the applicable Local Receivables Purchase Agreement) as  of the applicable Eligibility Test Date:   it is owed by an Eligible Debtor which is identified in the relevant most recently  delivered Aggregate Electronic File;  

 

  07/17532116_3 11   the relevant Debtor is not in material default under the associated Contract;   it is individually identified in the accounting systems of the Applicable Seller as being  beneficially owned by the Purchaser, and its Invoice number is unique and does not  refer to any other Receivables originated by such Applicable Seller;   it does not include exposures that are classified as doubtful, impaired, non-performing  or to similar effect under the relevant accounting principles;   the Applicable Seller has originated it and is its sole holder and has full legal and  beneficial title to it (prior to sale of the beneficial title to the Purchaser in accordance  with the Transaction Documents). It is not wholly or partly the subject of any Lien,  assignment, delegation, subrogation, attachment or seizure or other encumbrance  whatsoever, in favour of a third party other than for the benefit of the Purchaser, and  it is freely assignable by the Seller (including without any requirement for consent of  the related Debtor that has not already been obtained);   none of the relevant Seller and Servicer has agreed to any set-off arrangements with  the related Debtor and the Debtor is not entitled to exercise any rights of set-off under  the terms of the Contract;    it is denominated and payable only in EUR, GBP or USD;   it is a non-interest bearing trade receivable (subject to any late-payment interest);   it is an obligation in respect of which no bill of exchange, promissory note or other  negotiable instrument (which expression, for the avoidance of doubt, shall not include  cheques), issued in connection with such Receivable, has been or is accepted,  discounted, endorsed, transferred or delivered by the relevant Seller other than to the  benefit of the Purchaser;   the payment due by the Debtor in connection with it is not (and will not following the  assignment of the Receivable to the Purchaser) subject to withholding tax;   the Invoice by which it is evidenced complies with all relevant VAT and other legal  requirements and does not include only VAT;   it has been originated by the Applicable Seller in the ordinary course of its business  and in accordance with its Credit and Collection Policy;    it arises from the sale of products and/or services performed by the Seller and such  sale of products and/or services has either been fully performed in accordance with  the relevant Contract or all the obligations set out therein required to be performed by  the Seller in order for the relevant Debtor to be obliged to pay the Receivable arising  therefrom have been duly fulfilled;   it is fully and directly payable to the Applicable Seller, in its own name and for its own  account and such payment is not subject to (i) the performance of any administrative  action or step or the execution of any document of any kind whatsoever or any  formalities that have not been already performed, either prior or after the Eligibility  Test Date or (ii) any asserted dispute, offset, hold back defense or other claim;   the Contract from which such Receivable arises is governed by the law of the  jurisdiction of incorporation of the relevant Seller;   it arises under a Contract which is in full force and effect and constitutes the legal,  valid and binding obligations of the Debtor in respect of such Receivable under all  Applicable Laws;   it conforms in all material respects with all Applicable Laws, rulings and regulations in  effect;   it is not accounted for by the Applicable Seller as a doubtful or written off receivable  and/or it is not past due or with respect to the Existing Receivables to be purchased  on the Initial Purchase Date, it is not past due for more than 30 days;    the Receivable and its Related Rights and Related Security are capable of being  assigned and are not subject to any enforceable legal or contractual restrictions on  transferability, including but not limited to the need for consent to assign from any  third party or, if it is subject to such restrictions, the Applicable Seller has taken by no  

 

  07/17532116_3 12  later than the applicable Eligibility Test Date, all the required measures so that the  Receivable and its Related Rights and Related Security can be freely assigned and  has provided the Programme Manager with a written document evidencing such  measures to the satisfaction of the Programme Manager;   the relevant Debtor does not hold a current account with the Applicable Seller;   it is not overdue and has a Contractual Payment Term that is no longer than 120  days; and   it fulfils any additional criteria set out in the Local Receivables Purchase Agreement  entered into between such Seller and the Purchaser.  "English Local Receivables Purchase Agreement" means the agreement entitled "English -  Local Receivables Purchase Agreement" entered into on the Signing Date between the English  Seller, the Centralising Agent, the Programme Manager and Arranger, the Programme Agent  and the Purchaser.   "English Seller" means (i) the Initial Seller incorporated in England & Wales and listed in Part  A (List of Sellers, Servicers) of Schedule 1 and (ii) any other entity established in England &  Wales and belonging to the Parent Group and which has acceded as Additional Seller to the  Programme.  "English Seller - Additional Collection Account Security Document" means the Charge  over Collection Account on the Collection Account of the English Seller denominated in Euro  and referred under item 4 in Part B of Schedule 1.  "Excess Receivable" has the meaning ascribed to such term in Clause 8.2.1(B).  "Excluded Debtor" means a Debtor included in the list set-up on the Signing Date by the  Programme Manager and the Centralising Agent in Schedule 6 (List of Excluded Debtors), as  such list may be amended in writing from time to time by the Centralising Agent, the Purchaser  and the Programme Manager.  "Excluded Receivable" has the meaning ascribed to such term in Clause 8.2.1(B).  "Existing New Receivable" means, on any Purchase Date, any Eligible Receivable which:   has given rise to the delivery of an Invoice between the Monthly Cut-Off Date  (included) immediately preceding such Purchase Date and such Purchase Date  (excluded); and   is owed by an Included Debtor as of the Monthly Cut-Off Date immediately preceding  such Purchase Date.  "Existing Receivable" means, on any Purchase Date, any Eligible Receivable which:   has given rise to the delivery of an Invoice prior to the Monthly Cut-Off Date  immediately preceding such Purchase Date; and   is identified and individualised in the Aggregate Electronic File delivered on the  Monthly Reporting Date immediately preceding such Purchase Date.  "Face Value" means, with respect to each Receivable, the invoiced amount (including any  applicable VAT).  "Final Maturity Date" means the day which is the earlier of:   the Monthly Payment Date occurring during the 24th calendar month following the  calendar month during which the Revolving Termination Date has occurred; and   the Monthly Payment Date immediately following the first day on which all amounts  due under the Assigned Receivables shall have been paid in full and all Collections  thereof shall have been received by the Purchaser and the Purchaser has no further  commitment to purchase Receivables hereunder.  "Finance Documents" means the Transaction Documents and any refinancing document to  be entered into by any Refinancing Entity.  "Financial Indebtedness" means any indebtedness for or in respect of:   moneys borrowed;  

 

07/17532116_3 13  any amount raised by acceptance under any acceptance credit facility or  dematerialised equivalent;  any amount raised pursuant to any note purchase facility or the issue of bonds, notes,  debentures, loan stock or any similar instrument;  the amount of any liability in respect of any lease or hire purchase contract which  would, in accordance with US GAAP, be treated as a finance or capital lease;  receivables sold or discounted;  any securitisation or factoring Programme;  any amount raised under any other transaction (including any forward sale or  purchase agreement) having the commercial effect of a borrowing;  any derivative transaction entered into in connection with protection against or benefit  from fluctuation in any rate or price (and, when calculating the value of any derivative  transaction, only the marked to market value or, if any actual amount is due as a result  of the termination or close-out of that derivative transaction, that amount) shall be  taken into account;  any amount raised by the issue of shares which are, or are expressed to be,  redeemable, other than at the option of the issuer, for cash or any cash equivalent,  prior to the date falling three months after the Revolving Termination Date;  any counter-indemnity obligation in respect of a guarantee, indemnity, bond, standby  or documentary letter of credit or any other instrument issued by a bank or financial  institution; and  the amount of any liability in respect of any guarantee or indemnity for any of the items  referred to in paragraphs (a) to (j) above.  "Financial Party" has the meaning ascribed to such term in Clause 19.1.1.  "First Amendment Signing Date" means 13 November 2020.  "Form of Assignment" means, with respect to a Seller, a form of assignment substantially in  the form provided for under the relevant Local Receivables Purchase Agreement.  "Future Receivable" means:  on the Initial Purchase Date, any Receivable which:  (i) will give rise to the delivery of an Invoice between such Initial Purchase Date (included) and the immediately following Monthly Cut-Off Date (excluded); and (ii) is to be owed by an Included Debtor as of the Initial Monthly Cut-Off Date; and on each Monthly Cut-Off Date (other than the Initial Monthly Cut-Off Date), any  Receivable which:  (i) will give rise to the delivery of an Invoice between such Monthly Cut-Off Date (included) and the earlier of (x) the following Monthly Cut-Off Date (excluded), (y) the date on which a Stop Purchase Event occurs (included) and (z) the Revolving Termination Date (excluded); and (ii) is to be owed by an Included Debtor as of such Monthly Cut-Off Date. "GAAP" means the generally accepted accounting principles in the United States of America  as of the date of this Agreement, applied on a consistent basis and applied to both classification  of items and amounts.  "Incipient Stop Purchase Event" means an event that, after notice or lapse of time or both  would constitute a Stop Purchase Event.  "Included Debtors" means:  on any Monthly Cut-Off Date, any Debtors included in the Perimeter as at the  immediately preceding Perimeter Date; and   

 

07/17532116_3 14  as of the immediately following Perimeter Date, any Debtor listed in an Aggregate  Electronic File which fulfils each of the following criteria:  (i) it is not included in the Perimeter as at the immediately preceding Perimeter Date; (ii) it is not an Excluded Debtor; (iii) in respect of which no request to add such Debtor in the Perimeter has been made in accordance with Clause 5.4, (iv) it satisfies each criteria of the definition of "Eligible Debtor" (other than being an Included Debtor) as at the immediately preceding Monthly Cut-Off Date; (v) the Outstanding Amount of Eligible Receivables owed by such Debtor as at the immediately preceding Monthly Calculation Date is less than the applicable Debtor Country Limit. "Incremental Required Support Amount Month M by Relevant Currency" has the meaning  ascribed to such term in Schedule 3.  "Initial Deposit" has the meaning ascribed to such term in Clause 15.2.1.  "Initial Depositors" means the entities referred to in Part A of Schedule 1.  "Initial Deposit Date" means (i) the Initial Monthly Payment Date and (ii) with respect to any  Additional Seller, the date specified in the relevant Accession Letter  "Initial Purchase Date" means (i) 5 May 2020 and (ii) with respect to any Additional Seller, the  date specified in the relevant Accession Letter.   "Initial Monthly Calculation Date" means (i) 29 April 2020 and (ii) with respect to any  Additional Seller, the date specified in the relevant Accession Letter.  "Initial Monthly Cut-Off Date" means (i) 28 March 2020 and (ii) with respect to any Additional  Seller, the date specified in the relevant Accession Letter.   "Initial Monthly Payment Date" means (i) 5 May 2020 and (ii) with respect to any Additional  Seller, the date specified in the relevant Accession Letter.  "Initial Monthly Reporting Date" means (i) 23 April 2020 and (ii) with respect to any Additional  Seller, the date specified in the relevant Accession Letter.   "Initial Sellers" means the entities referred to in Part A of Schedule 1.  "Initial Servicer" means the entities referred to in Part A of Schedule 1.  "Insolvency Proceedings" means with respect to any Person:  having its centre of main interest or otherwise subject to the insolvency laws of any  Relevant Jurisdiction, any pre-insolvency and/or insolvency proceedings including  amongst others, (i) any suspension of payments, moratorium of any indebtedness,  winding-up, dissolution, administration, (ii) any reorganisation (by way of voluntary  arrangement, scheme of arrangement or otherwise other than any solvent  reorganisation), (iii) any composition, compromise, assignment or arrangement with  any of its creditors by reason of actual or anticipated financial difficulties (iv) and/or  insolvency proceedings mentioned in the related Local Receivables Purchase  Agreement;  any person presents a petition (or the equivalent in any relevant jurisdiction) or any  step is being taken (whether out of court or otherwise) for the opening against such  Person of any of the proceedings referred to above;  its board of directors or directorate has been informed by its statutory auditor of facts  likely to compromise the continuity of its activity;  the appointment of an insolvency administrator, a liquidator, receiver, administrator,  administrative receiver, judicial manager or other similar officer in respect of such  Person or its assets;  the forced dissolution or the winding-up of such Person; or  

 

  07/17532116_3 15   enforcement of any security interest over any of such person's assets (including taking  possession of any such asset),   or any analogous procedure or step is taken in any jurisdiction,   and for this purpose, the term "centre of main interest" has the meaning ascribed to it in  Regulation (EU) No. 2015/848 of 20 May 2015 or any equivalent provisions applicable to the  relevant Person.  "Insolvent" means any of the following events in respect of any Person:   such Person is, is deemed to be or is declared unable to pay its debts as they fall due  or is insolvent; in particular, in respect of any Person having its centre of main interest  or otherwise subject to the insolvency laws of any Relevant Jurisdiction, the  circumstances mentioned in the related Local Receivables Purchase Agreement;   such Person admits in writing its inability to pay its debts as they fall due;   such Person, by reason of actual or anticipated financial difficulties, begins  negotiations with one or more of its creditors with a view to the general readjustment  or rescheduling or a settlement of any of its indebtedness; or   such Person is subject to Insolvency Proceedings.  "Inter-Creditor Agreement – Euro Collection Account" means the inter-creditor agreement  to be entered into between the Purchaser, the Programme Manager, MUFG, BNPP, the English  Seller and the Parent Company with respect to the sharing of security over the Collection  Account of the English Seller denominated in Euro.  "Inter-Creditor Agreement – GBP Collection Account" means the inter-creditor agreement  to be entered into between the Purchaser, the Programme Manager, BNPP, the English Seller  and the Parent Company with respect to the sharing of security over the Collection Account of  the English Seller denominated in GBP.  "Invoice" means, with respect to any Receivable, the invoice issued by the Applicable Seller  that evidences such Receivable.  "Invoice Due Date" means, with reference to each Receivable, the date on which the Contract  requires that the Receivable shall be paid by the relevant Debtor.  "Invoice Issue Date" means, with reference to each Receivable, the date on which the Invoice  relating to such Receivable is issued by the Applicable Seller.  "Licence" means, in relation to any Zebra Entity, any licence, authorisation, consent,  agreement, working permit, exemption and registration required in order for such Zebra Entity  to perform all of its obligations under the Transaction Documents to which it is a party.  "Lien" means any lien, mortgage, pledge, assignment, proprietary or security interest, fixed or  floating charge or encumbrance of any kind (including any conditional sale or other title retention  or extended retention of title agreement, any lease in the nature thereof, and any agreement to  give any security interest) and any option, trust or deposit or other preferential arrangement  having the practical effect of any of the foregoing.  "Local Receivables Purchase Agreement" means any agreement entitled "[Name of the  jurisdiction] - Local Receivables Purchase Agreement" entered into on the Signing Date or on  an Accession Date between a Seller and the Purchaser governed by the laws of the jurisdiction  where the said Seller acts from.  "Material Adverse Effect" means a material adverse effect upon (i) the business, assets,  properties, condition (financial or otherwise), operations of any Zebra Entity, (ii) the ability of  any Zebra Entity to comply with or perform its respective obligations under any of the  Transaction Documents to which it is a party, (iii) the assignability, the validity, the enforceability  or the collectability of any Assigned Receivables or (iv) the amount purported to be received by  the Purchaser under the Assigned Receivables.  "Maximum Amount by Currency" means:   in relation to Receivables denominated in Euro, an amount equal to the sum of (i) the  Maximum Purchaser Funding Amount by Currency in relation to Receivables  

 

  07/17532116_3 16  denominated in Euro and (ii) the Required Support Amount Month M by Relevant  Currency to be made in Euro;    in relation to Receivables denominated in USD, an amount equal to the sum of (i) the  Maximum Purchaser Funding Amount by Currency in relation to Receivables  denominated in USD and (ii) the Required Support Amount Month M by Relevant  Currency to be made in USD; and   in relation to Receivables denominated in GBP, an amount equal to the sum of (i) the  Maximum Purchaser Funding Amount by Currency in relation to Receivables  denominated in GBP and (ii) the Required Support Amount Month M by Relevant  Currency to be made in GBP.   "Maximum Purchaser Funding Amount by Currency" means:   EUR 150,000,000 in relation to Assigned Receivables denominated in Euro;    USD 75,000,000 in relation to Assigned Receivables denominated in USD; and   GBP 35,000;000 in relation to Assigned Receivables denominated in GBP.  "Monthly Calculation Date" means the date falling twelve (12) Business Days after any  Monthly Cut-Off Date (or any other date agreed in writing between the Centralising Agent, the  Purchaser, the Programme Manager and the Programme Agent).  "Monthly Cut-Off Date" means the Initial Monthly Cut-Off Date and thereafter, the last day of  each calendar month (or any other date agreed in writing between the Centralising Agent, the  Purchaser, the Programme Manager and the Programme Agent).  "Monthly Payment Date" means the date falling sixteen (16) Business Days after any Monthly  Cut-Off Date (or any other date agreed in writing between the Centralising Agent, the  Purchaser, the Programme Manager and the Programme Agent).  "Monthly Reporting Date" means the date falling ten (10) Business Day after any Monthly Cut- Off Date (or any other date agreed in writing between the Centralising Agent, the Purchaser,  the Programme Manager and the Programme Agent).  "MUFG" means MUFG Bank, Ltd.  "Notification Letter" means a notification letter to be addressed to the relevant Debtor  substantially in the form provided for under the relevant Local Receivables Purchase  Agreement.  "OFAC" means the Office of Foreign Assets Control of the United States Department of the  Treasury.  "Offer" has the meaning ascribed to such term in Clause 6.1.1.  "Officer's Solvency Certificate" means, a certificate of the duly appointed and incumbent  Chief Financial Officer or Director (or equivalent) of any Zebra Entity being in the form agreed  between the Parties.  "Organisational Documents" means, with respect to any Person, the certificate of  incorporation, articles of incorporation, articles of association, status, by-laws, partnership  agreement or other equivalent arrangement, in each case as applicable in such Person's  jurisdiction of incorporation.  "Outstanding Amount" means on any Monthly Calculation Date with respect to any Assigned  Receivables, any amount remaining owed by the relevant Debtor as indicated by the  Centralising Agent in the Aggregate Electronic File as of the preceding Monthly Cut-Off Date.  "Outstanding Deposit by Currency" means, on any date, an amount denominated in each  Relevant Currency and per Seller equal on such date to (A) the relevant Initial Deposit, plus (B)  any relevant Deposit Complementary Amount by Currency paid by the relevant Depositor to  the Deposit Beneficiary and credited to the applicable Cash Collateral Account in accordance  with Clause 15.2, less (C) any relevant Deposit Refund repaid by the Deposit Beneficiary to the  relevant Depositor in accordance with Clause 15.4, less (D) any amount applied by the Deposit  Beneficiary in accordance with Clause 15.3.  "Parent Group" means, on any date, the group of companies composed of the Sellers, the  Parent Company, the Servicers, the Centralising Agent and their respective Subsidiaries.  

