Document:

EX-10.44

 Exhibit 10.44 
  

			
	

	  	CLIFFORD CHANCE LLP
		
		  	EXECUTION VERSION

 DATED 25 MARCH 2014 

AXALTA COATING SYSTEMS U.K. (2) LIMITED 

AS CHARGOR 
 IN FAVOUR OF 

BARCLAYS BANK PLC 
 AS COLLATERAL
AGENT 
  
  

DEBENTURE 
  

 

 CONTENTS 
  

							
	Clause	  	Page	 
			
	 1.
	  	 Definitions and Interpretation
	  	 	1	  
			
	 2.
	  	 Covenant to Pay
	  	 	6	  
			
	 3.
	  	 Common Provisions
	  	 	6	  
			
	 4.
	  	 Fixed Security
	  	 	7	  
			
	 5.
	  	 Floating Charge
	  	 	8	  
			
	 6.
	  	 Provisions as to Security and Perfection
	  	 	9	  
			
	 7.
	  	 Further Assurance
	  	 	12	  
			
	 8.
	  	 Shares and Investments
	  	 	12	  
			
	 9.
	  	 Accounts
	  	 	15	  
			
	 10.
	  	 Monetary Claims
	  	 	16	  
			
	 11.
	  	 Insurances
	  	 	16	  
			
	 12.
	  	 Real Property
	  	 	16	  
			
	 13.
	  	 General Undertakings
	  	 	17	  
			
	 14.
	  	 Enforcement of Security
	  	 	17	  
			
	 15.
	  	 Extension of Powers and Right of Appropriation
	  	 	18	  
			
	 16.
	  	 Appointment of Receiver or Administrator
	  	 	19	  
			
	 17.
	  	 Powers of Receivers
	  	 	20	  
			
	 18.
	  	 Application of Proceeds
	  	 	21	  
			
	 19.
	  	 Protection of Purchasers
	  	 	21	  
			
	 20.
	  	 Power of Attorney
	  	 	21	  
			
	 21.
	  	 Effectiveness of Security
	  	 	22	  
			
	 22.
	  	 Prior Security Interests
	  	 	25	  
			
	 23.
	  	 Subsequent Security Interests
	  	 	25	  
			
	 24.
	  	 Suspense Accounts
	  	 	25	  
			
	 25.
	  	 Release of Security
	  	 	26	  
			
	 26.
	  	 Assignment
	  	 	26	  
			
	 27.
	  	 Discretion and Delegation
	  	 	26	  
			
	 28.
	  	 Governing Law
	  	 	27	  
			
	 29.
	  	 Jurisdiction
	  	 	27	  
		
	 Schedule 1 Form of Notice of Security to Account Bank
	  	 	28	  
		
	 Schedule 2 Form of Notice of Assignment of Specific Contract
	  	 	30	  
		
	 Schedule 3 Specific Contracts
	  	 	33	  

  
 - i - 

 THIS DEBENTURE is made by way of deed on 25 March 2014 

BY: 
  

	(1)	AXALTA COATING SYSTEMS U.K. (2) LIMITED registration number 8813062 (the “Chargor”) in favour of 

  

	(2)	BARCLAYS BANK PLC as collateral agent (in such capacity, together with any successor collateral agent appointed pursuant to the Credit Agreement referred to below, the “Collateral Agent”) for the
Secured Parties (as defined in the Credit Agreement referred to below). 

 IT IS AGREED as follows: 

 

	1.	DEFINITIONS AND INTERPRETATION 

  

	1.1	Definitions 

 In this Debenture: 

“Account” means each of the accounts opened or maintained by the Chargor with the Collateral Agent, any bank, building
society, financial institution or other person (including any renewal, redesignation, replacement, subdivision or subaccount of such account) and the debt or debts represented thereby. 

“Administration Event” means: 
  

	 	(a)	the presentation of an application to the court for the making of an administration order in relation to the Chargor; or 

  

	 	(b)	the giving of written notice by any person (who is entitled to do so) of its intention to appoint an administrator of the Chargor or the filing of such a notice with the court. 

“Charged Assets” means all of the assets and undertaking of the Chargor which from time to time are the subject of any
Security created or expressed to be created by it in favour of the Collateral Agent by or pursuant to this Debenture. 
 “Collateral
Rights” means all rights, powers and remedies of the Collateral Agent provided by or pursuant to this Debenture or by law. 

“Credit Agreement” means the credit agreement dated 1 February 2013 (as amended, amended and restated, supplemented,
replaced, refinanced or otherwise modified from time to time (including any increases of the principal amount outstanding thereunder)) among Flash Dutch 2 B.V. and U.S. Coatings Acquisition Inc., as Borrowers, Flash Dutch 1 B.V., as Holdings,
Coatings Co. U.S. Inc., as U.S. Holdings, Barclays Bank PLC, as administrative agent and collateral agent, and the other parties thereto. 

“Enforcement Event” means the exercise of any rights under Section 8.02 (Remedies Upon Event of Default) of the
Credit Agreement by the Administrative Agent (as defined in the Credit Agreement). 

  
 - 1 - 

 “Fixed Security” means any mortgage, fixed charge or assignment expressed to be
constituted by or pursuant to Clause 4 (Fixed Security) of this Debenture. 
 “Insurance Policy” means any policy of
insurance in which the Chargor may from time to time have an interest (as amended or supplemented). 
 “Intellectual
Property” means any patents, trade marks, service marks, designs, business and trade names, copyrights, design rights, moral rights, inventions, confidential information, knowhow and other intellectual property rights and interests, whether
registered or unregistered, and the benefit of all applications and rights to use such assets in which the Chargor may from time to time have an interest. 

“Intercreditor Agreement” has the meaning given to it in the Credit Agreement. 

“Investments” means any: 
  

	 	(a)	stocks, shares, debentures and certificates of deposit and other instruments creating or acknowledging indebtedness, including alternative finance investment bonds (but not including: (i) the Shares and
(ii) any shares in joint ventures to the extent required by the underlying joint venture agreement); 

  

	 	(b)	interests in collective investment schemes, in whatever form or jurisdiction any such scheme is established, including partnership interests; 

 

	 	(c)	warrants and other instruments entitling the holder to subscribe for or acquire any investments described in paragraphs (a) or (b) above; 

 

	 	(d)	certificates and other instruments conferring contractual or property rights (other than options) in respect of the investments in paragraphs (a), (b) or (c) above; and 

 

	 	(e)	options to acquire any investments described in paragraphs (a), (b), (c) or (d) above, 

in each case whether held directly by or to the order of the Chargor or by any trustee, nominee, custodian, fiduciary or clearance system on
its behalf (including all rights against any such trustee, nominee, custodian, fiduciary or clearance system including, without limitation, any contractual rights or any right to delivery of all or any part of the Investments from time to time).

 “Monetary Claims” means any book and other debts and monetary claims owing to the Chargor and any proceeds of such debts
and claims (including any claims or sums of money deriving from or in relation to any Intellectual Property, any Investment, the proceeds of any Insurance Policy, any court order or judgment, any contract or agreement to which the Chargor is a party
and any other assets, property, rights or undertaking of the Chargor). 
 “Notice of Assignment” means a notice of
assignment in substantially the form set out in Schedule 2 (Form of Notice of Assignment of Specific Contract) or in such form as may be specified by the Collateral Agent. 

  
 - 2 - 

 “Notice of Charge” means a notice of charge in substantially the form set out in
Schedule 1 (Form of Notice of Security to Account Bank) or in such form as may be specified by the Collateral Agent. 
 “Real
Property” means (including as provided in Clause 1.10 (Real Property)) any present or future freehold or leasehold or immovable property and any other interest in land or buildings and any rights relating thereto in which the Chargor
has an interest with a fair market value in excess of US$10,000,000. 
 “Receiver” means a receiver, receiver and manager
or, where permitted by law, an administrative receiver and that term will include any appointee made under a joint or several appointment. 

