Document:

Exhibit 10.3

 

 

EXECUTION VERSION

 

 

Dated 25 September 2009

 

 

SEAGATE
SINGAPORE INTERNATIONAL HEADQUARTERS PTE. LTD.

 

as
the Chargor

 

 

in
favour of

 

 

JPMORGAN
CHASE BANK, N.A.

 

as
Administrative Agent

 

 

DEBENTURE

 

 

ALLEN & GLEDHILL LLP

ONE MARINA BOULEVARD #28-00

SINGAPORE 018989

 

 

TABLE OF CONTENTS

 

	
  Contents

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  	
   

  
	
  1.

  	
  Definitions and Interpretation

  	
   

  	
  1

  
	
   

  	
   

  	
   

  	
   

  
	
  2.

  	
  Fixed Charges and Assignment

  	
   

  	
  5

  
	
   

  	
   

  	
   

  	
   

  
	
  3.

  	
  Floating Charge

  	
   

  	
  8

  
	
   

  	
   

  	
   

  	
   

  
	
  4.

  	
  Restrictions and Further Assurance

  	
   

  	
  10

  
	
   

  	
   

  	
   

  	
   

  
	
  5.

  	
  Real Property

  	
   

  	
  11

  
	
   

  	
   

  	
   

  	
   

  
	
  6.

  	
  Book Debts

  	
   

  	
  13

  
	
   

  	
   

  	
   

  	
   

  
	
  7.

  	
  Bank Accounts

  	
   

  	
  13

  
	
   

  	
   

  	
   

  	
   

  
	
  8.

  	
  Investments

  	
   

  	
  14

  
	
   

  	
   

  	
   

  	
   

  
	
  9.

  	
  Intellectual Property

  	
   

  	
  17

  
	
   

  	
   

  	
   

  	
   

  
	
  10.

  	
  Assigned Contracts

  	
   

  	
  18

  
	
   

  	
   

  	
   

  	
   

  
	
  11.

  	
  Insurance

  	
   

  	
  20

  
	
   

  	
   

  	
   

  	
   

  
	
  12.

  	
  General Undertakings

  	
   

  	
  20

  
	
   

  	
   

  	
   

  	
   

  
	
  13.

  	
  Representations and Warranties

  	
   

  	
  21

  
	
   

  	
   

  	
   

  	
   

  
	
  14.

  	
  Enforcement

  	
   

  	
  23

  
	
   

  	
   

  	
   

  	
   

  
	
  15.

  	
  Appointment and Rights of Receivers

  	
   

  	
  24

  
	
   

  	
   

  	
   

  	
   

  
	
  16.

  	
  Administrative Agent’s Rights

  	
   

  	
  25

  
	
   

  	
   

  	
   

  	
   

  
	
  17.

  	
  Order of Distributions

  	
   

  	
  26

  
	
   

  	
   

  	
   

  	
   

  
	
  18.

  	
  Liability of Administrative Agent, Receivers and Delegates

  	
   

  	
  26

  
	
   

  	
   

  	
   

  	
   

  
	
  19.

  	
  Power of Attorney

  	
   

  	
  27

  
	
   

  	
   

  	
   

  	
   

  
	
  20.

  	
  Protection of Third Parties

  	
   

  	
  27

  
	
   

  	
   

  	
   

  	
   

  
	
  21.

  	
  Saving Provisions

  	
   

  	
  28

  
	
   

  	
   

  	
   

  	
   

  
	
  22.

  	
  Discharge of Security

  	
   

  	
  30

  
	
   

  	
   

  	
   

  	
   

  
	
  23.

  	
  Expenses, Stamp Duty and Interest

  	
   

  	
  31

  
	
   

  	
   

  	
   

  	
   

  
	
  24.

  	
  Payments

  	
   

  	
  32

  
	
   

  	
   

  	
   

  	
   

  
	
  25.

  	
  Conduct of Business By The Secured Parties

  	
   

  	
  33

  
	
   

  	
   

  	
   

  	
   

  
	
  26.

  	
  Miscellaneous Indemnities

  	
   

  	
  33

  
	
   

  	
   

  	
   

  	
   

  
	
  27.

  	
  Rights, Amendments, Waivers and Determinations

  	
   

  	
  34

  
	
   

  	
   

  	
   

  	
   

  
	
  28.

  	
  Partial Invalidity

  	
   

  	
  35

  
	
   

  	
   

  	
   

  	
   

  
	
  29.

  	
  Separate and Independent Obligations

  	
   

  	
  35

  
	
   

  	
   

  	
   

  	
   

  
	
  30.

  	
  Benefit of Assignment

  	
   

  	
  35

  
	
   

  	
   

  	
   

  	
   

  
	
  31.

  	
  Notices

  	
   

  	
  36

  
	
   

  	
   

  	
   

  	
   

  
	
  32.

  	
  Counterparts

  	
   

  	
  36

  
	
   

  	
   

  	
   

  	
   

  
	
  33.

  	
  Governing Law

  	
   

  	
  36

  

 

i

 

	
  34.

  	
  Jurisdiction

  	
   

  	
  36

  
	
   

  	
   

  	
   

  	
   

  
	
  Schedule 1

  	
  Rights of Receivers

  	
   

  	
  38

  
	
   

  	
   

  	
   

  	
   

  
	
  Schedule 2

  	
  Bank Accounts

  	
   

  	
  41

  
	
   

  	
   

  	
   

  	
   

  
	
  Schedule 3

  	
  Form of Notice of Assignment and Acknowledgement in
  relation to Insurances

  	
   

  	
  42

  
	
   

  	
   

  	
   

  	
   

  
	
  Schedule 4

  	
  Form of Notice of Charge and Assignment and
  Acknowledgement in relation to Book Debts

  	
   

  	
  46

  
	
   

  	
   

  	
   

  	
   

  
	
  Schedule 5

  	
  Form of Notice of Charge and Assignment and
  Acknowledgement in relation to Investments (Scripless Securities)

  	
   

  	
  49

  
	
   

  	
   

  	
   

  	
   

  
	
  Schedule 6

  	
  Form of Notice of Charge and Acknowledgement in
  relation to Bank Accounts

  	
   

  	
  52

  
	
   

  	
   

  	
   

  	
   

  
	
  Schedule 7

  	
  Form of Notice of
  Assignment of Assigned Contract

  	
   

  	
  56

  
						

 

ii

 

This Deed is  made  on
25 September 2009 between:

 

(1)                                 Seagate Singapore International Headquarters Pte. Ltd., company
registration number 199700025H (the “Chargor”) as
the chargor; and

 

(2)                                 JPMorgan Chase Bank, N.A. (the “Administrative
Agent”) as the administrative agent.

 

Whereas:

 

(A)                               The Chargor
is entering into this Deed in connection with the Credit Agreement (as defined
below).

 

(B)                               Seagate
Technology International has issued 10.00 per cent. Senior Secured
Second-Priority Notes due 2014 (the “Notes”)
pursuant to an indenture dated as of 1 May 2009 (as amended, supplemented
or otherwise modified from time to time, the “Indenture”)
and guaranteed by, inter alios, (1) Seagate
Technology HDD Holdings, the borrower under the Credit Agreement, and (2) the
Chargor and in connection with the Notes, the Chargor has entered into an
intercreditor agreement dated as of 1 May 2009 (as amended, supplemented
or otherwise modified from time to time, the “Intercreditor
Agreement”) pursuant to which the Administrative Agent has agreed to
permit the granting of second ranking security interests by the Chargor in
favour of the collateral agent under the Indenture on the terms and conditions
of the Intercreditor Agreement.

 

(C)                               Pursuant to
the Intercreditor Agreement, the parties hereto acknowledge that a second
ranking debenture will be entered into by the Chargor on or about the date of
this Deed in connection with the Notes.

 

(D)                               The Board of
Directors of the Chargor is satisfied that entering into this Deed is for the
purposes and to the benefit of the Chargor and its business.

 

(E)                                 The
Administrative Agent is entering into this Deed on behalf of itself and the
other Secured Parties.

 

It
is agreed as follows:

 

1.                                      Definitions and Interpretation

 

1.1                               Definitions

 

In this Deed, unless a contrary indication appears, terms used
in the Credit Agreement have the same meaning and construction. In addition:

 

“Acts” means the
Companies Act and the Property Act.

 

“Assigned Contracts”
means:

 

(a)                                  each
contract relating to the purchase or procurement of raw materials or components
required for incorporation into Seagate goods, products or other merchandise,
the value of which is in the excess of $10,000,000 per annum;

 

1

 

(b)                                 each
contract relating to the purchase or procurement of goods, other than those
referenced to in paragraph (a) above and paragraph (c) below, the
value of which is in the excess of $5,000,000 per annum;

 

(c)                                  each
contract relating to the leasing, purchase or procurement of plant, machinery
or other capital equipment, the value of which is in the excess of $10,000,000
per annum;

 

(d)                                 each
contract relating to the procurement of services, the value of which is in the
excess of $5,000,000 per annum; and

 

(e)                                  any
other contract which is designated as such by the Administrative Agent and the
Chargor,

 

in each case, where the Chargor is a party.

 

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

 

“Bank Accounts”
of the Chargor means all current, deposit or other accounts with any bank or
financial institution in which it now or in the future has an interest and (to
the extent of its interest) all balances now or in the future standing to the
credit of those accounts, including, on the date of this Deed, those accounts
listed in Schedule 2 (Bank Accounts).

 

“Book Debts” of
the Chargor means all book and other debts of any nature, and all other rights
to receive money (excluding Bank Accounts), now or in the future due, owing or
payable to it and the benefit of all related negotiable instruments, rights,
Security, guarantees and indemnities of any kind.

 

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

 

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

 

“Companies Act”
means the Companies Act, Chapter 50 of Singapore.

 

“Credit Agreement”
means the second amended and restated credit agreement dated as of 3 April 2009
made between inter alia, Seagate Technology, Seagate Technology HDD Holdings,
the lenders named in that agreement, as original lenders, JPMorgan Chase Bank,
N.A., as administrative agent and the other agents party thereto.

 

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

 

“Default Notice”
means a notice sent by the Administrative Agent to the Borrower pursuant to Section 7.01
of the Credit Agreement, after an occurrence and during the continuance of an
Event of Default.

 

“Delegate” means
a delegate or sub-delegate appointed under Clause 16.2 (Delegation).

 

2

 

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

 

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

 

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

 

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

 

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

 

“Fixtures” means
fixtures, fittings (including trade fixtures and fittings) and fixed plant
machinery and apparatus.

 

“Goodwill” means
all present and future goodwill, including, without limitation, any goodwill
associated with Intellectual Property owned by or belonging to the Chargor.

 

“Insurances” of
the Chargor means all contracts and policies of insurance of any kind now or in
the future taken out by or on behalf of it or (to the extent of its interest)
in which it now or in the future has an interest, relating to the Charged
Assets or any part of the Charged Assets, whether pursuant to the provisions of
any of the Loan Documents or otherwise.

 

“Intellectual Property”
of the Chargor means all trade marks, service marks, trade names, domain names,
logos, patents, inventions, registered and unregistered design rights, copy
rights, database rights, rights in confidential information and know-how, and
any associated or similar rights anywhere in the world, which it now or in the
future owns or (to the extent of its interest) in which it now or in the future
has an interest (in each case whether registered or unregistered and including
any related licences and sub-licences of the same granted to it, applications
and rights to apply for the same).

 

“Investments” of
the Chargor means:

 

(a)                                  securities and investments of any kind (including Scripless
Securities, shares, stock, debentures, units, depository receipts, bonds,
notes, commercial paper and certificates of deposit);

 

(b)                                 warrants, options or other rights to subscribe for, purchase or
otherwise acquire securities and investments;

 

(c)                                  all rights relating to securities and investments (including
Scripless Securities) which are deposited with, or registered in the name of,
any depository, depository agent, custodian, nominee, clearing house or system,
investment manager, chargee or other similar person or their nominee, in each
case 

 

3

 

whether or not on a fungible basis (including rights
against any such person); and

 

(d)                                 all other rights attaching or relating to securities or investments
referred to in paragraphs (a) to (c) above and all cash or other
securities or investments in the future deriving from Investments or such
rights,

 

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

 

“Party” means a
party to this Deed and includes its successors in title, permitted assigns and
permitted transferees.

 

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

 

“Real Property”
means freehold, leasehold and immovable property in Singapore (in each case
including any estate or interest therein, all rights from time to time attached
or relating thereto and all Fixtures from time to time therein or thereon).

 

“Receiver” means
a receiver, receiver and manager, judicial manager or other manager appointed
in respect of the Charged Assets.

 

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

 

“Scripless Securities”
means stocks, shares or other securities within the meaning of “book-entry
securities” as defined in Section 130A of the Companies Act (including all
instruments, orders and regulations made under or deriving validity therefrom)
which have been listed on the SGX-ST and which have been designated by the
SGX-ST as eligible for deposit with The Central Depository (Pte) Limited
(including its successors) and for clearance and book-entry settlement of
transactions on SGX-ST.

 

“SGX-ST” means
the Singapore Exchange Securities Trading Limited and includes its successors.

 

“Tax” means any tax, levy, impost, duty or
other charge or withholding of a similar nature (including any penalty or interest
payable in connection with any failure to pay or any delay in paying any of the
same).

 

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

 

1.2                               Construction

 

The provisions in Section 1.03 (Terms
Generally) of the Credit Agreement apply to this Deed with all
necessary changes. In addition, unless a contrary indication appears, any
reference in this Deed to:

 

4

 

1.2.1                     “assets” includes present and future properties, revenues and
rights of every description;

 

1.2.2                     the
“Chargor”, the “Administrative Agent” or any “Party” shall be construed so as to include
its successors in title, permitted assigns and permitted transferees;

 

1.2.3                     a
“Loan Document” or any other agreement
or instrument is a reference to that Loan Document or other agreement or
instrument as amended, supplemented, restated or otherwise modified (subject to
any restrictions on such amendments and restatements, supplements or
modifications set forth in the Credit Agreement);

 

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

 

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

 

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

 

1.2.7                     a
provision of law is a reference to that provision as amended or re-enacted.

 

1.3                               Ambiguity or Conflict

 

Where there is any ambiguity or conflict between the
provisions of the Credit Agreement and this Deed, then the provisions of the
Credit Agreement shall prevail.

 

1.4                               Third Party Rights

 

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

 

1.4.2                     Notwithstanding
any term of this Deed, the consent of any third party is not required for any
variation (including any release or compromise of any liability under) or
termination of this Deed.

 

2.                                      Fixed Charges and Assignment

 

2.1                               Fixed Charges

 

The Chargor, as legal and/or beneficial owner and as a
continuing security for the due and punctual payment and discharge of all the
Obligations charges and agrees to charge in 

 

5

 

favour of the Administrative Agent for the benefit of the
Secured Parties, by way of first fixed charge (which so far as it relates to
land in Singapore vested in it at the date hereof shall be by way of legal
mortgage):

 

2.1.1                     all
Real Property now belonging to it and all Real Property acquired by it in the
future;

 

2.1.2                     all
of its present and future Book Debts;

 

2.1.3                     all
of its present and future Bank Accounts;

 

2.1.4                     all
of its present and future Investments and Dividends;

 

2.1.5                     all
of its present and future uncalled capital and Goodwill;

 

2.1.6                     all
of its present and future Intellectual Property;

 

2.1.7                     all
of its present and future plant and machinery and other Fixtures (except that
mortgaged or charged by Clause 2.1.1);

 

2.1.8                     all
chattels now or at any time hereafter hired, leased or rented by the Chargor to
any other person together in each case with the benefit of the related hiring,
leasing or rental contract and any guarantee, indemnity or other security for
the performance of the obligations of any person under or in respect of such
contract; and

 

2.1.9                     all
its present and future benefit of or under all present and future permissions, consents
and authorisations (statutory or otherwise) held in connection with its
business or the use of any Charged Asset

 

provided that no Security shall be granted under this Clause 2.1, if:

 

2.1.10              the Administrative Agent determines, after consultation with the Chargor
that granting such Security would:

 

(a)                                  violate the law of the jurisdiction in which
the Charged Assets are located or the law of the jurisdiction where the person
owning such asset or property is organised;

 

(b)                                 violate the terms of any material contract
binding on the Chargor,  (but only to the
extent that the restrictions in all such contracts, taken as a whole, do not
materially limit the Charged Assets that would otherwise be pledged pursuant to
the Collateral and Guarantee Requirement and Section 5.13(c) of the
Credit Agreement to secure the Obligations); or

 

(c)                                  result in a material adverse tax consequence to the Chargor; or

 

6

 

2.1.11              the
Administrative Agent shall determine that the cost to
the Chargor of granting and perfecting such security interest would be
excessive in view of the related benefits to be received by it.

 

2.2                               Assignment

 

The Chargor, as legal
and/or beneficial owner and as a continuing security for the due and punctual
payment and discharge of all the Obligations charges and agrees to charge and
assigns and agrees to assign absolutely to the Administrative Agent for the
benefit of the Secured Parties, all its present and future right, title and
interest in and to:

 

2.2.1                     each
Assigned Contract including all moneys payable to the Chargor and any claims,
awards and judgements in favour of, receivable by or received by the Chargor
under or in connection with or pursuant to any Assigned Contract;

 

2.2.2                     all
Insurances and all proceeds in respect of Insurances and all benefits of
Insurances (including all claims relating to, and all returns of premium in
respect of, Insurances); and

 

2.2.3                     all
Investments which are Scripless Securities,

 

provided
that no Security shall be granted under this
Clause 2.2, if:

 

2.2.4                     the Administrative Agent determines, after consultation with the Chargor
that granting such Security would:

 

(a)                                  violate the law of the jurisdiction in which
the Charged Assets are located or the law of the jurisdiction where the person
owning such asset or property is organised;

 

(b)                                 violate the terms of any material contract
binding on the Chargor,  (but only to the
extent that the restrictions in all such contracts, taken as a whole, do not
materially limit the Charged Assets that would otherwise be pledged pursuant to
the Collateral and Guarantee Requirement and Section 5.13(c) of the
Credit Agreement to secure the Obligations); or

 

(c)                                  result in a material adverse tax consequence to the Chargor; or

 

2.2.5                     the
Administrative Agent shall determine that the cost to
the Chargor of granting and perfecting such security interest would be
excessive in view of the related benefits to be received by it.

 

2.3                               Notices of Assignment

 

2.3.1                     The
Chargor undertakes to the Administrative Agent that it shall, within 10 days of
the date of this Deed, give the following notices of assignment and/or charge
to the relevant parties and use its commercially reasonable endeavours to
procure that the Administrative Agent receives whatever acknowledgments the
Administrative Agent considers necessary to perfect the Charges, Unless the
Administrative Agent requires
otherwise, those notices and acknowledgements which, in the case of the
respective Charged Assets set out below, must 

 

7

 

substantially
be in the appropriate forms of the relevant Schedules set out next to it:

 

(i)                                     for
Insurances, in Schedule 3 (Form of Notice of
Assignment and Acknowledgement in relation to Insurances); and

 

(ii)                                  for
Bank Accounts, in Schedule 6 (Form of Notice of
Charge and Acknowledgement in relation to Bank Accounts).

 

2.3.2                     If
at any time:

 

(i)                                     the
Administrative Agent is of the reasonable opinion that any substantial part of
the security constituted by or pursuant to this Deed shall be in jeopardy and
any charge or security created or to be created under or pursuant to this Deed
requires to be perfected or improved; or

 

(ii)                                  an
Event of Default under the Credit Agreement has occurred and is continuing and
the Borrower has received a Default Notice,

 

the Chargor shall give
the following notices of assignment and/or charge to the relevant parties and
use its commercially reasonable endeavours to procure that the Administrative
Agent receives whatever acknowledgments the Administrative Agent considers
necessary to perfect the Charges. Unless the Administrative Agent requires otherwise, those notices and acknowledgements which, in the
case of the respective Charged Assets set out below, must substantially be in
the appropriate forms of the relevant Schedules set out next to it:

 

(i)                                     for Book Debts in excess of $10,000,000, in Schedule 4 (Form of
Notice of Charge and Assignment and Acknowledgement
in relation to Book Debts);

 

(ii)                                  for
Investments (which are Scripless Securities), in Schedule 5 (Form of
Notice of Charge and Assignment and Acknowledgement in relation to Investments
(Scripless Securities)); and

 

(iii)                               for
Assigned Contracts, in Schedule 7 (Form of Notice of Assignment of
Assigned Contracts).

 

3.                                      Floating Charge

 

3.1                               Creation

 

The Chargor, as legal and/or beneficial owner and as
continuing security for the due and punctual payment and discharge of all the
Obligations, charges in favour of the Administrative Agent for the benefit of
the Secured Parties, by way of first floating charge its undertaking and all
its assets, both present and future (including assets expressed to be charged
or assigned by Clause 2 (Fixed Charges and
Assignment)), provided that no Security shall be granted under this
Clause 3, if:

 

8

 

3.1.1                     the Administrative Agent determines, after consultation with the Chargor
that granting such Security would:

 

(a)                                  violate the law of the jurisdiction in which the Charged Assets are
located or the law of the jurisdiction where the person owning such asset or
property is organised;

 

(b)                                 violate the terms of any material contract binding on the Chargor,  (but only to the extent that the restrictions
in all such contracts, taken as a whole, do not materially limit the Charged
Assets that would otherwise be pledged pursuant to the Collateral and Guarantee
Requirement and Section 5.13(c) of the Credit Agreement to secure the
Obligations); or

 

(c)                                  result in a material adverse tax consequence to the Chargor; or

 

3.1.2                     the
Administrative Agent shall determine that the cost to
the Chargor of granting and perfecting such security interest would be
excessive in view of the related benefits to be received by it.

 

3.2                               Ranking

 

The floating Charge created by the Chargor ranks:

 

3.2.1                     behind
all the fixed Charges created by the Chargor; but

 

3.2.2                     in
priority to any other Security over the Charged Assets of the Chargor except
for Security ranking in priority in accordance with paragraph (f) of
Schedule 1 (Rights of Receivers).

 

3.3                               Conversion by notice

 

The Administrative Agent may convert the floating Charge
created pursuant to Clause 3.1 (Creation) over
all or any of the Charged Assets into a fixed Charge by notice to the Chargor
specifying the relevant Charged Assets (either generally or specifically):

 

3.3.1                     if
it (acting reasonably) considers it necessary to do so in order to protect or
preserve the Charges over those Charged Assets and/or the priority of those
Charges;

 

3.3.2                     the
Administrative Agent (acting reasonably) considers that any of the Charged
Assets may be in jeopardy of being seized or sold pursuant to any form of legal
process; and/or

 

3.3.3                     upon
and at any time after the occurrence and during the continuance of an Event of
Default.

 

9

 

3.4                               Automatic conversion

 

If:

 

3.4.1                     the
Chargor takes any step to create any Security in breach of Clause 4.1 (Security) over any of the Charged Assets not subject to a
fixed Charge;

 

3.4.2                     any
person takes any step to effect any expropriation, attachment, sequestration,
distress or execution against any of those Charged Assets;

 

3.4.3                     a
resolution is passed or an order is made for the Winding-up of the Chargor; or

 

3.4.4                     any
person (who is entitled to do so) gives notice of its intention to appoint a
judicial manager to the Chargor or files such a notice with the court,

 

the floating Charge over the relevant Charged Assets
shall automatically and immediately be converted into a fixed Charge without
notice.

 

3.5                               De-crystallisation

 

Subject to no Winding-up having occurred in relation to the
Chargor and no other Event of Default continuing, the Administrative Agent may,
at its sole discretion (acting reasonably), at any time after the floating
Charge created pursuant to Clause 3.1 (Creation) over
any Charged Asset becomes fixed under Clause 3.4 (Automatic
conversion), upon the written request of the Chargor and by written
notice to the Chargor, reconvert the fixed Charge into a floating Charge in
relation to the Charged Assets specified in that notice.

 

4.                                      Restrictions and Further Assurance

 

4.1                               Security

 

The Chargor shall not create or permit to subsist any
Security over any Charged Asset, nor do anything else prohibited by Section 6.02
(Liens) of the Credit Agreement, except
as permitted by that clause.

 

4.2                               Disposal

 

The Chargor shall not (and shall not agree to) enter into a
single transaction or a series of transactions (whether related or not and
whether voluntary or involuntary) to sell, lease, license, sub-license,
transfer or otherwise dispose of any Charged Asset, nor do anything else
prohibited by Section 6.05 (Asset Sales) of
the Credit Agreement, except as permitted by that clause.

 

4.3                               Further assurance

 

The Chargor shall promptly do whatever is necessary to
create, maintain and perfect the Security created under this Deed and whatever
else the Administrative Agent reasonably requires:

 

10

 

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

 

4.3.2                     to
facilitate the realisation of the Charged Assets or the exercise of any rights
vested in the Administrative Agent or any Receiver;

 

4.3.3                     for
the purpose of more effectively providing security to the Administrative Agent
over any of the Charged Assets (including, without limitation, any Charged
Assets subject to a fixed charge as a result of the conversion by notice, under
Clause 3.3 (Conversion by notice) or, as the case
may be, the automatic conversion under Clause 3.4 (Automatic
conversion) of the floating charge created pursuant to Clause 3.1 (Creation) over the relevant Charged Assets); or

 

4.3.4                     to
confer on the Administrative Agent Security over any property and assets of the
Chargor located in any Collateral Jurisdiction outside Singapore equivalent or
similar to the Security intended to be conferred by or pursuant to this Deed,

 

including depositing, with the Administrative Agent, all
title deeds, agreements, leases and documents relating to any of the Charged
Assets, executing any transfer, conveyance, charge, mortgage, assignment or
assurance of the Charged Assets (whether to the Administrative Agent or its
nominees or otherwise), making any registration and giving any notice, order or
direction.

 

5.                                      Real Property

 

5.1                               Documents

 

The Chargor shall deposit with the Administrative Agent, and
the Administrative Agent shall, during the continuance of this Security, be
entitled to hold, all title deeds, agreements, leases and documents of title
relating to the Chargor’s present and future Real Property.

 

5.2                               Compliance with obligations

 

The Chargor shall comply in all material respects with any
covenants, stipulations, conditions, licences, consents and any other
statutory, regulatory or contractual obligations relating to its Real Property
or its use, requiring payment of sums in respect of its Real Property, except
where the failure to comply could not reasonably be expected to have a Material
Adverse Effect.