 

  07/17532116_3 17  "Parent Undertaking" means the undertaking agreement governed by New York law entered  into on the Signing Date by the Parent Company as provider and the Purchaser as recipient.  "Party" means any party to this Agreement on the Signing Date and on any Accession Date,  together with their successors and assigns.  "Performance Triggers" means the Stop Purchase Events set forth in item (p) of the definition  of Stop Purchase Event.  "Perimeter" means the list set up on the Signing Date by the Programme Manager and the  Initial Sellers as such list may be changed from time to time in accordance with Clause 5 that  sets forth:   each Debtor identified by the Programme Manager as being an Eligible Debtor; and   the Relevant Currency Debtor Limit identified by the Programme Manager for each  such Debtor.  "Perimeter Date" means the date falling 10 Business Days before any Monthly Cut-Off Date  (other than the Initial Monthly Cut-Off Date, in respect of which the Perimeter will be the Initial  Monthly Reporting Date) (or any other date agreed in writing between the Centralising Agent,  the Purchaser, the Programme Manager and the Programme Agent).  "Perimeter Reduction Notice" has the meaning ascribed to such term in Clause 5.3.  "Person" means an individual, corporation (including a business trust), partnership, limited  liability company, joint venture, association, joint stock company, trust (including any beneficiary  thereof), unincorporated association or government or any agency or political subdivision  thereof.  "Programme" means the trade receivables sale Programme set up by the Arranger at the  request of the Zebra Entities to which this Agreement relates.  "Programme Agent Fee" means a global annual fee of EUR 50,000 (plus VAT).  "Programme Maximum Amount" means, at any time, an amount in Euro equal to the sum of  (i) the sum determined on the same date of the Maximum Purchaser Funding Amount by  Currency in relation to Assigned Receivables of each Relevant Currency at their Applicable  Currency Equivalent for those other than Euro and (ii) the sum determined on the same date of  the Required Support Amount Month M by Relevant Currency of each Relevant Currency at  their Applicable Currency Equivalent for those other than Euro.  "Programme Purchaser Maximum Funding Amount" means EUR 150,000,000.  "Programme Termination Notice" has the meaning ascribed to such term in Clause 7.2.  "Purchase Date" means:    for any Seller making its first sale of Receivables hereunder, in respect of Eligible  Receivables that qualify as Existing Receivables and Existing New Receivables the  applicable Initial Purchase Date,   for all Sellers making a second or subsequent sale of Receivables hereunder, in  respect of Eligible Receivables that qualify as Existing Receivables or Existing New  Receivables that are:  (i) owed to any Applicable Seller by any new Included Debtor, the Monthly  Payment Date following the Perimeter Date on which such new Included  Debtors have been included in the Perimeter,   (ii) Excess Receivables which have been reassigned to the Applicable Seller or  the purchase for which has been rescinded in accordance with Clause 8.2,  the Monthly Payment Date following the sending of the relevant Returned  Electronic File,   in respect of Eligible Receivables that qualify as Existing Receivables and Existing  New Receivables and which have not been assigned to the Purchaser as Future  Receivables on a preceding Monthly Reporting Date as a consequence of the  Purchaser refusing an Offer in accordance with Clause 6.2, the Monthly Payment  Date following the date on which an Offer listing such Existing Receivables and  

 

  07/17532116_3 18  Existing New Receivables has been accepted by the Purchaser in accordance with  Clause 6.2,   in respect of Eligible Receivables that qualify as Future Receivables, the date stated  in the relevant Local Receivables Purchase Agreement.  "Purchase Limits" has the meaning ascribed to such term in Clause 5.1.  "Purchaser Accounts" means:   or such other accounts the details of which will have been notified from time to time in writing  by the Purchaser to the relevant Seller.  "Purchase Price" has the meaning ascribed to such term in Clause 7.1.  "Receivable" means any receivable that confers the right to receive payment of an amount  owed under a Contract, costs and any other amounts due in connection with such receivable  in accordance with a Contract, including for the avoidance of doubt, any late payment interest  accrued on any unpaid interest amounts.  "Receivables Indemnity" has the meaning ascribed to such term in Clause 8.  "Records" means, in respect of each Receivable, all Contracts entered into between any  Debtor and the Applicable Seller, correspondence, notes of dealings and other documents,  books, records and other information (including bills of lading if any, data processing software  and related property and rights) maintained with respect to such Assigned Receivable, related  Debtor and related Collections.  "Recovery Fee" has the meaning ascribed to such term in Clause 10.6.1.  "Recovery Fee Rate" means 1% multiplied by DSO divided by 360.  "Refinancing Entity" means any entity which has refinanced, directly or indirectly, the  Purchaser for the purpose of the Programme.  "Related Rights" means, with respect to any Receivable, all of the creditor's rights, privileges,  interests, benefits and claims of any nature whatsoever relating to that Receivable under the  Contract from which the Receivable arises (including any Receivables Indemnity and any late  payment interest that may be due) (other than Related Security).  "Related Security" means with respect to any Receivable:   all interest of the Applicable Seller in any goods (including returned goods) relating to  any sale giving rise to such Receivable;   all Liens related thereto and property subject thereto purporting to secure payment of  such Receivable; and   all guarantees, insurance and other arrangements of whatever character supporting  or securing payment of such Receivable whether pursuant to the Contract or  otherwise.   "Relevant Currency" means Euro, GBP or USD.  "Relevant Currency Debtor Limit" means at any time and in respect of any Eligible Debtor,  the maximum aggregate amount in any Relevant Currency of outstanding Assigned  Receivables, in such Relevant Currency, owed by such Eligible Debtor, as set out for the  Debtors referred to in limb (a) of the definition of Included Debtors in the most recent Perimeter  and for the Debtors referred to in limb (b) of the definition of Included Debtors, the applicable  Debtor Country Limit.  "Relevant Jurisdiction" means, with respect to a Party, the jurisdictions:   the EUR account referenced [**************] (IBAN) and BSUIFRPP (BIC), opened  in the books of CA-CIB in the name of the Purchaser;    the USD account referenced [**************]  (IBAN) and BSUIFRPP (BIC), opened  in the books of CA-CIB in the name of the Purchaser; and    the GBP account referenced [**************] (IBAN) and BSUIFRPP (BIC), opened  in the books of CA-CIB in the name of the Purchaser,   

 

  07/17532116_3 19   in which the Party is incorporated, organised, managed and controlled or considered  to have its seat;   where an office through which the Party is acting for the purposes of the Programme  is located; and   in relation to any payment, from or through which such payment is made by that Party.  "Relevant Nominating Body" means any applicable central bank, regulator or other  supervisory authority or a group of them, or any working group or committee sponsored or  chaired by, or constituted at the request of, any of them or the Financial Stability Board.  "Replacement Benchmark" means a benchmark rate which is:    formally designated, nominated or recommended as the replacement for a Screen  Rate by:  (i) the administrator of that Screen Rate (provided that the market or economic  reality that such benchmark rate measures is the same as that measured by  that Screen Rate); or  (ii) any Relevant Nominating Body,   and if replacements have, at the relevant time, been formally designated, nominated  or recommended under both paragraphs, the "Replacement Benchmark" will be the  replacement under paragraph (ii) above;    in the opinion of the Programme Manager and the Parent Company, generally  accepted in the international or any relevant domestic syndicated loan markets as the  appropriate successor to a Screen Rate; or    in the opinion of the Programme Manager and the Parent Company, an appropriate  successor to a Screen Rate.  "Repurchase Notice" has the meaning ascribed to such term in Clause 9.1.  "Required Support Amount Month M by Relevant Currency" has the meaning ascribed to  such term in Schedule 3.  "Retransfer Amount" has the meaning ascribed to such term in Clause 9.2.  "Retransfer Document" means a document executed by the Purchaser and a Seller in relation  to Assigned Receivables to be retransferred pursuant to Clause 9.3 in the form and manner set  out in the applicable Local Receivables Purchase Agreement.  "Retransferred Receivable" has the meaning ascribed to such term in Clause 8.2.1(A).  "Returned Electronic File" has the meaning ascribed to such term in Clause 8.2.4.  "Revolving Period" means the period commencing on (and including) the Initial Purchase Date  and ending on (and including) the Revolving Termination Date.  "Revolving Termination Date" means the earlier of:   the 5th anniversary of the Signing Date;   the date on which the Revolving Period is terminated by delivery of a Revolving  Termination Notice pursuant to Clause 4;   the date on which the Purchaser has received a Programme Termination Notice  pursuant to Clause 7.2; or   the date on which a Termination Notice is delivered in accordance with Clause 20.1.  "Revolving Termination Notice" means any written notice terminating the Revolving Period  which has been delivered in accordance with Clause 4.  "Sanctioned Jurisdiction" means any country or territory that is the subject of comprehensive  Sanctions broadly restricting or prohibiting dealings with, in or involving such country or territory  (currently, Iran, Cuba, Syria, North Korea and the Crimea region of Ukraine).  "Sanctioned Person” means any individual or entity (a) identified on a Sanctions List, (b)  organised, domiciled or resident in a Sanctioned Jurisdiction, or (c) otherwise the subject or  

 

  07/17532116_3 20  target of any Sanctions, including by reason of ownership or control by one or more individuals  or entities described in clauses (a) or (b).  "Sanctions" means any economic or financial sanctions or trade embargoes imposed,  administered or enforced by (a) the United States (including OFAC and United States  Department of State), (b) the United Nations Security Council, (c) the European Union or any  member state, (d) the United Kingdom (including Her Majesty’s Treasury), or (e) any other  applicable jurisdiction.  "Sanctions List" means any list of designated individuals or entities that are the subject of  Sanctions, including (a) the Specially Designated Nationals and Blocked Persons List  maintained by OFAC, (b) the Consolidated United Nation Security Council Sanctions List, (c)  the consolidated list of persons, groups and entities subject to EU financial sanctions  maintained by the European Union or any member state and (d) the Consolidated List of  Financial Sanctions Targets in the United Kingdom maintained by Her Majesty’s Treasury.  "Screen Rate Replacement Event" means in relation to a Screen Rate:   the methodology, formula or other means of determining that Screen Rate has, in the  opinion of the Programme Manager and the Parent Company, materially changed;     (i)   (1) the administrator of that Screen Rate or its supervisor publicly  announces that such administrator is insolvent; or  (2) information is published in any order, decree, notice, petition or filing,  however described, of or filed with a court, tribunal, exchange,  regulatory authority or similar administrative, regulatory or judicial body  which reasonably confirms that the administrator of that Screen Rate  is insolvent,  provided that, in each case, at that time, there is no successor administrator to  continue to provide that Screen Rate;  (ii) the administrator of that Screen Rate publicly announces that it has ceased  or will cease, to provide that Screen Rate permanently or indefinitely and, at  that time, there is no successor administrator to continue to provide that  Screen Rate;   (iii) the supervisor of the administrator of that Screen Rate publicly announces  that such Screen Rate has been or will be permanently or indefinitely  discontinued; or  (iv) the administrator of that Screen Rate or its supervisor announces that that  Screen Rate may no longer be used; or  (v) the administrator of that Screen Rate determines that that Screen Rate should  be calculated in accordance with its reduced submissions or other  contingency or fallback policies or arrangements and the circumstance(s) or  event(s) leading to such determination are not (in the opinion of the  Programme Manager and the Parent Company) temporary; or   in the opinion of the Programme Manager and the Parent Company, that Screen Rate  is otherwise no longer appropriate for the purposes of calculating interest under this  Agreement.  "Secured Collection Account" means a Collection Account which is subject to a Collection  Account Security Document.  "Servicing Duties" has the meaning ascribed to such term in Clause 10.1.   "Servicing Fee" has the meaning ascribed to such term in Clause 10.6.1.  "Servicing Fee Rate" means 1% multiplied by DSO divided by 360.  

 

07/17532116_3 21  "Servicing Mandate" has the meaning ascribed to such term in Clause 10.1.  "Seller" means (i) the Initial Sellers and (ii) each Additional Seller in its capacity as seller.  "Seller Deterioration Event" means all or any part of the property, business, undertakings,  assets or revenues of a Seller having been attached as a result of any distress, execution or  diligence being levied or any encumbrancer taking possession, any or similar attachment and  such attachment or possession, is reasonably likely to materially prejudice the ability of a Seller  to observe or perform its obligations under the Transaction Documents or the enforceability or  collectability of the Assigned Receivables.  "Seller Ratio" has the meaning ascribed to such term in Clause 21.4.  "Servicer" means (i) the Initial Servicers and (ii) each Additional Seller in its capacity as  servicer.  "Servicer Report" means the report in the form agreed between the Parties.  "Servicing Mandate" has the meaning ascribed to such term in Clause 10.1.  "Signing Date" means 29 April 2020.  "Singapore Local Receivables Purchase Agreement" means the agreement entitled  "Singapore - Local Receivables Purchase Agreement" entered into on the Signing Date  between the Singapore Seller, the Centralising Agent, the Programme Manager and Arranger,  the Programme Agent and the Purchaser.   "Singapore Seller" means (i) the Initial Seller incorporated in Singapore and listed in Part A  (List of Sellers, Servicers) of Schedule 1 and (ii) any other entity established in Singapore and  belonging to the Parent Group and which has acceded as Additional Seller to the Programme.  "Spot Rate Exchange" means:  the spot rate of exchange obtainable by the Programme Agent or the Programme  Manager for the purchase of GBP with EUR in the Euro foreign exchange market on  or about 11:00 am on any Business Day; and  the spot rate of exchange obtainable by the Programme Agent or the Programme  Manager for the purchase of USD with EUR in the London foreign exchange market  on or about 11:00 am on any Business Day.  "Stop Purchase Event" means each of the following events:  any Zebra Entity fails to make any payment under any Transaction Document to which  it is a party, when due, unless such failure is caused by an administrative or technical  error and is remedied within 2 Business Days from the due date;  any Zebra Entity fails to perform or observe any term, covenant, obligation, agreement  or reporting duty contained in any Transaction Document (other than an obligation  referred to specifically in Paragraph (a) above and any paragraph below) to which it  is a party, unless such failure (if capable of remedy to the satisfaction of the  Purchaser) is remedied within 10 Business Days after the earlier of (i) the date on  which it receives a notice requiring the same to be remedied before the expiry of such  period and (ii) the date on which it becomes aware of such default;  any representation or warranty made or deemed made by a Zebra Entity under or in  connection with any Transaction Document proves to have been inaccurate or  misleading when made or deemed to be made, and such inaccuracy continues  unremedied (if capable of being remedied to the satisfaction of the Purchaser) for a  period of 10 Business Days after the earlier of (i) the date on which such Zebra Entity  receives a notice requiring the same to be remedied before the expiry of such period  and (ii) the date on which it becomes aware that the representation or warranty was  inaccurate or misleading when made or deemed to have been made;  it is or becomes unlawful for any Zebra Entity to perform any of its obligations under  the Transaction Documents;  any Transaction Document (including any offer or acceptance notice), is terminated  or becomes invalid, illegal or unenforceable or ceases to be capable of performance  pursuant to its terms and this continues unremedied (if capable of being remedied to  

 

  07/17532116_3 22  the satisfaction of the Purchaser) for a period of 10 Business Days after the earlier of  (i) the date on which the relevant Zebra Entity receives a notice requiring the same to  be remedied before the expiry of such period and (ii) the date on which it becomes  aware that such Transaction Document (including any offer or acceptance notice), is  terminated or becomes invalid, illegal or unenforceable or ceases to be capable of  performance pursuant to its terms;   a Change of Control occurs with respect to a Seller or a Servicer;   the occurrence of any change in the legal form, status, Organisational Documents or  business of any Zebra Entity, which may have a Material Adverse Effect, which  continues unremedied (if capable of being remedied to the satisfaction of the  Purchaser) for a period of 10 Business Days after the earlier of (i) the date on which  the relevant Zebra Entity receives a notice requiring the same to be remedied before  the expiry of such period and (ii) the date on which it becomes aware that such event  has occurred;   any Seller, Servicer or the Parent Company or any third party, directly or indirectly,  repudiates or challenges (or initiates legal proceedings for this purpose) the  effectiveness, validity, binding effect or enforceability of any Transaction Document  (including any offer or acceptance notice);   any Zebra Entity ceases, suspends or states its intention to cease or suspend, all or  a substantial part of its business or activities;   any amount with respect to a Financial Indebtedness of any Zebra Entity where such  Financial Indebtedness is more than USD 50,000,000 (or its equivalent in any other  currency or currencies) in aggregate is not paid when due nor within any originally  applicable grace period;   any Financial Indebtedness of any Zebra Entity where such Financial Indebtedness  is more than USD 50,000,000 (or its equivalent in any other currency or currencies)  is declared to be or otherwise becomes due and payable prior to its specified maturity  as a result of an event of default (howsoever described);   a Seller fails to sell Eligible Receivables in accordance with Clause 6 (other than a  failure which is attributable to the action or omission of the Purchaser);   any event which has a Material Adverse Effect on any Zebra Entity occurs and  continues unremedied (if capable of being remedied to the satisfaction of the  Purchaser) for a period of 10 Business Days after the earlier of (i) the date on which  the relevant Zebra Entity receives a notice requiring the same to be remedied before  the expiry of such period and (ii) the date on which it becomes aware that such  Material Adverse Effect has occurred;   any Zebra Entity is Insolvent or is subject to Insolvency Proceedings;   (i) one or more final judgments for the payment of money are entered against a Seller  or (ii) one or more final judgments for the payment of money in an amount in excess  of USD 50,000,000 (or its equivalent in any other currency), individually or in the  aggregate, are entered against a Servicer on claims not covered by insurance or as  to which the insurance carrier has denied its responsibility, and such judgment shall  continue unsatisfied and in effect for sixty (60) consecutive days without a stay of  execution; and   any of the following events occurs, on any Monthly Calculation Date:  (i) (x) with respect to the global portfolio, the applicable aggregate DSO  (calculated in accordance with the definition of "DSO" on an aggregated  basis) is greater than 55 days; or  (ii) the arithmetic mean of the Delinquent Ratio for such Monthly Calculation Date  and each of the two prior Monthly Calculation Dates is greater than 1.25%; or  (iii) the arithmetic mean of the Default Ratio for such Monthly Calculation Date  and each of the two prior Monthly Calculation Dates is greater than 1%; or  (iv) the arithmetic mean of the Dilution Ratio for such Monthly Calculation Date  and each of the two prior Monthly Calculation Dates is greater than 32.5%.  

 

  07/17532116_3 23  "Subsidiary" means in respect of any Person of which more than 50 % of the total voting power  of shares or stock or other ownership interests entitling (without regard to the occurrence of any  contingency) to vote in the election of directors, managers or trustees thereof is at the time  owned or controlled, directly or indirectly, by such Person or one or more of the other  Subsidiaries of that Person or a combination thereof.  "Substitute Servicer" means any substitute servicer which may be appointed by the Purchaser  in substitution for any or all Servicers in accordance with the Transaction Documents.  "TARGET Day" means any day on which the Trans-European Automated Real-time Gross  Settlement Express Transfer payment system number two (TARGET2) (or any replacement  infrastructure) is open for the settlement of payments in Euro.  "Tax" or "Taxes" means any form of taxation, levy, duty, charge, contribution, withholding or  impost of whatever nature (including any related fine, penalty, surcharge or interest) imposed,  collected or assessed by, or payable to, any tax authority.  "Termination Notice" means a notice stating that a Stop Purchase Event has occurred is  delivered pursuant to Clause 20.1.  "Transaction Document" means any and each of: (i) this Agreement, (ii) any Local  Receivables Purchase Agreement, (iii) the Collection Account Security Documents; (iv) any  Form of Assignment; (v) any Aggregate Electronic File, (vi) the Parent Undertaking (vii) the  Inter-Creditor Agreement – Euro Collection Account and (viii) the Inter-Creditor Agreement –  GBP Collection Account and (ix) any and all other agreements and other documents relating  to, or delivered in connection with, any of the foregoing.  "VAT" means (i) any tax imposed in compliance with the Council Directive 2006/112/EC of 28  November 2006 amended on the common system of value added tax, (ii) any other tax of a  similar fiscal nature, whether imposed in a member state of the European Union in substitution  for, or in addition to, such tax, or imposed elsewhere and (iii) any similar taxes imposed on the  sale of goods and services in any applicable jurisdiction.   "Zebra Entities" means any of the Sellers, Servicers, the Centralising Agent and the Parent  Company.   Interpretation  Unless otherwise expressly provided in any Transaction Document:  1.2.1 where an obligation (including, in particular, a payment) is expressed to be performed  on a date which is not a Business Day, such date shall be postponed to the first  following day that is a Business Day unless that day falls in the next calendar month  in which case that date will be the preceding day that is a Business Day;  1.2.2 any reference to a Clause, Paragraph, Schedule or an Appendix shall be construed  as a reference to a clause, paragraph, part, section, chapter, schedule, recital or  appendix of such Transaction Document;  1.2.3 any Schedule or Appendix to a Transaction Document forms part of such Transaction  Document and shall have the same force and effect as if the provisions of such  Schedule or Appendix were set out in the body of such Transaction Document. Any  reference to an Transaction Document shall include any such Schedule or Appendix;  1.2.4 headings and the table of contents in each Transaction Document are for ease of  reference only;  1.2.5 any reference in the Transaction Documents to:  (A) any agreement or other deed, arrangement or document shall be construed  as a reference to the relevant agreement, deed, arrangement or document as  the same may have been, or may from time to time be, replaced, extended,  amended, varied, supplemented or superseded, and where a Transaction  Document refers to a term defined in an agreement so amended,  supplemented or novated, such reference shall be construed as a reference  to such term as its definition has been amended, varied or otherwise modified  in connection with, or as a result of, such agreement having been amended,  supplemented or novated;  

 

  07/17532116_3 24  (B) any statutory provision or legislative enactment shall be deemed also to refer  to any re-enactment, modification or replacement and to any statutory  instrument, order or regulation made thereunder or under any such re- enactment;   (C) any party to the Transaction Documents shall include references to its  successors, permitted assignees and any person deriving title under or  through it; and  (D) a [jurisdiction] Seller shall be construed as a reference to the relevant Initial  Seller established in the said [jurisdiction] and, if an Additional Seller  established in the same jurisdiction accedes to the Programme after the date  hereof, as from the relevant Accession Date to the relevant Initial Seller and  the relevant Additional Seller;  1.2.6 any reference to an hour of the day shall be a reference to Paris time;   1.2.7 for the purposes of determining a period of time and unless expressly otherwise  provided, any reference to the terms "from ... to ..." or "commencing on ... and ending  on ..." shall be construed as a reference to the terms "from (and including) ... to (but  excluding) ..." and "commencing on (and including) ... and ending on (but excluding)  ...", respectively.  1.2.8 all references made in the Transaction Documents to a day are references to a  calendar day;  1.2.9 any reference to the Centralising Agent shall be a reference to the Centralising Agent  acting on behalf of each Applicable Seller;  1.2.10 period of days referred to in each Transaction Document shall be counted in calendar  days unless Business Days are expressly prescribed;  1.2.11 words denoting the singular number shall include the plural number also and vice  versa;  1.2.12 all references made in the Transaction Documents to the Purchaser, any Seller, any  Servicer, or the Parent Company acting in one capacity are references to such party  acting in any other capacity whatsoever;  1.2.13 any reference to a "law" includes common or customary law and any constitution,  statute, decree, judgment, legislation, order, ordinance, regulation, by-law, treaty or  other legislative measure in any jurisdiction or any directive, regulation, request or  requirement or any other legislative measure of any government, supranational  institution, local government, statutory or regulatory body or court (including double  taxation agreements and EU law, published practice or concession of any relevant  taxing authority) (in each case, whether or not having the force of law but, if not having  the force of law, only if the compliance with such directive is in accordance with  general practices of persons to whom the directive, regulation, request or requirement  would apply);  1.2.14 "Euro", "EUR", "euro" and the symbol € means the currency of the participating  member states of the European Union as defined in Council Regulation (EC) No.  974/98 on the introduction of the Euro, passed on 3 May 1998;   1.2.15 "$", "USD" and "dollars" denote the lawful currency of the United States of America;  1.2.16 "£", "GBP" and "British pound sterling" denote the lawful currency of the United  Kingdom;  1.2.17 "control" or "controlled" means the ownership of more than 50% of the voting  securities or other voting interests in any entity or the possession, directly or indirectly,  of the power to direct or cause the direction of the management and policies of such  entity, whether through the ownership of voting securities, by contract or otherwise;  and  1.2.18 the words herein, hereof and hereunder and other words of similar impact, when used  in a Transaction Document, refer to such Transaction Document as a whole.  