“Related Rights” means, in relation to any asset: 
  

	 	(a)	the proceeds of sale or rental of any part of that asset; 

  

	 	(b)	all rights under any licence, agreement for sale or agreement for lease in respect of that asset; 

  

	 	(c)	all rights, powers, benefits, claims, causes of action, contracts, warranties, remedies, security, guarantees, indemnities or covenants for title in respect of or derived from that asset; and 

 

	 	(d)	any monies and proceeds paid or payable in respect of that asset. 

 “Secured
Obligations” means the collective Obligations of the Loan Parties now or hereafter existing under the Loan Documents, any Secured Cash Management Agreement or any Secured Hedge Agreement (as such Loan Documents, Secured Cash Management
Agreements and/or Secured Hedge Agreements may be amended, amended and restated, supplemented, replaced, refinanced or otherwise modified from time to time (including any increases of the principal amount outstanding thereunder)), whether direct or
indirect, absolute or contingent, and whether for principal, reimbursement obligations, interest, fees, premiums, penalties, indemnifications, contract causes of action, costs, expenses or otherwise. 

“Security” means a mortgage, charge, pledge, lien or other security interest securing any obligation of any person or any
other agreement or arrangement having a similar effect. 
 “Security Period” means the period beginning on the date of this
Debenture and ending upon payment in full of all Secured Obligations (other than (A) contingent indemnification obligations as to which no claim has been asserted and (B) obligations and liabilities under Secured Cash Management Agreements
and Secured Hedge Agreements) and the expiration or termination of all Letters of Credit (other than Letters of Credit which have been Cash Collateralized). 

“Shares” means all of the Chargor’s present and future shares in the capital of any subsidiary of the Chargor from time
to time held by, to the order, or on behalf, of the Chargor. 

  
 - 3 - 

 “Specific Contracts” means each contract specified in Schedule 3
(Specific Contracts). 
 “Tangible Moveable Property” means any plant, machinery, office equipment, computers,
vehicles, furniture, fittings and other chattels (excluding any for the time being forming part of the Chargor’s stock in trade or work in progress). 
  

	1.2	Terms defined in the Credit Agreement 

 Unless defined in this Debenture, or the context
otherwise requires, a term defined in the Credit Agreement has the same meaning in this Debenture, or any notice given under or in connection with this Debenture. 
  

	1.3	Construction 

 In this Debenture or in any notice given under or in connection with this
Debenture: 
  

	 	(a)	any reference to the “Collateral Agent”, the “Secured Parties”, the “Finance Parties” or a “Chargor” shall be construed so as to include its or their
(and any subsequent) successors in title, permitted assigns and permitted transferees in accordance with their respective interests and, in the case of the Collateral Agent, any person for the time being appointed as Collateral Agent in accordance
with the Credit Agreement; 

  

	 	(b)	“assets” includes present and future properties, revenues and rights of every description; 

  

	 	(c)	a “Loan Document” or any other agreement or instrument is a reference to that Loan Document or other agreement or instrument as amended, novated, supplemented, extended, replaced or restated;

  

	 	(d)	“indebtedness” includes any obligation (whether incurred as principal or as surety) for the payment or repayment of money, whether present or future, actual or contingent; 

 

	 	(e)	a “person” means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity; 

 

	 	(f)	a “regulation” includes any regulation, rule, official directive, request or guideline of any governmental, intergovernmental or supranational body, agency, department or of any regulatory,
self-regulatory or other authority or organisation; 

  

	 	(g)	a provision of law is a reference to that provision as amended or re-enacted; 

  

	 	(h)	a time of day is a reference to New York time; 

  

	 	(i)	references in this Debenture to any Clause or Schedule shall be to a clause or schedule contained in this Debenture; and 

  

	 	(j)	Clause and Schedule headings are for ease of reference only. 

  
 - 4 - 

	1.4	Currency Symbols and Definitions 

 “$” and “dollars”
denote the lawful currency of the United States of America. 
  

	1.5	Third party rights 

 A person who is not a Party has no right under the Contracts (Rights
of Third Parties) Act 1999 to enforce or to enjoy the benefit of any term of this Agreement. 
  

	1.6	Accounts 

 In any litigation or arbitration proceedings arising out of or in connection
with the Loan Documents, the entries made in the accounts maintained by any Secured Party are prima facie evidence of the matters to which they relate. 
  

	1.7	Certificates and determinations 

 Any certification or determination by a Finance Party
of a rate or amount under this Debenture is, in the absence of manifest error, conclusive evidence of the matter to which it relates. 
  

	1.8	Incorporation of provisions from the Credit Agreement 

 Sections 3.01 (Taxes),
9.07 (Indemnification of Agents), 10.01 (Amendments, Etc.), 10.02 (Notices; Electronic Communications), 10.04 (Expenses and Taxes) 10.05 (Indemnification by the Borrowers), 10.09 (Setoff) and 10.24
(Judgment Currency) of the Credit Agreement are deemed to form part of this Debenture as if expressly incorporated into it and as if all references in those provisions to the Credit Agreement were references to this Debenture. 

 

	1.9	Present and future assets 

  

	 	(a)	A reference in this Debenture to any Charged Asset or other asset includes, unless the contrary intention appears, present and future Charged Assets and other assets. 

 

	 	(b)	The absence of or incomplete details of any Charged Assets in any Schedule shall not affect the validity or enforceability of any Security under this Debenture. 

 

	1.10	Real Property 

  

	 	(a)	A reference in this Debenture to a mortgage, assignment or charge of any freehold, leasehold or commonhold property includes all buildings, fixtures and fittings from time to time on or forming part of that property and
all Related Rights. 

  

	 	(b)	The terms of the Credit Agreement are incorporated into this Debenture to the extent required for any purported disposition of any Real Property contained in any Loan Document to be a valid disposition in accordance
with section 2(1) of the Law of Property (Miscellaneous Provisions) Act 1989. 

  
 - 5 - 

	1.11	Separate Security 

 Clauses 4.1 (Fixed charge over Real Property) to 4.10
(Assignment of Specific Contracts) shall be construed as creating a separate and distinct mortgage, fixed charge or assignment over each relevant asset within any particular class of assets defined in this Debenture and the failure to create
an effective mortgage, fixed charge or assignment (whether arising out of this Debenture or any act or omission by any party) over any one asset shall not affect the nature or validity of the mortgage, charge or assignment imposed on any other asset
whether within that same class of assets or not. 
  

	1.12	Collateral Agent assumes no obligation 

 The Collateral Agent shall not be under any
obligation in relation to the Charged Assets as a consequence of this Debenture and the Chargor shall at all times remain liable to perform all obligations in respect of the Charged Assets. 

 

	1.13	Intercreditor Agreement 

 Notwithstanding any provision to the contrary in this
Agreement, if any intercreditor agreement is entered into in accordance with Section 9.11 of the Credit Agreement (including the Intercreditor Agreement), in the event of any conflict or inconsistency between the provisions of such
intercreditor agreement (including the Intercreditor Agreement) and this Agreement, the provisions of such intercreditor agreement (including the Intercreditor Agreement) shall prevail. 

 

	2.	COVENANT TO PAY 

 The Chargor covenants with the Collateral Agent that it shall, on
demand of the Collateral Agent pay, discharge and satisfy the Secured Obligations and indemnify the Collateral Agent and each of the Secured Parties against any losses, costs, charges, expenses and liabilities arising from any breach or failure to
pay, discharge and satisfy the Secured Obligations in accordance with their respective terms. 
  

	3.	COMMON PROVISIONS 

  

	3.1	Common provisions as to all Security 

 All the Security constituted by or pursuant to
this Debenture is: 
  

	 	(a)	created with full title guarantee; 

  

	 	(b)	created in favour of the Collateral Agent as trustee for the Secured Parties and the Collateral Agent shall hold the benefit of this Debenture and the Security created by or pursuant to it on trust for the Secured
Parties; and 

  

	 	(c)	continuing security for the payment and discharge of all the Secured Obligations. 

  
 - 6 - 

	3.2	Consent for Fixed Security 

 The Chargor creates each Fixed Security subject to obtaining
any necessary consent to such Fixed Security from any relevant third party. 
  

	3.3	Excluded Property 

 The Fixed Security from time to time constituted by this Debenture
shall not extend to the Chargor’s interest in the Excluded Property. 
  

