Document:

Exhibit 10.A(iii)C

 

Issuing and Paying Agency Agreement

 

Ecolab Finance Pty Limited

ACN 082 979 655

 

and

 

Perpetual Trustee Company Limited

ACN 000 001 007

 

 

F R E E H I L L

H O L L I N G D A L E

& P A G E

 

 

MLC Centre Martin Place Sydney New South
Wales 2000 Australia

Telephone (02) 9225 5000 Int + (61 2) 9225
5000 Facsimile (02) 9322 4000 DX 361 Sydney

Reference: SMcG:36E

 

SYDNEY  MELBOURNE  PERTH  CANBERRA  BRISBANE  SINGAPORE  HANOI  HO
CHI MINH CITY

CORRESPONDENT OFFICE IN JAKARTA

 

Liability is limited by the Solicitors Scheme
under the Professional Standards Act 1994 (NSW)

 

 

Issuing and Paying Agency Agreement

 

Table of contents

 

	
  Clause

  
	
   

  
	
  1 Interpretation

  
	
   

  
	
  2 Appointment of Agent

  
	
   

  
	
  3 Delivery of Blank Notes

  
	
   

  
	
  4 Issue of Notes

  
	
   

  
	
  5 Form of Notes

  
	
   

  
	
  6 Information

  
	
   

  
	
  7 Payment of Matured Notes

  
	
   

  
	
  8 Warranties

  
	
   

  
	
  9 Relationship

  
	
   

  
	
  10 Responsibility

  
	
   

  
	
  11 Liabilities and Indemnities

  
	
   

  
	
  12
  Fees

  
	
   

  
	
  13 Notices

  
	
   

  
	
  14 Assignment

  
	
   

  
	
  15 Miscellaneous

  
	
   

  
	
  16 Governing Law, Jurisdiction and Service
  of Process

  
	
   

  
	
  17 Counterparts

  
	
   

  
	
  Schedule 1 - Form of Note

  
	
   

  
	
  Schedule 2 - Offices of Issuing and Paying Agent

  

 

1

 

This Agreement

 

is made on 10 July 1998 between the following parties:

 

1.             Ecolab
Finance Pty Limited

ACN 082 979 655

of Level 26, 50 Bridge Street, Sydney, New South Wales

(Issuer)

 

2.             Perpetual
Trustee Company Limited

ACN 000 001 007

of Level 7, 39 Hunter Street, Sydney, New South Wales

(Agent)

 

Recitals

 

A.                                   The Issuer proposes to
issue from time to time promissory notes (Notes) in accordance with the terms
of the Dealer Agreement and this agreement.

 

B.                                     The Agent has
agreed to act as the issuing and paying agent of the Issuer in respect of the
Notes upon the terms and conditions set out in this agreement.

 

The parties agree

 

in consideration of, among other things, the mutual promises contained
in this agreement:

 

1              Interpretation

 

1.1                                 The following words
have these meanings in this agreement if they commence with a capital letter in
the text.

 

Dealer Agreement means
the agreement dated on or about the date of this agreement between the Issuer,
Citisecurities Limited (as Arranger) and the Dealers named therein;

 

Officer means:

 

(a)                                  in relation to the
Agent, a director, secretary or an officer whose title contains the word
“manager” or “director” or a person performing the functions of any of them;
and

 

(b)                                 in relation to the
Issuer, a director or a secretary, or a person notified to be an authorised
officer, of the Issuer.

 

1.2                                 Unless the context
otherwise clearly requires, terms defined in the Dealer Agreement will have the
same meaning when used in this agreement.

 

1.3                                 In this agreement
unless the contrary intention appears:

 

(a)                                  a reference to this
agreement or another instrument includes any variation to or replacement of
them;

 

(b)                                 a reference to a
statute, ordinance, code or other law includes regulations and other
instruments under them and consolidations, amendments, re-writes, re-enactments
or replacements of any of them;

 

1

 

(c)                                  the singular includes
the plural and vice versa;

 

(d)                                 the word “person”
includes a firm, body corporate, an unincorporated association or an authority;

 

(e)                                  a reference to a
person includes a reference to the person’s executors, administrators,
successors, substitutes (including, without limitation, persons taking by
novation) and assigns:

 

(f)                                    a reference to an
accounting term is to be interpreted in accordance with approved accounting
standards under the Corporations Law, schedule 5 to the Corporations
Regulations and, where not inconsistent with those accounting standards and
that schedule, generally accepted principles and practices in Australia
consistently applied by a body corporate or as between bodies corporate and
over time;

 

(g)                                 a reference to any
thing (including, without limitation, any amount) is a reference to the whole
or any part of it and a reference to a group of persons is a reference to any
one or more of them;

 

(h)                                 a reference to a
clause, part or schedule is, unless otherwise specified, a reference to a
clause, part or schedule in this agreement;

 

(i)                                     a capitalised term
has the meaning given to it in the Dealer Agreement unless otherwise specified;

 

(j)                                     no act or omission
of the Agent will be regarded as being “wilful” if that act or omission:

 

(1)                                  is in accordance with
the directions of a court;

 

(2)                                  is otherwise
sanctioned by law;

 

(3)                                  is in accordance with
a direction given by the Issuer; or

 

(4)                                  is solely
attributable to a breach by a person, other than the Agent, of a Transaction
Document; and

 

(k)                                  subject to clause
13.1(c), the Agent will only be considered to have knowledge, awareness or
notice of a thing, or grounds to believe any thing, by virtue of the officers
of the Agent having actual knowledge, actual awareness or actual notice of that
thing (and similar references will be interpreted in this way).

 

1.4                                 Headings are inserted
for convenience and do not affect the interpretation of this agreement.

 

2                                         Appointment of Agent

 

2.1                                 The
Issuer:

 

(a)                                  appoints the Agent
acting through its offices specified in schedule 2 as its issuing and paying
agent in connection with the Notes; and

 

(b)                                 authorises the Agent
to take action on its behalf and to exercise the rights, powers and remedies
and perform those obligations which are specifically

 

2

 

delegated to the Agent by this agreement and such further rights and
powers which:

 

(1)                                  are reasonably
incidental to such delegated rights and powers; and

 

(2)                                  the Issuer and the
Agent agree from time to time in writing.

 

2.2                                 The Agent accepts its
appointment under clause 2.1.  The Agent
may exercise the rights, remedies, powers and discretions and must perform the
obligations (including, if applicable, the exercise of its rights, remedies,
powers and discretions) which are specifically delegated to it by this
agreement.

 

2.3                                 The Agent acknowledges
receipt of executed copies of the Dealer Agreement.

 

2.4                                 The Issuer agrees to
do all such things necessary to enable the Agent to lodge and deal with the
Notes on behalf of the Issuer in the Austraclear System.

 

3                                         Delivery of Blank Notes

 

3.1                                 To enable the Agent to
perform its obligations under this agreement, the Issuer must ensure that, at
all times, the Agent is supplied with sufficient blank Notes signed by an
Officer of the Issuer (or which may be signed by an Officer of the Agent in
accordance with the provisions of clause 4.3(b) and clause 5.2), to the office
of the Agent agreed from time to time to perform its obligations under this
agreement.

 

3.2                                 The Agent shall hold
for the Issuer and maintain in safe custody all blank Notes in its possession
under this agreement and must ensure that those Notes are only completed,
signed (if required) and delivered in accordance with this agreement.

 

3.3                                 The Agent will notify
the Issuer promptly when it considers further quantities of Notes are required.

 

3.4                                 If requested in
writing by the Issuer, the Agent must return to the Issuer or cancel and
destroy any or all blank Notes held by it.

 

4                                         Issue of Notes

 

4.1                                 The Issuer must by
10.30 am (Sydney time) on an Issue Date give notice to the Agent by telephone,
(to be promptly confirmed by facsimile), of the aggregate face value of Notes
to be issued on that Issue Date, specifying in relation to those Notes:

 

(a)                                  the Issue Date;

 

(b)                                 the Maturity Date(s);

 

(c)                                  the denomination(s);

 

(d)                                 the identify of the
persons purchasing each Note and the delivery instructions relating to each
Note;

 

(e)                                  the aggregate
Purchase Price payable by each purchaser; and

 

(f)                                    the details of the
bank account or Austraclear System account to which the aggregate Purchase
Price is to be credited in accordance with clause 4.5.

 

3

 

4.2                                 The Issuer must ensure
that the aggregate face amounts of Outstanding Notes at any one time must not
exceed the Facility Limit (or such other amount agreed pursuant to the Dealer
Agreement).

 

4.3                                 Each notice pursuant
to clause 4.1 constitutes an instruction by the Issuer to the Agent to:

 

(a)                                  complete each Note in
accordance with the details specified in the notice by the insertion in the
appropriate places on the face of the Note:

 

(1)                                  the relevant Issue
Date;

 

(2)                                  the Maturity Date of
the Note;

 

(3)                                  the face amount of the
Note and the detail set out in such Note;

 

(4)                                  the serial number;
and

 

(b)                                 if the Notes have not
been signed for the Issuer by one of its Officers, cause each such Note to be
signed by a duly authorised signatory in accordance with clause 5.2; and

 

(c)                                  deliver each Note on
its Issue Date to the person entitled to the Note in accordance with clause 4.4
or, if applicable, into the Austraclear System for crediting to the account of
the person entitled to the Note.

 

4.4                                 Each Note shall be
delivered by the Agent in accordance with the delivery instructions given in
relation to that Note pursuant to clause 4.1(d) against payment of the relevant
purchase price, unless the Agent has received prior written notice from the
Issuer that the issue of that Note has been cancelled in accordance with the
terms of the Dealer Agreement (whether due to the failure of a condition
precedent or otherwise) in which case the Agent shall not issue that Note and,
‘if the Note has been completed pursuant to clause 4.3(a) prior to the receipt
of that notice, the Agent shall cancel and destroy that Note.

 

4.5                                 (a)                                  Subject
to clause 7.3, the Agent shall transfer (to the account nominated by the Issuer
pursuant to clause 4.1(f)) for value on each Issue Date an amount in
immediately available funds equal to the aggregate Purchase Price for the Notes
issued on that Issue Date.

 

(b)                                 If for any reason
whatsoever (other than the fraud, wilful misconduct or gross negligence of the
Agent or its officers, agents or employees) there is a shortfall in the amount
which should have been paid to the Agent by or on behalf of any Dealer or any
other person on any Issue Date, and the Agent has already paid that amount to
the Issuer pursuant to clause 4.5(a) in the belief that it has received or
would receive the full amount (and for the avoidance of any doubt the Agent
shall have no obligation to make such payment to the extent that it has not
received sufficient cleared funds in order to do so), then the Issuer shall be
obliged to reimburse the Agent for such shortfall as soon as is practicable
after notification to the Issuer of that fact and until reimbursement, the
Agent shall hold the Notes corresponding to such shortfall for its own
account.  The Issuer shall pay the Agent
interest for the period from and including that Issue Date up to but excluding
the Business Day upon which the Agent receives such reimbursement on an amount
equal to the shortfall calculated on a 365 day year basis and compounded daily
at a variable interest rate equal to the average 90 day

 

4

 

Bank Bill Swap Reference Rate as published in the financial press from
time to time (or the rate which replaces it) plus a margin of 1.00% per
annum.  Upon such reimbursement the
Agent shall procure the cancellation of the relevant Note.

 

4.6                                 If the Agent receives
an application from any person for the issue of a replacement Note to replace a
Note which that person certifies has been lost, stolen, mutilated, defaced or
destroyed and that person has:

 

(a)                                  paid any costs
incurred in connection with the issue of that replacement Note;

 

(b)                                 specified:

 

(1)                                  that the replacement
Note should be delivered, at the risk of that person, by mailing it (first call
uninsured postage prepaid) to a nominated addressee and address; or

 

(2)                                  that the replacement
Note will be collected by or on behalf of the person; and

 

(c)                                  either surrendered
the Note to be replaced or, where such person specifies that such Note has been
lost, stolen or destroyed, provided evidence and an indemnity satisfactory to
the Issuer and the Agent in their absolute discretion;

 

then the Agent shall:

 

(d)                                 complete a replacement
Note with a new serial number but otherwise as an exact replacement for the
Note to be replaced; and

 

(e)                                  if the Notes have not
been signed for the Issuer by one of its Officers, cause that replacement Note
to be signed by a duly authorised signatory in accordance with clause 5.2;

 

(f)                                    deliver that
replacement Note in the manner specified pursuant to clause 4.6(b); and

 

(g)                                 cancel and destroy any
Note surrendered to it pursuant to clause 4.6(c).

 

4.7                                 The Agent must keep a
full and complete record of all Notes and of their redemption, payment
cancellation and destruction (as the case may be) and make such records
available at reasonable times to the Issuer.

 

5                                         Form
of Notes

 

5.1           Each Note shall:

 

(a)                                  unless otherwise
provided in the Dealer Agreement, be substantially in the form set out in
schedule 1; and

 

(b)                                 comply with the
provisions of the Dealer Agreement: and

 

(c)                                  be completed, signed
and delivered as provided in clause 4.3.

 

5.2                                 Each Note to be issued
by the Issuer shall (unless the Issuer has elected by prior written notice to
the Agent) be signed for and on behalf of the Issuer by an Officer of the Agent
in accordance with the Agent’s normal procedures as advised by the

 

5

 

Agent to the Issuer at the Issuer’s request from time to time.  The Issuer may, by notice in writing to the
Agent at any time, elect to execute the Notes by one of its Officers.  The Issuer appoints the Agent and every
Officer of the Agent who is appointed and empowered by the Agent for the
purposes of this clause 5.2 severally as its true and lawful attorneys to sign
Notes on its behalf in accordance with this clause 5.2.  Any such signature may be written, or by a
facsimile or stamp of the signature.  No
Note shall be signed except as contemplated under this clause 5.2.  The Issuer agrees to ratify and confirm
anything done by any such attorneys pursuant to exercise of their power to sign
as attorneys of the Issuer.

