Document:

Issuer/Borrower Facility Agreement dated as of October 15, 2004

 Exhibit 10.4 
  
 SHURGARD SELF STORAGE SCA 
 as Borrower and Cash Administrator 
  
 THE COMPANIES LISTED IN SCHEDULE 3 
 as Chargors 
  
 SELF-STORAGE SECURITISATION B.V. 
 as Issuer 
  
 CITICORP
TRUSTEE COMPANY LIMITED 
 as Borrower Security Trustee 
  

  
 ISSUER/BORROWER FACILITY AGREEMENT 
  

 CONTENTS 
  

					
	Clause

	  	Page

	 	  	SECTION A	  	 
	 	  	INTERPRETATION	  	 
			
	1.	  	 Definitions and Interpretation
	  	2
			
	 	  	SECTION B	  	 
	 	  	THE TERM FACILITIES	  	 
			
	2.	  	 The Term Facilities
	  	3
			
	3.	  	 Purpose and Application
	  	4
			
	4.	  	 Conditions Precedent
	  	4
			
	5.	  	 Drawdown
	  	6
			
	6.	  	 Parallel Debt
	  	7
			
	 	  	SECTION C	  	 
	 	  	INTEREST	  	 
			
	7.	  	 Interest
	  	9
			
	 	  	SECTION D	  	 
	 	  	REPAYMENT AND PREPAYMENT	  	 
			
	8.	  	 Repayment
	  	11
			
	9.	  	 Prepayment and Purchase
	  	11
			
	 	  	SECTION E	  	 
	 	  	FEES, COSTS AND EXPENSES	  	 
			
	10.	  	 Fees, Costs and Expenses
	  	19
			
	 	  	SECTION F	  	 
	 	  	TAXES AND MITIGATION	  	 
			
	11.	  	 Taxes
	  	21
			
	12.	  	 Mitigation
	  	22
			
	 	  	SECTION G	  	 
	 	  	REPRESENTATIONS, WARRANTIES AND COVENANTS	  	 
			
	13.	  	 Representations and Warranties
	  	25
			
	14.	  	 Financial Information
	  	38
			
	15.	  	 Financial Covenants
	  	40
			
	16.	  	 General Covenants of the Chargors
	  	52
			
	17.	  	 Property Covenants
	  	63
			
	18.	  	 Covenants Regarding Disposal, Acquisition Or Substitution Of Mortgaged Properties
	  	70
			
	19.	  	 Covenants Regarding Disposal of Assets Other Than Mortgaged Properties
	  	75
			
	20.	  	 Covenants and Other Provisions Relating to Maintenance Capital Expenditure
	  	77
			
	21.	  	 Appointment of Property Advisor
	  	77

					
	 	  	SECTION H	  	 
	 	  	LOAN EVENTS OF DEFAULT	  	 
			
	22.	  	 Default
	  	79
			
	 	  	SECTION I	  	 
	 	  	GUARANTEE AND INDEMNITY	  	 
			
	23.	  	 Guarantee and Indemnity
	  	87
			
	 	  	SECTION J	  	 
	 	  	ADDITIONAL CHARGORS	  	 
			
	24.	  	 Additional Chargors and Release of Chargors
	  	92
			
	 	  	SECTION K	  	 
	 	  	PAYMENTS AND CALCULATIONS	  	 
			
	25.	  	 Currency of Account and Payment Mechanics
	  	93
			
	26.	  	 Calculations and Evidence Of Debt
	  	94
			
	 	  	SECTION L	  	 
	 	  	ASSIGNMENT AND TRANSFER	  	 
			
	27.	  	 Assignments and Transfers
	  	95
			
	 	  	SECTION M	  	 
	 	  	MISCELLANEOUS	  	 
			
	28.	  	 The Borrower Security Trustee and Cash Administrator
	  	96
			
	29.	  	 Data Protection Requirements
	  	97
			
	30.	  	 Remedies and Waivers
	  	97
			
	31.	  	 Severability
	  	97
			
	32.	  	 Counterparts
	  	98
			
	33.	  	 Notices
	  	98
			
	34.	  	 Third Party Rights
	  	99
			
	35.	  	 Governing Law and Jurisdiction
	  	99
			
	36.	  	 Jurisdiction
	  	99
		
	SCHEDULE 1 CONDITIONS PRECEDENT	  	101
			
	 	  	 Part 1 Conditions Precedent
	  	101
	 	  	 Part 2 Additional Conditions Precedent
	  	108
	 	  	 Part 3 Additional Chargor Conditions Precedent
	  	111
		
	SCHEDULE 2 NOTICE OF DRAWDOWN	  	114
		
	SCHEDULE 3 INITIAL CHARGORS	  	116
		
	SCHEDULE 4 FORM OF COMPLIANCE CERTIFICATE	  	118
		
	SCHEDULE 5 FORM OF MORTGAGED PROPERTY DISPOSAL CERTIFICATE	  	121
		
	SCHEDULE 6 FORM OF INVESTOR REPORTS	  	123
		
	SCHEDULE 7 FORM OF CHARGOR ACCESSION DEED	  	124
		
	SCHEDULE 8 INITIAL MORTGAGED PROPERTIES	  	126
		
	SCHEDULE 9 EXCESS PROPERTIES	  	132

 THIS AGREEMENT is made on 15 October 2004 
  
 BETWEEN 
  

	(1)	SHURGARD SELF STORAGE SCA, a limited liability partnership (société en commandite par actions/commanditaire venootschap op aandelen) established under
the laws of Belgium having its registered office at 48 Quai de Commerce, 1000 Brussels, Belgium and registered on the Register of Legal Entities under Enterprise Number 0454.057.394 as the borrower under this Agreement (the
“Borrower”) and as Cash Administrator to the Chargors and the Issuer (the “Cash Administrator”, which expression includes, where the context admits, all persons for the time being acting as the Cash Administrator or
Cash Administrators under the Cash Pooling Loan and Cash Administration Agreement and/or Issuer Cash Administration Agreement); 

  

	(2)	THE COMPANIES LISTED IN SCHEDULE 3 HERETO as Chargors under the Chargor Security Documents (as defined below) (together with the Borrower and the Additional Chargors (as
defined below) and subject to any Chargor ceasing to be a Chargor in accordance with the terms of this Agreement (including where such Chargor is sold or ceases to exist pursuant to an amalgamation, merger or reconstruction), the
“Chargors”); 

  

	(3)	SELF-STORAGE SECURITISATION B.V., a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) incorporated under the laws of The
Netherlands and registered with the Trade Register of Chamber of Commerce and Industry in Amsterdam under number 34210837 and whose registered office is at Parnassustoren, Locatellikade 1, 1076 AZ Amsterdam, The Netherlands as the lender under this
Agreement (the “Issuer”); and 

  

	(4)	CITICORP TRUSTEE COMPANY LIMITED, a limited liability company incorporated in England and Wales and having its registered office at Citigroup Centre, Canada Square, Canary
Wharf, London E14 5LB as security trustee for the Borrower Secured Creditors (the “Borrower Security Trustee”, which expression includes, where the context admits, all persons for the time being acting as the Borrower Security
Trustee or Borrower Security Trustees under the Chargor Security Documents). 

  
 IT IS AGREED as follows: 
  

 - 1 - 

 SECTION A 
 INTERPRETATION 
  

	1.	DEFINITIONS AND INTERPRETATION 

  

	    	Unless otherwise defined in this Agreement or the context otherwise requires, words and expressions used in this Agreement have the meanings, interpretations and constructions
ascribed to them in Schedule 1 (Master Definitions Schedule) of a master framework agreement (the “Master Framework Agreement”) dated 15 October 2004 and made between, inter alios, the Issuer and the Borrower Security
Trustee, as the same may be amended, varied or supplemented from time to time. 

  

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 SECTION B 
 THE TERM FACILITIES 
  

	2.	THE TERM FACILITIES 

  

	2.1	Initial Term Facilities 

  

	    	On and subject to the terms of this Agreement, the Issuer agrees to grant to the Borrower on the Closing Date: 

  

	 	2.1.1	a secured term loan facility in an aggregate initial principal amount of €235,000,000 (the “Initial Term A Facility”); 

  

	 	2.1.2	a secured term loan facility in an aggregate initial principal amount of €40,000,000 (the “Initial Term B Facility”); and 

  

	 	2.1.3	a secured term loan facility in an aggregate initial principal amount of €50,000,000 (the “Initial Term C Facility”). 

  

	2.2	Further Term Facilities 

  

	    	On and subject to the terms of this Agreement, the Issuer agrees to grant to the Borrower: 

  

	 	2.2.1	a Further Term A Facility in an aggregate principal amount equal to the aggregate proceeds of each issue of Further Class A Notes which is used to fund any Further Term A Advance;

  

	 	2.2.2	a Further Term B Facility in an aggregate principal amount equal to the aggregate proceeds of each issue of Further Class B Notes which is used to fund any Further Term B Advance;
and 

  

	 	2.2.3	a Further Term C Facility in an aggregate principal amount equal to the aggregate proceeds of each issue of Further Class C Notes which is used to fund any Further Term C Advance.

  

	2.3	New Term Facilities 

  

	    	On and subject to the terms of this Agreement, the Issuer agrees to grant to the Borrower a New Term Facility in an aggregate principal amount equal to (and in tranches
corresponding to) the aggregate proceeds of any issue of New Notes which is used to fund any New Term Advance. 

  

	2.4	Request for an Additional Term Facility 

  

	    	The Borrower may at any time, by delivery of a Notice of Drawdown to the Issuer (with a copy thereof to the Borrower Security Trustee, the Cash Administrator and the Rating
Agencies) request an Additional Term Facility provided that the following conditions are satisfied or waived by the Issuer and the Borrower Security Trustee on the date of such request: 

  

	 	2.4.1	the aggregate principal amount of the relevant Additional Term Facility requested for drawdown on a particular Drawdown Date is for a minimum aggregate principal amount of
€5,000,000; and 

  

 - 3 - 

	 	2.4.2	no Loan Event of Default or Potential Loan Event of Default has occurred and is continuing (unless waived) or would result from the Additional Term Advance;

  

	    	and if a request for an Additional Term Facility is so made, the Borrower shall provide the Issuer, the Borrower Security Trustee and the Rating Agencies with such information as
each or any of them may reasonably request to enable them to satisfy themselves that the conditions set out in Clauses 2.4.1 and 2.4.2 (Request for an Additional Term Facility) have been or will be met by the date of such request.

  

	2.5	Granting of an Additional Term Facility 

  

	    	If the conditions set out in Clause 2.4 (Request for an Additional Term Facility) are satisfied or waived as at the relevant dates set out therein, the Issuer will, subject
to Clause 4 (Conditions Precedent), make available to the Borrower the Additional Term Facility as soon as practicable thereafter. 

  

	2.6	Term Facilities and Payment of Initial and Ongoing Facility Fees 

  

	    	Without prejudice to the obligations of the Issuer to grant the Term Facilities pursuant to this Clause 2, where at any time the Borrower is also required to pay an amount by way of
Initial Facility Fee or Ongoing Facility Fee pursuant to Clauses 10.1.1 (Initial Facility Fee) or 10.1.2 (Ongoing Facility Fee) respectively, the respective obligations to advance and pay shall be set-off against each other so that
their respective payment obligations are satisfied by the payment of the balance. 

  

	3.	PURPOSE AND APPLICATION 

  

	3.1	Purpose and Application of the Initial Term Facilities 

  

	    	The Initial Term Facilities shall be used by the Borrower to repay all outstanding amounts under the Credit Agreement and thereafter for such purposes as it may determine and,
accordingly, the Borrower may apply all Initial Term Advances to make such payments as it determines, including without limitation making loans to or payments on behalf of any other Chargor and discharging costs incurred in connection with the
Transactions. 

  

	3.2	Purpose and Application of the Additional Term Facilities 

  

	    	The Additional Term Facilities may be used by the Borrower for such purposes as it may determine. 

  

	3.3	No Obligation to Monitor 

  

	    	Without affecting the obligations of the Borrower under this Clause 3, neither the Issuer, nor the Borrower Security Trustee are bound to monitor or verify the application of any
Term Advance made available to the Borrower under this Agreement. 

  

	4.	CONDITIONS PRECEDENT 

  

	4.1	Initial Conditions Precedent 

  

	    	The availability for utilisation of an Initial Term Facility and the obligation of the Issuer to make an Initial Term Advance available under Clause 5.3 (Advance of a Term
Advance) to the Borrower is subject to satisfaction or waiver of the following conditions precedent on the Closing Date: 

  

	 	4.1.1	the Borrower has delivered a duly completed Notice of Drawdown; 

  

 - 4 - 

	 	4.1.2	each of the Borrower Security Trustee and the Issuer has received all of the information and documents listed in Part 1 of Schedule 1 (Conditions Precedent) in form and
substance satisfactory to the Issuer and the Borrower Security Trustee and that all of the other conditions precedent thereunder are satisfied on the Closing Date or have been waived; 

  

	 	4.1.3	the Notes have been issued by the Issuer and the Cash Administrator (on behalf of the Issuer) has confirmed to the Borrower Security Trustee that the subscription proceeds thereof
have been received by or on behalf of the Issuer; 

  

	 	4.1.4	the Borrower (on behalf of the Securitisation Group) has certified in the Notice of Drawdown that the representations set out in Clause 13 (Representations and Warranties)
are, in light of the facts and circumstances subsisting at the Closing Date and subject to the disclosure contained in the Disclosure Letter, true and correct; and 

  

	 	4.1.5	the Borrower (on behalf of the Securitisation Group) has certified in the Notice of Drawdown that no Loan Event of Default or Potential Loan Event of Default has occurred and is
continuing or would result from the making of the Initial Term Advances. 

  

	4.2	Additional Conditions Precedent 

  

	    	The availability for utilisation of an Additional Term Facility and the obligation of the Issuer to the Borrower to make an Additional Term Advance available under Clause 5.3
(Advance of a Term Advance) is subject to satisfaction or waiver of the following conditions precedent, on the relevant Drawdown Date: 

  

	 	4.2.1	the Borrower has delivered a duly completed Notice of Drawdown; 

  

	 	4.2.2	each of the Issuer and the Borrower Security Trustee has received, or is satisfied that on the Drawdown Date it will receive, all of the information, documents and other matters set
out in Part 2 (Additional Conditions Precedents) of Schedule 1 (Conditions Precedent) in form and substance satisfactory to the Borrower Security Trustee and the Issuer and that all of the other Additional Condition Precedents have
been satisfied (or to the extent not so received or satisfied such conditions precedent have been waived by the Borrower Security Trustee and the Issuer and the Borrower has been notified of the same (which notification shall be given promptly by
the Issuer and the Borrower Security Trustee following such waiver)); 

  

	 	4.2.3	the Cash Administrator (on behalf of the Issuer) has confirmed to the Borrower Security Trustee and the Issuer in writing that the Issuer has available to it on the relevant
Drawdown Date sufficient proceeds from an issue of Additional Notes to permit the Issuer to make the relevant Additional Term Advance; 

  

	 	4.2.4	the Borrower (on behalf of the Securitisation Group) has certified in the Notice of Drawdown that the Repeating Representations are, in the light of the facts and circumstances
subsisting at the relevant Drawdown Date, true and correct 

  

 - 5 - 

	 	    	(or, to the extent that they are not true, the Borrower has disclosed the relevant matters to the Issuer, the Borrower Security Trustee and the Rating Agencies;

  

	 	4.2.5	the Borrower (on behalf of the Securitisation Group) has certified in the Notice of Drawdown that no Loan Event of Default or Potential Loan Event of Default has occurred and is
continuing (unless waived) or would result from the making of the Additional Term Advance; and 

  

	 	4.2.6	any necessary amendments have been made to the Borrower Transaction Documents and/or the Issuer Transaction Documents in form and substance satisfactory to the Borrower Security
Trustee and/or the Trustee, respectively. 

  

	5.	DRAWDOWN 

  

	5.1	Drawdown of Term Facilities 

  

	 	5.1.1	Drawdown of Initial Term Facilities 

  

	 	    	If the Issuer and the Borrower Security Trustee have received a duly completed Notice of Drawdown by not later than 11:00 am (GMT) on the Closing Date (or such later time as the
Issuer (or the Cash Administrator on behalf of the Issuer) may agree), the Borrower may borrow the Initial Term Advances on such date. 

  

	 	5.1.2	Drawdown of Additional Term Facilities 

  

	 	    	If the Issuer and the Borrower Security Trustee have received a duly completed Notice of Drawdown by not later than 11:00 am on the proposed Drawdown Date (or such later time as the
Issuer (or the Cash Administrator on behalf of the Issuer) may agree), the Borrower may borrow an Additional Term Advance on such date. 

  

	5.2	Single Drawing of Term Facilities 

  

	    	Unless otherwise agreed to in writing by the Issuer and the Borrower Security Trustee, each Term Facility will only be available for drawing in one amount by the Borrower on the
Closing Date (in the case of an Initial Term Facility) or on the proposed Drawdown Date (in the case of an Additional Term Facility). 

  

	5.3	Advance of a Term Advance 

  

	    	On and subject to the terms of this Agreement, the Issuer shall make available to the Borrower: 

  

	 	5.3.1	the Initial Term Advances on the Closing Date; and 

  

	 	5.3.2	the Additional Term Advances on the relevant Drawdown Date. 

  

	5.4	Completion of Notices of Drawdown 

  

	    	A Notice of Drawdown will not be regarded as having been duly completed unless: 

  

	 	5.4.1	the Drawdown Date is a Business Day; 

  

	 	5.4.2	the Term Advance is specified as an Initial Term Advance, a Further Term Advance or, as the case may be, a New Term Advance and is an amount not exceeding the aggregate of the
relevant Term Facility; and 

  

 - 6 - 

	 	5.4.3	the payment instructions comply with Clause 25 (Currency of Account and Payment Mechanics). 

  

	6.	PARALLEL DEBT 

  

	6.1	Parallel Debt 

  

	    	Subject to Clause 6.2 (Discharge) but notwithstanding any other provision of this Agreement, the Borrower hereby irrevocably and unconditionally undertakes to pay to the
Borrower Security Trustee, as creditor in its own right and not as representative of the other Borrower Secured Creditors, sums equal to and in the currency of the outstanding Borrower Secured Obligations payable by the Borrower to each of the other
Borrower Secured Creditors as and when such sums fall due for payment under each of the other Borrower Transaction Documents or under the Borrower Priorities of Payment (the “Borrower Parallel Debt”) or would have fallen due but for
any discharge resulting from the failure of another Borrower Secured Creditor to take appropriate steps, in insolvency proceedings affecting the Borrower, to preserve its entitlement to be paid that amount. Subject to Clause 6.2 (Discharge),
the Borrower Security Trustee shall have its own independent right to demand payment of the amounts payable by the Borrower under this Clause 6.1, irrespective of any discharge of the Borrower’s obligations to pay those amounts to the other
Borrower Secured Creditors resulting from the failure of another Borrower Secured Creditor to take appropriate steps, in insolvency proceedings affecting the Borrower, to preserve its entitlement to be paid those amounts. 

 

	6.2	Discharge 

  

	    	Any amount due and payable by the Borrower to the Borrower Security Trustee under Clause 6.1 (Parallel Debt) shall be decreased to the extent that the other Borrower Secured
Creditors have received (and are able to retain) payment in full of the corresponding amount under the other provisions of the Borrower Transaction Documents and any amount due and payable by the Borrower to the other Borrower Secured Creditors
under those provisions shall be decreased to the extent that the Borrower Security Trustee has received (and is able to retain) payment in full of the corresponding amount under Clause 6.1 (Parallel Debt). 

  

	6.3	Exercise of Rights 

  

	    	Without limiting or affecting the Borrower Security Trustee’s rights against the Borrower (whether under this Clause 6 or under any other provision of the Borrower Transaction
Documents and subject to sub-clause 6.4 of this Clause 6), the Borrower Security Trustee agrees with each Borrower Secured Creditor (on a several basis) that it will not exercise its rights in respect of the Borrower Parallel Debt except in
accordance with this Agreement and that it shall apply all monies received by it under Clause 6.1 (Parallel Debt) in accordance with Clause 4 (Application of Receipts) of the Security Trust Deed. The rights of the Borrower Secured
Creditors (other than the Borrower Security Trustee as beneficiary of the Borrower Parallel Debt) to receive payment of amounts payable by the Borrower under the Borrower Transaction Documents are several and are separate and independent from, and
without prejudice to, the rights of the Borrower Security Trustee to receive payment under this Clause 6. 

  

 - 7 - 

	6.4	Acts of Borrower Security Trustee 

  

	    	Nothing in this Agreement or any other Borrower Transaction Document shall in any way limit the Borrower Security Trustee’s right to act in the protection or preservation of,
the rights under, or to enforce, any Chargor Security Document as contemplated by the Security Trust Deed or the relevant Chargor Security Document or (other than as set out in Clause 6.2 (Discharge) in any way negate or affect the
obligations which the Borrower has to the Borrower Secured Creditors under the Borrower Transaction Documents. 

  

 - 8 - 

 SECTION C 
 INTEREST 
  

	7.	Interest 

  

	7.1	Loan Interest Periods 

  

	    	Interest for outstanding Term Advances shall be divided into successive Loan Interest Periods applicable to that Term Advance with the first Loan Interest Period for a Term Advance
beginning on the date the Notes which fund such Term Advance are issued (being the Closing Date in respect of the Initial Term Advances). 

  

	7.2	Rates of Interest 

  

	    	The rate of interest payable during the relevant Loan Interest Period shall be as follows: 

  

	 	7.2.1	     

  

	 	(a)	in respect of the outstanding Initial Term A Advance (and any Further Term A Advance), 4.064 per cent. per annum; 

  

	 	(b)	in respect of the outstanding Initial Term B Advance (and any Further Term B Advance), 4.464 per cent. per annum; 

  

	 	(c)	in respect of the outstanding Initial Term C Advance (and any Further Term C Advance), 4.814 per cent. per annum; and 

  

	 	7.2.2	in respect of any outstanding New Term Advance, unless otherwise agreed in writing by the Issuer and the Borrower, either: 

  

	 	(a)	the rate of interest (including any margin) payable by the Issuer on the relevant New Notes made or to be made by the Issuer to fund such New Term Advance; or

  

	 	(b)	if the Issuer enters into an Interest Rate Swap Agreement in relation to some or all such New Notes with a variable rate of interest, the rate of interest applied to the basis on
which payments are to be made by the Issuer to the Interest Rate Swap Counterparty under such Interest Rate Swap Agreement plus any margin payable in relation to the relevant New Notes. 

  

	7.3	Calculation of Interest 

  

	    	Interest accrues from day to day and shall be calculated on the basis of a year of 360 days and the actual number of days elapsed. 

  

	7.4	Payment of Interest 

  

	    	Subject to Clause 9 (Prepayment and Purchase), the Borrower shall pay interest partially in arrear at the rate set out in Clause 7.2 (Rates of Interest) on each Term
Advance outstanding during each Loan Interest Period for value into the Issuer Transaction Account by 3 p.m. on the Business Day prior to the Loan Payment Date which falls at the end of each Loan Interest Period (after taking into account amounts
receivable from the Currency Swap Counterparty under the Currency Swap Agreement, on the relevant Loan Payment Date, which amount shall be paid to the Issuer on such date) and an 

  

 - 9 - 

	 	    	irrevocable payment instruction for such payment shall be given by the Borrower (or the Cash Administrator on its behalf) to the Cash Pooling Account Bank no later than 12 noon on
the second Business Day prior to the relevant Loan Payment Date (with a copy thereof to the Issuer). 

  

	7.5	Additional Interest 

  

	 	7.5.1	In the event that, on any Loan Payment Date, there is a Loan Interest Shortfall interest shall accrue on such Loan Interest Shortfall, subject to Clause 7.5.2 at the same rate of
interest as that payable in respect of the relevant Term Advance in accordance with Clause 7.3 (Calculation of Interest) and shall be payable together with such accrued interest on any succeeding Loan Payment Date. 

 

	 	7.5.2	Interest payable on any Loan Interest Shortfall pursuant to Clause 7.5.1: 

  

	 	(a)	for each Loan Interest Period from and including the Loan Payment Date falling in October 2011 up to but excluding the Loan Payment Date falling in October 2014 shall be:

  

	 	(i)	in respect of the Initial Term A Advance (and any Further Term A Advance), 0.35 per cent. per annum plus the lesser of (i) EURIBOR for three month euro deposits for the
corresponding Note Interest Period and (ii) 3.714 per cent. per annum ; 

  

	 	(ii)	in respect of the Initial Term B Advance (and any Further Term B Advance), 0.75 per cent. per annum plus the lesser of (i) EURIBOR for three month euro deposits for the
corresponding Note Interest Period and (ii) 3.714 per cent. per annum; and 

  

	 	(iii)	in respect of the Initial Term C Advance (and any Further Term C Advance), 1.10 per cent. per annum plus the lesser of (i) EURIBOR for three month deposits for the corresponding
Note Interest Period and (ii) 3.714 per cent. per annum; 

  

	 	(b)	for each Loan Interest Period beginning on or after the Loan Payment Date falling in October 2014 shall be: 

  

	 	(i)	in respect of the Initial Term A Advance (and any Further Term A Advance), the Interest Rate in respect of the corresponding Class of Notes during the corresponding Note Interest
Period; 

  

	 	(ii)	in respect of the Initial Term B Advance (and any Further Term B Advance), the Interest Rate in respect of the corresponding Class of Notes during the corresponding Note Interest
Period; and 

  

	 	(iii)	in respect of the Initial Term C Advance (and any Further Term C Advance), the Interest Rate in respect of the corresponding Class of Notes during the corresponding Note Interest
Period. 

  

 - 10 - 

 SECTION D 
 REPAYMENT AND PREPAYMENT 
  

	8.	REPAYMENT 

  

	8.1	Repayment of Initial Term Advances 

  

	    	On and subject to the other terms of this Agreement, the Borrower shall repay then outstanding amount of each Initial Term Advance (and, if they have been advanced, any Further Term
Advances) in full on the Loan Repayment Date, together with all accrued interest and any other outstanding amounts incurred pursuant to this Agreement unless repaid earlier pursuant to this Agreement. 

  

	8.2	Repayments of New Term Advances 

  

	    	On and subject to the terms of this Agreement, the Borrower shall make repayments in respect of any New Term Advances in the amounts and on the dates which correspond to principal
payable under the New Notes issued to finance the applicable New Term Advance. 

  

	8.3	No Reborrowing of Initial Term Advances or Further Term Advances and No Other Repayments 

  

	    	The Borrower shall not be entitled to reborrow the Initial Term Advances or any Further Term Advances prepaid or repaid and the Borrower shall not repay all or any part of the
Initial Term Advances or any part of any Further Term Advances other than at the times and in the manner expressly provided for in this Agreement. 

  

	9.	PREPAYMENT AND PURCHASE 

  

	9.1	No ability to prepay 

  

	    	The Borrower shall not be entitled to prepay any Initial Term Advance in whole or in part other than in accordance with the provisions of this Clause 9. 

  

	9.2	General Conditions to Prepayment 

  

	 	9.2.1	Upon the occurrence of an election by, or requirement of, the Borrower to prepay the Initial Term Advances in accordance with Clause 9.3 (Voluntary Repayment of Initial Term
Advances), Clause 9.4 (Prepayment as a Result of a Tax and Other Events) or Clause 9.6 (Mandatory Prepayment as a Result of Disposal of a Mortgaged Property), the Borrower shall prepay in whole or, as applicable, in part the
Initial Term Advances in the order provided in Clause 9.7 (Order of Prepayment of Initial Term Advances) provided that: 

  

	 	(a)	the Borrower has given not less than 15 and not more than 60 days prior written notice (or, in the case of required prepayment as a result of illegality, upon receiving notice from
the Issuer or upon giving such shorter notice as may be necessary to address the applicable illegality) to the Issuer, the Cash Administrator, the Borrower Security Trustee and the Trustee copied to the Interest Rate Swap Counterparty and the
Currency Swap Counterparty of its intention to prepay; 

  

	 	(b)	any such prepayment of an Initial Term Advance shall only be made on: 

  

	 	(i)	the Loan Payment Date immediately following the notice given in Clause 9.2.1; or 

  

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	 	(ii)	in relation to any required prepayment as a result of any the circumstances set out in Condition 7(c)(iii) (Redemption, Purchase and Cancellation - Redemption/Substitution for
Taxation and Other Reasons) occurring, the date required pursuant to the terms of Clause 9.2.2; 

  

	 	(c)	the amount of such prepayment shall be increased by an amount equal to any Hedging Amounts that the Issuer will be required to pay to any Interest Rate Swap Counterparty in
connection with such prepayment or, where a Hedging Amount is due to the Issuer in connection with such prepayment, an amount equal to such Hedging Amount shall be deducted from the amount of such prepayment; 

  

	 	(d)	no such prepayment may be made unless, concurrent with such prepayment, the Borrower shall pay in full any Hedging Amounts payable to any Currency Swap Counterparty in connection
with such prepayment and all other amounts payable by it under this Agreement to enable the Issuer to pay, on the Note Payment Date falling on the Loan Payment Date on which the relevant Initial Term Advance is to be prepaid, all other amounts which
are to be paid in priority to and pari passu with the Class of Notes being redeemed (including, without limitation, any Hedging Amount that the Issuer will be required to pay to any Interest Rate Swap Counterparty); and

  

	 	(e)	immediately prior to the date on which the Borrower gives notice in accordance with Clause 9.2.1(a), the Borrower provides a Redemption Certificate to the Borrower Security Trustee
(except, in relation to any prepayment under Clause 9.6 (Mandatory Prepayment as a Result of Disposal of a Mortgaged Property), not including the items outlined at (a) of the definition of Redemption Certificate). 

  

	 	9.2.2	if the circumstances in Condition 7(c)(iii) (Redemption, Purchase and Cancellation - Redemption/Substitution for Taxation and Other Reasons) apply and, in accordance with
Clause 9.4 (Prepayment as a Result of Tax and Other Events), mitigation is not possible, and the Borrower elects to prepay the Initial Term Advances, then the Borrower shall make such prepayment on the earlier of: 

  

	 	(a)	where it is unlawful for the Issuer to perform any of its obligations under this Agreement or to make, fund or allow to remain outstanding any Initial Term Advance, on the Loan
Payment Date occurring after the date on which the Issuer has notified the Borrower of such illegality (or, if earlier, the date as the Issuer may specify in any notice delivered to the Borrower, being no earlier than the last day of any applicable
grace period permitted by law); and 

  

 - 12 - 

	 	(b)	where it is unlawful for the Borrower to perform any of its material obligations under this Agreement, on the Loan Payment Date occurring after the date on which the Borrower became
aware of the unlawfulness (or, if earlier, the last day of any applicable grace period permitted by law) (as certified in a notice from the Borrower to the Issuer and the Borrower Security Trustee). 

  

	9.3	Voluntary Prepayment of Initial Term Advances 

  

	    	Subject to Clause 9.2 (General Conditions to Prepayment) and Clause 9.7 (Order of Prepayment of Initial Term Advances), the Borrower may prepay any Initial Term
Advance, in whole or in part, in integral multiples of €500,000. 

  

	9.4	Prepayment as a Result of Tax and Other Events 

  

	    	If any of the events occur which give rise to the Issuer’s option to redeem as set out in Condition 7(c) (Redemption, Purchase and Cancellation - Substitution/Redemption in
Whole for Taxation and Other Reasons) then, subject to Clause 9.5 (Duty to Mitigate and Notify) and subject to satisfying the conditions in Clause 9.2 (General Conditions to Prepayment) the Borrower may prepay in whole (but not in
part) the outstanding Initial Term Advances. 

  

	9.5	Duty to Mitigate and Notify 

  

	 	9.5.1	The Borrower may only prepay the Initial Term Advances on an occurrence of any of the events set out Condition 7(c)(i), (ii), (iv), (v) and (where it is or will become illegal in
respect of the Issuer for all or any of the Term Advances under this Agreement to remain outstanding) Condition 7(c)(iii) (Redemption, Purchase and Cancellation - Redemption/Substitution for Taxation and Other Reasons), if the Issuer is
unable to mitigate the effects of the occurrence of the relevant event in accordance with Clause 12 (Mitigation). If the Issuer is unable to mitigate the effects in accordance with Clause 12 (Mitigation), the Issuer shall notify the
Borrower, the Borrower Security Trustee and the Cash Administrator as soon as reasonably practicable. 

  

	 	9.5.2	The Borrower may only prepay the Initial Term Advances on an occurrence of the event set out in Condition 7(c)(iii) (Redemption, Purchase and Cancellation -
Redemption/Substitution for Taxation and Other Reasons) (where it has become unlawful for the Borrower to perform any of its material obligations under this Agreement) if the Borrower is unable to mitigate the effects of the occurrence of the
relevant event in accordance with Clause 12 (Mitigation). If the Borrower is unable to mitigate the effects in accordance with Clause 12 (Mitigation), the Borrower shall notify the Issuer, the Borrower Security Trustee and the Cash
Administrator as soon as reasonably practicable. 

  

	9.6	Mandatory Prepayment as a Result of Disposal of a Mortgaged Property 

  

	    	Subject to there being no Loan Event of Default or no Potential Loan Event of Default outstanding and continuing (unless waived), where a Chargor has disposed of a Mortgaged
Property or Sold Chargor and has not applied the proceeds of such disposal for a Permitted Purpose by the date specified in Clause 18.3.4, the Borrower, in accordance with the conditions set out in Clause 9.2 (General Conditions to
Prepayment), shall apply, or shall procure the application of, such proceeds (to the extent of the Allocated Debt Amount), in prepayment of the Initial Term Advances. 

  

 - 13 - 

	9.7	Order of Prepayment of Initial Term Advances 

  

	    	Unless otherwise indicated in this Clause 9, any Initial Term Advances to be prepaid prior to the delivery of a Loan Enforcement Notice will be prepaid in the following order:

  

	 	9.7.1	     

  

	 	(a)	except in the case of a prepayment from Sales Proceeds (in an amount equal to the Allocated Debt Amount) deposited in the Disposals Proceeds Account, if no Loan Event of Default or
Potential Loan Event of Default has occurred and is continuing (including in circumstances where the Borrower is remedying a breach of any of the covenants in Clause 15 (Financial Covenants)) or Property Advisor Appointment Event has occurred
(unless the appointment of a Property Adviser has been terminated or otherwise ceases to be in effect other than pursuant to a breach of the terms of this Agreement ), or any such event has occurred but has been waived by the Borrower Security
Trustee, in accordance with the Borrower Transaction Documents, on a pro rata basis between all of the Initial Term Advances on the basis of the principal amount outstanding of the Initial Term Advances at such time; 

 

	 	(b)	in the case of a prepayment from Sales Proceeds (in an amount equal to the Allocated Debt Amount) deposited in the Disposal Proceeds Account, if no Loan Event of Default or
Potential Loan Event of Default has occurred and is continuing (including in circumstances where the Borrower is remedying a breach of any of the covenants in Clause 15 (Financial Covenants)) or Property Advisor Appointment Event has occurred
(unless the appointment of a Property Adviser has been terminated or otherwise ceases to be in effect other than pursuant to a breach of the terms of this Agreement), or any such event has occurred but has been waived by the Borrower Security
Trustee in accordance with the Borrower Transaction Documents, the application of: 

  

	 	(i)	an amount equal to 100% of the Attributable Debt in respect of the relevant Mortgaged Property (or Mortgaged Properties) or Sold Chargor on a pro rata basis between all of
the Initial Term Advances on the basis of the principal amount outstanding of the Initial Term Advances at such time; and 

  

	 	(ii)	any excess on a sequential basis (in each case to the extent such Initial Term Advance remains outstanding) as follows: (1) the Initial Term A Advances, (2) the Initial Term B
Advances and (3) the Initial Term C Advances; or 

  

	 	(c)	if the funds used to prepay such Initial Term Advances come from (i) cash received on a subordinated basis from outside of the Securitisation Group (with a legal opinion
satisfactory to the Borrower Security Trustee being 

  

 - 14 - 

	 	    	provided as to the effectiveness of such subordination (subject to any reservations therein)) (ii) equity received for such purpose or (iii) the proceeds of a New Term Advance from
the Issuer following the Issue of New Notes, the Initial Term Advances can be repaid in any order that the Borrower determines; or 

  

	 	9.7.2	if a Loan Event of Default, Potential Loan Event of Default (including in circumstances where the Borrower is remedying a breach of any of the covenants in Clause 15 (Financial
Covenants)) or Property Advisor Appointment Event has occurred and has not been waived, on a sequential basis (in each case to the extent such Initial Term Advance remains outstanding) as follows: (i) the Initial Term A Advances, (ii) the
Initial Term B Advances and (iii) the Initial Term C Advances. 

  

	9.8	Deemed Prepayment Upon Purchase of Notes by the Borrower 

  

	 	9.8.1	The Borrower may purchase Notes of any class in the market provided that on the date of such proposed purchase: 

  

	 	(a)	no Loan Event of Default or Potential Loan Event of Default has occurred and is continuing (and has not been waived) or would occur as a result of such purchase; and

  

	 	(b)	such purchase is made either: 

  

	 	(i)	if the Restricted Payment Condition is satisfied as at the most recent Loan Payment Date, using Excess Cash available at such date; 

  

	 	(ii)	from funds advanced on a fully subordinated basis (and a legal opinion satisfactory to the Borrower Security Trustee has been provided as to the effectiveness of such
subordination); or 

  

	 	(iii)	from equity contributions received for such purpose. 

  

	 	9.8.2	When purchasing Notes under Clause 9.8.1: 

  

	 	(i)	if no Loan Event of Default or Potential Loan Event of Default has occurred and is continuing (or has occurred and has been waived) or Property Advisor Appointment Event has
occurred (unless the appointment of a Property Adviser has been terminated or otherwise ceases to be in effect other than pursuant to a breach of the terms of this Agreement), the Borrower shall purchase a pro rata amount of all outstanding
Classes of Notes (by reference to the principal amount outstanding of each Class of Notes at such time and subject to rounding to the nearest €500,000) provided that if the funds used to purchase such Notes come from cash received on a
subordinated basis (with a legal opinion satisfactory to the Borrower Security Trustee being provided as to the effectiveness of such subordination) or equity received for such purpose, the Borrower may purchase Notes of any Class; or

  

 - 15 - 

	 	(ii)	if a Loan Event of Default or Potential Loan Event of Default has occurred and is continuing (and has not been waived) (including in circumstances where the Borrower is remedying a
breach of any of the covenants in Clause 15 (Financial Covenants) or Property Advisor Appointment Event has occurred (unless the appointment of a Property Adviser has been terminated or otherwise ceases to be in effect other than pursuant to
a breach of the terms of this Agreement) and has not been waived, the Borrower shall only be allowed to purchase classes of Notes on a sequential basis (in the order of priority in the Issuer Post-Enforcement Priority of Payments) commencing with
the Most Senior Class of Notes. 

  

	 	9.8.3	If the Borrower has purchased a Note, it shall forthwith following such purchase, notify the Issuer, the Swap Counterparties and the Trustee of such purchase and surrender such Note
to the Issuer for cancellation in accordance with Condition 7(h) (Redemption, Purchase and Cancellation - Purchase by the Borrower and Cancellation). 

  

	 	9.8.4	Upon surrender of such Note, the Note will be cancelled in accordance with Condition 7(i) (Redemption, Purchase and Cancellation - Cancellation) and, upon such cancellation,
an amount of the relevant Initial Term Advance equal to the Principal Amount Outstanding of such Note plus an amount of interest on the relevant Initial Term Advance equal to the aggregate of any accrued and unpaid interest on the Principal Amount
Outstanding of such Note will be treated as having been prepaid in accordance with Clause 9.3 (Voluntary Prepayment of Initial Term Advances). 

  

	 	9.8.5	In the case of any purchase and cancellation of Notes under this Clause 9 and subject to the terms of this Agreement on the date of such cancellation immediately following such
purchase of Notes: 

  

	 	(a)	the Borrower shall pay (i) to the Issuer an amount equal to any Hedging Amounts that fall to be paid by the Issuer to the Interest Rate Swap Counterparty and (ii) to the Currency
Swap Counterparty an amount equal to any Hedging Amounts that fall to be paid by the Borrower to the Currency Swap Counterparty, in each case as a result of any full or partial termination of the relevant Swap Agreement; or 

 

	 	(b)	the Issuer shall pay to the Borrower an amount equal to any Hedging Amounts that the Issuer receives from any Interest Rate Swap Counterparty as a result of any full or partial
termination of the relevant Interest Rate Swap Agreement, 

  

	 	    	in each case, in respect of the prepayment of the relevant Initial Term Advance treated as having been made pursuant to this Clause 9.8. 

  

 - 16 - 

	9.9	Prepayment of Additional Term Advances and Purchase of Additional Notes 

  

	 	9.9.1	Prepayment of Additional Term Advances Upon Prepayment of Initial Term Advances 

  

	 	    	If the Borrower prepays all of the outstanding Initial Term Advances pursuant to Clause 9.4 (Prepayment as a Result of Tax and Other Events), the Borrower will be required to
prepay all of the outstanding Additional Term Advances granted to it (adjusted by adding Hedging Amounts payable to the Issuer (in the case of Hedging Amounts required to be paid by the Issuer to any Interest Rate Swap Counterparty as a result of
the prepayment of the corresponding Additional Notes) or subtracting Hedging Amounts receivable by the Issuer (in the case of Hedging Amounts required to be paid by any Interest Rate Swap Counterparty to the Issuer as a result of the prepayment of
the corresponding Additional Notes) together with all accrued and unpaid interest in relation to such outstanding Additional Term Advances up to (but excluding) the date of prepayment by the Borrower and any other amounts owing by it in respect of
this Agreement, including any amounts owing by it in respect of the Ongoing Facility Fee, and any Hedging Amounts the Borrower owes to the Currency Swap Counterparty. 

  

	 	9.9.2	Prepayment of Further Term Advances and Further Notes 

  

	 	    	The Borrower shall be entitled to: 

  

	 	(a)	prepay any Further Term Advances on substantially the same terms as those on which the Initial Term Advances may be prepaid in accordance with this Clause 9; and

  

	 	(b)	purchase any Further Notes on substantially the same terms as those on which the Borrower may purchase any Notes pursuant to Clause 9.8 (Deemed Prepayment Upon Purchase of Notes
by the Borrower) and in the order set out in, Clause 9.8 (Deemed Prepayment Upon Purchase of Notes by the Borrower); and 

  

	 	9.9.3	Prepayment of New Term Advances and New Notes 

  

	 	    	The Borrower shall be entitled to, save as otherwise agreed to in writing by the Issuer (with the written consent of the Trustee, the Borrower and the Borrower Security Trustee):

  

	 	(a)	prepay any New Term Advances on substantially the same terms as those on which the Initial Term Advances may be prepaid in accordance with this Clause 9; and

  

	 	(b)	purchase any New Notes on substantially the same terms as those on which the Borrower may purchase any Notes pursuant to, and in the order set out in, Clause 9.8 (Deemed
Prepayment Upon Purchase of Notes by the Borrower), 

  

	 	    	in order to reflect the prepayment terms of the New Notes issued to fund any such New Term Advance on or prior to the time of issue of such New Notes any of the provisions of this
Clause 9 and Clause 18.3 (Application of Proceeds of Disposal of a Mortgaged Property) shall be amended if and to the extent necessary to give effect to such agreement. 

  

 - 17 - 

	9.10	Notice of Prepayment 

  

	    	Any notice of prepayment (including any deemed prepayment or purchase of any Notes) given by the Borrower pursuant to this Clause 9 shall: 

  

	 	9.10.1	subject to the fulfilment by the Issuer of the conditions set out in Clause 13.2 (Conditions Precedent to the Issue of Early Redemption Notices) of the Trust Deed, be
irrevocable; 

  

	 	9.10.2	specify the date or dates upon which such prepayment is to be made; 

  

	 	9.10.3	be delivered to the recipients specified in this Clause 9 no later than 5 p.m. (Central European Time) on a Business Day within the time periods prescribed by this Clause 9;

  

	 	9.10.4	specify whether the Restricted Payment Condition is satisfied or not on the most recent Loan Payment Date; 

  

	 	9.10.5	specify whether there is a Loan Event of Default, Potential Loan Event of Default and/or Property Advisor Appointment Event which is continuing (and has not been waived);

  

	 	9.10.6	specify whether the funds used to make such prepayment come from Excess Cash, funds advanced on a subordinated basis and/or equity contributions; 

  

	 	9.10.7	specify which Term Advances or Notes are to be prepaid or purchased as applicable; 

  

	 	9.10.8	specify the amount of such prepayment; and 

  

	 	9.10.9	subject to the Issuer having issued the required notice under Condition 7(b) (Redemption, Purchase and Cancellation - Early Mandatory Redemption in Whole or in Part upon
Prepayment under the Issuer/Borrower Facility Agreement) or, as the case may be, Condition 7(c) (Redemption, Purchase and Cancellation - Substitution/Redemption in Whole for Taxation and Other Reasons), oblige the Borrower to make such
prepayment on the date specified in Clause 9.10.2. 

  

 - 18 - 

 SECTION E 
 FEES COSTS AND EXPENSES 
  

	10.	FEES, COSTS AND EXPENSES 

  

	10.1	Facility Fees 

  

	 	10.1.1	Initial Facility Fee 

  

	 	    	In consideration of the Issuer making the Initial Term Facilities available, the Borrower shall pay to the Issuer on the Closing Date a fee (the “Initial Facility
Fee”) in an amount equal to all fees, costs and expenses including the selling and underwriting commissions of the Manager properly and reasonably incurred by the Issuer on or before the Closing Date in connection with the issue of the
Notes, the granting of the Initial Term Advances and the negotiation, preparation and execution of each Issuer Transaction Document. 

  

	 	10.1.2	Ongoing Facility Fee 

  

	 	    	The Borrower will be required to pay to the Issuer a further fee for the provision by the Issuer of the Term Facilities (the “Ongoing Facility Fee”) in an amount
equal to the aggregate of, without double counting,: 

  

	 	(a)	all amounts due and payable by the Issuer: 

  

	 	(i)	under paragraphs (a)(i), (b)(i), (c) to (l) (inclusive) of the Issuer Pre-Enforcement Priority of Payments; or 

  

	 	(ii)	(a)(i), (b)(i), (c) to (l) (inclusive) of the Issuer Post-Enforcement Priority of Payments; 

  

	 	(b)	in relation to each Loan Payment Date falling in October, euro 20,000 (or in relation to the Closing Date, euro 25,000) for deposit into the Issuer Dutch Account from time to time;
and 

  

	 	(c)	in relation to each Loan Payment Date falling in October, euro 10,000 payable by the Issuer under the Management Agreement pursuant to paragraph (b)(ii) of the Issuer
Pre-Enforcement Priority of Payments or, as applicable, paragraph (b)(ii) of the Issuer Post-Enforcement Priority of Payments, 

  

	 	    	(any such amounts, “Issuer Costs”) in each case to the extent the Issuer has insufficient funds to make such payments after taking into account amounts receivable
by the Issuer by way of interest and principal in relation to the Term Advances and from the Interest Rate Swap Counterparty (or the Interest Rate Swap Guarantor) under the Interest Rate Swap Agreement and amounts which may be drawn under the
Liquidity Facility Agreement, such payment by way of Ongoing Facility Fee to be made on the date on which any such Issuer Costs are payable by the Issuer in accordance with the Issuer Pre-Enforcement Priority of Payments or, as the case may be, the
Issuer Post-Enforcement Priority of Payments. 

  

 - 19 - 

	 	10.1.3	Rebate of ongoing facility fee 

  

	 	    	Where any Hedging Amounts are payable to the Issuer under the Interest Rate Cap Transaction (other than in circumstances where the Interest Rate Cap Transaction was terminated due
to an Event of Default or a Termination Event (each as defined under the Interest Rate Swap Agreement) or in circumstances where a Note Event of Default has occurred but including any Hedging Amount following the prepayment of the Notes in whole or
in part), the Issuer will pay to the Borrower amounts equal to such Hedging Amounts received from the Interest Rate Swap Counterparty by way of rebate for the Ongoing Facility Fee or to the extent such amount exceeds the aggregate of all Ongoing
Facility Fees, to be paid as a fee by the Issuer to Borrower. 

  

	10.2	Preservation and Enforcement of Rights 

  

	    	The Borrower shall, in accordance with the Borrower Priority of Payments, indemnify the Issuer and the Borrower Security Trustee (including, in the case of the Borrower Security
Trustee, any person appointed by it to whom any trust, power, authority or discretion may be delegated by it in the exercise of its powers or discretions vested in it under the Chargor Security Documents) against all Liabilities properly incurred by
the Issuer and/or the Borrower Security Trustee (other than by reason of gross negligence, wilful default or fraud by the Issuer or the Borrower Security Trustee) in or in connection with the preservation and/or enforcement of any of the rights of
the Issuer and the Borrower Security Trustee under this Agreement or any of the Borrower Transaction Documents (including any costs and expenses which the Borrower Security Trustee may properly incur relating to any investigation as to whether or
not a Loan Event of Default, Potential Loan Event of Default or Property Advisor Appointment Event has occurred or any steps necessary or desirable in connection with any proposal for remedying or otherwise resolving a Loan Event of Default,
Potential Loan Event of Default or Property Advisor Appointment Event or any matter or thing required to be done or omitted in any way in connection with this Agreement). 

  

	10.3	Stamp Taxes 

  

	    	The Borrower shall pay all stamp, registration and other documentary taxes or duties (including interest and penalties thereon or in connection therewith) to which this Agreement,
or any of the other Borrower Transaction Documents (to the extent not paid under the terms thereof) or any judgment or decree given in connection therewith is, or at any time may become subject and shall, subject to the Borrower Priorities of
Payments, indemnify each of the Issuer and the Borrower Security Trustee against any claim, demand, action, liability, damage, cost, loss or expense (including, without limitation, legal fees) which the Issuer suffers or incurs or the Borrower
Security Trustee may properly suffer or incur as a result of or in relation to any failure to pay or delay in paying any such stamp, registration or documentary taxes or duties. 

  

	10.4	Amendment Costs 

  

	    	If a Chargor requests any amendment, waiver or consent then the Chargor shall, subject to the Borrower Priorities of Payments, reimburse the Issuer and the Borrower Security Trustee
for all costs and expenses (including legal fees) properly incurred by the Issuer and/or the Borrower Security Trustee in responding to or complying with such request. 

