Document:

2006 Incentive Compensation Plan

 Exhibit 10.1 
 TURBINE TRUCK ENGINES, INC. 
 2006 INCENTIVE COMPENSATION PLAN 

 TURBINE TRUCK ENGINES, INC. 
 2006 INCENTIVE COMPENSATION PLAN 
  

					
	 1.
	  	Purpose	  	1
			
	 2.
	  	Definitions	  	1
			
	 3.
	  	Administration	  	5
			
	 4.
	  	Shares Subject to Plan	  	6
			
	 5.
	  	Eligibility; Per-Person Award Limitations	  	7
			
	 6.
	  	Specific Terms of Awards	  	7
			
	 7.
	  	Certain Provisions Applicable to Awards	  	11
			
	 8.
	  	Code Section 162(m) Provisions	  	13
			
	 9.
	  	Change in Control	  	14
			
	 10.
	  	General Provisions	  	15

 TURBINE TRUCK ENGINES, INC. 
 2006 INCENTIVE COMPENSATION PLAN 
 1. Purpose. The purpose of this
2006 INCENTIVE COMPENSATION PLAN (the “Plan”) is to assist TURBINE TRUCK ENGINES, INC., a Delaware corporation (the “Company”) and its Related Entities (as hereinafter defined) in attracting, motivating, retaining and rewarding
high-quality executives and other employees, officers, directors, consultants and other persons who provide services to the Company or its Related Entities by enabling such persons to acquire or increase a proprietary interest in the Company in
order to strengthen the mutuality of interests between such persons and the Company’s shareholders, and providing such persons with performance incentives to expend their maximum efforts in the creation of shareholder value. 
 2. Definitions. For purposes of the Plan, the following terms shall be defined as set forth below, in addition to such terms defined in
Section 1 hereof. 
 (a) “Award” means any Option, Stock Appreciation Right, Restricted Stock
Award, Deferred Stock Award, Share granted as a bonus or in lieu of another Award, Dividend Equivalent, Other Stock-Based Award or Performance Award, together with any other right or interest, granted to a Participant under the Plan. 
 (b) “Award Agreement” means any written agreement, contract or other instrument or document evidencing any Award
granted by the Committee hereunder. 
 (c) “Beneficiary” means the person, persons, trust or trusts
that have been designated by a Participant in his or her most recent written beneficiary designation filed with the Committee to receive the benefits specified under the Plan upon such Participant’s death or to which Awards or other rights are
transferred if and to the extent permitted under Section 10(b) hereof. If, upon a Participant’s death, there is no designated Beneficiary or surviving designated Beneficiary, then the term Beneficiary means the person, persons, trust or
trusts entitled by will or the laws of descent and distribution to receive such benefits. 
 (d) “Beneficial
Owner” shall have the meaning ascribed to such term in Rule 13d-3 under the Exchange Act and any successor to such Rule. 
 (e) “Board” means the Company’s Board of Directors. 
 (f)
“Cause” shall, with respect to any Participant, have the meaning specified in the Award Agreement. In the absence of any definition in the Award Agreement, “Cause” shall have the equivalent meaning or the same
meaning as “cause” or “for cause” set forth in any employment, consulting, or other agreement for the performance of services between the Participant and the Company or a Related Entity or, in the absence of any such agreement or
any such definition in such agreement, such term shall mean (i) the failure by the Participant to perform, in a reasonable manner, his or her duties as assigned by the Company or a Related Entity, (ii) any violation or breach by the
Participant of his or her employment, consulting or other similar agreement with the Company or a Related Entity, if any, (iii) any violation or breach by the Participant of any non-competition, non-solicitation, non-disclosure and/or other
similar agreement with the Company or a Related Entity, (iv) any act by the Participant of dishonesty or bad faith with respect to the Company or a Related Entity, (v) use of alcohol, drugs or other similar substances in a manner that
adversely affects the Participant’s work performance, or (vi) the commission by the Participant of any act, misdemeanor, or crime reflecting unfavorably upon the Participant or the Company or any Related Entity. The good faith
determination by the Committee of whether the Participant’s Continuous Service was terminated by the Company for “Cause” shall be final and binding for all purposes hereunder. 
  

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 (g) “Change in Control” means a Change in Control as defined in
Section 9(b) of the Plan. 
 (h) “Code” means the Internal Revenue Code of 1986, as amended from
time to time, including regulations hereunder and successor provisions and regulations thereto. 
 (i)
“Committee” means a committee designated by the Board to administer the Plan; provided, however, that if the Board fails to designate a committee or if there are no longer any members on the committee so designated by the
Board, then the Board shall serve as the Committee. The Committee shall consist of at least two directors, and each member of the Committee shall be (i) a “non-employee director” within the meaning of Rule 16b-3 (or any successor
rule) under the Exchange Act, unless administration of the Plan by “non-employee directors” is not then required in order for exemptions under Rule 16b-3 to apply to transactions under the Plan, (ii) an “outside director”
within the meaning of Section 162(m) of the Code, and (iii) “Independent”. 
 (j)
“Consultant” means any person (other than an Employee or a Director, solely with respect to rendering services in such person’s capacity as a director) who is engaged by the Company or any Related Entity to render
consulting or advisory services to the Company or such Related Entity. 
 (k) “Continuous Service”
means the uninterrupted provision of services to the Company or any Related Entity in any capacity of Employee, Director, Consultant or other service provider. Continuous Service shall not be considered to be interrupted in the case of (i) any
approved leave of absence, (ii) transfers among the Company, any Related Entities, or any successor entities, in any capacity of Employee, Director, Consultant or other service provider, or (iii) any change in status as long as the
individual remains in the service of the Company or a Related Entity in any capacity of Employee, Director, Consultant or other service provider (except as otherwise provided in the Award Agreement). An approved leave of absence shall include sick
leave, military leave, or any other authorized personal leave. 
 (l) “Covered Employee” means an
Eligible Person who is a “covered employee” within the meaning of Section 162(m)(3) of the Code, or any successor provision thereto. 
 (m) “Deferred Stock” means a right to receive Shares, including Restricted Stock, cash measured based upon the value of Shares or a combination thereof, at the end of a specified deferral
period. 
 (n) “Deferred Stock Award” means an Award of Deferred Stock granted to a Participant under
Section 6(e) hereof. 
 (o) “Director” means a member of the Board or the board of directors of
any Related Entity. 
 (p) “Disability” means a permanent and total disability (within the meaning of
Section 22(e) of the Code), as determined by a medical doctor satisfactory to the Committee. 
 (q) “Dividend
Equivalent” means a right, granted to a Participant under Section 6(g) hereof, to receive cash, Shares, other Awards or other property equal in value to dividends paid with respect to a specified number of Shares, or other periodic
payments. 
 (r) “Effective Date” means the effective date of the Plan, which shall be the Shareholder
Approval Date. 
 (s) “Eligible Person” means each officer, Director, Employee, Consultant and other
person who provides services to the Company or any Related Entity. The foregoing notwithstanding, only employees of the Company, or any parent corporation or subsidiary corporation of the Company (as those terms are defined in Sections 424(e) and
(f) of the Code, respectively), shall be Eligible Persons for 

  

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purposes of receiving any Incentive Stock Options. An Employee on leave of absence may be considered as still in the employ of the Company or a Related
Entity for purposes of eligibility for participation in the Plan. 
 (t) “Employee” means any person,
including an officer or Director, who is an employee of the Company or any Related Entity. The payment of a director’s fee by the Company or a Related Entity shall not be sufficient to constitute “employment” by the Company.

 (u) “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time,
including rules there under and successor provisions and rules thereto. 
 (v) “Fair Market Value”
means the fair market value of Shares, Awards or other property as determined by the Committee, or under procedures established by the Committee. Unless otherwise determined by the Committee, the Fair Market Value of a Share as of any given date
shall be the closing sale price per Share reported on a consolidated basis for stock listed on the principal stock exchange or market on which Shares are traded on the date immediately preceding the date as of which such value is being determined
or, if there is no sale on that date, then on the last previous day on which a sale was reported. 
 (w) “Good
Reason” shall, with respect to any Participant, have the meaning specified in the Award Agreement. In the absence of any definition in the Award Agreement, “Good Reason” shall have the equivalent meaning or the same meaning as
“good reason” or “for good reason” set forth in any employment, consulting or other agreement for the performance of services between the Participant and the Company or a Related Entity or, in the absence of any such agreement or
any such definition in such agreement, such term shall mean (i) the assignment to the Participant of any duties inconsistent in any material respect with the Participant’s duties or responsibilities as assigned by the Company or a Related
Entity, or any other action by the Company or a Related Entity which results in a material diminution in such duties or responsibilities, excluding for this purpose an isolated, insubstantial and inadvertent action not taken in bad faith and which
is remedied by the Company or a Related Entity promptly after receipt of notice thereof given by the Participant; (ii) any material failure by the Company or a Related Entity to comply with its obligations to the Participant as agreed upon,
other than an isolated, insubstantial and inadvertent failure not occurring in bad faith and which is remedied by the Company or a Related Entity promptly after receipt of notice thereof given by the Participant; or (iii) the Company’s or
Related Entity’s requiring the Participant to be based at any office or location outside of fifty miles from the location of employment or service as of the date of Award, except for travel reasonably required in the performance of the
Participant’s responsibilities. 
 (x) “Incentive Stock Option” means any Option intended to be
designated as an incentive stock option within the meaning of Section 422 of the Code or any successor provision thereto. 
 (y) “Independent”, when referring to either the Board or members of the Committee, shall have the same meaning as used in the rules of the NASDAQ Stock Market or any national securities exchange on which any
securities of the Company are listed for trading, and if not listed for trading, by the rules of the NASDAQ Stock Market. 
 (z) “Incumbent Board” means the Incumbent Board as defined in Section 9(b)(ii) of the Plan. 
 (aa) “Option” means a right granted to a Participant under Section 6(b) hereof, to purchase Shares or other Awards at a specified price during specified time periods. 
 (bb) “Optionee” means a person to whom an Option is granted under this Plan or any person who succeeds to the
rights of such person under this Plan. 
  

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 (cc) “Other Stock-Based Awards” means Awards granted to a
Participant under Section 6(i) hereof. 
 (dd) “Participant” means a person who has been granted
an Award under the Plan which remains outstanding, including a person who is no longer an Eligible Person. 
 (ee)
“Performance Award” shall mean any Award of Performance Shares or Performance Units granted pursuant to Section 6(h). 
 (ff) “Performance Period” means that period established by the Committee at the time any Performance Award is granted or at any time thereafter during which any performance goals specified by
the Committee with respect to such Award are to be measured. 
 (gg) “Performance Share” means any
grant pursuant to Section 6(h) of a unit valued by reference to a designated number of Shares, which value may be paid to the Participant by delivery of such property as the Committee shall determine, including cash, Shares, other property, or
any combination thereof, upon achievement of such performance goals during the Performance Period as the Committee shall establish at the time of such grant or thereafter. 
 (hh) “Performance Unit” means any grant pursuant to Section 6(h) of a unit valued by reference to a
designated amount of property (including cash) other than Shares, which value may be paid to the Participant by delivery of such property as the Committee shall determine, including cash, Shares, other property, or any combination thereof, upon
achievement of such performance goals during the Performance Period as the Committee shall establish at the time of such grant or thereafter. 
 (ii) “Person” shall have the meaning ascribed to such term in Section 3(a)(9) of the Exchange Act and used in Sections 13(d) and 14(d) thereof, and shall include a “group” as
defined in Section 13(d) thereof. 
 (jj) “Prior Plan” means the Company’s 1992 Stock
Incentive Plan, as amended. 
 (kk) “Related Entity” means any Subsidiary, and any business,
corporation, partnership, limited liability company or other entity designated by Board in which the Company or a Subsidiary holds a substantial ownership interest, directly or indirectly. 
 (ll) “Restricted Stock” means any Share issued with the restriction that the holder may not sell, transfer, pledge
or assign such Share and with such risks of forfeiture and other restrictions as the Committee, in its sole discretion, may impose (including any restriction on the right to vote such Share and the right to receive any dividends), which restrictions
may lapse separately or in combination at such time or times, in installments or otherwise, as the Committee may deem appropriate. 
 (mm) “Restricted Stock Award” means an Award granted to a Participant under Section 6(d) hereof. 
 (nn) “Rule 16b-3” means Rule 16b-3, as from time to time in effect and applicable to the Plan and Participants, promulgated by the Securities and Exchange Commission under Section 16 of
the Exchange Act. 
 (oo) “Shareholder Approval Date” means the date on which this Plan is approved
shareholders of the Company eligible to vote in the election of directors, by a vote sufficient to meet the requirements of Code Sections 162(m) (if applicable) and 422, Rule 16b-3 under the Exchange Act (if applicable), applicable requirements
under the rules of any stock exchange or automated quotation system on which the Shares may be listed on quoted, and other laws, regulations and obligations of the Company applicable to the Plan. 
  

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 (pp) “Shares” means the shares of common stock of the Company,
par value $.001 per share, and such other securities as may be substituted (or resubstituted) for Shares pursuant to Section 10(c) hereof. 
 (qq) “Stock Appreciation Right” means a right granted to a Participant under Section 6(c) hereof. 
 (rr) “Subsidiary” means any corporation or other entity in which the Company has a direct or indirect ownership
interest of 50% or more of the total combined voting power of the then outstanding securities or interests of such corporation or other entity entitled to vote generally in the election of directors or in which the Company has the right to receive
50% or more of the distribution of profits or 50% or more of the assets on liquidation or dissolution. 
 (ss)
“Substitute Awards” shall mean Awards granted or Shares issued by the Company in assumption of, or in substitution or exchange for, Awards previously granted, or the right or obligation to make future Awards, by a company
acquired by the Company or any Related Entity or with which the Company or any Related Entity combines. 
 3.
Administration.  
 (a) Authority of the Committee. The Plan shall be administered by the
Committee, except to the extent the Board elects to administer the Plan, in which case the Plan shall be administered by only those directors who are Independent Directors, in which case references herein to the “Committee” shall be deemed
to include references to the Independent members of the Board. The Committee shall have full and final authority, subject to and consistent with the provisions of the Plan, to select Eligible Persons to become Participants, grant Awards, determine
the type, number and other terms and conditions of, and all other matters relating to, Awards, prescribe Award Agreements (which need not be identical for each Participant) and rules and regulations for the administration of the Plan, construe and
interpret the Plan and Award Agreements and correct defects, supply omissions or reconcile inconsistencies therein, and to make all other decisions and determinations as the Committee may deem necessary or advisable for the administration of the
Plan. In exercising any discretion granted to the Committee under the Plan or pursuant to any Award, the Committee shall not be required to follow past practices, act in a manner consistent with past practices, or treat any Eligible Person or
Participant in a manner consistent with the treatment of other Eligible Persons or Participants. 
 (b) Manner of
Exercise of Committee Authority. The Committee, and not the Board, shall exercise sole and exclusive discretion on any matter relating to a Participant then subject to Section 16 of the Exchange Act with respect to the Company to the
extent necessary in order that transactions by such Participant shall be exempt under Rule 16b-3 under the Exchange Act. Any action of the Committee shall be final, conclusive and binding on all persons, including the Company, its Related Entities,
Participants, Beneficiaries, transferees under Section 10(b) hereof or other persons claiming rights from or through a Participant, and shareholders. The express grant of any specific power to the Committee, and the taking of any action by the
Committee, shall not be construed as limiting any power or authority of the Committee. The Committee may delegate to officers or managers of the Company or any Related Entity, or committees thereof, the authority, subject to such terms as the
Committee shall determine, to perform such functions, including administrative functions as the Committee may determine to the extent that such delegation will not result in the loss of an exemption under Rule 16b-3(d)(1) for Awards granted to
Participants subject to Section 16 of the Exchange Act in respect of the Company and will not cause Awards intended to qualify as “performance-based compensation” under Code Section 162(m) to fail to so qualify. The Committee may
appoint agents to assist it in administering the Plan. 
  

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 (c) Limitation of Liability. The Committee and the Board, and each member
thereof, shall be entitled to, in good faith, rely or act upon any report or other information furnished to him or her by any officer or Employee, the Company’s independent auditors, Consultants or any other agents assisting in the
administration of the Plan. Members of the Committee and the Board, and any officer or Employee acting at the direction or on behalf of the Committee or the Board, shall not be personally liable for any action or determination taken or made in good
faith with respect to the Plan, and shall, to the extent permitted by law, be fully indemnified and protected by the Company with respect to any such action or determination. 
 4. Shares Subject to Plan.  
 (a) Limitation on Overall Number of Shares Available for Delivery Under Plan. Subject to adjustment as provided in Section 10(c) hereof, the total number of Shares reserved and available for
delivery under the Plan shall be 5,000,000. Any Shares delivered under the Plan may consist, in whole or in part, of authorized and unissued shares or treasury shares. 
 (b) Application of Limitation to Grants of Award. No Award may be granted if the number of Shares to be delivered in
connection with such an Award or, in the case of an Award relating to Shares but settled only in cash (such as cash-only Stock Appreciation Rights), the number of Shares to which such Award relates, exceeds the number of Shares remaining available
for delivery under the Plan, minus the number of Shares deliverable in settlement of or relating to then outstanding Awards. The Committee may adopt reasonable counting procedures to ensure appropriate counting, avoid double counting (as, for
example, in the case of tandem or substitute awards) and make adjustments if the number of Shares actually delivered differs from the number of Shares previously counted in connection with an Award. 
 (c) Availability of Shares Not Delivered under Awards and Adjustments to Limits.  
 (i) If any Shares subject to an Award are forfeited, expire or otherwise terminate without issuance of such Shares, or any Award is
settled for cash or otherwise does not result in the issuance of all or a portion of the Shares subject to such Award, the Shares shall, to the extent of such forfeiture, expiration, termination, cash settlement or non-issuance, again be available
for Awards under the Plan, subject to Section 4(c)(v) below. 
 (ii) Awards that are settled or exercised through the
payment of Shares shall be counted in full against the number of Shares available for award under the Plan, regardless of the number of Shares actually issued upon settlement or exercise of any such Award. 
 (iii) Substitute Awards shall not reduce the Shares authorized for grant under the Plan or authorized for grant to a Participant in any
period. Additionally, in the event that a company acquired by the Company or any Related Entity or with which the Company or any Related Entity combines has shares available under a pre-existing plan approved by shareholders and not adopted in
contemplation of such acquisition or combination, the shares available for delivery pursuant to the terms of such pre-existing plan (as adjusted, to the extent appropriate, using the exchange ratio or other adjustment or valuation ratio or formula
used in such acquisition or combination to determine the consideration payable to the holders of common stock of the entities party to such acquisition or combination) may be used for Awards under the Plan and shall not reduce the Shares authorized
for delivery under the Plan; provided that Awards using such available shares shall not be made after the date awards or grants could have been made under the terms of the pre-existing plan, absent the acquisition or combination, and shall only be
made to individuals who were not Employees or Directors prior to such acquisition or combination. 
 (iv) Any Shares that
again become available for delivery pursuant to this Section 4(c) shall be added back as one (1) Share. 
  

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 (v) Notwithstanding anything in this Section 4(c) to the contrary and solely for
purposes of determining whether Shares are available for the delivery of Incentive Stock Options, the maximum aggregate number of shares that may be granted under this Plan shall be determined without regard to any Shares restored pursuant to this
Section 4(c) that, if taken into account, would cause the Plan to fail the requirement under Code Section 422 that the Plan designate a maximum aggregate number of shares that may be issued. 
 (d) No Further Awards Under Prior Plan. In light of the adoption of this Plan, no further awards shall be made under the Prior Plan
after the Effective Date. 
 5. Eligibility; Per-Person Award Limitations. Awards may be granted under the Plan only to
Eligible Persons. Subject to adjustment as provided in Section 10(c), in any fiscal year of the Company during any part of which the Plan is in effect, no Participant may be granted Awards with respect to more than 500,000 Shares. In addition,
the maximum dollar value payable to any one Participant with respect to Performance Units is (x) $1,000,000 with respect to any 12 month Performance Period (pro-rated for any Performance Period that is less than 12 months based upon the ratio
of the number of days in the Performance Period as compared to 365), and (y) with respect to any Performance Period that is more than 12 months, $2,000,000. 
 6. Specific Terms of Awards.  
 (a) General. Awards may be
granted on the terms and conditions set forth in this Section 6. In addition, the Committee may impose on any Award or the exercise thereof, at the date of grant or thereafter (subject to Section 10(e)), such additional terms and
conditions, not inconsistent with the provisions of the Plan, as the Committee shall determine, including terms requiring forfeiture of Awards in the event of termination of the Participant’s Continuous Service and terms permitting a
Participant to make elections relating to his or her Award. The Committee shall retain full power and discretion to accelerate, waive or modify, at any time, any term or condition of an Award that is not mandatory under the Plan. Except in cases in
which the Committee is authorized to require other forms of consideration under the Plan, or to the extent other forms of consideration must be paid to satisfy the requirements of Delaware law, no consideration other than services may be required
for the grant (but not the exercise) of any Award. 
 (b) Options. The Committee is authorized to grant Options
to any Eligible Person on the following terms and conditions: 
 (i) Exercise Price. Other than in connection
with Substitute Awards, the exercise price per Share purchasable under an Option shall be determined by the Committee, provided that such exercise price shall not be less than 100% of the Fair Market Value of a Share on the date of grant of the
Option and shall not, in any event, be less than the par value of a Share on the date of grant of the Option. If an Employee owns or is deemed to own (by reason of the attribution rules applicable under Section 424(d) of the Code) more than 10%
of the combined voting power of all classes of stock of the Company (or any parent corporation or subsidiary corporation of the Company, as those terms are defined in Sections 424(e) and (f) of the Code, respectively) and an Incentive Stock
Option is granted to such employee, the exercise price of such Incentive Stock Option (to the extent required by the Code at the time of grant) shall be no less than 110% of the Fair Market Value a Share on the date such Incentive Stock Option is
granted. Other than pursuant to Section 10(c), the Committee shall not be permitted to (A) lower the exercise price per Share of an Option after it is granted, (B) cancel an Option when the exercise price per Share exceeds the Fair
Market Value of the underlying Shares in exchange for another Award (other than in connection with Substitute Awards), or (C) take any other action with respect to an Option that may be treated as a repricing, without approval of the
Company’s shareholders. 
  

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 (ii) Time and Method of Exercise. The Committee shall determine the time or
times at which or the circumstances under which an Option may be exercised in whole or in part (including based on achievement of performance goals and/or future service requirements), the time or times at which Options shall cease to be or become
exercisable following termination of Continuous Service or upon other conditions, the methods by which the exercise price may be paid or deemed to be paid (including in the discretion of the Committee a cashless exercise procedure), the form of such
payment, including, without limitation, cash, Shares, other Awards or Awards granted under other plans of the Company or a Related Entity, or other property (including notes or other contractual obligations of Participants to make payment on a
deferred basis provided that such deferred payments are not in violation of the Sarbanes-Oxley Act of 2002, or any rule or regulation adopted there under or any other applicable law), and the methods by or forms in which Shares will be delivered or
deemed to be delivered to Participants. 
 (iii) Incentive Stock Options. The terms of any Incentive Stock
Option granted under the Plan shall comply in all respects with the provisions of Section 422 of the Code. Anything in the Plan to the contrary notwithstanding, no term of the Plan relating to Incentive Stock Options (including any Stock
Appreciation Right issued in tandem therewith) shall be interpreted, amended or altered, nor shall any discretion or authority granted under the Plan be exercised, so as to disqualify either the Plan or any Incentive Stock Option under
Section 422 of the Code, unless the Participant has first requested, or consents to, the change that will result in such disqualification. Thus, if and to the extent required to comply with Section 422 of the Code, Options granted as
Incentive Stock Options shall be subject to the following special terms and conditions: 
 (A) the Option shall not be
exercisable more than ten years after the date such Incentive Stock Option is granted; provided, however, that if a Participant owns or is deemed to own (by reason of the attribution rules of Section 424(d) of the Code) more than 10% of the
combined voting power of all classes of stock of the Company (or any parent corporation or subsidiary corporation of the Company, as those terms are defined in Sections 424(e) and (f) of the Code, respectively) and the Incentive Stock Option is
granted to such Participant, the term of the Incentive Stock Option shall be (to the extent required by the Code at the time of the grant) for no more than five years from the date of grant; and 
 (B) The aggregate Fair Market Value (determined as of the date the Incentive Stock Option is granted) of the Shares with respect to which
Incentive Stock Options granted under the Plan and all other option plans of the Company (and any parent corporation or subsidiary corporation of the Company, as those terms are defined in Sections 424(e) and (f) of the Code, respectively)
during any calendar year exercisable for the first time by the Participant during any calendar year shall not (to the extent required by the Code at the time of the grant) exceed $100,000. 
 (c) Stock Appreciation Rights. The Committee may grant Stock Appreciation Rights to any Eligible Person in conjunction with
all or part of any Option granted under the Plan or at any subsequent time during the term of such Option (a “Tandem Stock Appreciation Right”), or without regard to any Option (a “Freestanding Stock Appreciation Right”), in each
case upon such terms and conditions as the Committee may establish in its sole discretion, not inconsistent with the provisions of the Plan, including the following: 
 (i) Right to Payment. A Stock Appreciation Right shall confer on the Participant to whom it is granted a right to receive,
upon exercise thereof, the excess of (A) the Fair Market Value of one Share on the date of exercise over (B) the grant price of the Stock Appreciation Right as determined by the Committee. The grant price of a Stock Appreciation Right
shall not be less than the Fair Market Value of a Share on the date of grant, in the case of a Freestanding Stock Appreciation Right, or less than the associated Option exercise price, in the case of a Tandem Stock Appreciation Right. Other than
pursuant to Section 10(c), the Committee shall not be permitted to (A) lower the grant price per Share of a Stock Appreciation Right after it is granted, (B) cancel a Stock Appreciation Right when the grant price 

  

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per Share exceeds the Fair Market Value of the underlying Shares in exchange for another Award (other than in connection with Substitute Awards), or
(C) take any other action with respect to a Stock Appreciation Right that may be treated as a repricing, without shareholder approval. 
 (ii) Other Terms. The Committee shall determine at the date of grant or thereafter, the time or times at which and the circumstances under which a Stock Appreciation Right may be exercised in whole or in
part (including based on achievement of performance goals and/or future service requirements), the time or times at which Stock Appreciation Rights shall cease to be or become exercisable following termination of Continuous Service or upon other
conditions, the method of exercise, method of settlement, form of consideration payable in settlement, method by or forms in which Shares will be delivered or deemed to be delivered to Participants, whether or not a Stock Appreciation Right shall be
in tandem or in combination with any other Award, and any other terms and conditions of any Stock Appreciation Right. 
 (iii)
Tandem Stock Appreciation Rights. Any Tandem Stock Appreciation Right may be granted at the same time as the related Option is granted or, for Options that are not Incentive Stock Options, at any time thereafter before exercise or
expiration of such Option. Any Tandem Stock Appreciation Right related to an Option may be exercised only when the related Option would be exercisable and the Fair Market Value of the Shares subject to the related Option exceeds the exercise price
at which Shares can be acquired pursuant to the Option. In addition, if a Tandem Stock Appreciation Right exists with respect to less than the full number of Shares covered by a related Option, then an exercise or termination of such Option shall
not reduce the number of Shares to which the Tandem Stock Appreciation Right applies until the number of Shares then exercisable under such Option equals the number of Shares to which the Tandem Stock Appreciation Right applies. Any Option related
to a Tandem Stock Appreciation Right shall no longer be exercisable to the extent the Tandem Stock Appreciation Right has been exercised, and any Tandem Stock Appreciation Right shall no longer be exercisable to the extent the related Option has
been exercised. 
 (d) Restricted Stock Awards. The Committee is authorized to grant Restricted Stock Awards to
any Eligible Person on the following terms and conditions: 
 (i) Grant and Restrictions. Restricted Stock
Awards shall be subject to such restrictions on transferability, risk of forfeiture and other restrictions, if any, as the Committee may impose, or as otherwise provided in this Plan, covering a period of time specified by the Committee (the
“Restriction Period”). The terms of any Restricted Stock Award granted under the Plan shall be set forth in a written Award Agreement which shall contain provisions determined by the Committee and not inconsistent with the Plan. The
restrictions may lapse separately or in combination at such times, under such circumstances (including based on achievement of performance goals and/or future service requirements), in such installments or otherwise, as the Committee may determine
at the date of grant or thereafter. Except to the extent restricted under the terms of the Plan and any Award Agreement relating to a Restricted Stock Award, a Participant granted Restricted Stock shall have all of the rights of a shareholder,
including the right to vote the Restricted Stock and the right to receive dividends thereon (subject to any mandatory reinvestment or other requirement imposed by the Committee). During the Restriction Period, subject to Section 10(b) below,
the Restricted Stock may not be sold, transferred, pledged, hypothecated, margined or otherwise encumbered by the Participant. 
 (ii) Forfeiture. Except as otherwise determined by the Committee, upon termination of a Participant’s Continuous Service during the applicable Restriction Period, the Participant’s Restricted Stock that is at that
time subject to a risk of forfeiture that has not lapsed or otherwise been satisfied shall be forfeited and reacquired by the Company; provided that the Committee may provide, by rule or regulation or in any Award Agreement, or may determine in any
individual case, that forfeiture conditions 