 

6                                         Information

 

6.1                                 Within 3 Business Days
after an Issue Date the Agent shall notify the Issuer of the serial numbers of
the Notes completed, signed and delivered by the Agent on the Issue Date, the
aggregate face amount of such Notes and the Maturity Date of each of those
Notes.

 

6.2                                 Within 3 Business Days
after the issue of a replacement Note pursuant to clause 4.6 the Agent shall
notify the Issuer of the issue of that replacement Note, its serial number, the
serial number (if known) of the Note which it replaces and, if applicable, the
destruction of the Note being replaced.

 

7                                         Payment
of Matured Notes

 

7.1                                 Subject to clause 7.3,
the Issuer shall, not later than 1.00 pm (Sydney time) on every Maturity Date,
transfer, or procure the transfer of, the total amount required in immediately
available funds for the payment in full of all Notes becoming due on the
Maturity Date to the account of the Agent which the Agent designates by notice
to the Issuer.

 

7.2                                 Subject to clause 7.3,
if requested by the Agent the Issuer shall:

 

(a)                                  on or before the
Business Day immediately prior to each Maturity Date advise the Agent (by
sending to the Agent a confirmation of its payment instructions) of the bank through
which the transfer of the total amount required for the payment in full of all
Notes becoming due on the Maturity Date is to be made; and

 

(b)                                 procure its nominated
bank to send to the Agent a facsimile, not later than 1.00 pm (Sydney time) on
each Maturity Date. irrevocably confirming that it has made that payment.

 

7.3                                 Where Notes (“new
Notes”) are to be issued on the Maturity Date of any Outstanding Notes (“old
Notes”), the Agent must apply the aggregate Purchase Price of the new Notes in
or towards payment of the old Notes in accordance with clause 7.4.  If the aggregate Purchase Price for the new
Notes will be insufficient for payment in full of all old Notes becoming due on
that Maturity Date, the Issuer shall pay the shortfall to the Agent as specified
in clauses 7.1 and 7.2.  Nothing in this
clause 7.3 shall affect the obligations of the Issuer to ensure that the Agent
receives or holds sufficient funds to pay each Note on its Maturity Date and if
for any reason the provisions of this clause 7.3 cannot be given effect to in
whole or in

 

6

 

part, the Agent shall notify the Issuer as soon as practicable and the
Issuer shall immediately pay to the Agent the amount required for payment in
full of all old Notes becoming due on that Maturity Date.

 

7.4                                 Subject to the
following provisions of this part 7, the Agent will pay the face amount of each
Note which is presented to it as paying agent on or after the Note’s Maturity
Date.  Unless the full amount required
for such payment has been received by the Agent from the Issuer, the Agent
shall not be bound to make that payment.

 

7.5                                 If the Agent has not
received the total amount required for the payment in full of all Notes
becoming due on a Maturity Date it shall promptly notify the Issuer and the
Dealers on that Maturity Date.  If the
Agent subsequently receives that amount, but without in any way limiting the
obligations of the Issuer under clauses 7.1 to 7.4, the Agent will make payment
of the amount received as specified in clause 7.4.

 

7.6                                 Unless otherwise
notified by the Issuer, the Agent may assume that it has received the total
amount required for the payment in full of all Notes becoming due on a
particular Maturity Date and in reliance upon such assumption may (but is not
obliged to) proceed to make payment as provided in clause 7.4.  If the Agent has not received the full
amount by close of business on the Maturity Date (taking account of any
subsequent reversal of credit entries with back-valued effect), the Issuer must
pay to the Agent interest, for the period from and including that Maturity Date
up to but excluding the Business Day on which the Agent receives that amount,
on the shortfall paid by the Agent pursuant to clause 7.4 calculated daily on a
365 day year basis and compounded daily at the average 90 day Bank Bill Swap
Reference Rate as published in the financial press from time to time (or the
rate which replaces it) plus a margin of 1.00% per annum. Such interest shall
be compounded daily.

 

7.7                                 The Agent shall be
entitled to deduct from all payments to holders of Notes any amounts which it
is required to deduct by any applicable law but shall otherwise make all
payments to holders of Notes without any set-off or deduction.

 

7.8                                 Moneys paid to the
Agent by the Issuer pursuant to clause 7.1 and not paid against presentation of
the relevant Notes within 3 Business Days after the Maturity Date of those
Notes shall be placed at call on interest bearing deposit by the Agent with a
financial institution approved by the Issuer at an interest rate and on
conditions usual for deposits of that size and term. The Issuer is entitled to
all interest on the unclaimed moneys and the Agent must pay such interest to
the Issuer upon receipt by the Agent. Moneys not paid against presentation of
the relevant Notes after the sixth anniversary of their Maturity Date shall be
repaid with any accrued but unpaid interest to the Issuer.

 

7.9                                 The Agent must cancel
and destroy each Note presented for payment and paid in full.

 

8                                         Warranties

 

8.1           Each party
represents and warrants that:

 

(a)                                  incorporation: it is a corporation duly
incorporated and validly existing under the laws of its jurisdiction of
incorporation;

 

7

 

(b)                                 corporate power: it has the corporate power
to own its assets and to carry on its business as it is now being conducted;

 

(c)                                  authority: 
it has full power and authority to enter into and perform its
obligations under the Transaction Documents to which it is expressed to be a
party or is stated to have an obligation with respect thereto;

 

(d)                                 authorisations:  it has taken all necessary action to authorise the execution,
delivery and performance of the Transaction Documents to which it is expressed
to be a party or is stated to have an obligation with respect thereto in
accordance with their terms;

 

(e)                                  binding obligations: the Transaction
Documents to which it is expressed to be a party or is stated to have an
obligation with respect thereto constitute its legal, valid and binding
obligations and, subject to any necessary stamping and registration, are
enforceable in accordance with their terms subject to laws generally affecting
creditors’ rights and to principles of equity;

 

(f)                                    nature of obligations:  its payment obligations under the
Transaction Documents to which it is expressed to be a party or is stated to
have payment obligations with respect thereto constitute direct, unconditional
and unsecured obligations ranking pari passu with all of its other unsecured
and unsubordinated payment obligations except payment obligations preferred by
mandatory operation of law;

 

(g)                                 transaction permitted: the execution,
delivery and performance by it of the Transaction Documents to which it is
expressed to be a party or is stated to have an obligation with respect thereto
do not and will not violate:

 

(1)                                  any law, regulation,
authorisation, ruling, consent, judgment, order or decree of any Governmental
Agency;

 

(2)                                  its memorandum and
articles of association or other constituent documents.

 

8.2                                 These warranties are
taken to be also made on each Issue Date and Maturity Date.

 

9                                         Relationship

 

9.1                                 The Agent must do all
things required of the Agent in the Transaction Documents, but otherwise has no
obligations except those expressly set out or referred to in this agreement.

 

9.2                                 Subject to the other
terms of this agreement, the Agent must act in accordance with any procedures
agreed between the Agent and the Issuer in exercising its rights, powers and
discretions under this agreement.

 

9.3                                 In the absence of
instructions from the Issuer, the Agent may exercise its rights, powers and
discretions as it sees fit provided it does so in good faith. Except where this
agreement otherwise expressly specifies the Agent need not consult with the
Issuer before exercising a right, power or discretion under this agreement.

 

9.4                                 Save as expressly
provided for in this agreement, the Agent is not a trustee for the benefit of
the Issuer, a bearer of a Note or any other person.

 

8

 

9.5                                 The Agent may rely on
any communication or instrument reasonably believed by it to be genuine and
correct and to have been signed or sent by the proper person, and may rely as
to legal or other professional matters on opinions and statement of any legal
or professional advisers selected or approved by it.

 

9.6                                 The Agent may employ
agents and attorneys.

 

9.7                                 The Issuer must
ensure, and the Agent, except in matters purely within its own knowledge has no
responsibility for ensuring, that the issue of, and observance of obligations
under, a  Note complies with all
applicable laws and regulations and that all authorisations necessary for the
issue of, and observance of obligations under, a Note are obtained and
maintained in full force.

 

9.8                                 The Agent shall
(except as ordered by a court of competent jurisdiction or as required by law
and notwithstanding any notice to the contrary) be entitled to treat the bearer
of a Note as the absolute owner of that Note and shall not be liable for doing
so except to the extent that the Agent, its officers, employees or agents are
guilty of gross negligence, wilful misconduct, fraud or breach of contract.

 

9.9                                 Notwithstanding any
other provision of this agreement the Agent shall be entitled not to act upon
any instructions from the Issuer if and for so long as it is impossible for the
Agent to act upon those instructions due to causes beyond its control (but not
occasioned by the gross negligence, wilful misconduct, fraud or breach of
contract of the Agent ) including, but not limited to, civil war,
insurrections, riots, fires, floods, explosions, earthquakes, acts of God or
the public enemy, labour disputes and any statute, order, regulation,
proclamation, ordinance, demand or requirement of any governmental agency
imposed after the date of this agreement. The Agent shall notify the Issuer as
soon as possible after it has in its sole and absolute discretion determined
that it is unable to act on any instructions as a result of any such impossibility
and the Issuer may at any time after receipt of such a notice from the Agent
and for so long as that impossibility continues, by notice to the Agent
terminate this agreement with immediate effect. The Agent will have no
responsibility or liability whatsoever for any loss or expense suffered by the
Issuer as a result of the Agent not so acting for the period during which that
impossibility continues. Unless this agreement has been terminated, the Agent
shall take all reasonable steps to avoid or remove the causes of
non-performance and promptly resume performance under this agreement when the
causes are removed.

 

9.10                           The Agent may resign its
appointment under this agreement and the Issuer may terminate the appointment
of the Agent under this agreement at any time by giving not less than 30 days’
written notice to that effect to the Issuer or the Agent respectively. The
resignation or termination shall not be effective:

 

(a)                                  until
a successor is appointed in accordance with this part 9; or

 

(b)                                 in respect of any Note
issued on or before the date upon which such resignation otherwise becomes
effective nor shall the resignation be effective in respect of any replacement
Note issued in replacement for any such Note.

 

The Issuer shall ensure that there is at all times an issuing and
paying agent in respect of the Notes.

 

9.11                           If the Agent resigns or is
removed, the Issuer shall, before the fifth Business Day prior to the expiry of
the Agent’s notice of resignation, appoint a successor to the

 

9

 

Agent, such appointment to take effect upon expiry of the retiring
Agent’s notice period.

 

9.12                           If
a successor to the Agent is appointed under this agreement, then the retiring
Agent shall:

 

(a)                                  except to the extent
required by it in connection with any Notes in respect of which its resignation
is not effective or, in the case of money which it is entitled to retain for
its own account, deliver to the new Agent all blank Notes, records and money
held by it in its capacity as the Agent under this agreement; and

 

(b)                                 except to the extent
otherwise expressly specified in this agreement, be released from its
obligations under this agreement but shall remain entitled to the benefit of
the provisions of this part 9,

 

and its successor and the Issuer shall have the same rights and
obligations between themselves as they would have had if the successor had been
a party to this agreement.

 

10                                  Responsibility

 

10.1                           Dealings
by the Agent

 

The Agent and any related body corporate of the Agent may:

 

(a)                                  subscribe
for Notes or purchase, hold, deal in or dispose with Notes;

 

(b)                                 at
any time:

 

(1)                                  contract
with;

 

(2)                                  act
in any capacity as a representative or agent for;

 

(3)                                  enter
into any financial, banking, agency or other transaction with, 

any Holder, the Issuer, any Dealer, the Guarantor or the Arranger, or

 

(c)                                  be
interested in any contract or transaction referred to in clause 10.1(b),

 

and is not liable to account to any other person for any profits or
benefits (including, without limitation, bank charges, commission, exchange,
brokerage and fees) derived in connection with any such contract or
transaction.

 

10.2                           Issuer’s
Obligation

 

The Agent shall not be responsible or in any way liable for the
performance by the Issuer of its obligations under any Transaction Document or
for enforcement of those obligations.

 

10.3                           Austraclear

 

The Agent shall not be responsible or in any way liable for the
performance by Austraclear of any of its obligations in connection with the
Notes or for the enforcement of those obligations.

 

10

 

11                                  Liabilities and Indemnities

 

11.1                           Neither the Agent nor any of
its officers, employees or agents shall be liable for any act or omission under
this agreement except to the extent that the Agent, its officers, employees or
agents are guilty of negligence, wilful misconduct, fraud or breach of
contract.  Neither the Agent nor its
officers, employees or agents shall be required to ascertain whether any
issuance or sale of Notes has been duly authorised or is in compliance with any
agreement to which the Issuer is a party (including without limitation the
Dealer Agreement), except this agreement.

 

11.2                           The Issuer takes sole
responsibility and risk for the standard of printing and all other aspects
relating to the quality of the Notes.

 

11.3                           The Issuer shall pay or
reimburse the Agent on demand for:

 

(a)                                  the reasonable costs,
charges and expenses of the Agent in connection with the negotiation,
preparation, execution, stamping, registration and completion of this
agreement; and

 

(b)                                 the reasonable costs,
charges and expenses of the Agent in connection with any consent, approval,
exercise of rights, waiver, variation, release or discharge in accordance with
this agreement; and

 

(c)                                  the costs, charges
and expenses of the Agent in connection with the enforcement, or preservation
of any rights under this agreement (including, without limitation, any expenses
incurred in retaining any independent consultant or other person to evaluate any
matter of reasonable concern and its administration costs in connection with
those events); and

 

(d)                                 Taxes, stamp duties,
registration fees and other duties and fines and penalties in respect of any of
them, which may be payable or determined to be payable in connection with this
agreement or a payment or receipt or any other transaction contemplated by this
agreement,

 

including in each case, without limitation, legal costs and expenses on
a full indemnity basis.

