Document:

Accounts Receivables Trust Agreement

 (Translation) 
  
 Exhibit 10.22 
  

  
 ACCOUNTS RECEIVABLES TRUST AGREEMENT

  

  

			
	Settlor:	  	FASL JAPAN LIMITED
		
	Trustee:	  	MIZUHO TRUST & BANKING CO., LTD.

  
 March 25, 2004

  

	***	Confidential treatment has been requested as to certain portions of this agreement. Such omitted confidential information has been designated by asterisks and has been filed
separately with the Securities and Exchange Commission pursuant to Rule 25b-2 under the Securities Exchange Act of 1934, as amended, and the Commission’s rules and regulations promulgated under the Freedom of Information Act, pursuant to a
request for confidential treatment.*** 

  

 1 

 (Translation) 
  
 TABLE OF CONTENTS 
  

					
	CHAPTER 1 GENERAL PROVISIONS	  	3
			
	 1.
	  	Definitions	  	3
	 2.
	  	Purpose of the Trust	  	11
	 3.
	  	Additional Entrustment of Funds	  	11
	 4.
	  	Term of The Trust	  	12
	 5.
	  	Transfer of the Initial Trust Receivables	  	12
	 6.
	  	Eligibility Criteria for Trust Receivables	  	12
	 7.
	  	Representations and Warranties of the Settlor and the Trustee	  	15
	 8.
	  	Covenants by the Settlor	  	16
	 9.
	  	Indemnification	  	17
	 10.
	  	Perfection of Assignment	  	17
	 11.
	  	Delivery of Receivables Certificates	  	18
	 12.
	  	Indication of the Trust	  	18
	 13.
	  	Due Diligence Obligations	  	18
		
	CHAPTER 2 BENEFICIAL INTERESTS	  	18
			
	 14.
	  	Beneficiary	  	18
	 15.
	  	Type of the Beneficial Interests	  	18
	 16.
	  	Division of the Beneficial Interests	  	18
	 17.
	  	Issuance of Beneficial Interests Certificates	  	19
	 18.
	  	Assignment and Pledge of the Beneficial Interests	  	19
		
	CHAPTER 3 MANAGEMENT AND DISPOSAL OF THE TRUST PROPERTY	  	19
			
	 19.
	  	Report regarding the Trust Receivables by the Settlor	  	19
	 20.
	  	Floating Pledge Enforcement Notice	  	20
	 21.
	  	Delegation of a Part of the Trust Administrative Services	  	20
	 22.
	  	Management of the Funds within the Trust Property	  	21
	 23.
	  	Opening of the Account	  	21
	 24.
	  	Instruction of Beneficiary	  	21
		
	CHAPTER 4 CALCULATION OF THE TRUST	  	22
			
	 25.
	  	Definition of Principal and Proceeds	  	22
	 26.
	  	Treatment of Ineligible Receivables	  	22
	 27.
	  	Calculation and Report of the Trust	  	23
	 28.
	  	Payment of Taxes and Expenses	  	24
	 29.
	  	Trust Fees	  	24
		
	CHAPTER 5 DELIVERY OF PRINCIPAL AND PROCEEDS OF THE BENEFICIAL INTERESTS	  	24
			
	 30.
	  	Prepayment of Principal and Delivery of Proceeds during the Term of the Trust	  	24
	 31.
	  	Repayment of Trust Principal and Disposal of Trust Proceeds after the Occurrence of Repayment Formula Revision Event	  	26
		
	CHAPTER 6 TERMINATION OF TRUST	  	27
			
	 32.
	  	Termination of the Trust Agreement	  	27
	 33.
	  	Delivery of Principal and Proceeds upon Termination of the Trust	  	28
		
	CHAPTER 7 MISCELLANEOUS	  	29
			
	 34.
	  	Notice	  	29
	 35.
	  	Submission of Seal Impression	  	29
	 36.
	  	Notification	  	30
	 37.
	  	Access to the Details of the Trust Receivables	  	30
	 38.
	  	Fractions Less than One Yen	  	30
	 39.
	  	Governing Law	  	30
	 40.
	  	Jurisdiction	  	30
	 41.
	  	Amendments to This Agreement	  	31
	 42.
	  	Expenses	  	31
	 43.
	  	Application of the Loan Agreements	  	31
	 44.
	  	Consultation	  	31

  

 2 

 (Translation) 
  

 ACCOUNTS RECEIVABLES TRUST AGREEMENT 
  
 FASL JAPAN LIMITED (the “Settlor”) and Mizuho Trust & Banking Co., Ltd. (the
“Trustee”) enter into this trust agreement (this “Agreement,” and the trust established under this Agreement, the “Trust”), which consists of the following terms and conditions. 
  
 CHAPTER 1 GENERAL PROVISIONS 
  

	1.	DEFINITIONS 

  
 In this Agreement, the following terms shall have the meanings set forth below. 
  

	1.1	“Administration Method Instruction” has the meaning given in Clause 24.1 of this Agreement. 

  

	1.2	“Agent” means the Mizuho Corporate Bank, Ltd. in the capacity of the agent as appointed by the Lenders under the Creditors’ Agreement.

  

	1.3	“Application for Additional Entrustment of Funds” means a document substantially in the form attached hereto as Schedule 2. 

  

	1.4	“Beneficial Interests” means the beneficial interests accrued under this Agreement. 

  

	1.5	“Beneficiary” means a person having the Beneficial Interests. 

  

	1.6	“Business Day” means any day other than those that are bank holidays in Japan. 

  

	1.7	“Collection Account” means the following account: 

  

			
	 Name and Branch of Bank:
	  	Mizuho Corporate Bank, Ltd., Uchisaiwaicho 1st Corporate Banking Division
	 Account Type:
	  	Ordinary Savings Account
	 Account Number:
	  	****
	 Account Name:
	  	FASL JAPAN LIMITED Account held by Mizuho Trust & Banking Co., Ltd. as the trustee of the Monetary Receivables Trust

  

	1.8	“Collection Calculation Date” means, collectively, the Regular Collection Calculation Date and the Extraordinary Collection Calculation Date; provided, however,
that the Trust Termination Date shall be the last Collection Calculation Date. 

  

	1.9	“Collection Calculation Period” means the period commencing on the day (inclusive) immediately following the Collection Calculation Date immediately preceding each
Collection Calculation Date and ending on the relevant Collection 

  

	*	Confidential treatment has been requested pursuant to the Confidential Treatment Request dated April 13, 2005. 

  

 3 

 (Translation) 
  

 Calculation Date (inclusive); provided, however, that the initial Collection Calculation Period shall
commence on March 25, 2004 (inclusive) and the final Collection Calculation Period shall end on the Trust Termination Date. 
  

	1.10	“Collection Delivery Date” means, collectively, the Regular Collection Delivery Date and the Extraordinary Collection Delivery Date. 

  

	1.11	“Consumption Tax” means, collectively, consumption tax and local consumption tax in Japan. 

  

	1.12	“Consumption Tax and Other Tax” means Consumption Tax, goods and services tax (GST) in Singapore, value added tax (VAT) in Germany and any other taxes separately
agreed between the Settlor and the Trustee as taxes payable by the Settlor that are directly imposed on the execution and performance of the Purchase and Sale Related Agreements. 

  

	1.13	“Counter-Performed Trust Receivables” means the Trust Receivables (excluding the Ineligible Receivables) corresponding to the accounts receivables for the items
that are sold and purchased, the delivery and inspection of which is completed, except for the Trust Receivables that are the Fixed Trust Receivables. 

  

	1.14	“Counter-Performed Trust Receivables Amount” means the principal amount of the Counter-Performed Trust Receivables. 

  

	1.15	“Counter-Performed Trust Receivables Amount (Consumption Tax and Other Tax Equivalent)” means the Trust Receivables Amount (Consumption Tax and Other Tax
Equivalent) relating to the Counter-Performed Trust Receivables Amount. 

  

	1.16	“Counter-Performed Trust Receivables Amount (Goods’ Value Equivalent)” means the Counter-Performed Trust Receivables Amount minus the Counter-Performed
Trust Receivables Amount (Consumption Tax and Other Tax Equivalent). 

  

	1.17	“Damages” has the meaning given in Clause 6.1 (1) of this Agreement. 

  

	1.18	“Estimated Trust Receivables Collection Amount” has the meaning given in Clause 19.1 of this Agreement. 

  

	1.19	“Estimated Trust Receivables Collection Amount (Consumption Tax and Other Tax Equivalent)” means the amount to be paid as the Trust Receivables Amount
(Consumption Tax and Other Tax Equivalent) among the Estimated Trust Receivables Collection Amount. 

  

	1.20	“Estimated Trust Receivables Collection Amount (Goods’ Value Equivalent)” means the amount to be paid as the Trust Receivables Amount (Goods’ Value
Equivalent) among the Estimated Trust Receivables Collection Amount. 

  

	1.21	“Exemption Event” has the meaning given in Clause 1 of the Loan Agreements. 

  

	1.22	“Existing Trust Receivables” means the accounts receivables from the Third Party Obligor under the Purchase and Sale Related Agreements that exist as of the
execution date of this Agreement. 

  

 4 

 (Translation) 
  

	1.23	“Expenses” means taxes and other public charges relating to the Trust Property and expenses necessary for the trust administrative services (including, without
limitation, expenses relating to the delegation of the Trust Administrative Services under Clause 21). 

  

	1.24	“Expiration Date” means June 29, 2007 (or the immediately following Business Day if such date is not a Business Day). 

  

	1.25	“Extraordinary Collection Calculation Date” means, if the Trustee receives the Settlor’s Extraordinary Report, the day immediately preceding the date of
receipt (or the immediately preceding Business Day if such date is not a Business Day). If the Extraordinary Collection Calculation Date corresponds to the Regular Collection Calculation Date, such date shall be deemed as the Regular Collection
Calculation Date and not as the Extraordinary Collection Calculation Date. 

  

	1.26	“Extraordinary Collection Delivery Date” means the fourth (4th) Business Day after the Extraordinary Collection Calculation Date. 

  

	1.27	“Fixed Trust Property Value” means the sum of (i) the Fixed Trust Receivables Amount (Goods’ Value Equivalent) and (ii) the amount of the funds within the
Trust Property minus the amount of the Trust Receivables Collections (Consumption Tax and Other Tax Equivalent). 

  

	1.28	“Fixed Trust Receivables” means the Trust Receivables (excluding the Ineligible Receivables) indicated in invoices sent by the Settlor to the Third Party Obligor
under Clause 5.2 of the Purchase and Sale Agreement during each calendar month after the Set-off Treatment for such calendar month is complete. 

  

	1.29	“Fixed Trust Receivables Amount” means the principal amount of the Fixed Trust Receivables. Such amount shall be set forth in the Payment Notice relating to the
relevant calendar month as the amount to be paid by the Third Party Obligor to the Trustee by the Trust Receivables Due Date. 

  

	1.30	“Fixed Trust Receivables Amount (Consumption Tax and Other Tax Equivalent)” means the Trust Receivables Amount (Consumption Tax and Other Tax Equivalent) relating
to the Fixed Trust Receivables. 

  

	1.31	“Fixed Trust Receivables Amount (Goods’ Value Equivalent)” means the Fixed Trust Receivables Amount minus the Fixed Trust Receivables Amount
(Consumption Tax and Other Tax Equivalent). 

  

	1.32	“Floating Pledge” has the meaning given in Clause 18.2 of this Agreement. 

  

	1.33	“Floating Pledge Agreement” means the Floating Pledge Agreement entered into between the Settlor and the Lenders as of March 25, 2004 (as amended).

  

	1.34	“Floating Pledge Enforcement Notice” has the meaning given in Clause 20.1 of this Agreement. 

  

 5 

 (Translation) 
  

	1.35	“Ineligible Receivables” means the Trust Receivables that do not satisfy the eligibility criteria provided for in Clause 6.1, including the Existing Trust
Receivables that cease to satisfy such eligibility criteria after the execution date of this Agreement and the Prospective Trust Receivables that cease to satisfy such eligibility criteria after the date on which such Prospective Trust Receivables
arise. 

  

	1.36	“Instructor” has the meaning given in Clause 24.1 of this Agreement. 

  

	1.37	“Interest Collections” means the amounts received by the Trustee with respect to the Trust Property during each Collection Calculation Period, which constitute the
trust proceeds pursuant to Clause 25.2. 

  

	1.38	“Lenders” means, collectively, Mizuho Corporate Bank, Ltd., Shinkin Central Bank, The Bank of Yokohama, Ltd., The Toho Bank, Ltd. and The Norinchukin Bank as the
Lenders and their respective successors under the Loan Agreements. 

  

	1.39	“Lending Obligation” means, collectively, the Lending Obligation A and Lending Obligation B. 

  

	1.40	“Lending Obligation A” has the meaning given in Clause 1 of the Loan Agreement A. 

  

	1.41	“Lending Obligation B” has the meaning given in Clause 1 of the Loan Agreement B. 

  

	1.42	“Loan Agreement A” means the Revolving Line Agreement (A) (as amended or renewed) entered into by Mizuho Corporate Bank, Ltd., Shinkin Central Bank, The Bank of
Yokohama, Ltd., The Toho Bank, Ltd. and The Norinchukin Bank, and the Settlor as of March 25, 2004. 

  

	1.43	“Loan Agreement B” means the Revolving Line Agreement (B) (as amended or renewed) entered into by Mizuho Corporate Bank, Ltd. and the Settlor as of March 25, 2004.

  

	1.44	“Loan Agreements” means, collectively, the Loan Agreement A and the Loan Agreement B. 

  

	1.45	“Loan Receivables” means the Lenders’ loan receivables from the Settlor under the Loan Agreements. 

  

	1.46	“Majority Lenders” has the meaning given in Clause 1 of the Creditor’s Agreement. 

  

	1.47	“Memorandum regarding Trust Fees” has the meaning given in Clause 29.1 of this Agreement. 

  

	1.48	 “Payment Notice” means a notice given by the Third Party Obligor to the Settlor on or before the second (2nd) Business Day after the last day of
each month under the Purchase and Sale Related Agreements that specifies (i) the Trust Receivables the 

  

 6 

 (Translation) 
  

	 	 
Third Party Obligor will pay to the Trustee on the forty-fifth (45th) day after the last day of the calendar month after the Set-off Treatment and (ii) the
amount of such Trust Receivables. 

  

	1.49	“Principal Collections” means the amounts that the Trustee receives with respect to the Trust Property during each Collection Calculation Period, which are to
constitute the trust principal pursuant to Clause 25.1. 

  

	1.50	“Prospective Trust Receivables” means the accounts receivables from the Third Party Obligor under the Purchase and Sale Related Agreements that arise during a
period from the day immediately following the execution date of this Agreement (inclusive) to the Trust Termination Date with respect to the Third Party Obligor (inclusive). 

  

	1.51	“Purchase and Sale Agreement” means the Purchase and Sale Agreement entered into between the Settlor and the Third Party Obligor as of February 23, 2004 (as
amended). 

  

	1.52	“Purchase and Sale Related Agreements” means the Purchase and Sale Agreement and each individual agreement under the Purchase and Sale Agreement.

  

	1.53	“Regular Collection Calculation Date” means the fifteenth (15th) day or the last day of each month (or the immediately following Business Day if such date is not a
Business Day); provided, however, that the first Regular Collection Calculation Date shall be March 31, 2004. 

  

	1.54	“Regular Collection Delivery Date” means the fourth (4th) Business Day after the Regular Collection Calculation Date corresponding to the fifteenth (15th) day of
each month (or the immediately following Business Day if such date is not a Business Day) with respect to such Regular Collection Date, or the sixth (6th) Business Day after the Regular Collection Calculation Date corresponding to the last day of
each month (or the immediately following Business Day if such date is not a Business Day) with respect to such Regular Collection Date. 

  

	1.55	“Related Documents” means documents certifying the execution of the Purchase and Sale Related Agreements and any other documents relating to the Purchase and Sale
Related Agreements. 

  

	1.56	“Repayment Formula Revision Event” has the meaning given in Clause 20.1 of this Agreement. 

  

	1.57	“Repurchase Price” has the meaning given in Clause 26.1 of this Agreement. 