  

 9 

 
relating to Restricted Stock Awards shall be waived in whole or in part in the event of terminations resulting from specified causes. 
 (iii) Certificates for Stock. Restricted Stock granted under the Plan may be evidenced in such manner as the Committee shall
determine. If certificates representing Restricted Stock are registered in the name of the Participant, the Committee may require that such certificates bear an appropriate legend referring to the terms, conditions and restrictions applicable to
such Restricted Stock, that the Company retain physical possession of the certificates, and that the Participant deliver a stock power to the Company, endorsed in blank, relating to the Restricted Stock. 
 (iv) Dividends and Splits. As a condition to the grant of a Restricted Stock Award, the Committee may require or permit a
Participant to elect that any cash dividends paid on a Share of Restricted Stock be automatically reinvested in additional Shares of Restricted Stock or applied to the purchase of additional Awards under the Plan. Unless otherwise determined by the
Committee, Shares distributed in connection with a stock split or stock dividend, and other property distributed as a dividend, shall be subject to restrictions and a risk of forfeiture to the same extent as the Restricted Stock with respect to
which such Shares or other property have been distributed. 
 (e) Deferred Stock Award. The Committee is
authorized to grant Deferred Stock Awards to any Eligible Person on the following terms and conditions: 
 (i) Award and
Restrictions. Satisfaction of a Deferred Stock Award shall occur upon expiration of the deferral period specified for such Deferred Stock Award by the Committee (or, if permitted by the Committee, as elected by the Participant). In addition,
a Deferred Stock Award shall be subject to such restrictions (which may include a risk of forfeiture) as the Committee may impose, if any, which restrictions may lapse at the expiration of the deferral period or at earlier specified times (including
based on achievement of performance goals and/or future service requirements), separately or in combination, in installments or otherwise, as the Committee may determine. A Deferred Stock Award may be satisfied by delivery of Shares, cash equal to
the Fair Market Value of the specified number of Shares covered by the Deferred Stock, or a combination thereof, as determined by the Committee at the date of grant or thereafter. Prior to satisfaction of a Deferred Stock Award, a Deferred Stock
Award carries no voting or dividend or other rights associated with Share ownership. 
 (ii) Forfeiture. Except
as otherwise determined by the Committee, upon termination of a Participant’s Continuous Service during the applicable deferral period or portion thereof to which forfeiture conditions apply (as provided in the Award Agreement evidencing the
Deferred Stock Award), the Participant’s Deferred Stock Award that is at that time subject to a risk of forfeiture that has not lapsed or otherwise been satisfied shall be forfeited; provided that the Committee may provide, by rule or
regulation or in any Award Agreement, or may determine in any individual case, that forfeiture conditions relating to a Deferred Stock Award shall be waived in whole or in part in the event of terminations resulting from specified causes, and the
Committee may in other cases waive in whole or in part the forfeiture of any Deferred Stock Award. 
 (iii) Dividend
Equivalents. Unless otherwise determined by the Committee at date of grant, any Dividend Equivalents that are granted with respect to any Deferred Stock Award shall be either (A) paid with respect to such Deferred Stock Award at the
dividend payment date in cash or in Shares of unrestricted stock having a Fair Market Value equal to the amount of such dividends, or (B) deferred with respect to such Deferred Stock Award and the amount or value thereof automatically deemed
reinvested in additional Deferred Stock, other Awards or other investment vehicles, as the Committee shall determine or permit the Participant to elect. 
 (f) Bonus Stock and Awards in Lieu of Obligations. The Committee is authorized to grant Shares to any Eligible Persons as a bonus, or to grant Shares or other Awards in lieu of obligations to pay 

  

 10 

 
cash or deliver other property under the Plan or under other plans or compensatory arrangements, provided that, in the case of Eligible Persons subject to
Section 16 of the Exchange Act, the amount of such grants remains within the discretion of the Committee to the extent necessary to ensure that acquisitions of Shares or other Awards are exempt from liability under Section 16(b) of the
Exchange Act. Shares or Awards granted hereunder shall be subject to such other terms as shall be determined by the Committee. 
 (g) Dividend Equivalents. The Committee is authorized to grant Dividend Equivalents to any Eligible Person entitling the Eligible Person to receive cash, Shares, other Awards, or other property equal in value to the dividends
paid with respect to a specified number of Shares, or other periodic payments. Dividend Equivalents may be Awarded on a free-standing basis or in connection with another Award. The Committee may provide that Dividend Equivalents shall be paid or
distributed when accrued or shall be deemed to have been reinvested in additional Shares, Awards, or other investment vehicles, and subject to such restrictions on transferability and risks of forfeiture, as the Committee may specify. 
 (h) Performance Awards. The Committee is authorized to grant Performance Awards to any Eligible Person payable in cash,
Shares, or other Awards, on terms and conditions established by the Committee, subject to the provisions of Section 8 if and to the extent that the Committee shall, in its sole discretion, determine that an Award shall be subject to those
provisions. The performance criteria to be achieved during any Performance Period and the length of the Performance Period shall be determined by the Committee upon the grant of each Performance Award. Except as provided in Section 9 or as may
be provided in an Award Agreement, Performance Awards will be distributed only after the end of the relevant Performance Period. The performance goals to be achieved for each Performance Period shall be conclusively determined by the Committee and
may be based upon the criteria set forth in Section 8(b), or in the case of an Award that the Committee determines shall not be subject to Section 8 hereof, any other criteria that the Committee, in its sole discretion, shall determine
should be used for that purpose. The amount of the Award to be distributed shall be conclusively determined by the Committee. Performance Awards may be paid in a lump sum or in installments following the close of the Performance Period or, in
accordance with procedures established by the Committee, on a deferred basis. 
 (i) Other Stock-Based Awards.
The Committee is authorized, subject to limitations under applicable law, to grant to any Eligible Person such other Awards that may be denominated or payable in, valued in whole or in part by reference to, or otherwise based on, or related to,
Shares, as deemed by the Committee to be consistent with the purposes of the Plan. Other Stock-Based Awards may be granted to Participants either alone or in addition to other Awards granted under the Plan, and such Other Stock-Based Awards shall
also be available as a form of payment in the settlement of other Awards granted under the Plan. The Committee shall determine the terms and conditions of such Awards. Shares delivered pursuant to an Award in the nature of a purchase right granted
under this Section 6(i) shall be purchased for such consideration, (including without limitation loans from the Company or a Related Entity provided that such loans are not in violation of the Sarbanes Oxley Act of 2002, or any rule or
regulation adopted there under or any other applicable law) paid for at such times, by such methods, and in such forms, including, without limitation, cash, Shares, other Awards or other property, as the Committee shall determine. 
 7. Certain Provisions Applicable to Awards.  
 (a) Stand-Alone, Additional, Tandem, and Substitute Awards. Awards granted under the Plan may, in the discretion of the Committee, be granted either alone or in addition to, in tandem with, or in
substitution or exchange for, any other Award or any award granted under another plan of the Company, any Related Entity, or any business entity to be acquired by the Company or a Related Entity, or any other right of a Participant to receive
payment from the Company or any Related Entity. Such additional, tandem, and substitute or exchange Awards may be granted at any time. If an Award is granted 

  

 11 

 
in substitution or exchange for another Award or award, the Committee shall require the surrender of such other Award or award in consideration for the grant
of the new Award. In addition, Awards may be granted in lieu of cash compensation, including in lieu of cash amounts payable under other plans of the Company or any Related Entity, in which the value of Stock subject to the Award is equivalent in
value to the cash compensation (for example, Deferred Stock or Restricted Stock), or in which the exercise price, grant price or purchase price of the Award in the nature of a right that may be exercised is equal to the Fair Market Value of the
underlying Stock minus the value of the cash compensation surrendered (for example, Options or Stock Appreciation Right granted with an exercise price or grant price “discounted” by the amount of the cash compensation surrendered).

 (b) Term of Awards. The term of each Award shall be for such period as may be determined by the Committee;
provided that in no event shall the term of any Option or Stock Appreciation Right exceed a period of ten years (or in the case of an Incentive Stock Option such shorter term as may be required under Section 422 of the Code). 
 (c) Form and Timing of Payment Under Awards; Deferrals. Subject to the terms of the Plan and any applicable Award Agreement,
payments to be made by the Company or a Related Entity upon the exercise of an Option or other Award or settlement of an Award may be made in such forms as the Committee shall determine, including, without limitation, cash, Shares, other Awards or
other property, and may be made in a single payment or transfer, in installments, or on a deferred basis. Any installment or deferral provided for in the preceding sentence shall, however, be subject to the Company’s compliance with the
provisions of the Sarbanes-Oxley Act of 2002, the rules and regulations adopted by the Securities and Exchange Commission there under, and all applicable rules of the NASDAQ Stock Market or any national securities exchange on which the
Company’s securities are listed for trading and, if not listed for trading on either the NASDAQ Stock Market or a national securities exchange, then the rules of the NASDAQ Stock Market. The settlement of any Award may be accelerated, and cash
paid in lieu of Shares in connection with such settlement, in the discretion of the Committee or upon occurrence of one or more specified events (in addition to a Change in Control). Installment or deferred payments may be required by the Committee
(subject to Section 10(e) of the Plan, including the consent provisions thereof in the case of any deferral of an outstanding Award not provided for in the original Award Agreement) or permitted at the election of the Participant on terms and
conditions established by the Committee. Payments may include, without limitation, provisions for the payment or crediting of a reasonable interest rate on installment or deferred payments or the grant or crediting of Dividend Equivalents or other
amounts in respect of installment or deferred payments denominated in Shares. 
 (d) Exemptions from Section 16(b)
Liability. It is the intent of the Company that the grant of any Awards to or other transaction by a Participant who is subject to Section 16 of the Exchange Act shall be exempt from Section 16 pursuant to an applicable exemption
(except for transactions acknowledged in writing to be non-exempt by such Participant). Accordingly, if any provision of this Plan or any Award Agreement does not comply with the requirements of Rule 16b-3 then applicable to any such transaction,
such provision shall be construed or deemed amended to the extent necessary to conform to the applicable requirements of Rule 16b-3 so that such Participant shall avoid liability under Section 16(b). 
 (e) Code Section 409A. If and to the extent that the Committee believes that any Awards may constitute a
“nonqualified deferred compensation plan” under Section 409A of the Code, the terms and conditions set forth in the Award Agreement for that Award shall be drafted in a manner that is intended to comply with, and those provisions (and
the provisions of the Plan applicable thereto) shall be interpreted in a manner consistent with, the applicable requirements of Section 409A of the Code. 
  

 12 

 8. Code Section 162(m) Provisions.  
 (a) Covered Employees. The Committee, in its discretion, may determine at the time an Award is granted to an Eligible Person
who is, or is likely to be, as of the end of the tax year in which the Company would claim a tax deduction in connection with such Award, a Covered Employee, that the provisions of this Section 8 shall be applicable to such Award. 

(b) Performance Criteria. If an Award is subject to this Section 8, then the lapsing of restrictions thereon and the
distribution of cash, Shares or other property pursuant thereto, as applicable, shall be contingent upon achievement of one or more objective performance goals. Performance goals shall be objective and shall otherwise meet the requirements of
Section 162(m) of the Code and regulations there under including the requirement that the level or levels of performance targeted by the Committee result in the achievement of performance goals being “substantially uncertain.” One or
more of the following business criteria for the Company, on a consolidated basis, and/or for Related Entities, or for business or geographical units of the Company and/or a Related Entity (except with respect to the total shareholder return and
earnings per share criteria), shall be used by the Committee in establishing performance goals for such Awards: (1) earnings per share; (2) revenues or margins; (3) cash flow; (4) operating margin; (5) return on net assets,
investment, capital, or equity; (6) economic value added; (7) direct contribution; (8) net income; pretax earnings; earnings before interest and taxes; earnings before interest, taxes, depreciation and amortization; earnings after
interest expense and before extraordinary or special items; operating income; income before interest income or expense, unusual items and income taxes, local, state or federal and excluding budgeted and actual bonuses which might be paid under any
ongoing bonus plans of the Company; (9) working capital; (10) management of fixed costs or variable costs; (11) identification or consummation of investment opportunities or completion of specified projects in accordance with
corporate business plans, including strategic mergers, acquisitions or divestitures; (12) total shareholder return; and (13) debt reduction. Any of the above goals may be determined on an absolute or relative basis or as compared to the
performance of a published or special index deemed applicable by the Committee including, but not limited to, the Standard & Poor’s 500 Stock Index or a group of companies that are comparable to the Company. The Committee shall exclude
the impact of an event or occurrence which the Committee determines should appropriately be excluded, including without limitation (i) restructurings, discontinued operations, extraordinary items, and other unusual or non-recurring charges,
(ii) an event either not directly related to the operations of the Company or not within the reasonable control of the Company’s management, or (iii) a change in accounting standards required by generally accepted accounting
principles. 
 (c) Performance Period; Timing For Establishing Performance Goals. Achievement of performance
goals in respect of such Performance Awards shall be measured over a Performance Period no shorter than 12 months and no longer than 5 years, as specified by the Committee. Performance goals shall be established not later than 90 days after the
beginning of any Performance Period applicable to such Performance Awards, or at such other date as may be required or permitted for “performance-based compensation” under Code Section 162(m). 
 (d) Adjustments. The Committee may, in its discretion, reduce the amount of a settlement otherwise to be made in connection
with Awards subject to this Section 8, but may not exercise discretion to increase any such amount payable to a Covered Employee in respect of an Award subject to this Section 8. The Committee shall specify the circumstances in which such
Awards shall be paid or forfeited in the event of termination of Continuous Service by the Participant prior to the end of a Performance Period or settlement of Awards. 
 (e) Committee Certification. No Participant shall receive any payment under the Plan that is subject to this Section 8
unless the Committee has certified, by resolution or other appropriate action in writing, that the performance criteria and any other material terms previously established by the 

  

 13 

 
Committee or set forth in the Plan, have been satisfied to the extent necessary to qualify as “performance based compensation” under Code
Section 162(m). 
 9. Change in Control.  
 (a) Effect of “Change in Control.” If and only to the extent provided in the Award Agreement, or to the extent
otherwise determined by the Committee, upon the occurrence of a “Change in Control,” as defined in Section 9(b): 
 (i) Any Option or Stock Appreciation Right that was not previously vested and exercisable as of the time of the Change in Control, shall become immediately vested and exercisable, subject to applicable restrictions set forth in
Section 10(a) hereof. 
 (ii) Any restrictions, deferral of settlement, and forfeiture conditions applicable to a
Restricted Stock Award, Deferred Stock Award or an Other Stock-Based Award subject only to future service requirements granted under the Plan shall lapse and such Awards shall be deemed fully vested as of the time of the Change in Control, except to
the extent of any waiver by the Participant and subject to applicable restrictions set forth in Section 10(a) hereof. 
 (iii) With respect to any outstanding Award subject to achievement of performance goals and conditions under the Plan, the Committee may, in its discretion, deem such performance goals and conditions as having been met as of the date of the
Change in Control. 
 (b) Definition of “Change in Control”. Unless otherwise specified in an Award
Agreement, a “Change in Control” shall mean the occurrence of any of the following: 
 (i) The acquisition by any
Person of Beneficial Ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of more than fifty percent (50%) of either (A) the then outstanding shares of common stock of the Company (the “Outstanding Company
Common Stock”) or (B) the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities) (the foregoing Beneficial
Ownership hereinafter being referred to as a “Controlling Interest”); provided, however, that for purposes of this Section 9(b), the following acquisitions shall not constitute or result in a Change of Control: (v) any
acquisition directly from the Company; (w) any acquisition by the Company; (x) any acquisition by any Person that as of the Effective Date owns Beneficial Ownership of a Controlling Interest; (y) any acquisition by any employee
benefit plan (or related trust) sponsored or maintained by the Company or any Subsidiary; or (z) any acquisition by any corporation pursuant to a transaction which complies with clauses (A), (B) and (C) of subsection (iii) below;
or 
 (ii) During any period of two (2) consecutive years (not including any period prior to the Effective Date)
individuals who constitute the Board on the Effective Date (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent to the Effective
Date whose election, or nomination for election by the Company’s shareholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the
Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or
threatened solicitation of proxies or consents by or on behalf of a Person other than the Board; or 
 (iii) Consummation of a
reorganization, merger, statutory share exchange or consolidation or similar corporate transaction involving the Company or any of its Subsidiaries, a sale or other disposition of all or substantially all of the assets of the Company, or the
acquisition of assets or stock of another entity by the Company or any of its Subsidiaries (each a “Business Combination”), in 

  

 14 

 
each case, unless, following such Business Combination, (A) all or substantially all of the individuals and entities who were the Beneficial Owners,
respectively, of the Outstanding Company Common Stock and Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than fifty percent (50%) of the then outstanding
shares of common stock and the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the corporation resulting from such Business Combination (including,
without limitation, a corporation which as a result of such transaction owns the Company or all or substantially all of the Company’s assets either directly or through one or more subsidiaries) in substantially the same proportions as their
ownership, immediately prior to such Business Combination of the Outstanding Company Common Stock and Outstanding Company Voting Securities, as the case may be, (B) no Person (excluding any employee benefit plan (or related trust) of the
Company or such corporation resulting from such Business Combination or any Person that as of the Effective Date owns Beneficial Ownership of a Controlling Interest) beneficially owns, directly or indirectly, fifty percent (50%) or more of the
then outstanding shares of common stock of the corporation resulting from such Business Combination or the combined voting power of the then outstanding voting securities of such corporation except to the extent that such ownership existed prior to
the Business Combination and (C) at least a majority of the members of the Board of Directors of the corporation resulting from such Business Combination were members of the Incumbent Board at the time of the execution of the initial agreement,
or of the action of the Board, providing for such Business Combination; or 
 (iv) Approval by the shareholders of the Company
of a complete liquidation or dissolution of the Company. 
 10. General Provisions.  
 (a) Compliance With Legal and Other Requirements. The Company may, to the extent deemed necessary or advisable by the
Committee, postpone the issuance or delivery of Shares or payment of other benefits under any Award until completion of such registration or qualification of such Shares or other required action under any federal or state law, rule or regulation,
listing or other required action with respect to any stock exchange or automated quotation system upon which the Shares or other Company securities are listed or quoted, or compliance with any other obligation of the Company, as the Committee, may
consider appropriate, and may require any Participant to make such representations, furnish such information and comply with or be subject to such other conditions as it may consider appropriate in connection with the issuance or delivery of Shares
or payment of other benefits in compliance with applicable laws, rules, and regulations, listing requirements, or other obligations. 
 (b) Limits on Transferability; Beneficiaries. No Award or other right or interest granted under the Plan shall be pledged, hypothecated or otherwise encumbered or subject to any lien, obligation or liability of such
Participant to any party, or assigned or transferred by such Participant otherwise than by will or the laws of descent and distribution or to a Beneficiary upon the death of a Participant, and such Awards or rights that may be exercisable shall be
exercised during the lifetime of the Participant only by the Participant or his or her guardian or legal representative, except that Awards and other rights (other than Incentive Stock Options and Stock Appreciation Rights in tandem therewith) may
be transferred to one or more Beneficiaries or other transferees during the lifetime of the Participant, and may be exercised by such transferees in accordance with the terms of such Award, but only if and to the extent such transfers are permitted
by the Committee pursuant to the express terms of an Award Agreement (subject to any terms and conditions which the Committee may impose thereon). A Beneficiary, transferee, or other person claiming any rights under the Plan from or through any
Participant shall be subject to all terms and conditions of the Plan and any Award Agreement applicable to such Participant, except as otherwise determined by the Committee, and to any additional terms and conditions deemed necessary or appropriate
by the Committee. 
  

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 (c) Adjustments.  
 (i) Adjustments to Awards. In the event that any extraordinary dividend or other distribution (whether in the form of cash,
Shares, or other property), recapitalization, forward or reverse split, reorganization, merger, consolidation, spin-off, combination, repurchase, share exchange, liquidation, dissolution or other similar corporate transaction or event affects the
Shares and/or such other securities of the Company or any other issuer such that a substitution, exchange, or adjustment is determined by the Committee to be appropriate, then the Committee shall, in such manner as it may deem equitable, substitute,
exchange or adjust any or all of (A) the number and kind of Shares which may be delivered in connection with Awards granted thereafter, (B) the number and kind of Shares by which annual per-person Award limitations are measured under
Section 5 hereof, (C) the number and kind of Shares subject to or deliverable in respect of outstanding Awards, (D) the exercise price, grant price or purchase price relating to any Award and/or make provision for payment of cash or
other property in respect of any outstanding Award, and (E) any other aspect of any Award that the Committee determines to be appropriate. 
 (ii) Adjustments in Case of Certain Corporate Transactions. In the event of any merger, consolidation or other reorganization in which the Company does not survive, or in the event of any Change in
Control, any outstanding Awards may be dealt with in accordance with any of the following approaches, as determined by the agreement effectuating the transaction or, if and to the extent not so determined, as determined by the Committee:
(a) the continuation of the outstanding Awards by the Company, if the Company is a surviving corporation, (b) the assumption or substitution for, as those terms are defined in Section 9(b)(iv) hereof, the outstanding Awards by the
surviving corporation or its parent or subsidiary, (c) full exercisability or vesting and accelerated expiration of the outstanding Awards, or (d) settlement of the value of the outstanding Awards in cash or cash equivalents or other
property followed by cancellation of such Awards (which value, in the case of Options or Stock Appreciation Rights, shall be measured by the amount, if any, by which the Fair Market Value of a Share exceeds the exercise or grant price of the Option
or Stock Appreciation Right as of the effective date of the transaction). The Committee shall give written notice of any proposed transaction referred to in this Section 10(c)(ii) a reasonable period of time prior to the closing date for such
transaction (which notice may be given either before or after the approval of such transaction), in order that Participants may have a reasonable period of time prior to the closing date of such transaction within which to exercise any Awards that
are then exercisable (including any Awards that may become exercisable upon the closing date of such transaction). A Participant may condition his exercise of any Awards upon the consummation of the transaction. 
 (iii) Other Adjustments. The Committee (and the Board if and only to the extent such authority is not required to be
exercised by the Committee to comply with Section 162(m) of the Code) is authorized to make adjustments in the terms and conditions of, and the criteria included in, Awards (including Performance Awards, or performance goals relating thereto)
in recognition of unusual or nonrecurring events (including, without limitation, acquisitions and dispositions of businesses and assets) affecting the Company, any Related Entity or any business unit, or the financial statements of the Company or
any Related Entity, or in response to changes in applicable laws, regulations, accounting principles, tax rates and regulations or business conditions or in view of the Committee’s assessment of the business strategy of the Company, any Related
Entity or business unit thereof, performance of comparable organizations, economic and business conditions, personal performance of a Participant, and any other circumstances deemed relevant, provided that no such adjustment shall be authorized or
made if and to the extent that such authority or the making of such adjustment would cause Options, Stock Appreciation Rights, Performance Awards granted pursuant to Section 8(b) hereof to Participants designated by the Committee as Covered
Employees and intended to qualify as “performance-based compensation” under Code Section 162(m) and the regulations there under to otherwise fail to qualify as “performance-based compensation” under Code Section 162(m)
and regulations there under. 
  

 16 

 (d) Taxes. The Company and any Related Entity are authorized to withhold
from any Award granted, any payment relating to an Award under the Plan, including from a distribution of Shares, or any payroll or other payment to a Participant, amounts of withholding and other taxes due or potentially payable in connection with
any transaction involving an Award, and to take such other action as the Committee may deem advisable to enable the Company or any Related Entity and Participants to satisfy obligations for the payment of withholding taxes and other tax obligations
relating to any Award. This authority shall include authority to withhold or receive Shares or other property and to make cash payments in respect thereof in satisfaction of a Participant’s tax obligations, either on a mandatory or elective
basis in the discretion of the Committee. 
 (e) Changes to the Plan and Awards. The Board may amend, alter,
suspend, discontinue or terminate the Plan, or the Committee’s authority to grant Awards under the Plan, without the consent of shareholders or Participants, except that any amendment or alteration to the Plan shall be subject to the approval
of the Company’s shareholders not later than the annual meeting next following such Board action if such shareholder approval is required by any federal or state law or regulation (including, without limitation, Rule 16b-3 or Code
Section 162(m)) or the rules of any stock exchange or automated quotation system on which the Shares may then be listed or quoted, and the Board may otherwise, in its discretion, determine to submit other such changes to the Plan to
shareholders for approval; provided that, without the consent of an affected Participant, no such Board action may materially and adversely affect the rights of such Participant under any previously granted and outstanding Award. The Committee may
waive any conditions or rights under, or amend, alter, suspend, discontinue or terminate any Award theretofore granted and any Award Agreement relating thereto, except as otherwise provided in the Plan; provided that, without the consent of an
affected Participant, no such Committee or the Board action may materially and adversely affect the rights of such Participant under such Award. 
 (f) Limitation on Rights Conferred Under Plan. Neither the Plan nor any action taken hereunder or under any Award shall be construed as (i) giving any Eligible Person or Participant the right to
continue as an Eligible Person or Participant or in the employ or service of the Company or a Related Entity; (ii) interfering in any way with the right of the Company or a Related Entity to terminate any Eligible Person’s or
Participant’s Continuous Service at any time, (iii) giving an Eligible Person or Participant any claim to be granted any Award under the Plan or to be treated uniformly with other Participants and Employees, or (iv) conferring on a
Participant any of the rights of a shareholder of the Company including, without limitation, any right to receive dividends or distributions, any right to vote or act by written consent, any right to attend meetings of shareholders or any right to
receive any information concerning the Company’s business, financial condition, results of operation or prospects, unless and until such time as the Participant is duly issued Shares on the stock books of the Company in accordance with the
terms of an Award. None of the Company, its officers or its directors shall have any fiduciary obligation to the Participant with respect to any Shares awarded pursuant to this Plan unless and until the Participant is duly issued Shares on the stock
books of the Company in accordance with the terms of an Award. Neither the Company nor any of the Company’s officers, directors, representatives or agents are granting any rights under the Plan to the Participant whatsoever, oral or written,
express or implied, other than those rights expressly set forth in this Plan or the Award Agreement. 
 (g) Unfunded
Status of Awards; Creation of Trusts. The Plan is intended to constitute an “unfunded” plan for incentive and deferred compensation. With respect to any payments not yet made to a Participant or obligation to deliver Shares
pursuant to an Award, nothing contained in the Plan or any Award shall give any such Participant any rights that are greater than those of a general creditor of the Company; provided that the Committee may authorize the creation of trusts and
deposit therein cash, Shares, other Awards or other property, or make other arrangements to meet the Company’s obligations under the Plan. Such trusts or other arrangements shall be consistent with the “unfunded” status of the Plan
unless the Committee otherwise determines with the consent of each affected Participant. The trustee of such trusts may be authorized to dispose of trust assets and reinvest the proceeds in alternative 

  

 17 

 
investments, subject to such terms and conditions as the Committee may specify and in accordance with applicable law. 
 (h) Nonexclusivity of the Plan. Neither the adoption of the Plan by the Board nor its submission to the shareholders of the
Company for approval shall be construed as creating any limitations on the power of the Board or a committee thereof to adopt such other incentive arrangements as it may deem desirable including incentive arrangements and awards which do not qualify
under Section 162(m) of the Code. 
 (i) Payments in the Event of Forfeitures; Fractional Shares. Unless
otherwise determined by the Committee, in the event of a forfeiture of an Award with respect to which a Participant paid cash or other consideration, the Participant shall be repaid the amount of such cash or other consideration. No fractional
Shares shall be issued or delivered pursuant to the Plan or any Award. The Committee shall determine whether cash, other Awards or other property shall be issued or paid in lieu of such fractional shares or whether such fractional shares or any
rights thereto shall be forfeited or otherwise eliminated. 
 (j) Governing Law. The validity, construction and
effect of the Plan, any rules and regulations under the Plan, and any Award Agreement shall be determined in accordance with the laws of the State of Delaware without giving effect to principles of conflict of laws, and applicable federal law.