 

11.4                           Issuer’s indemnity

 

Subject to clause 11.7, the Issuer indemnifies and holds harmless the
Agent on demand against any losses, liabilities, costs, expenses, claims,
actions or demands which the Agent may incur directly or indirectly or which
may be made against the Agent in connection with its appointment or the
exercise of the powers, discretions and authorities and performance of the
duties of the Agent under this deed (including those losses, liabilities,
costs, expenses, claims, actions or demands arising because of any payment or
failure to make any payment contemplated by this agreement or because of
reliance in good faith on telephone or facsimile instructions originating or
purporting to originate from the offices of the Issuer or to be given by an
Officer of the Issuer) except to the extent that any losses, liabilities,
costs, expenses, claims, actions or demands result from the Agent’s own
negligence, fraud or wilful default under this deed or from the negligence,
fraud or wilful default of the Agent’s officers, employees or agents.

 

11

 

11.5                           Issuer’s control of defence

 

If any claim, action or demand is made against the Agent, in respect of
which indemnity may be sought from the Issuer under clause 11.4, the Agent must
promptly notify the Issuer in writing and the Issuer may assume the defence of
that claim, action or demand including the employment of legal advisers to whom
the Agent must have no reasonable objection, subject to the payment by the
Issuer of all expenses.

 

11.6                           Separate representation

 

The Agent may employ separate legal advisers in, and defend, or
participate in the defence of, any such action where the Issuer assumes
responsibility under clause 11.5, but the fees and expenses of those legal
advisers must be borne by the Agent unless the Issuer has failed to assume the
defence and employ legal advisers for that purpose.

 

11.7                           Limit on Issuer’s indemnity

 

The Issuer is not liable to indemnify the Agent for any settlement of
any claim, action or demand made without the consent of the Issuer.

 

11.8                           Agent’s indemnity

 

Subject to clause 11.11, the Agent indemnifies and holds harmless the
Issuer on demand against all losses, liabilities, costs, expenses, claims,
actions or demands which the Issuer may incur directly or indirectly or which
may be made against the Issuer in connection with the Agent’s breach of its
obligations under this deed or any negligence, wilful default or fraud of the
Agent in the performance of its duties under this deed except to the extent
that any losses, liabilities, costs, expenses, claims, actions or demands
result from the Issuer’s own negligence, fraud or wilful default or from the
negligence, fraud or wilful default of the Issuer’s officer, employees or
agents.

 

11.9                           Agent’s control of defence

 

If any claim, action or demand is made against the Issuer, in respect
of which indemnity may be sought from the Agent under clause 11.8, the Issuer
must promptly notify the Agent in writing and the Agent may assume the defence
to that claim, action or demand including the employment of legal advisers to
whom the Issuer must have no reasonable objection, subject to the payment by
the Agent of all expenses.

 

11.10                     Separate representation

 

The Issuer may employ separate legal advisers in, and defend, or
participate in the defence of, any such action where the Agent assumes
responsibility under clause 11.9, but the fees and expenses of those legal
advisers must be borne by the Issuer unless the Agent has failed to assume the
defence and employ legal advisers for that purpose.

 

11.11                     Limit on Agent’s indemnity

 

The Agent is not liable to indemnify the Issuer for any settlement of
any claim, action or demand made without the consent of the Agent.

 

12

 

12                                  Fees

 

The Issuer shall pay to the Agent the fees set out in a letter dated on
or around today’s date between the Issuer and the Agent.

 

13                                  Notices

 

13.1                           Any notice or other
communication including, but not limited to, any request, demand, consent or
approval, to or by a party to any Transaction Document:

 

(a)                                  must be in legible
writing and in English addressed as shown below:

 

(1)                                  if to the Issuer:

 

Address:                                               Ecolab
Inc.

N/6 Ecolab Centre

370 North Wabasha Street

Saint Paul Minnesota 55102 USA

 

Attention:                                         Manager,
Corporate Finance

 

Facsimile:                                            0011 1 612
293 2379;

 

with a copy to:

 

Address:                                               Ecolab
Pty Ltd

6 Hudson Avenue

Castle Hill NSW 2154

 

Attention:                                         Finance
Director

 

Facsimile:                                            (02) 9899
3105:

 

(2)                                  if to the Agent:

 

Address:                                               Level 3

39 Hunter Street

SYDNEY NSW 2000

 

Attention:                                         Manager,
Securitisation

 

Facsimile:                                            9221 7870,

 

or as specified to the sender by any party by
notice;

 

(b)                                 where the sender is a
company, must be signed by an Officer or under the common seal of the sender;

 

(c)                                  is regarded as being
given by the sender and received by the addressee:

 

(1)                                  if by delivery in
person, when delivered to the addressee;

 

(2)                                  if by post, 3
Business Days (or 5 Business Days if addressed to another country) from and
including the date of postage/on delivery to the addressee; or

 

(3)                                  if by facsimile
transmission, on production of a facsimile transmission report from the machine
from which the facsimile was sent confirming that the facsimile has been sent
in its entirety to the facsimile number of the intended recipient,

 

13

 

but if the delivery or receipt is on a day which is not a Business Day
or is after 4.00 pm (addressee’s time) it is regarded as received at 9.00 am on
the following Business Day; and

 

(d)                                 can be relied upon by the
addressee and the addressee is not liable to any other person for any
consequences of that reliance if the addressee believes it to be genuine,
correct and authorised by the sender.

 

13.2                           In clause 13.1, a reference
to an addressee includes a reference to an addressee’s Officers, agents or
employees or any person reasonably believed by the sender to be an Officer,
agent or employee of the addressee.

 

14                                  Assignment

 

No party to this agreement may assign its rights under this agreement
unless agreed to in writing by all parties which consent must not be
unreasonably withheld.

 

15                                  Miscellaneous

 

15.1                           A certificate signed by the
Agent or its solicitors about a sum payable to the Agent in connection with
this agreement is prima facie evidence of the amount stated in it.

 

15.2                           The Agent may exercise a
right, power or remedy at its discretion, and separately or concurrently with
another right, power or remedy. A single or partial exercise of a right, power
or remedy by the Agent does not prevent a further exercise of that or of any
other right, power or remedy. Failure by the Agent to exercise or delay in
exercising a right, power or remedy does not prevent its exercise.

 

15.3                           A provision of or a right
created under this agreement may not be waived or varied except in writing.

 

15.4                           Any present or future
legislation which operates to vary an obligation, right, power or remedy of a
person in connection with this agreement is excluded except to the extent that
its exclusions prohibited or rendered ineffective by law.

 

15.5                           The Agent may give
conditionally or unconditionally or withhold its approval or consent in its
absolute discretion unless this agreement expressly provides otherwise.

 

15.6                           The rights, powers and
remedies provided in this agreement are cumulative with and not exclusive of
the rights, powers or remedies provided by law independently of this agreement.

 

15.7                           Each indemnity in this
agreement is separate and independent from the other obligations of the Issuer
and the Agent and survives termination of this agreement or termination of the
Agent’s appointment as Agent.

 

15.8                           Time is of the essence of
this agreement in respect of an obligation to pay money.

 

16                                  Governing Law, Jurisdiction and Service of Process

 

16.1                           The agreement is governed by
the law in force in the Australian Capital Territory.

 

14

 

16.2                           Each party irrevocably and
unconditionally submits to the non-exclusive jurisdiction of the courts of the
Australian Capital Territory and courts of appeal from them. Each party waives
any right it has to object to an action being brought in those courts, to claim
that the action has been brought in an inconvenient forum, or to claim that
those courts do not have jurisdiction.

 

16.3                           Without preventing any other
mode of service, any document in an action (including, without limitation, any
writ of summons or other originating process or any third or other party
notice) may be served on any party by being delivered to or left for that party
at its address for service of notices under part 12.

 

17                                  Counterparts

 

The agreement may consist of a number of counterparts and the
counterparts taken together constitute one and the same instrument.

 

15

 

Schedule 1 - Form of Note

 

[Front of Promissory Note]

 

	
  Serial No:

  	
   

  
	
   

  	
   

  
	
  Issue Date:

  	
   

  
	
   

  	
   

  
	
  Maturity Date:

  	
   

  

 

Ecolab Finance Pty Limited

ACN
[                 ]

[                 ]

[                 ]

[                 ]

Sydney NSW 2000

AUSTRALIA

 

promises to pay the bearer the sum of

 

 

on the
                                day
of                                               19               fixed
upon presentation and surrender of this Promissory Note.

 

This Promissory Note may have the benefit of a Deed of Guarantee and
Negative Pledge by Ecolab Inc. dated
         July 1998.

 

Payable at the offices of:
[            ]

 

at the following address:
[            ]

 

For and on behalf of Ecolab Finance Pty Limited

 

 

	
   

  	
   

  
	
  Authorised Officer or Attorney

  

 

16

 

[On reverse of Note]

 

The undersigned acknowledges that this
Promissory Note was surrendered for payment on and payment was received in
full.

 

 

For and on behalf of:

 

	
   

  
	
   

  
	
  Full Name

  
	
   

  
	
   

  
	
  Address

  
	
   

  
	
   

  
	
   

  
	
   

  
	
   

  
	
   

  
	
  Authorised Signatory

  
	
   

  
	
   

  
	
  Tax File Number (Optional)

  

 

17

 

Schedule 2 - Offices of Issuing and Paying Agent

 

Perpetual Trustee Company Limited

Level 3

39 Hunter Street

Sydney NSW 2000

 

	
  Attention:

  	
   

  	
  Manager, Securitisation

  
	
  Telephone:

  	
   

  	
  9229 9000

  
	
  Fax:

  	
   

  	
  9221 7870

  

 

18

 

Executed as an agreement in Canberra:

 

 

Signed for

Ecolab Finance Pty Limited

by its attorney in the presence of:

 

	
  /s/ Rachael Lewis

  	
   

  	
  /s/ Thomas Francis Meagher

  
	
  Witness

  	
   

  	
  Attorney

  
	
  RACHAEL LEWIS

  Solicitor, A.C.T.

  	
   

  	
  THOMAS FRANCIS MEAGHER

  SOLICITOR

  
	
  Name (please print)

  	
   

  	
  Name (please print)

  

 

Signed for

Perpetual Trustee Company Limited

by its attorney in the presence of:

 

	
  /s/ Vanessa Bond

  	
   

  	
  /s/ Timothy Castle

  
	
  Witness

  	
   

  	
  Attorney

  
	
  VANESSA BOND

  	
   

  	
  TIMOTHY CASTLE

  
	
  Name (please print)

  	
   

  	
  Name (please print)

  

 

19EXHIBIT 10.A(iii)d

 

MTN Programme Master Note

 

 

Ecolab Finance Pty Limited

ACN 082 979 655

 

 

in favour of

 

 

Each of the Holders of Notes

 

 

F R E E H I L L

H O L L I N G D A L E

& P A G E

 

 

MLC  Centre  Martin 
Place  Sydney  New 
South  Wales  2000 
Australia

Telephone (02) 9225 5000 Int+ (61 2) 9225 5000 Facsimile (02) 9322 4000
DX 361 Sydney

Reference: SMcG:36E

 

SYDNEY  MELBOURNE  PERTH 
CANBERRA  BRISBANE  SINGAPORE 
HANOI  HO CHI MINH CITY

CORRESPONDENT OFFICE IN JAKARTA

 

Liability is limited by the Solicitors Scheme under the Professional
Standards Act 1994(NSW)

 

 

Table
of contents

 

	
  Clause

  
	
   

  	
   

  
	
  1 Definitions and Interpretation

  
	
   

  	
   

  
	
   

  	
  1.1
  Definitions

  
	
   

  	
  1.2
  Interpretation

  
	
   

  	
   

  
	
  2 Notes

  
	
   

  	
   

  
	
   

  	
  2.1 MTNs

  
	
   

  	
  2.2 Ownership

  
	
   

  	
  2.3
  Principal Amount

  
	
   

  	
  2.4 Acknowledgment of undertaking to pay

  
	
   

  	
  2.5 Substitution of Issuer

  
	
   

  	
   

  
	
  3
  Issue of MTNs

  
	
   

  	
   

  
	
   

  	
  3.1
  Issue of MTNs

  
	
   

  	
  3.2
  Term of MTNs

  
	
   

  	
   

  
	
  4 Rights and obligations of Holders

  
	
   

  	
   

  
	
   

  	
  4.1 Rights and obligations of Holders

  
	
   

  	
  4.2 Deed poll

  
	
   

  	
   

  
	
  5
  Register

  
	
   

  	
   

  
	
   

  	
  5.1 Register

  
	
   

  	
  5.2 Registrar

  
	
   

  	
  5.3 Certified extracts

  
	
   

  	
  5.4 Register is paramount

  
	
   

  	
  5.5 Closure of Register

  
	
   

  	
   

  
	
  6
  General

  
	
   

  	
   

  
	
   

  	
  6.1 Notices

  
	
   

  	
  6.2 Governing law and jurisdiction

  
	
   

  	
  6.3 Attorneys

  
	
   

  	
   

  
	
  Schedule 1 - General Conditions of the MTNs

  
	
   

  	
   

  
	
  1
  Definitions

  
	
   

  	
   

  
	
   

  	
  1.1 Definitions

  
	
   

  	
  1.2
  Master Note

  
	
   

  	
   

  
	
  2 Form, denomination and title

  
	
   

  	
   

  
	
   

  	
  2.1 Form and denomination

  
	
   

  	
  2.2 Ownership

  
	
   

  	
  2.3
  No Certificate

  
	
   

  	
  2.4
  Type of MTNs

  

 

1

 

	
  Clause

  
	
   

  
	
  3 Status and guarantee

  
	
   

  	
   

  
	
   

  	
  3.1 Status

  
	
   

  	
  3.2 Guarantee

  
	
   

  	
   

  
	
  4
  Interest

  
	
   

  
	
   

  	
  4.1 Interest

  
	
   

  	
  4.2 Accrual of interest

  
	
   

  	
  4.3 Interest Payment Date

  
	
   

  	
  4.4
  Interest Rate

  
	