	4.	FIXED SECURITY 

  

	4.1	Fixed charge over Real Property 

 The Chargor charges, by way of first fixed charge, all
of its rights, title and interest from time to time in and to all its Real Property and all Related Rights. 
  

	4.2	Fixed charge over Tangible Moveable Property 

 The Chargor charges, by way of first fixed
charge, all of its rights, title and interest from time to time in and to its Tangible Moveable Property and all Related Rights. 
  

	4.3	Fixed charge over Accounts 

 The Chargor charges, by way of first fixed charge, all of
its rights, title and interest from time to time in and to its Accounts and all Related Rights. 
  

	4.4	Fixed charge over contracts 

 The Chargor charges, by way of first fixed charge, all of
its rights, title and interest from time to time in and to any contract or agreement to which the Chargor is a party (except for the Specific Contracts to the extent validly and effectively assigned pursuant to Clause 4.10 (Assignment of Specific
Contracts)) (including each of its interest or currency rate swap, cap, floor, collar or option transactions) and all Related Rights. 
  

	4.5	Fixed charge over Monetary Claims 

 The Chargor charges, by way of first fixed charge,
all of its rights, title and interest from time to time in and to its Monetary Claims (other than any claims which are otherwise subject to a fixed charge or assignment (at law or in equity) pursuant to this Debenture) and all Related Rights (to the
extent not already charged under this Clause 4.5). 
  

	4.6	Fixed charge over Investments 

 The Chargor charges, by way of first fixed charge, all of
its rights, title and interest from time to time in and to its Investments and all dividends, interest and other monies payable in respect of those Investments and all Related Rights (whether derived by way of redemption, bonus, preference, options,
substitution, conversion, compensation or otherwise). 

  
 - 7 - 

	4.7	Fixed charge over Shares 

 The Chargor charges, by way of first fixed charge, all of its
rights, title and interest from time to time in and to its Shares and all dividends, interest and other monies payable in respect of those Shares and all Related Rights (whether derived by way of redemption, bonus, preference, options, substitution,
conversion, compensation or otherwise). 
  

	4.8	Fixed charge over Intellectual Property 

 The Chargor charges, by way of first fixed
charge, all of its rights, title and interest from time to time in and to its Intellectual Property and all Related Rights. 
  

	4.9	Fixed charge over goodwill 

 The Chargor charges, by way of first fixed charge, all of
its rights, title and interest from time to time in and to any goodwill, rights and claims in relation to the uncalled capital of the Chargor. 
  

	4.10	Assignment of Specific Contracts 

 The Chargor assigns and agrees to assign by way of
security, all of its rights, claims, title and interest from time to time in and to each Specific Contract of the Chargor and all Related Rights. 
  

	5.	FLOATING CHARGE 

  

	5.1	Floating charge 

  

	 	(a)	The Chargor charges by way of first floating charge in favour of the Collateral Agent all present and future assets and undertaking of the Chargor. 

 

	 	(b)	The floating charge created pursuant to paragraph (a) of Clause 5.1 above shall be deferred in point of priority to all Fixed Security validly and effectively created by the Chargor under the Loan Documents in
favour of the Collateral Agent as security for the Secured Obligations. 

  

	 	(c)	Paragraph 14 of Schedule B1 to the Insolvency Act 1986 applies to the floating charge created pursuant to paragraph (a) of Clause 5.1 above. 

 

	5.2	Crystallisation: by notice 

 The Collateral Agent may at any time by notice in writing to
the Chargor convert the floating charge created pursuant to Clause 5.1 (Floating Charge) with immediate effect into a fixed charge as regards any property or assets other than any Excluded Property specified in the notice if: 

 

	 	(a)	an Enforcement Event has occurred and is continuing; 

  

	 	(b)	the Collateral Agent reasonably considers that any of the Charged Assets may be in jeopardy or in danger of being seized or sold pursuant to any form of legal process; or 

 

	 	(c)	the Collateral Agent reasonably considers that it is desirable in order to protect the priority of the security. 

  
 - 8 - 

	5.3	Crystallisation: automatic 

 Notwithstanding Clause 5.2 (Crystallisation: by
notice) and without prejudice to any law which may have a similar effect, the floating charge created pursuant to Clause 5.1 (Floating Charge) will automatically be converted (without notice) with immediate effect into a fixed charge as
regards all the assets subject to the floating charge if: 
  

	 	(a)	the Chargor creates or attempts to create any Security (other than any Security permitted under the terms of the Credit Agreement), over any of the Charged Assets; 

 

	 	(b)	any person levies or attempts to levy any distress, execution or other process against any of the Charged Assets; 

  

	 	(c)	an Administration Event occurs; 

  

	 	(d)	a Receiver is appointed over all or any of the Charged Assets; 

  

	 	(e)	a meeting is convened for the passing of a resolution for the voluntary winding-up of the Chargor; 

  

	 	(f)	a petition is presented for the compulsory winding-up of the Chargor; or 

  

	 	(g)	a provisional liquidator is appointed to the Chargor, 

 or any analogous procedure or step is
taken in any jurisdiction. 
  

	6.	PROVISIONS AS TO SECURITY AND PERFECTION 

  

	6.1	Negative pledge and restriction on dealings 

 Except as permitted under the Credit
Agreement, the Chargor shall not at any time during the Security Period create or permit to subsist any Security over all or any part of the Charged Assets or dispose of any part of the Charged Assets. 

 

	6.2	Implied covenants for title 

  

	 	(a)	The covenants set out in sections 3(1), 3(2) and 6(2) of the Law of Property (Miscellaneous Provisions) Act 1994 will not extend to Clauses 4 (Fixed Security) or 5 (Floating charge). 

 

	 	(b)	It shall be implied in respect of Clauses 4 (Fixed Security) and 5 (Floating charge) that the Chargor is disposing of the Charged Assets free from all charges and incumbrances (whether monetary or not) and
from all other rights exercisable by third parties (including liabilities imposed and rights conferred by or under any enactment) other than those permitted under the Credit Agreement. 

  
 - 9 - 

	6.3	Notice of Security: Accounts 

  

	 	(a)	The Chargor shall, if requested by the Collateral Agent from time to time after the acceleration of the Loans and to the extent necessary for the perfection of the security interest in any Account, promptly deliver to
the Collateral Agent (or procure the delivery of) a Notice of Charge in relation to the Accounts duly executed by, or on behalf of, the Chargor and the Chargor shall use all reasonable endeavours to procure from each account bank, building society,
financial institution or other person with which any Account is opened or maintained, an acknowledgement in the form set out in such Notice of Charge. 

  

	 	(b)	The execution of this Debenture by the Chargor and the Collateral Agent shall constitute notice to the Collateral Agent of the charge created over any Account opened or maintained with the Collateral Agent.

  

	6.4	Notice of Security: other assets 

  

	 	(a)	The Chargor shall, on the date of this Debenture or, if later, when requested by the Collateral Agent from time to time, promptly deliver to the Collateral Agent (or procure the delivery of) a Notice of Assignment duly
executed by, or on behalf of, the Chargor in relation to the Specific Contracts. 

  

	 	(b)	The Chargor shall when requested by the Collateral Agent from time to time following an Enforcement Event and acceleration of the Loans, promptly deliver to the Collateral Agent (or procure the delivery of) a Notice of
Charge duly executed by, or on behalf of, the Chargor in relation to any asset (other than the Accounts) which is the subject of the Fixed Security and any floating charge which is converted into a fixed charge pursuant to Clauses 5.2
(Crystallisation: by notice) and 5.3 (Crystallisation: automatic). 

  

	 	(c)	The Chargor shall use all reasonable endeavours to procure from each recipient of such a Notice of Assignment or a Notice of Charge (as appropriate) an acknowledgement in the form set out therein. 