 (k) Non-U.S. Laws. The Committee shall have the authority to adopt such modifications, procedures, and
subplans as may be necessary or desirable to comply with provisions of the laws of foreign countries in which the Company or its Subsidiaries may operate to assure the viability of the benefits from Awards granted to Participants performing services
in such countries and to meet the objectives of the Plan. 
 (l) Plan Effective Date and Shareholder Approval;
Termination of Plan. The Plan shall become effective on the Effective Date, which is the date the Plan was approved by shareholders of the Company eligible to vote in the election of directors, by a vote sufficient to meet the requirements
of Code Sections 162(m) (if applicable) and 422, Rule 16b-3 under the Exchange Act (if applicable), applicable requirements under the rules of any stock exchange or automated quotation system on which the Shares may be listed or quoted, and other
laws, regulations, and obligations of the Company applicable to the Plan. Awards may be granted subject to shareholder approval, but may not be exercised or otherwise settled in the event the shareholder approval is not obtained. The Plan shall
terminate at the earliest of (a) such time as no Shares remain available for issuance under the Plan, (b) termination of this Plan by the Board, or (c) the tenth anniversary of the Effective Date. Awards outstanding upon expiration of
the Plan shall remain in effect until they have been exercised or terminated, or have expired. 
  

 18Amended and Restated Receivables Purchase Agreement

 Exhibit 10.1 
 AMENDED AND RESTATED RECEIVABLES PURCHASE AGREEMENT 
 originally dated 28 October 2004,
amended and restated on 28 October 2005, amended on 29 June 
 2006 and on 27 October 2006 and amended and restated on
30 April 2007 
 ING Belgium S.A. 
 as Purchaser and Transaction Administrator 
 Greif Coordination Center BVBA 
 as Seller 
 Greif Belgium BVBA

 as Servicer 

 TABLE OF CONTENTS 
  

			
	 Clause
	  	Page
	 Clause 1 : Definitions
	  	3
	 Clause 2 : Purposes of the Agreement
	  	12
	 Clause 3 : Purchase Dates and Conditions Precedent
	  	13
	 Clause 4 : Terms and Conditions governing purchases
	  	15
	 Clause 5 : Consequences of the purchase
	  	16
	 Clause 6 : Determination of the Purchase Price
	  	17
	 Clause 7 : The Initial Purchase Price and Global Initial Purchase Price
	  	18
	 Clause 8 : The Global Deferred Purchase Price
	  	18
	 Clause 9 : Appointment of a Servicer
	  	18
	 Clause 10 : Fees
	  	19
	 Clause 11 : Waterfall
	  	19
	 Clause 12 : Payments
	  	20
	 Clause 13 : Intermediate closing of the Current Account
	  	23
	 Clause 14 : Tax Gross-Up
	  	24
	 Clause 15 : Representations and Warranties
	  	25
	 Clause 16 : Undertakings
	  	27
	 Clause 17 : Acceleration of the Transfer Dates
	  	30
	 Clause 18 : Termination
	  	31
	 Clause 19 : Exclusive rights
	  	35
	 Clause 20 : Confidentiality
	  	35
	 Clause 21 : Indemnity
	  	36
	 Clause 22 : Recourses
	  	38
	 Clause 23 : Survival of Clauses
	  	39
	 Clause 24 : Repurchase Option
	  	39
	 Clause 25 : Sale by the Purchaser of the Global Portfolio
	  	40
	 Clause 26 : Compensation
	  	40
	 Clause 27 : Solidarity between the Portfolio and the Italian Portfolio
	  	40
	 Clause 28 : Communications
	  	41
	 Clause 29 : Absence of Revocation
	  	42
	 Clause 30 : Amendments
	  	42
	 Clause 31 : Law and jurisdiction
	  	43
		
	Enclosure	  	
		
	 1.      Eligibility Criteria
	  	45
	 2.      Template
	  	50
	 3.      Transaction Administrator Report
	  	51
	 4.      
	  	
	 Part 1    Calculation of the Purchase Price
	  	52
	 Part 2    Calculation specifics and applied parameters for the calculation of the purchase price
	  	60
	 5.      Description of Credit and Collection Policies of the Seller
	  	62
	 6.      Charges and other costs
	  	63
	 7.      Compliance Certificate
	  	65
	 8.      Spanish Notarisation Procedure
	  	66
	 9.      French Receivables Transfer Procedure
	  	71
	 10.    French Receivables Retransfer Procedure
	  	75
	 11.    Form of Notice of Transfer for Purchased Receivables other than French Receivables
	  	77

  

 2 

 THIS AGREEMENT is dated 28 October 2004 and has been amended and restated by an Amendment and Restatement
Agreement dated 28 October 2005, 
 Between: 
  

	1.	ING BELGIUM S.A., a corporation organised under the laws of Belgium, having its registered office at Avenue Marnix 24, 1000 Bruxelles, registered with the register of
legal entities (RPM/RPR) under the number 0403200393 represented by Mr. Pim Wagnon (proxyholder) (the “Purchaser”) 

  

	2.	Greif Coordination Center BVBA (formerly known as “Van Leer Coordination Center B.V.B.A.”), a corporation organised under the laws of Belgium, having its
registered office at Beukenlei 24, 2960 Brecht, registered with the register of legal entities (RPM/RPR) under the number 0438202052 represented by Mr. Michel Verholen (manager) (the “Seller”) 

  

	3.	Greif Belgium BVBA, a corporation organised under the laws of Belgium, having its registered office at Bollaarstraat 6, 2500 Lier, registered with the register of
legal entities (RPM/RPR) under the number 0407237771, represented by Ms. Wanda van Engelen (proxyholder) (the “Servicer”) 

  

	4.	ING BELGIUM S.A., a corporation organised under the laws of Belgium, having its registered office at Avenue Marnix 24, 1000 Brussels, registered with the register of legal
entities (RPM/RPR) under the number 0403200393 represented by Mr. Pim Wagnon (proxyholder) and acting in its capacity as agent for the Purchaser and any assignee thereof or sub-agent thereof (the “Transaction Administrator”)

 WHEREAS 
  

	(A)	The Seller purchases trade receivables that meet certain eligibility criteria from Greif Belgium BVBA, Greif Germany GmbH, Greif Nederland BV, Greif UK Ltd, Greif Spain SA, Greif
Portugal Lda., Greif Packaging Belgium NV and Blagden Packaging Spain S.A. under discounted receivables purchase agreements and from Greif France SAS and Greif Packaging France SAS under a factoring agreement in the course of its business.

  

	(B)	The Seller and the Purchaser agree, upon the terms and subject to the conditions hereof that the Seller will on a daily basis or, in relation to trade receivables originated by
Greif France SAS and Greif Packaging France SAS on a periodical basis, sell and assign to the Purchaser all these trade receivables (the “Programme”). 

  

	(C)	The Servicer has agreed, upon the terms and subject to the conditions of the Servicing Agreement (as defined below) to act as the agent of the Purchaser and for the benefit of and
in accordance with the sole instructions of the Purchaser and/or the Transaction Administrator in connection with the collection of the Receivables assigned to the Purchaser in accordance with the terms hereof. 

 NOW IT IS HEREBY AGREED as follows: 
 Clause 1: Definitions

 Under this Receivables Purchase Agreement, in addition to the terms defined in the recitals, the following terms shall have the following meaning,
unless the context otherwise requires : 
 Acceleration shall have the meaning ascribed to such term in Clause 17.1. 
  

 3 

 Adverse Right means any charge, encumbrance, proprietary or security interest, right of retention, lien or
privilege (“privlège”/“voorrecht”) or other right or claim in, over or on any person’s assets in favour of any other persons (other than the Originator with which the Obligor has entered into a contract of
sale) (but excluding the rights of any Obligor in respect of the use or possession of goods in accordance with the sales contracts under which Purchased Receivables arise). 
 Agreement means this Receivables Purchase Agreement (with its Enclosures and Annexes) as it appears at all times, taking into account any amendments or changes that have been made thereto. 
 Amendment and Restatement Agreement means each of (i) the amendment and restatement agreement dated 28 October 2005 between the Purchaser, the Seller,
the Servicer and the Transaction Administrator and (ii) the amendment and restatement agreement dated 30 April 2007 between the Purchaser, the Seller, the Servicer and the Transaction Administrator. 
 Available Amount has the meaning set out in Enclosure IV. 
 Backup
Servicer means such person so designated from time to time in accordance with clause 7 of the Servicing Agreement. 
 Business Day means any
Target Day (other than a Saturday or a Sunday) on which credit institutions are open for business in Belgium, Italy and France. 
 Calculation Date
means each date which is two Business Days before a Settlement Date. 
 Cash Balancing Agreement means any of (i) the Cash Balancing Agreement
EUR dated 13 September 2004 between Greif Coordination Center BVBA (as Master Account Holder) and Greif Belgium BVBA, Greif France SAS, Greif Spain S.A., Greif Germany GmbH, Greif UK Ltd and Greif Nederland BV (each as Participating Account
Holder), the Purchaser (as Principal Bank) and ING Bank N.V., ING Bank Nederland and ING Bank France S.A. (as Affiliated Bank), (ii) the Cash Balancing Agreement GBP dated 13 September 2004 between Greif Coordination Center BVBA (as Master
Account Holder) and Greif UK Ltd (as Participating Account Holder) and ING Belgium SA/NV (as Principal Bank) and ING Bank NV (as Affiliated Bank), (iii) the Cash Balancing Accession Agreement dated 30 November 2005 between, amongst others,
Greif Coordination Center BVBA (as Master Account Holder), Greif Portugal Lda. (as Acceding Party) and the Purchaser (as Principal Bank), (iv) the Cash Balancing Accession Agreement dated 15 March 2007 between Greif Coordination Center
BVBA (as Master Account Holder), Greif Packaging Belgium NV (as Acceding Party) and the Purchaser (as Principal Bank), (v) the Cash Balancing Accession Agreement with effect on 9 February 2007 between Greif Coordination Center BVBA (as
Master Account Holder), Greif Packaging France SAS (as Acceding Party) and the Purchaser (as Principal Bank) and (vi) the Cash Balancing Accession Agreement with effect on 9 February 2007 between Greif Coordination Center BVBA (as Master
Account Holder), Greif Packaging Spain S.A. (as Acceding Party) and the Purchaser (as Principal Bank). 
 Cash Deficiency means the balance of the
Decrease of GIPP remaining outstanding after allocation of Available Amounts in accordance with Clause 11, as a result of the circumstance that insufficient Available Amounts are available in the Portfolio to allocate the Decrease of GIPP.

 Charges has the meaning set out in Enclosure VI. 
 Collections means with respect to any Purchased Receivable, all cash proceeds, set off, other cash proceeds or other amounts received or recovered in respect thereof, including, without limitation, any payments made on any bill of
exchange, promissory note or other negotiable instrument issued in respect of such Purchased Receivable to any holder thereof (whether or not issued in breach of any provisions of this Agreement), all cash proceeds from enforcement of security with
respect to such Purchased Receivable, all recoveries of value added tax from any relevant tax authority relating to any Defaulted Receivable and all indemnities received pursuant to the Credit Insurance Contract. 
  

 4 

 Collection Period means, with respect to any Settlement Date, the Data Period immediately preceding such
Settlement Date or, upon Acceleration or Termination Event, such period as the Transaction Administrator will designate. 
 Conical Obligor means each
Obligor working in the food industry for the packaging of vegetables and fruit products and buying conical shaped steel drum. 
 Conical Season means
the season starting in April of a calendar year and ending in March of the following calendar year. 
 Combined Portfolio means the aggregate of the
Global Portfolio and the Italian Global Portfolio.  
 Compliance Certificate means the certificate substantially in the form of Enclosure VII.

 Computer File means any of: 
  

	a)	the computer file, to be delivered, by no later than 12 a.m. on each Transmission Date and each Purchase Date, by the Seller to the Purchaser under which the Eligible Receivables
for Purchase which are French Receivables are identified and individualised (designées et identifiées), without any ambiguity, for ownership purposes and comply with the Eligibility Criteria for Purchase; or

  

	b)	the computer file to be delivered, (i) two Business Days before the date at which Purchased Receivables which are French Receivables are to be repurchased by the Seller to the
Purchaser in accordance with Clauses 24.1 and 24.2 and (ii) on the corresponding repurchase date under which those French Receivables to be repurchased are identified and individualised (designées et identifiées), without
any ambiguity, for ownership purposes 

 in each case, containing the following information: 
  

	(i)	the name and address of each Obligor; 

  

	(ii)	the date and the number of each invoice; 

  

	(iii)	the Outstanding Nominal Value; 

  

	(iv)	the invoice payment date; 

  

	(v)	the VAT number for each French Receivable as mentioned on the invoice or any other reference used by the Seller that permits the easy identification of the Obligor of such French
Receivable; 

  

	(vi)	an indication of any bill of exchange, promissory note (‘lettre de change’, ‘LCR’), letter of credit or any other means of payment issued in respect of
any French Receivable; 

  

	(vii)	the face value of each French Receivable; and 

  

	(viii)	the aggregate value of all French Receivables listed in the relevant Computer File. 

 Conditions Precedent means the conditions precedent as set out in Clause 3.3 and/or Clause 3.4 (as applicable). 
 Confirmation of Transfer Deed means a confirmation of transfer deed, for the purposes, with the effects and in the form set out in Enclosure VIII of this Agreement, confirming the transfer in favour of the Purchaser of title,
ownership and rights in respect of Spanish Receivables and all related security, which are purchased under this Agreement during the two preceding Data Periods. 
 Costs means the costs described in Enclosure VI. 
 Credit and Collection Policies means the credit and collection policies, including
the responsibility matrices attached thereto as described in Enclosure V. 
  

 5 

 Credit Insurance Company means Coface Belgium. 
 Credit Insurance Contract means the existing insurance contract dated 29 June 2006 entered into by the Seller with the Insurance Company, as amended from time to time with the approval of the Purchaser/
Transaction Administrator. 
 Current Account has the meaning set out in Clause 12.1. 
 Cut-off Date means each day which is five Business Days before a Transmission Date. 
 Daily Sales Outstanding
(D.S.O.) means : 
 (the Outstanding Nominal Value of the Global Portfolio on the last day of the relevant Data Period + the Outstanding
Nominal Value of the Global Portfolio of the 2 previous months each time as existing on the last day of the relevant Data Period) * 90 
 __________________________________________________________________________________________________ 
 (the Portfolio of the concerned
Data Period + the Portfolio of the 2 previous Data Periods )*3 
 Data Period means, in relation to any Cut-off-Date, the period starting the day
following the preceding Cut-off Date and ending on the following Cut-off Date. 
 Decrease of GIPP has the meaning set out in Enclosure IV.

 Deemed Collections has the meaning ascribed to such term in Clause 12.2. 
 Defaulted Receivable shall have the meaning ascribed to such term in paragraph 2.4 of part 2 (Eligibility Criteria for Calculation of GIPP) of Enclosure I. 
 Default Reserve Rate has the meaning set out in Enclosure IV.  
 Default Reserve Floor has the meaning set out in Enclosure IV. 
 Deferred Purchase Price (“DPP”) means that portion of the
Purchase Price of the Portfolio which is payable to the Seller on a deferred basis pursuant to the terms of this Agreement and calculated in accordance with Enclosure IV. 
 Dilution means any discount, rebate, refund, billing error, expense (including invoice substitution), credit against Purchased Receivables and against Eligible Receivables for Purchase which are French
Receivables and which are originated by the French Originators and will be sold on the Purchase Date which coincides with the following Settlement Date and other adjustment or allowance in respect of Purchased Receivables permitted or incurred by
the Seller. 
 Dilution Reserve Rate has the meaning set out in Enclosure IV. 
 Discounted Receivables Purchase Agreement means any of (i) the discounted receivables purchase agreement dated 28 October 2004 between Greif Germany GmbH as seller and the Seller as buyer, as amended
on 27 October 2006 and from time to time thereafter, (ii) the discounted receivables purchase agreement dated 28 October 2004 between Greif Belgium BVBA as seller and the Seller as buyer, (iii) the discounted receivables purchase
agreement dated 28 October 2004 between Greif Nederland BV as seller and the Seller as buyer, as amended on 27 October 2006 and from time to time thereafter, (iv) the discounted receivables purchase agreement 

  

 6 

 
dated 28 October 2004 between Greif UK Ltd as seller and the Seller as buyer, as amended on 27 October 2006 and from time to time thereafter,
(v) the discounted receivables purchase agreement dated 28 October 2004 between Greif Spain SA as seller and the Seller as buyer, as amended on 27 October 2006 and from time to time thereafter, and (vi) the Factoring Agreements,
(vii) the discounted receivables purchase agreement dated 28 October 2005 between Greif Portugal Lda. as seller and the Seller as buyer, (viii) the discounted receivables purchase agreement dated 30 April 2007 between Greif
Packaging Belgium NV as seller and the Seller as buyer and (ix) the discounted receivables purchase agreement dated 30 April 2007 between Greif Packaging Spain S.A. as seller and the Seller as buyer. 
 Dutch Originator means Greif Nederland B.V. 
 Eligible Receivables
for Purchase means Receivables that, on the relevant Purchase Date for such Receivables, comply with all the Eligibility Criteria for Purchase listed in item 1 of Enclosure I of this Agreement. 
 Eligible Receivables for Calculation of GIPP means Receivables that, at the time of the relevant calculation, comply with all the Eligibility Criteria for
Calculation of GIPP listed in item 2 of Enclosure I. 
 Euro or EUR means the currency of the participating member states of the European Communities
in accordance with the definition given in article 109-L-4 of the European Union Treaty and in the Council Regulation (EC) n° 974/98 of May 3, 1998 on the introduction of the euro. 
 Excess Available Amount means the balance of the Available Amount after the payments and allocations made pursuant to Clause 11.1 (a) up to and including
(f) or, as the case may be, pursuant to Clause 11.2(a) up to and including (f). 
 Exchange Rates means, in respect of each Receivable expressed
in currencies other than Euro, the rate of exchange into Euro applied by the Seller when originally entering such receivable in its sales ledger. 
 Factoring Agreement means each of (i) the factoring agreement dated 28 October 2004 between Greif France SAS as seller and the Seller as buyer, as amended on 27 October 2006 and from time to time thereafter and
(ii) the factoring agreement dated 30 April 2007 between Greif Packaging France SAS and the Seller as buyer, as amended from time to time thereafter. 
 Fees means the fees as described in the Fee Letter. 
 Fee Letter means the letter dated 30 April 2007 from the Purchaser to the
Seller and countersigned for acceptance by the Seller, setting out the fees due by the Seller in relation to the Programme. 
 French Originator means
each of (i) Greif France, SAS and (ii) Greif Packaging France SAS. 
 French Purchase Date has the meaning ascribed to such term in Clause
3.1.2. 
 French Receivables means any Receivables arising under sales contracts governed by French law and originated by the French Originators.

 French Receivables Retransfer Procedure means the retransfer procedure to repurchase Purchased Receivables which are French Receivables pursuant to
Clauses 5.5, 24.1 or 24.2 and complying with articles 1250-1 seq. of the French Civil Code as provided under Enclosure X. 
 French Receivables Transfer
Procedure means the transfer procedure for Eligible Receivables for Purchase which are French Receivables and complying with articles 313-23 seq of the French Monetary and Financial Code (Code Monétaire et Financier) as provided
under Enclosure IX. 
  

 7 

 French Transfer Document means a transfer document for the purposes, with the effects and in the form set out in
Annex 1 to Enclosure IX. 
 Funding Costs means the costs of funds as defined in Enclosure VI. 
 GBP means the lawful currency, for the time being, of the United Kingdom. 
 German Receivables means Receivables arising under sales contracts governed by German law. 
 Global Deferred Purchase Price
(“GDPP”) means, at any time, the Global Portfolio minus the GIPP and is calculated in accordance with Enclosure IV. 
 Global Initial
Purchase Price (“GIPP”) means, at any time, the difference between the Global Portfolio and the GDPP. 
 Global Portfolio means, on any
given date, the Outstanding Nominal Value of all the Receivables acquired by the Purchaser, after exclusion on that date of Written-off Receivables. 
 Group means the Seller, the Servicer, the Originators and all companies with which the Seller, the Servicer or the Originators are consolidated. 
 Important Obligor has the meaning ascribed to such term in paragraph 2.2.1 of item 2 (Eligibility Criteria for Calculation of GIPP) of Enclosure I. 
 Incremental Initial Purchase Price has the meaning set out in Enclosure IV. Indemnity means indemnity as described in Clause 21. 
 Ineligible Receivables for Purchase means any Receivables that, on the relevant Purchase Date for such Receivables, do not comply with all the Eligibility Criteria for Purchase listed in part 1 of Enclosure I. 
 Ineligible Receivables for Calculation of GPP means any Receivables that at any time do not comply with the Eligibility Criteria for Calculation of GIPP listed in
part 2 of Enclosure I. 
 ING Bank, Milan branch means the branch of ING Bank N.V. (the Netherlands) located in Milan (Italy). 
 Initial Purchase Price (“IPP”) means, on each Calculation Date, that portion of the Purchase Price of the Portfolio equal to the aggregate of the
Outstanding Nominal Value of each Receivable less the DPP as calculated with respect to the same Portfolio. 
 Instalment of GDPP means the balance of
the Available Amount after the payments and allocations made pursuant to Clause 11.1(a) to (j) or, as the case may be, pursuant to Clause 11.2 (a) to (k). 
 Italian Cash Deficiency has the meaning described to this term in Clause 27.1. 
 Italian Data Period has the
meaning ascribed to the term “Data Period” in the Italian Receivables Purchase Agreement. 
 Italian Effective Date means the date,
following the signature of the Italian Receivables Purchase Agreement, on which all conditions precedent set forth in the Italian Receivables Purchase Agreement have been met. 
 Italian GIPP has the meaning ascribed to the term “Global Initial Purchase price (“GIPP”)” in the Italian Receivables Purchase Agreement. 
  

 8 

 Italian Global Portfolio has the meaning ascribed to the term “Global Portfolio” in the Italian
Receivables Purchase Agreement. 
 Italian Portfolio means, from the Italian Effective Date, the Outstanding Nominal Value (as defined in the Italian
Receivables Purchase Agreement) of all the Italian Purchased Receivables acquired by the Italian Purchaser during the preceding Italian Data Period pursuant to the Italian Receivables Purchase Agreement. 
 Italian Purchased Receivables has the meaning ascribed to the term “Purchased Receivables” in the Italian Receivables Purchase Agreement. 
 Italian Purchaser means ING Bank, Milan branch. 
 Italian
Receivables Purchase Agreement means the receivables purchase agreement dated 28 October 2005 between ENG Bank, Milan branch (as Purchaser and Transaction Administrator), Greif Italia S.p.A. (as Seller and Servicer) and Greif Belgium BVBA
(as Master Servicer), as amended on 29 June 2006, 27 October 2006 and 30 April 2007 and from time to time thereafter. 
 Late Interest
Collection means, with respect to a Receivable, any late payment interest and/or indemnities which is effectively received or recovered by the Seller in respect of such Receivable from the Obligor. 
 Master Collection Account has the meaning ascribed to such term in the Servicing Agreement. 
 Material Adverse Effect means, as of any date of determination, (a) any event, circumstance, occurrence or condition which has caused (or would reasonably be expected to cause) a material adverse effect,
or any condition or event that has resulted or could reasonably be expected to result in a material adverse effect, on the business, operations, financial condition, liabilities (contingent or otherwise) or prospects of the Seller, the Originators
or the Servicer taken as a whole, (b) any event, circumstance, occurrence or condition which has caused (or would reasonably be expected to cause) a material adverse effect on the ability of the Seller or the Servicer to consummate in a timely
manner the transactions contemplated under this Agreement or to perform any of their original obligations under any Transaction Document or (c) any event, circumstance, occurrence or condition which has caused (or would reasonably be expected
to cause) a material adverse effect on the legality, binding effect or enforceability of any Transaction Document or any of the material rights and remedies of the Purchaser thereunder or the legality, priority or enforceability of the security
granted under the Security Agreements on a material portion of the security or the value of the security. 
 Material Company means, at any time, a
company of the Group which has net assets (excluding intra-group items) representing 5 per cent or more of the consolidated net assets of the Group in accordance with US GAAP. 
 Maximum Programme Amount means EUR 95,000,000 with respect to the Combined Portfolio. 
 Nominal Value means
with respect to any Receivable, the principal amount of such Receivable, including VAT and other taxes if any, as reflected in the books of the Seller and mentioned on the invoice representing the Receivable. 
 Notarisation Period means the period starting on the second Transmission Date of each calendar month and ending on the second Settlement Date of each calendar
month. 
 Obligor means a person set out in the records of the Seller as debtor of Receivables and obliged to make payment for the provision of goods
or services evidenced by a contract for which an invoice has been issued (or, if different, the person so obliged). 
 Originator means each of the
sellers under the Discounted Receivables Purchase Agreements. 
  

 9 

 Outstanding Global Conical Receivables means, at any time, the sum of (i) the Outstanding Nominal Value of
Purchased Receivables towards all Conical Obligors and (ii) the Outstanding Nominal Value of Purchased Receivables (as defined in the Italian Receivables Purchase Agreement) towards Italian Conical Obligors (as defined in the Italian Purchase
Agreement). 
 Outstanding Global Conical Receivables Limit means, EUR 18,000,000 or any other limit agreed between the Purchaser and the Seller on
each anniversary of this Agreement. 
 Other Reserve Rate has the meaning set out in Enclosure IV. 
 Outstanding Nominal Value means, with respect to any Receivable, the Nominal Value of such Receivable less (a) any Dilution in relation to such Receivable
and (b) any Collection received with respect to such Receivable. 
 Party means a party to this Agreement. 
 Portfolio means on any given date the Outstanding Nominal Value of all the Purchased Receivables acquired by the Purchaser during the preceding Data Period.

 Portuguese Originator means Greif Portugal LDA. 
 Programme means the programme described in the recitals. 
 Purchase Date has the meaning ascribed to such term in Clause 3.

 Purchased Receivables means, on any given date, all the Receivables assigned, sold, transferred or purported to be assigned, sold or transferred to
the Purchaser hereunder and either totally or partially unpaid on such date. 
 Purchased Receivables with Set-Off Arrangements means Purchased
Receivables for which the Obligor can, in its relationship with the Originator, make set-off arrangements due to the existence of a current account or related reciprocal debts. 
 Purchase Price shall have the meaning ascribed to such term in Clause 6. 
 Receivable means any and all
present and future indebtedness coming or having come into existence prior to a Termination Date or the date at which this Agreement terminates in accordance with Clause 2.4, 2.5 or 2.6 and owed or purported to be owed to the Originator or the
Seller by an Obligor and includes unless otherwise specified herein, any Purchased Receivable. 
 Relevant Originator has the meaning ascribed to such
term under paragraph 1.8 of part 1 of Enclosure I (Eligibility Criteria for Purchase). 
 Security Agreement means each of the following agreements:

  

	(i)	the commercial bank account agreement dated 28 October 2004 between the Seller as pledgor and the Purchaser as pledgee pertaining to the granting of a pledge on the Master
Collection Account; 

  

	(ii)	each security agreement relating to the granting of a security interest over certain accounts listed in Schedule 1 to the Servicing Agreement to secure the obligations of the Seller
and the Servicer under this Agreement and under the Servicing Agreement in accordance with the Undertaking to Grant Security. 

 Servicer means such person so designated from time to time in accordance with the Servicing Agreement. 
  

 10 

 Servicing Agreement means the servicing agreement dated 28 October 2004 between the Seller, the Servicer and
the Purchaser, as amended and restated on 28 October 2005, on 30 April 2007 and from time to time thereafter. 
 Servicing Fee shall have
the meaning ascribed in clause 5 of the Servicing Agreement. 
 Settlement Date means without
prejudice to Clause 17, the 15th and the last day of each calendar month, save that the first Settlement Date shall
coincide with the first Purchase Date and the first French Purchase Date, Any Settlement Date falling on a date which is not a Business Day will be postponed to the immediately following Business Day. If this immediately following Business Day falls
in the following calendar month, the Settlement Date will be fixed on the immediately preceding Business Day. 
 Solidarity Amount has the meaning
ascribed to such term in Clause 27.2. 
 Solidarity Excess Available Amount means the balance of the Available Amount after the payments and
allocations made pursuant to Clause 11.1. (a) up and including (g) or, as the case may be, pursuant to Clause 11.2(a) up to and including (h). 
 Spanish Originator means each of (i) Greif Spain S.A. and (ii) Greif Packaging Spain S.A. 
 Spanish Receivables means
Receivables arising under sales contracts governed by Spanish law. 
 Swedish Obligor means any Obligor acting out of an establishment in Sweden.