  

 - 20 - 

 SECTION F 
 TAXES AND MITIGATION 
  

	11.	TAXES 

  

	11.1	Payments to be Free and Clear 

  

	    	All sums payable by the Borrower under this Agreement and all sums payable by a Chargor (other than the Borrower) pursuant to its Guarantee, shall be paid (except to the extent
required by any Requirement of Law) free and clear of and without any deduction or withholding on account of any Tax (a “Tax Deduction”). 

  

	11.2	Tax Gross-up 

  

	    	If the Borrower or (with respect to any amounts such Chargor has to pay pursuant to its Guarantee) any other Chargor: (a) is required by any Requirement of Law to make a Tax
Deduction from any sum paid or payable by it to the Issuer, or (b) is required by law to make any deduction or withholding from, or to make (except on account of tax on the overall net income of that party) any payment of or on account of Tax on or
calculated by reference to the amount of, any sum received or receivable by the Issuer (including any sum deemed for purposes of Tax to be received or receivable by the Issuer whether or not actually received or receivable) under this Agreement
then, provided that, the Tax or other amount or (as the case may be) the amount so deducted, withheld or paid is attributable to an amount paid or payable under this Agreement: 

  

	 	11.2.1	the Borrower or such other Chargor, as applicable, shall promptly notify the Cash Administrator, the Borrower Security Trustee and the Issuer (in the case of Clause 11.2(a)) of any
such requirement or any change in any such requirement as soon as it becomes aware of it; 

  

	 	11.2.2	the Borrower or such other Chargor, as applicable, shall pay any such Tax or other amount before the date on which penalties attach thereto, such payment to be made (if the
liability to pay is imposed on the Borrower or such other Chargor, as applicable) for the Borrower’s or, as applicable, such other Chargor’s account, or (if that liability is imposed on the Issuer) on behalf and in the name of the Issuer;

  

	 	11.2.3	the sum payable in respect of which the relevant Tax Deduction is required shall be increased to the extent necessary to ensure (unless prevented by any applicable law from so
doing) that, after the making of that Tax Deduction, the Issuer receives on the due date and retains (free from any liability in respect of any such Tax Deduction) a net sum equal to that which it would have received and so retained had no such Tax
Deduction been required or made; and 

  

	 	11.2.4	as soon as practicable after paying any sum from which it is required by law to make any Tax Deduction, withholding or payment, and as soon as practicable after the due date of
payment of any Tax or other amount which it is required by Clause 11.2.2 to pay, the Borrower or other Chargor, as applicable, shall deliver to the Issuer evidence reasonably satisfactory to the Issuer that the Tax Deduction has been made and that
any appropriate payment has been made to the relevant Tax Authority or other authority. 

  

 - 21 - 

	11.3	Tax Credits 

  

	 	11.3.1	If the Issuer receives an additional payment under Clause 11.2 (Tax Gross-up) and in the Issuer’s good faith opinion it determines that it has received or been granted,
and effectively utilised, a credit against, or relief or remission for, or repayment of, any Tax paid or payable by it (each a “Tax Credit”) in respect of or calculated with reference to the Tax Deduction giving rise to such
additional payment the Issuer shall (to the extent that it can do so without adverse consequences) repay to the Borrower or other Chargor such amount as the Issuer shall in good faith have concluded to be attributable to the relevant deduction,
withholding or payment. 

  

	 	11.3.2	Save to the extent proven to the contrary, any such payment in Clause 11.3.1 shall be evidence of the amount due to the Borrower or other Chargor, as the case may be, hereunder and
shall be accepted by the Borrower or other Chargor, as the case may be, in full and final settlement of its rights of reimbursement hereunder in respect of such deduction, withholding or payment. 

  

	 	11.3.3	Nothing herein contained or in Clause 12 (Mitigation) shall interfere with the free and unfettered right of the Issuer to arrange its Tax affairs at its discretion in
whatever manner it thinks fit and, in particular, it shall not be under any obligation to claim any Tax Credit from or against its corporate profits or similar Tax liability in respect of the amount of any Tax Deduction, withholding or payment in
priority to any other claims, relief’s, credits or deductions available to it (and, in particular, it shall not be under any obligation to claim any Tax Credit if the effect of such claim would be to reduce the amount of Dutch corporate Tax
payable by the Issuer on the profit earned by the Issuer). 

  

	 	11.3.4	Any such payment in Clause 11.3.1 shall be made promptly upon the Issuer certifying (a) that a Tax Credit has been received and effectively utilised by it and (b) the amount of such
Tax Credit. 

  

	 	11.3.5	Not more than once a year, the Borrower and if any payments have been made pursuant to its Guarantee, the relevant Chargor, may request the Issuer, if the Issuer has received an
additional payment under Clause 11.2 (Tax Gross-Up), to confirm whether or not it has received any Tax Credit in respect of such additional payment such that an amount is payable by it under this Clause 11.3 (and, if so, the amount so
payable) and the Issuer shall provide such confirmation as soon as reasonably practicable. 

  

	11.4	Indirect Taxes 

  

	    	All amounts payable under this Agreement are stated exclusive of all value added, sales or other indirect Taxes which are, accordingly, payable in addition to the amounts in respect
of which such Taxes are chargeable. 

  

	12.	MITIGATION 

  

	12.1	If circumstances arise which would, or would upon the giving of notice, result in: 

  

	 	12.1.1	an increased amount becoming payable by the Borrower pursuant to Clause 11.2 (Tax Gross-up); 

  

 - 22 - 

	 	12.1.2	the Issuer claiming an amount by way of Ongoing Facility Fee pursuant to Clause 10.1.2 (Ongoing Facility Fee) in respect of increases in Issuer Costs from the Borrower where
such claim arises as a result of the introduction of, or any change in or in the interpretation, administration and/or application of, any law or regulation after the date of this Agreement; 

  

	 	12.1.3	any prepayment of any Term Advances or the purchase of any Notes as a result of the occurrence of the events set out in Condition 7(c)(iii) (Redemption, Purchase and Cancellation
- Redemption/Substitution for Taxation and Other Events) and if it is the case that it is unlawful for the Issuer to allow to remain outstanding an Initial Term Advance; or 

  

	 	12.1.4	any prepayment of any Term Advances or the purchase of any Notes as a result of the occurrence of the events set out in Condition 7(c)(iii) (Redemption, Purchase and Cancellation
- Redemption/Substitution for Taxation and Other Events) and it is the case that it is unlawful for the Borrower to perform any of its material obligations under this Agreement, 

  

	    	then the Borrower (in the case of Clauses 12.1.1 and 12.1.4) shall: 

  

	 	12.1.5	promptly upon becoming aware of the circumstances, notify the Issuer, the Borrower and the Borrower Security Trustee; and 

  

	 	12.1.6	take such reasonable steps as may be open to it (as the case may be) to mitigate or remove such circumstances, 

  
 and the Issuer shall: 
  

	 	12.1.7	(in the case of Clauses 12.1.2 and 12.1.3), promptly upon becoming aware of the circumstances, notify the Borrower and the Borrower Security Trustee; and 

 

	 	12.1.8	in consultation with the Borrower and the Borrower Security Trustee (but subject to any restriction to which it may be subject under the Transaction Documents), take such reasonable
steps as may be open to it to mitigate or remove such circumstances, including, but subject to Clause 27 (Assignments and Transfers), the transfer of its rights and obligations under the Transaction Documents to another lender acceptable to
the Borrower and the Borrower Security Trustee, 

  

	    	provided that nothing in this Clause 12 shall limit, qualify or in any way affect the obligations of the Borrower under any Borrower Transaction Document or require the
Borrower or the Issuer to take any action which in its opinion, may be in any way prejudicial to its financial condition, business or operations. 

  

	 	12.2	Without prejudice to the other provisions of this Clause 12, if in order for interest to be paid without any deduction or withholding of tax to the Issuer (or with a reduced rate of
deduction or withholding) or for a repayment of any tax withheld or deducted from a payment of interest to be obtained it is necessary for the Issuer to make an application pursuant to a relevant double taxation treaty, the Issuer (or the Cash
Administrator, on its behalf, if required by the Issuer in relation only to joining in such application) will, when 

  

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	    	requested in writing by the Borrower, promptly do all that it reasonably can to make or join in such application, as the Borrower may request. The Issuer agrees that if any such
double taxation treaty application is not accepted by the relevant tax authority then, at the request of the Borrower (acting reasonably) and provided that the Borrower has indemnified the Issuer to its reasonable satisfaction against any
cost, claim, loss, expense (including legal fees) or liability (together with any VAT thereon) which it may reasonably and properly sustain or incur in connection therewith, the Issuer shall supply such further information and/or take such steps as
the Borrower may reasonably request in connection with the Issuer’s claim to exemption or relief from any taxation under such double taxation treaty. 

  

	12.3	As at the date hereof, the Issuer represents and covenants in favour of the Borrower Security Trustee and the Borrower that: 

  

	 	12.3.1	it is and will remain a resident of The Netherlands for Dutch tax purposes; 

  

	 	12.3.2	it is and will remain resident outside Belgium for Belgian tax purposes; and 

  

	 	12.3.3	it has, and will continue to have, no branch, management, business, establishment or other fixed establishment in Belgium. 

  

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 SECTION G 
 REPRESENTATIONS, WARRANTIES AND COVENANTS 
  

	13.	REPRESENTATIONS AND WARRANTIES 

  

	13.1	Benefit 

  

	    	Each Chargor (unless otherwise indicated) makes the representations and warranties specified in this Clause 13, subject to the qualifications set out in the Disclosure Letter, in
each case to the Issuer and the Borrower Security Trustee and each Chargor acknowledges that the Issuer and the Borrower Security Trustee have entered into this Agreement in reliance on the representations and warranties in this Clause 13.

  

	13.2	Status 

  

	 	13.2.1	The Borrower is a Belgian commanditaire vennootschap op aandelen/société en commandite par actions, and each other Belgian Chargor is a Belgian besloten
vennootschap met beperkte aansprakelijkheid/société privée à responsibilité limitée duly incorporated and validly existing under the laws of Belgium; 

  

	 	13.2.2	each English Chargor is a limited liability company, duly incorporated and validly existing and registered under the laws of England and Wales; 

  

	 	13.2.3	each French Chargor is a société par actions simplifiée with limited liability (except for Shurgard Investissement 1 SNC which is a
société en nom collectif), duly incorporated and validly existing under the laws of France; 

  

	 	13.2.4	each Dutch Chargor is a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid), duly incorporated and validly existing under the laws
of The Netherlands; 

  

	 	13.2.5	each Swedish Chargor is either a company with limited liability (aktiebolag) or a limited partnership (kommanditbolag), and each is duly incorporated or formed and
validly existing under the laws of Sweden; 

  

	 	13.2.6	each Danish Chargor is either a company with limited liability (aktieselskab or anpartsselskab) or a limited partnership (kommanditselskab) and each is duly
incorporated or formed and validly existing under the laws of Denmark; and 

  

	 	13.2.7	each Chargor possesses the capacity to sue and be sued in its own name and is not subject to any immunities from proceedings. 

  

	13.3	Powers 

  

	    	Each Chargor has: 

  

	 	13.3.1	the power to own its assets and to carry on its business and operations as they are being conducted; 

  

	 	13.3.2	the power to enter into, perform and discharge its obligations and exercise its rights under each Borrower Transaction Document to which it is a party and to exercise its rights
under each such Borrower Transaction Document; 

  

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	 	13.3.3	taken all necessary corporate and other action to authorise the execution, delivery and performance by it of each Borrower Transaction Document to which it is a party; and

  

	 	13.3.4	duly executed each Borrower Transaction Document to which it is a party. 

  

	13.4	Legal validity 

  

	    	Subject to the completion of the Required Filings and Required Property Filings and any reservations as to matters of law contained in applicable legal opinions dated on or about
the Closing Date and addressed to the Borrower Security Trustee, each Borrower Transaction Document to which each Chargor is a party and the transactions contemplated thereby: 

  

	 	(a)	constitute, or will constitute when executed in accordance with its terms, such Chargor’s legal, valid and binding obligations enforceable in accordance with its terms;

  

	 	(b)	validly creates (to the extent it purports to do so) a first ranking Security Interest of the type described, and over the assets to which it is expressed to apply, in the relevant
Borrower Transaction Documents (in the case of income receivables from customers, following registration and notification by the bailiff (huissier) of the French OpCo Pledge of Income Receivables to such customers) and following notification
of the Belgian Pledge of Receivables to the relevant debtors) and, if any such Borrower Transaction Document purports to evidence any security, it accurately evidences that security (provided that, all French Mortgages will be second ranking
Security Interests, due to the non-registration, as at the Closing Date, of the deed of release (acte de mainlevée) of the first ranking French mortgage over such Mortgaged Properties with the Land Registry (bureau de la
conservation des hypothèques), except with respect to the Mortgaged Properties of Shurgard Méditerranée SAS located in Chambourcy, Grigny, Coignières, Sevran and La-Seyne-sur-Mer as set out in Schedule 8 hereto and
the Properties of Shurgard IDF Noisy SAS, Shurgard IDF Chambourcy SAS, Shurgard Lyon Gerland SAS and Shurgard Investissement 1 SNC as set out in Schedule 8 hereto, which will be first ranking Security Interests as at the Closing Date); and

  

	 	(c)	have been entered into by it in good faith and are in the overall best corporate interest of such Chargor and do not constitute, for each French Chargor in the form of an SAS, a
misuse of corporate assets (abus de biens sociaux). 

  

	13.5	Authorisations 

  

	    	Subject to the Required Filings and Required Property Filings and any reservations as to matters of law contained in applicable legal opinions dated on or about the Closing Date and
addressed to the Borrower Security Trustee and the application of applicable laws of civil procedure, all necessary authorisations, actions, conditions and things required to be taken, fulfilled and done by the laws of the jurisdiction under which
the relevant Chargor is incorporated or formed in or in which any of its assets are situated in order: 

  

	 	13.5.1	to enable it lawfully to enter into, exercise its rights and perform and comply with its obligations under each of, and the transactions contemplated by, the Borrower Transaction
Documents to which it is a party; 

  

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	 	13.5.2	to ensure that those obligations are valid and legally binding and enforceable (except prior to the registration and notification by the bailiff (huissier) thereof to the
customers, the French OpCo Pledge of Income Receivables and prior to notification to the relevant debtors thereof, the Belgian Pledge of Receivables and, prior to the notification of the relevant insurers, the Swedish Pledge of Insurance Policies
and, prior to the notification of its customers at its Mortgaged Properties, security under the Chargor Security Documents over receivables from such customers); and 

  
  

	 	13.5.3	to make each Borrower Transaction Document to which it is a party admissible in evidence in the courts of any relevant jurisdiction to which the parties to such Borrower Transaction
Document have submitted, 

  

	    	have been taken, fulfilled and done. 

  

	13.6	Licences and Approvals 

  

	    	Except in relation to Environmental Permits (as to which Clause 13.11 (Environmental) above shall apply) and intellectual property rights and intellectual property licences
and approvals (as to which Clause 13.7 (Intellectual Property) below shall apply), all governmental and other consents, approvals, licences and registrations which are necessary for the operation of the relevant Chargor’s Permitted
Business and necessary filings, payments of duties or taxes, notarisations required and other approvals and authorisations necessary to own its property and assets and for the conduct of its business, have been obtained or applied for, all of their
terms and conditions have been complied with in all respects and are in full force and effect and, so far as it is aware, have not been revoked or terminated, which if not obtained, applied for or complied with, or if revoked or terminated would, in
each case, reasonably be expected to have a Material Adverse Effect. 

  

	13.7	Intellectual Property 

  

	    	It has all intellectual property rights and intellectual property licences and approvals reasonably necessary to conduct its Permitted Business. 

  

	13.8	No filings 

  

	    	Save for any registrations required pursuant to the terms of the Chargor Security Documents to which it is a party, each in accordance with all applicable Requirements of Law, it is
not necessary that any Borrower Transaction Document to which it is a party be filed, recorded or enrolled with any court or other authority. 

  

	13.9	No Conflict 

  

	    	The execution by it of each of the Borrower Transaction Documents to which it is a party and the exercise by it of its rights and the performance of its obligations thereunder
(including granting any security or giving guarantees contemplated by the Borrower Transaction Documents) will not: 

  

	 	13.9.1	result in the existence of, or imposition on it to create, any Security Interest (other than any Permitted Encumbrance) in favour of any person (other than the Borrower Security
Trustee) over all or any of its present or future revenues, assets or undertakings; or 

  

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	 	13.9.2	conflict with its constitutional documents, borrowing or other powers or any agreement, mortgage, security, charge, bond or other instrument to which it is a party or which is
binding on it or on any of its assets; or 

  

	 	13.9.3	conflict with any existing applicable laws, rule, regulation or official or judicial order or decree binding on it in all jurisdictions where it carries on business.

  

	13.10	No Litigation 

  

	    	Except in relation to any Environmental Claim (as to which Clause 13.11 (Environmental) shall apply): 

  

	 	13.10.1	as at the Closing Date there: 

  

	 	(a)	is no litigation, arbitration, administrative proceedings or governmental or regulatory authority investigation, proceeding or dispute pending or threatened in writing against it,
in each case which proceeding or dispute, if determined adversely against it would involve a potential liability of euro 100,000 (or the Applicable Foreign Currency Equivalent) or higher; and 

  

	 	(b)	to the best of its knowledge and belief, having made due enquiry, there has not occurred any circumstances likely to give rise to any such litigation, arbitration, administrative
proceeding or governmental or regulatory investigation, proceeding or dispute against it, in each case which proceeding or dispute, if determined adversely against it, would involve a potential liability of euro 100,000 (or the Applicable Foreign
Currency Equivalent) or higher; 

  

	 	13.10.2	no litigation, arbitration, administrative proceeding or governmental (including governmental committees dealing with equal treatment) or regulatory investigations (other than those
governmental and/or regulatory investigations which occur as part of the ordinary course of trading), proceedings or disputes have been commenced or, so far as it is aware to the best of its knowledge and belief, having made due enquiry, threatened
in writing against such Chargor or its respective assets, revenues or undertakings which would, if adversely determined, be reasonably expected to have a Material Adverse Effect. 

  

	13.11	Environmental 

  

	 	13.11.1	     

  

	 	(a)	(i) It is in compliance with all Environmental Laws which, if not complied with would give rise to a Material Adverse Effect, (ii) there are no circumstances known to it that are
likely to prevent or interfere with such compliance in the future where such non-compliance would reasonably be expected to have a Material Adverse Effect and (iii) there are no 

  

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	 	    	circumstances known to it that are likely to give rise, as at the Closing Date, to any liability under Environmental Law which liability would reasonably be expected to have a
Material Adverse Effect; and 

  

	 	(b)	it has obtained and is in compliance with all Environmental Permits necessary for the ownership and operation of its facilities and businesses as presently owned and/or operated
save where in any such case non-compliance with or the lack of any such Environmental Permits would not reasonably be expected to have a Material Adverse Effect; 

  

	 	13.11.2	there is no Environmental Claim pending or, so far as it is aware, threatened against it and, so far as it is aware, there are no circumstances which are reasonably likely to form
the basis of any Environmental Claim against it which in any such case would be reasonably expected to have a Material Adverse Effect; and 

  

	 	13.11.3	to the best of such Chargor’s knowledge, no Dangerous Substance has been used, disposed of, generated, stored, transported, dumped, released, deposited, buried or emitted at,
on, from or under any site or premises (whether or not owned, leased, occupied or controlled by it or any of its subsidiaries (if any) and including any off-site waste management or disposal location utilised by it or any such subsidiary (if any))
in circumstances where this would have a Material Adverse Effect. 

  

	13.12	No Event of default 

  

	    	In respect of each Chargor, no Loan Event of Default or Potential Loan Event of Default exists or has occurred (in the case of the Chargors other than the Borrower to the best of
its knowledge and belief having made due enquiry) which has not been remedied or waived or otherwise ceased to be continuing or, in the case of the Borrower only, would occur on the making of any Initial Term Advance. 

  

	13.13	No default 

  

	    	So far as it is aware, it is not in breach of or, in default under (except where such breach or default is the subject of a waiver and/or remedy within any applicable grace period),
any agreement or arrangement to which it is a party or which is binding on it or any of its assets to an extent or in a manner which would, in each case, reasonably be expected to have a Material Adverse Effect. 

  

	13.14	Financial Statements 

  

	    	In respect of the Borrower only: 

  

	 	13.14.1	its audited financial statements for the financial years ended 31 December 2001, 31 December 2002 and 31 December 2003 and its most recent audited financial statements give a true
and fair view of the financial condition of the Borrower as of the date at which they were prepared and of its profit as of such date and have been properly prepared in accordance with the Accounting Principles; and 

  

	 	13.14.2	the capitalisation and indebtedness statement of the Borrower set out in the Offering Circular has been correctly extracted from the unaudited accounting records of the Borrower as
at 30 June 2004. 

  

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	13.15	No Material Liabilities 

  

	    	In respect of the Borrower only, as at the date as of which the most recent audited financial statements of the Borrower were prepared, there were no material liabilities
(contingent or otherwise) which were not disclosed thereby (or in the notes thereto) or reserved against therein in accordance with the Accounting Principles. 

  

	13.16	No change since audited financial statements 

  

	    	In relation to the Borrower only, since the date as of which the most recent audited financial statements of the Borrower was prepared, there has been no change in its financial
condition, business, assets or prospects which would be reasonably likely to have a Material Adverse Effect. 

  

	13.17	Investor Reports 

  

	    	In the case of the Borrower only, the calculations required from the Securitisation Group for the production of the Investor Reports were, as at the date given or stated to be
given, undertaken accurately and the contents of each Investor Report are true, accurate and not misleading. 

  

	13.18	Encumbrances or Indebtedness 

  

	    	It has (i) not incurred any Financial Indebtedness (other than Permitted Financial Indebtedness) or (ii) no Security Interests (other than Permitted Encumbrances) existing over all
or any of its present or future revenues, undertakings or assets. 

  

	13.19	Valid Security Interest 

  

	    	Subject to any reservations as to matters of law contained in applicable legal opinions dated on or about the Closing Date and addressed to the Borrower Security Trustee and
completion of the Required Filings and Required Property Filings as required by the relevant Chargor Security Document and, where applicable, registration and notification by a bailiff (huissier) of the French OpCo Pledge of Income
Receivables, and notification of the Belgian Pledge of Receivables to the relevant debtors or any other notification in respect of any Security Interest granted in respect of any customer receivables each Chargor Security Document to which it is a
party accurately evidences a security interest which has been validly created and is not liable to avoidance or reduction on liquidation or administration (or analogous proceedings in a Relevant Jurisdiction) and, save for Permitted Encumbrances,
there is no mortgage, security, lien, pledge, option, right to acquire, charge, equity or other security interest on or over its assets which would rank in priority to or pari passu with the security for its obligations under the Borrower
Transaction Documents. 

  

	13.20	Equal ranking 

  

	    	Subject to any reservations as to matters of law contained in applicable legal opinions dated on or about the Closing Date and addressed to the Borrower Security Trustee, the claims
of the Borrower Secured Creditors against it under any of the Borrower Transaction Documents to which it is a party will rank at least pari passu with the claims of all its other unsecured creditors. 

  

	13.21	Insolvency 

  

	 	13.21.1	an Insolvency Event has not occurred in relation to it; and 

  

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	 	13.21.2	it has not taken any corporate action nor have any other steps been taken or legal proceedings been started or (to the best of its knowledge and belief) threatened against it for
its liquidation, dissolution, annulment as a legal entity, bankruptcy or moratorium (concordat judiciare/gerechtelijk akkoord), for the appointment of a gerechtelijk bestuurder/administrateur judiciare, voorlopige
bewindvoerder/administrateur provisoire, speciaal commissaris/commissaire special, sekwester/sequester or similar officer, or for any similar purpose under the laws of any jurisdiction (save for frivolous and vexations proceedings which the
Chargor is defending in good faith and providing such proceedings are dismissed within 30 days of commencement)). 

  

	13.22	Insurance 

  

	 	13.22.1	The list of the Insurance Policies pertaining to such Chargor as listed in the relevant Chargor Security Document is complete, true and accurate in all material respects as at the
Closing Date; 

  

	 	13.22.2	each such Insurance Policy is in full force and effect, all premiums due thereon have been paid in full and there are no outstanding claims which are individually or in the
aggregate material made by any Chargor under any such Insurance Policies which are not expected by any such Chargor to be paid out by the relevant insurer; 

  

	 	13.22.3	there has been no breach of any term of any Insurance Policy pertaining to such Chargor which, so far as it is aware, would entitle the relevant insurer to avoid such Insurance
Policy in its entirety; and 

  

	 	13.22.4	all Insurance Policies are maintained with an insurance company or underwriters or pool or entity regulated by the Financial Services Authority or by an equivalent regulatory body
with regulatory powers over the insurance industry in the European Union to carry on insurance business (a “Regulated Insurer”). 

  

	13.23	Title to assets 

  

	    	Except as disclosed in the Materiality Overview Report (in relation to the Initial Mortgaged Properties) or (in relation to a Mortgaged Property other than an Initial Mortgaged
Property) in a letter addressed to the Issuer and Borrower Security Trustee (and in a form satisfactory to the Borrower Security Trustee): 

  

	 	13.23.1	the Borrower and each other Belgian Chargor is the owner or is the holder of a freehold or leasehold interest (inter alia, houder van
erfpacht/emphytéose/opstal/superficie) of each Mortgaged Property situated in Belgium and each of its other assets which are expressed to be the subject of any Security Interest created by any of them under a Chargor Security Document;

  

	 	13.23.2	in relation to each Property situated in England and Wales, each English Chargor is the legal and beneficial owner of, and has a good and valid title (which, with the exception of
the leasehold part of the Hayes property which is registered with good leasehold title, was acquired with full title guarantee) to, 

  

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	 	    	each such Mortgaged Property and each of its other assets which are expressed to be the subject of any Security Interest created by the relevant English Chargor under a Chargor
Security Document; 

  

	 	13.23.3	the relevant French Chargor has good and marketable freehold title (droit de propriété), for which the root of title is regular in excess of a period of 30
years, to its Mortgaged Property situated in France or is the holder of a commercial lease (bail commercial) or short term lease (bail dérogatoire), in relation to such Mortgaged Property or has entered into a business lease
agreement (contrat de location-gérance), in relation to the business (fonds de commerce) carried out in an Initial Mortgaged Property and has good and marketable title to each of its other assets which are expressed to be the
subject of any Security Interest created by it under a Chargor Security Document; 

  

	 	13.23.4	each Dutch Chargor is the owner (eigenaar), or holder of a leasehold right (houder van een erfpachtrecht) in, each Mortgaged Property situated in The Netherlands or,
in respect of the Mortgaged Properties in Heemstede and Amersfoort, it is a tenant pursuant to a lease agreement (huurovereenkomst); 

  

	 	13.23.5	each Danish Chargor holds a freehold legal title (ejendomsret) to each Mortgaged Property situated in Denmark and each of its other assets or is the tenant under an
Intra-Group Lease which are expressed to be the subject of any Security Interest created by any of them under a Chargor Security Document; and 

  

	 	13.23.6	each Swedish Chargor has good and marketable title to and is the registered owner (Sw. lagfaren ägare) or the registered site-leaseholder (Sw. inskriven
tomträttsinnehavare) of each Mortgaged Property situated in Sweden or, in respect of the Mortgaged Property in Stockholm (Södermalm) it has a right to a lease agreement and each of its other assets which are expressed to be the
subject of any Security Interest created by any of them under a Chargor Security Document. 

  

	13.24	Location of Mortgaged Properties 

  

	    	All of the Mortgaged Properties owned or leased by it are located in Belgium, France, The Netherlands, England & Wales, Sweden or Denmark and (as at the Closing Date) the list
of Initial Mortgaged Properties in Schedule 8 (Initial Mortgaged Properties) is true, accurate and complete. 

  

	13.25	Materiality Overview Report complete 

  

	    	Save as disclosed in the Materiality Overview Report (in relation to the Initial Mortgaged Properties) or (in relation to a Mortgaged Property other than an Initial Mortgaged
Property) in a letter addressed to the Issuer and the Borrower Security Trustee (and in a form satisfactory to the Borrower Security Trustee), as to the relevant Chargor’s Mortgaged Property, there are no material exceptions, reservations,
easements, servitudes, burdens, rights, privileges, covenants, restrictions, or encumbrances (including any arising under statute or any statutory power) or any breaches of town and country planning legislation (and any orders, regulations, consents
or permissions made or granted under any of the same) or resolutions or proposals for the compulsory 

  

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	    	acquisition of such Chargor’s Mortgaged Properties or any means of access to or egress therefrom or covenants (or, in each case, equivalent matters under the laws of a Relevant
Jurisdiction), which would reasonably be expected to have a Material Adverse Effect. 

  

	13.26	Valuation report 

  

	    	All factual information provided by, or on behalf of, it to the Valuer for the purposes of the Valuation Report as the same may have been amended, varied or supplemented by the
Securitisation Group prior to the date of the Valuation Report is true and accurate in all material respects on the date of such Valuation Report and no information has been omitted by such Chargor which if disclosed to the Valuer may reasonably be
expected to have a material adverse effect in the valuations of the Mortgaged Properties (on an aggregate basis) contained in the Valuation Report. 

  

	13.27	Certificate of Title and Materiality Overview Report 

  

	 	13.27.1	The Certificates of Title as to its Mortgaged Properties were prepared in the form agreed with the Borrower Security Trustee and the Manager; 

  

	 	13.27.2	all documentation and other information in relation to the Mortgaged Properties supplied by the relevant Chargor in connection with the preparation of the Certificates of Title and
the preparation of the Materiality Overview Report (as the same may have been amended, varied or supplemented by the relevant Chargor prior to the date of the Certificates of Title or, as the case may be, the Materiality Overview Report) were, as at
the date at which they were stated to be given, true and accurate in all material respects; 

  

	 	13.27.3	no facts or information have been omitted from the Materiality Overview Report with respect to the relevant Chargor’s Mortgaged Properties which, if disclosed, would reasonably
be expected to be misleading in any material respect; and 

  

	 	13.27.4	since the date of the Materiality Overview Report, there has been no change to the information provided by the relevant Chargor which would render the Materiality Overview Report
untrue, inaccurate or misleading in such a manner as would reasonably be expected to have a Material Adverse Effect. 

  

	13.28	COMI 

  

	 	13.28.1	The relevant Chargor’s place of principal management and its “centre of main interests” as that term is useful in Article 3(i) of the EUIR is in its jurisdiction of
incorporation; and 

  

	 	13.28.2	It has no “establishment” as that term is used in Article 2(h) of the EUIR in any jurisdiction other than its jurisdiction of incorporation. 

  

	13.29	Ownership 

  

	    	The relevant Chargor other than the Borrower is at least 99 per cent. directly or indirectly owned by the Borrower. 

  

	13.30	Pensions 

  

	 	13.30.1	The relevant Chargor and (in relation to the Borrower only) each company in the Group does not participate and is not obliged (other than due to any change 

 

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	 	    	in law or in its interpretation or administration after the Closing Date) to participate in any pension arrangement (and has not in the past participated or been obliged to
participate in any pension arrangement) other than a defined contribution pension arrangement or, in France, other than the compulsory retirement schemes and as at the Closing Date no assurance, promise or guarantee has been made to any employee of
a Chargor or a company in the Group of a particular level or amount of benefits to be provided for or in respect of such employee on retirement, early retirement or death (other than insured lump sum death in service benefits or, for France, other
than the compulsory termination payments) or (pursuant to the terms of a pension scheme) redundancy; 

  

	 	13.30.2	no amount due to any pension arrangement by a Chargor or by a company in the Group is unpaid and all employees of the Chargor or company in the Group who are eligible to do so
participate and have participated in the pension arrangement for the full eligible term (or if not, no company in the Group has any contingent liability in respect of those employees who do not participate in respect of any period prior to their
election to participate); 

  

	 	13.30.3	no discretion or power has been exercised by or on behalf of the relevant Chargor or (in relation to the Borrower only) a company in the Group under any pension arrangement to
provide a benefit that would not otherwise have been provided under the trust deed and rules or policy governing the pension arrangement; 

  

	 	13.30.4	there is no litigation, dispute or investigation or, to the knowledge of any Chargor, threat of litigation, dispute or investigation against any Chargor or company in the Group
which relates to a cause of action based on discrimination under European or domestic law regarding any provision of any pension arrangement and no provision of any pension scheme of a Chargor or company in the Group would reasonably be expected to
give rise to such litigation, dispute or investigation; and 

  

	 	13.30.5	in Denmark, no Chargor or (in relation to the Borrower) company in the Group has undertaken to provide any uncovered pension obligation to any present or former employee,

  

	    	for the purposes of this Clause 13.30, “pension arrangement” means: 

  

	 	(i)	with respect to The Netherlands, a pension benefit placed with a reputable pension provider according to the Pension and Savings Fund Act (“PSW”); and

  

	 	(ii)	with respect to each other Relevant Jurisdiction, any pension benefit applying to one or more persons. 

  

	13.31	Governing Law of Borrower Transaction Documents 

  

	    	In any proceedings taken in relation to any Borrower Transaction Document to which it is a party the choice of the governing law stated in such Borrower Transaction Document will be
recognised by the applicable courts and enforced (subject to any reservations as to matters of law contained in applicable legal opinions dated on or about the Closing Date and addressed to the Borrower Security Trustee). 

 

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	13.32	French Employees 

  

	 	13.32.1	French OpCo represents and warrants that its employees who carry out their duties within the premises of a PropCo leased to it (the “Employees”) are under its sole
chain of command relationship and their remuneration is directly paid by it; and 

  

	 	13.32.2	Each French PropCo represents and warrants that there is no employment or other contract between such French PropCo and the Employees and that such French PropCo does not have any
control over any of the Employees’ activities, all instructions being exclusively given by French OpCo. 

  

	13.33	Financial Assistance 

  

	    	The Borrower represents and warrants that the proceeds of each Term Advance will not be used to finance or refinance (in whole or in part) the acquisition of or subscription of
shares in any Chargor or any of their direct or indirect holding companies. 

  

	13.34	Separateness 

  

	    	No other entity exerts influence over the management of the Chargor (other than (a) to the extent such entity is a manager, director or equivalent officer of the Chargor and exerts
influence in its capacity as such, or (b) to the extent such entity is exercising rights under applicable law in its capacity as a shareholder of the relevant Chargor) where such influence would jeopardise the recognition of such Chargor as a
separate legal entity. 

  

	13.35	Additional representations of the PropCos 

  

	    	In addition, the following representations and warranties will be given by each PropCo and to the extent applicable to it (in relation to Clause 13.35.3 below) the Borrower:

  

	 	13.35.1	it does not carry on a business other than the holding of property ownership interests in Mortgaged Properties and such activities which are incidental to the acquisition of such
interests; 

  

	 	13.35.2	it has not incurred any material liabilities to any third parties outside the Securitisation Group other than those which are necessary or for which it becomes liable as a matter of
law having regard to its interest in any Mortgaged Property; 

  

	 	13.35.3	if it has historically carried on any business other than merely the ownership of an interest of a Mortgaged Property (a “Prior Business”), after due and careful
enquiries having been made by the relevant PropCo and the Borrower, neither is aware of there being any unsatisfied or outstanding obligations or pending, contingent or latent liabilities of that PropCo in respect of any Prior Business; and

  

	 	13.35.4	to the best of its knowledge and belief, there are no material claims outstanding in respect of any Prior Business. 

  

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	13.36	No listed securities 

  

	    	The Belgian Chargors have not issued listed securities and are not a subsidiary of a Belgian company that has issued listed securities. 

  

	13.36A	Danish Excess Properties 

  

	    	In relation to any sale or disposal of an Excess Property located in Denmark which is envisaged at the date of this Agreement, the relevant Danish Chargor represents and warrants
that: (a) it is anticipated that the necessary authorisations and permissions will be duly obtained from the relevant authorities for such disposal and (b) it is anticipated that the disposal of the Excess Property will not have any adverse
consequences for the access to or legal status of the relevant Mortgaged Property in Denmark which adjoins such Excess Property and that the existing access to such Mortgageed Property would not need to be modified. 

  

	13.37	Corporate Benefit 

  

	 	13.37.1	In the case of each Belgian Chargor: 

  

	 	    	such Chargor, having regard to the interests of such Chargor and, as a subservient matter, the interests of the Group as a whole, represents and warrants that its entry into the
Borrower Transaction Documents to which it is a party and the transactions contemplated thereby are entered into by the Chargor for bona fide commercial reasons and for full value and the terms of each of the Borrower Transaction Documents to which
it is a party are bona fide arms length commercial terms; 

  

	 	13.37.2	in the case of each Danish Chargor: 

  

	 	    	such Chargor, having regard to the interest of such Chargor, its creditors and employees, and as a subservient matter the interests of the Group as a whole, represents and warrants
that its entry into the Borrower Transaction Documents to which it is a party and the transactions contemplated thereby are in the best commercial interests of such Chargor; 

  

	 	13.37.3	in the case of each Dutch Chargor: 

  

	 	    	such Chargor, having regard to its interests and the enterprise connected with it (“het belang van de vennootschap en de daarmee verbonden onderneming”), including
the fact that it forms part of a group of companies, represents and warrants that its entry into the Borrower Transaction Documents to which it is a party and the transactions contemplated thereby is in the best commercial interests of the Chargor
and it is not aware or nor could reasonably have been aware (wist niet noch behoorde redelijkerwijs te weten) at the date of this Agreement that the Transactions relating to it would be prejudicial to the rights of recourse of other creditors
of such Chargor; 

  

	 	13.37.4	In the case of each English Chargor: 

  

	 	    	such Chargor represents and warrants that its entry into the Borrower Transaction Documents to which it is a party and the transactions contemplated 

  

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	 	    	thereby is in good faith and for the purpose of carrying on its business, and there are reasonable grounds for believing that such transactions would benefit such Chargor;

  

	 	13.37.5	In the case of each French Chargor: 

  

	 	    	such Chargor, having regard to (i) the existence of a common and genuine group strategy developed for the group as a whole, (ii) the existence of a common economic, social or
financial interest in light of the strategy developed by the group taken as a whole that is common to all the members of the group, (iii) the existence of economic consideration and (iv) the compliance with its financial capacity, represents and
warrants that there are grounds for considering that the entry into the Borrower Transaction Documents to which it is a party and the transactions contemplated thereby conform to its corporate interests (est conforme a l’intérêt
social); 

  

	 	13.37.6	In the case of each Swedish Chargor: 

  

	 	    	such Chargor, having regard to the interests of such Chargor (including in respect of its shareholders (both present and future) and thereafter the interests of its creditors and
employees) and as a subservient matter the interest of the Group as a whole, represents and warrants that its entry into the Borrower Transaction Documents to which it is a party and the transactions contemplated thereby is in the best commercial
interests of such Chargor. 

  

	13.38	Timing of Repetition 

  

	    	The representations in this Clause 13 are made on the date of this Agreement and on the Closing Date in relation to the Initial Term Advances. Each of the representations and
warranties set out in Clauses 13.2 (Status), 13.3 (Powers), 13.4(a) (Legal Validity), 13.5 (Authorisations) to 13.7 (Intellectual Property) (inclusive), 13.9 (No Conflict), 13.11 (Environmental),
13.11.1(b) (No Litigation), 13.13 (No default), 13.14.1 (Financial Statements), 13.15 (No Material Liabilities) to 13.19 (Valid Security Interest) (inclusive), 13.23 (Title to assets) (to the extent such
representation and warranty relates to Mortgaged Properties other than Initial Mortgaged Properties) to 13.26 (Valuation Report) (inclusive), 13.30.1 and 13.30.5 (Pensions), 13.32 (French Employees), 13.33 (Financial
Assistance), 13.34 (Separateness) and 13.35.1 and 13.35.2 (Additional Representations of PropCos) (together, the “Repeating Representations”) shall be repeated by: 

  

	 	13.38.1	the Borrower (other than in the case of Clause 13.23 (Title to assets)) thereafter, on: 

  

	 	(a)	the date on which a Notice of Drawdown is delivered by the Borrower in respect of an Additional Term Advance pursuant to Clause 5.1.2 (Drawdown of Additional Term
Facilities); 

  

	 	(b)	the Drawdown Date in relation to any Additional Term Advances; 

  

	 	(c)	each Loan Payment Date; and 

  

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	 	(d)	each loan payment date corresponding to each interest payment date in respect of any New Notes; and 

  

	 	13.38.2	the Borrower or the relevant Chargor, in relation to the representation and warranty set out in Clause 13.23 (Title to assets), in relation any Mortgaged Property added to
the Securitisation Estate on the date such Mortgaged Property is so added; and 

  

	 	13.38.3	each Chargor, on each Loan Payment Date, in each case by reference to the facts and circumstances then subsisting (other than in the case of Clause 13.23 (Title to assets)).

  

	14.	FINANCIAL INFORMATION 

  

	14.1	Year-End Financial Information 

  

	    	As soon as the same become available, but in any event within 120 days after the end of each of its Financial Years, the Borrower will provide to the Borrower Security Trustee and
the Issuer, and copied to the Trustee, the Rating Agencies, the Liquidity Facility Provider, the Currency Swap Counterparty and the Interest Rate Swap Counterparty, its consolidated audited financial statements and related auditors’ report for
the Financial Year from an internationally recognised firm of auditors accompanied by a certificate from the managing partners of the Borrower stating such statements provided a true and fair view of the financial condition of the Borrower as at the
date of such statements except to the extent that disclosure of such financial information would at any time breach any law, regulation, stock exchange requirement or rules of any applicable regulatory body to which any member of the Group or any
Holding Company of the Borrower is subject. 

  

	14.2	Quarterly Financial Information 

  

	    	As soon as the same become available, but in any event within 45 days after the end of each Financial Quarter each Main OpCo or, in the case of Clause 14.2.1, the Borrower, will
provide to the Borrower Security Trustee and the Issuer, and copied to the Trustee, the Rating Agencies, the Liquidity Facility Provider, the Currency Swap Counterparty and the Interest Rate Swap Counterparty except to the extent that disclosure of
such financial information would at any time breach any law, regulation, stock exchange requirement or rules of any applicable regulatory body to which any member of the Group or any Holding Company of the Borrower is subject:

  

	 	14.2.1	the unaudited consolidated management accounts of the Borrower for the preceding Financial Quarter; and/or 

  

	 	14.2.2	the unaudited management accounts for such Main OpCo (consolidated with each other Chargor in such Main OpCo’s Relevant Jurisdiction) in respect of the preceding Financial
Quarter, 

  

	    	in each case prepared in accordance with accounting policies adopted by the Charging Group and signed by the management or board or Authorised Signatory of the Borrower or Main
OpCo, as applicable. 

  

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	14.3	Compliance Certificates 

  

	    	Within 45 days after each Loan Payment Date, the Borrower will deliver a Compliance Certificate executed by two Authorised Signatories to the Borrower Security Trustee and the
Issuer, and copied to the Trustee, the Rating Agencies, the Currency Swap Counterparty and the Interest Rate Swap Counterparty in respect of the preceding Loan Interest Period certifying compliance (where applicable) by the Chargors with the matters
set out therein and/or action being considered in order to remedy any breach. 

  

	14.4	Investor Reports 

  

	    	With each Compliance Certificate, the Borrower (on behalf of itself and the Securitisation Group) and the Cash Administrator (on behalf of the Issuer) shall deliver except, to the
extent that disclosure of such financial information would at any time breach any law, regulation, stock exchange requirement or rules of any applicable regulatory body to which any member of the Group or the Holding Company of the Borrower is
subject, to the Borrower Security Trustee and the Issuer, and copied to the Trustee, the Rating Agencies, the Paying Agents, the Liquidity Facility Provider, the Interest Rate Swap Counterparty, the Currency Swap Counterparty and, upon written
request (via the Paying Agents), any Noteholder, an Investor Report in respect of the previous Loan Interest Period. 

  

	14.5	Accounting Principles 

  

	 	14.5.1	The Borrower shall ensure that each set of financial statements delivered pursuant to this Clause 14 is prepared in accordance with the Accounting Principles.

  

	 	14.5.2	In the event that Accounting Principles undergo any change, the Borrower will: 

  

	 	(a)	notify the Borrower Security Trustee as soon as reasonably practicable after the date upon which it becomes aware that, as a result of the change to the Accounting Principles, any
calculation or determination under or relating to the subject matter of the covenants set out in this Clause 14 and Clause 15 (Financial Covenants) in the Borrower’s opinion (acting reasonably) would in the future differ materially from
the calculation or determination which would have resulted from the application of the Accounting Principles prior to such change; and 

  

	 	(b)	use its reasonable endeavours to agree with the Borrower Security Trustee such changes to such calculation or determination which will ensure, as far as practicable, that the effect
of the use of such revised calculation or determination in any report to be provided pursuant to this Clause 14 and Clause 15 (Financial Covenants) is as reasonably closely equivalent to the effect of the calculation or determination prior to
such change, each party acting in good faith, provided that, in the event of failure to agree any such change at a time when any calculation or determination is to be made, that Chargor will continue to calculate or determine the relevant
matter as if such change had not been implemented. 

  

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	15.	FINANCIAL COVENANTS 

  

	15.1	LTV Covenant 

  

	    	The Borrower covenants to and agrees with the Issuer and the Borrower Security Trustee that the Loan to Value Ratio shall at all times not exceed 60% (the “LTV
Covenant”). 

	

	15.2	Remedy of the LTV Covenant 

  

	    	If a breach of the LTV Covenant occurs, the Borrower may remedy such breach within 45 days of the Determination Date by (subject to the other provisions of the Borrower Transaction
Documents): 

  

	 	15.2.1	depositing, or procuring the deposit of, an amount in the Issuer Transaction Account to be applied in repayment of the outstanding Term Advances (including through a purchase of
Notes) in the order set out in and in accordance with Clause 9.7 (Order of Prepayment of Initial Term Advances), and Clause 9.2 (General Conditions to Prepayment) or the order set out in and in accordance with Clause 9.8 (Deemed
Prepayment Upon Purchase of Notes by the Borrower) such that had the Term Advances been prepaid or the Notes been cancelled in such amount before the calculation of the Loan to Value Ratio, no breach of the LTV Covenant would have occurred;

  

	 	15.2.2	by contributing, or procuring the contribution of, an additional Mortgaged Property (or Mortgaged Properties) (whether directly or indirectly by a Share Acquisition) which is an
Eligible Property (or are Eligible Properties), in respect of which security satisfactory to the Borrower Security Trustee is granted in favour of the Borrower Security Trustee (in respect of which the Chargor shall provide the Borrower Security
Trustee with a legal opinion satisfactory to the Borrower Security Trustee confirming that the relevant security documents are legal, valid, binding and enforceable (subject to any reservations contained therein) and that each was duly authorised
and executed and board and/or shareholder resolutions of the relevant Chargor which evidence, among other things, corporate benefit in form and substance satisfactory to the Borrower Security Trustee), with a value and (where security over the
Mortgaged Property is to be limited by reference to a secured amount) secured amount, which would have been sufficient, had it been included in the Securitisation Estate at the time the Loan to Value Ratio had been calculated, to avoid the breach
that occurred; or 

  

	 	15.2.3	through the deposit of funds (and where such funds are lent, such funds are lent on a fully subordinated basis) in a segregated account secured in favour of the Borrower Security
Trustee with a bank having the Minimum Short-Term Ratings applicable to an Account Bank until the Final Discharge Date (in respect of which the Chargor shall provide the Borrower Security Trustee with a legal opinion satisfactory to the Borrower
Security Trustee confirming that the relevant security documents are legal, valid, binding and enforceable (subject to any reservations contained therein) and that each was duly authorised and executed and, where the funds are lent on a subordinated
basis, that the subordination is effective (subject to any reservations contained therein)), the amount of which, when aggregated with the Euro Value of the Mortgaged Properties (and/or, as applicable, the secured amounts in relation thereto) would
have meant that no such breach would have occurred. 

  

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	15.3	Debt Service Covenant 

  

	 	15.3.1	The Borrower covenants to and agrees with the Issuer and the Borrower Security Trustee that the DSCR of the Securitisation Group shall not, on any Loan Payment Date, in respect of
the Loan Interest Period ending on (but excluding) such Loan Payment Date be less than 1.50:1 (the “Debt Service Covenant”). 

  

	 	15.3.2	The DSCR shall be calculated on or prior to the Determination Date. 

  

	 	15.3.3	In calculating the DSCR Cashflow, Loan Interest Periods shall not be adjusted for Business Days. 

  

	15.4	Remedy of Debt Service Covenant 

  

	    	If a breach of the Debt Service Covenant occurs, the Borrower shall have 45 days from the Determination Date in which to remedy it, either: 

  

	 	15.4.1	through the deposit of funds (and, where such funds are lent, such funds are lent on a fully subordinated basis) until the next Determination Date in an interest bearing segregated
account secured in favour of the Borrower Security Trustee with a bank having the Minimum Short-Term Ratings applicable to an Account Bank (in respect of which the Chargor shall provide the Borrower Security Trustee with a legal opinion satisfactory
to the Borrower Security Trustee confirming that the relevant security documents are legal, valid, binding and enforceable (subject to any reservations contained therein) and that each was duly authorised and executed and, where the funds are lent
on a subordinated basis, that the subordination is effective (subject to any reservations contained therein)) or the contribution of Eligible Investments (purchased using funds lent on a subordinated basis or from equity received for such purpose)
over which security is granted which, if the relevant amount deposited (or the Eligible Investments purchased) would have been sufficient to generate interest which, if available as earnings to the Borrower throughout the Loan Interest Period in
respect of which the DSCR was calculated, would have meant that no such breach would have occurred; and/or 

  

	 	15.4.2	by way of prepayment of the Term Advances (in accordance with Clauses 9.2 (General Conditions to Prepayment) and 9.7 (Order of Prepayment of Initial Term Advances) or
through a purchase of Notes in accordance with Clause 9.8 (Deemed Prepayment Upon Purchase of Notes by the Borrower)) such that (excluding amounts in respect of the Term Advances to be prepaid) no breach would have occurred; and/or

  

	 	15.4.3	by contribution of a Mortgaged Property or Mortgaged Properties (which is an Eligible Property (or are Eligible Properties)) (whether directly or indirectly through a Share
Acquisition), in respect of which security satisfactory to the Borrower Security Trustee is granted in favour of the Borrower Security Trustee (in respect of which the Chargor shall provide the Borrower Security Trustee 

  

 - 41 - 

	 	    	with a legal opinion satisfactory to the Borrower Security Trustee confirming that the relevant security documents are legal, valid, binding and enforceable (subject to any
reservations contained therein) and that each was duly authorised and executed), with a Net Operating Income for the Loan Interest Period in respect of which the breach of the Debt Service Covenant occurred, as certified by such Chargor, which would
have been sufficient, had it been included at the time the DSCR had been calculated, to avoid the breach that occurred. 