 

  07/17532116_3 25  2. PURPOSE   The Parties hereto acknowledge and agree that the Purchaser will purchase Receivables  subject to the terms of this Agreement and:  2.1.1 in respect of Receivables originated by the English Seller, the English Local  Receivables Purchase Agreement;  2.1.2 in respect of Receivables originated by the Singapore Seller, the Singapore Local  Receivables Purchase Agreement; and   2.1.3 in respect of Receivables originated by any Additional Seller, the relevant Local  Receivables Purchase Agreement.    The purpose of this Agreement is to provide for certain general common terms in relation to the  Programme which shall apply to each Local Receivables Purchase Agreement by way of  incorporation by reference and in particular to establish:  2.2.1 the general common terms under which the Receivables will be transferred by each  Seller to the Purchaser and serviced and administered by each Servicer on behalf of  the Purchaser;  2.2.2 the general eligibility criteria applicable to all Receivables assigned by each Seller to  the Purchaser under the Programme;  2.2.3 the conditions precedent applicable to any purchase of Receivables and the payment  of the Purchase Price thereof by the Purchaser;   2.2.4 the representations and warranties to be given by the Sellers, the Servicers and the  Parent Company and certain covenants to be given by the Sellers and the Servicers;  and  2.2.5 certain events which may lead to the termination of the Programme.  3. COMMON TERMS   Application of Common Terms  Save as provided in Clauses 3.2 and 3.3 below, the provisions set out in this Agreement  (including in its Schedules (the "Common Terms"), shall be incorporated by reference into  each Local Receivables Purchase Agreement, the Parent Undertaking and, as the case may  be, in each Collection Account Security Document and, accordingly, shall apply thereto as if  such terms were expressly set out in each such document.   Disapplication or variation  By way of exception to Clause 3.1, the parties to any Local Receivables Purchase Agreement  and/or any Collection Account Security Document may expressly agree in any Local  Receivables Purchase Agreement, the Parent Undertaking, and/or any Collection Account  Security Document to dis-apply, amend or supplement, any Common Term.   Conflict  If a provision of a Local Receivables Purchase Agreement and/or a Collection Account Security  Document and/or the Parent Undertaking is inconsistent with any provision of the Common  Terms, the provision of such Local Receivables Purchase Agreement, Collection Account  Security Document or Parent Undertaking (as applicable) will prevail.  4. PERIODS AND COMMITMENTS   During the Revolving Period, on each Purchase Date each Seller shall sell to the Purchaser,  the Eligible Receivables owned by the Seller in respect of each Eligible Debtors identified in the  most recent Perimeter and which the Purchaser may accept or refuse to purchase in  accordance with Clause 6.2.   The Purchaser may terminate the Revolving Period (and the Amortisation Period shall start):  4.2.1 at any time by delivering a Revolving Termination Notice to the Centralising Agent  (with the Programme Agent and the Programme Manager copied); and/or  

 

  07/17532116_3 26  4.2.2 upon delivering a Termination Notice to the Centralising Agent (with the Programme  Agent and the Programme Manager copied) pursuant to Clause 20.1.   The Centralising Agent may terminate the Revolving Period (and the Amortisation Period shall  start):  4.3.1 at any time by delivering a joint Revolving Termination Notice to the Purchaser (with  the Programme Agent and the Programme Manager copied); and  4.3.2 by delivering a Programme Termination Notice in accordance with Clause 7.2.   During the Amortisation Period, the Sellers shall cease to sell, and the Purchaser shall no longer  purchase, Receivables.  5. PURCHASE LIMITS AND PERIMETER   Purchase Limits  Subject to and in accordance with Clause 6.2, the commitment of the Purchaser to purchase  Eligible Receivables under the Programme shall, at any time, be limited to the following limits  (the "Purchase Limits") (i) the Programme Maximum Amount (which itself depends on,  amongst other items, the Programme Purchaser Maximum Funding Amount), (ii) the Maximum  Amount by Currency (which itself depends on, amongst other items, the Maximum Purchaser  Funding Amount by Currency) and (iii) the applicable Relevant Currency Debtor Limit.   Modification of the Perimeter  5.2.1 The Purchaser may from time to time, (i) decrease any or all Relevant Currency  Debtor Limits and/or exclude any Debtor from the Perimeter in accordance with  Clause 5.3 and/or (ii) if requested by the Centralising Agent, add any Debtor to the  Perimeter or increase the then applicable Relevant Currency Debtor Limit in  accordance with Clause 5.4.  5.2.2 Each Perimeter which has been updated on any Perimeter Date in accordance with  Clause 22.1 will replace the existing Perimeter. If no updated Perimeter is  communicated by the Programme Agent, the existing Perimeter shall remain  applicable.   Exclusion of Debtors and Reduction of Debtors Limit(s)  5.3.1 Subject to sub-clauses 5.3.3 to 5.3.5, the Purchaser may at any time subject to  5 Business Days' prior notice sent to the Centralising Agent, reduce on any Perimeter  Date any Relevant Currency Debtor Limit and/or remove any Debtor(s) from the  Perimeter (a "Perimeter Reduction Notice") and such change(s) shall have effect  (subject to Clause 5.3.3 and 5.3.4) from the Perimeter Date immediately following the  date of the Perimeter Reduction Notice.  5.3.2 The Purchaser shall also, to the extent not prohibited by Applicable Laws or  regulations relating to banking secrecy rules or confidentiality agreements binding on  the Purchaser, the Programme Manager and/or the Programme Agent provide the  Centralising Agent with the reasons for the reduction of such Relevant Currency  Debtor Limit and/or such removal of Debtor(s) from the Perimeter.  5.3.3 At the request of the relevant Applicable Seller within 7 Business Days of receipt of a  Perimeter Reduction Notice, a 10 Business Days consultation period shall open  (the "Consultation Period") during which the Parties shall use their reasonable  endeavours to reach a mutually acceptable solution.   5.3.4 If an agreement is reached during such Consultation Period, the Perimeter and/or the  Relevant Currency Debtor Limit as agreed between the Parties will apply as from the  immediately following Perimeter Date (unless otherwise agreed between the  Programme Manager, the Purchaser and the Centralising Agent) and the Programme  Manager shall notify the Programme Agent accordingly.   

 

  07/17532116_3 27  5.3.5 If no agreement is reached during the Consultation Period, the Programme Manager  shall modify the Perimeter and/or the applicable Relevant Currency Debtor Limit in  accordance with the notice delivered by the Purchaser pursuant to Clause 5.3.1 as  from the Perimeter Date immediately following the Consultation Period and the  Programme Manager shall notify the Centralising Agent and the Programme Manager  accordingly.   Addition of Debtors to the Perimeter and modification of Relevant Currency Debtor  Limits  5.4.1 The Centralising Agent may deliver a notice to the Programme Manager requesting  the addition of new Debtors to the Perimeter and/or the modification of Relevant  Currency Debtors Limits.   5.4.2 The Programme Manager shall accept or reject such request in its sole and absolute  discretion by sending an email to the Centralising Agent by no later than 10 Business  Days after receipt of a request in accordance with Clause 5.4.1 above. Any absence  of answer within such timeframe from the Programme Manager to a notice requesting  the addition of new Debtors to the Perimeter and/or the modification of the Relevant  Currency Debtor Limit shall be deemed to be a rejection of the request.   5.4.3 If such request is accepted by the Programme Manager, the Perimeter and/or the  applicable Relevant Currency Debtor Limit shall be modified as from the Perimeter  Date immediately following the date of the email sent by the Programme Manager  under Clause 5.4.2 (unless otherwise agreed between the Programme Manager, the  Purchaser and the Centralising Agent) and the Programme Manager shall notify the  Programme Agent accordingly.  5.4.4 The Centralising Agent shall provide the Programme Manager with all information  required by the Programme Manager in relation to such new Debtors to be included  in the Perimeter and/or the Relevant Currency Debtor Limits.  5.4.5 Any request for the modification of the Perimeter and/or the Relevant Currency Debtor  Limits made by the Centralising Agent shall be binding on all Sellers and the Parent  Company.  6. PURCHASE PROCEDURE   Offer of Receivables  6.1.1 General  (A) Each Seller shall offer to the Purchaser, in accordance with Clause 6.1.1(B)  below, all Eligible Receivables owned by such Seller in respect of each  Eligible Debtors identified in the most recent Perimeter which have not  already been assigned to the Purchaser and in respect of which the  assignment has not been rescinded in accordance with this Clause 8.2.  (B) Each offer which is made by sending by specific exchange protocol an  Aggregate Electronic File and/or a Form of Assignment (an "Offer") to the  Programme Agent (acting on behalf of the Purchaser) and such delivery shall  be an irrevocable offer by the Applicable Seller to sell to the Purchaser,  pursuant to and in accordance with this Agreement and the applicable Local  Receivables Purchase Agreement, each Receivable referred to in such Offer  on its relevant Purchase Date.  (C) Without prejudice to Clause 11, each Applicable Seller shall have sole  responsibility for determining that each Receivable that it offers to sell,  transfer or assign to the Purchaser is an Eligible Receivable on the applicable  Eligibility Test Date.  6.1.2 Initial Monthly Reporting Date  

 

  07/17532116_3 28  The sending by the Centralising Agent on the relevant Initial Monthly Reporting Date  of an Aggregate Electronic File and/or Form of Assignment to the Programme Agent  shall constitute an offer to sell, transfer or assign to the Purchaser, on the applicable  Initial Purchase Date:  (A) any and all Existing Receivables;  (B) any and all Existing New Receivables; and  (C) all Future Receivables,  in each case as identified by the Centralising Agent in the relevant Aggregate  Electronic File.  6.1.3 Monthly Reporting Date (other than the Initial Monthly Reporting Date)  On any Monthly Reporting Date (other than the Initial Monthly Reporting Date), the  Centralising Agent, acting on behalf of the Applicable Seller, shall deliver to the  Purchaser (with a copy to the Programme Agent):  (A) by no later than noon (Paris time), a Servicer Report duly completed by  reference to the Collection Period immediately preceding such Monthly  Reporting Date;  (B) by no later than noon (Paris time), a duly completed Form of Assignment or  Aggregate Electronic File (as specified in the relevant Local Receivables  Purchase Agreement) which shall constitute an Offer to the Purchaser to  purchase, on the applicable Purchase Date, any and all Existing Receivables  (if any), all Existing New Receivables (if any) and all Future Receivables of  the Applicable Seller(s) as identified in the relevant Form of Assignment or  Aggregate Electronic File; and  (C) if new Eligible Debtors have been included in the Perimeter on the  immediately preceding Perimeter Date, an Aggregate Electronic File and/or  Form of Assignment (which may be the same Aggregate Electronic File  and/or Form of Assignment delivered pursuant to Clause 6.1.3(B)) that shall  constitute an Offer to sell to the Purchaser, subject to the conditions of the  applicable Local Receivables Purchase Agreement, on the immediately  following Monthly Payment Date, all Existing Receivables and Existing New  Receivables of the Applicable Seller(s) owed by the new Eligible Debtors as  identified and individualised in the relevant Aggregate Electronic File.   Acceptance or refusal of Receivables in accordance with this Agreement and the  relevant Local Receivables Purchase Agreement  On each Purchase Date, subject to and in accordance with each Local Receivables Purchase  Agreement entered into by such Seller; and subject to the Conditions Precedent having been  satisfied or expressly waived in accordance with Clause 6.3, the Purchaser may accept or  refuse the relevant Offer by carrying out any jurisdiction specific requirements provided for in  the relevant Local Receivables Purchase Agreement or if no such specific requirements are  provided for, by paying the Purchase Price for such Receivable in accordance with Clause 7.   Conditions precedent  The following Conditions Precedent shall be fulfilled by each Zebra Entity on or before the  Signing Date to the satisfaction of the Purchaser and the Programme Manager:  6.3.1 each Zebra Entity has delivered to the Purchaser a certificate in the form approved  by the Purchaser signed by a director, the secretary or any other authorized officer of  such Zebra Entity which shall have attached to it certified as true, accurate and up- to-date copies of the documents referred to in such certificate including (i) its  Organisational Documents, (ii) the confirmation of the absence of Insolvency  Proceedings (or equivalent in the relevant jurisdiction) (if applicable) dated not earlier  than 15 days before such date, (iii) excerpts or certificate of incorporation from  applicable trade registry issued from the relevant company register relating to it (if  applicable) certified not earlier than 15 days before such date (iv) shareholder, board  

 

  07/17532116_3 29  and works council resolutions (if applicable) and/or other relevant internal resolution  approving the execution, delivery and performance of the Transaction Documents to  which it is a party together with any power of attorney authorizing the person or  persons specified therein to sign the Transaction Documents and notices to which it  is a party;  6.3.2 each Zebra Entity has delivered to the Purchaser copies of its latest audited (to the  extent accounts are required to be audited) and unaudited financial statements  together with the report of its board of directors and auditors (in each case if any)  relating thereto and an extract of the minutes of its annual general meeting approving  such accounts;  6.3.3 each Zebra Entity has delivered to the Purchaser an Officer's Solvency Certificate  dated the Signing Date;  6.3.4 each Zebra Entity has delivered to the Programme Manager a list of its authorised  signatories together with a specimen signature;  6.3.5 each Zebra Entity has delivered to the Purchaser all information necessary in order  to comply with the applicable "know your customer" checks;  6.3.6 a due diligence satisfactory to the Purchaser and the Programme Manager has been  carried out on the Sellers, the Servicers, samples of Contracts, the Receivables and  any other matters reasonably determined by the Purchaser or the Programme  Manager to be relevant;  6.3.7 each Servicer has delivered to the Purchaser a copy of its Credit and Collection  Policy;  6.3.8 any document evidencing the appointment of the Process Agent in accordance with  Clause 28.3;  6.3.9 each Servicer has delivered to the Purchaser an executed version of the Collection  Account Security Document (other than the English Seller – Additional Collection  Account Security Document);  6.3.10 delivery of legal opinions, by Baker McKenzie, as legal advisor of the Parent Group  as to English law in respect of the capacity of the English Seller to enter into each of  the Transaction Documents to which it is a party in a form and substance satisfactory  to the Purchaser and the Programme Manager;   6.3.11 delivery of legal opinions, by Baker McKenzie, as legal advisor of the Parent Group  as to Delaware and US federal laws in respect of the capacity of the Parent Company  to enter into each of the Transaction Documents to which it is a party in a form and  substance satisfactory to the Purchaser and the Programme Manager;   6.3.12 delivery of legal opinions, by Baker McKenzie, as legal advisor of the Parent Group  as to Singapore law in respect of the capacity of the Singapore Seller to enter into  each of the Transaction Documents to which it is a party in a form, and substance  satisfactory to the Purchaser and the Programme Manager;  6.3.13 delivery to the Purchaser and the Programme Manager of a legal opinion from Herbert  Smith Freehills LLP, as legal advisor of the Purchaser as to English law in respect of  (i) the enforceability and validity of the English law governed Transaction Documents,  (ii) English law tax and (iii) true-sale in relation to the sale of Receivables under the  English Local Receivables Purchase Agreement, in a form and substance satisfactory  to the Purchaser and the Programme Manager;  6.3.14 delivery to the Purchaser and the Programme Manager of a legal opinion from  Prolegis LLC as Singapore legal advisors to Herbert Smith Freehills LLP, legal advisor  of the Purchaser, as to Singapore law in respect of (i) the enforceability and validity  of the Singapore law governed Transaction Documents and (ii) true-sale in a form and  substance satisfactory to the Purchaser and the Programme Manager;  6.3.15 delivery to the Purchaser and the Programme Manager of a legal opinion from Herbert  Smith Freehills LLP as legal advisor of the Purchaser, as to New-York law in respect  of the enforceability and validity of the Parent Undertaking in a form and substance  satisfactory to the Purchaser and the Programme Manager;  

 

07/17532116_3 30  6.3.16 delivery to the Purchaser and the Programme Manager of a tax opinion from Rajah &  Tann Singapore LLP as Singapore tax advisor of the Purchaser, in a form and  substance satisfactory to the Purchaser and the Programme Manager;   6.3.17 delivery to the Purchaser and the Programme Manager of any document, in a form  and substance satisfactory to the Purchaser and the Programme Manager,  evidencing the release of the MUFG security over the Collection Account of the  English Seller denominated in Euro;  6.3.18 delivery to the Purchaser and the Programme Manager of a letter entered into  between the Programme Manager, MUFG and the English Seller agreeing the  principal terms and conditions of the security and structure to be set-up with respect  to the Collection Account of the English Seller denominated in Euro; and  6.3.19 the confirmation that the Purchaser has obtained the appropriate internal committees  approval with respect to the Programme (including internal credit committee approval  and compliance and financial security approvals).  The following Conditions Precedent shall be fulfilled by each Zebra Entity on or before the Initial  Purchase Date to the satisfaction of the Purchaser and the Programme Manager:  6.3.20 each Servicer has set-up all necessary IT files and reports that will have to be  provided to the Purchaser on each Monthly Reporting Date and such Servicer has  carried out satisfactory execution tests and reports in this respect.  6.3.21 each Cash Collateral Account has been credited by each Depositor with an amount  equal to the relevant Initial Deposit, being provided that such amount can be paid by  way of set-off against the initial Purchase Price to the said Depositor in its capacity as  Seller; and  6.3.22 the Parent Company have all paid the arrangement fees and other costs, fees and  expenses payable on the closing date referred to in the mandate letter dated 31  October 2019 (including all up-front agreed fees) in relation to the Transaction  Documents; and  6.3.23 delivery to the Purchaser and the Programme Manager of any document, in a form  and substance satisfactory to the Purchaser and the Programme Manager,  evidencing the acknowledgement by the Collection Account Bank of the release of  the MUFG security over the Collection Account of the English Seller denominated in  Euro.  The following Condition Precedent shall be fulfilled by the English Seller on or before 1st October  2020:  6.3.24 the English Seller has delivered to the Purchaser an executed version of the English  Seller – Additional Collection Account Security Document in a form and substance  satisfactory to the Programme Manager and the Purchaser;  6.3.25 the English Seller has provided the Purchaser with a copy of the acknowledgment  notice of the notice (or any document having a similar effect as a charged account  control deed) related to a Collection Account Security Document duly executed by the  relevant Collection Account Bank in a form satisfactory to the Purchaser and  substantially similar to the form of notice of acknowledgement which is annexed in to  the relevant Collection Account Security Document;  6.3.26 the English Seller has delivered to the Purchaser an executed version of (i) the Inter- Creditor Agreement – Euro Collection Account and (ii) the Inter-Creditor  Agreement – GBP Collection Account ;  6.3.27 delivery of legal opinions, by Baker McKenzie, as legal advisor of the Parent Group  as to English law in respect of the capacity of the English Seller to enter into the  English Seller – Additional Collection Account Security Document, the Inter-Creditor  Agreement – Euro Collection Account and the Inter-Creditor Agreement – GBP  Collection Account in a form and substance satisfactory to the Purchaser and the  Programme Manager;   6.3.28 delivery of legal opinions, by Baker McKenzie, as legal advisor of the Parent Group  as to US federal laws in respect of the capacity of the Parent Company to enter into  

 

07/17532116_3 31  the Inter-Creditor Agreement – Euro Collection Account and the Inter-Creditor  Agreement – GBP Collection Account in a form and substance satisfactory to the  Purchaser and the Programme Manager; and  6.3.29 delivery to the Purchaser and the Programme Manager of a legal opinion from Herbert  Smith Freehills LLP, as legal advisor of the Purchaser as to English law in respect of  the enforceability and validity of the English Seller – Additional Collection Account  Security Document, in a form and substance satisfactory to the Purchaser and the  Programme Manager.  The following Condition Precedent shall be fulfilled by the English Seller and the Singapore  Seller on or before 31 December 2020:  6.3.30 if, with respect to Collection Account Security Document entered into between the  Singapore Seller and the Purchaser on the Signing Date, the Collection Account Bank  has refused to sign the acknowledgement notice of the trust notice, the Singapore  Seller has delivered to the Purchaser an executed version of the Charge over  Collection Account over its Collection Accounts in a form and substance satisfactory  to the Purchaser and substantially similar to the one delivered by the English Seller  to the Purchaser on the Signing Date;   6.3.31 the Singapore Seller has provided the Purchaser with a copy of the acknowledgment  notice of the charge notice related to a Collection Account Security Document duly  executed by the relevant Collection Account Bank in a form satisfactory to the  Purchaser and substantially similar to the form of notice of acknowledgement which  is annexed in to the relevant Collection Account Security Document;  6.3.32 if a Charge over Collection Account is entered into by the Singapore Seller and the  Purchaser in accordance with Clause 6.3.30, delivery of legal opinions, by Baker  McKenzie, as legal advisor of the Parent Group as to Singapore law in respect of the  capacity of the Singapore Seller to enter into such Charge over Collection Account in  a form, and substance satisfactory to the Purchaser and the Programme Manager;  and  6.3.33 if a Charge over Collection Account is entered into by the Singapore Seller and the  Purchaser in accordance with Clause 6.3.30, delivery to the Purchaser and the  Programme Manager of a legal opinion from Prolegis LLC as Singapore legal advisors  to Herbert Smith Freehills LLP, legal advisor of the Purchaser, as to Singapore law in  respect of the enforceability and validity of such Charge over Collection Account in a  form and substance satisfactory to the Purchaser and the Programme Manager.  The following Conditions Precedent shall be fulfilled on or before each Purchase Date (including  the Initial Purchase Date) to the satisfaction of the Purchaser and the Programme Manager:  6.3.34 each Transaction Document is validly executed and in full force and effect and none  of the Transaction Documents or any parts thereof has been rescinded, invalidated  or otherwise terminated;  6.3.35 no Stop Purchase Event or Incipient Stop Purchase Event has occurred and is  continuing;  6.3.36 no Change of Law with respect to Tax or VAT has occurred which may materially  affect the Purchaser as Purchaser of the Assigned Receivables in the opinion of the  Programme Manager;  6.3.37 the Purchaser is duly entitled and authorised and remains duly entitled and authorised  to acquire the Eligible Receivables in accordance with this Agreement and the Local  Receivables Purchase Agreement in compliance with all Applicable Laws;  6.3.38 the payment of the Purchase Price by the Purchaser under the relevant Transaction  Documents does not violate any law applicable to the relevant Seller; and  6.3.39 as from the Purchase Date immediately following the second Monthly Payment Date  following the Initial Monthly Payment Date, the Conditions Precedent referred under  Clauses 6.3.24 to 6.3.33 have been satisfied.  