 Target means Trans-European Automated Real-time Gross Settlement Express Transfer Payment System. 
 Target Day means any day on which Target is open for the settlement of payments in Euro. 
 Template means the template in Excel format substantially in the form of Enclosure II. 
 Termination Date
means the earliest of: 
  

	(i)	the date of the occurrence of any event referred to in Clause 18.1.1; 

  

	(ii)	the third Business Day following the receipt of notice referred to in Clause 18.1.2 save if the Seller has exercised his repurchase option in accordance with Clause 24.2 before such
date; and 

  

	(iii)	any date following the occurrence, and during the continuation, of any event referred to in Clause 18.1.3 which the Purchaser or the Transaction Administrator declares to be the
Termination Date. 

 Termination Event means any of the events described in Clause 18. 
 Total Collections means, with respect to any Purchased Receivable the sum of all items booked in the Current Account under 12.2.1, 12.2.2, 12.2.3, 12.2.4, 12.2.5,
12.2.6, minus the items of 12.2.13. 
 Transaction Administrator Report means the report substantially in the form of Enclosure III. 
 Transactions Document means each of the following documents: 
  

	(i)	this Agreement; 

  

	(ii)	each Amendment and Restatement Agreement; 

  

	(iii)	the Servicing Agreement; 

  

	(iv)	each Cash Balancing Agreement; 

  

	(v)	each Discounted Receivables Purchase Agreement; 

  

	(vi)	the Undertaking to Grant Security; 

  

	(vii)	each Security Agreement; and 

  

	(viii)	each other document designated as such by the parties to this Agreement. 

  

 11 

 Transfer Date means any date resulting from an Acceleration pursuant to Clause 17 or 18.2.6. A Transfer Date
falling on a date which is not a Business Day will be postponed to the next following Business Day. 
 Transmission Date means each date which is one
Business Day before a Calculation Date. 
 Undertaking to Grant Security means the letter dated 28 October 2004 whereby the Seller procures and
the Originators undertake to grant a security interest over certain accounts listed in Schedule 1 to the Servicing Agreement in favour of the Purchaser. 
 Written-off Receivable means a Receivable which has been written off, or qualifies or would qualify for a write-off, as irrecoverable for accounting purposes by the Seller in accordance with its general accounting practices.

 Yield Reserve Rate has the meaning set out in Enclosure IV. 
  

	1.2	Any reference in this Agreement to: 

  

	(i)	‘bankruptcy proceeding’, ‘liquidation’, ‘proceedings for composition’ of any person shall be construed as to include any equivalent or analogous
proceedings under the laws of the jurisdiction in which such person is incorporated or any jurisdiction in which such person has its principal place of business; 

  

	(ii)	‘attachment’ of any asset shall be construed as to include any equivalent or analogous proceedings under the laws of the jurisdiction in which such asset is located;

  

	(iii)	‘temporary administrator’ appointed with respect to any person shall be construed as to include any equivalent or analogous officer appointed under the laws of the
jurisdiction in which such person is incorporated or any jurisdiction in which such person has its principal place of business; and 

  

	(iv)	Clause, Enclosure or Annex is a reference to a clause, enclosure or annex of this Agreement. 

 Clause 2: Purposes of the Agreement 
  

	2.1	2.1.1 The Seller hereby sells to the Purchaser, with successive effect on each Purchase Date until (and not including) the Termination Date or the date of termination of this
Agreement in accordance with Clause 2.4, 2.5 or 2.6, all Eligible Receivables for Purchase other than French Receivables that the Seller will own on each such date, in accordance with the provisions of this Agreement and with Article 1690 of the
Belgian Civil Code. 

 Subject to the Conditions Precedent and the provisions of this Agreement, the Purchaser hereby accepts
all such successive sales. 
 2.1.2 The Seller hereby assigns and transfers to the Purchaser all present and future Eligible Receivables for
Purchase which are German Receivables together with all the associated rights and accessories, options, privileges and interest linked to the German Receivables, subject to the condition that a purchase contract under this Agreement with respect to
the respective German Receivables is validly in place. The Purchaser accepts this assignment and transfer. This assignment and transfer is governed by German law. 
  

 12 

 2.1.3 The Seller agrees to sell to the Purchaser from the first French Purchase Date until (and not
including) the Termination Date or the date of termination of this Agreement in accordance with Clause 2.4, 2.5 or 2.6, all of its title to and rights and interests in the Eligible Receivables for Purchase which are French Receivables in accordance
with the terms and conditions of this Agreement and pursuant to the French Receivables Transfer Procedure. 
  

	2.2	The Seller may at any time give notice to the Purchaser who shall accept with a copy to the Servicer, that it wishes to interrupt the continuation of these sales and assignments. In
order to be effective from a particular Business Day, this notice must be given by 10 am (Brussels time) on that day. The sales of Receivables will recommence upon ten Business Days’ prior written notice from the Seller to the Transaction
Administrator and subject to the satisfaction of all conditions as provided for in this Agreement and the receipt of all reports and information that the Transaction Administrator may reasonably request as to cover the period of interruption of
sales. 

  

	2.3	The Purchaser hereby appoints the Transaction Administrator to act as its agent and representative and to perform certain tasks in the name and on behalf of the Purchaser under this
Agreement. 

  

	2.4	The Programme will terminate at the latest on the date falling 364 days after the date of this Agreement, subject to the right of the Seller to request an extension of the Programme
for a further period of 364 days by giving notice to the Purchaser not less than 30 Business Days before the expiry of the 364 days. If the Seller and the Servicer agree to the request, the Programme will be extended for a further period of 364
days. This extension right applies to the first, second, third and fourth anniversary of this Agreement. 

  

	2.5	The Seller may at any time terminate this Agreement by 30 days prior notice to the Transaction Administrator. Without prejudice to the foregoing, the Purchaser may at any time
interrupt the purchase of Receivables on Conical Obligors for the remaining period of the then applying Conical Season, if the Limit of Liability (as defined in the Credit Insurance Contract) is utilised for an amount exceeding 50%.

  

	2.6	The Purchaser may terminate this Agreement by 30 days prior notice to the Seller if (i) any payment to be made by the Seller or the Servicer to the Purchaser is or shall be
subject to any taxes on or measured by the overall net income or profit of the Purchaser and (ii) the Seller refuses to indemnify the Purchaser. 

  

	2.7	Clauses 18.2.1 to 18.2.8 (including) and Clause 18.3 shall apply, govern the effects of and survive a termination of this Agreement in accordance with Clauses 2.4, 2.5 and 2.6,
except for Clause 18.2.5 which shall only apply upon the occurrence of an event as described in Clause 18.1. 

 Clause 3: Purchase Dates
and Conditions Precedent 
  

	3.1	Purchase Dates 

  

	 	3.1.1	 Purchases of Eligible Receivables for Purchase (other than French Receivables) will take place on each Business Day until (and not including) the Termination Date (each a
“Purchase Date”), provided that: 

  

	 	(i)	the Seller owns Eligible Receivables for Purchase (other than French Receivables) on such date; and 

  

	 	(ii)	the Conditions Precedent set out in Clause 3.4 are then satisfied. 

  

	 	3.1.2 	Purchase of Eligible Receivables for Purchase which are French Receivables will take place on each Settlement Date until (and not including) the Termination Date, provided that:

  

	 	(i)	the Seller owns Eligible Receivables for Purchase which are French Receivables on such date; 

  

 13 

	 	(ii)	the Conditions Precedent set out in Clause 3.4 are then satisfied; and 

  

	 	(iii)	the Seller has performed all steps as required pursuant to the French Receivables Transfer Procedure. 

  

	3.2	The first Purchase Date will be October 29, 2004, subject to Clauses 3.3 and 3.4. 

  

	3.3	The first Purchase Date shall not take place before the second Business Day after satisfaction of the following Conditions Precedent: 

  

	 	3.3.1	completion of a due diligence review by the Purchaser of the Seller’s portfolios of Receivables, systems and practices, the outcome of this due diligence being satisfactory to
the Purchaser and delivery of a due diligence report accepted and countersigned by the Seller; 

  

	 	3.3.2	signing of the due diligence key finance report including the agreed recommendations and adaptations; 

  

	 	3.3.3	delivery of documents evidencing that the Seller has the powers to validly commit itself in this Agreement and holds all authorisations for such commitment and delivery of specimen
of signatures; 

  

	 	3.3.4	delivery of legal opinions of Allen & Overy LLP addressed to the Purchaser and satisfactory to the Purchaser and the Transaction Administrator as to the civil law true sale
character of the sales of Receivables in accordance with this Agreement and in accordance with the Discounted Receivables Purchase Agreement and as to the powers and authorisations of the Seller in connection with this Agreement;

  

	 	3.3.5	delivery by the Servicer of the Template on the performance of the portfolio to be purchased on the first Purchase Date for the month prior to the first Purchase Date;

  

	 	3.3.6	execution of the Transaction Documents by all parties thereto; 

  

	 	3.3.7	delivery of a power of attorney pursuant to Clause 18.2.5; and 

  

	 	3.3.8	payment by the Seller of the fees and expenses set out in the [Fee Letter]. 

  

	3.4	The Seller hereby represents to the Purchaser and the Transaction Administrator that, unless it will have notified the Transaction Administrator otherwise in accordance with this
Agreement, on the relevant Purchase Date: 

  

	 	3.4.1	the representations and warranties set out in Clause 15 shall be true and correct in all material respects, except for those representations or warranties which are already
qualified as to materiality and for the representations and warranties under Clauses 15.11 to 15.16 (including), which shall be true and correct; 

  

	 	3.4.2	there shall be no breach of any of the undertakings set out in Clause 16; 

  

	 	3.4.3	no event has occurred and is continuing, or would result from such purchase, that constitutes a Termination Event or that, with the giving of notice or passage of time, would
constitute a Termination Event; 

  

	 	3.4.4	the Termination Date has not occurred; 

  

 14 

	 	3.4.5	the purchase of such Receivable will not result in the aggregate of the GIPP and the Italian GIPP exceeding the Maximum Programme Amount; 

  

	 	3.4.6	no applicable law, regulation, judgement or decree of any governmental entity prohibits the making of such purchase or remittance of Total Collections in accordance with the
provisions of this Agreement; and 

  

	 	3.4.7	the Seller and/or the Servicer will comply with the conditions set out in Clause 4.1 and 4.2. 

 To the extent that the Purchaser acquires any Receivable on a Purchase Date it shall be considered to have reiterated the representations and warranties
set out in Clause 15. 
 Clause 4: Terms and Conditions governing purchases 
  

	4.1	On each Transmission Date, the Servicer will deliver to the Transaction Administrator by electronic mail or by fax, not later than 10 a.m. Brussels time the Template and the
relevant information as required for the calculations to be made pursuant to Enclosure IV with the data related to the preceding Data Period so that the performance of the Global Portfolio since the previous Template may be assessed.

  

	4.2	On each Transmission Date, the Servicer will send to the Transaction Administrator (acting on behalf of the Purchaser) by modem or express delivery service, not later than 2 p.m.
Brussels time, the detailed ageing list of all Receivables other than French Receivables sold hereunder and outstanding at the end of the relevant Data Period and the list of daily collection. The same day, the Seller will send to the Transaction
Administrator the list of invoices representing all Receivables sold during the relevant Data Period. This list and the detailed ageing list will include the following information for each Receivable: 

  

	 	•	 	 the name of the Obligor; 

  

	 	•	 	 the address of the Obligor; 

  

	 	•	 	 the date of the invoice; 

  

	 	•	 	 the number of the invoice; 

  

	 	•	 	 the Outstanding Nominal Value; 

  

	 	•	 	 the invoice payment date; 

  

	 	•	 	 the VAT number as mentioned on the invoice or any other reference used by the Seller that permits the easy identification of the Obligor;

  

	 	•	 	 indication of any bill of exchange, promissory note, letter of credit or any other means of payment issued in respect of the relevant Receivable.

 On each Transmission Date, the Seller will send to the Transaction Administrator the Computer File listing all Eligible
Receivables for Purchase which are French Receivables originated by the French Originator during the preceding Data Period and to be purchased by the Purchaser on the following French Purchase Date. 
  

	4.3	On the Calculation Date, the Transaction Administrator will notify to the Seller by electronic mail or by fax, not later than 4 p.m. Brussels time, the IPP for the Receivables other
than the French Receivables sold during the relevant Data Period and for Eligible Receivables for Purchase which are French Receivables originated by the French Originator during the relevant Data Period and to be sold on the following French
Purchase Date pursuant to the French Receivables Transfer Procedure, as defined in Clause 7, by means of the Transaction Administrator Report. 

  

	4.4	The Transaction Administrator is authorised to take such measures, including a deferral of the Settlement Date, as may be necessary in the event that the Seller and/or the Servicer
is late in delivering the information required under Clause 4.1 and 4.2. 

  

 15 

 Such measures shall be binding on the Seller, and shall be without prejudice to the Seller’s
obligations to indemnify the Purchaser against the losses that may result from such delay or to pay late payment interest on any amount payable by it under this Agreement and without prejudice to the other rights of the Purchaser under this
Agreement. 
  

	4.5	Any delay in the delivery of the above referred information and/or any inaccuracy in the information as provided for by the Seller and/or the Servicer will allow the Transaction
Administrator to request from the Seller the payment of a penalty fee of 0.01% calculated on the [Nominal Value] of Eligible Receivables for Calculation of GIPP with a minimum of Euro 1000, unless the non-delivery and/or inaccuracy is remedied
within two Business Days of the due date and provided that such non delivery and/or inaccuracy does not occur during two consecutive months. 

 Clause 5: Consequences of the purchase 
  

	5.1	This Agreement constitutes and, upon their due execution, each French Transfer Document, shall constitute a true sale of the Eligible Receivables for Purchase under this Agreement
and under each such French Transfer Document, and not a security arrangement for any obligations of the Seller. The Purchaser shall have full title and interest in and to the Purchased Receivables as from the Purchase Date or the French Purchase
Date (as applicable), shall be free to further dispose of such Purchased Receivables, and shall be fully entitled to receive and retain for its own account the Total Collections in respect of such Purchased Receivables. 

  

	5.2	With respect to Eligible Receivables for Purchase which are Spanish Receivables, the Seller will grant in favour of and together with the Purchaser on a monthly basis as of the date
of this Agreement and within the Notarisation Period, a duly completed and signed Confirmation of Transfer Deed. Confirmation of Transfer Deeds will relate to Spanish Receivables that are purchased in accordance with this Agreement during the two
Data Periods preceding the relevant Notarisation Period and will be executed by the Purchaser and the Seller before a notary public with the purpose of reaching a certainty of the date and of obtaining the benefits of Article 1526 of the Spanish
Civil Code. The Purchaser reserves the right to request at any time to proceed to notarisation on a two-monthly basis by a written notice to the Seller at least 5 Business Days prior to the first day of the next Notarisation Period.

  

	5.3	The Eligible Receivables for Purchase will be purchased on the Purchase Date or the French Purchase Date (as applicable) with all the associated rights and accessories, options,
privileges, and interest linked to such Receivables as well as any sum due on such Receivables or which may become due subsequently, and all the advantages and benefits ensuing therefrom. 

  

	5.4	Without prejudice to the provisions of Clause 18.2.5 and except as otherwise provided hereafter, the Obligors will not be notified by the Purchaser, or any successor or assignee, of
the assignment of the Purchased Receivables. 

 The Swedish Obligors will be notified of all assignment of Receivables pursuant
to the Transaction Documents by means of the following wording to be included on the related invoices: 
 “Our claim according to this
invoice is sold to Greif Coordination Center BVBA and subsequently to ING Belgium NV. We will administrate the invoice as agent of ING Belgium NV and all payments under this invoice shall be made to the account set out in the invoice, unless
otherwise notified by ING Belgium NV.” 
 Without prejudice to the provisions of clause 2.2 of the Discounted Receivables Purchase
Agreement entered into by the Seller with the Dutch Originator, the Seller undertakes not to notify any Obligor of new payment instructions, whether under this Agreement or under a Discounted Receivables Purchase Agreement, unless expressly
instructed by the Purchaser to do so. 
  

 16 

	5.5	Should a Purchased Receivable be an Ineligible Receivable for Purchase, and as soon as any Party becomes aware of the ineligibility of such Receivable, the Purchaser shall have the
option to reassign such Ineligible Receivables with all the associated rights and accessories, options, privileges, and interest linked to the Ineligible Receivables to the Seller. To reassign an Ineligible Receivable which is a French Receivable,
the Purchaser shall comply with the French Receivables Retransfer Procedure. 

 The Seller shall repurchase such Receivables, at
its expenses and without any recourse, for a price corresponding to the Outstanding Nominal Value of the Ineligible Receivables. Such amount shall be credited in favour of the Purchaser to the Current Account and, with respect to French Receivables,
upon performance by the Purchaser of all steps (if any) required under the French Retransfer Procedure, in accordance with clause 12.2.4. The Purchased Receivables that would appear to be Ineligible Receivable will remain the property of the
Purchaser until their reassignment to the Seller. 
 Should an Ineligible Receivable for Purchase have been taken into consideration for the
calculation of the Purchase Price payable for a Portfolio on a Settlement Date, but not have been sold and assigned to the Purchaser under this Agreement, the Purchaser shall be entitled to reimbursement of a portion of the Purchase Price for the
Portfolio in an amount corresponding to the Outstanding Nominal Value of the Ineligible Receivables. 
  

	5.6	Upon satisfaction or waiver of the Conditions Precedent set forth under Clause 3.3 and/ or Clause 3.4 (as applicable), the Seller may demand performance by the Purchaser of its
obligations to pay IPP and GDPP in accordance with Clauses 7 and 8 and enforce these obligations subject to Clause 22 and without prejudice to the application of Clause 8.2, but waives the right to demand rescission of any purchase. The Seller
waives any unpaid seller’s lien that it may have under Clause 20, 5° of the Mortgage Law or otherwise. 

 Clause 6:
Determination of the Purchase Price 
  

	6.1	On each Purchase Date and French Purchase Date, the Purchaser will acquire the Eligible Receivables for Purchase owned by the Seller at a Purchase Price based on the Outstanding
Nominal Value of the Receivables and which comprises the IPP payable on the next succeeding Settlement Date or, in relation to Eligible Receivables for Purchase which are French Receivables on the French Purchase Date which coincides with the
Settlement Date, according to the provisions of Clause 7, and the DPP payable according to the provisions of Clause 8. Purchase Price determinations are made for the Portfolio as a whole, and not separately for each Receivable.

 If a Receivable is expressed in a currency other than Euro, the Outstanding Nominal Value of the Receivable shall be
converted in Euro, using the Exchange Rate. 
  

	6.2	The determination of the IPP and the DPP shall be made in accordance with the calculation principles provided in Enclosure IV. 

  

 17 

 Clause 7: The Initial Purchase Price and Global Initial Purchase Price 
  

	7.1	The IPP is the first part of the Purchase Price payable for the Portfolio on a Settlement Date. 

 The IPP is calculated on each Calculation Date in accordance with Enclosure IV, and is paid according to Clauses 11 and 12.2. The computation of the IPP
shall bind the parties except in case of manifest error. 
  

	7.2	At any Calculation Date, the GIPP applicable to the Global Portfolio will be calculated in accordance with Enclosure IV. The aggregate of the GIPP and the Italian GIPP shall never
be higher than the Maximum Programme Amount. 

  

	7.3	The IPP and the DPP determined in accordance with this Clause 7 will be allocated proportionally to the French Receivables acquired on the French Purchase Date which coincides with
the Settlement Date and the Spanish Receivables acquired during the relevant Data Period based upon the ratio that the Outstanding Nominal Value of such French Receivables and Spanish Receivables respectively will bear to the Portfolio as a whole.

 Clause 8: The Global Deferred Purchase Price 
  

	8.1	At any Calculation Date, the GDPP as applicable to the Global Portfolio will be calculated in accordance with Enclosure IV. 

  

	8.2	The Instalment of GDPP is payable by the Purchaser on each Settlement Date in accordance with Clause 12.2.10. 

 From the occurrence of a Termination Date, no further Instalment of GDPP shall be paid unless and until the balance of the GIPP has been reduced to zero
and any credit balance of the Current Account shall have been duly paid to the Purchaser. Thereafter, the Instalment of GDPP will be payable on each Settlement Date in accordance with Enclosure IV. 
  

	8.3	In no circumstances will the Purchaser be liable to pay any Instalment of GDPP as a separate liability, since the Purchaser’s liability vis-à-vis the Seller under this
Agreement is limited to the net balance on the Current Account as specified in Clause 12.2. For the avoidance of doubt, the GDPP does not represent a liability of the Purchaser other than to the extent of the Instalments of GDPP payable pursuant
hereto. 

  

	8.4	No interest will be paid by the Purchaser on the GDPP. 

 Clause 9:
Appointment of a Servicer 
 The servicing, the administration and collection of the Purchased Receivables (the Services) shall be conducted by the
Servicer or by such person appointed by the Servicer pursuant to the Servicing Agreement. Without prejudice to the rights of the Servicer under the Servicing Agreement to sub-contract or delegate the performance of any of its obligations in relation
to the Services, the Servicer will remain fully liable to the Purchaser to the same extent and under the same terms as if it was itself rendering the Services. 
  

 18 

 Clause 10: Fees 
  

	10.1	All the Fees incurred under this Agreement and determined in accordance with the Fee Letter will be borne by the Seller or reimbursed by the Seller to the Purchaser.

  

	10.2	The Transaction Administrator will supply the Seller with reasonable details and justification of any such Fees. 

 Clause 11: Waterfall 
  

	11.1	Prior to the occurrence of a Termination Date and in accordance with Enclosure IV, the Available Amount shall be applied by the Purchaser to the payments or internal allocations as
stipulated in Clause 12 in the following order of priority and if and to the extent that the payments or the allocations ranking higher have been made in full: 

  

	 	(a)	to pay all liabilities then due and payable on account of taxes and VAT due in relation to the Programme for such part of those amounts that has not been paid through the Current
Account; 

  

	 	(b)	to pay the Costs; 

  

	 	(c)	to cover the Indemnities referred to in Clause 21 unpaid by the Seller and/or Servicer; 

  

	 	(d)	to pay the Servicing Fee; 

  

	 	(e)	to allocate to the Minimum Initial Purchase Price; 

  

	 	(f)	to allocate to the Decrease of the GIPP if any; 

  

	 	(g)	to allocate to the Italian Cash Deficiency, if any; 

  

	 	(h)	to allocate to the Solidarity Amount, if any; 

  

	 	(i)	to allocate to any other amount as agreed between the Seller and the Purchaser, without such agreement being unreasonably withheld by either party; 

  

	 	(j)	to allocate to the Incremental Initial Purchase Price, if any; and 

  

	 	(k)	to allocate to the Instalment of the GDPP. 

  

	11.2	After the occurrence of a Termination Date and in accordance with Enclosure IV, the Available Amount shall be applied by the Purchaser to the payments or internal allocations as
stipulated in Clause 12 in the following order of priority, if and to the extent that the payments or the allocations ranking higher have been made in full: 

  

	 	(a)	to pay any fees then due and payable to the Backup Servicer; 

  

	 	(b)	to pay all liabilities then due and payable on account of taxes and VAT due in relation to the Programme for such part of those amounts that have not been paid through the Current
Amount; 

  

	 	(c)	to pay the Costs; 

  

	 	(d)	to cover the Indemnities referred to in Clause 21 unpaid by the Seller and/or the Servicer; 

  

 19 

	 	(e)	to allocate to the Minimum Initial Purchase Price, if applicable; 

  

	 	(f)	to allocate to any other amount; 

  

	 	(g)	to allocate to the Incremental Purchase Price, if any; 

  

	 	(h)	to allocate to the Decrease of the GIPP, if any; 

  

	 	(i)	to allocate to the Servicing Fee; 

  

	 	(j)	to allocate to the Italian Cash Deficiency, if any; 

  

	 	(k)	to allocate to the Solidarity Amount, if any; and 

  

	 	(l)	subject to Clause 8.2, to allocate to the Instalment of the GDPP. 

 Clause 12: Payments 
  

	12.1	As they are expected to become obligor and creditor of each other for the duration of this Agreement, the Seller and the Purchaser will enter into a current account legal
relationship (the “Current Account”) so that the payments of the various sums due by one Party to the other Party will take place by booking the amount due on this Current Account. 

 Such payments shall be entered in the Current Account and settled exclusively in Euro. 
 This Current Account is indivisible. However, for administrative purposes, the subheadings described below will be created. The creation of these
subheadings will in no way affect the indivisibility of the Current Account. 
 The amounts to be booked to the Current Account on any
Calculation Date shall include solely those amounts payable on the Settlement Date immediately following such Calculation Date in accordance with the order of priority provided for in Clause 11. 
  

	12.2	Unless the amounts referred to in the subheadings 12.2.1 to 12.2.6 have been transferred by the Servicer after an Acceleration on the bank account mentioned in Clause 4.4 of the
Servicing Agreement, the following amounts will be booked to the Current Account: 

 IN FAVOUR OF THE PURCHASER: 
  

	 	12.2.1  	Collections (information supplied by the Servicer) 

 These are the cash payments with respect to the Purchased Receivables, whoever makes such payment and whatever the modalities of such payment are and irrespective of whether amounts equal to such payments have been credited to the Master
Collection Accounts. 
 In case one of the Obligors of the Purchased Receivables makes a partial payment (by means of set-off or any other
method) which cannot be applied to a particular Receivable, the Servicer will allocate such payment proportionally to all Receivables, whether assigned or not, on such Obligor. 
 Irrespective of whether amounts equal to such payments have been credited to the Master Collection Accounts, these amounts will be deemed to be booked on
the Current Account on the Calculation Date on which they are due to be transferred to the Purchaser pursuant to Clauses 4.3 or 4.4 of the Servicing Agreement. 
  

 20 

 For the avoidance of doubt, indemnities received under the Credit Insurance Contract shall be included in
the Collections. 
  

	 	12.2.2  	Late Interest Collections (information supplied by the Servicer) 

 This represents late interest amounts calculated as from the maturity date of the invoice and/or indemnities paid because of late payment by the Obligor. 
 These amounts will be deemed to be booked on the Current Account on the Calculation Date on which they are due to be transferred to the Purchaser pursuant
to clauses 4.3 or 4.4 of the Servicing Agreement. 
  

	 	12.2.3  	Deemed Collections (information supplied by the Servicer) 

 This represents the amount by which the Outstanding Nominal Value of Purchased Receivables has been reduced as the consequence of one of the following events: 
  

	 	i)	Dilution as from the preceding Cut-off Date, other than the Dilution which has been deducted from the Nominal Value of the Purchased Receivables when calculating the Purchase Price
of such Receivables in accordance with Clause 6.1; or 

  

	 	ii)	in case of the sale of a fully or partially paid Receivable at the end of the preceding Data Period for which no adjustment of the Outstanding Nominal Value has been made as per
Clause 6.1, the amount of the Dilution corresponds to the amount of such total or partial payment; or 

  

	 	iii)	any other element admitted by the Seller or recognised in a court of law. 

 For the purposes of this Agreement, the Deemed Collections will be assimilated to a payment made by the Obligor whose Receivables have been purchased. 
 The Deemed Collections will be deemed to be booked on the Current Account on the Calculation Date immediately following the Collection Period during which
the events referred to in i), ii) or iii) arise. 
 Furthermore, if the Seller or the Servicer breaches its undertaking set out in Clause
16.2.3 (not to draw any bill of exchange in connection with a Purchased Receivable other than a French Receivable or a Spanish Receivable, nor to demand or receive from any Obligor, or otherwise permit the creation by any Obligor of, any promissory
note in connection with a Purchased Receivable other than a French Receivable or a Spanish Receivable, save if immediately endorsed to the Purchaser) or, in relation to Purchased Receivables which are French Receivables or Spanish Receivables, not
to transmit or endorse to the benefit of a third party (other than the Purchaser) any bill of exchange or promissory note created or existing, a Deemed Collection shall arise in the amount of that Receivable and will be deemed to be booked on the
Current Account on the day such a breach arises. 
  