  

	15.5	Adjusted JV DSCR 

  

	 	15.5.1	The Borrower covenants to and agrees with the Issuer and the Borrower Security Trustee that the Adjusted JV DSCR shall not, with respect to any monthly period for which the Adjusted
JV DSCR is calculated in accordance with Clause 15.5.2 be less than 1:1 (the “Adjusted JV DSCR Covenant”); 

  

	 	15.5.2	If a JV Group has not paid management fees or costs and expenses charged to it by any member of the Securitisation Group within 30 Business Days of such fees or costs and expenses
becoming due and payable, the Borrower shall calculate the Adjusted JV DSCR for each Adjusted JV DSCR Calculation Period following the date of such payment default on the immediately following Adjusted JV DSCR Determination Date until the breach has
been remedied in accordance with Clause 15.7 (Remedy of Adjusted JV DSCR). 

  

	15.6	Breach of the Adjusted JV DSCR 

  

	    	If a breach of the Adjusted JV DSCR occurs, the Borrower and each Chargor shall: 

  

	 	15.6.1	in the case of the Borrower only, open an account (the “JV DSCR Account”) held with an Eligible Bank in the name of the Borrower and grant such security over the
account as the Borrower Security Trustee may require with a legal opinion satisfactory to the Borrower Security Trustee being provided as to the legal, valid, binding and enforceable nature of such security; and 

  

	 	15.6.2	not withdraw any Excess Cash standing to the credit of a Chargor Account until either (i) the breach of the Adjusted JV DSCR is remedied in accordance with Clause 15.7; or (ii) the
balance standing to the credit of the JV DSCR Account, to be held to meet any restructuring costs, is at least €7,000,000. 

  

	15.7	Remedy of Adjusted JV DSCR 

  

	    	If a breach of the Adjusted JV DSCR occurs, the Borrower may remedy the breach by: 

  

	 	15.7.1	depositing or procuring the deposit of funds (and where such funds are lent, such funds are lent on a subordinated basis (with a legal opinion satisfactory to the Borrower Security
Trustee being provided as to the effectiveness of such subordination (subject to any reservations therein))) or by equity contributions into the JV DSCR Account in an amount which: 

  

	 	(a)	when aggregated with cash flow used to calculate the Adjusted JV DSCR in the previous month, would have meant no breach of the Adjusted JV DSCR Covenant would have occurred; or

  

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	 	(b)	equals €7,000,000, which will be held to meet any restructuring costs; 

  

	 	15.7.2	prepayment of any Term Advances (in accordance with Clauses 9.2 (General Conditions to Prepayment), 9.7 (Order of Prepayment of Initial Term Advances), or through a
purchase of Notes in accordance with Clause 9.8 (Deemed Prepayment upon Purchase of Notes by the Borrower)) such that (excluding amounts in respect of the Term Advances to be repaid) no breach would have occurred; and/or

  

	 	15.7.3	contribution of a Mortgaged Property or Mortgaged Properties (which is an Eligible Property (or are Eligible Properties)), in respect of which security satisfactory to the Borrower
Security Trustee is granted in favour of the Borrower Security Trustee (in respect of which the Chargor shall provide the Borrower Security Trustee with a legal opinion satisfactory to the Borrower Security Trustee confirming that the relevant
security documents are legal, valid, binding and enforceable (subject to any reservations contained therein) and that each was duly authorised and executed), with a Net Operating Income for the Adjusted JV DSCR Calculation Period in respect of which
the breach of the Adjusted JV DSCR Covenant occurred, as certified by such Chargor, which would have been sufficient, had it been included at the time the Adjusted JV DSCR had been calculated, to avoid the breach that occurred.

  

	15.8	Restructuring Proposals 

  

	 	15.8.1	If any fees, costs or expenses owed to the Securitisation Group in respect of management services provided by the Securitisation Group to a JV Group are not paid for three
consecutive months or the Adjusted JV DSCR is not otherwise remedied in accordance with Clause 15.7 (Remedy of Adjusted JV DSCR), the Borrower will, within 90 days of the end of such three month period (the “Restructuring Proposal
Termination Date”), prepare a proposal (the “Restructuring Proposal”) for the restructuring of Shurgard Europe in order that all costs and expenses then currently incurred by the Securitisation Group including, without
limitation, employment costs, in providing management services to the JV Groups cease to be incurred by the Securitisation Group together with a detailed explanation of why the steps envisaged in the Restructuring Proposal have been suggested and
the reasons for the breach of the Adjusted JV DSCR. 

  

	 	15.8.2	The Restructuring Proposal shall be delivered by the Borrower by the Restructuring Proposal Termination Date to a Property Advisor appointed by the Borrower (with a copy to the
Borrower Security Trustee, the Trustee, the Issuer and the Rating Agencies). Such Property Advisor will be required to confirm whether or not all or part of the Restructuring Proposal should be implemented with regard to which steps detailed in the
Restructuring Proposal or which other steps in the opinion of the Property Advisor ought to be taken in order to remedy the breach of the Adjusted JV DSCR (having regard to the payment obligations of the Borrower under this Agreement and the
interests of the Borrower Secured Creditors and any costs or liabilities which may be incurred by the Borrower or other Chargors in implementing such steps). 

  

 - 43 - 

	 	15.8.3	The fees, costs and expenses of the Property Advisor (including, without limitation, any fees, costs and expenses of legal advisors such Property Advisor may appoint) shall be for
the sole account of the Borrower. 

  

	 	15.8.4	If such Property Advisor recommends implementation of all or part of the Restructuring Proposal (subject to such amendments made in the reasonable opinion of the Property Advisor)
the Borrower shall take all reasonable steps to effect such implementation in accordance with the instructions of the Property Advisor as soon as possible (unless the action(s) proposed in the Restructuring Proposal would cause the insolvency of the
Borrower (as certified by an Authorised Signatory of the Borrower) or would otherwise cause a Loan Event of Default and the Borrower Security Trustee has not (or is unable to) issue an appropriate waiver prior to implementation of all or part of the
relevant Restructuring Proposal. 

  

	15.9	Restricted Payment Condition 

  

	 	15.9.1	Satisfaction of Restricted Payment Condition 

  

	 	    	Each Chargor covenants and agrees with the Issuer and the Borrower Security Trustee that, without prejudice to its ability to incur Permitted Financial Indebtedness and the other
provisions of this Agreement, it shall not make any Restricted Payment unless: 

  

	 	(a)	the Restricted Payment is to be made out of Excess Cash (to the extent such Excess Cash has not already been used to make a Restricted Payment); and 

  

	 	(b)	the Restricted Payment Condition is satisfied as at the date of the Restricted Payment, 

  

	 	    	in which case, a Restricted Payment may be made for any amount and on any day during the relevant Loan Interest Period. 

  

	 	15.9.2	Criteria for Restricted Payment Condition 

  

	 	    	For the purposes of this Agreement (including Clause 15.9.1 (Satisfaction of Restricted Payment Condition (the “Restricted Payment Condition”)) the
Restricted Payment Condition will be satisfied if, at the date the proposed Restricted Payment is to be made: 

  

	 	(a)	no Loan Event of Default or Potential Loan Event of Default has occurred and is continuing (unless waived) or would occur as a result of the making of such Restricted Payment; and

  

	 	(b)	the DSCR is more than 2.00:1 (or, 1.85:1 in respect of the calculation which relates to the first Loan Interest Period only) calculated: 

  

	 	(i)	as at the immediately preceding Loan Payment Date in respect of the previous Loan Interest Period; and 

  

	 	(ii)	on an average rolling four quarter basis for the previous four Loan Interest Periods (unless the Restricted Payment is to be made after 

  

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	 	    	the first Loan Payment Date and prior to the second Loan Payment Date in which case the DSCR shall be calculated by reference to the immediately previous Loan Interest Period or, if
the Restricted Payment is to be made after the second Loan Payment Date and prior to the third Loan Payment Date, by reference to the immediately previous two Loan Interest Periods or, if the Restricted Payment is to be made after the third Loan
Payment Date and prior to the fourth Loan Payment Date, by reference to the immediately previous three Loan Interest Periods). 

  

	15.10	Cash Reserve Trigger and Cash Release Trigger 

  

	 	15.10.1	The Borrower shall determine the DSCR for a Cash Reserve DSCR Calculation Period on or prior to the 45th Business Day after each Cash Reserve Calculation Date (each a “Cash Reserve Determination Date”). 

  

	 	15.10.2	The Borrower shall place cash in an amount equal to the applicable Cash Reserve Amount into the Cash Reserve Account within 45 days of the relevant Cash Reserve Determination Date
if the DSCR as at a Cash Reserve Calculation Date is equal to or below the Cash Reserve Trigger for a Cash Reserve DSCR Calculation Period. 

  

	 	15.10.3	An Authorised Signatory of the Borrower shall certify to the Borrower Security Trustee (which certificate shall also be forwarded by the Borrower to the Rating Agencies) whether or
not the amount required to be deposited under Clause 15.10.2 has been so deposited into the Cash Reserve Account by the end of such 45 day period where the Borrower is required to do so under Clause 15.10.2. 

  

	 	15.10.4	If the DSCR relating to a subsequent Cash Reserve Determination Date is at a level equal to or above the Cash Release Trigger on such date, the Borrower will be entitled to withdraw
from the Cash Reserve Account an amount equal to the applicable Cash Release Amount for such year provided that the Borrower Security Trustee gives consent to such withdrawal (which consent shall be given if the amount being withdrawn is
certified by two Authorised Signatories of the Borrower to the Borrower Security Trustee to be the Cash Release Amount). 

  

	 	15.10.5	Amounts standing to the Cash Reserve Account, other than those permitted to be withdrawn under Clause 15.10.4, may be not withdrawn by the Borrower except on the Loan Repayment Date
in order to repay amounts outstanding under the Issuer/Borrower Facility Agreement. 

  

	15.11	Definitions 

  

	    	“Adjusted JV DSCR” means the DSCR as calculated at an Adjusted JV DSCR Determination Date with respect to the immediately preceding Adjusted JV DSCR Calculation
Period, adjusted by deducting from the calculation of DSCR Cashflow in such calculation (in addition to the deductions already made in calculating the DSCR) any management fees or expenses referable to each defaulting JV Group which are payable to
the Securitisation Group pursuant to any recharge, reimbursement or fee arrangement relating to the Joint Ventures but have not been paid during such Adjusted JV DSCR Calculation Period; 

  

 - 45 - 

	 	    	“Adjusted JV DSCR Determination Date” means, in respect of an Adjusted JV DSCR Calculation Period, the 20th day of a calendar month immediately following the relevant Adjusted JV DSCR Calculation Period; 

  

	 	    	“Adjusted JV DSCR Calculation Period” means the period from an including the first day of a calendar month to and including the last day of such calendar month;

  

	 	    	“Cash Release Amount” means (subject to any adjustments upon the grant of Additional Term Advances agreed with the Rating Agencies): 

  

	 	(a)	in relation to a Cash Reserve Determination Date in respect of the Cash Reserve Calculation Dates falling in 2005 to 2007, an amount (in euros) equal to the lesser of:

  

	 	(i)	     

  
 

 
  

	 	    	plus 25% of the amount standing to the credit of the Cash Reserve Account; and 

  

	 	(ii)	the amount standing to the credit of the Cash Reserve Account. 

  

	 	(b)	in relation to the Cash Reserve Determination Date in respect of the Cash Reserve Calculation Dates falling in 2008 to 2010, the amount standing to the credit of the Cash Reserve
Account; 

  

	 	    	“Cash Release Trigger” means (subject to any adjustments upon the grant of Additional Term Advances agreed with the Rating Agencies): 

  

	 	(a)	in relation to the Cash Reserve Determination Date in respect of the Cash Reserve Calculation Date falling in 2005, 2.240:1; 

  

	 	(b)	in relation to the Cash Reserve Determination Date in respect of the Cash Reserve Calculation Date falling in 2006, 2.580:1; 

  

	 	(c)	in relation to the Cash Reserve Determination Date in respect of the Cash Reserve Calculation Date falling in 2007, 2.830:1; 

  

	 	(d)	in relation to the Cash Reserve Determination Date in respect of the Cash Reserve Calculation Date falling in 2008, 3.040:1; 

  

	 	(e)	in relation to the Cash Reserve Determination Date in respect of the Cash Reserve Calculation Date falling in 2009, 3.040:1; and 

  

	 	(f)	in relation to the Cash Reserve Determination Date in respect of the Cash Reserve Calculation Date falling in 2010, 3.040:1; 

  

 - 46 - 

	    	“Cash Reserve Amount” means, (subject to any adjustments upon the grant of Additional Term Advances agreed with the Rating Agencies) in relation to a Cash Reserve
Calculation Date, an amount (in euros) equal to the lesser of; 

  

	 	(a)	an amount equal to: 

  
 

 
  

	 	    	plus, solely in the case of the Cash Reserve Determination Date in respect of the first Cash Reserve Calculation Date, €8,000,000; and 

  

	 	(b)	€40,000,000 less the balance standing to the credit of the Cash Reserve Account; 

  

	    	“Cash Reserve Calculation Dates” means 31 December in each year (commencing on 31 December 2004) until 31 December 2008 (in relation to the calculation of the Cash
Reserve Amount) and from 31 December 2005 until 31 December 2010 (in relation to the calculation of the Cash Release Amount); 

  

	    	“Cash Reserve Determination Date” has the meaning given to it in Clause 15.10.1; 

  

	    	“Cash Reserve DSCR Calculation Period” means the period of four consecutive Loan Interest Periods which ends on and including the Cash Reserve Calculation Date or,
in the case of the Cash Reserve Calculation Date falling on 31 December 2004, the Loan Interest Period ending on such Cash Reserve Calculation Date; 

  

	    	“Cash Reserve Trigger” means (subject to any adjustments upon the grant of Additional Term Advances agreed with the Rating Agencies): 

  

	 	(a)	in relation to the Cash Reserve Determination Date in respect of the Cash Reserve Calculation Date falling in 2004, 1.630:1; 

  

	 	(b)	in relation to the Cash Reserve Determination Date in respect of the Cash Reserve Calculation Date falling in 2005, 2.000:1; 

  

	 	(c)	in relation to the Cash Reserve Determination Date in respect of the Cash Reserve Calculation Date falling in 2006, 2.340:1; 

  

	 	(d)	in relation to the Cash Reserve Determination Date in respect of the Cash Reserve Calculation Date falling in 2007, 2.580:1; and 

  

	 	(e)	in relation to the Cash Reserve Determination Date in respect of the Cash Reserve Calculation Date falling in 2008, 2.800:1; 

  

	    	“Debt Service” means: 

  

	 	(a)	in relation to a Loan Payment Date, the aggregate amount payable (or paid) by the Borrower under items (e), (f), (g), (i) and (k) of the Borrower Pre-Enforcement

  

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	 	    	Priority of Payments on such Loan Payment Date but excluding any Hedging Amounts paid from Net Sales Proceeds held in the Disposals Proceeds Account (subject to any amendment upon
the grant of any Additional Term Advances agreed with the Rating Agencies); 

  

	 	(b)	in relation to a Cash Reserve Calculation Date, the aggregate amount payable (or paid) by the Borrower under items (e), (f), (g), (i) and (k) of the Borrower Pre-Enforcement
Priority of Payments on the Loan Payment Date immediately following such Cash Reserve Calculation Date and (other than in the case of the Cash Reserve Calculation Date falling on 31 December 2004) on each of the immediately preceding three Loan
Payment Dates but excluding any Hedging Amounts paid from Net Sales Proceeds held in the Disposals Proceeds Account (subject to any amendment upon the grant of any Additional Term Advances agreed with the Rating Agencies); or

  

	 	(c)	in relation to an Adjusted JV DSCR Determination Date, the aggregate amount accrued by the Borrower during the Adjusted JV DSCR Calculation Period immediately preceding such
Adjusted JV DSCR Determination Date with respect to items (e), (f), (g), (i) and (k) of the Borrower Pre-Enforcement Priority of Payments payable on the immediately following Loan Payment Date after adding any amounts payable (to the extent not
already accrued during the Adjusted JV DSCR Calculation Period) on a Loan Payment Date on the day after the end of an Adjusted JV DSCR Calculation Period pursuant to paragraph (f) of the Borrower Pre-Enforcement Priority of Payments but excluding
any Hedging Amounts paid from Net Sales Proceeds held in the Disposals Proceeds Account (subject to any amendment upon the grant of any Additional Term Advances agreed with the Rating Agencies), 

  

	    	and, for the avoidance of doubt, amounts payable under item (f)(ii) of the Borrower Pre-Enforcement Priority of Payments shall be calculated for the purposes hereof on a net basis
after taking into account amounts receivable from the Currency Swap Counterparty; 

  

	    	“Determination Date” means the forty-fifth Business Day following the end of each Loan Interest Period; 

  

	    	“DSCR” means on any Adjusted JV DSCR Determination Date, Loan Payment Date or, Cash Reserve Calculation Date, as applicable, the ratio of: 

 

	 	(a)	the DSCR Cashflow; to 

  

	 	(b)	the Debt Service, 

  

	    	and in calculating each of the DSCR Cashflow and the Debt Service, amounts receivable, payable or (as the case may be) deductible in pounds sterling, Danish krone or Swedish krona
shall be converted into euro by applying (as reference rates) the relevant currency exchanges rates detailed in the applicable Currency Swap Transactions; 

  

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	    	“DSCR Cashflow” means (subject to any amendments required upon the grant of any Additional Term Advances agreed with the Rating Agencies): 

 

	 	(a)	in relation to a Loan Payment Date, the aggregate of (1) the aggregate of Net Operating Income earned by the Chargors during the immediately previous Loan Interest Period (or, in
relation to prepaid amounts, Net Operating Income attributable to such Loan Interest Period) by reference to the most recent management accounts or (where produced) most recent audited financial statements of such Chargor (subject to adjustment to
reflect currency exchange rates under the Currency Swap Transactions as set out in the definition of DSCR) and (2) any interest earned during the Loan Interest Period on any amounts deposited pursuant to Clause 15.4.1 less the sum of (i) one quarter
of the total Required Maintenance Amount for all Chargors to be spent or reserved during the Financial Year, (ii) the sum of (A) the aggregate reserves made for corporation tax payable by the Chargors in the most recent unaudited management accounts
of the Chargors in accordance with the Accounting Principles with regard to income earned during such Loan Interest Period (taking into account any losses available to be set off against any liability to pay corporation tax) and (B) if applicable,
aggregate corporation tax due and payable by the Chargors in the previous Loan Interest Period which is in excess of amounts previously reserved for in the management accounts of the Chargors, (iii) 7% of Gross Operating Income earned by the
Chargors in such Loan Interest Period (to reflect an assumed management and administration cost payable by the Chargors) and (iv) the aggregate amount payable (or paid) by the Borrower under items (a), (b), (c)(ii) and (d) of the Borrower
Pre-Enforcement Priority of Payments during the immediately prior Loan Interest Period (but excluding the immediately prior Loan Payment Date); 

  

	 	(b)	in relation to a Cash Reserve Calculation Date, the aggregate of (1) the aggregate of Net Operating Income earned by the Chargors during the Cash Reserve DSCR Calculation Period
ending on such Cash Reserve Calculation Date (or, in relation to prepaid amounts, Net Operating Income attributable to such Cash Reserve DSCR Calculation Period) by reference to the most recent management accounts or (where produced) most recent
audited financial statements of such Chargor (subject to adjustment to reflect currency exchange rates under the Currency Swap Transactions as set out in the definition of DSCR) and (2) any interest earned during the Cash Reserve DSCR Calculation
Period ending on such Cash Reserve Calculation Date on amounts deposited pursuant to Clause 15.10.2 less the sum of: (i) the total Required Maintenance Amount for all Chargors to be spent or reserved during a Financial Year, (ii) the sum of (A) the
aggregate reserves made for corporation tax payable by the Chargors in the most recent unaudited management accounts of the Chargors in accordance with the Accounting Principles with regard to income earned during such Cash Reserve DSCR Calculation
Period (taking into account any losses available to be set off against any liability to pay corporation tax) and (B) if applicable, aggregate corporation tax due and payable by the Chargors in the previous Cash Reserve DSCR Calculation Period which
is in excess of amounts previously reserved for in the management accounts of the Chargors, (iii) 7% of Gross Operating Income earned by the Chargors in such Cash Reserve DSCR Calculation Period (to reflect an assumed management and administration
cost 

  

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	 	    	payable to the Chargors) and (iv) the aggregate amount payable (or paid) by the Borrower under items (a), (b), (c)(ii) and (d) of the Borrower Pre-Enforcement Priority of Payments
during such Cash Reserve DSCR Calculation Period; and 

  

	 	(c)	in relation to an Adjusted JV DSCR Determination Date, the aggregate of (1) the aggregate Net Operating Income earned by the Chargors during the immediately previous Adjusted JV
DSCR Calculation Period (or, in relation to prepaid amounts, Net Operating Income attributable to such Adjusted JV DSCR Calculation Period) by reference to the monthly management accounts for such period (subject to adjustment to reflect currency
exchange rates under the Currency Swap Transactions as set out in the definition of DSCR) and (2) any interest earned during such Adjusted JV DSCR Calculation Period on any amounts deposited pursuant to Clause 15.7.1 less the sum of (i) one twelfth
of the total Required Maintenance Amount for all Chargors to be spent or reserved during the Financial Year, (ii) the sum of (A) the aggregate reserves made for corporation tax payable by the Chargors in the monthly management accounts of the
Chargors for such period in accordance with the Accounting Principles with regard to income earned during such Adjusted JV DSCR Calculation Period (taking into account any losses available to be set off against any liability to pay corporation tax)
and (B) if applicable, aggregate corporation tax due and payable by the Chargors in such Adjusted JV DSCR Calculation Period which is in excess of amounts previously reserved for in the management accounts of the Chargors, (iii) 7% of Gross
Operating Income earned by the Chargors during such Adjusted JV DSCR Calculation Period (to reflect an assumed management and administration cost payable by the Chargors) and (iv) the aggregate amount accrued by the Borrower (or paid) under items
(a), (b), (c)(ii), and (d) of the Borrower Pre-Enforcement Priority of Payments during such Adjusted JV DSCR Calculation Period; 

  

	    	“Excess Cash” means free cash available to the Chargors standing to the credit of the Chargor Accounts (except the Disposals Proceeds Accounts, the Maintenance
Reserve Accounts, the Cash Reserve Account, any segregated account into which amounts are deposited to remedy a breach of the LTV Covenant or the Debt Service Covenant and the aggregate of the Minimum Reserves for each Store Account) at the end of
each relevant Loan Interest Period after payment of or provision for the payment of obligations of the Chargors under the Borrower Transaction Documents in respect of such Loan Interest Period (including, in relation to the Borrower, the payment on
the Loan Payment Date on the Business Day immediately following the end of such Loan Interest Period of amounts payable to third parties and transaction parties under the Borrower Pre-Enforcement Priority of Payments in respect of such Loan Interest
Period); 

  

	    	“Gross Operating Income” means rental or other revenue earned from the letting (including all insurance receipts relating to loss of income) or occupation of all or
any part of the Mortgaged Properties (other than pursuant to an Intra-Group Lease) and other revenue earned from products sold at the Mortgaged Properties and ancillary services provided from the Mortgaged Property by the Chargors;

  

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	    	“Loan to Value Ratio” means, on any date, the ratio (expressed as a percentage) of: (a) the aggregate Term Advances outstanding on that date and (b) the aggregate
of (1) the lesser of: (i) the aggregate Euro value of each Chargor’s interests in each Mortgaged Property in the Securitisation Estate as set out in the most recent Valuation of each Mortgaged Property and (ii) the aggregate of (x) the secured
amounts in relation to mortgages over Mortgaged Properties capped by reference to a monetary amount for which the mortgages over such Mortgaged Properties have been registered (or, in cases where the secured amount exceeds the most recent Valuation,
100% of the most recent Valuation in respect of such Mortgaged Property, and in the case of Mortgaged Properties in Sweden, after adding 15% or the secured amount to reflect amounts recoverable under Swedish law), (y) the value of the relevant
Chargor’s interest as set out in the most recent Valuation of the 2 Mortgaged Properties in France where the Chargor holds a commercial lease only and has granted a business pledge over, amongst other things, such leases and (z) in relation to
Mortgaged Properties in relation to which mortgages are not capped by reference to a monetary amount, the aggregate value of each Chargor’s interests in such Mortgaged Properties in the Securitisation Estate as set out in the most recent
Valuations of such Mortgaged Properties and (2) the amount (if any) that has been and remains deposited pursuant to Clause 15.2.3 to remedy any breach of the LTV Covenant; 

  

	    	“Net Operating Income” means Gross Operating Income after deducting (to the extent not already deducted) (i) all direct costs and expenses (including, but not
limited to, direct personnel costs, marketing, utilities, insurance, real estate taxes, repairs and maintenance costs and costs of products sold) incurred by the relevant Chargor in operating and maintaining the Mortgaged Properties and (ii) all
rental costs (other than those payable under Intra-Group Leases) incurred by the relevant Chargors; 

  

	    	“Reserve Multiple” means (subject to any adjustments on the grant of Additional Term Advances agreed with the Rating Agencies): 

  

	 	(a)	in relation to the Cash Reserve Determination Date in respect of the Cash Reserve Calculation Date falling in 2004, €32,521 

  

	 	(b)	in relation to the Cash Reserve Determination Date in respect of the Cash Reserve Calculation Date falling in 2005, €86,724; 

  

	 	(c)	in relation to the Cash Reserve Determination Date in respect of the Cash Reserve Calculation Date falling in 2006, €32,521; 

  

	 	(d)	in relation to the Cash Reserve Determination Date in respect of the Cash Reserve Calculation Date falling in 2007, €26,017; 

  

	 	(e)	in relation to the Cash Reserve Determination Date in respect of the Cash Reserve Calculation Date falling in 2008, €118,259; 

  

	    	“Restricted Payment” means, without prejudice to the ability to incur Permitted Financial Indebtedness, any payments or other disposals of cash or other funds or
assets including (but not restricted to) payment of a dividend, repayment of a loan, capital contribution, distribution, gift or reduction of capital or otherwise to an entity outside of 

  

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	    	the Securitisation Group (including, without limitation, under the Joint Venture Agreements) or payments under any subordinated debt (including, without limitation, under the
Intercompany Bonds), except: 

  

	 	(a)	any payment to a Borrower Secured Creditor in accordance with the Borrower Transaction Documents; 

  

	 	(b)	any payment made with the prior consent of the Borrower Security Trustee; 

  

	 	(c)	any payment from the proceeds of any Term Advances: 

  

	 	(i)	on or immediately after the drawdown of such Term Advances; or 

  

	 	(ii)	in the case of the Initial Term Advances, after drawdown of such Initial Term Advances and prior to the first Loan Payment Date; 

  

	 	(d)	any payment made from equity or fully subordinated debt provided directly or indirectly to any Chargor specifically for the purpose of making a Restricted Payment (and, in the case
of subordinated debt, subject to the delivery of a legal opinion to the Borrower Security Trustee (in form and substance satisfactory to the Borrower Security Trustee) in relation to the effectiveness of such subordination) from an entity outside of
the Securitisation Group; and 

  

	 	(e)	any payments (other than, for the avoidance of doubt, any payments which are expressly subject to the satisfaction of the Restricted Payment Condition) to creditors of the Chargor
(which are not Borrower Secured Creditors) in accordance with the Borrower Priorities of Payments and the terms of the Borrower Transaction Documents which are not Affiliates of any of the Chargors or entities pursuant to which any of the Chargors
have entered into Joint Ventures (or lenders in relation thereto). 

  
 “Restricted Payment Condition” means the conditions set out in Clause 15.9.2 (Criteria for Restricted Payment Condition); 
  

	16.	GENERAL COVENANTS OF THE CHARGORS 

  

	16.1	Duration of Covenants 

  

	    	Unless otherwise stated, the covenants in Clauses 14 (Financial Information), 15 (Financial Covenants) and 16 (General Covenants of the Chargors), 17
(Property Covenants), 18 (Covenants regarding the Disposals of Mortgaged Properties), 19 (Covenants regarding Disposals of Assets other than Mortgaged Properties), 20 (Covenants and other Provisions regarding to Capital
Expenditure) and 21 (Appointment of a Property Advisor) are given by the Chargors severally in favour of the Borrower Security Trustee and shall remain in full force and effect from the date of this Agreement until the Final Discharge
Date (or on a Permitted Disposal, where applicable). 

  

 - 52 - 

	16.2	General Positive Covenants of the Chargors 

  

	    	For the benefit of the Borrower Security Trustee, each Chargor covenants that it will save as expressly contemplated or permitted by Borrower Transaction Documents:

  

	16.2.1	Maintenance of Legal Validity, Consent and Approvals 

  

	    	ensure that it has the right to conduct its business as it is conducted from time to time and does conduct its business in all material respects in accordance with all applicable
laws and regulations and does all things reasonably necessary to obtain, preserve and keep in full force and effect all rights necessary for the conduct of its business; 

  

	16.2.2	Consents and approvals 

  

	    	obtain, comply with the terms of, renew as soon as reasonably practicable from time to time, and do all that is reasonably necessary (taking into account the benefit and expense) to
maintain in full force and effect in all material respects and, on request supply to the Borrower Security Trustee all authorisations, approvals, licences, consents and exemptions required under or by any applicable law or regulation to own its
property and assets or to enable it to perform its rights and obligations under or to maintain the validity and enforceability of the Borrower Transaction Documents to which it is a party; 

  

	16.2.3	Default or breach 

  

	    	promptly upon becoming aware of the occurrence of any Loan Event of Default, Potential Loan Event of Default or Property Advisor Appointment Event or breach of the Cash Reserve
Trigger, the Debt Service Covenant, the LTV Covenant, the Restricted Payment Condition or (only when required to be tested) the Adjusted JV DSCR, give written notice of the same to the Issuer, the Trustee, the Borrower Security Trustee and the
Rating Agencies together with details of the steps which it is taking (or is considering taking) in order to remedy or mitigate the effect of the same and, upon receipt of a written request to that effect from the Borrower Security Trustee, confirm
to the Borrower Security Trustee that, save as previously notified to the Borrower Security Trustee, no Potential Loan Event of Default or Loan Event of Default has occurred and is continuing (and has not been waived); 

  

	16.2.4	Maintenance of business 

  

	    	maintain its business and undertake all acts and things as may be reasonably required to ensure that its business is operated and continues to be operated as a going concern;

  

	16.2.5	Arms’ length contracts 

  

	    	use all reasonable endeavours to ensure that any contracts entered into by it after the Closing Date are made on arms’ length terms (which, in relation to management contracts
with the members of the Group or with entities pursuant to which it enters into Joint Ventures shall be deemed to be the case if all costs and expenses incurred in providing the management services are fully recoverable pursuant to the terms of the
management contracts on at least a quarterly basis) and:  

  

	 	(a)	(other than in respect of the Joint Venture Agreements) do not contain any restriction on charging or assigning its right, title, interest and benefit to those contracts to the
Borrower Security Trustee or any provision 

  

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	 	    	permitting the counterparty to terminate, or which results in the automatic termination of, the relevant agreement, in either case upon the appointment of a receiver (or other
official in any Relevant Jurisdiction having similar powers) in respect of the such Chargor; or 

  

	 	(b)	where such contracts do not comply with Clause 16.2.5(a), use reasonable endeavours to obtain the consent of the relevant party where required, or, where such contract is entered
into in replacement of an existing or expired contract, procure that such new contract does not contain terms in respect of termination on the appointment of a receiver (or other official in any Relevant Jurisdiction having similar powers) in
respect of such Chargor that are more onerous than the terms of the prior contract; 

  

	 	16.2.6	No change to Chargor Account mandates 

  

	 	    	unless otherwise provided in the Cash Pooling Account Bank Agreement, not make any change to the mandates of the Chargor Accounts (except for any change of authorised signatory
and/or the scope of such authorised signatory’s authority in respect of any Chargor Account); 

  

	 	16.2.7	Notice of litigation 

  

	 	    	advise the Borrower Security Trustee forthwith upon becoming aware of the same of the details of (a) each litigation, arbitration, administrative proceeding or governmental or
regulatory investigation, proceeding or dispute pending or threatened in writing against it, its respective assets, revenues or undertakings and (b) to its knowledge, the occurrence of any circumstances likely to give rise to any such litigation,
arbitration, administrative proceeding or governmental or regulatory investigation, proceeding or dispute, in each case where such event or circumstance could reasonably be expected to have a Material Adverse Effect if determined adversely against
the relevant Chargor; 

  

	 	16.2.8	Access to records 

  

	 	    	upon reasonable prior written notice being given to the relevant Chargor, give the Borrower Security Trustee and any one or more of its agents and any Property Advisor which is
appointed access during normal business hours to the Mortgaged Properties and to records in respect of the business conducted at the Mortgaged Properties; 

  

	 	16.2.9	Pari passu ranking 

  

	 	    	ensure that at all times the claims of the Borrower Secured Creditors against such Chargor under any of the Borrower Transaction Documents rank at least pari passu with the
claims of all of its other unsecured creditors, save for those claims which are preferred solely by the operation of any bankruptcy, insolvency or liquidation law or other similar law of general application; 

  

	 	16.2.10	Book debts: 

  

	 	(a)	get in and realise its book and other debts and monetary claims (including all rental income) in the ordinary and usual course of its business; and 

  

 - 54 - 

	 	(b)	not factor or discount any of its book and other debts and monetary claims (including all rental income) or enter into any agreement for such factoring or discounting;

  

	 	16.2.11	Distributions and investments: 

  

	 	(a)	not declare or pay any dividends or interest on unpaid dividends or distributions, fees or expenses in the nature of or intended to act as a distribution to any of its members or
shareholders or make any payments in respect of Financial Indebtedness owed to any of its shareholders in that capacity except from Excess Cash where the Restricted Payment Condition is satisfied; 

  

	 	(b)	not make any payments in respect of any guarantee, indemnity, bond, letter of credit or similar assurance against financial loss given by any such shareholder or any affiliate of
any such shareholder to any creditor except from Excess Cash where the Restricted Payment Condition is satisfied; or 

  

	 	(c)	unless funded from Excess Cash in circumstances where the Restricted Payment Condition is satisfied or from cash received on a subordinated basis (with a legal opinion satisfactory
to the Borrower Security Trustee being provided as to the effectiveness of such subordination (subject to any reservations therein)) or equity received for such purpose, not acquire or contract or offer to acquire, by subscription or otherwise, any
business, Investments or otherwise acquire control of or make any investment in, any company or business (save as permitted where the Property Acquisition Conditions are satisfied in connection with a substitution of a Mortgaged Property by way of a
Share Acquisition); 

  

	 	16.2.12	Share Capital 

  

	 	(a)	unless pursuant to Clause 16.2.12(d) or funded from Excess Cash in circumstances where the Restricted Payment Condition is satisfied or from cash received on a subordinated basis
(with a legal opinion satisfactory to the Borrower Security Trustee being provided as to the effectiveness of such subordination (subject to any reservations therein)) or equity received for such purpose, and subject to applicable laws, not redeem,
repurchase, defease, retire or repay any of its share capital, waive any obligation to pay up capital contributions, or resolve to do so without the prior consent of the Borrower Security Trustee; 

  

	 	(b)	unless funded from Excess Cash in circumstances where the Restricted Payment Condition is satisfied or from cash received on a subordinated basis (with a legal opinion satisfactory
to the Borrower Security Trustee being provided as to the effectiveness of such subordination (subject to any reservations therein)) or equity received for such purpose, pay on the same becoming due all calls or other payments which may be or become
due in respect of any of the Investments; 

  

 - 55 - 

	 	(c)	unless funded from Excess Cash in circumstances where the Restricted Payment Condition is satisfied or from cash received on a subordinated basis (with a legal opinion satisfactory
to the Borrower Security Trustee being provided as to the effectiveness of such subordination (subject to any reservations therein)) or equity received for such purpose, not utilise any share capital in respect of which a Security Interest has been
granted to acquire or contract or offer to acquire, by subscription or otherwise, any business, Investments or otherwise acquire control of or make any investment in, any company or business; and 

  

	 	(d)	in the event that any French Chargor receives a notice in respect of an application to wind up such French Chargor pursuant to Article L.225-248 of the French Commercial Code
(Code de Commerce), it shall promptly submit such notice to the Borrower (and any of its other shareholders or equity partners from time to time). The Borrower and/or other shareholder/equity partner, as appropriate, will within 5 Business
Days of receipt of such notice take steps to remedy the situation by (i) reducing the capital of the relevant Chargor through the utilisation of accumulated losses brought forward; (ii) increasing the equity funding of the relevant Chargor by way of
capital contribution; and/or (iii) adjusting the terms of then existing financing made to the relevant Chargor so that it is recognised as equity for this purpose, and shall otherwise comply with the directions of any relevant court.

  

	 	16.2.13	Conduct of business 

  

	 	    	only conduct a Permitted Business; 

  

	 	16.2.14	Intra-Group Leases 

  

	 	    	except, for the avoidance of doubt, renewals of existing Intra-Group Leases, a Chargor may only grant an Intra-Group Lease to another Chargor or a New OpCo provided that:

  

	 	(a)	the New OpCo or Chargor taking the Intra-Group Lease, as the case may be, grants security satisfactory to the Borrower Security Trustee over its rights under the Intra-Group Lease
or (as the case may be) the Chargor which will be the tenant under the Intra-Group Lease grants security over its rights under the Intra-Group Lease (in each case to the extent possible under the law of the jurisdiction in which the New OpCo or
other Chargor taking the Intra-Group Lease, as the case may be, is incorporated or otherwise established) in favour of the Borrower Security Trustee and a legal opinion (or legal opinions) satisfactory to the Borrower Security Trustee from an
internationally recognised firm of solicitors is delivered (and addressed inter alios) to the Borrower Security Trustee with respect to the validity and enforceability of such security and confirming there is no prejudice to the validity and
enforceability of the existing security which has been granted pursuant to the Chargor Security Documents by the Chargor which is proposing to grant the Intra-Group Lease; 

  

 - 56 - 

	 	(b)	the New OpCo accedes to the Cash Pooling Loan and Cash Administration Agreement in order to undertake to cash pool monies receivable from customers at the Mortgaged Property (or
Mortgaged Properties) which is (or are) subject to the Intra-Group Lease in a manner which is consistent with the obligations of other Chargors in its Relevant Jurisdiction under the Cash Pooling Loan and Cash Administration Agreement;

  

	 	(c)	the Intra-Group Lease is: (a) made on arm’s length terms at an open market rent, (b) includes a right in favour of the grantor to terminate the Intra-Group Lease on serving 30
days’ notice or such longer period required by applicable law (without any indemnity or right of compensation pursuant to its terms) (to the extent possible under the law of the jurisdiction in which the New OpCo is incorporated or otherwise
established) and (c) prohibits any sub-letting by the New OpCo or Chargor (which will be the tenant under the Intra-Group Lease), as the case may be, to any entity which is not within the Securitisation Group and: 

  

	 	(A)	in the case of Intra-Group Leases relating to Mortgaged Properties in England & Wales, take all necessary steps to ensure that the provisions of sections 24 to 28 of the
Landlord and Tenant Act 1954 (as amended) shall be excluded in relation to the Intra-Group Lease, including service by the Chargor which is granting the Intra-Group Lease of a notice on the Chargor taking the Intra-Group Lease in accordance with
s.38A(1) of the Landlord and Tenant Act 1954 (as amended), and the making of a declaration or a statutory declaration (as appropriate) by the New OpCo or Chargor taking the Intra-Group Lease in accordance with paragraph 3 or 4 of Schedule 2 of the
Regulatory Reform (Business Tenancies) (England and Wales) Order 2003; and 

  

	 	(B)	in the case of Intra-Group Leases relating to Mortgaged Properties in Belgium, such Intra-Group Leases are governed by a contrat de bail/huurovereenkomst but not a retail
lease agreement falling under the Law of 30 April 1951; 

  

	 	(d)	a solvency certificate (in a form satisfactory to the Borrower Security Trustee) signed by two Authorised Signatories (or, in the case of a Chargor which has a sole director, one
Authorised Signatory) of the Chargor proposing to grant the Intra-Group Lease is delivered to the Borrower Security Trustee certifying that the Chargor is not insolvent at the date of the grant of the Intra-Group Lease and would not become insolvent
as a result of the grant of the Intra-Group Lease; 

  

	 	(e)	a solvency certificate (in a form satisfactory to the Borrower Security Trustee) signed by two Authorised Signatories of the New OpCo (or, in the case of a New OpCo which has a sole
director, one Authorised 

  

 - 57 - 

	 	    	Signatory) is delivered to the Borrower Security Trustee certifying that the Chargor is not insolvent at the date of on which it grants security to the Borrower Security Trustee in
accordance with paragraph (a) above and would not become insolvent as a result of acceding to the relevant Transaction Documents; 

  

	 	(f)	a certificate from an Authorised Signatory of the New OpCo or (as the case may be) the Chargor which will be the tenant under the Intra-Group Lease is provided to the Borrower
Security Trustee that certifies that, as at the date of the grant of the Intra-Group Lease, the New OpCo or Chargor taking the Intra-Group Lease, as the case may be, is (in the case of a new Chargor, following accession to the Issuer/Borrower
Facility Agreement) in compliance with all representations and warranties (as if such representations and warranties are repeated on such date) and covenants applicable to such OpCo or Chargor under the terms of the Issuer/Borrower Facility
Agreement; 

  

	 	(g)	there is no Loan Event of Default or Potential Loan Event of Default which has occurred and is continuing; 

  

	 	(h)	the Chargor has complied with its obligations under the Tax Deed of Covenant; and 

  

	 	(i)	the Rating Agencies confirm that then current ratings of the Notes will not be subject to downgrade, withdrawal or suspension or put on negative creditwatch as a result of the grant
of the Intra-Group Lease; 

  

	 	16.2.15	Information 

  

	 	    	in relation to the Borrower only, from time to time, on request by the Borrower Security Trustee, furnish the Borrower Security Trustee with such information about its business and
financial condition as the Borrower Security Trustee may require following a Loan Event of Default or a Potential Loan Event of Default, or except to the extent that disclosure of such financial information would at any time breach any law,
regulation, stock exchange requirement (including a requirement of the SEC) or rules of any applicable regulatory body to which Shurgard Inc or any member of the Securitisation Group or any entity which controls or becomes a majority owner (such
entity being a “Holding Company”) of the Borrower is subject, for the purpose of clarifying any reports or certificates provided by a Chargor relating to financial matters; 

  

	 	16.2.16	Remedy of breach of warranty or covenant 

  

	 	    	where there has been a breach of any warranty or covenant by such Chargor which may have a Material Adverse Effect, promptly take steps to remedy such breach where capable of
remedy; 

  

	 	16.2.17	Centre of main interests 

  

	 	    	at all times maintain its corporate seat, registered office and place of principal management in the country of its incorporation; 

  

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	 	16.2.18	No establishments 

  

	 	    	not at any time create any “establishment” (within the meaning of the European Regulation No. 1346/2000 of 29 May 2000 on insolvency proceedings) outside the jurisdiction
in which it is incorporated or otherwise established; 

  

	 	16.2.19	Separateness: 

  

	 	    	each of the Chargors shall ensure that: 

  

	 	(a)	corporate books and records and financial statements in relation to itself are maintained separately from any other person or entity; 

  

	 	(b)	all corporate formalities under applicable laws with respect to its affairs are observed; 

  

	 	(c)	its business is conducted in its own name and separate stationery, invoices and cheques are used; 

  

	 	(d)	it always holds itself out as a separate legal entity; 

  

	 	(e)	its assets are not co-mingled with those of any other person or entity (other than a Chargor); 

  

	 	(f)	it does not exert influence over the management of another Chargor (other than (i) to the extent it is a manager, director or equivalent officer of such Chargor and exerts influence
in its capacity as such, or (ii) to the extent such Chargor is exercising rights under applicable law in its capacity as a shareholder of the relevant Chargor) where such influence would jeopardise the recognition of such other Chargor as a separate
legal entity; 

  

	 	(g)	any transactions entered into with other Chargors are in the ordinary course of business and on arm’s length terms; and 

  

	 	(h)	in relation to the French Chargors, it shall not make any payment or other transfer of money, which is or could be held to be “irregular” or abnormal within the meaning of
French case law relating to consolidation (confusion des patrimoines) or misuse of corporate assets (abus de biens sociaux), to any other person or entity; 

  

	 	16.2.20	Change of Control 

  

	 	    	notify the Borrower Security Trustee and the Issuer if any of the issued share capital in any Chargor held by the Borrower on the date hereof ceases to be held directly or
indirectly by the Borrower (save pursuant to a Permitted Disposal); 

  

	 	16.2.21	Meetings 

  

	 	    	in the event that a Meeting is requested pursuant to Condition 13 (Meetings of Noteholders), if requested, send one or more representatives to that Meeting, provided that it
shall not be required to send any representatives to more than two Meetings per calendar year (one or more persons may act as representative for all Chargors); 

  

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	 	16.2.22	Property Advisor Covenants 

  

	 	    	if a Property Advisor is appointed in accordance with the terms of this Agreement, furnish the Property Advisor with such information (including, without limitation, about its
business and financial condition of the Securitisation Group but subject to any confidentiality undertakings which a Chargor may be subject (and in relation to which, such Chargor having used reasonable endeavours, has not obtained a waiver)) and
access to management of the Chargors as the Property Advisor may reasonably require in order to produce a report in accordance with Clause 21 (Appointment of Property Advisor) or consider a Restructuring Proposal in accordance with Clause
15.8 (Restructuring Proposals); and 

  

	 	16.2.23	Currency Hedging 

  

	 	(a)	in the case of the Borrower, in the event that the Currency Swap Agreement is terminated in whole prior to repayment in full of the Initial Term Advances, the Borrower shall use its
best efforts to enter into a replacement currency swap agreement with a counterparty having the Minimum Short-Term Ratings on terms substantially equivalent to the Currency Swap Agreement and procure that the replacement swap counterparty becomes a
party to the Security Trust Deed, unless the Rating Agencies confirm in writing to the Borrower and the Borrower Security Trustee that then current ratings of the Notes will not be subject to downgrade, withdrawal or suspension or put on negative
creditwatch as a consequence of the termination of the Currency Swap Agreement without entry into a replacement currency swap agreement; and 

  

	 	(b)	other than (for the avoidance of doubt) as a result of a Permitted Disposal, the Borrower shall not terminate the Currency Swap Agreement (including where it is entitled to do so
under the terms of the Currency Swap Agreement) without the prior written consent of the Borrower Security Trustee. 

  

	16.3	Negative Covenants of the Chargors 

  

	    	For the benefit of the Borrower Security Trustee, each Chargor covenants that it will not: 

  

	 	16.3.1	Encumbrances 

  

	 	    	save for Permitted Encumbrances, create (or agree to create) or suffer or permit to subsist any Security Interest over all or any of its present or future revenues or assets or
undertaking (including uncalled capital); 

  

	 	16.3.2	Indebtedness 

  

	 	    	save for Permitted Financial Indebtedness, incur, create or permit to subsist or have outstanding any Financial Indebtedness or pay, discharge, grant any guarantee, indemnity bond,
letter of credit or similar assurance against financial loss in support of any Financial Indebtedness and in the case of any Permitted Financial Indebtedness to be granted on a subordinated basis, the Chargor incurring such Permitted Financial
Indebtedness shall procure that: 

  

	 	(a)	either a legal opinion (subject to any reservations set out in such legal opinion) (in form and substance satisfactory to the Borrower Security Trustee) is addressed and delivered
to, inter alios, the Borrower Security Trustee in relation to the effectiveness of such subordination; or 

  

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	 	(b)	security is granted over such Financial Indebtedness (in form and substance satisfactory to the Borrower Security Trustee) and a legal opinion (subject to any reservations set out
in such legal opinion) (in form and substance satisfactory to the Borrower Security Trustee) is addressed and delivered to, inter alios, the Borrower Security Trustee in relation to the effectiveness of such security; and

  

	 	(c)	the person providing the subordinated debt enters into a Subordination and Intercreditor Deed in the form of Schedule 4 (Form of Subordination and Intercreditor Deed) of the
Security Trust Deed. 