 

5.3                               Mortgage

 

As security for the payment and discharge of the
Obligations, the Chargor shall, to the extent required by the Credit Agreement,
promptly execute and deliver to the Administrative Agent such mortgage or other
legal charge of its Real Property from time to time as the Administrative Agent
may require.  The Chargor shall promptly
apply or authorise the Administrative Agent to apply to any applicable
authority or person for registration of any such mortgage or other legal
charge.

 

11

 

5.4                               Compliance with Statute

 

The Chargor shall comply with all obligations imposed under
any present or future ordinance, statute, regulation, order or instrument or
under any by-laws, regulations or requirements of any competent authority or
any planning control, building regulation control or other approvals, licences
or consents relevant to its Real Property or its use or enjoyment, except where
the failure to comply could not reasonably be expected to have a Material
Adverse Effect.

 

5.5                               Planning

 

Except as may be permitted by the Credit Agreement, the
Chargor shall not, without the consent of the Administrative Agent (such
consent not to be unreasonably withheld or delayed), apply for or implement any
planning permission or change or permit to be changed the use of any of its
Real Property or carry out any operation or begin or continue any use of its
Real Property for which permission is required.

 

5.6                               Repair and Alterations

 

Except as may be permitted by the Credit Agreement, the
Chargor shall ensure that neither it nor any other person (i) demolishes
or (ii) materially alters or injures its Real Property or in any manner or
by any means that lessens the value of its Real Property nor, unless it
promptly replaces them with others of substantially equal or greater value,
removes any Fixtures from the Real Property without the consent of the
Administrative Agent.

 

5.7                               Use Property for Proper Purposes

 

Except as may be permitted by the Credit Agreement, the
Chargor shall not make any alteration to, or change in the use of, the Real
Property, that will materially diminish the utility thereof for the operation
of its business.

 

5.8                               Implied Covenants for Title

 

The Chargor’s obligations under this Deed are in addition to
any obligations or covenants contained in any other Loan Document.

 

5.9                               Restrictions on dealing with Real Property

 

Without prejudice and in addition to Clauses 4.1 (Security), 4.2 (Disposal) and
4.3 (Further assurance):

 

5.9.1                     except
for the Charges and except as may be permitted by section 6.02 of the Credit
Agreement, the Chargor shall not create or permit to subsist any Security over
all or any part of any of its Real Property; and

 

5.9.2                     except
as required by Clause 4.3 (Further assurance)
and except as may be permited by section 6.05 of the Credit Agreement, the
Chargor shall not enter into a single transaction or a series of transactions
(whether related or not and whether 

 

12

 

voluntary or
involuntary) to sell, factor, transfer or otherwise dispose of all or any part
of any of its Real Property.

 

6.                                      Book Debts

 

6.1                               Collection

 

The Chargor shall promptly get in, realise and collect all
Book Debts in the ordinary and usual course of its business and shall after the
receipt of a Default Notice by the Borrower, hold the proceeds of getting in,
realisation and collection on trust for the Administrative Agent.

 

6.2                               Payment into designated Bank Account(s)

 

The Chargor shall promptly pay all moneys received by it
from any source (including all proceeds of collection of Book Debts) into a
Bank Account (or, if one or more Bank Accounts have been designated for this
purpose by the Administrative Agent, the relevant Bank Account(s)).

 

6.3                               Restrictions on dealing with Book Debts

 

Without prejudice and in addition to Clauses 4.1 (Security), 4.2 (Disposal) and
4.3 (Further assurance):

 

6.3.1                     except
for the Charges and except as may be permitted by section 6.02 of the Credit
Agreement, the Chargor shall not create or permit to subsist any Security over
all or any part of any of its Book Debts; and

 

6.3.2                     except
as required by Clause 4.3 (Further assurance)
and except as may be permitted by section 6.05 of the Credit Agreement, the
Chargor shall not enter into a single transaction or a series of transactions
(whether related or not and whether voluntary or involuntary) to sell, factor,
transfer or otherwise dispose of all or any part of any of its Book Debts.

 

6.4                               Documents

 

The Chargor shall promptly execute and/or deliver to the
Administrative Agent such documents relating to such of its Book Debts as
necessary to create, maintain and perfect the Security expressed to be created
by this Deed as the Administrative Agent reasonably requires.

 

7.                                      Bank Accounts

 

7.1                               Withdrawals

 

7.1.1                     Prior to default

 

The Chargor shall be entitled to make withdrawals from any
Bank Account without the consent of the Administrative Agent.

 

13

 

7.1.2                     After default

 

At any time after the receipt of a Default Notice by the
Borrower, the Chargor shall not be entitled to receive, withdraw or otherwise
transfer any credit balance from time to time on any Bank Account, except with
the consent of the Administrative Agent.

 

7.2                               Restrictions on dealing with Bank Accounts

 

Without prejudice and in addition to Clauses 4.1 (Security), 4.2 (Disposal) and
4.3 (Further assurance):

 

7.2.1                     except
for the Charges and except as may be permitted by section 6.02 of the Credit
Agreement, the Chargor shall not create or have outstanding any Security over
all or any part of any of its Bank Accounts; and

 

7.2.2                     except
as required by Clause 4.3 (Further assurance),
and except as may be permitted by section 6.05 of the Credit Agreement, the
Chargor shall not enter into a single transaction or a series of transactions
(whether related or not and whether voluntary or involuntary) to transfer,
assign or otherwise dispose of all or any part of any of its Bank Accounts.

 

7.3                               Documents

 

The Chargor shall promptly execute and/or deliver to the
Administrative Agent such documents relating to such of its Bank Accounts as
necessary to create, maintain and perfect the Security expressed to be created
by this Deed as the Administrative Agent reasonably requires, including any
notice to the relevant bank or financial institution with which such Bank
Account is maintained, of the Charges over such Bank Account.

 

8.                                      Investments

 

8.1                               Acquisition

 

The Chargor shall, as soon as reasonably practicable, notify
the Administrative Agent of its acquisition of any Investment and after the
receipt of a Default Notice by the Borrower, the declaration, payment,
allotment, offer or issue of any Dividend.

 

8.2                               Documents

 

The Chargor shall:

 

8.2.1                     deliver
to the Administrative Agent, or as it directs, all certificates (if any)
representing its Investments;

 

8.2.2                     deposit
in any sub-account opened and maintained by the Chargor with any depository
agent (as defined in Section 130A of the Companies Act), all Scripless
Securities as the Administrative Agent may direct; and

 

14

 

9.2.3                     execute
and/or deliver to:

 

(i)                                     the
Administrative Agent such other documents relating to its Investments,
including transfers of Investments executed in blank, necessary to create,
maintain, perfect or enforce the Security expressed to be created by this Deed
as the Administrative Agent reasonably requires; and/or

 

(ii)                                  any
depository agent with whom the Chargor has deposited any Scripless Securities
in any sub-account opened and maintained by the Chargor, notice of charge or
assignment of the Scripless Securities and all of the Chargor’s present and
future right, title and interest in and to the same in such form as the
Administrative Agent may reasonably specify and/or reasonably require.

 

8.3                               Voting before the receipt of a Default Notice by the Borrower

 

Subject to Clause 8.4 (Voting after the receipt of a Default Notice by the Borrower),
the Chargor shall be entitled to exercise or direct the exercise of the voting
and other rights attached to any Investment as it sees fit provided that:

 

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

 

8.3.2                     the
exercise of or failure to exercise those rights would not materially impair the
collateral or materially and adversely affect the rights and remedies of any
Secured Party under any Loan Document.

 

8.4                               Voting after the receipt of a Default Notice by the Borrower

 

At any time after the receipt of a Default Notice by the
Borrower:

 

8.4.1                     the
Administrative Agent or the Receiver shall be entitled to exercise or direct
the exercise of the voting and other rights attached to any Investment in such
manner as it or he reasonably sees fit provided that unless otherwise directed
by the Required Lenders, the Administrative Agent shall have the right to
permit the Chargor to exercise such rights; and

 

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

 

8.5                               Dividends before the receipt of a Default Notice by the
Borrower

 

Subject to Clause 8.6 (Dividends
after the receipt of a Default
Notice by the Borrower), the Chargor shall be entitled to retain all
cash income paid or payable on any Investment and the Administrative Agent
shall (or, as the case may be, ensure that its nominee shall) pay any cash
income derived from the Investments of the Chargor to the Chargor. If any cash income is received by (or paid
to) the Chargor (or as it may direct) pursuant to this Clause 

 

15

 

8.5, that amount shall be
automatically released from the Security created under this Deed on such amount
being received by (or, as the case may be, being paid to) the Chargor.

 

8.6                               Dividends after the receipt of a Default Notice by the
Borrower

 

8.6.1                     Upon
and at any time after the receipt of a Default Notice by the Borrower, the
Administrative Agent (or, as the case may be, its nominee) shall be entitled to
retain any Dividend received by it and apply the same in or towards the payment
of the Obligations in accordance with Clause 17 (Order of
Distributions).

 

8.6.2                     After
all Events of Default have been cured or waived, the Administrative Agent shall
promptly repay to the Chargor all cash income paid on any Share that the
Chargor would otherwise be permitted to retain pursuant to the terms of the
Clause 8.5 (Dividends before the receipt of a Default Notice by
the Borrower) and that have not been applied in accordance with
Clause 17 (Order of Distributions).

 

8.7                               Power of attorney

 

Upon the occurrence of an Event of Default which is
continuing, if any Investment of the Chargor is not held in the Chargor’s name,
the Chargor shall promptly deliver to the Administrative Agent an irrevocable
power of attorney, expressed to be given by way of security and executed as a
deed by the person in whose name that Investment is held. That power of
attorney shall appoint the Administrative Agent, each Receiver and each Delegate,
as the attorney of the holder and shall be in such form as the Administrative
Agent requires. The Administrative Agent agrees that it (and any Receiver or
Delegate) shall not exercise such power of attorney unless an Event of Default
has occurred and is continuing.

 

8.8                               Restrictions on dealing with Investments

 

Without prejudice and in addition to Clauses 4.1 (Security), 4.2 (Disposal) and
4.3 (Further assurance):

 

8.8.1                     except
for the Charges and except as may be permitted by section 6.02 of the Credit
Agreement, the Chargor shall not create or have outstanding any Security over
all or any part of any of its Investments; and

 

8.8.2                     except
as required by Clause 4.3 (Further assurance)
and except as may be permitted by section 6.05 of the Credit Agreement, the
Chargor shall not enter into a single transaction or a series of transactions
(whether related or not and whether voluntary or involuntary) to transfer,
assign or otherwise dispose of all or any part of any of its Investments
except, in the case of Dividends, as permitted by Clause 8.5 (Dividends before the occurrence the receipt of a
Default Notice by the Borrower).

 

8.9                               Communications

 

After the receipt of a Default Notice by the Borrower, the
Chargor shall as soon as reasonably practicable execute and/or deliver to the
Administrative Agent a copy of each 

 

16

 

circular, notice, report, set of accounts or other document
received by it or its nominee in connection with any Investment, as the Administrative
Agent reasonably requires.

 

9.                                      Intellectual Property

 

9.1                               Acquisition

 

The Chargor shall, not later than 30 days after the end of
each fiscal quarter of Intermediate Holdings ended on or about 3 July and
1 January of each fiscal year, notify the Administrative Agent, subject to
the confidentiality provisions of the Credit Agreement, of its becoming the
legal and/or beneficial owner of or of its acquisition or grant of, or
agreement to acquire or grant (by licence or otherwise), any Intellectual Property,
and any application by it or on its behalf to register any Intellectual
Property.

 

9.2                               Documents and Consents

 

Where the Chargor is the owner of any Intellectual Property,
it shall promptly execute and/or deliver to the Administrative Agent:

 

9.2.1                     all
documents necessary to register or record this Deed or any Charge over
Intellectual Property with each relevant governmental authority or agency
responsible for keeping registers under which any of such Intellectual Property
is registered, and each receipt or confirmation of registration or recording of
this Deed or any Charge over Intellectual Property issued by that government
authority or agency; and

 

9.2.2                     such
other documents relating to such Intellectual Property as necessary to create,
maintain perfect and enforce the Security created under this Deed and such
other actions as the Administrative Agent reasonably requires to better assure,
preserve, protect and perfect any Charge.

 

9.3                               Maintenance

 

The Chargor shall make all commercially reasonable efforts
to safeguard, maintain in full force and effect and preserve its ability to
enforce its present and future ownership and rights in connection with all
Intellectual Property material to the conduct of the Chargor’s business,
including observing all related covenants and stipulations, maintaining in
confidence all confidential information and know how, obtaining all necessary
registrations and commencing and diligently prosecuting all appropriate
infringement actions. It will also take all steps necessary to maintain all
registered design, patent and trade mark registrations material to the conduct
of the Chargor’s business, including payment of maintenance, annuity, renewal
fees and other fees.

 

9.4                               Grant

 

Without prejudice to Clause 4.2 (Disposal),
the Chargor shall not grant any exclusive registered user agreement or
exclusive licence in relation to any of its present or future Intellectual
Property (other than as permitted by the Credit Agreement).

 

17

 

9.5                               Restrictions on dealing with Intellectual Property

 

Without prejudice and in addition to Clauses 4.1 (Security), 4.2 (Disposal) and
4.3 (Further assurance):

 

9.5.1                     except
for the Charges and except as may be permitted by section 6.02 of the Credit
Agreement, the Chargor shall not create or have outstanding any Security over
all or any part of any of its Intellectual Property; and

 

9.5.2                     except
as required by Clause 4.3 (Further assurance)
and except as may be permitted by section 6.05 of the Credit Agreement, the
Chargor shall not enter into a single transaction or a series of transactions
(whether related or not and whether voluntary or involuntary) to transfer,
assign or otherwise dispose of all or any part of its Intellectual Property
that is material to the conduct of its business.

 

10.                               Assigned Contracts

 

10.1                        Documents

 

The Chargor shall deliver to the Administrative Agent, and
the Administrative Agent may hold during the continuance of this Security,
copies of all Assigned Contracts as are in effect, and shall promptly deliver
such notices and other documents relating to the Assigned Contracts as is
necessary to create, maintain and perfect the Security expressed to be created
under this Deed as the Administrative Agent reasonably requires.

 

10.2                        Chargor still liable

 

The Chargor shall remain liable to perform all its
obligations under the Assigned Contracts. Neither the Administrative Agent nor
any Delegate shall be under any obligations or liability to the Chargor or any
other person under or in respect of any Assigned Contract.

 

10.3                        No variation etc.

 

The Chargor
shall not, after the receipt of a Default Notice by the Borrower:

 

10.3.1              amend,
vary or waive (or agree to amend, vary or waive) any provision of any Assigned
Contract other than an amendment, waiver or consent which is not material,
minor or technical or has been approved in writing by the Administrative Agent;

 

10.3.2              exercise
any right to rescind, cancel or terminate any Assigned Contract;

 

10.3.3              release
any counterparty from any material obligations under any Assigned Contract;

 

10.3.4              waive
any breach by any counterparty or consent to any act or omission which would
otherwise constitute such a breach; or

 

18

 

10.3.5              except
as provided in any Loan Document, novate, transfer or assign any of its rights
under any Assigned Contract,

 

unless otherwise agreed by the Administrative Agent (such
agreement not to unreasonably withheld or delayed).

 

10.4                        Breach

 

The Chargor
shall, after the receipt of a Default Notice by the Borrower, notify the
Administrative Agent of:

 

10.4.1              any
breach of or default under an Assigned Contract by it or any other party; and

 

10.4.2              any
right of it or any other party arising to terminate or rescind an Assigned Contract,

 

promptly on becoming aware of the same.

 

10.5                        Performance of obligations

 

The Chargor
shall perform all its
obligations under each Assigned Contract except to the extent any failure to
perform, individually or in the aggregate, could not be reasonably be expected
to result in a Material Adverse Effect.

 

10.6                        Exercise of rights

 

The Chargor shall take all steps necessary to protect,
maintain, exercise and enforce all of its rights with respect to the Assigned
Contracts to procure the due performance by each other party to the Assigned
Contracts of such party’s respective obligations under each of the Assigned
Contracts. After the receipt of a Default Notice by the Borrower, the Chargor
shall exercise all its rights, powers and discretions under each Assigned
Contract in accordance with the instructions of the Administrative Agent.

 

10.7                        Receipts of Chargor

 

After the receipt of a Default Notice by the Borrower, if
any moneys payable under or in connection with or pursuant to any Assigned
Contract are received by the Chargor, the Chargor shall immediately notify the
Administrative Agent and the same shall be held by the Chargor on trust for the
Administrative Agent and shall be immediately paid into the relevant Bank
Account(s) designated by the Administrative Agent for the purpose or, as
the case may be, transferred and paid over to the Administrative Agent to be
dealt with in accordance with this Deed and/or the other Loan Documents.

 

10.8                        Information

 

The Chargor shall as soon as practicable provide to the
Administrative Agent with any information the Administrative Agent reasonably
requires in relation to the Assigned Contracts.

 

19

 

11.                               Insurance

 

11.1                        Insurances

 

The Chargor, at its own
expense, shall maintain or cause to be maintained Insurances in accordance with
the provisions of the Credit Agreement.

 

11.2                        Administrative Agent may insure

 

In the event that the Chargor at any time fails to obtain or
maintain any of the insurance policies required by Section 5.07 of the
Credit Agreement, the Administrative Agent may (at the Chargor’s expense), but
shall not be obliged to,arrange such insurances of the assets of the Chargor or
any of them as it (acting reasonably) thinks fit.

 

11.3                        Restrictions on dealing with Insurances

 

Without prejudice and in addition to Clauses 4.1 (Security), 4.2 (Disposal) and
4.3 (Further assurance), except for the
Charges or as permitted by Section 6.02 of the Credit Agreement, the
Chargor shall not create or have outstanding any Security over all or any part
of any of its Insurances.

 

12.                               General Undertakings

 

12.1                        No fixing

 

Subject to Section 6.05 of the Credit Agreement, the
Chargor shall not fix or permit the affixing of any Charged Asset to any of its
Real Property which is not itself a Charged Asset.

 

12.2                        Authorisations

 

The Chargor shall promptly:

 

12.2.1              obtain,
comply with and do all that is necessary to maintain in full force and effect;
and

 

12.2.2              if
reasonably requested by the Administrative Agent, supply certified copies to
the Administrative Agent of,

 

any Authorisation required under any law or regulation of
its jurisdiction of incorporation to enable it to perform its obligations under
this Deed and to ensure the legality, validity, enforceability or admissibility
in evidence in its jurisdiction of incorporation of this Deed.

 

12.3                        Compliance with laws

 

The Chargor shall comply in all respects with all laws to
which it may be subject, except where the failure to do so, individually or in
the aggregate, could not reasonably be expected to result in a Material Adverse
Effect.

 

20

 

12.4                        No other prejudicial conduct

 

The Chargor shall not do and shall take any commercially
reasonable actions to prevent anything which could prejudice the validity,
enforceability or priority of the Charges.

 

13.                               Representations and Warranties

 

The Chargor makes the representations and warranties set out
in this Clause 13 to the Administrative Agent on the date of this Deed.

 

13.1                        Status

 

It is a limited liability company or corporation, duly
incorporated and validly existing under the law of Singapore and has the power
to own its assets and carry on its business as it is being, and is proposed to
be, conducted.

 

13.2                        Binding obligations

 

The obligations expressed to be assumed by it in this Deed
are legal, valid, binding and enforceable, subject to the requirements
specified at the end of Clause 13.5 (Validity and admissibility
in evidence).

 

13.3                        Non-conflict with other obligations

 

The entry into and performance by it of this Deed, and the
transactions contemplated by, this Deed do not and will not conflict with:

 

13.3.1              any
law or regulation applicable to it;

 

13.3.2              its
constitutional documents; or

 

13.3.3              any
agreement or instrument binding upon it or any of its assets or constitute a
default or termination event (however described) under any such agreement or
instrument, the breach of which would reasonably be expected to have a Material
Adverse Effect,

 

13.3.4              nor
(except as provided in any Security Document) result in the existence of, or
oblige it to create, any Security over any of its assets.

 

13.4                        Power and authority

 

It has the power to enter into, perform and deliver, and has
taken all necessary action to authorise its entry into, performance and
delivery of, the Loan Documents to which it is a party and the transactions
contemplated by those Loan Documents.

 

13.5                        Validity and admissibility in evidence

 

All Authorisations required:

 

21

 

13.5.1              to
enable it lawfully to enter into, exercise its rights under and comply with its
obligations in this Deed;

 

13.5.2              to
make this Deed admissible in evidence in Singapore; and

 

13.5.3              to
enable it to create the Security purported to be created by it pursuant to this
Deed and to ensure that such Security has the priority and ranking it is
expressed to have,

 

have been obtained or effected and are in full force and
effect (or, in each case, will be obtained or effected when required) save for
the making of the appropriate registrations of this Deed with the Accounting
and Corporate Regulatory Authority of Singapore and the payment of stamp duty
in the amount of up to S$500 payable in Singapore in respect of the stamping of
this Deed.

 

13.6                        No existing security

 

Except for the Charges, and as provided in this Deed or as
permitted under the Credit Agreement, and security which is permitted to exist
under the terms of the Credit Agreement, no security exists on or over the
Charged Assets.

 

13.7                        Beneficial Ownership

 

Except as provided in this Deed including, without
limitation, Clause 4.2 (Disposal), the
Chargor has not assigned, transferred or otherwise disposed of the Charged Assets
(or its right, title and interest to or in the Charged Assets), either in whole
or in part, nor agreed to do so, and will not at any time do so or agree to do
so (except as permitted by the Loan Documents). Save as permitted by the Credit
Agreement or this Deed, the Chargor is and will at all times be the sole,
absolute, legal and beneficial owner of the Charged Assets material to its
business, except for any minor defects in title that do not interfere with its
ability to conduct its business as currently conducted or to utilise such
Charged Assets for their intended purposes subject to liens permitted under the
Credit Agreement.

 

13.8                        Immunity

 

Neither the Chargor nor any of its assets is entitled to
immunity from suit, execution, attachment or other legal process and in any
proceedings taken in Singapore in relation to this Deed, it will not be
entitled to claim immunity for itself or any of its assets, arising from suit,
execution or other legal process.

 

13.9                        No right of pre-emption etc.

 

It has not sold or granted (or agreed to sell or grant) any
right of pre-emption over, or any lease or tenancy of or (except as permitted
by the Credit Agreement or this Deed) otherwise disposed of, the benefit of its
right, title and interest in and to any of the Charged Assets.

 

22

 

13.10                 Consents

 

It has obtained all consents necessary to grant the Security
under this Deed, to enter into this Deed and to ensure that no other party to
any agreement or arrangement entered into by the Chargor becomes entitled to
terminate such agreement or arrangement as a consequence of the Chargor
entering into this Deed.

 

13.11                 Investments

 

The shares it owns in any of its subsidiaries (if any) are
fully paid and not subject to any option to purchase or similar rights and the
constitutional documents of such subsidiaries in respect of which such shares
are issued do not and could not restrict or inhibit (whether absolutely,
partly, under a discretionary power or otherwise) the transfer of such shares
pursuant to the enforcement of the Security created by or pursuant to this
Deed.

 

13.12                 Insolvency

 

13.12.1       It
is not unable and has not been deemed unable to pay its debts within the
meaning of section 254 of the Companies Act.

 

13.12.2       No
order has been made or resolution passed for its compulsory or voluntary
winding up and (i) no petition has been presented for its compulsory or
voluntary winding up or the making of a judicial management order in respect of
it and (ii) no liquidator, receiver, receiver and manager, or judicial
manager has been appointed in respect of it or any part of its undertaking or
assets.

 

14.                               Enforcement

 

14.1                        Enforceability of Security

 

As between the Chargor and the Administrative Agent, the
Charges shall be enforceable, and the power of sale and other powers conferred
by Section 24 of the Property Act (as varied and extended by this Deed)
and all the other powers conferred on the Administrative Agent by this Deed
shall be exercisable at any time after the occurrence and during the
continuance of an Event of Default.

 

14.2                        Power of sale

 

The statutory power of sale, of appointing a Receiver and
the other statutory powers conferred on mortgagees by Section 24 of the
Property Act as varied and extended by this Deed shall arise on or after the
occurrence and during the continuance of an Event of Default and may be
exercised by the Administrative Agent free from the restrictions imposed by Section 25
of the Property Act.

 

14.3                        Consolidation

 

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

 

23

 

14.4                        Section 25 of the Property Act

 

Section 25 of the Property Act shall not apply to this
Deed.

 

14.5                        No Liability as mortgagee in possession

 

Nothing done by or on behalf of the Administrative Agent
pursuant to this Deed shall render it liable to account as a mortgagee in
possession for any sums other than actual receipts save for any loss arising
from the gross negligence or wilful misconduct of the Administrative Agent.

 

15.                               Appointment and Rights of Receivers

 

15.1                        Appointment of Receivers

 

If:

 

15.1.1              requested
by the Chargor; or

 

15.1.2              after
the occurrence and during the continuance of an Event of Default (whether or
not the Administrative Agent has taken possession of the Charged Assets):

 

without any notice or further notice, the Administrative
Agent may, by deed, or otherwise in writing signed by any officer or manager of
the Administrative Agent or any person authorised for this purpose by the
Administrative Agent, appoint one or more persons to be a Receiver. Subject to
the provisions of the Companies Act, the Administrative Agent may similarly
remove (so far as it is lawfully able) any Receiver and appoint any person
instead of any Receiver. If the Administrative Agent appoints more than one
person as Receiver, the Administrative Agent may give those persons power to
act either jointly or severally. Any Receiver referred to in this Clause 15 may
enjoy the benefit or enforce the terms of this Clause 15 in accordance with the
provisions of the Contracts (Rights of Third Parties) Act, Chapter 53B of
Singapore.

 

15.2                        Scope of appointment

 

Any Receiver may be appointed Receiver of all of the Charged
Assets or Receiver of a part of the Charged Assets specified in the appointment.
In the latter case, the rights conferred on a Receiver as set out in Schedule 1
(Rights of Receivers) shall have effect
as though every reference in that Schedule to any Charged Assets were a
reference to the part of those assets so specified or any part of those assets.

