Document:

Exhibit 4.25

 

DESCRIPTION OF MARKER THERAPEUTICS, INC. COMMON STOCK

 

The following descriptions of the common
stock of Marker Therapeutics, Inc., or the Company, Delaware law and certain provisions of the Company’s certificate of incorporation
and bylaws are summaries. These summaries are qualified in the entirety by reference to the provisions of the Delaware General
Corporation Law, or the DGCL, and the complete text of the Company’s certificate of incorporation and bylaws, which are incorporated
by reference as Exhibits 3.1 and 3.2, respectively, of the Company’s Annual Report on Form 10-K to which this description
is also an exhibit.

 

Authorized Capital Stock

 

The certificate of incorporation authorizes
the Company to issue up to 150,000,000 shares of common stock, $0.001 par value per share, and 5,000,000 shares of preferred stock,
$0.001 par value per share. The Company’s board of directors may establish the rights and preferences of the preferred stock
from time to time.

 

Common Stock

 

Voting Rights

 

Holders of the Company’s common stock
are entitled to one vote for each share held on all matters submitted to a vote of stockholders and do not have cumulative voting
rights. As a result, the holders of a plurality of the shares of common stock entitled to vote in any election of directors can
elect all of the directors standing for election, if they should so choose. All other matters to be voted on by the Company’s
stockholders must be approved by a majority of the votes cast on the matter unless otherwise provided by law, the certificate of
incorporation or the bylaws of the Company.

 

Dividends

 

Holders of common stock are entitled to
receive ratably any dividends as may be declared by the Company’s board of directors, subject to any preferential dividend
rights of any series of preferred stock that the board of directors may designate and issue in the future.

 

Liquidation

 

In the event of the liquidation, dissolution
or winding up of the Company, the holders of common stock are entitled to receive ratably the net assets available for distribution
to stockholders after the payment of all debts and other liabilities and subject to the prior rights of any outstanding preferred
stock.

 

Rights and Preferences

 

Holders of common stock have no preemptive,
subscription, redemption or conversion rights. There are no redemption or sinking fund provisions applicable to the common stock.
The rights, preferences and privileges of holders of common stock are subject to and may be adversely affected by the rights of
the holders of shares of any series of preferred stock that the board of directors may designate and issue in the future.

 

     

     

    

 

Anti-Takeover Provisions

 

Section
203 of the Delaware DGCL

 

The Company is
subject to Section 203 of the DGCL, or Section 203, which prohibits a Delaware corporation from engaging in any business
combination with any interested stockholder for a period of three years after the date that such stockholder became an
interested stockholder, with the following exceptions:

 

	 	 ·	before such date, the board of directors of the corporation approved either the business combination or the transaction that resulted in the stockholder becoming an interested stockholder;

 

	 	 ·	upon completion of the transaction that resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction began, excluding for purposes of determining the voting stock outstanding, but not the outstanding voting stock owned by the interested stockholder, those shares owned (i) by persons who are directors and also officers and (ii) employee stock plans in which employee participants do not have the right to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer; or 

 

	 	 ·	on or after such date, the business combination is approved by the board of directors and authorized at an annual or special meeting of the stockholders, and not by written consent, by the affirmative vote of at least 66 2/3% of the outstanding voting stock that is not owned by the interested stockholder.

 

In general, Section 203 defines a
 "business combination" to include the following:

 

	 	 ·	any merger or consolidation involving the corporation and the interested stockholder; 

 

	 	 ·	any sale, transfer, pledge or other disposition of 10% or more of the assets of the corporation involving the interested stockholder; 

 

	 	 ·	subject to certain exceptions, any transaction that results in the issuance or transfer by the corporation of any stock of the corporation to the interested stockholder; 

 

	 	 ·	any transaction involving the corporation that has the effect of increasing the proportionate share of the stock or any class or series of the corporation beneficially owned by the interested stockholder; or 

 

	 	 ·	the receipt by the interested stockholder of the benefit of any loans, advances, guarantees, pledges or other financial benefits by or through the corporation.

 

In general, Section 203 defines an
 "interested stockholder" as an entity or person who, together with the person's affiliates and associates, beneficially
owns, or within three years prior to the time of determination of interested stockholder status did own, 15% or more of the outstanding
voting stock of the corporation.

 

     

     

    

 

Certificate of Incorporation and Bylaws

 

Because the
Company’s stockholders do not have cumulative voting rights, stockholders holding a plurality of the shares of the
Company’s common stock outstanding will be able to elect all of the Company’s directors. The bylaws also provide
that directors may be removed by the stockholders upon the vote of a majority of the shares entitled to vote an election of
directors, and if a director was elected by a voting group of stockholders, only stockholders from that voting group may vote
to remove such director, and such vacancy may be filled only by the stockholders of that voting group. Furthermore, the
authorized number of directors may be changed only by resolution of the board of directors, and vacancies and newly created
directorships on the board of directors may, except as otherwise required by law or determined by the board, only be filled
by a majority vote of the directors then serving on the board, even though less than a quorum.

 

The bylaws provide that only a majority
of the authorized directors on the Company’s board of directors, the chairman of the board or the chief executive officer
to call a special meeting of stockholders. The bylaws also provide that stockholders seeking to present proposals before a meeting
of stockholders to nominate candidates for election as directors at a meeting of stockholders must provide timely advance notice
in writing, and specify requirements as to the form and content of a stockholder's notice.

 

The combination of these provisions may
make it more difficult for the Company’s existing stockholders to replace the board of directors as well as for another party
to obtain control of the Company by replacing the board of directors. Since the board of directors has the power to retain and
discharge the Company’s officers, these provisions could also make it more difficult for existing stockholders or another
party to effect a change in management. In addition, the authorization of undesignated preferred stock makes it possible for the
board of directors to issue preferred stock with voting or other rights or preferences that could impede the success of any attempt
to change control of the Company.

 

These provisions are intended to enhance
the likelihood of continued stability in the composition of the Company’s board of directors and its policies and to discourage
coercive takeover practices and inadequate takeover bids. These provisions are also designed to reduce the Company’s vulnerability
to hostile takeovers and to discourage certain tactics that may be used in proxy fights. However, such provisions could have the
effect of discouraging others from making tender offers for the Company’s shares and may have the effect of delaying changes
in control or management of the Company. As a consequence, these provisions may also inhibit fluctuations in the market price of
the Company’s stock that could result from actual or rumored takeover attempts. The Company believes that the benefits of
these provisions, including increased protection of the potential ability to negotiate with the proponent of an unfriendly or unsolicited
proposal to acquire or restructure the Company, outweigh the disadvantages of discouraging takeover proposals, because negotiation
of takeover proposals could result in an improvement of their terms.

 

Transfer Agent and Registrar

 

The transfer agent and registrar for the
Company’s common stock is American Stock Transfer & Trust Company, LLC. The transfer agent’s address is 6201 15th
Avenue, Brooklyn, New York 11219.

 

Listing on Nasdaq

 

The common stock is listed on the Nasdaq
Capital Market under the symbol “MRKR.”Exhibit 10.1

 

	 	Dated	12 March 2020

 

DEED OF AMENDMENT AND 

RESTATEMENT (relating
to the

Facility Agreement originally
dated 27

June 2016 (as amended from
time to time))

 

The Borrower

BENDON LIMITED

 

The Guarantors

THE PARTIES LISTED IN SCHEDULE
1

 

The Lender

BANK OF NEW ZEALAND

 

 

    	 

    	 

    

 

 

PARTIES

 

	1.	BENDON LIMITED (Company Number 110935) (the “Borrower”)
	 	 
	2.	THE PARTIES LISTED IN SCHEDULE 1 (the “Guarantors”) 
	 	 
	3.	BANK OF NEW ZEALAND (the “Lender”)

 

BACKGROUND

 

	A.	The parties are party to the Existing Agreement. 
	 	 
	B.	The parties have agreed to amend and restate the Existing Agreement as set out in this deed.

 

TERMS OF THIS DEED

 

	1.	interpretation
	 	 
	1.1	Definitions: Unless the context otherwise requires, in this deed:
	 	 
	 	“Amended Agreement” means the Existing Agreement as amended and restated on the Effective Date in accordance with this deed.
	 	 
	 	“Effective Date” means the date notified by the Lender as the Effective Date in accordance with clause 2.
	 	 
	 	“Existing Agreement” means the Facility Agreement dated 27 June 2016 between the Parent (as parent), the Initial Guarantors (as guarantors) and the Lender as (Lender) (as amended from time to time).
	 	 
	1.2	Definitions in Amended Agreement: Terms capitalised but not defined in this deed have the meaning given to them in the Amended Agreement.
	 	 
	1.3	Miscellaneous: Except to the extent that the context requires otherwise, the interpretation provisions in clauses 1.2, 1.3 and 1.4 of the Existing Agreement shall apply to this deed.
	 	 
	2.	effective date
	 	 
	 	The Effective Date shall be the date the Lender confirms to the Borrower that it has received, and found to be satisfactory to it in form and substance, the documents and evidence described in Schedule 2.
	 	 
	3.	AMENDMENT and restatement
	 	 
	3.1	Amendment and restatement: With effect from the Effective Date, the Existing Agreement shall be amended and restated in the form set out in Schedule 3, so that the rights and obligations assumed by the parties shall, on and after the Effective Date, be governed by and construed in accordance with the Amended Agreement.
	 	 
	3.2	References to Existing Agreement: With effect from the Effective Date, all references in the Finance Documents (other than this deed) to the Existing Agreement will mean the Amended Agreement. 

 

    	 

    	 

    

 

	3.3	Continuing Agreement: Except to the extent amended by this deed, the Existing Agreement remains in full force and effect.
	 	 
	3.4	Finance Document: This deed is a Finance Document for the purposes of the Amended Agreement.
	 	 
	4.	representations and warranties
	 	 
	4.1	General: The Borrower and each of the Guarantors makes the representations and warranties contained in clause 21 of the Amended Agreement on the date of this deed, and shall be deemed to make those representations and warranties on the Effective Date, in each case by reference to the facts and circumstances existing as at that date.
	 	 
	4.2	Current compliance: Each Guarantor represents and warrants in relation to itself and each other Guarantor that there is no subsisting breach by it or any other Guarantor of any of their undertakings in any Finance Document.
	 	 
	5.	Continuing Liability 
	 	 
	 	Notwithstanding any other provision of this deed, on and from the Effective Date the rights and liabilities of all parties shall be preserved in respect of any breach of the Existing Agreement which arose prior to the Effective Date (whether or not any party was aware of such breach prior to that Effective Date) and all corresponding indemnity or other rights and obligations in respect of any such breach are likewise preserved.
	 	 
	6.	GUARANTOR CONFIRMATION
	 	 
	 	The Guarantors confirm for the benefit of the Lenders that the Finance Documents shall remain in full force and effect notwithstanding:

 

	 	(a)	the decrease in the Revolving Credit Facility Limit under the Amended Agreement; or
	 	 	 
	 	(b)	the designation of any new document as a Finance Document or any additions, amendments, novation, substitution, or supplements of or to the Finance Documents and the imposition of any amended new or more onerous obligations under the Finance Documents in relation to the Guarantors and that the Finance Documents extend to any new obligations assumed by the Guarantors under any amended or new Finance Documents.

 

	7.	ACKNOWLEDGEMENT 
	 	 
	 	Each of the Guarantors acknowledges and agrees to the terms of this deed and confirms that its obligations under or in relation to the Amended Agreement howsoever arising remain in full force and effect.
	 	 
	8.	general
	 	 
	8.1	Establishment Fee: The Borrower will pay to the Lender as part of the satisfaction of the conditions in Schedule 2, a fee of NZ$501,000, being equal to 3.00% of the Facility Limit. The fee is payable in four equal instalments with the first instalment payable on the Effective Date and each subsequent instalment payable on the date falling three months, nine months and 12 months after the Effective Date.

 

    	Page 2

    	 

    

 

	8.2	Costs: Clause 19 of the Amended Agreement is incorporated into this deed as if set out in full and with any necessary consequential amendment and forms part of this deed.
	 	 
	8.3	Governing Law: This deed is governed by and must be construed in accordance with the laws of New Zealand and the parties submit to the non-exclusive jurisdiction of the Courts of New Zealand.
	 	 
	8.4	Service: Without prejudice to any other mode of service allowed under any relevant law, each Guarantor not incorporated in New Zealand:

 

	 	(a)	irrevocably appoints the Borrower as its agent for service of process in relation to any proceedings in connection with any Finance Document (including this deed); and
	 	 	 
	 	(b)	agrees that failure by a process agent to notify the relevant Guarantor of the process will not invalidate the proceedings concerned. 

 

	8.5	Counterparts: This deed may be signed in any number of counterparts, all of which together
shall constitute one and the same instrument. Any party may enter into this deed by signing any such counterpart.

 

	9.	Delivery
	 	 
	 	Without limiting any other mode of delivery this deed will be delivered by each party on the earlier of:

 

	 	 (a)	physical delivery of an original of this deed, executed by each party, into the custody of each other party or its solicitors; or
	 	 	 
	 	(b)	transmission by each party, its solicitors or any other person authorised in writing by that party of a facsimile, photocopied or scanned copy of an original of this deed, executed by that party, to each other party or its solicitors.

 

    	Page 3

    	 

    

 

EXECUTION

 

EXECUTED as a Deed

 

Each attorney executing this
deed states that he or she has no notice of revocation or suspension of his or her power of attorney.

 

The Lender

 

	EXECUTED as a DEED for and on behalf

                                                                                of BANK OF NEW ZEALAND in its

                                                                                capacity as Lender by its Attorneys in the

                                                                                presence of 
	
        )

        )

        )

        )
	 	/s/
    Amanda Jane Warrington
	/s/	 	 	Signature

                                                                                 

                                                                                Amanda
Jane Warrington

	Witness signature

                                                                                 

                                                                                 
	 	 	Name of Attorney
	Full name

                                                                                 

                                                                                 
	 	 	/s/
    Ennis John Young
	Address

                                                                                 

                                                                                 
	 	 	Signature

                                                 

                                                Ennis John Young

	Occupation	 	 	Name of Attorney

 

    	Page 4

    	 

    

 

The Borrower

 

	EXECUTED as a DEED for and on behalf	)	 	 
	of
BENDON LIMITED by its
director 
	
        )

         
	 	/s/
    Justin Davis-Rice
	in the presence of

                                                                                 

                                                                                 /s/
	)	 	Director
	Witness signature

                                                                                 

                                                                                 
	 	 	 
	Full name

                                                                                 

                                                                                 
	 	 	 
	Address

                                                                                 

                                                                                 
	 	 	 
	Occupation	 	 	 

 

The Guarantors

 

	EXECUTED as a DEED for and on behalf	)	 	 
	of BENDON LIMITED, BENDON

                                                HOLDINGS LIMITED and BENDON

                                                RETAIL LIMITED by their sole director 
	
        )

        )
	 	/s/
    Justin Davis-Rice
	in the presence of

                                                                                 

                                                                                 /s/
	)	 	Director
	Witness signature

                                                                                 

                                                                                 
	 	 	 
	Full name

                                                                                 

                                                                                 
	 	 	 
	Address

                                                                                 

                                                                                 
	 	 	 
	Occupation	 	 	 

 

    	Page 5

    	 

    

 

	EXECUTED as a DEED for and on behalf	)	 	 
	of BENDON UK LIMITED by its director 	
        )

         
	 	/s/
    Justin Davis-Rice
	in the presence of

                                                                                 

                                                                                 /s/
	)	 	Director
	Witness signature

                                                                                 

                                                                                 
	 	 	 
	Full name

                                                                                 

                                                                                 
	 	 	 
	Address

                                                                                 

                                                                                 
	 	 	 
	Occupation	 	 	 

 

	EXECUTED as a DEED for and on behalf	)	 	 
	of
BENDON HOLDINGS PTY LIMITED

(ACN 094 492 841) by
its director

                                                                                
	
        )
	 	/s/
    Justin Davis-Rice
	in the presence of

                                                                                 

                                                                                 /s/
	)	 	Director
	Witness signature

                                                                                 

                                                                                 
	 	 	 
	Full name

                                                                                 

                                                                                 
	 	 	 
	Address

                                                                                 

                                                                                 
	 	 	 
	Occupation
	 	 	 

 

	Note:	Director’s signature must be witnessed

 

    	Page 6

    	 

    

 

	EXECUTED as a DEED for and on behalf	)	 	 
	of BENDON USA INC.	
        )

         
	 	/s/
    Justin Davis-Rice
	by its Attorney	
        )

         

         
	 	Signature
	Justin Davis-Rice in the presence of

                                                                                 

                                                                                 /s/
	 	 	 
	Witness signature

                                                                                 

                                                                                 
	 	 	 
	Full name

                                                                                 

                                                                                 
	 	 	 
	Address

                                                                                 

                                                                                 
	 	 	 
	Occupation	 	 	 

 

 Note:

-Person
authorised by constitution - signature must be witnessed

-Attorney
appointed under s181 Companies Act - signature does not need to be witnessed

 

	EXECUTED as a DEED for and on behalf	)	 	 
	of
    BENDON PTY LIMITED (ACN
    001 222 

    064) by its director 

                                                                                
	
        )
	 	/s/
    Justin Davis-Rice
	in the presence of

                                                                                 

                                                                                 /s/
	)	 	Director
	Witness signature

                                                                                 

                                                                                 
	 	 	 
	Full name

                                                                                 

                                                                                 
	 	 	 
	Address

                                                                                 

                                                                                 
	 	 	 
	Occupation
	 	 	 

 

	Note:	Director’s signature must be witnessed

 

    	Page 7

    	 

    

 

	EXECUTED as a DEED for and on behalf	)	 	 
	of
    BENDON INTIMATES PTY LIMITED 

    (ACN 153 498 116) by its director 

                                                                                
	
        )
	 	/s/
    Justin Davis-Rice
	in the presence of

                                                                                 

                                                                                 /s/
	)	 	Director
	Witness signature

                                                                                 

                                                                                 
	 	 	 
	Full name

                                                                                 

                                                                                 
	 	 	 
	Address

                                                                                 

                                                                                 
	 	 	 
	Occupation
	 	 	 

 

	Note:	Director’s signature must be witnessed

 

	EXECUTED as a DEED for and on behalf	)	 	 
	of BENDON RETAIL PTY LIMITED (ACN 

149 125 388) by its director

                                                                                
	
        )

         
	 	/s/
    Justin Davis-Rice
	in the presence of

                                                                                 

                                                                                 /s/
	)	 	Director
	Witness signature

                                                                                 

                                                                                 
	 	 	 
	Full name

                                                                                 

                                                                                 
	 	 	 
	Address

                                                                                 

                                                                                 
	 	 	 
	Occupation	 	 	 

 

	Note:	Director’s signature must be witnessed

 

    	Page 8

    	 

    

 

	EXECUTED as a DEED for and on behalf	)	 	 
	of PS HOLDINGS NO. 1 PTY LIMITED

 (ACN 142 982 483) by its director

                                                                                
	
        )

        
	 	/s/
    Justin Davis-Rice
	in the presence of

                                                                                 

                                                                                 /s/
	)	 	Director
	Witness signature

                                                                                 

                                                                                 
	 	 	 
	Full name

                                                                                 

                                                                                 
	 	 	 
	Address

                                                                                 

                                                                                 
	 	 	 
	Occupation	 	 	 

 

	Note:	Director’s signature must be witnessed

 

	EXECUTED as a DEED for and on behalf	)	 	 
	of PLEASURE STATE PTY LIMITED 

(ACN 108 588 076) in its personal 

capacity and in its capacity as trustee of 

the Pleasure State Unit Trust by its director 	
        )

        
	 	/s/
    Justin Davis-Rice
	in the presence of

                                                                                 

                                                                                 /s/
	)	 	Director
	Witness signature

                                                                                 

                                                                                 
	 	 	 
	Full name

                                                                                 

                                                                                 
	 	 	 
	Address

                                                                                 

                                                                                 
	 	 	 
	Occupation	 	 	 

 

	Note:	Director’s signature must be witnessed

 

    	Page 9

    	 

    

 

	EXECUTED as a DEED for and on behalf	)	 	 
	of PLEASURE STATE (HK) LIMITED	
        )

         
	 	/s/
    Justin Davis-Rice
	by its Attorney	
        )

         

         
	 	Signature
	Justin Davis Rice in the presence of

                                                                                 

                                                                                 /s/
	 	 	 
	Witness signature

                                                                                 

                                                                                 
	 	 	 
	Full name

                                                                                 

                                                                                 
	 	 	 
	Address

                                                                                 

                                                                                 
	 	 	 
	Occupation	 	 	 

 

	EXECUTED as a DEED for and on behalf	)	 	 
	of NAKED INC.	
        )

        )

         
	 	/s/
    Justin Davis-Rice
	by its Attorney	
        )

         

         
	 	Signature
	Justin Davis-Rice in the presence of

                                                                                 

                                                                                 /s/
	 	 	 
	Witness signature

                                                                                 

                                                                                 
	 	 	 
	Full name

                                                                                 

                                                                                 
	 	 	 
	Address

                                                                                 

                                                                                 
	 	 	 
	Occupation	 	 	 

 

    	Page 10

    	 

    

 

	EXECUTED as a DEED for and on behalf	)	 	 
	of NAKED BRAND GROUP LIMITED 

(ACN 619 054 938)	
        )

        )

         
	 	/s/
    Justin Davis-Rice
	by its Attorney	
        )

         

         
	 	Signature
	Justin Davis-Rice in the presence of

                                                                                 

                                                                                 /s/
	 	 	 
	Witness signature

                                                                                 

                                                                                 
	 	 	 
	Full name

                                                                                 

                                                                                 
	 	 	 
	Address

                                                                                 

                                                                                 
	 	 	 
	Occupation	 	 	 

 

	EXECUTED as a DEED for and on behalf	)	 	 
	of NAKED BRAND GROUP, INC.	
        )

        )

         
	 	/s/
    Justin Davis-Rice
	by its Attorney

                                                                                 
/s/	
        )

         

         
	 	Signature
	Justin Davis-Rice in the presence of

                                                                                 

                                                                                 
	 	 	 
	Witness signature

                                                                                 

                                                                                 
	 	 	 
	Full name

                                                                                 

                                                                                 
	 	 	 
	Address

                                                                                 

                                                                                 
	 	 	 
	Occupation	 	 	 

 

    	Page 11

    	 

    

 

	EXECUTED as a DEED for and on behalf	)	 	 
	of FOH ONLINE CORP.	
        )

        )

         
	 	/s/
    Justin Davis-Rice
	by its Attorney	
        )

         

         
	 	Signature
	Justin Davis-Rice in the presence of

                                                                                 

                                                                                 /s/
	 	 	 
	Witness signature

                                                                                 

                                                                                 
	 	 	 
	Full name

                                                                                 

                                                                                 
	 	 	 
	Address

                                                                                 

                                                                                 
	 	 	 
	Occupation	 	 	 

 

    	Page 12

    	 

    

 

SCHEDULE 1

GUARANTORS

  

    	Page 13

    	 

    

 

SCHEDULE 2

CONDITIONS PRECEDENT

 

    	Page 14

    	 

    

 

SCHEDULE 3

AMENDED AGREEMENT

 

    	Page 15

     

    

 

Amended
and Restated

Facility
Agreement

 

Bendon
Limited

 

Initial
Borrower

 

and

 

Bendon
Limited, Bendon Retail Limited, Bendon Holdings

Limited,
Bendon UK Limited, Bendon Holdings Pty Limited,

Bendon
USA Inc., Bendon Pty Limited, Bendon Intimates Pty

Limited,
Bendon Retail Pty Limited, PS Holdings No. 1 Pty

Limited,
Pleasure State Pty Limited, Pleasure State (HK)

Limited,
Naked Brand Group Limited, Naked Brand Group,

Inc.,
Naked Inc. and FOH Online Corp.