 

  07/17532116_3 32   Transfer of ownership  6.4.1 On each relevant Purchase Date and if the Purchaser has accepted the relevant Offer  in accordance with Clause 6.2, the beneficial ownership of all Receivables offered in  the relevant Offer and identified in the relevant Form of Assignment and/or Electronic  File, including, in each case, all relevant Related Security and Related Rights, shall,  subject to the satisfaction by the relevant Seller or waiver by the Purchaser of the  applicable Conditions Precedent, be transferred to the Purchaser in accordance with  and subject to the terms of each applicable Local Receivables Purchase Agreement.  6.4.2 On and from the relevant Purchase Date and if the Purchaser has accepted the  relevant Offer in accordance with Clause 6.2, the Applicable Seller shall continue to  hold legal title to each Receivable on behalf of the Purchaser until the occurrence of  the event set out in clause 10.5.3(B)(2) or the relevant Receivable is reassigned to  the Seller.   No recourse  6.5.1 The Purchaser shall not have any right of recourse against the Applicable Sellers in  connection with any failure by a Debtor to pay under any Assigned Receivables but  this shall not affect any rights the Purchaser has against each Applicable Seller under  the Transaction Documents.  6.5.2 The Sellers and the Purchaser intend for the sale of the Receivables to the Purchaser  pursuant to the terms of this Agreement to be an absolute, irrevocable and  unconditional outright transfer and true sale of such Receivables with the full benefits  of ownership of such Receivables, and neither the Purchaser nor any of the Sellers  intend such sale transaction to be, or for any purposes to be characterised as, a loan  from the Purchaser to any Seller.  6.5.3 Notwithstanding any other provision of the Transaction Documents, the Purchaser  shall have, prior to the service of a Notification Letter following a Stop Purchase Event,  all beneficial title and interest in and to the Assigned Receivables in relation to such  Assigned Debtor and the Purchaser shall be free to further dispose of those Assigned  Receivables.  7. PURCHASE PRICE   Calculation and communication of the Purchase Price  7.1.1 The purchase price for any Eligible Receivable acquired by the Purchaser from any  Seller in accordance with Clause 7.3 and payable to each Seller shall be calculated  in accordance with Schedule 2 (the "Purchase Price").  7.1.2 On each Monthly Calculation Date, the Programme Agent shall, on the basis of the  information set out in the Servicer Report and in the Aggregate Electronic File  received on the Monthly Reporting Date immediately preceding such Monthly  Calculation Date:  (A) calculate, in relation to each Seller, each Purchase Price in relation to (x)  Existing Receivables to be assigned on the immediately following Monthly  Payment Date (if any) and (y) Receivables offered for sale as Future  Receivables or Existing New Receivables and which became Existing  Receivables during the preceding Collection Period; and  (B) prepare and send, by 6 pm (Paris time), to the Purchaser, the Programme  Manager and the Centralising Agent the Returned Electronic File and the  Calculation Report which shall indicate each Purchase Price payable to each  Seller.   Modification of the Credit Risk Premium Rate   7.2.1 The Purchaser may propose to modify the Credit Risk Premium Rate by sending a  written notice setting out such proposed modification to the Centralising Agent (i) on  each 6 month anniversary of the Initial Monthly Cut-Off Date or (ii) within 10 Business  Days following the date on which a Seller has requested the addition of new Debtors  

 

  07/17532116_3 33  to the Perimeter and/or the modification of the Relevant Currency Debtor Limits in  accordance with Clause 5.4. The Programme Manager (acting on behalf of the  Purchaser) shall, to the extent not prohibited by Applicable Laws or regulations  relating to banking secrecy rules or confidentiality agreements binding on the  Purchaser, the Programme Agent and/or the Programme Manager, give to the  Centralising Agent the reasons for such proposal.  7.2.2 If such proposed Credit Risk Premium Rate is accepted in writing by the Centralising  Agent not later than 10 Business Days following the receipt of such notice, then such  modification shall become effective as of the next Monthly Cut-Off Date provided it  shall not affect the Purchase Price already paid in respect of any Assigned  Receivables purchased by the Purchaser on the Purchase Dates preceding such  Monthly Cut-Off Date.  7.2.3 If such proposed Credit Risk Premium Rate is not accepted in writing by the  Centralising Agent within 10 Business Days following the receipt of such notice, then  a 10 Business Days consultation period shall open during which the Parties shall use  their reasonable endeavours with a view to reach a mutually acceptable solution.  7.2.4 If an agreement is reached during such consultation period, the Credit Risk Premium  Rate as agreed between the Parties will apply as from the next Monthly Cut-Off Date  provided it shall not affect the Purchase Price already paid in respect of any Assigned  Receivable purchased by the Purchaser on the Purchase Dates preceding such  Monthly Cut-Off Date.   7.2.5 If no agreement is reached during such consultation period, the Centralising Agent  shall be entitled to (i) notify their refusal to the proposed modification and (ii) terminate  the Revolving Period with effect from the next Monthly Cut-Off Date by giving a joint  and written notice on behalf of each Seller and the Parent Company to the Purchaser,  the Programme Agent and the Programme Manager not later than 10 Business Days  preceding such Purchase Date (a "Programme Termination Notice"). If no  Programme Termination Notice is sent by that date, then the proposed Credit Risk  Premium Rate shall be deemed accepted by all Sellers and the Parent Company and  therefore become effective as of such Monthly Cut-Off Date.   Payment of the Purchase Price  7.3.1 Payment of the Purchase Price by the Purchaser  In consideration for the purchase of any Receivable (to the extent such Receivable is  not reassigned to or repurchased by the Applicable Seller or, as applicable the  assignment of which has not been rescinded in accordance with Clause 8), the  Purchaser shall pay the Purchase Price thereof in the following manner:  (A) in relation to any Receivable which is transferred on any Purchase Date to  the Purchaser as an Existing Receivable, the Purchaser shall pay the  Purchase Price thereof on such Purchase Date.  (B) in relation to any Receivable which is transferred by any Seller to the  Purchaser on any Purchase Date as an Existing New Receivable or as a  Future Receivable, the Purchaser shall pay the corresponding Purchase  Price as follows:  (1) Advanced Purchase Price  On each day falling during the applicable Collection Period (such  period being the Collection Period during which the relevant  Receivable has been invoiced), the Advanced Purchase Price  determined with respect to such day shall be payable by the  Purchaser on the same day. The payment of such Advanced  Purchase Price by the Purchaser to the Applicable Seller shall be  made by way of set-off against the aggregate amount of the  Collections (including the Deemed Collections) that are received or  recovered by such Seller, or in relation to Deemed Collections are  due from the same Seller (in its capacity as Seller or Servicer) to the  Purchaser on that day.  

 

  07/17532116_3 34  (2) Adjustment Amount (if positive)  On the Monthly Payment Date falling immediately after the end of the  relevant Collection Period, the Purchaser shall pay to the Applicable  Seller the applicable Adjustment Amount (if positive).   7.3.2 Payment of the negative Adjustment Amount by a Seller  If, on any Monthly Payment Date, the aggregate amount of the Advanced Purchase  Price paid by the Purchaser during the Collection Period which ends immediately prior  to that Monthly Payment Date exceeds the Purchase Price of the Receivables  transferred as Future Receivables and Existing New Receivables which have been  invoiced during that Collection Period, then the applicable Adjustment Amount shall  be due and payable by the relevant Seller to the Purchaser on the immediately  following Monthly Payment Date.    Effective Global Rate  For the purpose of articles L.314-1 to L.314-5 and R.314-1 to R.314-14 of the French Code de  la consommation, each Initial Seller acknowledges that:  7.4.1 by virtue of certain characteristics of this Agreement, the taux effectif global  cannot be calculated on the date of this Agreement, but that an indicative  calculation of the taux effectif global, based on assumptions as to the taux de  période and the durée de période, will be set out in an effective global rate  letter given by the Purchaser to the Initial Sellers on the date hereof; and  7.4.2 that letter forms part of this Agreement.  8. REASSIGNMENT   Affected Receivables  Unless the same has been expressly and duly waived, if, at any time, any Party becomes aware,  in respect of an Assigned Receivable, that:  8.1.1 any of the applicable Conditions Precedent were not satisfied on or before the related  Purchase Date; or  8.1.2 such Assigned Receivable was not an Eligible Receivable on the relevant Eligibility  Test Date,  (any of the circumstances described in this Clause 8.1 being a "Breach", and such Assigned  Receivable being the "Affected Receivable") then:  (A) such Party shall, as soon as practicable, notify the other Parties of the Breach;  (B) the Applicable Seller shall pay (subject to a maximum) the Purchase Price for  such Affected Receivables to the Purchaser consisting of an amount  (the "Receivables Indemnity") equal to the sum of (i) the Outstanding  Amount of such Affected Receivable (determined as of the date that the  reassignment of such Affected Receivable becomes effective in accordance  with paragraph 8.1.2(C) below) plus (ii) the amount of any reasonable and  duly demonstrated (or estimated, as applicable) costs, fees and expenses  and Taxation that have been or will be incurred by the Purchaser as a result  of, or in connection with, the Breach or any action to be taken under  Paragraphs 8.1.2(C) and 8.1.2(D) below and less (iii) the Collections received  by the Purchaser with respect to such Affected Receivables;  (C) upon payment of the Receivables Indemnity specified in paragraph 8.1.2(B)  above with respect to any Affected Receivable, such Affected Receivable  shall be automatically reassigned and retransferred to the Applicable Seller  or, as applicable the assignment shall be automatically rescinded, in  accordance with and subject to the terms of each applicable Local  Receivables Purchase Agreement, with effect from the date on which the  notice referred to in paragraph 8.1.2(A) above was issued to the Purchaser;  and  

 

  07/17532116_3 35  (D) subject to the payment in full of the related Receivables Indemnity in  accordance with paragraph 8.1.2(B) above, the Purchaser (and if necessary  the Applicable Seller) shall perform such steps and deliver such documents  as may be reasonably necessary to reflect the reassignment and, as  applicable, the rescission of the transfer (and, to the extent required by any  Applicable Law, to effect the retransfer to the Applicable Seller) of such  Affected Receivable.   Purchase Limits  8.2.1 Principles  (A) Retransferred Receivables  Any Assigned Receivables which (i) as determined by the Programme Agent  in accordance with Clause 8.2.2, have caused the Purchase Limits to be  exceeded and (ii) are selected by the Programme Agent in accordance with  Clause 8.2.3 below (the "Retransferred Receivable") shall be automatically  reassigned and retransferred to the Applicable Seller or, as applicable the  assignment shall be automatically rescinded, with effect from the date they  are identified as Retransferred Receivables through the sending of the  Returned Electronic File provided for in Clause 8.2.4 on any Monthly  Calculation Date in accordance with and subject to the terms of each  applicable Local Receivables Purchase Agreement.  For the avoidance of doubt, each Seller and the Purchaser hereby consent in  advance to the reassignment and, as applicable to the rescission of the  Retransferred Receivables so designated. No Purchase Price shall be paid  by the Purchaser in relation to the Retransferred Receivables (and as a result  all Collections already received by the Purchaser in relation to those  Retransferred Receivables shall be repaid to the Applicable Seller such that  the Applicable Seller is put in the same position as if the assignment of such  Retransferred Receivables to the Purchaser had never occurred).  (B) Excluded Receivables  Any Receivables offered for sale as Existing Receivables which would cause  the Purchase Limits to be exceeded on the immediately following Purchase  Date and which are selected by the Programme Agent in accordance with  Clause 8.2.3 will not be purchased by the Purchaser on such Purchase Date  (the "Excluded Receivables"). For the avoidance of doubt, the non-purchase  of Eligible Receivables due to such Eligible Receivables being Excluded  Receivables in accordance with this Clause 8.2 shall not trigger a Stop  Purchase Event or be considered a breach of an undertaking of the  Applicable Seller under the Transaction Documents.  In accordance with Clause 6.1, any Excluded Receivable which remains an  Eligible Receivable shall be re-offered for sale to the Purchaser by the  Applicable Seller (as Existing Receivable) on the following Monthly Payment  Date by delivery of the Returned Electronic File.  The Excluded Receivables and the Retransferred Receivables form together  the "Excess Receivables".  8.2.2 Application of Purchase Limits  If, on any Monthly Calculation Date, the Programme Agent, on the basis of the  Aggregate Electronic Files received from the Centralising Agent on the immediately  preceding Monthly Reporting Date, determines:  (A) that the aggregate Outstanding Amount of all Assigned Receivables identified  and individualised in such Aggregate Electronic Files owed by any Debtor and  denominated in any Relevant Currency has caused (or would cause, on the  immediately following Purchase Date) the applicable Relevant Currency  Debtor Limit in relation to such Relevant Currency to be exceeded, it shall  

 

  07/17532116_3 36  determine the Excess Receivables, using the selection order set out in Clause  8.2.3; and  (B) after having deducted such Receivables pursuant to Paragraph (A) above,  that the aggregate Outstanding Amount of all the Assigned Receivables  identified and individualised in such Aggregate Electronic Files has caused  (or would cause, on the immediately following Purchase Date) the  Programme Maximum Amount to be exceeded, it shall determine the Excess  Receivables using the selection order set out in Clause 8.2.3  The Programme Agent shall (i) inform the Applicable Seller and the Purchaser of the  Excess Receivables so excluded by listing such Excess Receivables in the Returned  Electronic File and (ii) update accordingly the amounts of Required Support Amount  Month M by Relevant Currency and communicate such amounts to the Sellers and  the Purchaser.  8.2.3 Selection rules  (A) The Excess Receivables shall be selected for removal by the Applicable  Seller on the relevant Monthly Calculation Date in accordance with the  following rules:   (1) the Receivables to be removed shall first be those sold by the  Singapore Seller and then those sold by the English Seller;  (2) subject to the selection rules set out in paragraph (1) above,  the Receivables to be removed shall be selected with the  following order (i) first, the Receivables denominated in Euro  (ii) second, the Receivables denominated in GBP, (iii) third,  the Receivables denominated in USD; then  (3) subject to the selection rules set out in paragraphs (1) and (2)  above, the relevant Receivables with the Invoice Due Date  which falls the greatest number of days after the such  Monthly Calculation Date will be the first to be removed,  provided that (i) if two or more Receivables have the same  Invoice Due Date, then the Receivable with the lower  Outstanding Amount (as of the immediately preceding  Monthly Cut-off Date) shall be removed first, and (ii) if two or  more Receivables have the same Invoice Due Date and the  same Outstanding Amount (as of the immediately preceding  Monthly Cut-off Date), then the Receivables with a higher  identification number in the last Aggregate Electronic File  shall be removed first, provided further that the selection  above shall be made in respect of each Eligible Debtor, in the  sequential order of the Eligible Debtors set out in the  Perimeter.  (B) The Programme Agent shall select the relevant Receivables in accordance  with the foregoing selection rule to the extent necessary in order to ensure  compliance with the applicable Purchase Limit.  8.2.4 Returned Electronic File  The Programme Agent shall, on each Monthly Calculation Date, send to the  Centralising Agent and the Programme Manager a file (the "Returned Electronic  File") prepared on the basis of the information set out in the Servicer Report and in  the Aggregate Electronic Files received on the immediately preceding Monthly  Reporting Date, which shall identify:  (A) all Assigned Receivables offered as Existing New Receivables or Future  Receivables which have been invoiced during the preceding Collection Period  and which have not been reassigned to or repurchased by the Applicable  

 

  07/17532116_3 37  Seller or, as applicable the assignment of which has not been rescinded in  accordance with this Clause 8.2; and  (B) all Existing Receivables to be assigned on the immediately following Monthly  Payment Date; and  (C) all Assigned Receivables which have been reassigned to the Applicable  Seller or, as applicable the assignment of which has been rescinded in  accordance with Clause 8.1 and all Excess Receivables selected in  accordance with Clause 8.2.3 on that Monthly Calculation Date.  9. REPURCHASE OF ASSIGNED RECEIVABLES   Repurchase Notice  9.1.1 The Centralising Agent, acting on behalf of the relevant Seller, has the option (but not  the obligation), by giving written notice to the Purchaser on any Monthly Reporting  Date (each, a "Repurchase Notice"), to request the repurchase of any Assigned  Receivable which is the subject of a contentious or pre-contentious dispute to the  extent that the Seller needs to recover the ownership of such Assigned Receivable to  protect its interests in any litigation or pre litigation proceedings (excluding any dispute  resulting from non-payment of the relevant Debtor due to such Debtor being  Insolvent), each in accordance with Clauses 9.2 (Repurchase Mechanism) and 9.3  (Repurchase Formalities) below.  9.1.2 Any Repurchase Notice given by the Centralising Agent shall be irrevocable and shall  specify the relevant Assigned Receivable(s) offered to be repurchased, the proposed  repurchase price and repurchase date.   Repurchase Mechanism  9.2.1 The Purchaser has no obligation to accept a request of the repurchase of any  Assigned Receivable (in particular, without limitation, if (i) it has not received a duly  completed Repurchase Notice; or (ii) the repurchase price proposed by the  Centralising Agent is not the Outstanding Amount of such Assigned Receivables).  The Purchaser may make such retransfer conditional upon the delivery by the  Applicable Seller of an Officer's Solvency Certificate certifying that the Applicable  Seller (i) is not Insolvent on the date of the Repurchase Notice and (ii) has no reason  to believe that it will become Insolvent (taking into account the payment of the  Retransfer Amount (as defined below) on the proposed date of repurchase).  9.2.2 If it agrees to accept such request, the Purchaser shall notify the Centralising Agent  of its agreement to reassign such Eligible Receivable(s) to the Applicable Seller,  subject to the payment in full of the agreed repurchase price (as well as all reasonable  and duly demonstrated costs and expenses and Taxes that have been or will be  incurred by the Purchaser in connection with such repurchase) (the "Retransfer  Amount") on the relevant repurchase date.   Repurchase Formalities  9.3.1 If it is agreed that the Purchaser shall reassign to the Applicable Seller those Assigned  Receivables to be reassigned in accordance with Clause 9.2, by executing a  Retransfer Document (at the expense of the relevant Seller) along with the  repurchase request, provided that such assignment shall only be effective upon  payment of the relevant Retransfer Amount to the Purchaser by the Applicable Seller.  9.3.2 The Purchaser shall give no representations or warranties in respect of the  Receivables to be reassigned to the Applicable Seller.  10. SERVICING MANDATE AND DUTIES  

 