 

	6.5	Deposit of documents of title: Investments 

 Promptly on the request of the Collateral
Agent following an Enforcement Event, the Chargor shall deposit with the Collateral Agent (or procure the deposit of) all of the Investments and any certificates and other documents of title representing the Investments to which the Chargor (or its
nominee(s)) is or becomes entitled, together with any other document which the Collateral Agent may reasonably request (in such form and executed in such manner as the Collateral Agent may reasonably require (including stock transfer forms or other
instruments of transfer executed in blank by it or on its behalf), with a view to perfecting or improving its security over the Investments or to registering any Investment in its name or the name of any nominee(s). 

  
 - 10 - 

	6.6	Deposit of share certificates 

 The Chargor shall: 

 

	 	(a)	promptly following the date of this Debenture, deposit with the Collateral Agent (or procure the deposit of) all certificates or other documents of title to the Shares and stock transfer forms (executed in blank by it
or on its behalf) provided that if any certificates, other documents of title to the Shares or stock transfer forms have been sent to HM Revenue and Customs or any other regulatory or government body then the Chargor shall deposit with the
Collateral Agent (or procure the deposit of) such certificates, other documents of title or stock transfer forms (executed in blank by it or on its behalf) promptly following their return by HM Revenue and Customs or such other regulatory or
government body; and thereafter. 

  

	 	(b)	promptly upon the accrual, offer or issue of any stocks, shares, warrants or other securities in respect of or derived from the Shares (or upon acquiring any interest therein), notify the Collateral Agent of that
occurrence and deposit with the Collateral Agent (or procure the deposit of) (i) all certificates or other documents of title representing such items and (ii) such stock transfer forms or other instruments of transfer (executed in blank by
it or on its behalf) in respect thereof as the Collateral Agent may request. 

  

	6.7	Deposit of title deeds 

 The Chargor shall: 

 

	 	(a)	on the date of this Debenture (and promptly upon the acquisition by it of any interest in any Real Property at any time) deposit with the Collateral Agent (or procure the deposit of) all deeds, certificates and other
documents constituting or evidencing title to such Real Property; and 

  

	 	(b)	at any time thereafter deposit with the Collateral Agent (or procure the deposit of) any further such deeds, certificates and other documents, promptly upon coming into possession of any of those items.

  

	6.8	Application to the Land Registry 

 The Chargor hereby consents to an application being
made to the Land Registry to enter a restriction in the Proprietorship Register of any registered land at any time forming part of the Real Property. 
  

	6.9	Further advances 

  

	 	(a)	Subject to the terms of the Credit Agreement, each Lender is under an obligation to make further advances to the Chargor and that obligation will be deemed to be incorporated in this Debenture as if set out in this
Debenture. 

  

	 	(b)	The Chargor consents to an application being made to the Land Registry to enter the obligation to make further advances on the Charges Register of any registered land forming part of the Charged Assets.

  
 - 11 - 

	7.	FURTHER ASSURANCE 

  

	7.1	Further assurance 

  

	 	(a)	The covenant set out in section 2(1)(b) of the Law of Property (Miscellaneous Provisions) Act 1994 shall extend to include the obligations set out in paragraph (b) of Clause 7.1 below. 

 

	 	(b)	The Chargor shall promptly, at its own cost, do all such acts or execute all such documents (including assignments, transfers, mortgages, charges, notarisations, registrations, notices and instructions) as the
Collateral Agent may reasonably specify (and in such form as the Collateral Agent may reasonably require) in favour of the Collateral Agent or its nominee(s): 

  

	 	(i)	to create, perfect and/or protect the Security created or intended to be created in respect of the Charged Assets (which may include the execution by the Chargor of a mortgage, charge or assignment over all or any of
the assets constituting, or intended to constitute, the Charged Assets) or for the exercise of the Collateral Rights; 

  

	 	(ii)	to confer on the Collateral Agent Security over any asset or undertaking of the Chargor located in any jurisdiction outside England and Wales equivalent or similar to the Security intended to be conferred by or pursuant
to this Debenture; and/or 

  

	 	(iii)	to facilitate the realisation of the Charged Assets. 

  

	7.2	Necessary action 

 The Chargor shall take all such action as is available to it
(including making all filings and registrations and applying for relief against forfeiture) as may be necessary or as may reasonably be requested by the Collateral Agent for the purpose of the creation, perfection, protection or maintenance of any
Security conferred or intended to be conferred on the Collateral Agent by or pursuant to this Debenture. 
  

	7.3	Consents 

 The Chargor shall, on the occurrence of an Enforcement Event, use its best
endeavours to obtain any consents necessary or to remove any restriction on the creation of Security (in each case in form and substance satisfactory to the Collateral Agent, acting reasonably) to enable the assets of the Chargor to be the subject
of the relevant Fixed Security pursuant to this Debenture. Immediately upon obtaining any such consent or removing any such restriction, the asset concerned will become subject to that Fixed Security and the Chargor shall promptly deliver a copy of
such consent or evidence of such removal to the Collateral Agent. 
  

	8.	SHARES AND INVESTMENTS 

  

	8.1	Dividends prior to an Enforcement Event 

 Prior to the occurrence of an Enforcement Event
and receiving notice from the Collateral Agent (unless such Enforcement Event has occurred as a result of an Event 

  
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of Default pursuant to Section 8.01(f) (Insolvency Proceedings, Etc.) or Section 8.01(g) (Inability to Pay Debts; Attachment) of the Credit Agreement, in which case no
notice will be required) and following the cure or waiver of the relevant Enforcement Event, the Chargor shall be entitled to receive all dividends, interest and other monies or distributions of an income nature arising from the Shares in accordance
with the Credit Agreement. 
  

	8.2	Dividends after an Enforcement Event 

 Following an Enforcement Event and before the cure
or waiver of the relevant Enforcement Event, the Collateral Agent may, at its discretion and upon giving notice to the Chargor (unless such Enforcement Event has occurred as a result of an Event of Default pursuant to Section 8.01(f)
(Insolvency Proceedings, Etc.) or Section 8.01(g) (Inability to Pay Debts; Attachment) of the Credit Agreement, in which case no notice will be required), in the name of the Chargor or otherwise and without any further consent or
authority from the Chargor, apply all dividends, interest and other monies arising from the Shares as though they were the proceeds of sale in accordance with Clause 18 (Application of Proceeds) or otherwise in accordance with the Credit
Agreement. 
  

	8.3	Voting rights prior to Collateral Agent Notice 

 Prior to the giving of notice pursuant
to Clause 8.4 (Voting rights after Collateral Agent Notice) (and following the cure or waiver of the relevant Enforcement Event), the Chargor shall be entitled to exercise all voting rights in relation to the Shares. 

 

	8.4	Voting rights after Collateral Agent Notice 

 Subject to Clause 8.5 (Waiver of voting
rights by Collateral Agent), upon the occurrence of an Enforcement Event, the Collateral Agent may (but without having any obligation to do so) give notice to the Chargor that this Clause 8.4 will apply. With effect from the giving of that
notice the Collateral Agent may, at its discretion, in the name of the Chargor or otherwise and without any further consent or authority from the Chargor: 
  

	 	(a)	exercise (or refrain from exercising) any voting rights in respect of the Shares; and 

  

	 	(b)	exercise (or refrain from exercising) the powers and rights conferred on or exercisable by the legal or beneficial owner of the Shares including the right, in relation to any company whose shares or other securities are
included in the Shares, to concur or participate in: 

  

	 	(i)	the reconstruction, amalgamation, sale or other disposal of such company or any of its assets or undertaking (including the exchange, conversion or reissue of any shares or securities as a consequence thereof);

  

	 	(ii)	the release, modification or variation of any rights or liabilities attaching to such shares or securities; and 

  

	 	(iii)	the exercise, renunciation or assignment of any right to subscribe for any shares or securities, 

  
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 in each case in the manner and on the terms the Collateral Agent thinks fit, and the proceeds of
any such action shall form part of the Shares. 
  