 

Initial
Guarantors

 

and

 

Bank
of New Zealand

 

Lender

 

Originally
Dated 27 June 2016 (as amended from time to time)

 

    	 	 	 

    	 

    

 

Contents

 

	1.	Interpretation	3
	 	 	 
	2.	Facilities	24
	 	 	 
	3.	[Intentionally
    deleted]	26
	 	 	 
	4.	[Intentionally
    deleted]	26
	 	 	 
	5.	[Intentionally
    deleted]	26
	 	 	 
	6.	[Intentionally
    deleted]	26
	 	 	 
	7.	Intentionally
    deleted]	26
	 	 	 
	8.	Revolving
    Credit Facility	26
	 	 	 
	9.	Changes
    to the calculation of interest	29
	 	 	 
	10.	Instrument
    Facility	30
	 	 	 
	11.	Ancillary
    Facilities	33
	 	 	 
	12.	Repayment	33
	 	 	 
	13.	Illegality	33
	 	 	 
	14.	Default
    interest	34
	 	 	 
	15.	Fees	34
	 	 	 
	16.	Taxes	35
	 	 	 
	17.	Increased
    costs	39
	 	 	 
	18.	Indemnities	40
	 	 	 
	19.	Costs	42
	 	 	 
	20.	Cross
    guarantee	42
	 	 	 
	21.	Representations	45
	 	 	 
	22.	Undertakings	51
	 	 	 
	23.	Events
    of Default	66
	 	 	 
	24.	Event
    of Review	70
	 	 	 
	25.	Changes
    to the Lender	71
	 	 	 
	26.	Changes
    to the Obligors	72
	 	 	 
	27.	Payment
    mechanics	73
	 	 	 
	28.	Set-off
    and deposits	74
	 	 	 
	29.	Power
    of Attorney	75

 

    	 	 	i

     

    
 

	30.	Calculations
    and evidence	75
	 	 	 
	31.	Remedies
    and waivers	75
	 	 	 
	32.	Notices	76
	 	 	 
	33.	Australian
    PPSA provisions	77
	 	 	 
	34.	Miscellaneous	78
	 	 	 
	35.	Governing
    law	80

 

	Schedule 1.	Conditions
    precedent	
	 	 	 
	Schedule 2.	Form
    of Drawing Notice for Revolving Credit Facility	
	 	 	 
	Schedule 3.	Security
    Documents	
	 	 	 
	Schedule 4.	Form
    of Certificate	
	 	 	 
	Schedule 5.	Form
    of Supplemental Deed for New Borrower	
	 	 	 
	Schedule 6.	Form
    of Supplemental Deed for New Guarantor	
	 	 	 
	Schedule 7.	Compliance
    Certificate	
	 	 	 
	Schedule 8.	Group
    Structure	
	 	 	 
	Schedule 9.	Serial
    Numbered Secured Property	

 

    	 	 	ii

     

    

 

	This
    Loan Facility Agreement is originally made on 27 June 2016 (as amended from time to time, most recently pursuant to
    a Deed of Amendment and Restatement dated March 2020)
	 
	between	1.	Bendon
    Limited (the Initial Borrower)
	 	 	 
	and	2.	Bendon
    Limited, Bendon Retail Limited, Bendon Holdings Limited, Bendon UK Limited a company incorporated under the laws of England
    and Wales with company number 04200853, Naked Brand Group Limited, Bendon Holdings Pty Limited, Bendon USA Inc., Bendon Pty
    Limited, Bendon Intimates Pty Limited, Bendon Retail Pty Limited, PS Holdings No. 1 Pty Limited, Pleasure State Pty Limited
    (in its personal capacity and as trustee of the Pleasure State Unit Trust), Pleasure State (HK) Limited (a company incorporated
    in Hong Kong with company registration number 1247545), Naked Brand Group, Inc., Naked Inc. and FOH Online Corp. (together,
    the Initial Guarantors and each, an Initial Guarantor)
	 	 	 
	and	3.	Bank
    of New Zealand (the Lender)

 

Introduction

 

The
Lender is willing to make available to the Borrower a loan facility on the terms of this Agreement.

 

It
is agreed

 

	1. 

	Interpretation 

1.1
Definitions

 

In
this Agreement, unless the context otherwise requires:

 

Accommodation
means any Drawing or other accommodation provided to an Obligor under this Agreement;

 

Accounting
Principles means:

 

		(a)	in
                                         respect of an Obligor incorporated in New Zealand, generally accepted accounting practice
                                         as defined in section 8 of the Financial Reporting Act 2013;

 

		(b)	in
                                         respect of an Obligor incorporated in any other jurisdiction, generally accepted accounting
                                         practice in that jurisdiction;

 

Actual
Gross Profit means, in relation to a period, the actual gross profit of the Group for that period, as provided for in the
monthly financial accounts provided pursuant to clause 22.2(b);

 

Actual
Sales means, in relation to a period, the actual sales of the Group for that period, as provided for in the monthly financial
accounts provided pursuant to clause 22.2(b);

 

Advance
means a Drawing (or part of a Drawing) made by the Lender to the Borrower or the issuance of an Instrument by the Lender on
behalf of the Borrower;

 

    	 	 	 3

     

    

 

Amount
Outstanding means, at any time, the NZ Dollar Equivalent of:

 

		(a)	the
                                         aggregate principal amount of each Drawing outstanding at that time; and

 

		(b)	the
                                         Maximum Liability of all Instruments on issue at that time,

 

together
with any interest, fees, costs and other amounts then due and payable by the Borrower to the Lender;

 

AUD
means the lawful currency of Australia;

 

Australian
Corporations Act means the Corporations Act 2001 (Cth) (Australia);

 

Australian
PPSA means the Personal Property Securities Act 2009 (Cth) (Australia);

 

Australian
Tax Act means the Income Tax Assessment Act 1936 (Cth) (Australia) or the Income Tax Assessment Act 1997 (Cth)
(Australia);

 

Available
Facility means, at any time:

 

		(a)	in
                                         respect of the Revolving Credit Facility, the Revolving Credit Facility Limit less:

 

		(i)	the
                                         amount of the Revolving Credit Facility Limit that has been cancelled; and

 

		(ii)	the
                                         NZ Dollar Equivalent of the aggregate amount of all Drawings that are outstanding at
                                         that time;

 

		(b)	in
                                         respect of the Instrument Facility, the Instrument Facility Limit less:

 

		(i)	the
                                         Maximum Liability in respect of any outstanding Instruments issued by the Lender; and

 

		(ii)	the
                                         Maximum Liability in respect of any other Instruments that are due to be made or issued
                                         on or before the proposed Drawing Date,

 

other
than any Instruments that are due to expire or to be cancelled, repaid or prepaid (including, in relation to Instruments, amounts
of cash cover or cash collateral due to be received) on or before the proposed Drawing Date;

 

Availability
Period means:

 

		(a)	in
                                         relation to the Instrument Facility, the period starting on the Commencement Date and
                                         ending on the earlier of:

 

		(i)	10
                                         Business Days prior to the Termination Date; and

 

		(ii)	the
                                         date that the Instrument Facility is cancelled under this Agreement; and

 

		(b)	in
                                         relation to the Revolving Credit Facility, the period starting on the Commencement Date
                                         and ending on the earlier of:

 

		(i)	10
                                         Business Days prior to the Termination Date; and

 

		(ii)	the
                                         date that the Revolving Credit Facility is cancelled under this Agreement;

 

    	 	 	 4

     

    

 

BBP
Rate means the Lender’s ‘Business Basis Premium’ rate (rounded upwards to four decimal places) for
the relevant period displayed on the Lender’s website (currently published at https://www.bnz.co.nz/business-banking/loans-and-finance/committed-cash-advance-facility,
or on any replacement page on the Lender’s website which displays that rate);

 

Beneficiary
means, in relation to an Instrument, the person or persons in whose favour that Instrument is issued;

 

BKBM
means, in relation to any Drawing:

 

		(a)	the
                                         applicable Screen Rate as of the Specified Time for a period equal in length to the Interest
                                         Period of that Drawing; or

 

		(b)	as
                                         otherwise determined pursuant to clause 9,

 

and
if, in either case, that rate is less than zero, BKBM shall be deemed to be zero;

 

BNZ
Liquidity Amount means the amount determined by the Lender from time to time and advised to the Borrower as the liquidity
premium applied by the Lender to advances or other accommodation;

 

Borrower
means the Initial Borrower and any other person who becomes a Borrower under clause 26.2 (Additional Borrowers);

 

Budgeted
Gross Profit means, in relation to a period, the budgeted gross profit of the Group for that period, as provided for in the
budget provided pursuant to clause 22.2(d);

 

Budgeted
Sales means, in relation to a period, the budgeted gross profit of the Group for that period, as provided for in the budget
provided pursuant to clause 22.2(d);

 

Business
Basis Premium means, in relation to any Drawing:

 

		(a)	the
                                         applicable BBP Rate as of the Specified Time for a period equal in length to the Interest
                                         Period of the Drawing; or

 

		(b)	as
                                         otherwise determined pursuant to clause 9;

 

Business
Day means a day other than a Saturday or Sunday on which registered banks (as defined in the Reserve Bank of New Zealand Act
1989) are open for business in Wellington and Auckland;

 

Capital
Expenditure means any expenditure which would in accordance with the Accounting Principles be treated as capital expenditure
in the audited consolidated financial statements of the Consolidated Group;

 

Certificate
means any document of title relating to any Shares or Share Rights;

 

Code
means the Internal Revenue Code of 1986, as amended;

 

Commencement
Date means 27 June 2016;

 

Compliance
Certificate means a compliance certificate substantially in the form set out in Part A of Schedule 7 (Form of Compliance Certificate)
and provided to the Lender in accordance with clause 22.2 (Reporting undertakings);

 

    	 	 	 5

     

    

 

Consolidated
Group means, at any time, the group of companies comprised of the Parent and its subsidiaries at that time;

 

Contribution
Notice means a contribution notice issued by the Pensions Regulator under section 38 or section 47 of the Pensions Act 2004
(UK);

 

Control
Event means in respect of any Secured Property that is, or would have been, a Revolving Asset:

 

		(a)	the
                                         relevant Obligor breaches, or attempts to breach clause 4.1 of the General Security Deed
                                         (Aus) in respect of that Secured Property or takes any step which would result in it
                                         doing so; 

 

		(b)	a
                                         person takes a step (including signing a notice or direction) which is likely to result
                                         in taxes, or an amount owing to an authority, ranking ahead of the security interest
                                         in that Secured Property under this document; 

 

		(c)	distress
                                         is levied or a judgment, order or security interest is enforced or becomes enforceable
                                         over that Secured Property; 

 

		(d)	the
                                         Lender gives a notice to the relevant Obligor that such Secured Property is not a Revolving
                                         Asset (however, the Lender may only give a notice if an Event of Default is continuing);

 

		(e)	in
                                         respect of all Secured Property that is or would have been Revolving Assets, an Event
                                         of Default referred to in clause 23.1(f) or 23.1(g) of this Agreement occurs;

 

Deed
of Amendment and Restatement (June 2018) means the deed of amendment and restatement dated 14 June 2018 between the Borrower,
the Guarantors and the Lender;

 

Deed
of Amendment and Restatement (March 2020) means the deed of amendment and restatement dated ___ March 2020 between the Borrower,
the Guarantors and the Lender;

 

Deed
of Subordination means any documents approved by the Lender that fully subordinates indebtedness to all amounts owed under
the Finance Documents;

 

Drawing
means each principal amount advanced (or to be advanced) to the Borrower under the Revolving Credit Facility in accordance
with the terms of this Agreement;

 

Drawing
Date means, in relation to a Drawing or an Instrument, the date on which it is (or is to be) advanced, which must be a Business
Day during the relevant Availability Period;

 

Drawing
Notice means a drawing notice substantially in the form set out in Schedule 2;

 

EBIT
means, in respect of any period and a Group, the consolidated net profit after tax of the relevant Group for that period,
as would be disclosed in the financial statements of the relevant Group if prepared in accordance with Accounting Principles for
that period, adjusted by:

 

		(a)	adding
                                         an amount equal to the aggregate of:

 

		(i)	Total
                                         Interest Costs;

 

		(ii)	losses
                                         of an unusual, abnormal or non-recurring nature for that period;

 

    	 	 	 6

     

    

 

		(iii)	the
                                         income tax expense for that period;

 

		(iv)	unrealised
                                         exchange losses for that period;

 

		(v)	any
                                         reduction during that period in the non-cash mark to market value of financial derivatives
                                         entered into by a Group Member as required by Accounting Principles; and

 

		(vi)	losses
                                         of a capital nature or that relate to unrealised revaluation losses, in each case for
                                         that period;

 

		(b)	deducting
                                         an amount equal to the aggregate of:

 

		(i)	gains
                                         of an unusual, abnormal or non-recurring nature for that period;

 

		(ii)	unrealised
                                         exchange gains for that period;

 

		(iii)	any
                                         increase during that period in the non-cash mark to market value of financial derivatives
                                         entered into by a Group Member as required by Accounting Principles; and

 

		(iv)	profits
                                         of a capital nature or that relate to unrealised revaluation gains, in each case for
                                         that period,

 

as
adjusted to remove earnings of any Group Member that have been included in the earnings of the Group but that are attributable
to any third party (not being a Group Member);

 

EBITDA
means, in respect of any period and a Group, the sum of:

 

		(a)	EBIT
                                         for that Group for that period; and

 

		(b)	depreciation
                                         and amortisation on fixed and other property of the relevant Group during that period,

 

which
would be disclosed by consolidated financial statements of the Group if they were prepared in accordance with Accounting Principles
as at the last day of that period;

 

Environmental
Law means any law relating to the environment, land or water use, noise, smell, pollution or contamination, toxic or hazardous
substances, waste disposal or conservation (including the Resource Management Act 1991) and any consent or notice under any such
law;

 

Event
of Default means any event specified in clause 23 (Events of Default) and any other event agreed from time to time by the
Lender and the Borrower to constitute an Event of Default;

 

Event
of Review means any event specified in clause 24 (Event of Review) and any other event agreed from time to time by the Lender
and the Borrower to constitute an Event of Review;

 

Euros
and EUR refers to the official unit of exchange of, and the currency of the majority of the states comprising, the
European Union;

 

Facility
means the Revolving Credit Facility and the Instrument Facility and Facilities means both;

 

    	 	 	 7

     

    

 

Facility
Limit means the aggregate, at any time, of the Revolving Credit Facility Limit and the Instrument Facility Limit at that time;

 

FATCA
means:

 

		(a)	sections
                                         1471 to 1474 of the Code or any associated regulations;

 

		(b)	any
                                         treaty, law or regulation of any other jurisdiction, or relating to an intergovernmental
                                         agreement between the US and any other jurisdiction, which (in either case) facilitates
                                         the implementation of any law or regulation referred to in paragraph (a) above; or

 

		(c)	any
                                         agreement pursuant to the implementation of any treaty, law or regulation referred to
                                         in paragraphs (a) or (b) above with the US Internal Revenue Service, the US government
                                         or any governmental or taxation authority in any other jurisdiction;

 

FATCA
Application Date means:

 

		(a)	in
                                         relation to a “withholdable payment” described in section 1473(1)(A)(i) of
                                         the Code (which relates to payments of interest and certain other payments from sources
                                         within the US), 1 July 2014;

 

		(b)	in
                                         relation to a “withholdable payment” described in section 1473(1)(A)(ii)
                                         of the Code (which relates to “gross proceeds” from the disposition of property
                                         of a type that can produce interest from sources within the US), 1 January 2019; or

 

		(c)	in
                                         relation to a “passthru payment” described in section 1471(d)(7) of the Code
                                         not falling within paragraphs (a) or (b) above, 1 January 2019,

 

or,
in each case, such other date from which such payment may become subject to a deduction or withholding required by FATCA as a
result of any change in FATCA after the date of this Agreement;

 

FATCA
Deduction means a deduction or withholding from a payment under a Finance Document required by FATCA;

 

FATCA
Exempt Party means a party that is entitled to receive payments free from any FATCA Deduction;

 

Finance
Debt means any indebtedness in respect of money borrowed or raised or any other financial accommodation whatever in the nature
of, or having a similar economic effect to, borrowing or raising money, including indebtedness under or in respect of a negotiable
or other financial instrument, guarantee, interest, currency exchange or commodity hedge or other arrangement of any kind (calculated
on a net and marked to market basis), redeemable share, share the subject of a guarantee, discounting arrangement, the principal
amount of any finance or capital lease, hire purchase, deferred purchase price of an asset or service (other than where the relevant
transaction is entered into in the ordinary course of business and the purchase price is paid within 120 days of supply) or an
obligation to deliver goods or other property or provision of services paid for in advance by a financier or in relation to another
financing transaction;

 

Finance
Documents means:

 

		(a)	this
                                         Agreement;

 

		(b)	the
                                         Security Documents;

 

    	 	 	 8

     

    

 

		(c)	the
                                         Deed of Amendment and Restatement (June 2018);

 

		(d)	the
                                         Deed of Amendment and Restatement (March 2020);

 

		(e)	any
                                         Hedge Agreement;

 

		(f)	each
                                         Transactional Banking Document;

 

		(g)	each
                                         novation agreement between the Lender and ANZ Bank New Zealand Limited relating to any
                                         Hedge Agreement existing at the Commencement Date;

 

		(h)	each
                                         agreement evidencing an Ancillary Facility (including the business visa facility provided
                                         by the Lender on or about the date of this Agreement); and

 

		(i)	each
                                         Deed of Subordination,

 

and
each other agreement (present or future), agreed by the Lender and the Borrower to be a Finance Document;

 

Financial
Support Direction means a financial support direction issued by the Pensions Regulator under section 43 of the Pensions Act
2004 (UK);

 

Free
Cashflow means, in respect of the Guaranteeing Group for a period, the greater of (1) zero, and (2) EBITDA for that period
after:

 

		(a)	adding
                                         the aggregate of any unusual, abnormal or non-recurring cash gains during that period
                                         which have been deducted from net profit for the purposes of determining EBIT;

 

		(b)	deducting
                                         the aggregate, without double counting, of:

 

		(i)	tax
                                         paid for that period;

 

		(ii)	Total
                                         Interest Costs for that period net of all cash interest earned by an Obligor in that
                                         period;

 

		(iii)	Capital
                                         Expenditure for that period;

 

		(iv)	any
                                         unusual, abnormal or non-recurring losses or charges paid in cash during that period
                                         and which have been added to net profit for the purposes of determining EBIT; and

 

		(v)	any
                                         non-cash items in EBITDA which are not otherwise adjusted pursuant to sub-paragraphs
                                         (i) to (iv) above; and

 

		(c)	adding
                                         the amount of any decrease (and deducting the amount of any increase) in working capital
                                         for that period calculated as:

 

		(i)	the
                                         aggregate value of accounts and other receivables and inventory, less the value of accounts
                                         and other payables on the last day of that period, for the Guaranteeing Group; less

 

		(ii)	the
                                         aggregate value of accounts and other receivables and inventory, less the value of accounts
                                         and other payables on the first day of that period, for the Guaranteeing Group,

 

    	 	 	 9

     

    

 

adjusted
for the cash changes in all current assets and current liabilities other than cash;

 

provided
that no amount shall be added (or deducted) more than once;

 

GBP
refers to the lawful currency of the United Kingdom;

 

General
Security Deed (Aus) means the General Security Deed dated on or about the date hereof between the Obligors named in paragraph
2 of Schedule 3 and the Lender;

 

Group
means the Consolidated Group or the Guaranteeing Group, as the context requires;

 

Group
Member means any member of the Consolidated Group or the Guaranteeing Group, as the context requires;

 

GST
means any goods and services or similar tax levied in accordance with the applicable GST Act;

 

GST
Act means the New Zealand Goods and Services Tax Act 1985 or the Australian A New Tax System (Goods and Services Tax) Act
1999 (Cth);

 

Guaranteed
Indebtedness means all indebtedness of the Obligors to the Lender;

 

Guaranteeing
Group means, at any time, the group of companies comprised of each Obligor at that time;

 

Guarantors
means the Initial Guarantors and any other person who becomes a Guarantor under clause 26.3 (Additional Guarantors);

 

Hedge
Agreement means each agreement pursuant to which an Obligor enters into a Treasury Transaction with the Lender (including,
for the avoidance of doubt, each ISDA or other derivatives master agreement and each Confirmation (as defined therein) relating
thereto);

 

Income
Tax Act means the Income Tax Act 2007;

 

Insolvency
Regulation shall mean the Council Regulation (EC) No. 1346/2000 on Insolvency Proceedings;

 

Instrument
means a letter of credit, bank guarantee, performance bond or other similar financial instrument issued under the Instrument
Facility;

 

Instrument
Facility means the Instrument facility provided by the Lender in accordance with clause 10;

 

Instrument
Facility Limit means NZ$1,345,000 as reduced from time to time in accordance with this Agreement;

 

Interest
Period means each period by reference to which an interest rate applicable to a Drawing, any Advance or another sum is determined
in accordance with this Agreement;

 

    	 	 	 10

     

    

 

Interpolated
BBP Rate means, in relation to any Drawing, the rate (rounded to the same number of decimal places as the two relevant BBP
Rates) which results from interpolating on a linear basis between:

 

	 	(a)	the BBP Rate for the longest period (for which the BBP Rate is available) which is less than the Interest Period of that Drawing; and
	 	 	 
		(b)	the
                                         BBP Rate for the shortest period (for which the BBP Rate is available) which exceeds
                                         the Interest Period of that Drawing,

 

each
as of the Specified Time, provided that there shall be deemed to be a BBP Rate available in respect of three month periods, being
a rate of 0% per annum, notwithstanding that this period and rate may not be displayed on the Lender’s website;

 

Interpolated
Screen Rate means, in relation to any Drawing, the rate (rounded to the same number of decimal places as the two relevant
Screen Rates) which results from interpolating on a linear basis between:

 

		(a)	the
                                         Screen Rate for the longest period (for which the Screen Rate is available) which is
                                         less than the Interest Period of that Drawing; and
	 	 	 
		(b)	the
                                         Screen Rate for the shortest period (for which the Screen Rate is available) which exceeds
                                         the Interest Period of that Drawing,

 

each
as of the Specified Time;

 

Inventory
means, on any date, the book value of all stock in trade (which for the purpose of this definition means, on any date, the
aggregate value of stock held by the Obligors for the purposes of its business on that date, excluding all stock where the value
attributed to it on the balance sheet exceeds market value, obsolete stock, stock that is over 90 days old and all stock
that is subject to any Security Interest (excluding any security interest held by the Lender pursuant to the Transaction Documents))
held by the Obligors as at that date.

 

Inventory
Ratio means, on the last Business Day of each calendar month commencing the month ending 31 March 2020, the ratio of Inventory
to Working Capital Debt on that date.

 

IP
means all trademarks, service marks, trade names, domain names, logos, get-up, patents, inventions, registered and unregistered
design rights, copyrights, topography rights, database rights, rights in confidential information and know how, and any associated
or similar rights anywhere in the world, which as now or in the future owns or (to the extent of its interests) in which it now
or in the future has an interest (in each case whether registered or unregistered and including any related licenses and sub-licenses
of the same granted by it or to it, applications and rights to apply for the same);

 

Issuer
means each company that has issued Shares to an Obligor, including another Obligor;

 

June
2018 Effective Date has the meaning given to that term in the Deed of Amendment and Restatement (June 2018);

 

March
2020 Effective Date has the meaning given to that term in the Deed of Amendment and Restatement (March 2020);

 

Margin
means 2.00% per cent per annum;

 

    	 	 	 11

     

    

 

Marketable
Securities means:

 

		(a)	‘intermediated
                                         securities’ and ‘investment instruments’ (each as defined in the Australian
                                         PPSA);

 

		(b)	an
                                         undertaking referred to in the exceptions in paragraphs (a), (b) and (c) of the definition
                                         of ‘debenture’ in the Australian Corporations Act;
	 	 	 
		(c)	a
                                         unit or other interest in a trust or partnership; and
	 	 	 
		(d)	a
                                         right or an option in relation to any of the above, whether issued or unissued;

 

Material
Secured Property means Secured Property with a value of greater than NZ$100,000 or its equivalent in any other currency;

 

Maximum
Liability means, in respect of an Instrument, the amount specified in that Instrument as the maximum aggregate liability able
to be claimed (exclusive of interest on such liability) under that Instrument in the currency in which the Instrument is denominated
less any amount cancelled and any amount paid by the Borrower to the Lender in respect of that Instrument whether as a deposit,
cash collateral or otherwise that has been approved by the Lender as reducing the Maximum Liability in respect of that Instrument;

 

Monthly
Compliance Certificate means a compliance certificate substantially in the form set out in Part B of Schedule 7 (Form of Monthly
Compliance Certificate) and provided to the Lender in accordance with clause 22.2 (Reporting undertakings);

 

New
Borrower has the meaning given to it in clause 26.2 (Additional Borrowers);

 

New
Guarantor has the meaning given to it in clause 26.3 (Additional Guarantors);

 

New
Security Provider has the meaning given to it in clause 26.4 ( Additional Security Providers);

 

NY
Financing Documents means:

 

		(a)	the
                                         security agreement, dated as of the date hereof, between Bendon USA Inc. and the Lender;
                                         and
	 	 	 
		(b)	the
                                         pledge agreement, dated as of the date hereof, between Bendon Holdings Limited and the
                                         Lender with respect to Bendon Holdings Limited’s shares of Bendon USA Inc.;

 

NZ
Dollar Equivalent means, in relation to an amount of NZ Dollars, that amount, and, in relation to an amount in an Optional
Currency, the amount of NZ Dollars which the Lender could purchase with that amount of US Dollars, AUD, GBP or Euros, (as appropriate),
in the New Zealand inter-bank market at 11 a.m. (New Zealand time) on the day on which the calculation is required to be made;

 

NZ
Dollars, NZ$ and NZD refer to New Zealand currency;

 

NZ
PPSA means the Personal Property Securities Act 1999;

 

Obligor
means the Borrower and each Guarantor;

 

Operating
Lease Expense means, in relation to any period, the aggregate of any rental paid in that period in connection with any operating
lease of real property (but excluding a lease that would be treated as a finance lease pursuant to the Accounting Principles);

 

Optional
Currency means AUD, EUR, GBP or USD;

 

    	 	 	 12

     

    

 

Other
Property means Real Property and all of a Security Provider’s other present and after-acquired property that is not
Personal Property;

 

Parent
means Naked Brand Group Limited (ACN 619 054 938).