  

	 	16.3.3	Business 

  

	 	    	conduct any business other than the Permitted Business or permit any change of business other than to a Permitted Business; 

  

	 	16.3.4	Disposals 

  

	 	    	save for Permitted Disposals sell, lease or otherwise transfer or dispose of by one or more transactions or series of transactions (whether related or not), any of its revenues or
assets; 

  

	 	16.3.5	Accounting Policies 

  

	 	    	change its accounting policies, with the intention that such change will result in compliance with the Debt Service Covenant, the Cash Reserve Trigger or Cash Release Trigger or the
satisfaction of the Restricted Payment Condition, where such compliance or satisfaction would not otherwise have occurred had its accounting policies not been so changed; 

  

	 	16.3.6	Reduction in capital 

  

	 	    	save where required to comply with applicable law (taxation or otherwise), permit any reduction in its share capital; 

  

	 	16.3.7	Mergers and reorganisations 

  

	 	    	insofar as it is within its control, enter into any amalgamation, demerger, merger or analogous action in any Relevant Jurisdiction (as confirmed to the Borrower Security Trustee in
a legal opinion of local counsel in the Relevant Jurisdiction provided by the relevant Chargor) except: 

  

	 	(a)	with the consent of the Borrower Security Trustee; 

  

	 	(b)	providing two Authorised Signatories of the Borrower certify in writing to the Borrower Security Trustee that such event would not have a Material Adverse Effect;

  

	 	(c)	notice of the proposed corporate action is given in advance to each of the Rating Agencies and they affirm the current rating of the notes following such amalgamation, demerger or
analogous action; and 

  

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	 	(d)	a legal opinion (in form and substance satisfactory to the Borrower Security Trustee) is addressed and delivered to, inter alios, the Borrower Security Trustee to confirm
that the security granted to the Borrower Security Trustee by the relevant Chargor(s) is not prejudiced or that the new security granted by the new entity is valid and enforceable; 

  

	 	16.3.8	Further Share Capital 

  

	 	    	other than in the case of the issue of share capital by the Borrower, require or (to the extent another Chargor is a Subsidiary of it) permit any Chargor to issue any further share
capital to any person, save that such Chargor may issue share capital to another member of the Securitisation Group if such other member grants a pledge (or equivalent Security Interest) in favour of the Borrower Security Trustee over any share
capital so issued and provides the Borrower Security Trustee with a legal opinion satisfactory to the Borrower Security Trustee confirming that such pledge is legal, valid, binding and enforceable (subject to any reservations set out therein) and
that it was duly authorised and executed; 

  

	 	16.3.9	Non-competition 

  

	 	    	the Borrower will undertake to procure that any member of the Securitisation Group or any entity in which a member of the Securitisation Group holds (directly or indirectly) at
least a 50 per cent. shareholding interest or controlling voting rights in relation to all or material matters or a right to appoint the majority of directors thereof (including, without limitation, pursuant to a Joint Venture Agreement) shall not,
or expressly authorise any other person to, establish a new self storage centre in a location that, by virtue of its proximity, would have a long-term material adverse effect on the revenue of the Mortgaged Properties operated by any member of the
Securitisation Group in the relevant market area; and 

  

	 	16.3.10	Guarantees and Indemnities 

  

	 	    	save for Permitted Financial Indebtedness, grant or permit to subsist or have outstanding any guarantee or indemnity in respect of the obligation or liabilities of any person (or
agree to do so) other than any guarantees or indemnities granted in the ordinary course of business and upon terms usual for such business. 

  

	16.4	Negative Covenants of the PropCos 

  

	    	For the benefit of the Issuer and the Borrower Security Trustee, each PropCo covenants that it will not: 

  

	 	16.4.1	without prejudice to its ability to acquire and dispose of property in accordance with the terms of this Agreement carry on a business other than the holding of property ownership
interests in Mortgaged Properties and any activity incidental to the acquisition of such interests; and 

  

	 	16.4.2	incur any material liabilities to any third parties outside the Securitisation Group other than those which are necessary or for which it becomes liable as a matter of law or
contract having regard to its ownership interest in any Mortgaged Property. 

  

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	17.	PROPERTY COVENANTS 

  

	17.1	For the benefit of the Borrower Security Trustee each Chargor covenants that it will: 

  

	 	17.1.1	Repair 

  

	 	    	ensure that it will keep its Mortgaged Properties in a good state of maintenance, repair and preservation (fair wear and tear excepted) including all buildings, structures,
fixtures, fittings, plant, machinery and equipment belonging to or required by it for the operation of its business thereon and will renew and replace such items with items of similar quality and value where necessary and make good any act of
repair; 

  

	 	17.1.2	Alterations 

  

	 	    	not effect, carry out or permit any demolition, reconstruction or rebuilding of or any structural alteration to or material change in the use of its Mortgaged Properties or sever or
remove any of the fixtures thereon belonging to or in use by it (except for the purpose and in the course of effecting necessary repairs thereto or of replacing the same with new or improved facilities or in the ordinary course of business or for
the purposes of complying with any Statutory Requirements) without the prior consent of the Borrower Security Trustee; 

  

	 	17.1.3	Tenants And Licensees 

  

	 	(a)	use its reasonable endeavours, in relation to its Mortgaged Properties, to find tenants or licensees for any vacant lettable space in its Mortgaged Properties;

  

	 	(b)	observe and perform all its material covenants and obligations as lessor under any lease or as grantor under or as party to any licence or contract (in all cases) now or at any time
relating to or affecting its Mortgaged Properties and protect its rights and interests under the same; 

  

	 	17.1.4	Planning 

  

	 	(a)	to the extent failure to comply would have a Material Adverse Effect comply with any material conditions attached to the relevant Planning Permission relating to or affecting its
Mortgaged Properties; 

  

	 	(b)	not implement any Planning Permission obtained in relation to its Mortgaged Properties where such implementation would reasonably be expected to have a Material Adverse Effect
without the prior consent of the Borrower Security Trustee; and 

  

	 	(c)	comply with all Planning Laws where failure to comply would reasonably be expected to have a Material Adverse Effect; 

  

	 	17.1.5	Notices 

  

	 	(a)	promptly and in any event within 30 Business Days of becoming aware of the same, give full particulars (and if requested a copy of any written particulars received by the Chargor
concerned, if applicable) to the 

  

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	 	    	Borrower Security Trustee of any material notice, order, directive, designation, resolution or proposal having application to its Mortgaged Properties or to the area in which it is
situate by any planning authority or other public body or authority under or by virtue of the Planning Laws or any other statutory power or powers conferred by any other law; and 

  

	 	(b)	if so required by the Borrower Security Trustee, following 10 Business Days’ prior written notice to the Chargor, take all steps to seek to comply with any obligations imposed
by any such notice or order (except where a Chargor is contesting such notice or order in good faith and delivers to the Borrower Security Trustee an opinion from its counsel (being a barrister or appropriately qualified lawyer having at least 10
years of experience in the relevant area of expertise) demonstrating such action by the Chargor would have a reasonable prospect of success) and, at the cost of the relevant Chargor, make such objection or objections or representations against or in
respect of any proposal for such a notice or order as the Borrower Security Trustee (acting reasonably) considers necessary; 

  

	 	17.1.6	Title 

  

	 	(a)	observe and perform all material restrictive or other covenants, stipulations and obligations now or at any time affecting its Mortgaged Properties insofar as the same are
subsisting and are capable of being enforced; and 

  

	 	(b)	duly and diligently enforce all material restrictive or other covenants, stipulations and obligations benefiting its Mortgaged Properties and except for the purposes of complying
with any Statutory Requirements, not waive, release or vary (or agree so to do) the obligations of any other party thereto without the prior consent of the Borrower Security Trustee; 

  

	 	17.1.7	Headleases 

  

	 	    	in relation to any Lease under which it derives its estate or interest in its Mortgaged Properties (or right to occupy the Mortgaged Properties): 

  

	 	(a)	observe and perform all material covenants, stipulations and obligations on the lessee under any such Lease; 

  

	 	(b)	diligently enforce all material covenants and due performance and observance of obligations on the part of the lessor under any such Lease; 

  

	 	(c)	not without the prior written consent of the Borrower Security Trustee: 

  

	 	(i)	waive, release or vary any material obligation under, or the material terms of; or 

  

	 	(ii)	exercise any option or power to break, determine or extend, in each case, any such Lease other than, for the avoidance of doubt, in respect of any Intra-Group Lease between
Chargors; 

  

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	 	(d)	not do or permit anything to be done under any such Lease whereby the same may be forfeited, terminated or lead to a right of re-entry; 

  

	 	(e)	other than, for the avoidance of doubt, in respect of any Intra Group Lease between Chargors or in respect of any Lease which has an indexed linked rent, not agree any increase in
the rent payable under any such Lease unless an independent professional working in real estate has agreed such increase is reasonable by reference to market rates or failure to agree on such increase could be materially prejudicial to a Chargor;

  

	 	(f)	promptly notify the Borrower Security Trustee of any matter or event under or by reason of which any such Lease has or may become subject to determination or to the exercise of any
right of re-entry or forfeiture; and 

  

	 	(g)	promptly notify the Rating Agencies and the Cash Administrator upon a failure to pay in full rent payable under any such Lease (irrespective of any grace period for payment
thereunder) other than, for the avoidance of doubt, in respect of any Intra-Group Lease between Chargors; 

  

	 	17.1.8	Indemnity 

  

	 	    	in circumstances where the Borrower Security Trustee becomes a mortgagee in possession (or, in relation to Environmental Claims, liabilities incurred, if any, in its capacity as
Borrower Security Trustee), punctually pay or cause to be paid and indemnify the Borrower Security Trustee on demand (and as a separate covenant any Receiver or Receivers appointed by it) against all liabilities in relation to Environmental Claims
existing and future rents, taxes, duties, fees, renewal fees, charges, assessments, impositions and outgoings whatsoever whether imposed by deed or by statute or otherwise and whether in the nature of capital or revenue and even though of a wholly
novel character which now or at any time during the continuance of the security constituted by or pursuant to the Chargor Security Documents are payable in respect of its Mortgaged Property or any part thereof; 

  

	 	17.1.9	Environmental Law 

  

	 	    	to the extent that failure to do so would give rise to a Material Adverse Effect: 

  

	 	(a)	comply with all applicable Environmental Laws and obtain, maintain and comply with all requisite Environmental Permits; 

  

	 	(b)	as to matters within its control, not allow any circumstances to arise which could lead to a competent authority or a third party taking action or making an Environmental Claim,
including the revocation, suspension, variation or non-renewal of any Environmental Permits; 

  

	 	(c)	notify the Borrower Security Trustee as soon as reasonably possible of any claim, notice or other communication received by it in respect of: 

  

	 	(i)	any actual or alleged breach of, or corrective or remedial obligation or liability under, any Environment Law or Environmental Permit; or 

  

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	 	(ii)	threatening to withdraw or not to renew or not renewing any Environmental Permit; and 

  

	 	(d)	notify the Borrower Security Trustee as soon as reasonably possible upon becoming aware of the same: 

  

	 	(i)	if any Environmental Claim has been commenced or (to the best of the Chargor’s knowledge and belief) is threatened against such Chargor; or 

  

	 	(ii)	if any facts or circumstances which shall or are reasonably likely to result in any Environmental Claim being commenced or threatened against such Chargor; 

 

	 	17.1.10	Other Information 

  

	 	    	furnish, or procure that there is furnished, to the Borrower Security Trustee: 

  

	 	(a)	as soon as the same are instituted or, to its knowledge, threatened, details of any litigation, arbitration or administrative proceedings involving such Chargor which:

  

	 	(i)	if adversely determined, would involve liability or potential liability of such Chargor in excess of €1,000,000 (or the Applicable Foreign Currency Equivalent); or

  

	 	(ii)	is likely to be adversely determined and would involve liability or potential liability of such Chargor in excess of €1,000,000 (or the Applicable Foreign Currency Equivalent);
and 

  

	 	(b)	any amendment or variation to the Joint Venture Agreements that would have a Material Adverse Effect. 

  

	 	17.1.11	Insurances 

  

	 	(a)	Maintaining Policies: with respect to insurance: 

  

	 	(i)	maintain valid insurance cover for each Mortgaged Property in an amount that is commercially reasonable and prudent provided always that the insurance covers those risks usually
covered by a reasonably prudent owner of a portfolio of property of the same nature as the relevant property and/or buildings in a comparable location and maintained with a Regulated Insurer and do nothing knowingly or permit or omit to do anything
which may make such cover void or voidable; 

  

	 	(ii)	maintain, where available on reasonable commercial terms, insurance against acts of terrorism; and 

  

	 	(iii)	maintain such other valid insurances in respect of such risks as are usually covered by a reasonably prudent owner and operator of businesses similar to the Permitted Business
(including group 

  

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	 	    	employer’s liability, third party, public and products liability insurance policies and business interruption insurance for a period of not less than 24 months or, if more, the
period specified in a Lease under which it derives its estate or interest in its Mortgaged Properties (or right to occupy the Mortgaged Properties)) with a Regulated Insurer; 

  

	 	(b)	Information: 

  

	 	(i)	procure that there has been given to the Borrower Security Trustee such information in connection with, and copies of, the Insurance Policies as the Borrower Security Trustee may at
any time require and will notify the Borrower Security Trustee and the Rating Agencies of renewals made and material variations or cancellations of Insurance Policies, to the knowledge of such Chargor made, threatened or pending; and

  

	 	(ii)	notify the Borrower Security Trustee and the Rating Agencies in writing of any material changes to its insurance cover made from time to time; 

  

	 	(c)	Non avoidance: will not knowingly do or omit or permit anything to be done which may make void or voidable any Insurance Policy; 

  

	 	(d)	Insurers: will effect and maintain Insurance Policies with an insurance office or with underwriters in each case which is a Regulated Insurer of international repute and, in
relation to Insurance Policies relating to fire, terrorism, property damage and business interruption, unless cover is not available on reasonable commercial terms as determined by the Chargors acting as prudent operators of storage facilities in
the insurance market from insurers having the requisite ratings, whose unsecured, unsubordinated and unguaranteed long term debt obligations are: (i) rated by both of the Rating Agencies or either of the Rating Agencies and Moody’s Investors
Service Inc. and (ii) rated (to the extent such obligations are rated by the relevant rating agency) at least A by Fitch, A2 by Moody’s Investors Service Inc. and at least A by S&P; 

  

	 	(e)	Pay premiums: will duly and punctually pay all premiums and other moneys payable under its Insurance Policies and reasonably promptly, upon request by the Borrower Security
Trustee, produce to the Borrower Security Trustee copies of the premium receipts or other evidence of the payment thereof; 

  

	 	(f)	Co-insured: to the extent that the same is customarily available in the relevant local insurance market and where not inconsistent with mandatory provisions of applicable
law, at all times procure that each Insurance Policy, other than that specified in Clause 17.1.11 (a)(iii) above, maintained by such Chargor is in its name and the Borrower Security Trustee as co-insured with the Borrower Security Trustee named as
loss 

  

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	 	    	payee (subject to a 45 days grace period upon the change in the identity of the Borrower Security Trustee, provided that such Chargor uses its reasonable endeavours to take
steps to effect such change promptly); 

  

	 	(g)	Application of insurance monies: subject to the terms of any relevant occupational lease or Statutory Requirements procure that the proceeds of any insurance claim under any
Insurance Policy are payable as follows: 

  

	 	(i)	where payment of a claim is made in respect of business interruption insurance, payment will be paid into the Main OpCo Account for the Relevant Jurisdiction in which the loss of
rents was sustained; 

  

	 	(ii)	where payment of a claim is made in respect of third party and public liability insurance, payment will be made to the relevant third party except where payment or partial payment
has been made to that third party by the relevant Chargor in which case payment or the relevant part payment will be made to the relevant Chargor; and 

  

	 	(iii)	where payment of a claim is made for the purposes of repair, replacement or reinstatement any amount so received will be paid into the Disposal Proceeds Account to be applied in
such manner; and 

  

	 	(iv)	otherwise, will be paid into the Disposal Proceeds Account, 

  

	 	(h)	where any asset is for the time being insured otherwise than in the name of the Borrower Security Trustee and the relevant Chargor, cause the interest of the Borrower Security
Trustee to be noted or endorsed on the policy or policies of insurance relating thereto (subject to a 45 days grace period upon the change in the identity of the Borrower Security Trustee, provided that the relevant Chargor uses its
reasonable endeavours to take steps to effect such change promptly); 

  

	 	(i)	Leasehold Properties: notwithstanding anything to the contrary in this Agreement, no Chargor will be, or be deemed to be, in breach of its obligations under this Clause
17.1.11 (Insurances) to the extent that any provision of any Lease (except any Intra-Group Lease) or other contract or agreement entered into with any of the landlords of a Mortgaged Property is in conflict with any provision of this Clause
17.1.11 (Insurances) (such that a breach of this Agreement or the Lease would otherwise result) and the relevant Chargor is complying with the material provisions of that Lease or other contract or agreement; and 

  

	 	(j)	Non-compliance: if a Chargor does not comply with its obligations in respect of any Insurance Policy or this Clause 17.1.11 (Insurances), the Borrower Security Trustee
may (without any obligation to do so) effect or renew any such Insurance Policy either in its own name or in its name and that of that Chargor with an endorsement of the Borrower Security Trustee’s interest and any money properly expended by
the Borrower 

  

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	 	    	Security Trustee on so effecting or renewing any such insurance will be reimbursed by that Chargor or (failing which) the Borrower to the Borrower Security Trustee on demand.

  

	 	17.1.12	Legal And Beneficial Owner 

  

	 	    	subject to any Permitted Encumbrances and Permitted Disposals remain: 

  

	 	(a)	in the case of Mortgaged Properties situated in England and Wales, the sole legal and beneficial owner of its interest in all of its Mortgaged Properties; 

 

	 	(b)	in the case of Mortgaged Properties situated in Belgium, the sole owner of its interests in any Mortgaged Properties; 

  

	 	(c)	in the case of Mortgaged Properties situated in Sweden, the sole legal and beneficial owner of its interests in any Mortgaged Properties; 

  

	 	(d)	in the case of Mortgaged Properties situated in Denmark, the sole legal owner of its interests in any Mortgaged Properties; 

  

	 	(e)	in the case of Mortgaged Properties situated in The Netherlands, the owner (eigenaar) or holder of a leasehold right (houder van een erfpachtrecht) in each Mortgaged
Property or, in respect of the Mortgaged Properties in Heemstede and Amersfoort, entitled to rights in relation to lease agreements (huurovereenkomst) of its interests in such Mortgaged Properties; and 

  

	 	(f)	in the case of Mortgaged Properties situated in France the sole legal owner (propriétaire) of its interests in any Mortgaged Properties, 

  

	 	    	in each case, 

  

	 	    	free from any material covenants, undertakings, restrictions, easements, servitudes, burdens, leases (other than the Intra-Group Leases and any licences granted to customers) or
other third party rights save those disclosed in the Materiality Overview Report; 

  

	 	17.1.13	Compulsory Purchase 

  

	 	    	notify the Borrower Security Trustee immediately if all or any of its issued shares or the whole or any material part of its revenues or assets (including the whole or any material
part of any Mortgaged Property) are seized, expropriated or compulsorily acquired or purchased, or the applicable local authority makes an order for the compulsory purchase (and notifies the relevant Chargor) of the same; and

  

	 	17.1.14	Valuations 

  

	 	(a)	arrange for a Valuation at the written request of the Borrower Security Trustee (and at the expense of such Chargor), provided that such request may only be made following
the occurrence of a Potential Loan Event of Default or a Loan Event of Default; and 

  

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	 	(b)	the Borrower shall arrange for a Valuation in the period falling between October 2006 and October 2007 of all the Mortgaged Properties (at the cost of the Chargors) in the
Securitisation Estate at such time (the “Revaluation Report”) and shall promptly forward such report to the Rating Agencies and the Borrower Security Trustee; 

  

	18.	COVENANTS REGARDING DISPOSAL, ACQUISITION OR SUBSTITUTION OF MORTGAGED PROPERTIES 

  

	18.1	Covenants regarding Disposal of a Mortgaged Property 

  

	    	A Chargor shall not dispose of a Mortgaged Property (whether directly or indirectly by way of selling the shares in the Chargor which owns such Mortgaged Property (a Chargor which
is sold being a “Sold Chargor” and such sale of shares being a “Share Sale”)) unless the Borrower Security Trustee executes a deed of release or discharge (or analogous document) in respect of such Mortgaged
Property or Sold Chargor from the Chargor Security. 

  

	18.2	Conditions to Disposal of Mortgaged Properties 

  

	    	The Borrower Security Trustee shall execute a deed of release or discharge (or analogous document) in respect of a proposed disposal of a Mortgaged Property (whether directly or
indirectly by way of Share Sale) if the relevant Chargor delivers a duly executed Mortgaged Property Disposal Certificate countersigned by the Borrower not less than 10 Business Days (or such shorter period as the Borrower Security Trustee may
agree) prior to the date on which the Chargor proposes to dispose of such Mortgaged Property or Sold Chargor, certifying the compliance with each of the matters set out in such certificate and: 

  

	 	18.2.1	the proposed disposal is a disposal on arm’s length terms and: 

  

	 	(a)	no Loan Event of Default or Potential Loan Event of Default has occurred and is continuing (unless waived by the Borrower Security Trustee) at the date such disposal is agreed or
will occur as a result of such disposal (including, without limitation, a breach of the Debt Service Covenant); 

  

	 	(b)	the entire consideration is payable in cash upon such sale; 

  

	 	(c)	an amount equal to or greater than the Allocated Debt Amount (together with the absolute value of any Anticipated Hedging Amounts referable to that disposal) is deposited into the
Disposals Proceeds Account at completion of the disposal; 

  

	 	(d)	when aggregated with the Euro Value of all Mortgaged Properties previously disposed of (directly or indirectly by way of Share Sale), the Euro Value of the Mortgaged Property (or
Mortgaged Properties) to be disposed of is less than or equal to 20% of the aggregate Euro Value of the Mortgaged Properties in the Securitisation Estate (by reference to the most recent Valuations) or such higher percentage as the Rating Agencies
may from time to time confirm will not adversely affect then current ratings of the Notes; 

  

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	 	(e)	the Tax Disposal Conditions are satisfied; and 

  

	 	(f)	if in the case of a Share Sale only, none of the Mortgaged Properties belonging to the relevant Sold Chargor are subject to an Intra-Group Lease immediately prior to such disposal;
or 

  

	 	18.2.2	the proposed disposal is a disposal of a Mortgaged Property required by law or any regulation having the force of law or any governmental agency in accordance with whose orders
and/or rulings the relevant Chargor is required to act. 

  

	18.3	Application of Proceeds of Disposal of a Mortgaged Property 

  

	    	In addition to the Tax Disposal Conditions, each Chargor covenants and agrees with the Borrower Security Trustee that in respect of any disposal of a Mortgaged Property or a Sold
Chargor: 

  

	 	18.3.1	Subject to Clause 18.3.5 it will forthwith, upon receipt, deposit any Sales Proceeds at least equal to the Allocated Debt Amount into the Disposal Proceeds Account;

  

	 	18.3.2	Subject to Clause 18.3.5 it will at the same time as any amounts under Clause 18.3.1 are deposited, deposit any Anticipated Hedging Amounts in the Disposal Proceeds Account;

  

	 	18.3.3	Subject to clause 18.3.5 it will deposit any Excess Net Sales Proceeds not deposited into the Disposal Proceeds Account in accordance with Clause 18.3.1 above into a Central Cash
Pooling Account, and such Chargor and the Borrower each agrees not to withdraw such amounts to make Restricted Payments unless such amounts represent Excess Cash where the Restricted Payment Condition is satisfied; 

  

	 	18.3.4	any monies standing to the credit of the Disposal Proceeds Account (other than any such monies which may be required to discharge any liability to Tax in respect of any Permitted
Disposal or which represent insurance proceeds in circumstances where the relevant Mortgaged Property will be repaired or reinstated) which have not been applied for a Permitted Purpose by the next Loan Payment Date shall be withdrawn (to the extent
required) and applied in making prepayments of the Initial Term Advances in accordance with Clause 9.6 (Mandatory Prepayment as a Result of a Disposal of a Mortgaged Property) and in the order of repayment as set out in Clause 9.7 (Order
of Prepayment of Initial Term Advances) and payment of any Hedging Amounts to the Issuer (to enable it to pay the Interest Rate Swap Counterparty) and the Currency Swap Counterparty; and 

  

	 	18.3.5	Where a French Chargor is disposing of a Mortgaged Property and the disposal proceeds are not being used to repay its Intercompany Loans, such Chargor shall make Cash Pooling Loans
from such proceeds to the Dutch Main OpCo (through the French Main OpCo, where applicable) and such Dutch Main OpCo shall make Cash Pooling Loans from such proceeds to the Borrower, such amounts to be paid directly into the Disposal Proceeds
Account. 

  

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	18.4	Withdrawals from the Disposal Proceeds Account 

  

	    	The Borrower may withdraw amounts standing to the credit of the Disposal Proceeds Account only with the prior written consent of the Borrower Security Trustee. The Borrower Security
Trustee acknowledges that such written consent will not be withheld if the Borrower certifies to the Borrower Security Trustee that: 

  

	 	18.4.1	it has complied with its obligations under this Agreement in relation to the proposed withdrawal; and 

  

	 	18.4.2	there is no Loan Event of Default or Potential Loan Event of Default subsisting which has not been waived at the date of withdrawal; and 

  

	 	18.4.3	     

  

	 	(a)	the amounts to be withdrawn represent Excess Cash from Excess Net Sales Proceeds and will be applied to make a Restricted Payment where the Restricted Payment Condition is
satisfied; or 

  

	 	(b)	to the extent the amount represents the Allocated Debt Amount for a Mortgaged Property or Sold Chargor, such amount is used: 

  

	 	(i)	in the case of the Borrower only, in or towards making a prepayment of the Term Advances in accordance with the provisions of Clause 9.6 (Mandatory Prepayment as a Result of
Disposal of a Mortgaged Property); or 

  

	 	(ii)	in the case of the Borrower only, in or towards purchasing Notes in accordance with the provisions of Clause 9.8 (Deemed Prepayment upon Purchase of Notes by the Borrower)
providing that the purchase price does not exceed the principal amount of the Notes acquired (plus accrued interest); or 

  

	 	(iii)	in or towards acquiring a Mortgaged Property directly or indirectly by way of Share Acquisition provided that the conditions set out in Clause 18.6 (Covenants regarding
the Acquisition and Substitution of a Mortgaged Property) are satisfied; or 

  

	 	(c)	to the extent the amounts represent Anticipated Hedging Amounts referable to the sale of a Mortgaged Property: 

  

	 	(i)	to the extent the proceeds of the sale of such Mortgaged Property are applied in accordance with either Clause 18.4.3(b)(i) or Clause 18.4.3(b)(ii) and the Issuer and/or the
Borrower, as a result of any prepayment (in the case of Clause 18.4.3(b)(i)) or any purchase of Notes (in the case of Clause 18.4.3(b)(ii)), owes any Hedging Amounts to the Interest Rate Swap Counterparty or Currency Swap Counterparty, as
applicable, in payment to the Issuer of such 

  

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	 	    	Hedging Amounts (to enable it to pay the Interest Rate Swap Counterparty) pursuant to the Ongoing Facility Fee or in payment to the Currency Swap Counterparty, as applicable; or

  

	 	(ii)	to the extent the Anticipated Hedging Amount credited to the Disposal Proceeds Account on the disposal of such Mortgaged Property exceed any Hedging Amounts actually payable to the
Issuer and/or the Currency Swap Counterparty, in payment of such excess to the Chargor who had disposed of the Mortgaged Property; or 

  

	 	(iii)	to the extent the Allocated Debt Amount deposited into the Disposal Proceeds Account on the sale of such Mortgaged Property is not, in accordance with this Agreement, applied in
accordance with either Clause 18.4.3(b)(i) or Clause 18.4.3(b)(ii), in reimbursement of the Anticipated Hedging Amounts to the Chargor who had disposed of the Mortgaged Property; or 

  

	 	(d)	to the extent the amounts represent an amount equal to the Disposal Tax Liability, in or towards payment of Tax to the applicable Tax Authority in relation to Tax payable as a
result of the disposal of the Mortgaged Property, Sold Chargor or other asset. 

  

	18.5	Monies deposited in the Disposal Proceeds Account representing insurance proceeds deposited in such account in accordance with Clause 17.1.11(g)(iii) (Application of Insurance
Monies) may also be withdrawn from the Disposal Proceeds Account for the purpose of application in or towards the repair, reinstatement or replacement of damaged property which is the subject of a claim under any property damage Insurance Policy
and each of the purposes set out in Clauses 18.4.3(a) to (d) and this Clause 18.5 being a “Permitted Purpose”. 

  

	18.6	Covenants regarding the Acquisition and Substitution of Mortgaged Properties 

  

	    	Without prejudice to the Additional Conditions Precedent, a Chargor may acquire (by way of substitution or otherwise) an additional Mortgaged Property directly, or indirectly by
acquiring the shares in an Eligible Company which owns the Mortgaged Property to be acquired (a “Share Acquisition”) provided that: 

  

	 	18.6.1	in the case of a substitution of a Mortgaged Property only, the Net Operating Income over the previous 12 months for the Mortgaged Property being acquired, directly or indirectly by
way of Share Acquisition, (in circumstances where it is being substituted for another Mortgaged Property, including pursuant to an acquisition from funds standing to the credit of the Disposal Proceeds Account) is equal to or greater than the Net
Operating Income over such period for the Mortgaged Property being disposed; 

  

	 	18.6.2	in the case of a substitution of a Mortgaged Property only, the value of the new Mortgaged Property to be acquired, directly or indirectly by way of Share Acquisition, (as confirmed
in a Valuation prepared within 12 months of the date of substitution) is equal to or greater than the value of the Mortgaged Property being disposed of (directly or indirectly by way of Share Sale) (as confirmed in the most recent Valuation of such
Mortgaged Property); 

  

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	 	18.6.3	the relevant Chargor certifies to the Borrower Security Trustee, with respect to itself only, that no Loan Event of Default or Potential Loan Event of Default is continuing (unless
waived by the Borrower Security Trustee) at the time of, or would arise as a result of, the relevant acquisition or, as the case may be, substitution; 

  

	 	18.6.4	the relevant Chargor certifies to the Borrower Security Trustee that the acquisition or, as the case may be, substitution is funded in whole out of: 

  

	 	(a)	the proceeds of Additional Term Advances; and/or 

  

	 	(b)	only if the Restricted Payment Condition is satisfied, funds certified by an Authorised Signatory of the Borrower as Excess Cash (including amounts of Excess Cash lent by the
Borrower to a Chargor pursuant to an Intercompany Loan); and/or 

  

	 	(c)	amounts standing to the credit of the Disposal Proceeds Account, excluding: 

  

	 	(i)	any amounts representing insurance proceeds other than in relation to a Mortgaged Property to be substituted out of the Securitisation Group; 

  

	 	(ii)	any amounts being reserved to cover any Disposal Tax Liability; and 

  

	 	(iii)	any Hedging Amounts or Anticipated Hedging Amount being reserved to cover any payments (including anticipated payments) to the Currency Swap Counterparty and/or the Interest Rate
Swap Counterparty; and/or 

  

	 	(d)	a deposit of funds received from an entity outside the Securitisation Group, on a fully subordinated basis (with a legal opinion satisfactory to the Borrower Security Trustee being
provided as to the effectiveness of such subordination) or by way of equity contribution in accordance with the terms of this Agreement; 

  

	 	18.6.5	the relevant Chargor certifies to the Borrower Security Trustee that if the acquisition or, as the case may be, substitution is made between a willing buyer and a willing seller in
an arms’ length transaction; 

  

	 	18.6.6	the relevant Chargor certifies to the Borrower Security Trustee that it has complied with its other obligations (if any) under this Agreement and the Tax Deed of Covenant in
relation to such acquisition and, in the case of a substitution, the corresponding disposal; 

  

	 	18.6.7	the new Mortgaged Property being acquired or substituted (directly or indirectly by way of Share Acquisition) is an Eligible Property; 

  

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	 	18.6.8	if the New Mortgaged Property is being acquired pursuant to a Share Acquisition, the company the subject of such acquisition becomes an Additional Chargor in accordance with Clause
24 (Additional Chargors) and accedes to the Security Trust Deed and this Agreement in accordance with their respective terms and such company is an Eligible Company; 

  

	 	18.6.9	in the case of a substitution of a Mortgaged Property (directly or indirectly by way of Share Acquisition) only, the secured amount (if applicable) for which the mortgage (or
equivalent Security Interest) is granted over the Mortgaged Property to be acquired (directly or indirectly by way of Share Acquisition) is equal to or higher than the secured amount of the Mortgaged Property which has been or will be sold (directly
or indirectly by way of Share Sale); 

  

	 	18.6.10	unless the Rating Agencies confirm that the ratings of the Notes would not be downgraded or put on negative creditwatch as a result of the substitution, in the case of a Mortgaged
Property in France (to be transferred into the Securitisation Group) such Mortgaged Property may only be substituted with another Mortgaged Property in France (being transferred out of the Securitisation Group); and 

  

	 	18.6.11	in the case of a substitution of a Mortgaged Property (directly or indirectly by way of Share Acquisition) only, the Borrower shall ensure that, immediately following such
substitution: 

  

	 	(a)	the Euro-Equivalent GBP Notional Amount does not exceed the Attributable Debt in relation to Mortgaged Properties situated in the United Kingdom; 

  

	 	(b)	the Euro-Equivalent SEK Notional Amount does not exceed the Attributable Debt in relation to Mortgaged Properties situated in Sweden; and 

  

	 	(c)	the Euro-Equivalent DKK Notional Amount does not exceed the Attributable Debt in relation to Mortgaged Properties situated in Denmark. 

  

	 	    	The conditions set out at clause 18.6.1 to 18.6.11 inclusive are the “Property Acquisition Conditions”. 

  

	19.	COVENANTS REGARDING DISPOSAL OF ASSETS OTHER THAN MORTGAGED PROPERTIES 

  

	19.1	Disposals of assets other than Mortgaged Properties 

  

	    	A Chargor may dispose of an asset other than a Mortgaged Property (or any asset sold in connection with a disposal of any Mortgaged Property) if: 

  

	 	19.1.1	such disposal is a disposal of: 

  

	 	(a)	shares in a subsidiary which is not a Chargor; 

  

	 	(b)	obsolete assets; 

  

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	 	(c)	specific assets (other than any real property or building) that are not used or required for use in the efficient operation of the Permitted Business in its ordinary course;

  

	 	(d)	Excess Properties and the conditions set out at Clause 19.2 (Disposal of Excess Properties) are satisfied; 

  

	 	(e)	assets in the ordinary course of business; or 

  

	 	(f)	a Sold Chargor disposed of in accordance with Clause 18.2 (Conditions to Disposal of Mortgaged Properties); and 

  

	 	19.1.2	the relevant Chargor has certified to Borrower Security Trustee that it has complied with its other obligations (if any) under this Agreement and the Tax Deed of Covenant in
relation to that disposal or, as the case may be, acquisition; and 

  

	 	19.1.3	the relevant Chargor represents and warrants in a certificate given at the time of the disposal, signed by an Authorised Signatory of such Chargor, that in the case of disposals
under any of Clause 19.1.1 (b) to (e) inclusive, such disposal would not have an adverse impact on the value or the income generating potential of the relevant Mortgaged Property (in the case of Clause 19.1.1(d), the Mortgaged Property adjoining
such Excess Property). 

  

	19.2	Disposal of Excess Properties 

  

	    	A Chargor may dispose of an Excess Property if: 

  

	 	19.2.1	with respect to the sale of an Excess Property located in France: 

  

	 	(a)	a written confirmation is given by the seller’s legal advisor that any necessary authorisations have been duly obtained from the relevant authorities, especially regarding the
allotment regulations (“règlementation sur les lotissements”); and 

  

	 	(b)	a written confirmation is given by the seller warranting that the sale of the relevant Excess Property does not have any consequences on the access to the relevant French Mortgaged
Property remaining and that the existing access to it would not be modified; 

  

	 	19.2.2	with respect to the sale of an Excess Property located in The Netherlands: 

  

	 	(a)	a written confirmation addressed to the Borrower Security Trustee is given by the seller’s legal advisor that any necessary authorisations have been duly obtained from the
relevant authorities; 

  

	 	(b)	a written confirmation addressed to the Borrower Security Trustee is given by the seller certifying that the sale of the relevant Excess Property does not have any consequences on
the access to the relevant Dutch Mortgaged Property remaining and that the existing access to it would not be modified as a result of such sale; and 

  

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	 	(c)	a written confirmation addressed to the Borrower Security Trustee is given by the seller warranting that none of the rights of the Borrower Security Trustee pursuant to the Dutch
Mortgage Deed in respect of the relevant Mortgaged Property are prejudiced as a result of such sale; 

  

	 	19.2.3	with respect to a sale or disposal of an Excess Property located in Denmark, a certificate is provided to (and addressed to) the Borrower Security Trustee by the relevant Danish
Chargor which represents and warrants at the time of the disposal that: (a) the necessary authorisations and permissions have been duly obtained from the relevant authorities for such disposal, (b) the disposal of the Excess Property does not have
any adverse consequences for the access to or legal status of the relevant Mortgaged Property in Denmark which adjoins such Excess Property and that the existing access to such Mortgaged Property would not need to be modified and (c) the relevant
Danish Chargor has complied with any covenants and conditions in the Tax Deed of Covenant and this Agreement in relation to such disposal (including, without limitation, under Clause 19.1.3) and that the disposal would not otherwise give rise to the
breach of any other Borrower Transaction Document. 

  

	20.	COVENANTS AND OTHER PROVISIONS RELATING TO MAINTENANCE CAPITAL EXPENDITURE 

  

	20.1	Minimum Capital Expenditure 

  

	    	Subject to Clause 20.2 (Maintenance Capex Reserve), the Borrower shall spend, or shall procure the spending by the Chargors, of an amount at least equal to the Required
Maintenance Amount on an aggregate basis towards maintenance capital expenditure in relation to the Mortgaged Properties in each Financial Year. 

  

	20.2	Maintenance Capex Reserve 

  

	    	If the Chargors fail to incur the minimum capital expenditure in any Financial Year in accordance with Clause 20.1 (Minimum Capital Expenditure), the Borrower shall within 45
days of the end of the relevant Financial Year deposit an amount equal to the difference between the Required Maintenance Amount and the amount of maintenance expenditure incurred by the Chargors in such Financial Year into the Maintenance Reserve
Account. 

  

	20.3	Application of amounts in the Maintenance Reserve Account 

  

	    	Amounts may only be withdrawn from the Maintenance Reserve Account in order to pay maintenance capital expenditure in relation to the Mortgaged Properties (including, in the case of
a Chargor other than the Borrower, through the repayment of a Cash Pooling Loan or the grant of a new loan (on a subordinated basis) to the relevant Chargor which is proposing to incur maintenance capital expenditure) or in repayment of amounts
outstanding under this Agreement on the Loan Repayment Date. 

  

	21.	APPOINTMENT OF PROPERTY ADVISOR 

  

	21.1	If a Property Advisor Appointment Event occurs then the Borrower shall (at its own expense), promptly (and in any event within 30 Business Days) appoint a Property Advisor (in
consultation with the Borrower Security Trustee as regards such advisor’s identity) to prepare a report within 45 days of its appointment on behalf of the Borrower Security Trustee: 

  

	 	21.1.1	to outline the financial status of the Borrower and other Chargors; 

  

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	 	21.1.2	to undertake a detailed management and performance review of the Securitisation Group, in order to consider what steps might reasonably be taken in order to remedy such Property
Advisor Appointment Event; and 

  

	 	21.1.3	in light of its considerations, to recommend the taking of any such steps as it shall consider appropriate, with a proposed timetable for such steps, 

  

	    	which report shall be provided to the Borrower, the Borrower Security Trustee, the Rating Agencies and the other Chargors. 

  

	21.2	The management and performance review to be conducted by the Property Advisor will include: 

  

	 	21.2.1	a comparison of recorded revenues and the budget set by the management over a one year period prior to the Property Advisor’s appointment; 

  

	 	21.2.2	a review in detail of expense lines in the management accounts; 

  

	 	21.2.3	a review of investment levels in relation to the Mortgaged Properties (including maintenance capital expenditure); 

  

	 	21.2.4	a review of rental rates at the Mortgaged Properties compared to local competitors; 

  

	 	21.2.5	a comparison of operating costs of the Mortgaged Properties against operating costs of self storage centres operated by Shurgard Inc in the United States so long as Shurgard Inc
remains majority owner of the Borrower; and 

  

	 	21.2.6	a review of the Net Operating Income of the Mortgaged Properties in the Securitisation Estate with a view to identifying and disposing of under performing Mortgaged Properties.

  

	21.3	The Chargors will be required to implement the recommendations of the Property Advisor’s report within the time frame set out therein (subject to such time frame being
reasonable). 

  

	21.4	All costs and expenses properly incurred by the Borrower Security Trustee in the appointment and ongoing instruction of the Property Advisor shall be for the account of the
Borrower. 

  

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 SECTION H 
 LOAN EVENTS OF DEFAULT 
  

	22.	DEFAULT 

  

	22.1	Loan Events of Default 

  

	 	22.1.1	Failure to pay: a failure to pay by the Borrower of any amount (including any amount of principal or interest due from it under the Issuer/Borrower Facility Agreement
or any amount due from it under the Currency Swap Agreement), unless such failure is solely for technical or administrative reasons outside the control of the Borrower and payment is made within 5 Business Days of its due date;

  

	 	22.1.2	Breach of Debt Service Covenant: a breach of the Debt Service Covenant where (i) no remedial action has been taken in accordance with the terms set out in Clause 15.4
(Remedy of Debt Service Covenant) or (ii) to the extent such remedial action has been taken, it has not been taken within the prescribed time limit or remedied in the manner set out, in each case, in Clause 15.4 (Remedy of Debt Service
Covenant); 

  

	 	22.1.3	Breach of LTV Covenant: a breach of the LTV Covenant where (i) no remedial action has been taken in accordance with the terms set out in Clause 15.2 (Remedy of the
LTV Covenant) or (ii) to the extent such remedial action has been taken, it has not been taken within the prescribed time limit or remedied in the manner set out in each case, Clause 15.2 (Remedy of the LTV Covenant);

  

	 	22.1.4	Breach of Restricted Payment Conditions: a breach of the Restricted Payment Condition, provided that in any case where such breach is capable of remedy, such
breach is not remedied within a period of 15 days following receipt of a notification by a Chargor of a breach from the Borrower Security Trustee or (if earlier) the date on which the relevant Chargor becomes aware of that default;

  

	 	22.1.5	Breach of Adjusted JV DSCR: where applicable, a failure to remedy a breach of the Adjusted JV DSCR in accordance with the procedures set out in Clause 15.7 (Remedy
of Adjusted JV DSCR); 

  

	 	22.1.6	Failure to fund Cash Reserve Amount: a failure to deposit an amount (in euros) equal to the Cash Reserve Amount in to the Cash Reserve Account within the required
period under Clause 15.10 (Cash Reserve Trigger and Cash Release Trigger); 

  

	 	22.1.7	Property Advisor: a failure by the Borrower to promptly appoint a Property Advisor within the prescribed period or failure by the Securitisation Group to comply with
the material recommendations contained within the report prepared by a Property Advisor in accordance with Clause 21 (Appointment of a Property Advisor) in any material respect within the timeframe specified therein (subject to such timetable
being reasonable); 

  

	 	22.1.8	Breach of other covenants: a material breach of any of the following covenants: 16.2.3 (Default or breach), 16.2.7 (Notice of litigation), 16.2.8
(Access to records), 16.2.9 (Pari passu ranking), 16.2.13 (Conduct of business), 16.2.14 (Intra-Group Leases), 16.2.15 (Information), 16.2.16 (Remedy of  

  

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	 	    	breach of warranty or covenant), 16.2.17 (Centre of main interests), 16.3.1 (Encumbrances) to 16.3.7 (Mergers and reorganisations), 17.1.4
(Planning), 17.1.9 (Environmental law), 17.1.10 (Other information), 17.1.13 (Compulsory purchase) or 17.1.14 (Valuations) or any of the covenants in Clauses 18 (Covenants regarding Disposal of Mortgaged
Properties) and 19 (Covenants regarding Disposal of Assets other than Mortgaged Properties), provided that in any case where such breach is capable of remedy, such breach is not remedied within a period of 60 days following receipt
of a notification of a breach by the relevant Chargor from the Borrower Security Trustee or (if earlier) the date on which the relevant Chargor becomes aware of that default; 

  

	 	22.1.9	Breach of financial information covenants: a Chargor fails to perform or comply with its covenant to provide financial information in accordance with Clause 14
(Financial Information), provided that in any case where such breach is capable of remedy, such breach is not remedied within a period of 45 days following receipt of a notification of breach by such Chargor from the Borrower Security
Trustee or (if earlier) the date on which the relevant Chargor becomes aware of that default; 

  

	 	22.1.10	Termination of IP Licence: the termination of the Licence Agreement or any sub-licence of the same granted to any member of the Securitisation Group (which operates a
Mortgaged Property and continues to be a member of the Securitisation Group following such termination) except where termination occurs in conjunction with the grant of new intellectual property rights (including, without limitation, in relation to
logos and brands) to the relevant members of the Securitisation Group (including, for the avoidance of doubt, mergers permitted under this Agreement); 

  

	 	22.1.11	Insolvency: 

  

	 	(a)	any Belgian Chargor is unable to pay its debts as they fall due (is in staat van staking van betalingen/est en état de cessation de paiements), commences negotiations
with any one or more of its creditors with a view to the general readjustment or rescheduling of all or part of its indebtedness or makes a general assignment for the benefit of or a composition with its creditors; or 

  

	 	(b)	any French Chargor is, or admits that it is, unable to pay its debts as they fall due (état de cessation de paiements); or 

  

	 	(c)	any English Chargor is deemed, within the meaning of Sections 123 or 222 to 224 of the Insolvency Act 1986 (UK), unable to pay its debts; or 

  

	 	(d)	any Dutch Chargor: 

  

	 	(i)	is in the position that it has stopped paying its debts and is declared bankrupt (failliet) by judicial decision whether on its own request or on request of one or more of
its creditors or on the basis of a demand of the public prosecutor; or 

  

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	 	(ii)	foresees that it cannot continue to pay its claimable debts and applies for a moratorium of payments (surséance van betaling) (article 1 and 213 of the Dutch
Bankruptcy Code (Faillissementswet)); 

  

	 	(e)	any Swedish Chargor becomes unable to pay its debts as they fall due and such inability is not only temporary; or 

  

	 	(f)	any Danish Chargor becomes unable to pay its debts as they fall due and such inability is not only temporary; or 

  

	 	(g)	any Chargor: 

  

	 	(i)	stops, suspends or threatens to stop or suspend payment of all or a material part of its debts or makes a general assignment or any arrangement or composition with or for the
benefit of its creditors or a moratorium is agreed or declared in respect of or affecting all or a material part of its indebtedness; or 

  

	 	(ii)	begins negotiations or takes or proposes any proceedings or other step with a view to re-adjusting, re-scheduling or deferring all or substantial parts of its indebtedness (or any
part thereof which it would otherwise be unable to pay when due). 