	8.5	Waiver of voting rights by Collateral Agent 

  

	 	(a)	The Collateral Agent may, in its absolute discretion and without any consent or authority from the other Secured Parties or the Chargor, at any time, by notice to the Chargor (which notice shall be irrevocable), elect
to give up the right to exercise (or refrain from exercising) all voting rights and powers in respect of the Shares conferred or to be conferred on the Collateral Agent pursuant to Clause 8.4 (Voting rights after Collateral Agent Notice) and
the other Secured Parties unconditionally waive any rights they may otherwise have to require the Collateral Agent not to make such election or to require the Collateral Agent to indemnify, compensate or otherwise make good for any losses, costs or
liabilities incurred by any of them in relation to or as a consequence of the Collateral Agent making such election. 

  

	 	(b)	Once a notice has been issued by the Collateral Agent under paragraph (a) of this Clause 8.5, on and from the date of such notice the Collateral Agent shall cease to have the rights to exercise or refrain from
exercising voting rights and powers in respect of the Shares conferred or to be conferred on it pursuant to Clause 8.4 (Voting rights after Collateral Agent Notice) or any other provision of this Debenture and all such rights will be
exercisable by the Chargor. The Chargor shall be entitled, on and from the date of such notice, to exercise all voting rights and powers in relation to the Shares. 

 

	8.6	Shares: Voting rights 

 Save as permitted by the Loan Documents, the Chargor shall not
exercise (and shall procure that any nominee acting on its behalf does not exercise) its voting rights in relation to the Shares in any manner which would result in any, or otherwise permit or agree to or concur or participate in any: 

 

	 	(a)	variation of the rights attaching to or conferred by all or any part of the Shares; 

  

	 	(b)	increase in the issued share capital of any company whose shares are charged pursuant to this Debenture; 

  

	 	(c)	exercise, renunciation or assignment of any right to subscribe for any shares or securities; or 

  

	 	(d)	reconstruction, amalgamation, sale or other disposal of any company or any of the assets or undertaking of any company (including the exchange, conversion or reissue of any shares or securities as a consequence thereof)
whose shares are charged pursuant to this Debenture, which, in the opinion of the Collateral Agent, would prejudice the value of, or the ability of the Collateral Agent to realise, the Security created pursuant to this Debenture provided that
the proceeds of any such action shall form part of the Shares, 

  
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 which would adversely affect the validity or enforceability of the Security created by this
Debenture or the value of the Charged Assets. 
  

	8.7	Investments and Shares: Payment of calls 

 The Chargor shall pay when due (taking any
applicable grace period into account) all calls or other payments which may be or become due in respect of any of the Investments and Shares, and in any case of default by it in such payment, the Collateral Agent may, if it thinks fit, make such
payment on its behalf in which case any sums paid by the Collateral Agent shall be reimbursed by the Chargor to the Collateral Agent on demand and shall carry interest from the date of payment by the Collateral Agent until reimbursed in accordance
with section 2.08 (Interest) of the Credit Agreement. 
  

	8.8	Investments: Exercise of rights 

 The Chargor shall not exercise any of its rights and
powers in relation to any of the Investments in any manner which would materially prejudice the value of, or the ability of the Collateral Agent to realise, the Security created pursuant to this Debenture. 

 

	9.	ACCOUNTS 

  

	9.1	Accounts: Notification and variation 

 The Chargor shall promptly deliver details of each
Account opened or maintained by it to the Collateral Agent: 
  

	 	(a)	on the date of this Debenture (or, if later, promptly on the Chargor’s receipt of such details); and 

  

	 	(b)	following an Enforcement Event that has not been cured or waived, upon the Collateral Agent’s reasonable request. 

  

	9.2	Accounts: Operation before Enforcement Event 

 The Chargor shall, prior to the occurrence
of an Enforcement Event (and following the cure or waiver of such Enforcement Event), be entitled to receive, withdraw or otherwise transfer any credit balance from time to time on any Account. 

 

	9.3	Accounts: Operation after Enforcement Event 

 After the occurrence of an Enforcement
Event, upon the Collateral Agent giving notice to the Chargor (unless the Enforcement Event was caused by an Event of Default pursuant to Section 8.01(f) (Insolvency Proceedings, Etc.) or Section 8.01(g) (Inability to Pay Debts;
Attachment) of the Credit Agreement, in which case no notice is required) and before the cure or waiver of such Enforcement Event, the Chargor shall not be entitled to receive, withdraw or otherwise transfer any credit balance from time to time
on any Account except with the prior consent of the Collateral Agent. 

  
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	9.4	Accounts: Application of monies 

 The Collateral Agent shall, upon the occurrence of an
Enforcement Event and before the cure or waiver of the relevant Enforcement Event, upon giving notice to the Chargor (unless the Enforcement Event was caused by an Event of Default pursuant to Section 8.01(f) (Insolvency Proceedings,
Etc.) or Section 8.01(g) (Inability to Pay Debts; Attachment) of the Credit Agreement, in which case no notice is required), be entitled to apply, transfer or set-off any or all of the credit balances from time to time on any Account
in or towards the payment or other satisfaction of all or part of the Secured Obligations in accordance with Clause 18 (Application of Proceeds). 
  

	10.	MONETARY CLAIMS 

  

	10.1	Release of Monetary Claims: Before Enforcement Event 

 Prior to the occurrence of an
Enforcement Event, the proceeds of the realisation of the Monetary Claims shall (subject to any restriction on the application of such proceeds contained in this Debenture or in the Credit Agreement), upon such proceeds being credited to an Account,
be released from the fixed charge created pursuant to Clause 4 (Fixed Security) and the Chargor shall be entitled to withdraw such proceeds from such Account provided that such proceeds shall continue to be subject to the floating
charge created pursuant to Clause 5 (Floating Charge) and the terms of this Debenture. 
  

	10.2	Release of Monetary Claims: After Enforcement Event 

 After the occurrence of an
Enforcement Event (unless the Enforcement Event has been cured or waived) the Chargor shall not, except with the prior written consent of the Collateral Agent, be entitled to withdraw or otherwise transfer the proceeds of the realisation of any
Monetary Claims standing to the credit of any Account. 
  

	11.	INSURANCES 

 All monies received under any Insurance Policies relating to the Charged
Assets shall be applied in accordance with the terms of the Credit Agreement. 
  

	12.	REAL PROPERTY 

  

	12.1	Property: Notification 

 The Chargor shall notify the Collateral Agent of any contract,
conveyance, transfer or other disposition for the acquisition by the Chargor (or its nominee(s)) of any Real Property as required by the terms of the Credit Agreement. 
  

	12.2	Lease covenants 

 The Chargor shall, in relation to any lease, agreement for lease or
other right to occupy to which all or any part of the Charged Assets is at any time subject: 
  

	 	(a)	pay the rents (if the lessee) and observe and perform in all material respects the covenants, conditions and obligations imposed (if the lessor) on the lessor or (if the lessee) on the lessee; and 

 

	 	(b)	not do any act or thing whereby any lease or other document which gives any right to occupy any part of the Charged Assets becomes or may become subject to determination or any right of re-entry or forfeiture prior to
the expiration of its term, in each case other than to the extent failure to do so would not reasonably be expected to result in a Material Adverse Effect. 

  
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	13.	GENERAL UNDERTAKINGS 

  

	13.1	Intellectual Property 

 The Chargor shall during the Security Period in respect of any
Intellectual Property which is material to or required in connection with its business: 
  

	 	(a)	take all such steps and do all such acts as may be necessary to preserve and maintain the subsistence, validity and value of any such Intellectual Property; and 

 

	 	(b)	not use or permit any such Intellectual Property to be used in any way which may materially and adversely affect its value, 

unless otherwise permitted by the Credit Agreement or would not cause a Material Adverse Effect. 

 

	13.2	Information and access 

 The Chargor shall from time to time on request of the Collateral
Agent and to the extent required by the Credit Agreement, furnish the Collateral Agent with such information as the Collateral Agent may reasonably require about the Chargor’s business and affairs, the Charged Assets and its compliance with the
terms of this Debenture and the Chargor shall permit the Collateral Agent, its representatives, professional advisers and contractors, free access at all reasonable times and on reasonable notice (a) to inspect and take copies and extracts from
the books, accounts and records of the Chargor and (b) to view the Charged Assets (without becoming liable as mortgagee in possession). 
  