 

Pensions
Regulator means the body corporate called the Pensions Regulator established under Part I of the Pensions Act 2004 (UK);

 

Permitted
Acquisition means:

 

		(a)	an
                                         acquisition made for fair value in the ordinary course of business;
	 	 	 
		(b)	an
                                         acquisition that is the purchase of an asset by one Security Provider from another Security
                                         Provider; or
	 	 	 
		(c)	an
                                         acquisition that occurs with the prior written approval of the Lender;

 

Permitted
Disposal means a disposal:

 

		(a)	in
                                         respect of which the Lender has given its prior written consent;
	 	 	 
		(b)	of
                                         inventory made in the ordinary course of business of the disposing entity;
	 	 	 
		(c)	of
                                         property where the proceeds of disposal are used within 12 months to purchase replacement
                                         property comparable or superior as to type, value or quality;
	 	 	 
		(d)	of
                                         property for fair market value on commercial arms’ length terms;
	 	 	 
		(e)	of
                                         cash for fair market value on commercial arm’s length terms and in the ordinary
                                         course of business of the disposing entity;
	 	 	 
		(f)	of
                                         obsolete or redundant vehicles, plant and equipment for cash;
	 	 	 
		(g)	of
                                         property (including by way of distribution or payment on account of any inter-Security
                                         Provider loan arrangement) from one Security Provider to another Security Provider;
	 	 	 
		(h)	expressly
                                         permitted under a Finance Document;

 

Permitted
Financial Accommodation means, in relation to a Security Provider, financial accommodation provided by that Security Provider
at a time when no Event of Default subsists:

 

		(a)	pursuant
                                         to the Finance Documents;
	 	 	 
		(b)	to
                                         another Security Provider;
	 	 	 
		(c)	to
                                         a Customer in the ordinary course of business on arms’ length commercial terms
                                         provided that the aggregate financial accommodation provided under this paragraph (c)
                                         at any time does not exceed NZ$500,000 or the NZ Dollar Equivalent thereof;
	 	 	 
		(d)	(provided
                                         no Event of Default is continuing at the relevant time) to another Group Member (which
                                         is not a Security Provider), provided the aggregate amount of all such Finance Debt does
                                         not exceed $100,000 at any time; or

 

		(e)	with
                                         the prior written consent of the Lender;

 

    	 	 	 13

     

    

 

Permitted
Reorganisation means, with the Lender’s prior written consent, the permitted restructuring or reorganisation of any
of the Obligors, including their shareholding structure and asset holdings;

 

Permitted
Security means a security interest:

 

		(a)	created
                                         under a Finance Document;
	 	 	 
		(b)	in
                                         respect of which the Lender has given its prior written consent;
	 	 	 
		(c)	granted
                                         by one Security Provider in favour of another Security Provider;
	 	 	 
		(d)	in
                                         relation to personal property that is created or provided for by:

 

		(i)	a
                                         transfer of an account receivable or chattel paper;
	 	 	 
		(ii)	a
                                         lease for a term of more than one year; or
	 	 	 
		(iii)	a
                                         commercial consignment,

 

that
does not secure payment or performance of an obligation;

 

		(e)	arising
                                         out of any netting or set-off arrangement entered into by a Security Provider with another
                                         Security Provider for the purpose of netting debit and credit balances of Group Members,
                                         provided that such arrangement does not give rise to a security interest over property
                                         of a Security Provider in support of liabilities of a Group Member that is not a Security
                                         Provider.
	 	 	 
		(f)	that
                                         is a right of set-off arising in the ordinary course of the ordinary day-to-day business
                                         of an Obligor and that does not secure indebtedness;
	 	 	 
		(g)	that
                                         arises as a result of legal proceedings discharged within 30 days or otherwise being
                                         contested in good faith and not otherwise constituting an Event of Default;
	 	 	 
		(h)	that
                                         is expressly permitted under a Finance Document; and
	 	 	 
		(i)	arising
                                         under finance leases entered into in the ordinary course of business provided the value
                                         of the assets subject to lease at any time does not exceed $500,000;

 

Personal
Property means all of each Security Provider’s present and after-acquired personal property including all personal property
in which the Obligor has rights, whether now or in the future;

 

Potential
Event of Default means any event or circumstance that, with the giving of notice, lapse of time or fulfilment of another requirement,
would constitute an Event of Default;

 

PPSA
means the Australian PPSA and the NZ PPSA;

 

PPSR
has the meaning given to the term ‘register’ in the PPSA;

 

Quotation
Day means, in relation to any period for which an interest rate is to be determined, the first day of that period;

 

    	 	 	 14

     

    

 

Real
Property means all of each Obligor’s present and after-acquired freehold and registered leasehold land, all estates
and interests in land and all buildings, structures and fixtures (including trade fixtures) for the time being on that land;

 

Reference
Bank Rate means:

 

		(a)	the
                                         arithmetic mean of the rates (rounded upwards to four decimal places) as supplied to
                                         the Lender at its request by the Reference Banks as the rate at which the relevant Reference
                                         Bank could borrow funds in the New Zealand bank bill market and for the relevant
                                         period were it do so by asking for and then accepting interbank offers for deposits in
                                         reasonable market size for that period; or
	 	 	 
		(b)	(if
                                         the rate referred to in paragraph (a) is not available), the arithmetic mean of the rates
                                         (rounded upwards to four decimal places) as supplied to the Lender at its request by
                                         the Reference Banks as the rate at which the relevant Reference Bank could raise funds
                                         in the wholesale market for NZ Dollars for the relevant period;

 

Reference
Banks means the principal offices in Auckland of the Lender, ANZ Bank New Zealand Limited, Westpac New Zealand Limited and
ASB Bank Limited, or such other entities as may be appointed by the Lender in consultation with the Borrower;

 

Relevant
Party means each Obligor and each other party to a Finance Document (other than the Lender);

 

Repayment
Instalment has the meaning given to that term in clause 8.8;

 

Reporting
Date means:

 

		(a)	during
                                         the period commencing on the Commencement Date and ending on 31 December 2018, 31 March,
                                         30 June, 30 September and 30 December in each year; and
	 	 	 
		(b)	thereafter,
                                         31 January, 30 April, 31 July, 31 October in each year;

 

Reporting
Period means, on any Reporting Date, the 12 month period ending on that Reporting Date;

 

Revolving
Asset means any Secured Property:

 

		(a)	which
                                         is:

 

		(i)	inventory;
	 	 	 
		(ii)	a
                                         negotiable instrument;
	 	 	 
		(iii)	machinery,
                                         plant, or equipment which is not inventory and has a value of less than $100,000 or its
                                         equivalent; or
	 	 	 
		(iv)	money
                                         (including money withdrawn or transferred from an account with a bank or other financial
                                         institution); and

 

		(b)	in
                                         relation to which no Control Event has occurred, subject to clause 4.4 of the General
                                         Security Deed (Aus);

 

    	 	 	 15

     

    

 

Revolving
Credit Facility means the revolving credit facility of a maximum aggregate principal amount of the Revolving Credit Facility
Limit to be made available on the terms of this Agreement;

 

Revolving
Credit Facility Limit means NZ$16,700,000 (as reduced from time to time in accordance with this Agreement) to be made available
on the terms of this Agreement;

 

Revolving
Credit Repayment Date means each date set out in the table in paragraph (b) of clause 8.7;

 

Rollover
Advance means one or more Drawings under the Revolving Credit Facility:

 

		(a)	made
                                         or to be made on the same day that a maturing Drawing under the Revolving Credit Facility
                                         is due to be repaid;
	 	 	 
		(b)	the
                                         aggregate amount of which is equal to or less than the amount of the maturing Drawing
                                         under the Revolving Credit Facility;
	 	 	 
		(c)	in
                                         the same currency as the maturing Drawing under the Revolving Credit Facility; and
	 	 	 
		(d)	made
                                         or to be made to the same Borrower for the purpose of refinancing that maturing Drawing
                                         under the Revolving Credit Facility;

 

RWT
Exemption Certificate has the meaning given to it in section YA 1 of the Income Tax Act;

 

RWT
Rules has the meaning given to it in section YA 1 of the Income Tax Act;

 

Screen
Rate means the New Zealand bank bill reference rate (bid) (rounded upwards to four decimal places) administered by the New
Zealand Financial Markets Association (or any other person who takes over the administration of that rate) for the relevant period
displayed on page BKBM of the Thomson Reuters screen (or any replacement Thomson Reuters page which displays that rate), or on
the appropriate page of such other information service which publishes that rate from time to time in place of Thomson Reuters.
If such page or service ceases to be available, the Lender may specify another page or service displaying the relevant rate after
consultation with the Borrower;

 

Secured
Property means all present and future right, title and interest (legal and equitable) of each Security Provider in and to
all Personal Property and all Other Property, including, without limitation:

 

		(a)	the
                                         Shares;
	 	 	 
		(b)	the
                                         Share Rights;
	 	 	 
		(c)	the
                                         Certificates; and
	 	 	 
		(d)	all
                                         proceeds of the Shares and Share Rights;

 

Security
Documents means each of the agreements set out in Schedule 3 (Security Documents) and each other security agreement, guarantee
or other agreement (present or future) expressed or intended to guarantee or secure the Obligors’ obligations under this
Agreement;

 

    	 	 	 16

     

    

 

Security
Provider means a Borrower or Guarantor who has granted security over all its property to secure all of the obligations of
the Obligors under the Finance Documents;

 

Serial
Numbered Secured Property means:

 

		(a)	as
                                         at the date of this document, the Secured Property described in Schedule 9 to this Agreement;
	 	 	 
		(b)	any
                                         other Secured Property that must be described by serial number in a registration on the
                                         New Zealand personal property securities register or the PPSR; and
	 	 	 
		(c)	any
                                         other Secured Property that may be described by serial number in a registration on the
                                         PPSR;

 

Share
Rights means all securities, property and other rights (whether in or of the Issuer or another person) to which a holder of
Shares is entitled or offered, including any distribution, option or property issued by way of a rights or bonus issue;

 

Shares
means all shares of an Issuer issued to or owned by an Obligor;

 

Specified
Time means 10.45am on the Quotation Day;

 

Subordinated
Debt means indebtedness that is fully subordinated to all amounts owed under the Finance Documents pursuant to a Deed of Subordination;

 

Supplemental
Deed means a supplemental deed:

 

		(a)	in
                                         respect of a New Borrower, in the form of Schedule 5 (Form of Supplemental Deed for New
                                         Borrower); and
	 	 	 
		(b)	in
                                         respect of a New Guarantor, in the form of Schedule 6 (Form of Supplemental Deed for
                                         New Guarantor);

 

Termination
Date means the date that is twenty-four months from the March 2020 Effective Date;

 

Total
Interest Cost means, for a Group for a period, the gross amount of all interest and financing costs incurred by the Group
over that period, calculated on a consolidated basis in accordance with Accounting Principles, after taking into account all realised
losses and profits on foreign currency borrowings and financing transactions (other than amounts transferred to foreign currency
transaction reserves), including:

 

		(a)	the
                                         amount of all discounts and similar allowances on the issue or disposal of debt instruments;
	 	 	 
		(b)	all
                                         finance charges under finance leases and hire purchase agreements;
	 	 	 
		(c)	the
                                         amount of all dividends paid or payable on redeemable shares issued by any member of
                                         the Group; and
	 	 	 
		(d)	all
                                         other expenses and amounts that are required by Accounting Principles to be treated as
                                         interest or financing costs,

 

    	 	 	 17

     

    

 

but
excluding interest and financing costs on money borrowed or raised to acquire, develop or improve fixed assets, to the extent
that they have been capitalised in the accounts of the Group and excluding:

 

		(e)	any
                                         realised costs of closing out a Treasury Transaction that are incurred in connection
                                         with the acquisition or disposal of a subsidiary or business after the date of this agreement;
	 	 	 
		(f)	any
                                         dividends paid on redeemable shares and any other interest and financing costs paid by
                                         one member of the Group to another member of the Group; and
	 	 	 
		(g)	any
                                         non-cash items included in interest in the most recent financial statements of the Group;

 

Transactional
Banking Document means any document entered into from time to time between an Obligor and the Lender under which one or more
Transactional Banking Facilities are made available to any member of the Guaranteeing Group;

 

Transactional
Banking Facilities means any day to day banking facilities or arrangements made available to a member of the Guaranteeing
Group by the Lender in connection with the ordinary course of trade of that member of the Guaranteeing Group;

 

Treasury
Transaction means any foreign exchange agreement, currency or interest purchase, interest rate swap, cap or collar agreement,
currency swap agreement, currency and interest rate future or option contract, commodity swap, option, cap, collar, floor or swaption
or other similar agreement (whether entered into before, on, or after the date of this Agreement);

 

Trust
means the Pleasure State Unit Trust ABN 20 730 241 229;

 

Trust
Deed means the trust deed dated 13 May 2004 constituting the Trust, as varied by the deed polls for variation of trust dated
12 August 2011, 8 April 2013, and includes each document approved by the Lender for the purposes of this definition which amends,
varies or supplements that trust deed;

 

Trustee
means Pleasure State Pty Limited ACN 108 588 076, in its capacity as trustee of the Trust;

 

UK
Obligors means each Obligor incorporated in England and Wales;

 

US
Dollars and USD refer to the lawful currency of the United States of America;

 

US
Tax Obligor means:

 

		(a)	a
                                         Borrower which is resident for tax purposes in the United States of America; or
	 	 	 
		(b)	an
                                         Obligor some or all of whose payments under the Finance Documents are from sources within
                                         the United States of America for US federal income tax purposes; and

 

Working
Capital Debt means, on any date, the Amount Outstanding under the Revolving Credit Facility as at that date.

 

    	 	 	 18

     

    

 

1.2
Construction

 

In
this Agreement, unless the context otherwise requires:

 

an
agreement includes a contract, deed, licence, undertaking and other document or legally enforceable arrangement (in each
case, whether or not in writing, present and future), and includes that document as amended, assigned, novated or substituted
from time to time;

 

compromise
includes a compromise as defined in section 227 of the Companies Act 1993;

 

a
consent includes an approval, authorisation, exemption, filing, licence, order, permit, recording or registration;

 

change
of control includes where, at any time, any person alone or together with a related person, ceases to control or commences
controlling that entity;

 

one
person being controlled by another means that the other person (whether directly or indirectly and whether by the ownership
of share capital, the possession of voting power, contract or otherwise):

 

		(a)	has
                                         the power to appoint and/or remove the majority of the members of the governing body
                                         of that person;
	 	 	 
		(b)	otherwise
                                         controls or has the power to control the affairs and policies of that person; or
	 	 	 
		(c)	is
                                         in a position to derive the whole or a substantial part of the benefit of that person;

 

costs
incurred by a person include all commissions, charges, losses, expenses (including legal fees on a solicitor and own client
basis) and taxes incurred by that person;

 

a
directive includes a directive, regulation and requirement (in each case, whether or not having the force of law but, if
not having the force of law, the compliance with which is in accordance with the general practice of persons to whom the directive
is addressed);

 

disposing
of property includes:

 

		(a)	selling,
                                         assigning, novating, leasing, lending, exchanging, transferring, granting a concession,
                                         surrendering, licensing, reserving, waiving, compromising, releasing, dealing, subordinating,
                                         varying the terms of, parting with possession of, granting an option, right or interest
                                         in respect of, or otherwise dealing with that property;
	 	 	 
		(b)	the
                                         payment of money (including a distribution by way of dividend); and
	 	 	 
		(c)	an
                                         agreement for any of these,

 

but
excludes the creation of a security interest;

 

distribution
is defined in section 2 of the Companies Act 1993, and includes any reduction of capital (including a redemption by a company
of its own shares), any acquisition by a company of any share in itself or in its holding company, and any financial assistance
provided by a company to enable another person to acquire any such share;

 

financial
statements has the meaning specified in section 6 of the Financial Reporting Act 2013;

 

group
financial statements has the meaning specified in section 7 of the Financial Reporting Act 2013;

 

    	 	 	 19

     

    

 

a
guarantee includes an indemnity, letter of credit, letter of comfort, suretyship and other agreement, the economic effect
of which is to provide security, or otherwise assume responsibility, for the indebtedness or obligations of another person;

 

a
holding company of a person includes a holding company as defined in section 5 of the Companies Act 1993 and section 9
of the Australian Corporations Act;

 

indebtedness
includes any obligation relating to the payment of money:

 

		(a)	whether
                                         present or future, actual or contingent;

		(b)	whether
                                         incurred alone, jointly, severally, or jointly and severally and as principal, surety
                                         or otherwise;

		(c)	whether
                                         due to the lender alone, or with another person, and whether the Lender is entitled for
                                         its own account or for the account of another person;

		(d)	whether
                                         arising from a banker and customer relationship or another relationship;

		(e)	whether
                                         originally contemplated by the debtor or the Lender or not;

		(f)	whether
                                         the Lender is the original person the amount was owed to, or an assignee and, if the
                                         Lender is an assignee:

		(i)	whether
                                         or not the debtor consented to, or was aware of the assignment; and

		(ii)	regardless
                                         of when the assignment occurred; and

		(g)	if
                                         determined pursuant to any award, order, judgment or decree against the debtor, whether
                                         or not the debtor was party to the court proceedings, arbitration or other dispute resolution
                                         process in which that award, order, judgment or decree was made,

including
any such obligation arising under derivative or similar products;

 

the
liquidation of a person includes the dissolution, administration, winding-up and bankruptcy of that person and any analogous
procedure under the law of any jurisdiction in which that person is incorporated, domiciled, carries on business or has property;

 

loss
excludes loss of profit and loss of margin;

 

something
having a material adverse effect is a reference to it having, in the reasonable opinion of the Lender, a material adverse
effect on:

 

		(a)	the
                                         consolidated financial condition or operations of the Group; or

		(b)	the
                                         Group’s ability to comply with any of its material obligations under any Finance
                                         Document; or

		(c)	the
                                         validity or enforceability of, or the effectiveness or ranking of any security interest
                                         created under or in connection with a Security Document or the rights and remedies of
                                         the Lender under any Finance Document,
	 	 	 
	 	and
references to material adverse change shall be construed accordingly;

 

    	 	 	 20

     

    

 

obligations
include covenants, conditions, stipulations, representations, warranties, guarantees, undertakings, assurances and agreements;

 

a
person includes an individual, a body corporate, an association of persons (whether corporate or not), a trust, a state,
an agency of a state and any other entity (in each case, whether or not having separate legal personality);

 

property
includes:

 

		(a)	anything
                                         that is capable of being owned, whether it is real or personal property, and whether
                                         it is tangible or intangible; and

		(b)	the
                                         whole and any part of the relevant person’s business, assets (including leased
                                         assets), undertaking, revenues, benefits and rights,

(in
each case, present and future), and reference to any property includes any legal or equitable interest in it;

 

related
person means:

 

		(a)	any
                                         related company (as defined in section 2(3) of the Companies Act 1993, but as if the
                                         word “subsidiary” in that section had the same meaning as “subsidiary”
                                         in this Agreement) of an Obligor;

		(b)	in
                                         relation to any Obligor incorporated under the laws of Australia, any related body corporate
                                         (as defined in section 9 of the Australian Corporations Act) of that Obligor; 

		(c)	any
                                         person that is treated as an associated company of an Obligor in terms of Accounting
                                         Principles;

		(d)	any
                                         person who beneficially owns (or together with its related persons, determined on the
                                         same basis as set out in paragraphs (a), (b) and (c) above, beneficially owns) whether
                                         directly or indirectly, 20% or more of the equity share capital in the Borrower;

		(e)	any
                                         related entity (determined on the same basis as set out in paragraphs (a), (b) and (c)
                                         above) of any person referred to in paragraph (d) above; and

		(f)	the
                                         beneficiary of a trust under which a trustee of the trust is a related entity in terms
                                         of paragraphs (a) to (e) above;

rights
includes authorities, consents, discretions, remedies, powers and causes of action;

 

a
security interest includes:

 

		(a)	a
                                         mortgage, pledge, charge, lien, hypothecation, encumbrance, deferred purchase, title
                                         retention, finance lease, contractual right of set-off, flawed asset arrangement, sale-and-repurchase
                                         and sale-and-leaseback arrangement, order and other arrangement of any kind, the economic
                                         effect of which is to secure a creditor; 

		(b)	a
                                         “security interest” as defined in section 17(1)(a) of the PPSA in respect
                                         of which the relevant person is the debtor; and

		(c)	a
                                         “security interest” as defined in sections 12(1) or (2) of the Australian
                                         PPSA;

    	 	 	 21

     

    

 

a
subsidiary of a person includes:

 

		(a)	a
                                         subsidiary as defined in section 5 of the Companies Act 1993 (as if the term “company”
                                         in those sections includes entities incorporated in a jurisdiction other than New Zealand);
                                         and

		(b)	an
                                         “in substance” subsidiary and any other person treated as a subsidiary under
                                         Accounting Principles; 

		(c)	a
                                         person controlled (whether directly or indirectly and whether by ownership of share capital,
                                         possession of voting power, contract or otherwise) by that person; 

		(d)	in
                                         relation to an Obligor incorporated under the laws of Australia, a subsidiary within
                                         the meaning of Part 1.2 of Division 6 of the Australian Corporations Act, but as if the
                                         body corporate includes any entity for the purpose of which any beneficial interest or
                                         unit in a trust will be deemed to be shares; and

		(e)	in
                                         relation to Pleasure State (HK) Limited:

		(i)	a
                                         subsidiary within the meaning of section 15 of the Companies Ordinance (Cap.622) of Hong
                                         Kong; and

		(ii)	any
                                         company which would be a subsidiary within the meaning of section 15 of the Companies
                                         Ordinance (Cap.622) of Hong Kong but for any Security subsisting over the shares in that
                                         company from time to time,

but
on the basis that a person shall be treated as a member of a company if any shares in that company are held by that person’s
nominee or any other person acting on that person’s behalf;

 

		(f)	in
                                         relation to a UK Obligor:

		(i)	a
                                         subsidiary within the meaning of section 1159 of the Companies Act 2006 (UK); and

		(ii)	any
                                         company which would be a subsidiary within the meaning of section 1159 of the Companies
                                         Act 2006 (UK) but for any security interest subsisting over the shares in that company
                                         from time to time,

but
on the basis that a person shall be treated as a member of a company if any shares in that company are held by that person’s
nominee or any other person acting on that person’s behalf;

 

tax(es)
includes any tax, levy, impost, stamp or other duty and any other charge, deduction or withholding of a similar nature (including
any penalty or interest payable in connection with any failure to pay, or any delay in paying, any of the same);

 

writing
includes a facsimile transmission, an email communication and any means of reproducing words in a tangible and permanently
visible form;

 

a
reference to a party, clause, schedule or annexure is a reference to a party to, clause of, schedule
to or annexure to, this Agreement;

 

the
word “including”, when introducing an example, does not limit the meaning of the words to which the example
relates;

 

    	 	 	 22

     

    

  

an
Event of Default, Event of Review or Potential Event of Default is continuing until it has been waived in writing by, or
remedied to the satisfaction of, the Lender;

 

an
agreement, representation or undertaking given by an Obligor in favour of two or more persons is for the benefit of them jointly
and each of them severally;

 

a
gender includes each other gender;

 

the
singular includes the plural and vice versa;

 

where
a word or phrase is defined, its other grammatical forms have a corresponding meaning;

 

any
legislation includes a modification and re-enactment of, legislation enacted in substitution for, and a regulation, order-in-council
and other instrument from time to time issued or made under, that legislation; and

 

a
party to this Agreement or another agreement includes its successors and its permitted assignees, novatees and transferees.

 

Headings
and the table of contents are to be ignored in construing this Agreement.

 

Unless
the contrary intention appears, where an Obligor holds any property as trustee for any trust (including where the trust has not
been disclosed to the Lender), the Finance Documents are binding on the relevant Obligor in its personal capacity and in its capacity
as trustee of the relevant trust and references to the Obligor’s assets, liabilities, acts or omissions include any assets,
liabilities, acts or omissions of the Obligor as trustee of the relevant trust.

 

	1.3	Joint
                                         and several liability

The
liability of, and obligations on, each Obligor under this Agreement are joint and several.

 

Any
New Borrower is jointly and severally liable with any existing Borrower under this Agreement. References in this Agreement to
“Borrower” are to each Borrower individually, and to all Borrowers together.

 

Any
New Guarantor is jointly and severally liable with any existing Guarantor under this Agreement. References in this Agreement to
“Guarantor” are to each Guarantor individually, and to all Guarantors together.

 

	1.44	PPSA

The
terms “collateral” and “debtor” in the definition of “security interest” above have the meanings
given to them in the PPSA, and where it relates to an Obligor incorporated under the laws of Australia or any of its subsidiaries
incorporated under the laws of Australia, a reference to these terms has the meaning given in the Australian PPSA.