	 	12.2.4  	The Outstanding Nominal Value of Ineligible Receivables for Purchase that have been purchased as Eligible Receivables for Purchase or that have been taken into consideration for
the determination of the Purchase Price of a Portfolio in accordance with this Agreement (information supplied by the Servicer) 

  

 21 

 This amount will be assimilated to a payment by the Seller to the Purchaser. 
 This amount will be deemed to be booked on the Current Account on the day the Purchaser has exercised its reassignment option or demanded reimbursement of
a portion of the Purchase Price for a Portfolio in accordance with Clause 5.5. 
  

	 	12.2.5  	Indemnities in respect of foreign currency conversions (information supplied by the Servicer) 

 Any foreign currency indemnity payable in accordance with clause 4.5 of the Servicing Agreement will be deemed to be booked on the Current Account on the
Calculation Date. 
  

	 	12.2.6  	Any Indemnity due by the Seller or the Servicer to the Purchaser (information supplied by the Servicer) 

 These are the amounts due by the Seller or the Servicer to the Purchaser pursuant to Clause 21. 
 The amount of the Indemnity will be deemed to be booked on the Current Account on the day the Indemnity is payable. 
  

	 	12.2.7  	Any other amount due under this Agreement by the Seller or the Servicer to the Purchaser (information supplied by the Servicer) 

 The amount due will be deemed to be booked on the Current Account on the day the Seller or the Servicer or a court order recognises that the Purchaser is
entitled to this amount. 
  

	 	12.2.8  	Payment made by the Purchaser (information supplied by the Servicer) 

 This amount represents the balance of the Current Account to be paid by the Purchaser to the Seller pursuant to Clause 13.1. 
 It will be deemed to be booked on the Current Account on the Calculation Date. 
 It is well understood that
the above entries will be made without duplication, so that the same amount in respect of the same Receivable will not be entered more than once in the Current Account under Clauses 12.2.1 to 12.2.4. 
 IN FAVOUR OF THE SELLER : 
  

	 	12.2.9  	The Initial Purchase Price paid for the Portfolio acquired by the Purchaser 

 This amount will be deemed to be booked on the Current Account on the Calculation Date immediately following the Cut-off Date of the preceding Data Period. 
  

	 	12.2.10  	The Instalment of GDPP 

 This amount is payable in
accordance with Clause 8.2 on each Settlement Date. 
 This amount will be deemed to be booked on the Current Account on the Calculation Date
immediately preceding the relevant Settlement Date. 
  

 22 

	 	12.2.11  	The total amount of the payment cancellations (information supplied by the Servicer) 

 Certain forms of payment used by an Obligor can give rise to the cancellation of the payment of Receivables previously booked on the Current Account and
thus paid to the Purchaser. 
 The amount of the cancellation will be deemed to be booked on the Current Account on the Calculation Date
immediately following the Collection Period during which the payment is cancelled. 
  

	 	12.2.12  	The Servicing Fee 

 This fee is determined in
accordance with clause 5 of the Servicing Agreement. 
 This amount will be deemed to be booked on the Current Account on the Calculation Date
and will be received by the Seller acting, as the case may be, as agent (gevolmachtige/ mandataire) of the Servicer in accordance with Article 1239 of the Belgian Civil Code. 
  

	 	12.2.13  	Refunds in respect of foreign currency conversions (information supplied by the Servicer) 

 Any foreign currency refund payable in accordance with Clause 4.5 of the Servicing Agreement will be deemed to be booked on the Current Account on the
Calculation Date. 
  

	 	12.2.14  	Any other amount due under this Agreement by the Purchaser to the Seller or the Servicer 

 The amount due will be deemed to be booked on the Current Account on the day the Purchaser, or a court order, recognises that the Seller or the Servicer
is entitled to this amount. 
  

	 	12.2.15  	Payments made by the Seller or the Servicer 

 This
amount represents the balance of the Current Account as calculated pursuant to Clause 13.1. 
 It will be deemed to be booked on the Current
Account on the Settlement Date. 
 Clause 13: Intermediate closing of the Current Account 
  

	13.1	The Transaction Administrator shall calculate on each Calculation Date the intermediate closing balance of the Current Account to be paid as of the immediately following Settlement
Date, taking into account all entries scheduled to take place until the Calculation Date. The balance resulting from each intermediate closing will be paid in favour of the Seller or of the Purchaser, as the case may be. The intermediate closing
shall take into account the consequences that a seizure or any other similar measure imposed on the whole or part of the amounts due by one Party to the other would have on such balance. 

 The payment will take place on the Settlement Date following the relevant Calculation Date. 
 The provisions of this Clause 13.1 are without prejudice to the obligation of the Servicer, upon an Acceleration to pay to the Purchaser on each Transfer
Date the amount of the Total Collections in accordance with clause 4 of the Servicing Agreement. 
  

 23 

	13.2	Terms and conditions governing payments 

  

	 	13.2.1  	On the Transmission Date immediately following the end of a Data Period, the Seller (in relation to the information of the Template be delivered in accordance with Clause 4.1) or
the Servicer (in relation to any other information) will inform the Transaction Administrator of the global amounts booked for each subheading on the Current Account since the previous intermediate closing, as well as any corrective entries, insofar
as such data has to be supplied by them in compliance with Clause 12.2. They will do so by electronic mail or by fax, not later than at 10 a.m. Brussels time, by means of the Template. 

  

	 	13.2.2  	On the Calculation Date immediately following the end of a Data Period, on the basis of the information supplied by the Seller and the Servicer and the information available to it,
the Transaction Administrator will compute the balance of the Current Account and the Instalment of GDPP payable on the relevant Settlement Date and communicate them to the Seller by means of the Transaction Administrator Report, such report being
sent by electronic mail or by fax before 16.00 Brussels time. 

 This computation will bind the parties, absent manifest error.

  

	 	13.2.3  	The Seller irrevocably authorises the Transaction Administrator to debit its account n° 320-0837369-38 under value Settlement Date with the amount of the balance of the Current
Account, if this balance is in favour of the Purchaser. The Seller undertakes to fund said account in due course with the amounts necessary for the required payment. 

  

	 	13.2.4  	If, following a lack of funds, the balance due to the Purchaser on the Settlement Date (whether pursuant to Clause 13.1 or clause 4.3 of the Servicing Agreement) cannot be paid in
full or in part to the Purchaser, the Seller will owe late interest to the Purchaser, calculated at the Euribor Rate (one month) (as such term is defined in Enclosure VII of this Agreement), plus 2 % per annum on the amount to be paid,
until the Business Day following receipt of full payment of the amount due and an administration fee of Euro 1,000 covering the follow- up of such late payment. 

  

	 	13.2.5  	The Purchaser undertakes to credit, under value Settlement Date, the Seller’s account n° 320-0837369-38, except for the payment of the balance of the Current Account in
favour of the Seller on the first Settlement Date, which shall be made by crediting the Seller’s account IBAN NL 15 ING 0651 66 35 98. 

 Clause 14: Tax Gross-Up 
  

	14.1	All payments to be made by the Seller or the Servicer to the Purchaser shall be made free and clear of and without withholding or deduction for or payment of or on account of tax
unless the Seller or the Servicer is required by law to make such a payment subject to the deduction or withholding or payment of or on account of tax, excluding any taxes on or measured by the overall net income or profit of the Purchaser
(hereinafter referred to as “Applicable Taxes”). In such a case the sum payable by the Seller or the Servicer in respect of which such deduction or withholding or payment which is required to be or is made shall be increased to the extent
necessary to ensure that, after the making of such deduction or withholding or payment (and any additional deduction or withholding or payment for or on account of tax in respect of such increased amount), the Purchaser receives and retains (free
from liability in respect of any such deduction or withholding or payment) a net sum equal to the sum which it would have received and so retained had no such deduction or withholding or payment been made or required to be made.

 24 

	14.2	Without prejudice of the Purchaser’s right in accordance with Clause 2.6, the Seller agrees to pay any present or future stamp, court or documentary taxes or any other excise
or property taxes, value added tax, charges or similar levies imposed by any governmental entity or taxing authority therein which arise from any payment made hereunder or from the execution, delivery or registration of, or otherwise with respect to
this Agreement or which may be required to assure the admissibility in evidence of this Agreement (hereinafter referred to as “Other Applicable Taxes”). 

  

	14.3	The Seller hereby indemnifies the Purchaser and the Transaction Administrator for the full amount of Applicable Taxes and Other Applicable Taxes (including, without limitation, any
Applicable Taxes and Other Applicable Taxes imposed on amounts payable under this Clause 14) paid by the Purchaser or the Transaction Administrator and any liability (including penalties, interest and expenses) arising therefrom or with respect
thereto. 

  

	14.4	Within 30 days after the date of any payment of Applicable Taxes, the Seller or the Servicer (as applicable) shall provide the Transaction Administrator with a copy of a receipt
evidencing payment thereof. The Transaction Administrator shall provide the Purchaser with a copy of such receipt. If Applicable Taxes are payable in respect of any payment hereunder by the Seller or the Servicer (as applicable) but an exemption in
relation to such Applicable Taxes is available, the Seller shall, upon the reasonable request of the Transaction Administrator, provide the Transaction Administrator with a certificate from each relevant taxing authority, or an opinion of tax
counsel acceptable to the Transaction Administrator, in either case stating that such payment is exempt from or not subject to Applicable Taxes. This indemnification shall be made within thirty days from the date the Purchaser makes written demand
thereof. 

  

	14.5	If the Seller or the Servicer becomes obliged to pay any Applicable Taxes or Other Applicable Taxes with respect to any amounts payable to the Purchaser or the Transaction
Administrator hereunder, the Purchaser or the Transaction Administrator (as applicable) shall use its reasonable efforts (consistent with its internal policy and legal and regulatory restrictions) to take such steps as would avoid or reduce the
amount of such Applicable Taxes or Other Applicable Taxes; provided that no such steps shall be required to be taken if, in the reasonable judgement of the Purchaser or the Transaction Administrator, such steps would be disadvantageous to the
Purchaser or the Transaction Administrator. 

  

	14.6	Provided that no Termination Event has occurred and is continuing, all amounts payable under and pursuant to this Clause 14 shall be paid on the Settlement Date immediately
following the date the Purchaser or the Transaction Administrator makes written demand therefor or if the immediately following Settlement Date occurs less than 10 Business Days after the date of such demand, the next following Settlement Date
provided that if after the date of such demand the relevant Settlement Date contemplated in this paragraph will not occur, the amounts contemplated in this paragraph shall be paid no later than 45 Business Days after the date of such demand. If a
Termination Event has occurred and is continuing, all amounts payable under and pursuant to this Clause 14 shall become immediately due and payable upon demand being made by the Purchaser or Transaction Administrator. 

 Clause 15: Representations and Warranties 
 During the time
this Agreement remains applicable, each of the Seller and the Servicer represents and warrants to the Purchaser that: 
  

	15.1	it is a company validly constituted in accordance with Belgian law, with power to enter into this Agreement; 

  

 25 

	15.2	it has validly executed this agreement and that the entry into and performance by it, and the transactions contemplated by this Agreement do not and will not conflict with its
constitutional documents; 

  

	15.3	it complies with the laws and regulations applicable to its activities, except to the extent that non-compliance would not, individually or in the aggregate, have a Material Adverse
Effect; 

  

	15.4	none of the events listed in Clauses 17 and 18 exists; 

  

	15.5	there has been no material adverse change in the collectibility of the Receivables or in the operating condition of the Seller; 

  

	15.6	there has been no change with respect to the Seller or the Servicer since the date of the most recent audited financial accounts delivered under Clause 16.1.1 which has had or would
have, individually or in the aggregate, a Material Adverse Effect; 

  

	15.7	no legal proceedings (including insolvency) exist or are threatening against the Seller or the Servicer which would, individually or in the aggregate, have a Material Adverse Effect
or would reasonably be expected to give rise to any legal restraint or prohibition against or challenge the Transaction Documents or any of the transactions contemplated therein; 

  

	15.8	this Agreement is not contrary to any legal or contractual provisions applicable to them, and that no purchase of Receivables hereunder will breach the terms of any facility or
other covenants of the Seller, or constitute an event of default under such facilities; 

  

	15.9	no event of default, failure to pay or enforcement of security exist under any credit facility or other financial borrowing of the Seller in respect of amounts in excess of Euro
1,000,000; 

  

	15.10	any factual information taken (as a whole) provided to the Purchaser or the Transaction Administrator under this Agreement is true, accurate and complete in all material respects;

  

	15.11	without prejudice to Clause 18.1.3 (1), the Receivables presented for purchase are Eligible Receivables for Purchase as defined in Clause 1 to this Agreement;

  

	15.12	it has complied with the Credit and Collection Policies and will not make any material change in such policies unless with the prior written consent of the Purchaser;

  

	15.13	it owns the Receivables free and clear of any Adverse Right, and such Receivables are not subject to any attachment (“saisie mobilière”,
“saisie-arrêt” / “roerend beslag”, “derdenbeslag”); 

  

	15.14	it uses Exchange Rates which do not differ significantly from official exchange rates; 

  

	15.15	there is no floating charge (“pand op de handelszaak”/“gage sur fonds de commerce”) or similar encumbrance under the law of any jurisdiction over its
business, nor any undertaking or mandate with a view to create of any such floating charge or similar encumbrance; 

  

	15.16	it has the capability (i) at any given time to identify each individual Purchased Receivable, and (ii) to track Total Collections in respect of each of the Purchased
Receivables; 

  

	15.17	each of the representations and warranties under this Clause 15 by each of the Seller and the Servicer shall be true and correct on each Purchase date, in all material respects,
except for those representations or warranties which are already qualified as to materiality and for representations under Clauses 15.11 to 15.16 (including), which shall be true and correct; 

  

 26 

	15.18	it is not in default of payment of any amount in excess of Euro 1,000,000 owing by it to the tax authorities or social security authorities unless contested in good faith; and

  

	15.19	subject to Clause 16.3, the Discounted Receivables Purchase Agreements contain or will contain similar representations, warranties and covenants as the ones set out under this
Clause 15 and which are customary for similar transactions and there is no breach of any of these representations, warranties and covenants. 

 Clause 16: Undertakings 
  

	16.1	Information, Accounts, Records. 

 Each of the Seller and
the Servicer undertakes: 
  

	 	16.1.1	(i) to supply to the Transaction Administrator its annual balance sheet and profit and loss statement, approved by the General Assembly as soon as possible and at any rate within
the 180 days following the end of its accounting year, and (ii) to provide its semi-annual interim balance-sheet as well as the interim profit and loss statement, on an unaudited basis and without approval by the General Assembly, as soon as
possible and at any rate within 90 days following the end of the first half of each one of the accounting years; 

  

	 	16.1.2	to keep proper documents, books, records and other information necessary or useful for the control and the recovery of the Purchased Receivables and the monitoring of the Programme;

  

	 	16.1.3 (A)	once per calendar year as well as at any time following the occurrence and during the continuance of any of the events provided for in Clauses 17 and 18, subject to two Business
Days’ notice period, except for events referred to in Clauses 17.1 (d) and 18.1.3 (n) or in case of suspicion of fraud referred to in Clause 16.1.6 in which cases no notice shall be required, 

  

	 	(i)	to give the Transaction Administrator, its agents or representatives, access to the premises where they operate their activities in order to enable them to carry out a due
diligence; and 

  

	 	(ii)	to inspect, verify, remove and take copies (at the expenses of the Originators and the Servicer) of any books, orders, accounts, records, correspondence documents regardless of the
medium on which they are contained and which contain information in respect of or are relevant for the Purchased Receivables and the Ancillary Rights; and 

  

	 	(iii)	to implement within the time framework required by the Transaction Administrator, its agent or representatives, any recommendations relating to any of their obligations under this
Agreement issued by the Transaction Administrator, its agent or representatives any recommendation; 

  

	 	(B)	by 31 July 2007, 

  

	 	(i)	to give the Transaction Administrator, its agents or representatives, access to the premises where they operate their activities in order to enable them to carry out a due diligence
in relation to the Seller’s portfolio of Receivables originated by Greif Packaging France SAS or Greif Packaging Spain S.A., its systems and practices; and 

  

 27 

	 	(ii)	to inspect, verify, remove and take copies (at the expenses of the Originators and the Servicer) of any books, orders, accounts, records, correspondence documents regardless of the
medium on which they are contained and which contain information in respect of or are relevant for the portfolio, systems and practices referred to under (i); and 

  

	 	(iii)	to implement within the time framework required by the Transaction Administrator, its agent or representatives, any recommendations relating to any of their obligations under this
Agreement issued by the Transaction Administrator, its agent or representatives any recommendation. 

  

	 	16.1.4	to implement the agreed recommendations and adaptations as provided for in the due diligence key report referred to under clause 3.3.2 by March 2005 or in any subsequent letter
resulting from the annual audit by the time indicated in such letter, which time shall be reasonable; 

  

	 	16.1.5	to supply the Purchaser and the Transaction Administrator with all documents available and purported to be available and needed for the recovery of an unpaid Purchased Receivable or
all documents available and purported to be available from Obligors certifying the existence and the amount of the Purchased Receivables and each of the Seller and the Servicer procures that all documents representing the Purchased Receivables
(including without limitation documents relating to the payment and/ or collection of the Purchased Receivables) and all information in relation to the Purchased Receivables will be remitted and communication to the Purchaser at first demand;

  

	 	16.1.6	at any time, at the request of the Purchaser or the Transaction Administrator in case of suspicion of fraud and if such suspicion is not cleared by the delivery of appropriate
documents to the Transaction Administrator, to request its auditors to contact at the expense of the Seller a sample of Obligors to ensure the existence of the Purchased Receivables. 

  

	 	16.1.7	to notify for consent the Transaction Administrator of any major change in the Credit and Collection Policies; 

  

	 	16.1.8	to notify the Transaction Administrator of any major legal proceeding filed against them; 

  

	 	16.1.9	to notify the Transaction Administrator of any major legal, financial or other changes in their structure, activity, patrimonies or economical and financial situation which could
materially affect the Programme; 

  

	 	16.1.10 	at any time within business hours, subject to two Business Days’ notice period, except if an event referred to in Clauses 17.1 (d) or 18.1.3 (n) or in case of
suspicion of fraud referred to in Clause 16.1.6., to allow and each of the Seller and the Servicer procures that the Originators and the Servicer will allow the Transaction Administrator and its agents or representatives to conduct an on-site
examination of the books, records and documents of the Seller, the Originators or the Servicer as to check the compliance with the transmission or endorsement to the Purchaser of all bills of exchange or promissory notes, to the extent transmission
or endorsement is required under this Agreement; 

  

	 	16.1.11 	to send the Compliance Certificate on a semi annual basis within two weeks after publication of the balance-sheet and profit and loss statement. 

  

 28 

	16.2	Concerning the Purchased Receivables 

 Each of the Seller
and the Servicer undertakes: 
  

	 	16.2.1	not to dispossess itself from any document representing a Purchased Receivable, and to remit them to the Purchaser or to the Transaction Administrator, at first demand;

  

	 	16.2.2	without prejudice to the obligation to fulfil its duties as Servicer or provided for in the Servicing Agreement, not to use the rights, options, privileges
(“privièges”/“voorrechten”), appeals, title deeds and/or interests linked to the Receivables without having obtained the prior written approval of the Transaction Administrator; 

  

	 	16.2.3	(i) in relation to each Purchased Receivable other than a French Receivable or a Spanish Receivable: not to draw any bill of exchange in connection with a Purchased Receivable, nor
to demand or receive from any Obligor, or otherwise permit the creation by any Obligor of, any promissory note in connection with a Purchased Receivable, except if that bill of exchange or promissory note is immediately endorsed to the Purchaser;
and 

 (ii) in relation to each Purchased Receivable which is a French Receivable or a Spanish Receivable, unless if first
approved in writing by the Purchaser, not to transmit or endorse to the benefit of a third party (other than the Purchaser) any bill of exchange or promissory note created or existing. 
  

	 	16.2.4	not to sell, assign, or dispose of any Purchased Receivables; 

  

	 	16.2.5	except as permitted under the Servicing Agreement, not without the prior consent of the Transaction Administrator, extend, amend or otherwise modify the terms of any Purchased
Receivable; 

  

	 	16.2.6	not to grant security over any of the Purchased Receivables to any third party; and 

  

	 	16.2.7	to comply with the terms of the Credit and Collection Policies and to ensure that the Credit and Collection Policies will be implemented in all respects by the Originators, the
Servicer and the Seller by March 2005 at the latest. 

  

	16.3	Concerning the Discounted Receivables Purchase Agreements 

  

	 	(a)	The Seller undertakes to comply with the following procedure in order to amend, modify or waive or permit the amendment, modification or waiver of any term or condition of any of
the Discounted Receivables Purchase Agreements: 

  

	 	(i)	the Seller shall notify the Purchaser of a proposed amendment, modification or waiver of any term or condition of any of the Discounted Receivables Purchase Agreements;

  

	 	(ii)	the Purchaser shall inform the Seller not later than 5 Business Days after the notification referred to under (i) above whether or not it consents to the proposed amendment,
modification or waiver; and 

  

	 	(iii)	the Programme will be terminated in accordance with Clause 18.1.3 (a) if the Purchaser has refused to give its consent in accordance with paragraph (ii) and if within a
period of 3 Business Days after the notification of such refusal: 

  

	 	(A)	the Parties have not reached an agreement; 

  

	 	(B)	the Seller has not withdrawn its request for consent to a proposed amendment, modification or waiver; or 

  

	 	(C)	the Seller has not notified the Purchaser of an alternative proposal in accordance with paragraph (i) above. 

  

 29 

	 	(b)	Without prejudice to paragraph (a) above, the Seller shall supply the Purchaser and the Transaction Administrator with a copy of any amendment, modification or waiver to any
term or condition of any Discounted Receivables Purchase Agreement. 

  

	 	(c)	The Seller undertakes to exercise its right under clause 2.9 of the Discounted Receivables Purchase Agreement entered into with the French Originators and to impose a weekly
transfer by way of subrogation on the French Originators upon request of the Purchaser. Such request shall be made by a written notice from the Purchaser to the Seller at least 5 Business Days prior to the next French Purchase Date.

  

	16.3	Concerning the Credit Insurance Contract 

  

	 	(a)	The Seller undertakes to arrange for an endorsement to the Credit Insurance Contract, providing for the appointment of the Purchaser as the sole loss payee, upon the written request
of the Purchaser; and 

  

	 	(b)	The Seller will not agree to the appointment of any loss payee under the Credit Insurance Contract, except as provided in paragraph (a) above. 

 Clause 17: Acceleration of the Transfer Dates 
  

	17.1	The Transaction Administrator reserves the right to impose daily, bi-weekly or weekly Transfer Dates (such acceleration of Transfer Dates shall be referred to as an
“Acceleration”) as well as weekly Settlement Dates, subject to 3 Business Days’ notice. The Transaction Administrator may exercise its right by giving such notice as from the date on which the Purchaser or the Transaction
Administrator is informed of the occurrence of one of the following events: 

  

	 	(a)	if one or more bill of exchange, with a minimum aggregate amount of Euro 1,000,000, bearing the signature of the Seller or the Servicer in whatever capacity, is protested or is not
paid within the month of its due date; 

  

	 	(b)	if one or more cheques, with a minimum aggregate amount of Eur 1,000,000, bearing the signature of the Seller or the Servicer is not paid within the month of its due date, is
protested or subject to an equivalent procedure if the Purchaser believes that this leads or is likely to lead to a Material Adverse Effect; 

  

	 	(c)	in the event of a delay in the execution of any obligation of the Seller or the Servicer towards the tax authorities or a social security body or in the event that legal proceedings
are instituted against it by one of these authorities or bodies except if the Seller or the Servicer provides a justification acceptable to the Transaction Administrator; 

  

	 	(d)	in the event a preliminary investigation conducted in accordance with applicable law for fraud, theft, breach of trust, forgery or corruption is issued against a de jure or de facto
body (“administrateur / gérant de droit ou de fait” / “wettelijke of feitelijke bestuurder/zaakvoerder”) of the Seller or the Servicer; 

  

	 	(e)	if the Servicer breaches a covenant as listed in clause 6 of the Servicing Agreement; 

  

	 	(f)	if a temporary administrator (“administrateur provisoire” / “voorlopige bewindvoerder”) is appointed to manage the business of the Seller or the Servicer;

  

 30 

	 	(g)	if an event arises or is announced which could reasonably be expected to have a Material Adverse Effect; 

  

	 	(h)	if the Seller extends terms of payment for Purchased Receivables representing more than 10% of the Global Portfolio; and 

  

	 	(i)	if there occurs a major legal, financial or other change in the structure, activity, assets and liabilities or economical and financial situation of the Seller and/or the Servicer
which has a Material Adverse Effect and jeopardises the Programme, in particular by deteriorating their capacity to fulfil the obligations under the Programme, or by deteriorating the quality and collectibility of Purchased Receivables.

 The Seller and the Servicer shall inform the Transaction Administrator as soon as they are aware of the occurrence of one of these events.

  

	17.2	The consequences of an Acceleration are the following: 

  

	 	a)	the Purchaser will impose daily, bi-weekly or weekly Transfer Dates, or any other frequency; 

  

	 	b)	in accordance with clause 4.4 of the Servicing Agreement, the Servicer will pay to the Purchaser on the Transfer Date the Total Collections received until such date to the account
number as designated by the Purchaser; 

  

	 	c)	the Purchaser will reduce the Collection Period and the regularity of the sending of the Template as the case may be; 

  

	 	d)	at first request of the Purchaser or the Transaction Administrator, the Seller will and procures that the French Originators and the Spanish Originators will transmit to the
Purchaser or endorse to the benefit of the Purchaser any bill of exchange or promissory note created or existing in connection with any Eligible Receivable for Purchase which is a French Receivable or a Spanish Receivable; and

  

	 	e)	the Purchaser may change the regularity of the Settlement Date and of the Transmission Date to a weekly Settlement Date and Transmission Date. 

 Clause 18: Termination 
  

	18.1	Termination Events : 

  

	 	18.1.1	The Programme will be terminated without notice, and a Termination Event will occur, if, with respect to the Seller, the Servicer, any Originator and/or a Material Company, one of
the following events arises: 

  

	 	a.	any person presents a petition, or files documents with a court or any register, for bankruptcy; 

  

	 	b.	any corporate action is taken or legal proceedings have commenced against it for its liquidation (“dissolution et liquidation”/ “ontbinding en
vereffening”); 

  

	 	c.	in case of proceedings for composition (“concordat judiciaire” / “gerechtelijk akkoord”): 

  

	 	(i)	in case the Seller, the Servicer, any Originator and/or a Material Company file(s) for composition; 

  

 31 

	 	(ii)	in case the application for composition of the Seller, the Servicer or any Originator is refused; the Seller, the Servicer or the Originator does not anymore meet the conditions for
composition; the court does not authorise payment to be deferred; the provisional or final payment deferment is terminated; the Purchaser or any creditor regains its full rights; 

  

	 	d.	this Agreement ceases to be legal, valid and binding for any reason. 