  

	 	22.1.12	Insolvency proceedings: 

  

	 	(a)	to the extent that as may be valid under Belgian law in relation to a Belgian Chargor, any Belgian Chargor is declared bankrupt, is dissolved or enters into liquidation, is annulled
as a legal entity, or a gerechtelijk bestuurder / administrateur judiciaire, voorlopige bewindvoerder / administrateur provisoire, speciaal commissaris / commissaire spécial, sekwester / séquestre or similar officer is appointed
over it or of any substantial part or all of its revenues and assets, or any corporate action or other steps are taken or legal proceedings are started by or against such company with a view to any of the above events (subject, in the case of legal
proceedings started against such company with a view to the appointment of a gerechtelijk bestuurder / administrateur judiciaire, voorlopige bewindvoerder / administrateur provisoire, speciaal commissaris / commissaire spécial, sekwester /
séquestre or similar officer, to the condition that these proceedings continue for more than 60 days without being dismissed); 

  

	 	(b)	in relation to a Dutch Chargor any corporate action or other steps are taken or legal proceedings are started or (to the best of its knowledge and belief) threatened against any
Dutch Chargor for its bankruptcy (faillissement), suspension of payments (surséance van betaling), winding-up (other than within the framework of a solvent reorganisation of such Chargor), liquidation or dissolution
(ontbinding), or otherwise or the appointment of a receiver, administrative receiver or similar officer of it or of any or all of its assets or revenues; 

  

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	 	(c)	in relation to an English Chargor, any corporate action, legal proceedings or other step (through a court or otherwise) is taken (unless such action, proceedings or step is being
contested in good faith and is discharged within 30 days) in relation to; 

  

	 	(A)	the appointment of a liquidator, provisional liquidator, administrator, administrative receiver, receiver or manager, compulsory or interim manager, nominee, supervisor, trustee,
conservator, guardian or other similar officer in respect of such English Chargor or in respect of any composition, compromise, assignment or arrangement with any of its creditors; 

  

	 	(B)	an encumbrancer (other than the Borrower Security Trustee) pursuant to a Chargor Security Document taking possession of the whole or part of the undertaking or assets of such
English Chargor; 

  

	 	(C)	making of a composition, compromise, assignment, or arrangement (whether by way of voluntary arrangement, scheme of arrangement or otherwise) with any creditor (or class of
creditors) of such English Chargor, a reorganisation of the English Chargor, a conveyance to or assignment for the benefit of the creditors (or any class of creditors) of the English Chargor or the making of an application to a court of competent
jurisdiction for protection from the creditors of the English Chargor; or 

  

	 	(D)	a suspension of payments or a moratorium of any indebtedness of such English Chargor; 

  

	 	(d)	in relation to a French Chargor, fact of being (a) the subject of a decision, proceeding agreement or judgment with a view to (i) a voluntary arrangement (règlement
amiable) pursuant to the French Commercial Code (Code de Commerce) and those provisions still in force of the Law No. 85-98 of 25 January 1985, as amended, (ii) a judicial reorganisation (redressement judiciaire) or a judicial
liquidation (liquidation judiciaire) or a total or partial transfer of business (cession totale ou partielle de l’entreprise) pursuant to the French Commercial Code (Code de Commerce) and those provisions still in force of
the Law No. 85-98 of 25 January 1985, as amended, or (iii) a reorganisation, dissolution or liquidation or (iv) an appointment of an administrateur provisoire, an administrateur judiciaire, a mandataire ad hoc or a
conciliateur or (b) the subject of a formal notification by its commissaire aux comptes to the président or gérant of such entity under Article L.234-1 or L.234-2 of the French Commercial Code (Code de
Commerce) of matters which could compromise the continued exploitation of the business of such entity, unless such action, proceedings or step is being contested in good faith and is discharged within 30 days; 

  

	 	(e)	in relation to a Swedish Chargor, any proceedings are initiated against or by the relevant Chargor under any applicable liquidation, bankruptcy, 

  

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	 	    	composition, reorganisation or other similar laws, and such proceedings are not dismissed within 21 days, unless such action, proceedings or step is being contested in good faith
and is discharged within 30 days; 

  

	 	(f)	in relation to a Danish Chargor any proceedings are initiated against or by the relevant Chargor under any applicable liquidation, bankruptcy, composition, reorganisation or other
similar laws; 

  

	 	(g)	any member of the Securitisation Group is declared bankrupt, is dissolved or enters into liquidation, is annulled as a legal entity; or 

  

	 	(h)	any petition or proposal is made, or any meeting is convened, with a view to the bankruptcy, winding-up or administration of any member of the Securitisation Group or a composition
assignment or arrangement with any creditors of any member of the Securitisation Group unless such action, proceedings or step is being contested in good faith and is discharged within 30 days; 

  

	 	22.1.13	Appointment of receivers or managers: 

  

	 	(a)	a receiver, manager, administrative receiver or like person is appointed (other than pursuant to any Chargor Security Document) in respect of any Chargor or in respect of any of its
undertaking or assets; or 

  

	 	(b)	any Chargor (or its Authorised Signatory or Authorised Signatories) requests the appointment of a receiver, manager, administrative receiver or like person (other than pursuant to
any Chargor Security Document) without the prior consent of the Borrower Security Trustee; 

  

	 	22.1.14	Creditors’ process: 

  

	 	(a)	any attachment, sequestration, distress, seizure, provisional mortgage (hypothèque conservatoire), execution or any other provisional or enforcement proceedings or
measures (mesures conservatoires or mesures d’exécution) provided for in the French law No. 91-650 of 9 July 1991, affects any material asset of any Chargor (other than as contemplated under 22.1.14(b) and, such attachment,
sequestration, distress or execution is not discharged fully within 30 days; or 

  

	 	(b)	any executory or conservatory seizure (uitvoerend of bewarend beslag/saisie execution ou conservatoire) is made on the whole or any part of the property, undertaking or
assets of any Belgian Chargor and, in respect of a conservatory seizure in respect of a material asset of the Chargors, such conservatory seizure is not lifted within 90 days of its first being made; 

  

	 	22.1.15	Analogous proceedings: any event occurs or proceedings are taken with respect to a Chargor in any jurisdiction to which it is subject or in which it has assets which
has an effect similar to or equivalent to any one of the events mentioned in Clauses 22.1.11 to 22.1.14 inclusive 

  

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	 	22.1.16	Suspension of business: a Chargor ceases or suspends or threatens to cease or suspend a substantial part of its operations or business other than pursuant to a solvent
reorganisation approved by the Borrower Security Trustee or a Permitted Disposal where the effect of such cessation, suspension or threat could reasonably be expected to have a Material Adverse Effect; 

  

	 	22.1.17	Material misrepresentation: any representation, warranty or statement made or repeated by a Chargor in any of the Borrower Transaction Documents to which it is a party
is or proves to have been incorrect (in the case of a representation or warranty) or misleading (in the case of a statement) in any material respect when made or repeated where it would reasonably be expected to have a Material Adverse Effect,
provided that in any case where such breach is capable of remedy, such breach is not remedied within a period of 60 days of receipt of a notification by such Chargor of a breach from the Borrower Security Trustee or (if earlier) the date on
which the relevant Chargor becomes aware of that breach; 

  

	 	22.1.18	Illegality: it is or becomes unlawful for a Chargor to comply with any or all of its material obligations under any of the Borrower Transaction Documents or to own its
assets or carry on its business where, in each case, the effect of such unlawfulness could or could reasonably be expected to have a Material Adverse Effect; 

  

	 	22.1.19	Breach of Tax Deed: any Chargor or any Affiliate of a Chargor party to the Tax Deed of Covenant fails duly to perform or comply with any of its covenants or breaches
any of its representations or warranties in the Tax Deed of Covenant where such failure or breach would or would reasonably be expected to have a Material Adverse Effect provided that, in any case where such breach is capable of remedy, such
breach is not remedied within a period of 30 Business Days following receipt of a notification of failure or breach by such Chargor or other relevant party from the Borrower Security Trustee or (if earlier) the date on which the relevant Chargor or
other relevant party becomes aware of that failure or breach; 

  

	 	22.1.20	Cross-default: 

  

	 	(a)	a Chargor fails to pay when due (or within any applicable grace period) any Financial Indebtedness of an aggregate amount of more than euro 500,000 (or its Applicable Foreign
Currency Equivalent (other than under the Issuer/Borrower Facility Agreement) or is declared to be or otherwise becomes due and payable on demand prior to its specified maturity; or 

  

	 	(b)	a creditor of such Chargor becomes entitled to declare any such Financial Indebtedness of an aggregate amount of more than euro 500,000 (or its Applicable Foreign Currency
Equivalent) (other than the Issuer/Borrower Facility Agreement) of that Chargor due and payable prior to its specified maturity (or within any applicable grace period) or payable on demand; or 

  

	 	(c)	any commitment for any such Financial Indebtedness of an aggregate amount of more than euro 500,000 (or its Applicable Foreign Currency 

  

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	 	    	Equivalent) (other than the Issuer/Borrower Facility Agreement) of any Chargor is cancelled or suspended by a creditor of such Chargor (other than upon the expiry of any applicable
commitment period); or 

  

	 	(d)	any Security Interest (other than under a Chargor Security Document securing any such Financial Indebtedness over an asset of such Chargor) securing in aggregate euro 500,000 (or
its Applicable Foreign Currency Equivalent) or more becomes immediately enforceable; 

  

	 	22.1.21	Repudiation: a Chargor repudiates or disaffirms the validity of any Borrower Transaction Document or any Borrower Transaction Document ceases to be in full force or
effect; 

  

	 	22.1.22	Change of control: other than in the case of a Permitted Disposal, the beneficial interest in any of the issued share capital of any of the Chargors (other than the
Borrower) which is held by the Borrower on the Closing Date ceases to be held directly or indirectly by the Borrower; 

  

	 	22.1.23	Breach of covenant: other than in respect of a breach of any covenant or undertaking set out in this Clause 22.1, a Chargor breaches any covenant or undertaking under
any Borrower Transaction Document to which it is a party and where such breach is capable of remedy, such breach is not remedied within a period of 60 days following receipt of a notification of breach by such Chargor from the Borrower Security
Trustee or (if earlier) the date on which the relevant Chargor becomes aware of that breach where such breach would reasonably be expected to have a Material Adverse Effect; 

  

	 	22.1.24	Note Event of Default: the occurrence of a Note Event of Default; 

  

	 	22.1.25	Major damage: unless a Chargor deposits an amount equal to 24 months of rent (based on rents received during the immediately preceding month) from equity contributions
received, a loan from an entity outside of the Securitisation Group (which is subordinated to payments under the Borrower Transaction Documents) or from Excess Cash where the Restricted Payment Condition is satisfied, the buildings and fixtures
situated on any Mortgaged Property are destroyed or otherwise damaged to a material extent and the relevant Mortgaged Property has not been insured for reinstatement or abatement of rent for a period of at least 24 months in accordance with the
covenant in Clause 17.1.11 (Insurances) above; 

  

	 	22.1.26	Compulsory purchase: compulsory purchase, nationalisation, expropriation of any part or interest in a Mortgaged Property which would or would reasonably be expected to
have a Material Adverse Effect; and 

  

	 	22.1.27	Invalid security: at any time after a Chargor Security Document has been entered into (but subject to any reservations as to matters of law in the applicable legal
opinions provided in relation to such Chargor Security Document and any registrations as required by such Chargor Security Document) any security given by a Chargor pursuant to such document becomes 

  

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	 	    	ineffective or ceases to be legal, valid, binding and enforceable in whole or in part (but, if in part, over assets the aggregate value of which is not less than €5,000,000) or
otherwise loses its priority under applicable law. 

  

	22.2	Acceleration 

  

	    	Subject to Clause 22.3 (Automatic Acceleration) and in addition to any other rights specified in the Security Trust Deed, on or at any time after the occurrence of a Loan
Event of Default which is continuing, the Borrower Security Trustee may by notice to the Borrower, copied to the Issuer and the Trustee: 

  

	 	22.2.1	declare that the Issuer’s obligation to make any Additional Advances shall be cancelled; and 

  

	 	22.2.2	declare all or any part of the outstanding Term Advances and other sums payable under the Issuer/Borrower Facility Agreement to be immediately due and repayable together with all
accrued interest thereon. 

  

	22.3	Automatic Acceleration 

  

	    	In addition to any other rights specified in the Security Trust Deed, on and at any time after the occurrence, with respect to the Borrower only, of any of the events set out in
Clauses 22.1.11(a) (Insolvency), 22.1.12(a) (Insolvency Proceedings) or 22.1.15 (Analogous Proceedings) (but limiting Clause 22.1.15 (Analogous Proceedings) to events or proceedings analogous to those under either Clause
22.1.11(a) (Insolvency), and Clause 22.1.12(a) (Insolvency Proceedings)), the consequences set out in Clauses 22.2.1 and 22.2.2 shall occur automatically. 

  

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 SECTION I 
 GUARANTEE AND INDEMNITY 
  

	23.	GUARANTEE AND INDEMNITY 

  

	23.1	Guarantee and indemnity 

  

	    	Subject to Clause 23.2 (Limitation) each Chargor (other than the Borrower) irrevocably and unconditionally: 

  

	 	23.1.1	guarantees to the Borrower Security Trustee punctual performance by the Borrower of the Borrower Parallel Debt (each such guarantee, a “Guarantee” and each Chargor
giving a Guarantee, a “Guarantor”); 

  

	 	23.1.2	undertakes to the Borrower Security Trustee pursuant to its Guarantee that, following the occurrence of Loan Event of Default, whenever the Borrower does not pay any amount when due
under the Borrower Parallel Debt, such Chargor shall immediately on demand by the Borrower Security Trustee pay that amount as if it was the principal obligor thereof; and 

  

	 	23.1.3	as a primary obligation, indemnifies the Borrower Security Trustee immediately on demand against any cost, loss or liability suffered by the Borrower Security Trustee if its
Guarantee or any of its other obligations under a Borrower Transaction Document becomes unenforceable, invalid, illegal or ineffective. The amount of the cost, loss or liability shall be equal to the amount which the Borrower Security Trustee would
otherwise have been entitled to recover from such Chargor under the Guarantee. 

  

	23.2	Limitation 

  

	    	23.2.1 

  

	 	(a)	The liability of each French Chargor under Clause 23.1.1 and Clause 23.1.2 will be limited, at any date, to the amount which is the lesser of: 

  

	 	(i)	the Adjusted French Guarantee Maximum (as determined by the Cash Administrator on such date); 

  

	 	(ii)	the proceeds of enforcement from the relevant French Chargor’s assets secured by the French Chargor Security; and 

  

	 	(iii)	the amount of Borrower Secured Obligations which are outstanding and unpaid by the Borrower, 

  

	 	    	where the “Adjusted French Guarantee Maximum” in relation to any French Chargor is, at the date of determination, an amount equal to: (A) twice the amount
outstanding of that French Chargor’s Intercompany Loan as at the date on which a Loan Enforcement Notice is received (which for the avoidance of doubt will include all capitalised interest) less (B) the aggregate amount of outstanding advances
made by that French Chargor to Chargors or otherwise due to the French Chargor and not paid pursuant to Cash Pooling Loans made by it as at the date a Loan Enforcement Notice is received; 

  

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	 	23.2.2	The liability of each Belgian Chargor (other than the Borrower) under Clause 23.1.1 will be limited, at any date, to the amount not exceeding the greater of:

  

	 	(a)	an amount equal to 100% of such Belgian Guarantor’s net assets (as determined in accordance with the Belgian Companies Code and accounting principles generally accepted in
Belgium) as shown by its then most recent audited annual financial statements; 

  

	 	(b)	the aggregate amount of the outstanding principal and interest under intra-group loans made to it by any other member of the Group directly and/or indirectly using proceeds of the
Notes; and 

  

	 	(c)	the aggregate value of the enforcement proceeds of the assets over which a Security Interest has been granted by the relevant Belgian Chargor as security for the Chargor Secured
Obligations of such Belgian Chargor. 

  

	 	23.2.3	The liability of each Danish Chargor under Clause 23.1.1 will be limited, at any date, to the amount not exceeding the greater of: 

  

	 	(a)	such Danish Chargor’s positive net equity at such date; and 

  

	 	(b)	the aggregate value of the enforcement proceeds of the assets over which such Danish Chargor has purported to grant a Security Interest as security for such Danish Chargor’s
obligations under its Guarantee or, as the case may be, its indemnity under Clause 23.1.3; and 

  

	 	    	the Borrower shall establish and maintain records for the purpose of recording the total actual or contingent liability of any Danish Chargor from time to time.

  

	 	23.2.4	The liability of each Dutch Chargor under Clause 23.1.1 will be limited, at any date, to the amount not exceeding the enforcement proceeds arising from the assets over which a
Security Interest has been purported to have been granted by the relevant Dutch Chargor as security for the Chargor Secured Obligations of such Chargor. 

  

	 	23.2.5	The liability of each English Chargor under Clause 23.1.1 will be limited at any time to the greater of: 

  

	 	(a)	Mortgaged Properties owned by it as set out in the latest Valuation; and 

  

	 	(b)	enforcement proceeds arising from the assets charged by such English Chargor’s security for its Chargor Secured Obligations. 

  

	 	23.2.6	     

  

	 	(a)	The liability of each Swedish Chargor (being a limited liability company) under Clause 23.1.1 will be limited to the aggregate maximum amount borrowed by such Swedish Chargor from
any other member of the Securitisation Group directly and/or indirectly using the proceeds of the Notes up to the date of such determination (whether or not outstanding at such date). 

  

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	 	(b)	The amount in Clause 23.2.6(a) above may be limited further but only to the extent required by the provision of the Swedish Companies Act (Sw. aktiebolagslagen (1975:1385))
regulating distribution of assets (Chapter 12, Section 2) taking into account any other Security Interests granted, and any other guarantee given, by such Swedish Chargor under the Borrower Transaction Documents. 

  

	23.3	Continuing guarantee 

  

	    	Each Guarantee is a continuing guarantee and subject to Clause 23.2, will extend to the ultimate balance of sums payable by the Borrower under the Borrower Parallel Debt, regardless
of any intermediate payment or discharge in whole or in part. 

  

	23.4	Reinstatement 

  

	    	If any payment by the Borrower or any discharge given by the Borrower Security Trustee (whether in respect of the obligations of the Borrower or any security for those obligations
or otherwise) is avoided or reduced as a result of insolvency or any similar event: 

  

	 	23.4.1	the liability of the Borrower shall continue as if the payment, discharge, avoidance or reduction had not occurred; and 

  

	 	23.4.2	the Borrower Security Trustee shall be entitled to recover the value or amount of that security or payment from the Borrower, as if the payment, discharge, avoidance or reduction
had not occurred. 

  

	23.5	Waiver of defences 

  

	    	Subject to mandatory and non-waivable applicable laws, the obligations of each Guarantor under this Clause 23 will not be affected by an act, omission, matter or thing which, but
for this Clause, would reduce, release or prejudice any of its obligations under this Clause 23 (without limitation and whether or not known to it, the Borrower Security Trustee or the Issuer) including: 

  

	 	23.5.1	any time, waiver or consent granted to, or composition with, the Borrower or other Chargor; 

  

	 	23.5.2	the release of the Borrower or any other Chargor under the terms of any composition or arrangement with any creditor of any member of the Securitisation Group;

  

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

  

	 	23.5.4	any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of the Borrower or any other Chargor; 

 

	 	23.5.5	any amendment (however fundamental) or replacement of a Borrower Transaction Document or any other document or security (unless expressly agreed by the Borrower Security Trustee in
such amended or replaced document); 

  

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	 	23.5.6	any unenforceability, illegality or invalidity of any obligation of any person under any Borrower Transaction Document or any other document or security; or

  

	 	23.5.7	the occurrence of any Insolvency Event with respect to the Borrower or other Chargor. 

  

	23.6	Immediate recourse 

  

	    	Each Guarantor waives any right it may have of first requiring the Borrower Security Trustee to proceed against or enforce any other rights or security or claim payment from any
other person before claiming from such Chargor under this Clause 23. This waiver applies irrespective of any law or any provision of a Borrower Transaction Document to the contrary (subject to all applicable laws). 

  

	23.7	Appropriations 

  

	    	Until all amounts which may be or become payable by the Borrower under or in connection with the Borrower Transaction Documents have been irrevocably paid in full, the Borrower
Security Trustee may: 

  

	 	23.7.1	refrain from applying or enforcing any other moneys, security or rights held or received by the Issuer or the Borrower Security Trustee, as the case may be, in respect of those
amounts, or apply and enforce the same in such manner and order as it sees fit (whether against those amounts or otherwise) and each Guarantor shall not be entitled to the benefit of the same; and 

  

	 	23.7.2	hold in an interest-bearing suspense account any moneys received from a Chargor on account of such Chargor’s liability under this Clause 23. 

  

	23.8	Deferral of each Chargor’s rights 

  

	    	Until the Final Discharge Date and unless the Borrower Security Trustee otherwise directs, each Guarantor will not exercise any rights which it may have by reason of performance by
it of its obligations under the Borrower Transaction Documents: 

  

	 	23.8.1	to be indemnified by the Borrower; 

  

	 	23.8.2	to claim any contribution from any other Guarantor; 

  

	 	23.8.3	to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of the Borrower Security Trustee of any other guarantee or security taken
pursuant to, or in connection with, the Borrower Transaction Documents by the Borrower Secured Creditors; and/or 

  

	 	23.8.4	to exercise any rights of set-off it may have against the Borrower or any other Chargor or Borrower Secured Creditor other than as permitted under the Securitisation Group
Intercompany Loan Agreement. 

  

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	23.9	Additional security 

  

	    	The Guarantees are in addition to and are not in any way prejudiced by any other guarantee or Security Interest now or subsequently held by the Borrower Security Trustee.

  

	23.10	Further assurance 

  

	    	Each Chargor agrees that it will as soon as reasonably is practicable, at the direction of the Borrower Security Trustee, execute and deliver at its own expense any document
(executed as a deed or under hand as the Borrower Security Trustee may direct) and do any act or thing in order to confirm or establish the validity and enforceability of the guarantee and indemnity intended to be created by this Clause 23
(Guarantee and Indemnity) in support of such Chargor’s Chargor Secured Obligations. 

  

	23.11	Representations and warranties 

  

	    	Each Chargor represents, warrants and undertakes to the Borrower Secured Creditors that it has received or expects to receive from the Borrower, in contemplation of the granting of
its Guarantee, adequate consideration. 

  

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 SECTION J 
 ADDITIONAL CHARGORS 
  

	24.	ADDITIONAL CHARGORS AND RELEASE OF CHARGORS 

  

	24.1	Conditions to Accession of Additional Chargors 

  

	    	The Borrower may request that a person which is a direct or indirect subsidiary of the Borrower becomes an Additional Chargor and the Issuer and the Borrower Security Trustee shall
agree to such request provided that: 

  

	 	24.1.1	the Issuer and the Borrower Security Trustee have received all the Additional Chargor Conditions Precedent in form and substance satisfactory to the Issuer and the Borrower Security
Trustee (or, to the extent not so received, such Additional Chargor Conditions Precedent have been waived by the Issuer and Borrower Security Trustee); 

  

	 	24.1.2	the Borrower has certified that no Loan Event of Default or Potential Loan Event of Default is continuing (and has not been waived) or would occur as a result of such person
becoming an Additional Chargor; and 

  

	 	24.1.3	the shares in such Additional Chargor are charged or pledged in favour of the Borrower Security Trustee; 

  

	24.2	Accession 

  

	    	Upon satisfaction of the conditions in Clause 24.1 (Conditions to Accession of Additional Chargors) have been satisfied, the person nominated as an Additional Chargor by the
Borrower will become an Additional Chargor from the date of such confirmation. 

  

	24.3	Release of Chargors 

  

	    	A Chargor shall cease to be a Chargor under the Borrower Transaction Documents (other than, and subject to the terms of, the Tax Deed of Covenant) and shall have no further rights,
benefits or obligations under the Borrower Transaction Documents (other than, and subject to the terms of, the Tax Deed of Covenant) if: 

  

	 	24.3.1	all of its interests in its Mortgaged Properties (or Mortgaged Property) is disposed (directly or indirectly by way of a Share Sale) or such Chargor ceases to exist pursuant to an
amalgamation, merger or reconstruction, in each case in accordance with the terms of this Agreement; 

  

	 	24.3.2	no Loan Event of Default or Potential Loan Event of Default is outstanding or would result from such cessation; and 

  

	 	24.3.3	such Chargor satisfies the Issuer and the Borrower Security Trustee that it has no actual, contingent or potential liabilities under the Borrower Transaction Documents (other than
pursuant to its Guarantee (except where a demand has been made on any Chargor under any Guarantee) or, to the extent it remains a party thereto, the Tax Deed of Covenant). 

  

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 SECTION K 
 PAYMENTS AND CALCULATIONS 
  

	25.	CURRENCY OF ACCOUNT AND PAYMENT MECHANICS 

  

	25.1	Currency of Account 

  

	    	Euro is the currency of account and payment for each and every sum at any time due from a Chargor hereunder, provided that: 

  

	 	25.1.1	each payment in respect of costs and expenses shall be made in the currency in which the same were incurred; and 

  

	 	25.1.2	each payment pursuant to Clause 10 (Fees, Costs and Expenses) or Clause 11 (Taxes) shall be made in the currency specified by the Issuer. 

  

	25.2	Payments to the Issuer 

  

	 	25.2.1	Subject to Clause 25.2.2, on each date on which this Agreement requires an amount to be paid by a Chargor to the Issuer, such Chargor shall make the same available to the Issuer and
payable into the Issuer Transaction Account for value on the due date at such time and in such funds as the Issuer (or the Cash Administrator on its behalf) shall specify from time to time. 

  

	 	25.2.2	Any amount to be applied by the Borrower in prepayment, repayment or payment of any principal or interest or Ongoing Facility Fees under Clauses 7 (Interest), 8
(Repayment), 9 (Prepayment and Purchase) or 10 (Fees, Costs and Expenses) must be paid into the Issuer Transaction Account (except for amounts which should be paid into the Issuer Dutch Account pursuant to the Borrower
Priorities of Payment) by no later than 3 pm, London time, for value on the Business Day prior to the Loan Payment Date on which such sums are otherwise due or, in the case of any sums paid or prepaid pursuant to any of the events set out in
Condition 7(c)(iii) (Redemption, Purchase and Cancellation - Substitution/Redemption in Whole for Taxation and Other Reasons) occurring the Business Day prior to the date payment is due in accordance with Clause 9.2.2.

  

	25.3	Payments to the Chargors 

  

	 	25.3.1	On each date on which this Agreement requires an amount to be paid by the Issuer, the Issuer shall make the same available to the Chargors in such funds and to such account as the
Borrower (or the Cash Administrator on its behalf) shall specify from time to time. 

  

	 	25.3.2	A payment will be deemed to have been made by the Issuer on the date on which it is required to be made under this Agreement if the Issuer has, on or before that date, taken steps
to make that payment in accordance with the regulations or operating procedures of the clearing system used by the Issuer in order to make the payment. 

  

	25.4	Alternative Payment Arrangements 

  

	    	If, at any time, it shall become impracticable (by reason of any action of any governmental authority or any change in law or any similar event) for any or all of the

  

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	    	Chargors to make any payments in the manner specified in Clause 25.2 (Payments to the Issuer), then the relevant Chargors may agree with the Issuer (or the Cash Administrator
on its behalf) alternative arrangements for such payments to be made, provided that, in the absence of any such agreement, the relevant Chargor(s) shall be obliged to make all payments due to the Issuer in the manner specified herein.

  

	25.5	No Set-off 

  

	    	Subject to Clause 2.6 (Term Facilities and Payment of Initial and Ongoing Facility Fees) all payments required to be made by a Chargor under this Agreement shall be
calculated without reference to any set-off or counterclaim and shall be made free and clear of and without any deduction for or on account of any set-off or counterclaim. 

  

	25.6	Business Days 

  

	 	25.6.1	Any payment which is due to be made on a day that is not a Business Day shall be made on the next succeeding Business Day unless such succeeding Business Day falls in the next
succeeding calendar month, in which case, such payment shall be made on the immediately preceding Business Day. 

  

	 	25.6.2	During any extension of the due date for payment of any principal under this Agreement and in respect of any rates of interest calculated on a floating rate basis only (if any),
interest is payable on the principal at the rate payable on the original due date. 

  

	26.	CALCULATIONS AND EVIDENCE OF DEBT 

  

	26.1	Basis of Accrual 

  

	    	Any interest, commission or fee accruing hereunder will accrue from day to day and is calculated on the basis of actual number of days elapsed and a year of 360 days.

  

	26.2	Evidence of Debt 

  

	    	The Issuer (or the Cash Administrator on the Issuer’s behalf) shall maintain on its books an account or accounts in which shall be recorded (a) the amount of any Term Advance,
(b) the amount of all principal, interest and other sums due or to become due from the Borrower and any other Chargor and (c) the amount of any sum received or recovered by the Issuer. 

  

	26.3	Prima Facie Evidence 

  

	    	In any legal action or proceeding arising out of or in connection with this Agreement, the entries made in the accounts maintained pursuant to Clause 26.2 (Evidence of Debt)
shall be prima facie evidence of the existence and amounts of the specified obligations of the Borrower and any each other Chargor under this Agreement. 

  

	26.4	Certificates of the Issuer and the Borrower Security Trustee 

  

	    	A certificate of the Issuer or of the Borrower Security Trustee as to the amount by which a sum payable to it hereunder is to be increased under Clause 11 (Taxes), shall,
unless the contrary has been proven, be prima facie evidence of the existence and amounts of the specified obligations of the Borrower and each other Chargor under this Agreement. 

  

 - 94 - 

 SECTION L 
 ASSIGNMENT AND TRANSFER 
  

	27.	ASSIGNMENTS AND TRANSFERS 

  

	27.1	Transfers and Novations 

  

	    	Except in relation to the Issuer’s right of substitution in accordance with Condition 7(c) (Substitution/Redemption in Whole for Taxation and Other Reasons) and without
prejudice to the provisions of the Trust Deed, neither the Issuer nor any Chargor may transfer or novate the whole or any part of its obligations under this Agreement or any of the other Borrower Transaction Documents without the prior written
consent of the Borrower Security Trustee and provided that, in the case of both the Issuer and any Chargor, the Rating Agencies confirm that the Ratings Test will continue to be satisfied or otherwise indicate no objection to such transfer or
novation. 

  

	27.2	Assignments 

  

	    	Neither the Issuer nor any Chargor may assign or otherwise transfer any of its rights under this Agreement or any of the other Borrower Transaction Documents without the prior
written consent of the Borrower Security Trustee, save that: 

  

	 	27.2.1	each Chargor may, without such consent, assign its rights under the Borrower Transaction Documents (including this Agreement) to which it is a party to the Borrower Security Trustee
in accordance with the terms of the Chargor Security Documents; and 

  

	 	27.2.2	the Issuer may, without such consent, assign its rights under the Issuer Transaction Documents (including this Agreement) to the Trustee in accordance with the terms of the Issuer
Security Documents. 

  

 - 95 - 

 SECTION M 
 MISCELLANEOUS 
  

	28.	THE BORROWER SECURITY TRUSTEE AND CASH ADMINISTRATOR 

  

	28.1	The Borrower Security Trustee has agreed to become a party to this Agreement for the purpose of taking the benefit of certain provisions, including, Clauses 2 (The Term
Facilities), 4 (Conditions Precedent), 7 (Interest), 8 (Repayment), 10 (Fees, Costs and Expenses), 13 (Representations and Warranties), 14 (Financial Information), 15 (Financial Covenants), 16
(General Covenants of the Chargors), 17 (Property Covenants), 18 (Covenants regarding Disposal of Mortgaged Properties), 19 (Covenants regarding Disposal of Assets other than Mortgaged Properties), 20 (Covenants and
Other Provisions Relating to Maintenance Capital Expenditure), 21 (Appointment of a Property Advisor), 23 (Guarantee and Indemnity), 24 (Additional Chargors and release of Chargors) and 28 (The Borrower Security Trustee
and Cash Administrator) and Schedules 1 (Conditions Precedent) and 7 (Form of Chargor Accession Deed) for the better preservation and enforcement of its rights under the Chargor Security Documents. 

  

	28.2	The Cash Administrator has agreed to become a party to this Agreement for the purpose of taking the benefit of Clauses 2 (The Term Facilities), 5 (Drawdown), 8
(Repayment), 9 (Prepayment and Purchase), 11 (Taxes), 14 (Financial Information), 15 (Financial Covenants), 20 (Covenants and Other Provisions Relating to Maintenance Capital Expenditure), 23 (Guarantee
and Indemnity), 25 (Currency of Account and Payment Mechanics), 26 (Calculations and Evidence of Debt) and 28 (The Borrower Security Trustee and the Cash Administrator) and Schedules 2 (Notice of Drawdown), 4 (Form
of Compliance Certificate), 5 (Form of Mortgaged Property Disposal Certificate) and 6 (Form of Investor Reports) and for the better preservation and enforcement of its rights under the Cash Management Agreement.

  

	28.3	The parties acknowledge that: 

  

	 	28.3.1	neither the Borrower Security Trustee nor the Cash Administrator shall have responsibility for any of the sole obligations of the Issuer or any other third party and, in particular,
the Borrower Security Trustee shall not be responsible for monitoring the Chargors (including the financial information produced by the Chargors from time to time or their compliance with any of the covenants set out therein) and instead shall be
entitled to rely on a certification from the relevant Chargors in respect of compliance therewith; 

  

	 	28.3.2	the rights, obligations and/or discretions of the Borrower Security Trustee under this Agreement will be subject to the same protections, immunities and indemnities (mutatis
mutandis) as are conferred upon the Borrower Security Trustee and contained in the Chargor Security Documents, including, where it is required to give its consent under this Agreement, it shall be given in accordance with the Chargor Security
Documents; and 

  

	 	28.3.3	the rights and obligations of the Cash Administrator under this Agreement are governed by the Cash Pooling Loan and Cash Administration Agreement. 

  

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	28.4	The parties (other than the Borrower Security Trustee and the Cash Administrator) shall in the absence of actual knowledge to the contrary after the delivery of a Loan Enforcement
Notice, be entitled to assume that any act, matter or thing (including the exercise of any discretion) exercised or undertaken after the date of such delivery by the Cash Administrator on behalf of the Borrower Security Trustee under the Cash
Pooling Loan and Cash Administration Agreement has been duly authorised by the Borrower Security Trustee. 

  

	29.	DATA PROTECTION REQUIREMENTS 

  

	    	Each Chargor (other than the Borrower) covenants to provide the Borrower on an annual basis commencing on 30th January 2005 (or the next following day in which banks are open for
business in Belgium and the jurisdiction in which the Chargor is registered) with information relating to its self-storage customers (if any) at its Mortgaged Properties, detailing in each case the name, address and the amount owed to the relevant
Chargor by such customers. The Borrower covenants to maintain (and keep up-to-date within 30 days of receipt of such information) a file of such information (in hard copy format and which is stored in a safe and secure place) and to hold such files
as agent of the relevant Chargor and the Borrower Security Trustee, provided that, prior to any service of a Loan Enforcement Notice, to act only in accordance with the instructions of the relevant Chargor in respect of the information provided by
that Chargor (provided that such instruction is not inconsistent with its obligation to maintain such file and to keep it in safe custody) and thereafter, at the request of the Borrower Security Trustee, to make immediately available such file to
the Borrower Security Trustee. The Borrower further covenants to include in that file similar information relating to its own customers (if any) on an annual basis and to maintain and keep in safe custody and to make available such file on similar
terms as set out in this paragraph. 

  

	30.	REMEDIES AND WAIVERS 

  

	30.1	Remedies and Waivers Cumulative 

  

	    	The rights of each of the Issuer, the Borrower Security Trustee and each Chargor, respectively, hereunder: 

  

	 	30.1.1	may be exercised as often as necessary; 

  

	 	30.1.2	are cumulative and not exclusive of its rights under the general law; and 

  

	 	30.1.3	may be waived only in writing and specifically. 

  

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

  

	31.	SEVERABILITY 

  

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

  

	 	31.1.1	the legality, validity or enforceability in that jurisdiction of any other provision of this Agreement; or 

  

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	 	31.1.2	the legality, validity or enforceability in other jurisdictions of any other provision of this Agreement. 

  

	32.	COUNTERPARTS 

  

	    	This Agreement may be executed in any number of counterparts and this has the same effect as if the signatures on the counterparts were on a single copy of this Agreement.

  

	33.	NOTICES 

  

	33.1	Giving of Notices 

  

	    	All notices or other communications under or in connection with this Agreement shall be given in writing and, unless otherwise stated may be by letter or facsimile. Any such notice
will be deemed to be given as follows: 

  

	 	33.1.1	if by letter, when delivered personally or on actual receipt; and 

  

	 	33.1.2	if by facsimile, when received in legible form. 

  

	    	However, a notice given in accordance with the above but not received on a Business Day or received after business hours in the place of receipt will only be deemed to be given on
the next Business Day in that place. 

  

	33.2	Addresses for Notices 

  

	    	The address and facsimile number of each Transaction Party for all notices under or in connection with this Agreement are as follows: 

  

	    	The Borrower, the Cash Administrator and the other Chargors 

  

			
	 Address:
	  	 48 Quai du Commerce

	 	  	 1000 Brussels

	 	  	 Belgium

		
	 	  	 Tel:                    +00 322 22 95
611

		
	 	  	 Fax:                   +00 322 22 95
655

		
	 Attention:
	  	 General Counsel Europe

		
	 Issuer
	  	 
		
	 Address:
	  	 Parnassustoren,

	 	  	 Locatellikade 1

	 	  	 1076 AZ, Amsterdam

	 	  	 The Netherlands

		
	 	  	 Tel:                    +31 (0) 20 575
5600

		
	 	  	 Fax:                   +31 (0) 20 673
0016

		
	 	  	 Attention:        The Managing Directors

  

 - 98 - 

					
	Borrower Security Trustee
			
	 Address:
	  	 Citigroup Centre
	  	 
	 	  	 Canada Square
	  	 
	 	  	 Canary Wharf
	  	 
	 	  	 London E14 5LB
	  	 
			
	 Fax:
	  	 +44(0) 207 580 5877
	  	 
			
	 Attention:
	  	 Agency and Trust
	  	 
	
	 Rating Agencies

	
	 Fitch:

	
	 4th Floor

	 101 Finsbury Pavement

	 London EC2A 1RS

		
	 Fax:
	  	 +44 207 417 6262

	 Attention:
	  	 Performance Analytics Department - Mario Schmidt/Daniel York

	
	 S&P:

	
	 Garden House

	 18 Finsbury Circus

	 London EC2M 7NJ

	 Fax:
	  	 +44 207 826 3598

	 Attention:
	  	 Head of Structured Finance

  

	34.	THIRD PARTY RIGHTS 

  

	    	This Agreement confers no right under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this Agreement, but this does not affect any right or remedy of a third
party which exists or is available aside from the Contracts (Rights of Third Parties) Act 1999. 

  

	35.	GOVERNING LAW AND JURISDICTION 

  

	    	This Agreement, and all matters arising from or connected with it, shall be governed by English law. 

  

	36.	JURISDICTION 

  

	36.1	English courts 

  

	    	The courts of England have exclusive jurisdiction to settle any Dispute. 

  

	36.2	Convenient forum 

  

	    	The Transaction Parties agree that the courts of England are the most appropriate and convenient courts to settle Disputes between them and, accordingly, that they will not argue to
the contrary. 

  

 - 99 - 

	36.3	Jurisdiction 

  

	    	Clause 36.1 (English Courts) is for the benefit of the Manager only. As a result and notwithstanding Clause 36.1 (English Courts), it does not prevent the Manager from
taking any Proceedings in any other courts with jurisdiction. To the extent allowed by law, the Manager may take concurrent Proceedings in any number of jurisdictions. 

  

	36.4	Services of Process 

  

	    	The Issuer and each of the Chargors other than the English Chargors each agree that the documents which start any Proceedings and any other documents required to be served in
relation to those Proceedings may be served on each of them at their Process Service Agent’s address: Shurgard Storage Centres UK Ltd., 14 St. Mary’s Road, Long Ditton, Surbiton, Surrey KT5 6EY, England or at any address in Great Britain
at which process may be served on that particular party in accordance with Part XXIII of the Companies Act 1985. If any of the Issuer and each of the Chargors other than the English Chargors does not have or ceases to have a place of business in
Great Britain and the appointment of the process service agent named above ceases to be effective, the party concerned shall immediately (and in any event no later than 24 hours thereafter) appoint another person in England to accept service of
process on its behalf in England. If the party concerned fails to do so (and such failure continues for a period of not less than fourteen days), the Manager shall be entitled to appoint such a person by notice to that party. Nothing contained
herein shall restrict the right to serve process in any other manner allowed by law. This Clause applies to Proceedings in England and to Proceedings elsewhere. 

  

	36.5	Attorneys 

  

	    	If the Issuer is represented by an attorney or attorneys in connection with the signing and/or execution and/or delivery of this Agreement or any agreement or document referred to
herein or made pursuant hereto and the relevant power or powers of attorney is or are expressed to be governed by the laws of The Netherlands, it is hereby expressly acknowledged and accepted by the other parties hereto that such laws shall govern
the existence and extent of such attorney’s or attorneys’ authority and the effects of the exercise thereof. 

  
 IN WITNESS WHEREOF the hands of the duly authorised representatives of the parties hereto and the Chargors (other than the Borrower) have each executed this
Agreement as a deed and hereby deliver this Agreement as a deed on the day and year first before written. 
  

 - 100 - 

 SCHEDULE 1 
 CONDITIONS PRECEDENT 
  
 Part 1 
 Conditions Precedent 
  

	1.	Corporate and Other Documents 

  

	1.1	In relation to each Chargor, such Chargor’s Corporate Certificate attaching, among other things: 

  

	 	1.1.1	copies of its constitutional documents; 

  

	 	1.1.2	copies of all authorisations and board resolutions (including, where appropriate, shareholder resolutions): 

  

	 	(a)	approving the terms of, and the transactions contemplated by, the documents to be entered into in connection with the Borrower Transaction Documents to which it is a party and
authorising the execution, delivery and performance of such Borrower Transaction Documents and the terms and conditions thereof; 

  

	 	(b)	authorising a specified person or persons to execute the Borrower Transaction Documents to which it is a party on its behalf; and 

  

	 	(c)	authorising a specified person or persons, on its behalf, to sign and/or despatch all other documents and notices to be signed and/or despatched by it under or in connection with
the Borrower Transaction Documents to which it is a party, 

  

	 	    	in each case, accompanied by a certificate of an Authorised Signatory of such Chargor, as applicable, (including (i) an incumbency certificate attaching a list of the names, titles
and specimen signatures of the persons authorised to sign the Borrower Transaction Documents, all documents and notices to be delivered thereto or in connection therewith and to take any other action on its behalf in relation to the Borrower
Transaction Documents and (ii) confirmation that all copy documents are true, correct, complete, up to date and in full force and effect); and 

  

	 	1.1.3	a solvency certificate from such Chargor signed by two Authorised Signatories (or, in the case of a Chargor which has a sole director, one Authorised Signatory) of such Chargor, as
applicable. 

  

	2.	Reports 

  

	    	Each of the following reports addressed to, inter alios, the Borrower Security Trustee and the Trustee: 

  

	2.1	the Valuation Report; 

  

	2.2	the Certificates of Title and a bring-down letter, dated the date hereof, in respect of each Certificate of Title; and 

  

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	2.3	the Materiality Overview Reports and a bring-down letter, dated the date hereof, in respect of each Materiality Overview Report. 

  

	3.	Documents and Legal Opinions 

  

	3.1	On or before the Closing Date, each of the following documents executed and delivered by the relevant Transaction Parties thereto: 

  

	 	3.1.1	the Borrower Transaction Documents; 

  

	 	3.1.2	the Issuer Transaction Documents; 

  

	 	3.1.3	each Euro 100 Loan; and 

  

	 	3.1.4	any other documents as may be required by the Borrower Security Trustee. 

  

	3.2	Due execution and delivery of each Legal Opinion. 

  

	4.	Mortgaged Properties 

  

	    	Delivery of the following to the Borrower Security Trustee or to its order: 

  

	4.1	Title documents and deeds 

  

	 	    	The Netherlands 

  

	 	4.1.1	extracts from the Dutch Land Register (kadaster) regarding the Mortgaged Properties in The Netherlands evidencing that the relevant Dutch Chargor is the registered owner
(eigenaar) or the registered holder of a right of leasehold (erfpachter), as the case may be, of each Mortgaged Property situated in The Netherlands, except in the case of the Mortgaged Properties in Heemstede and Amersfoort which
properties are leased (gehuurd) by the relevant Dutch Chargor; 

  

	 	4.1.2	a deed of release dated on or about the Closing Date between Citibank, N.A., London Branch and each of the Dutch Chargors with respect to the rights of mortgage (rechten van
hypotheek) and the other security rights on certain of the properties the object of the Dutch Mortgage Deed which were initially granted in favour of Credit Suisse First Boston and were transferred to Citibank, N.A., London Branch pursuant to a
certificate of assignment of a mortgage claim date 26 February 2004 executed before Mr. J.F.L. Bakker, civil law notary in Amsterdam, The Netherlands. 

  

	 	4.1.3	insurance brokers comfort letter in the agreed form; 

  

	 	    	England & Wales 

  

	 	4.1.4	the insurance brokers comfort letter in the agreed form; 

  

	 	4.1.5	all title documents in relation to each English Mortgaged Property or an undertaking from Dechert LLP in a form satisfactory to the Borrower Security Trustee undertaking to hold the
same to the order of the Borrower Security Trustee; 

  

 - 102 - 

	 	4.1.6	the results of HM Land Registry priority searches in favour of the Borrower Security Trustee on the appropriate forms against all of the registered titles comprising the English
Mortgaged Properties given not less than 10 Business Days’ priority beyond the date each English Mortgaged Property became subject to the terms of the relevant Transaction Documents and showing no adverse entries; 

  

	 	4.1.7	an effective discharge of all security granted under the Credit Agreement affecting each English Mortgaged Property or an undertaking from Linklaters regarding the release of such
security, in form and substance satisfactory to the Borrower Security Trustee; 

  

	 	4.1.8	an undertaking from Dechert LLP to use reasonable endeavours to satisfy any requisitions raised by HM Land Registry as soon as reasonably possible in connection with the application
to register the security created in respect of each English Mortgaged Property under the Transaction Documents within the priority period confirmed by the results of the searches described in paragraph 4.1.6 above; 

  

	 	4.1.9	copies of all notices of charges and consents from landlords as applicable in relation to each English Mortgaged Property; 

  

	 	4.1.10	appropriate land registry application forms duly completed and accompanied by the necessary land registry fees; 

  

	 	    	France 

  

	 	4.1.11	all title documents in relation to the French Mortgaged Property; 

  

	 	4.1.12	duly executed deeds of release and discharge of all existing security; 

  

	 	4.1.13	a legal opinion in French (with an English translation) of the Chargor’s French legal advisor with respect to the risk analysis made in the Materiality Overview Report
regarding the breach to the building regulations and the parcelling of land regulations (réglementation sur les lotissements) for the French Mortgaged Property located in Chambourcy; 

  

	 	4.1.14	for each French Mortgaged Property where a Chargor is the lessee under an Intra-group Lease, a letter from the landlord waiving any pre-emption right (droit de
pré-emption) and/or first refusal right (droit de premier refus) and/or priority right (droit de préférence) to purchase the lessee’s business undertaking (fonds de commerce) upon execution by the
Borrower Security Trustee of its pledge over the lessee’s business undertaking. 

  
 Sweden 
  

	 	4.1.15	extracts from the Swedish Land Register regarding the Mortgaged Properties in Sweden evidencing that the relevant Swedish Chargor is the registered owner 

 

 - 103 - 

	 	    	(Sw. lagfaren ägare) or the registered site lease holder (Sw. inskriven tomträttsinnehavare), as the case may be, of each Mortgaged Property situated in
Sweden; 

  

	 	4.1.16	Certified true copies of applications to register new Swedish Mortgage Deeds with the relevant Land Registry; 

  

	 	4.1.17	A letter of release dated on or about the Closing Date between Citibank N.A., London Branch and each of the Swedish Chargors in respect of the security granted pursuant to the
Credit Agreement together with the relevant mortgage deeds to be delivered to the Borrower Security Trustee thereunder on the Closing Date. 

  

	 	    	Denmark 

  

	 	4.1.18	extracts from the Danish Land Register regarding the Mortgaged Properties in Denmark evidencing that the relevant Danish Chargor is the registered owner to each Mortgaged Property
situated in Denmark and that there are no registered encumbrances other than the Danish Mortgages; 

  

	 	4.1.19	insurance comfort letter; 

  

	 	4.1.20	certified true copies of applications to register the Danish Mortgage Deeds with the relevant Land Registry or evidence that the Danish Mortgages have been registered;

  

	 	    	Belgium 

  

	 	4.1.21	all title documents in relation to the Belgian Mortgaged Property; 

  

	 	4.1.22	insurance brokers comfort letter in the agreed form; 

  

	 	4.1.23	certificates dated not earlier than one month prior to the Closing Date listing (i) the prior registered mortgages on the properties the object of the Belgian Mortgage Pledge, and
(ii) the prior registered floating charges on the businesses of the Belgian Chargors; 

  

	 	4.1.24	a deed of release dated on or about the Closing Date between by Credit Suisse First Boston with respect to the mortgages granted in its favour on the properties the object of the
Belgian Mortgage Deed; 

  

	 	4.1.25	Notices to the Landlord for the Belgian Mortgaged Properties located in Forest and Waterloo, in accordance with the requirements of the relevant leases; 

  

	 	4.1.26	Prior written consent of the Landlord for the Belgian Mortgaged Property located in Antwerp (Plantin en Moretuslei) in accordance with the requirements of the relevant lease;

  

	 	4.2	Requirements of Chargors: 

  

	 	4.2.1	notices of consent to charge to each landlord of each English Mortgaged Property and a notice to the insurers of each English Mortgaged Property, 

  

 - 104 - 

	 	    	substantially in the form set out in Schedule 4 (Form of Notice of Arrangement of insurance policies) to the English Deed of Charge, duly executed by the relevant English Chargors;

  

	5.	Share Certificates, Notices and other Documents 

  

	    	(a) delivery of share certificates and signed but undated stock transfer forms in relation to the ordinary shares of each English Chargor which are subject to a first fixed charge
pursuant to the English Deed of Charge, (b) delivery of a duly executed and completed notice by each English Chargor in relation to each bank with whom it maintains an account to be secured by it pursuant to the English Deed of Charge (in
substantially the form of Schedule 6, Part 1 (Form of notice of charge over English Account); (c) delivery of a duly executed and completed notice by each English Chargor in relation to each Insurance Policy to be secured by it pursuant to
the English Deed of Charge (in substantially the form of Schedule 4 (Form of notice of assignment of Insurance Policies); (d) delivery of a duly executed and completed notice by Shurgard Storage Centres UK Limited in relation to the
assignment by it pursuant to the English Deed of Charge of its rights in respect of the Cash Pooling Account Bank Agreement (in substantially the form of Schedule 3, Part 1 (Form of notice of assignment of Borrower Transaction Documents (Assigned
to the Borrower Security Trustee Pursuant to Clause 3.3.1)); (e) amendment of the shareholder register of the Dutch Chargors to reflect that a right of pledge of their respective shares has been granted in favour of the Borrower Security Trustee
(f) in respect of the Belgian Share pledge: (i) recording each pledge in the relevant shareholders register of each Belgian Chargor whose shares are being pledged, (ii) shareholders resolution of each Belgian Chargor approving the creation of the
Belgian Share Pledge and any transfer following an enforcement of the Belgian Share Pledge, and (iii) a declaration from each Belgian Chargor that it acknowledges the Belgian Share Pledge and is not aware of any other encumbrances; (g) in respect of
the Belgian Receivables Pledge: (i) preparation and execution of notices to each bank with whom each pledged account is held and to each insurer whose policies are being pledged, (ii) certificate of pledge from each Belgian Chargor stating that its
receivables are pledged to the Borrower Security Trustee; (h) delivery of copies of the shareholders’ register in relation to the shares in each Danish Chargor to be pledged under each Danish Share Pledge to the Borrower Security Trustee, (i)
delivery of (i) one original of each Danish Mortgage Deed to the Borrower Security Trustee, (ii) notice of Pledge of Account by each Danish Chargor signed by the account bank and (iii) Letter of confirmation issued by Codan Insurance Co regarding
insurance of the Danish Mortgaged Properties (j) in respect of the Dutch Pledge of Intercompany Loans and Cash Pooling Loans, preparation and execution of notices to each counterparty to each Intercompany Loan and Cash Pooling Loan being pledged,
(k) in respect of the Dutch Pledge of Insurance Receivables, preparation and execution of notices to each insurer whose policies are being pledged, (l) the Dutch Account Pledge preparation and execution of notices (to be given on or immediately
after the Closing Date) to each bank with whom each pledged account is held, (m) preparation and execution of a notice (to be delivered on or immediately after the Closing Date by official process server) of the French Account Pledge to the bank
holding the accounts to be pledged thereunder and delivery by the bank holding the account of a letter of acceptance, (n) preparation and 

  

 - 105 - 

	    	execution of a notice (to be delivered on or immediately after the Closing Date by official process server) of the French PropCo Pledge of Income Receivables to the French OpCo and
delivery by each French Chargor of an original copy of each lease agreement, (o) in respect of the French Share Pledges: (i) preparation and execution of notices (to be delivered on or immediately after the Closing Date by official process server)
in respect of such pledge to the company whose shares are being secured or execution of a short form declaration (déclaration de gage d’instruments financiers) to be delivered to the Borrower Security Trustee and (ii) a copy
certified as true and up-to-date of the by laws (statuts) of the French Chargor which shares are pledged being handed over to the Borrower Security Trustee immediately after execution of the pledge agreement (in the case of a
“Société en Nom Collectif”), (p) preparation and execution of notices (to be delivered on or immediately after the Closing Date by official process server), of the French Pledge of Intercompany Loans (acte de
nantissement de créances de prêt intra-groupe) to the relevant borrower(s) under the intercompany loans made under the Securitisation Group Intercompany Loan Agreement and delivery to the Borrower Security Trustee of an original of
the Securitisation Group Intercompany Loan Agreement, (q) delivery of the share certificates for the shares in each Swedish Chargor which are to be charged to the Borrower Security Trustee and preparation and execution of notices to be given to the
Swedish Chargor whose shares have been charged (or, in the case of the shares in Shurgard Sweden AB, certified copies of the application to the local district court in Sweden for a cancellation of the share certificate granted in respect of such
shares and all documents in connection therewith), (r) delivery of one original of each Swedish Mortgage Deed and certified copies of applications for new mortgage deeds, as the case may be, to the Borrower Security Trustee; (s) delivery of the
Swedish Business Mortgage Deed by Shurgard Sweden AB to the Borrower Security Trustee.1 

  

	6.	Deeds of Release and Discharge 

  

	    	Except as envisaged in the Transaction Documents delivery of all required deeds of release in the agreed form and effective discharges of all Security Interests affecting all assets
of the Securitisation Group that are to be secured pursuant to the Transaction Documents; 

  

	7.	Third party consents 

  

	    	Except as envisaged in the Transaction Documents, delivery of all third party consents (if any) necessary for the creation of the Security Interests pursuant to the Chargor Security
Documents; 

  

	8.	Powers of Attorney 

  

	8.1	Belgian law power of attorney from Borrower Security Trustee to notary to execute necessary mortgage documentation and Belgian Share Pledges (including an English translation of
such power); 

	1	Relevant details with respect to the pledges of Cash Pooling Loans and Intercompany Loans to be confirmed. 

  

 - 106 - 

	8.2	Dutch law power of attorney by the Borrower Security Trustee to the Dutch notary re execution by the notary of (i) the Dutch Mortgage Deed and·(ii) the Dutch Share Pledges;

  

	8.3	Dutch law power of attorney by the Borrower re execution by the notary of the Borrower Dutch Share Pledge; 

  

	8.4	Dutch law power of attorney by Shurgard Nederland B.V. to the Dutch notary re execution by the notary of (i) the Dutch Mortgage Deed, (ii) the Borrower Dutch Share Pledge
and·(iii) the SN Dutch Share Pledge; 

  

	8.5	Dutch law power of attorney by Bé Cé Ateliers B.V. to the Dutch Notary re execution by the notary of the (i) SN Dutch Share Pledge and·(ii) the relevant Dutch
Mortgage Deed; 

  

	8.6	Dutch law power of attorney by Shurgard Nederland Diemen B.V. to the Dutch notary re execution by the notary of the (i) SN Dutch Share Pledge and·(ii) Dutch Mortgage Deed;

  

	8.7	Dutch law power of attorney by Shurgard Nederland Dordrecht Ampere B.V. to the Dutch notary re execution by the notary of the (i) SN Dutch Share Pledge and (ii) Dutch Mortgage Deed;

  

	8.8	Dutch law power of attorney by Shurgard Nederland Delft B.V. to the Dutch notary re execution by the notary of the (i) SN Dutch Share Pledge and·(ii) Dutch Mortgage Deed;

  

	8.9	Dutch law power of attorney by Shurgard Nederland Utrecht Cartesius B.V. to the Dutch notary re execution by the notary of the (i) SN Dutch Share Pledge and·(ii) Dutch
Mortgage Deed; 

  

	8.10	Dutch law power of attorney by Shurgard Nederland Veldhoven B.V. to the Dutch notary re execution by the notary of (i) the SN Dutch Share Pledge and·(ii) the Dutch Mortgage
Deed; 

  

	8.11	French law power of Attorney by the Borrower Security Trustee in favour of the notary in respect of the French Mortgage Deed; 

  

	9.	Appointment of process agents 

  

	    	There having been delivered on or prior to the Closing Date copies of each letter of appointment in respect of a process agent to accept service of process in England in relation to
each of the Chargors (other than the English Chargors) and the Issuer signed by an Authorised Signatory of the Chargors (other than the English Chargors) and the Issuer respectively, and accepted by the relevant process agent;

  

	10.	Disclosure Letter 

  

	    	Delivery of the Disclosure Letter in the agreed form. 