 

15.3                        Rights of Receivers

 

Any Receiver appointed pursuant to this Clause 15 shall have
the rights, powers, privileges and immunities conferred by the Acts (as varied
and/or extended by this Deed) on (a) mortgages, (b) mortgages in
possession and (c) administrative or other receivers duly appointed under
the Acts, and shall also have the rights set out in Schedule 1 (Rights of Receivers). The Receiver shall in the exercise of
the Receiver’s powers, authorities and discretions conform to the discretions
and regulations from time to time given or made by 

 

24

 

the Administrative Agent. Any Receiver referred to in this
Clause 15 may enjoy the benefit or enforce the terms of this Clause 15 in
accordance with the provisions of the Contracts (Rights of Third Parties) Act,
Chapter 53B of Singapore.

 

15.4                        Agent of Chargor

 

Any Receiver shall be the agent of the Chargor for all
purposes. The Chargor alone shall be responsible for the Receiver’s contracts,
engagements, acts, omissions, defaults and losses and for liabilities incurred
by the Receiver, provided that the Chargor (and for the avoidance of doubt, the
Administrative Agent) shall not be liable for any sums arising from the gross
negligence or wilful misconduct of the Receiver)=.

 

15.5                        Remuneration

 

The Administrative Agent may (acting reasonably) determine
the remuneration of any Receiver (without being limited to the maximum rate
specified in Section 29(6) of the Property Act) and direct payment of
that remuneration out of moneys he receives as Receiver. The Chargor alone
shall be liable for the remuneration and all other costs, losses, liabilities
and expenses of the Receiver, provided that the Chargor (and for the avoidance
of doubt, the Administrative Agent) shall not be liable for any sums arising
from the gross negligence or wilful misconduct of the Receiver)=.

 

16.                               Administrative Agent’s Rights

 

16.1                        Same rights as Receiver

 

Any rights conferred by any Loan Document upon a Receiver may
be exercised by the Administrative Agent after the Charges become enforceable,
whether or not the Administrative Agent shall have taken possession or
appointed a Receiver of the Charged Assets.

 

16.2                        Delegation

 

The Administrative Agent may at any time and from time to
time delegate by power of attorney or in any other manner to any person or
persons or fluctuating body of persons all or any of the powers, authorities
and discretions which are for the time being exercisable by the Administrative
Agent under this Deed in relation to the Charged Assets and any such delegation
may be made upon such terms and conditions (including power to sub-delegate)
and subject to such regulations as the Administrative Agent may think fit and
the Administrative Agent shall not be in any way liable or responsible to the
Chargor for any loss or damage arising from any act, default, omission or
misconduct on the part of any such delegate or sub-delegate.  Any third party referred to in this Clause
16.2 may enjoy the benefit or enforce the terms of this Clause 16.2 in
accordance with the provisions of the Contracts (Rights of Third Parties) Act,
Chapter 53B of Singapore.

 

25

 

17.                               Order of Distributions

 

17.1                        Application of proceeds

 

All moneys received or recovered by the Administrative Agent
or any Receiver or Delegate in exercise of their rights under this Deed shall,
subject to the rights of any creditors having priority, be applied in the order
provided in Clause 17.2 (Order of distribution).

 

17.2                        Order of distributions

 

The order referred to in Clause 17.1 (Application
of proceeds) is:

 

17.2.1              first,
to the payment of all costs and expenses incurred by the Administrative Agent
(in its capacity as such hereunder or under any other Loan Document) in
connection with such collection or sale or otherwise in connection with this
Deed or any of the Obligations, including all court costs and the reasonable
fees and expenses of its agents (including the Receiver and any Delegate) and legal
counsel, the repayment of all advances made by the Administrative Agent
hereunder or under any other Loan Document on behalf of the Chargor and any
other costs or expenses incurred in connection with the exercise of any right
or remedy hereunder or under any other Loan Document;

 

17.2.2              second,
to the payment in full of the Obligations (the amounts so applied to be
distributed among the Secured Parties pro rata in accordance with the
amounts of the Obligations owed to them on the date of any such distribution);
and

 

17.2.3              third,
to the Chargor, its successors or assigns, or as a court of competent
jurisdiction may otherwise direct.

 

18.                               Liability of Administrative Agent,
Receivers and Delegates

 

18.1                        Possession

 

If the Administrative Agent, any Receiver or any Delegate
takes possession of the Charged Assets, it may at any time relinquish
possession. Without prejudice to Clause 18.2 (Administrative
Agent’s liability), the Administrative Agent shall not be liable as
a mortgagee in possession by reason of viewing or repairing any of the present
or future assets of the Chargor, except where such liability arises as a result
of the Administrative Agent’s gross negligence or wilful misconduct.

 

18.2                        Administrative Agent’s liability

 

None of the Administrative Agent, any Receiver or any
Delegate shall (either by reason of taking possession of the Charged Assets or
for any other reason and whether as mortgagee in possession or otherwise) be
liable to the Chargor, any Secured Party or any other person for any costs,
losses, liabilities or expenses relating to the realisation of any Charged
Assets or from any act, default, omission or misconduct of the Administrative
Agent, any Receiver, any Delegate or their respective officers, employees or
agents in relation to the Charged Assets or in connection with this Deed except
to the extent caused 

 

26

 

by its own gross negligence or wilful misconduct. Any third
party referred to in this Clause 18 may enjoy the benefit or enforce the terms
of this Clause 18 in accordance with the provisions of the Contracts (Rights of
Third Parties) Act, Chapter 53B of Singapore.

 

19.                               Power of Attorney

 

19.1                        Appointment

 

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

 

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

 

19.1.2              at
any time after the occurrence and during the continuance of an Event of
Default, to exercise any of the rights conferred on the Administrative Agent,
any Receiver or any Delegate in relation to the Charged Assets or under this
Deed, either of the Acts or generally under Singapore law.

 

19.2                        Ratification

 

The Chargor ratifies and confirms and agrees to ratify and
confirm whatever any such attorney shall do or purport to do in the exercise of
the power of attorney granted by it in Clause 19.1 (Appointment).
Any third party referred to in this Clause 19 may enjoy the benefit or enforce
the terms of this Clause 19 in accordance with the provisions of the Contracts
(Rights of Third Parties) Act, Chapter 53B of Singapore.

 

20.                               Protection of Third Parties

 

20.1                        No duty to enquire

 

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

 

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

 

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

 

20.1.3              otherwise
as to the propriety or regularity of acts purporting or intended to be in
exercise of any such rights (including whether or not any delegation shall have
lapsed for any reason or has been revoked); or

 

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

 

27

 

20.2                        Protection to purchasers

 

Upon any sale or disposal of the Charged Assets or any part
thereof which the Administrative Agent, any other Secured Party, any Receiver
or any Delegate shall make under the provisions of this Deed, a statement in
writing from the Administrative Agent, any Receiver or any Delegate that the
Security created by this Deed has become enforceable and that the power of sale
has become exercisable shall be conclusive evidence of the fact in favour of
any purchaser or other person to whom any of the Charged Assets may be transferred
and such purchaser or other person will take the same free of any rights of the
Chargor. The Chargor undertakes to indemnify the Administrative Agent, any
Receiver or any Delegate against any claim which may be made against the
Administrative Agent, any Receiver or any Delegate by such purchaser or any
other person by reason of any defect in its title to the Charged Assets,
provided that such indemnity shall not be available to the extent that such
claim resulted from the gross negligence or wilful misconduct of the
Administrative Agent, any Receiver or any Delegate, as applicable. Any third
party referred to in this Clause 20 may enjoy the benefit or enforce the terms
of this Clause 20 in accordance with the provisions of the Contracts (Rights of
Third Parties) Act, Chapter 53B of Singapore.

 

21.                               Saving Provisions

 

21.1                        Continuing Security

 

Subject to Clause 22 (Discharge of Security),
the Charges are continuing Security and will extend to the ultimate balance of
the Obligations, regardless of any intermediate payment or discharge in whole
or in part.

 

21.2                        Reinstatement

 

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

 

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

 

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

 

21.3                        Waiver of defences

 

Neither the obligations of the Chargor under this Deed nor
the Charges will be affected by an act, omission, matter or thing which, but
for this Clause 21, would reduce, release or prejudice any of its obligations
under this Deed or any of the Charges (without limitation and whether or not
known to it or any Secured Party) including:

 

28

 

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

 

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

 

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

 

21.3.4              any
death, mental or other incapacity or lack of power, authority or legal
personality of or dissolution or change in the members or status or
constitution of the Chargor, any other Loan Party or any other person;

 

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

 

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

 

21.3.7              any
insolvency, bankruptcy, liquidation, Winding-up or similar proceedings;

 

21.3.8              this
Deed or any Loan Document not being executed by or binding upon any person; or

 

21.3.9              any
postponement, discharge, reduction, non-provability or other similar
circumstance affecting any obligation of any Loan Party or other person under
any Loan Document resulting from any insolvency, liquidation or dissolution
proceedings or from any law, regulation or order.

 

21.4                        Immediate recourse

 

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

 

21.5                        Appropriations

 

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

 

21.5.1              refrain
from applying or enforcing any other moneys, security or rights held or
received by that Secured Party (or any trustee or agent on its behalf) in
respect of those amounts, or apply and enforce the same in such manner and
order as it 

 

29

 

sees fit
(whether against those amounts or otherwise) and the Chargor shall not be
entitled to the benefit of the same; and

 

21.5.2              hold
in a suspense account any moneys received from the Chargor or on account of the
Chargor’s liability under this Deed.

 

21.6                        Deferral of Chargor’s rights

 

21.6.1              Until
all the Obligations have been irrevocably paid in full and all facilities which
might give rise to Obligations have terminated and unless the Administrative
Agent otherwise directs, the Chargor will not exercise any rights which it may
have by reason of performance by it of its obligations under the Loan Documents
to take the benefit (in whole or in part and whether by way of subrogation or
otherwise) of any rights of the Secured Parties under the Loan Documents or of
any guarantee or other security taken pursuant to, or in connection with, the
Loan Documents by any Secured Party.

 

21.6.2              The
Chargor hereby agrees that any claim of indemnification or contribution that
the Chargor may have with respect to a third party shall not decrease the
Chargor’s obligations to the Secured Parties.

 

21.7                        Additional Security

 

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

 

22.                               Discharge of Security

 

22.1                        Final redemption

 

Subject to Clause 22.2 (Retention of Security),
when all the Loan Document Obligations have been paid in full in cash, the
Commitments have expired or been terminated, the principal and interest on each
Loan and all fees payable under the Loan Documents shall have been paid in
full, all Letters of Credit shall have expired or been terminated (or otherwise
provided for in a manner satisfactory to the applicable Issuing Bank) and all
LC Disbursements shall have been reimbursed, the Administrative Agent shall at
the request and cost of the Chargor release, reassign or discharge (as
appropriate) the Charged Assets from the Charges.

 

22.2                        Retention of Security

 

If the Administrative Agent considers that any amount paid
or credited to any Secured Party under any Loan Document is capable of being
avoided or otherwise set aside on the Winding-up of the Chargor or any other
Loan Party, that amount shall not be considered to have been paid for the
purposes of determining whether all the Loan Document Obligations have been
irrevocably paid.

 

30

 

22.3                        Permitted releases

 

If any asset of the Chargor is disposed of in accordance
with the provisions of the Loan Documents or upon the effectiveness of a
written consent to the release of the security interest granted hereby in any
Charged Assets pursuant to Section 9.02 of the Credit Agreement, that
asset shall be automatically released from the fixed Charge on that asset on
that disposal being made and the Administrative Agent shall, upon the request
of the Chargor, take whatever action is necessary to release such asset from
this Security.

 

23.                               Expenses, Stamp Duty and Interest

 

23.1                        Transaction expenses

 

The Chargor shall within three Business Days of demand pay
the Administrative Agent the amount of all costs, losses, liabilities and
expenses (including legal fees) reasonably incurred by the Administrative Agent
in connection with the negotiation, preparation, printing and execution of this
Deed and any other documents referred to in this Deed.

 

23.2                        Amendment costs

 

If the Chargor requests an amendment, waiver or consent, the
Chargor shall, within three Business Days of demand, reimburse the
Administrative Agent for the amount of all costs, losses, liabilities and
expenses (including legal fees) reasonably incurred by the Administrative Agent
in responding to, evaluating, negotiating or complying with that request.

 

23.3                        Enforcement costs

 

The Chargor shall, within three Business Days of demand, pay
to the Administrative Agent the amount of all costs, losses, liabilities and
expenses (including legal fees) incurred by the Administrative Agent, any
Receiver or any Delegate in relation to this Deed (including the
administration, protection, realisation, enforcement or preservation of any
rights under or in connection with this Deed, or any consideration by the
Administrative Agent as to whether to realise or enforce the same, and/or any
amendment, waiver, consent or release of this Deed and/or any other document
referred to in this Deed). Any third party referred to in this Clause 23 may
enjoy the benefit or enforce the terms of this Clause 23 in accordance with the
provisions of the Contracts (Rights of Third Parties) Act, Chapter 53B of
Singapore.

 

23.4                        Stamp taxes

 

The Chargor shall pay and, within three Business Days of
demand, indemnify the Administrative Agent against any cost, loss or liability
the Administrative Agent reasonably incurs in relation to all stamp duty,
registration and other similar Taxes payable in respect of this Deed.

 

31

 

23.5                        Default interest

 

23.5.1              If
the Chargor fails to pay any amount payable by it under this Deed on its due
date, interest shall accrue at the rate specified in Section 2.12(c)(ii) (Interest) of the Credit Agreement. Any interest accruing
under this Clause 23.5 shall be immediately payable by the Chargor on demand by
the Administrative Agent.

 

23.5.2              Default
interest (if unpaid) arising on an overdue amount will be compounded with the
overdue amount at the end of each interest period applicable to that overdue
amount but will remain immediately due and payable.

 

23.6                        Goods and Services Tax

 

The Chargor shall pay to the Administrative Agent within
three Business Days of demand, in addition to any amount payable by the Chargor
under this Deed, any goods and services or other similar Tax in respect of that
amount (and references in this Deed to that amount shall be deemed to include
any such Taxes payable in addition to it).

 

24.                               Payments

 

24.1                        Demands

 

Any demand for payment made by any Secured Party shall be
effective as a demand for the purposes of this Deed, from the date on which it
is given.

 

24.2                        Payments

 

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

 

24.3                        Continuation of accounts

 

At any time after:

 

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

 

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

 

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

 

32

 

25.                               Conduct of Business By The Secured
Parties

 

No provision of this Deed will:

 

25.1                        interfere
with the right of any Secured Party to arrange its affairs (tax or otherwise)
in whatever manner it thinks fit;

 

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

 

25.3                        oblige
any Secured Party to disclose any information relating to its affairs (tax or
otherwise) or any computations in respect of Tax.

 

26.                               Miscellaneous Indemnities

 

26.1                        Currency indemnity

 

26.1.1              The Chargor’s obligations under the Loan Documents to make payments in
United States Dollars (the “Obligation Currency”)
shall not be discharged or satisfied by any tender or recovery pursuant to any judgment expressed in or converted into any currency other than
the Obligation Currency, except to the extent that such tender or recovery
results in the effective receipt by the Administrative Agent of the full amount
of the Obligation Currency expressed to be payable to the Administrative Agent
under the Loan Documents. If, for the purpose of obtaining or enforcing
judgment against the Chargor in any court or in any jurisdiction, it becomes
necessary to convert into or from any currency other than the Obligation
Currency (such other currency being hereinafter referred to as the “Judgment Currency”) an amount due in the Obligation
Currency, the conversion shall be made, at the rate of exchange (as quoted by
the Administrative Agent or, if the Administrative Agent does not quote a rate
of exchange on such currency, by a known dealer in such currency designated by
the Administrative Agent) determined, in each case, as of the date immediately
preceding the day on which the judgment is given (such Business Day being
hereinafter referred to as the “Judgment Currency
Conversion Date”).

 

26.1.2              If there is a change in the rate of exchange prevailing between the
Judgment Currency Conversion Date and the date of actual payment of the amount due, the Chargor
covenants and agrees to pay, or cause to be paid, such additional amounts, if
any (but in any event not a lesser amount), as may be necessary to ensure that
the amount paid in the Judgment Currency, when converted at the rate of
exchange prevailing on the date of payment, will produce the amount of the
Obligation Currency that could have been purchased with the amount of Judgment
Currency stipulated in the judgment or judicial award at the rate of exchange
prevailing on the Judgment Currency Conversion Date.

 

26.1.3              For purposes of determining the rate of exchange for this Clause 26.1,
such amounts shall include any premium and costs payable in connection with the
purchase of the Obligation Currency.

 

33

 

26.2                        Indemnities separate

 

The indemnity in this Deed shall:

 

26.2.1              not
limit any indemnification provision in any other Loan Document;

 

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

 

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

 

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

 

26.3                        Other
Indemnities and protections

 

Except in the case of gross negligence or wilful misconduct
on the part of the Administrative Agent, any Receiver or any Delegate, the
Administrative Agent shall be indemnified by the Chargor from and against all
actions, losses, claims, proceedings, costs, demands and liabilities which may
be suffered by the Administrative Agent by reason of any failure of the Chargor
to perform any of its obligations under this Deed or in the execution of any of
the rights, powers, remedies, authorities or discretions vested in the
Administrative Agent, any Receiver or any Delegate, under or pursuant to this
Deed.

 

27.                               Rights, Amendments, Waivers and
Determinations

 

27.1                        Ambiguity

 

The powers and protections conferred by this Deed in
relation to the Charged Assets or any part thereof on the Administrative Agent
shall be in addition to and not in substitution for the powers and protections
conferred on mortgagees or chargees under the Acts, which shall apply to the
Charges except insofar as they are expressly or impliedly excluded. Where there
is any ambiguity or conflict between the rights or powers conferred by law or
contained in either of the Acts and those conferred by or pursuant to this Deed
or where the powers or protections in this Deed are more extensive or less
restrictive than those provided by either of the Acts, the terms of this Deed
shall prevail.

 

27.2                        Exercise of rights

 

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

 

34

 

27.3                        Amendments and waivers

 

Any term of this Deed may be amended or waived only with the
consent of the Administrative Agent and the Chargor, subject to any consent of
the Lenders required by Section 9.02 of the Credit Agreement.

 

27.4                        Determinations

 

Any determination by or certification of the Administrative
Agent or any Receiver or Delegate of a rate or amount under this Deed is, in
the absence of manifest error, conclusive evidence of the matters to which it
relates.

 

28.                               Partial Invalidity

 

The illegality, invalidity or enforceability of any
provision of this Deed under the law of any jurisdiction shall not affect its
legality, validity or enforceability under the law of any other jurisdiction
nor the legality, validity or enforceability of any other provision.

 

29.                               Separate and Independent Obligations

 

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

 

30.                               Benefit of Assignment

 

30.1                        Benefit and Burden

 

This Deed shall be binding upon and enure to the benefit of
each Party and its successors and assigns.

 

30.2                        The Chargor

 

The Chargor may not assign or transfer all or any of its
rights, benefits and obligations under this Deed, except as permitted by this
Deed or the other Loan Documents.

 

30.3                        The Administrative Agent

 

The Administrative Agent may assign all or part of its
rights under this Deed or transfer all or part of its obligations under this
Deed in accordance with the terms of the Credit Agreement without the consent
of the Chargor. Any such assignee or transferee shall be and be treated as a party
for all purposes of this Deed and shall be entitled to the full benefit of this
Deed to the same extent as if it were an original party in respect of the
rights or obligations assigned or transferred to it.

 

35

 

31.                               Notices

 

31.1                        Communications

 

Any communication to be made under or in connection with
this Deed may be made by fax or letter or, subject to Clause 31.3 (Delivery), be delivered or furnished by electronic
communication (including e-mail and Internet or intranet websites) pursuant to
procedures approved by the Administrative Agent.

 

31.2                        Addresses

 

The address and fax number (and the department or officer,
if any, for whose attention the communication is to be made) of each Party for
any communication or document to be made or delivered under or in connection
with this Deed is that identified with its name below, or any substitute
address, fax number or department or officer as the Party may notify to the
other Party.

 

31.3                        Delivery

 

Either Party may change its
address or fax number for notices and other communications hereunder by notice
to the other Party. The Administrative Agent or the Chargor may, in its
discretion, agree to accept notices and other communications to it hereunder by
electronic communications pursuant to procedures approved by it, provided that
approval of such procedures may be limited to particular notices or
communications. All notices and other communications given to any party hereto
in accordance with the provisions of this Deed shall be deemed to have been
given on the date of receipt.

 

32.                               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. Delivery of an executed counterpart of a signature page of
this Deed by telecopy or Adobe pdf transmission shall be effective as delivery
of a manually executed counterpart of this Deed.

 

33.                               Governing Law

 

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

 

34.                               Jurisdiction

 

34.1                        Jurisdiction of Singapore courts

 

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

 

36

 

34.2                        Venue

 

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

 

37

 

Schedule
1

 

Rights
of Receivers

 

Any Receiver
appointed pursuant to Clause 15 (Appointment and Rights of
Receivers) shall have the right, either in its own name or in the
name of the Chargor or otherwise and in such manner and upon such terms and
conditions as the Receiver thinks fit, and either alone or jointly with any
other person:

 

(a)                                  Take possession

 

to take possession of, get in and collect the Charged
Assets, and to require payment to him or any Secured Party of any Book Debts or
credit balance on any Bank Account;

 

(b)                                 Carry on business

 

to manage and carry on any business of the Chargor;

 

(c)                                  Contracts

 

to enter into any contract or arrangement relating to the
Charged Assets and to perform, repudiate, rescind or vary any such contract or
arrangement to which the Chargor is a party;

 

(d)                                 Deal with Charged Assets

 

without restriction imposed by Section 25 of the
Property Act or the need to observe any of the restrictions or other provisions
of Section 23 or 25 of the Property Act, to sell, transfer, assign,
exchange, hire out, lend or otherwise dispose of or realise the Charged Assets
(including any Fixture, which may be sold separately from the related Real
Property) to any person (including a new company formed pursuant to paragraph (e) (Hive down)) either by public offer or auction, tender or
private contract and for a consideration of any kind (which may be payable or
delivered in one amount or by instalments spread over a period or deferred);

 

(e)                                  Hive down

 

to form a new company and to subscribe for or acquire (for
cash or otherwise) any investment in or of the new company and to sell,
transfer, assign, exchange and otherwise dispose of or realise any such
investments or part thereof or any rights attaching thereto;

 

(f)                                    Borrow money

 

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

 

(g)                                 Covenants and guarantees

 

to enter into bonds, covenants, guarantees, indemnities and
other commitments and to make all payments needed to effect, maintain or
satisfy them;

 

38

 

(h)                                 Dealings with tenants

 

to grant leases, tenancies, licences and rights of user,
grant renewals and accept surrenders of leases, tenancies, licences or rights
of user, and otherwise to reach agreements and make arrangements with, and to
make allowances to, any lessees, tenants or other persons (including a new
company formed pursuant to paragraph (e) (Hive down))
from whom any rents and profits may be receivable (including those relating to
the grant of any licences, the review of rent in accordance with the terms of,
and the variation of, the provisions of any leases, tenancies, licences or
rights of user affecting the Charged Assets);

 

(i)                                     Rights of ownership

 

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

 

(j)                                     Insurance, repairs,
improvements etc.

 

to insure the Charged Assets, to carry out decorations,
repairs, alterations, improvements and additions to the Charged Assets
(including the development or redevelopment of any Real Property) and to
purchase or otherwise acquire or do anything in connection with the Charged
Assets;

 

(k)                                  Claims

 

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

 

(l)                                     Legal actions

 

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

 

(m)                               Redemption of Security

 

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

 

(n)                                 Employees etc.

 

to appoint, hire and employ officers, employees,
contractors, agents, advisors and others and to discharge any such persons and
any such persons appointed, hired or employed by the Chargor;

 

(o)                                 Companies Act

 

to exercise all powers set out in the Companies Act as now
in force (whether or not in force at the date of exercise) and any powers added
thereto, after the date of this Deed; and

 

39

 

(p)                                 Other powers

 

to do anything else he may think fit for the realisation of
the Charged Assets or incidental to the exercise of any of the rights conferred
on the Receiver under or by virtue of any Loan Document to which the Chargor is
party, the Property Act, the Companies Act or any other applicable law.

 

40

 

Schedule
2

 

Bank
Accounts

 

	
  Bank

  	
   

  	
  Currency

  
	
  Citibank
  N.A.

  	
   

  	
  INR

  
	
  Bank
  of America

  	
   

  	
  USD

  

 

41

 

Schedule
3

 

Form of
Notice of Assignment and Acknowledgement in relation to Insurances

 

To:                              [The Insurers]

[Address]

 

cc:                                 JPMorgan, Chase Bank, N.A.

Loan and Agency Services Group,

1111 Fannin Street, 10th Floor

Houston, Texas, 77002

Attention: Sofia Basraoui

(Fax No.: (831) 439-2353)

 

JPMorgan, Chase Bank, N.A.

270 Park Avenue

New York, New York, 10017

Attention: Sharon Bazbaz

(Fax No.: (212) 270-5127)

 

[Date]

 

Notice of Assignment

 

[Description of Policy]

 

[Policy Number [                  ]]
[(the “Insurances”)]

 

Seagate Singapore
International Headquarters Pte. Ltd. (the “Chargor”)
hereby gives you notice that, by an assignment contained in a Debenture (the “Debenture”) dated 25 September 2009 entered into
between the Chargor and JPMorgan Chase Bank, N.A. (the “Administrative Agent”),
the Chargor assigned, by way of security to the Administrative Agent (subject
to a provision for re-assignment), all its present and future right, title and
interest in and to the insurances, details of which are set out in the attached
schedule (the “Insurances”) including all claims under the Insurances and the
proceeds of those claims and any return of premiums.

 

1.                                       Insurances Other Than Third Party Insurance

 

After receipt of a notice from the Administrative Agent
addressed to you indicating that an Event of Default has occurred and is
continuing (a “Default Notice”), all moneys payable
by you to the Chargor in respect of the Insurances other than third party
Insurances shall be paid to, or to the order of, the Administrative Agent.