 

    	 	 	 23

     

    

 

	2.	Facilities

 

	2.1	Availability

The
Lender agrees to make each Facility available to the Borrower on the terms of this Agreement and in the manner set out below:

 

	 	Facility	 	Manner
    of Use
	 	Revolving
    Credit Facility	 	By
    making Drawings denominated in NZ$ or an Optional Currency.
	 	Instrument
    Facility	 	By
    requesting the Lender to issue Instruments (denominated in NZ$ or an Optional Currency) during the relevant Availability Period.
    

 

	2.2	Purpose

The
Borrower will use the net proceeds of any Accommodation for the purposes specified below:

 

	 	Facility	 	Purpose
	 	Revolving
    Credit Facility	 	To
    refinance the Borrower’s existing (as at the June 2018 Effective Date) customised average rate loan facilities and stock
    and debtor finance facilities with the Lender and for general commercial purposes of the Group.
	 	Instrument
    Facility	 	To
    fund the rental bonding requirements of the Guaranteeing Group.

 

	2.3	Conditions
                                         to any Accommodation

The
Lender will not be obliged to make any Accommodation available under a Facility unless:

 

		(a)	Conditions
                                         precedent

[Note
Conditions Precedent satisfied]

 

		(b)	No
                                         Event of Default

		(i)	no
                                         Event of Default; and

		(ii)	(unless
                                         the Accommodation is a Rollover Advance) no Potential Event of Default,

has
occurred, or will occur, as a result of the making available of that Accommodation;

 

		(c)	Representations

the
representations made in, or in connection with, the Finance Documents are true, accurate and complied with in all material respects
on the Drawing Date, as if repeated on that date by reference to the facts and circumstances then existing;

 

		(d)	Unusual
                                         circumstances

none
of the events contemplated by clause 17 have occurred, or are reasonably likely to occur, on the Drawing Date.

 

    	 	 	 24

     

    

 

	2.4	Drawdown

The
Lender will make an Advance to the Borrower on any Business Day nominated by the Borrower during the relevant Availability Period
if:

 

		(a)	Drawing
                                         Notice

the
Lender has received from the Borrower a Drawing Notice not later than 2.00 pm on the Business Day before the proposed Drawing
Date, which notice will be irrevocable and must specify:

 

		(i)	the
                                         Facility from which the Advance is requested;

		(ii)	the
                                         requested amount of the Advance, which must be an integral amount of NZ$100,000;

		(iii)	the
                                         proposed Drawing Date; 

		(iv)	the
                                         currency of that Advance, which must be NZ$ or an Optional Currency; 

		(v)	the
                                         requested length of the Interest Period applicable to the Advance. 

		(b)	Available
                                         Facility

		(i)	the
                                         NZ Dollar Equivalent of the amount of that Advance does not exceed the applicable Available
                                         Facility; and

		(ii)	(if
                                         the currency of an Advance is an Optional Currency) the currency is readily available
                                         in the amount required and freely convertible into NZ Dollars in the wholesale market
                                         for that currency on the Quotation Date and the Drawing Date,

failing
which the Lender may discontinue the requested drawdown of the Advance, or make the requested Advance and waive any of these conditions.

 

	2.5	Application
                                         on re-drawing

Subject
to compliance with clause 2.4, all or part of a Drawing may, if the Borrower so requests in the relevant Drawing Notice, be applied
by the Lender in or towards repayment of a Drawing to be repaid on that Drawing Date, so that only the net amount is payable on
that day. Nothing in this clause affects the obligation of the Borrower to make timely repayment of a Drawing in full if such
application is not made.

 

	2.6	Right
                                         of Review

		(a)	The
                                         Lender may review the Facilities at any time. This will generally be done annually, but
                                         may be done at other times.

		(b)	The
                                         Borrower acknowledges and agrees that the Lender in its absolute discretion may, by notice
                                         in writing to the Borrower, vary the percentage rate appearing in the definition of Margin.
                                         

		(c)	All
                                         variations to the Margin shall be effective and become binding upon the parties fourteen
                                         days (or such longer period as advised by the Lender) after the date of the notice notifying
                                         such change.

    	 	 	 25

     

    

  

	3.	[Intentionally
                                         deleted]

	4.	[Intentionally
                                         deleted]

	5.	[Intentionally
                                         deleted]

	6.	[Intentionally
                                         deleted]

	7.	[Intentionally
                                         deleted]

	8.	Revolving
                                         Credit Facility

	8.1	Availability

The
Lender agrees to make the Revolving Credit Facility available to the Borrower on the terms of this Agreement. The Revolving Credit
Facility will be made available in NZ$ or an Optional Currency and by Drawings on any Business Day during the Availability Period
of the Revolving Credit Facility.

 

	8.2	Interest
                                         Rate

The
Borrower shall pay interest on each Drawing for each Interest Period at the rate per annum determined by the Lender to be:

 

		(a)	in
                                         respect of a Drawing in NZ$, the sum of: 

		(i)	BKBM
                                         for that Interest Period;

		(ii)	the
                                         BNZ Liquidity Amount;

		(iii)	in
                                         respect of a Drawing in NZ$ with an Interest Period of one or two months, or any other
                                         period that is greater than one month but less than three months, the Business Basis
                                         Premium for that Interest Period; and

		(iv)	the
                                         Margin;

		(b)	in
                                         respect of a Drawing in an Optional Currency, the percentage rate per annum (rounded
                                         upwards to four decimal places) which is the sum of:

		(i)	the
                                         Margin; and

		(ii)	the
                                         rate of interest notified to the Borrower by the Lender to be that which expresses as
                                         a percentage rate per annum, the cost to the Lender of funding that Drawing from whatever
                                         source it may reasonably select, subject always to clause 9.

 

    	 	 	 26

     

    

 

	8.3	Interest
                                         Payment

On
the last day of each Interest Period for a Drawing under the Revolving Credit Facility (or, in the case of an Interest Period
longer than three months, on each day during that period that falls at three monthly intervals from the first day of that period),
the Borrower shall pay to the Lender all unpaid interest accrued on each Drawing during the relevant Interest Period (or, in the
case of an Interest Period longer than three months, during the relevant three month period) at the applicable rate of interest
for that Interest Period. The Lender will notify the Borrower of each determination of the applicable rate of interest and of
each amount of interest payable under this clause but failure to do so will not affect the obligation of the Borrower to pay interest.

 

	8.4	Interest
                                         Periods

Each
Interest Period for a Drawing will be a period commencing on the applicable Drawing Date of three months (or such other period
as the Lender may agree in writing) except that:

 

		(a)	an
                                         Interest Period that commences on a day for which there is no numerically corresponding
                                         day in the month that Interest Period expires will end on the last Business Day of that
                                         month;

		(b)	if
                                         an Interest Period would otherwise end on a day that is not a Business Day, that Interest
                                         Period will be extended to end on the next succeeding Business Day, unless the result
                                         of that extension would be to carry the Interest Period over into the next calendar month,
                                         in which case the relevant Interest Period will expire on the previous Business Day;

		(c)	no
                                         Interest Period will extend beyond the Termination Date;

		(d)	if
                                         the Borrower fails to nominate the length of an Interest Period, the Interest Period
                                         will be of three month’s duration,

and
if (a) or (b) apply, the next Interest Period will end on the day it would have ended if the previous Interest Period had not
been extended or shortened; and

 

		(e)	the
                                         Lender may shorten the Interest Period for any Drawing to ensure there is a sufficient
                                         Amount Outstanding under the Revolving Credit Facility which has an Interest Period ending
                                         on a Revolving Credit Facility Repayment Date for the Borrower to make the Repayment
                                         Instalment due on that date.

	8.5	Prepayment

The
Borrower may prepay a Drawing in full (or any part of it being not less than NZ$100,000 and that is a whole multiple of NZ$100,000)
on the Borrower giving the Lender not less than three Business Days’ notice of its intention to do so, specifying the date
and the amount of the prepayment. That notice will be irrevocable and will bind the Borrower to make the prepayment specified
in it. On the date of prepayment, the Borrower shall prepay the relevant Drawing (or part of it) together with accrued interest
on that Drawing (or part of it) and any amount due under clause 18 (Indemnities).

 

	8.6	Redrawing

Amounts
prepaid under clause 8.5 will be available for re-borrowing.

 

    	 	 	 27

     

    

 

	8.7	Repayment

		(a)	The
                                         Borrower will repay each Drawing on the last day of its Interest Period and will repay
                                         all outstanding Drawings on the Termination Date, together with all interest and costs
                                         payable under the Finance Documents.

		(b)	The
                                         Revolving Credit Facility Limit will be permanently reduced by the amounts of each Repayment
                                         Instalment on the date falling on each Revolving Credit Repayment Date set out below.
                                         If, following such reduction, the Amount Outstanding exceeds the reduced Revolving Credit
                                         Facility Limit, the Borrower must immediately repay an amount equal to such excess.

	 	Revolving
    Credit Repayment Date	 	Repayment
    Instalment	 
	 	31
    March 2020	 	NZ$750,000	 
	 	30
    April 2020	 	NZ$750,000	 
	 	31
    May 2020	 	NZ$1,250,000	 
	 	30
    June 2020	 	NZ$1,250,000	 
	 	31
    July 2020	 	NZ$1.000,000	 
	 	28
    February 2021	 	NZ$500,000	 
	 	31
    August 2021	 	NZ$750,000	 
	 	30
    November 2021	 	NZ$750,000	 

 

	8.8	Mandatory
                                         Prepayment

		(a)	If
                                         any Obligor receives any net cash proceeds of any asset disposal made by an Obligor of
                                         an amount which, when aggregated with the amount of all other such net cash proceeds
                                         in the preceding 12 month period, exceeds NZ$250,000, the Borrower shall apply those
                                         proceeds in prepayment of the Amount Outstanding and the Revolving Credit Facility Limit
                                         shall be reduced accordingly.

		(b)	If
                                         any of the events set out below occur:

		(i)	there
                                         is a change of control of Naked Brand Group Limited; or 

		(ii)	Naked
                                         Brand Group Limited ceases to own 100% of the shares in Bendon Limited,

each
Facility Limit will be cancelled immediately and the Amount Outstanding under each Facility will become due and payable.

 

    	 	 	 28

     

    

 

	8.9	Currency
                                         equalisation

		(a)	On
                                         the last day of each Interest Period the Lender shall calculate the NZ Dollar Equivalent
                                         of the Amount Outstanding under the each Facility by reference to the Lender’s
                                         spot rate of exchange on that date.

		(b)	If
                                         at any time the aggregate NZ Dollar Equivalent of the Amount Outstanding under that Facility
                                         as calculated under paragraph (a) above (the Aggregate NZ Dollar Amount) exceeds
                                         105 per cent of Facility Limit for that Facility, then the Borrower shall, within 5 Business
                                         Days of written notice from the Lender, ensure that an amount equal to the difference
                                         between the Aggregate NZ Dollar Amount and the Facility Limit for that Facility is applied
                                         in prepayment of the Amount Outstanding under that Facility. Any amounts prepaid in accordance
                                         with this clause 8.9 will not be available for redrawing.

	9.	Changes
                                         to the calculation of interest

	9.1	Unavailability
                                         of Screen Rate

		(a)	Interpolated
                                         Screen Rate: If no Screen Rate is available for the Interest Period of a Drawing,
                                         the applicable BKBM shall be the Interpolated Screen Rate for a period equal in length
                                         to the Interest Period of the relevant Drawing, except where the Interest Period is less
                                         than one month, in which case there shall be no BKBM for that Drawing and clause 9.5
                                         shall apply to that Drawing for that Interest Period.

		(b)	Reference
                                         Bank Rate: If no Screen Rate is available for the Interest Period of a Drawing (not
                                         being a Drawing with an Interest Period less than one month), and it is not possible
                                         to calculate the Interpolated Screen Rate, the applicable BKBM shall be the Reference
                                         Bank Rate as of the Specified Time for a period equal in length to the Interest Period
                                         of that Drawing.

		(c)	Cost
                                         of funds: If paragraph (b) above applies but no Reference Bank Rate is available
                                         for the relevant Interest Period, there shall be no BKBM for that Drawing and clause
                                         9.5 shall apply to that Drawing for that Interest Period.

	9.2	Calculation
                                         of Reference Bank Rate

		(a)	Subject
                                         to paragraph (b) below, if BKBM is to be determined on the basis of a Reference Bank
                                         Rate but a Reference Bank does not supply a quotation by the Specified Time, the Reference
                                         Bank Rate shall be calculated on the basis of the quotations of the remaining Reference
                                         Banks.

		(b)	If
                                         at or about 12.00pm on the Quotation Day, none or only one of the Reference Banks supplies
                                         a quotation, there shall be no Reference Bank Rate for that Interest Period and clause
                                         9.45 shall apply to that Drawing for that Interest Period.

	9.3	Interpolated
                                         BBP Rate

If
the Business Basis Premium is to be applied to a Drawing under clause 8.2 and no BBP Rate is available for the relevant Interest
Period, the applicable Business Basis Premium shall be the Interpolated BBP Rate for a period equal in length to the Interest
Period of the relevant Drawing.

 

    	 	 	 29

     

    

  

	9.4	Market
                                         disruption

If
before 5.00pm on the Business Day after the Quotation Day for the relevant Interest Period, the Lender notifies the Borrower that
as a result of market circumstances not limited to it (whether or not those circumstances, or their effect on the Lender’s
cost of funds, subsisted on the date of this Agreement), the cost to it of funding the Drawing (from whatever source it may reasonably
select) would be in excess of BKBM plus any applicable Business Basis Premium, then clause 9.5 shall apply to the Drawing for
the relevant Interest Period.

 

	9.5	Cost
                                         of funds

		(a)	If
                                         this clause applies, the rate of interest for the relevant Drawing for the relevant Interest
                                         Period shall be the percentage rate per annum (rounded upwards to four decimal places)
                                         which is the sum of:

		(i)	the
                                         Margin; and

		(ii)	the
                                         rate of interest notified to the Borrower by the Lender to be that which expresses as
                                         a percentage rate per annum, the cost to it of funding that Drawing from whatever source
                                         it may reasonably select.

That
rate is to be notified as soon as practicable and in any event before interest is due to be paid in respect of that Interest Period.

 

		(b)	If
                                         this clause 9.5 applies and the Lender or the Borrower so requires, the Lender and the
                                         Borrower shall enter into negotiations (for a period of not more than 30 days) with a
                                         view to agreeing a substitute basis for determining the rate of interest. 

		(c)	Any
                                         alternative basis agreed pursuant to paragraph (b) above shall, with the prior consent
                                         of the Lender and the Borrower, be binding on all parties.

	9.6	Notice

The
Lender shall promptly notify the Borrower if there is a market disruption event under clause 9.4.

 

	9.7	Break
                                         Costs

		(a)	The
                                         Borrower shall, within three Business Days of demand by the Lender, pay to the Lender
                                         its Break Costs attributable to all or any part of a Drawing being paid by that Borrower
                                         on a day other than the last day of an Interest Period for that Drawing.

		(b)	The
                                         Lender shall, as soon as reasonably practicable after a demand by the Borrower, provide
                                         a certificate confirming the amount of its Break Costs for any Interest Period in which
                                         they accrue.

	10.	Instrument
                                         Facility

	10.1	Availability

The
Lender agrees to make the Instrument Facility available to the Borrower on the terms of this Agreement. The Instrument Facility
will be made available by the issuing of Instruments.

 

    	 	 	 30

     

    

 

	10.2	Conditions
                                         precedent to each Instrument

The
Lender will make an Instrument available in accordance with clause 10.3, on any Business Day during the Availability Period nominated
by the Borrower if:

 

		(a)	Available
                                         Facility 

the
amount of the Instrument, when aggregated with all of the other outstanding Instruments (if any), intended to be issued on the
same day, would not cause the applicable Available Facility to be exceeded on the Drawing Date;

 

		(b)	Limits
                                         on Instruments

no
more than 20 Instruments being outstanding at any one time.

 

	10.3	Instruments

Subject
to compliance with clause 10.2, the Lender shall issue an Instrument in NZ$ or an Optional Currency on account of the Borrower
if no later than 10.30 a.m. on the second Business Day before the proposed Drawdown Date the Lender has received from the Borrower
a duly completed Drawing Notice for that Instrument which shall be irrevocable and which shall specify:

 

		(a)	the
                                         type of Instrument (attaching a copy of the agreed form of the Instrument pursuant to
                                         clause 10.4(a));

		(b)	the
                                         Drawing Date for that Instrument; 

		(c)	the
                                         Maximum Liability under that Instrument; and

		(d)	the
                                         Beneficiary of that Instrument.

	10.4	Form
                                         of Instruments

Each
Instrument issued by the Lender must:

 

		(a)	be
                                         in the form agreed by the Borrower and the Lender; 

		(b)	contain
                                         a “pay and walk” clause, if required by the Lender;

		(c)	have
                                         an Expiry Date which is not later than the Termination Date; 

		(d)	be
                                         denominated in NZ$ or an Optional Currency; and

		(e)	be
                                         payable on a Business Day and have a term no less than one month from the date of issue
                                         of that Instrument.

    	 	 	 31

     

    

  

	10.5	Authority
                                         to make payments

The
Borrower irrevocably authorises the Lender to pay immediately any amount demanded at any time under an Instrument. The Lender:

 

		(a)	need
                                         not first refer to any member of the Consolidated Group or obtain its authority for the
                                         payment; and

		(b)	need
                                         not enquire whether the demand has been properly made (provided that the demand has been
                                         made in the prescribed form, if any); and

		(c)	may
                                         meet any demand even though a member of the Consolidated Group disputes the validity
                                         of the demand.

	10.6	Borrower’s
                                         undertaking to reimburse

The
Borrower may reimburse, repay or otherwise discharge the amounts owing or contingently owing in respect of any issued Instrument
by:

 

		(a)	providing
                                         to the Lender, cash collateral (on terms satisfactory to the Lender) in an amount not
                                         less than the Maximum Liability of the issued Instrument; or

		(b)	cancelling
                                         that Instrument by procuring the Beneficiary under that Instrument to return the original
                                         to the Lender.

	10.7	Expiring
                                         Instruments

The
Instrument Facility Limit is not reduced when an Instrument expires, is repaid or is otherwise discharged.

 

	10.8	Indemnity

The
Borrower unconditionally and irrevocably indemnifies the Lender against any liability or loss arising from, and any costs incurred
in connection with, the Lender making payment pursuant to or receiving a claim in respect of an Instrument. The Borrower agrees
to pay amounts due under this indemnity on demand from the Lender. For the avoidance of doubt, any payment made under this clause
shall be paid in the same currency as the Instrument in respect of which the payment was made.

 

	10.9	Rights
                                         are protected

The
rights of the Lender under the Instrument Facility in respect of an Instrument and the Borrower’s obligations with respect
to an Instrument are not affected by anything (other than in the case of fraud, gross negligence or wilful misconduct on the part
of the Lender) that might otherwise affect them under law or otherwise, including:

 

		(a)	any
                                         inaccuracy, insufficiency, forgery or alteration in any certificate, Instrument or other
                                         document which purports to be made, issued or delivered under this Agreement or under
                                         any Instrument; 

		(b)	the
                                         fact that the Lender releases a member of the Consolidated Group (or another person)
                                         or gives them a concession, such as more time to pay, or compounds or compromises with
                                         them; 

		(c)	laches,
                                         acquiescence or delay on the part of the Lender or another person; 

		(d)	any
                                         variation or novation of a right of the Lender or another person; or

		(e)	the
                                         fact that the obligations of any person other than a member of the Consolidated Group
                                         may not be enforceable.

    	 	 	 32

     

    

 

	10.10	Prohibitions
                                         on issue of certain Instruments

The
Lender is not obliged to issue an Instrument in respect of any Beneficiary if the issue would cause a breach by the Lender of
any applicable law.

 

	10.11	Redrawing

Subject
to compliance with the provisions of this Agreement relating to drawdown, amounts under the Instrument Facility which are repaid
or prepaid in accordance with this Agreement or amounts available as a result of the cancellation or release of an Instrument
shall be available for drawing or redrawing during the Availability Period for the Instrument Facility.

 

	11.	Ancillary
                                         Facilities

	11.1	Availability

The
Lender may, at its option, agree to make additional facilities available to the Obligors.

 

	11.2	Documentation

Any
ancillary facility will be made on the terms specified in a separate agreement to be entered into between the

Lender and the relevant
Obligor(s) at the relevant time, and will be subject to the terms of that agreement.

 

	12.	Repayment

The
Borrower will repay all outstanding Drawings on the Termination Date, in each case, together with all interest and costs payable
under the Finance Documents.

 

	13.	Illegality

If,
at any time, the Lender determines that it is, or is likely to be, or will become, unlawful or contrary to any law, treaty or
directive of any agency of state or other regulatory, monetary or accounting authority to make, fund or allow to remain outstanding
all or part of the Facility or any Accommodation, or to charge or receive interest at any applicable rate, or to comply with any
of its obligations or exercise any of its rights under a Finance Document, then, on the Lender notifying the Borrower accordingly:

 

		(a)	the
                                         obligation of the Lender to make the Facility or any Accommodation available will be
                                         cancelled; and

		(b)	where
                                         the Facility or part of it has been made available, the Borrower will repay the Amount
                                         Outstanding either immediately or, if permitted by law, treaty or directive, on the expiry
                                         of each current Interest Period (if applicable) relating to it.

    	 	 	 33

     

    

 

	14.	Default
                                         interest

If
the Borrower does not pay, when due, an amount payable by it under a Finance Document then, without prejudice to its other obligations,
the Borrower will pay interest on that overdue amount (including interest payable under this clause) calculated from its due date
to the date of its receipt by the Lender (after as well as before judgment), compounded and payable at intervals selected by the
Lender at its discretion (each a Default Interest Period). This obligation to pay default interest arises without the need
for a notice or demand. The rate of default interest (the Default Rate) will be the
aggregate of:

 

		(a)	The
                                         rate of interest that would otherwise be payable pursuant to clause 8.2; and

		(b)	2
                                         percent per annum,

on
the first day of the relevant Default Interest Period.

 

		15.	Fees

	15.1	Establishment
                                         fee

[Intentionally
deleted]

 

		15.2	Line
                                         fee

		(a)	The
                                         Borrower will pay to the Lender a line fee at the rate of 2.00 per cent per annum of
                                         the Revolving Credit Facility Limit. 

		(b)	The
                                         Borrower will pay to the Lender a line fee at the rate of 2.00 per cent per annum of
                                         the Instrument Facility Limit.

		(c)	Each
                                         such line fee is payable quarterly in advance from the March 2020 Effective Date to the
                                         later of the Termination Date and the date on which the Amount Outstanding is received
                                         by the Lender.

	15.3	Issuance
                                         fee

		(a)	The
                                         Borrowers shall pay to the Lender an issuance fee in an amount equal to 1.00% of the
                                         Maximum Liability of the Lender per annum under each Instrument as specified by the Lender
                                         in accordance with its current trade terms relating to such Instruments. 

		(b)	Such
                                         issuance fees shall be payable quarterly in advance (starting on the date of issue of
                                         that Instrument) until such time as the relevant Instrument is formally cancelled by
                                         the Lender (which will be deemed to occur after the Instrument expires). These issuance
                                         fees are subject to review at the Lender’s sole discretion.

		(c)	Other
                                         fees may be payable in respect of Instruments provided by the Lender as specified by
                                         the Lender in accordance with its current trade terms relating to such Instruments or
                                         as otherwise agreed with a Borrower. These fees are subject to review at the Lender’s
                                         sole discretion.

    	 	 	 34

     

    

 

	15.4	No
                                         refund	 

No
fee payable by the Borrower is refundable in any circumstance, even where payable in advance.

 

	16.	Taxes

	16.1	Gross
                                         up

If:

 

		(a)	an
                                         Obligor or a person on its behalf is required by law to make a deduction or withholding
                                         on account of tax from any amount paid or payable by it under a Finance Document; or

		(b)	the
                                         Lender or a person on its behalf is required by law to make any payment for or on account
                                         of tax (other than tax on overall net income of the Lender) on or in relation to any
                                         amount received or receivable by it under a Finance Document,

then
the relevant Obligor will:

 

		(c)	ensure
                                         that any such deduction or withholding does not exceed the legal minimum and shall pay
                                         the amount required to be deducted or withheld to the relevant authority before the date
                                         any penalty begins to accrue; and

		(d)	increase
                                         the actual amount paid to the Lender to the extent necessary to ensure that after any
                                         such deduction, withholding or payment is made, the Lender actually receives and retains
                                         on the due date (free from any liability in respect of any such deduction, withholding
                                         or payment, and ignoring any amount that the Lender is deemed to have received by reason
                                         of any legislation) a net amount equal to the amount that it would have received and
                                         so retained had no such deduction, withholding or payment been required to be made.