   

  	
  4.5
  Interest Amount

  
	
   

  	
  4.6 Notification of Interest Rate and
  Interest Amount

  
	
   

  	
   

  
	
  5 Redemption and Purchase

  
	
   

  	
   

  
	
   

  	
  5.1
  Redemption

  
	
   

  	
  5.2 Purchase

  
	
   

  	
  5.3
  Cancellation

  
	
   

  	
   

  
	
  6
  Payments

  
	
   

  	
   

  
	
   

  	
  6.1 Payments

  
	
   

  	
  6.2
  Fiscal laws

  
	
   

  	
  6.3 Payment to Registrar or Austraclear

  
	
   

  	
  6.4 Release

  
	
   

  	
   

  
	
  7
  Taxation

  
	
   

  	
   

  
	
   

  	
  7.1
  Payments in gross

  
	
   

  	
  7.2 Interest withholding tax

  
	
   

  	
  7.3
  Tax file number

  
	
   

  	
   

  
	
  8
  Prescription

  
	
   

  	
   

  
	
   

  	
  8.1
  Prescription

  
	
   

  	
   

  
	
  9
  Events of Default

  
	
   

  	
   

  
	
   

  	
  9.1
  Events of Default

  
	
   

  	
  9.2 Repayment in Event of Default

  
	
   

  	
  9.3 Repayment upon illegality

  
	
   

  	
   

  
	
  10
  Transfers

  
	
   

  	
   

  
	
   

  	
  10.1 Transfers

  
	
   

  	
  10.2 Transfer and Acceptance Forms

  
	
   

  	
  10.3 Registration requirements of transfer

  
	
   

  	
  10.4 Registration of transfers

  
	
   

  	
  10.5 Transfers to be excluded offers

  
	
   

  	
  10.6 No fee

  
	
   

  	
  10.7 Registration of transfer

  
	
   

  	
  10.8 Marking of transfer

  

 

2

 

	
  Clause

  
	
   

  
	
   

  	
  10.9
  Destruction

  
	
   

  	
   

  
	
  11 Meeting of Holders

  
	
   

  	
   

  
	
   

  	
  11.1 Meeting of Holders

  
	
   

  	
  11.2 Amendment of Conditions

  
	
   

  	
   

  
	
  12
  Registrar

  
	
   

  	
   

  
	
   

  	
  12.1 Registrar

  
	
   

  	
   

  
	
  13
  Amendments

  
	
   

  	
   

  
	
   

  	
  13.1
  Amendments

  
	
   

  	
   

  
	
  14
  Notices

  
	
   

  	
   

  
	
   

  	
  14.1 Notices

  
	
   

  	
   

  
	
  15
  Further Issues

  
	
   

  	
   

  
	
   

  	
  15.1
  Further issues

  
	
   

  	
   

  
	
  16
  Governing law

  
	
   

  	
   

  
	
   

  	
  16.1
  Governing law

  
	
   

  	
  16.2
  Jurisdiction

  
	
   

  	
   

  
	
  Schedule
  2 - Provision for Meetings of Holders

  

 

3

 

This
Master Note

 

	
   

  	
  is made on
  10 July 1998

  
	
   

  	
   

  
	
   

  	
  BY

  
	
   

  	
   

  	
  Ecolab Finance Pty Limited

  ACN 082 979 655

  of Level 26

  50 Bridge Street

  Sydney, New South Wales

  (Issuer)

  
	
   

  	
   

  	
   

  
	
   

  	
  IN FAVOUR OF

  
	
   

  	
   

  
	
   

  	
   

  	
  Each of the Holders of MTNs

  
	
   

  	
   

  	
   

  
	
  Recitals

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  A.

  	
  The Issuer
  proposes to issue MTNs pursuant to the terms of this Master Note.

  
	
   

  	
   

  	
   

  
	
   

  	
  B.

  	
  The MTNs
  will be issued in registered form by registration in the Register.

  
	
   

  	
   

  	
   

  
	
   

  	
  C.

  	
  The Issuer
  has authorised the issue of MTNs up to an aggregate principal amount of
  $200,000,000 (or such other amount as may be agreed under the Dealer
  Agreement).

  

 

This
deed poll witnesses that:

 

1                                         Definitions and Interpretation

 

1.1                               Definitions

 

In this Master
Note:

 

Arranger means
Citisecurities Limited;

 

Austraclear means
Austraclear Limited;

 

Austraclear System
means the clearing and settlement services and systems operated by Austraclear
for securities in accordance with the Regulations;

 

Business Day means a
day on which banks and foreign exchange markets are open for business in
Sydney;

 

Conditions means in
respect of a MTN:

 

(a)                                  the
General Conditions; and

 

(b)                                 the
terms and conditions set out in the Pricing Supplement applicable to the MTN;

 

Dealer means:

 

(a)                                  in
respect of any Series, the Dealers who are or are to be the Dealers for that
Series under the Dealer Agreement; and

 

4

 

(b)                                 in
any other case, each party who is a Dealer under the Dealer Agreement at the
relevant time;

 

Dealer Agreement
means the agreement dated on or about the same date as this Master Note between
the Issuer, the Arranger and the Dealers;

 

Deed of Guarantee and Negative Pledge means
the deed poll dated on or about the date of this Master Note executed by the
Guarantor;

 

Dollars, A$ and $ means the lawful currency of the
Commonwealth of Australia;

 

Facility means the
medium term note programme made available by the Dealers to the Issuer under
the Dealer Agreement;

 

General Conditions
means the General Conditions applicable to MTNs set out in schedule 1;

 

Guarantor means
Ecolab, Inc. incorporated under the laws of the State of Delaware, United
States of America;

 

Holder means:

 

(a)                                  a
person who is registered in the Register as the holder or owner of a MTN; and

 

(b)                                 in
respect of a MTN, the person who is registered in the Register as the holder or
owner of that MTN;

 

Information Memorandum
means at any time:

 

(a)                                  the
Information Memorandum dated on or about the date of this Master Note or the
most recent Information Memorandum, as the case may be, prepared by the Issuer
in connection with the Facility;

 

(b)                                 any
document incorporated by reference in, or forming part of, the Information
Memorandum;

 

(c)                                  in
respect of any Series or MTN, any Pricing Supplement issued in connection with
the Series or applicable to the MTN, as the case may be; and

 

(d)                                 any
other information authorised by the Issuer to be circulated at any time by any
Dealer;

 

Interest Commencement Date
has the meaning as defined in the General Conditions;

 

Interest Payment Date
means in respect of a MTN which bears an Interest Rate, a date recorded or to
be recorded in the Register and specified in the Pricing Supplement applicable
to the MTN as a date for the payment of interest on that MTN;

 

Interest Period
means in respect of a MTN which bears an Interest Rate, the period from and
including an Interest Payment Date (or in the case of the first Interest Period
the Issue Date) to but excluding the next Interest Payment Date or such period
as recorded or to be recorded in the Register as the Interest Period;

 

Interest Rate means
in respect of a MTN which bears an interest rate, the interest rate recorded or
to be recorded in the Register and specified in the Pricing

 

5

 

Supplement applicable
to the MTN subject in each case to adjustment, if any, in accordance with the
Conditions;

 

Issue Date means in
respect of a MTN, the date for the issue of the MTN recorded or to be recorded
in the Register and specified in the Pricing Supplement applicable to the MTN;

 

MTN means an
obligation of the Issuer to a person in respect of indebtedness of the Issuer
to that person under this Master Note, ownership of which is recorded in and
evidenced by registration in the Register;

 

Master Note means
this deed poll in favour of the Holders;

 

Maturity Date means
in respect of a MTN, the date for final redemption of the MTN recorded or to be
recorded in the Register and specified in the Pricing Supplement applicable to
the MTN;

 

Pricing Supplement
means in respect of a Series or a MTN, the Pricing Supplement issued or to be
issued by the Issuer specifying:

 

(a)                                  the
Issue Date and Maturity Date of the MTNs;

 

(b)                                 if
the MTNs bear an Interest Rate, the Interest Rate and Interest Payment Dates of
the MTNs; and

 

(c)                                  any
other Conditions of the MTNs other than the General Conditions;

 

Principal Amount
means, in respect of a MTN at any time:

 

(a)                                  unless
paragraph (b) or (c) applies, the face value amount of the MTN recorded or to
be recorded in the Register;

 

(b)                                 in
the case of any MTN that may be redeemed by instalments (other than an MTN to
which paragraph (c) applies), the face value amount recorded in the Register
less the aggregate Redemption Amounts that have been repaid on or before that
time; or

 

(c)                                  the
principal amount of the MTN as determined in accordance with the Conditions
recorded in the Register;

 

Redemption Amount
means, in respect of an MTN, the whole or any part of the Principal Amount of
the MTN recorded or to be recorded in the Register as payable by the Issuer on
a Redemption Date;

 

Redemption Date
means, in respect of a MTN, the Maturity Date and in the case of any MTN that
may be redeemed by instalments, any other date recorded or to be recorded in
the Register as a date for the partial redemption of the MTN;

 

Register means the
register of the Holders as maintained by the Registrar pursuant to the Registry
Services Deed;

 

Registrar means
Perpetual Trustee Company Limited;

 

Registry Services Deed
means the deed dated on or about the same date as this Master Note between the
Registrar and the Issuer;

 

Regulations means
the Operating Manual and Regulations of Austraclear;

 

Related Corporation
has the  meaning “related body
corporate” has under the Corporations Law;

 

6

 

Series means any
MTNs having or to have the same Issue Date, Maturity Date and other Conditions;

 

Transfer and Acceptance Form
means a form for the transfer of MTNs available from the Registrar and being in
a form consistent with current market practice.

 

1.2                               Interpretation

 

In this Master
Note, unless the context otherwise requires:

 

(a)                                  headings
and underlinings are for convenience only and do not affect the interpretation
of this Master Note;

 

(b)                                 words
importing the singular include the plural and vice versa;

 

(c)                                  words
importing a gender include any gender;

 

(d)                                 other
parts of speech and grammatical forms of a word or phrase defined in this
Master Note have a corresponding meaning;

 

(e)                                  an
expression importing a natural person includes any company, partnership, joint
venture, association, corporation or other body corporate and any Governmental
Agency;

 

(f)                                    a
reference to any thing (including, but not limited to, any right) includes a
part of that thing;

 

(g)                                 a
reference to a part, clause, party or schedule is a reference to a part and
clause of, and a party and schedule to, this Master Note and a reference to
this Master Note includes any schedule;

 

(h)                                 a
reference to:

 

(1)                                  a
statute, regulation, proclamation, ordinance or by-law includes all statutes,
regulations, proclamations, ordinances or by-laws amending, consolidating or
replacing it;

 

(2)                                  a
statute includes all regulations, proclamations, ordinances and by-laws issued
under that statute;

 

(3)                                  the
Regulations includes all amendments to the Regulations;

 

(i)                                     a
reference to a document includes all amendments or supplements to, or
replacements or novations of, that document;

 

(j)                                     a
reference to a party to a document includes that party’s successors and
permitted assigns;

 

(k)                                  where
the day on or by which any thing is to be done is not a Business Day, that
thing must be done on or by the succeeding Business Day;

 

(l)                                     no
provision of this Master Note will be construed adversely to a party solely on
the ground that the party was responsible for the preparation of this Master
Note or that provision;

 

(m)                               a
covenant or agreement on the part of two or more persons binds them jointly and
severally;

 

7

 

(n)                                 a
reference to an agreement other than this Master Note includes an undertaking,
deed, agreement or legally enforceable arrangement or understanding whether or
not in writing;

 

(o)                                 a
reference to an asset includes all property of any nature, including, but not
limited to, a business, and all rights, revenues and benefits.

 

2                                         Notes

 

2.1                               MTNs

 

The
obligations of the Issuer with respect to each MTN are constituted by, and are
as set out in:

 

(a)                                  this
Master Note, including the General Conditions; and

 

(b)                                 the
Pricing Supplement applicable to the MTN.

 

2.2                               Ownership

 

(a)                                  The
person whose name is registered as the Holder of a MTN in the Register will be,
and will be treated by the Issuer and the Registrar as, the absolute owner of
the MTN.

 

(b)                                 Neither
the Issuer nor the Registrar is bound by or compelled in any way to recognise
(whether or not it has notice of the interest or right concerned) any legal,
equitable, contingent, future or partial interest in any MTN or (except as
otherwise required by law) any other right in respect of a MTN except an absolute
right of ownership in the person who is registered as the Holder of the MTN.

 

(c)                                  Ownership
of a MTN may be transferred by the Holder of the MTN to any person in
accordance with the Conditions.

 

(d)                                 Nothing
in this Master Note prohibits any dealing in any interest in a MTN which is
entered in the Austraclear System in accordance with the Regulations, but
neither the Issuer nor the Registrar shall recognise any such dealing or
interest and any such dealing must be in accordance with the Regulations.

 

2.3                               Principal Amount

 

(a)                                  The
Principal Amount of each MTN on issue shall be for a Principal Amount of not
less than $1,000,000 and being an integral multiple of $100,000 provided that
the Principal Amount must be such that the consideration payable to the Issuer
by the relevant Holder is not less than $1,000,000.

 

(b)                                 A
person shall only be registered as the Holder in the Register for a MTN having
a Principal Amount of not less than $1,000,000 and an integral multiple of
$100,000.

 

8

 

2.4                               Acknowledgment of undertaking to pay

 

The Issuer unconditionally and irrevocably:

 

(a)                                  acknowledges
for the benefit of each Holder that it is indebted to that Holder in respect of
each MTN of which the Holder is the Holder; and

 

(b)                                 undertakes
and promises, for the benefit of each Holder, to pay to the Holder all
principal, interest and other amounts owing, and to perform all of its other
obligations, to the Holder in respect of each MTN of which the Holder is the
Holder in accordance with the Conditions.