 

42

 

2.                                       Third Party Liability Insurance

 

Subject to any applicable legislation and despite the
assignments referred to above, all sums in respect of any claim under any third
party Insurance by an insured party shall be paid:

 

2.1                                 directly to the person whose claim(s) constitute(s) the
risk or liability insured against, provided that such person has executed a
discharge of all claims against each insured party in respect of the risk or
liability in relation to which the claim was made; or

 

2.2                                 (despite any policy term to the contrary) to the extent that insurers
accept liability to indemnify the insured party in respect of the claims or
liabilities which the insured party has settled directly with the claimant, to
the relevant insured party, unless the insured party is the Chargor, in which
case those sums shall be paid in the same manner as described in paragraph 1
above.

 

3.                                       Who to deal with

 

3.1                                 Despite the assignment, you shall continue to treat the Chargor and
the Administrative Agent as entitled to make and deal with claims under the
Insurances unless and until you are notified by the Administrative Agent that
the security created by the Debenture has become enforceable.

 

3.2                                 After receiving notice from the Administrative Agent that the
security created by the Debenture has become enforceable, you shall treat the
Administrative Agent as the only person entitled to make and deal with claims
under the Insurances.

 

4.                                       Notices

 

You are entitled to rely without enquiry on any notice given
to you by the Administrative Agent that the security created by the Debenture
has become enforceable.

 

5.                                       Chargor remains liable for performance

 

The Chargor shall remain liable to perform the obligations
assumed by it under the Insurances and the Administrative Agent is not liable
to perform any of those obligations nor liable for the consequences of
non-performance.

 

6.                                       Irrevocable Authority

 

The authorities and instructions in this notice cannot be
revoked without the prior written consent of the Administrative Agent.

 

Please acknowledge receipt of this Notice of Assignment, and
confirm that you will pay all moneys in respect of the Insurances as directed
by or pursuant to this Notice of Assignment, by signing the acknowledgement on
the attached copy of this Notice of Assignment and returning that copy to the
Administrative Agent at:

 

JPMorgan, Chase Bank, N.A.

Loan and Agency Services Group,

 

43

 

1111 Fannin Street, 10th Floor

Houston, Texas, 77002

marked for the attention of Sofia Basraoui.

 

 

	
   

  	
   

  
	
  For
  and on behalf of

  	
   

  
	
   

  	
   

  
	
  Seagate
  Singapore International Headquarters Pte. Ltd.

  	
   

  

 

44

 

[On duplicate]

 

To:                              JPMorgan Chase Bank, N.A. (the “Administrative
Agent”)

 

[Date]

 

We hereby
acknowledge receipt of the Notice of Assignment dated [   ] informing
us of the assignment by Seagate
Singapore International Headquarters Pte. Ltd. (the “Chargor”) to the Administrative Agent of the Chargor’s
rights, title benefits and interest in and to the Insurance Policy referred to
in that Notice of Assignment and confirm that we have not received any other
notice of the assignment of such Insurance Policy.

 

We confirm
that:

 

1.                                       upon receipt of a Default Notice, we will pay all proceeds under the
Insurance Policy (that are due for payment to [            ])
to, or to the order of, the Administrative Agent;

 

2.                                       notwithstanding the assignment, we shall continue to treat both the
Chargor and the Administrative Agent as entitled to make and deal with claims
under the Insurance Policy unless and until we are notified by the
Administrative Agent that the security created by the Debenture has become
enforceable;

 

3.                                       after receiving notice from the Administrative Agent that the
security created by the Debenture has become enforceable, we shall treat the
Administrative Agent as the only person entitled to make and deal with claims
under the Insurance Policy;

 

4.                                       we shall rely without enquiry on any notice given by the
Administrative Agent that the security created by the Debenture has become
enforceable;

 

5.                                       we regard the Chargor as solely liable to perform the obligations
assumed by it under such Insurance Policy;

 

6.                                       the Administrative Agent is not liable to perform any of the
obligations assumed by the Chargor under such Insurance Policy nor liable for
the consequences of non-performance; and

 

7.                                       [the above acknowledgment and confirmations are given with the
authority of all of the insurers.]

 

 

	
   

  	
   

  
	
  For
  and on behalf of

  	
   

  
	
   

  	
   

  
	
  [Name of
  Insurer]

  	
   

  

 

45

 

Schedule
4

 

Form of
Notice of Charge and Assignment and Acknowledgement in relation to Book Debts

 

To:                              [The Debtors]

[Address]

 

cc:                                 JPMorgan, Chase Bank, N.A.

Loan and Agency Services Group,

1111 Fannin Street, 10th Floor

Houston, Texas, 77002

Attention: Sofia Basraoui

(Fax No.: (831) 439-2353)

 

JPMorgan, Chase Bank, N.A.

270 Park Avenue

New York, New York, 10017

Attention: Sharon Bazbaz

(Fax No.: (212) 270-5127)

 

[Date]

 

Seagate
Singapore Holdings Pte. Ltd. (the “Chargor”)
hereby gives you notice that, by a charge and assignment contained in a
Debenture (the “Debenture”) dated 25 September 2009 entered
into between the Chargor and JPMorgan Chase Bank, N.A. (the “Administrative Agent”), the Chargor granted
to the Administrative Agent a first fixed charge over, and assigned absolutely
to the Administrative Agent, all its present and future right, title and
interest in and to, inter  alia, 
all its present and future right, title and interest in and to the Book
Debts (as defined in the Debenture).

 

Accordingly,
until you receive instructions from the Administrative Agent to the contrary,
you shall pay all amounts falling due to the Chargor in the manner agreed with
the Chargor.

 

Despite the
assignment referred to above or the making of any payment by you to the
Administrative Agent pursuant to it, the Chargor shall remain liable to perform
all its obligations under each Book Debt and neither the Administrative Agent
nor any receiver, delegate or sub-delegate appointed by it shall at any time be
under any obligation or liability to you under or in respect of any Book Debt.

 

The Chargor
shall also remain entitled to exercise all its rights, powers and discretions
under each Book Debt, except that the Chargor shall not and you agree that the
Chargor shall not amend, vary or waive (or agree to amend, vary or waive) any
provision of any Book Debt or 

 

46

 

exercise any
right to rescind, cancel or terminate any Book Debt without the prior written
consent of the Administrative Agent, and you should continue to give notices
under each Book Debt to the Chargor, in each case unless and until you receive
written notice from the Administrative Agent to the contrary, in which event
all such rights, powers and discretions shall be exercisable by, and notices shall
be given to, the Administrative Agent or as it directs.

 

Please
acknowledge receipt of this Notice of Charge and Assignment of Book Debts and
confirm that:

 

1.                                       you will pay all sums due under each Book Debt as directed by or
pursuant to this Notice of Charge and Assignment of Book Debts;

 

2.                                       you will not claim or exercise any set-off or counterclaim in
respect of any Book Debt;

 

3.                                       you have not received any other notice of any assignment or charge
of any Book Debt or of any other interest of any third party in any Book Debt;
and

 

4.                                       you will comply with the other provisions of this Notice of Charge
and Assignment of Book Debts,

 

by signing the
acknowledgement on the attached copy of this Notice of Charge and Assignment of
Book Debts and returning that copy to the Administrative Agent at:

 

JPMorgan,
Chase Bank, N.A.

Loan
and Agency Services Group,

1111
Fannin Street, 10th Floor

Houston,
Texas, 77002

marked for the
attention of Sofia Basraoui.

 

 

	
   

  	
   

  
	
  For
  and on behalf of

  	
   

  
	
   

  	
   

  
	
  Seagate Singapore International Headquarters Pte. Ltd.

  	
   

  

 

47

 

[On
duplicate]

 

We acknowledge
receipt of the Notice of Charge and Assignment of Book Debts of which this is a
copy and: confirm that:

 

1.                                       we will pay all sums due under each Book Debt as directed by or
pursuant to the Notice of Charge and Assignment of Book Debts;

 

2.                                       we will not claim or exercise any set-off or counterclaim in respect
of any Book Debt;

 

3.                                       we have not received any other notice of any assignment or charge of
any Book Debt or of any other interest of any third party in any Book Debt; and

 

4.                                       we will comply with the other provisions contained in the Notice of
Charge and Assignment of Book Debts.

 

 

	
   

  	
   

  
	
  For
  and on behalf of

  	
   

  
	
   

  	
   

  
	
  [Debtor]

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Date:

  	
   

  	
   

  
			

 

48

 

Schedule
5

 

Form of
Notice of Charge and Assignment and Acknowledgement in relation to Investments
(Scripless Securities)

 

To:                              [Depository Agent]

[Address]

 

cc:                                 JPMorgan, Chase Bank, N.A.

Loan and Agency Services Group,

1111 Fannin Street, 10th Floor

Houston, Texas, 77002

Attention: Sofia Basraoui

(Fax No.: (831) 439-2353)

 

JPMorgan, Chase Bank, N.A.

270 Park Avenue

New York, New York, 10017

Attention: Sharon Bazbaz

(Fax No.: (212) 270-5127)

 

[Date]

 

Seagate
Singapore International Headquarters Pte. Ltd. (the “Chargor”) hereby gives you notice that by a
charge and assignment contained in a Debenture (the “Debenture”) dated 25 September 2009 entered
into between the Chargor and JPMorgan Chase Bank, N.A. (the “Administrative Agent”), the Chargor granted
to the Administrative Agent a first fixed charge over, and assigned absolutely
to the Administrative Agent, all its present and future right, title and
interest in and to, inter  alia, all securities kept or maintained by
the Chargor with you in sub-account number
[                    ]
(the “Sub-Account”) maintained
with you or held by you to the order of the Chargor, whether as nominees or
otherwise.

 

You are hereby
directed to deal with all such securities in accordance with the instructions
of the Chargor, provided that upon notice from the Administrative Agent
addressed to you that an Event of Default has occurred and is continuing (a “Default Notice”), the Chargor hereby consents and instructs
you to accept all instructions and directions from the Administrative Agent in
relation to such securities and, in particular, as and when instructed by the
Administrative Agent:

 

(a)                                  to sell all or any part of such securities in the Sub-Account and to
hold the proceeds deriving therefrom to the order and for the benefit of the
Administrative Agent, and to 

 

49

 

deliver or pay such proceeds to the Administrative
Agent or as the Administrative Agent shall direct; and/or

 

(b)                                 to transfer to the Administrative Agent or as instructed by the
Administrative Agent any of such securities in the Sub-Account, including
moneys or proceeds relating to such securities in the Sub-Account.

 

The Chargor
hereby confirms that upon receipt of a Default Notice, you shall not release
all or any of such securities in the Sub-Account and/or any moneys or proceeds
deriving therefrom to us without the prior written consent of the
Administrative Agent.

 

This Notice of
Charge and Assignment of Scripless Securities and the instructions herein
contained are irrevocable and may not be revoked, modified or varied without
the prior written consent of the Administrative Agent.

 

Please
acknowledge receipt of this Notice of Charge and Assignment of Scripless
Securities, and confirm that:

 

(a)                                  you have received no notice of any prior charge, assignment or other
Security over the securities referred to in this Notice of Charge and
Assignment of Scripless Securities; and

 

(b)                                 you will comply with the directions to you contained in this Notice
of Charge and Assignment of Scripless Securities,

 

by signing the
acknowledgement on the attached copy of this Notice of Charge and Assignment of
Scripless Securities and returning that copy to the Administrative Agent at:

 

JPMorgan,
Chase Bank, N.A.

Loan
and Agency Services Group,

1111
Fannin Street, 10th Floor

Houston,
Texas, 77002

marked for the
attention of Sofia Basraoui.

 

 

	
   

  	
   

  
	
  For
  and on behalf of

  	
   

  
	
   

  	
   

  
	
  Seagate
  Singapore International Headquarters Pte. Ltd.

  	
   

  

 

50

 

[On duplicate]

 

We acknowledge receipt of the Notice of Charge and Assignment of Scripless Securities of which
this is a copy and:

 

(a)                                  confirm that we have received no notice of any prior charge,
assignment or other Security over the securities referred to in the Notice of
Charge and Assignment of Scripless Securities; and

 

(b)                                 confirm that we will comply with the directions to us contained in
the Notice of Charge and Assignment of Scripless Securities.

 

 

	
   

  	
   

  
	
  For
  and on behalf of

  	
   

  
	
   

  	
   

  
	
  [Nominee]

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Date:

  	
   

  	
   

  
			

 

51

 

Schedule 6

 

Form of Notice of
Charge and Acknowledgement in relation to Bank Accounts

 

To:                              [Institution where Bank Account is held]

[Address]

 

cc:                                 JPMorgan, Chase Bank, N.A.

Loan and Agency Services Group,

1111 Fannin Street, 10th Floor

Houston, Texas, 77002

Attention: Sofia Basraoui

(Fax No.: (831) 439-2353)

 

JPMorgan, Chase Bank, N.A.

270 Park Avenue

New York, New York, 10017

Attention: Sharon Bazbaz

(Fax No.: (212) 270-5127)

 

[Date]

 

1.                                       Seagate
Singapore International Headquarters Pte. Ltd. (the “Chargor”) hereby gives you notice that, by a charge contained
in a Debenture (the “Debenture”)
dated 25 September 2009
entered into between the Chargor and
JPMorgan Chase Bank, N.A. (the “Administrative
Agent”), the Chargor granted to the Administrative Agent a first
fixed charge over all its present and future right, title and interest in and
to the accounts with you listed below (the “Bank
Accounts”) including all moneys which may at any time be standing to
the credit of any Bank Account.

 

Under the terms of the Debenture, the Chargor shall be
entitled to operate and make any withdrawal from any Bank Account at any time
until and unless you receive instructions from the Administrative Agent that
the security created under the Debenture has become enforceable.

 

	
  [Name of Account

  	
   

  	
  Account Number

  
	
  [                           ]

  	
   

  	
  [                           ]

  
	
  [                           ]

  	
   

  	
  [                           ]

  
	
  [                           ]

  	
   

  	
  [                           ]

  

 

52

 

2.                                       Accordingly,
upon your receipt of instructions from the Administrative Agent that the
security created the Debenture has become enforceable:

 

(a)                                  all rights, powers and discretions of the Chargor in relation to any
Bank Account shall be exercisable solely by the Administrative Agent;

 

(b)                                 no moneys may be released from any Bank Account without the prior
written consent of the Administrative Agent; and

 

(c)                                  you should apply any amount standing to the credit of any Bank
Account as directed from time to time by the Administrative Agent.

 

3.                                       You
agree:

 

(a)                                  to disclose to the Administrative Agent such information relating to
any Bank Account as the Administrative Agent may from time to time request; and

 

(b)                                 not to claim or exercise any security interest in, set-off,
counterclaim or other rights in respect of any Bank Account save for:

 

(i)                                     deduction
of our usual fees and charges for operating any Bank Account; and

 

(ii)                                  reversal
of errornous credits or any amounts credited (in any currency) into any Bank
Account pursuant to transfers, bank drafts, cheque payments (or other similar
instruments) which are uncollectible or reversed by clearing banks.

 

2.                                       This authority and instruction is irrevocable without the prior
written consent of the Administrative Agent.

 

Please acknowledge receipt of this Notice of Charge, and
confirm that you will pay all moneys as directed by or pursuant to this Notice
of Charge and will comply with the other provisions of this Notice of Charge,
by signing the acknowledgement on the attached copy of this Notice of Charge
and returning that copy to the Administrative Agent at:

 

JPMorgan,
Chase Bank, N.A.

Loan
and Agency Services Group,

1111
Fannin Street, 10th Floor

Houston,
Texas, 77002

marked for the
attention of Sofia Basraoui.

 

53

 

	
   

  	
   

  
	
  For
  and on behalf of

  	
   

  
	
   

  	
   

  
	
  Seagate Singapore International Headquarters Pte. Ltd.

  	
   

  

 

54

 

[On duplicate]

 

We
acknowledge receipt of the Notice of Charge of which this is a copy and agree
to comply with its terms. We confirm that we have not received any other notice
of charge or assignment or notice that any other person claims any rights in
respect of any Bank Account.

 

 

	
   

  	
   

  
	
  For
  and on behalf of

  	
   

  
	
   

  	
   

  
	
  [Institution
  where Bank Account is held]

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Date:

  	
   

  	
   

  
			

 

55

 

Schedule 7

 

Form of Notice of
Assignment of Assigned Contract

 

To:                              [Party to the Assigned Contract]

[Address]

 

cc:                                 JPMorgan, Chase Bank, N.A.

Loan and Agency Services Group,

1111 Fannin Street, 10th Floor

Houston, Texas, 77002

Attention: Sofia Basraoui

(Fax No.: (831) 439-2353)

 

JPMorgan, Chase Bank, N.A.

270 Park Avenue

New York, New York, 10017

Attention: Sharon Bazbaz

(Fax No.: (212) 270-5127)

 

[Date]

 

Notice of Assignment

 

Seagate Singapore International Headquarters Pte. Ltd. (the “Chargor”) hereby gives you notice that, by an assignment
contained in a Debenture (the “Debenture”)
dated 25 September 2009
entered into between the Chargor and
JPMorgan Chase Bank, N.A. (the “Administrative Agent”),
the Chargor assigned, by way of security to the Administrative Agent (subject
to a provision for re-assignment), all its present and future right, title and
interest in and to the contracts listed below (the “Assigned
Contracts”), including all moneys payable to the Chargor, and any
claims, awards and judgements receivable or received by or in favour of the
Chargor, pursuant to and under or in connection with the Assigned Contracts.

 

Assigned Contracts

 

[describe
the Assigned Contracts]

 

After receipt of a notice from the Administrative Agent
addressed to you indicating that an Event of Default has occurred and is
continuing (a “Default Notice”), all monies
payable by you to the Chargor pursuant to and under or in connection with any
Assigned Contract shall be paid to, or to the order of, the Administrative
Agent.

 

56

 

This authority and instruction is irrevocable without the
prior written consent of the Administrative Agent. Despite the assignment
referred to above or the making of any payment by you to the Administrative
Agent pursuant to it, the Chargor shall remain liable to perform all its
obligations under each Assigned Contract and neither the Administrative Agent
nor any receiver, delegate or sub-delegate appointed by it shall at any time be
under any obligation or liability to you under or in respect of any Assigned
Contract.

 

The Chargor shall also remain entitled to all rights, powers
and discretions under each Assigned Contract, except that the Chargor shall not
and you agree that the Chargor shall not amend, vary, waive (or agree to amend,
vary or waive) any provision of any Assigned Contract or exercise any right to
rescind, cancel or terminate any Assigned Contract without the prior written
consent of the Administrative Agent, and you should continue to give notices
under each Assigned Contract to the Chargor, in each case unless you receive
written notice from the Administrative Agent to the contrary, in which event
all such rights, powers and discretions shall be exercisable by, and notices
shall be given to, the Administrative Agent or as it directs.

 

Please acknowledge receipt of this Notice of Assignment and
confirm that:

 

1.                                       you will pay all sums due under each Assigned Contract as directed
by or pursuant to this Notice of Assignment;

 

2.                                       you will not claim or exercise any set-off or counterclaim in
respect of any Assigned Contract;

 

3.                                       you have not received any other notice of any assignment or charge
of any Assigned Contract or of any other interest of any third party in any
Assigned Contract; and

 

4.                                       you will comply with the other provisions of this Notice of
Assignment,

 

by
signing the acknowledgement on the attached copy of this Notice of Assignment
and returning that copy to the Administrative Agent at:

 

JPMorgan,
Chase Bank, N.A.

Loan
and Agency Services Group,

1111
Fannin Street, 10th Floor

Houston,
Texas, 77002

marked for the
attention of Sofia Basraoui.

 

 

	
   

  	
   

  
	
  For
  and on behalf of

  	
   

  
	
   

  	
   

  
	
  Seagate Singapore International 

  Headquarters Pte. Ltd.

  	
   

  

 

57

 

	
  as
  Chargor

  	
   

  

 

[On duplicate]

We acknowledge
receipt of the Notice of Assignment of which this is a copy and confirm each of
the matters referred to in paragraphs 1 to 4 (inclusive) of the Notice of
Assignment.

 

 

	
   

  	
   

  
	
  For
  and on behalf of

  	
   

  
	
  [Party
  to Assigned Contract]

  	
   

  
	
  Date:

  	
   

  

 

58

 

In
witness whereof this Deed has been duly
executed by the parties hereto.

 

	
  The Chargor

  	
  

  
	
  THE
  COMMON SEAL of

  
	
  SEAGATE SINGAPORE INTERNATIONAL

  
	
  HEADQUARTERS PTE. LTD.

  
	
  was
  hereunto affixed in the presence of:

  

 

 

	
  /s/
  Patrick J. O’Malley

  	
   

  
	
  Director

  	
   

  
	
   

  	
   

  
	
  Name:
  Patrick J. O’Malley

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/
  Chang Mui Yin

  	
   

  
	
  Director

  	
   

  
	
   

  	
   

  
	
  Name:
  Chang Mui Yin

  	
   

  

 

	
   

  	
   

  
	
  Address:

  	
  Seagate
  Technology

  
	
   

  	
  920
  Disc Drive

  
	
   

  	
  Scotts
  Valley, CA95066

  
	
   

  	
  United
  States of America

  
	
   

  	
   

  
	
  Fax
  No.

  	
  +1
  (831) 438-6675

  
	
   

  	
   

  
	
  Attention:

  	
  General
  Counsel

  

 

 

The Administrative Agent

 

	
  SIGNED
  SEALED and DELIVERED

  	
  

  	
   

  
	
  by

  	
   

  
	
  as
  attorney for and on behalf of

  	
  /s/
  Sharon Bazbaz

  
	
  JPMORGAN CHASE BANK, N.A.

  	
  Signature

  
	
  in
  the presence of:

  	
   

  
	
   

  	
  Name:
  Sharon Bazbaz

  
	
   

  	
   

  
	
   

  	
  Title:
  Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/
  Donna Wisnieski

  	
   

  	
   

  
	
  Witness’s
  Signature

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Name
  of Witness: Donna Wisnieski

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Title:
  Administrative Assistant

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Address:

  	
  JPMorgan,
  Chase Bank, N.A.

  	
   

  	
   

  
	
   

  	
  Loan
  and Agency Services Group,

  	
   

  	
   

  
	
   

  	
  1111
  Fannin Street, 10th Floor

  	
   

  	
   

  
	
   

  	
  Houston,
  Texas, 77002

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Fax
  No.

  	
  (831) 439-2353

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Attention:

  	
  Sofia Basraoui

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  With
  a copy to:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Address:

  	
  JPMorgan,
  Chase Bank, N.A.

  	
   

  	
   

  
	
   

  	
  270
  Park Avenue

  	
   

  	
   

  
	
   

  	
  New
  York, New York, 10017

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Fax
  No.

  	
  (212)
  270-5127

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Attention:

  	
  Sharon
  BazbazExhibit 10.4

 

 

EXECUTION COPY

 

Dated
25 September 2009

 

 

SEAGATE SINGAPORE INTERNATIONAL
HEADQUARTERS PTE. LTD.

as the Chargor

 

 

in favour of

 

 

WELLS
FARGO BANK, NATIONAL ASSOCIATION

as Collateral
Agent

 

 

SECOND PRIORITY DEBENTURE

 

 

ALLEN & GLEDHILL LLP

ONE MARINA BOULEVARD #28-00

SINGAPORE 018989

 

 

TABLE OF CONTENTS

 

	
  Contents

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  1.

  	
  Definitions and Interpretation

  	
  1

  
	
   

  	
   

  	
   

  
	
  2.

  	
  Fixed Charges and Assignment

  	
  6

  
	
   

  	
   

  	
   

  
	
  3.

  	
  Floating Charge

  	
  9

  
	
   

  	
   

  	
   

  
	
  4.

  	
  Restrictions and Further Assurance

  	
  11

  
	
   

  	
   

  	
   

  
	
  5.

  	
  Real Property

  	
  12

  
	
   

  	
   

  	
   

  
	
  6.

  	
  Book Debts

  	
  13

  
	
   

  	
   

  	
   

  
	
  7.

  	
  Bank Accounts

  	
  14

  
	
   

  	
   

  	
   

  
	
  8.

  	
  Investments

  	
  15

  
	
   

  	
   

  	
   

  
	
  9.

  	
  Intellectual Property

  	
  17

  
	
   

  	
   

  	
   

  
	
  10.

  	
  Assigned Contracts

  	
  18

  
	
   

  	
   

  	
   

  
	
  11.

  	
  Insurance

  	
  20

  
	
   

  	
   

  	
   

  
	
  12.

  	
  General Undertakings

  	
  20

  
	
   

  	
   

  	
   

  
	
  13.

  	
  Representations and Warranties

  	
  21

  
	
   

  	
   

  	
   

  
	
  14.

  	
  Enforcement

  	
  23

  
	
   

  	
   

  	
   

  
	
  15.

  	
  Appointment and Rights of Receivers

  	
  23

  
	
   

  	
   

  	
   

  
	
  16.

  	
  Collateral Agent’s Rights

  	
  25

  
	
   

  	
   

  	
   

  
	
  17.

  	
  Order of Distributions

  	
  25

  
	
   

  	
   

  	
   

  
	
  18.

  	
  Liability of Collateral Agent, Receivers and
  Delegates

  	
  26

  
	
   

  	
   

  	
   

  
	
  19.

  	
  Power of Attorney

  	
  26

  
	
   

  	
   

  	
   

  
	
  20.

  	
  Protection of Third Parties

  	
  27

  
	
   

  	
   

  	
   

  
	
  21.

  	
  Saving Provisions

  	
  27

  
	
   

  	
   

  	
   

  
	
  22.

  	
  Discharge of Security

  	
  29

  
	
   

  	
   

  	
   

  
	
  23.

  	
  Expenses, Stamp Duty and Interest

  	
  30

  
	
   

  	
   

  	
   

  
	
  24.

  	
  Payments

  	
  31

  
	
   

  	
   

  	
   

  
	
  25.

  	
  Conduct of Business by the Secured Parties

  	
  31

  
	
   

  	
   

  	
   

  
	
  26.

  	
  Miscellaneous Indemnities

  	
  31

  
	
   

  	
   

  	
   

  
	
  27.

  	
  Rights, Amendments, Waivers and Determinations

  	
  33

  
	
   

  	
   

  	
   

  
	
  28.

  	
  Partial Invalidity

  	
  33

  
	
   

  	
   

  	
   

  
	
  29.