  

	1.58	“Set-off Treatment” means the Third Party Obligor’s setting off of a certain amount of the Counter-Performed Trust Receivables against the equivalent amount of
the Third Party Obligor’s receivables from the Settlor that become due in the relevant calendar month, by specifying its intention to do so on the Payment Notice to the Settlor on or before the second (2nd) Business Day after the last day of
each calendar month. 

  

 7 

 (Translation) 
  

	1.59	“Settlor’s Extraordinary Report” has the meaning given in Clause 19.2 of this Agreement. 

  

	1.60	“Settlor’s Regular Report” has the meaning given in Clause 19.1 of this Agreement. 

  

	1.61	“Settlor’s Regular Report Deadline” means (i) 3 p.m. on the Business Day immediately following the Regular Collection Calculation Date corresponding to
the fifteenth (15th) day of each month (or the immediately following Business Day if such date is not a Business Day) with respect to the Settlor’s Regular Report relating to such Regular Collection Calculation Date, or (ii) 3 p.m. on the third
(3rd) Business Day after the Regular Collection Calculation Date corresponding to the last day of each month (or the immediately following Business Day if such date is not a Business Day) with respect to the Settlor’s Regular Report relating to
such Regular Collection Calculation Date. 

  

	1.62	“Settlor’s Report” means, collectively, the Settlor’s Regular Report and the Settlor’s Extraordinary Report. 

  

	1.63	“Settlor’s Report Form” means the form attached hereto as Schedule 4. Provided, however, that the Settlor, the Trustee and the Agent may change such
form upon mutual agreement. 

  

	1.64	“Third Party Obligor” means FUJITSU LIMITED. 

  

	1.65	“Total Outstanding Balance” means the sum of the Total Outstanding Balance A and the Total Outstanding Balance B. 

  

	1.66	“Total Outstanding Balance A” has the meaning given in Clause 1 of the Loan Agreement A. 

  

	1.67	“Total Outstanding Balance B” has the meaning given in Clause 1 of the Loan Agreement B. 

  

	1.68	“Trust Administrative Services” means the administrative services relating to the administration and collection of the Trust Receivables (including, without
limitation, (i) custody and administration of the Related Documents; (ii) administration of the balances relating to the Trust Receivables; and (iii) receipt of payment relating to the Trust Receivables). 

  

	1.69	“Trust Assignment” means assignment of the Trust Receivables from the Settlor to the Trustee pursuant to this Agreement. 

  

	1.70	“Trust Calculation Date” means (i) the second (2nd) Business Day after the Regular Collection Calculation Date corresponding to the fifteenth (15th) day of each
month (or the immediately following Business Day if such date is not a Business Day) relating to such Collection Calculation Date, or (ii) the fourth (4th) Business Day after the Regular Collection Calculation Date corresponding to the last day of
each month (or the immediately following Business Day if such date is not a Business Day) relating to such Collection Calculation Date. 

  

 8 

 (Translation) 
  

	1.71	“Trust Property Maintenance Standards” means, in each case set forth below, the following conditions: 

  

	 	(1)	In the case where the Total Outstanding Balance A exists and Total Outstanding Balance B does not exist, the Fixed Trust Property Value shall be no less than 101% of the Total
Outstanding Balance A; 

  

	 	(2)	In the case where both the Total Outstanding Balance A and the Total Outstanding Balance B exist, (i) the Counter-Performed Trust Receivables Amount (Goods’ Value Equivalent)
shall be no less than 120% of the Total Outstanding Balance minus the Fixed Trust Property Value, and (ii) the Fixed Trust Property Value shall be no less than 101% of the Total Outstanding Balance A, and for avoidance of doubt, this condition shall
be satisfied if (i) the Fixed Trust Property Value is no less than the Total Outstanding Value and (ii) the Fixed Trust Property Value is no less than 101% of the Total Outstanding Balance A; 

  

	 	(3)	In the case where the Total Outstanding Balance B exists and the Total Outstanding Balance A does not exist, the Counter-Performed Trust Receivables Amount (Goods’ Value
Equivalent) shall be no less than 120% of the Total Outstanding Balance B minus the Fixed Trust Property Value, and for avoidance of doubt, this condition shall be satisfied if the Fixed Trust Property Value is no less than the Total Outstanding
Balance B; or 

  

	 	(4)	In the case where neither the Total Outstanding Balance A nor the Total Outstanding Balance B exist, there shall be no conditions. 

  

	1.72	“Trust Property” means all property arising from the Trust Receivables and as a result of the management and disposal of the Trust Receivables.

  

	1.73	“Trust Receivables” means, collectively, the Existing Trust Receivables and the Prospective Trust Receivables. 

  

	1.74	“Trust Receivables Amount” means the principal amount of the Trust Receivables. 

  

	1.75	“Trust Receivables Amount (Consumption Tax and Other Tax Equivalent)” means, with respect to each Trust Receivables, if the Settlor incurs tax liabilities relating
to Consumption Tax and Other Tax that are directly imposed on the execution and performance of the Purchase and Sale Related Agreements under which the Trust Receivables arise, the amount of such taxes payable by the Settlor among the Trust
Receivables Amount relating to such Trust Receivables. 

  

	1.76	“Trust Receivables Collections” means all amounts that the Trustee receives from the Third Party Obligor or other persons as repayment of their debts relating to
the Trust Receivables. 

  

	1.77	 “Trust Receivables Collections (Consumption Tax and Other Tax Equivalent)” means the amounts that the Trustee deems as payments relating to the
Trust 

  

 9 

 (Translation) 
  

	 	 
Receivables Amount (Consumption Tax and Other Tax Equivalent) among the Trust Receivables Collections based on the Settlor’s Report, or the amounts that
the Agent reasonably deems as payments relating to the Trust Receivables (Consumption Tax and Other Tax Equivalent) among the Trust Receivables Collections based on other reports from the Settlor if the Trustee cannot determine the amounts to be
paid relating to the Trust Receivables Amount (Consumption Tax and Other Tax Equivalent), including the cases where the Estimated Trust Receivables Collection Amount set forth in the Settlor’s Report are inconsistent with the amount of the
Trust Receivables Collections, or any false information is discovered or possibly exists in the Settlor’s Report. 

  

	1.78	“Trust Receivables Due Date” means, with respect to each Trust Receivables, the fifteenth (15th) day (or the immediately following Business Day if such date is not
a Business Day) of the second (2nd) month after each calendar month in which the Settlor sends an invoice indicating such Trust Receivables to the Third Party Obligor under Clause 5.2 of the Purchase and Sale Agreement. 

  

	1.79	“Trust Termination Date” means the earliest of the following dates: 

  

	 	(1)	the Expiration Date (or if the Loan Receivables remains and the obligation of the Borrower relating to the Loan Receivables has become immediately due and payable as of the
Expiration Date, the Regular Collection Calculation Date first occurring after the date three (3) months after the date on which such obligation of the Borrower becomes immediately due and payable); 

  

	 	(2)	the Regular Collection Calculation Date first occurring after the date on which (i) the Loan Receivables cease to exist and (ii) the Agent recognizes that the prospect of the Loan
Receivables arising thereafter has ceased to exist due to the termination of the Loan Agreements or extinguishment of the Lending Obligation; 

  

	 	(3)	the Regular Collection Calculation Date first occurring after the date on which (i) the outstanding balance with respect to the Trust Receivables ceases to exist and (ii) the Agent
recognizes that the prospect of the Trust Receivables arising thereafter has ceased to exist; or 

  

	 	(4)	the Regular Collection Calculation Date first occurring after the date on which the Trustee dispatches a notice of its intent to terminate this Agreement under Clause 32 thereof.

  

	1.80	“Trustee’s Extraordinary Report” has the meaning given in Clause 27.2 of this Agreement. 

  

	1.81	“Trustee’s Regular Report” has the meaning given in Clause 27.1 of this Agreement. 

  

	1.82	 “Trustee’s Regular Report Deadline” means (i) 12 p.m. on the third (3rd) Business Day after the Regular Collection Calculation Date
corresponding to the fifteenth (15th) day of each month (or the immediately following Business Day if such date is 

  

 10 

 (Translation) 
  

	 	 
not a Business Day) with respect to the Trustee’s Regular Report relating to such Regular Collection Calculation Date, or (ii) 12 p.m. on the fifth
(5th) Business Day after the Regular Collection Calculation Date corresponding to the last day of each month (or the immediately following Business Day if such date is not a Business Day) with respect to the Trustee’s Regular Report relating to
such Regular Collection Calculation Date. 

  

	2.	PURPOSE OF THE TRUST 

  
 The Settlor has entrusted the Trust Receivables to the Trustee, and the Trustee has accepted such Trust Receivables as of the execution date of this
Agreement for the purpose of managing and disposing such Trust Receivables for the benefit of the Beneficiary. 
  

	3.	ADDITIONAL ENTRUSTMENT OF FUNDS 

  

	3.1	If it is found that the Trust Property Maintenance Standards are not satisfied, the Settlor shall first give notice of its intent to entrust additional funds pursuant to the
provisions of Clause 3.2 to the Trustee (the “Notice of Additional Entrustment of Funds”) and then entrust additional funds sufficient to satisfy the Trust Property Maintenance Standards to the Trustee on or before the Business Day
immediately following the date on which it is found that the Trust Property Maintenance Standards are not satisfied, unless the Settlor notifies the Agent pursuant to Clause 14.4(i) of the Loan Agreements of its intent to pay to the Lenders all or
any part (sufficient to satisfy the Trust Property Maintenance Standards) of the Loan Receivables (the “Prepayment Notice”) by 11 a.m. on the Business Day immediately following the date on which it is found that the Trust Property
Maintenance Standards are not satisfied. Upon receipt of the additional funds, the Trustee shall notify the Agent of the amount of the additional funds immediately (but no later than the second (2nd) Business Day after the date of receipt of the
additional funds). 

  

	3.2	The Settlor shall give the Prepayment Notice and the Notice of Additional Entrustment of Funds to the Trustee and the Agent in a form separately agreed upon between the Settlor, the
Trustee and the Agent by 11 a.m. on the Business Day immediately following the date on which it is found that the Trust Property Maintenance Standards set forth in Clause 3.1 are not satisfied. In addition, the Settlor shall submit the Application
of Additional Entrustment of Funds in Schedule 2 to the Trustee (and at the same time deliver a copy of the Application for Additional Entrustment of Funds to the Agent ) when it gives the Notice of Additional Entrustment of Funds.

  

	3.3	In addition to the case set forth in Clause 3.1, if the Settlor, the Trustee and the Agent separately agree, the Settlor may submit the Application for Additional Entrustment of
Funds to the Trustee (and at the same time deliver a copy of the Application for Additional Entrustment of Funds to the Agent) and entrust additional funds to the Trustee. Upon receipt of the additional funds, the Trustee shall notify the Agent of
the amount of the additional funds immediately (but no later than the second (2nd) Business Day after the date of receipt of the additional funds). 

  

 11 

 (Translation) 
  

	4.	TERM OF THE TRUST 

  
 The term of this Agreement shall commence on the execution date of this Agreement and end on the Trust Termination Date. 
  

	5.	TRANSFER OF THE INITIAL TRUST RECEIVABLES 

  

	5.1	The Settlor shall assign the Trust Receivables to the Trustee as of the execution date of this Agreement as provided for in this Agreement, and the Settlor and the Trustee hereby
confirm without objection that the Trust Assignment is a true and valid assignment and it is their intent that such assignment of the Trust Receivables will be a true and valid assignment. For avoidance of doubt, tax liabilities relating to
Consumption Tax and Other Tax incurred by the Settlor shall not be assigned to the Trustee due to such Trust Assignment. 

  

	5.2	The assignment of the Existing Trust Receivables from the Settlor to the Trustee shall become valid as of the execution date of this Agreement. 

  

	5.3	The assignment of the Prospective Trust Receivables from the Settlor to the Trustee shall automatically become valid when the Prospective Trust Receivables arise without any action
by the Settlor or the Trustee. 

  

	6.	ELIGIBILITY CRITERIA FOR TRUST RECEIVABLES 

  

	6.1	The Settlor represents and warrants to the Trustee and the Beneficiary that each of the following matters is true and correct with respect to the Trust Receivables, the Purchase and
Sale Related Agreements and the Third Party Obligor as of (i) the execution date of this Agreement with respect to the Existing Trust Receivables, or (ii) the date on which the Prospective Trust Receivables arise with respect to the Prospective
Trust Receivables. Provided, however, that the Trustee is not obliged to verify whether the eligibility criteria set forth in this Clause 6.1 are satisfied. 

  

	 	(1)	The Trust Receivables satisfies all of the eligibility criteria set forth below as of (i) the execution date of this Agreement with respect to the Existing Trust Receivables, or
(ii) the date on which the Prospective Trust Receivables arise with respect to the Prospective Trust Receivables: 

  

	 	(i)	the Third Party Obligor is a resident of Japan and is a corporation; 

  

	 	(ii)	the payment terms of the Trust Receivables are subject to the provisions of the Purchase and Sale Agreement; 

  

	 	(iii)	the outstanding balance and the payment date of the Counter-Performed Trust Receivables and the Fixed Trust Receivables among the Existing Trust Receivables (the outstanding balance
of the Counter-Performed Trust Receivables shall be the amount as of March 15, 2004) is as set forth in Schedule 1 and all other provisions regarding the Trust Receivables in Schedule 1 are true and accurate, and the outstanding balance of the
Counter-Performed Trust Receivables as of the execution date of this Agreement does not fall below the outstanding balance of the Counter-Performed Trust Receivables set forth in Schedule 1; 

  

	 	(iv)	the Trust Receivables arise in the normal course of business of the Settlor; 

  

 12 

 (Translation) 
  

	 	(v)	the Trust Receivables shall be collected on the Trust Receivables Due Date; 

  

	 	(vi)	the Trust Receivables are the sole property of the Settlor, and the Settlor holds all right, title and interest in and to the Trust Receivables; 

  

	 	(vii)	the Trust Receivables and the Purchase and Sale Agreement constitute the obligations of the Third Party Obligor that are lawful, valid, binding and enforceable in accordance with
the terms thereof; 

  

	 	(viii)	the Third Party Obligor has not been or is not likely to be in default or otherwise in breach of the Trust Receivables or the Purchase and Sale Agreement; 

 

	 	(ix)	the Trust Receivables have not been entirely or partially extinguished due to nullification or termination of the Purchase and Sale Agreement, or payment or set-off of the Trust
Receivables (except for the extinguishment due to the Set-off Treatment); 

  

	 	(x)	no event has occurred that would cause all or a part of the Trust Receivables to lapse or give rise to defenses by the Third Party Obligor to the performance of its obligations
thereunder on the prescribed payment date, including, without limitation, nullification, termination, cancellation or novation of the Trust Receivables or the Purchase and Sale Agreement (excluding defenses based on the Set-off Treatment), nor has
the Third Party Obligor claimed that such an event has occurred, and there is no threat thereof. The accrual of the Trust Receivables from the Third Party Obligor shall not be subject to any avoiding power (hinin-ken);

  

	 	(xi)	no petition for attachment (sashiosae), provisional attachment (kari-sashiosae), provisional disposition (kari-shobun), preservative disposition
(hozen-shobun), compulsory execution, auction, or disposition to collect tax delinquencies has been filed by a third party with respect to the Trust Receivables or against the Trust Receivables, nor are there any rights, security interests or
other encumbrances that have caused, or are likely to cause, any damage, loss, expense or liability (collectively, the “Damages”) to the Trust Property; 

  

	 	(xii)	assignment of the Trust Receivables is not prohibited for any reason, and neither prior notice to nor prior approval from the Third Party Obligor is required with respect to any
assignment, transfer or other disposal of the Trust Receivables, and if such notice or approval is required, it has been provided or obtained; 

  

	 	(xiii)	no provision of the Purchase and Sale Agreement has been amended, released or waived, and no disposal has been made that is likely to affect the Trust or any rights of the
Beneficiary, including assignment or sale to a third party of, or creation of security interests on, the Trust Receivables; 

  

	 	(xiv)	no promissory note, bill of exchange, check or other security has been issued with respect to the payment of the Trust Receivables; and 

  

	 	(xv)	 no lawsuit, arbitration, administrative procedure, or other dispute has commenced or is likely to commence with respect to the Trust 

  

 13 

 (Translation) 
  

	 	 
Receivables or the Purchase and Sale Agreement, and no lawsuit, arbitration, administrative procedure, or other dispute, or any event that would give rise to
such lawsuit, arbitration, administrative procedure, or other dispute, has occurred with the Third Party Obligor and any other third party. 