	16.2	Tax
                                         credit

If
the Lender receives the benefit of a final tax refund or credit resulting from an Obligor having made a deduction or withholding
referred to in, or in respect of which an Obligor has made an increased payment under, clause 16.1 (Gross up), it will pay to
the relevant Obligor such part of that benefit as, in the Lender’s reasonable opinion, will leave it in a no less favourable
position (after that payment, and taking account of any additional payment made to it under clause 16.1 (Gross up) and any tax
payable by it on that additional payment) than it would have been in if no deduction or withholding or payment had been required.
In doing so, the Lender:

 

		(a)	will
                                         be the sole judge of the amount of any such benefit and the date on which it is received
                                         and paid;

		(b)	has
                                         absolute discretion as to the order and manner in which it employs or claims tax credits
                                         and allowances available to it and is under no obligation to claim relief from any of
                                         its tax liabilities in respect of any such deduction or withholding in priority to any
                                         other claims, credits or deductions available to it; and

		(c)	has
                                         no obligation to disclose to the Obligor any information regarding its tax affairs or
                                         computations.

    	 	 	 35

     

    

 

	16.3	New
                                         Zealand Resident Withholding Tax

The
Lender:

 

		(a)	RWT
                                         Exemption Certificate

confirms
to the Borrower that, as at the date of this Agreement (or, if later, as at the date it becomes party to this Agreement), it is
a person of the type listed in section 32E(2)(a) to (h) of the Tax Administration Act 1994, and holds an RWT Exemption Certificate;

 

		(b)	Undertaking
                                         to maintain certificate

undertakes
to the Borrower to use reasonable endeavours to maintain the currency of its RWT Exemption Certificate until the Termination Date,
provided that the Lender is lawfully able to do so;

 

		(c)	Obligation
                                         to notify

agrees
to notify the Borrower promptly if it ceases to hold, or ceases to be entitled to hold, an RWT Exemption Certificate, following
which the Lender and the Borrower shall negotiate in good faith for a period not exceeding 30 days with a view to agreeing upon
an arrangement that will ensure, so far as possible, that the Borrower is not disadvantaged, and the Lender is not advantaged,
by reason of the loss of the RWT Exemption Certificate. If no such arrangement is agreed within the 30 day period, clause 16.1
(Gross up) will continue to apply.

 

	16.4	FATCA

Notwithstanding
anything to the contrary herein, nothing in clause 16.1 or 17 shall apply to the extent the relevant amount relates to a FATCA
Deduction required to be made by a party to this Agreement.

 

	16.5	FATCA
                                         Information

		(a)	Subject
                                         to paragraph (c) below, each of the Lender and an Obligor (in this clause a Party)
                                         shall, within ten Business Days of a reasonable request by another Party:

		(i)	confirm
                                         to that other Party whether it is:

		(A)	
                                                                                                                                                                                                                                    a FATCA Exempt Party; or

		(B)	 not
                                         a FATCA Exempt Party; 

		(ii)	supply
                                         to that other Party such forms, documentation and other information relating to its status
                                         under FATCA as that other Party reasonably requests for the purposes of that other Party’s
                                         compliance with FATCA;

		(iii)	supply
                                         to that other Party such forms, documentation and other information relating to its status
                                         as that other Party reasonably requests for the purposes of that other Party’s
                                         compliance with any other law, regulation, or exchange of information regime.

    	 	 	 36

     

    

  

		(b)	If
                                         a Party confirms to another Party pursuant to paragraph (a)(i) above that it is a FATCA
                                         Exempt Party and it subsequently becomes aware that it is not or has ceased to be a FATCA
                                         Exempt Party, that Party shall notify that other Party reasonably promptly. 

		(c)	Paragraph
                                         (a) above shall not oblige any Party to do anything, which would or might in its reasonable
                                         opinion constitute a breach of:

		(i)	any
                                         law or regulation; 

		(ii)	any
                                         fiduciary duty; or

		(iii)	any
                                         duty of confidentiality. 

		(d)	If
                                         a Party fails to confirm whether or not it is a FATCA Exempt Party or to supply forms,
                                         documentation or other information requested in accordance with paragraph (a)(i) or (ii)
                                         above (including, for the avoidance of doubt, where paragraph (c) above applies), then
                                         such Party shall be treated for the purposes of the Finance Documents (and payments under
                                         them) as if it is not a FATCA Exempt Party until such time as the Party in question provides
                                         the requested confirmation, forms, documentation or other information. 

		(e)	If
                                         an Obligor is a US Tax Obligor or the Lender or the Borrower reasonably believes that
                                         its obligations under FATCA or any other applicable law or regulation require it, the
                                         Lender shall, within ten Business Days of:

		(i)	where
                                         an Obligor is a US Tax Obligor and the Lender is Bank of New Zealand, the date of this
                                         Agreement;

		(ii)	where
                                         an Obligor is a US Tax Obligor on the date of any assignment by the Lender pursuant to
                                         clause 25.1 and the Lender is not Bank of New Zealand, the date of that assignment; 

		(iii)	the
                                         date a new US Tax Obligor accedes as an Obligor; or

		(iv)	where
                                         an Obligor is not a US Tax Obligor, the date of a request from the Lender, 

supply
to the Borrower:

 

		(v)	a
                                         withholding certificate on Form W-8, Form W-9 or any other relevant form; or

		(vi)	any
                                         withholding statement or other document, authorisation or waiver as the Lender may require
                                         to certify or establish the status of such Lender under FATCA or that other law or regulation.
                                         

		(f)	The
                                         Lender shall provide any withholding certificate, withholding statement, document, authorisation
                                         or waiver it receives from any other person pursuant to paragraph (e) above to the Borrower.

		(g)	If
                                         any withholding certificate, withholding statement, document, authorisation or waiver
                                         provided to the Borrower pursuant to paragraph (e) or (f) above is or becomes materially
                                         inaccurate or incomplete, that Lender shall promptly update it and provide such updated
                                         withholding certificate, withholding statement, document, authorisation or waiver to
                                         the Borrower unless it is unlawful for the Lender to do so (in which case the Lender
                                         shall promptly notify the Borrower). The Lender shall provide any such updated withholding
                                         certificate, withholding statement, document, authorisation or waiver to the Borrower.

		(h)	The
                                         Borrower may rely on any withholding certificate, withholding statement, document, authorisation
                                         or waiver it receives from a Lender pursuant to paragraph (e) or (g) above without further
                                         verification. The Borrower shall not be liable for any action taken by it under or in
                                         connection with paragraphs (e), (f) or (g) above.

    	 	 	 37

     

    

 

 

	16.6	FATCA
                                         Deduction

		(a)	Each
                                         Party may make any FATCA Deduction it is required to make by FATCA, and any payment required
                                         in connection with that FATCA Deduction, and no Party shall be required to increase any
                                         payment in respect of which it makes such a FATCA Deduction or otherwise compensate the
                                         recipient of the payment for that FATCA Deduction. 

		(b)	Each
                                         Party shall promptly, upon becoming aware that it must make a FATCA Deduction (or that
                                         there is any change in the rate or the basis of such FATCA Deduction), notify the Party
                                         to whom it is making the payment and, in addition, shall notify the Borrower and the
                                         Lender if appropriate. 

	16.7	GST

If
any supply by the Lender to the Borrower in relation to any Finance Document is, at the time of supply, subject to GST, the Borrower
will, subject to receipt of a valid tax invoice, pay to the Lender an amount equal to the applicable goods and services tax in
addition to the consideration for that supply.

 

Where
a Finance Document requires any party to reimburse the Lender for any costs or expenses, such costs or expenses shall include
any indirect tax (including GST) incurred by the Lender in respect of those costs or expenses save to the extent that the Lender
is entitled to a repayment or credit in respect of the indirect tax. Where applicable, the Lender will promptly provide the party
with a tax invoice complying with the relevant indirect tax legislation.

 

	16.8	Stamp
                                         duty

The
Obligors must:

 

		(a)	pay;
                                         and

		(b)	within
                                         3 Business Days of demand, indemnify the Lender against any cost, expense, loss or liability
                                         the Lender incurs in relation to, 

all
stamp duty, registration or other similar tax payable in respect of any Finance Document.

 

	16.9	Notice
                                         of legal requirements

If
a party is required to make a deduction, withholding or payment for or on account of tax or on another account, it shall promptly
notify each other party immediately.

 

    	 	 	 38

     

    

 

	16.10	Tax
                                         receipts

Promptly
after the making by an Obligor of a deduction or withholding, the Borrower will deliver to the Lender a receipt or other documentation
reasonably satisfactory to the Lender evidencing the deduction or withholding.

 

	16.11	Limitation
                                         for default by Lender

Nothing
in this clause 16 shall be construed as requiring an Obligor to pay an amount to the Lender on account of a tax which is a penalty
or interest payable in connection with the Lender’s failure to pay an amount to the revenue in any jurisdiction after receiving
it from an Obligor.

 

	17.	Increased
    costs

	17.1	Increased
                                         costs

If,
at any time, as a result of:

 

		(a)	the
                                         introduction of, or a change in, a law, treaty or directive of an agency of state or
                                         other regulatory, monetary or accounting authority, or in its interpretation by the agency
                                         or authority charged with its administration, or by a court of competent jurisdiction
                                         (including the implementation or application of, or compliance with, any document that
                                         forms part of the international capital or regulatory framework for banks published by
                                         the Basel Committee on Banking Supervision but excluding Basel III); or

		(b)	compliance
                                         by the Lender or by a person with whom the Lender may have a loan, swap or other funding
                                         or participation arrangement with a directive of an agency of state or other regulatory,
                                         monetary or accounting authority,

in
each case after the date of this Agreement (or, in relation to a person becoming party to this Agreement subsequently, the date
it becomes party to this Agreement) the Lender determines that:

 

		(c)	the
                                         cost to it of making, funding or maintaining the Facility or any Accommodation or any
                                         other amount under a Finance Document, or all or any of the amounts comprised in a class
                                         of advances formed by or including the Facility or any Accommodation or any other amount
                                         is increased; or

		(d)	an
                                         amount payable to it or its effective return under a Finance Document is reduced; or

		(e)	there
                                         is a reduction in the effective rate of return on its overall capital that, in its view,
                                         is attributable to either of paragraphs (a) or (b) above applying in relation to its
                                         obligations under a Finance Document or to any class of obligations of which they form
                                         part; or

		(f)	it
                                         makes a payment or forgoes any interest or other return on or calculated by reference
                                         to a sum received or receivable by it from a Relevant Party under a Finance Document
                                         in an amount that the Lender considers material,

then,
and in each case (whether or not the Lender is aware at the date of this Agreement that any such introduction, change or directive
will subsequently take effect):

 

		(g)	the
                                         Lender will notify the Borrower; and

on
demand from time to time by the Lender, the Borrower will pay to the Lender, the amount certified by the Lender to be necessary
to compensate it (and except to the extent that the Borrower is already liable to compensate it under this Agreement) for that
increased cost, reduction, payment or forgone interest or other return (or that portion of it as in the Lender’s opinion,
is attributable to the Facility or any Accommodation or the Lender’s obligations under a Finance Document) (if requested
by the Borrower, this certificate will provide reasonable details of the composition of this amount).

 

No
demand may be made under this clause 17.1 in relation to any increased cost arising in respect of tax or as a consequence of the
wilful misconduct or negligence of the Lender.

 

    	 	 	 39

     

    

 

 

	17.2	Minimisation

 

If
the Lender has acted in good faith, an amount certified under sub-clause 17.1 (Increased costs) above will be payable regardless
of whether an increased cost, reduction, payment or forgone interest or other return referred to in that clause could have been
avoided.

 

	17.3	Survival
                                         of obligations

 

The
obligations of the Borrower under sub-clause 17.1 (Increased costs) above are to survive termination of the Facility and payment
of all other indebtedness due under any Finance Document.

 

	17.4	Changes
                                         in market conditions

 

If,
by reason of circumstances affecting any relevant interbank market generally, it is or may be impossible for the Lender to obtain
the relevant currency in that market (and accordingly it is impossible for it to make, fund or maintain the Facility or any Accommodation
or any other amount under a Finance Document, or all or any of the amounts comprised in a class of advances formed by or including
the Facility or any Accommodation) for any period, the Lender is to notify the Borrower promptly and:

 

		(a)	if
                                         the Accommodation has not been made, the obligation of the Lender to make the Accommodation
                                         available will be suspended; and
	 	 	 
		(b)	if
                                         the Accommodation has been made, the Borrower will repay the Accommodation and all other
                                         indebtedness of the Borrower under each Finance Document either immediately or, as the
                                         Lender elects, on the next date for payment of interest.

 

Without
prejudice to the Borrower's obligations to repay, the Borrower and the Lender are to negotiate in good faith with a view to agreeing
terms for making the Facility available from another source. However, the Lender is under no obligation to agree to terms or to
continue those negotiations if terms are not agreed promptly.

 

	18.	Indemnities

 

 

	18.1    	General
                                         indemnity

 

Subject
to any mandatory law, the Obligors will indemnify the Lender against each cost incurred by it as a result of:

 

		(a)	the
                                         occurrence or continuance of an Event of Default; or

 

    	 	 	 40

     

    

 

		(b)	an
                                         amount payable by the Obligors under a Finance Document not being paid when due, whether
                                         by prepayment, acceleration or otherwise (but, so far as appropriate, credit is to be
                                         given for amounts, if any, of default interest paid under the Finance Document); or
	 	 	 
		(c)	a
                                         prepayment of a Drawing being made or becoming due, or another amount being paid or becoming
                                         due, otherwise than on the last day of an Interest Period relating to it (whether or
                                         not that payment is permitted or required under this Agreement); or
	 	 	 
		(d)	a
                                         Drawing not being drawn on the requested Drawing Date (other than by reason of default
                                         by the Lender); or
	 	 	 
		(e)	any
                                         Advance not being advanced on the requested Drawing Date (other than by reason of default
                                         by the Lender); or
	 	 	 
		(f)	an
                                         enquiry by a Government Agency involving an Obligor; or
	 	 	 
		(g)	reliance
                                         by the Lender (acting reasonably) on any communication made to it via electronic mail
                                         by an authorised signatory of the Borrower,

 

by
payment on demand to the Lender, of the amount that the Lender certifies is required to compensate the Lender for that cost, including
each cost incurred in liquidating or re-employing:

 

		(h)	deposits
                                         or other funds acquired or arranged to fund or maintain a Drawing or any Advance or any
                                         part of it; and
	 	 	 
		(i)	any
                                         transaction entered into in anticipation of drawdown and/or disbursement of a Drawing
                                         or any Advance.

 

	18.2	Currency
                                         indemnity

 

If
an amount due from a Relevant Party under a Finance Document or under a suit, action or proceeding has to be converted from the
currency (the first currency) in which it is payable into another currency (the second currency) for the purposes
of:

 

		(a)	making
                                         or filing a claim or proof against a Relevant Party; or
	 	 	 
		(b)	obtaining
                                         an order or judgment in any court; or
	 	 	 
		(c)	enforcing
                                         an order or judgment,

 

then
the Obligors will indemnify the Lender by payment on demand in immediately available funds, in the currency stipulated by the
Lender, against each cost incurred by the Lender as a result of any discrepancy between:

 

		(d)	the
                                         rate of exchange used for that purpose to convert the sum in question from the first
                                         currency into the second currency; and
	 	 	 
		(e)	the
                                         rate of exchange at which the Lender may, in the ordinary course of business, purchase
                                         the first currency with the second currency.

 

Each
amount due under this clause will be due as a separate debt and will not be affected by, or merged into, a judgment obtained for
other sums due.

 

    	 	 	 41

     

    

 

	18.3	Indemnities
                                         irrevocable

 

The
above indemnities are unconditional and irrevocable, and will survive both termination of this Agreement and payment of all other
indebtedness due under the Finance Documents.

 

	19.	Costs

 

 

 

The
Borrower will pay each cost incurred by the Lender in connection with:

 

		(a)	the
                                         preparation, negotiation, entry into, execution, stamping, registration and release of
                                         each Finance Document;

 

		(b)	each
                                         amendment to, waiver or consent in respect of, or discharge or release of or under, a
                                         Finance Document; and

 

		(c)	the
                                         exercise, protection, investigation or enforcement of the Lender's rights under a Finance
                                         Document;

 

in
each case, on demand and on a full indemnity basis. The costs in relation to (a) and (b) must be reasonable.

 

	20.	Cross
                                         guarantee

 

 

 

	20.1	Guarantee

 

Each
Obligor unconditionally and irrevocably jointly and severally guarantees to the Lender due payment by each other Obligor (in this
clause, referred to as the Debtor), of the Guaranteed Indebtedness.

 

	20.2	Payment

 

Each
Obligor undertakes to the Lender that if, for any reason, a Debtor does not pay when due (whether by acceleration or otherwise)
any of its Guaranteed Indebtedness, it will pay the relevant amount to the Lender immediately on demand.

 

	20.3	Unenforceability
                                         of obligations

 

As
a separate and continuing undertaking, each Obligor unconditionally and irrevocably undertakes to the Lender that, should any
Guaranteed Indebtedness not be recoverable from an Obligor under any Finance Document for any reason, including a provision of
any Finance Document or an obligation (or purported obligation) of an Obligor to pay any Guaranteed Indebtedness being or becoming
void, voidable, unenforceable or otherwise invalid, and whether or not that reason is or was known to the Lender, and whether
or not that reason is:

 

		(a)	a
                                         defect in or lack of powers of that Obligor or the Debtor or any other person, or the
                                         irregular exercise of those powers; or
	 	 	 
		(b)	a
                                         defect in or lack of authority by a person purporting to act on behalf of that Obligor
                                         or the Debtor or any other person; or

 

    	 	 	 42

     

    

 

		(c)	a
                                         legal or other limitation (whether under the Limitation Act 2010 or otherwise), disability
                                         or incapacity of that Obligor or the Debtor; or
	 	 	 
		(d)	the
                                         liquidation, administration, amalgamation, change in status, constitution or control,
                                         reconstruction or reorganisation of that Obligor or the Debtor (or the commencement of
                                         steps to effect the same),

 

that
Obligor will, as a sole and independent obligation, pay to the Lender on demand the amount that the Lender would otherwise have
been able to recover (on a full indemnity basis). The expression "Guaranteed Indebtedness" includes any indebtedness
that would have been included in that expression but for anything referred to in this clause.

 

	20.4	Suspense
                                         account

 

All
amounts from time to time received by the Lender in respect of the Guaranteed Indebtedness of a Debtor from an Obligor other than
the Borrower or otherwise on account of any Obligor may be placed in a suspense account (the Suspense Account) with a view
to preserving the rights of the Lender, to the extent permitted by law, to prove for the whole of the Guaranteed Indebtedness
of the Debtor in the event of any proceeding in, or analogous to, liquidation, administration, amalgamation, change in status,
constitution or control, reconstruction or reorganisation of the Debtor or any other Obligor. Any interest paid on the amount
for the time being in the Suspense Account shall not be payable by the Lender to any Obligor.

 

	20.5	Liability
                                         as sole principal debtor

 

As
between each Obligor and the Lender (but without affecting the obligations of a Debtor) each Obligor is liable under this clause
in relation to the Guaranteed Indebtedness as a sole and principal debtor and not as a surety.

 

	20.6	No
                                         discharge

 

		(a)	No
                                         Obligor is discharged, nor are its obligations affected, by:

 

		(i)	any
                                         time, indulgence, waiver or consent at any time given to a Relevant Party or another
                                         person; or
	 	 	 
		(ii)	an
                                         amendment (however fundamental) to, or replacement of, a Finance Document or to another
                                         security interest, guarantee or other agreement (whether or not that amendment increases
                                         the liability of that Obligor); or
	 	 	 
		(iii)	the
                                         existence, validity or enforceability of, or the enforcement of or failure to enforce,
                                         or the release of any person or property from any Finance Document or other security
                                         interest, guarantee or agreement; or
	 	 	 
		(iv)	the
                                         liquidation, amalgamation, change in status, constitution or control, reconstruction
                                         or reorganisation of any Relevant Party or another person (or the commencement of steps
                                         to effect any of these); or
	 	 	 
		(v)	anything
                                         else whatever.

 

The
Lender is not liable to any Obligor in respect of any of these matters, even though the Obligors' rights in subrogation or otherwise
may be prejudiced as a result.

 

    	 	 	 43

     

    

 

		(b)	Each
                                         Obligor acknowledges and accepts that:

 

		(i)	the
                                         Lender may release one or more Obligor's obligations under this Agreement without the
                                         release of each other Obligor;
	 	 	 
		(ii)	release
                                         by the Lender of one Obligor from its obligations under this Agreement does not constitute
                                         release of the obligations of any other Obligor; and
	 	 	 
		(iii)	in
                                         any case where an Obligor is released by the Lender from its obligations under this Agreement,
                                         the Lender's rights and remedies against each remaining Obligor are preserved.

 

	20.7	Continuing
                                         guarantee

 

This
guarantee and each Obligor's obligations under this Agreement:

 

		(a)	are
                                         a continuing security, notwithstanding intermediate payments, settlement of accounts
                                         or payments or anything else;
	 	 	 
		(b)	are
                                         in addition to, and not to be merged in, any security interest, guarantee or other agreement,
                                         whenever in existence, in favour of any person; and
	 	 	 
		(c)	will
                                         remain in full force and effect until the execution by the Lender of an unconditional
                                         discharge of each Obligor's obligations under this Agreement.

 

	20.8	No
                                         competition

 

No
Obligor will, without the written consent of the Lender:

 

		(a)	take,
                                         accept or hold a security interest from another Obligor or, in relation to Guaranteed
                                         Indebtedness, from another person; or
	 	 	 
		(b)	take
                                         steps to recover (whether directly or by set-off, counterclaim or otherwise) or accept
                                         money or other property, or exercise or enforce rights in respect of, any indebtedness
                                         of another Obligor to that Obligor arising in any way or, in relation to Guaranteed Indebtedness,
                                         indebtedness of another person to that Obligor; or
	 	 	 
		(c)	claim,
                                         prove or accept payment in composition by, or a liquidation of, another Obligor or, in
                                         relation to Guaranteed Indebtedness, another person,

 

and
until such time as the Guaranteed Indebtedness has been fully paid, each Obligor waives all rights of subrogation to which it
would otherwise be entitled by reason of performance of its obligations under the guarantee in this clause or any other guarantee
given in respect of indebtedness of an Obligor. If, notwithstanding this sub-clause, an Obligor holds or receives any such security
interest, money or property, that Obligor will pay or transfer it to the Lender immediately and, pending that payment or transfer,
will hold it on trust for the Lender.