  07/17532116_3 38   Appointment of the Servicers  10.1.1 With effect from the Signing Date, the Purchaser appoints each Seller, which hereby  accepts such appointment, as the lawful agent of the Purchaser to perform exclusively  the servicing duties referred to in Clause 10.2 (the "Servicing Duties"). The mandate  of each Seller (the "Servicing Mandate") shall be strictly limited to the performance  of the Servicing Duties and shall remain in full force and effect until the Final Maturity  Date unless it is terminated pursuant to Clause 10.3.  10.1.2 Where a special proxy or power of attorney is necessary for the performance of any  Servicing Duties (in particular, in connection with any litigation), the Purchaser  undertakes to grant the same forthwith upon receipt of a written request from the  relevant Servicer.   Servicing duties  Each Servicer shall, in respect of the Receivables it has assigned in its capacity as Seller to the  Purchaser:  10.2.1 enforce, collect and manage such Assigned Receivables and ensure that such  amounts are promptly deposited into the relevant Collection Account;  10.2.2 apply a standard of care, skill, diligence and good faith at least equal to the standard  of care, skill, diligence and good faith that it would apply if it was still the owner of the  Assigned Receivables, in accordance with the standards of a reasonable, prudent  servicer of receivables of the type of the Assigned Receivables and in compliance  with any Applicable Laws;  10.2.3 perform its obligations in accordance with the relevant Credit and Collection Policy  and, subject to Clause 10.5.1, any and all reasonable directions or instructions which  the Purchaser may from time to time give in order to protect or enforce any rights  under any Assigned Receivable;  10.2.4 not transfer or discount to any bank, financial institution or any other entity, any bills  of exchange, cheques, promissory notes, or any other debt instruments related to the  Assigned Receivables, except if such a transfer is made for presentation for payment  to the credit of the relevant Collection Account;  10.2.5 notify the Purchaser of the receipt of funds from an Assigned Debtor which are not  allocated to the payment of a specific Assigned Receivable, and apply in priority such  funds to the undisputed Invoice of such Assigned Debtor with the earliest Invoice Due  Date and, if there are several undisputed Invoices having the same Invoice Due Date,  apply such payment pro rata to all such Invoices;  10.2.6 not do anything to negatively affect the right, title and interest of the Purchaser in the  Assigned Receivables and as soon as reasonably practicable following the  Purchaser's request, do every necessary thing and perform all reasonable steps to  preserve the rights, titles and interests of the Purchaser;  10.2.7 upon receipt by the Seller, the Servicer, the Purchaser or the Programme Agent of a  judicial request or other notification of litigation or legal proceedings relating to any  Assigned Receivable or the transactions contemplated hereby, participate in any legal  proceedings relating thereto;  10.2.8 assist in the preparation of and prepare all necessary legal documents required to  take a legal action in relation to an Assigned Debtor's refusal to pay and file any proof  of claim, in the context of a litigation or of Insolvency Proceedings (as applicable);  10.2.9 communicate any document or information necessary to the Purchaser or the  Programme Manager in relation to any material dispute, litigation, claim or legal  proceedings relating to any Assigned Receivable;  10.2.10 report to the Purchaser on the performance of the Assigned Receivables in  accordance with the provisions of the Transaction Documents and Applicable Law;   

 

  07/17532116_3 39  10.2.11 as soon as reasonably practicable:  (A) notify the Purchaser of any circumstance or new judgment, law or decree that  could materially prejudice the collection and the recovery of the Assigned  Receivables and point out the possible solutions that such Servicer plans to  put in place in order to mitigate the effects of such circumstances;  (B) notify the Purchaser and the Programme Manager where it becomes aware  (a) of any material litigation in relation to any Assigned Receivables and/or  Contracts (including without limitation any dispute or litigation challenging the  Purchaser's title to the Assigned Receivables) and/or (b) that an Assigned  Debtor is, becomes, or is expected to become, Insolvent;  (C) if it is informed that the Programme Manager or the Programme Agent has  determined that there are discrepancies between the information contained  in any Aggregate Electronic File and those contained in the corresponding  Servicer's database, give suitable explanations and take all appropriate steps  with regard to such discrepancies; and  (D) provide the Programme Agent and the Purchaser, after receipt of a written  request of the Purchaser, with any information which is not set out in a  Servicer Report that the Purchaser may reasonably request in relation to the  Assigned Receivables and to the collection and recovery services carried out  by such Servicer;   10.2.12 at its own costs, maintain and keep in a safe location complete, proper and up to date  Records and inform (and procure that any sub–servicer (if any) shall inform) the  Purchaser and the Programme Agent of the location at which the Records are kept  as at the date hereof and of any changes to such location thereafter;  10.2.13 be entitled to make and/or accept voluntary rescheduling proposals with respect to  the Assigned Receivables in accordance with the applicable Credit and Collection  Policy provided that the Servicer (nor any sub servicer) shall not be entitled to modify  without the prior written consent of the Programme Manager any contractual  conditions or terms (such as the Face Value or the Contractual Payment Term) of any  Assigned Receivable unless such amendment does not adversely affect the rights of  the Purchaser or results in a Dilution giving rise to payment of a Deemed Collection  by the Seller;   10.2.14 prepare and deliver to the Purchaser and Programme Manager a Servicer Report on  each Monthly Reporting Date; and  10.2.15 perform its duties in the ordinary course of its business through its own and adequate  resources.   Reporting Duties  By no later than 10 a.m. (Chicago time) on each Monthly Reporting Date, each Servicer shall  provide to the Centralising Agent, by reference to the Collection Period immediately preceding  such Monthly Reporting Date, (i) a duly completed Servicer Report in connection with the  Assigned Receivables which it has previously assigned to the Purchaser and (ii) the relevant  information needed for the purposes of the Aggregate Electronic Files.   No delegation or sub–contract  No Servicer shall be entitled, without the prior written consent of the Purchaser, to delegate all  or part of its Servicing Mandate other than to Affiliates located in the same jurisdiction as the  Applicable Seller, it being provided that, in relation to any sub-delegation or sub-contract  approved by the Purchaser, such Servicer shall remain fully liable for the performance of  services and obligations so delegated under its Servicing Mandate. For the avoidance of doubt,  none of the Purchaser, the Programme Agent, the Programme Manager or any Refinancing  Entity shall be liable or responsible for the acts of the Servicer or its delegate or sub-contractor  nor have any liability for the fees and expenses of any such sub-contractor or delegate.  

 

  07/17532116_3 40   Notification of Debtors and termination of the Servicing Mandate  10.5.1 Notification to Debtors  (A) The Purchaser is entitled to deliver or require a Substitute Servicer or the  relevant Servicer to deliver Notification Letters to the relevant Assigned  Debtors:  (1) as from the date on which the resignation of the relevant Servicer  becomes effective;  (2) upon the occurrence of a Stop Purchase Event (after, for the  avoidance of doubt, any relevant grace period); and   (3) in relation to any or all Receivables held against a Delinquent Debtor  or Defaulted Debtor.  10.5.2 Resignation  Without prejudice to the other provisions of this Clause 10.5, each Servicer is only  entitled to resign from its appointment subject to a 6 months prior written notice to the  Purchaser and such resignation shall only become effective if a Substitute Servicer  has been appointed by the Purchaser and has assumed the obligations of such  Servicer.  10.5.3 Termination  (A) Partial Termination  The Purchaser is entitled at any time (i) to terminate the Servicing Mandate  in respect of any or all Assigned Receivables held against any Delinquent  Debtor or a Defaulted Debtor by sending a notice to the relevant Servicer and  (ii) to appoint a Substitute Servicer at the costs of the relevant Servicer which  shall remain liable for all of its servicing duties in respect of the other Assigned  Receivables.  (B) Global Termination  (1) Upon the notification to the Sellers of the occurrence of any Stop  Purchase Event or the occurrence of a Seller Deterioration Event, the  Purchaser may fully terminate the Servicing Mandate of all of the  Servicers (in relation, for the avoidance of doubt, to all Receivables  serviced by such Servicers), by way of the service of a notice in  writing by the Purchaser to the Servicers, the Centralising Agent and  the Programme Agent.   (2) In addition, the Purchaser shall be entitled, at any time following a  Stop Purchase Event or the occurrence of a Seller Deterioration  Event and at the cost of the Servicers or of the Parent Company to:  (a) deliver or require the Servicers to deliver Notification Letters  to all relevant Debtors save for, for the avoidance of doubt,  those Receivables that have been repurchased by the Seller  pursuant to Clause 9; and/or   (b) appoint one or more Substitute Servicers to service all  relevant Assigned Receivables; and/or  (c) take any other action as set out in the Local Receivables  Purchase Agreement entered into by the relevant Seller.  The partial or full termination of any Servicing Mandate shall not  entitle the Servicers to any damages or indemnification in any  capacity whatsoever nor affect the obligations of the Servicers in any  other capacities under the Transaction Documents, except as  otherwise specifically provided in the relevant Transaction  Documents. Each Servicer shall be entitled to payment of any unpaid  

 

  07/17532116_3 41  Servicing Fee or Recovery Fee accrued up to the date of termination  but shall not be entitled to any further amounts.  10.5.4 Substitute Servicer  In any case, upon the appointment of a Substitute Servicer, the Servicer replaced in  full or in part by such Substitute Servicer shall (i) take all reasonable steps and do all  things to enable such Substitute Servicer to take over all or part of its undertakings as  Substitute Servicer and provide any cooperation which may be reasonably required;  and (ii) provide the Purchaser, as soon as reasonably practicable and in any event  within 7 Business days of receipt, with all promissory notes, bills of exchange,  cheques and/or any other payment instrument and endorse them to the benefit of the  Purchaser upon its request.   Consideration for the Servicing Mandate  10.6.1 The Purchaser shall pay to each Servicer while the servicing obligations described in  this Clause remain in effect, beginning on any Monthly Payment Date, an amount  equal to the sum of:  (A) as consideration for its administration and servicing of the Assigned  Receivables that are not Delinquent Receivables, a fee equal to the product  of (x) the Servicing Fee Rate and (y) 95% of the aggregate Face Value of the  Assigned Receivables sold by the Applicable Seller to the Purchaser during  the Collection Period ending on the Monthly Cut-Off Date immediately  preceding the Monthly Payment Date on which such Servicing Fee is paid  (the "Servicing Fee"); plus  (B) as consideration for the administration and recovery of the Assigned  Receivables that are Delinquent Receivables, a fee equal to the product of  (x) the Recovery Fee Rate (y) 5% of the aggregate Face Value of the  Assigned Receivables sold by the Seller to the Purchaser during the  Collection Period ending on the Monthly Cut-Off Date immediately preceding  the Monthly Payment Date on which such Recovery Fee is paid  (the "Recovery Fee").  10.6.2 Each Servicing Fee and Recovery Fee will be paid subject to VAT or any taxes that  may be required to be collected or withheld by the Purchaser in respect thereof.  11. APPOINTMENT AND DUTIES OF THE CENTRALISING AGENT   Appointment and authority of the Centralising Agent   Each Seller and each Servicer hereby appoints the Centralising Agent, which accepts such  appointment, as its lawful agent to take such action in its name and on its behalf and to exercise  and carry out such powers, discretions, authorities and duties as specifically provided under  this Agreement and such powers as the Centralising Agent reasonably considers as incidental  thereto, in all cases in the name and on behalf of the Sellers and the Servicers.   The Centralising Agent shall perform the following obligations:  11.3.1 collect from the Sellers and Servicers the information needed for the purposes of the  Aggregate Electronic Files (including all completed parts of the Servicer Reports) and  prepare the Aggregate Electronic Files;  11.3.2 offer to sell to the Purchaser any and all outstanding Eligible Receivables of the  Sellers in accordance with the procedure detailed in Clause 6.1 (Offer of  Receivables);  11.3.3 provide to the Purchaser and the Programme Agent by no later than 10 a.m. (Chicago  time) on each Monthly Reporting Date the Servicer Report duly completed in relation  to all Servicers by reference to the Collection Period immediately preceding such  Monthly Reporting Date; and  

 

  07/17532116_3 42  11.3.4 receive from or give any notices, mails, or documents to the Purchaser and the  Programme Agent on behalf of the Sellers or the Servicers pursuant to the  Transaction Documents.   Duration of the appointment  The appointment and authority of the Centralising Agent shall be valid as from the date of this  Agreement and remain in full force for so long as there continues to exist any obligations of a  Seller or a Servicer under any Transaction Document or rights of the Purchaser arising under  any Transaction Document that have not been completely discharged, waived or exercised.   Liability   Notwithstanding any provision to the contrary in this Agreement:  11.6.1 the appointment of the Centralising Agent shall not in any way release or discharge  the Sellers and the Servicers from their obligations, duties and liabilities under the  Transaction Documents; and  11.6.2 the Sellers and the Servicers shall remain responsible for the performance of their  obligations under the Transaction Documents.   The Purchaser shall have no liability to the Centralising Agent whatsoever in relation to any  cost, claim, charge, loss, liability, damage or expense suffered or incurred by the Centralising  Agent.  12. MANAGEMENT OF COLLECTIONS AND OTHER PAYMENTS   Generality  12.1.1 During the Revolving Period, each Servicer shall pay (or cause to be paid) to the  Purchaser any and all Collections by transferring to the Purchaser Account on each  Monthly Payment Date all Collections received (or deemed received) on each Local  Business Day all Collections received (or deemed received) during the preceding  Collection Period.  12.1.2 Each Servicer shall pay (or cause to be paid) to the Purchaser, on each Business Day  during the Amortisation Period or as from the occurrence of a Stop Purchase Event,  up to the entire amount of Collections received by the Servicer (or, in respect of  Deemed Collections, deemed received) in immediately available funds to the  Purchaser Account.  12.1.3 Each Servicer shall, on each Monthly Cut-Off Date, identify among the amounts  credited to the relevant Collection Account during the preceding Collection Period the  portion thereof which is allocable to Assigned Receivables.   Allocation of Collections  Each Servicer shall apply all funds received in respect of Assigned Receivables in accordance  with its Credit and Collection Policies or, if not covered by the Credit and Collection Policies, as  follows:  12.2.1 first, by allocating such funds in accordance with the terms of the Contract entered  into with the relevant Assigned Debtor; or  12.2.2 second, in the absence of any allocation rule in the Contract, to the Invoice(s)  indicated in writing by the relevant Assigned Debtor provided that such indication is  valid under Applicable Law; or  12.2.3 third, in the absence of any valid indication from the relevant Assigned Debtor, in  accordance with the following allocation rules (provided that in such case, such  Servicer shall specify in writing to the relevant Assigned Debtor which Receivable has  been discharged):  (A) first, to the payment of the Receivables against the relevant Assigned Debtor  which are due and payable;  (B) if two or more Receivables against the relevant Assigned Debtor are due and  payable, to the Invoice(s) having the oldest Invoice Due Date; or  

 

  07/17532116_3 43  (C) when two or more Invoices have the same Invoice Due Date, pro rata across  all such Invoices.   Collection Accounts  12.3.1 Each Collection Account shall be opened in the book of an Eligible Collection Account  Bank.  12.3.2 Each Servicer shall ensure that each Collection Account remains in operation until  the Final Maturity Date.  12.3.3 Subject to the terms of the applicable Collection Account Security Document, any  amount paid to the credit of any Secured Collection Account may be debited by the  relevant Servicer for so long as it remains entitled to instruct the Collection Account  Bank(s) to debit its Secured Collection Account in accordance with the Collection  Account Security Document and this Agreement and transferred to another account  of such Seller (or any other entity of the Parent Group).  12.3.4 Upon the occurrence of a Stop Purchase Event (and, for the avoidance of doubt, after  the expiry of any relevant grace period), the Purchaser may send to the relevant  Collection Account Bank holding a Secured Collection Account (with copy to the  relevant Servicer) a notice instructing such Collection Account Bank to stop complying  with any instructions from such Servicer (or any sub-servicer) (a "Blocking Notice")  or in accordance with the relevant Collection Account Security Document. The  Purchaser may, at any time thereafter, revoke the Blocking Notice in the manner set  out in the relevant Collection Account Security Document.  12.3.5 As long as the relevant Blocking Notice has not been revoked by the Purchaser, the  relevant Servicer shall cease to give any instruction to the Collection Account Bank  and the Purchaser shall be entitled to instruct the Collection Account Bank(s) to debit  from the Secured Collection Account the Collections standing to the credit thereof in  accordance with Clause 12.4 and the Collection Account Security Document  12.3.6 Each Servicer undertakes until the Final Maturity Date that:  (A) it will not create or permit to subsist any Lien over any Collection Account or  over any Collections standing from time to time to the credit of any such  Collection Account (other than any Lien contemplated under the Transaction  Documents);   (B) it should not permit any Collection Account to be overdrawn;  (C) without prejudice to paragraph 12.3.3 above, it will not do anything which may  affect the rights or interests of the Purchaser over any Collection Account, or  Collections standing from time to time to the credit of any Collection Account;  (D) it will inform, promptly upon becoming aware thereof, the Programme Agent  and the Purchaser of any Lien over any Collection Account or of any seizure,  attachment, sequestration, execution (including by way of executory  attachment or conservatory attachment), claim or demand relating to any  Collection Account or to any Collections standing to the credit thereof which  may affect the rights of the Purchaser over such Collection Account or over  such Collections;  (E) it will take all reasonably necessary steps to defend the Purchaser's rights in  respect of the Collection Accounts against any claim or demand of any  person;  (F) subject to paragraph (G) below, it will use all reasonable endeavours to  ensure that all the Assigned Debtors make all payments due under the  Assigned Receivables directly to the credit of the applicable Collection  Account;   (G) it will credit any Collections and procure that all cheques, transfers, drafts,  negotiable instruments (when payable) and any other means of payment for  

 

  07/17532116_3 44  the payment of any Assigned Receivables be credited or transferred to the  applicable Collection Account as soon as reasonably practicable, and as from  the notification by the Purchaser to the Sellers of a Stop Purchase Event,  promptly and in either case within 5 Business Days;  (H) in the event that any Collections are deposited into an account other than a  Collection Account, it will hold such money on behalf of the Purchaser and  shall promptly and in any case within 5 Business Days of such event, credit  such amounts to a Collection Account or as otherwise directed by the  Purchaser;   (I) it will monitor on a daily basis and record in accordance with its usual  procedures Collections received under the Assigned Receivables;  (J) notwithstanding any contrary provision, if a Stop Purchase Event has  occurred and if the Purchaser has sent Notification Letters to the Assigned  Debtors pursuant to Clause 10.5.1 (Notification to Debtors), it shall (x) confirm  to any Assigned Debtor, if requested by such Assigned Debtor, that it has to  make its payments in respect of the Assigned Receivables directly into the  account specified in the Notification Letters, (y) not give any contrary  instruction to the Assigned Debtors, and (z) use all reasonable endeavours to  instruct the relevant Assigned Debtors to make their payments in respect of  the Assigned Receivables directly into the account specified in the Notification  Letter sent to such Assigned Debtors;  (K) it shall pay in full on the relevant due date all amounts (including bank fees  and indemnities) that may be due by the Servicer to the relevant Collection  Account Bank in relation with the opening or the operation of the Collection  Accounts except if such amounts are contested in good faith by such  Servicer. Without prejudice to the foregoing, should the Purchaser be  required to pay any of those amounts to the relevant Collection Account Bank  (including under any indemnity to the Collection Account Bank), then such  Servicer shall refund such amounts to the Purchaser as soon as reasonably  practicable upon demand;   (L) it shall inform the Purchaser and the Programme Manager as soon as  reasonably practicable and in any case within 5 Business Days, of the receipt  of any notice terminating (or threatening to terminate) any Collection Account  Security Document, or relating to the closing of any Collection Account due  to the non-payment of bank fees and indemnities and communicate the  amount of such fees (or for any other reason); and  (M) if a Collection Account Bank ceases to be an Eligible Collection Account  Bank, the Servicer shall close, as soon as possible and within 30 calendar  days, any Collection Account opened in such Collection Account Bank and  within this 30 calendar days period shall:  (1) instruct the relevant Assigned Debtors to cease to make any payment  on that Collection Account(s);  (2) take all appropriate steps (such as a duly established closure-transfer  process) to ensure that the Assigned Debtors that made payments to  the Collection Account(s), which has or will be closed, make all  payments due under the Assigned Receivables directly to the credit  of either an existing Collection Account or a new Collection Account  which in both cases is subject to an equivalent security interest as the  one initially granted under the Collection Account Security  Documents (provided that any departure from the existing Collection  Account Security Documents shall discussed with and agreed in  writing by the Purchaser); and   

 

  07/17532116_3 45  (3) provide the Programme Agent as soon as practicable and in any  event within 15 Business Days with an updated list setting out the  details of each of the Collections Accounts currently opened in the  name of the relevant Servicer and the relevant Collection Account  Bank(s) and a copy of any new signed Collection Account Security  Documents (together with any related notice signed by the Collection  Account Bank).   Provided that the Servicer shall not close the Collection Accounts held with  such Collection Account Bank until the actions specified in sub-clause  12.3.6(M) (1) to (3) have been completed.  Any costs reasonably incurred by the Purchaser in connection with this  paragraph shall be borne by the relevant Seller and the Purchaser will be  entitled to request from the Servicer any legal opinion in relation to the new  Collection Account Security Documents and any other agreement related to  the opening and management of the accounts with the new Collection  Account Bank (including any enforceability opinion from the Purchaser's legal  advisor).   Management of the Collection Account(s)   12.4.1 So long as no Stop Purchase Event has occurred and is notified by the Purchaser to  the Sellers and the Parent Company, each Servicer shall be entitled:   (A) to close its Collection Account(s) with the relevant Collection Account  Bank(s), provided that:   (1) the relevant Assigned Debtors have ceased to make any payment on  that Collection Account(s) or that a closure-transfer process has been  duly established;  (2) such Servicer has taken all appropriate steps (such as a duly  established closure-transfer process) to ensure that the Assigned  Debtors that made payments to the Collection Account(s) it wishes to  close make all payments due under the Assigned Receivables  directly to the credit of either an existing Collection Account or a new  Collection Account which in both cases is subject to an equivalent  security interest as the one initially granted under the Collection  Account Security Documents if the closed Collection Account was a  Secured Collection Account (satisfactory to the Purchaser and/or the  Programme Manager); and   (3) such Servicer provides the Programme Agent as soon as practicable  and in any event within 5 Business Days with an updated list setting  out the details of each of the Collection Account currently opened in  the name of such Servicer and the relevant Collection Account  Bank(s),   (B) to open new Collection Account(s) in the same jurisdiction(s) of its existing  Collection Account(s), provided that such Servicer provides the Programme  Agent as soon as practicable and in any event within 5 Business Days with  an updated list setting out the details of each of the Collection Account  currently opened in the name of such Servicer and the relevant Collection  Account Bank(s) (which shall be an Eligible Collection Account Bank), which  shall be subject to an equivalent security interest as the one initially granted  under the Collection Account Security Document (provided that any departure  from the existing Collection Account Security Document shall be discussed  with and agreed in writing by the Purchaser), as the case may be. Any costs  reasonably incurred by the Financial Parties in connection with this paragraph  shall be borne by the relevant Seller and the Purchaser will be entitled to  request from the relevant Servicer any legal opinion in this respect (including  any enforceability opinion from the Purchaser's legal advisor).  