  

	 	(2)	None of the following events has occurred with respect to the Third Party Obligor as of (i) the execution date of this Agreement, with respect to the Existing Trust Receivables, or
(ii) the date on which the Prospective Trust Receivables arise, with respect to the Prospective Trust Receivables: 

  

	 	(i)	suspension of payment, or a petition of specific conciliation (tokutei-chotei), bankruptcy (hasan), commencement of civil rehabilitation procedures
(minjisaiseitetsuzuki-kaishi), commencement of corporate reorganization procedures (kaishakoseitetsuzuki-kaishi), commencement of corporate rearrangement (kaishaseiri-kaishi), commencement of special liquidation
(tokubetuseisan-kaishi), or commencement of any other similar legal procedures (including, without limitation, similar procedures taken outside Japan); 

  

	 	(ii)	resolution for dissolution or order of dissolution; 

  

	 	(iii)	suspension or abolishment of the business, or disposition such as suspension of business by competent government authorities; 

  

	 	(iv)	dishonor of a check or note; 

  

	 	(v)	a petition for attachment (sashiosae), provisional attachment (kari-sashiosae), provisional disposition (kari-shobun), preservative disposition
(hozen-shobun), compulsory execution, auction, or disposition to collect tax delinquencies filed against its property; 

  

	 	(vi)	a demand or a disposition to collect tax delinquencies due to nonpayment of taxes; 

  

	 	(vii)	failure to perform all or a part of its payment obligations under the Purchase and Sale Related Agreements when due; 

  

	 	(viii)	any breach of its obligations under the Purchase and Sale Related Agreements; 

  

	 	(ix)	occurrence of an event of termination or acceleration under the Purchase and Sale Related Agreements; 

  

	 	(x)	failure to perform its pecuniary obligations other than those under the Purchase and Sale Related Agreements without reasonable cause within five (5) Business Days of receiving a
demand therefor (provided that the aggregate amount of a single pecuniary obligation shall exceed one billion (1,000,000,000) yen for this provision to apply); 

  

	 	(xi)	failure to satisfy the normal credit standards adopted by the Settlor; or 

  

	 	(xii)	occurrence of any event that the Trustee deems to affect the preservation of the Trust Receivables. 

  

	6.2	The Settlor acknowledges that the Trustee is entering into this Agreement in reliance upon the representations and warranties made by the Settlor in Clause 6.1.

  

 14 

 (Translation) 
  

	7.	REPRESENTATIONS AND WARRANTIES OF THE SETTLOR AND THE TRUSTEE 

  

	7.1	The Settlor represents and warrants to the Trustee and the Beneficiary that each of the following matters is true and correct as of the execution date of this Agreement.

  

	 	(1)	The Settlor is a stock company duly incorporated and validly existing under the laws of Japan. 

  

	 	(2)	The Settlor has full legal competence necessary for the execution and performance of this Agreement, the execution and performance of this Agreement by the Settlor and any
transactions associated therewith are within the corporate purposes of the Settlor and the Settlor has duly completed all procedures necessary therefor under laws and ordinances, the Articles of Incorporation and other internal company rules of the
Settlor. 

  

	 	(3)	The execution and performance of this Agreement by the Settlor and any transactions associated therewith will not result in (a) any violation of laws and ordinances that bind the
Settlor, (b) any breach of the Articles of Incorporation or other internal company rules of the Settlor, or (c) any breach in any material respect of a third-party contract to which the Settlor is a party or which binds the Settlor or the assets of
the Settlor. 

  

	 	(4)	This Agreement constitutes legal, valid and binding obligations of the Settlor, and is enforceable against the Settlor in accordance with the terms of thereof.

  

	 	(5)	After the last day of the fiscal year ended in March 2003, there has been no material change that will cause a significant deterioration of the business, assets, or financial
condition of the Settlor described in the audited fiscal statement of that fiscal year or that may materially affect the performance of the obligations of the Settlor under this Agreement. 

  

	 	(6)	No lawsuit, arbitration, administrative procedure, or other dispute has commenced, or is likely to commence to the best knowledge of the Settlor, with respect to the Settlor, that
will or may materially cause adverse effects on the performance of its obligations under this Agreement. 

  

	 	(7)	No acceleration event described in the Loan Agreements has occurred or is likely to occur. 

  

	7.2	The Trustee represents and warrants to the Settlor and the Beneficiary that each of the following matters is true and correct as of the execution date of this Agreement.

  

	 	(1)	The Trustee is a stock company duly incorporated and validly existing under the laws of Japan. 

  

	 	(2)	 The Trustee has full legal competence necessary for the execution and performance of this Agreement, the execution and performance of this Agreement by the Trustee
and any transactions associated therewith are within the corporate purposes of the Trustee and the Trustee has duly 

  

 15 

 (Translation) 
  

	 	 
completed all procedures necessary therefor under laws and ordinances, the Articles of Incorporation and other internal company rules of the Trustee.

  

	 	(3)	The execution and performance of this Agreement by the Trustee and any transactions associated therewith will not result in (a) any violation of laws and ordinances that bind the
Trustee, (b) any breach of the Articles of Incorporation or other internal company rules of the Trustee, or (c) any breach in any material respect of a third-party contract to which the Trustee is a party or which binds the Trustee or the assets of
the Trustee. 

  

	 	(4)	This Agreement constitutes legal, valid and binding obligations of the Trustee, and is enforceable against the Trustee in accordance with the terms of thereof.

  

	 	(5)	After the last day of the fiscal year ended in March 2003, there has been no material change that will cause a significant deterioration of the business, assets, or financial
condition of the Trustee described in the audited fiscal statement of that fiscal year or that may materially affect the performance of the obligations of the Trustee under this Agreement. 

  

	 	(6)	No lawsuit, arbitration, administrative procedure, or other dispute has commenced, or is likely to commence to the best knowledge of the Trustee, with respect to the Trustee, that
will or may materially cause adverse effects on the performance of its obligations under this Agreement. 

  

	 	(7)	None of the following events has occurred or is likely to occur with respect to the Trustee: 

  

	 	(i)	suspension of payment, or a petition of specific conciliation (tokutei-chotei), bankruptcy (hasan), commencement of civil rehabilitation procedures
(minjisaiseitetsuzuki-kaishi), commencement of corporate reorganization procedures (kaishakoseitetsuzuki-kaishi), commencement of corporate rearrangement (kaishaseiri-kaishi), commencement of special liquidation
(tokubetuseisan-kaishi), or commencement of any other similar legal procedures (including, without limitation, similar procedures taken outside Japan); 

  

	 	(ii)	resolution for dissolution or order of dissolution; 

  

	 	(iii)	suspension or abolishment of the business, or disposition such as suspension of business by competent government authorities; 

  

	 	(iv)	suspension of transactions by a clearing house; or 

  

	 	(v)	deterioration of its business or financial conditions that would affect the performance of its obligations under this Agreement. 

  

	8.	COVENANTS BY THE SETTLOR 

  
 The Settlor hereby covenants to the Trustee that, during the term of the Trust, the Settlor: 
  

	 	(1)	 will immediately deliver to the Trustee, in readily cashable funds, any funds that should be included in the Trust Property, such as principal or 

  

 16 

 (Translation) 
  

	 	 
delinquency charges, regardless of the name or nature of such funds, that are received by the Settlor with respect to the Trust Receivables after the
execution date of this Agreement; 

  

	 	(2)	will duly exercise and perform all of its rights and obligations under the Purchase and Sale Related Agreements, in accordance with all applicable laws and ordinances and the terms
of the Purchase and Sale Related Agreements; 

  

	 	(3)	will not take an action that is likely to cause Damages to the Trust Property or adversely affect the rights of the Trustee or the Beneficiary under this Agreement, including
termination of the Purchase and Sale Agreement, amendment, release or waiver of the terms of the Purchase and Sale Related Agreements, or assignment or pledge of, or creation of security interests on, the Trust Receivables to a third party other
than the Trustee; 

  

	 	(4)	will not take any action that will allow the Third Party Obligor or another third party to acquire grounds for or a right of defense against the Trustee with respect to the Trust
Receivables or otherwise prejudice the rights of the Trustee and the Beneficiary relating to the Trust Receivables; 

  

	 	(5)	will notify the Trustee without delay of the occurrence of any event that will materially affect the financial or business conditions of the Settlor; and 

 

	 	(6)	will comply with all matters prescribed in this Agreement. 

  

	9.	INDEMNIFICATION 

  
 The Settlor shall indemnify the Trustee for any Damages suffered or incurred by the Trustee or the Trust Property due to the Settlor’s breach of its
representations and warranties set forth in Clauses 6.1 and 7.1 or its obligations under this Agreement. If the Settlor does not indemnify the Trustee for Damages suffered or incurred by the Trustee, the Trustee may be indemnified out of the funds
within the Trust Property. 
  

	10.	PERFECTION OF ASSIGNMENT 

  

	10.1	The Settlor shall obtain a written approval of the Third Party Obligor bearing a certified date (kakutei-hizuke) in the form prescribed in Schedule 3 with respect to the
Trust Assignment and deliver such written approval to the Trustee. 

  

	10.2	Upon receipt of the written approval set forth in Clause 10.1, the Trustee shall deliver to the Agent a copy of such written approval together with a notarized document with the
Trustee’s seal affixed thereto certifying that such copy is a true copy of the original and the original is kept by the Trustee. 

  

	10.3	The Settlor shall bear all expenses necessary for the procedures set forth in Clause 10.2. 

  

 17 

 (Translation) 
  

	11.	DELIVERY OF RECEIVABLES CERTIFICATES 

  

	11.1	The Settlor shall deliver the Related Documents held by the Settlor as of the execution date of this Agreement to the Trustee by way of agreement on possession (senyu kaitei)
at the time of execution of this Agreement. 

  

	11.2	If the Settlor comes to hold, after the execution date of this Agreement, the Related Documents that were not held by the Settlor at the time of execution of this Agreement, the
Settlor shall immediately deliver to the Trustee such Related Documents by way of agreement on possession (senyu kaitei). 

  

	11.3	Notwithstanding the provisions in Clauses 11.1 and 11.2, the Settlor shall, upon request by the Trustee, deliver the Related Documents to the Trustee by way of actual delivery, or
provide the Trustee with access to the Related Documents. 

  

	12.	INDICATION OF THE TRUST 

  

	12.1	With respect to the Trust Property, the Trustee may omit to register or record, or indicate or describe the trust unless it deems it necessary. 

  

	12.2	If the cooperation of the Settlor is needed with respect to the indication of the trust, the Settlor shall cooperate with the Trustee as necessary. 

  

	13.	DUE DILIGENCE OBLIGATIONS 

  
 The Trustee shall not be liable for the Damages incurred by the Trust Property or the Beneficiary that are not due to its willful misconduct or negligence
to the extent that the Trustee provides the Trust Administrative Services with the due care of a good manager and in accordance with the provisions of this Agreement. 
  
 CHAPTER 2 BENEFICIAL INTERESTS 
  

	14.	BENEFICIARY 

  
 The initial Beneficiary of the principal and proceeds of the Trust under this Agreement shall be the Settlor. 
  

	15.	TYPE OF THE BENEFICIAL INTERESTS 

  
 There shall be one (1) type of Beneficial Interests created in the Trust. The initial principal amount of the Beneficial Interests shall be 8,267,443,188
yen, which corresponds to the amount of the initial trust principal. 
  

	16.	DIVISION OF THE BENEFICIAL INTERESTS 

  
 The Beneficiary may not divide the Beneficial Interests into units without prior written approval from the Trustee. 
  

 18 

 (Translation) 
  

	17.	ISSUANCE OF BENEFICIAL INTERESTS CERTIFICATES 

  

	17.1	The Trustee may omit issuing the Beneficial Interests certificates unless requested by the Beneficiary. 

  

	17.2	If the Beneficiary assigns all or a part of its Beneficial Interests in accordance with the provisions of Clause 18, the Trustee shall collect from the Beneficiary those Beneficial
Interests certificates already issued (if any) and shall deliver new Beneficial Interests certificates to the new Beneficiary. 

  

	18.	ASSIGNMENT AND PLEDGE OF THE BENEFICIAL INTERESTS 

  

	18.1	The Beneficiary may not assign to a third party, create a security interest on, or otherwise dispose of the Beneficial Interests, without prior written approval from the Trustee.

  

	18.2	Notwithstanding the provisions of Clause 18.1, the Beneficiary may create first-priority and second-priority floating pledges (collectively, the “Floating Pledges”) on the
Beneficial Interests for the benefit of each Lenders. The Trustee shall approve the creation of the Floating Pledges by issuing a certificate bearing a certified date (kakutei-hizuke). 

  

	18.3	The Trustee hereby approves in advance that the Beneficial Interests may be assigned to the Lenders through enforcement of the Floating Pledges. The Trustee shall give written
approval bearing a certified date (kakutei-hizuke) if necessary for the purpose of perfecting the assignment of the Beneficial Interests. 

  

CHAPTER 3 MANAGEMENT AND DISPOSAL OF THE TRUST PROPERTY 
  

	19.	REPORT REGARDING THE TRUST RECEIVABLES BY THE SETTLOR 

  

	19.1	The Settlor shall report to the Trustee in the Settlor’s Report Form by each Settlor’s Regular Report Deadline (i) the Fixed Trust Receivables Amount (broken down into the
Fixed Trust Receivables Amount (Goods’ Value Equivalent) and the Fixed Trust Receivables Amount (Consumption Tax and Other Tax Equivalent)) as of the immediately preceding Regular Collection Calculation Date, (ii) the Counter-Performed Trust
Receivables Amount (broken down into the Counter-Performed Trust Receivables Amount (Goods’ Value Equivalent) and the Counter-Performed Trust Receivables Amount (Consumption Tax and Other Tax Equivalent)) as of the immediately preceding Regular
Collection Calculation Date, (iii) the amount to be paid by the Third Party Obligor as of the next Trust Receivables Due Date as the payment relating to the Trust Receivables (the “Estimated Trust Receivables Collection Amount”) (broken
down into the Estimated Trust Receivables Collection Amount (Goods’ Value Equivalent) and the Estimated Trust Receivables Collection Amount (Consumption Tax and Other Tax Equivalent)), and (iv) any other matters required to be reported in the
Settlor’s Report Form (these reports shall be referred to as the “Settlor’s Regular Report”). 

  

	19.2	 If it is discovered that the Settlor’s Regular Report contains false information, the Settlor shall immediately report to the Trustee in the Settlor’s
Report Form the true 

  

 19 

 (Translation) 
  

	 	 
information of the Fixed Trust Receivables Amount (broken down into the Fixed Trust Receivables Amount (Goods’ Value Equivalent) and the Fixed Trust
Receivables Amount (Consumption Tax and Other Tax Equivalent)), Counter-Performed Trust Receivables Amount (broken down into the Counter-Performed Trust Receivables Amount (Goods’ Value Equivalent) and the Counter-Performed Trust Receivables
Amount (Consumption Tax and Other Tax Equivalent)), Estimated Trust Receivables Collection Amount (broken down into the Estimated Trust Receivables Collection Amount (Goods’ Value Equivalent) and the Estimated Trust Receivables Collection
Amount (Consumption Tax and Other Tax Equivalent)) and any other matters required to be reported in the Settlor’s Report Form (these reports shall be referred to as the “Settlor’s Extraordinary Report”), unless it is apparent
that, even if based on the true information of the Fixed Trust Receivables Amount and Counter-Performed Trust Receivables Amount (and the breakdowns thereof), (i) the Fixed Trust Property Value is not less than the Total Outstanding Balance A at the
time such information was discovered to be false, and (ii) the Counter-Performed Trust Receivables Amount is not less than 120% of the Total Outstanding Balance at the time the such information was discovered to be false minus the Fixed Trust
Property Value. If the Settlor makes the Settlor’s Extraordinary Report, it shall reflect the details of such Settlor’s Extraordinary Report in the next Settlor’s Regular Report. 