	14.	ENFORCEMENT OF SECURITY 

  

	14.1	Enforcement 

 Any time after the occurrence of an Enforcement Event and upon the
Collateral Agent giving notice to the Chargor (unless the Enforcement Event was caused by an Event of Default pursuant to Section 8.01(f) (Insolvency Proceedings, Etc.) or Section 8.01(g) (Inability to Pay Debts; Attachment)
of the Credit Agreement, in which case no notice is required) the Security created by or pursuant to this Debenture is immediately enforceable and the Collateral Agent may, without notice to the Chargor or prior authorisation from any court, in its
absolute discretion: 
  

	 	(a)	enforce all or any part of that Security (at the times, in the manner and on the terms it thinks fit and take possession of and hold or dispose of all or any part of the Charged Assets (at the times, in the manner and
on the terms it thinks commercially reasonable (including whether for cash or non-cash consideration)); and 

  

	 	(b)	whether or not it has appointed a Receiver, exercise all or any of the rights, powers, authorities and discretions conferred by the Law of Property Act 1925 (as varied or extended by this Debenture) on mortgagees and by
this Debenture on any Receiver or otherwise conferred by law on mortgagees or Receivers. 

  
 - 17 - 

	14.2	Effect of moratorium 

 The Collateral Agent shall not be entitled to exercise its rights
under Clause 14.1 (Enforcement) or Clause 5.2 (Crystallisation: by notice) where the right arises as a result of an Event of Default occurring solely due to any person obtaining, or taking steps to obtain, a moratorium pursuant to
Schedule A1 of the Insolvency Act 1986. 
  

	15.	EXTENSION OF POWERS AND RIGHT OF APPROPRIATION 

  

	15.1	Extension of powers 

 The power of sale or other disposal conferred on the Collateral
Agent and on any Receiver by this Debenture shall operate as a variation and extension of the statutory power of sale under section 101 of the Law of Property Act 1925 and such power shall arise (and the Secured Obligations shall be deemed due and
payable for that purpose) on the date of this Debenture. 
  

	15.2	Restrictions 

 The restrictions contained in sections 93 and 103 of the Law of Property
Act 1925 shall not apply to this Debenture or to the exercise by the Collateral Agent of its right to consolidate all or any of the Security created by or pursuant to this Debenture with any other Security in existence at any time or to its power of
sale, which powers may be exercised by the Collateral Agent without notice to the Chargor on or at any time after this Debenture has become enforceable in accordance with Clause 14 (Enforcement of Security). 

 

	15.3	Power of leasing 

  

	 	(a)	The statutory powers of leasing may be exercised by the Collateral Agent at any time on or after this Debenture has become enforceable in accordance with Clause 14 (Enforcement of Security) and the Collateral
Agent and any Receiver may make any lease or agreement for lease, accept surrenders of leases and grant options on such terms as it shall think fit, without the need to comply with sections 99 and 100 of the Law of Property Act 1925.

  

	 	(b)	For the purposes of sections 99 and 100 of the Law of Property Act 1925, the expression “Mortgagor” will include any incumbrancer deriving title under the Chargor and neither section 99(18) nor section 100(12)
of the Law of Property Act 1925 will apply. 

  

	 	(c)	The Chargor shall not have, at any time during the Security Period, the power pursuant to section 99 of the Law of Property Act 1925, to make any lease in respect of any Real Property without the prior written consent
of the Collateral Agent or as permitted pursuant to the terms of the Credit Agreement. 

  
 - 18 - 

	15.4	Right of appropriation 

 To the extent that the provisions of the Financial Collateral
Arrangements (No. 2) Regulations 2003, as amended, (the “Regulations”) apply to a Charged Asset, the Collateral Agent shall have the right to appropriate all or any part of that Charged Asset in or towards the payment or discharge
of the Secured Obligations and may exercise such right to appropriate upon giving written notice to the Chargor. For this purpose, the parties agree that the value of that Charged Asset shall be: 

 

	 	(a)	in the case of cash, the amount standing to the credit of each of the Accounts, together with any accrued but unposted interest, at the time of appropriation; and 

 

	 	(b)	in the case of any Investments and/or Shares, the market value of such Investments and/or Shares determined by the Collateral Agent by reference to a public index or independent valuation, or by such other process as
the Collateral Agent may select. 

 In each case, the parties agree that the method of valuation provided for in this Debenture
shall constitute a commercially reasonable method of valuation for the purposes of the Regulations. 
  

	16.	APPOINTMENT OF RECEIVER OR ADMINISTRATOR 

  

	16.1	Appointment and removal 

 After the Security created by or pursuant to this Debenture has
become enforceable in accordance with Clause 14.1 (Enforcement), the Collateral Agent may by deed or otherwise (acting through an authorised officer of the Collateral Agent): 

 

	 	(a)	without prior notice to the Chargor: 

  

	 	(i)	appoint one or more persons to be a Receiver of the whole or any part of the Charged Assets; or 

  

	 	(ii)	appoint two or more Receivers of separate parts of the Charged Assets; or 

  

	 	(iii)	remove (so far as it is lawfully able) any Receiver so appointed; or 

  

	 	(iv)	appoint another person(s) as an additional or replacement Receiver(s); or 

  

	 	(v)	appoint one or more persons to be an administrator of the Chargor pursuant to paragraph 14 of Schedule B1 of the Insolvency Act 1986; and 

 

	 	(b)	following notice to the Chargor, appoint one or more persons to be an administrator of the Chargor pursuant to paragraph 12 of Schedule B1 of the Insolvency Act 1986. 

  
 - 19 - 

	16.2	Capacity of Receivers 

 Each person appointed to be a Receiver pursuant to Clause 16.1
(Appointment and removal) shall be: 
  

	 	(a)	entitled to act individually or together with any other person appointed or substituted as Receiver; 

  

	 	(b)	for all purposes deemed to be the agent of the Chargor which shall be solely responsible for his acts, defaults and liabilities and for the payment of his remuneration and no Receiver shall at any time act as agent for
the Collateral Agent; and 

  

	 	(c)	entitled to remuneration for his services at a rate to be fixed by the Collateral Agent from time to time (without being limited to the maximum rate specified by the Law of Property Act 1925). 

 

	16.3	Statutory powers of appointment 

 The powers of appointment of a Receiver shall be in
addition to all statutory and other powers of appointment of the Collateral Agent under the Law of Property Act 1925 (as extended by this Debenture) or otherwise and such powers shall remain exercisable from time to time by the Collateral Agent in
respect of any part of the Charged Assets. 
  

	17.	POWERS OF RECEIVERS 

 Every Receiver shall (subject to any restrictions in the instrument
appointing him but notwithstanding any winding-up or dissolution of the Chargor) have and be entitled to exercise, in relation to the Charged Assets (and any assets of the Chargor which, when got in, would be Charged Assets) in respect of which he
was appointed, and as varied and extended by the provisions of this Debenture (in the name of or on behalf of the Chargor or in his own name and, in each case, at the cost of the Chargor): 

 

	 	(a)	all the powers conferred by the Law of Property Act 1925 on mortgagors and on mortgagees in possession and on receivers appointed under that Act; 

 

	 	(b)	all the powers of an administrative receiver set out in Schedule 1 to the Insolvency Act 1986 (whether or not the Receiver is an administrative receiver); 

 

	 	(c)	all the powers and rights of an absolute owner and power to do or omit to do anything which the Chargor itself could do or omit to do; and 

 

	 	(d)	the power to do all things (including bringing or defending proceedings in the name or on behalf of the Chargor) which seem to the Receiver to be incidental or conducive to: 

 

	 	(i)	any of the functions, powers, authorities or discretions conferred on or vested in him; 

  
 - 20 - 

	 	(ii)	the exercise of the Collateral Rights (including realisation of all or any part of the assets in respect of which that Receiver was appointed); or 

 

	 	(iii)	bringing to his hands any assets of the Chargor forming part of, or which when got in would be, Charged Assets. 

  

	18.	APPLICATION OF PROCEEDS 

 All monies received or recovered and any non-cash recoveries
made or received by the Collateral Agent or any Receiver pursuant to this Debenture or the powers conferred by it shall (subject to the claims of any person having prior rights thereto and by way of variation of the provisions of the Law of Property
Act 1925) shall be applied in accordance with Section 8.04 (Application of Funds) of the Credit Agreement. 
  