 

  07/17532116_3 46  12.4.2 Upon the notification of a Stop Purchase Event by the Purchaser to the Sellers, no  Servicer shall:  (A) be entitled to close any of its Collection Account(s); and  (B) be entitled to open any new Collection Account(s)  without the prior written consent of the Purchaser.   Management of other payments made by the Sellers and the Servicers  Upon written request of the Purchaser, each Seller and each Servicer shall pay promptly to the  Purchaser any Receivable Indemnity and any other indemnities or repurchase price expressly  payable by it in accordance with the Transaction Documents by transferring such indemnity  amounts from the relevant Collection Account to the relevant Purchaser Account.  13. DEEMED COLLECTIONS    On any day that any Assigned Receivable is subject (in whole or in part) to a Dilution or that  any Debtor makes payment in respect of any Assigned Receivable net of the amount of any  Dilution, the Applicable Seller, in its capacity as Servicer, shall be deemed to have received on  such day a Collection in relation to such Assigned Receivable in the principal amount of such  Dilution.   Any fees and expenses incurred by any Collection Account Bank paid by the Purchaser in  relation to the payment of the Collections to the credit of the relevant Collection Account shall  be for the account of each Seller and Servicer and such Seller and Servicer, shall be deemed  to have received on such day a Collection in such amount.   Each Collection that any Seller is deemed to have received under Clause 13.1 or 13.2 above  is referred to as a "Deemed Collection" and shall be paid by each Servicer to the Purchaser  on the following Monthly Payment Date in accordance with Clause 12.1.  14. DILUTION PROTECTION MECHANISM   The Parties agree and acknowledge that the risk of non-payment by the Seller of Dilutions  under Clause 13.1 is covered through (i) a Dilution Credit Insurance Policy entered into by the  Purchaser and (ii) the Deposits to be made in accordance with Clause 15.   Each Seller undertakes to:  14.2.1 before the occurrence of an Incipient Stop Purchase Event or a Stop Purchase Event,  do its best effort to provide the Purchaser with any documents that the Purchaser may  reasonably request within the context of the Dilution Credit Insurance Policy in order  to satisfy a request of the credit insurer; and  14.2.2 upon the occurrence of an Incipient Stop Purchase Event or a Stop Purchase Event,  promptly provide the Purchaser with any documents that the Purchaser may  reasonably request within the context of the Dilution Credit Insurance Policy in order  to satisfy a request of the credit insurer.  15. CASH DEPOSIT   General  The obligations of each Depositor in respect of the Deposits and the undertaking of each  Depositor to pay amounts due to the Purchaser in respect of the Deposits will remain as long  as any Collateralised Obligations are owed or may become owed but no later than the Final  Maturity Date.    Granting and adjustments of the Deposit  15.2.1 Initial Deposit  Each Depositor shall pay to the Deposit Beneficiary by crediting to the relevant Cash  Collateral Account by no later than the Initial Deposit Date an amount, denominated  

 

  07/17532116_3 47  in each Relevant Currency, equal to the applicable Required Support Amount Month  M by Relevant Currency Amount determined on the Initial Monthly Calculation Date  by the Programme Agent (each an "Initial Deposit").   15.2.2 Complementary Deposit  On each Monthly Calculation Date during the Revolving Period, the Programme Agent  shall notify each Depositor of the applicable Deposit Complementary Amount by  Currency. If the Deposit Complementary Amount by Currency is higher than zero on  any Monthly Calculation Date, the relevant Depositor shall pay to the Deposit  Beneficiary by crediting to the relevant Cash Collateral Account by no later than the  following Monthly Payment Date an amount equal to the relevant Deposit  Complementary Amount by Currency.   Application of the Deposit  15.3.1 In case of failure to pay any Collateralised Obligation by the relevant Seller or Servicer  (a "Missed Payment"), the Deposit Beneficiary may elect that the obligation of the  Deposit Beneficiary to repay a Deposit Refund Amount by Relevant Currency equal  to the Missed Payment under Clause 15.4 below shall be accelerated to a date it  determines and set off against the obligation of such Seller or Servicer to pay the  Missed Payment in an amount equal to the lower of the Missed Payment and the then  Outstanding Deposit by Currency, and without the need for any notice or other  formality to any party (but by applying the relevant Spot Rate Exchange if applicable).  Following such application, the applicable Deposit shall be deemed to be reduced by  the relevant amount of the Deposit so applied.  15.3.2 For the avoidance of doubt, the rights of the Deposit Beneficiary may be enforced  independently from any other security interests or remedies available to it under any  Transaction Document.   Refund of the Deposit  15.4.1 Partial Refund  If on any Monthly Calculation Date a Deposit Refund Amount by Relevant Currency is  determined to apply on such date by the Programme Agent, the Deposit Beneficiary shall, on  the following Monthly Payment Date, refund to the relevant Depositor an amount equal to that  relevant Deposit Refund Amount by Relevant Currency.  15.4.2 Entire Refund  On the Final Maturity Date, the Deposit Beneficiary shall, repay to each Depositor the then  applicable Outstanding Deposit by Relevant Currency, provided that if on such date the funds  available to the Deposit Beneficiary for the purposes of discharging the relevant Collateralised  Obligations in accordance with Clause 15.3 are insufficient, any Collateralised Obligations  remaining unpaid by the relevant debtor shall extinguish the right of the relevant Depositor to  the repayment of the applicable Deposit.   Transfer of Title   Each Party agrees that all right, title and interest in and to any cash which it transfers to the  other party pursuant to this Agreement shall vest in the recipient free and clear of any liens,  claims, charges or encumbrances or any other interest of the transferring party or of any third  person. Accordingly, the Parties agree that, notwithstanding any terms herein to the contrary,  all rights, title and interest of the Depositors in the amounts paid to the Deposit Beneficiary in  respect of the Deposits shall be transferred to the Deposit Beneficiary, and accordingly the  Deposit Beneficiary shall have no limitations on any disposal, transfer or other action it may  take in respect of such sums it has received.  

 

  07/17532116_3 48   Consideration  No remuneration shall be due by the Deposit Beneficiary to the Depositors and/or by the  Depositors to the Beneficiary for any Deposit posted from time by the Depositors on the Cash  Collateral Accounts.  16. AUDIT OF DATA AND MONITORING OF THE SERVICING MANDATES BY THE  PURCHASER   The Zebra Entities undertake to allow any auditing firms appointed by the Purchaser (at a  mutually convenient time and without material disruption to the relevant Zebra Entity’s business)  to audit (i) the accuracy of the data included in the Aggregate Electronic Files and the Servicer  Reports, (ii) the compliance with the Eligible Debtor criteria and the Eligible Receivables criteria,  and (iii) the correct application of the Credit and Collection Policies to the Assigned Receivables  and the Assigned Debtors.   Subject to Clause 16.4, each of the Purchaser, the Programme Agent and the Programme  Manager may at any time (i) request from any Zebra Entity to examine and inspect during  normal office hours the documentation or information relating to the Assigned Receivables, the  Collections or the Contracts and (ii) inspect during normal office hours any Records or Credit  and Collection Policies or any other information or document related to, or electronic data  systems used by any Zebra Entity in connection with any Assigned Receivable or the collection  and servicing thereof.    Each Zebra Entity undertakes to cooperate fully with the Purchaser and the Programme Agent  in respect of such audits. Any such audit shall be at a time convenient to the relevant Zebra  Entity and without material disruption to the relevant Zebra Entity's business.    The Purchaser may conduct agreed on-site audits with the Programme Agent within the limit of  1 audit per calendar year and per Zebra Entity.   The annual audit fees incurrence in accordance with Clause 16.1 shall be borne and paid by  the relevant Zebra Entity within the limit of EUR 50,000 per annual audit.   The limit sets out in paragraphs 16.4 and 16.5 above shall not apply in relation to any additional  audits, examinations and visits (i) undertaken after the occurrence of an Incipient Stop  Purchase Event or a Stop Purchase Event or (ii) undertaken following an audit report indicating  a deficiency and such additional cost shall be paid by the Parent Company.   17. REPRESENTATIONS, COVENANTS AND INDEMNITY   Representations  On the Signing Date, on each Purchase Date and on each Monthly Reporting Date, each of the  Zebra Entities acting separately in its own name but not jointly and, with respect to itself, makes  the following representations and warranties to the Purchaser, the Programme Manager, the  Programme Agent and the Programme Manager:  17.1.1 it is a corporate entity, duly incorporated and validly existing under the Applicable  Laws of its jurisdiction of incorporation;  17.1.2 it has full capacity, power and authority and has taken all necessary corporate actions  to authorise the execution, delivery and performance by it of each of the Transaction  Documents to which it is a party;  17.1.3 it is not entitled to claim immunity from suit, execution, attachment or other legal  process in any proceedings taken in its jurisdiction of incorporation in relation to any  Transaction Document;  17.1.4 subject to applicable bankruptcy, insolvency, moratorium, reorganisation or other laws  affecting the enforcement of rights of creditors generally, its obligations under the  Transaction Documents constitute legal, valid and binding obligations, enforceable  against it in accordance with their respective terms;  17.1.5 neither the execution and delivery, nor the performance by it of any of the Transaction  Documents to which it is a party contravenes (i) any Applicable Law; (ii) any judgment,  order, writ, award, injunction or decree of any court having jurisdiction over it; (iii) any  

 

  07/17532116_3 49  agreement or other financing binding on or affecting it or any of its assets (including  the Receivables); or (iv) its Organisational Documents;  17.1.6 unless otherwise provided in the Local Receivables Purchase Agreement to which it  is a party it has its centre of main interest in its jurisdiction of incorporation;  17.1.7 no license or approval is required for the Servicer to use any Programme currently  used by the Servicer in the servicing of the Receivables, other than such licenses and  approvals that have been obtained and are in full force and effect;  17.1.8 it is not Insolvent or subject to an Insolvency Proceeding;  17.1.9 no legal action, litigation, administrative (including in relation to any Tax or VAT)  proceeding or arbitration or governmental, judicial or official investigation or inquiry,  has been commenced, is pending or threatened against it, which would be reasonably  likely, immediately or in the future, to have a Material Adverse Effect;  17.1.10 it has disclosed to the Purchaser, Programme Manager, Programme Agent and the  Programme Manager all facts which may have a Material Adverse Effect;   17.1.11 in any legal proceedings taken in its Relevant Jurisdiction in relation to any  Transaction Document to which it is a party, the choice of law expressed in such  document to be the governing law of such Transaction Document and any judgment  obtained in such jurisdiction will be recognized and enforced;  17.1.12 the assignment and transfer of each Eligible Receivable and the attached Related  Rights and Related Security on each Purchase Date pursuant to a Local Receivables  Purchase Agreement is effective to transfer full, unencumbered beneficial title to the  Eligible Receivable to the Purchaser and no further act, condition or thing is required  to be done in connection with such assignment and transfer in order to enable the  Purchaser to require payment of such Receivable to the Applicable Seller or to  enforce any such right in court, other than the delivery to each relevant Debtor of a  Notification Letter (to the extent applicable);  17.1.13 each Receivable which is offered for sale to the Purchaser satisfies each of the  Eligible Receivables criteria on each Eligibility Test Date applicable in respect of such  Receivable;  17.1.14 the transactions contemplated in the Transaction Documents are in its corporate,  economic and financial interest, and in compliance with Applicable Law;  17.1.15 it has entered into the Transaction Documents in good faith for its benefit and on arm's  length commercial terms and completing such transactions will not materially and  adversely affect its financial condition;  17.1.16 the communication by it to any other Party of any information or data and the delivery  by it of any records or reports relating to (a) any Assigned Debtor, (b) any person  having granted a Related Right or Related Security in connection with the  Receivables (if applicable), (c) the Receivables and/or (d) the Related Rights, in  connection with the Transaction, does not violate any provisions of applicable privacy  protection laws or data protection laws and does not make the Purchaser, the  Programme Agent and/or the Programme Manager data controller within the meaning  of the Applicable Law;  17.1.17 no steps have been taken by its board of directors and no circumstances exist, which  might reasonably be expected to render any of its representations and warranties no  longer true or accurate;  17.1.18 it, as applicable, has the software, hardware, information technology and human  resources necessary to allow it to identify, manage, collect, and recover the Assigned  Receivables offered by it and to comply with the other obligations under the  Transaction Documents, including, without limitation, the obligations to provide  information in accordance with the Transaction Documents;  17.1.19 the information contained in any documentation or record provided by it under any  Transaction Document is true, accurate and up to date as of the date so provided  and, it does not contain any misstatement of fact nor omits to state a fact or any fact  necessary to make the statements contained therein is misleading;  

 

  07/17532116_3 50  17.1.20 the information provided by it or on its behalf in relation to the preparation of the  Transaction Documents and the transaction contemplated thereby is accurate in all  material respects as of the date so provided, and, as of such date, it does not contain  any misstatement of fact nor omits to state a material fact or any fact necessary to  make the statements contained therein is misleading;   17.1.21 its principal place of business, chief executive office and the offices where it keeps all  its Records, are located at its place of incorporation or such other locations notified to  each Purchaser and the Programme Agent.  17.1.22 nothing has occurred or been omitted from the information provided by the Zebra  Entities and no information has been given or withheld that results in the information  provided by the Zebra Entities being materially untrue or misleading in any respect  likely, in each case, to affect the decision of the Purchaser when considering to enter  into this Agreement;   17.1.23 such Zebra Entity is in compliance with all requirements of law except where such  non-compliance could not reasonably be expected to have a Material Adverse Effect;  provided, however, that where such compliance relates to any Anti-Corruption Laws,  Anti-Money Laundering Laws or Sanctions, each Zebra Entity and its Subsidiaries is  in compliance in all respects and subject to no exceptions;  17.1.24 such Zebra Entity shall, and shall cause its Subsidiaries to, maintain and enforce  policies and procedures designed to promote and achieve compliance by such Zebra  Entities and its Subsidiaries with applicable Anti-Corruption Laws, Anti-Money  Laundering Laws and Sanctions;  17.1.25 none of the Zebra Entities or any of its Subsidiaries or, any of their respective  directors, officers or, to such Zebra Entity’s knowledge, any of their respective  affiliates, agents or employees (i) has conducted their respective businesses or taken  any action that would constitute or give rise to a violation of any Anti-Corruption Law  or Anti-Money Laundering Law or (ii) is or has been subject to any action, proceeding,  litigation, claim or, to such Zebra Entity’s knowledge, investigation with regard to any  actual or alleged violation of any Anti-Corruption Laws or Anti-Money Laundering  Laws;   17.1.26 none of the Zebra Entities, or any of their respective Subsidiaries, or any of their  respective directors, officers or, to such Zebra Entity’s knowledge, any of their  respective affiliates, agents or employees (i) is a Sanctioned Person, (ii) is currently  engaging or has engaged in any dealings or transactions with, involving or for the  benefit of a Sanctioned Person, or in or involving any Sanctioned Jurisdiction, in each  case in violation of applicable Sanctions, or (iii) is subject to any action, proceeding,  litigation, claim or, to such Zebra Entity’s knowledge, investigation with regard to any  actual or alleged violation of Sanctions; and  17.1.27 it makes any additional representations and warranties as set out in the relevant Local  Receivables Purchase Agreement  Each Zebra Entity shall inform the Purchaser in writing if any of the representations and  warranties made under this Clause 17.1 is found to be untrue or incorrect or breached as of the  date that such representation or warranty was made, or deemed to be made, forthwith upon  becoming aware of such untruthfulness, inaccuracy or breach.   Covenants  Until the Final Maturity Date, each Zebra Entity, with respect to itself, shall perform the  covenants and obligations applicable to it and set out below and elsewhere in this Agreement.  Each Zebra Entity undertakes to the Purchaser, the Programme Manager and the Programme  Agent that it shall:  Corporate covenants:  17.2.1 maintain its centre of main interest (within the meaning of the Regulation (EU) No.  2015/848 of 20 May 2015) or if not applicable to it, its principal place of business in  its jurisdiction of incorporation and continue to maintain its tax residence and be  registered for VAT purposes solely in its jurisdiction of incorporation;  

 

  07/17532116_3 51  17.2.2 comply with its Organization Documents, all Applicable Laws, rules, regulations,  orders, judgements, injunctions or awards binding on it and, where relevant, the  Assigned Receivables and the related Contracts, unless such non-compliance would  not be reasonably likely, immediately or in the future, to have a Material Adverse  Effect;   17.2.3 preserve and maintain its corporate existence;  17.2.4 cause to be prepared financial statements and, if any, consolidated financial  statements which will comply with the statutes, regulations and generally accepted  practices in its jurisdiction of incorporation at any time;  17.2.5 keep all documents, books and records and shall procure the compliance with all  reporting and accounting requirements which are imposed by any law or regulation  applicable in its jurisdiction;  17.2.6 in respect of each Seller and the Parent Company, provide the Programme Manager  with a copy of (i) its latest annual approved accounts (per Zebra Entity and  consolidated, if applicable, and audited), within 150 days of the end of each of its  financial years or, if later, by the date on which it is obliged to file such accounts in  accordance with applicable law and (ii) its latest semi-annual accounts (per Zebra  Entity, consolidated, if applicable) within 120 days of the end of the relevant semi- annual period. For so long as the Parent Company is a public company and subject  to public company reporting and disclosure requirements, all financial reports, on a  consolidated basis, will be available at investors.zebra.com/financials/sec-filings;   17.2.7 file all Tax and VAT returns and reports required by law within any statutory deadline,  maintain records for all taxation purposes (including for the purposes of VAT for as  long as provided by law in relation to such records) and pay within any statutory  deadline all Taxes, VAT and governmental charges (including social contributions)  owed by it, (i) except any such Taxes, VAT or charges which are being diligently  contested in good faith by appropriate proceedings, but only so long as such  proceedings would not affect the performance of any Transaction Document or  recovery of any amounts in respect of the Assigned Receivables or (ii) to the extent  that a failure to do so would not affect its ability to perform its obligations under the  terms of the Transaction Documents to which it is a party and/or the recovery of any  amounts in respect of such Assigned Receivables;  17.2.8 forthwith upon any change in its list of authorised signatories, provide the Programme  Manager and the Programme Agent with an updated list of its authorised signatories;  17.2.9 ensure that its obligations under the Transaction Documents rank at any times at least  pari passu with all its other, present, actual or contingent, unsecured and  unsubordinated obligations and liabilities, (except for obligations which are  mandatorily preferred by law applying to companies generally in the jurisdiction of its  incorporation);  17.2.10 procure that each Zebra Entity is in compliance, and shall comply with all  requirements of any law (other than those specifically relating to any Anti-Corruption  Laws, Anti-Money Laundering Laws or Sanctions) if the failure to comply could  reasonably be expected to have a Material Adverse Effect;   17.2.11 procure that each Zebra Entity shall, and shall cause its Subsidiaries to, continue to  maintain and enforce policies and procedures designed to promote and achieve  compliance by such Zebra Entity and its Subsidiaries with applicable Anti-Corruption  Laws, Anti-Money Laundering Laws and Sanctions;  17.2.12 ensure that no Zebra Entity shall nor shall it permit its Subsidiaries to, directly or  indirectly, (A) use any part of the proceeds of any purchase hereunder, or otherwise  make available such proceeds to any Person in any manner that would constitute or  give rise to a violation of Sanctions by any party hereto or (B) fund all or part of any  repayment or reimbursement of the obligations hereunder out of proceeds derived  from any transaction or activity involving a Sanctioned Person or Sanctioned  Jurisdiction; and  

 