  

	19.3	In addition to the report described in Clause 19.2, the Settlor shall, upon request by the Trustee, immediately report to the Trustee any matters regarding the Trust Property
relating to such request. 

  

	19.4	The Settlor shall indemnify the Trustee, the Agent or the Lenders for any Damages suffered by them due to false information in the reports described in Clauses 19.1 and 19.2.

  

	20.	FLOATING PLEDGE ENFORCEMENT NOTICE 

  

	20.1	If the Trustee receives from the Agent a written notice to the effect that the Floating Pledges will be enforced (the “Floating Pledge Enforcement Notice”) (the receipt of
the Floating Pledge Enforcement Notice by the Trustee shall be referred to as a “Repayment Formula Revision Event”), the Trustee shall immediately prepare a written document bearing a certified date (kakutei-hizuke) that certifies the
receipt of the Floating Pledge Enforcement Notice by the Trustee as described in the Floating Pledge Enforcement Notice, and deliver such document to the Agent. 

  

	20.2	The Trustee is not obliged to inspect and confirm whether the details of the Floating Pledge Enforcement Notice are valid under the Floating Pledge Agreement relating to the
Floating Pledges, this Agreement or other agreements relating to the enforcement of the Floating Pledges. The Trustee shall not be liable for indemnifying the Settlor for any Damages suffered by the Settlor due to the Trustee treating the Floating
Pledge Enforcement Notice as valid although it is invalid. 

  

	21.	DELEGATION OF A PART OF THE TRUST ADMINISTRATIVE SERVICES 

  
 The Trustee may delegate all or a part of the Trust Administrative Services to the Settlor or another third party. 
  

 20 

 (Translation) 
  

	22.	MANAGEMENT OF THE FUNDS WITHIN THE TRUST PROPERTY 

  
 The Trustee shall manage the funds within the Trust Property in the Collection Account. 
  

	23.	OPENING OF THE ACCOUNT 

  
 The Trustee shall open the Collection Account for the purpose of managing the Trust Property. 
  

	24	INSTRUCTION OF BENEFICIARY 

  

	24.1	With respect to matters not provided for in this Agreement relating to the administration and management of the Trust Property, any of the following persons (the
“Instructor”) may give instructions relating to the method of administration of the Trust Property (the “Administration Method Instruction”) to the Trustee subject to the following categories and the Trustee may request the
Administration Method Instruction from the Instructor. 

  

	 	(1)	If the Repayment Formula Revision Event has not occurred: 

 Beneficiary and Agent 
  
 The Beneficiary and the Agent
shall, upon consultation, give instructions under their joint names. If the Beneficiary and the Agent fail to reach an agreement through consultation, the Agent may independently give instructions and the Trustee shall follow such instructions
independently given by the Agent. 
  

	 	(2)	If the Repayment Formula Revision Event has occurred: 

 Agent 
  

	24.2	Notwithstanding the provisions of Clause 24.1, if the Trustee deems that the administration of the Trust Property in accordance with the Administration Method Instruction: (i) is
significantly unreasonable in terms of executing the purpose of the Trust; (ii) violates laws and ordinances, directives or other similar rules; or (iii) is impossible or significantly difficult, the Trustee may choose not to follow the
Administration Method Instruction. 

  

	24.3	The Trustee shall not be liable to the Settlor or the Beneficiary for any Damages incurred by the Trust Property due to any of the following events: 

  

	 	(1)	If the Trustee manages the Trust Property in accordance with the Administration Method Instruction; 

  

	 	(2)	If the Trustee chooses not follow the Administration Method Instruction pursuant to Clause 24.2; or 

  

	 	(3)	If the Trustee does not receive the Administration Method Instruction within a reasonable period of time although it has requested the Administration Method Instruction as provided
for in Clause 24.1. 

  

 21 

 (Translation) 
  

 CHAPTER 4 CALCULATION OF THE TRUST 
  

	25.	DEFINITION OF PRINCIPAL AND PROCEEDS 

  

	25.1	Under this Agreement, the trust principal shall be the sum of the following: 

  

	 	(1)	Fixed Trust Receivables and Counter-Performed Trust Receivables; 

  

	 	(2)	Trust Receivables Collection relating to the Trust Receivables; and 

  

	 	(3)	Funds entrusted to the Trust Property (including additional funds entrusted pursuant to Clause 3 and funds paid to the Trustee pursuant to Clause 26). 

  

	25.2	Under this Agreement, the trust proceeds shall be the sum of the following: 

  

	 	(1)	Proceeds from the management of the funds pursuant to Clause 22; and 

  

	 	(2)	Proceeds otherwise accruing from the Trust Receivables other than the trust principal. 

  

	26.	TREATMENT OF INELIGIBLE RECEIVABLES 

  

	26.1	If it is found that the Trust Receivables are or has become the Ineligible Receivables, the Trustee may request the Settlor repurchase the Ineligible Receivables at its nominal
value (the “Repurchase Price”) in accordance with a written instruction from the Agent, or, if all or a part of the Ineligible Receivables has already been extinguished due to assertion of grounds for defense by the Third Party Obligor
(excluding defense based on the Set-off Treatment) or other reasons, the Trustee may request the Settlor pay the amount equivalent to all or a part of such Ineligible Receivables that has been extinguished. 

  

	26.2	The Trustee is not obliged to request the Settlor repurchase the Ineligible Receivables or pay the equivalent amount as described in Clause 26.1 and shall not be liable for
indemnifying the Settlor or the Beneficiary for any Damages incurred by the Trust Property due to its failure to make such request, unless the Trustee has been instructed by the Agent under Clause 26.1. 

  

	26.3	The assignment of the Ineligible Receivables through repurchase thereof pursuant to Clause 26.1 shall become effective when the Settlor pays to the Trustee the Repurchase Price in
full. The Trustee shall cooperate with the Settlor as necessary, to the extent possible for the Trustee, with respect to the perfection of the assignment of the Ineligible Receivables to the Settlor through repurchase thereof by the Settlor.

  

	26.4	 If the Settlor becomes aware that the Trust Receivables are or have become the Ineligible Receivables, it shall immediately notify the Trustee and the Agent. If the
Trustee becomes aware that the Trust Receivables are or have become the Ineligible 

  

 22 

 (Translation) 
  

	 	 
Receivables, it shall immediately notify the Beneficiary and the Agent. Provided, however, that the Trustee shall not be liable for indemnifying the
Beneficiary and the Agent for the Damages arising due to its failure to give notice as provided for in this Clause 26.4, unless the Trustee intentionally fails to notify the Beneficiary and the Agent although it is aware that the Trust Receivables
are or have become the Ineligible Receivables. 

  

	27.	CALCULATION AND REPORT OF THE TRUST 

  

	27.1	The Trustee shall, upon receipt of the Settlor’s Regular Report, calculate on the Trust Calculation Date profits and losses for the Collection Calculation Period during which
the immediately preceding Regular Collection Calculation Date falls in accordance with such Settlor’s Regular Report, and report to the Beneficiary and the Agent the result of such calculation in a form otherwise agreed upon between the
Beneficiary, the Trustee and the Agent on or before each Trustee’s Regular Report Deadline (or immediately after receiving the Settlor’s Regular Report if the Settlor’s Regular Report is not received by the Settlor’s Regular
Report Deadline) (such report shall be referred to as the “Trustee’s Regular Report”). The Trustee’s Regular Report shall include the Fixed Trust Receivables Amount (broken down into the Fixed Trust Receivables Amount
(Goods’ Value Equivalent) and the Fixed Trust Receivables Amount (Consumption Tax and Other Tax Equivalent)), the Counter-Performed Trust Receivables Amount (broken down into the Counter-Performed Trust Receivables Amount (Goods’ Value
Equivalent) and the Counter-Performed Trust Receivables Amount (Consumption Tax and Other Tax Equivalent)) and the amount of funds within the Trust Property (shown as the amount of the Trust Receivables Collections (Consumption Tax and Other Tax
Equivalent)) as of the immediately preceding Regular Collection Calculation Date or other report relating to matters concerning the Trust Property as required by the Agent. 

  

	27.2	The Trustee shall, upon receipt of the Settlor’s Extraordinary Report, report to the Agent in a form separately agreed upon between the Beneficiary, the Trustee and the Agent
the true information of the Fixed Trust Receivables Amount (broken down into the Fixed Trust Receivables Amount (Goods’ Value Equivalent) and the Fixed Trust Receivables Amount (Consumption Tax and Other Tax Equivalent)), the Counter-Performed
Trust Receivables Amount (broken down into the Counter-Performed Trust Receivables Amount (Goods’ Value Equivalent) and the Counter-Performed Trust Receivables Amount (Consumption Tax and Other Tax Equivalent)), the amount of funds within the
Trust Property (the amount of the Trust Receivables Collections (Consumption Tax and Other Tax Equivalent) shall be shown), and any other matters required to be reported in a form separately agreed upon between the Beneficiary, the Trustee and the
Agent (the “Trustee’s Extraordinary Report”) by 12 p.m. on the second (2nd) Business Day after the date on which the Trustee received the Settlor’s Extraordinary Report. If the Trustee makes the Trustee’s Extraordinary
Report, it shall reflect the details of the changes made in such Trustee’s Extraordinary Report in the next Trustee’s Regular Report. 

  

	27.3	 The Trustee may rely on the Settlor’s Report in reporting the Fixed Trust Receivables Amount and the Counter-Performed Trust Receivables Amount under Clauses
27.1 and 27.2 and shall not be obliged to confirm on its own the truthfulness 

  

 23 

 (Translation) 
  

	 	 
of the report made by the Settlor. The Trustee shall not be liable for indemnifying the Trust Property, the Agent or the Lenders for the Damages suffered by
them due to any false information in the report made by the Settlor. 

  

	27.4	If the Beneficiary and the Agent make no objections to the reports described in Clauses 27.1 and 27.2 during a period of five (5) Business Days after receiving such report from the
Trustee, the Beneficiary and the Agent shall be deemed to approve the details of such report. 

  

	28.	PAYMENT OF TAXES AND EXPENSES 

  

	28.1	The Trustee may pay the Expenses out of the Trust Property in accordance with the provisions of this Agreement. 

  

	28.2	If the amount of the Trust Property is not sufficient to pay the Expenses as set forth in Clause 28.1, the Trustee may request the Settlor entrust additional funds equal to such
shortfall. Upon receipt of such request, the Settlor shall immediately entrust such additional funds to the Trustee. 

  

	29.	TRUST FEES 

  

	29.1	The Settlor shall pay the Trust Fees to the Trustee in accordance with the Memorandum regarding Trust Fees (the “Memorandum regarding Trust Fees”), which is set out as
separately agreed between the Settlor and the Trustee. 

  

	29.2	If the Trust Fees set forth in the Memorandum regarding Trust Fees are not paid to the Trustee, the Trustee may receive the amount equal to the amount of the Trust Fees as set forth
in the Memorandum regarding Trust Fees out of the Trust Property as the Trust Fees, and if the amount of the Trust Property is not sufficient to pay the Trust Fees as set forth in Clause 29.1, the Trustee may request the Settlor pay to the Trustee
an amount equal to such shortfall. Upon receipt of such request, the Settlor shall immediately pay such an amount to the Trustee. 

  
 CHAPTER 5 DELIVERY OF PRINCIPAL AND PROCEEDS OF THE BENEFICIAL INTERESTS 
  

	30.	REPAYMENT OF PRINCIPAL AND DELIVERY OF PROCEEDS DURING THE TERM OF THE TRUST 

  
 The Agent shall, by 12 p.m. on each Collection Delivery Date (or, if the Collection Calculation Date relating to such
Collection Delivery Date corresponds to the Regular Collection Calculation Date and further if the Trustee’s Regular Report relating to such Regular Collection Calculation Date does not reach the Agent by the Trustee’s Regular Report
Deadline, by 12 p.m. on the Business Day immediately following the Business Day which corresponds to (or, if the Agent receives the Trustee’s Regular Report on the day other than a Business Day, which immediately follows) the day on which the
Agent receives the Trustee’s Regular Report if it receives such report before 12 p.m., or by 12 p.m. on the second (2nd) Business Day 

  

 24 

 (Translation) 
  

 
after the Business Day which corresponds to (or, if the Agent receives the Trustee’s Regular Report on the day other than a Business Day, which
immediately follows) the day on which the Agent receives the Trustee’s Regular Report if it receives such report after 12 p.m.), instruct the Trustee to repay the trust principal and dispose of the trust proceeds in accordance with the
following method and order based on the Trustee’s Regular Report relating to such Trustee’s Regular Report Deadline; provided, that if the Agent deems that there is, or may be, a material concern with respect to the collection of the Loan
Receivables or any other emergency occurs or is likely to occur, the Agent shall follow the procedures for the decision-making of the Majority Lenders and may instruct the Trustee to dispose of the Principal Collections in a method other than that
provided for in Clause 30.2 (2) with the consent of the Majority Lenders, and the Beneficiary shall give approval therefor in advance; and provided further, that if the Agent instructs the Principal Collections to be delivered to the Lenders, it
shall instruct that such delivery be made through the Agent. The Trustee shall repay the trust principal and dispose of the trust proceeds in accordance with the instructions given by the Agent on or before each Collection Delivery Date (or, if the
Trustee has not received instructions from the Agent by 12 p.m. on such Collection Delivery Date, on or before the Business Day immediately following the Business Day which corresponds to (or, if the Trustee receives the instructions from the Agent
on the day other than a Business Day, which immediately follows) the day on which the Trustee receives instructions from the Agent if it receives such instructions before 12 p.m., and on or before the second (2nd) Business Day after the Business Day
which corresponds to (or, if the Trustee receives the instructions from the Agent on the day other than a Business Day, which immediately follows) the day on which the Trustee receives instructions from the Agent if it receives such instructions
after 12 p.m.). 
  

	30.1	The Interest Collections shall be disposed of in the following order. 

  

	 	(1)	Payment of the Expenses relating to the Trust Property that have become due and payable. 

  

	 	(2)	Payment of the Trust Fees that have become payable. 

  

	 	(3)	Incorporation into the trust principal of the outstanding amount after deducting the amounts provided in Clause 30.1 (1) and (2) above. In this case, the principal of the Beneficial
Interests shall be increased to the extent of such outstanding amount. 

  

	30.2	The Principal Collections (including the funds incorporated into the trust principal pursuant to Clause 30.1 (3)) shall be disposed of in the following order:

  

	 	(1)	If the Interest Collections are not sufficient to make payment provided for in Clause 30.1 (1) and (2) above, the Principal Collections will be appropriated for such payment. In
this case, the equivalent amount shall be deducted from the principal of the Beneficial Interests. 

  

	 	(2)    (i)	As of the Regular Collection Delivery Date, the Principal Collections (after deducting the amount appropriated under this Clause 30.2 (1), if any) will be delivered to the
Beneficiary in accordance with the written instruction given by the Agent to the extent that the Trust Property Maintenance Standards are satisfied. 

  

 25 

 (Translation) 
  

	 	(ii)	As of the Extraordinary Collection Delivery Date, the Principal Collections (after deducting the amount appropriated under this Clause 30.2 (1), if any) will be retained in the
Collection Account. 