  	
  Separate and Independent Obligations

  	
  33

  
	
   

  	
   

  	
   

  
	
  30.

  	
  Benefit of Assignment

  	
  33

  
	
   

  	
   

  	
   

  
	
  31.

  	
  Notices

  	
  34

  
	
   

  	
   

  	
   

  
	
  32.

  	
  Counterparts

  	
  34

  
	
   

  	
   

  	
   

  
	
  33.

  	
  Governing Law

  	
  34

  
	
   

  	
   

  	
   

  
	
  34.

  	
  Jurisdiction

  	
  35

  
	
   

  	
   

  	
   

  
	
  35.

  	
  The Collateral Agent; Limitation on Duty of
  Collateral Agent in Respect of Charged Assets

  	
  35

  
				

 

i

 

	
  36.

  	
  Intercreditor Agreement

  	
  35

  
	
   

  	
   

  	
   

  
	
  Schedule 1 

  	
  Rights of Receivers

  	
  36

  
	
   

  	
   

  	
   

  
	
  Schedule 2 

  	
  Bank Accounts

  	
  39

  
	
   

  	
   

  	
   

  
	
  Schedule 3

  	
  Form of Notice of Assignment and
  Acknowledgement in relation to Insurances

  	
  40

  
	
   

  	
   

  	
   

  
	
  Schedule 4

  	
  Form of
  Notice of Charge and Assignment and Acknowledgement in relation to Book Debts

  	
  43

  
	
   

  	
   

  	
   

  
	
  Schedule 5

  	
  Form of Notice of Charge and Assignment and
  Acknowledgement in relation to Investments (Scripless Securities)

  	
  46

  
	
   

  	
   

  	
   

  
	
  Schedule 6

  	
  Form of Notice of Charge and Acknowledgement in
  relation to Bank Accounts

  	
  49

  
	
   

  	
   

  	
   

  
	
  Schedule 7

  	
  Form of Notice of
  Assignment of Assigned Contract

  	
  52

  
				

 

ii

 

This Deed is  made  on 25 September 2009 made between:

 

(1)                                 SEAGATE SINGAPORE INTERNATIONAL HEADQUARTERS PTE. LTD., company
registration number 199700025H (the “Chargor”) as
the chargor; and

 

(2)                                 WELLS FARGO BANK, NATIONAL ASSOCIATION (the “Collateral Agent”) as the collateral agent for and on behalf
of the Secured Parties (as defined below) pursuant to the Indenture (as defined
below).

 

WHEREAS:

 

(A)                               Pursuant to
the Indenture, Seagate Technology International, as the issuer (the “Issuer”) has issued USD$430,000,000 in aggregate principal
amount of its 10.00% senior secured second-priority notes due 2014, secured by
way of security granted by the Chargor on the terms and conditions contained in
the Indenture Documents (as defined below), subject only to the prior ranking
security created by the First Priority Debenture (as defined below).

 

(B)                               As security
for the Obligations (as defined below), the Chargor has agreed to assign and
charge by way of security in favour of the Collateral Agent for the benefit of
the Secured Parties, inter alia, all
of its legal and beneficial interest in the Charged Assets, subject only to the
prior ranking security created under the First Priority Debenture.

 

(C)                               Pursuant to
the Indenture, the Chargor is required to execute this Deed in favour of the
Collateral Agent for the benefit of the Secured Parties.

 

(D)                               The Chargor
has (after giving due consideration to the terms and conditions of the
Indenture Documents and satisfying itself that it will derive direct and
indirect economic and corporate benefit from the arrangements contemplated in
the Indenture Documents and that there are reasonable grounds for believing
that the entry into by it of this Deed will benefit it) decided in good faith
and for the purposes of its business to enter into this Deed and to create the
security expressed to be created by this Deed as a continuing security for the
payment and discharge of the Obligations.

 

(E)                                 The security
interests granted hereunder in respect of the Charged Assets are subject to the
terms, conditions and provisions of the Intercreditor Agreement (as defined
below) in all respects.

 

It is agreed as follows:

 

1.                                      Definitions and Interpretation

 

1.1                               Definitions

 

In this Deed, unless a contrary indication appears, terms
used in the Indenture have the same meaning and construction. In addition:

 

“Acts” means the
Companies Act and the Property Act.

 

“Assigned Contracts”
means:

 

(a)                                  each
contract relating to the purchase or procurement of raw materials or components
required for incorporation into Seagate goods, products or other merchandise,
the value of which is in the excess of $10,000,000 per annum;

 

1

 

(b)                                 each
contract relating to the purchase or procurement of goods, other than those
referenced to in paragraph (a) above and paragraph (c) below, the
value of which is in the excess of $5,000,000 per annum;

 

(c)                                  each
contract relating to the leasing, purchase or procurement of plant, machinery
or other capital equipment, the value of which is in the excess of $10,000,000
per annum;

 

(d)                                 each
contract relating to the procurement of services, the value of which is in the
excess of $5,000,000 per annum; and

 

(e)                                  any
other contract which is designated as such by the Collateral Agent and the
Chargor,

 

in each case,
where the Chargor is a party.

 

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

 

“Bank Accounts”
of the Chargor means all current, deposit or other accounts with any bank or
financial institution in which it now or in the future has an interest and (to
the extent of its interest) all balances now or in the future standing to the
credit of those accounts, including, on the date of this Deed, those accounts
listed in Schedule 2 (Bank Accounts).

 

“Book Debts” of
the Chargor means all book and other debts of any nature, and all other rights
to receive money (excluding Bank Accounts), now or in the future due, owing or
payable to it and the benefit of all related negotiable instruments, rights,
Security, guarantees and indemnities of any kind.

 

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

 

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

 

“Companies Act”
means the Companies Act, Chapter 50 of Singapore.

 

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

 

“Default  Notice” means a notice sent by the Trustee or the Holders to
the Issuer pursuant to Section 6.02 of the Indenture, after an occurrence
and during the continuance of an Event of Default (as defined in the Indenture).

 

“Delegate” means
a delegate or sub-delegate appointed under Clause 16.2 (Delegation).

 

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

 

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

 

2

 

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

 

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

 

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

 

“First Priority Debenture”
means the first ranking debenture dated on or about the date of this Deed made
by the Chargor in favour of JPMorgan Chase Bank, N.A. as administrative agent
for the Secured Parties (as defined therein) (as amended, supplemented or
otherwise modified from time to time).

 

“First Priority
Representative” has the meaning given to it in the Intercreditor
Agreement.

 

“Fixtures” means
fixtures, fittings (including trade fixtures and fittings) and fixed plant
machinery and apparatus.

 

“Goodwill” means
all present and future goodwill, including, without limitation, any goodwill
associated with Intellectual Property owned by or belonging to the Chargor.

 

“Indenture”
means the Indenture dated 1 May 2009 and made among (1) the Issuer, (2) Seagate
Technology, (3) Wells Fargo Bank, National Association, as the trustee and
(4) the other guarantors party thereto, including the Chargor (as amended,
supplemented or otherwise modified from time to time).

 

“Indenture Documents”
shall have the meaning given to it in the U.S. Security Agreement.

 

“Insurances” of
the Chargor means all contracts and policies of insurance of any kind now or in
the future taken out by or on behalf of it or (to the extent of its interest)
in which it now or in the future has an interest relating to the Charged Assets
or any part of the Charged Assets, whether pursuant to the provisions of any of
the Indenture Documents or otherwise.

 

“Intellectual Property”
of the Chargor means all trade marks, service marks, trade names, domain names,
logos, patents, inventions, registered and unregistered design rights, copy
rights, database rights, rights in confidential information and know-how, and
any associated or similar rights anywhere in the world, which it now or in the
future owns or (to the extent of its interest) in which it now or in the future
has an interest (in each case whether registered or unregistered and including
any related licences and sub-licences of the same granted to it, applications
and rights to apply for the same).

 

“Intercreditor Agreement”
means the agreement dated 1 May 2009 made among (1) JPMorgan Chase
Bank, N.A., (2) the Collateral Agent, (3) Seagate Technology HDD
Holdings, (4) the Issuer and (5) the other Loan Parties (as defined
therein) (as amended, supplemented or otherwise modified from time to time).

 

“Investments” of
the Chargor means:

 

(a)                                  securities
and investments of any kind (including Scripless Securities, shares, stock,
debentures, units, depository receipts, bonds, notes, commercial paper and
certificates of deposit);

 

3

 

(b)                                 warrants,
options or other rights to subscribe for, purchase or otherwise acquire
securities and investments;

 

(c)                                  all
rights relating to securities and investments (including Scripless Securities)
which are deposited with, or registered in the name of, any depository,
depository agent, custodian, nominee, clearing house or system, investment
manager, chargee or other similar person or their nominee, in each case whether
or not on a fungible basis (including rights against any such person); and

 

(d)                                 all
other rights attaching or relating to securities or investments referred to in
paragraphs (a) to (c) above and all cash or other securities or
investments in the future deriving from Investments or such rights,

 

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

 

“Material Adverse Effect”
shall mean a material adverse effect on (a) the business, assets,
operations, properties or financial condition of Seagate Technology and its
Subsidiaries, taken as a whole, (b) the ability of Seagate Technology and
the Issuer to perform their obligations under the Indenture Documents or (c) any
material rights of or benefits available to the Holders under the Indenture
Documents.

 

“Notes Party” or
“Notes Parties” has the meaning given to
it in the U.S. Security Agreement.

 

“Obligations”
has the meaning ascribed to “Secured Obligations” in the U.S. Security
Agreement.

 

“Party” means a
party to this Deed and includes its successors in title, permitted assigns and
permitted transferees.

 

“Perfection Agent”
shall mean (i) prior to the First Priority Obligations Payment Date (as
defined in the Intercreditor Agreement), the First Priority Representative
(including, with respect to any Charged Assets delivered or held by the
Perfection Agent hereunder, for the benefit of the Secured Parties pursuant to Section 2.3(b) of
the Intercreditor Agreement) and (ii) thereafter, the Collateral Agent.

 

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

 

“Real Property”
means freehold, leasehold and immovable property in Singapore (in each case
including any estate or interest therein, all rights from time to time attached
or relating thereto and all Fixtures from time to time therein or thereon).

 

“Receiver” means
a receiver, receiver and manager, judicial manager or other manager appointed
in respect of the Charged Assets.

 

“Secured Party”
or “Secured Parties” has the meaning given
to it in the U.S. Security Agreement.

 

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

 

“Security Documents”
shall have the meaning given to it in the U.S. Security Agreement.

 

4

 

“Scripless Securities”
means stocks, shares or other securities within the meaning of “book-entry
securities” as defined in Section 130A of the Companies Act (including all
instruments, orders and regulations made under or deriving validity therefrom)
which have been listed on the SGX-ST and which have been designated by the
SGX-ST as eligible for deposit with The Central Depository (Pte) Limited
(including its successors) and for clearance and book-entry settlement of
transactions on SGX-ST.

 

“SGX-ST” means
the Singapore Exchange Securities Trading Limited and includes its successors.

 

“Tax” means any
tax, levy, impost, duty or other charge or withholding of a similar nature
(including any penalty or interest payable in connection with any failure to
pay or any delay in paying any of the same).

 

“U.S. Security Agreement”
means the second lien U.S. security agreement dated 1 May 2009 made among (1) Seagate
Technology, (2) the Issuer, (3) the Collateral Agent and (4) each
of the other subsidiaries of Seagate Technology listed in Schedule I thereto
(as amended, supplemented or otherwise modified from time to time).

 

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

 

1.2                               Construction

 

The provisions in Section 1.02 (Rules of Construction) of the
Indenture apply to this Deed with all necessary changes. In addition, unless a
contrary indication appears, any reference in this Deed to:

 

1.2.1                     “assets” includes present and future properties, revenues and
rights of every description;

 

1.2.2                     the
“Chargor”, the “Collateral
Agent”, the “Perfection Agent”
or any “Party” shall be construed so as to
include its successors in title, permitted assigns and permitted transferees;

 

1.2.3                     this
“Deed” 
shall be construed as a reference to this Deed as amended, modified or
supplemented from time to time and shall include any document which is
supplemental hereto or which is entered into for the purposes of perfecting or
protecting the security constituted by this Deed;

 

1.2.4                     the
“Indenture” or “Indenture
Document” or any other agreement or instrument is a reference to
those documents or other agreement or instrument as amended, supplemented,
restated or otherwise modified (subject to any restrictions on such amendments
and restatements, supplements or modifications set forth in those documents);

 

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

 

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

 

5

 

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

 

1.2.8                     a
provision of law is a reference to that provision as amended or re-enacted.

 

For the avoidance of
doubt, this Deed is a “Security Agreement” under the terms of the Indenture.

 

1.3                               Ambiguity or Conflict

 

Where there is any ambiguity or conflict between the
provisions of the Indenture and this Deed, then the provisions of the Indenture
shall prevail.

 

1.4                               Third Party Rights

 

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

 

1.4.2                        Notwithstanding
any term of this Deed, the consent of any third party is not required for any
variation (including any release or compromise of any liability under) or
termination of this Deed.

 

2.                                      Fixed Charges and Assignment

 

2.1                               Fixed Charges

 

The Chargor, as legal and/or beneficial owner and as a
continuing security for the due and punctual payment and discharge of all the
Obligations, charges and agrees to charge in favour of the Collateral Agent for
the benefit of the Secured Parties, by way of second fixed charge (which so far
as it relates to land in Singapore vested in it at the date hereof shall be by
way of legal mortgage) and in each case subject to the prior ranking security
created under the First Priority Debenture:

 

2.1.1                     all
Real Property now belonging to it and all Real Property acquired by it in the
future;

 

2.1.2                        all
of its present and future Book Debts;

 

2.1.3                        all
of its present and future Bank Accounts;

 

2.1.4                        all
of its present and future Investments and Dividends;

 

2.1.5                        all
of its present and future uncalled capital and Goodwill;

 

2.1.6                        all
of its present and future Intellectual Property;

 

2.1.7                        all
of its present and future plant and machinery and other Fixtures (except that
mortgaged or charged by Clause 2.1.1);

 

2.1.8                        all
chattels now or at any time hereafter hired, leased or rented by the Chargor to
any other person, together in each case with the benefit of the related hiring,
leasing or 

 

6

 

rental
contract and any guarantee, indemnity or other security for the performance of
the obligations of any person under or in respect of such contract; and

 

2.1.9                     all
its present and future benefit of or under all present and future permissions,
consents and authorisations (statutory or otherwise) held in connection with
its business or the use of any Charged Asset,

 

provided that no Security shall be granted under this Clause
2.1, if:

 

2.1.10              granting
such Security would:

 

(a)                                  violate
the law of the jurisdiction in which the Charged Assets are located or the law
of the jurisdiction where the person owning such asset or property is
organised;

 

(b)                                 violate
the terms of any material contract binding on the Issuer, Seagate Technology or
any other Guarantor, including the Chargor (but only to the extent that the
restrictions in all such contracts, taken as a whole, do not materially limit
the Collateral that would otherwise be pledged pursuant to the Collateral Requirement
to secure the Obligations); or

 

(c)                                  result
in a material adverse tax consequence to the Chargor granting such security
interest (as reasonably determined by the Board of Directors of Seagate
Technology); or

 

2.1.11              the
cost to the Issuer, Seagate Technology or any other Guarantor, including the
Chargor, of granting and perfecting such security interest would be excessive
in view of the related benefits to be received by the Secured Parties therefrom
(as determined reasonably by the Board of Directors of Seagate Technology),
provided, however, that, notwithstanding clause 2.1.10 above and this clause
2.1.11, the Chargor shall grant a security interest in such Charged Assets and
execute such documentation and take such actions required to perfect any such
security interest, as the case may be:

 

(a)                                  to
the extent that the Chargor grants such security interest or executes such
documentation or takes any such other action for perfection thereof for the
benefit of the First Priority Representative under the Senior Credit Facility,
and

 

(b)                                 in
accordance with the provisions of Section 11.01(g) of the Indenture.

 

2.2                               Assignment

 

The Chargor, as legal and/or beneficial owner and as a
continuing security for the due and punctual payment and discharge of all the
Obligations, charges and agrees to charge and assigns and agrees to assign
absolutely to the Collateral Agent for the benefit of the Secured Parties, in
each case subject to the prior ranking security created under the First
Priority Debenture, all its present and future right, title and interest in and
to:

 

2.2.1                        each
Assigned Contract including all moneys payable to the Chargor and any claims,
awards and judgements in favour of, receivable by or received by the Chargor
under or in connection with or pursuant to any Assigned Contract;

 

7

 

2.2.2                     all
Insurances and all proceeds in respect of Insurances and all benefits of
Insurances (including all claims relating to, and all returns of premium in
respect of, Insurances); and

 

2.2.3                     all
Investments which are Scripless Securities,

 

provided that no Security shall be granted under
this Clause 2.2, if:

 

2.2.4                     granting
such Security would:

 

(a)                                  violate
the law of the jurisdiction in which the Charged Assets are located or the law
of the jurisdiction where the person owning such asset or property is
organised;

 

(b)                                 violate
the terms of any material contract binding on the Issuer, Seagate Technology or
any other Guarantor, including the Chargor (but only to the extent that the
restrictions in all such contracts, taken as a whole, do not materially limit
the Collateral  that would otherwise be
pledged pursuant to the Collateral Requirement to secure the Obligations); or

 

(c)                                  result
in a material adverse tax consequence to the Chargor granting such security
interest (as reasonably determined by the Board of Directors of Seagate
Technology); or

 

2.2.5                     the
cost to the Issuer, Seagate Technology or any other Guarantor, including the
Chargor, of granting and perfecting such security interest would be excessive
in view of the related benefits to be received by the Secured Parties therefrom
(as determined reasonably by the Board of Directors of Seagate Technology),
provided, however, that, notwithstanding clause 2.2.4 above and this clause
2.2.5, the Chargor shall grant a security interest in such Charged Assets and
execute such documentation and take such actions required to perfect any such
security interest, as the case may be:

 

(a)                                  to
the extent that the Chargor grants such security interest or executes such
documentation or takes any such other action for perfection thereof for the
benefit of the First Priority Representative under the Senior Credit Facility,
and

 

(b)                                 in
accordance with the provisions of Section 11.01(g) of the Indenture.

 

2.3                               Notices of Assignment

 

2.3.1                     The
Chargor undertakes to the Collateral Agent that it shall, within 10 days of the
date of this Deed, give the following notices of assignment and/or charge to
the relevant parties and use its commercially reasonable endeavours to procure
that the Collateral Agent receives whatever acknowledgments the Collateral
Agent considers necessary to perfect the Charges. Unless the Collateral Agent
requires otherwise, those notices and acknowledgements which, in the case of
the respective Charged Assets set out below, must substantially be in the appropriate
forms of the relevant Schedules set out next to it:

 

(a)                                  for
Insurances, in Schedule 3 (Form of Notice of Assignment and
Acknowledgement in relation to Insurances); and

 

8

 

(b)                                 for
Bank Accounts, in Schedule 6 (Form of Notice of Charge and Acknowledgement
in relation to Bank Accounts).

 

2.3.2                     Subject
to the terms, conditions and provisions of the Intercreditor Agreement, if at
any time:

 

(i)                                     the
Collateral Agent is of the reasonable opinion that any substantial part of the
security constituted by or pursuant to this Deed shall be in jeopardy and any
charge or security created or to be created under or pursuant to this Deed
requires to be perfected or improved; or

 

(ii)                                  an
Event of Default under the Indenture has occurred and is continuing and the
Issuer has received a Default Notice,

 

the Chargor
shall give the following notices of assignment and/or charge to the relevant
parties and use its commercially reasonable endeavours to procure that the
Collateral Agent receives whatever acknowledgments the Collateral Agent
considers necessary to perfect the Charges. Unless the Collateral Agent
requires otherwise, those notices and acknowledgements which, in the case of
the respective Charged Assets set out below, must substantially be in the
appropriate forms of the relevant Schedules set out next to it:

 

(i)                                     for
Book Debts, in excess of $10,000,000, in Schedule 4 (Form of Notice of
Charge and Assignment and Acknowledgement
in relation to Book Debts);

 

(ii)                                  for
Investments (which are Scripless Securities), in Schedule 5 (Form of
Notice of Charge and Assignment and Acknowledgement in relation to Investments
(Scripless Securities)); and

 

(iii)                               for
Assigned Contracts, in Schedule 7 (Form of Notice of Assignment of
Assigned Contracts).

 

3.                                      Floating Charge

 

3.1                               Creation

 

The Chargor, as legal and/or beneficial owner and as
continuing security for the due and punctual payment and discharge of all the
Obligations, charges in favour of the Collateral Agent for the benefit of the
Secured Parties, by way of second floating charge its undertaking and all its
assets, both present and future (including assets expressed to be charged or
assigned by Clause 2 (Fixed Charges and
Assignment)), in each case subject to
the prior ranking security created under the First Priority Debenture, provided
that no Security shall be granted under this Clause 3, if:

 

3.1.1                     granting
such Security would:

 

(a)                                  violate the law of the
jurisdiction in which the Charged Assets are located or the law of the
jurisdiction where the person owning such asset or property is organised;

 

(b)                                 violate the terms of any
material contract binding on the Issuer, Seagate Technology or any other
Guarantor, including the Chargor (but only to the extent that the restrictions
in all such contracts, taken as a whole, do not 

 

9

 

materially limit the Collateral that would otherwise
be pledged pursuant to the Collateral Requirement to secure the Obligations);
or

 

(c)                                  result in a material adverse
tax consequence to the Chargor granting such security interest (as reasonably
determined by the Board of Directors of Seagate Technology); or

 

3.1.2                     the
cost to the Issuer, Seagate Technology or any other Guarantor, including the
Chargor, of granting and perfecting such security interest would be excessive
in view of the related benefits to be received by the Secured Parties therefrom
(as determined reasonably by the Board of Directors of Seagate Technology),
provided, however, that, notwithstanding clauses 3.1.1 and 3.2.2 above, the
Chargor shall grant a security interest in such Charged Assets and execute such
documentation and take such actions required to perfect any such security
interest, as the case may be:

 

(i)                                     to
the extent that the Chargor grants such security interest or executes such
documentation or takes any such other action for perfection thereof for the
benefit of the First Priority Representative under the Senior Credit Facility,
and

 

(ii)                                  in
accordance with the provisions of Section 11.01(g) of the Indenture.

 

3.2                               Ranking

 

Subject to the prior ranking security created under the
First Priority Debenture, the floating Charge created by the Chargor ranks:

 

3.2.1                     behind
all the fixed Charges created by the Chargor; but

 

3.2.2                     in
priority to any other Security over the Charged Assets of the Chargor except
for Security ranking in priority in accordance with paragraph (f) of
Schedule 1 (Rights of Receivers).

 

3.3                               Conversion by notice

 

Subject to the terms, conditions and provisions of the
Intercreditor Agreement, the Collateral Agent may convert the floating Charge
created pursuant to Clause 3.1 (Creation) over all or any of the Charged Assets
into a fixed Charge by notice to the Chargor specifying the relevant Charged
Assets (either generally or specifically):

 

3.3.1                     if
it (acting reasonably) considers it necessary to do so in order to protect or
preserve the Charges over those Charged Assets and/or the priority of those
Charges;

 

3.3.2                     the
Collateral Agent (acting reasonably) considers that any of the Charged Assets
may be in jeopardy of being seized or sold pursuant to any form of legal
process; and/or

 

3.3.3                     upon
and at any time after the occurrence and during the continuance of an Event of
Default.

 

10

 

3.4                               Automatic conversion

 

If:

 

3.4.1                     the
Chargor takes any step to create any Security in breach of Clause 4.1 (Security) over any of the Charged Assets not subject to a
fixed Charge;

 

3.4.2                     any
person takes any step to effect any expropriation, attachment, sequestration,
distress or execution against any of those Charged Assets;

 

3.4.3                     a
resolution is passed or an order is made for the Winding-up of the Chargor; or

 

3.4.4                        any
person (who is entitled to do so) gives notice of its intention to appoint a
judicial manager to the Chargor or files such a notice with the court,

 

the floating Charge over the relevant Charged Assets shall
automatically and immediately be converted into a fixed Charge without notice.

 

3.5                               De-crystallisation

 

Subject to no Winding-up having occurred in relation to the
Chargor and no other Event of Default continuing, the Collateral Agent may, at
its sole discretion (acting reasonably), at any time after the floating Charge
created pursuant to Clause 3.1 (Creation)
over any Charged Asset becomes fixed under Clause 3.4 (Automatic conversion), upon the written
request of the Chargor and by written notice to the Chargor, reconvert the
fixed Charge into a floating Charge in relation to the Charged Assets specified
in that notice.

 

4.                                      Restrictions and Further Assurance

 

4.1                               Security

 

Other than as permitted or contemplated by the Indenture
Documents and save in respect of the First Priority Debenture, the Chargor
shall not create or permit to subsist any Security over any Charged Asset, nor
do anything else prohibited by Sections 4.08 (Limitation
on Liens) and 4.20 (Actions Taken Under the Senior Credit Facility)  of the Indenture, except as permitted by those provisions.

 

4.2                               Disposal

 

The Chargor shall not (and shall not agree to) enter into a
single transaction or a series of transactions (whether related or not and
whether voluntary or involuntary) to sell, lease, license, sub-license,
transfer or otherwise dispose of any Charged Asset, nor do anything else
prohibited by Section 4.13 (Limitation on Asset Sales)
and Article 5 (Consolidation, Merger or
Sale of Assets) of the Indenture, except as permitted by those
provisions.

 

4.3                               Further assurance

 

The Chargor shall promptly do whatever is necessary to
create, maintain and perfect the Security created under this Deed and whatever
else the Collateral Agent reasonably requires:

 

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

 

4.3.2                     to
facilitate the realisation of the Charged Assets or the exercise of any rights
vested in the Collateral Agent or any Receiver;

 

4.3.3                     for
the purpose of more effectively providing security to the Collateral Agent over
any of the Charged Assets (including, without limitation, any Charged Assets
subject to a 

 

11

 

fixed charge
as a result of the conversion by notice, under Clause 3.3 (Conversion
by notice) or, as the case may be, the automatic conversion under
Clause 3.4 (Automatic conversion) of the floating
charge created pursuant to Clause 3.1 (Creation) over
the relevant Charged Assets); or

 

4.3.4                     to
confer on the Collateral Agent security over any property and assets of the
Chargor located in any Collateral Jurisdiction outside Singapore equivalent or
similar to the Security intended to be conferred by or pursuant to this Deed,

 

including depositing, with the Collateral Agent, all title
deeds, agreements, leases and documents relating to any of the Charged Assets,
executing any transfer, conveyance, charge, mortgage, assignment or assurance
of the Charged Assets (whether to the Collateral Agent or its nominees or
otherwise), making any registration and giving any notice, order or direction.