 

    	 	 	 44

     

    

 

	21.	Representations
	 	 
	 	 
	21.1	Representations
                                         and warranties of Obligors

 

Each
Obligor represents and warrants that:

 

		(a)	Existence,
                                         power and authority

 

it:

 

		(i)	in
                                         the case of each Obligor in its personal capacity:

 

		(A)	is
                                         duly incorporated, validly existing and (where the concept of good standing applies)
                                         in good standing under the laws of its jurisdiction of incorporation;
	 	 	 
		(B)	has
                                         full power and authority to conduct its business as presently conducted;
	 	 	 
		(C)	has
                                         full power and authority to enter into, deliver and comply with its obligations under
                                         the Finance Documents;
	 	 	 
		(D)	is
                                         qualified to do business and (where the concept of good standing applies) in good standing
                                         in each other jurisdiction where such qualification is required for it to enter into,
                                         deliver and comply with its obligations under the Finance Documents; and
	 	 	 
		(E)	has
                                         taken all corporate and other action and obtained all consents needed to enable it to
                                         do so;

 

		(ii)	in
                                         the case of the Trustee, it has the power under the Trust Deed to own the Trust assets
                                         and carry on the business of the Trust as it is being conducted, has full power to enter
                                         into, deliver and comply with its obligations under the Finance Documents, and has taken
                                         all action and obtained all consents needed to enable it to do so;

 

		(b)	No
                                         consents

 

no
consent, approval or authorization of, filing with, notice to or other act by or in respect of, any governmental authority or
any other person is required in connection with the transactions contemplated hereunder or with the execution, delivery and performance
by it of any Finance Document to which it is a party, except consents, authorizations, filings and notices which have been obtained
or made and are in full force and effect;

 

		(c)	Obligations
                                         enforceable

 

it
has duly executed and delivered each of the Finance Documents to which it is a party and its obligations under the Finance Documents
are legal, valid, binding and enforceable in accordance with their respective terms, subject to equitable principles and insolvency
laws of general application;

 

		(d)	No
                                         default

 

it
is not in default, nor will its entry into any Finance Document to which it is a party cause it to default, under:

 

		(i)	any
                                         agreement relating to indebtedness; or
	 	 	 
		(ii)	any
                                         guarantee; or

 

    	 	 	 45

     

    

 

		(iii)	any
                                         other agreement,

 

to
an extent or in a manner that has, or might have, a material adverse effect on it and no such agreement limits its capacity to
sell any Debts and give title thereto to the Lender;

 

		(e)	Compliance
                                         with laws, no conflict

 

its
entry into the Finance Documents and the exercise of its rights and obligations under and in connection with the Finance Documents
does not:

 

		(i)	contravene
                                         any law to which it is subject:
	 	 	 
		(ii)	conflict
                                         with or result in a breach of, any agreement to which it is a party where such breach
                                         or conflict would have a material adverse effect;
	 	 	 
		(iii)	conflict
                                         with or result in a breach of any of the documents constituting it (including, in relation
                                         to the Trustee, the Trust Deed); or
	 	 	 
		(iv)	limit
                                         any of its powers or any right or ability of its directors to exercise its powers;

 

		(f)	Solvency

 

		(i)	in
                                         the case of each Obligor in its personal capacity, it is solvent and able to pay its
                                         indebtedness as it falls due; and
	 	 	 
		(ii)	in
                                         the case of the Trustee, it is solvent and able to pay its indebtedness as it falls due
                                         from the relevant Trust assets, where indebtedness is incurred as a Trustee;

 

		(g)	No
                                         security interest

 

except
as disclosed to and accepted in writing by the Lender and any Permitted Security, no security interest exists over or affects,
nor is there any agreement to give or permit to exist, any security interest over or affecting, any of its property;

 

		(h)	Financial
                                         statements

 

the
latest audited annual financial statements as delivered to the Lender:

 

		(i)	include
                                         those most recently prepared for the last period and as at the last date for which financial
                                         statements have been prepared, and include copies of all documents required by law to
                                         accompany them;
	 	 	 
		(ii)	were
                                         prepared in accordance with Accounting Principles;
	 	 	 
		(iii)	give
                                         a true and fair view of its financial position and, in relation to that period, the consolidated
                                         financial position of the Consolidated Group as at the date and for the period to which
                                         they relate;
	 	 	 
		(iv)	disclose
                                         or reserve against all liabilities (contingent or otherwise) as at that date and all
                                         unrealised or anticipated costs from any commitment entered into by the relevant person(s)
                                         and that existed on that date;
	 	 	 
		(v)	include
                                         a true and complete copy of any auditor's report; and
	 	 	 
		(vi)	are
                                         signed by two directors (or one, if there is only one director);

  

    	 	 	 46

     

    

 

		(i)	No
                                         material adverse change

 

there
has been no material adverse change since the last date as at which any of the financial statements referred to in the preceding
sub-clause were made up;

 

		(j)	Litigation

 

no
litigation, arbitration or administrative proceeding is, as at the Commencement Date, current or pending or, to its knowledge,
threatened that has, or could have, a material adverse effect on it or on the Lender's ability to exercise or enforce its rights
under any Finance Document;

 

		(k)	Information

 

		(i)	all
                                         information provided by it or any other person on its behalf to the Lender in connection
                                         with the Finance Documents was true in all material respects as at the date that information
                                         was provided, and remains so;
	 	 	 
		(ii)	there
                                         are no facts or circumstances that have not been disclosed to the Lender that would make
                                         the information referred to in sub-paragraph (i) above untrue or misleading in any material
                                         respect; and
	 	 	 
		(iii)	it
                                         has disclosed to the Lender all information that would be material to assessment by the
                                         Lender of the risks to be assumed by the Lender under the Facility;

 

		(l)	No
                                         Event of Default

 

no
Event of Default has occurred and is continuing;

 

		(m)	Security
                                         Documents

 

each
of the Security Documents is effective to create in favour of the Lender a legal, valid and enforceable lien on, and security
interest in, the Secured Property described therein and proceeds thereof as security for the obligations of the Obligors under
the Finance Documents;

 

		(n)	Ranking
                                         of obligations

 

		(i)	in
                                         respect of each Obligor in its personal capacity, its liabilities under each Finance
                                         Document to which it is a party will at all times rank at least pari passu with the claims
                                         of all of its other creditors, except where such claims are preferred solely by operation
                                         of law or are secured pursuant to a Permitted Security;

 

		(ii)	in
                                         respect of the Trustee:

 

		(A)	to
                                         the extent that its payment obligations under the Finance Documents are not indemnified
                                         out of Trust assets, they rank at least pari passu with the claims of all its other unsecured
                                         and unsubordinated creditors, except for obligations mandatorily preferred by law applying
                                         to companies generally; and

 

    	 	 	 47

     

    

 

		(B)	to
                                         the extent that its payment obligations under the Finance Documents are indemnified out
                                         of Trust assets, they rank at least pari passu with the claims of all its other unsecured
                                         and unsubordinated Trust creditors, except for obligations mandatorily preferred by law;

 

		(o)	Not
                                         trustee

 

other
than in relation to the Trustee as trustee of the Trust, it is not a trustee of any trust;

 

		(p)	Group
                                         structure chart

 

the
group structure diagram in Schedule 8 sets out the true and correct corporate structure and ownership of the Consolidated Group
at the Commencement Date and does not omit any material detail;

 

		(q)	Intellectual
                                         Property

 

it
owns or has licensed to it on arm's length terms, or otherwise has available to it, all IP rights necessary for the conduct of
its business and all software necessary for the conduct of its business in each case where failure to do so has or would be likely
to have a material adverse effect;

 

		(r)	No
                                         amount owing

 

the
Shares are fully paid; 

 

		(s)	Sole
                                         owner

 

		(i)	in
                                         the case of each Obligor, in its personal capacity, it is the sole legal and (subject
                                         to any Permitted Security) beneficial owner of, and has rights in, all the Secured Property;
	 	 	 
		(ii)	in
                                         the case of the Trustee, it is the sole legal owner of, or otherwise has or will have
                                         a sufficient right, interest or power to grant a security interest in the Trust assets;
                                         

 

		(t)	Share
                                         certificates

 

other
than as notified to the Lender in writing or in respect of a UK Obligor, no Certificates have been issued in respect of the Shares
or units in the Trust;

 

		(u)	No
                                         other interest

 

no
other person has any interest in, or other right over, the Secured Property except: 

 

		(i)	to
                                         the extent (if any) set out in or permitted by the Finance Documents;

 

		(ii)	Permitted
                                         Security; or

 

		(iii)	as
                                         otherwise agreed in writing by the Lender; 

 

    	 	 	 48

     

    

 

		(v)	No
                                         foreign property

 

at
the date of this Agreement, all of its Material Secured Property is in its possession and is situated in New Zealand and/or Australia
other than shares it owns in overseas entities; and

 

		(w)	Serial
                                         Numbered Secured Property

 

at
the date of this document, the information in Schedule 9 is true in all respects and includes the details of all of its Serial
Numbered Secured Property.

 

		(x)	Listing

 

in
relation to any Obligor whose shares are listed on a registered stock exchange only, it will comply with the rules applicable
to that registered stock exchange where failure to do so has or is reasonably likely to have a Material Adverse Effect.

 

	21.2	Trust
                                         representations

 

The
Trustee represents and warrants personally, and as trustee, to the Lender:

 

		(a)	Obligor
                                         as trustee

 

		(i)	it
                                         is the only trustee of the Trust. No action has been taken or, to the best of its knowledge
                                         or belief, proposed by any person with the power or standing to do so to remove it as
                                         trustee of the Trustee or to appoint an additional trustee to the Trust;
	 	 	 
		(ii)	there
                                         are no former trustees of the Trust; and
	 	 	 
		(iii)	it
                                         has never been the only unit holder of the Trust;

 

		(b)	the
                                         Trust

 

		(i)	the
                                         Trust is properly constituted. No action has been taken or, to the best of its knowledge
                                         or belief, proposed by any person with the power or standing to do so to terminate or
                                         resettle the Trust; and
	 	 	 
		(ii)	the
                                         Trust is not a managed investment scheme which must be registered under Part 5C.1 of
                                         the Australian Corporations Act;

 

		(c)	the
                                         Trust Deed

 

		(i)	each
                                         copy of the Trust Deed given to the Lender on or before the date of this Agreement is
                                         a true and up to date copy and discloses all the terms of the Trust, other than those
                                         implied by law; and
	 	 	 
		(ii)	the
                                         Trust Deed constitutes valid, binding and enforceable obligations of the parties to it
                                         and is duly stamped and complies with all applicable laws;

 

		(d)	powers
                                         and duties

 

it
has the power to enter into the Finance Documents and the transactions they contemplate, exercise its right under them and comply
with its obligations in connection with them as trustee of the Trust and in doing so it has acted and is acting properly. All
requirements to enable it to do so have been and remain satisfied;

 

    	 	 	 49

     

    

 

		(e)	the
                                         Trust assets
	 	 	 
	 	 	except
                                         as expressly permitted by the Finance Documents, no Trust asset has been resettled or
                                         vested in any person. No one is presently entitled to call for the distribution of the
                                         Trust assets; and

 

		(f)	the
                                         Trustee’s Indemnity

 

		(i)	it
                                         enjoys the benefit of and may exercise and enforce rights of indemnity or other rights
                                         to apply, use or retain Trust assets to satisfy its obligations arising under or in connection
                                         with the Finance Documents and the transactions they contemplate, without the consent
                                         or approval of any person or court. Those rights are not subject to a limitation or obligation
                                         to make good or clear accounts and the Lender may subrogate to them except to the extent
                                         affected by their own conduct;

 

		(ii)	after
                                         taking into account all other present and contingent Trust liabilities and its rights
                                         of contribution and subrogation, the Trust assets are sufficiently valuable and liquid
                                         to satisfy in full its indemnity with respect to its payment obligations in connection
                                         with the Finance Documents and the transactions they contemplate as and when they become
                                         due and payable; and

 

		(iii)	no
                                         application or order has been sought by a person other than a Lender or has been made
                                         in any court for a person to subrogate to its indemnity with respect to Trust assets.

 

	21.3	Representations
                                         in relation to UK Obligors
	 	 
	 	Each
UK Obligor represents that:

 

		(a)	Centre
                                         of main interests
	 	 	 
	 	 	for
the purposes of the Insolvency Regulation, its centre of main interest (as that term is used in Article 3(1) of the Insolvency
Regulation), is situated in England and Wales and it has no “establishment” (as that term is used in Article 2(h)
of the Insolvency Regulation) in any other jurisdiction;

 

		(b)	Pensions
	 	 	 
	 	 	it
is not or has not at any time been:

 

		(i)	an
                                         employer (for the purposes of sections 38 to 51 of the Pensions Act 2004 (UK)) of an
                                         occupational pension scheme which is not a money purchase scheme (both terms as defined
                                         in the Pensions Schemes Act 1993 (UK)); or

 

		(ii)	“connected”
                                         with or an “associate” (as those terms are used in sections 38 and 43 of
                                         the Pensions Act 2004) (UK) of such an employer. No UK Obligor has been issued with a
                                         Financial Support Direction or a Contribution Notice in respect of any pension scheme.

 

	21.4	Representations
                                         continuing - general
	 	 
	 	Each
of the representations in this clause (but not clause 21.3(b)) will be deemed to be repeated on each date a Drawing is requested,
on each Drawing Date and on each Interest Payment Date so long as this Agreement remains in effect by reference to the facts and
circumstances then existing, except that each reference to financial statements will be construed as a reference to the latest
available financial statements of the relevant person.

 

    	 	 	 50

     

    

 

	21.5	Representations
                                         relating to future Secured Property
	 	 
	 	Whenever
any Secured Property is acquired by a Security Provider or comes into existence after the date of this Deed, that Security Provider
will be deemed to give the representations in clause 21.121.1(s), 21.1(t), 21.1(u) (if relevant), (v) and (w) in respect of that
Secured Property.

 

	21.6	Reliance
                                         on representations
	 	 
	 	Each
Obligor acknowledges that the Lender has been induced to enter into this Agreement and will be induced to make the Facilities
available in reliance on the representations in this clause.

 

	21.7	No
                                         representations to Obligors
	 	 
	 	Each
Obligor acknowledges and accepts that it has not relied and will not rely on any statement made by or on behalf of the Lender
in deciding to enter into any Finance Document or to exercise any right or perform any obligation under any Finance Document.

 

	22.	Undertakings
	 	 
	 	 
	22.1	General
                                         undertakings
	 	 
	 	Each
Obligor (or, in relation to clauses 22.1(o), (p), (q), (s) and (u), each Security Provider only) undertakes that it will:

 

		(a)	Events
                                         of Default
	 	 	 
	 	 	notify
the Lender of the occurrence of any Event of Default or Potential Event of Default and any event or circumstance that may have
a material adverse effect on it, immediately upon becoming aware of it, giving full details of it and of any action taken (or
to be taken) as a result;

 

		(b)	Use
                                         of Accommodation
	 	 	 
	 	 	use
any Accommodation solely for the purposes set out in this Agreement (failing which the relevant amounts will be held on trust
for the Lender);

 

		(c)	Conduct
                                         of business

 

		(i)	pay
                                         all its indebtedness when due; and

 

		(ii)	comply
                                         with all consents and all obligations binding on it by law, contract or otherwise,

 

where
failure to do so would have a material adverse effect on it;

 

    	 	 	 51

     

    

 

		(d)	Maintenance
                                         of corporate existence
	 	 	 
	 	 	do
all things necessary to maintain its corporate existence and the corporate existence of each other Obligor, where failure to do
so would have a material adverse effect on it;

 

		(e)	Maintain
                                         consents
	 	 	 
	 	 	maintain
                                         in full effect all consents required to enable it to comply with its obligations under
                                         the Finance Documents where failure to do so would have a material adverse effect on
                                         it;

 

		(f)	Compliance
                                         with laws
	 	 	 
	 	 	duly
and promptly comply with all laws, directives and consents the non-compliance with which might give rise to a security interest
(not being a Permitted Security) or have a material adverse effect on it, or that may adversely affect the rights or security
of the Lender under a Finance Document;

 

		(g)	Pay
                                         taxes

 

		(i)	file
                                         all tax returns as required by law, and pay and discharge all taxes (including GST payable
                                         in accordance with the GST Act and all income tax assessed against it pursuant to the
                                         Income Tax Act 2007 or otherwise, or in relation to an Obligor incorporated under the
                                         laws of Australia, the Australian Tax Act), assessments and governmental charges payable
                                         by it or on its property prior to the date that penalties become payable, except only
                                         to the extent that those taxes, assessments or governmental charges are being contested
                                         in good faith by appropriate proceedings and adequate reserves are set aside for their
                                         payment, where failure to do so would have a material adverse effect on it;

 

		(ii)	lodge
                                         such returns as may be required to be lodged by it pursuant to the terms of the Income
                                         Tax Act 2007 (or in relation to an Obligor incorporated under the laws of Australia,
                                         the Australian Tax Act) or otherwise;

 

		(h)	Further
                                         assurance
	 	 	 
	 	 	promptly,
and at its own cost:

 

		(i)	deposit
                                         with the Lender all documents of title constituting or evidencing the Secured Property
                                         unless (without limiting (ii) below) those documents of title are required to be retained
                                         by the Obligors to enable them to conduct their business as presently conducted;

 

		(ii)	deposit
                                         with the Lender each Certificate;

 

		(iii)	(on
                                         request) execute and deliver to the Lender all transfers, assignments, novations and
                                         other agreements;

 

		(iv)	do
                                         all acts and things in respect of a Finance Document,
	 	 	 
	 	in respect of (ii) to (iv) as the Lender may deem necessary to secure the full benefit of its rights under any Finance Document or to transfer to the Lender title to any Debt but, while no Event of Default is continuing, subject to any qualifications as to timing or when the Lender may request the same as set out in the Security Documents;

 

    	 	 	 52

     

    

 

		(i)	Information
                                         to be true

 

		(i)	ensure
                                         that all information provided by it to the Lender in connection with the Finance Documents
                                         after the date of this Agreement is true in all material respects as at the date that
                                         information is provided; and

 

		(ii)	not
                                         omit to state any fact or circumstance that would make that information untrue or misleading
                                         in any material respect; and

 

		(iii)	ensure
                                         that all projections and forecasts made by it will be prepared in good faith based upon
                                         what it believes to be reasonable assumptions it being understood that such forecasts
                                         and projections are subject to significant uncertainties and contingencies, many of which
                                         are beyond its control and it can give no assurance that the projections and forecasts
                                         will be realised;

 

		(j)	Insurance
	 	 	 
	 	 	ensure
that it, and each of its subsidiaries, will:

 

		(i)	keep
                                         insured with reputable insurers all its property of an insurable nature that is customarily
                                         insured (either generally or by persons carrying on a similar business) against loss
                                         or damage by fire and other risks normally insured against, by persons carrying on the
                                         same class of business as that carried on by it (and any other risks that the Lender
                                         may from time to time reasonably require), for their replacement value (meaning the total
                                         cost of entirely rebuilding, reinstating or replacing that property in the event of it
                                         being completely destroyed, together with architects’ and surveyors’ fees)
                                         or such lower value as the Lender may agree in writing;

 

		(ii)	maintain
                                         insurance with reputable insurers against loss of profits and third party liabilities
                                         at levels no lower than those adopted from time to time by persons carrying on a similar
                                         business of a comparable size;

 

		(iii)	maintain
                                         insurance over all stock with reputable insurers and for an amount not less than the
                                         Revolving Credit Facility Limit; and

 

		(iv)	promptly
                                         pay all premiums and do all other things necessary to maintain the insurances required
                                         by this clause;

 

		(k)	Environmental
                                         Laws

 

		(i)	comply
                                         (and has complied with) all Environmental Laws affecting its operation or its property,
                                         where failure to do so would have a material adverse effect on it;

 

		(ii)	inform
                                         the Lender of any material breach of an Environmental Law, or any notice or order received
                                         by it under an Environmental Law, that is likely to adversely affect it or its property;

 

		(iii)	provide
                                         the Lender on reasonable request (but not more frequently than annually), but at the
                                         Borrower’s sole cost, with environmental audits and reports in respect of its property,
                                         in a form and from an independent consultant acceptable to the Lender; and

 

		(iv)	indemnify
                                         the Lender against all liabilities and costs arising out of any act or omission of it
                                         in respect of any circumstance that breaches, or might breach, any Environmental Law;

 

    	 	 	 53

     

    

 

		(l)	Proper
                                         accounts
	 	 	 
	 	 	keep
and maintain proper accounts and records in relation to its business and make immediate and correct entries of all its transactions;

 

		(m)	Company
                                         records

 

		(i)	in
                                         relation to an Obligor incorporated in New Zealand, keep its share register at its registered
                                         office and its books of account at either its registered office or its principal place
                                         of business in New Zealand or such other place in New Zealand as the Borrower has notified
                                         to the Registrar of Companies under section 195 of the Companies Act 1993; and

 

		(ii)	permit
                                         the Lender and its solicitors and accountants and others acting under its authority to
                                         inspect and examine the same at all reasonable times and to take copies thereof or extracts
                                         therefrom and to take all necessary steps to enable the Lender and such other parties
                                         access to the Borrower’s registered office and principal place of business or such
                                         other place at which such records are kept (as the case may be) to enable such inspection
                                         and examination to take place;

 

		(n)	Right
                                         of inspection

 

		(i)	permit,
                                         and to take all necessary steps to enable, the Lender and its authorised officers and
                                         agents, to enter at all reasonable times upon any land, premises or offices, occupied
                                         by the Borrower to inspect the stock-in-trade, raw material, and work in progress of
                                         the Borrower and each and every one of its books, delivery and dispatch dockets, accounts
                                         (including all bank accounts),records, returns (including income tax, group tax and GST
                                         returns) and papers of every description (and where copies of such are available to inspect
                                         such copies); and

 

		(ii)	permit
                                         the Lender, its solicitors, accountants and other authorised officers to retain for such
                                         period as the Lender, or such persons think fit all such books, delivery and dispatch
                                         dockets, accounts, records, returns, and papers of every description unless any of those
                                         documents are required to enable it to conduct its business; and

 

		(iii)	permit
                                         the Lender and its authorised officers and agents to take copies of any of the aforementioned
                                         documents on reasonable request;

 

		(o)	Maintain
                                         and repair Secured Property
	 	 	 
	 	 	maintain
in good working order all Material Secured Property and, on request of the Lender, remedy every material defect in the condition
of any Material Secured Property;

 

		(p)	Serial-numbered
                                         goods

 

		(i)	on
                                         request, provide the Lender with any serial numbers that the Lender requires to make
                                         an effective registration against all serial-numbered goods or Serial Numbered Secured
                                         Property (in each case, with a value of greater than $100,000), either on execution of
                                         this Agreement or (if later) when the serial-numbered goods or Serial Numbered Secured
                                         Property become Secured Property;

 

    	 	 	 54

     

    

 

		(ii)	notify
                                         the Lender immediately of any serial number when it is allocated to any Secured Property
                                         that is a serial-numbered good or Serial Numbered Secured Property (in each case with
                                         a value of greater than $100,000); and

 

		(iii)	except
                                         with the Lender’s prior written consent, not change or remove the serial number
                                         of any serial-numbered goods or Serial Numbered Secured Property after it has disclosed
                                         the serial number to the Lender;

 

		(q)	Grant
                                         security
	 	 	 
	 	 	in
relation to any Obligor who is not a Security Provider, if at any time prior to the Termination Date, the Lender (in its sole
discretion) requires that Obligor to become a Security Provider and grant security over its assets in favour of the Lender, that
Obligor will, within 10 Business Days following a written request from the Lender, take all required action to grant security
over all (or any part as agreed by the Lender) of its present and after acquired property, in favour of the Lender, to secure
all of the obligations of the Obligors under the Finance Documents (and therefore become a Security Provider), together with delivering:

 

		(i)	a
                                         certificate of a director of the Obligor, in the form of Schedule 6 where the New Borrower
                                         is incorporated in New Zealand (or such other form as the Lender may require);

 

		(ii)	a
                                         legal opinion in form and substance, and from solicitors, acceptable to the Lender; and

 

		(iii)	all
                                         other information and documentation reasonably requested by the Lender.

 

		(r)	Not
                                         alter Secured Property
	 	 	 
	 	 	ensure
that no material alteration is made to any Material Secured Property outside the ordinary course of business;

 

		(s)	Registration
                                         of security
	 	 	 
	 	 	promptly
register each security interest created under the Finance Documents in each jurisdiction (other than New Zealand, Australia and
the United States of America) in which registration may be required or advisable in order to ensure its enforceability, validity
and priority;

 

		(t)	Transactional
                                         Banking
	 	 	 
	 	 	maintain
all transactional banking (including deposits and foreign exchange hedging) with the Lender unless the Lender is unable to provide
the necessary services in the Obligor’s jurisdiction of operation; and

 

		(u)	Preserve
                                         and protect security
	 	 	 
	 	 	promptly
do everything reasonably requested by the Lender to:

 

		(i)	preserve
                                         and protect the value of the Secured Property, fair wear and tear and depreciation in
                                         the ordinary course of business excluded; and

 

		(ii)	protect
                                         and enforce its title and rights, and the Lender’s security interest in the Secured
                                         Property;

 

    	 	 	 55

     

    

 

		(v)	Marketable
                                         Securities
	 	 	 
	 	 	if
the Secured Property includes Marketable Securities:

 

		(i)	provide
                                         the Lender with control over the Secured Property in accordance with the Australian PPSA
                                         and otherwise in the manner requested by the Lender, including by doing the following:

 

		(A)	on
                                         request by the Lender, execute and deliver to the Lender transfer forms in relation to
                                         those Marketable Securities (undated and blank as to transferee and consideration and
                                         otherwise in form and substance satisfactory to the Lender);

 

		(B)	enter
                                         into any tripartite agreement or other agreement requested by the Lender with the relevant
                                         Obligor’s sponsor or intermediary with respect to the Marketable Securities, in
                                         form and substance satisfactory to the Lender;

 

		(ii)	notify
                                         the Lender as soon as it becomes aware of:

 

		(A)	any
                                         right or entitlement it may take up or exercise arising directly or indirectly at any
                                         time from or in relation to the Marketable Securities and exercise all such rights and
                                         entitlements in accordance with any instructions from the Lender;

 

		(B)	any
                                         proposal or action taken to convert any Secured Property comprising certificated Marketable
                                         Securities into uncertificated Marketable Securities and immediately take any steps necessary
                                         to comply with its obligations under clause 22.1(w);

 

		(iii)	not
                                         do anything (including by exercising its voting rights) or fail to do anything which
                                         could entitle any person to a lien or other security interest over any of the Marketable
                                         Securities or which could result in the forfeiture of the Marketable Securities or adversely
                                         affect the value of the Marketable Securities;

 

		(w)	control
                                         and possession
	 	 	 
	 	 	to
the extent that any Secured Property is of a type over which a security interest could be perfected by ‘control’ or
by ‘possession’ each as defined under the PPSA, promptly do anything that the Lender may require to enable it to perfect
the security interest of the Lender over that Secured Property by control or by possession except where (and for so long as):

 

		(i)	control
                                         has been given to the holder of a Permitted Security;

 

		(ii)	it
                                         is not possible for more than one party to effect control of the Secured Property; and

 

		(iii)	the
                                         Lender has expressly agreed in writing to subordinate the security interest created by
                                         the relevant Security Documents to that Permitted Security,
	 	 	 
	 	or the Secured Property is inventory (as defined in the PPSA) or a Revolving Asset;

 

    	 	 	 56

     

    

 

		(x)	listing
	 	 	 
	 	 	in
relation to any Obligor whose shares are listed on a registered stock exchange only:

 

		(i)	comply
                                         with the rules applicable to that registered stock exchange where failure to do so has
                                         or is reasonably likely to have a Material Adverse Effect; and

 

		(ii)	notify
                                         the Lender in writing of any person holding or likely to hold a relevant interest of
                                         20% or more of the shares in the relevant Obligor or that ceases to hold such interest;

 

		(y)	delisting
	 	 	 
	 	 	notify
the Lender in writing of any event or circumstance where an Obligor’ shares are delisted from any registered stock exchange
or the relevant Obligor having the intention to delist its shares from any registered stock exchange or any event or circumstance
where such shares are suspended from trading or placed in a trading halt other than at the request of the relevant Obligor;

 

		(z)	change
                                         of details
	 	 	 
	 	 	notify
the Lender:

 

		(i)	on
                                         becoming aware that it has received, or is likely to receive, an ACN, ABN, ARBN or ARSN,
                                         (in its own capacity or as trustee) under which it holds any Secured Property; and

 

		(ii)	at
                                         least 14 days before applying for such a new number;

 

		(aa)	Chattel
                                         Paper
	 	 	 
	 	 	at
the request of the Lender, promptly give possession of any Chattel Paper (as defined in the PPSA) that is Material Secured Property
to the Lender;

 

		(bb)	PPSA
                                         policies and steps
	 	 	 
	 	 	if:

 

		(i)	an
                                         Obligor holds any security interests as defined in the PPSA (PPSA Security Interests);
                                         and

 

		(ii)	a
                                         failure by the Obligor to perfect any of the PPSA Security Interests referred to in paragraph
                                         (i) would or would be likely to have a Material Adverse Effect,

 

the
Obligor must (at its own cost):

 

		(iii)	provide
                                         evidence to the Lender that the Obligor has in place procedures for the perfection of
                                         those PPSA Security Interests, being procedures which ensure that the Obligor takes all
                                         reasonable steps to obtain the highest ranking priority possible under the Australian
                                         PPSA in respect of those PPSA Security Interests (Procedures); and

 

		(iv)	keep
                                         the Procedures up to date and comply with the Procedures; and
	 	 	 
	 	 	If
the Lender reasonably suspects that an Obligor is failing to comply with clause 22.1(2)(iii), the Lender may request an audit
of the Procedures and the Obligor’s compliance with the Procedures. That audit must be undertaken by a person approved by
the Lender and, if it is established that the Obligor was not following the Procedures in any material respect, at the expense
of the Obligor.