  

	 	18.1.2	Except if during such notice period the Seller has exercised its repurchase option in accordance with Clause 24.2, the Programme will be terminated and a Termination Event will
occur upon 3 Business Days’ notice as from the date on which the Seller received the relevant notification confirming that: 

  

	 	(i)	at any date the GIPP exceeds (or would exceed as a result of a transfer of Receivables to take place on that date) the aggregate Outstanding Nominal Value of all Receivables then
constituting the Global Portfolio minus the GDPP; 

  

	 	(ii)	the weighted average contractual term for payment of the Purchased Receivables exceeds 90 days; 

  

	 	 18.1.3
	 Except if during such period the Seller proves that it has remedied the situation as invoked by the Purchaser or the
Transaction Administrator to support its decision or if, in relation to paragraphs (b), (f), (g), (h), (i), (j), (k), (l) and (m) below, the Seller has exercised its repurchase option in accordance with Clause 24.2
or if, in case of paragraph (b) below, the Purchaser and the Seller have agreed that the Programme will not be terminated, the Programme will be terminated and a Termination Event will occur, upon the date on which the Purchaser has determined
that a termination of the Programme is required in the case referred to under Clause 18.1.3(b) below, upon 1 Business Day notice as from the date on which the Seller received the relevant notification in the case referred to under Clause 18.1.3
(j) (i) below and upon 3 Business Days’ notice as from the date on which the Seller received the relevant notification in the following cases (except the case referred to under Clause 18.1.3 (j)(i) below):

  

	 	a.	a representation and/or undertaking listed in Clauses 15 and 16.1.2, 16.1.3, 16.1.5, 16.1.6, 16.1.8, 16.1.9, 16.1.10, 16.2, 16.3 and 16.4 is inaccurate or not complied with
respectively; 

  

	 	b.	the outcome of the due diligence report referred to under Clause 16.1.3 (B) is not satisfactory to the Purchaser, provided that, after a reasonable consultation period during
which the Purchaser and the Seller will enter into negotiations to determine whether a termination will be required, the Purchaser has determined that a termination of the Programme will be required; 

  

	 	c.	the Purchaser has refused to give its consent to and the Seller and the Purchaser have not reached an agreement in relation to a proposed amendment, modification or waiver of any
term or condition or any of the Discounted Receivables Purchase Agreements in accordance with Clause 16.3(a) of this Agreement; 

  

	 	d.	the Seller and/or the Servicer, if the Seller is Servicer, fails to pay during at least 2 Business Days any amount due under this Agreement; 

  

	 	e.	 without prejudice to paragraph (a), the Seller and/or the Servicer, if the Seller is Servicer, does not comply with one or several of its other obligations under
this Agreement, in whatever capacity and this failure, if capable of remedy, remains unremedied (i) in the event of non-compliance with its obligations under Clause 16.1.1, 16.1.4, 16.1.7 and 

  

 32 

	 	 
16.1.11 for 30 Business Days after notice thereof from the Purchaser or the Transaction Administrator or (ii) in the event of non-compliance with any
obligations under this Agreement (other than referred to under paragraph (i)), for 3 Business Days after notice thereof from the Purchaser or the Transaction Administrator; 

  

	 	f.	the Monthly Default Ratio as calculated in accordance with Enclosure IV and stated in the Transaction Administrator Report, exceeds 3.14%; 

  

	 	g.	the Monthly Dilution Ratio as calculated in accordance with Enclosure IV and stated in the Transaction Administrator Report, exceeds 5.5%; 

  

	 	h.	the D.S.O. (Days Sales Outstanding) calculated by the Transaction Administrator has been exceeding 65 days for 2 consecutive months. 

 The D.S.O equals to : 
  

	
	(the Outstanding Nominal Value of the Global Portfolio on the last day of the relevant Data Period + the Outstanding Nominal Value of the Global Portfolio of the 2 previous months each time as
existing on the last day of the relevant Data Period) * 90
	  
	(the Portfolio of the concerned Data Period + the Portfolio of the 2 previous Data Periods )*3

 the result being expressed in number of days; 
  

	 	i.	the GIPP at any time becomes less than Eur 15,000,000; 

  

	 	j.	after notification by the Transaction Administrator of the persistence of an event described in Clause 17 which is reasonably likely to lead to a Material Adverse Effect (without
prejudice, for the avoidance of doubt, to any other provision of this Clause 18), provided that: 

  

	 	(i)	for events as described in Clause 17.1(i), the persistence lasts during more than 3 Business Days; 

  

	 	(ii)	for events as described in Clause 17.1 (e) and (h), the persistence lasts during more than two months; and 

  

	 	(iii)	for any other events as described in Clause 17.1, the persistence lasts during more than one month. 

  

	 	k.	in case of merger of the Seller or the Servicer with another company, or demerger; 

  

	 	l.	a significant change occurs in the shareholding structure of the Seller, and if the Transaction Administrator considers that such event is likely to modify the risks relating to the
Seller and/or the Servicer under this Agreement; a significant change is considered to occur if existing shareholders would cease having de jure or de facto, direct or indirect control (as defined in Article 5 of the Belgian Companies Code) over the
Seller and/or the Servicer; 

  

	 	m.	on any Settlement Date, Ineligible Receivables for Purchase assigned by the Seller and still outstanding represent more than 5% of the Global Portfolio; 

  

	 	n.	The net worth of the Purchaser becomes less than €250 mio; For the purpose of this Clause, “net worth” means common stock, paid in capital, currency translation,
revaluation reserves, retained earnings and treasury stock; 

  

 33 

	 	o.	an indictment for fraud, theft, breach of trust, forgery or corruption is initiated against a de jure or de facto body (“administrateur / gérant de droit ou de
fait” / “wettelijke of feitelijke bestuurder/zaakvoerder”) of the Seller or the Servicer except if the Seller or the Servicer provides a justification acceptable to the Transaction Administrator; 

  

	 	p.	the Seller or the Servicer is in breach of any financial covenant or ratio in any of its existing and future syndicated credit facilities or its existing and future securitisation
programme; 

  

	 	q.	in case of termination of the Servicing Agreement. 

 The
Seller and the Servicer shall inform the Transaction Administrator as soon as they are aware of the occurrence of any of these events or of their likely occurrence, in which latter case the Transaction Administrator undertakes to inform the Seller
and the Servicer as soon as possible whether such event is susceptible to trigger the termination of this Agreement. 
  

	18.2	Consequences of a Termination Event 

 Save in relation to
the consequences mentioned under 18.2.4 to 18.2.7 for the events 18.1.3 (a) if the latter refers to clauses 19 and 20 when a Termination Date occurs: 
  

	 	18.2.1	the Purchaser ceases to purchase new Receivables as from the day of the Termination Date: 

  

	 	18.2.2.	the Servicer, and if he fails to do so, the Seller, will provide without delay the ageing balance detailed per Obligor, cut-off at the Termination Date; 

  

	 	18.2.3.	no further Instalment of GDPP shall fall due unless and until the balance of the GIPP shall have been reduced to zero and any credit balance of the Current Account shall have been
duly paid to the Purchaser. Thereafter, payment of Instalments of GDPP will be resumed in accordance with Clause 8.2. 

  

	 	18.2.4	the Servicing Fee shall continue to be paid when the balance of the GIPP shall have been reduced to zero; 

  

	 	18.2.5	the Purchaser or the Transaction Administrator on its behalf is allowed to (i) give formal notice of a legal transfer or assignment of each Receivable to the relevant Obligor
in the form as set out in Annex II to Enclosure IX (with respect to French Receivables) and Enclosure XI (with respect to Receivables other than French Receivables) and (ii) notify new payment instructions or have them notified to the Obligors
whose Receivables have been purchased; for that purpose the Seller shall grant in favour of the Purchaser and the Transaction Administrator, prior to the first Purchase Date a power of attorney that will allow the Purchaser or the Transaction
Administrator to notify the Obligor on behalf the Seller; 

  

	 	18.2.6	the Transfer Dates become daily (i.e. take place on each Business Day); 

  

	 	18.2.7	the Seller will and procures that the French Originators and the Spanish Originators will transmit to the Purchaser of endorse to the benefit of the Purchaser any bill of exchange
or promissory note created or existing in connection with any Eligible Receivable for Purchase which is a French Receivable or a Spanish Receivable; and 

  

	 	18.2.8	the Purchaser or the Transaction Administrator may appoint a Backup Servicer for the collection of the Receivables according to the terms and conditions specified in the Servicing
Agreement. In the event that a Backup Servicer is appointed, the Seller shall deliver to the Backup Servicer all documents and means of payment corresponding to the Purchased Receivables. 

  

 34 

 except if within the respective periods of notice as provided for in Clause 18, a bank guarantee, the
issuer and amount of which shall be acceptable and approved by the Transaction Administrator, is issued in favour of the Purchaser, or, if within the same period the Seller has exercised the repurchase option set out in Clause 24 and paid the price
thereof to the Purchaser and the credit balance of the Current Account if any. 
  

	18.3.	Insofar the provisions contained in this Clause do not derogate therefrom, the other Clauses of this Agreement will remain applicable until the parties have conclusively executed
their obligations under this Agreement. 

 Clause 19: Exclusive rights 
 Throughout the duration of this Agreement the Seller will not enter into an agreement or an arrangement with a third party involving similar objectives as those contained
in this Agreement and concerning the purchase of trade receivables, excluding lines of credit to the Seller by third parties or affiliates of Seller, without the Purchaser’s prior written consent such consent not to be unreasonably withheld.

 Clause 20: Confidentiality 
  

	20.1	Each Party agrees to treat all information of any kind transmitted by the other Party as confidential. The parties agree not to divulge such information to any other person and to
ensure that their respective personnel similarly respect the confidential nature of such information. 

  

	20.2	This provision shall not prevent: 

  

	 	20.2.1	either Party from transmitting such information as may be required by its statutory auditors, public organisations or any governmental, regulatory, fiscal, or monetary institution
or other authority, in so far as it is obliged to do so by the applicable laws and regulations in force; 

  

	 	20.2.2	the Purchaser from transmitting such information to any person who will provide or will undertake to provide directly or indirectly funds to the Purchaser or any agent appointed by
the Purchaser, provided that the Purchaser undertakes that such person shall be bound to treat such information as confidential under the same terms and subject to the same conditions as provided for in the Transaction Documents;

  

	 	20.2.3	the Purchaser from using any original or duplicate copy of the contractual documentation or any computer information referred to in this Agreement in order to take all such measures
deemed necessary by the Purchaser to preserve, and/or enforce its rights under the Transaction Documents, including without limitation any legal actions; 

  

	 	20.2.4	either Party from providing the Rating Agencies with any information they may require; 

  

	 	20.2.5	either Party from transmitting such information as may be in the public domain other than as a result of a breach of this Clause by such Party; 

  

	 	20.2.6	the Purchaser from using exclusively the following information: the amount involved in the transaction, the countries concerned, the number of originators in such countries, the
structure of the transaction, the identity of the legal counsels involved in the transaction, the closing date of the transaction, the maturity of the transaction and the identity of the parties to the transaction. 

  

 35 

	20.3	This obligation to preserve confidentiality shall remain valid for 2 years from the Termination Date. 

 Clause 21: Indemnity 
  

	21.1.	Increased Costs 

  

	 	21.1.1	If as a result of (1) either the introduction of or any change in, or in the interpretation or application of, any law or regulation, or (2) the compliance by the
Purchaser with any law or regulation made after the date of this Agreement, the Purchaser suffers or incurs: 

  

	 	a)	a reduction in the rate of return from a commitment under or in respect of this Agreement or on its capital employed in respect of obligations under this Agreement or arising in
connection herewith or therewith; or 

  

	 	b)	an additional or increased cost which is attributable to the Purchaser (or any affiliate thereof) having entered into a commitment in respect of this Agreement or funding or
performing its obligations hereunder or thereunder, including, without limitation, any increased cost arising as a result of a requirement to increase the amount of capital required or expected to be maintained by the Purchaser against any
commitment entered into in respect of this Agreement; or 

  

	 	c)	a reduction of any amount due and payable under this Agreement, 

 then the Seller shall, forthwith upon receipt of a written demand therefore from the Purchaser pay directly to the Purchaser or (if so specified in the written demand) to the Transaction Administrator on its behalf such amount or amounts as
shall be sufficient to compensate the Purchaser for such additional or increased cost incurred or such reduction suffered. A certificate setting forth in reasonable detail any amounts claimed by the Purchaser under this Clause 21.1 shall be
conclusive and binding for all purposes, except in case of manifest error. 
  

	 	21.1.2	Anything in this Clause 21.1 to the contrary notwithstanding, if the Purchaser has entered into an agreement to purchase Receivables from or to make loans to one or more other
persons (“Other Persons”), the Purchaser shall allocate in a reasonable manner the liability for any amounts under this Clause 21.1 to the Seller and each Other Person; provided, however, that if in the Purchaser’s reasonable opinion
such costs are attributable to the Seller and/or the transactions contemplated by this Agreement, and not attributable to any Other Person or any other transactions, the Seller shall be solely liable for such costs. 

 The agreements and obligations of the Seller contained in this Clause 21.1 shall survive the termination of this Agreement. 
  

	21.2.	Indemnities by the Seller 

  

	 	21.2.1	 Without limiting any other rights which the Transaction Administrator or the Purchaser may have hereunder or under applicable law, the Seller hereby agrees to
indemnify the Transaction Administrator, the Purchaser and their assigns, and each of their respective directors, officers, employees, agents and attorneys (all of the foregoing being collectively referred to as “Indemnified Parties”) from
and against any and all damages, losses, claims,, taxes, liabilities and related costs and expenses, including reasonable attorneys’ fees (which 

  

 36 

	 	 
attorneys may be employees of the Transaction Administrator or the Purchaser) and disbursements (all of the foregoing being collectively referred to as
“Indemnified Amounts”) awarded against or incurred by any of them arising out of or resulting from this Agreement. 

  

	 	a)	the sale of any Receivable under this Agreement or, in relation to French Receivables, under a French Transfer Document, which is not at the date of purchase an Eligible Receivable
for Purchase; 

  

	 	b)	reliance on any representation or warranty made or deemed made by the Seller, the Servicer or any of their respective officers under or in connection with this Agreement which shall
have been false or incorrect in any material respect when made or deemed made or delivered; 

  

	 	c)	the failure by the Seller or the Servicer to comply with any term, provision or covenant contained with this Agreement, or with any applicable law, rule or regulation with respect
to any Receivable, the related commercial contract or the nonconformity of any Receivable or the related commercial contract with any such applicable law, rule or regulation and irrespective whether or not such failure was caused by the
non-compliance of any Originator with any term, provision or covenant contained in the Discounted Receivables Purchase Agreement, in the contracts of sale entered into by any Originator with any Obligor or with any applicable law or regulation with
respect to any Receivable; 

  

	 	d)	the failure to vest and maintain vested in the Purchaser or to transfer to the Purchaser ownership of the Receivables and the ancillary assets which are, or are purported to be,
sold by the Seller hereunder in each case free and clear of any Adverse Claim whether existing at the time of the purchase of any such Receivable or at any time thereafter; 

  

	 	e)	the failure by the Seller to make any payment required on its part to be made hereunder; 

  

	 	f)	the failure to file, or any delay in filing, instruments or documents under the laws of any applicable jurisdiction or other applicable laws with respect to any Receivables and the
ancillary assets which are, or are purported to be, sold by the Seller hereunder, whether at the time of any purchase or at any subsequent time; 

  

	 	g)	any dispute, claim, offset or defence (other than the discharge in bankruptcy or similar proceeding of an Obligor under a Receivable) of an Obligor to the payment of any Receivable
which is, or is purported to be sold by the Seller hereunder (including, without limitation, a defence based on such Receivable or the related commercial contract not being a legal, valid and binding obligation of such Obligor enforceable against it
in accordance with its terms), or any other claim resulting from the sale of the merchandise or services related to such Receivable or the furnishing or failure to furnish such merchandise or services; 

  

	 	h)	any failure by the Seller to perform its duties or obligations in accordance with the provisions of this Agreement or any failure by the Seller or any affiliate thereof to perform
its respective duties under the commercial contracts relating to the Receivables; 

  

	 	i)	any products liability claim or personal injury or property damage suit or other similar or related claim or action of whatever sort arising out of or in connection with goods
and/or merchandise which are the subject of any Receivable or related commercial contract; 

  

	 	j)	the failure to pay when due any taxes, including without limitation, sales, excise or personal property taxes payable in connection with any Receivables and ancillary assets;

  

 37 

	 	k)	the commingling of Total Collections of any Purchased Receivables and ancillary assets at any time with other funds; 

  

	 	l)	any investigation, litigation or proceeding related to this Agreement or the use of proceeds of purchases or the ownership by the Purchaser of any Receivables and ancillary assets
except any such investigation, litigation or proceeding arising from the negligence or wilful misconduct of the Purchaser or breach by the Purchaser of any of its obligations hereunder; or 

  

	 	m)	any attempt by any person to void or otherwise avoid any transfer of a Receivable or ancillary asset from the Seller to the Purchaser. 

  

	 	21.2.2.  	The Seller shall be under no liability under Clause 21.2.1 above to pay: 

  

	 	a)	Indemnified Amounts to the extent a final judgement of a court of competent jurisdiction considers such Indemnified Amounts resulting from gross negligence or wilful misconduct on
the part of the Indemnified Party seeking indemnification; 

  

	 	b)	Indemnified Amounts to the extent the same constitute losses solely by reason of the Receivables being uncollectable on account of the insolvency, bankruptcy or lack of
creditworthiness of the related Obligor (as distinguished from losses arising in respect of any representation, warranty or covenant made by the Seller where applicable hereunder); 

  

	 	c)	taxes imposed by the jurisdiction in which such Indemnified Party’s principal executive office is located, on or measured by the overall net income of such Indemnified Party;
or 

  

	 	d)	except with respect to any claim arising out of the wilful misconduct or negligence of the Seller, Indemnified Amounts constituting indirect and unforeseeable (“dommage
imprevisible”/ “onvoorzienbare schade”) damages, 

 provided however, that nothing contained in this Clause
21.2.2 shall limit the liability of the Seller or limit the recourse of the Indemnified Parties to the Seller for amounts otherwise specifically provided to be paid by the Seller under the terms of this Agreement. 
  

	 	21.2.3  	Any indemnification in accordance with this Clause 21 shall be paid within 30 days of demand. 

  

	 	21.2.4  	The Seller or the Servicer shall cease to have any liability under or in respect of this Clause on the date which is two years after the date of termination of this Agreement,
provided that no GIPP is outstanding at that time and except in respect of a claim of which the Purchaser gives written notice to the Seller or the Servicer before that relevant date. 

 Clause 22: Recourses 
 No recourse under any obligation,
covenant or agreement of the Purchaser as contained in this Agreement shall be made against any incorporator, stockholder, affiliate, officer, employee or director of the Purchaser, by the enforcement of any assessment or by any legal or equitable
proceeding, by virtue of any statute or otherwise, it being expressly agreed and understood that the agreements of the Purchaser contained in this Agreement are solely the corporate obligations of the Purchaser, and that no personal liability
whatsoever shall attach to or be incurred by the incorporators, stockholders, affiliates, officers, employees or directors of the Purchaser or any of them, under or by reason of any of the respective obligations, covenants or agreements of the
Purchaser contained in this Agreement, or implied therefrom, and that any and all personal 

  

 38 

 
liability of every such incorporator, stockholder, affiliate, officer, employee or director of the Purchaser for breaches by the Purchaser of any such
obligation, covenant or agreement, whether such liability arises under the Belgian law by statute or constitution or otherwise, is hereby expressly waived as a condition of and in consideration of the execution of this Agreement. 
 Clause 23: Survival of Clauses 
 The agreements and obligations
of the Seller contained in the Clause 20 shall survive the termination of this Agreement. 
 Clause 24: Repurchase Option 
  

	24.1	Without prejudice to Clause 5.1 and Clause 24.2, after the Termination Date has occurred, the Seller shall be entitled to request the Purchaser to repurchase the Global Portfolio at
a price corresponding to the Nominal Value of all Receivables of the Global Portfolio subject to the balance of GIPP being reduced to zero as a result of such repurchase and that the credit balance of the Current Account (taking into account the
treatment of that price as a Collection) shall have been duly paid to the Purchaser. 

 To that effect, the Seller shall notify
the Purchaser of its intention to repurchase the Global Portfolio five Business Days before the requested date of repurchase. The Purchaser shall not be obliged to accept such offer and shall notify the Seller of its decision no later than three
Business Days after the receipt of the Seller’s notice. If such offer relates to French Receivables and the Purchaser accepts such offer, the Purchaser will have to perform all steps contemplated in the French Receivables Retransfer Procedure.
If such offer relates to German Receivables and the Purchaser accepts such offer, the Purchaser will have to retransfer and reassign the respective German Receivables as contemplated in Clause 2.1.2. If such offer relates to Spanish Receivables and
the Purchaser accepts such offer, the Purchaser will have to repurchase such Receivables as contemplated in Clauses 2.1.1 and 5.2. 
  

	24.2	During the 3 Business Days’ notice period referred to under Clause 18.1.2 and Clause 18.1.3, (e), (f), (g), (h), (i), (j), (k) and (l), the Seller shall be entitled to
request the Purchaser to repurchase the Global Portfolio at a price corresponding to the Nominal Value of all Receivables of the Global Portfolio subject to the balance of GIPP being reduced to zero as a result of such repurchase and that the credit
balance of the Current Account (taking into account the treatment of that price as a Collection) shall have been duly paid to the Purchaser at the latest at the time of such repurchase. Provided that the repurchase option is exercised before the end
of the notice period, the Programme will not be terminated and a Termination Date will not occur in accordance with Clause 18.1.2 and 18.1.3. The repurchase will occur within the 3 Business Days’ notice period. If such request relates to French
Receivables, the Purchaser will have to perform all steps contemplated in the French Receivables Retransfer Procedure. If such request relates to German Receivables, the Purchaser will have to retransfer and reassign the respective German
Receivables as contemplated in Clause 2.1.2. If such request relates to Spanish Receivables, the Purchaser will have to repurchase such Receivables as contemplated in Clauses 2.1.1 and 5.2. 

  

	24.3	The payment by the Seller of the repurchase price will take place: 

  

	 	(i)	in the event of a repurchase in accordance with Clause 24.1, on the Settlement Date following its decision to repurchase the Global Portfolio and at the latest at the time of such
repurchase and, with respect to French Receivables, upon performance of all steps (if any) required under the French Retransfer Procedure; 

  

 39 

	 	 (ii)
	 in the event of a repurchase in accordance with Clause 24.2, within the 3 Business Days’ notice period and with respect to French Receivables, upon performance of all steps (if any) required under the French
Retransfer Procedure. 

 The Seller will pay the repurchase price as follows: 
  

	 	a)	by way of set-off with the Instalment of GDPP, if any, that would be payable as at the repurchase date; 

  

	 	b)	the balance will be paid in cash. 

 Clause 25: Sale by the Purchaser
of the Global Portfolio 
  

	25.1	The Purchaser shall be entitled to assign or transfer, wholly or partially, its rights, interest in or title to (i) the Purchased Receivables, without any requirement for the
consent of the Seller, and (ii) this Agreement, provided that the prior consent of the Seller is obtained, except if a Termination Event has occurred or is continuing or if such consent is unreasonably withheld. Following such an assignment or
transfer, each of the Transaction Administrator, the Servicer and the Seller hereby agrees that any assignee or transferee of the rights assigned or transferred under this Agreement or of all or any of the Receivables purchased by the Purchaser
hereunder shall have all of the rights and benefits and be bound by all of the obligations and duties under this Agreement and in respect of the Receivables so assigned or transferred as if the term “Purchaser” explicitly refers to such
assignees or transferees, and no such assignment shall in any way impair the rights or the benefits of the Purchaser from time to time hereunder. 

  

	25.2	Neither the Seller nor the Servicer shall be entitled to assign or transfer all or any of its rights or obligations under this Agreement at any time except with the prior written
consent of the Transaction Administrator. 

 Clause 26: Compensation 
  

	26.1	Each Party is allowed to claim compensation from the other Party if, following the inexecution of all or part of the obligations of the latter, such Party suffers a loss.

  

	26.2	The amounts claimed or received by any Party in application of Clause 22 do not reduce in any way the amounts that may be claimed or received from the other Party in any other way.

 Clause 27: Solidarity between the Portfolio and the Italian Portfolio 
  

	27.1	If, following the Italian Effective Date and during the term of the Programme under this Agreement, a Cash Deficiency as defined in the Italian Receivables Purchase Agreement (an
Italian Cash Deficiency), occurs in relation to the Italian Portfolio in relation to the Italian Data Period preceding the Settlement Date, the Excess Available Amounts of the Portfolio in relation to the Data Period preceding such Settlement
Date will be allocated to decrease such Italian Cash Deficiency. The Seller specifically agrees that Excess Available Amounts may be allocated to and applied against an Italian Cash Deficiency as from the Italian Effective Date as provided for in
the preceding sentence, on the condition that the Italian Receivables Purchase Agreement contains a similar provision permitting Excess Available Amounts (as defined under the Italian Receivables Purchase Agreement) to be allocated to a Cash
Deficiency in the Portfolio. 

  

 40 

	27.2 	If, following the Italian Effective Date and during the term of the Programme under this Agreement, Excess Available Amounts (as defined under the Italian Receivables Purchase
Agreement) are allocated to decrease a Cash Deficiency in the Portfolio as provided for in the Italian Receivables Purchase Agreement, and later Solidarity Excess Available Amounts are available in the Portfolio, such Solidarity Excess Available
Amounts will be used to reimburse the Excess Available Amounts (as defined under the Italian Receivables Purchase Agreement) that have been allocated to decrease the Cash Deficiency of the Portfolio (the Solidarity Amount).

  

	27.3	The Seller specifically agrees that Solidarity Excess Available Amounts may be allocated to and applied against a Solidarity Amount as from the Italian Effective Date as provided
for in Clause 27.2 on the condition that the Italian Receivables Purchase Agreement contains a similar provision permitting Solidarity Excess Available Amounts (as defined in the Italian Receivables Purchase Agreement) to reimburse Excess Available
Amounts of the Portfolio that have been allocated to decrease an Italian Cash Deficiency. 

 Clause 28: Communications

  

	28.1	Any notification or communication under this Agreement will be addressed to the other Party in the following manner: 

  

			
	To the Seller :	  	
	 (name)
	  	: Greif Coordination Center BVBA
	 (address)
	  	: Beukenlei 24
		  	: B-2960 Brecht
	 Attn.
	  	: Michel Verholen
	 Fax
	  	:+32 (0)3 670 02 04
	 E-mail
	  	: Michel.Verholen@Greif.com/Factoring@Greif.com
		
	To the Servicer:	  	
	 (name)
	  	: Greif Belgium BVBA
	 (address)
	  	: Bollaarstraat 6
		  	  B - 2500 Lier
	 Attn.
	  	: Carlo Boudewijns
	 Fax
	  	:+32 (0)3 491 06 51
	 E-mail
	  	: Factoring@Greif.com
		
	To the Purchaser:	  	
	 (name)
	  	: ING Belgium S.A.
	 (address)
	  	: avenue Marnix 24
		  	  1000 Brussels
	 Attn.:
	  	: Valérie Jordens
	 Fax:
	  	: 32.2-547.20.55.
	
	 with a copy to the Transaction Administrator and to:

		
	 (name)
	  	: ING Belgium S.A.
	 (address)
	  	: avenue Marnix 24
		  	  1000 Brussels
	 Attn.:
	  	: Valérie Jordens
	 Fax:
	  	: 32.2-547.20.55.
	 E-mail
	  	: valerie.jordens@ing.be

  

 41 

 Any change to the data relating to the Seller, the Servicer, the Transaction Administrator or the
Purchaser mentioned above will only take effect on the 5th day following the delivery by post of a registered letter containing the change. 
  

	28.2	Unless otherwise specified in this Clause, all notifications or communications will be effected by registered mail, express courier or fax. These notifications and communications
will be deemed to have been made on the date (i) of their delivery by post in the case of a registered letter, or (ii) indicated on the document established by the fax and confirming the dispatch. 

  

	28.3	Any notification referred to in Clauses 17 and 18 will be made by registered letter at the post with acknowledgement of receipt. A copy of this letter will be addressed to the
addressee by fax on the day the letter is dispatched by post. The notification will take effect on the date of delivery. 

  

	28.4	Each of the Seller and the Servicer authorises the Purchaser and the Transaction Administrator to act on the basis of the notifications received at the fax number of the Purchaser
or the Transaction Administrator, indicated under 28 if: 

  

	 	28.4.1	the fax has been sent from the Seller’s or the Servicer’s fax number, as indicated under Clause 28; and 

  

	 	28.4.2	the signatures appended on the fax are apparently those of the officers empowered to issue such notifications for account of the Seller or the Servicer. 

 The Seller and the Servicer bear full responsibility for all damages that may result from the fact that the Purchaser or the Transaction Administrator may
have acted on the basis of such notification. 
  

	28.5	The communications referred to in Clause 4 will be carried out exclusively by computer, i.e. by transfer, by phone (modem) of computer records or on a computer disk sent by mail.
The electronic records thereof maintained by the Purchaser or the Transaction Administrator shall constitute prima facie evidence of the existence, time and contents of such communications. 

  

	28.6	Each of the Seller and the Servicer authorises the Purchaser and the Transaction Administrator to act on the basis of communications received in accordance with Clause 28 and bears
full responsibility for any damage that may result from the fact that the Purchaser or the Transaction Administrator may have acted on the basis of such communications. 