 

5.                                      Real Property

 

5.1                               Documents

 

The Chargor shall deposit with the Perfection Agent, and the
Perfection Agent shall, during the continuance of this Security, be entitled to
hold, all title deeds, agreements, leases and documents of title relating to
the Chargor’s present and future Real Property.

 

5.2                               Compliance with obligations

 

The Chargor shall comply in all material respects with any
covenants, stipulations, conditions, licences, consents and any other
statutory, regulatory or contractual obligations relating to its Real Property
or its use, requiring payment of sums in respect of its Real Property, except
where the failure to comply could not reasonably be expected to have a Material
Adverse Effect.

 

5.3                               Mortgage

 

As security for the payment and discharge of the
Obligations, the Chargor shall, to the extent required by the Indenture, promptly
execute and deliver to the Collateral Agent such mortgage or other legal charge
of its Real Property from time to time as the Collateral Agent may require. The
Chargor shall promptly apply or authorise the Collateral Agent to apply to any
applicable authority or person for registration of any such mortgage or other
legal charge.

 

5.4                               Compliance with Statute

 

The Chargor shall comply with all obligations imposed under
any present or future ordinance, statute, regulation, order or instrument or
under any by-laws, regulations or requirements of any competent authority or
any planning control, building regulation control or other approvals, licences
or consents relevant to its Real Property or its use or enjoyment, except where
the failure to comply could not reasonably be expected to have a Material
Adverse Effect.

 

5.5                               Planning

 

Except as may be permitted by the Indenture Documents, the
Chargor shall not, without the consent of the Collateral Agent (such consent
not to be unreasonably withheld or delayed), apply for or implement any
planning permission or change or permit to be changed the use of 

 

12

 

any of its Real Property or carry out any operation or begin
or continue any use of its Real Property for which permission is required.

 

5.6                               Repair and Alterations

 

Except as may be permitted by the Indenture Documents, the
Chargor shall ensure that neither it nor any other person (i) demolishes
or (ii) materially alters or injures its Real Property or in any manner or
by any means that lessens the value of its Real Property nor, unless it
promptly replaces them with others of substantially equal or greater value,
removes any Fixtures from the Real Property without the consent of the
Collateral Agent.

 

5.7                               Use Property for Proper Purposes

 

Except as may be permitted by the Indenture Documents, the
Chargor shall not make any alteration to, or change in the use of, the Real
Property, that will materially diminish the utility thereof for the operation
of its business.

 

5.8                               Implied Covenants for Title

 

The Chargor’s obligations under this Deed are in addition to
any obligations or covenants contained in any other Indenture Document.

 

5.9                               Restrictions on dealing with Real Property

 

Other than as permitted or contemplated by the Indenture
Documents and save in respect of the First Priority Debenture and without
prejudice and in addition to Clauses 4.1 (Security),
4.2 (Disposal) and 4.3 (Further assurance):

 

5.9.1                     except
for the Charges and except as may be permitted by Sections 4.08 and 4.20 of the
Indenture, the Chargor shall not create or permit to subsist any Security over
all or any part of any of its Real Property; and

 

5.9.2                     except
as required by Clause 4.3 (Further assurance)
and except as may be permitted by Section 4.13 and Article 5 of the
Indenture, the Chargor shall not enter into a single transaction or a series of
transactions (whether related or not and whether voluntary or involuntary) to
sell, factor, transfer or otherwise dispose of all or any part of any of its
Real Property.

 

6.                                      Book Debts

 

6.1                               Collection

 

The Chargor shall promptly get in, realise and collect all
Book Debts in the ordinary and usual course of its business and shall after the
receipt of a Default Notice by the Issuer, hold the proceeds of getting in,
realisation and collection on trust for the Collateral Agent, subject to the
terms, conditions and provisions of the Intercreditor Agreement.

 

6.2                               Payment into designated Bank Account(s)

 

The Chargor shall promptly pay all moneys received by it
from any source (including all proceeds of collection of Book Debts) into a
Bank Account (or, if one or more Bank Accounts have been designated for this
purpose by the Collateral Agent, the relevant Bank Account(s)).

 

13

 

6.3                               Restrictions on dealing with Book Debts

 

Other than as permitted or contemplated by the Indenture
Documents and save in respect of the First Priority Debenture, and without
prejudice and in addition to Clauses 4.1 (Security),
4.2 (Disposal) and 4.3 (Further assurance):

 

6.3.1                     except
for the Charges and except as may be permitted by Sections 4.08 and 4.20 of the
Indenture, the Chargor shall not create or permit to subsist any Security over
all or any part of any of its Book Debts; and

 

6.3.2                     except
as required by Clause 4.3 (Further assurance)
and except as may be permitted by Section 4.13 and Article 5 of the
Indenture, the Chargor shall not enter into a single transaction or a series of
transactions (whether related or not and whether voluntary or involuntary) to
sell, factor, transfer or otherwise dispose of all or any part of any of its
Book Debts.

 

6.4                               Documents

 

The Chargor shall promptly execute and/or deliver to the
Collateral Agent such documents relating to such of its Book Debts as necessary
to create, maintain and perfect the Security expressed to be created by this
Deed as the Collateral Agent reasonably requires.

 

7.                                      Bank Accounts

 

7.1                               Withdrawals

 

7.1.1                     Prior to default

 

The Chargor shall be entitled to make withdrawals from any
Bank Account without the consent of the Collateral Agent.

 

7.1.2                     After default

 

Subject to the terms, conditions and provisions of the
Intercreditor Agreement, at any time after the receipt of a Default Notice by
the Issuer, the Chargor shall not be entitled to receive, withdraw or otherwise
transfer any credit balance from time to time on any Bank Account, except with
the consent of the Collateral Agent.

 

7.2                               Restrictions on dealing with Bank Accounts

 

Other than as permitted or contemplated by the Indenture
Documents and save in respect of the First Priority Debenture, and without
prejudice and in addition to Clauses 4.1 (Security),
4.2 (Disposal) and 4.3 (Further assurance):

 

7.2.1                     except
for the Charges and except as may be permitted by Sections 4.08 and 4.20 of the
Indenture, the Chargor shall not create or have outstanding any Security over
all or any part of any of its Bank Accounts; and

 

7.2.2                     except
as required by Clause 4.3 (Further assurance),
and except as may be permitted by Section 4.13 and Article 5 of the
Indenture, the Chargor shall not enter into a single transaction or a series of
transactions (whether related or not and whether voluntary or involuntary) to
transfer, assign or otherwise dispose of all or any part of any of its Bank Accounts.

 

14

 

7.3                               Documents

 

The Chargor shall promptly execute and/or deliver to the
Collateral Agent such documents relating to such of its Bank Accounts as
necessary to create, maintain and perfect the Security expressed to be created
by this Deed as the Collateral Agent reasonably requires, including any notice
to the relevant bank or financial institution with which such Bank Account is
maintained, of the Charges over such Bank Account.

 

8.                                      Investments

 

8.1                               Acquisition

 

The Chargor shall, as soon as reasonably practicable, notify
the Collateral Agent of its acquisition of any Investment and after the receipt
of a Default Notice by the Issuer, the declaration, payment, allotment, offer
or issue of any Dividend.

 

8.2                               Documents

 

Subject to the terms, conditions and provisions of the
Intercreditor Agreement, after the receipt of a Default Notice by the Issuer,
the Chargor shall:

 

8.2.1                     deliver
to the Perfection Agent, or as it directs, all certificates (if any) representing
its Investments;

 

8.2.2                     deposit
in any sub-account opened and maintained by the Chargor with any depository
agent (as defined in Section 130A of the Companies Act), all Scripless
Securities as the Perfection Agent may direct; and

 

8.2.3                     execute
and/or deliver to:

 

(i)                                     the
Perfection Agent such other documents relating to its Investments, including
transfers of Investments executed in blank, necessary to create, maintain,
perfect or enforce the Security expressed to be created by this Deed as the
Perfection Agent reasonably requires; and/or

 

(ii)                                  any
depository agent with whom the Chargor has deposited any Scripless Securities
in any sub-account opened and maintained by the Chargor, notice of charge or
assignment of the Scripless Securities and all of the Chargor’s present and
future right, title and interest in and to the same in such form as the
Perfection Agent may reasonably specify and/or reasonably require.

 

8.3                               Voting before the receipt of a Default Notice by the Issuer

 

Subject to Clause 8.4 (Voting
after the receipt of a Default Notice by the Issuer), the Chargor
shall be entitled to exercise or direct the exercise of the voting and other
rights attached to any Investment as it sees fit provided that:

 

8.3.1                     it
does so for a purpose not inconsistent with any Indenture Document; and

 

8.3.2                     the
exercise of or failure to exercise those rights would not materially impair the
Collateral or materially and adversely affect the rights and remedies of any
Secured Party under any Indenture Document.

 

15

 

8.4                               Voting after the receipt of a Default Notice by the Issuer

 

Subject to the terms, conditions and provisions of the
Intercreditor Agreement, at any time after the receipt of a Default Notice by
the Issuer:

 

8.4.1                     the
Perfection Agent or the Receiver shall be entitled to exercise or direct the
exercise of the voting and other rights attached to any Investment in such
manner as it or he reasonably sees fit provided that unless otherwise directed
by Required Lenders (as defined in the Senior Credit Facility) or the Holders,
as applicable, the Perfection Agent shall have the right to permit the Chargor
to exercise such rights; and

 

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

 

8.5                               Dividends before the receipt of a Default Notice by the Issuer

 

Subject to Clause 8.6 (Dividends
after the receipt of a Default Notice by the Issuer), the Chargor
shall be entitled to retain all cash income paid or payable on any Investment
and the Perfection Agent shall (or, as the case may be, ensure that its nominee
shall) pay any cash income derived from the Investments of the Chargor to the
Chargor. If any cash income is received by (or paid to) the Chargor (or as it
may direct) pursuant to this Clause 8.5, that amount shall be automatically
released from the Security created under this Deed on such amount being
received by (or, as the case may be, being paid to) the Chargor.

 

8.6                               Dividends after the receipt of a Default Notice by the Issuer

 

8.6.1                     Subject
to the terms, conditions and provisions of the Intercreditor Agreement, upon
and at any time after the receipt of a Default Notice by the Issuer, the
Perfection Agent (or, as the case may be, its nominee) shall be entitled to
retain any Dividend received by it and apply the same in or towards the payment
of the Obligations in accordance with Clause 17 (Order of Distributions).

 

8.6.2                     After
all Events of Default have been cured or waived, the Perfection Agent shall promptly
repay to the Chargor all cash income paid on any Investment that the Chargor
would otherwise be permitted to retain pursuant to the terms of Clause 8.5 (Dividends before the receipt of a Default Notice by the Issuer)
and that have not been applied in accordance with Clause 17 (Order of Distributions).

 

8.7                               Power of attorney

 

Upon the occurrence of an Event of Default which is
continuing, if any Investment of the Chargor is not held in the Chargor’s name,
the Chargor shall promptly deliver to the Perfection Agent an irrevocable power
of attorney, expressed to be given by way of security and executed as a deed by
the person in whose name that Investment is held. That power of attorney shall
appoint the Perfection Agent, each Receiver and each Delegate, as the attorney
of the holder and shall be in such form as the Perfection Agent requires. The
Collateral Agent agrees that it (and any Receiver or Delegate) shall not
exercise such power of attorney unless an Event of Default has occurred and is
continuing.

 

16

 

8.8                               Restrictions on dealing with Investments

 

Other than as permitted or contemplated by the Indenture
Documents and save in respect of the First Priority Debenture, and without
prejudice and in addition to Clauses 4.1 (Security),
4.2 (Disposal) and 4.3 (Further assurance):

 

8.8.1                     except
for the Charges and except as may be permitted by Sections 4.08 and 4.20 of the
Indenture, the Chargor shall not create or have outstanding any Security over
all or any part of any of its Investments; and

 

8.8.2                     except
as required by Clause 4.3 (Further assurance)
and except as may be permitted by Sections 4.13 and Article 5 of the
Indenture, the Chargor shall not enter into a single transaction or a series of
transactions (whether related or not and whether voluntary or involuntary) to
transfer, assign or otherwise dispose of all or any part of any of its
Investments except, in the case of Dividends, as permitted by Clause 8.5 (Dividends before the receipt of a Default Notice by the Issuer).

 

8.9                               Communications

 

After receipt of a Default Notice by the Issuer, the Chargor
shall as soon as reasonably practicable execute and/or deliver to the
Collateral Agent a copy of each circular, notice, report, set of accounts or
other document received by it or its nominee in connection with any Investment,
as the Collateral Agent reasonably requires.

 

9.                                      Intellectual Property

 

9.1                               Acquisition

 

The Chargor shall, not later than 30 days after the end of
each fiscal quarter of Seagate Technology ended on or about 3 July and 1 January of
each fiscal year, notify the Collateral Agent of its becoming the legal and/or
beneficial owner of or of its acquisition or grant of, or agreement to acquire
or grant (by licence or otherwise), any Intellectual Property, and any
application by it or on its behalf to register any Intellectual Property.

 

9.2                               Documents and consents

 

Where the Chargor is the owner of any Intellectual Property,
it shall promptly execute and/or deliver to the Collateral Agent:

 

9.2.1                     all
documents necessary to register or record this Deed or any Charge over
Intellectual Property with each relevant governmental authority or agency
responsible for keeping registers under which any of such Intellectual Property
is registered, and each receipt or confirmation of registration or recording of
this Deed or any Charge over Intellectual Property issued by that government
authority or agency; and

 

9.2.2                     such
other documents relating to such Intellectual Property as necessary to create,
maintain perfect and enforce the Security created under this Deed and such
other actions as the Collateral Agent reasonably requires to better assure,
preserve, protect and perfect any Charge.

 

17

 

9.3                               Maintenance

 

The Chargor shall make all commercially reasonable efforts
to safeguard, maintain in full force and effect and preserve its ability to
enforce its present and future ownership and rights in connection with all
Intellectual Property material to the conduct of the Chargor’s business,
including observing all related covenants and stipulations, maintaining in
confidence all confidential information and know how, obtaining all necessary
registrations and commencing and diligently prosecuting all appropriate
infringement actions. It will also take all steps necessary to maintain all
registered design, patent and trade mark registrations material to the conduct
of the Chargor’s business, including payment of maintenance, annuity, renewal
fees and other fees.

 

9.4                               Grant

 

Without prejudice to Clause 4.2 (Disposal), the Chargor shall not grant any exclusive
registered user agreement or exclusive licence in relation to any of its
present or future Intellectual Property (other than as permitted by the Indenture
Documents).

 

9.5                               Restrictions on dealing with Intellectual Property

 

Other than as permitted or contemplated by the Indenture
Documents and save in respect of the First Priority Debenture, and without
prejudice and in addition to Clauses 4.1 (Security),
4.2 (Disposal) and 4.3 (Further assurance):

 

9.5.1                     except
for the Charges and except as may be permitted by Sections 4.08 and 4.20 of the
Indenture, the Chargor shall not create or have outstanding any Security over
all or any part of any of its Intellectual Property; and

 

9.5.2                     except
as required by Clause 4.3 (Further assurance)
and except as may be permitted by Section 4.13 and Article 5 of the
Indenture, the Chargor shall not enter into a single transaction or a series of
transactions (whether related or not and whether voluntary or involuntary) to
transfer, assign or otherwise dispose of all or any part of its Intellectual
Property that is material to the conduct of its business.

 

10.                               Assigned Contracts

 

10.1                        Documents

 

The Chargor shall deliver to the Collateral Agent, and the
Collateral Agent may hold during the continuance of this Security, copies of
all Assigned Contracts as are in effect, and shall promptly deliver such
notices and other documents relating to the Assigned Contracts as is necessary
to create, maintain and perfect the Security expressed to be created under this
Deed as the Collateral Agent reasonably requires.

 

10.2                        Chargor still liable

 

The Chargor shall remain liable to perform all its
obligations under the Assigned Contracts. Neither the Collateral Agent nor any
Delegate shall be under any obligations or liability to the Chargor or any
other person under or in respect of any Assigned Contract.

 

10.3                        No variation etc.

 

The Chargor shall not, after the receipt of a Default Notice
by the Issuer:

 

18

 

10.3.1              amend,
vary or waive (or agree to amend, vary or waive) any provision of any Assigned
Contract other than an amendment, waiver or consent which is not material,
minor or technical or has been approved in writing by the Collateral Agent;

 

10.3.2              exercise
any right to rescind, cancel or terminate any Assigned Contract;

 

10.3.3              release
any counterparty from any material obligations under any Assigned Contract;

 

10.3.4              waive
any breach by any counterparty or consent to any act or omission which would
otherwise constitute such a breach; or

 

10.3.5              except
as provided in any Indenture Document, novate, transfer or assign any of its
rights under any Assigned Contract,

 

unless otherwise agreed by the Collateral Agent (such
agreement not to unreasonably withheld or delayed).

 

10.4                        Breach

 

The Chargor shall, after the receipt of a Default Notice by
the Issuer, notify the Collateral Agent of:

 

10.4.1              any
breach of or default under an Assigned Contract by it or any other party; and

 

10.4.2              any
right of it or any other party arising to terminate or rescind an Assigned
Contract,

 

promptly on becoming aware of the same.

 

10.5                        Performance of obligations

 

The Chargor shall perform all its obligations under each
Assigned Contract except to the extent any failure to perform, individually or
in the aggregate, could not be reasonably be expected to result in a Material
Adverse Effect.

 

10.6                        Exercise of rights

 

The Chargor shall take all steps necessary to protect,
maintain, exercise and enforce all of its rights with respect to the Assigned
Contracts to procure the due performance by each other party to the Assigned
Contracts of such party’s respective obligations under each of the Assigned
Contracts. After the receipt of a Default Notice by the Issuer, the Chargor
shall exercise all its rights, powers and discretions under each Assigned
Contract in accordance with the instructions of the Collateral Agent.

 

10.7                        Receipts of Chargor

 

After the receipt of a Default Notice by the Issuer, if any
moneys payable under or in connection with or pursuant to any Assigned Contract
are received by the Chargor, the Chargor shall immediately notify the
Collateral Agent and the same shall be held by the Chargor on trust for the
Collateral Agent and shall be immediately paid into the relevant Bank Account(s) designated
by the Collateral Agent for the purpose or, as the case may be, transferred and
paid over to the Collateral Agent to be dealt with in accordance with this Deed
and the other Indenture Documents, including the Intercreditor Agreement.

 

19

 

10.8                        Information

 

The Chargor shall as soon as practicable provide to the
Collateral Agent with any information the Collateral Agent reasonably requires
in relation to the Assigned Contracts.

 

11.                               Insurance

 

11.1                        Insurances

 

The Chargor, at its own expense, shall maintain or cause to
be maintained Insurances in accordance with the provisions of the Indenture.

 

11.2                        Collateral Agent may insure

 

In the event that the Chargor at any time fails to obtain or
maintain any of the insurance policies required by Section 4.05(b) of
the Indenture, the Collateral Agent may (at the Chargor’s expense), but shall
not be obliged to, arrange such insurances of the assets of the Chargor or any
of them as it (acting reasonably) thinks fit.

 

11.3                        Restrictions on dealing with Insurances

 

Other than as permitted or contemplated by the Indenture
Documents and save in respect of the First Priority Debenture, and without
prejudice and in addition to Clauses 4.1 (Security), 4.2 (Disposal) and 4.3
(Further assurance), except for the Charges or as permitted by Sections 4.08
and 4.20 of the Indenture, the Chargor shall not create or have outstanding any
Security over all or any part of any of its Insurances.

 

12.                               General Undertakings

 

12.1                        No fixing

 

Subject to Section 4.13 and Article 5 of the
Indenture, the Chargor shall not fix or permit the affixing of any Charged
Asset to any of its Real Property which is not itself a Charged Asset.

 

12.2                        Authorisations

 

The Chargor shall promptly:

 

12.2.1              obtain,
comply with and do all that is necessary to maintain in full force and effect;
and

 

12.2.2              if
reasonably requested by the Collateral Agent, supply certified copies to the
Collateral Agent of,

 

any Authorisation required under any law or regulation of
its jurisdiction of incorporation to enable it to perform its obligations under
this Deed and to ensure the legality, validity, enforceability or admissibility
in evidence in its jurisdiction of incorporation of this Deed.

 

12.3                        Compliance with laws

 

The Chargor shall comply in all respects with all laws to
which it may be subject, except where the failure to do so, individually or in
the aggregate, could not reasonably be expected to result in a Material Adverse
Effect.

 

20

 

12.4                        No other prejudicial conduct

 

The Chargor shall not do and shall take any commercially
reasonable actions to prevent anything which could prejudice the validity,
enforceability or priority of the Charges.

 

13.                               Representations and Warranties

 

The Chargor makes the representations and warranties set out
in this Clause 13 to the Collateral Agent on the date of this Deed.

 

13.1                        Status

 

It is a limited liability company or corporation, duly
incorporated and validly existing under the law of Singapore and has the power
to own its assets and carry on its business as it is being, and is proposed to
be, conducted.

 

13.2                        Binding obligations

 

The obligations expressed to be assumed by it in this Deed
are legal, valid, binding and enforceable, subject to the requirements
specified at the end of Clause 13.5 (Validity
and admissibility in evidence).

 

13.3                        Non-conflict with other obligations

 

The entry into and performance by it of this Deed, and the
transactions contemplated by, this Deed do not and will not conflict with:

 

13.3.1              any
law or regulation applicable to it;

 

13.3.2              its
constitutional documents; or

 

13.3.3              any
agreement or instrument binding upon it or any of its assets, or constitute a
default or termination event (however described) under any such agreement or
instrument, the breach of which would reasonably be expected to have a Material
Adverse Effect,

 

13.3.4              nor
(except as provided in any Security Document) result in the existence of, or
oblige it to create, any Security over any of its assets.

 

13.4                        Power and authority

 

It has the power to enter into, perform and deliver, and has
taken all necessary action to authorise its entry into, performance and
delivery of, the Indenture Documents to which it is a party and the
transactions contemplated by those Indenture Documents.

 

13.5                        Validity and admissibility in evidence

 

All Authorisations required:

 

13.5.1              to
enable it lawfully to enter into, exercise its rights under and comply with its
obligations in this Deed;

 

13.5.2              to
make this Deed admissible in evidence in Singapore; and

 

21

 

13.5.3              to
enable it to create the Security purported to be created by it pursuant to this
Deed and to ensure that such Security has the priority and ranking it is
expressed to have,

 

have been obtained or effected and are in full force and
effect (or, in each case, will be obtained or effected when required) save for
the making of the appropriate registrations of this Deed with the Accounting
and Corporate Regulatory Authority of Singapore and the payment of stamp duty
in the amount of up to S$500 payable in Singapore in respect of the stamping of
this Deed.

 

13.6                        No existing security

 

Except for the Charges, and as provided in this Deed or the
First Priority Debenture, and as otherwise permitted under the Indenture
Documents, no security exists on or over the Charged Assets.

 

13.7                        Beneficial Ownership

 

Except as provided in this Deed including, without
limitation, Clause 4.2 (Disposal)
and save in respect of the First Priority Debenture, the Chargor has not
assigned, transferred or otherwise disposed of the Charged Assets (or its
right, title and interest to or in the Charged Assets), either in whole or in
part, nor agreed to do so, and will not at any time do so or agree to do so
(except as permitted by the Indenture Documents). Save as permitted by the
Indenture Documents or this Deed, the Chargor is and will at all times be the
sole, absolute, legal and beneficial owner of the Charged Assets material to
its business, except for any minor defects in title that do not interfere with
its ability to conduct its business as currently conducted or to utilise such
Charged Assets for their intended purposes subject to liens permitted under the
Indenture.

 

13.8                        Immunity

 

Neither the Chargor nor any of its assets is entitled to
immunity from suit, execution, attachment or other legal process and in any
proceedings taken in Singapore in relation to this Deed, it will not be
entitled to claim immunity for itself or any of its assets, arising from suit,
execution or other legal process.

 

13.9                        No right of pre-emption etc.

 

It has not sold or granted (or agreed to sell or grant) any
right of pre-emption over, or any lease or tenancy of or (except as permitted
by the Indenture Documents or this Deed) otherwise disposed of, the benefit of
its right, title and interest in and to any of the Charged Assets.

 

13.10                 Consents

 

It has obtained all consents necessary to grant the Security
under this Deed, to enter into this Deed and to ensure that no other party to
any agreement or arrangement entered into by the Chargor becomes entitled to
terminate such agreement or arrangement as a consequence of the Chargor
entering into this Deed.

 

13.11                 Investments

 

The shares it owns in any of its subsidiaries (if any) are
fully paid and not subject to any option to purchase or similar rights and the
constitutional documents of such subsidiaries in 

 

22

 

respect of which such shares are issued do not and could not
restrict or inhibit (whether absolutely, partly, under a discretionary power or
otherwise) the transfer of such shares pursuant to the enforcement of the
Security created by or pursuant to this Deed.

 

13.12                 Insolvency

 

13.12.1       It
is not unable and has not been deemed unable to pay its debts within the
meaning of section 254 of the Companies Act.

 

13.12.2       No
order has been made or resolution passed for its compulsory or voluntary
winding up and (i) no petition has been presented for its compulsory or
voluntary winding up or the making of a judicial management order in respect of
it and (ii) no liquidator, receiver, receiver and manager, or judicial
manager has been appointed in respect of it or any part of its undertaking or
assets.

 

14.                               Enforcement

 

14.1                        Enforceability of Security

 

As between the Chargor and the Collateral Agent, the Charges
shall be enforceable, and the power of sale and other powers conferred by Section 24
of the Property Act (as varied and extended by this Deed) and all the other
powers conferred on the Collateral Agent by this Deed shall be exercisable at
any time after the occurrence and during the continuance of an Event of Default
and in accordance with the terms of the Intercreditor Agreement.