  

	31.	REPAYMENT OF TRUST PRINCIPAL AND DISPOSAL OF TRUST PROCEEDS AFTER THE OCCURRENCE OF REPAYMENT METHOD REVISION EVENT 

  
 Notwithstanding the provisions of Clause 30, if the Repayment Formula
Revision Event occurs, the Agent shall, by 12 p.m. on each subsequent Collection Delivery Date (or, if the Collection Calculation Date relating to such Collection Delivery Date corresponds to the Regular Collection Calculation Date and further if
the Trustee’s Regular Report relating to such Regular Collection Calculation Date does not reach the Agent by the Trustee’s Regular Report Deadline, by 12 p.m. on the Business Day immediately following the Business Day which corresponds to
(or, if the Agent receives the Trustee’s Regular Report on the day other than a Business Day, which immediately follows) the day on which the Agent receives the Trustee’s Regular Report if it receives such report before 12 p.m., or by 12
p.m. on the second (2nd) Business Day after the Business Day which corresponds to (or, if the Agent receives the Trustee’s Regular Report on the day other than a Business Day, which immediately follows) the day on which the Agent receives the
Trustee’s Regular Report if it receives such report after 12 p.m.), instruct the Trustee to repay the trust principal and dispose of the trust proceeds in accordance with the following method and order based on the Trustee’s Regular Report
relating to such Trustee’s Regular Report Deadline; provided, that the Agent may instruct the Trustee to dispose of the Principal Collections in a method other than that provided for in Clause 31.2 (2) with the consent of the Majority Lenders,
and the Beneficiary shall give approval therefor in advance; and provided further, that if the Agent instructs the Principal Collections to be delivered to the Lenders, it shall instruct that such delivery be made through the Agent. The Trustee
shall repay the trust principal and dispose of the trust proceeds in accordance with the instruction given by the Agent on or before each Collection Delivery Date (or, if the Trustee has not received instructions from the Agent by 12 p.m. on such
Collection Delivery Date, on or before the Business Day immediately following the Business Day which corresponds to (or, if the Trustee receives the instructions from the Agent on the day other than a Business Day, which immediately follows) the day
on which the Trustee receives instructions from the Agent if it receives such instructions before 12 p.m., and on or before the second (2nd) Business Day after the Business Day which corresponds to (or, if the Trustee receives the instructions from
the Agent on the day other than a Business Day, which immediately follows) the day on which the Trustee receives instructions from the Agent if it receives such instructions after 12 p.m.). 
  

	31.1	The Interest Collections shall be disposed of in the following order. 

  

	 	(1)	Payment of the Expenses relating to the Trust Property that have become due and payable. 

  

 26 

 (Translation) 
  

	 	(2)	Payment of the Trust Fees that have become payable. 

  

	 	(3)	Incorporation into the trust principal of the outstanding amount after deducting the amounts provided in Clause 31.1 (1) and (2) above. In this case, the principal of the Beneficial
Interests shall be increased to the extent of such outstanding amount. 

  

	31.2	The Principal Collections (including the funds incorporated into the trust principal pursuant to Clause 31.1 (3)) shall be disposed of in the following order:

  

	 	(1)	If the Interest Collections are not sufficient to make payment provided for in Clause 31.1 (1) and (2), the Principal Collections will be appropriated for such payment. In this
case, the equivalent amount shall be deducted from the principal of the Beneficial Interests. 

  

	 	(2)	All of the Principal Collections (after deducting the amount appropriated under this Clause 31.2 (1), if any) will be delivered to any person designated by the Agent in the Floating
Pledge Enforcement Notice, in accordance with the written instruction given by the Agent; provided, however, that if the Principal Collections are delivered to the Lenders, such delivery shall be made through the Agent. 

  
 CHAPTER 6 TERMINATION OF TRUST 
  

	32.	TERMINATION OF THE TRUST AGREEMENT 

  

	32.1	The Settlor, the Trustee and the Beneficiary may not terminate this Agreement during the term of the Trust. 

  

	32.2	Notwithstanding the provisions of Clause 32.1, the Trustee may terminate this Agreement if any of the following events occurs. In this case, the Trustee shall notify the Settlor and
the Beneficiary of its intent to terminate this Agreement and this Agreement shall terminate as of the first Regular Collection Calculation Date after the date on which the Trustee sends such notice. 

  

	 	(1)	If the Trustee considers that the achievement of the purpose of this Agreement or provision of the Trust Administrative Services by the Trustee has become impossible or
significantly difficult from an objective perspective due to the occurrence of an event equivalent to the Exemption Event. 

  

	 	(2)	If Trustee does not receive payment of the Trust Fees in full as of the Regular Collection Calculation Date and does not receive the payment of such Trust Fees by the tenth (10th)
Business Day after such Regular Collection Calculation Date. 

  

	 	(3)	If all of the Floating Pledges are extinguished. 

  

 27 

 (Translation) 
  

	33.	DELIVERY OF PRINCIPAL AND PROCEEDS UPON TERMINATION OF THE TRUST 

  
 The Trustee shall make the final calculations with respect to the Trust Property immediately after receiving the report from
the Settlor as set forth in Clause 19 relating to the final Collection Calculation Date, and then immediately deliver all of the property within the Trust Property based on such calculations in the following order of priority; provided, that if the
Agent instructs the Principal Collections or the uncollected Trust Receivables to be delivered to the Lenders, it shall instruct that such delivery be made through the Agent. 
  

	33.1	The Interest Collections shall be disposed of in the following order. 

  

	 	(1)	Payment of the Expenses relating to the Trust Property that have become due and payable. 

  

	 	(2)	Payment of the Trust Fees that have become payable. 

  

	 	(3)	Incorporation into the trust principal of the outstanding amount after deducting the amounts provided in Clause 33.1 (1) and (2) above. In this case, the principal of the Beneficial
Interests shall be increased to the extent of such outstanding amount. 

  

	33.2	The Principal Collections shall be disposed of in the following order: 

  

	 	(1)	If the Interest Collections are not sufficient to make payment provided for in Clause 33.1 (1) and (2), the Principal Collections will be appropriated for such payment. In this
case, the equivalent amount shall be deducted from the principal of the Beneficial Interests. 

  

	 	(2)	All of the Principal Collections (after deducting the amount appropriated under this Clause 33.2 (1), if any) will be delivered to (i) any person designated by the Agent in the
Floating Pledge Enforcement Notice (if delivered to the Lenders, such delivery shall be made through the Agent), if the Repayment Formula Revision Event has occurred, or (ii) the Beneficiary, in other cases, in accordance with written instructions
given by the Agent; provided, however, that if the Loan Receivables exist in the case of (ii) in the preceding sentence, the Trustee shall deliver to the Agent the Principal Collections (after deducting the amount appropriated under this Clause 33.2
(1), if any), and the Beneficiary shall create a security interest over the amount of the Principal Collections in order to secure payment of the Loan Receivables to the Lenders subject to substantially the same terms and conditions as those of the
Floating Pledge (the method of creating the security interest shall be determined upon consultation between the Agent and the Beneficiary) or appropriate the amount of the Principal Collections for payment of the Loan Receivables pursuant to the
provisions of Clauses 14.1 through 14.3 of the Loan Agreements. If the delivery of the Principal Collections is made as set forth in this Clause 33.2(2), the Trustee shall be released from its liability to the Settlor, the Beneficiary, the Agent and
the Lenders with respect to the disposal of the Trust Property. 

  

 28 

 (Translation) 
  

	33.3	The uncollected Trust Receivables (if any) shall be delivered to (i) any person designated by the Agent in the Floating Pledge Enforcement Notice (if delivered to the Lenders, such
delivery shall be made through the Agent), if the Repayment Formula Revision Event has occurred, or (ii) the Beneficiary, in other cases; provided, however, that if the Loan Receivables exist in the case of (ii) in the preceding sentence, the
Trustee shall deliver the uncollected Trust Receivables to the Agent, and the Beneficiary shall create a security interest over such uncollected Trust Receivables in order to secure payment of the Loan Receivables to the Lenders subject to
substantially the same terms and conditions as those of the Floating Pledges (the method of creating the security interest shall be determined upon consultation between the Agent and the Beneficiary) or, if All Lenders agree thereto, appropriate
such uncollected Trust Receivables for payment of the Loan Receivables by way of converting such uncollected Trust Receivables into cash or otherwise. If the delivery of the uncollected Trust Receivables is made as set forth in this Clause 33.3, the
Trustee shall be released from its liability to the Settlor, the Beneficiary, the Agent and the Lenders with respect to disposal of the Trust Property. 

  
 CHAPTER 7 MISCELLANEOUS 
  

	34.	NOTICE 

  
 Any notice to be given under this Agreement shall be in writing and given by personal delivery, certified mail, motorcycle delivery or facsimile
transmission to the following addresses: 
  
 Settlor and Initial
Beneficiary: 
  
 33-4, Nishi-Shinjuku 4-chome, Shinjuku-ku, Tokyo
160-0023 
 FASL JAPAN LIMITED 
 Business Promotion Division 
  
 TEL: 03-5302-2200

 FAX: 03-5302-2674 
  
 Trustee: 
  
 5-1, Marunouchi 1-chome, Chiyoda-ku, Tokyo 100-8240Mizuho Trust & Banking Co., Ltd. 
 Securitization Business Department I 
  
 TEL: 03-3240-7061 
 FAX: 03-3240-7213

  

	35.	SUBMISSION OF SEAL IMPRESSION 

  

	35.1	The seal impressions or signatures to be used by the Settlor and the Beneficiary shall be registered with the Trustee in advance. 

  

 29 

 (Translation) 
  

	35.2	If the Trustee delivers the Trust Property or takes any other action after comparing, with due care, the seal impression or signature used on a receipt or any other documents with
the seal impression or signature submitted pursuant to Clause 35.1 and confirming that such seal impression or signature is true and correct, the Trustee shall not be liable for indemnifying any Damages caused thereby for any reason whatsoever,
unless such Damages are caused due to the Trustee’s willful misconduct or negligence. 

  

	36.	NOTIFICATION 

  

	36.1	The Settlor and the Beneficiary shall notify the Trustee and carry out procedures prescribed by the Trustee if any of the following events occurs: 

  

	 	(1)	any changes to the name, organization, location, representatives, agents or registered seal or signature; 

  

	 	(2)	loss of any agreement, Beneficial Interests certificate or registered seal; 

  

	 	(3)	any other matter deemed material relating to this Agreement. 

  

	36.2	The Trustee shall not be liable for indemnifying any Damages arising as a result of a delay by the Settlor or Beneficiary in making a notification described in Clause 36.1.

  

	37.	ACCESS TO THE DETAILS OF THE TRUST RECEIVABLES 

  
 The Trustee shall, if requested by the Beneficiary, make available to the Beneficiary details of the Trust Receivables, during the Trustee’s business
hours at the principal office of the Trustee, except as deemed necessary to protect the Trust Receivables information of the obligor. 
  

	38.	FRACTIONS LESS THAN ONE YEN 

  
 In respect of calculations of any amounts contemplated by this Agreement, any fractions less than one yen shall be rounded down to the nearest whole yen.

  

	39.	GOVERNING LAW 

  
 This Agreement shall be governed by, and construed in accordance with, the laws of Japan. 
  

	40.	JURISDICTION 

  
 The Tokyo District Court shall have jurisdiction as the court of first instance with respect to any action or other dispute arising out of or in
connection with this Agreement, unless the exclusive jurisdiction is otherwise prescribed by law. 
  

 30 

 (Translation) 
  

	41.	AMENDMENTS TO THIS AGREEMENT 

  
 This Agreement may not be amended except as agreed in writing by the Settlor, the Trustee, and the Beneficiary and approved in writing by the Agent.

  

	42.	EXPENSES 

  
 All stamp duties, registration fees and any other similar public charges incurred by the Settlor or the Trustee in relation to the preparation, delivery,
registration, enforcement, amendment or revision of this Agreement shall be borne by that party. 
  

	43.	APPLICATION OF THE LOAN AGREEMENTS 

  
 The provisions of the Loan Agreements shall apply mutatis mutandis to matters relating to the rights and obligations of the Agent and any other
provisions of this Agreement among those not provided for in this Agreement. 
  

	44.	CONSULTATION 

  
 The parties hereto shall resolve any matters not provided for in this Agreement or doubts as to the meaning of the provisions of this Agreement upon
mutual consultation in good faith. 
  
 (The space below has been
intentionally left blank.) 
  

 31 

 (Translation) 
  

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be signed and sealed in duplicate, and the
Settlor and the Trustee shall each retain one original. 
  
 March 25, 2004

  
 Settlor: /s/ Shinji Suzuki 
 33-4, Nishi-Shinjuku 4-chome, Shinjuku-ku, Tokyo 160-0023 
 FASL JAPAN LIMITED

 Shinji Suzuki 
 President, Representative Director 

 
 Trustee: /s/ Masanori Watanabe 
 5-1, Marunouchi 1-chome, Chiyoda-ku, Tokyo 100-8240 
 Mizuho Trust &
Banking Co., Ltd. 
 Masanori Watanabe 
 Managing Executive
Officer 
  

 32 

 (Translation) 
  

 List of Schedules 
  

			
	 Schedule 1:
	  	Description of Accounts Receivables
	 Schedule 2:
	  	Application for Additional Entrustment of Funds
	 Schedule 3:
	  	Request for Approval of Assignment of Receivables and Approval of Assignment of Receivables
	 Schedule 4:
	  	Settlor’s Report Form

  

 33 

 (Translation) 
  

 Schedule 1 (Existing Trust Receivables) 
  

	1.	Fixed Trust Receivables 

  
 Fixed Trust Receivables Amount 
 2,705,479,664
yen 
 Fixed Trust Receivables Amount (Consumption Tax and Other Tax Equivalent) 
 2,575,679,856 yen 
 Fixed Trust Receivables
Amount (Goods’ Value Equivalent) 
 129,799,808 yen 
  
 Payment Date:
                    April 15, 2004 
  

	2.	Counter-Performed Trust Receivables (as of March 15, 2004) 

  
 Counter-Performed Trust Receivables Amount 
 5,561,963,524 yen 
 Counter-Performed Trust Receivables Amount (Consumption Tax and Other Tax Equivalent) 
 5,284,110,293 yen 
 Counter-Performed Trust
Receivables Amount (Goods’ Value Equivalent) 
 277,853,231 yen 
  
 Payment Date:
                    May 17, 2004 
  

 34 

 (Translation) 
  

 Schedule 2 Application for Additional Entrustment of Funds 
  
 [Date] 
  

	To:	Mizuho Trust & Banking Co., Ltd. 

 (CC: Mizuho
Corporate Bank, Ltd.) 
  
 Application for Additional Entrustment
of Funds 
  
 (Settlor) 
  
 The Settlor hereby applies for the additional entrustment of funds as set forth below in
accordance with Clause 3.2 of the Accounts Receivables Trust Agreement entered into between the Settlor and the Trustee as of March 25, 2004 (the “Trust Agreement”). 
  
 As used in this Application, unless otherwise provided herein, the meaning of each term shall be as defined in the Trust Agreement.

  
 <Details of Additional Entrustment of Funds> 
  

			
	 Date of Additional Entrustment of Funds
 (same as the date on which this Application is submitted)
	 	 [Date]

	 Amount of Additional Entrustment of Funds
	 	 [                    ] yen

  

 35 

 (Translation) 
  

 Schedule 3 
  
 March 25, 2003 
  
 To: FUJITSU LIMITED 
  
 Request for Approval of Assignment of Receivables and 
 Approval of Assignment of Receivables 

 

	1.	FASL LAPAN LIMITED (the “Settlor”) has, pursuant to the Accounts Receivables Trust Agreement entered into between the Settlor and Mizuho Trust & Banking Co., Ltd. (the
“Trustee”) (the “Trust Agreement”), entrusted and assigned (the “Trust Assignment”) to the Trustee as of March 25, 2004 all of the accounts receivables from you that are currently held by the Settlor and all of the
prospective accounts receivables that may accrue to the Settlor before June 29, 2007 (the “Receivables”) pursuant to the Purchase and Sale Agreement entered into between you and the Settlor as of February 23, 2004 (as amended) (the
“Original Agreement”) and each individual sale and purchase agreement under the Original Agreement (the “Individual Agreement”). We therefore request that you kindly approve the Trust Assignment notwithstanding the provisions of
Clause 10.4 of the Original Agreement, and also approve the assignment of the Receivables to the Settlor or the floating pledgee on the trust beneficial interests under the Trust Agreement that may be carried out by the Trustee.

  

	2.	On or after March 25, 2004, we request that you make payment with respect to the Receivables to the following bank account held in the name of the Trustee (the “Trustee’s
Account”). 

  

			
	 	  	Details
		
	 Name and Branch of Bank:
	  	Mizuho Corporate Bank, Ltd., Uchisaiwaicho Corporate Banking Division
	 Account Type:
	  	Ordinary Savings Account
	 Account Number:
	  	****
	 Account Name:
	  	FASL JAPAN Account held by Mizuho Trust & Banking Co., Ltd. as the trustee of the Monetary Receivables Trust

  

	3.	Even after giving this approval, you may set off the Receivables that accrue during the period from March 1, 2004 to the date on which such approval is given against the equivalent
amount of your receivables from the Settlor that has become due during the same period by specifying your intent to do so in the payment notice that you send to the Settlor on or before the second (2nd) Business Day after March 31, 2004.