 Clause 29: Absence of Revocation 
 If a Party abstains from invoking a violation by the other Party of one of
the provisions of the Agreement or a failure to comply with one of its obligations, this may in no way be construed as a revocation of the right to invoke subsequently such violation or failure or any other violations or failures that may arise
under this Agreement. Likewise, failure to exercise a right arising under this Agreement may in no way be construed as a revocation to use this right in the future. 
 Clause 30: Amendments 
 No amendment to this Agreement will be effective unless made in writing and signed by
the Parties. 
  

 42 

 Clause 31: Law and jurisdiction 
  

	31.1	This Agreement shall be governed by, and construed in accordance with, the law of Belgium and the Belgian courts will solely be competent to settle any disputes.

  

	31.2	Clause 2.1.2 of this Agreement is governed by German law. 

  

	31.3	For the avoidance of doubt, the following matters in relation to the Receivables originated by the Portuguese Originator are governed by Portuguese law: (i) all matters
relating to the transferability of such Receivables; (ii) the relationship between the Seller and the Obligors of such Receivables, (iii) the effectiveness of the transfer of such Receivables towards the debtors and (iv) the transfer
of any retention of title rights relating to such Receivables. 

  

 43 

 SIGNATORIES 
 Signed in 5 originals on the date specified below the parties’ signature 
  

	
	 ING BELGIUM S.A.
 the
Purchaser

	
	   
	 name:
 title:

  

	
	 GREIF COORDINATION CENTER BVBA
 the
Seller

	
	   
	 name:
 title:

  

	
	 ING BELGIUM S.A.
 the Transaction
Administrator

	
	   
	 name:
 title:

  

	
	 GREIF BELGIUM BVBA
 the
Servicer

	
	   
	 name:
 title:

  

 44 

 ENCLOSURE I 
 ELIGIBILITY CRITERIA 
 There are 2 types of eligibility criteria: 
  

	 	a)	Eligibility criteria for purchase 

  

	 	b)	Eligibility criteria for calculation of the GIPP 

  

	1.	ELIGIBILITY CRITERIA FOR PURCHASE 

 The Receivables that satisfy each of the following criteria are Eligible Receivables for Purchase: 
  

	1.1	the Obligor is not an individual; 

  

	1.2	the Receivable is owed by an Obligor acting out of an establishment located in any of the following countries: Belgium, France, Germany, the Netherlands, Spain, England and Wales,
Portugal, Switzerland and Sweden; 

  

	1.3	the Obligor is not a consumer as defined in the Credit Law of June 12, 1991 or of the Law of 20 December 2002 on the amicable recovery of debt or as defined in §13 of
the German Civil Code (Bürgerliches Gesetzbuch); 

  

	1.4	the Obligor is not a connected company (verbonden vennootschap/ société liée) as defined in Article 11 of the Belgian Company Code, of the Originator, or
a verbundenes Unternehmen pursuant to §15 of the German Act on Stock Corporations (Aktiengesetz) of the Originator; 

  

	1.5	the Seller has full ownership of the Receivable; 

  

	1.6	the Receivable is a receivable due by an Obligor with which an Originator has entered into a contract of sale or from which the Originator has accepted a purchase order;

  

	1.7	the Receivable constitutes a collection obligation which is legally valid, enforceable and unconditional other than conditional on the performance of the contract;

  

	1.8	the Receivable arises from an agreement complying with the mandatory rules of the law of the Originator with which the Obligor has entered into a contract of sale or purchase order
(the Relevant Originator) and of the Obligor; 

  

	1.9	the Receivable is generated in the ordinary course of business of the Relevant Originator; 

  

	1.10	the Receivable is free from any privilege, surety or charge; 

  

	1.11	the Obligor is not a company belonging to the ING group; 

  

	1.12	the Receivable is the Receivable with regard to which, at the time of sale, there is no dispute or litigation or which, in the view of the Seller and the Servicer, is not likely to
be the subject of a dispute or litigation; 

  

	1.13	the Receivable is represented by an invoice; 

  

	1.14	the Obligor is not an exclusive distributor of the products of the Relevant Originator, nor a franchisee; 

  

 45 

	1.15	the Obligor is not in state of suspension of payments, legal settlement with creditors, bankruptcy or subject to protests or attachments; 

  

	1.16	the Obligor is not a government or a public entity, and the Receivable did not arise in connection with a contract which is subject to public procurement laws and regulations,
except if no specific transfer formalities or restrictions apply for the transfer of this type of Receivable in the jurisdiction of the Obligor and provided that the portion of Purchased Receivables towards governments or public entities taken as a
whole does not represent more than 10% of the Global Portfolio; 

  

	1.17	the contractual term for payment does not exceed (i) for the Obligors which are not Conical Obligors, 150 days from the date of invoice and (ii) for the Conical Obligors,
364 days from the date of invoice; 

  

	1.18	the terms of contract do not require the consent of the Obligor to assign the Receivable, except when such consent is needed, such consent has been obtained, and there is no other
restriction to the assignability of the Receivable; 

  

	1.19	the Receivable satisfies the Seller’s credit policy and the general sale conditions of the Relevant Originator; 

  

	1.20	the Receivable does not carry interest (other than, as the case may be, late payment interest); 

  

	1.21	the Receivable is a Receivable for which any licences, approvals or registration procedures that may be necessary have been obtained, given or effected in a satisfactory manner, and
this as long as the Receivable is outstanding; 

  

	1.22	the Receivable did not originate from the resale of products which had been acquired by the Relevant Originator subject to a reservation of title, unless the reservation of title
has lapsed already due to the payment of the original acquisition price; 

  

	1.23	the Receivable does not represent claims in connection with the execution by the Relevant Originator of a contract which is partly subcontracted to a third party;

  

	1.24	no bill of exchange, promissory note or other negotiable instrument has been issued in respect of the Receivable, except if that bill of exchange or promissory note has immediately
been endorsed to the Purchaser or, in relation to French Receivables and Spanish Receivables, except if first approved in writing by the Purchaser, no bill of exchange promissory note or other negotiable instrument has been transmitted or endorsed
in respect of the receivable to the benefit of a third party (other than the Purchaser); 

  

	1.25	the Receivable is not a receivable on an Obligor who has to pay in advance or who pays cash; 

  

	1.26	the Obligor of the receivable is not an agent of the Relevant Originator acting on a commission basis (as opposed to an agent acting as principal and on a full price basis);

  

	1.27	the Receivable is governed by the law of the jurisdiction of incorporation of the Relevant Originator; 

  

	1.28	the Receivable is expressed and payable in Euro or GBP. Any new currency shall be submitted to the written approval of the Purchaser or Transaction Administrator on its behalf. The
Purchaser and the Transaction Administrator on its behalf reserve the right at any time after having informed the Seller to exclude any of the above-mentioned currencies; 

  

	1.29	the Receivable ensues solely from the delivery of goods and/or services already provided; 

  

	1.30	the Receivable is a Receivable for which, on the Purchase Date, the Relevant Originator (i) will have performed all the required obligations, and (ii) will not have
undertaken any action that may affect the rights of the Purchaser in relation to the Receivable or that may affect its validity, its legality or its enforceable nature; 

  

 46 

	1.31	the Receivable does not arise from the provisions of services performed on behalf of the French Originator by a third party under a sub-contract qualifying as sous-traitance
pursuant to the provision of French law n°75-1334 dated 31 December 1975; 

  

	1.32	in relation only to Receivables towards the Conical Obligors, the Receivable is covered under the Credit Insurance Contract, and 

  

	1.33	with respect to Receivables towards the Conical Obligors, the purchase of such Receivables does not make the Outstanding Global Conical Receivables exceed the Outstanding Global
Conical Receivables Limit. 

 If the Receivable is an Ineligible Receivable for Purchase at the time it arises, it will be
purchased and assigned under this Agreement as soon as it becomes Eligible for Purchase, i.e. as soon as the purchase of such Receivable will not make the Outstanding Global Conical Receivables exceed the Outstanding Global Conical Receivables
Limit. Such Eligible Receivables for Purchase are purchased, transferred and assigned in the order in which they came into existence (the oldest receivable first) until again the limit is exceeded. 
  

 47 

	2.	ELIGIBILITY CRITERIA FOR CALCULATION OF GIPP 

 The Receivables that qualify for calculation of GIPP are the Receivables: 
  

	2.1	that qualify for purchase; 

  

	2.2	that do not cause the relevant Obligor to become an Important Obligor (defined in Clause 2.2.1 of this enclosure), or if they do so that the relevant Obligor is listed in Clause
2.2.3 below and that the Receivables do not cause that Obligor’s concentration limit mentioned therein to be exceeded. 

  

	 	2.2.1	No Obligor may represent more than a percentage of the Portfolio equal to 1/5 of the Default Reserve Floor (any Obligor in excess thereof being an “Important Obligor”),
except for those Obligors for whom a specific concentration limit will be determined. 

  

	 	2.2.2	The Purchaser and the Transaction Administrator on its behalf reserve the right at any time after having informed the Seller to decide to exclude an Obligor or to modify its
concentration limit. Such decision shall only become effective for the calculation of GIPP in relation to Purchased Receivables that arise after the Cut-off Date following such decision. 

  

	 	2.2.3	For calculating the limit for being an Important Obligor it will be taken into account the sum of the Purchased receivables of all the Obligors of the Global Portfolio belonging to
the same group. 

  

	 	2.2.4	The initial list of the Important Obligors (listed per group) as well as their concentration limit are the following (these limits are expressed as a percentage of the sum of the
Outstanding Nominal Values of all Receivables from time to time forming part of the Combined Portfolio on a pro rata basis). The concentration limits on Ineos and Croda shall expire on [27 April 2007], except if the Transaction Administrator
confirms in writing to the Seller that such limit is extended. Such extension shall not exceed one month: [to be reviewed] 

  

			
	 Important Obligor
	  	 Limit

	BASF	  	Default Reserve Floor * Combined Portfolio
	BAYER	  	50% * Default Reserve Floor * Combined Portfolio
	DOW CHEMICAL	  	50% * Default Reserve Floor * Combined Portfolio
	ICI	  	50% * Default Reserve Floor * Combined Portfolio
	EXXON MOBIL	  	Default Reserve Floor * Combined Portfolio
	INEOS	  	1/5 of Default Reserve Floor * Combined Portfolio + a Special Limit of EUR 500,000
	CRODA	  	1/5 of Default Reserve Floor * Combined Portfolio + a Special Limit of EUR 1,000,000
	Shell	  	Default Reserve Floor * Combined Portfolio
	Total Fina Elf	  	Default Reserve Floor * Combined Portfolio Y
	BP	  	Default Reserve Floor * Combined Portfolio
	DSM	  	50% * Default Reserve Floor * Combined Portfolio

  

	 	2.2.5	Any change to the initial list of the Important Obligors shall be submitted to the written approval of the Purchaser. 

  

	2.3	which have not been the subject of a payment extension in excess of 60 days over the period stipulated in the underlying contract; no postponement is permitted when the due date is
evidenced by a bill of exchange, promissory note or other negotiable instrument; 

  

 48 

	2.4	which are not Defaulted Receivables, i.e.: 

  

	 	2.4.1	which have not become past due for more than 60 days, taking into account a possible payment extension as provided for in Clause 2.3 of this Enclosure; or 

 

	 	2.4.2	which, in accordance with the Seller’s credit policy, have not been registered as doubtful receivables and accordingly provisioned by the Seller; or 

 

	 	2.4.3	of which the Obligor has not become bankrupt or insolvent; 

  

	2.5	of which the Obligor is not the Obligor of Defaulted Receivables which exceed 15% of the sum of the Outstanding Nominal Value of all Purchased Receivables on this Obligor;

  

	2.6	of which the Obligor is not the Obligor of Purchased Receivables with Set-Off Arrangements which exceed 3 per cent of the Global Portfolio; 

  

	2.7	which, if expressed in GBP does not cause the sum of the Outstanding Nominal Value of all Purchased Receivables included in the Global Portfolio and denominated in such currencies
to exceed on a Settlement Date 40%. 

 The Purchaser and the Transaction Administrator on its behalf reserve the right at any
time after having informed the Seller to modify within 3 Business Days’ notice any of the above-mentioned limits. 
  

 49 

 ENCLOSURE II 
 TEMPLATE 
 Template 
  

 50 

 ENCLOSURE III 
 TRANSACTION ADMINISTRATOR REPORT 
 Transaction Administrator Report 
 To be sent to the Seller by fax or by electronic mail on the Calculation Date before 4 pm Brussels time 
 Calculation Date :         /        /         
 Settlement Date:
        /        /         
  

				
	 Reserve rate applicable for this Settlement Date
	  	:                    	%
		
	 Portfolio (cf Clause 4.1.1)
	  	:                    	 
		
	 Opening GIPP
	  	:                    	 
		
	 Initial Purchase Price (cf Clause 7)
	  	:                    	 
		
	 Deferred Purchase Price
	  	:                    	 
		
	 Global Initial Purchase Price (cf Clause 7)
	  	:                    	 
		
	 Global Portfolio (cf Clause 4.1.1)
	  	:                    	 
		
	 Global Deferred Purchase Price
	  	:                    	 
		
	 Instalment of GDPP to be paid (cf article 13.2.10)
	  	:                    	 
		
	 Charges (Enclosure VII)
	  	:                    	 
		
	 • Costs
	  	:                    	 
		
	 • Funding Costs
	  	:                    	 
		
	 • Administration fee
	  	:                    	 
		
	 • Concentration fee
	  	:                    	 
		
	 • Dilution fee
	  	:                    	 
		
	 • Servicing fee
	  	:                    	 
		
	 Balance of the Current Account
	  	:                    	 
		
	 in favour of
	  	:                    	 
		
	 Next Settlement Date.
	  	:                    	 

  

 51 

 ENCLOSURE IV 
 PART I - CALCULATION OF THE PURCHASE PRICE 
 1. General principles 
 Based on the data provided by the Originator in accordance with Clause 4.1 (the “Data”), the Transaction Administrator shall calculate the purchase price for
the Portfolio and the amounts of the other items included in clauses 6, 7, 8, 10, 11, 12, 14, and 21 of the Agreement on the basis of the calculation principles listed in this Enclosure IV. 
 After having checked the consistency of the Data, the Transaction Administrator shall on each Calculation Date compute the following payments and internal allocations as
defined in subheading 3 below and Enclosure IV, Part II. 
  

	 	A.	The Eligible Receivables for Calculation of the GIPP 

  

	 	B.	The Total Reserve Rate 

  

	 	C.	The Theoretical Global Initial Purchase Price and the Theoretical Global Deferred Price 

  

	 	D.	The variation of the GIPP 

  

	 	E.	the Available Amount 

  

	 	F.	The Deferred Purchase Price and Initial Purchase Price 

  

	 	G.	The Global Initial Purchase Price and the Global Deferred Purchase Price 

 In case of bi-monthly settlements, the Transaction Administrator shall calculate the Total Reserve Rate only on one out of two consecutive Calculation Dates and this on the basis of the aggregated Data of the Data Period and the Preceding
Data Period (totalling a period of one month). 
 Said calculated Total Reserve Rate shall be applied for two consecutive Calculation Dates, including the
Calculation Date on which said Total Reserve Rate is calculated. 
 2. Applying the Available Amount 
 Subsequent to performing the calculations listed above, the Transaction Administrator shall apply the Available Amount to the relevant payments or internal allocations in
accordance with the applicable order of priority included in clause 11 of the Agreement. 
 3. The calculation principles 
 A. The Eligible Receivables for Calculation of the GIPP 
 On the basis
of the provided Data, the Transaction Administrator shall calculate the Eligible Receivables for Calculation of the GIPP (the “E.R.C.G.”) in accordance with paragraph 2 of Enclosure I of the Agreement. 
 B. The Total Reserve Rate 
 The Total Reserve Rate (“R”) is
the sum of the Default Reserve Rate, the Dilution Reserve Rate, the Yield Reserve Rate and Other Reserves Rate (if any) and shall be calculated in accordance with the calculation methods listed hereinafter. 
  

 52 

 B.1. The calculation method for the Default Reserve Rate 
 The Default Reserve Rate is the higher of 
  

	 	•	 	 the Default Reserve Floor; and 

  

	 	•	 	 Default Ratio * Loss Horizon Ratio * the Default Stress Factor 

 where: 
  

	 	•	 	 The ‘Default Reserve Floor’ is the minimum - expressed as a percentage- level of the ‘Default Reserve Rate’. 

  

	 	•	 	 The ‘ Default Stress Factor’ is a multiplier set in function of targeted credit rating for the Default Reserve Rate, in accordance with
Standard & Poor’s (“S&P”) methodology. The applied Default Stress Factor is listed in Enclosure IV, Part II. 

  

	 	•	 	 The ‘Default Ratio’ is the greatest three-month moving average of the Monthly Default Ratio over the previous 12 months. 

  

	 	•	 	 The ‘Monthly Default Ratio’ is calculated as follows: 

 Defaulted Receivables Proxy 
 _________________________________________________________ 
 Sales Generating the Defaulted Receivables Proxy 
  

	 	•	 	 Where 

  

	 	•	 	 the “Defaulted Receivables Proxy” includes the receivables between W and W plus 30 days past due; “W” is determined by the Transaction
Administrator in accordance with a decrease in the probability of payment of the aged receivables. The applied “W” is listed in Enclosure IV, Part II. 

  

	 	•	 	 The “Sales Generating the Defaulted Receivables Proxy” are the sales of the Data Period during which the receivables included in the Defaulted Receivables
Proxy were generated; i.e. the sales generated in the Data Period which ended on or about “X” days before the Cut Off Date of the relevant Calculation Date. 

  

	 	•	 	 “X” is equal to the rounding up or down to the closest multiple of 30 of the sum of (i) the Weighted Average Contractual Payment term of the
purchased receivables (in days)-as determined by the Transaction Administrator following the initial due diligence and reviewed during (and possibly adjusted as a result of) the annual due diligence and/or the due diligence carried out in accordance
with Clause 16.1.3.(B) of this Agreement–and (ii) W. The applied Weighted Average Contractual Payment Term is listed in Enclosure IV, Part II. 

  

	 	•	 	 The Loss Horizon Ratio of a Data Period is calculated as follows: 

 Cumulated monthly sales over the Adjusted Loss Horizon * Loss Rolling 
 Sales Adjustment Factor 
 ________________________________________________________________ 
 E.R.C.G. 
  

 53 

 where 
 The
“Adjusted Loss Horizon” is equal to the rounding up or down of the Loss Horizon to the closest multiple of 30. 
 The “Loss Horizon” is
equal to “Y” increased with 30 days. 
 “Y” is equal to the sum of (i) the Weighted Average Contractual Payment Term, and
(ii) the period from the due date until the receivables are no longer eligible for the calculation of the GIPP in accordance with paragraph 2 of Enclosure I. 
 The “Loss Rolling Sales Adjustment Factor” is equal to the Loss Horizon divided by the Adjusted Loss Horizon. 
 B.2. The
calculation method for the Dilution Reserve Rate 
 The Dilution Reserve Rate is the sum of the Dynamic Dilution Reserve Rate and the Non-Stressed
Dilution Reserve Rate. 
 B. 2.1 The Dynamic Dilution Reserve Rate is the higher of 
  

	 	•	 	 the “Dilution Reserve Floor”; and 

  

	 	•	 	 [(Dilution Stress Factor * Expected Dilution) + Dilution Volatility Factor ] * Dilution Horizon Ratio, 

 where: 
  

	 	•	 	 The Dilution Reserve Floor is the minimum - expressed as a percentage - level of the ‘Dynamic Dilution Reserve Rate’; 

  

	 	•	 	 The “ Dilution Stress Factor” is a multiplier set in function of targeted credit rating for the Dilution Reserve Rate in accordance with S&P’s
methodology. The applied Dilution Stress Factor is listed in Enclosure IV, Part II; 

  

	 	•	 	 The “Expected Dilution” corresponds to the average of the Monthly Dilution Ratio over a 12 month period; 

  

	 	•	 	 The Monthly Dilution Ratio is calculated as follows: 

 Dilution of the Data Period 
 _________________________________________________ 
 Sales generating the Dynamic Dilution of the Data Period 
  

	 	•	 	 where: 

  

	 	•	 	 the “Sales generating the Dilution of the Data Period” are the sales generated in the Data Period to which the Dilution of the Data Period of the relevant
Calculation Date is related, i.e. the sales generated in the Data Period which ended on or about “Z” days before the Cut Off Date of the relevant Calculation Date. 

  

	 	•	 	 “Z” is equal to the rounding up or down to the closest multiple of 30 of the average period between the issuance of an invoice and the issuance of a
related credit note (or equivalent) as determined by the Transaction Administrator following the initial due diligence and reviewed during (and possibly adjusted as a result of) the annual due diligence and/or the due diligence carried out in
accordance with Clause 16.1.3.(B) of this Agreement. The applied “Z” is listed in Enclosure IV, Part II. 

  

 54 

 The Dilution Volatility Factor is calculated as follows 
 Deviance * Gross up Factor 
 where: 
  

	 	•	 	 The “Deviance” is the amount by which the maximum over the previous 12 months of the moving average over the Dilution Horizon of the Monthly Dilution
Ratio (“Dilution Spike”) exceeds the Expected Dilution. 

 The Deviance is calculated as follows: 
 Dilution Spike – Expected Dilution 
  

	 	•	 	 The “Gross up Factor” is calculated as follows: 

 Dilution Spike 
 ______________________________ 
 Expected Dilution 
  

	 	•	 	 The Dilution Horizon Ratio is calculated as follows: 

 Sum of the monthly sales over the Adjusted Dilution Horizon * 
 Dilution Rolling Sales Adjustment Factor

 ______________________________________________________ 
 E.R.C.G. 
 where: 
  

	 	•	 	 The “Adjusted Dilution Horizon” is equal to the rounding up or down of the Dilution Horizon to the closest multiple of 30. 

 

	 	•	 	 The “Dilution Horizon” is equal to “Z” increased with 30 days. 

  

	 	•	 	 The “Dilution Rolling Sales Adjustment Factor” is equal to the Dilution Horizon divided by the Adjusted Dilution Horizon. 

  

 55 

 B.2.2. The Non-stressed Dilution Rate 
 The “Non-Stressed Dilution Rate” amounts to the non-stressed outstanding dilution figures (e.g. outstanding bonuses) reported in the Data divided by the E.R.C.G. 
 B.3. The calculation method for the Yield Reserve Rate 
 The
Yield Reserve Rate is the higher of 
  

	 	•	 	 the Yield Reserve Floor; or 

  

	 	•	 	 the Yield Reserve Rate. 

 where
the Yield Reserve Rate amounts to sum of the Reserve Rate for Costs and Reserve Rate for the Backup Servicing Fee. 
 B.3.1. Reserve Rate for Costs 

 where: 
  

	 	•	 	 The “Reserve Rate for Costs” is equal to 

 [(a+b+c+d)* Assumed Liquidation Period]/ E.R.C.G 
 where 
 “a” is calculated as follows: 
 [(EURIBOR stress factor * EURIBOR) + Applicable Margin] * Maximum Financed Amount 
 where 
  

	 	•	 	 The Applicable Margin is listed in Enclosure VI. 

  

	 	•	 	 The applied EURIBOR stress factor is listed in Enclosure IV, Part II. 

  

	 	•	 	 The Maximum Financed Amount is the lower of: 

  

	 	•	 	 Maximum Programme Amount; or 

  

	 	•	 	 (1- sum of the (i) Default Reserve Floor, (ii) Dilution Reserve Floor, (iii) Yield Reserve Floor and (iv) the Other Reserve Floor (if any)) *
E.R.C.G. 

 “b” is calculated as follows: 
 Administration Fee Rate * Global Portfolio * 30/360 
 The applied Administration Fee Rate is listed in Enclosure VI. 
 “c” is calculated as follows: 
 Commitment Fee Rate * (Maximum Programme Amount as applicable on the preceding Calculation Date – Opening GIPP) * 30/360 
 where: 
  

	 	•	 	 The applied Commitment Fee Rate is listed in Enclosure VI. 

  

 56 

	 	•	 	 The “Opening GIPP” is equal to the GIPP of the previous Data Period as stated in the Transaction Administrator Report. 

 “d” is calculated as follows: 
 Sum for each Important Obligor listed in clause 1.2 of the Eligibility Criteria for Calculation of the GIPP of the following result: 
 (Amount for Fee * Concentration Fee Rate)  
 where: 
  

	 	•	 	 the Amount for Fee is defined in Enclosure IV, Part II. 

  

	 	•	 	 the Concentration Fee Rate is listed in Enclosure VI. 

 the “Assumed Liquidation Period” is calculated as follows: 
 (Liquidation Stress
Factor * D.S.O.) / 30 
 where the “Liquidation Stress Factor” is a multiplier set in function of the required credit rating for the
Yield Reserve Rate in accordance with S&P’s methodology. The applied Liquidation Stress Factor is listed in Enclosure IV, Part II. 
 B.3.2. The
Reserve Rate for the Backup Servicing Fee 
  

	 	•	 	 The “Reserve Rate for the Backup Servicing Fee” is calculated as follows 

 Assumed Liquidation Period * Backup Servicing Fee Rate for the Yield Reserve * Global Portfolio * 30/360 
 where:

  

	 	•	 	 The “Backup Servicing Rate Fee for the Yield Reserve” is listed in Enclosure IV, Part II. 

 C. The Theoretical Global Deferred Price (the “ThGDPP”) and the Theoretical Global Initial Purchase Price (the “ThGIPP”) 
 C.1. The Theoretical Global Deferred Purchase Price (the “ThGDPP”) 
 The ThGDPP is the sum of the following elements: 
  

	 	•	 	 The “ Ineligible Receivables for calculation of the GIPP” which is obtained by subtracting the E.R.C.G. from the Global Portfolio;

  

	 	•	 	 The “Reserve in Eligible Receivables for financing” which is the sum of the Default Reserve Rate, the Dilution Reserve Rate, the Yield Reserve Rate and
Other Reserve Rate (if any) applied to the E.R.C.G.; 

  

	 	•	 	 An “Additional Reserve” which is the maximum between zero and the result of the following calculation: 

 [(E.R.F.* (1-R) – Maximum Programme Amount)] 
  

 57 

 C.2. The Theoretical Global Initial Purchase Price (the “ThGIPP”) applicable to the current Data Period.

 The ThGIPP is equal to the lower of the following amounts: 
  

	 	•	 	 E.R.C.G. *[1-R]; or 

  

	 	•	 	 the Maximum Programme Amount. 

 D. The variation
of the GIPP 
 The “Variation of the GIPP” is calculated as follows: 
 Variation of the GIPP = ThGIPP – Opening GIPP 
  

	 	•	 	 In case the variation of the GIPP is greater than zero, said result will be referred to as the “Increase of GIPP”. 

  

	 	•	 	 In case the variation of the ThGIPP is less than zero, said result will amount be referred to as the “Decrease of the GIPP”. 

E. The Available Amount 
 The Available Amount is equal to the sum
of the following items 
  

	 	•	 	 the Total Collections of the Data Period; 

  

	 	•	 	 Indemnities to be paid by the Originator and/or Servicer (if any); 

  

	 	•	 	 the Increase of the GIPP (if any). 

 F. The
Deferred Purchase Price (the “DPP”) and the Initial Purchase Price (the “IPP”) 
 The DPP is calculated as follows: 

DDP = Portfolio – IPP 
 where 
  

	 	•	 	 the IPP is equal to the part of the Available Amount that could be allocated to the payment of the Minimum Initial Purchase (the “MinIPP”) and the
Incremental Initial Purchase Price (the “IncrIPP”) in accordance with clause 11 of the Agreement. 

  

	 	•	 	 the MinIPP is calculated as follows: 

 MinIPP = ThIPP * (1-MaxDPPrate) 
 where 
  

	 	•	 	 The applied MaxDPPrate is listed in Enclosure IV, Part II 

  

	 	•	 	 The Theoretical Initial Purchase Price (the “ThIPP”) is calculated as follows 

 ThIPP= Portfolio * (1-R) 
  

 58 

	 	•	 	 The IncrIPP is calculated as follows 

 IncrIPP = ThIPP – MinIPP 
 G. The Global Initial Purchase (the “GIPP”) and the Global Deferred Purchase
Price (the “GDPP”) 
 The GIPP is calculated as follows 
 GIPP(t) = Opening GIPP + IPP – allocation to the Decrease of the GIPP 
 For the first Calculation Date the Opening GIPP
amounts to zero and the GIPP is equal to the IPP 
 The GDPP is calculated as follows 
 GDPP = Global Portfolio – GIPP 
  

 59 

 PART II – CALCULATION SPECIFICS AND APPLIED PARAMETERS FOR THE 
 CALCULATION OF THE PURCHASE PRICE 
  

	1.	Applied variables for the calculation of the purchase price 

 Backup Servicing Fee for the Yield Reserve Rate means 40 bps per annum.  
 Default Reserve Floor means 13%. 