 

2.5                               Substitution of Issuer

 

(a)                                  The
Issuer may substitute any Related Corporation (Substitute
Issuer) of the Issuer as the Issuer under the Master Note and any
outstanding MTNs, subject to and in accordance with this clause 2.5.

 

(b)                                 Any
substitution of a Related Corporation of the Issuer as Issuer under this Master
Note and any MTN is conditional upon:

 

(1)                                  the
Substitute Issuer being a solvent corporation incorporated and carrying on
business through a permanent establishment in Australia;

 

(2)                                  the
Substituted Issuer executing a deed poll in favour of all Holders from time to
time by which it is bound (for the benefit of each Holder from time to time) to
perform the obligations of the Issuer under this Master Note and each MTN;

 

(3)                                  the
Guarantor executing a deed poll in favour of all Holders (and each other
“Benefited Party” under the Deed of Guarantee and Negative Pledge) from time to
time by which it is bound (for the benefit of each Holder (and each other
“Benefited Party” under the Deed of Guarantee and Negative Pledge) from time to
time) to perform its obligations under the Deed of Guarantee and Negative
Pledge as if references in the Deed of Guarantee and Negative Pledge to the
Issuer were references to the Substitute Issuer;

 

(4)                                  the
Issuer delivering to the Registrar for safe keeping on behalf of the Holders,
the documents referred to in clauses 2.5(b)(2) and (3) together with legal
opinions from reputable legal practitioners in the jurisdiction of
incorporation of the Substitute Issuer and the Guarantor in a form and
substance consistent with the opinions rendered on or about the date of this
deed under the Dealer Agreement and stating that those documents constitute
legal, valid and binding obligations of the Substitute Issuer and Guarantor
respectively; and

 

(5)                                  the
Issuer giving notice to each Holder of the substitution of the Substitute
Issuer as Issuer under this Master Note and the outstanding MTNs, setting out
the name and address of the Substitute Issuer and stating that the documents
referred to in clauses 2.5(b)(2), (3) and (4) are available for inspection at
the office of the Registrar.

 

9

 

(c)                                  Upon
satisfaction of the conditions referred to in clause 2.5(b):

 

(1)                                  the
Substitute Issuer is substituted for the Issuer under this Master Note and any
MTNs then outstanding;

 

(2)                                  all
references in this Master Note and the Conditions to the Issuer shall be
construed as references to the Substitute Issuer; and

 

(3)                                  the
Issuer shall be released from all obligations under this Master Note and the
MTNs with effect from the date upon which all of the conditions in clause
2.5(b) have been satisfied.

 

3                                         Issue of MTNs

 

3.1                               Issue of MTNs

 

(a)                                  The
Issuer may at any time issue MTNs subject to the Conditions upon the terms and
conditions of this Master Note, the Dealer Agreement and the Registry Services
Deed.

 

(b)                                 The
Issuer may issue a MTN by giving notice to the Registrar specifying in respect
of the MTN:

 

(1)                                  the
name and address of the subscriber for the MTN, and such other information
relating to the subscriber as the Registrar may reasonably require for the
purpose of recording the subscriber as the initial Holder of the MTN;

 

(2)                                  the
Issue Date;

 

(3)                                  the
Maturity Date and any other Redemption Dates;

 

(4)                                  the
Principal Amount;

 

(5)                                  the
Redemption Amount or Redemption Amounts;

 

(6)                                  the
Interest Rate, Interest Commencement Date and each Interest Payment Date (if
any);

 

(7)                                  any
other Conditions set out in the Pricing Supplement; and

 

(8)                                  such
other information that may be reasonably required by the Registrar at any time
or by any applicable law,

 

and procuring
that the Registrar enters those details on the Register and registers the
subscriber as the initial Holder of the MTN.

 

(c)                                  Without
limiting clause 3.1(b), the Issuer must provide the Registrar with copies of
the Information Memorandum and any Pricing Supplement applicable to the MTN.

 

(d)                                 Each
MTN is issued upon and subject to the Conditions applicable to the MTN and this
Master Note and the Conditions are binding on the Issuer and the Holders.

 

10

 

3.2                               Term of MTNs

 

A MTN shall be
for a term of not less than 365 days and otherwise for a term as may be agreed
between the Issuer, the Arranger and the Dealers and set out in the Pricing
Supplement but in any event never greater than 7 years.

 

4                                         Rights and obligations of Holders

 

4.1                               Rights and obligations of Holders

 

(a)                                  Upon
the issue of any MTNs by the Registrar recording the details of the MTNs in the
Register, the Holder shall be entitled to the payment of all principal,
interest and other amounts payable, and shall have the benefit of this Master
Note and the Conditions, with respect to the MTNs.

 

(b)                                 Each
Holder may enforce its rights under this Master Note and the MTNs independently
from any other Holder.

 

4.2                               Deed poll

 

This Master Note is a deed poll and each Holder:

 

(a)                                  is
bound by and entitled to the benefit of this Master Note; and

 

(b)                                 has
the benefit of, and is entitled to enforce, this Master Note even though it is
not a party to, or may not be in existence at the date of, this Master Note.

 

5                                         Register

 

5.1                               Register

 

The Issuer must ensure that the Registrar:

 

(a)                                  establishes
and maintains the Register and other facilities in such Australian cities as
the Issuer and the Registrar may agree or, failing which, Canberra;

 

(b)                                 enters
or causes to be entered in the Register:

 

(1)                                  the
information referred to in clause 3.1;

 

(2)                                  the
details of the Holder, including if applicable, the tax file number of the
Holder or the basis of any exemption to record the tax file number;

 

(3)                                  the
date on which any person becomes a Holder or ceases to be the Holder;

 

(4)                                  the
payment instructions as notified by the Holder at any time;

 

(5)                                  the
date on which any MTN is redeemed or purchased and cancelled;

 

(6)                                  the
details of the persons authorised to execute transfers on behalf of the Holder;
and

 

11

 

(c)                                  complies
with the obligations to be performed by the Registrar under the Registry
Services Deed.

 

5.2                               Registrar

 

If the
appointment of the Registrar and the Registry Services Deed is terminated at
any time for any reason the Issuer must appoint a new registrar as the
Registrar as soon as is reasonably practical and shall ensure that the new
registrar performs the same or substantially the same obligations required to
be performed by the Registrar under the Registry Services Deed and upon the
appointment of the new registrar all references to “Registrar” in this Master
Note shall be deemed to be references to the new registrar.

 

5.3                               Certified extracts

 

The Issuer
must on request by a Holder ensure that the Registrar provides to the Holder,
at the Holder’s expense, a certified extract of the particulars registered in
the Register in relation to the Holder and the MTNs held by the Holder provided
that the certified extract is prima facie evidence of the particulars at that
time only and is subject to clause 5.4.

 

5.4                               Register is paramount

 

The
information entered on the Register by the Registrar in accordance with the
Registry Services Deed is, in the absence of manifest error and subject to
clause 2.2, conclusive evidence as to the statements it contains.

 

5.5                               Closure of Register

 

No transfer of
a MTN will be registered and the Register shall be closed with respect to a
Series for the purpose of determining entitlements to payment as provided for
in the Registry Services Deed.

 

6                                         General

 

6.1                               Notices

 

(a)                                  Any
notice or other communication including, but not limited to, any request,
demand, consent or approval, to the Issuer under this Master Note and the MTNs:

 

12

 

(1)                                  must
be sent in addition to any other method by facsimile, be in legible writing and
in English addressed to the Issuer as follows:

 

(A)                              telephone
notices should be directed as follows:

 

Attention:                                         Ecolab
Inc., Manager, Corporate Finance

 

Telephone:                                    0011
1 612 293 2468;

 

(B)                                facsimile
and other notice should be directed as follows:

 

Attention:                                         Ecolab
Inc., Manager, Corporate Finance

N/6 Ecolab Centre

370 North Wabasha Street

Saint Paul Minnesota 55102 USA

 

Facsimile:                                            0011
1 612 293 2379

 

with a copy to:

 

Attention:                                         Ecolab
Pty Limited, Finance Director

6 Hudson Avenue

Castle Hill NSW 2154

 

Facsimile:                                            (02)
9899 3105,

 

or as the
Issuer may notify the Holders in accordance with the Conditions;

 

(2)                                  is
regarded as being given by the sender and received by the addressee:

 

(A)                              if
by delivery in person, when delivered to the addressee;

 

(B)                                if
by post, 3 business days (or 5 business days if to another country) from and
including the date of postage; or

 

(3)                                  if
by facsimile transmission, is regarded as having been received on production of
a facsimile transmission report from the machine from which the facsimile was
sent confirming that the facsimile has been sent in its entirety to the
facsimile number of the intended recipient.

 

6.2                               Governing law and jurisdiction

 

(a)                                  This
Master Note is governed by the laws of the Australian Capital Territory.

 

(b)                                 The
Issuer irrevocably submits to the non-exclusive jurisdiction of the courts of
the Australian Capital Territory.

 

(c)                                  The
Issuer irrevocably waives any objection to the venue of any legal process on
the basis that the process has been brought in an inconvenient forum.

 

(d)                                 The
Issuer irrevocably waives any immunity in respect of its obligations under this
Master Note that it may acquire from the jurisdiction of any court or any legal
process for any reason including, but not limited to, the service of notice, attachment
prior to judgment, attachment in aid of execution or execution.

 

13

 

6.3                               Attorneys

 

The attorney
executing this Master Note states that the attorney has no notice of the
revocation of the power of attorney appointing that attorney.

 

14

 

Schedule
1 - General Conditions of the MTNs

 

The following sets out the General Conditions
of the MTNs which, as supplemented or varied in accordance with the terms and
conditions set out in this Master Note and the Pricing Supplement issued in
connection with a Series of MTNs, will apply to that Series of MTNs.

 

The MTNs are
part of a medium term note and promissory note programme of Ecolab Finance Pty
Limited (Issuer)
and where the ultimate beneficial owner thereof is an Australian Tax Resident
(as defined herein) are guaranteed by Ecolab Inc. (Guarantor) pursuant to a
deed poll dated 10 July 1998 (referred to as the Deed of Guarantee and Negative Pledge).

 

The MTNs are
constituted by this Master Note (Master Note)
dated 10 July 1998 executed by the Issuer. 
The MTNs are issued with the benefit of the Master Note (including the
General Conditions and the terms and conditions set out in the Pricing
Supplement applicable to the MTNs), the Deed of Guarantee and Negative Pledge
and the Registry Services Deed. These General Conditions are subject to the
Master Note and the Registry Services Deed. 
Copies of the Master Note (including the General Conditions), any
Pricing Supplements applicable to the MTNs, the Deed of Guarantee and Negative
Pledge and the Registry Services Deed are available for inspection at the
specified office for the time being of the Issuer and the Registrar.  The Holders of any MTNs are entitled to the
benefit of, are bound by and are deemed to have notice of, all of the
provisions contained in the Master Note (including these General Conditions),
the terms and conditions set out in the Pricing Supplement applicable to the
MTNs, the Deed of Guarantee and Negative Pledge and the Registry Services Deed.

 

1                                         Definitions

 

1.1                               Definitions

 

In these
General Conditions:

 

Austraclear MTN
means any MTN registered in the name of Austraclear;

 

Australian Tax Resident
means a person who is:

 

(a)                                  either:

 

(1)                                  a
resident of Australia (within the meaning of the Income Tax Assessment Act 1936
(Cth)); or

 

(2)                                  a
non-resident of Australia carrying on business in Australia through a permanent
establishment in Australia (within the meaning of those terms in the Income Tax
Assessment Act 1936(Cth));

 

and

 

15

 

(b)                                 obliged
to include interest received on the Commercial Paper or MTN (as applicable) in
its assessable income as a resident of Australia or by reason of carrying on
business in Australia through a permanent establishment in Australia for the
purposes of the Income Tax Assessment Act 1936 (Cth) or any other legislation
introduced in connection with the taxation laws improvement program in
Australia;

 

Debt means (but
without duplication of any item):

 

(a)                                  indebtedness
for borrowed money;

 

(b)                                 obligations
evidenced by bonds, debentures, notes or other similar instruments;

 

(c)                                  obligations
to pay the deferred purchase price of property or services, excluding trade
obligations and other accounts payable arising in the ordinary course of
business with a payment term of not more than 120 days;

 

(d)                                 obligations
as lessee under leases which shall have been or should be, in accordance with
generally accepted accounting practices in the jurisdiction of incorporation of
the relevant company, recorded as capital or finance leases;

 

(e)                                  obligations
to indemnify or reimburse any acceptor or endorser of bills of exchange drawn
by the Guarantor or any Subsidiary, or any provider of guarantees, letters of
credit or similar instruments in respect of obligations or at the request of
the Guarantor or any Subsidiary;

 

(f)                                    obligations
under or in respect of direct or indirect guarantees in respect of, and
obligations (contingent or otherwise) to purchase or otherwise acquire, or
otherwise to assure a creditor against loss in respect of indebtedness or
obligations of others of the kinds referred to in paragraphs (a), (b), (c) (d)
and (e) above; and

 

(g)                                 liabilities
in respect of unfunded vested benefits under plans covered by Title IV of the
Employment Retirement Income Security Act of 1974 of the United States of
America, as amended from time to time.