  

	*	Confidential treatment has been requested pursuant to the Confidential Treatment Request dated April 13, 2005. 

  

 36 

 (Translation) 
  

 In addition, even after giving this approval, you may set off the Receivables that may accrue in the
future against the equivalent amount of your receivables from the Settlor that has become due during the calendar month in which such Receivables accrue by specifying your intent to do so in the payment notice that you send to the Settlor on or
before the second (2nd) Business Day after the last day of such calendar month. 
  

	4.	Even after giving this approval, you may cancel the purchase order relating to the items that are sold and purchased that give rise to each Receivables pursuant to Clause 3.2 of the
Fujitsu Distribution Agreement dated June 30, 2003, which shall apply mutatis mutandis to Clause 3 of the Original Agreement to the extent that such cancellation is before the completion of the delivery and inspection of the items that are
sold and purchased. 

  

	5.	Even after giving this approval, you may reschedule the delivery date of the items that are sold and purchased that give rise to each Receivables pursuant to Clause 3.3 of the
Fujitsu Distribution Agreement dated June 30, 2003, which shall apply mutatis mutandis to Clause 3 of the Original Agreement to the extent that such reschedule is before the completion of the delivery and inspection of the items that are sold
and purchased. 

  
 Best regards 
  

 37 

 (Translation) 
  

 (Request for Approval of Assignment of Receivables and Approval of Assignment of Receivables as of March 25, 2004)

 March 25, 2004 
  
 Settlor: 
 [Address] 
 FASL JAPAN
LIMITED 
 [Title] [Name] 
  

 38 

 (Translation) 
  

 (Request for Approval of Assignment of Receivables and Approval of Assignment of Receivables as of March 25, 2004)

  
 March 25, 2004 
  
 Trustee: 
 [Address] 
 Mizuho Trust & Banking Co., Ltd. 
 [Title] [Name] 
  

 39 

 (Translation) 
  

 (Request for Approval of Assignment of Receivables and Approval of Assignment of Receivables as of March 25, 2004)

  
 March 25, 2004 
  
 To: Mizuho Trust & Banking Co., Ltd. 
 To: FASL JAPAN LIMITED 
  
 We hereby approve the matters provided for in Paragraphs 1 through 5 above pursuant to Article 467 of the Civil Code. 
  
 [Address] 
 FUJITSU LIMITED 
 [Title] [Name] (seal) 
  
 Certified date (kakutei-hizuke) 
  

 40 

 (Translation) 
  

 Schedule 4 (Settlor’s Report Form) 
  

 41Floating Pledge Agreement

 EXHIBIT 10.23 
  
 (Translation) 
  

  
 Floating Pledge Agreement 
  

  

			
	Agent:	    	Mizuho Corporate Bank, Ltd.
		
	Pledgee:	    	Financial Institutions specified in Exhibit 1
		
	Pledgor:	    	Spansion Japan Limited
		
	 	    	        March 25, 2005

  
  

 1 

 (Translation) 
  

 FLOATING PLEDGE AGREEMENT 
  
 Spansion Japan Limited (the “Pledgor”), the financial institutions specified in Exhibit 1(1) as Pledgees A (All pledgees A shall
be collectively referred to as “Pledgees A” or “all Pledgees A,” and individual pledgees A shall, depending on the context, be referred to as “each Pledgee A.”), and the financial institutions specified in Exhibit 1(2)
as Pledgees B (All pledgees B shall be collectively referred to as “Pledgees B” or “all Pledgees B,” and individual pledgees B shall, depending on the context, be referred to as “each Pledgee B.” All Pledgees A and
Pledgees B shall be collectively referred to as “Pledgees” or “all Pledgees,” and individual pledgees shall, depending on the context, be referred to as “each Pledgee.”) hereby enter into this agreement (this
“Agreement”) as follows with respect to the creation of floating pledges on the Security Beneficial Interests (as defined below) held by the Pledgor, under which Mizuho Corporate Bank, Ltd. will act as the Agent, as of March 25, 2005.

  

	1.	DEFINITIONS 

  
 Except as otherwise specifically defined herein, the terms in this Agreement shall have the meanings defined in (i) the Accounts Receivables Trust Agreement dated March 25, 2004 entered into by and between the Pledgor
and Mizuho Trust & Banking Co., Ltd. (the “Trustee”) (as amended, the “Trust Agreement”), (ii) the Revolving Line Agreement (A) dated March 25, 2005 entered into by and among Mizuho Corporate Bank, Ltd., Shinkin Central Bank,
The Bank of Yokohama, Ltd., The Toho Bank, Ltd., The Norinchukin Bank and the Pledgor (as amended, the “Loan Agreement A”), (iii) the Revolving Line Agreement (B) dated March 25, 2005 entered into by and among Mizuho Corporate Bank, Ltd.,
Shinkin Central Bank, The Bank of Yokohama, Ltd., The Norinchukin Bank and the Pledgor (as amended, the “Loan Agreement B,” and together with the Loan Agreement A, the “Loan Agreements”), and (iv) the Creditors’ Agreement
dated March 25, 2005 entered into by and among Mizuho Corporate Bank, Ltd., Shinkin Central Bank, The Bank of Yokohama, Ltd., The Toho Bank, Ltd., The Norinchukin Bank and the Pledgor (as amended, the “Creditors’ Agreement”).

  

	2.	CREATION OF FLOATING PLEDGE 

  

	2.1	The Pledgor shall create first-priority floating pledges (collectively, the “Floating Pledge A”) on its beneficial interests in trust under the Trust Agreement (the
“Security Beneficial Interests”) with respect to each Pledgee A as follows. 

  

			
	                                        
             DESCRIPTION

		
	Scope of Secured Receivables:	  	The right to claim for the payment of principal and interest and any other receivables held by each Pledgee A against the Pledgor under the Loan Agreement A (collectively the “Secured
Receivables A”)
		
	Maximum Amount:	  	JPY 6,000,000,000
		
	Date to crystallize the receivables to be secured by Floating Pledge A:	  	No date is fixed.

  

 2 

 (Translation) 
  

	2.2	The Pledgor shall create second-priority floating pledges (collectively the “Floating Pledge B,” and together with the Floating Pledge A, the “Floating Pledges”)
on the Security Beneficial Interests with respect to each Pledgee B as follows. 

  

			
	DESCRIPTION                                     
                                   
		
	Scope of Secured Receivables:	  	The right to claim for the payment of principal and interest and any other receivables held by each Pledgee B against the Pledgor under the Loan Agreement B (collectively the “Secured
Receivables B,” and together with the Secured Receivables A, the “Secured Receivables”)
		
	Maximum Amount:	  	JPY 9,000,000,000
		
	 Date to crystallize the receivables to
 be secured by
Floating Pledge B:
	  	No date is fixed.

  

	2.3	Each Pledgee A shall, as a result of creation of the Floating Pledge A described in Clause 2.1, acquire a floating pledge on the Security Beneficial Interests that has the same
priority as those held by the other Pledgees A. Each Pledgee B shall, as a result of creation of the Floating Pledge B described in Clause 2.2, acquire a floating pledge on the Security Beneficial Interests that has the same priority as those held
by the other Pledgees B. 

  

	2.4	The Pledgees hereby authorize the Agent to exercise on behalf of the Pledgees the rights of the Pledgees under this Agreement to the extent such exercise does not breach applicable
laws or ordinances. Provided, however, that the specific time, method and terms of exercising the rights as a Pledgee shall be in accordance with the decision-making of the Majority Lenders under the provisions of the Creditors’
Agreement. 

  

	2.5	The Pledgees shall enforce the Floating Pledges only through the Agent and in accordance with the provisions of this Agreement, the Loan Agreements and the Creditors’
Agreement, and applicable laws and ordinances. Provided, however, that the Pledgees are able to receive appropriation for repayment of the Loans in accordance with the provisions of the Loan Agreements and the Creditors’ Agreement.

  

	2.6	The authority set forth in Clause 2.4 shall extinguish upon the resignation or dismissal of the Agent in accordance with Clause 28 of the Loan Agreements (or Clause 28 of the Loan
Agreements that has been replaced in accordance with the provisions of Clause 7 of the Creditor’s Agreement; hereinafter the same) and the provisions of the Creditors’ Agreement. Thereafter, the successor Agent assuming office in
accordance with Clause 28 of the Loan Agreements shall exercise the rights and bear the obligations under this Clause. Immediately after such change in Agents, the former Agent and the successor Agent shall notify the Pledgor thereof in writing in
their joint name. 

  

 3 

 (Translation) 
  

	3.	DELIVERY OF ORIGINAL COPY AND ACQUISITION OF TRUSTEE APPROVAL 

  

	3.1	On the date of this Agreement, the Pledgor shall deliver to the Agent original copies of a certificate for the Security Beneficial Interests (provided, however, that this shall only
apply if such certificate has been issued) and an agreement with respect to the Trust Agreement (such certificate and agreement shall be collectively referred to as “Trust Agreement and Certificate”). The Agent shall, upon receipt of the
Trust Agreement and Certificate pursuant to this Paragraph, immediately deliver to each Pledgee copies thereof with wording certifying that such copies are accurate copies of the Trust Agreement and Certificate 

  

	3.2	On the date of this Agreement, the Pledgor shall obtain the Trustee’s written approval of the creation of the Floating Pledge A on the Security Beneficial Interests with a
certified date substantially in the form set out in Exhibit 2, and deliver the original copy thereof to the Agent, to complete (i) perfection against debtors and third parties under Articles 364(1) and 467 of the Civil Code with respect to the
creation of the Floating Pledge A and (ii) prior perfection under Article 467 of the Civil Code with respect to acquisition of the Security Beneficial Interests as a result of enforcement by any Pledgee A of the Floating Pledge A pursuant to the
provisions of Clause 7.1(3) of this Agreement. The Agent shall, upon obtaining approval from the Trustee pursuant to this Paragraph, immediately deliver to each Pledgee A copies thereof with wording certifying that such copies are accurate copies of
the approval. 

  

	3.3	On the date of this Agreement and after carrying out the procedures provided in the preceding Paragraph, the Pledgor shall obtain the Trustee’s written approval of the creation
of the Floating Pledge B on the Security Beneficial Interests with a certified date substantially in the form set out in Exhibit 3, and deliver the original copy thereof to the Agent, to complete (i) perfection against debtors and third parties
under Articles 364(1) and 467 of the Civil Code with respect to the creation of the Floating Pledge B and (ii) prior perfection under Article 467 of the Civil Code with respect to acquisition of the Security Beneficial Interests as a result of
enforcement by any Pledgee B of the Floating Pledge B pursuant to the provisions of Clause 7.1(3) of this Agreement. The Agent shall, upon obtaining approval from the Trustee pursuant to this Paragraph, immediately deliver to each Pledgee B copies
thereof with wording certifying that such copies are accurate copies of the approval. 

  

	3.4	Upon receipt of the Trust Agreement and Certificate or the Trustee’s approval in accordance with the provisions of preceding three Paragraphs, the Agent shall exclusively
posses the Trust Agreement and Certificate or the Trustee’s approval for its own benefit and on behalf of each Pledgee for the benefit of each Pledgee, and each Pledgee agrees thereto. 

  

	3.5	Each Pledgee authorizes the Agent and the Agent agrees to receive the Trust Agreement and Certificate and the Trustee’s approval on behalf of each Pledgee.

  

	3.6	The Agent shall keep the original copies of the Trust Agreement and Certificate that are delivered by the Pledgor in accordance with Clause 3.1 for the benefit of each Pledgee with
the duty of care of a good administrator, until the Pledgor satisfies all of the Secured Receivables and the Agent returns to the Pledgor the original copies of the Trust Agreement and Certificate in accordance with Clause 15 of this Agreement.

  

 4 

 (Translation) 
  

	4.	REPRESENTATIONS, WARRANTIES AND COVENANTS OF PLEDGOR 

  

	4.1	The Pledgor represents and warrants that the following is true and correct as of the date of this Agreement. 

  

	 	(1)	The Trust Agreement is an agreement duly executed and effectively existing under the laws of Japan. 

  

	 	(2)	The Security Beneficial Interests solely belong to the Pledgor, and the Pledgor has the sole authority to dispose of the Security Beneficial Interests. 

  

	 	(3)	There are no encumbrances relating to real rights on the Security Beneficial Interests that have priority over or precede the Floating Pledge A, nor is there any other event that
will interfere with the rights or interests of the Pledgees A. 

  

	 	(4)	Other than the Floating Pledge A, there are no encumbrances relating to real rights on the Security Beneficial Interests that have priority over or precede the Floating Pledge B,
nor is there any other event that will interfere with the rights or interests of the Pledgees B. 

  

	 	(5)	No lawsuit, arbitration, mediation or other administrative procedure by a third party is pending with respect to the creation, continued existence, ownership or exercise of the
Security Beneficial Interests, nor is there any threat of the commencement of any of the foregoing. 

  

	 	(6)	The Security Beneficial Interests are legal, valid and binding, and enforceable in accordance with the terms of this Agreement. 

  

	 	(7)	No principal has been redeemed before the due date with respect to the Security Beneficial Interests. 

  

	 	(8)	Neither the Settlor nor the Trustee is in default of any obligations under the Trust Agreement. 

  

	 	(9)	There are no grounds for defense that interfere with the creation, continued existence or exercise of the Security Beneficial Interests. 

  

	 	(10)	No provisions of the Trust Agreement have been amended, released or waived, the Security Beneficial Interests have not been transferred to a third party, had a security interest
created thereon, or otherwise been disposed of in a way that adversely affects or is likely to adversely affect the rights of the Pledgees under this Agreement, nor is the Pledgor under any obligation to make such a disposition for the benefit of a
third party. 

  

	 	(11)	No petition for provisional attachment, preservative attachment, attachment or provisional disposition has been filed by any third party in respect of all or a part of the Security
Beneficial Interests, nor are there any rights or encumbrances in respect of all or a part of the Security Beneficial Interests that have or are likely to have an adverse effect on the rights of the Pledgees under this Agreement;

  

	 	(12)	Each of the Pledgor’s representations and warranties set out in the Trust Agreement are true and correct. 

  

 5 

 (Translation) 
  

	4.2	If it is found that any of the Pledgor’s representations and warranties set out in Clause 4.1 are false or incorrect in any material respect, the Pledgor shall immediately
notify the Agent thereof in writing, and shall compensate the Agent or each Pledgee for the losses incurred by them due to such breach of representations or warranties. 

  

	5.	PRESERVATION OF TRUST AGREEMENT 

  
 The Pledgor shall not, without the Agent’s prior written consent, amend any provision of the Trust Agreement, transfer the Security Beneficial Interests to a third
party, create a security interest on or otherwise dispose of or cancel the Security Beneficial Interests, or conduct any other act which is likely to adversely affect the Floating Pledges. 
  

	6.	CHANGES IN DETAILS OF FLOATING PLEDGES 

  
 If it becomes necessary to transfer all or a part of the Floating Pledges (including changing the scope of the secured receivables in connection with such transfer) or
otherwise change or dispose of the Floating Pledges (excluding the case where such change or disposal materially and adversely affects the Pledgor), the Pledgor shall agree to or approve the Agent’s requests or take other procedures necessary
therefor. If required by the Agent to change the scope of the secured receivables with respect to the Floating Pledges (excluding those in connection with the transfer of all or a part of the Floating Pledges), the Pledgor shall consult with the
Agent in good faith. 
  

	7.	ENFORCEMENT OF THE PLEDGE 

  

	7.1	If the obligations that the Pledgor owes with respect to any of the Secured Receivables become due or immediately payable, the Pledgees may enforce the Floating Pledges in
accordance with any of the following methods. In such case, each Pledgee may enforce the Floating Pledges only through the Agent by times, methods and terms determined in accordance with the decision-making of the Majority Lenders under Clause 2 of
the Creditors’ Agreement, and the Agent shall enforce the Floating Pledges on behalf of each Pledgee. The Agent shall, in enforcing the Floating Pledges, notify the Trustee, Pledgor and each Pledgee in writing of the enforcement of the Floating
Pledges under this Agreement (the “Floating Pledge Enforcement Notice”). 