 

14.2                        Power of
sale

 

The statutory power of sale, of appointing a Receiver and
the other statutory powers conferred on mortgagees by Section 24 of the
Property Act as varied and extended by this Deed shall arise on or after the
occurrence and during the continuance of an Event of Default and may be
exercised by the Collateral Agent in accordance with the terms of the
Intercreditor Agreement free from the restrictions imposed by Section 25
of the Property Act.

 

14.3                        Consolidation

 

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

 

14.4                        Section 25 of the Property
Act

 

Section 25 of the Property Act shall not
apply to this Deed.

 

14.5                        No Liability as mortgagee in
possession

 

Nothing done by or on behalf of the Collateral Agent
pursuant to this Deed shall render it liable to account as a mortgagee in
possession for any sums (other than actual receipts) save for any loss arising
from the gross negligence or wilful misconduct of the Collateral Agent.

 

15.                               Appointment and Rights of Receivers

 

15.1                        Appointment of Receivers

 

Subject to the terms, conditions and provisions of the
Intercreditor Agreement, if:

 

23

 

15.1.1              requested
by the Chargor; or

 

15.1.2              after
the occurrence and during the continuance of an Event of Default (whether or
not the Collateral Agent has taken possession of the Charged Assets):

 

without any notice or further notice, the Collateral Agent
may, by deed, or otherwise in writing signed by any officer or manager of the
Collateral Agent or any person authorised for this purpose by the Collateral
Agent, appoint one or more persons to be a Receiver. Subject to the provisions
of the Companies Act, the Collateral Agent may similarly remove (so far as it
is lawfully able) any Receiver and appoint any person instead of any Receiver.
If the Collateral Agent appoints more than one person as Receiver, the
Collateral Agent may give those persons power to act either jointly or
severally. Any Receiver referred to in this Clause 15 may enjoy the benefit or
enforce the terms of this Clause 15 in accordance with the provisions of the
Contracts (Rights of Third Parties) Act, Chapter 53B of Singapore.

 

15.2                        Scope of appointment

 

Any Receiver may be appointed Receiver of all of the Charged
Assets or Receiver of a part of the Charged Assets specified in the
appointment. In the latter case, the rights conferred on a Receiver as set out
in Schedule 1 (Rights of Receivers)
shall have effect as though every reference in that Schedule to any Charged
Assets were a reference to the part of those assets so specified or any part of
those assets.

 

15.3                        Rights of Receivers

 

Any Receiver appointed pursuant to this Clause 15 shall have
the rights, powers, privileges and immunities conferred by the Acts (as varied
and/or extended by this Deed) on (a) mortgages, (b) mortgages in
possession and (c) administrative or other receivers duly appointed under
the Acts, and shall also have the rights set out in Schedule 1 (Rights of Receivers). The Receiver shall
in the exercise of the Receiver’s powers, authorities and discretions conform
to the discretions and regulations from time to time given or made by the
Collateral Agent. Any Receiver referred to in this Clause 15 may enjoy the benefit
or enforce the terms of this Clause 15 in accordance with the provisions of the
Contracts (Rights of Third Parties) Act, Chapter 53B of Singapore.

 

15.4                        Agent of Chargor

 

Any Receiver shall be the agent of the Chargor for all
purposes. The Chargor alone shall be responsible for the Receiver’s contracts,
engagements, acts, omissions, defaults and losses and for liabilities incurred
by the Receiver, provided that the Chargor (and for the avoidance of doubt, the
Collateral Agent) shall not be liable for any sums arising from the gross
negligence or wilful misconduct of the Receiver.

 

15.5                        Remuneration

 

The Collateral Agent may (acting reasonably) determine the
remuneration of any Receiver (without being limited to the maximum rate
specified in Section 29(6) of the Property Act) and direct payment of
that remuneration out of moneys he receives as Receiver. The Chargor alone
shall be liable for the remuneration and all other costs, losses, liabilities
and expenses of the Receiver, provided that the Chargor (and for the avoidance
of doubt, the Collateral Agent) shall not be liable for any sums arising from
the gross negligence or wilful misconduct of the Receiver.

 

24

 

16.                               Collateral Agent’s Rights

 

16.1                        Same rights as Receiver

 

Any rights conferred by any Indenture Document upon a
Receiver may be exercised by the Collateral Agent after the Charges become
enforceable (subject to the terms, conditions and provisions of the
Intercreditor Agreement), whether or not the Collateral Agent shall have taken
possession or appointed a Receiver of the Charged Assets.

 

16.2                        Delegation

 

The Collateral Agent may at any time and from time to time
delegate by power of attorney or in any other manner to any person or persons
or fluctuating body of persons all or any of the powers, authorities and
discretions which are for the time being exercisable by the Collateral Agent
under this Deed in relation to the Charged Assets and any such delegation may
be made upon such terms and conditions (including power to sub-delegate) and
subject to such regulations as the Collateral Agent may think fit and the
Collateral Agent shall not be in any way liable or responsible to the Chargor
for any loss or damage arising from any act, default, omission or misconduct on
the part of any such delegate or sub-delegate. Any third party referred to in
this Clause 16.2 may enjoy the benefit or enforce the terms of this Clause 16.2
in accordance with the provisions of the Contracts (Rights of Third Parties) Act,
Chapter 53B of Singapore.

 

17.                               Order of Distributions

 

17.1                        Application of proceeds

 

Subject to the terms, conditions and provisions of the
Intercreditor Agreement, all moneys received or recovered by the Collateral
Agent or any Receiver or Delegate in exercise of their rights under this Deed
shall, subject to the rights of any creditors having priority, be applied in
the order provided in Clause 17.2 (Order of
distributions).

 

17.2                        Order of distributions

 

The order referred to in Clause 17.1 (Application of proceeds) is:

 

17.2.1              first,
to the payment of all costs and expenses incurred by the Collateral Agent (in
its capacity as such hereunder or under any other Indenture Document) in
connection with such collection or sale or otherwise in connection with this
Deed or any of the Obligations, including all court costs and the reasonable
fees and expenses of its agents (including the Receiver and any Delegate) and
legal counsel, the repayment of all advances made by the Collateral Agent
hereunder or under any other Indenture Document on behalf of the Chargor and
any other costs or expenses incurred in connection with the exercise of any
right or remedy hereunder or under any other Indenture Document; and

 

17.2.2              second,
in the order set forth in Section 6.10 of the Indenture.

 

25

 

18.                               Liability of Collateral Agent, Receivers
and Delegates

 

18.1                        Possession

 

If the Collateral Agent, any Receiver or any Delegate takes
possession of the Charged Assets, it may at any time relinquish possession.
Without prejudice to Clause 18.2 (Collateral
Agent’s liability), the Collateral Agent shall not be liable as a
mortgagee in possession by reason of viewing or repairing any of the present or
future assets of the Chargor, except where such liability arises as a result of
the Collateral Agent’s gross negligence or wilful misconduct.

 

18.2                        Collateral Agent’s liability

 

None of the Collateral Agent, any Receiver or any Delegate
shall (either by reason of taking possession of the Charged Assets or for any
other reason and whether as mortgagee in possession or otherwise) be liable to
the Chargor, any Secured Party or any other person for any costs, losses,
liabilities or expenses relating to the realisation of any Charged Assets or from
any act, default, omission or misconduct of the Collateral Agent, any Receiver,
any Delegate or their respective officers, employees or agents in relation to
the Charged Assets or in connection with this Deed except to the extent caused
by its own gross negligence or wilful misconduct. Any third party referred to
in this Clause 18 may enjoy the benefit or enforce the terms of this Clause 18
in accordance with the provisions of the Contracts (Rights of Third Parties)
Act, Chapter 53B of Singapore.

 

19.                               Power of Attorney

 

19.1                        Appointment

 

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

 

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

 

19.1.2              at
any time after the occurrence and during the continuance of an Event of
Default, to exercise any of the rights conferred on the Collateral Agent, any
Receiver or any Delegate in relation to the Charged Assets or under this Deed,
either of the Acts or generally under Singapore law, subject to the terms,
conditions and provisions of the Intercreditor Agreement.

 

19.2                        Ratification

 

The Chargor ratifies and confirms and agrees to ratify and
confirm whatever any such attorney shall do or purport to do in the exercise of
the power of attorney granted by it in Clause 19.1 (Appointment). Any third party referred to in this Clause 19
may enjoy the benefit or enforce the terms of this Clause 19 in accordance with
the provisions of the Contracts (Rights of Third Parties) Act, Chapter 53B of
Singapore.

 

26

 

20.                               Protection of Third Parties

 

20.1                        No duty to enquire

 

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

 

20.1.1              whether
the powers or rights conferred by or pursuant to any Indenture Document are
exercisable;

 

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

 

20.1.3              otherwise
as to the propriety or regularity of acts purporting or intended to be in
exercise of any such rights (including whether or not any delegation shall have
lapsed for any reason or has been revoked); or

 

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

 

20.2                        Protection to purchasers

 

Upon any sale or disposal of the Charged Assets or any part
thereof in accordance with the terms, conditions and provisions of the
Intercreditor Agreement, which the Collateral Agent, any other Secured Party,
any Receiver or any Delegate shall make under the provisions of this Deed, a
statement in writing from the Collateral Agent, any Receiver or any Delegate
that the Security created by this Deed has become enforceable and that the
power of sale has become exercisable shall be conclusive evidence of the fact
in favour of any purchaser or other person to whom any of the Charged Assets may
be transferred and such purchaser or other person will take the same free of
any rights of the Chargor. The Chargor undertakes to indemnify the Collateral
Agent, any Receiver or any Delegate against any claim which may be made against
the Collateral Agent, any Receiver or any Delegate by such purchaser or any
other person by reason of any defect in its title to the Charged Assets,
provided that such indemnity shall not be available to the extent that such
claim resulted from the gross negligence or wilful misconduct of the Collateral
Agent, any Receiver or any Delegate, as applicable. Any third party referred to
in this Clause 20 may enjoy the benefit or enforce the terms of this Clause 20
in accordance with the provisions of the Contracts (Rights of Third Parties)
Act, Chapter 53B of Singapore.

 

21.                               Saving Provisions

 

21.1                        Continuing Security

 

Subject to Clause 22 (Discharge
of Security), the Charges are continuing Security and will extend to
the ultimate balance of the Obligations, regardless of any intermediate payment
or discharge in whole or in part.

 

21.2                        Reinstatement

 

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

 

27

 

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

 

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

 

21.3                        Waiver of defences

 

Neither the obligations of the Chargor under this Deed nor
the Charges will be affected by an act, omission, matter or thing which, but
for this Clause 21, would reduce, release or prejudice any of its obligations
under this Deed or any of the Charges (without limitation and whether or not
known to it or any Secured Party) including:

 

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

 

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

 

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

 

21.3.4              any
death, mental or other incapacity or lack of power, authority or legal
personality of or dissolution or change in the members or status or
constitution of the Chargor, any other Notes Party or any other person;

 

21.3.5              any
amendment (however fundamental) or replacement of a Indenture Document or any
other document or security;

 

21.3.6              any
unenforceability, illegality or invalidity of any obligation of any person
under any Indenture Document or any other document or security;

 

21.3.7              any
insolvency, bankruptcy, liquidation, Winding-up or similar proceedings;

 

21.3.8              this
Deed or any Indenture Document not being executed by or binding upon any
person; or

 

21.3.9              any
postponement, discharge, reduction, non-provability or other similar
circumstance affecting any obligation of any Notes Party or other person under
any Indenture Document resulting from any insolvency, liquidation or
dissolution proceedings or from any law, regulation or order.

 

21.4                        Immediate recourse

 

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

 

28

 

21.5                        Appropriations

 

Until all the Obligations have been irrevocably paid in
full, each Secured Party (or any trustee or agent on its behalf) may:

 

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

 

21.5.2              hold
in a suspense account any moneys received from the Chargor or on account of the
Chargor’s liability under this Deed.

 

21.6                        Deferral of Chargor’s rights

 

21.6.1              Until
all the Obligations have been irrevocably paid in full and unless the
Collateral Agent otherwise directs, the Chargor will not exercise any rights
which it may have by reason of performance by it of its obligations under the
Indenture Documents to take the benefit (in whole or in part and whether by way
of subrogation or otherwise) of any rights of the Secured Parties under the
Indenture Documents or of any guarantee or other security taken pursuant to, or
in connection with, the Indenture Documents by any Secured Party.

 

21.6.2              The
Chargor hereby agrees that any claim of indemnification or contribution that
the Chargor may have with respect to a third party shall not decrease the
Chargor’s obligations to the Secured Parties.

 

21.7                        Additional Security

 

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

 

22.                               Discharge of Security

 

22.1                        Final redemption

 

Subject to Clause 22.2 (Retention of security),
when all the Obligations have been paid or discharged in full in cash, this
Deed and the Charges created hereby shall terminate. The Charges granted hereby
shall be automatically released as provided for, and only to the extent
required by, Section 11.04 (Release of liens)
of the Indenture. In connection with any such termination or release, the
Collateral Agent shall at the request and cost of the Chargor, execute and do
all such deeds, acts and things as may be necessary to release, reassign or
discharge (as appropriate) the Charged Assets from the Charges.

 

22.2                        Retention of Security

 

If the Collateral Agent considers that any amount paid or
credited to any Secured Party under any Indenture Document is capable of being
avoided or otherwise set aside on the Winding-up of the Chargor or any other
Notes Party, that amount shall not be considered to have been paid for the
purposes of determining whether all the Obligations have been irrevocably paid.

 

29

 

23.                               Expenses, Stamp Duty and Interest

 

23.1                        Transaction expenses

 

The Chargor shall within three Business Days of demand pay
the Collateral Agent the amount of all costs, losses, liabilities and expenses
(including legal fees) reasonably incurred by the Collateral Agent in
connection with the negotiation, preparation, printing and execution of this
Deed and any other documents referred to in this Deed.

 

23.2                        Amendment costs

 

If the Chargor requests an amendment, waiver or consent, the
Chargor shall, within three Business Days of demand, reimburse the Collateral
Agent for the amount of all costs, losses, liabilities and expenses (including
legal fees) reasonably incurred by the Collateral Agent in responding to,
evaluating, negotiating or complying with that request.

 

23.3                        Enforcement costs

 

The Chargor shall, within three Business Days of demand, pay
to the Collateral Agent the amount of all costs, losses, liabilities and
expenses (including legal fees) incurred by the Collateral Agent, any Receiver
or any Delegate in relation to this Deed (including the administration,
protection, realisation, enforcement or preservation of any rights under or in
connection with this Deed, or any consideration by the Collateral Agent as to
whether to realise or enforce the same, and/or any amendment, waiver, consent
or release of this Deed and/or any other document referred to in this Deed).
Any third party referred to in this Clause 23 may enjoy the benefit or enforce
the terms of this Clause 23 in accordance with the provisions of the Contracts
(Rights of Third Parties) Act, Chapter 53B of Singapore.

 

23.4                        Stamp taxes

 

The Chargor shall pay and, within three Business Days of
demand, indemnify the Collateral Agent against any cost, loss or liability the
Collateral Agent reasonably incurs in relation to all stamp duty, registration
and other similar Taxes payable in respect of this Deed.

 

23.5                        Default interest

 

23.5.1              If
the Chargor fails to pay any amount payable by it under this Deed on its due
date, interest shall accrue at the rate publicly announced by the Collateral
Agent as its prime rate in effect at its principal office on the date of such
demand. Any interest accruing under this Clause 23.5 shall be immediately
payable by the Chargor on demand by the Collateral Agent.

 

23.5.2              Default
interest (if unpaid) arising on an overdue amount will be compounded with the
overdue amount at the end of each interest period applicable to that overdue
amount but will remain immediately due and payable.

 

23.6                        Goods and Services Tax

 

The Chargor shall pay to the Collateral Agent within three
Business Days of demand, in addition to any amount payable by the Chargor under
this Deed, any goods and services or other similar Tax in respect of that
amount (and references in this Deed to that amount shall be deemed to include
any such Taxes payable in addition to it).

 

30

 

24.                               Payments

 

24.1                        Demands

 

Any demand for payment made by any Secured Party shall be
effective as a demand for the purposes of this Deed, from the date on which it
is given.

 

24.2                        Payments

 

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

 

24.3                        Continuation of accounts

 

At any time after:

 

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

 

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

 

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

 

25.                               Conduct of Business by the Secured
Parties

 

No provision of this Deed will:

 

25.1.1              interfere
with the right of any Secured Party to arrange its affairs (tax or otherwise)
in whatever manner it thinks fit;

 

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

 

25.1.3              oblige
any Secured Party to disclose any information relating to its affairs (tax or
otherwise) or any computations in respect of Tax.

 

26.                               Miscellaneous Indemnities

 

26.1                        Currency indemnity

 

26.1.1              The
Chargor’s obligations under the Indenture Documents to make payments in United
States Dollars (the “Obligation Currency”)
shall not be discharged or satisfied by any tender or recovery pursuant to any
judgment expressed in or converted into any currency other than the Obligation
Currency, except to the extent that such tender or recovery results in the
effective receipt by the Collateral Agent of the full amount of the Obligation
Currency expressed to be payable to the Collateral Agent under the

 

31

 

Indenture
Documents. If, for the purpose of obtaining or enforcing judgment against the
Chargor in any court or in any jurisdiction, it becomes necessary to convert
into or from any currency other than the Obligation Currency (such other
currency being hereinafter referred to as the “Judgment
Currency”) an amount due in the Obligation Currency, the conversion
shall be made, at the rate of exchange (as quoted by the Collateral Agent or,
if the Collateral Agent does not quote a rate of exchange on such currency, by
a known dealer in such currency designated by the Collateral Agent) determined,
in each case, as of the date immediately preceding the day on which the
judgment is given (such Business Day being hereinafter referred to as the “Judgment Currency Conversion Date”).

 

26.1.2              If
there is a change in the rate of exchange prevailing between the Judgment
Currency Conversion Date and the date of actual payment of the amount due, the
Chargor covenants and agrees to pay, or cause to be paid, such additional
amounts, if any (but in any event not a lesser amount), as may be necessary to
ensure that the amount paid in the Judgment Currency, when converted at the
rate of exchange prevailing on the date of payment, will produce the amount of
the Obligation Currency that could have been purchased with the amount of
Judgment Currency stipulated in the judgment or judicial award at the rate of
exchange prevailing on the Judgment Currency Conversion Date.

 

26.1.3              For
purposes of determining the rate of exchange for this Clause 26.1, such amounts
shall include any premium and costs payable in connection with the purchase of
the Obligation Currency.

 

26.2                        Indemnities separate

 

The indemnity in this Deed shall:

 

26.2.1              not
limit any indemnification provision in any other Indenture Document;

 

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

 

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

 

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

 

26.3                        Other Indemnities and protections

 

Except in the case of gross negligence or wilful misconduct
on the part of the Collateral Agent, any Receiver or any Delegate, the
Collateral Agent shall be indemnified by the Chargor from and against all actions,
losses, claims, proceedings, costs, demands and liabilities which may be
suffered by the Collateral Agent by reason of any failure of the Chargor to
perform any of its obligations under this Deed or in the execution of any of
the rights, powers, remedies, authorities or discretions vested in the
Collateral Agent, any Receiver or any Delegate, under or pursuant to this Deed.

 

32

 

27.                               Rights, Amendments, Waivers and
Determinations

 

27.1                        Ambiguity

 

The powers and protections conferred by this Deed in
relation to the Charged Assets or any part thereof on the Collateral Agent
shall be in addition to and not in substitution for the powers and protections
conferred on mortgagees or chargees under the Acts, which shall apply to the
Charges except insofar as they are expressly or impliedly excluded. Where there
is any ambiguity or conflict between the rights or powers conferred by law or
contained in either of the Acts and those conferred by or pursuant to this Deed
or where the powers or protections in this Deed are more extensive or less
restrictive than those provided by either of the Acts, the terms of this Deed
shall prevail.

 

27.2                        Exercise of rights

 

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

 

27.3                        Amendments and waivers

 

Any term of this Deed may be amended or waived only with the
consent of the Collateral Agent and the Chargor, subject to any consent
required by Article 9 of the Indenture.

 

27.4                        Determinations

 

Any determination by or certification of the Collateral
Agent or any Receiver or Delegate of a rate or amount under this Deed is, in
the absence of manifest error, conclusive evidence of the matters to which it
relates.

 

28.                               Partial Invalidity

 

The illegality, invalidity or enforceability of any
provision of this Deed under the law of any jurisdiction shall not affect its
legality, validity or enforceability under the law of any other jurisdiction
nor the legality, validity or enforceability of any other provision.

 

29.                               Separate and Independent Obligations

 

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

 

30.                               Benefit of Assignment

 

30.1                        Benefit and burden

 

This Deed shall be binding upon and enure to the benefit of
each Party and its successors and assigns.

 

33

 

30.2                        The Chargor

 

The Chargor may not assign or transfer all or any of its
rights, benefits and obligations under this Deed, except as permitted by this Deed
or the other Indenture Documents.

 

30.3                        The Collateral Agent

 

The Collateral Agent may assign all or part of its rights
under this Deed or transfer all or part of its obligations under this Deed in
accordance with the terms of the Indenture without the consent of the Chargor.
Any such assignee or transferee shall be and be treated as a party for all
purposes of this Deed and shall be entitled to the full benefit of this Deed to
the same extent as if it were an original party in respect of the rights or obligations
assigned or transferred to it.

 

31.                               Notices

 

31.1                        Communications

 

Any communication to be made under or in connection with
this Deed may be made by fax or letter or, subject to Clause 31.3 (Delivery), be delivered or furnished by
electronic communication (including e-mail and Internet or intranet websites)
pursuant to procedures approved by the Collateral Agent.

 

31.2                        Addresses

 

The address and fax number (and the department or officer,
if any, for whose attention the communication is to be made) of each Party for
any communication or document to be made or delivered under or in connection
with this Deed is that identified with its name below, or any substitute
address, fax number or department or officer as the Party may notify to the
other Party.

 

31.3                        Delivery

 

Either Party may change its address or fax number for
notices and other communications hereunder by notice to the other Party. The
Collateral Agent or the Chargor may, in its discretion, agree to accept notices
and other communications to it hereunder by electronic communications pursuant
to procedures approved by it, provided that approval of such procedures may be
limited to particular notices or communications. All notices and other
communications given to any party hereto in accordance with the provisions of
this Deed shall be deemed to have been given on the date of receipt.

 

32.                               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. Delivery of an executed counterpart of a signature page of
this Deed by telecopy or Adobe pdf transmission shall be effective as delivery
of a manually executed counterpart of this Deed.

 

33.                               Governing Law

 

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

 

34

 

34.                               Jurisdiction

 

34.1                        Jurisdiction of Singapore courts

 

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

 

34.2                        Venue

 

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

 

35.                               The Collateral Agent; Limitation on Duty
of Collateral Agent in Respect of Charged Assets

 

35.1                        It
is expressly understood and agreed that the obligations of the Collateral Agent
as holder of the Charged Assets and interests therein and with respect to the
disposition thereof, and otherwise under this Deed, are only those expressly
set forth in this Deed and in the Indenture. 
The Collateral Agent shall act hereunder on the terms and conditions set
forth herein and in Articles 7 and 11 of the Indenture.  The Collateral Agent will be subject to such
directions as may be given to it by the Noteholders or the Trustee from time to
time (as required or permitted by the Indenture).  Except as directed by the Noteholders or the
Trustee as required or permitted by the Indenture or as required or permitted
by the Security Documents, the Collateral Agent will not be obligated (i) to
act upon directions purported to be delivered to it by any other person, (ii) to
foreclose upon or otherwise enforce any Charge, or (iii) to give any
consents, make any determination, exercise its discretion or take any other
action whatsoever with regard to any or all of the Charges, the Security
Documents, or the Charged Assets.  No
provision of this Deed will require the Collateral Agent to expend or risk its
own funds or otherwise incur any financial liability in the performance of its
duties hereunder, or in the exercise of its rights or powers, unless it
receives from the Noteholders indemnity satisfactory to it against any loss,
liability or expense.

 

35.2                        In
acting as Collateral Agent, the Collateral Agent may rely upon and enforce for
its own benefit each and all of the rights, powers, immunities, indemnities and
benefits of the Trustee under Articles 7 and 11 of the Indenture, each of which
shall also be deemed to be for the benefit of the Collateral Agent.

 

36.                               Intercreditor Agreement

 

The security interests created by this Deed on the Charged
Assets are junior and subordinate to the security interests on such Charged
Assets created by any similar instrument now or hereafter granted to any First
Priority Representative, in such property, in accordance with the provisions of
the Intercreditor Agreement. Notwithstanding anything to the contrary, the
exercise of any right or remedy by the Collateral Agent hereunder is subject to
the provisions of the Intercreditor Agreement. In the event of any conflict
between the terms of the Intercreditor Agreement and this Deed, the terms of
the Intercreditor Agreement shall govern.

 

35

 

Schedule 1

 

Rights of Receivers

 

Subject to the terms, conditions and provisions of the
Intercreditor Agreement, any Receiver appointed pursuant to Clause 15 (Appointment and Rights of Receivers) shall
have the right, either in its own name or in the name of the Chargor or
otherwise and in such manner and upon such terms and conditions as the Receiver
thinks fit, and either alone or jointly with any other person:

 

(a)                                  Take possession

 

to take possession of, get in and collect the Charged
Assets, and to require payment to him or any Secured Party of any Book Debts or
credit balance on any Bank Account;

 

(b)                                 Carry on business

 

to manage and carry on any business of the Chargor;

 

(c)                                  Contracts

 

to enter into any contract or arrangement relating to the
Charged Assets and to perform, repudiate, rescind or vary any such contract or
arrangement to which the Chargor is a party;

 

(d)                                 Deal with Charged Assets

 

without restriction imposed by Section 25 of the
Property Act or the need to observe any of the restrictions or other provisions
of Section 23 or 25 of the Property Act, to sell, transfer, assign,
exchange, hire out, lend or otherwise dispose of or realise the Charged Assets
(including any Fixture, which may be sold separately from the related Real
Property) to any person (including a new company formed pursuant to paragraph (e) (Hive down)) either by public offer or
auction, tender or private contract and for a consideration of any kind (which
may be payable or delivered in one amount or by instalments spread over a
period or deferred);

 

(e)                                  Hive down

 

to form a new company and to subscribe for or acquire (for
cash or otherwise) any investment in or of the new company and to sell,
transfer, assign, exchange and otherwise dispose of or realise any such
investments or part thereof or any rights attaching thereto;

 

(f)                                    Borrow money

 

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

 

(g)                                 Covenants and guarantees

 

to enter into bonds, covenants, guarantees, indemnities and
other commitments and to make all payments needed to effect, maintain or
satisfy them;

 

36

 

(h)                                 Dealings with tenants

 

to grant leases, tenancies, licences and rights of user,
grant renewals and accept surrenders of leases, tenancies, licences or rights
of user, and otherwise to reach agreements and make arrangements with, and to make
allowances to, any lessees, tenants or other persons (including a new company
formed pursuant to paragraph (e) (Hive
down)) from whom any rents and profits may be receivable (including
those relating to the grant of any licences, the review of rent in accordance
with the terms of, and the variation of, the provisions of any leases,
tenancies, licences or rights of user affecting the Charged Assets);

 

(i)                                     Rights of ownership

 

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

 

(j)                                     Insurance, repairs, improvements etc.