  

 - 107 - 

 Part 2 
 Additional Conditions Precedent 
  

	1.	Corporate and Other Documents 

  

	1.1	In relation to each Chargor: 

  

	 	1.1.1	copies of its constitutional documents; 

  

	 	1.1.2	copies of all authorisations, shareholders resolutions and board resolutions of its board of directors: 

  

	 	(a)	approving the terms of, and the transactions contemplated by, the documents to be entered into in connection with the Additional Documents to which it is a party and authorising the
execution, delivery and performance of such Additional Documents and the terms and conditions thereof; 

  

	 	(b)	authorising a specified person or persons to execute the Additional Documents to which it is a party on its behalf; and 

  

	 	(c)	authorising a specified person or persons, on its behalf, to sign and/or despatch all other documents and notices to be signed and/or despatched by it under or in connection with
the Additional Documents to which it is a party, 

  

	 	    	in each case, accompanied by a certificate of an Authorised Signatory of the Borrower or such Chargor, as applicable, (including (i) an incumbency certificate attaching a list of
the names, titles and specimen signatures of the persons authorised to sign the Additional Documents, all documents and notices to be delivered thereto or in connection therewith and to take any other action on its behalf in relation to the
Additional Documents and (ii) confirmation that all copy documents are true, correct, complete, up to date and in full force and effect); and 

  

	 	(d)	a solvency certificate from the Borrower and each such Chargor signed by two Authorised Signatories of the Borrower or such Chargor (or, in the case of a Chargor with a sole
director, one Authorised Signatory), as applicable. 

  

	2.	Additional Documents 

  

	2.1	Each of the following documents executed and delivered by the relevant Transaction Parties and any other parties thereto: 

  

	 	2.1.1	a deed supplemental to the Trust Deed in respect of the applicable Additional Notes; and 

  

	 	2.1.2	execution of any such additional documents as are required by the Borrower Security Trustee to enable the Borrower Security Trustee to be granted security over any Further Mortgaged
Property on terms satisfactory to the Borrower Security Trustee, including a supplemental deed to the relevant Chargor Security Document. 

  

 - 108 - 

	3.	Conditions Precedent relating to acquisition or substitution of a Mortgaged Property 

  

	    	Where the Additional Term Facility is being made to fund the acquisition of a Further Mortgaged Property by a Chargor (including by the Borrower): 

  

	3.1	Satisfaction of the applicable conditions set out at Clause 18.6or, if any of such conditions cannot be satisfied at the relevant Drawdown Date, a certificate from the Borrower
confirming such conditions will be satisfied upon acquisition of such Further Mortgaged Property. 

  

	3.2	Legal opinions in such form and substance as are required by the Issuer, the Trustee, the Borrower Security Trustee and the Rating Agencies at the time of the issue of the related
Additional Notes. 

  

	3.3	Receipt of all deeds and documents which the Borrower Security Trustee considers necessary or ancillary to evidence title to such Further Mortgaged Property or Permitted
Acquisition, other assets and/or shares or undertakings and registration forms in a form satisfactory to the Borrower Security Trustee and confirmation that the same are held to the order of the Borrower Security Trustee. 

 

	3.4	The results of any searches as required by, and in favour of the Borrower Security Trustee on the appropriate forms against all of the titles comprised in such Further Mortgaged
Property showing no adverse entries and, where possible, giving not less than 10 Business Days’ priority beyond the relevant Drawdown Date. 

  

	3.5	Delivery of all third party consents necessary for the creation of any Security Interests over such Further Mortgaged Property. 

  

	3.6	A copy of any other authorisation, security power of attorney, or other document, report, opinion, notices or assurance which the Borrower Security Trustee considers necessary or
desirable in connection with the entry into and performance of, and the transactions contemplated by the Additional Documents, or for the validity and enforceability of any Additional Document or perfection of any Security Interest contemplated by
such Additional Documents of which the Chargor has been given sufficient notice to enable it to be obtained prior to the relevant Drawdown Date. 

  

	3.7	

  

	 	3.7.1	A valuation report by a Valuer in respect of any Further Mortgaged Property; and 

  

	 	3.7.2	a certificate of title in similar form to the Certificates of Title, subject to and in accordance with applicable law, 

  

	 	    	in each case addressed to, inter alios, the Issuer and the Borrower Security Trustee. 

  

 - 109 - 

	3.8	Payment of any fees, costs or expenses necessary in connection with any of the items in this paragraph 3. 

  

	4.	Miscellaneous 

  

	4.1	Where the Additional Term Facility is being made to fund an intercompany loan by the Borrower to another Chargor (other than to finance the acquisition of a Further Mortgaged
Property): 

  

	 	4.1.1	security satisfactory to the Borrower Security Trustee (accompanied by any legal opinion(s) confirming the validity of such security as may be required the Borrower Security
Trustee) over the Borrower’s rights under such loan; 

  

	 	4.1.2	delivery of any third party consents necessary for the creation of the Security Interests envisaged by Paragraph 5.1.1; and 

  

	 	4.1.3	a copy of any other authorisation or other document, report, opinion or assurance which the Borrower Security Trustee considers necessary or desirable in connection with the entry
into and performance of, and the transactions contemplated by the Additional Documents necessary to advance such loan, or for the validity and enforceability of any such Additional Document or perfection of any Security Interest contemplated by such
Additional Documents, of which the Chargor has been given sufficient notice to enable it to be obtained prior to the relevant Drawdown Date. 

  

 - 110 - 

 Part 3 
 Additional Chargor Conditions Precedent 
  

	1.	Corporate Documents 

  

	1.1	In relation to each Additional Chargor: 

  

	 	1.1.1	copies of the constitutional documents of each Additional Chargor; 

  

	 	1.1.2	copies of all authorisations, shareholder resolutions and board resolutions of each Additional Chargor: 

  

	 	(a)	approving the terms of, and the transactions contemplated by, the Chargor Accession Deed to which it is a party and authorising the execution, delivery and performance of such
Chargor Accession Deed and any other documents to be entered into by the Additional Chargor in connection therewith and the terms and conditions thereof; 

  

	 	(b)	authorising a specified person or persons to execute the Chargor Accession Deed and any other documents to be entered into by the Additional Chargor in connection therewith to which
it is a party on its behalf; and 

  

	 	(c)	authorising a specified person or persons, on its behalf, to sign and/or despatch all other documents and notices to be signed and/or despatched by it under or in connection with
the Chargor Accession Deed and any other documents to be entered into by the Additional Chargor in connection therewith to which it is a party, 

  

	 	    	in each case, accompanied by a certificate of an Authorised Signatory of each Additional Chargor (including (i) an incumbency certificate attaching a list of the names, titles and
specimen signatures of the persons authorised to sign the Chargor Accession Deed, all documents and notices to be delivered thereto or in connection therewith and to take any other action on its behalf in relation to the Borrower Transaction
Documents, (ii) confirmation that all copy documents delivered to the Borrower Security Trustee in connection with the accession are true, correct, complete, up to date and in full force and effect and (iii) compliance with all representations,
warranties and covenants under the Issuer/Borrower Facility Agreement (if such proposed Additional Chargor were deemed to be a Chargor thereunder) at the date of the certificate by reference to facts and circumstances then existing); and

  

	 	1.1.3	a solvency certificate from each Additional Chargor signed by two directors of that Additional Chargor. 

  

	1.2	All approvals necessary or desirable by such Additional Chargor (including approvals of such Additional Chargor’s shareholders) of the Guarantees to be provided pursuant to
this Agreement. 

  

 - 111 - 

	1.3	Searches in respect of each English Additional Chargor at each of the Companies Registry and High Court in Judgment and Petitions Section revealing no evidence of the presentation
of any petition for the winding up or administration of each such Chargor or, in relation to the Chargors incorporated in another Relevant Jurisdiction, the equivalent searches in such Relevant Jurisdiction, in each case dated the date such
Additional Chargor grants any Security Interest or enters into a Transaction Document; 

  

	1.4	A certificate dated the date the Additional Chargor accedes to any Transaction Document to which it is acceding, certifying that such Additional Chargor are not in breach of any of
the Borrower Transaction Documents. 

  

	1.5	A copy of any other authorisation or other document, opinion or assurance which the Borrower Security Trustee and/or the Issuer considers to be necessary or desirable in connection
with the entry of the proposed Additional Chargor into and performance of the transactions contemplated by the Chargor Accession Deed or for the validity and enforceability of the Chargor Accession Deed and the Borrower Transaction Documents.

  

	2.	Other Documents 

  

	    	Each of the following documents duly executed and delivered by the Additional Chargor and relevant Transaction Parties thereto: 

  

	 	2.1.1	the Chargor Accession Deed; 

  

	 	2.1.2	a Chargor Supplemental Security Document in respect of any additional security to be provided by the Chargor; and 

  

	 	2.1.3	any such additional documents as are required by the Borrower Security Trustee to enable the Borrower Security Trustee to be granted security either by such Additional Chargor or in
relation to such Additional Chargor’s shares on terms satisfactory to it. 

  

	3.	Financial Information and Obligor Reporting Accountant’s Letters and Reports 

  

	    	Each of the following reports delivered to the Issuer and the Borrower Security Trustee: 

  

	 	3.1	the most recent audited financial statements of the Additional Chargor; 

  

	3.2	any Valuation required by the Issuer and the Borrower Security Trustee in relation to the Mortgaged Properties owned by such Additional Chargor in form and substance satisfactory to
the Issuer and the Borrower Security Trustee; and 

  

	3.3	any Certificate of Title required by the Issuer and the Borrower Security Trustee in relation to the Mortgaged Properties owned by such Additional Chargor in form and substance
satisfactory to the Issuer and the Borrower Security Trustee. 

  

	4.	Opinions 

  

	4.1	Legal opinions from reputable law firm(s) addressed to the Issuer and the Borrower Security Trustee addressing the due incorporation, capacity and authority of such Additional
Chargor and, as to the legal, valid and binding nature of its obligations 

  

 - 112 - 

	    	(including, without limitation, under its Guarantee) of, and the validity of the Security Interests granted under (subject to any reservations contained in such opinions), the
documents delivered pursuant to paragraph 2 above. 

  

	4.2	An opinion from an internationally recognised firm of accountants or lawyers addressed to the Issuer and the Borrower Security Trustee addressing, in relation to the Additional
Chargor, withholding tax and deductibility of interest in relation to payments under the Issuer/Borrower Facility Agreement, the Intercompany Loans, the Guarantee and the Cash Pooling Loans. 

  

	5.	Miscellaneous 

  

	5.1	In respect of any Mortgaged Property, assets and/or shares held by each Additional Chargor, receipt of all deeds and documents necessary or ancillary to evidence title to such new
Mortgaged Property, assets and/or shares or undertakings in a form satisfactory to the Borrower Security Trustee that the same are held to the order of the Borrower Security Trustee. 

  

	5.2	Delivery of all documents, forms and certificates in relation to the shares of the Additional Chargor as the Borrower Security Trustee may require in order for security to be
granted in respect of such shares. 

  

	5.3	A copy of any other authorisation or other document, certificate of title, report by a Valuer, director’s certificate, opinion and/or other supporting or ancillary
documentation or assurance which the Borrower Security Trustee considers to be necessary or desirable in connection with the accession of such Additional Chargor. 

  

	5.4	The results of searches (where applicable) made at the appropriate national land registers of the Relevant Jurisdiction in which any Mortgaged Property owned and to be secured by
the Additional Chargor, in favour of the Borrower Security Trustee on the appropriate forms against all of such Mortgaged Property showing no adverse entries. 

  

	6.	Ratings Test 

  

	    	Confirmation in writing from the Rating Agencies is delivered to the Issuer and the Borrower Security Trustee that the Ratings Test will be satisfied after the accession of any
Additional Chargor to this Agreement. 

  

 - 113 - 

 SCHEDULE 2 
 NOTICE OF DRAWDOWN 
  

			
	From:	 	Shurgard Self Storage SCA
		
	To:	 	Self-Storage Securitisation B.V.
	 	 	(as Issuer)
		
	cc:	 	Shurgard Self Storage SCA
	 	 	(as Cash Administrator)
		
	 	 	Citicorp Trustee Company Limited
	 	 	(as Borrower Security Trustee and Trustee)
		
	 	 	Standard & Poor’s Rating Services, a division of the McGraw Hill Companies, Inc. and Fitch Ratings Limited
	 	 	(as Rating Agencies)
		
	Dated:	 	[Insert date]

  
 Dear Sirs, 
  

	1.	We refer to a facility agreement ((as amended, varied or supplemented from time to time) the “Issuer/Borrower Facility Agreement”) dated [•] 2004 and made
between, inter alios, the Issuer and the Borrower Security Trustee. 

  

	2.	Terms defined in Schedule 1 (Master Definitions Schedule) of a master framework agreement (as amended, varied or supplemented from time to time) (the “Master
Framework Agreement”) dated [•] 2004 and made between, inter alios, the Issuer and the Borrower Security Trustee shall bear the same meaning herein. 

  

	3.	This notice is irrevocable. 

  

	4.	We hereby give you notice that, pursuant to the Issuer/Borrower Facility Agreement, on [date of proposed Term Advance], we wish to borrow [an Initial Term Advance]/[a Further
Term Advance]/[a New Term Advance]* in the amount of €[            ] upon the terms and subject to the conditions contained therein. 

  

	5.	We confirm (on behalf of the Securitisation Group) that, at the date hereof, the [Representations set out at Clause 13 (Representations and Warranties) of the Issuer/Borrower
Facility Agreement]/ [Repeating Representations] are true and correct and will be true and correct immediately after the Term Advance is made1; 

	*	Strike out as appropriate 

	1	First square bracket applies to Initial Term Advances. Second square bracket for all Additional Term Advances. 

  

 - 114 - 

	6.	We confirm (on behalf of the Securitisation Group) that no Loan Event of Default or Potential Loan Event of Default has occurred and is continuing (and has not been waived) or would
result from the making of the Term Advance. 

  

	7.	The proceeds of this drawdown should be credited to [insert account details]. 

  

	
	 Yours faithfully

	
	

	 Authorised Signatory

	 for and on behalf of

	 Shurgard Self Storage SCA

  

 - 115 - 

 SCHEDULE 3 
  
 INITIAL CHARGORS 
  

							
	 Chargors

	 	 Registered Office

	 	 Reg. No./RC

	 	 Jurisdiction

	 Shurgard Self-Storage SCA
	 	48 Quai de Commerce, 1000 Brussels	 	 enterprise number
 0454,097,354
	 	Belgium
				
	 SSC Benelux Zaventem BVBA
	 	Oude Bareellei 9-11, 2170 Merksem	 	 enterprise number
 442,577,841
	 	Belgium
				
	 SSC Benelux Machelen BVBA
	 	Oude Bareellei 9-11, 2170 Merksem	 	 enterprise number
 405,739,815
	 	Belgium
				
	 Imoganco BVBA
	 	Oude Bareellei 9-11, 2170 Merksem	 	 enterprise number
 407,817,494
	 	Belgium
				
	 Hobimmo BVBA
	 	Oude Bareellei 9-11, 2170 Merksem	 	 enterprise number
 439,707,235
	 	Belgium
				
	 Shurgard France SAS
	 	191, rue Saint Honoré, 75001 Paris	 	RCS 403 609 779	 	France
				
	 Shurgard Méditerranée SAS
	 	24/26, rue Louis Armand, 75015 Paris	 	RCS 348 678 244	 	France
				
	 Shurgard Investissement 1 SNC
	 	24/26, rue Louis Armand, 75015 Paris	 	RCS 320 460 629	 	France
				
	 Shurgard IDF Noisy SAS
	 	24/26, rue Louis Armand, 75015 Paris	 	RCS 442 667 424	 	France
				
	 Shurgard IDF Chambourcy SAS
	 	24/26, rue Louis Armand, 75015 Paris	 	RCS 443 409 735	 	France
				
	 Shurgard Lyon Gerland SAS
	 	24/26, rue Louis Armand, 75015 Paris	 	RCS 442 667 770	 	France
				
	 Shurgard Storage Centers Sweden KB
	 	Box 36, 171 11 SolnaSweden	 	969639-8479	 	Sweden
				
	 Shurgard Sweden AB
	 	Box 36, 171 11 SolnaSweden	 	556550-5152	 	Sweden
				
	 Shurgard Sweden Årstaberg KB
	 	Box 36, 171 11 SolnaSweden	 	969 680 3395	 	Sweden
				
	 Shurgard Storage Centres UK Limited
	 	14 St. Mary’s Road Long Ditton Surbiton Surrey KT6 5EY	 	3454778	 	England and Wales
				
	 Shurgard UK Wokingham Limited
	 	14 St. Mary’s Road Long Ditton Surbiton Surrey KT6 5EY	 	4464921	 	England and Wales
				
	 Shurgard Nederland B.V.
	 	Verheeskade 327 252 1 DE ‘s-Gravenhage	 	17112607	 	Netherlands
				
	 BéCé Ateliers B.V.
	 	St Gerardusweg 50,6224 LV Maastricht	 	14607297	 	Netherlands
				
	 Shurgard Nederland Diemen BV
	 	Verheeskade 327, 2521 DE ‘s-Gravenhage	 	27251625	 	Netherlands
				
	 Shurgard Nederland Dordrecht Ampere BV
	 	Verheeskade 327, 2521 DE ‘s-Gravenhage	 	27251628	 	Netherlands
				
	 Shurgard Nederland Delft BV
	 	Verheeskade 327, 2521 DE ‘s-Gravenhage	 	27252034	 	Netherlands
				
	 Shurgard Nederland Veldhoven BV
	 	Verheeskade 327, 2521 DE ‘s-Gravenhage	 	27252063	 	Netherlands
				
	 Shurgard Nederland Utrecht Cartesius BV
	 	Verheeskade 327, 2521 DE ‘s-Gravenhage	 	27252353	 	Netherlands

  

 - 116 - 

							
	 Chargors

	 	 Registered Office

	 	 Reg. No./RC

	 	 Jurisdiction

	 Shurgard Real Estate ApS
	 	Banemarksuej 50 D-2605 Brønby, Denmark	 	25499204	 	Denmark
				
	 Shurgard Denmark ApS
	 	Banemarksuej 50 D-2605 Brønby, Denmark	 	26271126	 	Denmark
				
	 Shurgard Roskilde ApS
	 	Banemarksuej 50 D-2605 Brønby, Denmark	 	26556252	 	Denmark
				
	 Shurgard Hørsholm ApS
	 	Banemarksuej 50 D-2605 Brønby, Denmark	 	26609224	 	Denmark

  

 - 117 - 

 SCHEDULE 4 
 FORM OF COMPLIANCE CERTIFICATE 
  

			
	To:	 	Self Storage Securitisation B.V.
	 	 	as Issuer
		
	 	 	Citicorp Trustee Company Limited
	 	 	as Borrower Security Trustee
		
	cc:	 	Citicorp Trustee Company Limited
	 	 	as Trustee
		
	 	 	 Standard & Poor’s Rating Services, a division of the McGraw Hill Companies, Inc. and
 Fitch Ratings Limited as Rating Agencies

		
	 	 	Citibank, N.A. and Citibank International plc
	 	 	as Paying Agents
		
	Date:	 	[Insert date]

  
 Dear Sirs, 
  
 We refer to a facility agreement ((as amended, varied, restated or novated from time to
time) the “Issuer/Borrower Facility Agreement”) dated [•] 2004 and made between, inter alios, the Borrower and the Borrower Security Trustee. 
  
 Unless otherwise defined herein, terms defined in Schedule 1 (Master Definitions Schedule) of a master framework agreement ((as
amended, varied, restated or novated from time to time) the “Master Framework Agreement”) dated [•] 2004 and made between, inter alios, the Issuer and the Borrower Security Trustee shall bear the same meaning herein.

  
 The Borrower confirms (on behalf of itself and each other Chargor) (in each
case without any personal liability) that: 
  

	1.	all Financial Indebtedness of each Chargor outstanding in favour of any entity not comprised in the Securitisation Group, as applicable, as at the end of the Loan Interest Period
which ended immediately preceding the date hereof (the “Relevant Period”) was Permitted Financial Indebtedness; 

  

	2.	as at the date hereof, [no] [a]2 Loan Event of
Default or Potential Loan Event of Default has occurred and is continuing (and which has not been waived in accordance with the Borrower Transaction Documents) [and, if it has occurred, a description thereof and the action taken or proposed to be
taken to remedy it are set out below]; 

	2	delete as applicable. 

  

 - 118 - 

	3.	as at the date hereof, [no] [a]3 Property
Advisor Appoint Event has occurred [and, if it has occurred, a description thereof and the action taken or proposed to be taken to remedy it]; 

  

	4.	as at the date hereof, each Chargor, as applicable, is in compliance with all covenants and warranties under the Borrower Transaction Documents [or, if there has been any breach
of any covenant or warranty given by the Chargors, a description thereof and the action taken or proposed to be taken to remedy it]; 

  

	5.	[a copy of any Valuation required by the terms of the Issuer/Borrower Facility Agreement to be delivered by it to the Borrower Security Trustee and the Rating Agencies has been so
delivered]4; 

  

	[6].	any disposals of Mortgaged Properties during the Relevant Period were Permitted Disposals and any acquisitions of Mortgaged Properties in the Relevant Period were in compliance with
the Property Acquisition Conditions; 

  

	[7].	the Debt Service in respect of the Relevant Period was [•]; 

  

	[8].	the LTV Ratio at the end of the Relevant Period was [•]; 

  

	[9].	the DSCR in respect of the Relevant Period was [•]; 

  

	[10].	the amount of Excess Cash at the end of the Relevant Period was €[•]; 

  

	[11].	the DSCR Cashflow in respect of the Relevant Period was €[•]; and 

  

	[12].	the Restricted Payment Condition was satisfied with respect to the Relevant Period 

  

	    	[The following paragraphs only need to be provided in the first Compliance Certificate delivered after each Cash Reserve Calculation Date] 

  

	[13].	the Cash Reserve Trigger was [not]5 breached
during the Cash Reserve DSCR Calculation Period [the Cash Reserve Amount was, as at the end of the Cash Reserve DSCR Calculation Period,6€[•] and such amount has been deposited in the cash Reserve Account] ; and 

  

	[14].	the Cash Release Trigger was met during the Cash Reserve DSCR Calculation Period and the Cash Release Amount was, as at the end of the Cash Reserve DSCR Calculation Period,
€[•]7. 

	3	delete as applicable. 

	4	Include if applicable. 

	5	Delete/include as applicable. 

	6	Only include if there has been a breach of the Cash Reserve Trigger. 

	7	Delete/include as applicable. 

  

 - 119 - 

					
	Signed:	 	  

	 	  

	 	 	Managing Partner	 	Managing Partner
	of Shurgard Self Storage SCA	 	 

  

 - 120 - 

 SCHEDULE 5 
 FORM OF MORTGAGED PROPERTY DISPOSAL CERTIFICATE 
  

	To:	Citicorp Trustee Company Limited 

	    	as Borrower Security Trustee 

  

	Date:	[Insert date] 

  
 Dear Sirs, 
  
 We refer to a facility agreement
((as amended, varied, novated or supplemented from time to time) the “Issuer/Borrower Facility Agreement”) dated [•] and made between, inter alios, Shurgard Self Storage SCA as the “Borrower” and
yourselves as “Borrower Security Trustee”. 
  
 Terms defined in
Schedule 1 (Master Definitions Schedule) of a master framework agreement ((as amended, varied, novated or supplemented from time to time) the “Master Framework Agreement”) dated [•] 2004 and made between, inter
alios, the Issuer and the Borrower Security Trustee shall bear the same meaning herein. 
  
 We confirm (and certify in the case of paragraph 2) on behalf of [name of relevant Chargor] and the Borrower confirms (in the case of paragraph 3 only) (without any personal liability) that: 
  

	1.	we propose to dispose of the [Mortgaged Property of [insert details of Mortgaged Property]]/[Chargor known as [insert details of Chargor] which owns the following
Mortgaged Properties [insert details of Mortgaged Properties] and acquire [set out details]; and 

  

	2.	the disposal is a disposal of the type permitted under Clause 18.2 (Conditions to Disposal of Mortgaged Properties) and the conditions set out in such Clause for such
disposal are satisfied [and the acquisition is an acquisition of the type permitted under Clause 18.6 (Covenants regarding the Acquisition and Substitution of Mortgaged properties) and the conditions set out in such Clause for such
acquisition are satisfied]; 

  

	3.	no Loan Event of Default or Potential Loan Event of Default has occurred and is continuing (and has not been waived) or would result from the proposed disposal [and acquisition] of
the Mortgaged Property; 

  

	4.	the disposal [and acquisition] [is]/[are] or arm’s length terms between a willing buyer and seller [in each case]; and 

  

	5.	we will have complied with all our obligations in the Tax Deed of Covenant in respect of such acquisition [and disposal]. 

  

					
	Signed:	 	  

	 	  

	 	 	Authorised Signatory	 	Authorised Signatory
	of [name of relevant Chargor]	 	 

  

 - 121 - 

					
	Signed:	 	  

	 	  

	 	 	Authorised Signatory	 	Authorised Signatory
	of Shurgard Self Storage SCA	 	 

  

 - 122 - 

 SCHEDULE 6 
 FORM OF INVESTOR REPORTS 
  

 - 123 - 

 SCHEDULE 7 
 FORM OF CHARGOR ACCESSION DEED 
  

			
	To:	 	Self Storage Securitisation B.V.
	 	 	as Issuer
		
	 	 	Citicorp Trustee Company Limited
	 	 	as Borrower Security Trustee
		
	CC:	 	Shurgard Self Storage SCA as Borrower
		
	From:	 	[Additional Chargor]
		
	Dated:	 	[•]

  
 Dear Sirs, 
  
 We refer to a facility as from time to time amended, varied, restated or novated (the
“Issuer/Borrower Facility Agreement”) dated [•] 2004 and made between, inter alios, the Issuer and the Borrower Security Trustee. 
  

	1.	Terms defined in Schedule 1 (Master Definitions Schedule) of a master framework agreement ((as from time to time amended, varied, restated or novated) the “Master
Framework Agreement”) dated [•] 2004 and made between, inter alios, the Issuer and the Borrower Security Trustee shall bear the same meaning herein. 

  

	2.	[Additional Chargor] assumes all the rights and benefits contained in the Issuer/Borrower Facility Agreement and, upon it becoming a Chargor, agrees to be bound by all the
obligations, covenants, undertakings, representations and warranties under: 

  

	2.1	the Issuer/Borrower Facility Agreement in all respects as if it had been an original party thereto; 

  

	2.2	the Tax Deed of Covenant; 

  

	2.3	the Security Trust Deed; 

  

	2.4	the Cash Pooling Loan and Cash Administration Agreement; and 

  

	2.5	the Securitisation Intercompany Loan Agreement; 

  

	3.	[Additional Chargor] confirms that the Additional Chargor Representations are true and correct in respect of itself, with reference to the facts and circumstances then
subsisting. 

  

	4.	[Additional Chargor] confirms that, to its knowledge, no Loan Event of Default or Potential Loan Event of Default is continuing (and is unwaived) or would occur as a result
of [Additional Chargor] becoming an Additional Chargor. 

  

 - 124 - 

	5.	[Additional Chargor’s] administrative details are as follows: 

  

	    	Address: 

  

	    	Fax No.: 

  

	6.	[Process Agent8 

  

	    	The [Additional Chargor] agrees that the documents which start any Proceedings and any other documents required to be served in relation to those Proceedings may be served on
it by being delivered to [    ] at [        ] or, if different, its registered office for the time being or at any address of [Additional Chargor] in Great Britain at which process
may be served on it in accordance with Part XXIII of the Companies Act. If such person is not or ceases to be effectively appointed to accept service of process on behalf of [Additional Chargor], [Additional Chargor] shall, immediately
appoint a further person in England to accept service of process on its behalf, failing such appointment within 14 days, the Borrower Security Trustee shall be entitled to appoint such a person by a written notice addressed and delivered to
[Additional Chargor]. Nothing in this paragraph 6 shall affect the right of the Borrower Security Trustee to serve process in any other manner permitted by law. This paragraph 6 applies to Proceedings in England and to Proceedings elsewhere.]

  

	7.	This Deed shall be governed by English law. 

  

	    	In witness whereof, this Deed has been executed as a deed by each of the parties hereto as a deed on the day and year first above written. 

  

	    	[Executed as a deed on behalf of 

	    	[Additional Chargor] 

	    	in the presence of: 

  

	    	Director: 

  

	    	Director/Secretary:]9

	8	This is only required if the relevant Chargor is incorporated outside the UK. 

	9	Insert appropriate execution clause depending on country of incorporation of the Additional Chargor and chosen execution formality 

  

 - 125 - 

 SCHEDULE 8 
  
 INITIAL MORTGAGED PROPERTIES 
  

					
	 Chargor

	    	 Initial Mortgaged Property

	    	 Address

	1. Shurgard Self-Storage SCA	    	Shurgard Forest	    	 Rue St. Denis 298 - Rue du Charroi
 10-12, 1190
Forest

			
	 	    	Shurgard Molenbeek	    	Ch. De Ninove 240, 1080 Molenbeek
			
	 	    	Shurgard Waterloo	    	 Ch. De Charleroi 16, 1420 Braîne
 l’Alleud

			
	 	    	Shurgard Aartselaar	    	Boomsesteenweg 24, 2630 Aartselaar
			
	 	    	Shurgard Overijse	    	Brusselsesteenweg 299, 3090 Overijse
			
	 	    	Shurgard Leuven	    	Tiensesteenweg 387, 3010 Kessello
			
	 	    	Kortrijk	    	Ringlaan 38, 8500 Kortrijk
			
	 	    	Brugge	    	Sint-Pieterskaai 71-75, 8000 Brugge
			
	 	    	Liège Rocourt (Luik)	    	Rue des Français 312, 4000 Rocourt
			
	 	    	Antwerpen Bredabaan	    	Oude Bareellei 9-11, 2170 Merksem
			
	 	    	Antwerpen Moretuslei	    	 Plantin & Moretuslei 145,
 2140
Borgerhout

			
	 	    	Linkeroever	    	Blancefloerlaan 179, 2050 Antwerpen
			
	2. SSC Benelux-Zaventem BVBA	    	Zaventem	    	 Leuvensesteenweg 504, 1930
 Zaventem

			
	3. SSC Benelux Machelen BVBA	    	Machelen	    	Woluwelaan 51, 1830 Machelen
			
	4. Imoganco BVBA	    	Gent	    	Kortrijksesteenweg 1040, 9051 Gent
			
	 	    	Sint-Pieters-Leeuw	    	 Bergensesteenweg 69, 1651 Beersel
 (Lot)

			
	5. Hobimmo BVBA	    	Jette	    	 Avenue de l’Exposition 250, 1090
 Jette

			
	 	    	Wavre	    	 Boulevard de l’Europe 131, 1301
 Wavre

  

 - 126 - 

					
	 Chargor

	    	 Initial Mortgaged Property

	    	 Address

	France	    	 	    	 
			
	1. Shurgard France SAS	    	Osny	    	 Rue due Muguet and Route
 Départementale 95520
Osny

			
	 	    	Nanterre	    	 165, Rue du 1er Mai, 92737 Nanterre
 Cedex

			
	 	    	Ballainvilliers	    	 Lotissement “les Bouleaux” - 91160
 Ballainvilliers

			
	 	    	Fresnes	    	 Avenue de Stalingrad 20, 94260
 Fresnes

			
	 	    	Asnières	    	 Quai Aulagnier 17 and lined by rue du
 docteur Pierre
Boudon and rue
 Novion, 31 - 92560, Asnières

			
	 	    	Pontault-Combault	    	 Lieudit La Tête du Buis - RN4, 77340,
 Pontault-Combault

			
	 	    	Le Port-Marly	    	 13 bis and 15, Av. St. Germain, 78560
 -
Port-Marly

			
	 	    	Les Ulis-Courtaboeuf	    	 ZAC du Centre de Vie, Avenue de
 l’Océanie
and RD 118 - 91940 Les
 Ulis-Courtaboeuf

			
	 	    	Buchelay Mantes	    	 ZAC des Meuniers, Lieu-dit “La Croix
 Blanche”
78200 Buchelay

			
	 	    	Rosny-sous-Bois	    	 8 rue Montgolfier and 117 to 129
 Boulevard d’Alsace
Lorraine, 93115,
 Rosny-sous-bois

			
	 	    	Paris Gare de L’Est	    	 21-23 rue Eugène Varlin - 75010 Paris
 Gare de
L’Est - sous-Goïs

			
	 	    	 Paris-Porte de
 Châtillon
	    	 Avenue P. Brossolette and 17 Avenue
 de la Paix 95, 92120
Montrouge

			
	2. Shurgard Investissement 1 SNC	    	Thiais-Belle Epine	    	 Rue des Alouettes 10 and avenue le
 Fontainebleau - RN7 -
94320, Thiais

			
	3. Shurgard Méditerranée SAS	    	Nice Saint Isidore	    	 138 Boulevard des Jardiniers, 06200
 Nice

  

 - 127 - 

					
	 Chargor

	    	 Initial Mortgaged Property

	    	 Address

	 	    	Grigny	    	 74, Avenue Emile Aillaud, 91350
 Grigny

			
	 	    	Coignières	    	 1, Route Nationale 10, 78310
 Coignières

			
	 	    	 Marseille Les
 Arnavaux
	    	 Boulevard du Capitaine Gèze 44 - rue
 André
Allar and 110 Chemin
 Madrague 13014 - Marseille

			
	 	    	Epinay-sur-Seine	    	 141, 145, 149, 151 to 155 Avenue de
 Ville Lattre de
Tassigny, (RD23),
 Epinay

			
	 	    	Vitrolles	    	 Lotissement “Les Quatres Chemins”
 Boulevard de
l’Europe (ex-1ère
 avenue), 13127 Vitrolles

			
	 	    	Sevran	    	 4, Bd Westinghouse - and avenue
 Colbert 93270
Sevran

			
	 	    	La-Seyne-sur-Mer	    	 Chemin de Lagoubran - 83500 - La
 Seyne sur
Mer

			
	 	    	Chambourcy	    	 8 rue du Clos de la Famille - 78240
 Chambourcy

			
	5. Shurgard IDF Noisy SAS	    	Noisy le Grand	    	 38 and 40, route de Neuilly and rue
 Paul Lafargue -
93160 Noisy le Grand

			
	6. Shurgard Lyon Gerland SAS	    	Lyon	    	 9 rue Saint Jean Dieu and rue
 Challemel Lacour - 69007
Lyon

			
	 7. Shurgard IDF
 Chambourcy
	    	Chambourcy SAS	    	 8 rue du Clos de la Famille - 78240
 Chambourcy

			
	 Denmark
	    	 	    	 
			
	9. Shurgard Real Estate ApS	    	Ishøj	    	Industridalen 1, 2635 Ishøj
			
	 	    	Hvidovre	    	Bibliotekvej 70, 2650 Hvidovre
			
	10. Shurgard Hørsholm ApS	    	Kokkedal/Hørsholm	    	 Kokkedal Industripark 6 & 12, 2980
 Kokkedal,Hørsholm

			
	11. Shurgard Roskilde ApS	    	Roskilde	    	Kobenhavnsvej 141, 4000 Roskilde

  

 - 128 - 

					
	 Chargor

	    	 Initial Mortgaged Property

	    	 Address

	 Sweden
	    	 	    	 
			
	 1. Shurgard Storage Centers
     Sweden KB
	    	Jakobsberg	    	Enköpingsvägen 120, 177 58 Järfälla
			
	 	    	Uppsala	    	Wretmansgatan 1, 754 50 Uppsala
			
	 	    	Täby	    	Kemistvägen 10, 183 79 Täby
			
	 	    	Kungens Kurva	    	Lindvretsvägen 1, 143 64 Värby
			
	 	    	Rissne	    	Madenvägen 13, 174 55 Sundbyberg
			
	 	    	Solna	    	Solnavägen 19, 171 65 Solna
			
	 	    	Handen	    	Nynäsvägen 3, 13647, Haninge
			
	 	    	Mölndal	    	Skedebrogatan 2, 43133 Mõlndal
			
	 	    	Lundavägen	    	Lundavägen 70, 212 25 Malmö
			
	 	    	Moraberg	    	Klastorpsvägen 5, 15242 Södertälje
			
	 	    	Upplands Väsby	    	Slantvägen 2, 194 54 Upplands Väsby
			
	 	    	Sköndal	    	Bogårdsvägen 47, 12862 Skõndal
			
	 	    	Minelund	    	Minelundsvägen 10, 41705 Gothenburg
			
	 	    	Ystadvägen	    	 Östra Hindbyvägen 26, 231 74,
 Malmö

			
	 	    	Lund	    	Företagsvägen 48, 227 61 Lund
			
	 	    	Västra Frölunda	    	 Traneredsvägen 114, 42653 Västra
 Frolunda

			
	 	    	Högdalen	    	 Magelungsvägen 144, 124 59
 Bandhagen

			
	 	    	Danderyd	    	Rinkebyvägen 29, 182 36 Danderyd
			
	 2. Shurgard Sweden
 Årstaberg KB
	    	Årstaberg	    	Upplagsvägen 2, 117 43 Stockholm
			
	 The Netherlands
	    	 	    	 
			
	1. Shurgard Nederland B.V.	    	Rottterdam	    	Schuttevaerweg, 3044 BA, Rotterdam

  

 - 129 - 

					
	 Chargor

	    	 Initial Mortgaged Property

	    	 Address

	 	    	Nijmegen	    	 Koopvaardijweg 1, 5641 BR
 Nijmegen

			
	 	    	Den Haag	    	Verheeskade 327, 2521 DE Den Haag
			
	 	    	Ede	    	Galvanistraat 4, 6716 AE Ede
			
	 	    	Breda	    	Trekpot 2, 4825 BN Breda
			
	 	    	Kerkrade	    	Locht 2, Kerkrade
			
	 	    	Zaandam	    	 Pieter Lieftinckweg 6, 1505 HX
 Zaandam

			
	 	    	Rotterdam Stadionweg	    	Stadionweg 35A, 3077 AP Rotterdam
			
	 	    	Nieuwegein	    	 Ravenswade 1C, 3439 LD,
 Nieuwegein

			
	 	    	Heemstede	    	Cruquiusweg 29, 2102 LS Heemstede
			
	 	    	Amersfoort	    	 Nijverheidsweg Noord 104, 3812 PN
 Amersfoort

			
	 	    	Dordrecht II	    	Baanhoek weg
			
	 	    	Spijkenisse	    	Misgomseweg 1, 3208 LB Spijkenisse
			
	 	    	Apeldoorn	    	Nagelpoelweg 3, 7333 NZ Apeldoorn
			
	 	    	Rotterdam	    	Tinstraat 16, 3067 GP Rotterdam
			
	 	    	Amsterdam	    	 Transformatorweg 24, 1014AK
 Amsterdam

			
	 	    	Rijswijk	    	Visseringlaan 14, 2288 ER Rijswijk
			
	2. Shurgard Nederland     Diemen B.V.	    	Diemen	    	Sniep 21, 1112 AG Diemen
			
	3. Bé Cé Ateliers B.V.	    	Maastricht	    	 Sint - Gerardusweg 50, 6624 LV
 Maastricht

			
	4. Shurgard Nederland     Utrecht Cartesius B.V.	    	Utrecht Cartesius	    	Nijverheidsweg 2, 3534 AM Utrecht
			
	5. Shurgard Nederland     Veldhoven B.V.	    	Veldhoven	    	De Run 2174, 5503 LE Veldhoven
			
	6. Shurgard Nederland     Dordrecht Ampere	    	Dordrecht Ampere	    	Amperestraat 5, 3316 AA Dordrecht

  

 - 130 - 

					
	 Chargor

	    	 Initial Mortgaged Property

	    	 Address

	7. Shurgard Nederland Delft     B.V.	    	Delft	    	Kleveringweg 16, 2616 LZ Delft
			
	 UK
	    	 	    	 
			
	 1. Shurgard Storage Centres
     UK
Limited
	    	Croydon	    	 491 Brighton Road, South Croydon,
 Surrey, CR2
6AA

			
	 	    	Streatham	    	 1264-1266 London Road, Norbury,
 London, SW16
4EJ

			
	 	    	Reading	    	 75/77 Caversham Road, Reading,
 Berkshire, RG1
8AN

			
	 	    	Hayes	    	 Shurgard House, Uxbridge Road, Hayes,
 Middlesex, UB4
0HD

			
	 	    	Hanworth	    	 1 Popham Close, Hanworth,
 Middlesex, TW13
6BE

			
	 	    	Ewell	    	 1 Beaufort Way, Ewell, Epsom, KT17
 2PS

			
	 	    	Neasden	    	 510 Neasden Lane North, London,
 NW10
0EA

			
	 	    	Ruislip	    	 652 Victoria Road, Ruislip, Middlesex
 HA4
0LN

			
	 	    	Putney	    	 Shurgard House, 70 Putney Bridge
 Road, London SW18
1HR

			
	 	    	Greenford	    	 750-758 Greenford Road, Greenford,
 Middlesex UB6
8QQ

			
	 	    	Gypsy Corner	    	 3 Portal Way, Gypsy Corner, London
 W3
6RT

			
	 2. Shurgard UK Wokingham
     Limited
	    	Wokingham	    	 Shurgard House, Milly Millars Lane,
 Wokingham, Berks
RG41 2QB

  

 - 131 - 

 SCHEDULE 9 
  
 EXCESS PROPERTIES 
  

					
	 Description of the Excess Property

	  	Title number (or equivalent)
and description

	 	Chargor which owns such Excess
Property

	 Part 1 of attached map
 (Kortrijk surplus land
)
	  	3,500m2	 	Shurgard Self Storage SCA
			
	 Part 2 of attached map
 (Coignières surplus
land)
	  	 	 	Shurgard Méditerranée SAS
			
	 Part 3 of attached map
 (Nice St. Isidore surplus
land)
	  	4,000m2	 	Shurgard MéditerranéeSAS
			
	 Part 4 of attached map
 (Dordrecht surplus
land)
	  	 	 	Shurgard Nederland B.V.
			
	 Part 5 of attached map
 (Maastricht surplus
land)
	  	 	 	Bé Cé Ateliers B.V.
			