  

	 	(1)	Method of (i) directly collecting money equal to the amount of the Trustee’s obligations to pay distributions and principal redemptions with respect to the Security Beneficial
Interests or any other obligation owed by the Trustee to the Pledgor under the Trust Agreement, and (ii) using such collected amount (the “Directly Collected Amount”) to repay the Secured Receivables. 

  

	 	(2)	Method of (i) disposing of the Security Beneficial Interests by times, methods, prices, etc., which are generally acknowledged as appropriate, and (ii) using the proceeds from such
disposal (the “Disposal Proceeds”) to repay the Secured Receivables. 

  

	 	(3)	Method of (i) acquiring the Security Beneficial Interests by evaluating them by times, methods, prices, etc., which are generally acknowledged as appropriate, and (ii) deeming that
the Secured Receivables cease to be effective at the same amount as such value of the Security Beneficial Interests (the “Valued Amount”). 

  

 6 

 (Translation) 
  

	7.2	Notwithstanding the provisions of the preceding Paragraph, if the Agent reasonably deems it necessary to urgently enforce the Floating Pledges, the Agent may immediately enforce the
Floating Pledges without following decision-making procedures of the Majority Lenders set forth in Clause 2 of the Creditors’ Agreement. Provided, however, that the Agent shall not be obliged to enforce the Floating Pledges unless instructed by
the Majority Lenders. 

  

	7.3	If the Agent enforces the Floating Pledges, the Agent shall simultaneously enforce all of the Floating Pledges held by the Pledgees. 

  

	7.4	If the Pledgees enforce the Floating Pledges in accordance with Clause 7.1(1) or (2), the Pledgees shall cause the party obliged to pay the Directly Collected Amount or the Disposal
Proceeds to transfer such Directly Collected Amount or Disposal Proceeds to an account designated and managed by the Agent (the “Agent’s Account”). Upon payment of the Directly Collected Amount or the Disposal Proceeds (the
“Directly Collected Amount, Etc.”) to the Agent’s Account, the Directly Collected Amount, Etc. shall be used to repay the Secured Receivables in the order and manner set forth in Clause 18 of the Loan Agreements (or Clause 18 of the
Loan Agreements that has been replaced in accordance with the provisions of Clause 4 of the Creditors’ Agreement; hereinafter the same), and the Agent shall distribute the Directly Collected Amount, Etc. to each Pledgee in accordance with
Clause 19 of the Loan Agreements (or Clause 19 of the Loan Agreements that has been replaced in accordance with the provisions of Clause 5 of the Creditors’ Agreement. 

  

	7.5	If the Pledgees enforce the Floating Pledges in accordance with Clause 7.1(3), an amount equivalent to the amount that would be appropriated if the money equal to the Valued Amount
was appropriated in the order and manner set forth in Clause 18 of the Loan Agreements, shall be used to repay the Secured Receivables at the time the Agent acquires the Security Beneficial Interests. If the Agent acquires money by exercising,
transferring or otherwise disposing of the Security Beneficial Interests acquired in accordance with Clause 7.1(3), the Agent shall cause the party obliged to pay such money to transfer such money to the Agent’s Account, and upon payment of
such money, the Agent shall immediately distribute such transferred money to each Pledgee in accordance with Clause 19 of the Loan Agreements. 

  

	7.6	If the Agent receives the trust principal, trust proceeds or other property upon enforcement of the Floating Pledgees and such property is not money (the “Receivables in
Kind”), the Majority Lenders shall determine the method to acquire or dispose of the Receivables in Kind. In this case, an amount equivalent to the amount that would be appropriated if the money equal to the Valued Amount of the Receivables in
Kind evaluated by times, methods, prices, etc., that are generally acknowledged as appropriate was appropriated in the order and manner set forth in Clause 18 of the Loan Agreements, shall be used to repay the Secured Receivables. In this case, if
the Agent acquires money by exercising, transferring or otherwise disposing of the Receivables in Kind, the Agent shall cause the party obliged to pay such money to transfer such money to the Agent’s Account, and upon payment of such money, the
Agent shall immediately distribute such transferred money to each Pledgee in accordance with Clause 19 of the Loan Agreements. 

  

 7 

 (Translation) 
  

	7.7	Each Pledgee acknowledges without objection that, notwithstanding the priority between the Floating Pledge A and the Floating Pledge B set forth in Clauses 2.1 and 2.2, the Directly
Collected Amount, the Disposal Proceeds, money equal to the Valued Amount and other money acquired through enforcing the Floating Pledges that are set forth in preceding three Paragraphs shall be used and distributed to each Pledgee in the order set
forth in Clauses 18 and 19 of the Loan Agreements, and no receivables or obligations will remain between each Pledgee and the Agent with respect to such money after the distribution thereof. 

  

	8.	INSTRUCTIONS TO TRUSTEE 

  
 The Pledgor shall follow the provisions of Clause 24.1 of the Trust Agreement with respect to instructing the Trustee, and (i) if no Repayment Formula Revision Event has
occurred, the Beneficiary and the Agent shall, upon consultation, give instructions in their joint name, and if the Beneficiary and the Agent do not come to an agreement though consultation, the Agent may independently give instructions, and (ii) if
a Repayment Formula Revision Event has occurred, the Agent may give instructions. 
  

	9.	COMMON SERVICE FEES 

  
 If the Agent pays any fees for the common benefit of the Pledgees pursuant to the provisions of this Agreement, notwithstanding the provisions of Clauses 7.5 through 7.7
(including the case where such provisions apply mutatis mutandis in accordance with the provisions of Clause 8), the Agent may receive priority distribution of an amount equal to such paid expenses from the Agent’s Account. 

 

	10.	RECEIPT BY PLEDGOR OF DISTRIBUTION OF PROCEEDS OR OTHER MONEYS 

  

Notwithstanding the creation of the Floating Pledges, the Pledgor is authorized to receive distributions of proceeds, principal redemptions and other money in respect
of the Security Beneficial Interests until the Floating Pledge Enforcement Notice is given. 
  

	11.	PRESERVATION OF PLEDGE 

  

	11.1	The Pledgor shall obtain the Agent’s written approval prior to conducting any act to collect the Trust Receivables by itself or any other acts that reduce or which are likely
to reduce the amount of the Trust Receivables or the Security Beneficial Interests. 

  

	11.2	If the Agent is requested by the Pledgor for the approval described in Clause 11.1, the Agent may, as a condition for giving such approval, request the Pledgor to entrust additional
funds in respect of the Trust Agreement, offer additional pledges, or repay all or a part of the Secured Receivables. 

  

	11.3	If requested by the Agent, the Pledgor shall deliver to the Agent all documents reasonably necessary for the preservation and exercise of the Pledgees’ rights hereunder, and
take all necessary steps for the preservation and exercise of the rights of the Pledgees hereunder in accordance with the Agent’s instructions. 

  

 8 

 (Translation) 
  

	12.	NO ASSUMPTION OF DEBT 

  
 The Pledgor acknowledges without objection that none of the Pledgees shall assume any debt in respect of the Trust Agreement due to the creation of the Floating Pledges
under this Agreement. 
  

	13.	EXEMPTION FROM LIABILITY WITH RESPECT TO OBLIGATION TO PRESERVE THE PLEDGE, ETC. 

  

	13.1	The Floating Pledge shall be created in addition to other pledges and guarantees held by the Pledgees in respect of the Secured Receivables, and shall not affect the validity of
such other pledges or guarantees. 

  

	13.2	The Pledgor shall not claim exemption from liability if any Pledgee changes or cancels other pledges or guarantees at such Pledgee’s discretion. 

  

	14.	INDEMNIFICATION 

  
 If the Agent or the Pledgees suffer damages due to breach by the Pledgor of the obligations under this Agreement, the Pledgor shall immediately compensate the Agent or
the Pledgees upon request from the Agent or the Pledgees for such damages. 
  

	15.	EXTINGUISHMENT OF FLOATING PLEDGES 

  
 If the Floating Pledges cease to exist, the Agent shall immediately return to the Pledgor the original copies of the Trust Agreement and Certificate with respect to such
extinguished Floating Pledges that have been delivered by the Pledgor in accordance with Clause 3.1 and kept for the benefit of each Pledgee. Upon receipt of the original copies of the Trust Agreement and Certificate pursuant to this Clause, the
Pledgor shall notify the Trustee thereof in joint names with the Pledgees. 
  

	16.	COSTS AND EXPENSES 

  
 The Pledgor shall bear any and all costs and expenses (including, but not limited to, taxes and public charges and attorney’s fees) required to exercise the rights
or perform the obligations under this Agreement. If the Agent or any Pledgees pays such costs or expenses, the Pledgor shall compensate the Agent or such Pledgee immediately after the Pledgor receives from the Agent or such Pledgee the details of
such costs and expenses. 
  

	17.	AGENT 

  
 The parties to this Agreement acknowledge that the services specified in this Agreement to be performed by the Agent shall constitute a part of the Agent Services set forth in Clause 27 of the Loan Agreements (or
Clause 27 of the Loan Agreements that has been replaced in accordance with the provisions of Clause 6 of the Creditor’s Agreement). It is acknowledged that the provisions concerning the Agent in the Creditors’ Agreement shall automatically
apply to the Agent’s authority, responsibility, obligations, exemption from liability and other matters with respect to the performance by the Agent of its services set forth in this Agreement. 
  

 9 

 (Translation) 
  

	18.	NO ASSIGNMENT 

  
 None of the Pledgees nor the Pledgor shall assign, create a security interest on or otherwise dispose of all or a part of their contractual status, rights or obligations hereunder. Provided, however, that this shall
not apply if such disposal is made as a result of the Pledgees assigning or otherwise disposing of the Secured Receivables in accordance with the Loan Agreements. 
  

	19.	AMENDMENTS TO THE AGREEMENT 

  
 The provisions of this Agreement may be amended only by the written consent of the Agent, the Pledgor and all Lenders (provided, however, amendments concerning matters
solely relating to the Floating Pledge A may be made with the consent of the Agent, the Pledgor and all Pledgees A, and amendments concerning matters solely relating to the Floating Pledge B may be made with the consent of the Agent, the Pledgor and
all Pledgees B). 
  

	20.	ADDITIONAL MEASURES 

  
 Each Pledgee and the Pledgor shall prepare, execute and deliver any agreements and other documents required by each Pledgee or the Pledgor as necessary or appropriate to
a reasonable extent for the purpose of attaining the object of this Agreement. 
  

	21.	GOVERNING LAW 

  
 This Agreement shall be governed by and construed in accordance with the laws of Japan. 
  

	22.	JURISDICTION 

  
 The Tokyo District Court shall have exclusive jurisdiction as the court of first instance with respect to any action arising out of or in connection with this Agreement. 
  

	23.	APPLICATION OF THE TRUST AGREEMENT 

  
 The provisions of the Loan Agreements and the Creditors’ Agreement shall apply mutatis mutandis to matters relating to the provisions of this Agreement among
those not provided for in this Agreement. 
  

	24.	CONSULTATION 

  
 The Agent, the Pledgees and the Pledgor shall resolve any matters not provided for in this Agreement or doubts arising from this Agreement upon mutual consultation. 
  

	25.	EXTINGUISHMENT OF FORMER FLOATING PLEDGES 

  
 The first-priority floating pledges and second-priority floating pledges created in favor of the Former Pledgees A (as defined below) and the Former
Pledgee B (as defined below), respectively, pursuant to the Floating Pledge Agreement dated March 25, 2004 and entered into by and among Mizuho Corporate Bank, Ltd. acting as the Agent, Mizuho Corporate Bank, Ltd., Shinkin Central Bank, The Bank of
Yokohama, Ltd., The Toho Bank, Ltd. and The Norinchukin Bank as the Pledgees A (the “Former Pledgees A”), Mizuho Corporate Bank, Ltd., as Pledgee B (the “Former Pledgee B”) and the Pledgor (the “Former Floating Pledge
Agreement”), shall be canceled and cease to exist simultaneously with the 
  

 10 

 (Translation) 
  

 execution of this Agreement. Provided, however, that the return to the Pledgor of the original copies
of the Trust Agreement and Certificate and the notification thereof to the Trustee as provided for under Clause 15 of the Former Pledge Agreement need not be performed. 
  

 11 

 (Translation) 
  

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be signed and sealed, the Agent has kept the
original and has delivered copies thereof to the Pledgor and each of the Pledgees, other than the Agent, with a certificate confirming the original is kept by the Agent. 
  
 March 25, 2005 
  

			
	 First-Priority Pledgee,
 Second-Priority
Pledgee,
 and Agent
	 	 

					
		
	 /S/    HIROSHI
SAITO

	 	 
	 MIZUHO CORPORATE BANK, LTD.
	 	 

  

 12 

 (Translation) 
  

 (Floating Pledge Agreement as of March 25, 2005) 
  
  

			
	 First-Priority Pledgee
 and Second-Priority
Pledgee
	 	 

					
		
	 /S/    YASUTAKA
MIYAMOTO

	 	 
	 SHINKIN CENTRAL BANK
	 	 

  

 13 

 (Translation) 
  

 (Floating Pledge Agreement as of March 25, 2005) 
  

			
	 First-Priority Pledgee
 and Second-Priority
Pledgee

	
	/s/    SOICHI USHIJIMA
	The Bank of Yokohama, Ltd.

  

 14 

 (Translation) 
  

 (Floating Pledge Agreement as of March 25, 2005) 
  

			
	First-Priority Pledge	 	 

					
		
	 /S/    TAKAO
AOYAGI

	 	 
	 THE TOHO BANK, LTD.
	 	 

  

 15 

 (Translation) 
  

 (Floating Pledge Agreement as of March 25, 2005) 
  

			
	 First-Priority Pledgee
 and Second-Priority
Pledgee
	 	 

					
		
	 /S/    KOJI
WATANABE

	 	 
	 THE NORINCHUKIN BANK
	 	 

  

 16 

 (Translation) 
  

 (Floating Pledge Agreement as of March 25, 2005) 
  

			
	Pledgor
	
	/s/    SHINJI SUZUKI
	Spansion Japan Limited

  

 17 

 (Translation) 
  

 List of Schedules 
  

			
	Schedule 1	 	List of Pledgees
		
	Schedule 2	 	Application for Approval on Creating First-Priority Floating Pledge and Approval on Creating Floating Pledge
		
	Schedule 3	 	Application for Approval on Creating Second-Priority Floating Pledge and Approval on Creating Floating Pledge

  

 18 

 (Translation) 
  

 Schedule 1 List of Pledgees 
  

	(1)	Pledgees A 

  
 Mizuho Corporate Bank, Ltd. 
 Shinkin Central Bank 
 The Bank of Yokohama, Ltd. 
 The Toho Bank,
Ltd. 
 The Norinchukin Bank 
  

	(2)	Pledgees B 

  
 Mizuho Corporate Bank, Ltd. 
 Shinkin Central Bank 
 The Bank of Yokohama, Ltd. 
 The Norinchukin
Bank 
  

 19 

 (Translation) 
  

 Schedule 2 APPLICATION FOR APPROVAL ON CREATING FIRST-PRIORITY FLOATING PLEDGE AND APPROVAL ON CREATING
FLOATING PLEDGE 
  
 March 25, 2005 
  

	To:	Mizuho Trust & Banking Co., Ltd. 

  
 Application for Approval 
 on Creating First-Priority Floating Pledge 
  
 Spansion Japan Limited, as the Settlor in the Trust Agreement described in Item 1 below (the “Trust Agreement”), has recently created first-priority floating pledges on each beneficial interest in trust under the Trust Agreement
(the “Security Beneficial Interests”), in order to secure the obligations owed by Spansion Japan Limited to Parties A-1 through A-5, who are the Pledgees described in Item 3 below, (collectively the “Secured Receivables”) in
accordance with the Floating Pledge Agreement described in Item 2 below (the “Floating Pledge Agreement”). 
  