  07/17532116_3 52  17.2.13 ensure that no Zebra Entity shall, directly or indirectly, use any part of the proceeds  of any purchase hereunder for any payments to any governmental official or  employee, political party, official of a political party, candidate for political office, or  anyone else acting in an official capacity, in order to obtain, retain or direct business  or obtain any improper advantage, in each case in violation of Anti-Corruption Law.  Transaction Documents covenants:  17.2.14 procure that its form of incorporation or corporate structure is not modified, not enter  into any amalgamation, demerger, merger or corporate reconstruction, or not sell,  lease or transfer all or substantially all of its assets to any other person, which may  affect its obligations under the Transaction Documents, unless such sale, lease or  transfer have been previously agreed in writing by the Purchaser and the Programme  Manager (such agreement not to be unreasonably withheld or delayed);  17.2.15 file, record or enrol each Transaction Document required to be filed, recorded or  enrolled with any relevant court or other authority and ensure that such required  filings, recordings or enrolments are at all times maintained in accordance with any  applicable requirement of statutes and regulations, which may affect its obligations  under the Transaction Documents or the legality, validity or enforceability of any  Transaction Document;  17.2.16 deliver to the Purchaser an Officer's Solvency Certificate on each anniversary of the  Signing Date and for the first time on the Signing Date;  17.2.17 notify the Purchaser, the Programme Agent and the Programme Manager promptly  upon becoming aware of the occurrence of (i) a Stop Purchase Event or an Incipient  Stop Purchase Event (unless such Stop Purchase Event or Incipient Stop Purchase  Event has been duly waived) and (ii) a Change of Control in respect of any Zebra  Entity;  17.2.18 to the extent that, after the Purchase Date, a Seller holds, or it is held to its order, or  it receives, or it is received to its order any benefit in respect of any Assigned  Receivable, hold such benefit as agent of the Purchaser and (if the same is in  monetary form) promptly pay the same to the Purchaser in accordance with the terms  of the Transaction Documents;  17.2.19 in relation to any of its Eligible Receivables owed by Eligible Debtors that are not  Assigned Receivables:  (A) not enter into any securitisation, factoring or invoice discounting transaction  or any other transaction having similar legal content and/or effect (including  any assignment or by way of guarantee, sub-participation, subrogation or the  declaration of a trust over its beneficial interest in any Receivable); and  (B) not create or suffer to exist any Lien, attachment or seizure whatsoever, or  any rights in rem, personal right in favour of a third party, encumbrance  whatsoever or any arrangement with analogous effect (other than Liens  arising by operation of law but not as a result of any default or omission by  such Applicable Seller);  17.2.20 in the case of the Parent Company, maintain either directly or indirectly at least an  absolute majority in the share capital and control of voting power of each Seller and  each Servicer until the Final Maturity Date;  17.2.21 procure at all times that each Secured Collection Account is subject to a valid and  enforceable Collection Account Security Document and (ii) the list of the Collection  Account specified in Part B of Schedule 1 is at all times accurate and up-to-date;  17.2.22 supply to the Purchaser and the Programme Manager promptly upon becoming aware  of them, with the details of any litigation, arbitration, investigations, or administrative  proceedings current, threatened or pending against any member of the Parent Group  or any other events which are reasonably expected to have a Material Adverse Effect;  17.2.23 not enter into any securitisation, factoring or invoice discounting transaction or any  other transaction having similar legal content and/or effect (including any assignment  or by way of guarantee, sub-participation, subrogation or the declaration of a trust  

 

  07/17532116_3 53  over its beneficial interest in any Receivable) in relation to any Eligible Debtor other  than in relation to the Transaction Documents or as otherwise permitted by the  Purchaser and the Programme Manager at their sole discretion;  17.2.24 comply with any other covenant as set out in the relevant Local Receivables Purchase  Agreement;  Covenants relating to the Assigned Receivables:  17.2.25 without prejudice to the terms of Clause 10.2, in relation to an Assigned Receivable,  perform all its obligations and comply with all material provisions and covenants under  the Contract under which such Assigned Receivable arises or will arise and refrain  from performing any action which may have a material adverse effect on the  existence, the validity, the collectability or the enforceability of any Assigned  Receivable, Related Rights and Related Security sold by it, (including but not limited  to actions which may result in any proceedings, set-off, counterclaim or defence  whatsoever being brought in respect of such Assigned Receivable, except to the  extent that the amounts affected by such events will be fully covered by Deemed  Collections due under Clause 12.3 in respect of such Dilutions due by the Applicable  Seller(s);  17.2.26 comply with the relevant Credit and Collection Policy and undertake not to amend or  replace the said Credit and Collection Policy, except where:   (A) either (i) such amendment is minor and administrative in nature (it being  specified that any change to the Collections' allocation rules referred to in  Clause 12.2 shall not be considered as minor or administrative) or (ii) the  Purchaser has delivered to the applicable Servicer its written consent to the  proposed amendment; and  (B) the Purchaser and the Programme Manager have been informed in writing of  such proposed amendment not later than 30 days prior to the anticipated  effective date of such amendment;  17.2.27 not sell, assign, transfer, subrogate in any way, dispose of, encumber or negotiate  any of the Assigned Receivables sold by it and/or the Related Rights and Related  Security related thereto or the corresponding Contracts or grant any Lien over or in  relation to any Assigned Receivable or act in any way that would reasonably be  expected to result in a Lien being created in respect of any Assigned Receivable or  knowingly attempt to carry out any such action in any way whatsoever, except if and  where expressly permitted pursuant to the Transaction Documents;  17.2.28 not create, nor knowingly allow for the creation or continuation of any right whatsoever  encumbering all or any part of the Assigned Receivables sold by it and/or the Related  Rights and/or Related Security related thereto or the corresponding Contracts;   17.2.29 not enter into any subsequent assignment or transfer or subrogation (or purport or  agree to do so) of any Assigned Receivable or any Related Security or Related Rights  or grant any Lien over or in relation to any Assigned Receivable or act in any way that  would reasonably be expected to result in a Lien being created in respect of any  Assigned Receivable;  17.2.30 at any time prior to delivery of a Notification Letter to an Assigned Debtor in  accordance with Clause 10.5.1, instruct all Assigned Debtors to pay all amounts due  in respect of the Assigned Receivables directly to the relevant Collection Account;  17.2.31 at any time following the delivery of a Notification Letter to an Assigned Debtor in  accordance with Clause 10.5.1, not amend or otherwise modify or cancel or revoke  such notification or other payment instructions to such Assigned Debtor or instruct  such Assigned Debtor to make payments in respect of the relevant Assigned  Receivables to any account other than the account referred to in such notification,  unless otherwise required or expressly permitted by the Transaction Documents;  17.2.32 (a) not take any action in respect of an Assigned Receivable that may reasonably  affect the existence, the validity, the collectability or the enforceability thereof, or (b)  delay the taking of any action against a defaulting Assigned Debtor;  

 

  07/17532116_3 54  17.2.33 use all reasonable endeavours to, at its own expense, take whatever action the  Purchaser may reasonably require in writing to protect, exercise, demonstrate or  effect its rights over the Assigned Receivables and Related Security and Related  Rights pursuant to this Agreement, or any Transaction Document to which it is a party  including but not limited to where such transfer is challenged by any third party  (including the relevant Assigned Debtor);  17.2.34 ensure that its computer systems, records (including the Records) and documents  relating to the Assigned Receivables enable the proper performance of its obligations  pursuant to the Transaction Documents;  17.2.35 conduct annual back-up and recovery tests of their IT system;  17.2.36 identify and individualise each Assigned Receivable (and all Related Rights and  Related Security) tracked on an Excel spreadsheet as being beneficially owned by  the Purchaser; and  17.2.37 comply with any other covenant as set out in the relevant Local Receivables Purchase  Agreement.   Breakage Cost  Each Zebra Entity hereby irrevocably and unconditionally undertakes to indemnify the  Purchaser and any Refinancing Entity on its demand for any properly documented loss suffered  or expense incurred by it as a result of any transfer of beneficial ownership in Receivables not  taking place on a Purchase Date notwithstanding an acceptance of such transfer by the  Purchaser, unless and save to the extent that the non-occurrence of such transfer is solely a  result of a failure by the Purchaser to fund the related Purchase Price.   Indemnities  Each Zebra Entity agrees to indemnify the Programme Agent, the Purchaser, the Programme  Manager and any Refinancing Entity (each, an "Indemnified Party"), or procure that such  Indemnified Party is indemnified, from and against any and all claims, losses, liabilities and  reasonable costs and expenses (including refinancing cost) such Indemnified Party may have  under this Agreement and the other Transaction Documents, or under any Local Receivables  Purchase Agreement, upon a duly documented request from the relevant Indemnified Party,  without any delay, set off, deduction, exception or withholding, arising out of or resulting from  any of the following:  17.4.1 the characterization in any Servicer Report, Aggregate Electronic File or other written  statement made by or on behalf of the Seller of any Receivable as an Eligible  Receivable which, as of the applicable Eligibility Test Date, was not an Eligible  Receivable; and/or  17.4.2 any representation or warranty or statement made or deemed to be made by any  Zebra Entity under any Transaction Document which proves to have been incorrect  or untrue in any respect when made or deemed made; and/or  17.4.3 any failure by any Seller to vest in the Purchaser a full and absolute ownership in each  Assigned Receivable; and/or  17.4.4 any failure of any Zebra Entity to perform its duties or obligations in accordance with  any Transaction Document and/or the occurrence of any Stop Purchase Event or  Incipient Stop Purchase Event; and/or  17.4.5 any Lien (other than pursuant to a Collection Account Security Document) over any  Collection Account or any seizure, attachment, sequestration, distress, execution,  claim or demand relating to any Collection Account or to any Collections which affect  the rights of the Purchaser over such Collection Account or Collections; and/or  17.4.6 any claim, proceeding or action brought by any Person other than an Indemnified  Party against an Indemnified Party arising from any activity by such Zebra Entity (or  any sub-servicer) in servicing, administering or collecting any Assigned Receivables;  and/or   17.4.7 an Indemnified Party investigating any event which it reasonably believes is an  Incipient Stop Purchase Event or Stop Purchase Event.  

 

  07/17532116_3 55  The relevant Zebra Entity shall pay the relevant indemnities by way of wire transfer in  immediately available funds to an account indicated by the relevant Indemnified Party.  18. TAXES   Net payments  18.1.1 All payments to be made by any Zebra Entity (or any person acting on their behalf)  (each a "Relevant Party") to the Purchaser or any other party under any Transaction  Document shall be made free and clear of and without deduction for or on account of  tax (a "Tax Deduction") unless such Relevant Party is required by law to make such  Tax Deduction. If a Relevant Party is required to make a Tax Deduction, that Relevant  Party shall make that Tax Deduction and any payment required in connection with  that Tax Deduction within the time allowed and in the minimum amount required by  law.  18.1.2 If a Tax Deduction is required to be made by a Relevant Party, the amount of the  payment due from that Relevant Party shall be increased by an amount necessary to  ensure that, after the making of such Tax Deduction, the Purchaser or such other  party to the Transaction Documents receives and retains (free from any liability in  respect of any such deduction or withholding) a net sum equal to the sum which it  would have received and so retained had no such Tax Deduction been made or  required to be made.  18.1.3 If, at any time, any Relevant Party is required to make a Tax Deduction (or if thereafter  there is any change in the rates at which or the manner in which such Tax Deductions  are calculated), such Relevant Party (the "Affected Relevant Party") shall promptly  notify the Programme Manager and the Purchaser.  18.1.4 Without prejudice to the provisions of this Clause 18, if the Purchaser or any other  party to the Transaction Documents (other than a Relevant Party) is required to make  any payment in connection with (a "Payment"):  (A) a Tax Deduction as a result of the omission, delay or failure of any Zebra  Entity to satisfy any of its obligations under Clause 18.1.1; or  (B) any Tax imposed by way of withholding or deduction on any payment in  relation to any Assigned Receivable following the delivery of a Notification  Letter,  the Zebra Entities shall upon written documented demand from the Programme  Manager, promptly indemnify such person against such Payment together with any  late payment interest, penalties and direct reasonable expenses payable or incurred  in connection therewith.   VAT  Except as otherwise provided in a Transaction Document, all amounts expressed to be payable  under a Transaction Document by any Party ("Party A") to another Party ("Party B") which (in  whole or in part) constitute the consideration for any supply for VAT purposes, are deemed to  be exclusive of any VAT which is chargeable on that supply, and accordingly, if VAT is or  becomes chargeable on any supply made by Party B to Party A (which Party B is required to  account to the relevant tax authority for the VAT) Party A must pay to Party B, in addition to and  at the same time as paying any other consideration for such supply, an amount equal to the  amount of the VAT and Party B must promptly provide an appropriate VAT invoice to Party A.   VAT refund  Where an Assigned Debtor fails to make payment of an Assigned Receivable, the Applicable  Seller shall, upon request from the Purchaser, take all necessary actions as permitted by the  laws, regulations or official guidelines of any Relevant Jurisdiction, so as to obtain a relief of  VAT applicable to such Assigned Receivable from the relevant tax authorities. The Purchaser  in turn undertakes to cooperate and take any actions that may be reasonably necessary in the  context of such relief. The portion of the relevant amount of unpaid Assigned Receivables  corresponding to the chargeable VAT relating thereto recovered by any Seller will be due to the  Purchaser up to the amount so recovered by such Seller from the relevant tax authorities.  

 

  07/17532116_3 56  19. CHANGE IN CIRCUMSTANCES   If, as a result of: (i) any Change of Law and/or (ii) the compliance with any regulation, request  from or requirement of any central bank or other fiscal, monetary or other authority:  19.1.1 any of the Purchaser, the Programme Manager, any Refinancing Entity (each a  "Financial Party" and, collectively, the "Financial Parties") incurs an increase of  costs attributable to: (1) entering into and/or performing its obligations under any  Transaction Documents; and/or funding or maintaining its participation to the  Programme (2) assuming or maintaining a commitment under any Transaction  Document; and/or (3) in respect of the Purchaser, purchasing or having purchased  any Eligible Receivable; or  19.1.2 any sum received (or to be received) by such Financial Party under the Finance  Documents or the return of such Financial Party under the Finance Documents (to  the extent attributable to the Finance Documents) on its capital, is or will be reduced,  then, the Sellers shall upon demand of the Programme Agent, promptly pay on a pro rata basis  pursuant to Clause 21.4 to the relevant Financial Party amounts sufficient to indemnify that  Financial Party (or any such holding company) against, as the case may be, such income  reduction or increased costs.   The Programme Agent shall promptly notify the Zebra Entities upon becoming aware of a  Financial Party intending to make a claim pursuant to Clause 19.1.   The Programme Agent shall, on behalf of the relevant Financial Party, provide a certificate  confirming the amount of its costs claimed under Clause 19.1 (giving reasonable details of the  circumstances giving rise to such claim and the calculation of such costs).  20. CONSEQUENCES OF THE OCCURRENCE OF A STOP PURCHASE EVENT   Upon the occurrence of a Stop Purchase Event, the Purchaser may at any time (in its sole and  absolute discretion), immediately terminate the Revolving Period and thereby definitively cease  to make any further purchases or transfers of Receivables under the Transaction Documents,  by delivering a Termination Notice to the Zebra Entities.   The Purchaser shall promptly deliver a copy of any Termination Notice to the Programme  Agent, Programme Manager and the Programme Manager.  21. PAYMENTS MECHANICS   Currency of account  Euro is the currency of account and payment for each and every sum at any time due from one  Party to another under the Transaction Documents, except that each payment in respect of  costs and expenses in respect of a Transaction Document, shall be made in the currency in  which the same were incurred and payments of Collections and Purchase Price shall be made  in the same Relevant Currency as the Assigned Receivable.    Set-off  21.2.1 Save as expressly otherwise provided to the contrary, in particular in respect of the  payment of any Adjustment Amount (if negative) by the Applicable Seller to the  Purchaser under Clause 7.3.2 or the payment of the Initial Cash Deposits or any  Complementary Deposit, all payments to be made by any Zebra Entity under the  Transaction Documents shall be calculated and be made without (and free and clear  of any deduction for) set-off or counterclaim.  21.2.2 At any time the Purchaser shall be entitled to set-off any amount due and payable by  it to any Zebra Entity under any Transaction Document against any amount due and  payable by such Zebra Entity to it under any Transaction Document.  21.2.3 For the purpose of Clauses 21.2.1 and 21.2.2, any amount denominated in a Relevant  Currency which is not Euro will be converted in Euro by applying the applicable Spot  Rate Exchange.  

 

  07/17532116_3 57   Late payment interest  21.3.1 If any Seller, any Servicer, the Centralising Agent or the Parent Company fails to pay  any amount payable by it to the Purchaser thereunder on its due date, interest shall  accrue on the overdue amount from the date on which the amount is due up to the  date of actual payment (the "Period") at a rate equal to the sum of (i) the overnight  rate during such Period (if that rate is less than zero, the applicable overnight rate  shall be deemed to be zero) and (ii) 2% per annum.  21.3.2 The late payment interest shall be due on the day on which the overdue amount is  actually paid.   Sellers' payments pro rata  All fees, costs and expenses due and payable by each Seller under any Transaction Document  shall be of an amount calculated on the basis of a ratio of (the "Seller Ratio") (i) the  Outstanding Amount, in Euro (or if denominated in another Relevant Currency by being  converted in Euro by applying the applicable Spot Rate Exchange), of Assigned Receivables  of such Seller; over (ii) the aggregate Outstanding Amount, or its Euro (or if denominated in  another Relevant Currency by being converted in Euro by applying the applicable Spot Rate  Exchange), as of the last Monthly Calculation Date.  22. PROGRAMME AGENT AND PROGRAMME MANAGER   Appointment and duties of the Programme Agent  The Purchaser hereby appoints the Programme Agent to:  22.1.1 check the information contained in the Aggregate Electronic File, the Servicer Report  and any other information provided from time to time by any Zebra Entity;  22.1.2 verify, if a Stop Purchase Event has occurred and inform the other Parties if such an  event has occurred;  22.1.3 receive and execute any Form of Assignment in the name and on behalf of the  Purchaser;  22.1.4 on each Monthly Calculation Date (i) calculate (a) the Purchase Price of the Eligible  Receivables included in the Returned Electronic File as set out in Clause 7.1, (b) the  Performance Triggers, (c) the Discount and (d) each DSO, (ii) notify the Purchaser,  each Seller and the Programme Manager of each Purchase Price, Discount and DSO  and (iii) deliver to the Programme Manager the Calculation Report;  22.1.5 (i) update the Perimeter and/or Relevant Currency Debtor Limit to reflect the  modifications decided and/or accepted by the Programme Manager in accordance  with Clauses 5.2 and 5.3, (ii) send to the Purchaser and the Centralising Agent the  updated version of the Perimeter which shall become applicable as from (and  including) the immediately following Monthly Cut-Off Date and (iii) perform any action  with respect to the Perimeter that are not delegated to the Programme Manager under  Clause 22.3;  22.1.6 on each Monthly Calculation Date, the Programme Agent and/or the Programme  Manager in accordance with this Agreement shall calculate:  (A) the Funding Discount by Relevant Currency (as defined in Schedule 2);  (B) the Credit Discount by Relevant Currency (as defined in Schedule 2);  (C) the Discount;  (D) the relevant Purchase Price of the Eligible Receivables to be purchased on  the immediately following Purchase Date by the Purchaser;  (E) the Programme Maximum Amount and the Maximum Amount by Currency;  (F) the Required Support Amount Month M by Relevant Currency; and   

 

  07/17532116_3 58  (G) each Deposit Complimentary Amount by Currency and each Deposit Refund  Amount by Relevant Currency.  in each case on the basis of the information provided to it by the Centralising Agent  last available Servicer Report and Aggregate Electronic File, and in accordance with  the provisions of Schedule 2.  22.1.7 verify if a Debtor should be classified as a Delinquent Debtor or Defaulted Debtor;  22.1.8 perform any action in relation with the update of the Perimeter, as provided in Clause  5;  22.1.9 perform the selection of the Receivables in accordance with Clause 8.3 to be  retransferred by the Purchaser to the Seller in accordance with Clause 8.2; and  22.1.10 more generally, perform all duties and exercise all rights which are specifically set out  in the Transaction Documents to which it is a party.  If, after the performance of the audits referred to in Clause 14, the Programme Agent  determines that there are material discrepancies between any Aggregate Electronic File or  Servicer Report and the databases of the Zebra Entities, the Programme Agent shall promptly  inform in writing the other Parties and give reasonable details of such discrepancies.    Programme Agent Fee  The Parties agree that the Parent Company shall pay, to the Programme Agent, the Programme  Agent Fee on a monthly basis (i.e. from the Monthly Payment Date falling on the Initial Monthly  Payment Date).   Appointment and duties of the Programme Manager  The Purchaser hereby appoints the Programme Manager to:  22.3.1 (i) update the Perimeter and/or Relevant Currency Debtor Limit to reflect the  modifications decided and/or accepted by the Programme Manager in accordance  with Clauses 5.2 and 5.3, (ii) send to the Purchaser and the Centralising Agent the  updated version of the Perimeter which shall become applicable as from (and  including) the immediately following Monthly Cut-Off Date and (iii) perform any action  with respect to the Perimeter that are not delegated to the Programme Agent under  Clause 22.1;  22.3.2 propose on its behalf to modify the Credit Risk Premium Rate in accordance with  Clause 7.2; and  22.3.3 more generally, perform all duties and exercise all rights which are specifically set out  in the Transaction Documents to which it is a party.   Liability of the Programme Agent and the Programme Manager  The Programme Agent and the Programme Manager shall:  22.4.1 act as agents of the Purchaser solely with respect to their respective obligations and  duties expressly specified in this Agreement;   22.4.2 have the obligation to act with care and diligence in the performance of their  obligations and duties under this Agreement, provided they shall be entitled to  assume the accuracy and completeness of all information provided by the Zebra  Entities pursuant to the Transaction Documents without being required to make any  further enquiry or otherwise undertaking any liability; and  22.4.3 not be liable in any way for any consequence arising from any non-fulfilment by the  other parties to any Transaction Document of the obligations or commitments  respectively undertaken pursuant to this Agreement.   Duration of the appointment of the Programme Agent and the Programme Manager  The appointment of and the powers granted by the Purchaser to the Programme Agent and the  Programme Manager pursuant to this Agreement will be effective from the Signing Date hereof  and will remain in full force and effect until the earlier of (a) the Final Maturity Date and (b) the  date on which the Programme Agent and/or the Programme Manager resigns by sending  

 