	19.	PROTECTION OF PURCHASERS 

  

	19.1	Consideration 

 The receipt of the Collateral Agent or any Receiver shall be conclusive
discharge to a purchaser and, in making any sale or disposal of any of the Charged Assets or making any acquisition, the Collateral Agent or any Receiver may do so for such consideration (whether cash or non-cash), in such manner and on such terms
as it thinks fit. 
  

	19.2	Protection of purchasers 

 No purchaser or other person dealing with the Collateral Agent
or any Receiver shall be bound to inquire whether the right of the Collateral Agent or such Receiver to exercise any of its powers has arisen or become exercisable or be concerned with any propriety or regularity on the part of the Collateral Agent
or such Receiver in such dealings. 
  

	20.	POWER OF ATTORNEY 

  

	20.1	Appointment and powers 

 The Chargor by way of security irrevocably appoints the
Collateral Agent and any Receiver severally to be its attorney and in its name, on its behalf and as its act and deed to execute, deliver and perfect all documents and do all things which the attorney may consider to be required or desirable for:

  

	 	(a)	carrying out any obligation imposed on the Chargor by this Debenture or any other agreement binding on the Chargor to which the Collateral Agent is party (including the execution and delivery of any deeds, charges,
assignments or other security and any transfers of the Charged Assets and perfecting and/or releasing the Security created or intended to be created in respect of the Charged Assets); and 

 

	 	(b)	 enabling the Collateral Agent and any Receiver to exercise (subject to Clause 8.5 (Waiver of voting rights by Collateral Agent)), or delegate
the exercise of, any of the rights, powers and authorities conferred on them by or 

  
 - 21 - 

	 	
pursuant to this Debenture or by law (including, after the occurrence of an Enforcement Event, the exercise of any right of a legal or beneficial owner of the Charged Assets), 

following the occurrence of an Enforcement Event and having given notice to the Chargor provided that such notice shall be deemed to
have been automatically given if an Event of Default pursuant to Section 8.01(f) or 8.01(g) of the Credit Agreement has occurred. 
  

	20.2	Ratification 

 The Chargor shall ratify and confirm all things done and all documents
executed by any attorney in the exercise or purported exercise of all or any of his powers. 
  

	21.	EFFECTIVENESS OF SECURITY 

  

	21.1	Continuing security 

  

	 	(a)	The Security created by or pursuant to this Debenture shall remain in full force and effect as a continuing security for the Secured Obligations until the payment in full of the Secured Obligations (other than
(A) contingent indemnification obligations as to which no claim has been asserted and (B) obligations and liabilities under Secured Cash Management Agreements and Secured Hedge Agreements). 

 

	 	(b)	No part of the Security from time to time intended to be constituted by this Debenture will be considered satisfied or discharged by an intermediate payment, discharge or satisfaction of the whole or any part of the
Secured Obligations. 

  

	21.2	Cumulative rights 

 The Security created by or pursuant to this Debenture, and the
Collateral Rights, shall be cumulative, in addition to and independent of every other Security which the Collateral Agent or any Secured Party may at any time hold for the Secured Obligations or any other obligations or any rights, powers and
remedies provided by law and shall operate as an independent security notwithstanding any receipt, release or discharge endorsed on or given in respect of or under any such other Security. No prior Security held by the Collateral Agent (whether in
its capacity as trustee or otherwise) or any of the other Secured Parties over the whole or any part of the Charged Assets shall merge into the Security constituted by this Debenture. 

 

	21.3	No prejudice 

 The Security created by or pursuant to this Debenture, and the Collateral
Rights, shall not be prejudiced by any unenforceability or invalidity of any other agreement or document or by any time or indulgence granted to the Chargor or any other person, or the Collateral Agent or any of the other Secured Parties or by any
variation of the terms of the trust upon which the Collateral Agent holds the Security or by any other thing which might otherwise prejudice that Security or any Collateral Right. 

  
 - 22 - 

	21.4	Remedies and waivers 

 No failure on the part of the Collateral Agent to exercise, nor
any delay on its part in exercising, any Collateral Right, shall operate as a waiver of that Collateral Right or constitute an election to affirm this Debenture. No election to affirm this Debenture on the part of the Collateral Agent shall be
effective unless it is in writing. No single or partial exercise of any Collateral Right shall preclude any further or other exercise of that or any other Collateral Right. 
  

	21.5	No liability 

 None of the Collateral Agent, its nominee(s) or any Receiver shall be
liable: 
  

	 	(a)	to account as a mortgagee or mortgagee in possession; or 

  

	 	(b)	for any loss arising by reason of taking any action permitted by this Debenture or any neglect or default in connection with the Charged Assets or taking possession of or realising all or any part of the Charged Assets,

 except in the case of gross negligence or wilful default upon its part. 

 

	21.6	Partial invalidity 

 If, at any time, any provision of this Debenture is or becomes
illegal, invalid or unenforceable in any respect under the law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions of this Debenture nor of such provision under the laws of any other jurisdiction shall
in any way be affected or impaired thereby and, if any part of the Security intended to be created by or pursuant to this Debenture is invalid, unenforceable or ineffective for any reason, that shall not affect or impair any other part of the
Security. 
  

	21.7	Waiver of defences 

 The obligations assumed, and the Security created, by the Chargor
under this Debenture, and the Collateral Rights, will not be affected by any act, omission, matter or thing which, but for this Clause 21.7, would reduce, release or prejudice any of its obligations under, or the Security created by, this Debenture
(without limitation and whether or not known to the Chargor or any Secured Party) including: 
  

	 	(a)	any time, waiver or consent granted to, or composition with, any Obligor or other person; 

  

	 	(b)	the release of any other Obligor or any other person under the terms of any composition or arrangement with any creditor of any member of the Group; 

 

	 	(c)	the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up or enforce, any rights against, or Security over assets of, any Obligor or other person or any
non-presentation or non- observance of any formality or other requirement in respect of any instrument or any failure to realise the full value of any Security; 

  
 - 23 - 

	 	(d)	any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of, any Obligor or any other person; 

 

	 	(e)	any amendment, novation, supplement, extension (whether of maturity or otherwise) or restatement (in each case, however fundamental and of whatever nature, and whether or not more onerous) or replacement of a Loan
Document or any other document or Security or of the Secured Obligations; 

  

	 	(f)	any unenforceability, illegality or invalidity of any obligation of any person under any Loan Document or any other document or Security or of the Secured Obligations; and 

 

	 	(g)	any insolvency or similar proceedings. 

  

	21.8	Chargor intent 

 Without prejudice to the generality of Clause 21.7 (Waiver of
Defences), the Chargor expressly confirms that it intends that the Security created under this Debenture, and the Collateral Rights, shall extend from time to time to any (however fundamental and of whatsoever nature, and whether or not more
onerous) variation, increase, extension or addition of or to any of the Loan Documents and/or any facility or amount made available under any of the Loan Documents for the purposes of or in connection with any of the following: acquisitions of any
nature; increasing working capital; enabling investor distributions to be made; carrying out restructurings; refinancing existing facilities; refinancing any other indebtedness; making facilities available to new borrowers; any other variation or
extension of the purposes for which any such facility or amount might be made available from time to time; and any fees, costs and/or expenses associated with any of the foregoing. 

 

	21.9	Immediate recourse 

 The Chargor waives any right it may have of first requiring any
Secured Party (or any trustee or agent on its behalf) to proceed against or enforce any other rights or Security or claim payment from any other person before claiming from the Chargor under this Debenture. This waiver applies irrespective of any
law or any provision of this Debenture to the contrary. 
  