 

“Debt” shall
not include contingent obligations for liabilities of any Joint Venture Entity
imposed solely as a matter of law by virtue of ownership of equity interests in
such Joint Venture Entity;

 

Event of Default
means any event specified in General Condition 9;

 

Extraordinary Resolution
has the meaning as defined in schedule 2 of the Master Note;

 

Governmental Agency
means:

 

(a)                                  any
government or any governmental, semi-governmental, administrative, fiscal or
judicial body, department, commission, authority, tribunal, agency or entity;

 

(b)                                 any
self-regulatory entity established under any law or regulation or any stock or
other securities exchange;

 

Interest Amount has
the meaning as defined in General Condition 4.5(a);

 

16

 

Interest Commencement Date
means, in relation to a MTN which bears an Interest Rate, the date from and
including which the MTN bears interest as specified in the applicable Pricing
Supplement and recorded or to be recorded on the Register;

 

Joint Venture Entities
means the Joint Venture Entities and their subsidiaries collectively, from time
to time established in accordance with the terms of the Amended and Restated
Umbrella Agreement dated as of 26 June 1991 between the Guarantor and Henkel
Kommanditgesellschaft auf Aktien;

 

Non-Austraclear MTN
means any MTN other than an Austraclear MTN;

 

Outstanding means,
in respect of a MTN, a MTN which has not been redeemed, repurchased, cancelled
or otherwise satisfied in full by the Issuer;

 

Tax means:

 

(a)                                  any
tax, levy, charge, impost, duty, fee, deduction, compulsory loan or
withholding; or

 

(b)                                 any
income, stamp or transaction duty, tax or charge,

 

which is
assessed, levied, imposed or collected by any Governmental Agency and includes,
but is not limited to, any interest, fine, penalty, charge, fee or other amount
imposed on or in respect of any of the above;

 

Tax Act means the
Income Tax Assessment Act 1936 (Cth).

 

1.2                               Master Note

 

Any term
defined in the Master Note shall, unless otherwise defined in these General
Conditions, have the same meaning when used in these General Conditions.

 

2                                         Form, denomination and title

 

2.1                               Form and denomination

 

The MTNs shall
be in registered form in a minimum denomination of $1,000,000 and integral
multiples of $100,000 provided that the Principal Amount must be such amount
that the consideration payable to the Issuer by the initial Holder is not less
than $1,000,000.

 

2.2                               Ownership

 

(a)                                  The
person whose name is registered in the Register as the holder or owner of any
MTN shall to the fullest extent permitted by law be treated at all times, by
all persons and for all purposes, as the absolute owner of the MTN.  The Register shall constitute sufficient and
conclusive evidence of absolute ownership of a MTN by the Holder.

 

(b)                                 The
Issuer and the Registrar are not bound by or compelled in any way to recognise
(whether or not they have notice of the interest or right concerned and whether
or not recorded in the Register or otherwise) any actual, contingent, future or
partial interest in any MTN or (except as

 

17

 

otherwise
provided by law) any other right in respect of a MTN except an absolute right
of ownership in the Holder.

 

(c)                                  Ownership
of a MTN may be transferred by the Holder of the MTN to any person, but only in
accordance with the Conditions.

 

(d)                                 Nothing
in these General Conditions prohibits any dealing in any interest in a MTN
which is entered in the Austraclear System in accordance with the Regulations,
but neither the Issuer nor the Registrar shall recognise any such dealing or
interest and any such dealing must be in accordance with the Regulations.

 

2.3                               No Certificate

 

The Issuer
shall not issue any certificate or other evidence of title to evidence
ownership of a MTN unless the Issuer determines that any such certificate
should be made available or that the Issuer is required to do so pursuant to
any applicable law.

 

2.4                               Type of MTNs

 

Without
limiting the terms upon which MTNs may be issued by the Issuer, MTNs may be
issued on terms including any of the following terms:

 

(a)                                  floating
rate MTNs: MTNs bearing a floating rate of interest payable as specified in the
Pricing Supplement applicable to the MTN;

 

(b)                                 fixed
rate MTNs: MTNs bearing a fixed rate of interest payable as specified in the
Pricing Supplement in relation to the MTN;

 

(c)                                  indexed
MTNs: MTNs the redemption amount of which, or the interest to be paid on which,
is to be calculated by reference to an index specified in the Pricing
Supplement applicable to the MTNs;

 

(d)                                 zero
coupon MTNs: MTNs that do not bear interest;

 

(e)                                  amortising
MTNs: MTNs that are redeemed by instalments as provided for in the Pricing
Supplement applicable to the MTNs; and

 

(f)                                    MTNs
with special conditions: MTNs bearing non-standard interest and repayment
features as provided for in the Pricing Supplement applicable to the MTNs.

 

3                                         Status and guarantee

 

3.1                               Status

 

The MTNs
constitute direct, unconditional, unsecured and unsubordinated obligations of
the Issuer and rank equally without preference with all other unconditional,
unsecured and unsubordinated obligations of the Issuer (other than obligations
preferred by mandatory provisions of law) present and future, and without any
preference among themselves.  Each MTN
constitutes a separate debt of the Issuer to the Holder.

 

18

 

3.2                               Guarantee

 

The repayment
of all principal and the payment of all interest and any other amount payable,
by the Issuer under a MTN of which an Australian Tax Resident is the ultimate
beneficial holder is guaranteed by the Guarantor pursuant to the terms of the
Deed of Guarantee and Negative Pledge.

 

4                                         Interest

 

4.1                               Interest

 

Interest will
be payable on all MTNs which bear an Interest Rate under and in accordance with
these General Conditions.

 

4.2                               Accrual of Interest

 

Interest will
accrue on a MTN from and including the Interest Commencement Date in accordance
with these General Conditions.  Interest
will cease to accrue on each MTN on and from the relevant Maturity Date unless
payment of principal is improperly withheld or refused.  In such event, interest will continue to
accrue at such rate as is applicable to the MTN as determined from time to time
in accordance with this General Condition 4 (both before and after any
judgment) on each MTN from the date of such withholding or refusal up to and
including the date on which payment in full of the principal is paid to the
Holder.

 

4.3                               Interest Payment Date

 

Interest shall
be payable by the Issuer on each Interest Payment Date for a MTN.

 

4.4                               Interest Rate

 

Interest will
accrue on a MTN at the Interest Rate applicable to the MTN.

 

4.5                               Interest Amount

 

(a)                                  The
Registrar will, as soon as is practicable, calculate the amount (Interest Amount) of interest payable for
each Interest Period in respect of each MTN using the Interest Rate as set out
in the relevant Pricing Supplement and, if applicable, as determined or varied
by the Arranger in accordance with the Pricing Supplement.  The Interest Amount shall be calculated by
applying the Interest Rate to the Principal Amount of each MTN, multiplying
such sum by the actual number of days to elapse in the Interest Period
concerned divided by 365 and then, if necessary, rounding up the resultant
figure to four decimal places.

 

(b)                                 The
Registrar will promptly notify the Issuer of the Interest Rate and Interest
Amount of a MTN for the relevant Interest Period.

 

19

 

4.6                               Notification of Interest Rate and
Interest Amount

 

(a)                                  The
Registrar will, if requested by a Holder, notify the Holder of the Interest
Rate, the Interest Amount and the relevant Interest Payment Date of the
Holder’s MTNs as at the time of the request.

 

(b)                                 All
notifications, determinations, certificates, calculations, quotations and
opinions given, made or obtained for the purposes of the provision of this
General Condition 4 by the Registrar shall, in the absence of wilful default,
bad faith or manifest error, be binding on the Issuer, the Registrar and the
Holders.

 

5                                         Redemption and Purchase

 

5.1                               Redemption

 

Unless
previously redeemed or purchased and cancelled in accordance with the
Conditions, the Issuer will redeem, and pay the Redemption Amount in respect of
each MTN on the Maturity Date of the MTN.

 

5.2                               Purchase

 

The Issuer may
at any time purchase any MTNs in any manner at any price.  MTNs purchased by or for the account of the
Issuer may be cancelled or resold at the option of the Issuer.

 

5.3                               Cancellation

 

All MTNs
redeemed by the Issuer, or which are repurchased by the Issuer and which the
Issuer elects to cancel, shall be cancelled forthwith and may not be reissued
or resold.

 

6                                         Payments

 

6.1                               Payments

 

(a)                                  All
payments under a MTN will be made:

 

(1)                                  in
Dollars;

 

(2)                                  in
respect of Austraclear MTNs, in accordance with the Regulations;

 

(3)                                  in
respect of Non-Austraclear MTNs:

 

(A)                              to
an account or an address in Australia designated by the Holder to the Registrar
not less than 7 days before the relevant payment date;

 

(B)                                by
cheque drawn on a bank in Australia or, in the case of payments to be credited
to an account designated by the Holder, by the Registrar or the Issuer making
or giving irrevocable instructions to the relevant person to effect a

 

20

 

transfer of
the relevant funds to such account in immediately available funds; and

 

(4)                                  without
any set-off, counterclaim or condition.

 

(b)                                 Any:

 

(1)                                  payment
by cheque sent by the Registrar or the Issuer on or before the due date for
payment is deemed to have been received by the relevant Holder on the due date
even if the Holder does not actually receive the cheque on that date;

 

(2)                                  electronic
transfer will for all purposes be taken to be made to the relevant Holder:

 

(A)                              in
respect of Austraclear MTNs, on the same day the Issuer takes, or arranges for
there to be taken, such action as may be required by Austraclear for the
purposes of facilitating the payment, including authorising Austraclear to
debit any nominated account of the Issuer or its agent with Austraclear in
accordance with the Regulations; or

 

(B)                                in
respect of Non-Austraclear MTNs, on the same day the Registrar or the Issuer
gives irrevocable instructions for the making of the relevant payment by
electronic transfer to the account of the Holder.

 

(c)                                  Subject
to any specific Condition set out in the relevant Pricing Supplement, if the
due date for payment of any amount under a MTN is not a Business Day or, if the
payment is to be made to an account, a day on which banks are not open for
business in the city in which the account is located, the Holder shall not be
entitled to payment of the amount due until the next following Business Day or
a day on which banks in such city are open for business as the case may be, and
is not entitled to any further interest or other payment in respect of any such
delay.

 

6.2                               Fiscal laws

 

The provisions
of this General Condition 6 are subject to any applicable fiscal or other laws
(including laws and regulations relating to a Holder electing not to provide a
tax file number), but without prejudice to the provisions of General Condition
7.

 

6.3                               Payment to Registrar or Austraclear

 

(a)                                  The
Issuer will pay all amounts due under:

 

(1)                                  an
Austraclear MTN to Austraclear or as required by Austraclear in accordance with
the Regulations;

 

(2)                                  a
Non-Austraclear MTN to such account of the Registrar as the Registrar and the
Issuer agree, or failing agreement, an account of the Registrar in Canberra.

 

(b)                                 Any
payment to the Registrar by the Issuer for the account of any Holder will be
held on trust for the Holder.

 

21

 

6.4                               Release

 

Any payment
made by or on behalf of the Issuer in accordance with this General Condition 6
to or as required by Austraclear or to the Registrar for the account of the
Holder shall, at the time such payment is made for all purposes, constitute an
absolute and unconditional release and discharge of the Issuer to the extent of
such payment of all obligations and indebtedness in respect of the MTN in
relation to which payment was made and the Issuer shall have no obligation to
see to the application of that amount by Austraclear or the Registrar or to
verify the entitlement of any person to whom Austraclear requires the Issuer to
make or arrange payment.

 

7                                         Taxation

 

7.1                               Payments in gross

 

All payments
of principal, interest and other amounts in respect of the MTNs must be made
without any deduction or withholding for, or on account of, any present or
future Tax or for any other reason imposed or levied by or on behalf of any
Governmental Agency unless the withholding or deduction is required by
applicable law.

 

7.2                               Interest withholding tax

 

Interest
withholding tax will be deducted from any payment of interest or amounts in the
nature of interest in respect of the MTNs to non-residents of the Commonwealth
of Australia not carrying on business in the Commonwealth of Australia at or
through a permanent establishment and to residents of the Commonwealth of
Australia carrying on business at or through a permanent establishment outside
the Commonwealth of Australia in accordance with the Tax Act unless a
certificate pursuant to section 221YM of the Tax Act is produced to the
Registrar not later than the close of business 5 Business Days immediately
preceding the relevant Interest Payment Date or Maturity Date, as the case may
be.

 

7.3                               Tax file number

 

All payments
of interest under the MTNs will be subject to Tax at the rate required by the
Tax Act unless the Registrar receives from the Holder its tax file number or
evidence of any exemption the Holder may have to provide a tax file number not
later than the close of business 5 Business Days prior to the relevant Interest
Payment Date.

 

8                                         Prescription

 

8.1                               Prescription

 

Any claim
against the Issuer for payment under the MTNs will become void unless made
within a period of 3 years of the due date for payment or the date, if later,
on which payment is fully provided for by the Issuer.