 

    	 	 	 57

     

    

 

	22.2	Reporting
                                         and information undertakings

 

The
Borrower and the Parent (as applicable) undertakes that it will:

 

		(a)	Accounts

 

as
soon as available and in any event within 180 days after the end of its financial years, deliver to the Lender:

 

		(i)	the
                                         Borrower’s audited consolidated financial statements and group financial statements
                                         as at the end of and for that financial year; and

 

		(ii)	the
                                         Parent’s audited consolidated financial statements and group financial statements
                                         as at the end of and for that financial year;

 

		(b)	Monthly
                                         Management Accounts
	 	 	 
	 	 	as
soon as available and in any event within 30 days after the last day of each month, provide the Lender with copies of the Borrower’s
monthly financial accounts of the Consolidated Group, including balance sheet, profit & loss accounts, cash flow statements
and aged debtor and aged creditor reports prepared by the management of the Borrower in accordance with Accounting Principles;

 

		(c)	Compliance
                                         Certificate

 

		(i)	with
                                         each monthly financial accounts delivered pursuant to clause 22.2(b), provide the Lender
                                         with a Monthly Compliance Certificate signed by two directors of the Borrower or a director
                                         and the Chief Financial Officer; and

 

		(ii)	within
                                         30 days after each Reporting Date, provide the Lender with a Compliance Certificate signed
                                         by two directors of the Borrower or a director and the Chief Financial Officer;

 

		(d)	Budget
	 	 	 
	 	 	as
soon as it becomes available and in any event not later than 30 June in each year (or, from 1 January 2019 onwards, 31 January
in each year), the Borrower’s annual budget (including assumptions and appropriate commentary and containing a fully integrated
statement of financial position, statement of financial performance, cashflow and Capital Expenditure budget) for the Consolidated
Group for that financial year;

 

		(e)	Other
                                         information
	 	 	 
	 	 	promptly:

 

		(i)	deliver
                                         to the Lender:

 

		(A)	details
                                         of any bona fide litigation, arbitration or administrative proceeding in respect of an
                                         amount in excess of $2,000,000 or its equivalent in other currencies;

 

    	 	 	 58

     

    

 

		(B)	upon
                                         request, a certificate signed by a director certifying that, other than as previously
                                         notified in writing to the Lender, no Event of Default, Event of Review or Potential
                                         Event of Default has occurred and is continuing;

 

		(C)	on
                                         request, a list of all investment securities (as defined in the PPSA) held by it;

 

		(D)	upon
                                         obtaining actual knowledge of the occurrence of any Event of Default or Event of Review,
                                         a notice describing the same in reasonable detail and, together with such notice or as
                                         soon thereafter as possible, a written description of the action that it has taken or
                                         proposes to take with respect thereto;

 

		(E)	any
                                         updates that either of them receive on Cullen Group’s liquidation proceedings where
                                         relevant to the Obligors;

 

		(ii)	notify
                                         the Lender in writing of:

 

		(A)	any
                                         change in its authorised signatories, giving specified signatures and evidence satisfactory
                                         to the Lender of their authority;

 

		(B)	the
                                         occurrence of any circumstance, act or condition (including the adoption, amendment or
                                         repeal of any governmental rule or notice (whether formal or informal, written or oral)
                                         or the failure to comply with the terms and conditions of any legal requirement) which
                                         could reasonably be expected to result in a material adverse effect on its ability to
                                         grant the liens intended to be granted under the Finance Documents or otherwise perform
                                         its obligations thereunder;

 

		(C)	any
                                         Material Secured Property that is located abroad;

 

		(D)	any
                                         Material Secured Property that is to be moved from the jurisdiction where it was situated
                                         at the time the security interest under a Security Document attached to it;

 

		(E)	if
                                         any material personal property that is not Material Secured Property and which is subject
                                         to a security interest that has attached becomes an accession to any Secured Property,
                                         promptly having become aware of that; or

 

		(F)	on
                                         the Lender’s request, of the present location of any Material Secured Property,
	 	 	 
	 	 	except
in relation to inventory disposed of in the ordinary course of an Obligor’s ordinary business;

 

		(iii)	immediately
                                         notify the Lender if it becomes bound to complete the acquisition of any:

 

		(A)	Real
                                         Property;

 

    	 	 	 59

     

    

 

		(B)	investment
                                         securities (as defined in the PPSA) outside the ordinary course of its ordinary business;
                                         or

 

		(iv)	within
                                         seven days of request, provide to the Lender any other information that the Lender reasonably
                                         requests with respect to its business or financial condition.

 

	22.3	Financial
                                         undertakings
	 	 
	 	The
Borrower (or, in relation to clause 22.3(a), the Parent) undertakes to the Lender that:

 

		(a)	Group
                                         coverage
	 	 	 
	 	 	the
Parent will procure that each of its wholly owned subsidiaries executes a Supplemental Deed and delivers to the Lender the documents
and information specified in clause 26.3.

 

		(b)	Actual
                                         Sales, Actual Gross Profit Variance to Budget
	 	 	 
	 	 	in
relation to each calendar month on a 12-month rolling basis tested quarterly from 31 March 2020 thereafter:

 

		(i)	the
                                         Actual Sales of the Group for that calendar month shall not adversely vary from the Budgeted
                                         Sales of the Group for that calendar month by more than 15%; and

 

		(ii)	the
                                         Actual Gross Profit of the Group for that calendar month shall not adversely vary from
                                         the Budgeted Gross Profit for that calendar month by more than 15%.

 

		(c)	Inventory
                                         Ratio
	 	 	 
	 	 	in
relation to each calendar month:

 

		(i)	for
                                         the period on and from the March 2020 Effective Date up to but excluding 31 July 2020,
                                         the Inventory Ratio is greater than 1.35 times; and

 

		(ii)	from
                                         31 July 2020 thereafter, the Inventory Ratio is greater than 1.65 times.

 

	22.4	Changes
                                         to Accounting Principals

 

If,
in the reasonable opinion of the Lender or the Borrower, any changes to Accounting Principles materially alter the effect of any
undertaking in clause 22.3 (Financial undertakings), or any defined term used in any such undertakings, the Lender and the Borrower
will negotiate in good faith to amend the relevant undertakings and definitions so that they have an effect comparable to the
effect of the undertakings in clause 22.3 (Financial undertakings) at the date of this Agreement. If amendments are not agreed
within 30 days (or any longer period agreed in writing between the Lender and the Borrower), then the Borrower will provide, with
the financial statements and other information required under clause 22.2 (Reporting and information undertakings) any reconciliation
statements (audited, where applicable) necessary to enable calculations based on Accounting Principles as it was before such changes,
and the changes will be ignored for the purposes of this clause.

 

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	22.5	Negative
                                         undertakings

 

Each
Obligor undertakes that it will not, without the prior written consent of the Lender:

 

		(a)	Security
                                         interests

 

create
or permit to exist any security interest over or affecting its property, other than a Permitted Security; or

 

		(b)	Disposals

 

either
by a single transaction or series of transactions, whether related or not and whether voluntary or involuntary, dispose of all
or a substantial part of its property other than a Permitted Disposal; or

 

		(c)	Indebtedness

 

incur
any Finance Debt, except:

 

		(i)	under
                                         a Finance Document;

 

		(ii)	indebtedness
                                         owed by one Security Provider to another Security Provider; and

 

		(iii)	Subordinated
                                         Debt; or

 

		(d)	Distributions

 

make
any distribution except:

 

		(i)	by
                                         a wholly-owned subsidiary of an Obligor to the Obligor;

 

		(ii)	by
                                         one Security Provider to another Security Provider; or

 

		(iii)	where
                                         paid from Free Cashflow or net profit after tax provided that:

 

		(A)	the
                                         total of all such dividends in the 12 month period ending on the last day of a financial
                                         year of the Borrower does not exceed the lesser of net profit after tax and Free Cashflow;
                                         and

 

		(B)	no
                                         Event of Default or Potential Event of Default has occurred or would occur as a result
                                         of making that distribution; or

 

		(e)	Transactions
                                         with related persons

 

either
by a single transaction or a series of transactions, whether related or not and whether voluntary or involuntary:

 

		(i)	dispose
                                         of any of its property to, or purchase any property from;

 

		(ii)	provide
                                         services to, or accept services from;

 

		(iii)	provide
                                         financial accommodation to, or accept indebtedness from; or

 

		(iv)	enter
                                         into any other transaction, with, or for the benefit of,

 

    	 	 	 61

     

    

 

any
related person, other than:

 

		(v)	where
                                         such transaction is entered into for fair market value on commercial arms’ length
                                         terms; or

 

		(vi)	where
                                         such transaction is expressly permitted by a Finance Document; or

 

		(f)	Financial
                                         accommodation

 

be
a creditor or guarantor in respect of any Finance Debt except for:

 

		(i)	Permitted
                                         Financial Accommodation; or

 

		(ii)	any
                                         indebtedness referred to in sub-clause (c)(iii) above;

 

		(g)	Change
                                         of business

 

make
a substantial change in the nature or scope of its business as presently conducted; or

 

		(h)	Merger

 

enter
into any amalgamation, demerger, merger, consolidation or corporate reconstruction other than with another Obligor provided that
where the reconstruction involves the Borrower, the Borrower must be the continuing entity;

 

		(i)	Acquisition

 

purchase
or subscribe for shares or securities in another company or acquire a business or an undertaking or any property (or, in each
case, any interest in any of them) unless:

 

		(i)	no
                                         Event of Default has occurred and is continuing or would occur as a result of such acquisition;
                                         and

 

		(ii)	the
                                         acquisition is a Permitted Acquisition; or

 

		(j)	Transfer
                                         jurisdiction of incorporation

 

transfer
its jurisdiction of incorporation or place of domicile for tax purposes or, in respect of an Obligor incorporated in the United
States of America, change its sole place of business or chief executive office, in each case without the prior written consent
of the Lender;

 

		(k)	Trustee

 

other
than in relation to the Trustee as trustee of the Trust, become a trustee of any trust;

 

		(l)	Subsidiaries

 

form
or acquire any subsidiary other than where the Borrower complies with clause 22.3(a);

 

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		(m)	No
                                         accessions or fixtures

 

allow
any Material Secured Property to become an accession or fixture to any property that is not Secured Property (other than Real
Property or otherwise subject to a security interest in favour of the Lender), or to be affixed to any land (other than any freehold
interest in land in respect of which the Lender has a first ranking registered mortgage) other than in the ordinary course of
business;

 

		(n)	No
                                         prejudicial actions or omissions

 

do,
omit to do, or allow to occur, anything that might:

 

		(i)	render
                                         any Secured Property or a security interest created under a Security Document unenforceable
                                         or liable to forfeiture or cancellation; or

 

		(ii)	cause
                                         or contribute to a material deterioration in the value of any Secured Property;
                                         or

 

		(iii)	otherwise
                                         adversely affect the security of the Lender under any Relevant Document;

 

		(o)	Change
                                         of name

 

change
its name without giving at least 14 days prior written notice to the Lender; or

 

		(p)	No
                                         processed or commingled goods

 

without
the Lender’s prior written consent, permit any Material Secured Property to be manufactured, processed, assembled or commingled
with anything that is not also Secured Property;

 

		(q)	No
                                         rights of set-off

 

allow
any of its accounts receivable to be subject to any right of set-off or combination of accounts or another defence or claim (other
than rights that arise solely by operation of law or in the ordinary course of business); and

 

		(r)	Ownership
                                         of Obligors

 

(other
than the Parent) cease to be a wholly-owned Subsidiary of the Parent, other than pursuant to a Permitted Reorganisation.

 

	22.6	Trustee
                                         undertakings

 

The
Trustee must comply in all respects with the undertakings set out in this clause 22.6.

 

		(a)	The
                                         Trust Deed

 

The
Trustee:

 

		(i)	must
                                         comply with the Trust Deed; and

 

		(ii)	unless
                                         required by law, must not without the prior written consent of the Lender do anything
                                         which results in or could result in a variation of, or a supplement to, the Trust Deed,
                                         in a way that has or is likely to have a material adverse effect or that adversely affects
                                         or is likely to adversely affect its rights of indemnity or other rights to apply, use
                                         or retain Trust assets to satisfy its obligations arising under or in connection with
                                         the Finance Documents, or the transactions they contemplate, or the Lender’s rights
                                         with respect to such rights.

 

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		(b)	The
                                         Trustee’s indemnity

 

The
Trustee must take all steps available to it (including exercising its rights of indemnity and realising or otherwise dealing with
Trust assets) to ensure it is actually indemnified out of Trust assets to discharge any liability arising under or in connection
the Finance Documents or the transactions they contemplate when that liability is payable.

 

		(c)	The
                                         Obligor as trustee

 

The
Trustee must not resign or retire as trustee of the Trust or cause or permit any other person to become an additional trustee
of the Trust or do anything which results in or could result in the retirement, removal or replacement of the Trustee as trustee
of the Trust.

 

		(d)	Preserving
                                         the Trust

 

The
Trustee must not do anything which results in or is reasonably likely to result in:

 

		(i)	the
                                         termination or winding up of the Trust;

 

		(ii)	the
                                         resettlement or vesting of any Trust assets that is not permitted by the Finance Documents;
                                         or

 

		(iii)	it
                                         being disqualified from holding Trust assets.

 

		(e)	The
                                         Trust assets

 

The
Trustee must not:

 

		(i)	acquire
                                         any Trust assets other than in the name of the Trustee or any custodian on behalf of
                                         the Trust;

 

		(ii)	do
                                         anything which effects or facilitates a resettling or vesting of any Trust Assets;

 

		(iii)	mix
                                         the Trust assets, or do anything which results in or could result in the Trust assets
                                         being mixed, with other property if that would restrict or impair in any way its rights
                                         of indemnity or other rights to apply, use or retain Trust assets to satisfy its obligations
                                         arising under or in connection with the Finance Documents or the transactions they contemplate.

 

		(f)	Distributions,
                                         redemptions and remuneration

 

		(i)	The
                                         Trustee must not make any distribution of Trust assets to the unit holders of the Trust,
                                         or redeem units in the Trust, except where no Event of Default is continuing or would
                                         result or where a distribution would be permitted under clause 22.5(d).

 

		(ii)	The
                                         Trustee must not take any remuneration for itself out of Trust assets if and for so long
                                         as an Event of Default is continuing or would result.

 

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	22.7	Undertakings
                                         in relation to UK Obligors

 

Each
UK Obligors undertakes that it will:

 

		(a)	Centre
                                         of main interests

 

maintain
its centre of main interests in its jurisdiction of incorporation for the purposes of the Insolvency Regulation.

 

		(b)	Pensions

 

ensure
that:

 

		(i)	it
                                         is not or has not been at any time an employer (for the purposes of sections 38 to 51
                                         of the Pensions Act 2004 (UK)) of an occupational pension scheme which is not a money
                                         purchase scheme (both terms as defined in the Pension Schemes Act 1993 (UK)) or “connected”
                                         with or an “associate” of (as those terms are defined in sections 38 or 43
                                         of the Pensions Act 2004) (UK) such an employer;

 

		(ii)	it
                                         shall deliver to the Lender:

 

		(A)	at
                                         such times as those reports are prepared in order to comply with the then current statutory
                                         or auditing requirements (as applicable either to the trustees of any relevant schemes
                                         or to the UK Obligor); and

 

		(B)	at
                                         any other time if the Lender reasonably believes that any relevant statutory or auditing
                                         requirements are not being complied with, actuarial reports in relation to all pension
                                         schemes mentioned in clause 22.7(b)(ii)(A) above; and

 

		(iii)	it
                                         shall promptly notify the Lender of any material change in the rate of contributions
                                         to any pension scheme mentioned in clause 22.7(b)(ii)(A) above paid or recommended to
                                         be paid (whether by the scheme actuary or otherwise) or required (by law or otherwise).

 

	22.8	Authority
                                         to auditors

 

Each
Obligor authorises the Lender to discuss its financial statements and financial affairs at any time with the Obligors’ auditors
and financial advisers, and irrevocably authorises and requests its auditors and financial advisers to participate in those discussions
and to provide any information the Lender requests.

 

	22.9	Appointment
                                         of investigative accountants and auditors

 

If
the Lender reasonably believes that a breach of a Finance Document has occurred or is likely to occur, each Obligor authorises
the Lender, at its discretion, to appoint:

 

		(a)	an
                                         investigative accountant (who may not be a receiver); and/or

 

		(b)	an
                                         auditor,

 

in
each case including before and after an Event of Default has occurred, to make whatever investigations into the Obligors’
financial condition and otherwise that it deems are necessary to determine whether or not a breach has in fact occurred or is
likely to occur, provided that:

 

    	 	 	 65

     

    

 

		(c)	the
                                         Lender may only make such an appointment or appointments two times in any year; and

 

		(d)	the
                                         costs of such investigation shall be borne by:

 

		(i)	the
                                         Obligors, if a breach has occurred; and

 

		(ii)	by
                                         the Lender, if a breach has not occurred.

 

	23.	Events
                                         of Default
	 	 
	 	 
	23.1	Events
                                         of Default

 

An
Event of Default occurs if, at any time and for any reason, whether or not within the control of a party:

 

		(a)	Non-payment
	 	 	 
	 	 	an
Obligor fails to pay on its due date any principal or, within three Business Days of its due date, any interest or other amount
payable under any Finance Document; or

 

		(b)	Breach
                                         of undertaking

 

		(i)	an
                                         Obligor does not comply with any of its obligations under any of the undertakings set
                                         out in:

 

		(A)	paragraph
                                         (q) of sub-clause 22.1 (General undertakings);

 

		(B)	paragraph
                                         (a) of sub-clause 22.2 (Reporting and information undertakings);

 

		(C)	sub-clause
                                         22.3 (Financial undertakings); or

 

		(ii)	an
                                         undertaking given to the Lender or its solicitors by the Obligors in connection with
                                         a Finance Document is not complied with.

 

		(c)	Breach
                                         of other obligations
	 	 	 
	 	 	an
                                         Obligor fails to comply with any of its other obligations under a Finance Document in
                                         any respect that the Lender considers material and, in the case of a failure that is
                                         capable of remedy, that failure is not remedied to the satisfaction of the Lender within
                                         10 Business Days after notice of that failure has been given to the Borrower by the Lender;
                                         or

 

		(d)	Breach
                                         of representation
	 	 	 
	 	 	a
representation or statement by an Obligor in or in connection with a Finance Document is not true in all material respects, or
is or proves to have been untrue or misleading in any material respect, when made or repeated and, in any case where the underlying
failure causing the breach of representation is capable of remedy, that failure is not remedied to the satisfaction of the Lender
within 10 Business Days after notice of that failure has been given to the Borrower by the Lender; or

 

    	 	 	 66

     

    

 

 

	 	 (e)	Avoidance
    or repudiation

 

	 	(i)	a
    Finance Document ceases to be in full force and effect or its validity or enforceability is contested by an Obligor; or
	 	 	 
	 	(ii)	an
    Obligor repudiates, or does anything evidencing an intention to repudiate, a Finance Document; or

 

	 	(f)	Insolvency

 

	 	(i)	an
    Obligor:

 

	 	(A)	is
    insolvent or admits or is unable to pay its indebtedness as it falls due, or is deemed to be so under any law; or
	 	 	 
	 	(B)	makes,
    or proposes to make, a compromise, composition, assignment or arrangement with, or for the benefit of, its creditors generally
    in relation to its liabilities or debts; or

 

	 	(ii)	in
    respect of any UK Obligor or an Obligor incorporated or established in Australia, a moratorium or other protection from its
    creditors is declared or imposed in respect of any its indebtedness; or

 

	 	(g)	Enforcement

 

	 	(i)	a
    distress, attachment, execution or other legal process is levied against property of an Obligor with a value of in excess
    of the NZ Dollar Equivalent of $500,000 and is not discharged or stayed within 30 days; or
	 	 	 
	 	(ii)	a
    receiver, trustee, manager, administrator or similar officer is appointed in respect of it or any material part of its property;
    or

 

	 	(h)	Amalgamation

 

the
board of an Obligor passes a resolution for, or in contemplation of, an amalgamation of the Obligor with another company (other
than in circumstances where such amalgamation would be permitted under clause 22.5(h) (Merger)); or

 

	 	(i)	Liquidation

 

	 	(i)	any
    corporate action, legal proceedings or other procedure or step is taken in relation to the suspension of payments, a moratorium
    of any indebtedness, winding-up, dissolution, administration or reorganisation (by way of voluntary arrangement, scheme of
    arrangement or otherwise) of any Obligor except for the purpose of, and followed by, a reconstruction or reorganisation (not
    involving or arising out of insolvency) on terms approved by the Lender before that step is taken; or
	 	 	 
	 	(ii)	an
    order is made, resolution passed or other step taken by a person for the liquidation of an Obligor, or a receiver, administrative
    receiver, administrator, compulsory manager or other similar officer is appointed in respect of any Obligor or any of its
    assets, except for the purpose of, and followed by, a reconstruction or reorganisation (not involving or arising out of insolvency)
    on terms approved by the Lender before that step is taken; or

 

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	 	(j)	Pooling
    of debts

 

an
order is made against an Obligor requiring it to pay the whole or any part of claims made against another company that is in liquidation;

 

	 	(k)	Corporations
    (Investigation and Management) Act 1989

 

an
Obligor is declared at risk pursuant to the Corporations (Investigation and Management) Act 1989, or a statutory manager is appointed
or any step taken with a view to any such appointment in respect of it under that Act; or

 

	 	(l)	Cessation
    of business

 

an
Obligor ceases, or threatens to cease, to conduct all or a substantial part of its business other than in connection with an amalgamation
permitted under clause 22.5(h) or which is approved by the Lender; or

 

	 	(m)	Material
    adverse change

 

any
other event or series of events, whether related or not, occurs, or any circumstances arise or exist which, in the reasonable
opinion of the Lender, has, or is likely to have, a material adverse effect on an Obligor; or

 

	 	(n)	Enforcement
    of security

 

a
security interest in property of an Obligor becomes enforceable; or

 

	 	(o)	Cross
    default

 

any
Finance Debt of an Obligor for an amount not less than the NZ Dollar Equivalent of $500,000:

 

	 	(i)	is
    not paid when due; or
	 	 	 
	 	(ii)	becomes
    due, or capable of being declared due, before it would otherwise have been due;

 

or
a facility for financial accommodation or underwriting facility available to an Obligor is cancelled or suspended by a person
providing it by reason of an event of default (however defined or described); or

 

	 	(p)	Illegality

 

it
is, or will become, unlawful for an Obligor to comply with any of its material obligations under a Finance Document in any material
respect; or

 

	 	(q)	Minority
    buy-out rights

 

an
Obligor agrees to purchase shares of a shareholder or arranges for some other person to agree to purchase those shares on terms
that subject the Obligor to any type of liability or obligation, following receipt by the Obligor of a notice by that shareholder
pursuant to section 111(1) of the Companies Act 1993; or

 

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		(r)	Change
                                         in shareholding

 

any
shares in the capital of an Obligor are transferred by the present holders or there is any change in the proportions in which
shares are held in the capital of an Obligor by the present shareholders, or any of the rights attaching to any of the shares
in the capital of an Obligor are altered, varied, or modified, in each case without the prior written consent of the Lender other
than, in the case of the Parent, a transfer by a person who is a shareholder of the Parent on the date of this Agreement to another
person who is a shareholder of the Parent on the date of this Agreement or to an affiliate of that person provided that:

 

		(i)	the
                                         Lender retains a security interest in the relevant shares or rights; and
	 	 	 
		(ii)	no
                                         change of control of the Parent occurs; or

 

		(s)	Meeting
                                         to consider default action

 

a
meeting of directors or shareholders of an Obligor passes a resolution, the passing or the performance of which would cause an
Event of Default; or

 

		(t)	UK
                                         Pensions

 

the
Pensions Regulator issues a Financial Support Direction or a Contribution Notice to any UK Obligor.