 

to insure the Charged Assets, to carry out decorations,
repairs, alterations, improvements and additions to the Charged Assets
(including the development or redevelopment of any Real Property) and to
purchase or otherwise acquire or do anything in connection with the Charged Assets;

 

(k)                                  Claims

 

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

 

(l)                                     Legal actions

 

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

 

(m)                               Redemption of Security

 

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

 

(n)                                 Employees etc.

 

to appoint, hire and employ officers, employees,
contractors, agents, advisors and others and to discharge any such persons and
any such persons appointed, hired or employed by the Chargor;

 

(o)                                 Companies Act

 

to exercise all powers set out in the Companies Act as now
in force (whether or not in force at the date of exercise) and any powers added
thereto, after the date of this Deed; and

 

(p)                                 Other powers

 

to do anything else he may think fit for the realisation of
the Charged Assets or incidental to the exercise of any of the rights conferred
on the Receiver under or by virtue of any Indenture

 

37

 

Document to which the Chargor is party, the Property Act,
the Companies Act or any other applicable law.

 

38

 

Schedule 2

 

Bank Accounts

 

	
  Bank

  	
   

  	
  Currency

  
	
  Citibank
  N.A.

  	
   

  	
  INR

  
	
  Bank
  of America

  	
   

  	
  USD

  

 

39

 

Schedule 3

 

Form of Notice of Assignment and
Acknowledgement in relation to Insurances

 

To:                              [The Insurers] [Address]

cc:                                 Wells Fargo Bank, National
Association

707 Wilshire Boulevard, 17th Floor

Los Angeles, CA 90017

United States of America

Attention: Corporate Trust Services

Fax No. +1 (213) 614-3355

 

[Date]

 

Notice of Assignment

 

[Description of Policy]

 

[Policy Number [       ]]

 

Seagate Singapore International Headquarters Pte. Ltd. (the “Chargor”) hereby gives you notice that, by an assignment
contained in a Second Priority Debenture (the “Debenture”)
dated 25 September 2009 entered into between the Chargor and Wells Fargo
Bank, National Association (the “Collateral Agent”), the Chargor assigned, by
way of security to the Collateral Agent (subject to a provision for
re-assignment), all its present and future right, title and interest in and to
the insurances, details of which are set out in the attached schedule (the “Insurances”)
including all claims under the Insurances and the proceeds of those claims and
any return of premiums.

 

1.                                       Insurances Other Than Third Party Insurance

 

After receipt of a notice from the Collateral Agent
addressed to you indicating that an Event of Default has occurred and is
continuing (a “Default Notice”), all moneys
payable by you to the Chargor in respect of the Insurances other than third
party Insurances shall be paid to, or to the order of, the Collateral Agent.

 

2.                                       Third Party Liability Insurance

 

Subject to any applicable legislation and despite the
assignments referred to above, all sums in respect of any claim under any third
party Insurance by an insured party shall be paid:

 

2.1                                 directly
to the person whose claim(s) constitute(s) the risk or liability
insured against, provided that such person has executed a discharge of all
claims against each insured party in respect of the risk or liability in
relation to which the claim was made; or

 

2.2                                 (despite
any policy term to the contrary) to the extent that insurers accept liability
to indemnify the insured party in respect of the claims or liabilities which
the insured party has settled directly with the claimant, to the relevant insured
party, unless the insured party is the Chargor, in which case those sums shall
be paid in the same manner as described in paragraph 1 above.

 

40

 

3.                                       Who to deal with

 

3.1                                 Despite
the assignment, you shall continue to treat the Chargor and the Collateral
Agent as entitled to make and deal with claims under the Insurances unless and
until you are notified by the Collateral Agent that the security created by the
Debenture has become enforceable.

 

3.2                                 After
receiving notice from the Collateral Agent that the security created by the
Debenture has become enforceable, you shall treat the Collateral Agent as the
only person entitled to make and deal with claims under the Insurances.

 

4.                                       Notices

 

You are entitled to rely without enquiry on any notice given
to you by the Collateral Agent that the security created by the Debenture has
become enforceable.

 

5.                                       Chargor remains liable for performance

 

The Chargor shall remain liable to perform the obligations
assumed by it under the Insurances and the Collateral Agent is not liable to
perform any of those obligations nor liable for the consequences of
non-performance.

 

6.                                       Irrevocable Authority

 

The authorities and instructions in this notice cannot be
revoked without the prior written consent of the Collateral Agent.

 

Please acknowledge receipt of this Notice of Assignment, and
confirm that you will pay all moneys in respect of the Insurances as directed
by or pursuant to this Notice of Assignment, by signing the acknowledgement on
the attached copy of this Notice of Assignment and returning that copy to the
Collateral Agent at:

 

Wells Fargo Bank, National Association

707 Wilshire Boulevard, 17th Floor

Los Angeles, CA 90017

United States of America

Attention: Corporate Trust Services

Fax No. +1 (213) 614-3355

 

 

	
   

  	
   

  
	
  For
  and on behalf of

  	
   

  
	
   

  	
   

  
	
  Seagate Singapore International Headquarters Pte. Ltd.

  	
   

  

 

41

 

[On duplicate]

 

To:                            Wells Fargo Bank, National
Association (the “Collateral Agent”)

707 Wilshire Boulevard, 17th Floor

Los Angeles, CA 90017

United States of America

Attention: Corporate Trust Services

Fax No. +1 (213) 614-3355

 

[Date]

 

We hereby acknowledge receipt of the Notice of Assignment
dated [         ] informing us of the assignment
by Seagate Singapore International Headquarters Pte. Ltd. (the “Chargor”) to the Collateral Agent of the Chargor’s rights,
title benefits and interest in and to the Insurance Policy referred to in that
Notice of Assignment and confirm that we have not received any other notice of
the assignment of such Insurance Policy.

 

We confirm that:

 

1.                                       upon
receipt of a Default Notice, we will pay all proceeds under the Insurance
Policy (that are due for payment to [  
]) to, or to the order of, the Collateral Agent;

 

2.                                       notwithstanding
the assignment, we shall continue to treat both the Chargor and the Collateral
Agent as entitled to make and deal with claims under the Insurance Policy
unless and until we are notified by the Collateral Agent that the security
created by the Debenture has become enforceable;

 

3.                                       after
receiving notice from the Collateral Agent that the security created by the
Debenture has become enforceable, we shall treat the Collateral Agent as the
only person entitled to make and deal with claims under the Insurance Policy;

 

4.                                       we
shall rely without enquiry on any notice given by the Collateral Agent that the
security created by the Debenture has become enforceable;

 

5.                                       we
regard the Chargor as solely liable to perform the obligations assumed by it
under such Insurance Policy;

 

6.                                       the
Collateral Agent is not liable to perform any of the obligations assumed by the
Chargor under such Insurance Policy nor liable for the consequences of
non-performance; and

 

7.                                       [the
above acknowledgment and confirmations are given with the authority of all of
the insurers.]

 

 

 

	
   

  	
   

  
	
  For
  and on behalf of

  	
   

  
	
   

  	
   

  
	
  [Name
  of Insurer]

  	
   

  

 

42

 

Schedule 4

 

Form of Notice of Charge and Assignment and
Acknowledgement in relation to Book Debts

 

To:                            [The
Debtors] [Address]

 

cc:                                 Wells
Fargo Bank, National Association

707 Wilshire Boulevard, 17th Floor

Los Angeles, CA 90017

United States of America

Attention: Corporate Trust Services

Fax No. +1 (213) 614-3355

 

[Date]

 

Seagate Singapore International Headquarters Pte. Ltd. (the “Chargor”) hereby gives you notice that, by a charge and
assignment contained in a Second Priority Debenture (the “Debenture”)
dated 25 September 2009 entered into between the Chargor and Wells Fargo
Bank, National Association (the “Collateral Agent”),
the Chargor granted to the Collateral Agent a second fixed charge over, and
assigned absolutely to the Collateral Agent, all its present and future right,
title and interest in and to, inter alia,
all its present and future right, title and interest in and to the Book Debts
(as defined in the Debenture).

 

Accordingly, until you receive instructions from the
Collateral Agent to the contrary, you shall pay all amounts falling due to the
Chargor in the manner agreed with the Chargor.

 

Despite the assignment referred to above or the making of
any payment by you to the Collateral Agent pursuant to it, the Chargor shall
remain liable to perform all its obligations under each Book Debt and neither
the Collateral Agent nor any receiver, delegate or sub-delegate appointed by it
shall at any time be under any obligation or liability to you under or in
respect of any Book Debt.

 

The Chargor shall also remain entitled to exercise all its
rights, powers and discretions under each Book Debt, except that the Chargor
shall not and you agree that the Chargor shall not amend, vary or waive (or
agree to amend, vary or waive) any provision of any Book Debt or exercise any
right to rescind, cancel or terminate any Book Debt without the prior written
consent of the Collateral Agent, and you should continue to give notices under
each Book Debt to the Chargor, in each case unless and until you receive
written notice from the Collateral Agent to the contrary, in which event all
such rights, powers and discretions shall be exercisable by, and notices shall
be given to, the Collateral Agent or as it directs.

 

Please acknowledge receipt of this Notice of Charge and
Assignment of Book Debts and confirm that:

 

1.                                       you
will pay all sums due under each Book Debt as directed by or pursuant to this
Notice of Charge and Assignment of Book Debts;

 

2.                                       you
will not claim or exercise any set-off or counterclaim in respect of any Book
Debt;

 

43

 

3.                                       you
have not received any other notice of any assignment or charge of any Book Debt
or of any other interest of any third party in any Book Debt; and

 

4.                                       you
will comply with the other provisions of this Notice of Charge and Assignment
of Book Debts,

 

by signing the acknowledgement on the attached copy of this
Notice of Charge and Assignment of Book Debts and returning that copy to the
Collateral Agent at:

 

Wells Fargo Bank, National Association

707 Wilshire Boulevard, 17th Floor

Los Angeles, CA 90017

United States of America

Attention: Corporate Trust Services

Fax No. +1 (213) 614-3355

 

 

	
   

  	
   

  
	
  For
  and on behalf of

  	
   

  
	
  Seagate Singapore International Headquarters Pte. Ltd.

  	
   

  

 

44

 

[On duplicate]

 

We acknowledge receipt of the Notice of Charge and
Assignment of Book Debts of which this is a copy and confirm that:

 

1.                                       we
will pay all sums due under each Book Debt as directed by or pursuant to the
Notice of Charge and Assignment of Book Debts;

 

2.                                       we
will not claim or exercise any set-off or counterclaim in respect of any Book
Debt;

 

3.                                       we
have not received any other notice of any assignment or charge of any Book Debt
or of any other interest of any third party in any Book Debt; and

 

4.                                       we
will comply with the other provisions contained in the Notice of Charge and
Assignment of Book Debts.

 

 

	
   

  	
   

  
	
  For
  and on behalf of [Debtor]

  	
   

  
	
   

  	
   

  
	
  Date:

  	
   

  

 

45

 

Schedule 5

 

Form of Notice of Charge and Assignment and
Acknowledgement in relation to Investments (Scripless Securities)

 

To:                            [Depository
Agent] [Address]

 

cc:                             Wells
Fargo Bank, National Association

707 Wilshire Boulevard, 17th Floor

Los Angeles, CA 90017

United States of America

Attention: Corporate Trust Services

Fax No. +1 (213) 614-3355

 

[Date]

 

Seagate Singapore International Headquarters Pte. Ltd. (the “Chargor”) hereby gives you notice that by a charge and
assignment contained in a Second Priority Debenture (the “Debenture”)
dated 25 September 2009 entered into between the Chargor and Wells Fargo Bank,
National Association. (the “Collateral Agent”),
the Chargor granted to the Collateral Agent a second fixed charge over, and
assigned absolutely to the Collateral Agent, all its present and future right,
title and interest in and to, inter alia,
all securities kept or maintained by the Chargor with you in sub-account number
[      ] (the “Sub-Account”)
maintained with you or held by you to the order of the Chargor, whether as
nominees or otherwise.

 

1.                                       You
are hereby directed to deal with all such securities in accordance with the
instructions of the Chargor, provided that upon notice from the Collateral
Agent addressed to you that an Event of Default has occurred and is continuing
(a “Default Notice”), the Chargor hereby
consents and instructs you to accept all instructions and directions from the
Collateral Agent in relation to such securities and, in particular, as and when
instructed by the Collateral Agent:

 

(a)                                  to
sell all or any part of such securities in the Sub-Account and to hold the
proceeds deriving therefrom to the order and for the benefit of the Collateral
Agent, and to deliver or pay such proceeds to the Collateral Agent or as the
Collateral Agent shall direct; and/or

 

(b)                                 to
transfer to the Collateral Agent or as instructed by the Collateral Agent any
of such securities in the Sub-Account, including moneys or proceeds relating to
such securities in the Sub-Account.

 

2.                                       The
Chargor hereby confirms that upon receipt of a Default Notice, you shall not
release all or any of such securities in the Sub-Account and/or any moneys or
proceeds deriving therefrom to us without the prior written consent of the
Collateral Agent.

 

46

 

3.                                       This
Notice of Charge and Assignment of Scripless Securities and the instructions
herein contained are irrevocable and may not be revoked, modified or varied
without the prior written consent of the Collateral Agent.

 

Please acknowledge receipt of this Notice of Charge and
Assignment of Scripless Securities, and confirm that:

 

(a)                                  you
have received no notice of any prior charge, assignment or other Security over
the securities referred to in this Notice of Charge and Assignment of Scripless
Securities; and

 

(b)                                 you
will comply with the directions to you contained in this Notice of Charge and
Assignment of Scripless Securities,

 

by signing the acknowledgement on the attached copy of this
Notice of Charge and Assignment of Scripless Securities and returning that copy
to the Collateral Agent at:

 

 

Wells Fargo Bank, National Association

707 Wilshire Boulevard, 17th Floor

Los Angeles, CA 90017

United States of America

Attention: Corporate Trust Services

Fax No. +1 (213) 614-3355

 

 

	
   

  	
   

  
	
  For
  and on behalf of

  	
   

  
	
  Seagate Singapore International Headquarters Pte. Ltd.

  	
   

  

 

47

 

[On duplicate]

 

We acknowledge receipt of the Notice of Charge and
Assignment of Scripless Securities of which this is a copy and:

 

(a)                                  confirm
that we have received no notice of any prior charge, assignment or other
Security over the securities referred to in the Notice of Charge and Assignment
of Scripless Securities; and

 

(b)                                 confirm
that we will comply with the directions to us contained in the Notice of Charge
and Assignment of Scripless Securities.

 

 

	
   

  	
   

  
	
  For
  and on behalf of [Nominee]

  	
   

  
	
  Date:

  	
   

  

 

48

 

Schedule 6

 

Form of Notice of Charge and
Acknowledgement in relation to Bank Accounts

 

To:                          [Institution
where Bank Account is held] [Address]

 

cc:                       Wells
Fargo Bank, National Association

707 Wilshire Boulevard, 17th Floor

Los Angeles, CA 90017

United States of America

Attention: Corporate Trust Services

Fax No. +1 (213) 614-3355

 

[Date]

 

1.                                       Seagate
Singapore International Headquarters Pte. Ltd. (the “Chargor”)
hereby gives you notice that, by a charge contained in a Second Priority
Debenture (the “Debenture”) dated 25 September 2009
entered into between the Chargor and Wells Fargo Bank, National Association
(the “Collateral Agent”), the Chargor granted
to the Collateral Agent a second fixed charge over all its present and future
right, title and interest in and to the accounts with you listed below (the “Bank Accounts”) including all moneys which may at any time
be standing to the credit of any Bank Account.

 

Under the
terms of the Debenture, the Chargor shall be entitled to operate and make any
withdrawal from any Bank Account at any time until and unless you receive
instructions from the Collateral Agent that the security created under the
Debenture has become enforceable.

 

	
  [Name
  of Account

  	
   

  	
  Account Number

  	
   

  
	
  [                           ]

  	
   

  	
  [                           ]

  	
   

  
	
  [                           ]

  	
   

  	
  [                           ]

  	
   

  
	
  [                           ]

  	
   

  	
  [                           ]

  	
   

  

 

2.                                       Accordingly,
upon your receipt of instructions from the Collateral Agent that the security
created the Debenture has become enforceable:

 

(a)                                  all
rights, powers and discretions of the Chargor in relation to any Bank Account
shall be exercisable solely by the Collateral Agent;

 

(b)                                 no
moneys may be released from any Bank Account without the prior written consent
of the Collateral Agent; and

 

(c)                                  you
should apply any amount standing to the credit of any Bank Account as directed
from time to time by the Collateral Agent.

 

49

 

3.                                       You
agree:

 

(a)                                  to
disclose to the Collateral Agent such information relating to any Bank Account
as the Collateral Agent may from time to time request; and

 

(b)                                 not
to claim or exercise any security interest in, set-off, counterclaim or other
rights in respect of any Bank Account save for:

 

(i)                                     deduction
of our usual fees and charges for operating any Bank Account; and

 

(ii)                                  reversal
of erroneous credits or any amounts credited (in any currency) into any Bank
Account pursuant to transfers, bank drafts, cheque payments (or other similar
instruments) which are uncollectible or reversed by clearing banks.

 

4.                                       This
authority and instruction is irrevocable without the prior written consent of
the Collateral Agent.

 

Please acknowledge receipt of this Notice of Charge, and
confirm that you will pay all moneys as directed by or pursuant to this Notice
of Charge and will comply with the other provisions of this Notice of Charge,
by signing the acknowledgement on the attached copy of this Notice of Charge
and returning that copy to the Collateral Agent at:

 

 

Wells Fargo Bank, National Association

707 Wilshire Boulevard, 17th Floor

Los Angeles, CA 90017

United States of America

Attention: Corporate Trust Services

Fax No. +1 (213) 614-3355

 

 

	
   

  	
   

  
	
   

  	
   

  
	
  For
  and on behalf of

  	
   

  
	
   

  	
   

  
	
  Seagate Singapore International Headquarters Pte. Ltd.

  	
   

  

 

50

 

[On duplicate]

 

We acknowledge receipt of the Notice of
Charge of which this is a copy and agree to comply with its terms. We confirm
that we have not received any other notice of charge or assignment or notice
that any other person claims any rights in respect of any Bank Account.

 

 

	
   

  	
   

  
	
  For
  and on behalf of

  	
   

  
	
  [Institution
  where Bank Account is held]

  	
   

  
	
   

  	
   

  
	
  Date:

  	
   

  

 

51

 

Schedule 7

 

Form of Notice of Assignment of Assigned
Contract

 

To:                      [Party
to the Assigned Contract] [Address]

 

cc:                               Wells
Fargo Bank, National Association

707 Wilshire Boulevard, 17th Floor

Los Angeles, CA 90017

United States of America

Attention: Corporate Trust Services

Fax No. +1 (213) 614-3355

 

[Date]

 

Notice
of Assignment

 

Seagate Singapore International Headquarters Pte. Ltd. (the “Chargor”) hereby gives you notice that, by an assignment
contained in a Second Priority Debenture (the “Debenture”)
dated 25 September 2009 entered into between the Chargor and Wells Fargo
Bank, National Association (the “Collateral Agent”),
the Chargor assigned by way of security to the Collateral Agent (subject to a
provision for reassignment), all its present and future right, title and
interest in and to the contracts listed below (the “Assigned
Contracts”), including all moneys payable to the Chargor, and any
claims, awards and judgements receivable or received by or in favour of the
Chargor, pursuant to and under or in connection with the Assigned Contracts.

 

Assigned Contracts

 

[describe the Assigned Contracts]

 

After receipt of a notice from the Collateral Agent
addressed to you indicating that an Event of Default has occurred and is
continuing (a “Default  Notice”),
all monies payable by you to the Chargor pursuant to and under or in connection
with any Assigned Contract shall be paid to, or to the order of, the Collateral
Agent.

 

This authority and instruction is irrevocable without the
prior written consent of the Collateral Agent. Despite the assignment referred
to above or the making of any payment by you to the Collateral Agent pursuant
to it, the Chargor shall remain liable to perform all its obligations under
each Assigned Contract and neither the Collateral Agent nor any receiver,
delegate or sub-delegate appointed by it shall at any time be under any
obligation or liability to you under or in respect of any Assigned Contract.

 

The Chargor shall also remain entitled to all rights, powers
and discretions under each Assigned Contract, except that the Chargor shall not
and you agree that the Chargor shall not amend, vary, waive (or agree to amend,
vary or waive) any provision of any Assigned Contract or exercise any right 

 

52

 

to rescind, cancel or terminate any Assigned Contract
without the prior written consent of the Collateral Agent, and you should
continue to give notices under each Assigned Contract to the Chargor, in each
case unless you receive written notice from the Collateral Agent to the
contrary, in which event all such rights, powers and discretions shall be
exercisable by, and notices shall be given to, the Collateral Agent or as it
directs.

 

Please acknowledge receipt of this Notice of Assignment and
confirm that:

 

(a)                                  you
will pay all sums due under each Assigned Contract as directed by or pursuant
to this Notice of Assignment;

 

(b)                                 you
will not claim or exercise any set-off or counterclaim in respect of any
Assigned Contract;

 

(c)                                  you
have not received any other notice of any assignment or charge of any Assigned
Contract or of any other interest of any third party in any Assigned Contract;
and

(d)                                 you
will comply with the other provisions of this Notice of Assignment,

 

by signing the acknowledgement on the attached copy of this
Notice of Assignment and returning that copy to the Collateral Agent at:

 

 

Wells Fargo Bank, National Association

707 Wilshire Boulevard, 17th Floor

Los Angeles, CA 90017

United States of America

Attention: Corporate Trust Services

Fax No. +1 (213) 614-3355

 

 

	
   

  	
   

  
	
  For and on behalf of

  	
   

  
	
  Seagate Singapore International Headquarters
  Pte. Ltd.

  	
   

  

 

53

 

[On duplicate]

 

We acknowledge receipt of the Notice of Assignment of which
this is a copy and confirm each of the matters referred to in paragraphs 1 to 4
(inclusive) of the Notice of Assignment.

 

 

	
   

  	
   

  
	
   

  	
   

  
	
  For
  and on behalf of [Party to Assigned Contract]

  	
   

  
	
   

  	
   

  
	
  Date:

  	
   

  

 

54

 

	
  In witness whereof this Deed has been duly executed by the parties
  hereto.

  
	
   

  	
   

  	
   

  
	
  The Chargor

  	
  

  	
   

  
	
   

  	
   

  
	
  THE
  COMMON SEAL of

  	
   

  
	
   

  	
   

  
	
  SEAGATE SINGAPORE INTERNATIONAL

  	
   

  
	
   

  	
   

  
	
  HEADQUARTERS PTE. LTD.

  	
   

  
	
  was
  hereunto affixed in the presence of:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/
  Patrick J. O’Malley

  	
   

  	
   

  
	
  Director

  	
   

  	
   

  
	
  Name:
  Patrick J. O’Malley

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/
  Chang Mui Yin

  	
   

  	
   

  
	
  Director

  	
   

  	
   

  
	
  Name:
  Chang Mui Yin

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Address:
  

  	
  Seagate
  Technology

  	
   

  	
   

  
	
   

  	
  920
  Disc Drive

  	
   

  	
   

  
	
   

  	
  Scotts
  Valley, CA95066

  	
   

  	
   

  
	
   

  	
  United
  States of America

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Fax
  No. 

  	
  +1
  (831) 438-6675

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Attention:
  

  	
  General
  Counsel

  	
   

  	
   

  

 

 

	
  The Collateral Agent

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  SIGNED,
  SEALED AND DELIVERED

  	
   

  	
   

  
	
   

  	
   

  
	
  by
  Maddy Hall

  	
   

  
	
   

  	
   

  
	
  for
  and on behalf of

  	
   

  
	
   

  	
   

  
	
  Wells Fargo Bank, National
  Association

  	
  /s/ Maddy Hall

  
	
  in
  the presence of:

  	
  Signature

  
	
   

  	
   

  
	
   

  	
   

  	
  Name:
  Maddy Hall

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Title:
  Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/
  Kheang Tan

  	
   

  	
   

  
	
  Witness’s
  signature

  	
   

  	
   

  
	
  Name
  of Witness: Kheang Tan

  	
   

  	
   

  
	
  Title:
  Assistant Vice President

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Address:
  

  	
  Wells
  Fargo Bank, National Association

  	
   

  	
   

  
	
   

  	
  707
  Wilshire Boulevard, 17th Floor

  	
   

  	
   

  
	
   

  	
  Los
  Angeles, CA 90017

  	
   

  	
   

  
	
   

  	
  United
  States of America

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Fax
  No: 

  	
  +1
  (213) 614-3355

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Attention:
  

  	
  Corporate
  Trust Services

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  With
  a copy to: Thompson Hine LLP

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Address:
  

  	
  335
  Madison Avenue, 12th Floor,

  	
   

  	
   

  
	
   

  	
  New
  York, NY 10017

  	
   

  	
   

  
	
   

  	
  United
  States of America

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Fax
  No: 

  	
  +1
  (212) 344-6101

  	
    

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Attention:
  

  	
  Irving
  C. Apar, Esq.

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