	 Part 6 of attached map
 (Hørsholm surplus
land)
	  	731m2 “Building D	 	Shurgard Hørsholm ApS
			
	 Part 7 of attached map
 Borsbeek Surplus
land
	  	 	 	Shurgard Self Storage SCA

  

 - 132 - 

 EXECUTION PAGE 
  

			
	 Borrower and Cash Administrator and as a Chargor

	Signed by	  	) /s/ S. de Tollenaere
	a duly authorised representative of	  	)
	Shurgard Self Storage SCA	  	)
		
	 Issuer
	  	 
	Signed by	  	) /s/ M. Sibbing (Attorney)
	a duly authorised representative of	  	)
	Self-Storage Securitisation B.V.	  	)
		
	 Borrower Security Trustee
	  	 
	Citicorp Trustee Company Limited	  	)
	By	  	) /s/ Marne Lidster (Director)
		
	 Chargors
	  	 
	Signed by	  	) /s/ S. de Tollenaere
	a duly authorised representative of	  	)
	SSC Benelux Zaventem BVBA	  	)
		
	Signed by	  	) /s/ S. de Tollenaere
	a duly authorised representative of	  	)
	SSC Benelux Machelen BVBA	  	)
		
	Signed by	  	) /s/ S. de Tollenaere
	a duly authorised representative of	  	)
	Imoganco BVBA	  	)
		
	Signed by	  	) /s/ S. de Tollenaere
	a duly authorised representative of	  	)
	Hobimmo BVBA	  	)
		
	Signed by	  	) /s/ S. de Tollenaere
	a duly authorised representative of	  	)
	Shurgard France SAS	  	)

  

 - 133 - 

			
	Signed by	  	) /s/ S. de Tollenaere
	a duly authorised representative of	  	)
	Shurgard Méditerranée SAS	  	)
		
	Signed by	  	) /s/ S. de Tollenaere
	a duly authorised representative of	  	)
	Shurgard Investissement 1 SNC	  	)
		
	Signed by	  	) /s/ S. de Tollenaere
	a duly authorised representative of	  	)
	Shurgard IDF Noisy SAS	  	)
		
	Signed by	  	) /s/ S. de Tollenaere
	a duly authorised representative of	  	)
	Shurgard IDF Chambourcy SAS	  	)
		
	Signed by	  	) /s/ S. de Tollenaere
	a duly authorised representative of	  	)
	Shurgard Lyon Gerland SAS	  	)
		
	Signed by	  	) /s/ S. de Tollenaere
	a duly authorised representative of	  	)
	Shurgard Storage Centers Sweden KB	  	)
		
	Signed by	  	) /s/ S. de Tollenaere
	a duly authorised representative of	  	)
	Shurgard Sweden AB	  	)
		
	Signed by	  	) /s/ S. de Tollenaere
	a duly authorised representative of	  	)
	Shurgard Sweden Årstaberg KB	  	)
		
	Executed as a Deed by the	  	) /s/ S. de Tollenaere
	duly approved representative of	  	)
	Shurgard Storage Centres UK Limited	  	)
	By	  	)
	in the presence of:	  	)
		
	Executed as a Deed by the	  	) /s/ S. de Tollenaere
	duly approved representative of	  	)
	Shurgard UK Wokingham Limited	  	)
	By	  	)
	in the presence of:	  	)
		
	Signed by	  	) /s/ S. de Tollenaere
	a duly authorised representative of	  	)
	Shurgard Nederland B.V.	  	)

  

 - 134 - 

			
	Signed by	  	) /s/ S. de Tollenaere
	a duly authorised representative of	  	)
	BéCé Ateliers B.V.	  	)
		
	Signed by	  	) /s/ S. de Tollenaere
	a duly authorised representative of	  	)
	Shurgard Nederland Diemen B.V.	  	)
		
	Signed by	  	) /s/ S. de Tollenaere
	a duly authorised representative of	  	)
	Shurgard Nederland Dordrecht	  	)
	Ampere B.V.	  	)
		
	Signed by	  	) /s/ S. de Tollenaere
	a duly authorised representative of	  	)
	Shurgard Nederland Delft B.V.	  	)
		
	Signed by	  	) /s/ S. de Tollenaere
	a duly authorised representative of	  	)
	Shurgard Nederland Veldhoven B.V.	  	)
		
	Signed by	  	) /s/ S. de Tollenaere
	a duly authorised representative of	  	)
	Shurgard Nederland Utrecht	  	)
	Cartesius B.V.	  	)
		
	Signed by	  	) /s/ S. de Tollenaere
	a duly authorised representative of	  	)
	Shurgard Real Estate ApS	  	)
		
	Signed by	  	) /s/ S. de Tollenaere
	a duly authorised representative of	  	)
	Shurgard Denmark ApS	  	)
		
	Signed by	  	) /s/ S. de Tollenaere
	a duly authorised representative of	  	)
	Shurgard Roskilde ApS	  	)
		
	Signed by	  	) /s/ S. de Tollenaere
	a duly authorised representative of	  	)
	Shurgard Hørsholm ApS	  	)

  

 - 135 -Liquidity Facility Agreement dated as of October 15, 2004

 Exhibit 10.5 
  
 SELF-STORAGE SECURITISATION B.V. 
 as Issuer 
  
 BARCLAYS BANK PLC

 as Liquidity Facility Provider 
  
 CITICORP TRUSTEE COMPANY LIMITED 
 as
Trustee 
  
 SHURGARD SELF-STORAGE SCA 
 as Cash Administrator 
  

  
 LIQUIDITY FACILITY AGREEMENT 
  
 in relation to 
  
 €235,000,000 Class A Secured Floating Rate Notes due 2014 
 €40,000,000 Class B Secured Floating Rate Notes due 2014 
 €50,000,000 Class C Secured Floating Rate Notes due 2014 
  

 CONTENTS 
  

					
			
	 Clause

	 	 	 	Page

	SECTION A
	
	INTERPRETATION
			
	 1.
	 	Definitions	 	5
			
	 2.
	 	Issuer Common Terms	 	5
	
	SECTION B
	
	THE FACILITY
			
	 3.
	 	The Facility	 	6
	
	SECTION C
	
	AVAILABILITY OF THE LIQUIDITY FACILITY
			
	 4.
	 	Availability of LF Revolving Drawings	 	7
			
	 5.
	 	Availability of Liquidity Standby Drawings	 	7
			
	 6.
	 	Utilisation of the Liquidity Facility Reserve Account	 	8
	
	SECTION D
	
	INTEREST
			
	 7.
	 	LF Revolving Drawing Periods, Liquidity Standby Loan Periods and LF Withdrawal Periods	 	10
			
	 8.
	 	Payment and Calculation of Interest	 	10
			
	 9.
	 	Market Disruption and Alternative Interest Rates	 	11
	
	SECTION E
	
	INCREASE, RENEWAL, REPAYMENT AND CANCELLATION
			
	 10.
	 	Increasing and Renewing the Liquidity Facility	 	13
			
	 11.
	 	Repayment	 	14
			
	 12.
	 	Cancellation	 	16
	
	SECTION F
	
	CHANGE IN CIRCUMSTANCES
			
	 13.
	 	Increased Costs	 	19
			
	 14.
	 	Illegality	 	20
			
	 15.
	 	Mitigation	 	20
	
	SECTION G
	
	WARRANTIES AND COVENANTS
			
	 16.
	 	Issuer’s Warranties	 	22
			
	 17.
	 	Liquidity Facility Provider’s Warranties	 	22
			
	 18.
	 	Issuer’s Covenants	 	23
			
	 19.
	 	Other Covenants	 	24
	
	SECTION H
	
	LF EVENTS OF DEFAULT
			
	 20.
	 	LF Events of Default	 	25

  

 - 2 - 

					
	
	SECTION I
	
	 RELATIONSHIP BETWEEN ISSUER, TRUSTEE AND LIQUIDITY FACILITY
 PROVIDER

		
	 21.     Relationships
	 	27
	
	SECTION J
	
	SECURITY AND ENFORCEMENT
		
	 22.     Security
	 	29
	
	SECTION K
	
	FEES, COSTS, EXPENSES, INDEMNITIES AND PAYMENTS
		
	 23.     Commitment Commission and Fees
	 	30
		
	 24.     Costs and Expenses
	 	30
		
	 25.     Default Interest and Break Costs
	 	31
		
	 26.     Issuer’s Indemnities
	 	32
		
	 27.     Payments
	 	32
	
	SECTION L
	
	ASSIGNMENT AND EVIDENCE OF DEBT
		
	 28.     Assignments
	 	34
		
	 29.     Calculations and Evidence of Debt
	 	35
	
	SECTION M
	
	MISCELLANEOUS
		
	 30.     Times
	 	36
		
	 31.     Execution
	 	36
			
	 SCHEDULE 1
	 	AMENDMENTS TO ISSUER COMMON TERMS	 	37
			
	 SCHEDULE 2
	 	CONDITIONS PRECEDENT	 	39
			
	 SCHEDULE 3
	 	LF REVOLVING DRAWING NOTICE	 	40
			
	 SCHEDULE 4
	 	LIQUIDITY STANDBY DRAWING NOTICE	 	41
			
	 SCHEDULE 5
	 	LF WITHDRAWAL NOTICE	 	42
			
	 SCHEDULE 6
	 	LIQUIDITY FACILITY RENEWAL LETTER	 	43
			
	 SCHEDULE 7
	 	MANDATORY COSTS	 	44
			
	 SCHEDULE 8
	 	ISSUER’S LF WARRANTIES	 	46
			
	 SCHEDULE 9
	 	ISSUER’S LF COVENANTS	 	49
		
	SCHEDULE 10 DEFINITIONS	 	50

  

 - 3 - 

 THIS AGREEMENT is made on 15 October 2004 
  
 BETWEEN 
  

	(1)	SELF-STORAGE SECURITISATION B.V., a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) incorporated under the laws of The
Netherlands registered with the Trade Register of Chamber of Commerce and Industry in Amsterdam under number 34210837 and whose registered office is at Parnassustoren, Locatellikade 1, 1076 AZ Amsterdam, The Netherlands (the
“Issuer”); 

  

	(2)	BARCLAYS BANK PLC, a public company with limited liability incorporated under the laws of England and Wales with registered number 1026167 whose registered office is at 54
Lombard Street, London EC3P 3AH acting in its capacity as liquidity facility provider to the Issuer (the “Liquidity Facility Provider”, which expression shall include such company and all other persons or companies acting as
liquidity facility provider under this Agreement); 

  

	(3)	CITICORP TRUSTEE COMPANY LIMITED, a limited liability company incorporated under the laws of England and Wales with registered number 00235914 whose registered office is at
Citigroup Centre, Canada Square, Canary Wharf, London E14 5LB (in its capacity as “Trustee”, which expression shall include such company and all other persons or companies for the time being acting under the Trust Deed in the
capacity of the trustee or trustees); and 

  

	(4)	SHURGARD SELF STORAGE SCA, a Belgian limited liability partnership with enterprise number 0454.057.394 whose registered office is at 48 Quai de Commerce, 1000 Brussels,
acting in its capacity as cash manager to the Issuer (the “Cash Administrator” which expression shall include such company and all other persons or companies acting as cash manager under the Issuer Cash Administration Agreement).

  
 INTRODUCTION: 
  

	(A)	The Issuer has authorised the creation and issue of the Notes and incurred other Obligations. 

  

	(B)	The Liquidity Facility Provider has agreed to make funds available to the Issuer by way of loan to assist in funding Liquidity Shortfalls. 

  

 - 4 - 

 THE PARTIES AGREE AS FOLLOWS: 
  
 SECTION A 
 INTERPRETATION 
  

	1.	DEFINITIONS 

  
 Unless otherwise defined in this Agreement or Schedule 10 (Definitions) hereto or the context requires otherwise, words and expressions used in
this Agreement have the meanings and constructions ascribed to them in Schedule 1 (Master Definitions Schedule) of the master framework agreement (the “Master Framework Agreement”) which is dated on or about the date of this
Agreement between, amongst others, each of the parties to this Agreement. 
  

	2.	ISSUER COMMON TERMS 

  

	2.1	Incorporation of Issuer Common Terms 

  
 The Issuer Common Terms apply to this Agreement and shall be binding on the parties to this Agreement as if set out in full in this Agreement except that
Paragraph 24 (Costs) and Paragraph 21.2 (Prima facie evidence) of the Issuer Common Terms do not apply to this Agreement. 
  

	2.2	Amendments to the Issuer Common Terms 

  
 The Paragraphs of the Issuer Common Terms not disapplied in accordance with Clause 2.1 (Incorporation of Issuer Common Terms) are varied, to the
extent they apply to this Agreement, in the manner set out in Schedule 1 (Amendments to Issuer Common Terms). 
  

	2.3	Conflict with Issuer Common Terms 

  
 If there is any conflict between the provisions of the Issuer Common Terms and the provisions of this Agreement, the provisions of this Agreement shall
prevail. 
  

	2.4	Obligor/Obligee 

  

	 	2.4.1	Paragraph 1 (Further Assurance) of the Issuer Common Terms applies to this Agreement as if set out in full in this Agreement and as if the Issuer were the Obligor and the
Liquidity Facility Provider and the Trustee were each Obligees for the purposes of such Paragraph; 

  

	 	2.4.2	This Agreement and all matters arising from or connected with it shall be governed by English law in accordance with Paragraph 25 (Governing Law) of the Issuer Common Terms.
Paragraph 26 (Jurisdiction) of the Issuer Common Terms applies to this Agreement as if set out in full in this Agreement. 

  

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 SECTION B 
 THE FACILITY 
  

	3.	THE FACILITY 

  

	3.1	Grant of the Facility 

  
 The Liquidity Facility Provider grants to the Issuer through the LF Facility Office, upon the terms and subject to the conditions hereof, a committed,
euro, revolving liquidity facility in a maximum aggregate amount of €30,000,000, such amount being adjusted from time to time in accordance with the terms of this Agreement. 
  

	3.2	Purpose and Application 

  
 The Liquidity Facility is intended for the purpose of funding any Liquidity Shortfall. Accordingly, the Issuer shall apply all amounts borrowed by it
hereunder for such purpose in accordance with this Agreement and the Issuer Cash Administration Agreement and the Liquidity Facility Provider shall not be obliged to concern itself with such application. 
  

	3.3	Conditions Precedent 

  
 Except as the Liquidity Facility Provider may otherwise agree, the Issuer may not deliver any LF Notice of Drawing unless the Liquidity Facility Provider
has confirmed to the Issuer that it has received all of the documents and other evidence listed in Schedule 2 (Conditions Precedent) and that each is, in form and substance, satisfactory to the Liquidity Facility Provider (which confirmation
it shall supply promptly upon receipt of such documents or other evidence). 
  

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 SECTION C 
 AVAILABILITY OF THE LIQUIDITY FACILITY 
  

	4.	AVAILABILITY OF LF REVOLVING DRAWINGS 

  

	4.1	LF Revolving Drawings 

  
 The Issuer (or the Cash Administrator on behalf of the Issuer) may make an LF Revolving Drawing if: 
  

	 	4.1.1	not later than 10.00 a.m. (London time) on the relevant Note Payment Date, the Liquidity Facility Provider has received from the Issuer (or the Cash Administrator on behalf of the
Issuer) a duly completed LF Revolving Drawing Notice; 

  

	 	4.1.2	the proposed date for the making of such LF Revolving Drawing is a Note Payment Date within the Liquidity Facility Availability Period; 

  

	 	4.1.3	the proposed amount of such LF Revolving Drawing does not exceed the lesser of 

  

	 	(a)	the amount of the Available Liquidity Facility; and 

  

	 	(b)	the Liquidity Shortfall; and 

  

	 	4.1.4	no LF Event of Default has occurred and is continuing. 

  

	4.2	Advance of LF Revolving Drawings 

  
 Subject to satisfaction of the conditions in Clause 4.1 (LF Revolving Drawings), an advance of the LF Revolving Drawing shall be made to the Issuer
by 12.00 noon (London time) on the Note Payment Date set out in the LF Revolving Drawing Notice in the aggregate principal amount specified in the relevant LF Revolving Drawing Notice. 
  

	5.	AVAILABILITY OF LIQUIDITY STANDBY DRAWINGS 

  

	5.1	Liquidity Standby Drawings 

  
 The Issuer (or the Cash Administrator on behalf of the Issuer) shall request and the Liquidity Facility Provider shall make a Liquidity Standby Drawing
if: 
  

	 	5.1.1       (a)	the Liquidity Facility Provider does not have a credit rating from all of the Rating Agencies which is equal to or better than the Minimum Short-Term Rating (or its ratings are
withdrawn by the Rating Agencies); or 

  

	 	(b)	the Liquidity Facility Provider has refused a request from the Issuer pursuant to Clause 10.4 (New Liquidity Facility Availability Period) or has failed to deliver a
Liquidity Facility Renewal letter within the prescribed period in accordance with Clause 10.4 (New Liquidity Facility Availability Period), 

  
 and, in either such case, the Issuer has not at such time entered into a replacement liquidity facility which is
satisfactory for the purposes of Clause 12.2 (Cancellation in Changed Circumstances); 
  

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	 	5.1.2	not later than 10.00 a.m. (London time) on the proposed date for the making of such Liquidity Standby Drawing, the Liquidity Facility Provider has received from the Issuer (or the
Cash Administrator on behalf of the Issuer) a completed Liquidity Standby Drawing Notice; 

  

	 	5.1.3	the proposed date for the making of such Liquidity Standby Drawing is a Business Day within the Liquidity Facility Availability Period which, as the case may require, is either:

  

	 	(a)	if the Liquidity Standby Drawing is being drawn down pursuant to Clause 5.1.1(a), not later than 10 Business Days after the date on which the Liquidity Facility Provider notifies
the Issuer and the Cash Administrator that it has ceased to have a credit rating from all of the Rating Agencies which is equal to or better than the Minimum Short-Term Rating (or that its ratings have been withdrawn); or 

 

	 	(b)	if the Liquidity Standby Drawing is being drawn down pursuant to Clause 5.1.1(b), within five Business Days prior to the last Business Day of the Liquidity Facility Availability
Period; 

  

	 	5.1.4	the proposed amount of the Liquidity Standby Drawing is an amount equal to the Available Liquidity Facility; and 

  

	 	5.1.5	no LF Event of Default has occurred and is continuing. 

  

	5.2	Advance of Liquidity Standby Drawing 

  
 Subject to satisfaction of the conditions in Clause 5.1 (Liquidity Standby Drawing), an advance of the Liquidity Standby Drawing shall be made to
the Issuer by the Liquidity Facility Provider by 12.00 noon (London time) on the date set out in the Liquidity Standby Drawing Notice in an aggregate principal amount equal to the Available Liquidity Facility and: 
  

	 	5.2.1	such advance shall be paid into the Liquidity Facility Reserve Account; and 

  

	 	5.2.2	any outstanding LF Revolving Drawings shall be converted into a portion of the Liquidity Standby Loan and treated thereafter for all purposes as being outstanding as part of the
Liquidity Standby Loan, except (i) in respect of the remainder of the LF Revolving Drawing Period in which such conversion occurs, the calculation of interest and the calculation of the amount of the Liquidity Standby Loan outstanding and (ii) in
respect of repayment of such LF Revolving Drawing. 

  

	6.	UTILISATION OF THE LIQUIDITY FACILITY RESERVE ACCOUNT 

  

	6.1	Drawing if Liquidity Shortfall 

  
 The Issuer (or the Cash Administrator on behalf of the Issuer) may on any Note Payment Date withdraw an amount from the Liquidity Facility Reserve Account
and pay such amount into the Issuer Transaction Account provided that: 
  

	 	6.1.1	no later than 10.00 a.m. (London time) on the relevant Note Payment Date, the Liquidity Facility Provider has received from the Issuer (or the Cash Administrator on behalf of the
Issuer) a duly completed LF Withdrawal Notice; 

  

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	 	6.1.2	the proposed amount of withdrawal is the lesser of: 

  

	 	(a)	the Liquidity Shortfall as at such Note Payment Date; and 

  

	 	(b)	an amount equal to the amount standing to the credit of the Liquidity Facility Reserve Account (excluding for the avoidance of doubt any interest debited to such account) taking
into account any amounts due to be repaid on such Note Payment Date (ignoring for these purposes only any amounts to be netted pursuant to Clause 11 (Repayment)); and 

  

	 	6.1.3	no LF Event of Default has occurred and is continuing. 

  

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 SECTION D 
 INTEREST 
  

	7.	LF REVOLVING DRAWING PERIODS, LIQUIDITY STANDBY LOAN PERIODS AND LF WITHDRAWAL PERIODS 

  

	7.1	LF Revolving Drawing Periods and LF Withdrawal Periods 

  
 Each LF Revolving Drawing Period and each LF Withdrawal Period shall be the period from and including the date of drawdown of the relevant LF Revolving
Drawing or LF Withdrawal, as the case may be, to but excluding the next Note Payment Date. 
  

	7.2	Liquidity Standby Loan Periods 

  
 The period for which a Liquidity Standby Drawing is outstanding shall be divided into successive periods, each of which shall be the period from and
including a Note Payment Date to but excluding the next following Note Payment Date except that: 
  

	 	7.2.1	the first such Liquidity Standby Loan Period shall start on and include the day the Liquidity Standby Drawing is advanced to the Issuer; and 

  

	 	7.2.2	the LF Revolving Drawing Period current when the Liquidity Standby Drawing is advanced and the interest rate applicable to the relevant LF Revolving Drawing shall continue to apply
to the portion of the Liquidity Standby Loan which is converted from an outstanding LF Revolving Drawing on the date of the advance of the relevant Liquidity Standby Drawing until the end of such LF Revolving Drawing Period.

  

	8.	PAYMENT AND CALCULATION OF INTEREST 

  

	8.1	Interest on LF Revolving Drawings 

  
 On each Note Payment Date, the Issuer shall pay to the Liquidity Facility Provider accrued interest on the LF Revolving Drawing outstanding during the LF
Revolving Drawing Period ending immediately prior to such date, including (for the avoidance of doubt) if the LF Revolving Drawing was converted into a Liquidity Standby Loan pursuant to sub-clause 5.2.2. 
  

	8.2	Interest on Liquidity Facility Reserve Account 

  
 Subject to Clause 7.2.2, on each Note Payment Date, the Issuer shall pay to the Liquidity Facility Provider accrued interest on the Liquidity Standby Loan
outstanding during the Liquidity Standby Loan Period ending immediately prior to such date. For the avoidance of doubt the Liquidity Standby Loan shall not include, in the case of the first Note Payment Date following the advance of a Liquidity
Standby Drawing, any LF Revolving Drawing which was converted into a portion of the Liquidity Standby Loan in accordance with sub-clause 5.2.2. 
  

	8.3	Interest on LF Withdrawals 

  
 On each Note Payment Date the Issuer shall pay to the Liquidity Facility Provider accrued interest on any LF Withdrawal outstanding during the LF
Withdrawal Period ending immediately prior to such date. 
  

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	8.4	Interest on Liquidity Standby Loans 

  
 On each Note Payment Date the Issuer shall pay (without double counting) to the Liquidity Facility Provider accrued interest on any Liquidity Standby Loan
outstanding during the Liquidity Standby Loan Period ending immediately prior to such date. 
  

	8.5	Calculation of Interest 

  
 The rate of interest applicable to an LF Revolving Drawing or, as the case may be, LF Withdrawal from time to time during any applicable LF Revolving
Drawing Period or, as the case may be, LF Withdrawal Period shall be the rate per annum which is the sum of: 
  

	 	8.5.1	the Liquidity Facility Margin; 

  

	 	8.5.2	the Mandatory Costs Rate in respect thereof at such time; and 

  

	 	8.5.3	EURIBOR on the Quotation Date therefor. 

  

	8.6	Calculation of Interest in respect of a Liquidity Standby Loan 

  
 The rate of interest applicable to a Liquidity Standby Loan from time to time during any applicable Liquidity Standby Loan Period shall be the rate per
annum which is the sum of: 
  

	 	8.6.1	the rate of interest earned on amounts standing to the credit of the Liquidity Facility Reserve Account; and 

  

	 	8.6.2	the Liquidity Facility Margin. 

  

	8.7	Calculations of Interest by the Liquidity Facility Provider 

  
 The Liquidity Facility Provider shall calculate the rate of interest applicable (including, for the avoidance of doubt, EURIBOR) to each LF Revolving
Drawing, to the Liquidity Standby Loan or to the LF Withdrawal in respect of each LF Revolving Drawing Period, Liquidity Standby Loan Period or LF Withdrawal on the commencement thereof and shall notify the Issuer (with a copy to the Cash
Administrator) of each interest rate so calculated as promptly as practicable and in any event within 5 Business Days of such commencement. 
  

	9.	MARKET DISRUPTION AND ALTERNATIVE INTEREST RATES 

  

	9.1	Market disruption 

  
 If in relation to: 
  

	 	9.1.1	any LF Revolving Drawing and its related LF Revolving Drawing Period; or 

  

	 	9.1.2	any LF Withdrawal and any LF Withdrawal Period; or 

  

	 	9.1.3	any LF Unpaid Sum and any related LF Default Interest Period, 

  
 at or about 11.00 a.m. (Brussels time) on the Quotation Date for the relevant LF Revolving Drawing Period, LF Withdrawal Period or LF Default Interest
Period, EURIBOR is not available for the relevant LF Revolving Drawing Period, LF Withdrawal Period or LF Default Interest Period, then the Liquidity Facility Provider shall notify the Issuer and, notwithstanding anything to the contrary in this
Agreement, Clause 9.2 (Substitute Drawing Period, Interest Period and Interest Rate) shall apply to such LF Revolving Drawing, LF Withdrawal or, as the case may require, such LF Unpaid Sum. 
  

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	9.2	Substitute Drawing Period, Interest Period and Interest Rate 

  
 If Clause 9.1 (Market Disruption) applies to any LF Revolving Drawing, LF Withdrawal or LF Unpaid Sum, the rate of interest applicable to the LF
Revolving Drawing during the relevant LF Revolving Drawing Period, to the LF Withdrawal during the relevant such LF Withdrawal Period or to the LF Unpaid Sum during the relevant LF Default Interest Period shall (subject to any agreement reached
pursuant to Clause 9.3 (Alternative Rate)) be the rate per annum which is the sum of: 
  

	 	9.2.1	the Liquidity Facility Margin; 

  

	 	9.2.2	in the case of LF Unpaid Sums and LF Default Interest Periods only, the LF Default Margin; 

  

	 	9.2.3	the applicable Mandatory Costs Rate; and 

  

	 	9.2.4	the rate per annum notified to the Issuer (with a copy to the Cash Administrator) before the last day of such LF Revolving Drawing Period, LF Withdrawal Period or LF Default
Interest Period to be that which expresses as a percentage rate per annum the cost to the Liquidity Facility Provider of funding, from whatever sources it may reasonably select, the LF Revolving Drawing during such LF Revolving Drawing Period, the
LF Withdrawal during such LF Withdrawal Period or, as the case may be, the LF Unpaid Sum during the relevant LF Default Interest Period. 

  

	9.3	Alternative Rate 

  
 If the event mentioned in Clause 9.1 (Market Disruption) occurs in relation to an LF Revolving Drawing or LF Withdrawal and the Liquidity Facility
Provider or the Issuer so requires, the Liquidity Facility Provider and the Issuer shall enter into negotiations with a view to agreeing a substitute basis: 
  

	 	9.3.1	for determining the rates of interest from time to time applicable to LF Revolving Drawings, LF Withdrawals and any LF Unpaid Sums; and/or 

  

	 	9.3.2	upon which LF Revolving Drawings and LF Withdrawals may be maintained thereafter, 

  
 and any such substitute basis that is agreed shall take effect in accordance with its terms and be binding on each party
hereto. 
  

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 SECTION E 
 INCREASE, RENEWAL, REPAYMENT AND CANCELLATION 
  

	10.	INCREASING AND RENEWING THE LIQUIDITY FACILITY 

  

	10.1	Request for increase 

  
 Only in connection with the issue of any Additional Notes, the Issuer may agree, with the Liquidity Facility Provider and, subject to the Rating Agencies
confirming to the Issuer and the Trustee that the then current ratings of the Notes will not be downgraded or put on negative “credit watch” as a result, to increase the Liquidity Facility Amount to the amount requested by the Issuer (or
the Cash Administrator on behalf of the Issuer) in a notice to the Liquidity Facility Provider and agreed by the Liquidity Facility Provider in a notice to the Issuer and the Cash Administrator, each such notice complying with Paragraph 18
(Notices) of the Issuer Common Terms. Entering into this Agreement will not cause the Liquidity Facility Provider to incur any obligation to advance funds in excess of the Liquidity Facility Amount as at the date of this Agreement or after
the expiry of the Liquidity Facility Availability Period as at the date of this Agreement. 
  

	10.2	Agreement of increase 

  
 If the Liquidity Facility Provider agrees to increase the Liquidity Facility Amount to the amount notified to it pursuant to Clause 10.1 (Request for
increase), then the Liquidity Facility Amount shall, from the later of: 
  

	 	10.2.1	such date as may be specified in the notice from the Issuer (or the Cash Administrator on behalf of the Issuer) to the Liquidity Facility Provider; and 

  

	 	10.2.2	the date upon which the Liquidity Facility Provider gives notice of its agreement to the requested increase in the Liquidity Facility Amount, 

  
 be increased to the requested amount and the Available Liquidity Facility
shall be increased accordingly. 
  

	10.3	Request for Renewal 

  
 The Liquidity Facility shall be a 364 day facility; however, the Issuer (or the Cash Administrator on behalf of the Issuer) may not more than 30 days and
not less than 15 days before the last day of the Liquidity Facility Availability Period by written notice to the Liquidity Facility Provider, request the Liquidity Facility Provider to agree to provide a euro, committed, revolving liquidity facility
on the same terms as the terms of this Agreement and commencing on the last day of the Liquidity Facility Availability Period (the “Renewal Date”). This request may be made at the end of each successive Liquidity Facility
Availability Period except that no Liquidity Facility Availability Period shall extend beyond the Final Maturity Date. 
  

	10.4	New Liquidity Facility Availability Period 

  
 Following a request pursuant to Clause 10.3 (Request for Renewal), the Liquidity Facility Provider shall notify the Issuer and the Cash
Administrator in writing whether it agrees or refuses such request within 10 days after receipt by the Liquidity Facility Provider of the notice referred to in Clause 10.3 (Request for Renewal) above and: 
  

	 	10.4.1	if it agrees to such request, the Liquidity Facility Provider shall within 2 Business Days of agreeing to the request deliver to the Issuer (with a copy to the Cash Administrator
and the Trustee) a letter, in the form set out in Schedule 6 (Liquidity Facility Renewal Letter) and: 

  

	 	(a)	the existing Liquidity Facility Availability Period shall be cancelled and the new Liquidity Facility Commencement Date, will commence with effect from the relevant Renewal Date;

  

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	 	(b)	any LF Revolving Loan and other moneys outstanding hereunder shall be treated as outstanding under a new 364 day committed revolving facility granted by the Liquidity Facility
Provider to the Issuer on the terms of this Agreement (save that the Liquidity Facility Availability Period shall commence on the Renewal Date in respect of such renewal); and 

  

	 	(c)	subject to the provisions of such letter, no further documentation other than this Agreement and the Liquidity Facility Renewal Letter(s) shall be required to evidence such new
Liquidity Facility Availability Period under such new facility; and 

  

	 	10.4.2	if the Liquidity Facility Provider does not agree to such request, the Liquidity Facility Provider and the Issuer shall prior to the Liquidity Facility Termination Date:

  

	 	(a)	use their reasonable endeavours to find a replacement lender being a lender which, were it an assignee or transferee of the Liquidity Facility Provider pursuant to Clause 28.1
(Assignments by the Liquidity Facility Provider), would satisfy the conditions set out at Clauses 28.1.2 to 28.1.4 (inclusive) (a “Replacement Lender”) to enter into a replacement liquidity facility agreement on substantially
the same terms, conditions and pricing as this Agreement; and 

  

	 	(b)	in the event that a replacement liquidity facility is not entered into in accordance with Clause 10.4.2(a) by the fifth Business Day prior to the Liquidity Facility Termination
Date, the Issuer shall make a Liquidity Standby Drawing in accordance with Clause 5.1.1(b) (Liquidity Standby Drawing) at any point after such fifth Business Day, but prior to the Liquidity Facility Termination Date. 

 

	11.	REPAYMENT 

  

	11.1	Repayment of LF Revolving Drawings 

  
 Subject to the other provisions of this Clause, the Issuer (or the Cash Administrator on behalf of the Issuer) shall repay each LF Revolving Drawing on
the Note Payment Date immediately following the last day of the LF Revolving Drawing Period applicable to such LF Revolving Drawing by payment to the Liquidity Facility Provider (or if there is a Liquidity Standby Loan outstanding, to the Liquidity
Facility Reserve Account). 
  

	11.2	Netting of LF Revolving Drawing Payments 

  
 If on any Note Payment Date an LF Revolving Drawing is due to be repaid and if on such Note Payment Date the Issuer is due to borrow a further LF
Revolving Drawing or an LF Withdrawal in accordance with Clause 4.1 (LF Revolving Drawings) or Clause 6.1 (Drawing if Liquidity Shortfall) respectively, then the amount due to be drawn down in respect of the new LF Revolving Drawing or
LF Withdrawal and the amount due and payable under the existing LF Revolving Drawing shall be netted so that: 
  

	 	11.2.1	if on the date of drawdown of the new LF Revolving Drawing or LF Withdrawal the amount of the outstanding LF Revolving Drawing exceeds the amount of the new LF Revolving Drawing or
LF Withdrawal then the Issuer (or the Cash Administrator on behalf of the Issuer) shall pay an amount equal to such excess to the Liquidity Facility Provider (if the new drawing is an LF Revolving Drawing) or into the Liquidity Facility Reserve
Account (if the new drawing is an LF Withdrawal); 

  

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	 	11.2.2	if on the date for drawdown of the new LF Revolving Drawing the amount of the new LF Revolving Drawing or LF Withdrawal exceeds the amount of the outstanding LF Revolving Drawing,
then the Liquidity Facility Provider shall pay an amount equal to the excess to the Issuer. 

  

	11.3	Repayment of Liquidity Standby Loan on improved Rating 

  

	 	11.3.1	If, during any Liquidity Standby Loan Period which commenced by reason of the application of the provisions of Clause 5.1.1(a) (Liquidity Standby Drawing), the Liquidity
Facility Provider is ascribed a credit rating equal to or better than the Minimum Short-Term Rating from both of the Rating Agencies then: 

  

	 	(a)	the Liquidity Facility Provider shall notify the Issuer (with a copy to the Cash Administrator) in writing as soon as practicable; 

  

	 	(b)	the Issuer (or the Cash Administrator on behalf of the Issuer) shall pay to the Liquidity Facility Provider, one Business Day after receiving such notification, the amount of the
Liquidity Standby Loan but not including in the amount of the Liquidity Standby Loan any LF Revolving Drawing converted pursuant to Clause 5.2.2 (without the Issuer being liable for any break costs under Clause 25.5 (Break Costs)); and

  

	 	(c)	the Available Liquidity Facility shall again become available in an amount equal to the amount of the Liquidity Standby Loan repaid and the Issuer shall again be entitled to make LF
Revolving Drawings in accordance with Clause 4 (Availability of LF Revolving Drawings). 

  

	11.4	Repayment of LF Withdrawal 

  
 Subject to the other provisions of this Clause, the Issuer (or the Cash Administrator on behalf of the Issuer) shall repay each LF Withdrawal on the Note
Payment Date immediately following the last day of the LF Withdrawal Period applicable to such LF Withdrawal by payment to the Liquidity Facility Reserve Account (or, if the Liquidity Standby Loan has been repaid, to the Liquidity Facility
Provider). 
  

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	11.5	Netting of LF Withdrawals 

  
 If on any Note Payment Date an LF Withdrawal is due to be repaid to the Liquidity Facility Reserve Account and if on such Note Payment Date the Issuer is
due to make a further LF Withdrawal or an LF Revolving Drawing, then the amount of the new LF Withdrawal or LF Revolving Drawing and the amount due to be paid into the Liquidity Facility Reserve Account in respect of the existing LF Withdrawal shall
be netted so that: 
  

	 	11.5.1	if, on the date for drawing of the new LF Withdrawal or LF Revolving Drawing, the amount of the outstanding LF Withdrawal exceeds the amount of the new LF Withdrawal or LF Revolving
Drawing then the Issuer (or the Cash Administrator on its behalf) shall pay an amount equal to such excess into the Liquidity Facility Reserve Account (in the case of a new LF Withdrawal) or to the Liquidity Facility Provider (in the case of an LF
Revolving Drawing); 

  

	 	11.5.2	if, on the date for making the new LF Withdrawal or LF Revolving Drawing, the amount of the new LF Withdrawal or LF Revolving Drawing exceeds the amount of the outstanding LF
Withdrawal, then the Issuer (or the Cash Administrator on its behalf) shall draw an amount equal to such excess from the Liquidity Facility Reserve Account (in the case of a new LF Withdrawal) or the Liquidity Facility Provider shall pay such excess
to the Issuer (in the case of an LF Revolving Drawing). 

  

	11.6	Reduction of the Commitment 

  
 To the extent that any Liquidity Standby Loan at any time exceeds the Liquidity Facility Amount, such surplus shall be repaid to the Liquidity Facility
Provider by the Issuer (or the Cash Administrator on the Issuer’s behalf) to the extent available from monies standing to the credit of the Liquidity Facility Reserve Account. 
  

	11.7	Other Repayment of Liquidity Standby Loan 

  
 Any Liquidity Standby Loan outstanding shall be repaid by the Issuer, unless such Liquidity Standby Loan is repaid earlier in accordance with this
Agreement, in full on (i) the Final Maturity Date or (ii) following the replacement of the Liquidity Facility Provider with a Replacement Lender, on the date the Issuer enters into the replacement liquidity facility agreement with such Replacement
Lender. 
  

	11.8	No Other repayments 

  

	 	11.8.1	The Issuer (or the Cash Administrator on behalf of the Issuer) shall not repay all or any part of any LF Revolving Drawing, LF Withdrawal or all or any part of any Liquidity Standby
Loan except at the time and in the manner expressly provided in this Agreement but, subject to the other terms of this Agreement, shall be entitled to borrow any amount repaid. 

  

	 	11.8.2	The Issuer (or the Cash Administrator on behalf of the Issuer) shall not transfer all or any part of any sum standing to the credit of the Issuer Transaction Account to the
Liquidity Facility Reserve Account except at the times and in the manner expressly provided in the Issuer Cash Administration Agreement and the Issuer Deed of Charge. 

  

	12.	CANCELLATION 

  

	12.1	Voluntary cancellation 

  
 The Issuer (or the Cash Administrator on behalf of the Issuer) may, by giving to the Liquidity Facility Provider not less than 15 Business Days’
prior notice to that effect, which notice shall be irrevocable, cancel the whole or any part (being an amount or integral multiple of €1,000,000) of the undrawn Liquidity Facility Amount or Liquidity 
  

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 Standby Loan whereupon the Available Liquidity Facility or Liquidity Standby Loan, as the case may be,
and the Liquidity Facility Amount shall be reduced by the amount so cancelled. No such notice of cancellation may be delivered by the Issuer (or the Cash Administrator on behalf of the Issuer) unless the Issuer has obtained the prior written consent
of the Trustee and has provided the Liquidity Facility Provider with a copy of such consent, such consent to be given if the Rating Agencies have confirmed in writing to the parties hereto that such cancellation would not result in a downgrading of
any class of Notes below the then current rating. 
  
 During such
notice period the Issuer may not deliver an LF Revolving Drawing Notice, a Liquidity Standby Drawing Notice or an LF Withdrawal Notice purporting to draw all or any part of the amount the subject of such notice of cancellation. 
  

	12.2	Cancellation in Changed Circumstances 

  
 If: 
  

	 	12.2.1	(a) at any time the Liquidity Facility Provider does not have a credit rating from both of the Rating Agencies which is at least equal to the Minimum Short-Term Rating (or its
ratings are withdrawn), (b) the Liquidity Facility Provider ceases to be a PMP, (c) the Liquidity Facility Availability Period will end no more than 30 Business Days after the date of the notice referred to below, or (d) the Issuer is obliged to pay
to the Liquidity Facility Provider any amounts pursuant to paragraphs 23.3 (Tax Gross-up) or 23.5 (Tax Indemnity) of the Issuer Common Terms and, in any such case, 

  

	 	12.2.2	the Trustee has confirmed in writing it is satisfied that the Issuer has made satisfactory arrangements for obtaining a replacement liquidity facility on substantially the same
terms as this Agreement with a bank, which has a credit rating from all of the Rating Agencies which is equal to or better than the Minimum Short-Term Rating, 

  
 then the Issuer (or the Cash Administrator on behalf of the Issuer) may, by giving to the Liquidity Facility Provider not
less than five Business Days’ prior notice, (without prejudice in the case of the circumstances in Clause 12.2.1(d) occurring, to the Liquidity Provider’s obligations pursuant to Clause 15 (Mitigation)) cancel the whole (but not
part only) of the Liquidity Facility Amount whereupon the Available Liquidity Facility shall be reduced to zero and no further LF Revolving Drawing, Liquidity Standby Drawing or LF Withdrawal may be made hereunder and: 
  

	 	12.2.3	if any LF Revolving Drawing is then outstanding, the Issuer shall repay such LF Revolving Drawing on the Note Payment Date immediately following the last day of its LF Revolving
Drawing Period; or 

  

	 	12.2.4	if a Liquidity Standby Loan is then outstanding, the Issuer shall repay such Liquidity Standby Loan on the Note Payment Date immediately following the last day of the current
Liquidity Standby Loan Period; or 

  

	 	12.2.5	if any LF Withdrawal is then outstanding, the Issuer shall repay such LF Withdrawal on the Note Payment Date immediately following the last day of its LF Withdrawal Period.

  

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	12.3	Notice of Cancellation or Prepayment 

  
 Any notice of cancellation given by the Issuer (or the Cash Administrator on behalf of the Issuer) pursuant to Clause 12.1 (Voluntary Cancellation)
or 12.2 (Cancellation in Changed Circumstances) shall be irrevocable, shall specify the date upon which such cancellation is to be made and the amount of such cancellation. 
  

 - 18 - 

 SECTION F 
 CHANGE IN CIRCUMSTANCES 
  

	13.	INCREASED COSTS 

  

	13.1	Increased costs 

  
 If, by reason of (a) any change (or the interpretation, administration or application) of any law or regulation and/or (b) compliance with any law or
regulation relating to the maintenance of capital or any other request from or requirement of any central bank or other fiscal, monetary or other authority: 
  

	 	13.1.1	the Liquidity Facility Provider or any holding company of the Liquidity Facility Provider is unable to obtain the rate of return on its capital which it would have been able to
obtain but for the Liquidity Facility Provider entering into or assuming or maintaining a commitment or performing its obligations under this Agreement; 

  

	 	13.1.2	the Liquidity Facility Provider or any holding company of the Liquidity Facility Provider incurs a cost as a result of the Liquidity Facility Provider entering into or assuming or
maintaining a commitment or performing its obligations under this Agreement; or 

  

	 	13.1.3	there is any increase in the cost to the Liquidity Facility Provider or any holding company of the Liquidity Facility Provider of funding or maintaining LF Revolving Drawings, LF
Withdrawals, any Liquidity Standby Loan or any LF Unpaid Sum, 

  
 then (subject to Clause 13.3 (Exclusions) the Issuer shall, from time to time on demand of the Liquidity Facility Provider, promptly (but no earlier than on the Note Payment Date following such demand) pay to
the Liquidity Facility Provider amounts sufficient to indemnify the Liquidity Facility Provider, or to enable the Liquidity Facility Provider to indemnify its holding company, from and against, as the case may be: 
  

	 	(a)	such reduction in the rate of return on capital; 

  

	 	(b)	such cost; or 

  

	 	(c)	such increased cost. 

  

	13.2	Increased costs claims 

  
 The Liquidity Facility Provider shall notify the Issuer (copied to the Cash Administrator) of the event giving rise to the claim and as soon as
practicable after a demand is made provide to the Cash Administrator a certificate confirming the amount of the increased costs. 
  

	13.3	Exclusions 

  
 The Liquidity Facility Provider shall not be entitled to make any claim under this Clause in respect of any cost, increased cost or liability as referred
to in Clause 13.1 (Increased Costs) to the extent the same is: 
  

	 	13.3.1	compensated by the Mandatory Costs Rate; 

  

	 	13.3.2	attributable to a Tax Deduction required by law to be made by the Issuer; 

  

 - 19 - 

	 	13.3.3	compensated for by paragraph 23.5 (Tax Indemnity) of the Issuer Common Terms (as varied by this Agreement) (or would have been compensated for under paragraph 23.5 (Tax
Indemnity) but was not so compensated solely because one of the exclusions in sub paragraph 23.6 (Exception to paragraph 23.5) of the Issuer Common Terms (as varied by this Agreement) applied); or 

  

	 	13.3.4	attributable to the wilful breach by the Liquidity Facility Provider or its Affiliates of any law or regulation or the gross negligence of any of them. 

  

	14.	ILLEGALITY 

  

	14.1	If, at any time, it is or will become unlawful for the Liquidity Facility Provider to make, fund or allow to remain outstanding all or part of the LF Loans, then the Liquidity
Facility Provider shall, promptly after becoming aware of this, deliver to the Issuer (with a copy to the Cash Administrator) and the Trustee a notice to such effect and: 

  

	 	14.1.1	the Issuer shall not thereafter be entitled to make any LF Revolving Drawing, any LF Withdrawal or any Liquidity Standby Drawing and the Liquidity Facility Amount and the Available
Liquidity Facility shall be immediately reduced to zero; and 

  

	 	14.1.2	the Issuer shall repay to the Liquidity Facility Provider any then outstanding LF Revolving Drawings, LF Withdrawals and/or Liquidity Standby Loans, together with accrued interest
and all other amounts owing under this Agreement on the Note Payment Date immediately following such notice or, if earlier, the date specified by the Liquidity Facility Provider in such notice (being no earlier than the last day of any applicable
grace period permitted by law). If repayment is required, pursuant to this Clause 14.1.2, to be made other than on a Note Payment Date, the Issuer will not be liable for any break costs which might otherwise be payable pursuant to Clause 25.5
(Break Costs). 

  

	15.	MITIGATION 

  

	15.1	Mitigation 

  
 If circumstances arise which would, or would upon the giving of notice, result in: 
  

	 	15.1.1	an increase in any sum payable to the Liquidity Facility Provider or for its account pursuant to Paragraph 23.3 (Tax gross-up) of the Issuer Common Terms;

  

	 	15.1.2	a claim for indemnification pursuant to Clause 13 (Increased costs) or Paragraph 23.5 (Tax indemnity) of the Issuer Common Terms (as varied by this Agreement); or

  

	 	15.1.3	the reduction of the Liquidity Facility Amount and the Available Liquidity Facility to zero or any repayment being required to be made by the Issuer pursuant to Clause 14
(Illegality), 

  
 then the Liquidity
Facility Provider shall in consultation with the Issuer and the Trustee, take all reasonable steps (including a change in the location of its LF Facility Office or the transfer of its rights, benefits and obligations under this Agreement to another
financial institution acceptable to the Issuer, the Trustee and the Rating Agencies) to 
  

 - 20 - 

 mitigate the effects of such circumstances provided that the Liquidity Facility Provider shall be
under no obligation to take such steps if to do so would or might in its opinion have a material adverse effect upon its business, operations or financial condition or be otherwise materially prejudicial to it. 
  

	15.2	Indemnity 

  
 The Issuer shall indemnify the Liquidity Facility Provider for all costs and expenses reasonably incurred by the Liquidity Facility Provider as a result
of steps taken by it under Clause 15.1 (Mitigation). 
  

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 SECTION G 
 WARRANTIES AND COVENANTS 
  

	16.	ISSUER’S WARRANTIES 

  

	16.1	Warranties 

  
 The Issuer represents and warrants to the Trustee and the Liquidity Facility Provider on the terms of the Issuer LF Warranties. 
  
 The Issuer acknowledges that the Liquidity Facility Provider has entered
into this Agreement in reliance on such representations and warranties. 
  

	16.2	Repetition of Warranties 

  
 The Issuer LF Warranties shall be deemed to be repeated by the Issuer, by reference to the facts and circumstances then existing, on the date each LF
Revolving Drawing Notice, each LF Withdrawal Notice or, as the case may be, each Liquidity Standby Drawing Notice is delivered and the first day of each LF Revolving Drawing Period, the first day of each Liquidity Standby Loan Period and the first
day of each LF Withdrawal Period. 
  

	17.	LIQUIDITY FACILITY PROVIDER’S WARRANTIES 

  

	17.1	Liquidity Facility Provider’s Warranties 

  
 The Liquidity Facility Provider represents and warrants to the Issuer and the Trustee that: 
  

	 	17.1.1	Status: the Liquidity Facility Provider is duly incorporated with limited liability under the laws of its jurisdiction of incorporation and is authorised under part IV of
FSMA with permission to engage in deposit taking business; 

  

	 	17.1.2	Rating: it has a credit rating from all of the Rating Agencies which is equal to or better than the Minimum Short-Term Rating and is not on negative “credit watch”
or comparable status; 

  

	 	17.1.3	Tax status: the Liquidity Facility Provider is a bank recognised by the United Kingdom Inland Revenue as carrying on a bona fide banking business in the United Kingdom
for the purposes of Section 349 of the Income and Corporation Taxes Act 1988 as such section is currently interpreted and applied by the Inland Revenue, is entering into the Agreement in the ordinary course of such business and will bring into
account payments made and received under this Agreement in computing its income for United Kingdom tax purposes; 

  

	 	17.1.4	Powers and authorisations: the documents which contain or establish the constitution of the Liquidity Facility Provider include provisions which give power, and all necessary
corporate authority has been obtained and action taken, for the Liquidity Facility Provider to sign and deliver, and perform the transactions contemplated in, this Agreement and the agreements entered into in connection with this Agreement and the
agreements entered into by the Liquidity Facility Provider in connection with this Agreement constitute valid, legal and binding and (subject to all applicable insolvency laws and general principles of law and equity) enforceable obligations of the
Liquidity Facility Provider; 

  

 - 22 - 

	 	17.1.5	Non-violation: neither the signing and delivery of this Agreement nor the performance of any of the transactions contemplated in it does or will contravene or constitute a
default under, or cause to be exceeded any limitation on the Liquidity Facility Provider or the powers of its directors imposed by or contained in: 

  

	 	(a)	any law by which it or any of its assets is bound or affected; 

  

	 	(b)	the documents which contain or establish its constitution; or 

  

	 	(c)	any agreement to which it is a party or by which any of its assets is bound; 

  

	 	17.1.6	PMP: as of the date of this agreement and on each date upon which a LF Revolving Drawing, LF Withdrawal or a Liquidity Standby Drawing is made hereunder that it is a PMP and
that it has not granted and will not grant any participation in this Agreement to, and has not assigned and will not assign any of its rights under this Agreement to, anyone other than a PMP and each party to whom it assigns any or all of its rights
under this Agreement represents and warrants to the Issuer on the date it becomes a party to this Agreement and each date upon which a LF Revolving Drawing or a Liquidity Standby Drawing is made hereunder after such date that it is a PMP and that it
has not granted and will not grant any participation in this Agreement and has not assigned or will not assign any or all of its rights under this Agreement to anyone other than a PMP. 

  

	17.2	Survival 

  
 The representations and warranties set out in this Clause 17 shall survive the signing and delivery of this Agreement and the representations set out at
Clauses 17.1.2 (Rating) to 17.1.4 (Powers and Authorisation) (inclusive) and 17.1.6 (PMP) be deemed to be repeated by the Liquidity Facility Provider, by reference to the facts and circumstances then existing, on the first day
of each LF Revolving Drawing Period, the first day of each LF Withdrawal Period and on the first day of each Liquidity Standby Loan Period and in the case of the representation and warranty made under Clause 17.1.3 (Tax status) on the last
day of each LF Revolving Drawing Period, each LF Withdrawal Period and each Liquidity Standby Loan Period. 
  

	18.	ISSUER’S COVENANTS 

  

	18.1	Covenants 

  
 The Issuer covenants with the Trustee and the Liquidity Facility Provider on the terms of the Issuer LF Covenants. 
  

	18.2	Continuation of Covenants 

  
 The covenants in this Clause 18 shall remain in force until the later of the Liquidity Facility Termination Date and the date upon which all amounts
advanced hereunder have been paid, discharged and satisfied in full but without prejudice to any right or remedy of the Issuer or the Trustee arising from the breach of any such covenant prior to such date. 
  

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	19.	OTHER COVENANTS 

  

	19.1	Liquidity Facility Provider’s Covenants 

  

	 	19.1.1	The Liquidity Facility Provider agrees that if it ceases to have a Minimum Short-Term Rating from both of the Rating Agencies (or its ratings are withdrawn), it shall, as soon as is
reasonably practicable, notify the Issuer and the Cash Administrator. 

  

	 	19.1.2	The Liquidity Facility Provider agrees that if it no longer qualifies as a PMP, it shall, as soon as is reasonably practicable, notify the Issuer and the Cash Administrator thereof
in writing, and, from such time, no further LF Revolving Drawing, LF Withdrawal or Liquidity Standby Drawing shall be made to the Issuer by the Liquidity Facility Provider pursuant to this Agreement. 

  

	 	19.1.3	The Liquidity Facility Provider agrees that it shall, as soon as is reasonably practicable, notify the Issuer, the Cash Administrator and the Trustee if the Liquidity Facility
Provider becomes aware of any breach of the warranties given by it pursuant to Clause 17 (Liquidity Facility Provider’s Warranties) or any breach of any undertaking given by the Liquidity Facility Provider in this Agreement.

  

	19.2	Cash Administrator’s Covenant 

  
 The Cash Administrator agrees that it will use reasonable endeavours to ensure that the interest rate on the Liquidity Facility Reserve Account will be an
arm’s length commercial rate. 
  

 - 24 - 

 SECTION H 
 LF EVENTS OF DEFAULT 
  

	20.	LF EVENTS OF DEFAULT 

  

	20.1	If any of the following shall occur, namely: 

  

	 	20.1.1	Failure to Pay: the Issuer fails to pay any Liquidity Senior Amount, in the currency and in the manner specified in this Agreement and such failure continues, in the case of
failure to pay principal for a period of 5 Business Days and, in the case of failure to pay interest or any other sum apart from principal for a period of 5 Business Days; 

  

	 	20.1.2	Note Enforcement Notice: the Trustee delivers a Note Enforcement Notice; 

  

	 	20.1.3	Insolvency: an Insolvency Event occurs in relation to the Issuer; 

  

	 	20.1.4	Other Obligations: the Issuer fails duly to perform or comply with any material obligation, condition or provision expressed to be assumed by it in this Agreement in any
material respect and such failure continues for 30 days after the Liquidity Facility Provider has given notice of such failure to perform or comply to the Issuer (copied to the Cash Administrator and the Trustee) requiring remedy except where any
such failure by the Issuer is not capable of remedy; 

  

	 	20.1.5	Illegality: at any time it is or becomes unlawful for the Issuer to perform or comply with any or all of its obligations under this Agreement; or 

  

	 	20.1.6	Breach of warranty: the Issuer breaches an Issuer LF Warranty and such breach is likely to have, in the opinion of the Liquidity Facility Provider, a material adverse effect
on the Issuer’s ability to perform its material obligations under this Agreement provided that in any case where such breach is capable of remedy (in the opinion of the Liquidity Facility Provider acting reasonably) such breach is not
remedied within a period of 30 days following receipt of a notification of breach from the Liquidity Facility Provider or (if earlier) the day on which the Issuer becomes aware of that default, 

  
 then, and at any time thereafter whilst the relevant event is continuing,
the Liquidity Facility Provider may by notice to the Issuer take the action described in Clause 20.2 (Acceleration and Cancellation). 
  