 

	23.2	Consequences

 

On
and after the occurrence of an Event of Default, the Security Documents will become immediately enforceable and the Lender may
at any time, by notice to the Borrower:

 

		(a)	cancel
                                         the Facility; and/or

 

		(b)	declare
                                         any or all of the Drawings, any Advance and any other indebtedness of the Borrower under
                                         the Finance Documents to be, and those Drawings, any Advance and that indebtedness will
                                         be, due and payable either immediately or on demand or at such later date as the Lender
                                         may specify; and/or

 

		(c)	by
                                         notice to the Borrower, require the Borrower to deposit with the Lender an amount equal
                                         to the aggregate Maximum Liability under all outstanding Instruments, in each case such
                                         prepayment and deposit to be made immediately (or within any period specified by the
                                         Lender).

 

	23.3	Enforcement
                                         despite earlier payment

 

This
Agreement may be enforced:

 

		(a)	regardless
                                         of whether the Lender has accepted a payment of interest or other amount after the occurrence
                                         of an Event of Default; and

 

		(b)	without
                                         the need for any notice to, or for the consent or agreement of, the Obligors or another
                                         person.

 

    	 	 	 69

     

    

 

	23.4	Release
                                         as at the March 2020 Effective Date

 

		(a)	In
                                         this clause 23.4, Pre-March 2020 Default means any:

 

		(i)	Event
                                         of Default; or

 

		(ii)	other
                                         breach or default under any Finance Document (as amended, replaced, novated and/or supplemented
                                         from time to time),

 

that
occurred, or may have occurred, and was notified to the Lender in writing (including by email) prior to the March 2020 Effective
Date.

 

		(b)	The
                                         Lender, with effect on and from the March 2020 Effective Date, hereby:

 

		(i)	releases
                                         and discharges each Obligor; and

 

		(ii)	agrees
                                         not to make any claim, sue, prosecute or bring any litigation, suit, proceedings or actions
                                         against any Obligor,

 

in
respect of any Pre-March 2020 Default, with the effect that no Obligor shall have any liability for any such Pre-March 2020 Default.

 

		(c)	Nothing
                                         in this clause 23.4 operates to exclude, limit or release any liability of any Obligor
                                         for fraud.

 

		(d)	The
                                         Parties agree that this clause 23.4 shall apply notwithstanding the other provisions
                                         set out in this Agreement, which shall be interpreted as being subject to this clause
                                         23.4.

 

	24.	Event
                                         of Review

 

	24.1	Event
                                         of Review

 

Each
of the events of circumstances set out in this clause 24, whether or not within the control of any Obligor, is an Event of Review:

 

		(a)	any
                                         Obligor whose shares are listed on a registered stock exchange are delisted or suspended
                                         for a period greater than 10 trading days, other than as a result of a trading halt requested
                                         by the relevant Obligor; or

 

		(b)	if
                                         any person, either alone or through its related persons acquires directly or indirectly
                                         ownership in an Obligor whose shares are listed on a registered stock exchange of more
                                         than 50% of the issued ordinary shares in the capital of that Obligor; or

 

		(c)	an
                                         Obligor does not comply with its obligations under clause 22.3(e) (Actual Sales, Actual
                                         Gross Profit Variance to Budget).

 

	24.2	Consequences

 

		(a)	At
                                         any time while an Event of Review subsists, the Lender may, by notice in writing to the
                                         Borrower, require that the Borrower enter into negotiations with the Lender to determine
                                         whether the Lender and the Borrower can agree the basis (if any) on which the Lender
                                         would continue to provide the Facilities notwithstanding the Event of Review.

 

    	 	 	 70

     

    

 

		(b)	If
                                         after 30 days from the date of the notice from the Lender referred to in paragraph (a)
                                         above, the Lender and the Borrower have not agreed the basis on which the Lender will
                                         continue to provide the Facilities, notwithstanding the relevant Event of Review, the
                                         Lender may, at any time and by not less than 60 days’ notice to the Borrower, cancel
                                         each Facility whereupon:

 

		(i)	each
                                         Facility Limit shall be reduced to zero;

 

		(ii)	the
                                         Borrower shall pay or prepay all Amounts Outstanding immediately (or within any period
                                         specified by the Lender)

 

	25.	Changes
    to the Lender

	25.1	Assignment
    by Lender

 

The
Lender may assign or novate any of its rights and obligations under the Finance Documents to another bank or financial institution
with the prior written consent of the Borrower, which:

 

		(a)	shall
                                         not be unreasonably withheld;

 

		(b)	should
                                         be deemed to be given if no response is received within 5 business days;

 

		(c)	shall
                                         not be required where an Event of Default is continuing; and

 

		(d)	shall
                                         not be required where the Lender remains the lender of record.

 

	25.2	No
                                         increased costs

 

Notwithstanding
anything to the contrary in this Agreement, if (other than at the request of the Borrower), the Lender assigns or novates any
of its rights or obligations under this Agreement, the Obligors will not be required to pay any net increase in the aggregate
amount payable under this Agreement (including under clauses 16 and 17) that is a direct consequence of that assignment or
novation and which the Lender or its assignee or novatee was aware, or ought reasonably to have been aware, on the date of
that assignment or novation.

 

	25.3	Disclosure
                                         of information

 

The
Lender may disclose, on a confidential basis, to a potential assignee, novatee, transferee or other person (not being a trade
competitor of the Group) with whom contractual relations in connection with the Finance Documents are contemplated, any information
about the Obligors, whether or not that information was obtained in confidence and whether or not that information is publicly
available. The Lender shall only provide information to another person as contemplated by this clause on terms that oblige the
recipient to hold the information on a confidential basis for the benefit of each member of the Group.

 

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	26.	Changes
                                         to the Obligors

 

	26.1	Assignment
                                         by Obligors

 

The
Obligors may not assign, novate or transfer any of their rights or obligations under a Finance Document without the prior written
consent of the Lender.

 

	26.2	Additional
                                         Borrowers

 

The
Borrower may, at any time during the Availability Period and with the prior written consent of the Lender, elect for a subsidiary
to become a Borrower under this Agreement (in this clause, the New Borrower) by executing a Supplemental Deed and delivering
to the Lender:

 

		(a)	a
                                         certificate of a director of the New Borrower, in the form of Schedule 5 where the New
                                         Borrower is incorporated in New Zealand (or such other form as the Lender may require);
	 	 	 
		(b)	duly
                                         executed Security Documents, in each case in form and substance satisfactory to the Lender
                                         (but on the basis that documents consistent with the Security Documents entered into
                                         as initial conditions precedent will be satisfactory to the Lender), in respect of the
                                         New Borrower and its property, in favour of the Lender, to secure all of the obligations
                                         of the Obligors under the Finance Documents;
	 	 	 
		(c)	a
                                         legal opinion in form and substance, and from solicitors, acceptable to the Lender; and
	 	 	 
		(d)	all
                                         other information and documentation reasonably requested by the Lender.

 

	26.3	Additional
                                         Guarantors

 

If,
at any time prior to the Termination Date, a new wholly-owned subsidiary is formed or acquired by an Obligor, the Obligors will
procure that such subsidiary becomes a Guarantor under this Agreement (in this clause, the New Guarantor) by delivering
to the Lender:

 

		(a)	a
                                         certificate of a director of the New Guarantor, in the form of Schedule 4 where the New
                                         Guarantor is incorporated in New Zealand (or such other form as the Lender may require);

 

		(b)	a
                                         duly executed Supplemental Deed in the form of Schedule 6;

 

		(c)	a
                                         legal opinion in form and substance, and from solicitors, acceptable to the Lender; and

 

		(d)	all
                                         other information and documentation reasonably requested by the Lender.

 

    	 	 	 72

     

    

 

	26.4	Additional
                                         Security Providers

 

If,
at any time prior to the Termination Date, a new wholly-owned subsidiary is formed or acquired by an Obligor, the Obligors will
procure that such subsidiary becomes a Security Provider (unless, at the Borrower’s written request, the Lender agrees otherwise)
under this Agreement (in this clause, the New Security Provider) by delivering to the Lender:

 

		(a)	a
                                         certificate of a director of the New Guarantor, in the form of Schedule 4 where the New
                                         Security Provider is incorporated in New Zealand (or such other form as the Lender may
                                         require);

 

		(b)	duly
                                         executed Security Documents, in each case in form and substance satisfactory to the Lender
                                         (but on the basis that documents consistent with the Security Documents entered into
                                         as initial conditions precedent will be satisfactory to the Lender), in respect of the
                                         New Security Provider and its property, in favour of the Lender, to secure all of the
                                         obligations of the Obligors under the Finance Documents;

 

		(c)	a
                                         legal opinion in form and substance, and from solicitors, acceptable to the Lender; and

 

		(d)	all
                                         other information and documentation reasonably requested by the Lender.

 

	26.5	Lender’s
                                         acceptance

 

When
the Lender is satisfied in all respects with the information and documentation provided to it under clause 26.2 (Additional Borrowers)
and/or clause 26.3 (Additional Guarantors), it will:

 

		(a)	countersign
                                         the Supplemental Deed on behalf of itself, and all other parties to this Agreement; and
	 	 	 
		(b)	retain
                                         one counterpart to the Supplemental Deed and deliver the other counterpart to the Borrower.

 

Each
other party to this Agreement irrevocably authorises the Lender to sign each Supplemental Deed on its behalf.

 

On
the Lender’s execution of the Supplemental Deed, the New Borrower and/or New Guarantor, as the case may be will be bound
by the Finance Documents as if it were an original party to them and named as a Borrower and/or Guarantor, as the case may be.

 

	27.	Payment
                                         mechanics

 

	27.1	Business
                                         days

 

Where
a payment under this Agreement is due on a day that is not a Business Day, the due date will be the next Business Day (unless
the next Business Day falls in another calendar month, in which case the due date will be the previous Business Day).

 

	27.2	Mode

 

Each
payment to the Lender under a Finance Document is to be made on the due date by 2.00pm (local time in the place of payment) in
immediately available freely transferable funds in the manner and to the account at the bank that the Lender, by notice to the
Borrower, specifies from time to time. If a payment is made on the due date but after the specified time, the Borrower will pay
to the Lender, on request, interest on the amount paid until the next Business Day (as if the payment were made on the later day).

 

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	27.3	Payments
                                         to be free and clear

 

Each
payment by the Obligate to the Lender under a Finance Document will be made:

 

		(a)	free
                                         of any restriction or condition; and
	 	 	 
		(b)	free
                                         and clear of and (except to the extent required by law) without any deduction or withholding
                                         for or on account of tax or on any other account, whether by way of set-off, counterclaim
                                         or otherwise.

 

	27.4	Reinstatement

 

If
a payment made by an Obligor pursuant to a Finance Document is avoided by law:

 

		(a)	that
                                         payment will be deemed not to have discharged or affected the relevant obligation of
                                         the Obligors; and
	 	 	 
		(b)	the
                                         Lender and the Obligors will be deemed to be restored to the position in which each would
                                         have been if that payment had not been made.

 

	28.	Set-off and deposits
	 	 
	 	 
	28.1	Set-off

 

 

Each Obligor authorises the Lender
to apply (without prior notice or demand) any credit balance of that Obligor on any account in any currency and at any of its offices
in or towards satisfaction of any indebtedness then due to it under a Finance Document and unpaid. If, at any time an Event of
Default is continuing, an amount is contingently due, or an amount due is not quantified, the Lender may retain and withhold repayment
of any such credit balance and the payment of interest or other money pending that amount becoming due and/or being quantified,
and may set-off the maximum liability that may at any time be owing to it by an Obligor. The Lender:

 

		(a)	may
                                         use any credit balance to buy other currencies and may break any term deposit to effect
                                         that application; and

 

		(b)	need
                                         not exercise its rights under this sub-clause, which are without prejudice and in addition
                                         to its rights under each other Finance Document and any other right of set-off, combination
                                         of accounts, lien or other right to which it is at any time otherwise entitled (by law
                                         or contract).

 

	28.2	Contractual
    rights

 

The
rights of the Lender under this clause are contractual rights affecting the terms on which a credit balance is held and the creation
of those rights does not constitute the creation of a security interest in that credit balance.

 

    	 	 	 74

     

    

 

	29.	Power
    of Attorney

 

Each
Obligor hereby irrevocably appoints the Lender and every authorised officer of the Lender, its true and lawful attorney both jointly
and severally, during and after the termination of this Agreement, in the Obligor’s name to execute all documents and do
all things required in order to give effect to the provisions of this Agreement including (without limitation) the execution of
all assurances, acts and deeds referred to in clause 22.1(h):

 

The
Lender and its authorised officers shall not exercise any rights under this clause unless:

 

		(a)	an
                                         Event of Default is continuing; or
	 	 	 
		(b)	the
                                         Obligors have failed to do something they are required to do under this Agreement within
                                         five Business Days of being requested to do so.

 

	30.	Calculations
    and evidence
	 	 
	 	 
	30.1	Basis
    of calculation

 

All
interest will accrue from day to day and will be calculated on the basis of the number of days elapsed and a 365 day year for
amounts in NZ$, GBP or AUD and 360 days for amounts in USD or EUR.

 

Interest
in respect of each Interest Period will accrue from (and including) its first day to (but excluding) its last.

 

	30.2	Accounts

 

The
entries made in the accounts maintained by the Lender are conclusive evidence (absent manifest error) of the existence and amounts
of the obligations of the Obligors recorded in them.

 

	30.3	Certificates
                                         conclusive

 

A
certificate by the Lender of an interest rate, exchange rate or amount payable under this Agreement is conclusive evidence (absent
manifest error) for all purposes, including for any proceedings.

 

	31.	Remedies
    and waivers
	 	 
	 	 
	31.1	Exercise
    of rights and waivers

 

Time
is of the essence in respect of all dates and times for compliance by the Relevant Parties with their obligations under each Finance
Document. However, no failure to exercise, and no delay in exercising, a right of the Lender under a Finance Document will operate
as a waiver of that right, nor will a single or partial exercise of a right preclude another or further exercise of that right
or the exercise of another right. No waiver by the Lender of its rights under a Finance Document is effective unless it is in
writing signed by the Lender.

 

	31.2	Remedies
                                         cumulative

 

The
rights of the Lender under the Finance Documents are cumulative and not exclusive of any rights provided by law.

 

    	 	 	 75

     

    

 

	32.	Notices
	 	 
	32.1	General

 

In
connection with any notice or other communication (a Communication) made by an Obligor to the Lender under any Finance Document,
the Lender:

 

		(a)	may
                                         take the Communication at face value, and has no obligation to take any steps to ensure
                                         it was sent by the person it was purported to be sent by;
	 	 	 
		(b)	has
                                         no obligation to act on any incorrect or incomplete Communication, or any Communication
                                         that does not comply with any agreed process; and
	 	 	 
		(c)	is
                                         authorised to accept any electronic mail address, facsimile number or personal delivery
                                         address advised to it from time to time by an authorised signatory of an Obligor.

 

	32.2	Addresses

 

Each
notice or other communication under this Agreement will be made in writing and sent by electronic mail, facsimile, personal delivery
or by post to the addressee at the electronic mail address, facsimile number or address, and marked for the attention of the person
or office holder (if any), from time to time designated for the purpose by the addressee to the other party. The initial electronic
mail address, facsimile number, address and relevant person or office holder of each party is set out under its name at the end
of this Agreement.

 

	32.3	Delivery

 

		(a)	General

 

No
communication will be effective until received. A communication to the Obligors is, however, deemed to be received:

 

		(i)	in
                                         the case of a letter, on the third Business Day after posting;

 

		(ii)	in
                                         the case of a facsimile, on the Business Day on which it is despatched or, if despatched
                                         after 5.00 p.m. (in the place of receipt) on a Business Day or on a non-Business Day,
                                         on the next Business Day after the date of despatch; and

 

		(iii)	in
                                         the case of an electronic mail, when it is actually received in readable form.

 

A
communication to the Obligors, or any of them, is deemed to be received when it is deemed to be received by the Borrower in accordance
with this clause.

 

		(b)	Electronic
                                         mail

 

Electronic
mail to the Lender must:

 

		(i)	be
                                         sent from a contact of the relevant Obligor authorised by the Lender to communicate by
                                         electronic mail;

 

		(ii)	be
                                         sent to the exact electronic mail address specified by the Lender from time to time;
                                         and

 

    	 	 	 76

     

    

 

 

		(iii)	in
                                         the case of a Drawing Notice, attach a pdf copy of the original Drawing Notice, signed
                                         by an authorised signatory of the Obligor.

 

All
parties acknowledge the risk of receiving non-encrypted electronic mail containing confidential information that may also be privileged
and accept that:

 

		(iv)	the
                                         Lender shall not be responsible for unauthorised access and/or alteration to any electronic
                                         mail, nor for the consequences arising as a result of use of information that may have
                                         been illegitimately accessed or altered, except in the case of gross negligence or wilful
                                         misconduct of the Lender; and

 

		(v)	the
                                         Lender has no obligation to look behind an instruction to check that it was sent by the
                                         person it was purported to be sent by, or to act on incorrect or incomplete instructions.

 

	32.4	Borrower

 

		(a)	By
                                         signing this Agreement, or a Supplemental Deed, each Obligor irrevocably appoints the
                                         Borrower to act on its behalf as its agent in relation to the Finance Documents and irrevocably
                                         authorises:

 

		(i)	the
                                         Borrower on its behalf to supply all information concerning itself contemplated by the
                                         Finance Documents to the Lender and to give all notices and instructions without further
                                         reference to the consent of that Obligor; and

 

		(ii)	the
                                         Lender to give any notice, demand or other communication to that Obligor pursuant to
                                         the Finance Documents to the Borrower,

 

and
in each case the Obligor shall be bound as though the Obligor itself had given the notices and instructions, and received the
relevant notices, demands or other communications.

 

		(b)	In
                                         the event of any conflict between any notices or other communications of the Borrower
                                         and any other Obligor, those of the Borrower will prevail.

 

	33.	Australian
    PPSA provisions
	 	 
	33.1	Exclusion
    of certain provisions

 

Where
the Lender has a security interest (as defined in the Australian PPSA) under any Finance Document, to the extent the law permits:

 

		(a)	for
                                         the purposes of sections 115(1) and 115(7) of the Australian PPSA:

 

		(i)	the
                                         Lender need not comply with sections 95, 118(1)(b), 121(4), 125, 130, 132(3)(d) or 132(4)
                                         of the Australian PPSA; and

 

		(ii)	sections
                                         142 and 143 of the Australian PPSA are excluded;

 

		(b)	for
                                         the purposes of section 115(7) of the Australian PPSA, the Lender need not comply with
                                         sections 132 and 137(3);

 

    	 	 	 77

     

    

 

		(c)	each
                                         party waives its right to receive from the Lender any notice required under the Australian
                                         PPSA (including a notice of a verification statement);
	 	 	 
		(d)	if
                                         the Lender exercises a right, power or remedy in connection with it, that exercise is
                                         taken not to be an exercise of a right, power or remedy under the Australian PPSA unless
                                         the Lender states otherwise at the time of exercise. However, this clause does not apply
                                         to a right, power or remedy which can only be exercised under the Australian PPSA; and
	 	 	 
		(e)	if
                                         the Australian PPSA is amended to permit the parties to agree not to comply with or to
                                         exclude other provisions of the PPSA, the Lender may notify the Borrower that any of
                                         these provisions is excluded, or that the Finance Parties need not comply with any of
                                         these provisions.

 

This
does not affect any rights a person has or would have other than by reason of the Australian PPSA and applies despite any other
clause in any Finance Document.

 

	33.2	Further
                                         assurances

 

Whenever
the Lender requests an Obligor to do anything:

 

		(a)	to
                                         ensure any Finance Document (or any security interest (as defined in the Australian PPSA)
                                         or other security interest under any Finance Document) is fully effective, enforceable
                                         and perfected with the contemplated priority;
	 	 	 
		(b)	for
                                         more satisfactorily assuring or securing to the Lender the property the subject of any
                                         such security interest or other security interest in a manner consistent with the Finance
                                         Documents; or
	 	 	 
		(c)	for
                                         aiding the exercise of any power in any Finance Document,

 

the
Obligor shall do it promptly at its own cost. This may include obtaining consents, signing documents, getting documents completed
and signed and supplying information, delivering documents and evidence of title and executed blank transfers, or otherwise giving
possession or control with respect to any property the subject of any security interest or Security.

 

	34.	Miscellaneous
	 	 
	34.1	Impossibility

 

The
Lender will not be liable for any failure to perform or comply with its obligations under this Agreement resulting directly or
indirectly from the action or inaction of a governmental or local authority, strike, labour disturbance (whether of its employees,
officers or otherwise) or any other cause that is beyond its control.

 

	34.2	Anti
                                         money laundering

 

		(a)	The
                                         Borrower agrees that the Lender may delay, block or refuse to process any transaction
                                         without incurring any liability if it is suspected that:

 

		(i)	the
                                         transaction may breach any laws or regulations in New Zealand or any other country;

 

    	 	 	 78

     

    

 

		(ii)	the
                                         transaction involves any person (natural, corporate or governmental) that is itself sanctioned
                                         or is connected, directly or indirectly, to any person that is sanctioned under economic
                                         and trade sanctions imposed by the United States, the United Nations, the European Union
                                         or any country; or

 

		(iii)	the
                                         transaction may directly or indirectly involve the proceeds of, or be applied for the
                                         purposes of, conduct that is unlawful in New Zealand or any other country.

 

		(b)	The
                                         Borrower must (and must procure that each other Obligor will) provide all information
                                         to the Lender that the Lender reasonably requires in order to manage its money-laundering,
                                         terrorism-financing or economic and trade sanctions risk or to comply with any laws or
                                         regulations in New Zealand or any other country. The Borrower agrees that the Lender
                                         may disclose any information concerning the Obligors to any law enforcement, regulatory
                                         agency or court where required by any such law or regulation in New Zealand or elsewhere.

 

	34.3	Benefit
                                         and burden of this Agreement

 

This
Agreement is binding on and enures for the benefit of the parties and their respective successors and their permitted assignees,
novatees and transferees.

 

	34.4	Amendments

 

No
amendment to this Agreement is effective unless it is in writing signed by all the parties.

 

	34.5	Partial
                                         invalidity

 

The
illegality, invalidity or unenforceability of a provision of this Agreement under any law will not affect the legality, validity
or enforceability of that provision under another law or the legality, validity or enforceability of another provision.

 

	34.6	Conflict
                                         of interests

 

The
Lender or a Receiver may exercise or agree to exercise a right given by this Agreement or by law, even though that person may
have a conflict of interest in exercising such right.

 

	34.7	Consents

 

Unless
otherwise specified in this Agreement or expressly stated otherwise in a Finance Document, the Lender may give or withhold any
approval or consent in that person’s absolute discretion, and either conditionally or unconditionally.

 

	34.8	Counterparts

 

This
Agreement may be signed in any number of counterparts all of which, when taken together, will constitute one and the same instrument.
A party may enter into this Agreement by executing any counterpart.

 

	34.9	Inconsistency

 

In
the event of any inconsistency between the provisions of this Agreement and the provisions of any other Finance Document, the
provisions of this Agreement will prevail.

 

    	 	 	 79

     

    

 

	34.10	Entire
                                         Agreement

 

This
Agreement, together with each other agreement made in writing signed by all the parties, constitutes the entire agreement between
the parties.

 

	35.	Governing
    law
	 	 
	35.1	Governing
    law

 

This
Agreement is governed by, and is to be construed in accordance with, New Zealand law.

 

	35.2	Service
                                         of process

 

Without
prejudice to any other mode of service allowed under any relevant law, each Obligor (other than an Obligor incorporated in New
Zealand):

 

		(a)	irrevocably
                                         appoints the Borrower as its agent for service of process in relation to any proceedings
                                         in connection with any Finance Document; and
	 	 	 
		(b)	agrees
                                         that failure by a process agent to notify the relevant Obligor of the process will not
                                         invalidate the proceedings concerned.

 

Execution

 

Executed
as a Deed

 

[Execution
blocks intentionally deleted]

 

    	 	 	 80

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