 

22

 

9                                         Events of Default

 

9.1                               Events of Default

 

It is an Event
of Default, whether or not it is within the control of the Issuer or the
Guarantor, if:

 

(a)                                  failure to pay: any amount of principal due
on any MTN is not paid in accordance with the conditions applicable to the MTN
when due or any interest due on any MTN is not paid, in either case, within 5
Business Days after the due date, provided that any failure to pay shall be
disregarded where:

 

(1)                                  the
failure results solely from technical or administrative difficulties relating
to the banking system used for the transfer of the relevant amounts to the
account of Austraclear or the Registrar (as applicable); and

 

(2)                                  the
failure is remedied within 1 Business Day after the difficulties referred to in
clause 9.1(a) cease to subsist;

 

(b)                                 other failure:  the Issuer or the Guarantor fails to perform or observe any other
undertaking, obligation or agreement expressed in the Conditions or the Deed of
Guarantee and Negative Pledge, as applicable, and the Issuer or Guarantor (as
the case may be) does not remedy the failure within 30 days after written
notice shall have been given by a Holder to the Issuer requiring the same to be
remedied;

 

(c)                                  cross default:  any present or future, or actual, prospective or contingent, debt
or other monetary liability in respect of any Debt or Debts of the Issuer or
Guarantor being for an amount (in aggregate, if applicable) not less than
US$20,000,000 (or its equivalent in any other currency):

 

(1)                                  is
or becomes due and payable before the due date for payment as a result of the
default by the Issuer or Guarantor (as applicable); or

 

(2)                                  is
not paid when due or upon or before the expiration of any period of grace
during which the relevant creditor is precluded from taking any action against
the Issuer or Guarantor in respect of such non-payment;

 

(d)                                 receiver: 
a receiver, receiver and manager, trustee, court appointed receiver,
administrator or other controller (as that term is defined in the Corporations
Law) is appointed over any of the assets or undertaking of the Issuer or the
Guarantor and, in the case of a receiver or receiver and manager the
appointment is not terminated within 60 days of appointment;

 

(e)                                  insolvency:  the Issuer or the Guarantor is or becomes unable to pay its debts
when they are due or is or becomes unable to pay its debts within the meaning
of the Corporations Law or is presumed to be insolvent under the Corporations
Law or any other applicable legislation;

 

(f)                                    arrangements:  the Issuer or the Guarantor enters into any arrangements,
composition or compromise with, or assignment for the benefit of, its

 

23

 

creditors or
any class of them or it proposes a reorganisation, moratorium or other
administration involving any of them;

 

(g)                                 winding up:  an order is made for the winding-up or dissolution of the Issuer
or the Guarantor or a resolution is passed for the winding-up or dissolution of
the Issuer or the Guarantor otherwise than for the purpose of an amalgamation
or reconstruction whilst solvent;

 

(h)                                 execution: 
a judgment is obtained against it or the Guarantor in an amount of
US$20,000,000 and is not set aside, satisfied or stayed pending appeal within
30 days or any distress, execution, attachment or other legal process in an
amount exceeding US$20,000,000 is issued against, levied or enforced upon any
of its assets, and is not stayed, set aside or satisfied within 30 days;

 

(i)                                     warranties:  any representation or warranty by the Issuer or Guarantor in the
Conditions applicable to any MTNs or in the Deed of Guarantee and Negative
Pledge is untrue or inaccurate in a material respect when made or regarded as
made, and such occurrence has a material adverse affect on the ability of the
Issuer or Guarantor to meet its obligations to any Holder.

 

9.2                               Repayment in Event of Default

 

(a)                                  Upon
or at any time after the occurrence and continuance of an Event of Default
described in clause 9.1(a), (d), (e), (f) or (g) a Holder may by written notice
to the Issuer effective upon receipt by the Issuer, declare each MTN held by
and the Redemption Amount payable to the Holder to be due and payable on the
date of receipt of such notice by the Issuer unless prior to such receipt all
such Events of Default in respect of the MTNs then outstanding shall have been
remedied.  If any MTN becomes so due and
payable it continues to bear interest in accordance with the Conditions until
it is redeemed and the MTN shall be redeemed by the Issuer at the Redemption
Amount together with accrued interest and all other moneys payable to the
Holder in respect of the MTN.

 

(b)                                 Upon
or at any time after the occurrence and continuance of an Event of Default
described in clause 9.1(b), (c), (h) or (i) the Holders of any series of MTNs
may by a resolution passed at a meeting of Holders of MTNs of that series held
in accordance with the provisions of schedule 2 of the Master Note declare that
each MTN in the relevant series and the Redemption Amount payable on such MTNs
to be due and payable on the date of the passing of such resolution unless
prior to such resolution all Events of Default in respect of the MTNs then
outstanding have been remedied.  If any
MTN becomes so due and payable it continues to bear interest in accordance with
the Conditions until it is redeemed and the MTN shall be redeemed by the Issuer
at the Redemption Amount together with accrued interest and all other moneys
payable to the Holders in respect of the MTN.

 

9.3                               Repayment upon Illegality

 

If the
performance by the Issuer or Guarantor of their respective obligations under or
in respect of the Master Note, Registry Services Deed, Deed or Guarantee and

 

24

 

Negative Pledge, or any outstanding MTNs is or becomes illegal in any
relevant jurisdiction for any reason:

 

(a)                                  the
Issuer must, and must procure that the Registrar and Guarantor, do all things
necessary to overcome such illegalities; and

 

(b)                                 if
such illegality cannot be overcome, the Issuer must redeem all affected
outstanding MTNs for their fair market value as at the date of redemption (as
determined by the Arranger having regard to the market yield on the MTNs prior
to the Master Note,  Registry Services
Deed, Deed of Guarantee and Negative Pledge or MTNs, as applicable, being
affected by such illegality).

 

10                                  Transfers

 

10.1                        Transfers

 

The MTNs are
transferable without the consent of the Issuer and the Registrar.

 

10.2                        Transfer and Acceptance Forms

 

(a)                                  A
MTN is transferable by duly completed and (if applicable) stamped Transfer and
Acceptance Form, but, subject to the Conditions, this does not prohibit dealing
in accordance with the Regulations.

 

(b)                                 Unless
a contrary intention is expressed in a Transfer and Acceptance Form, all
agreements relating to the transfer of a MTN are governed by the laws of the
Australian Capital Territory.

 

(c)                                  The
Issuer is not liable for any stamp duty payable in connection with any Transfer
and Acceptance Form or transfer of any MTN.

 

10.3                        Registration requirements of transfer

 

Every Transfer
and Acceptance Form in respect of MTNs must be:

 

(a)                                  signed
by the transferor and the transferee;

 

(b)                                 delivered
to the office of the Registrar for registration;

 

(c)                                  accompanied
by such evidence as the Registrar may reasonably require to prove the title of
the transferor or the transferor’s right to transfer those MTNs; and

 

(d)                                 duly
stamped, if necessary.

 

10.4                        Registration of transfers

 

(a)                                  Subject
to this General Condition 10, the Registrar must register a transfer of MTNs
made in accordance with the Conditions. 
Upon entry of the name, address and all other required details of the
transferee in the Register, the Issuer must recognise the transferee as the Holder
entitled to the MTNs the subject of the transfer.

 

25

 

(b)                                 Notwithstanding
General Condition 10.2(a), entry of such details in the Register constitutes
conclusive proof of ownership by that transferee of those MTNs.  The transferor remains the owner of the MTNs
until the required details of the transferee are entered in the Register in
respect of those MTNs.

 

10.5                        Transfers to be excluded offers

 

Without
limiting General Condition 2.1, MTNs may only be transferred in an aggregate
minimum Principal Amount of $1,000,000 and in a manner which constitutes an
excluded offer or excluded invitation within the meaning given to those
expressions in the Corporations Law.

 

10.6                        No fee

 

No fee or
other charge is payable to the Issuer or the Registrar in respect of the
transfer or registration of any MTN.

 

10.7                        Registration of transfer

 

Subject to
General Condition 10.8, the Registrar must register the transfer of a MTN made
in accordance with the Conditions whether or not the Transfer and Acceptance
Form to which the transfer relates has been marked by the Registrar.

 

10.8                        Marking of transfer

 

The Registrar
may mark any Transfer and Acceptance Form in its customary manner.  Such marking prohibits a dealing with the relevant
MTNs as specified in the marking notation for a period from the date of marking
to the earlier of:

 

(a)                                  42
days from the date of the marking;

 

(b)                                 the
date the Registrar cancels the marking notation on the Transfer and Acceptance
Form; and

 

(c)                                  the
date the Registrar receives notification of the execution of the marked
Transfer and Acceptance Form by the transferee.

 

10.9                        Destruction

 

Any Transfer
and Acceptance Form may, with the prior written approval of the Issuer, be
destroyed by the Registrar after the entry in the Register of the particulars
set out in the form.  On receipt of such
approval, the Registrar must destroy the Transfer and Acceptance Form as soon
as reasonably practicable and promptly notify the Issuer in writing of its
destruction.

 

11                                  Meeting of Holders

 

11.1                        Meeting of Holders

 

Meetings of
Holders may be convened to consider any matter affecting their interest in
accordance with the procedures set out in schedule 2 of the Master Note

 

26

 

and shall be conducted in accordance with, and have the powers
specified in, schedule 2 of the Master Note.

 

11.2                        Amendment of Conditions

 

(a)                                  The
quorum at any meeting for passing an Extraordinary Resolution to permit the
amendment of the Conditions will be persons holding or representing a clear
majority in principal amount of the MTNs for the time being outstanding, or at
any adjourned meeting 2 or more persons being or representing Holders whatever
the principal amount of the MTNs so held or represented, except that at any
meeting the business of which includes the modification of certain Conditions
of the MTNs (including the date of any payment under the MTNs, the rate of
interest in respect of the MTNs, the currency of payment of the MTNs and the
date of redemption of the MTNs), the quorum will be 2 or more persons holding
or representing not less than 66% or, at any adjourned such meeting, 25% in
principal amount of the MTNs for the time being outstanding.

 

(b)                                 Any
Extraordinary Resolution duly passed at such a meeting shall be binding on all
the Holders whether present or not and shall permit the Issuer to execute a
deed supplemental to the Master Note giving effect to the modification or other
amendment of the Master Note.

 

12                                  Registrar

 

12.1                        Registrar

 

The Issuer
reserves the right at any time to vary or terminate the appointment of the
Registrar and to appoint a new Registrar and to approve any change in any
specified office in the Commonwealth of Australia through which the Registrar
acts.  Notice of any such variation,
termination, appointment or change will be given to the Holders in accordance
with General Condition 14.1.

 

13                                  Amendments

 

13.1                        Amendments

 

The Master Note, the Conditions and the Registry Services Deed may be
amended:

 

(a)                                  without
the approval of any Holder if the amendment is:

 

(1)                                  to
cure any ambiguity;

 

(2)                                  to
correct or supplement any defective or inconsistent provision;

 

(3)                                  to
correct a manifest error; or

 

(4)                                  deemed
by the Registrar to be necessary or desirable and will not adversely affect the
interests of the Holders; and

 

(b)                                 in
any other case, with the approval by an Extraordinary Resolution of the
Holders.

 

27

 

14                                  Notices

 

14.1                        Notices

 

(a)                                  All
notices to Holders will be validly given if forwarded by post to the Holders at
their registered addresses as indicated on the Register.  Any such notice is taken to be received on
the third Business Day after posting (or seventh Business Day if posted to an
address outside the Commonwealth of Australia).

 

(b)                                 All
notices to the Issuer must be in legible writing and in English and addressed
as follows:

 

(1)                                  telephone
notices should be directed as follows:

 

Attention:                                         Ecolab
Inc., Manager, Corporate Finance

 

Telephone:                                    0011
1 612 293 2468;

 

(2)                                  facsimile
and other notice should be directed as follows:

 

Attention:                                         Ecolab
Inc., Manager, Corporate Finance

N/6 Ecolab Centre

370 North Wabasha Street

Saint Paul Minnesota 55102 USA

 

Facsimile:                                            0011
1 612 293 2379

 

with a copy to:

 

Attention:                                         Ecolab
Pty Limited, Finance Director

6 Hudson Avenue

Castle Hill NSW 2154

 

Facsimile:                                            (02)
9899 3105,

 

or as the Issuer may notify the Holders in accordance with the
Conditions.

 

15                                  Further issues

 

15.1                        Further Issues

 

The Issuer may
from time to time without the consent of any Holder:

 

(a)                                  create
and issue further notes, securities or any other debt instrument or otherwise
incur any other debt or monetary liability in respect of any financial
accommodation; and

 

(b)                                 without
limiting General Condition 15.1(a). create and issue further notes securities
or any other debt instruments either ranking pari passu in all respects (or in
all respects save for the first payment of interest on such further notes) and
so that the notes will be consolidated and form a single Series with the
outstanding MTNs of any Series (including the MTNs) or upon such terms as the
Issuer may at the time of issue thereof determine.

 

28

 

16                                  Governing law

 

16.1                        Governing law

 

The MTNs are
governed by, and shall be construed in accordance with, the laws of the
Australian Capital Territory.

 

16.2                        Jurisdiction

 

The Issuer
irrevocably submits to the non-exclusive jurisdiction of the courts of the
Australian Capital Territory.

 

29

 

Schedule 2 - Provision for Meetings of Holders

 

1                                          Any
term defined in the Master Note has the same meaning when used in this schedule
2, unless otherwise defined in this schedule. 
The following words have these meanings in this schedule 2 unless the
contrary intention appears:

 

block voting instruction
means a document issued by the Issuer and dated, in which:

 

(a)                                  
it is certified that MTNs of any tranche (not being MTNs in respect of which a
voting certificate has been issued and is outstanding in respect of the meeting
specified in such block voting instruction and any adjournment of that meeting)
are registered in the Register in the names of specified Holders;

 

(b)                                 it
is certified that each Holder of those MTNs or a duly authorised agent on that
person’s behalf has instructed the Issuer that the votes attributable to the
MTNs of that Holder should be cast in a particular way in relation to the
resolution or resolutions to be put to that meeting or any adjournment of that
meeting and that all such instructions are, during the period of 48 hours prior
to the time for which the meeting or adjourned meeting is convened, neither
revocable nor subject to amendment;

 

(c)                                  the
total number and tranche number of the MTNs are listed distinguishing with
regard to each such resolution between those in respect of which instructions
have been given in accordance with this paragraph 1 that the votes attributable
thereto should be cast in favour of the resolution and those in respect of
which instructions have been so given that the vote attributable to them should
be cast against the resolution; and

 

(d)                                 any
person named in such document (proxy) is authorised and instructed by the
Issuer to cast the vote attributable to the MTNs so listed in accordance with
the instructions referred to in (b) and (c) above and set out in such document.

 

Extraordinary Resolution
means:

 

(a)                                  a
resolution passed at a meeting of the Holders duly convened and held in
accordance with the provisions of this schedule by a majority consisting of not
less than 66% of the votes cast on it; or

 

(b)                                 a
resolution in writing pursuant to paragraph 23 signed by Holders of outstanding
MTNs having an aggregate Principal Amount of not less than 66% of the aggregate
Principal Amount of all outstanding MTNs;

 

outstanding means,
in relation to the MTNs, all the MTNs other than:

 

(a)                                  those
MTNs which have been redeemed in full in accordance with the Conditions;

 

30

 

(b)                                 those
MTNs in respect of which the Redemption Date has occurred and the Redemption
Amount has been paid in accordance with General Condition 5; and

 

(c)                                  those
MTNs which have become void or have been redeemed and cancelled;

 

voting certificate
means a certificate issued by the Issuer and dated, in which it is stated:

 

(a)                                  that
on the date of the certificate MTNs (not being MTNs in respect of which a block
voting instruction has been issued and is outstanding in respect of the meeting
specified in such voting certificate or any adjournment of the meeting) are
registered in the Register; and

 

(b)                                 that
the bearer of the certificate is entitled to attend and vote at that meeting or
any adjournment of it in respect of the MTNs represented by that certificate.