	20.2	Acceleration and cancellation 

  
 Upon the occurrence of an LF Event of Default and at any time thereafter whilst it is continuing the Liquidity Facility Provider may by notice in writing
to the Issuer (copied to the Cash Administrator and the Trustee): 
  

	 	20.2.1	declare all then outstanding LF Revolving Drawings, LF Withdrawals and any outstanding Liquidity Standby Loan immediately due and payable to the Liquidity Facility Provider
(whereupon the same shall become so payable together with accrued interest and any other sums then owed by the Issuer under this Agreement); and/or 

  

 - 25 - 

	 	20.2.2	declare that any undrawn portion of the Liquidity Facility shall be cancelled, whereupon the same shall be cancelled and the Available Liquidity Facility shall be reduced to zero.

  

 - 26 - 

 SECTION I 
 RELATIONSHIP BETWEEN ISSUER, TRUSTEE AND LIQUIDITY FACILITY PROVIDER 
  

	21.	RELATIONSHIPS 

  

	21.1	Limitations on Issuer’s and Trustee’s responsibilities 

  
 Except as expressly set out in any of the Issuer Transaction Documents, neither the Trustee nor the Issuer makes any representation or warranty to the
Liquidity Facility Provider, nor, except as expressly set out in any of the Issuer Transaction Documents, does either the Trustee or the Issuer assume any responsibility to the Liquidity Facility Provider, with respect to: 
  

	 	21.1.1	the legality, validity or enforceability of the LF Loans or any of the Issuer Transaction Documents; 

  

	 	21.1.2	the financial condition of any person who is party to any of the Issuer Transaction Documents; or 

  

	 	21.1.3	the performance or observance by any person of his obligations in respect of the LF Loans or any of the Issuer Transaction Documents and, in particular, but without limitation, if
any person shall fail to comply with any of his obligations in respect of the LF Loans, or under any of the Issuer Transaction Documents, the Liquidity Facility Provider acknowledges that (except as expressly set out in any of the Issuer Transaction
Documents) it shall have no recourse to the Issuer or the Trustee in respect of such failure. 

  

	21.2	Independent appraisal 

  
 The Liquidity Facility Provider confirms to the Issuer and the Trustee that it has itself been, and will continue always to be, solely responsible for
making its own independent appraisal of and investigations into the financial, economic, credit, legal and other risks which, by becoming a party hereto, it is assuming; in particular, if any such risk materialises and as a result the Liquidity
Facility Provider incurs any Liabilities, the Liquidity Facility Provider shall have no recourse (other than as expressly set out in the Issuer Transaction Documents) to the Issuer or the Trustee in respect of such Liabilities. 
  

	21.3	Confirmation by Liquidity Facility Provider 

  
 The Liquidity Facility Provider also confirms that: 
  

	 	21.3.1	neither the Issuer nor the Trustee shall be under any obligation to disclose to the Liquidity Facility Provider any or all facts, opinions or other information which may be known to
the Issuer (or any agent of the Issuer) or the Trustee, which are held by the Issuer (or any agent of the Issuer) or the Trustee or of which the Issuer (or any agent of the Issuer) or the Trustee is aware in respect of the creditworthiness, affairs,
status or nature of any person party to this Agreement or any Transaction Document; 

  

	 	21.3.2	the Liquidity Facility Provider has not relied, and will not after the date of this Agreement rely, on the Issuer (or any agent of the Issuer) or the Trustee to advise it in respect
of any matter affecting the legality, validity or enforceability of the LF Loans or of any Transaction Document; and 

  

 - 27 - 

	 	21.3.3	the Liquidity Facility Provider hereby irrevocably waives any rights it might otherwise have had to avoid its obligations under this Agreement by reason of any failure by the Issuer
(or any agent of the Issuer) or the Trustee to disclose to it any of the matters referred to in Clause 21.3.1 above or to advise it in respect of the matters referred to in Clause 21.3.2 above. 

  

	21.4	Position of Trustee 

  
 The Trustee has agreed to become a party to this Agreement only for the purpose of taking the benefit of Clause 16 (Issuer’s Warranties),
Clause 17 (Liquidity Facility Provider’s Warranties), Clause 18 (Issuer’s Covenants), Clause 19 (Other Covenants) and this Clause 21. The Trustee shall assume no obligations or liabilities whatsoever to the Liquidity
Facility Provider or the Issuer by virtue of the terms of this Agreement. 
  

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 SECTION J 
 SECURITY AND ENFORCEMENT 
  

	22.	SECURITY 

  

	22.1	Security 

  
 The Issuer agrees that its obligations to the Liquidity Facility Provider under this Agreement shall at all times be secured in accordance with the Issuer
Deed of Charge. 
  

	22.2	Issuer Deed of Charge 

  
 The Liquidity Facility Provider acknowledges that its rights under this Agreement are subject in all respects to the Issuer Deed of Charge and that the
Trustee holds the benefit of: 
  

	 	22.2.1	the Issuer Security on trust for itself, the Liquidity Facility Provider and other Issuer Secured Creditors in accordance with the Issuer Deed of Charge and on the terms of
Paragraph 8 (Provisions relating to the Issuer Transaction Documents) of the Issuer Common Terms; and 

  

	 	22.2.2	the Issuer Security over any Liquidity Facility Reserve Account on trust for the Liquidity Facility Provider in accordance with the terms of the Issuer Deed of Charge.

  

	22.3	Restriction on enforcement of Issuer Security, Non-Petition and Limited Recourse 

  
 The power of the Liquidity Facility Provider to enforce the Issuer Security, commence Proceedings and the recourse of the
Liquidity Facility Provider to the Issuer’s assets are restricted in accordance with Paragraph 7 (Restriction on Enforcement of Issuer Security, Non-Petition and Limited Recourse) of the Issuer Common Terms. 
  

 - 29 - 

 SECTION K 
 FEES, COSTS, EXPENSES, INDEMNITIES AND PAYMENTS 
  

	23.	COMMITMENT COMMISSION AND FEES 

  

	23.1	Commitment Commission 

  
 The Issuer shall pay to the Liquidity Facility Provider a commitment commission on the amount of the Available Liquidity Facility from day to day during
the Liquidity Facility Availability Period, such commitment commission to be calculated at the rate of 0.25 per cent. per annum and payable in arrear on each Note Payment Date with respect to the commission incurred in the immediately preceding Note
Interest Period. For the avoidance of doubt, commitment consideration shall not be payable in respect of any Liquidity Standby Drawing. 
  

	23.2	Liquidity Facility Fee 

  
 The Issuer shall pay to the Liquidity Facility Provider on the Closing Date a liquidity facility fee of €30,000. 
  

	24.	COSTS AND EXPENSES 

  

	24.1	Transaction Expenses 

  
 The Issuer shall, from time to time, on demand of the Liquidity Facility Provider, reimburse the Liquidity Facility Provider for all reasonable costs and
expenses (including legal fees, disbursements and out-of-pocket expenses), together with any applicable VAT, incurred by it in connection with the negotiation, preparation and execution of this Agreement (subject to any pre-existing fee
arrangement), any other document referred to in this Agreement and the completion of the transactions contemplated by this Agreement. 
  

	24.2	Preservation and Enforcement of Rights 

  
 The Issuer shall, from time to time, on demand of the Liquidity Facility Provider, reimburse the Liquidity Facility Provider for all costs and expenses
(including legal fees, disbursements and out-of-pocket expenses) on a full indemnity basis, together with any applicable VAT, properly incurred in or in connection with the preservation and/or enforcement of any of the rights of the Liquidity
Facility Provider under this Agreement and any other document referred to in this Agreement (including, without limitation, any costs and expenses relating to any investigation as to whether or not an LF Event of Default might have occurred or is
likely to occur or any steps necessary or desirable in connection with any proposal for remedying or otherwise resolving an LF Event of Default). 
  

	24.3	Amendment Costs 

  
 If the Issuer requests any amendment, waiver or consent then the Issuer shall, within five Business Days of demand by the Liquidity Facility Provider,
reimburse the Liquidity Facility Provider for all costs and expenses (including legal fees, disbursements and out-of-pocket expenses), together with any applicable VAT, properly incurred by the Liquidity Facility Provider in responding to or
complying with such request. 
  

	24.4	Stamp Taxes 

  
 The Issuer shall pay all stamp, registration and other documentary Taxes or duties to which this Agreement or any judgment given in connection with this
Agreement is or 
  

 - 30 - 

 may at any time be subject and shall from time to time on demand of the Liquidity Facility Provider
indemnify the Liquidity Facility Provider against any Liabilities resulting from any failure to pay or delay in paying any such Tax. 
  

	25.	DEFAULT INTEREST AND BREAK COSTS 

  

	25.1	LF Default Interest Periods 

  
 If any sum due and payable by the Issuer under this Agreement is not paid on the due date for payment of such sum in accordance with the provisions of
this Agreement or if any sum due and payable by the Issuer under any judgement of any court in connection with this Agreement is not paid on the date of such judgement, the period beginning on such due date or, as the case may be, the date of such
judgement and ending on the date upon which the obligation of the Issuer to pay such sum is discharged shall be divided into successive periods, each of which (other than the first) shall start on the last day of the preceding such period and the
duration of each of which shall (except as otherwise provided in this Clause) be selected by the Liquidity Facility Provider. 
  

	25.2	Default Interest 

  
 Subject as provided in Clause 25.3 (Initial Default Interest Periods), an LF Unpaid Sum shall bear interest during each LF Default Interest Period
relating to such LF Unpaid Sum determined pursuant to Clause 25.1 (LF Default Interest Periods) at the rate per annum which is the sum of: 
  

	 	25.2.1	the LF Default Margin; 

  

	 	25.2.2	the Liquidity Facility Margin; 

  

	 	25.2.3	EURIBOR applicable to such sum; and 

  

	 	25.2.4	the Mandatory Costs Rate at such time. 

  

	25.3	Initial Default Interest Periods 

  
 If any LF Unpaid Sum relates to an LF Revolving Drawing which became due and payable on a day other than the last day of an LF Revolving Drawing Period
relating to such LF Revolving Drawing or to a Liquidity Standby Loan which became due and payable on a day other than the last day of a Liquidity Standby Loan Period relating to such Liquidity Standby Loan or to an LF Withdrawal which became due and
payable on a day other than the last day of an LF Withdrawal Period: 
  

	 	25.3.1	the first LF Default Interest Period, applicable to such LF Unpaid Sum shall be of a duration equal to the unexpired portion of the current: 

  

	 	(a)	LF Revolving Drawing Period relating to such LF Revolving Drawing; 

  

	 	(b)	Liquidity Standby Loan Period relating to such Liquidity Standby Loan; or 

  

	 	(c)	LF Withdrawal Period relating to such LF Withdrawal, 

  
 and the percentage rate of interest applicable to the relevant LF Unpaid Sum from time to time during such period shall be that which exceeds by the LF
Default Margin the rate which would have been applicable to it had it not so fallen due. 
  

 - 31 - 

	25.4	Payment of Default Interest 

  
 Any interest which shall have accrued under this Clause in respect of an LF Unpaid Sum shall be due and payable and shall be paid by the Issuer to the
Liquidity Facility Provider on the last day of the LF Default Interest Period by reference to which it is calculated or on such other date as the Liquidity Facility Provider may specify by notice to the Issuer (copied to the Cash Administrator).

  

	25.5	Break Costs 

  
 Subject to Clauses 11.3.1(b) and 14.1.2, if the Liquidity Facility Provider receives or recovers all or any part of any LF Revolving Drawing, any part of
any LF Withdrawal, or any part of any LF Unpaid Sum otherwise than on the Note Payment Date immediately following the last day of the relevant LF Revolving Drawing Period, LF Withdrawal Period or LF Default Interest Period respectively, the Issuer
shall pay to the Liquidity Facility Provider on demand an amount equal to the amount (if any) by which: 
  

	 	25.5.1	the additional interest which would have been payable on the amount so received or recovered had it been received or recovered on the Note Payment Date immediately following the
last day of such LF Revolving Drawing Period, LF Withdrawal Period or LF Default Interest Period; 

  
 exceeds 
  

	 	25.5.2	the amount of interest which, in the reasonable opinion of the Liquidity Facility Provider, would have been payable to it on the Note Payment Date immediately following the last day
of the relevant LF Revolving Drawing Period, LF Withdrawal Period or LF Default Interest Period in respect of a euro deposit equal to the amount so received or recovered placed by it with a prime bank in London for a period starting on the first
Business Day following the date of such receipt or recovery and ending on the last day of the relevant LF Revolving Drawing Period, LF Withdrawal Period or LF Default Interest Period. 

  

	26.	ISSUER’S INDEMNITIES 

  
 The Issuer undertakes to indemnify the Liquidity Facility Provider against: 
  

	26.1	In respect of LF Events of Default 

  
 any Liabilities, whether or not reasonably foreseeable, which it may sustain or incur as a consequence of the occurrence of any LF Event of Default or any
default by the Issuer in the performance of any of the obligations expressed to be assumed by it in this Agreement; and 
  

	26.2	In respect of funding costs 

  
 any Liabilities it may suffer or incur as a result of its funding or making arrangements to fund an LF Revolving Drawing or a Liquidity Standby Drawing
requested by the Issuer but not drawn down by reason of the operation of any one or more of the provisions of this Agreement. 
  

	27.	PAYMENTS 

  

	27.1	On each date upon which this Agreement requires an amount to be paid by the Issuer, the Issuer shall make the same available to the Liquidity Facility Provider on the due date in
euro in same day funds no later than 12.00 noon London time by payment to such account as the Liquidity Facility Provider may from time to time specify to the Issuer and the Cash Administrator for this purpose. 

  

 - 32 - 

	27.2	Other than as expressly provided otherwise in this Agreement, all payments by the Issuer to the Liquidity Facility Provider will be due and payable on a Note Payment Date.

  

 - 33 - 

 SECTION L 
 ASSIGNMENT AND EVIDENCE OF DEBT 
  

	28.	ASSIGNMENTS 

  

	28.1	Assignments by the Liquidity Facility Provider 

  
 The Liquidity Facility Provider may, at any time, assign or transfer all or any of its rights and benefits hereunder to a bank or financial institution
which has a credit rating at least equal to the Minimum Short-Term Rating. No such assignment or transfer may be made: 
  

	 	28.1.1	(except in the case of an assignment or transfer to any subsidiary or holding company, or to any subsidiary of any holding company, of the Liquidity Facility Provider) without the
prior written consent of the Issuer (which consent shall not be unreasonably withheld or delayed) and the Trustee; 

  

	 	28.1.2	if such assignment or transfer would result in the Issuer being required by law to make a Tax Deduction on payments to the assignee or transferee; 

  

	 	28.1.3	if the assignee or transferee does not comply with the terms of Clause 17 (Liquidity Facility Provider’s Warranties) on the date of the proposed assignment or transfer;
or 

  

	 	28.1.4	if such assignment or transfer would result in a downgrading of any class of Notes below the then current rating. 

  

	28.2	Disclosure of Information 

  
 The Liquidity Facility Provider may disclose to any person: 
  

	 	28.2.1	to (or through) whom the Liquidity Facility Provider assigns or transfers (or may potentially assign or transfer) all or any of its rights, benefits and obligations hereunder;

  

	 	28.2.2	with (or through) whom the Liquidity Facility Provider enters into (or may potentially enter into) any sub-participation in relation to, or any other transaction under which
payments are to be made by reference to, this Agreement or the Issuer; or 

	 	28.2.3	to whom information may be required to be disclosed by any applicable law, 

  
 such information about the Issuer and this Agreement as the Liquidity Facility Provider shall consider appropriate provided that it obtains a
confidentiality undertaking in substantially the form of Paragraph 17 (Confidentiality) of the Issuer Common Terms addressed to the Liquidity Facility Provider from such person. 
  

	28.3	Change of Liquidity Facility Office 

  
 The Liquidity Facility Provider may at any time by notice in writing to the Issuer (copied to the Cash Administrator) elect to change its LF Facility
Office to another branch of the Liquidity Facility Provider situated in the United Kingdom. 
  

	28.4	Assignments by the Issuer 

  
 The Issuer may not assign any of its rights and benefits hereunder to any person other than by way of security to the Trustee. 
  

 - 34 - 

	29.	CALCULATIONS AND EVIDENCE OF DEBT 

  

	29.1	Evidence of debt 

  
 The Liquidity Facility Provider shall maintain in accordance with its usual practice accounts evidencing the amounts from time to time lent by and owing
to it hereunder and, upon request by the Cash Administrator, the Liquidity Facility Provider will provide copies of such evidence to the Cash Administrator as soon as is reasonably practicable after such request. 
  

	29.2	Prima Facie Evidence 

  
 In any legal action or proceeding arising out of or in connection with this Agreement, the entries made in the accounts maintained pursuant to Clause 29.1
(Evidence of Debt) shall be prima facie evidence of the existence and amounts of the specified obligations of the Issuer. 
  

	29.3	Certificates of the Liquidity Facility Provider 

  
 A certificate of the Liquidity Facility Provider as to: 
  

	 	29.3.1	the amount by which a sum payable to it under this Agreement is to be increased under Paragraph 23.3 (Tax gross-up) of the Issuer Common Terms; 

  

	 	29.3.2	the amount for the time being required to indemnify it against any such cost, payment or liability as is mentioned in Clause 13.1 (Increased costs), Clause 26
(Issuer’s indemnities) or Paragraph 23.5 (Tax indemnity) of the Issuer Common Terms (as amended by this Agreement); or 

  

	 	29.3.3	the amount of any Tax Credit, as is mentioned in Paragraph 23.4 (Tax Credits) of the Issuer Common Terms, 

  
 shall, in the absence of manifest error, be prima facie evidence of
the existence and amounts of the specified obligations of the Issuer. 
  

 - 35 - 

 SECTION M 
 MISCELLANEOUS 
  

	30.	TIMES 

  
 References to times herein are to Greenwich Mean Time unless otherwise stated. 
  

	31.	EXECUTION 

  
 The parties have executed this Agreement on the date stated at the beginning of this Agreement. 
  

 - 36 - 

 SCHEDULE 1 
 AMENDMENTS TO ISSUER COMMON TERMS 
  

	1.	Paragraph 21.4 (Currency of account and payment) of the Issuer Common Terms shall be varied by the addition of the following: 

  
 “and that each payment pursuant to Clause 12.1 (Increased costs)
or Clause 25 (Issuer’s indemnities) of the Liquidity Facility Agreement shall be made in the currency specified by the Liquidity Facility Provider.” 
  

	2.	Paragraph 23 (Withholding Taxes) of the Issuer Common Terms shall be varied by the deletion of the words “the Issuer or” from Paragraph 23.3 (Tax Gross-Up).

  

	3.	Paragraph 23 (Withholding Taxes) of the Issuer Common Terms shall be further varied by the addition of the following: 

  

	 	“23.5	Tax indemnity 

  
 Without prejudice to the foregoing provisions of this Paragraph 23, if the Liquidity Facility Provider is required to make any payment of or on account
of Tax on or in relation to any sum received or receivable under the Liquidity Facility Agreement (including any sum deemed for the purposes of Tax to be received or receivable by the Liquidity Facility Provider, whether or not actually received or
receivable) or if any liability in respect of any such payment is asserted, imposed, levied or assessed against the Liquidity Facility Provider the Issuer shall, upon demand of the Liquidity Facility Provider, promptly indemnify the Liquidity
Facility Provider against such payment or liability, together with any interest, penalties, costs and expenses payable or incurred in connection therewith. 
  

	 	23.6	Exception to Paragraph 23.5 

  
 The Indemnity contained in Paragraph 23.5 (Tax indemnity) shall not apply to: 
  

	 	23.6.1	any Tax imposed on and calculated by reference to the net income actually received or receivable by the Liquidity Facility Provider (but, for the avoidance of doubt, not including
any sum deemed for the purposes of Tax to be received or receivable by the Liquidity Facility Provider but not actually receivable) by the Tax jurisdiction in which the Liquidity Facility Provider is incorporated; or 

  

	 	23.6.2	any Tax imposed on and calculated by reference to the net income of the LF Facility Office actually received or receivable by the Liquidity Facility Provider (but, for the avoidance
of doubt, not including any sum deemed for purposes of Tax to be received or receivable by the Liquidity Facility Provider but not actually received) by the jurisdiction in which the LF Facility Office is located; or 

  

	 	23.6.3	to the extent that such payment, liability, interest, penalties, costs or expenses is compensated by an increased payment under Paragraph 23.3 or would have been so compensated but
for the exceptions to such Paragraph 23.3. 

  

 - 37 - 

	23.7	Evidence of Payment of Tax 

  
 If the Issuer makes any payment under the Liquidity Facility Agreement in respect of which it is required to make any deduction or withholding it shall
pay the full amount required to be deducted or withheld to the relevant taxation or other authority within the time allowed for such payment under applicable law and shall deliver to the Liquidity Facility Provider, within thirty days after it has
made such payment to the relevant authority, evidence satisfactory to the Liquidity Facility Provider (acting reasonably) that the appropriate payment has been made to the relevant taxing authority.” 
  

 - 38 - 

 SCHEDULE 2 
 CONDITIONS PRECEDENT1 
  

	1.	A copy certified, as at a date no earlier than 2 Business Days prior to the date of this Agreement, a true and up-to-date copy by an Authorised Signatory of the Issuer, of its
constitutional documents. 

  

	2.	A copy certified, as at a date no earlier than 2 Business Days prior to the date of this Agreement, a true and up-to-date copy by an Authorised Signatory of the Issuer, of a board
resolution of the Issuer approving the execution, delivery and performance of this Agreement and its terms and conditions and authorising a named person or persons to sign this Agreement and any documents to be delivered by the Issuer pursuant to
this Agreement. 

  

	3.	A certificate of an Authorised Signatory of the Issuer setting out the names and signatures of the persons authorised to sign, on behalf of the Issuer, this Agreement and any
documents to be delivered by the Issuer pursuant to this Agreement. 

  

	4.	A certificate of an Authorised Signatory the Issuer confirming that utilisation of the Liquidity Facility would not breach any restriction on its borrowing powers.

  

	5.	Payment of the fees required to be paid by the Issuer pursuant to Clause 23.2 (Liquidity Facility Fee). 

  

	6.	Satisfaction (in the opinion of the Liquidity Facility Provider) by the Issuer of the Liquidity Facility Provider’s account opening and client verification procedures.

  

	7.	An opinion addressed to the Liquidity Facility Provider as to Dutch law of Clifford Chance Limited Liability Partnership as to the capacity of the Issuer to enter into this
Agreement. 

	1	Barclays to provide a certificate of jurisdiction of Conditions Precedent at Closing (DLA to draft) 

  

 - 39 - 

 SCHEDULE 3 
  
 LF REVOLVING DRAWING NOTICE 
  
 From: [Self-Storage Securitisation B.V.]/[Shurgard Self Storage SCA (as Cash
Administrator)]2 
  
 To: Barclays Bank PLC 
  
 Dated: 
  
 Dear Sirs, 
  

	1.	We refer to the agreement (the “Liquidity Facility Agreement”) dated [•] 2004 and made between Self-Storage Securitisation B.V. as Issuer, Barclays Bank PLC as
Liquidity Facility Provider, Citicorp Trustee Company Limited as Trustee and Shurgard Self-Storage SCA as Cash Administrator. Terms defined in the Liquidity Facility Agreement shall have the same meaning in this notice. 

  

	2.	This notice is irrevocable. 

  

	3.	We hereby give you notice that, pursuant to the Liquidity Facility Agreement and on [date of proposed LF Revolving Drawing], [we wish]/[the Issuer wishes]2 to drawdown an LF Revolving Drawing in the amount of €[•] upon the terms and subject to the conditions contained in
the Liquidity Facility Agreement. 

  

	4.	[We confirm that]/[the Issuer has confirmed to us that]2, at the date hereof, no LF Event of Default has occurred and is continuing. 

  

	5.	The proceeds of this drawdown should be credited to the account in the name of Self-Storage Securitisation B.V. held with [Bank of America, N.A., London with account number
[·], sort code [·]]3. 

  

	
	Yours faithfully
	  

	Authorised Signatory
	for and on behalf of

  
 [Self-Storage
Securitisation B.V.]/[Shurgard Self Storage SCA (as Cash Administrator)]2 
  

 2 Delete as necessary depending on who is giving the notice. 
 3 Details should be for the Issuer Transaction Account. 
  

 - 40 - 

 SCHEDULE 4 
  
 LIQUIDITY STANDBY DRAWING NOTICE 
  
 From: [Self-Storage Securitisation B.V.]/[Shurgard Self Storage SCA (as Cash Administrator)]*

  
 To: Barclays Bank PLC 
  
 Dated: 
  
 Dear Sirs, 
  

	1.	We refer to the agreement (the “Liquidity Facility Agreement”) dated [•] 2004 and made between Self-Storage Securitisation B.V. as Issuer, Barclays Bank PLC as
Liquidity Facility Provider, Citicorp Trustee Company Limited as Trustee and Shurgard Self-Storage SCA as Cash Administrator. Terms defined in the Liquidity Facility Agreement shall have the same meaning in this notice. 

  

	2.	This notice is irrevocable. 

  

	3.	Since * [the Liquidity Facility Provider does not have a credit rating from all of the Rating Agencies which is equal to or better than the Minimum Short-Term Rating]/[you have
refused [our]/[the Issuer’s]* request to enter into a new 364 day liquidity facility and [we]/[the Issuer]* have not been able to arrange for a replacement liquidity facility agreement in accordance with the terms of the Liquidity Facility
Agreement] we hereby give you notice that, pursuant to the Liquidity Facility Agreement and on and from [date of proposed Liquidity Standby Drawing], [we wish]/[the Issuer wishes]* to drawdown the Liquidity Standby Drawing in the amount of
€[•], being the Available Liquidity Facility, upon the terms and subject to the conditions contained in the Liquidity Facility Agreement. 

  

	4.	We also wish to confirm that on [date of proposed Liquidity Standby Drawing] all outstanding LF Revolving Drawings shall be regarded for all purposes except the calculation
and payment of interest and as otherwise specified in the Liquidity Facility Agreement, in respect of the first Liquidity Standby Loan Period following the drawdown of the Liquidity Standby Drawing as being outstanding as part of the Liquidity
Standby Loan. 

  

	5.	[We confirm that]/[the Issuer has confirmed to us that]*, at the date hereof, no LF Event of Default has occurred and is continuing. 

  

	6.	The proceeds of this drawdown should be credited to the Liquidity Facility Reserve Account. 

  

	
	Yours faithfully
	  

	Authorised Signatory
	for and on behalf of

  
 [Self-Storage
Securitisation B.V.]*/[Shurgard Self Storage SCA (as Cash Administrator)]* 

 Note: *
delete as appropriate 
  

 - 41 - 

 SCHEDULE 5 
  
 LF WITHDRAWAL NOTICE 
  
 From: [SELF-STORAGE SECURITISATION B.V.]/[Shurgard Self-Storage SCA]* 
  
 To: Barclays Bank PLC 
  
 Dated: 
  
 Dear Sirs, 
  

	1.	We refer to the agreement (the “Liquidity Facility Agreement”) dated [·] 2004 and made between Self-Storage Securitisation B.V. as Issuer, Barclays Bank PLC as Liquidity Facility Provider, Citicorp Trustee Company Limited as Trustee and Shurgard Self-Storage SCA as Cash Administrator. Terms defined in the
Liquidity Facility Agreement shall have the same meaning in this notice. 

  

	2.	This notice is irrevocable. 

  

	3.	We hereby give you notice that, pursuant to the Liquidity Facility Agreement and on [•], [we wish]/[this Issuer wishes]* to draw down an LF Withdrawal in the amount of
€[•], being the amount of the Liquidity Shortfall, upon the terms and subject to the conditions contained in the Liquidity Facility Agreement. 

  

	4.	[We confirm]/[The Issuer has confirmed to us]* that, at the date hereof, no LF Event of Default has occurred and is continuing. 

  

	5.	We hereby give you notice that the aggregate amount due and payable to the Liquidity Facility Provider under the Liquidity Facility Agreement is €[·] which amount is to be netted against the amount referred to in paragraph 3 above. 

  

	
	Yours faithfully
	  

	Authorised Signatory
	for and on behalf of

  
 [Self-Storage
Securitisation B.V.]/[Shurgard Self-Storage SCA (as Cash Administrator)]* 

 Note: *
delete as appropriate 
  

 - 42 - 

 SCHEDULE 6 
  
 LIQUIDITY FACILITY RENEWAL LETTER 
  
 From: [Self-Storage Securitisation B.V.]/[Shurgard Self Storage SCA (as Cash Administrator)]*

  
 To: Barclays Bank PLC 
  
 Dated: 
  
 Dear Sirs, 
  

	1.	We refer to the agreement (the “Liquidity Facility Agreement”) dated [•] 2004 and made between Self-Storage Securitisation B.V. as Issuer, Barclays Bank PLC as
Liquidity Facility Provider, Citicorp Trustee Company Limited as Trustee and Shurgard Self-Storage SCA as Cash Administrator. Terms defined in the Liquidity Facility Agreement shall have the same meaning in this notice. 

  

	2.	This letter is written to you pursuant to Clause 10.3 (Request for renewal) of the Liquidity Facility Agreement. [We confirm that we agree]/[the Issuer has confirmed to us
that it agrees]* to enter into a new liquidity facility agreement with a Liquidity Facility Amount of €[•] to be granted by you on the same terms, mutatis mutandis, as the Liquidity Facility Agreement (the “New Liquidity
Facility Agreement”) except for the definition of Liquidity Facility Commencement Date [save that the following amendments shall be made [details of amendments to apply to the new facility]]. 

  

	3.	It is a condition precedent to our entry into the New Liquidity Facility Agreement that the Liquidity Facility Amount under the Liquidity Facility Agreement is cancelled and any LF
Revolving Loan, LF Withdrawal or Liquidity Standby Drawing outstanding thereunder (if any) and any interest thereon which is accrued but unpaid is treated as outstanding under the New Liquidity Facility Agreement. 

  

	4.	The Liquidity Facility Agreement read together with this letter comprises the terms and conditions of the New Liquidity Facility Agreement, and we confirm [on behalf of the Issuer]*
that no further agreements need to be executed in respect thereof. 

  

	5.	We agree [on behalf of the Issuer]* that the commencement date of the New Liquidity Facility Agreement shall be [•] [to be the last day of the then current Liquidity
Facility Availability Period (i.e. Renewal Date).] 

  

	
	Yours faithfully
	  

	Authorised Signatory
	for and on behalf of

  
 [Self-Storage
Securitisation B.V.]/[Shurgard Self-Storage SCA (as Cash Administrator)]* 

 Note: *
delete as appropriate 
  

 - 43 - 

 SCHEDULE 7 
  
 MANDATORY COSTS 
  

	1.	The Mandatory Costs Rate is an addition to the interest rate in relation to the cost of compliance with the (a) requirements of the Financial Services Authority (or any other
authority which replaces all or any of its functions) or (b) the requirements of the European Central Bank. 

  

	2.	On the first day of each LF Revolving Drawing Period, LF Withdrawal Period Liquidity Standby Loan Period and LF Default Interest Period (or as soon as possible thereafter) the
Liquidity Facility Provider shall calculate a rate (the “Mandatory Costs Rate”) as a percentage rate per annum in accordance with the formula set out below. 

  

	3.	The Mandatory Cost Rate for the Liquidity Facility Provider if lending from a facility office in a Participating Member State will be the percentage determined by the Liquidity
Facility Provider as the cost of complying with the minimum reserve requirements of the European Central Bank. 

  

	4.	The Mandatory Cost Rate will be calculated in euro as follows in relation to each LF Revolving Drawing, Liquidity Standby Loan or LF Unpaid Sum: 

  

			
	Ex0.01	 	per cent. per annum
	300	 	 

  
 Where: 
  

	E	is the rate of charge payable by the Liquidity Facility Provider to the Financial Services Authority pursuant to the Fees Rules (calculated, for this purpose, by the Liquidity
Facility Provider as being the average of the fee tariffs specified in the Fees Rules under activity group A.1. Deposit acceptors as are applicable to the Liquidity Facility Provider, ignoring any minimum fee or zero rated fees required pursuant to
the Fees Rules but taking into account any applicable discount rate) expressed in pounds per £1,000,000 of the Tariff Base of the Liquidity Facility Provider. 

  

	5.	For the purposes of this Schedule: 

  

	 	(a)	“Fees Rules” means the rules on supervision fees contained in the FSA Supervision Manual or such other law or regulation as may be in force from time to time in
respect of the payment of fees for the acceptance of deposits; and 

  

	 	(b)	“Tariff Base” has the meaning given to it, and will be calculated in accordance with, the Fees Rules. 

  

	6.	The Liquidity Facility Provider may from time to time, after consultation with the Issuer, determine and notify to all parties any amendments or variations which are required to be
made to this Schedule in order to comply with any change in law, regulation or any requirements from time to time imposed by the Financial Services Authority or the European Central Bank (or, in either case, any other authority which replaces all or
any of its functions) and any such determination shall, in the absence of manifest error, be conclusive and binding on all the parties hereto. 

  

 - 44 - 

	7.	Any determination by the Liquidity Facility Provider pursuant to this Schedule in relation to a formula, the Mandatory Cost Rate or any amount payable to the Liquidity Facility
Provider shall, in the absence of manifest error, be conclusive and binding on all Parties hereto. 

  

 - 45 - 

 SCHEDULE 8 
  
 ISSUER’S LF WARRANTIES 
  

	1.	INCORPORATION 

  
 The Issuer is a duly and validly incorporated private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) having
its corporate seat (statutaire zetel) in Amsterdam and its registered office is at Locatellikade 1, 1076 AZ, Amsterdam. 
  

	2.	CONSENTS 

  
 The Issuer has obtained and maintained in effect all authorisations, approvals, licences and consents required in connection with its business and the
consummation of the transactions contemplated by the Trust Documents and this Agreement pursuant to any Requirement of Law or any Regulatory Direction applicable to the Issuer in The Netherlands and in each other jurisdiction in which the Issuer
carries on business. 
  

	3.	CORPORATE POWER 

  
 The Issuer has the requisite power and authority to: 
  

	3.1	enter into the Trust Documents and this Agreement; and 

  

	3.2	create and issue the Notes on the Closing Date; and 

  

	3.3	undertake and perform the obligations expressed to be assumed by it in the Trust Documents and this Agreement. 

  

	4.	AUTHORISATION 

  
 All acts, conditions and things required to be done, fulfilled and performed in order: 
  

	4.1	to enable the Issuer lawfully to enter into the Trust Documents and this Agreement; 

  

	4.2	to enable the Issuer lawfully to exercise its rights under and perform and comply with the obligations expressed to be assumed by it in the Trust Documents and this Agreement; and

  

	4.3	to ensure that the obligations expressed to be assumed by it in the Notes and the Trust Documents and this Agreement are legal, valid, binding and enforceable against it;

  
 have been done, fulfilled and performed and are
in full force and effect or, as the case may be, have been effected, and no steps have been taken to challenge, revoke or cancel any such authorisation obtained or effected. 
  

	5.	NO BREACH OF LAW OR CONTRACT 

  
 The entry by the Issuer into and the execution (and, where appropriate, delivery) of the Trust Documents and this Agreement and the performance by the
Issuer of its obligations under the Trust Documents and this Agreement do not and will not conflict with or constitute a breach or infringement by the Issuer of the terms of, or constitute a default by the Issuer under: 
  

	5.1	the Issuer’s Articles of Association; 

  

 - 46 - 

	5.2	any Requirement of Law or any Regulatory Direction; or 

  

	5.3	any agreement, indenture, contract, mortgage, deed or other instrument to which the Issuer is a party or which is binding on it or any of its assets, 

  
 where such conflict, breach, infringement or default would have a Material
Adverse Effect on the Issuer, the Trust Documents and this Agreement or the Notes. 
  

	6.	LITIGATION 

  
 No litigation, arbitration or administrative proceedings of or before any court, tribunal or governmental body have been commenced or are pending or, to
the best of its knowledge and belief having made all due enquiries, threatened against the Issuer or any of its assets or revenues which, if adversely determined, are reasonably likely to have a Material Adverse Effect on the Issuer or the Trust
Documents and this Agreement (unless such litigation, arbitration or proceedings are being contested in good faith).  
  

	7.	VALID AND BINDING OBLIGATIONS 

  
 The obligations expressed to be assumed by the Issuer under the Trust Documents and this Agreement (other than the Notes) are legal and valid obligations,
binding on it and enforceable against it in accordance with their terms, except: 
  

	7.1	as such enforcement may be limited by applicable bankruptcy, insolvency, moratorium, reorganisation or other similar laws affecting the enforcement of the rights of creditors
generally; 

  

	7.2	as such enforceability may be limited by the nature of remedies available in the relevant jurisdiction in which the relevant enforcement occurs (including the power to stay
proceedings); 

  

	7.3	as such enforceability may be limited by the effect of general principles of equity regardless of whether such enforceability is considered in a proceeding in equity or at law; and

  

	7.4	obligations relating to stamp duties may be void by virtue of Section 117 of the Stamp Act 1891. 

  

	8.	CHOICE OF LAW 

  

	8.1	The choice of the laws of the Relevant Jurisdiction as the governing law of the Trust Documents and this Agreement will be recognised and enforced in The Netherlands; and

  

	8.2	any judgment obtained in another Relevant Jurisdiction in relation to any of the Trust Documents and this Agreement will be recognised and enforced in The Netherlands.

  

	9.	FILINGS 

  
 Under the laws of The Netherlands it is not necessary that this Agreement be filed, recorded or enrolled with any court or other authority in the Issuer
Jurisdiction. 
  

	10.	EVENTS OF DEFAULT 

  
 No Note Event of Default has occurred. 
  

 - 47 - 

	11.	COMPLIANCE WITH DUTCH BANKING REGULATIONS 

  
 The Issuer represents and warrants on the date hereof and each date upon which a LF Revolving Drawing, LF Withdrawal or a Liquidity Standby Drawing is
made hereunder that (i) it has the benefit of the appropriate exemptive relief available to it under the Exemption pursuant to Article 6 of the Dutch Act on the Supervision of Credit Institutions (Vrijstellingsregeling Wtk 1992; the
“Exemption Regulation”) and (ii) that it has verified the status of the Liquidity Facility Provider on each such date as a “professional market party” for the purposes of Dutch Central Bank regulations (a
“PMP”) in accordance with the requirements of the Exemption Regulation and the Dutch Central Bank’s Policy Guidelines (issued in relation to the Exemption Regulation) dated 10 July 2002 (Beleidsregel kernbegrippen
markttoetreding en handhaving Wtk 1992). 
  

 - 48 - 

 SCHEDULE 9 
  
 ISSUER’s LF COVENANTS 
  
 The Issuer shall: 
  

	1.	CONSENTS 

  
 obtain, comply with the terms of and do all that is necessary to maintain in full force and effect all authorisations, approvals, licences and consents
necessary under any Requirement of Law and any Regulatory Direction from time to time in force in The Netherlands or in any other applicable jurisdiction: 
  

	1.1	in connection with its business; and 

  

	1.2	to enable it lawfully to enter into and perform its obligations under the Trust Documents and this Agreement or to ensure the legality, validity, enforceability or admissibility in
evidence in The Netherlands of the Trust Documents and this Agreement; 

  

	2.	COMPLIANCE WITH ISSUER RELEVANT TRANSACTION DOCUMENTS 

  
 at all times comply with and perform all its obligations under the Trust Documents and this Agreement and the Notes and use all reasonable endeavours to
procure that the other Transaction Parties, other than the Trustee and the Liquidity Facility Provider, comply with and perform all their respective obligations under the Trust Documents and this Agreement; 
  

	3.	NOTIFICATION OF BREACH OF ISSUER LF WARRANTIES AND UNDERTAKINGS 

  
 notify the Liquidity Facility Provider and the Trustee if the Issuer becomes aware of any breach of the Issuer LF Warranties or of any breach of any
undertaking given by the Issuer in this Agreement; 
  

	4.	EXECUTION OF FURTHER DOCUMENTS 

  
 perform any act required by any Requirement of Law or any Regulatory Direction to be performed, and so far as permitted by applicable law, execute such
further documents and perform such further acts as may be necessary in the opinion of the Trustee to give effect to, the Trust Documents and this Agreement; and 
  

	5.	NOTIFICATION OF LF EVENT OF DEFAULT 

  
 deliver notice to the Liquidity Facility Provider promptly, and, in any event, within two Business Days upon becoming aware of any LF Event of Default.

  

 - 49 - 

 SCHEDULE 10 
  
 DEFINITIONS 
  
 “Available Liquidity Facility” means at any time, (1) the Liquidity Facility Amount less (a) the aggregate of outstanding LF Revolving Drawings plus (b)
the amount of each outstanding LF Revolving Drawing due to be repaid in principal on (or pursuant to a roll-over of such LF Drawing in accordance with the terms hereunder) or before the proposed date for the making of a relevant LF Revolving Drawing
or (2), if a Liquidity Standby Loan is outstanding, zero; 
  
 “continuing”, in respect of an LF Event of Default shall be construed as a reference to an LF Event of Default which subsists and which has not been waived in accordance with the terms of the Liquidity Facility Agreement;

  
 “EURIBOR” has the meaning given to such term in Condition
6(c) (Interest - Rates of Interest on the Notes) except that references to the Agent Bank shall be read as references to the Liquidity Facility Provider, references to Note Interest Period shall be read as references to LF Revolving Drawing
Period or LF Withdrawal Period, as the case may be, references to Interest Determination Date shall be read as references to Quotation Date and the reference to “the Interest Rate applicable to the Notes” shall be read as “the
interest rate applicable to the LF Revolving Drawing or LF Withdrawal” as the case may be; 
  
 “Exemption Regulation” shall have the meaning ascribed to it in paragraph 11 of Schedule 8 to this Agreement; 
  

“Issuer LF Covenants” means the covenants set out in Schedule 9 (Issuer LF Covenants); 
  
 “Issuer LF Warranties” means the representations and warranties set out in
Schedule 8 (Issuer LF Warranties); 
  
 “LF Default Interest
Period” means a period for the computation of interest in respect of an LF Unpaid Sum, determined in accordance with the provisions of this Agreement; 
  

“LF Default Margin” means 2 per cent. per annum; 
  
 “LF Event of Default” means one of the events specified in Clause 20 (LF Events of Default); 
  
 “LF Facility Office” means the office of the Liquidity Facility Provider
specified against the name of the Liquidity Facility Provider in Paragraph 18 (Notices) of the Issuer Common Terms or such other office in the United Kingdom as it may select by notice to the Issuer (copied to the Cash Administrator) in
accordance with the provisions of this Agreement; 
  
 “LF Loans”
means the LF Revolving Loans, the LF Withdrawals and the Liquidity Standby Loan; 
  
 “LF Notice of Drawing” means an LF Revolving Drawing Notice and/or a Liquidity Standby Drawing Notice, as the context may require; 
  
 “LF Revolving Drawing” means a drawing made by the Issuer (or the Cash Administrator on the Issuer’s behalf) in accordance with the terms following
the delivery by the Issuer of (and in accordance with) an LF Revolving Drawing Notice or, as the case may be, the principal amount of such drawing for the time being outstanding; 
  

 - 50 - 

 “LF Revolving Drawing Notice” means a notice substantially in the form set out in Schedule 3 (LF
Revolving Drawing Notice); 
  
 “LF Revolving Drawing Period”
means, in respect of an LF Revolving Drawing, the period for which such LF Revolving Drawing is to be outstanding, determined in accordance with the provisions of this Agreement; 
  
 “LF Revolving Loan” means at any time the aggregate of all LF Revolving Drawings which have been drawn down by the Issuer
and are still outstanding; 
  
 “LF Unpaid Sum” means the unpaid
balance of any sum referred to in Clause 25.1 (LF Default Interest Periods); 
  
 “LF Withdrawal” means a drawing from the Liquidity Facility Reserve Account made by the Issuer in accordance with the terms of this Agreement following the delivery by the Issuer (or the Cash Administrator on the
Issuer’s behalf) of (and in accordance with) an LF Withdrawal Notice or, as the case may be, the principal amount of such drawing for the time being outstanding; 
  
 “LF Withdrawal Period” means, in respect of an LF Withdrawal, the period for which such LF Withdrawal is to be outstanding,
determined in accordance with the provisions of this Agreement; 
  
 “LF
Withdrawal Notice” means a notice substantially in the form set out in Schedule 5 (LF Withdrawal Notice); 
  
 “Liquidity Facility” means the committed, euro, revolving liquidity facility made available to the Issuer by the Liquidity Facility Provider in
accordance with the terms of this Agreement; 
  
 “Liquidity Facility
Amount” means €30,000,000 or the amount to which such sum is increased or decreased from time to time in accordance with the terms of this Agreement; 
  
 “Liquidity Facility Availability Period” means the period commencing on and including the then Liquidity Facility
Commencement Date and ending on (but excluding) the day which is 364 days after such Liquidity Facility Commencement Date or (upon renewal) such other day which may be the last day of any new Liquidity Facility Availability Period agreed under
Clause 10.3 (Request for Renewal); 
  
 “Liquidity Facility
Commencement Date” means the date hereof or (upon renewal) such other later date specified as such in a Liquidity Facility Renewal Letter; 
  
 “Liquidity Facility Margin” means 0.5 per cent. per annum; 
  
 “Liquidity Facility Provider” means Barclays Bank PLC in its capacity as liquidity facility provider in accordance with the terms of this Agreement;

  
 “Liquidity Facility Renewal Letter” means a letter from the
Liquidity Facility Provider to the Issuer substantially in the form set out in Schedule 6 (Liquidity Facility Renewal Letter); 
  
 “Liquidity Facility Termination Date” means the earliest to occur of: (i) the last day of the Liquidity Facility Availability Period and (ii) the Final
Maturity Date or (iii) the day on which this Agreement is cancelled in accordance with Clause 12 (Cancellation), Clause 14 (Illegality) or Clause 20 (LF Events of Default); 
  

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 “Liquidity Senior Amount” means any amount payable to the Liquidity Facility Provider under item (d) of
the Issuer Pre-Enforcement Priority of Payments (as set out in Condition 2(c)); 
  
 “Liquidity Shortfall” means the Issuer has insufficient funds available to it on any Note Payment Date excluding any amounts to be drawn under this Agreement on such Note Payment Date to pay in full paragraphs (a) to (f)
(inclusive), (h) and (j) of the Issuer Pre-Enforcement Priority of Payments; 
  
 “Liquidity Standby Drawing” means a drawing made by the Issuer (or the Cash Administrator on the Issuer’s behalf) in accordance with the terms of this Agreement following the delivery by the Issuer of (and in
accordance with) a Liquidity Standby Drawing Notice; 
  
 “Liquidity
Standby Drawing Notice” means a notice substantially in the form set out in Schedule 4 (Liquidity Standby Drawing Notice); 
  
 “Liquidity Standby Loan” means, at any time, the Liquidity Standby Drawing or, as the case may be, the principal amount thereof for the time being
outstanding and, for the avoidance of doubt, each LF Withdrawal shall reduce the principal amount outstanding of the Liquidity Standby Loan to the extent such LF Withdrawal is outstanding and each repayment of an LF Withdrawal or LF Revolving
Drawing into the Liquidity Facility Reserve Account in accordance with this Agreement shall increase the Liquidity Standby Loan by such amount; 
  
 “Liquidity Standby Loan Period” means, in respect of the Liquidity Standby Loan, each period for the computation of interest determined in accordance
with the terms of this Agreement; 
  
 “Mandatory Costs Rate”
means the rate determined in accordance with Schedule 7 (Mandatory Costs); 
  
 “Minimum Short-Term Rating” means, in respect of the Liquidity Facility Provider, its short term unsecured, unsubordinated, unguaranteed debt obligations being rated, in the case of Fitch, F-1+ and in the case of S&P,
A-1+; 
  
 “PMP” means a “professional market party” for
the purposes of Dutch Central Bank regulations in accordance with the requirements of the Exemption Regulation and the Dutch Central Bank’s Policy Guidelines (issued in relation to the Exemption Regulation) dated 10 July 2002 (Beleidsregel
kernbegrippen markttoetreding en handhaving Wtk 1992); 
  
 “Quotation
Date” means, in relation to any period for which an interest rate is to be determined under this Agreement, the day on which quotations would ordinarily be given by leading banks in the London interbank market for deposits in euro for
delivery on the first day of that period and if, for any such period, quotations would ordinarily be given on more than one date, means the last of those dates; 
  

“Renewal Date” shall have the meaning ascribed to it in Clause 10.3 (Request for Renewal); and 
  
 “Replacement Lender” shall have the meaning ascribed to it in Clause 10.4.2.

  

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 EXECUTION PAGE 
  

			
	 The Issuer:

	
	SELF-STORAGE SECURITISATION B.V.
		
	 By:
	 	/s/ M. Sibbing (Attorney)
	
	 Its duly authorised signatory

	
	 The Liquidity Facility Provider:

	
	BARCLAYS BANK PLC
	 executed by its

	 duly authorised attorney

	
	 By: /s/ S. Attree

	
	 The Trustee:

	
	CITICORP TRUSTEE COMPANY LIMITED
		
	 By:
	 	/s/ Viola Japaul (Director)
	
	 The Cash Administrator:

	
	SHURGARD SELF STORAGE SCA
		
	 By:
	 	/s/ S. de Tollenaere
	 Its duly appointed attorney

  

 - 53 -

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