 Accordingly, we would like to ask you to pay money directly to the Agent, an agent of the Pledgees, which is payable by you to Spansion Japan Limited as a
delivery of distributions or redemption of principal in respect of the Security Beneficial Interests, if you receive a Floating Pledge Enforcement Notice under the Floating Pledge Agreement. 
  
 We make the above request under our joint name. The Settlor does not request
you exercise the right to terminate or agree to terminate the Trust Agreement without the consent of the Pledgees. 
  
 DESCRIPTION 
  

	1.	Trust Agreement 

  
 Accounts Receivables Trust Agreement entered into as of March 25, 2004 between you, as the Trustee, and Spansion Japan Limited, as the Settlor.

  

	2.	Floating Pledge Agreement 

  
 Floating Pledge Agreement entered into as of March 25, 2005 among Parties A-1 through A-5, as the first-priority pledgees, Mizuho Corporate Bank, Ltd., as
the second-priority pledgee, Party A-1, as the Agent, and Spansion Japan Limited, as the Pledgor. 
  

	3.	Secured Receivables 

  
 Right to claim for principal and interest payments and other receivables held by each of Parties A-1 through A-5 against the Pledgor under the Revolving
Line Agreement (A) (as amended) entered into as of March 25, 2005 among Parties A-1 through A-5, as the Lenders, Party A-1 as the Agent, and Spansion Japan Limited, as the Borrower. 
  
 The Agent hereby represents and acknowledges that the Agent has direct rights and obligations 
  

 20 

 (Translation) 
  

 to you under the Trust Agreement, understands the details of such rights and obligations, and has no objection
thereto. We would like to request you confirm that you have direct rights and obligations to the Agent under the Trust Agreement, understand the details of such rights and obligations, and have no objection thereto. 
  
 Further, we would also like to request that you confirm the following matters. 
  

	(1)	That the first-priority floating pledges and second-priority floating pledges created in favor of the Former Pledgees A (as defined below) and the Former Pledgee B (as defined
below), respectively, pursuant to the Floating Pledge Agreement dated March 25, 2004 and entered into by and among Mizuho Corporate Bank, Ltd. acting as the Agent (the “Former Agent”), Mizuho Corporate Bank, Ltd., Shinkin Central Bank, The
Bank of Yokohama, Ltd., The Toho Bank, Ltd. and The Norinchukin Bank as the Pledgees A (the “Former Pledgees A”), Mizuho Corporate Bank, Ltd. as Pledgee B (the “Former Pledgee B”) and the Pledgor (the “Former Floating Pledge
Agreement”), have been canceled and have ceased to exist simultaneously with the execution of the Floating Pledge Agreement. Provided, however, that the return to the Pledgor of the original copies of the Trust Agreement and Certificate and the
notification thereof to you as provided for under Clause 15 of the Former Pledge Agreement need not be performed. 

  

	(2)	That because the Revolving Line Agreement (A) dated March 25, 2004 and entered into by and among the Former Agent, the Former Pledgees A and the Pledgor has been renewed into the
Revolving Line Agreement (A) dated March 25, 2005 and entered into by and among the Agent, Parties A-1 through A-5 and the Pledgor, and because the Revolving Line Agreement (B) dated March 25, 2004 and entered into by and among the Former Agent, the
Former Pledgee B and the Pledgor has been renewed into the Revolving Line Agreement (B) dated March 25, 2005 and entered into by and among the Agent, Parties A-1, A-2, A-3 and A-5 and the Pledgor, the terms set forth in the column labeled
“Current Provisions” in the following chart contained in the Trust Agreement will be replaced so that such provisions will be read to have the respective meanings set forth in the column labeled “Provisions after Replacement,”
and that after the replacements that are otherwise necessary to correspond to the renewal of such agreements have been made, the Trust Agreement will continue to be effective notwithstanding the provisions of Clause 4 and Clause 1.49(2) of the Trust
Agreement. 

  

					
	 Clauses

	  	 Current Provisions

	  	 Provisions after Replacement
 (Amendments are underlined)

	 Clause1.70
	  	“Floating Pledge Agreement” means the Floating Pledge Agreement entered into between the Settlor and the Lenders as of March 25, 2004 (as amended).	  	“Floating Pledge Agreement” means the Floating Pledge Agreement entered into between the Settlor and the Lenders as of March 25, 2005 (as amended).
			
	 Clause1.78
	  	“Loan Agreement A” means the Revolving Line Agreement (A) (as amended or renewed) entered into by Mizuho Corporate Bank, Ltd., Shinkin Central Bank, The Bank of Yokohama,
Ltd., The Toho Bank, Ltd. and The Norinchukin Bank, and the Settlor as of March 25, 2004.	  	“Loan Agreement A” means the Revolving Line Agreement (A) (as amended or renewed) entered into by Mizuho Corporate Bank, Ltd., Shinkin Central Bank, The Bank of Yokohama,
Ltd., The Toho Bank, Ltd. The Norinchukin Bank, and the Settlor as of March 25, 2005.

  

 21 

 (Translation) 
  

					
	 Clause1.79
	  	“Loan Agreement B” means the Revolving Line Agreement (B) (as amended or renewed) entered into by Mizuho Corporate Bank, Ltd. and the Settlor as of March 25, 2004.	  	“Loan Agreement B” means the Revolving Line Agreement (B) (as amended or renewed) entered into by Mizuho Corporate Bank, Ltd., Shinkin Central Bank, The Bank of Yokohama, Ltd.,
The Norinchukin Bank, and the Settlor as of March 25, 2005.

  
 Party A-1: 
  

	
	                        Agent and First-Priority Pledgee
	
	                        Mizuho Corporate Bank, Ltd.

  

 22 

 (Translation) 
  

 (Application for Approval on Creating First-Priority Floating Pledge dated March
25, 2005) 
  
 Party A-2: 
  
 First-Priority Pledgee 
  
 Shinkin Central Bank 
  

 23 

 (Translation) 
  

 (Application for Approval on Creating First-Priority Floating Pledge dated March
25, 2005) 
  
 Party A-3: 
  

	
	                            First-Priority
Pledgee
	
	                            The Bank of Yokohama,
Ltd.

  

 24 

 (Translation) 
  

 (Application for Approval on Creating First-Priority Floating Pledge dated March
25, 2005) 
  
 Party A-4: 
  

	
	                            First-Priority
Pledgee
	
	                            The Toho Bank,
Ltd.

  

 25 

 (Translation) 
  

 (Application for Approval on Creating First-Priority Floating Pledge dated March
25, 2005) 
  
 Party A-5: 
  

	
	                            First-Priority
Pledgee
	
	                            The Norinchukin
Bank

  

 26 

 (Translation) 
  

 (Application for Approval on Creating First-Priority Floating Pledge dated March
25, 2005) 
  
 Spansion Japan Limited: 
  

	
	                         Pledgor

	
	                        Spansion Japan Limited

  

 27 

 (Translation) 
  

 March 25, 2004 
  

	To:	Mizuho Corporate Bank, Ltd. 

 Shinkin Central Bank

 The Bank of Yokohama, Ltd. 
 The Toho Bank, Ltd. 
 The Norinchukin Bank 
  

Spansion Japan Limited 
  
 Approval on Creating First-Priority Floating Pledge 
  

We approve without objection the creation of the floating pledge on the Security Beneficial Interests and other matters stated in your Application for Approval on
Creating First-Priority Floating Pledge dated March 25, 2005. 
  
 We also
represent and acknowledge that we have direct rights and obligations to the Agent under the Trust Agreement, understand the details of such rights and obligations, and have no objection thereto. 
  
 (Trustee) 
  
 Mizuho Trust & Banking Co., Ltd 
  

Date Certified by Notary Public 
  

 28 

 (Translation) 
  

 Schedule 3 APPLICATION FOR APPROVAL ON CREATING SECOND-PRIORITY FLOATING PLEDGE AND APPROVAL ON CREATING
FLOATING PLEDGE 
  
 March 25, 2005 
  

	To:	Mizuho Trust & Banking Co., Ltd. 

  
 Application for Approval 
 on Creating Second-Priority Floating Pledge 
  
 Spansion Japan Limited, as the Settlor in the Trust Agreement described in Item 1 below (the “Trust Agreement”), has recently created second-priority floating pledges on each beneficial interest in trust under the Trust Agreement
(the “Security Beneficial Interests”), in order to secure the obligations owed by Spansion Japan Limited to Parties B-1 through B-4, who are the Pledgees described in Item 3 below, (collectively the “Secured Receivables”) in
accordance with the Floating Pledge Agreement described in Item 2 below (the “Floating Pledge Agreement”). 
  
 Accordingly, we would like to ask you to pay money directly to the Agent, an agent of the Pledgees, which is payable by you to Spansion Japan Limited as a
delivery of distributions or redemption of principal in respect of the Security Beneficial Interests, if you receive a Floating Pledge Enforcement Notice under the Floating Pledge Agreement. 
  
 We make the above request under our joint name. The Settlor does not request
you exercise the right to terminate or agree to terminate the Trust Agreement without the consent of the Pledgees. 
  
 DESCRIPTION 
  

	1.	Trust Agreement 

  
 Accounts Receivables Trust Agreement entered into as of March 25, 2004 between you, as the Trustee, and Spansion Japan Limited, as the Settlor.

  

	2.	Floating Pledge Agreement 

  
 Floating Pledge Agreement entered into as of March 25, 2005 among Mizuho Corporate Bank, Ltd., Shinkin Central Bank, The Bank of Yokohama, Ltd., The Toho
Bank, Ltd. and The Norinchukin Bank, as the first-priority pledgees, Parties B-1 through B-4, as the second-priority pledgee and Mizuho Corporate Bank, Ltd. acting as the Agent, and Spansion Japan Limited, as the Pledgor. 
  

	3.	Secured Receivables 

  
 Right to claim for principal and interest payments and other receivables held by Parties B-1 through B-4 against the Pledgor under the Revolving Line
Agreement (B) (as amended) entered into as of March 25, 2005 among Parties B-1 through B-4, as the Lender and Mizuho Corporate Bank, Ltd. acting as the Agent, and Spansion Japan Limited, as the Borrower. 
  

 29 

 (Translation) 
  

 The Agent hereby represents and acknowledges that the Agent has direct rights and obligations to you under the Trust
Agreement, understands the details of such rights and obligations, and has no objection thereto. We would like to request you confirm that you have direct rights and obligations to the Agent under the Trust Agreement, understand the details of such
rights and obligations, and have no objection thereto. 
  
 Further, we would also
like to request that you confirm the following matters. 
  

	(1)	That the first-priority floating pledges and second-priority floating pledges created in favor of the Former Pledgees A (as defined below) and the Former Pledgee B (as defined
below), respectively, pursuant to the Floating Pledge Agreement dated March 25, 2004 and entered into by and among Mizuho Corporate Bank, Ltd. acting as the Agent (the “Former Agent”), Mizuho Corporate Bank, Ltd., Shinkin Central Bank, The
Bank of Yokohama, Ltd., The Toho Bank, Ltd. and The Norinchukin Bank as the Pledgees A (the “Former Pledgees A”), Mizuho Corporate Bank, Ltd. as Pledgee B (the “Former Pledgee B”) and the Pledgor (the “Former Floating Pledge
Agreement”), have been canceled and have ceased to exist simultaneously with the execution of the Floating Pledge Agreement. Provided, however, that the return to the Pledgor of the original copies of the Trust Agreement and Certificate and the
notification thereof to you as provided for under Clause 15 of the Former Pledge Agreement need not be performed. 

  

	(2)	That because the Revolving Line Agreement (A) dated March 25, 2004 and entered into by and among the Former Agent, the Former Pledgees A and the Pledgor has been renewed into the
Revolving Line Agreement (A) dated March 25, 2005 and entered into by and among the Agent, Parties B-1 through B-4, The Toho Bank, Ltd. and the Pledgor, and because the Revolving Line Agreement (B) dated March 25, 2004 and entered into by and among
the Former Agent, the Former Pledgee B and the Pledgor has been renewed into the Revolving Line Agreement (B) dated March 25, 2005 and entered into among the Agent, Parties B-1 through B-4 and the Pledgor, the terms set forth in the column labeled
“Current Provisions” in the following chart contained in the Trust Agreement will be replaced so that such provisions will be read to have the respective meanings set forth in the column labeled “Provisions after Replacement,”
and that after the replacements that are otherwise necessary to correspond to the renewal of such agreements have been made, the Trust Agreement will continue to be effective notwithstanding the provisions of Clause 4 and Clause 1.49(2) of the Trust
Agreement. 

  

					
	 Clauses

	  	 Current Provisions

	  	 Provisions after Replacement
 (Amendments are underlined)

	 Clause1.70
	  	“Floating Pledge Agreement” means the Floating Pledge Agreement entered into between the Settlor and the Lenders as of March 25, 2004 (as amended).	  	“Floating Pledge Agreement” means the Floating Pledge Agreement entered into between the Settlor and the Lenders as of March 25, 2005 (as amended).
			
	 Clause1.78
	  	“Loan Agreement A” means the Revolving Line Agreement (A) (as amended or renewed) entered into by Mizuho Corporate Bank, Ltd., Shinkin Central Bank, The Bank of Yokohama,
Ltd., The Toho Bank, Ltd. and The Norinchukin Bank, and the Settlor as of March 25, 2004.	  	“Loan Agreement A” means the Revolving Line Agreement (A) (as amended or renewed) entered into by Mizuho Corporate Bank, Ltd., Shinkin Central Bank, The Bank of Yokohama,
Ltd., The Toho Bank, Ltd. The Norinchukin Bank, and the Settlor as of March 25, 2005.

  

 30 

 (Translation) 
  

					
	 Clause1.79
	  	“Loan Agreement B” means the Revolving Line Agreement (B) (as amended or renewed) entered into by Mizuho Corporate Bank, Ltd. and the Settlor as of March 25, 2004.	  	“Loan Agreement B” means the Revolving Line Agreement (B) (as amended or renewed) entered into by Mizuho Corporate Bank, Ltd. Shinkin Central Bank, The Bank of Yokohama, Ltd.,
The Norinchukin Bank, and the Settlor as of March 25, 2005.

  

 31 

 (Translation) 
  

 (Application for Approval on Creating Second-Priority Floating Pledge as of March
25, 2005) 
  
 Party B-1: 
 Mizuho Corporate Bank, Ltd.: 
  

	
	                              Agent and Second-Priority
 Pledgee
	
	                              Mizuho
Corporate Bank, Ltd.

  

 32 

 (Translation) 
  

 (Application for Approval on Creating Second-Priority Floating Pledge as of March
25, 2005) 
  
 Party B-2: 
  

	
	                            Second-Priority
Pledgee
	
	                            Shinkin Central
Bank

  

 33 

 (Translation) 
  

 (Application for Approval on Creating Second-Priority Floating Pledge as of March
25, 2005) 
  
 Party B-3: 
  

	
	                            Second-Priority
Pledgee
	
	                            The Bank of Yokohama,
Ltd.

  

 34 

 (Translation) 
  

 (Application for Approval on Creating Second-Priority Floating Pledge as of March
25, 2005) 
  
 Party B-4: 
  

	
	                            Second-Priority
Pledgee
	
	                            The Norinchukin
Bank

  

 35 

 (Translation) 
  

 (Application for Approval on Creating Second-Priority Floating Pledge as of March
25, 2005) 
  
 Spansion Japan: 
  

	
	                            Pledgor
	
	                            Spansion Japan
Limited

  

 36 

 (Translation) 
  

 March 25, 2005 
  

	To:	Mizuho Corporate Bank, Ltd. 

 Shinkin Central Bank

 The Bank of Yokohama, Ltd. 
 The Norinchukin Bank 
 Spansion Japan Limited 
  
 Approval on Creating Second-Priority Floating Pledge 
  
 We approve without objection the creation of the floating pledge on the Security Beneficial
Interests and other matters stated in your Application for Approval on Creating Second-Priority Floating Pledge dated March 25, 2005. 
  
 We also represent and acknowledge that we have direct rights and obligations to the Agent under the Trust Agreement, understand the details of such rights and
obligations, and have no objection thereto. 
  
 (Trustee) 
  
 Mizuho Trust & Banking Co., Ltd. 
  
 Date Certified by Notary Public 
  

 37

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