  07/17532116_3 59  written notice provided that such resignation shall only take effect upon the appointment of a  successor by the Purchaser.  23. ACCESSION OF ADDITIONAL SELLERS AND WITHDRAWALS   Accession Request  At any time during the Revolving Period, the Centralising Agent may deliver to the Purchaser,  with copies to the Programme Agent, a written request (each such request, an "Accession  Request") for the Accession of one or more members of the Parent Group, to be added to the  Programme as Additional Sellers. Each Accession Request shall be irrevocable (subject to the  agreement by the Centralising Agent to any modifications requested by the Programme  Manager and the Purchaser).   Due diligence  23.2.1 Following receipt of an Accession Request, the Programme Manager may or shall if  it receives a request to do so from the Purchaser arrange for appropriate due diligence  to be performed in respect of each proposed Additional Seller.   23.2.2 Matters investigated in connection with such due diligence may include (but shall not  be limited to) the following with respect to each such proposed Additional Seller:  (A) the Receivables originated by it;  (B) its Credit and Collection Policy;  (C) its information technology systems, policies and procedures;  (D) legal, tax, VAT and accounting issues relating to such proposed Additional  Seller, its receivables and its proposed addition to the Programme; and  (E) such other matters as the Programme Manager or the Purchaser may  determine to be relevant in the context of such Accession.   23.2.3 The Programme Manager shall be entitled to appoint any professional advisor in any  relevant jurisdiction, as it or the Purchaser may deem necessary or desirable for the  purposes of aforementioned due diligence and, as applicable, the accession process,  provided that any cost of such professional advisers has been approved by the Parent  Company prior to such appointment.   Accession process  No Accession of a proposed Additional Seller shall occur unless:  23.3.1 the Programme Manager and the Purchaser, each acting in its sole and absolute  discretion, have agreed in writing to such Accession;  23.3.2 all Accession Agreements have been entered into with respect to such Additional  Seller pursuant to and in accordance with Clause 23.5; and  23.3.3 without limitation of the foregoing Clause 23.3.1, each of the following conditions  precedent to the Accession as been satisfied in a manner satisfactory to the  Programme Manager and the Purchaser, each acting in its sole and absolute  discretion:  (A) on the basis of the conclusions of the due diligence carried out in accordance  with Clause 23.2, the Programme Manager and the Purchaser are reasonably  satisfied that the proposed Additional Seller has the ability to perform its  obligations as Seller and Servicer under the relevant Transaction Documents;  (B) the Programme Manager has obtained the approval of its credit committee  for such Accession;  (C) such proposed Additional Seller or its counsel has delivered to the  Programme Manager and the Purchaser all opinions, certificates and other  documents reasonably requested by them in connection with the Accession  (which shall include, without limitation, the documents referred to in Clause  6.3), as applicable, mutatis mutandis, to such proposed Additional Seller));  

 

  07/17532116_3 60  (D) any tests requested by the Programme Manager, the Purchaser or the  Programme Agent of the proposed Additional Seller's information technology  systems have been carried out with results satisfactory to the Programme  Manager, the Purchaser or the Programme Agent, as the case may be;  (E) each Seller and the Parent Company agrees with the modifications that the  Programme Manager may request to the Transaction Documents as a result  of such accession; and  (F) the relevant Additional Seller has, or the Parent Company has, paid any and  all fees, costs and expenses required to be paid by it in connection with such  proposed Accession pursuant to Clause 23.4 (subject to any limit that may  have been agreed between the Purchaser and the Parent Company).   Payment of fees and expenses  The Centralising Agent (or the relevant Additional Seller) shall be obligated to pay, out of its  own resources, or procure the payment of, with respect to each proposed Accession pursuant  to this Clause 23 (whether the proposed Additional Seller is or, for any reason, is not added to  the Programme as an Additional Seller), the fees and the amount of any justified and  reasonable out-of-pocket costs and expenses that have been mutually agreed between the  Zebra Entities and the Financial Parties, incurred by the Programme Agent, the Purchaser and  the Programme Manager in connection with such proposed Accession (including, without  limitation, any fees, costs and expenses relating to the audits and legal advisors) within the  agreed timelines for such payment.   Accession Agreements  23.5.1 Following (i) the delivery by the Programme Manager and the Purchaser of their  written consent to an Accession pursuant to Paragraph 23.3.1 and (ii) the satisfaction  of each of the conditions set forth in Paragraph 23.3.3 (the earlier date on which both  events occur being the "Accession Approval Date"), the relevant Parties shall enter  into the Accession Agreements related to such Additional Seller.   23.5.2 Each Accession Agreement shall be in a form satisfactory to each of the parties  thereto.  23.5.3 From and after the date on which the Accession Agreement has been so entered into  by all parties thereto, the proposed Additional Seller shall be a Party to the relevant  Local Receivables Purchase Agreement (based on the jurisdiction of incorporation of  such Additional Seller) as a Seller and a Servicer, with all of the rights and obligations  of a Seller and a Servicer under this Agreement and each of the other relevant  Transaction Documents.  24. CHANGE TO THE PARTIES   Assignments and transfers  Subject to Clause 24.3, none of the Parties may assign any of its rights or transfer this  Agreement or any of its rights or obligations under any Transaction Document to which it is a  party without the prior written approval of the other parties thereto.   Successors  Each Transaction Document shall be binding upon and inure to the benefit of each entity which  is a party or accedes to such Transaction Document and its or any subsequent successors and  assignees.   Transfers by the Purchaser  Nothing set forth in this Agreement or in any other Transaction Document shall limit the right of  the Purchaser to sell, assign, novate, transfer, participate, re-transfer, re-participate, insure or  otherwise alienate any of its right, title or interest under any Assigned Receivables, Related  Rights, Related Security or Collections or any interest in any of the foregoing, provided,  however, that:  

 

  07/17532116_3 61  24.3.1 unless a Stop Purchase Event has occurred and is continuing, the transferee is not a  direct competitor of the Parent Company or its Subsidiaries (with respect to any lines  of business engaged in by them as of the Signing Date or the relevant Accession  Date); and  24.3.2 in the case of an assignment or transfer, such assignee or transferee has undertaken  to the Purchaser obligations that allow the Purchaser to duly and timely comply with  its obligations under this Agreement and agrees to the same restriction on the ability  to notify Debtors of such assignments as the Purchaser has agreed to in this  Agreement.  25. CONFIDENTIALITY   Each Party agrees to keep the Transaction Documents and all information of any kind that is  not in the public domain transmitted by any other Party (whether directly or through an Affiliate)  as confidential. The Parties agree not to disclose such information to any other Person and to  ensure that their respective personnel similarly respect the confidential nature of such  information provided that a Party may make any such disclosure:  25.1.1 to its auditors and to any other professional advisers subject to a professional duty of  confidentiality;  25.1.2 to any regulators banking supervisory authorities or tax authorities and to any Person  to whom the information must be disclosed in connection with or for the purposes of  a disclosure, litigation, arbitration, administrative, fiscal or other investigation,  proceedings or a dispute to the extent required by Applicable Laws;   25.1.3 pursuant to any laws and regulations whether or not having the force of law applicable  to it, but, if not having the force of law, is a regulation in accordance with which a party  is accustomed comply;  25.1.4 with respect to the Purchaser, the Programme Agent and CA-CIB, to their Affiliates,  any Substitute Servicer; any rating agency, any Refinancing Entity, Liquidity Facility  Provider or to any other Person (a) which has agreed to make funds available, directly  or indirectly, to the Purchaser in connection with this Agreement or (b) to which the  Purchaser or any successors may transfer any risk arising from the Assigned  Receivables (including credit insurer and/or guarantor and their brokers) or (c) which  may invest in securities directly or indirectly backed by the Assigned Receivables;  25.1.5 to (i) any securitisation repository (as defined in article 2(23) of the Regulation (EU)  2017/2402 of 12 December 2017 laying down a general framework for securitisation  and creating a specific framework for simple, transparent and standardised  securitisation) or any repositioning as defined in any statute, regulation or rule of  similar effect applicable at any time in the United Kingdom or to the extent required  under the aforementioned regulation to enable a Party to comply with its obligations  thereunder and (ii) any STS third party referred to in article 27(2) of the above  mentioned regulation; and  25.1.6 to any rating agency.   The obligation to preserve confidentiality set out in this Clause 25 shall remain valid for a period  of 365 days following the Final Maturity Date.   Without prejudice to any other provision of this Clause 25, the following information may be  disclosed by the Programme Manager or its advisers for the conduct of their commercial  communication without the prior written consent of any Party: the Programme Purchaser  Maximum Funding Amount, the type of assets that are the subject of the Programme, the  countries involved, the names of the Sellers, the number of Sellers, the names of the Sellers,  the main features of the Programme, the identity of the legal advisors involved in the  Programme and the Signing Date.  26. NOTICES   Any notification under any Transaction Document shall be addressed in writing to the relevant  addressee(s) at its address, telephone and e-mail details set out in Schedule 4.  

 

  07/17532116_3 62   Any notice to be sent to the Programme Manager under this Agreement shall also be sent to  the Purchaser simultaneously and vice versa.   Any change in the notice details set out in Schedule 4 with respect to any party to the  Transaction Documents shall be forthwith notified by such party to the other Parties, and such  a change shall become effective 5 Business Days after receipt of such notice by the Programme  Manager.  27. AMENDMENTS TO THE TRANSACTION DOCUMENTS   Transaction Documents generally  27.1.1 Except as otherwise provided, no amendment may be made to any Transaction  Document unless agreed in writing and signed by or on behalf of each of the Parties  thereto.  27.1.2 Notwithstanding the above, a Condition Precedent may be waived in writing by the  Purchaser or the Programme Agent (each in respect of itself), and without the consent  of any other Party.   Changes to notice details  Notwithstanding Clause 27.1, Schedule 4 may be amended and updated from time to time by  the Programme Manager, and without the consent of the other Parties, upon the Programme  Manager being notified of any change in the notice details with respect to any Party in  accordance with Clause 26.   Replacement of Screen Rate  27.3.1 As from the date on which a Screen Rate Replacement Event has occurred in relation  to any Screen Rate and until the Programme Manager and the Parent Company  (acting on behalf of the Sellers) have agree on a Replacement Benchmark, the  Programme Manager and the Parent Company agree to use the relevant Alternate  Base Rate.  27.3.2 Subject to Clause 27.1, if a Screen Rate Replacement Event has occurred in relation  to any Screen Rate, any amendment or waiver which relates to:  (A) providing for the use of a Replacement Benchmark; and  (B)   (1) aligning any provision of any Transaction Document to the use of that  Replacement Benchmark;  (2) enabling that Replacement Benchmark to be used for the calculation  of interest under this Agreement (including, without limitation, any  consequential changes required to enable that Replacement  Benchmark to be used for the purposes of this Agreement);  (3) implementing market conventions applicable to that Replacement  Benchmark;   (4) providing for appropriate fallback (and market disruption) provisions  for that Replacement Benchmark; or  (5) adjusting the pricing to reduce or eliminate, to the extent reasonably  practicable, any transfer of economic value from one Party to another  as a result of the application of that Replacement Benchmark (and if  any adjustment or method for calculating any adjustment has been  formally designated, nominated or recommended by the Relevant  Nominating Body, the adjustment shall be determined on the basis of  that designation, nomination or recommendation),  

 

  07/17532116_3 63  (C) may be made by the Programme Manager with the prior consent of the other  Parent Company (acting on behalf of the others Sellers).   28. MISCELLANEOUS PROVISIONS   Remedies and waivers  28.1.1 No failure to exercise, nor any delay in exercising, on the part of any party to a  Transaction Document, any right or remedy thereunder shall operate as a waiver, nor  shall any single or partial exercise of any right or remedy prevent any further or other  exercise or the exercise of any other right or remedy. The rights and remedies are  cumulative and not exclusive from any rights and remedies provided by law.   No petition, limited recourse  Notwithstanding any other provision of this Agreement or any other Transaction Document,  each Party, other than the Purchaser:  28.2.1 acknowledges that it shall not institute or join any Person in instituting any legal  proceedings, take other steps or institute other proceedings against the Purchaser,  the purpose of which is winding up, dissolution, examinership, or reorganisation, of or  for the appointment of receiver, liquidator, administrator, administrative receiver,  assignee, trustee, custodian, sequestrator or other similar official of the Purchaser or  any substantial part of or all its revenue or property, or the opening of receivership  proceedings or insolvency or bankruptcy proceedings or any other similar  proceedings in any jurisdiction until the expiry of a period of 18 months plus one day  after the Final Maturity Date;  28.2.2 acknowledges that it shall not take any steps (or initiate proceedings or join any  person in these proceedings) for the purpose of enforcing any of its pecuniary rights  against the Purchaser where the amount claimed in respect of such steps or  proceedings exceeds the amounts held by the Purchaser in relation to the  Programme;  28.2.3 acknowledges that it shall only have recourse against the assets of the Purchaser  held under the Transaction Documents and shall not have any recourse whatsoever  against any other assets of the Purchaser acquired under or held in relation to any  other securitisation Programme of the Purchaser; and  28.2.4 acknowledges that any claim of any such Party against the Purchaser which cannot  be satisfied in full as a result of the provisions of this Clause 28.2 shall be  automatically extinguished and no such Party shall be entitled to take any step or  action against the Purchaser to recover any shortfall.   Service of process  28.3.1 Without prejudice to any other mode of service allowed under any relevant law, each  of the Initial Sellers, Initial Servicers and the Parent Company (other than where such  a Party is incorporated in England and Wales):  (A) hereby irrevocably appoints Zebra Technologies Europe Limited with offices  as of the date hereof at Dukes Meadow, Millboard Road, Bourne End,  Buckinghamshire, SL8 5XF (the "Process Agent") under a process agent  letter dated the Signing Date as its agent for service of process in relation to  any proceedings before the English courts in connection with any Transaction  Document; and  (B) agrees that failure by a Process Agent to notify the relevant Party of the  process will not invalidate the proceedings concerned.  28.3.2 If any person appointed as a Process Agent for service of process is unable for any  reason to act as agent for service of process, the Parent Company (on behalf of each  of the Initial Sellers, Initial Servicers and the Parent Company) must immediately (and  in any event within 5 days of such event taking place) appoint another agent on terms  acceptable to the Process Agent. Failing this, the Process Agent may appoint another  agent for this purpose.   

 

  07/17532116_3 64   Entire Agreement  28.4.1 The Transaction Documents, and any document referred to in the Transaction  Documents, constitute the entire agreement and understanding between the Parties  relating to the subject matter of the Transaction Documents and sets out all the terms  of any agreements, arrangements, and transactions between the Parties.  28.4.2 Each Party agrees that it has not entered into any of the Transaction Documents in  reliance upon any representation, warranty or undertaking of any other Party which is  not expressly set out or referred to in one of the Transaction Documents.  28.4.3 A Party is not liable to another Party (in equity, contract or tort, under the  Misrepresentation Act 1967 of the United Kingdom, or in any other way) for any  representation other than an express warranty which is set out in any Transaction  Document or any document referred to in a Transaction Document.  28.4.4 Nothing in this Clause 28.4 (Entire Agreement) shall have the effect of limiting or  restricting any liability of a Party arising as a result of any fraud.   Severance  28.5.1 If any provision or part-provision of this Agreement is or becomes invalid, illegal or  unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the  extent of such prohibition or unenforceability, but that shall not affect the validity and  enforceability of the rest of this Agreement.  28.5.2 If any provision or part-provision of this Agreement is invalidated or unenforceable  under Clause 28.5.1, the Parties shall use reasonable endeavours in a view to agree  a replacement provision that, to the greatest extent possible, achieves the intended  commercial result of the original provision.   Expenses  The Zebra Entities shall reimburse any Financial Party for all reasonable and duly documented  fees, costs, expenses and any stamp, transfer, court, registration or property Taxes (including  legal fees and VAT thereon) incurred in connection with the performance and enforcement of  the Transaction Documents and the preservation of their rights thereunder.   Other security interests  The collateral posted pursuant to Clause 14 shall be in addition to any other security interest  (whether in rem or in personam) or any other forms of security or guarantee undertaking  whatsoever (including, but not limited to, the Parent Undertaking, the benefit of any  representations, warranties and covenants on the part of any party under the Transaction  Documents (other than the Deposit Beneficiary in any of its capacities)) which the Deposit  Beneficiary (in any of its capacities) may from time to time benefit from in connection with the  Programme). Accordingly, the Depositors shall in no event, whether as a condition precedent  to, defence against, as any prerequisite whatsoever to, the performance of any of its obligations  hereunder, be entitled to require or request in any way that the Deposit Beneficiary enforces or  procures for the enforcement of any of such other security interests or forms of security or  guarantee undertaking.   Acknowledgement and consent to Bail-In of EEA Financial Institutions  Notwithstanding anything to the contrary in this Agreement or in any other agreement,  arrangement or understanding among any such Parties, each Party hereto acknowledges that  any liability of any EEA Financial Institution arising under this Agreement, to the extent such  liability is unsecured, may be subject to the write-down and conversion powers of an EEA  Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound  by:  28.8.1 the application of any Write-Down and Conversion Powers by an EEA Resolution  Authority to any such liabilities arising hereunder which may be payable to it by any  party hereto that is an EEA Financial Institution; and  28.8.2 the effects of any Bail-in Action on any such liability, including, if applicable:  

 

  07/17532116_3 65  (A) a reduction in full or in part or cancellation of any such liability;  (B) a conversion of all, or a portion of, such liability into shares or other  instruments of ownership in such EEA Financial Institution, its parent  undertaking, or a bridge institution that may be issued to it or otherwise  conferred on it, and that such shares or other instruments of ownership will  be accepted by it in lieu of any rights with respect to any such liability under  this Agreement or any other agreement, arrangement or understanding  among any such Parties; or  (C) the variation of the terms of such liability in connection with the exercise of  the write-down and conversion powers of any EEA Resolution Authority.  In this Clause 28.7:  28.8.3 "Bail-In Action" means the exercise of any Write-Down and Conversion Powers by  the applicable EEA Resolution Authority in respect of any liability of an EEA Financial  Institution.  28.8.4 "Bail-In Legislation" means, with respect to any EEA Member Country implementing  Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of  the European Union, the implementing law for such EEA Member Country from time  to time which is described in the EU Bail-In Legislation Schedule.  28.8.5 "EEA Financial Institution" means (a) any credit institution or investment firm  established in any EEA Member Country which is subject to the supervision of an  EEA Resolution Authority, (b) any entity established in an EEA Member Country  which is a parent of an institution described in clause (a) of this definition, or (c) any  financial institution established in an EEA Member Country which is a subsidiary of  an institution described in clauses (a) or (b) of this definition and is subject to  consolidated supervision with its parent;  28.8.6 "EEA Member Country" means any of the member states of the European Union,  Iceland, Liechtenstein and Norway.  28.8.7 "EEA Resolution Authority" means any public administrative authority or any  Person entrusted with public administrative authority of any EEA Member Country  (including any delegee) having responsibility for the resolution of any EEA Financial  Institution.  28.8.8 "EU Bail-In Legislation Schedule" means the EU Bail-In Legislation Schedule  published by the Loan Market Association (or any successor Person), as in effect from  time to time.  28.8.9 "Write-Down and Conversion Powers" means, with respect to any EEA Resolution  Authority, the write-down and conversion powers of such EEA Resolution Authority  from time to time under the Bail-In Legislation for the applicable EEA Member  Country, which write-down and conversion powers are described in the EU Bail-In  Legislation Schedule.   No Joint Liability  Without prejudice to the terms of the Parent Undertaking, each Zebra Entity is severally but not  jointly liable with the other Zebra Entities for their respective obligations under this Agreement  and the other Transaction Documents.   Contracts (Rights of Third Parties) Act 1999  28.10.1 Save as where expressly specified to the contrary, any person who is not party to a  Transaction Document may not enforce its terms under the Contracts (Rights of Third  Parties) Act 1999.  

 

  07/17532116_3 66  28.10.2 Notwithstanding any terms of the Transaction Documents, the consent of any third  party is not required for any variation (including any release or compromise of any  liability under) or termination of any Transaction Document, and any such variation,  waiver or termination may be made without regard for the interests of any third party.   Evidence of indebtedness  In any proceeding, action or claim relating to any Transaction Document a statement as to any  amount due which is certified as being correct by an officer of the Purchaser or the Programme  Agent shall, unless otherwise provided in the Transaction Document or this Agreement, or in  the case of manifest or demonstrable error, be prima facie evidence that such amount is in fact  due and payable.   Counterparts  This Agreement may be executed in any number of counterparts, and this has the same effect  as if the signatures on the counterparts were on a single copy of this Agreement.  29. GOVERNING LAW AND JURISDICTION   Governing law  29.1.1 This Agreement other than Clauses 6 to 9 and any non-contractual obligations arising  therefrom is governed by, and shall be construed in accordance with, English law.   29.1.2 Clauses 6 to 9 are governed by and shall be construed in accordance with the law  that governs the relevant Local Receivables Purchase Agreement into which it shall  be incorporated in accordance with Clause 3.   Jurisdiction  29.2.1 Any dispute relating to the existence, validity, interpretation, performance or any other  matter arising out of this Agreement (including any non-contractual rights or claims)  shall be subject to the exclusive jurisdiction of the courts of England and Wales (a  "Dispute").  29.2.2 The Parties agree that the courts of England are the most appropriate and convenient  courts to settle Disputes and accordingly no Party will argue to the contrary.    IN WITNESS WHEREOF this Deed has been executed and delivered as a deed on the day and year  first above written.

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