 Default Stress Factor means 2.25%. 
 Dilution
Reserve Floor means 0%, as long as the Monthly Dilution Ratio, as calculated in accordance with Enclosure IV, is lower than 3.29%, and 4 % thereafter. 
 Dilution Stress Factor means 2.25%. 
 Liquidation Stress Factor means 2%. 
 MaxDPPrate means 50 %. 
 Other Reserves Rate(s) means 0.

 Weighted Average Contractual Payment Terms means 80 days. 
 W means 90 days. 
 X means 180 days. 
 Y means 140 days. 
 Yield Reserve Floor means 1 %. 
 Z means 30 days. 
  

	2.	Calculation Specificities 

  

	1.	The calculation specificities listed hereafter modify and/or complete the standard calculation principles listed in Enclosure IV: 

  

	 	•	 	 Subject to Clause 17.2 e) of this Agreement, settlements occur on a bi-monthly basis; 

  

	 	•	 	 Total Reserve Rate and the Important Obligors are calculated on the basis of the Data of the Combined Portfolio; 

  

	 	•	 	 All other calculations shall be made solely on the basis of the Data relating to the Programme. 

  

	2.	If the Monthly Dilution Ratio, as calculated in accordance with Enclosure IV is lower than 3.29%, the Dilution Reserve Rate will be reduced with a percentage equal to EUR
4,500,000.00 / E.R.F. The Dilution Reserve Rate applicable to the Global Portfolio was calculated as follows: 

 (EUR
4,500,000.00/E.R.F.)* (Global Portfolio/Combined Portfolio 
  

 60 

 If the Monthly Dilution Ratio, as calculated in accordance with Enclosure IV is higher than 3.29%, the
Dilution Reserve Rate will be applicable. 
 The Dilution Fee will be included in the Transaction Administrator Report under the heading
“Concentration Fee”. 
  

 61 

 ENCLOSURE V 
 DESCRIPTION OF CREDIT AND COLLECTION POLICIES OF THE SELLER 
 Description of Credit Policies of the
Seller 
  

 62 

 ENCLOSURE VI 
 CHARGES AND OTHER COSTS 
  

	1.	Definitions 

 Administration Fee Rate means the fee as
specified in the Fee Letter [and supported by the Seller, deducted from the Total Collections and remitted to the Programme Administrator to cover the administration of the Programme]. 
 Applicable Margin means the applicable margin as specified in the Fee Letter. 
 Backup Servicing Fee means the
backup servicing fee as defined in the Servicing Agreement. 
 Charges means the sum of (i) the Backup Servicing Fee; (ii) the Costs and
(iii) the Servicing Fee, including any value added tax payable by the Purchaser with respect to any Servicing Fee payable under this Agreement. 
 Charges Period means each successive period from and including a Settlement Date to but not including the next following Settlement Date, or such shorter period as the Transaction Administrator may notify following the occurrence of
any of the events listed in Clauses 17 or 18. 
 Commitment Fee Rate means the commitment fee as specified in the Fee Letter. 
 Concentration Fee Rate means the concentration fee as specified in the Fee Letter [and incurred by the Seller, deducted from the Total Collections and remitted to
the Transaction Administrator to cover the risk supported by the Purchaser on Important Obligors as specified in paragraph 2.2.3 of Enclosure I], 
 Costs
means the sum of the (i) the Funding Cost; (ii) the Administration Fee (iii) the Commitment Fee; and (iv) the Concentration Fee and (iv) the Dilution Fee. 
 Dilution Fee Rate means the fee rate as specified in the Fee Letter. 
 EURIBOR means in relation to any
Purchase, the rate for deposits in Euro for a period equal to the required period, which appears on the Reuters Index Page “Euribor 01” (or such other page on that service or such other service as may, in the Transaction
Administrator’s determination, replace it for the purposes of displaying such rate) as of 11:00 a.m., Brussels time, on the relevant quotation date. If such rate does not appear on the Reuters Index page Euribor 01, the rate for that period
will be determined on the basis of the rates at which deposits Euro are offered by the reference banks at approximately 11:00 a.m., Brussels time, on the relevant quotation date to prime banks in Euro-zone interbank market for a period equal to the
period considered and for deposits in an amount comparable to the amounts concerned. 
 Funding Rate means Applicable Margin + EURIBOR. 
 Servicing Fee Rate means 0.06 % per annum. 
 Backup Servicing
Fee as defined in the Servicing Agreement. 
  

 63 

	2.	Method of calculation applicable to Charges and Costs 

  

	(a)	For each Charges Period, the Charges shall be calculated as follows: 

  

	 	(i)	Funding Costs = the Funding Rate * by GIPP as of the previous Calculation Date * number of days in the current Charges Period / 360 days; 

  

	 	(ii)	Servicing Fee = the Servicing Fee Rate * the Combined Portfolio as of the previous Calculation Date * number of days in the current Charges Period / 360 days* Global
Portfolio/Combined Portfolio; 

  

	 	(iii)	Backup Servicing Fee (if any) = Backup Servicing Fee Rate * the Combined Portfolio as of the previous Calculation Date * number of days in the current Charges Period / 360 days *
Global Portfolio/Combined Portfolio; 

  

	 	(iv)	Administration Fee = Administration Fee Rate* the Combined Portfolio as of the previous Calculation Date * number of days in the current Charges Period / 360 days* Global
Portfolio/Combined Portfolio; 

  

	 	(v)	Commitment Fee = the Commitment Fee * Global Portfolio/Combined Portfolio. 

 the Commitment Fee is calculated as follows: 
 the Maximum Programme Amount * Commitment Fee Rate * number of days in the current 
 Charges
Period/360 days. 
  

	 	(vi)	Concentration Fee: Concentration Fee Rate * Concentration Limit * number of days in the current Charges Period / 360 days; 

  

	 	(vii)	Dilution Fee = EUR 4,500,000.00. 

  

	(b)	In accordance with Enclosure IV, the Charges will (i) start accruing from the first Settlement Date; (ii) will be payable in arrears on each Settlement Date; and
(iii) be deducted from the Total Collections according to the priority of allocation defined in Clause 11 and Enclosure IV. 

  

	(c)	The selection of the source of funding shall in all events be in the sole discretion of the Purchaser. 

  

	3.	Other costs 

 Other Costs means the other net costs incurred
by the Purchaser from time to time to enable it to conduct its activities and to perform its duties under this Agreement. 
 Other Costs in particular
include: 
  

	 	•	 	 (the expenses of registration from time to time of the Dutch Pledge with the Dutch tax authorities;) (if applicable) 

 In addition to the rights of indemnification granted to the Purchaser, the Transaction Administrator and the Indemnified Parties under Clause 21 hereof, the Seller
agrees to pay on demand all reasonable costs and expenses of the Transaction Administrator incurred in connection with the preparation, execution, delivery, administration (including periodic auditing as envisaged in Clause 16.1.3. hereof),
amendment or modification of, or any waiver or consent issued in connection with, this Agreement and the other documents to be delivered hereunder or in connection herewith, including, without limitation, the reasonable fees and out-of-pocket
expenses of counsel for the Transaction Administrator with respect thereto, and with respect to advising the Purchaser, and the Transaction Administrator as to their respective rights and remedies under this Agreement and the other documents to be
delivered hereunder and thereunder or in connection herewith and therewith, and all out of pocket costs and expenses, if any (including reasonable counsel fees and expenses), incurred by the Transaction Administrator and the Purchaser in connection
with the enforcement of this Agreement and the other documents to be delivered hereunder and thereunder or in connection herewith and therewith, including any restructuring or workout of this Agreement, or such documents, or the administration of
this Agreement following a Termination Date. 
  

 64 

 ENCLOSURE VII 
 COMPLIANCE CERTIFICATE 
 Compliance Certificate 
 Reference is made to that certain Receivables purchase Agreement dated as of [...] (as modified and supplemented and in effect from time to time, the “Receivables
Purchase Agreement”) between Greif Coordination Center BVBA (the “Seller”) and TNG Belgium S.A. (the “Purchaser” and the “Transaction Administrator”) and Greif Belgium BVBA (the “Servicer”). 

Capitalised terms used herein have the meanings ascribed thereto in the Receivable Purchase Agreement. 
 Pursuant to Section 18 of this Agreement, the undersigned hereby certifies that to the best of my knowledge and belief, the Seller is not in default as stated under 18.1.3 (m) and (o). 
 In witness whereof, I have hereunto set my hand and seal of the Seller this [...] 
  

 65 

 ENCLOSURE VIII 
 SPANISH NOTARISATION PROCEDURE 
 The transfer of Eligible Receivables for Purchase that are Spanish Receivables will
take place in accordance with the terms and conditions of the agreement and will be governed by Belgian law. In addition, the steps and procedure as described below will be followed for the transfer of such Receivables. 
 Part A 
 Spanish Notarisation
Procedure 
 The assignment of each Spanish Receivable by the Seller to the Purchaser shall be completed in accordance with Article 1526 of the Spanish
Civil Code. 
 The Purchaser and the Seller agree that, subject to the operational procedure set out in Clauses 4 and 5 of the Agreement, the compliance with
the terms and conditions contained therein will result in the transfer (cesión) of all the relevant Seller’s title to and rights and interest in the relevant Spanish Receivables. 
 However, the Purchaser and the Seller agree that the transfer and assignment (cession) shall be effective (including but not limited to effects for Spanish law
purposes) between the relevant Seller and the Purchaser on the corresponding Purchase Date, and that such Purchase Date shall be specified in the relevant Confirmation of Transfer Deed. 
 Part B 
 Procedure 
 Neither the Seller, nor the Purchaser shall follow any other specific procedures for the transfer of the Spanish Receivables to the Purchaser other than the procedure
described or contemplated in this Agreement and in the Confirmation of Transfer Deed. 
 In order to identify the Spanish Receivables that are transferred
and the purchase price for such transfer, the following documents shall be delivered: 
  

	(a)	on the Transmission Date: 

  

	 	(i)	a detailed ageing list of the Receivables transferred during the relevant Data Period and including the Spanish Receivables and the list of daily collection in accordance with
Clause 4.2 of this Agreement; 

  

	 	(ii)	the list of invoices representing all Receivables (including Spanish Receivables) sold during the relevant Data Period in accordance with Clause 4.2 of this Agreement.

  

	(b)	on the Calculation Date: 

 the Transaction Administration
Report in accordance with Clause 4.3 of the Agreement that will contain the IPP and DPP for all Receivables sold during the Relevant Period and that will be allocated proportionally to the Spanish Receivables transferred during such Data Period in
accordance with Clause 7.3 of the Agreement. 
  

 66 

 ANNEX TO ENCLOSURE VIII - NOTARIAL DEED 
 CONFIRMATION OF TRANSFER 
 In [·], my residence, on the [·], 200 [7]. 
 Before me, [·], Notary Public of [·] and of its Bar. 
 APPEAR 
 OF ONE PART, 
 Mr [·], of legal age, [single/married], [profession], nationality, with domicile in [·], holder of [Spanish identity card/passport] number [·]. 
 ON THE SECOND PART, 
 Mr [·], of legal age, [single/married], [profession], nationality, with domicile in [·], holder of [Spanish identity card/passport] number
[·]. 
 WHO ACT 
 The first one, on behalf of, [SELLER], with registered address in [full details to be completed], registered with the [Mercantile Registry of [·] at [full details to be completed], and Tax Identification Number (C.I.F.) [·]] / [full details to be completed] under number [full details to be completed] (hereinafter, the “Seller”). The attorney is acting [in conformity with a resolution of its Board of
Directors of [·]] or [pursuant to the powers of attorney granted to him in a deed executed before the Notary Public [·], Mr. [·]]. 
 And the second one, on behalf of PURCHASER, a company organised under [·] law, having its registered office at [·], registered with the [·], under n° [·], whose representative is [to be completed], duly
authorised for the purpose of this Agreement (the “Purchaser]”). 
 WHEREAS 
  

	(A)	Pursuant to a receivables purchase agreement] dated [·], 2004 raised to a
public deed before the Notary Public of [·], Mr. [·], on [date], (the “RPA”) executed between the Seller, the Purchaser and Greif Belgium BVBA as Servicer and governed by the laws of Belgium, the Purchaser has agreed, subject to the terms thereof, to
purchase from the Seller the Purchased Receivables (as defined therein). 

  

	(B)	Pursuant to the RPA, the Seller has delivered to the Purchaser: 

  

	 	(a)	on the [insert relevant Transmission Date]: 

  

	 	(i)	a detailed ageing list of the Receivables transferred during the relevant Data Period and including the Spanish Receivables and the list of daily collection in accordance with
Clause 4.2 of this Agreement; 

  

	 	(ii)	the list of invoices representing all Receivables (including Spanish Receivables) sold during the relevant Data Period in accordance with Clause 4.2 of this Agreement;

  

	 	(b)	on the [insert relevant Calculation Date]: 

 the
Transaction Administration Report in accordance with Clause 4.3 of the Agreement that will contain the IPP and DPP for all Receivables sold during the Relevant Period and that will be allocated proportionally to the Spanish Receivables transferred
during such Data Period in accordance with Clause 7.3 of the Agreement 
  

 67 

 in order to identify the receivables and their price, identified in Annex [·] hereto (the “Relevant Spanish Receivables”), and 
 the Purchaser has agreed to purchase and to accept the assignment of the Relevant Receivables set forth in such documentation in accordance with the terms and conditions of the RPA. 
 Both parties hereby execute this Deed, as provided in the following: 
 CLAUSES 
 NOW IT IS HEREBY AGREED as follows: 
 CLAUSE 1.- 
 In this deed, capitalised terms defined in the RPA shall have the same meaning when used herein, unless otherwise defined.

 CLAUSE 2.- 
 In accordance with the provision of Clause
5.2 of the RPA, the Seller hereby confirms the assignment in favour of the Purchaser of all its rights, actions and privileges that the former holds by virtue of the Relevant Spanish Receivables, and all related security relating or attached
thereto, as described below, for a total amount as determined in Annex [·] hereto [determination of price]. 
 The Relevant Spanish Receivables of which the assignment is confirmed by virtue of this execution document are those set out in the Annex [·] hereto [identification of each Receivable]. 
 CLAUSE 3.-

 This document will be part of the RPA, which will, therefore, be fully applicable to the assignment of the Relevant Spanish Receivables to which it
refers. 
 CLAUSE 4.- 
 The Seller confirms to the
Purchaser that each and all the representations and warranties established in Clause 15 of the RPA are still true and accurate in all material aspects, except for these representations or warranties which are already qualified as to materiality and
for the representations and warranties under Clause 15.11 to 15.16 (including) of the RPA, which shall be true and correct at the date hereof and are confirmed and repeated by the Seller on the date hereof. 
 CLAUSE 5.- 
 The Seller acknowledges that the payment of the Purchase
Price for the Relevant Spanish Receivables sold to the Purchaser has been made or will be made in accordance with the provisions set out in Clause 12 of the RPA. 
  

 68 

 After reading this notarial deed, the appearers agree to it, approve it, ratify it and sign with me, The Notary.

 I give faith that I have identified the appearers by their aforementioned identity documents, and of all which has been agreed, to all necessary effects.
This notarial deed has been executed on [·]. 

 69 

 ANNEXES TO CONFIRMATION OF TRANSFER 
  

 70 

 ENCLOSURE IX 
 FRENCH RECEIVABLES TRANSFER PROCEDURE 
 Receivables Transfer Mode for the French Receivables

 The Seller and the Purchaser shall follow the steps and procedure described below: 
  

	1.	Receivables Transfer Mode for the French Receivables 

 Each
transfer of Receivable governed by French law from the Seller to the Purchaser shall be performed by way of a transfer document (acte de cession de créances professionnelles) complying with Article 313_23 seq. of the French Monetary
and Financial Code (Code Monétaire et Financier) (formerly French law no. 81-1 dated 2 January 1981). 
  

	2.	Procedure 

 The Seller shall send to the Purchaser the
original of the corresponding transfer document (acte de cession de créances) strictly complying with the Annex of this Enclosure IX. duly executed by the Seller, by no later than [12:00 a.m.] on each French Purchase Date
(to the extent that the Seller owns French Receivables at this date). 
 A Computer File shall be delivered to the Purchaser with the said
transfer document (acte de cession de créances). 
 By no later than [6:00 p.m.] (and in any case, after the purchase of
Eligible Receivables for Purchase that are French Receivables has occurred under the Factoring Agreement between the Seller and the French Originator) on the relevant French Purchase Date, the Purchaser shall affix the date on the said transfer
document (acte de cession de créances). 
  

	3.	Legal Consequences 

 Upon the dating of the transfer
document (acte de cession de créances) by the Purchaser, the Eligible Receivables for Purchase which are French Receivables and all of the Seller’s title to, and rights and interest in, such Eligible Receivables for Purchase,
together with the related associated rights and accessories, options, privileges, and interest linked to the Eligible Receivables for Purchase which are French Receivables shall thereupon be transferred to the Purchaser and such transfer shall be:

  

	 	(a)	valid between the Purchaser and the Seller; 

  

	 	(b)	enforceable against the corresponding Obligors; and 

  

	 	(c)	enforceable against third parties, 

 in accordance with
Article L. 313-23 seq. of the French Monetary and Financial Code (Code monétaire et financier) (formerly French law no. 81-1 dated 2 January 1981) and French Decree no. 81-862 dated 9 September 1981 and provided however that:

  

	 	(i)	the corresponding Obligors may validly discharge their respective debts under the corresponding Purchased Receivables by making payment to the Seller until the Notice of Transfer in
the form of Annex II is served to them; and 

  

 71 

	 	(ii)	the corresponding Obligors may assert all defences (including set-off) arising prior to the Notice of Transfer referred to in Sub-clause (i) above is served to them.

 Notwithstanding any provision of Article L. 313-24 of the French Monetary and Financial Code (Code monétaire et
financier) (formerly French law no. 81-1 dated 2 January 1981) and French Decree no. 81-862 dated 9 September 1981, the Seller shall be several (non solidaire) with the Obligors vis-à-vis the Purchaser in relation
to the payment of the relevant Purchased Receivables. 
  

 72 

 ANNEX I TO ENCLOSURE IX – FORM OF FRENCH TRANSFER DOCUMENT 
 ACTE DE CESSION DE CRÉANCES PROFESSIONNELLES 
 (soumis aux dispositions des articles L. 313-23 à. L. 313-34 du Code monétaire et financier) 
  

	1°)	CÉDANT: 

 GREIF COORDINATION CENTER B.V.B.A.,
société de droit belge immatriculée au registre du commerce et des sociétés (RPM/RPR) de [·] sous le
numéro [·], dont le siège social est situé Heidestatiestraat 38/1, 2920 Heide-Kalmthout, Belgique, représentée
par [·], dûment habilité aux fins des présentes (le Cédant). 
  

	2°)	ÉTABLISSEMENT DE CRÉDIT CESSIONNAIRE: 

 ING BELGIUM
S.A., société anonyme de droit belge, agréée en qualité d’établissement de crédit en Belgique par [·] et autorisée à effectuer des opérations de crédit en France, dont le siège social est situé Avenue Marnix 24, 1000 Bruxelles, Belgique immatriculée au Registre du
Commerce et des Sociétés de [·] sous le numéro [·], représentée par [·], dûment habilité aux fins des présentes (le
Cessionnaire). 
 Le présent Acte de Cession de Créances Professionnelles, établi conformément aux articles L.
313-23 et suivants du Code monétaire et financier (anciennement loi no. 81-1 du 2 janvier 1981), intervient en application des stipulations du contrat de cession rédigé en anglais et intitulé Receivables Purchase
Agreement conclu en date du [·] entre, notamment, le Cédant et le Cessionnaire (le Contrat). 
  

	3°)	CRÉANCES CÉDÉES 

 Conformément aux articles L.
313-23 et suivants du Code monétaire et financier, les Créances Éligibles à l’Achat (Eligible Receivables for Purchase) qui sont des Créances Françaises (French Receivables) (tel que ce
terme est défini dans le Contrat) sont cédées par un procédé informatique. 
 Le Fichier Informatique (Computer File)
joint au présent Acte de Cession de Créances Professionnelles et portant la référence [·] identifie les Créances
Éligibles à l’Achat (Eligible Receivables for Purchase) qui sont des Créances Françaises (French Receivables), générées par Greif France SAS entre le [·] et le [·] (inclus) [to insert first and last day of the preceding Data Period]
et cédées ce jour au Cédant, que nous vous cédons. 
  

			
	Nombre de Créances Cédées:	  	________    
	Montant global de Créances Cédées:	  	________]*

 DATE DE CESSION (apposée par le Cessionnaire): [à compléter]

  

					
			
	   	 		 	   
	CÉDANT	 		 	CESSIONNAIRE
	GREIF COORDINATION CENTER	 		 	ING BELGIUM S.A.
	B.V.B.A.,	 		 	Fonctions: [à compléter]
	Par: [·]	 		 	Par: [·]

 PJ:        Fichier Informatique (Computer
File) 
  

 73 

 ANNEX II TO ENCLOSURE IX – FORM OF NOTICE OF TRANSFER 
 [En-tête de ING Belgium S.A.] 
 [nom du
Dbiteur] 
 [adresse] 
 [place], le [date]

 Lettre Recommandée avec Accusé de Réception 
 Monsieur, 
 Dans les conditions prévues par l’article L. 313-23 et suivants du Code monétaire et
financier (anciennement Loi n°81-l du 2 Janvier 1981) et du Décret n°81-862 du 9 septembre 1981, [nom du Cédant] nous a cédé les créances suivantes dont vous êtes dêbiteur envers
elle listées dans le document joint contenant pour chaque créance les informations suivantes: 
  

	•	 	 Numéro Facture 

	•	 	 Date d’Emission 

	•	 	 Montant TTC 

	•	 	 Date d’échéance 

 Conformément aux dispositions de l’article L.313-28 du Code monétaire et financier, nous vous demandons de cesser, à compter de la présente notification, tout paiement au titre des créances
identifiées dans le tableau ci-dessus à [Greif France SAS]. 
 En conséquence, le règlement de votre dette devra être
effectué au profit de: 
 ING BELGIUM S.A. [ou autr entité désignée par elle], [par chèque / par virement] sur le
compte dont les coordonnées sont les suivantes: 
  

			
	Code Banque :	  	[à compléter]
	Code Guichet :	  	[à compléter]
	Numéro de Compte :	  	[à compléter]
	Clé Rib :	  	[à compléter]

 Veuillez agréer, Monsieur, l’expression de notre considération distinguée. 

 

			
	
	   
	ING BELGIUM S.A.
	Nom:	 	[à compléter]
	Fonctions:	 	[à compléter]

  

 74 

 ENCLOSURE X 
 FRENCH RECEIVABLES RETRANSFER PROCEDURE 
  

	1.	Retransfer of Ineligible Receivables that are French Receivables 

 In the event that the provisions of Clause 5.2 shall apply, neither the Seller nor the Purchaser shall follow any other specific procedure than the following: 
 In this case: 
  

	 	(a)	the transfer of the relevant Ineligible Receivables that are French Receivables shall automatically and without any further formality terminated (résolu de plein
droit) on the relevant French Purchase Date]; and 

  

	 	(b)	the Purchaser’s title to, and rights and interest in, the Ineligible Receivables that are French Receivables and, subject to Clause 5.3, the related associated rights and
accessories, options, privileges, and interest linked to those Ineligible Receivables, shall be transferred to the Seller with effect as from the said French Purchase Date (effet rétroactif de la résolution).

  

	2.	Retransfer of Purchased Receivables that are French Receivables pursuant to clauses 24.1 and 24.2 

 In the event that the Seller elects to repurchase Purchased Receivables that are French Receivables in accordance with Clause 24.1 or 24.2, the Seller and
the Purchaser shall follow the steps described below: 
  

	 	(a)	The retransfer of the relevant Purchased Receivables that are French Receivables shall be governed by Articles 1250-1 seq. of the French Civil Code (subrogation
conventionnelle). 

  

	 	(b)	The Purchaser shall deliver to the Seller a subrogation notice (quittance subrogative) with respect to the corresponding Purchased Receivables that are French Receivables
(which shall be identified and individualised (désignées et individualisées) in the Computer File accompanying the corresponding subrogation notice), in the form set out as Annex to this Enclosure X to the
Seller. 

  

	 	(c)	Simultaneously with the delivery of the subrogation notice (quittance subrogative) referred to in Sub-clause (b) above by the Purchaser, the Seller shall pay to the
Purchaser the corresponding repurchase price calculated in accordance with clause 24.3. 

  

	 	(d)	Upon delivery of the subrogation notice (quittance subrogative) referred to in Sub-clause (b) above by the Purchaser and simultaneous payment of the corresponding
repurchase price, the relevant Purchased Receivables that are French Receivables and all the Purchaser’s title to, and rights and interest in, such French Receivables, together with the related associated rights and accessories, options,
privileges, and interest linked to these French Receivables, shall thereupon be transferred to the Seller and such transfer shall be: 

  

	 	(i)	valid between the Purchaser and the Seller; and 

  

	 	(ii)	enforceable against the corresponding Debtors; and 

  

	 	(iii)	enforceable against third parties, 

 as provided for under
Articles 1250-1 seq. of the French Civil Code. 
  

 75 

 ANNEX TO ENCLOSURE X – FORM OF SUBROGATION NOTICE 
 [En-tête de ING Belgium S.A.] 
 QUITTANCE SUBROGATIVE 
 Au titre du versement du prix de rachat (repurchase price)] des Créances Achetées (Purchased
Receivables) mentionné dans l’offre individuelle de rachat n°[·]. 
 En vertu des stipulations du contrat de cession et de gestion de créances rédigé en anglais et intitulé Receivables Purchase Agreement
en date du [·] (le Contrat) entre, notamment, Greif Coordination Center B.V.B.A. (le
Cédant) et ING Belgium S.A. (le Cessionnaire). 
 Nous soussignés, agissant au nom et pour le compte du Cessionnaire,

 Consentons à ce que: 
 Simultanément à la
réception, ce jour, par Greif Coordination Center B.V.B.A. du paiement du prix de rachat (repurchase price) au titre des Créances Achetées (Purchased Receivables) mentionnées dans l’offre individuelle
de rachat n°[à compléter] et désignées et individualisées dans le Fichier Informatique (Computer File) qui nous a été adressé par [·], 
 Greif Coordination Center B.V.B.A. se trouve, en vertu de la présente
quittance subrogative, automatiquement subrogé, en vertu des articles 1250-1° et suivants du Code civil, dans tous les droits, actions, privilèges ou hypothèques du Cessionnaire contre les Obligés (Obligors)
respectifs de chacune desdites créances, en ce compris les droits accessoires s’y rapportant. 
 Les mots et expressions en italique et
commençant par une majuscule ont le sens qui leur est donné dans le Contrat. 
  

	
	Fait à [·], le [date]
	
	   
	ING Belgium S.A.
	Par:               [à compléter]
	Fonctions:     [à compléter]

  

 76 

 ENCLOSURE XI 
 FORM OF NOTICE OF TRANSFER FOR PURCHASED RECEIVABLES OTHER THAN 
 FRENCH RECEIVABLES 

[letterhead of ING BELGIUM S.A.] 
 [name of the
debtor] 
 [address] 
 [place] [date] 
 Gentlemen, 
 Transfer of receivables 
 This is to give you notice that, pursuant to a Receivables Purchase Agreement dated 28 October 2004 (the “Agreement”), we have purchased and acquired all
receivables owing from you to [NAME OF LOCAL ENTITY] as identified in the annexed document (the “Receivables”), as well as all the associated rights and accessories, options and interest linked to the Receivables. 
 Pursuant to the terms of the Agreement, you should in the future make all payments in connection with the Receivables exclusively to our account n° [·] opened with [·]. 
  

	
	Yours sincerely,
	
	   
	ING BELGIUM S.A.

 Annex: list of Receivables 
  

 77 

 ANNEX TO ENCLOSURE XI – LIST OF RECEIVABLES 
  

							
	Invoice number	  	Invoice date	  	Invoice amount	  	Due date
		  		  		  	
		  		  		  	
		  		  		  	

  

 78

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