 

2                                          A
Holder may by a notice in writing in the form for the time being available from
the specified office of the Issuer (form of proxy) signed by the Holder or, in
the case of a corporation executed under its common seal or signed on its
behalf by its duly appointed attorney or a duly authorised officer of the
corporation, appoint any person (also called a proxy) to attend and act on that
person’s behalf in connection with any meeting or proposed meeting of the
Holders.

 

3                                          Voting
certificates, block voting instructions and forms of proxy are valid for so
long as the relevant MTNs are duly registered in the name of the Holder
certified in the relevant voting certificate or block voting instruction or, in
the case of a form of proxy, in the name of the appointor but not otherwise and
despite any other provision of this schedule 2 and during the validity of it
the holder of any such voting certificate or (as the case may be) the proxy is,
for all purposes in connection with any meeting of Holders, deemed to be the
Holder of the MTNs of the relevant tranche to which that voting certificate,
block voting instructions or form of proxy relates.

 

4                                          The
Issuer at any time may, and upon a request (by notice in writing to the Issuer)
by Holders holding not less than 5% of the principal amount of the MTNs then
outstanding shall convene a meeting of the Holders. Whenever the Issuer is
about to convene any such meeting it must promptly give notice in writing to
the Holders of the proposed day, time and place of the meeting and of the nature
of the business to be transacted at the meeting. Every such meeting must be
held at Sydney, or such other place as the Issuer approves.

 

5                                          At
least 21 days’ notice (exclusive of the day on which the notice is given and of
the day on which the meeting is held) specifying the day, time and place of
meeting must be given to the relevant Holders at their addresses specified in
the Register. A copy of the notice must be given to the Issuer (unless the
meeting is convened by the Issuer). Such notice must be given in the manner
provided in the Conditions and must specify the terms of the resolutions to be
proposed and must include statements to the effect that voting certificates may
be obtained and proxies may be appointed until 48 hours before the time fixed
for the meeting but not after that time.

 

31

 

6                                          A
person (who may, but need not, be a Holder) nominated in writing by the Issuer
will take the chair at every such meeting but if no such nomination is made or
if at any meeting the person nominated is not present within 15 minutes after
the time appointed for the holding of such meeting or is unable or unwilling to
chair the meeting the relevant Holders present must choose one of the number to
be chairman.

 

7                                          At
any such meeting any one or more persons present in person holding voting
certificates or being proxies representing in the aggregate a clear majority in
principal amount of the relevant MTNs for the time being outstanding form a
quorum for the transaction of business and no business (other than the choosing
of a chairman) may be transacted at any meeting unless the requisite quorum is
present at the commencement of business provided that the quorum at any meeting
a which is to be proposed an Extraordinary Resolution for the purpose of
effecting any of the modifications specified in the proviso to paragraph 20 is
one or more persons present holding voting certificates, or being proxies and
holding or representing in the aggregate at least 66% in principal amount of
the relevant tranche for the time being outstanding.

 

8                                          If
within half an hour from the time appointed for any such meeting a quorum is
not present the meeting will, if convened on the requisition of Holders, be
dissolved. In any other case it will stand adjourned for such period, not being
less than 14 days nor more than 42 days and to such time and place, as the
chairman appoints. At such adjourned meeting one or more persons present in
person holding MTNs or voting certificates or being proxies (whatever the
principal amount of the relevant MTNs so held or represented by them) form a
quorum and have the power to pass any resolution and to decide upon all matters
which could properly have been dealt with at the meeting from which the
adjournment took place had a quorum been present at that meeting, provided that
the quorum at any adjourned meeting at which is to be proposed an Extraordinary
Resolution for the purpose of effecting any of the modifications specified in
the proviso to paragraph 20 is one or more persons present holding voting
certificates, or being proxies and holding or representing in the aggregate at
least 33 1/3% in principal amount of the relevant tranche for the time being
outstanding.

 

9                                          The
chairman may with the consent of (and must if directed by) any meeting adjourn
the meeting from time to time and from place to place but no business may be
transacted at any adjourned meeting except business which might validly have
been transacted at the meeting from which the adjournment took place.

 

10                                    At
least 10 days’ notice of any meeting adjourned because of lack of a quorum must
be given in the same manner as of an original meeting and such notice must
state the quorum required at such adjourned meeting. Otherwise, it is not
necessary to give any notice of an adjourned meeting.

 

11                                    Every
question submitted to a meeting will be decided in the first instance by a show
of hands and in the case of equality of votes the chairman does not have a
casting vote.

 

12                                    At
any meeting, unless a poll is (before or on the declaration of the result of
the show of hands) demanded by the chairman or the Issuer or by one or more
persons holding one or more of the relevant MTNs or being proxies and holding
or representing in the aggregate not less than 2% of the principal amount of
the

 

32

 

relevant
tranche for the time being outstanding, a declaration by the chairman that a
resolution has been carried or carried by a particular majority or lost or not
carried by any particular majority is conclusive evidence of the fact without
proof of the number or proportion of the votes recorded in favour of or against
such resolution.

 

13                                    If
at any meeting a poll is so demanded, it must be taken in such manner and (subject
to this paragraph 13) either at once or after such an adjournment as the
chairman directs and the result of such poll is deemed to be the resolution of
the meeting at which the poll was demanded as at the date of the taking of the
poll. The demand for a poll does not prevent the continuance of the meeting for
the transaction of any business other than the question on which the poll has
been demanded.

 

14                                    Any
poll demanded at any meeting on any question of adjournment must be taken at
the meeting without adjournment.

 

15                                    The
Issuer (through its representatives) and its financial and legal advisers are
entitled to attend and speak at any meeting of the Holders of the relevant
tranche of MTNs. Otherwise, no person may attend or vote at any meeting of
those Holders or to join with others in requesting the convening of such a
meeting unless that person is the holder of a voting certificate or is a proxy.

 

16                                    Subject
to paragraph 13, at any such meeting:

 

(a)                                  on
a show of hands every person who is present and produces a voting certificate
or is a proxy has one vote; and

 

(b)                                 on
a poll every person who is so present has one vote in respect of each $500,000
of the Principal Amount of MTNs which are represented by the voting certificate
or in respect of which he is a proxy.

 

Without
affecting the obligations of the proxies named in any block voting instruction
or form of proxy, any person entitled to more than one vote need not use all
his votes or cast all the votes to which he is entitled in the same way.

 

17                                    A
person named in any block voting instruction or form of proxy need not be a
Holder.

 

18                                    Each
block voting instruction and each form of proxy, together (if so required by
the Issuer) with proof satisfactory to the Issuer of its due execution, must be
deposited at the specified office in Australia of the Issuer not less than 24
hours before the time appointed for holding the meeting or adjourned meeting at
which the proxy named in the block voting instruction or form of proxy proposes
to vote, failing which the form of block voting instruction or proxy may not be
treated as valid unless the chairman of the meeting decides otherwise before
the meeting or adjourned meeting proceeds to business. A notarially certified
copy of each block voting instruction or form of proxy and satisfactory proof
of due execution (if applicable) must if required by the Issuer be produced by
the proxy at the meeting or adjourned meeting but the Issuer is not obliged to
investigate or be concerned with the validity of, or the authority of the proxy
named in, any block voting instruction or form of proxy.

 

19                                    Any
vote given in accordance with the terms of a block voting instruction or form
of proxy will be valid despite the previous revocation or amendment of the
block

 

33

 

voting
instruction or form of proxy or of any of the Holders’ instructions pursuant to
which it was executed, unless notice in writing of such revocation or amendment
has been received from the Holder who has executed such block voting
instruction or form of proxy at the specified office of the Issuer or by the
chairman of the meeting, in each case not less than 24 hours before the
commencement of the meeting or adjourned meeting at which the block voting
instruction or form of proxy is used.

 

20                                    A
meeting of the Holders of the MTNs of the same tranche has, subject to the
provisions contained in the Conditions of any tranche, in addition to the
powers set out above, but without affecting any powers conferred on other
persons by this Instrument, the following powers exercisable by Extraordinary
Resolution:

 

(a)                                  to
sanction any proposal by the Issuer for any modification, abrogation, variation
or compromise of, or arrangement in respect of, the rights of the Holders
against the Issuer whether such rights arise under those MTNs or otherwise;

 

(b)                                 subject
to clause 2.5 of the Master Note, to sanction the exchange or substitution for
those MTNs of, or the conversion of those MTNs into, other obligations or
securities of the Issuer or any other body corporate formed or to be formed;

 

(c)                                  to
assent to any modification of the provisions contained in the MTNs, the
Conditions or this schedule 2 which is proposed by the Issuer;

 

(d)                                 to
waive or authorise any breach or proposed breach by the Issuer of its
obligations under the Conditions;

 

(e)                                  to
authorise any person to concur in and execute and do all such documents, acts
and things as may be necessary to carry out and give effect to any
Extraordinary Resolution;

 

(f)                                    to
give any authority, direction or sanction which under the Conditions is
required to be given by Extraordinary Resolution; and

 

(g)                                 to
appoint any persons (whether Holders or not) as a committee or committees to
represent the interests of the Holders and to confer upon such committee or
committees any powers or discretions which the Holders could themselves
exercise by Extraordinary Resolution,

 

provided that
the special quorum provisions contained in the proviso to paragraphs 7 and 8
apply in relation to any Extraordinary Resolution for the purpose of making any
modification of the provisions contained in the MTNs or the Conditions which:

 

(1)                                  postpones
the date of maturity or redemption of any of the relevant MTNs or any date for
payment of interest on the MTNs; or

 

(2)                                  reduces
or cancels the principal amount of the relevant MTNs or the rate of interest
payable on them; or

 

(3)                                  varies
the currency of account or currency in which any payment in respect of the
relevant MTNs is to be made; or

 

34

 

(4)                                  modifies
the provisions contained in this schedule 2 concerning the quorum required at
any meeting of Holders or any adjournment of a meeting or concerning the
majority required to pass an Extraordinary Resolution; or

 

(5)                                  amends
this proviso in any manner.

 

21                                    An
Extraordinary Resolution passed at a meeting of the Holders duly convened and
held in accordance with this schedule 2 is binding on all the Holders, whether
present or not present at the meeting, and each of the Holders is bound to give
effect to it accordingly. The passing of any such resolution is conclusive
evidence that the circumstances of such resolution justify its passing.

 

22                                    Minutes
of all resolutions and proceedings at every meeting must be made and duly
entered in books to be from time to time provided for that purpose by the
Issuer and any such minutes, if purporting to be signed by the chairman of the
meeting at which such resolutions were passed or proceedings transacted or by
the chairman of the next succeeding meeting of the Holders, are conclusive
evidence of the matters contained in them and until the contrary is proved
every such minute in respect of the proceedings of which minutes have been made
and signed in that manner is deemed to have been duly convened and held and all
resolutions passed or proceedings transacted at that meeting to have been duly
passed and transacted.

 

23                                    Notwithstanding
the preceding provisions in this schedule 2, a resolution of the Holders may be
passed without any meeting or previous notice being required by:

 

(a)                                  in
the case of an Extraordinary Resolution, a resolution in writing signed by
Holders of outstanding MTNs having an aggregate Principal Amount of not less
than 66% of the aggregate Principal Amount of all outstanding MTNs; and

 

(b)                                 in
any other case, a resolution in writing signed by Holders of outstanding MTNs
having an aggregate Principal Amount greater than 50% of the aggregate
Principal Amount of all outstanding MTNs.

 

Any such
resolution shall be effective at the time that it is signed by the requisite
majority of Holders.

 

24                                    Notwithstanding
any other provision in this schedule 2, if and whenever there are MTNs
outstanding which are not identical and do not form one single tranche then
those MTNs which are in all respects identical are deemed to constitute a
separate tranche of MTNs and this schedule 2 has effect subject to the
following:

 

(a)                                  a
resolution which affects one tranche only of the MTNs is deemed to have been
duly passed if passed at a separate meeting of the Holders of that tranche;

 

(b)                                 a
resolution which affects more than one tranche of MTNs but does not give rise
to a conflict of interest between the Holders of any of the tranche so affected
is deemed to have been duly passed if passed at a single meeting of the Holders
of all the tranche so affected:

 

(c)                                  a
resolution which affects more than one tranche of the MTNs and gives or may
give rise to a conflict of interest between the Holders of any of the tranche
so affected is deemed to be passed if passed at separate meetings of the
Holders of each tranche so affected; and

 

35

 

(d)                                 to
all such meetings referred to in paragraphs (a), (b) and (c) all the preceding
provisions of this schedule 2 apply with the necessary modifications as though
references in those provisions to MTNs and Holders were references to MTNs of
the tranche in question and to the Holders of those MTNs respectively.

 

36

 

Executed by the Issuer at Canberra as a deed
poll:

 

 

	
  Signed sealed and delivered for

  Ecolab Finance Pty Limited
by its attorney in the presence of:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ Rachael Lewis

  	
   

  	
   

  	
  /s/ Thomas
  Francis Meagher

  	
   

  
	
  Witness

  	
   

  	
  Attorney

  
	
   

  	
   

  	
   

  
	
  RACHAEL LEWIS

  	
   

  	
   

  	
  THOMAS FRANCIS MEAGHER

  	
   

  
	
  Solicitor, A.C.T.

  	
   

  	
   

  	
  SOLICITOR

  	
   

  
	
  Name (please
  print)

  	
   

  	
  Name (please
  print)

  

 

37

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00054-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00054-of-00352.parquet"}]]