	21.10	Deferral of rights 

 Until the end of the Security Period, the Chargor will not exercise
any rights which it may have by reason of performance by it of its obligations under this Debenture: 
  

	 	(a)	to be indemnified by an Obligor; 

  

	 	(b)	to claim any contribution from any guarantor of any Obligor’s obligations under this Debenture; 

  

	 	(c)	to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of any Secured Party under this Debenture or of any other guarantee or Security taken pursuant to, or in connection
with, this Debenture by any Secured Party; 

  
 - 24 - 

	 	(d)	to bring legal or other proceedings for an order requiring any Obligor to make any payment, or perform any obligation, in respect of which any Obligor has given a guarantee, undertaking or indemnity under any Loan
Document; 

  

	 	(e)	to exercise any right of set-off against any Obligor; and/or 

  

	 	(f)	to claim or prove as a creditor of any Obligor in competition with any Secured Party. 

 If the
Chargor receives any benefit, payment or distribution in relation to such rights it shall hold that benefit, payment or distribution on trust for the Secured Parties to the extent necessary to enable all amounts which may be or become payable to any
Secured Party by the Obligors under or in connection with this Debenture to be repaid in full and shall promptly pay or transfer the same to the Collateral Agent or as the Collateral Agent may direct for application in accordance with Clause 18
(Application of Proceeds). 
  

	22.	PRIOR SECURITY INTERESTS 

  

	 	(a)	In the event of any action, proceeding or step being taken to exercise any powers or remedies conferred by any prior ranking Security against any of the Charged Assets or in case of exercise by the Collateral Agent or
any Receiver of any power of sale under this Debenture, the Collateral Agent may redeem such prior Security or procure the transfer thereof to itself unless such prior Security is permitted pursuant to the terms of the Credit Agreement.

  

	 	(b)	The Collateral Agent may settle and agree the accounts of the prior Security and any accounts so settled and agreed will be conclusive and binding on the Chargor unless such prior Security is permitted pursuant to the
terms of the Credit Agreement. 

  

	 	(c)	All principal monies, interest, costs, charges and expenses of and incidental to any redemption or transfer will be paid by the Chargor to the Collateral Agent on demand together with accrued interest thereon calculated
in accordance with section 2.08 (Interest) of the Credit Agreement. 

  

	23.	SUBSEQUENT SECURITY INTERESTS 

 If the Collateral Agent (acting in its capacity as
trustee or otherwise) or any of the other Secured Parties at any time receives or is deemed to have received notice of any subsequent Security, assignment or transfer affecting all or any part of the Charged Assets which is prohibited by the terms
of the Loan Documents, all payments thereafter by or on behalf of the Chargor to the Collateral Agent (whether in its capacity as trustee or otherwise) or any of the other Secured Parties will (in the absence of any express contrary appropriation by
the Chargor) be treated as having been credited to a new account of the Chargor and not as having been applied in reduction of the Secured Obligations at the time that notice was received. 

 

	24.	SUSPENSE ACCOUNTS 

 All monies received, recovered or realised by the Collateral Agent
under this Debenture (including the proceeds of any conversion of currency) may in the 

  
 - 25 - 

 
discretion of the Collateral Agent be credited to any interest bearing suspense or impersonal account(s) maintained with any bank, building society, financial institution or other person which
the Collateral Agent considers appropriate (including itself) for so long as any Enforcement Event is continuing (the interest being credited to the relevant account) pending their application from time to time at the Collateral Agent’s
discretion, in or towards the discharge of any of the Secured Obligations and save as provided herein no party will be entitled to withdraw any amount at any time standing to the credit of any suspense or impersonal account referred to above. 

 

	25.	RELEASE OF SECURITY 

  

	25.1	Release of Security 

 Upon the expiry of the Security Period, the Security granted by
this Debenture shall automatically terminate and all rights to the Charged Assets shall revert to the Chargor subject to Clause 25.2 (Clawback). The Collateral Agent shall, at the request and cost of the Chargor, execute and deliver such
documents as the Chargor shall reasonably request to evidence such determination and without recourse to, or any representation or warranty by, the Collateral Agent or any of its nominees. 

 

	25.2	Clawback 

 If any amount paid or credited to any Secured Party is capable of being
avoided or reduced by virtue of any bankruptcy, insolvency, liquidation or similar laws, the liability of the Chargor under this Debenture and the Security constituted by that documents will continue and such amount will not be considered to have
been irrevocably discharged. 
  

	26.	ASSIGNMENT 

  

	26.1	No assignments or transfers by Chargor 

 The Chargor may not assign any of its rights or
transfer any of its rights or obligations under this Debenture other than as permitted under the Credit Agreement. 
  

	26.2	Assignments and transfers by the Collateral Agent 

 The Collateral Agent may assign and
transfer all or any of its rights and obligations under this Debenture subject to Section 10.07 (Successors and Assigns) of the Credit Agreement). The Collateral Agent shall be entitled to disclose such information concerning the Chargor
and this Debenture as the Collateral Agent considers appropriate to any actual or proposed direct or indirect successor or to any person to whom information may be required to be disclosed by any applicable law in accordance with Section 10.08
(Confidentiality) of the Credit Agreement. 
  

	27.	DISCRETION AND DELEGATION 

  

	27.1	Discretion 

 Any liberty or power which may be exercised or any determination which may
be made under this Debenture by the Collateral Agent or any Receiver may, subject to the terms and conditions of the Credit Agreement and following an Enforcement Event which has not been cured or waived, be exercised or made in its absolute and
unfettered discretion without any obligation to give reasons. 

  
 - 26 - 

	27.2	Delegation 

 Each of the Collateral Agent and any Receiver shall have full power to
delegate (either generally or specifically) the powers, authorities and discretions conferred on it by this Debenture (including the power of attorney) on such terms and conditions as it shall see fit which delegation shall not preclude the
subsequent exercise, any subsequent delegation or any revocation of such power, authority or discretion by the Collateral Agent or the Receiver itself. 
  

	28.	GOVERNING LAW 

 This Debenture and all non-contractual obligations arising out of or in
connection with it are governed by English law. 
  

	29.	JURISDICTION 

  

	29.1	English Courts 

 The courts of England have exclusive jurisdiction to settle any dispute
(a “Dispute”) arising out of, or in connection with this Debenture (including a dispute relating to the existence, validity or termination of this Debenture or the consequences of its nullity or any non-contractual obligations
arising out of or in connection with this Debenture). 
  

	29.2	Convenient Forum 

 The parties agree that the courts of England are the most appropriate
and convenient courts to settle Disputes between them and, accordingly, that they will not argue to the contrary. 
 THIS DEBENTURE has been executed
as, and is intended to take effect as, a deed by the Chargor and has been signed by the Collateral Agent on the date written on the first page of this Debenture. 

  
 - 27 - 

 EXECUTION PAGE TO DEBENTURE 

 

							
	The Chargor	 	
			
	EXECUTED AS A DEED BY	  	)	 	
	AXALTA COATING SYSTEMS	  	)	 	
	U.K. (2) LIMITED	  	)	 	/s/ James Ian Blenkinsopp
		  	)	 	
	Name:	 	James Ian Blenkinsopp	  	)	 	
	Title:	 	Director	  	)	 	
	in the presence of:	  		 	

  

			
	Signature of witness:	 	 /s/ Frank de Cock

	Name: Frank de Cock
	Occupation: Sales Director EMEA

			
	Address:	 	Boekterheide 80
		 	3550 201BER
		 	Belgium

  
 - 28 - 

					
	The Collateral Agent	  		  	
			
	Signed by BARCLAYS BANK PLC	  	)	  	
	for and on its behalf by	  	)	  	
	its duly authorised officer	  	)	  	
		  	)	  	
	 /s/ Vanessa A. Kurbatskiy
	  	)	  	
		  	)	  	
	Name:  Vanessa A. Kurbatskiy	  	)	  	
	Title:    Vice President	  	)	  	

  
 - 29 -EX-10.45

 Exhibit 10.45 
  

			
	

	  	CLIFFORD CHANCE LLP

 EXECUTION VERSION 

DATED 25 MARCH 2014 
 AXALTA
COATING SYSTEMS BELGIUM BVBA 
 AS THE CHARGOR 

IN FAVOUR OF 
 WILMINGTON TRUST,
NATIONAL ASSOCIATION 
 AS THE NOTES COLLATERAL AGENT 
  

 
 SECURITY OVER
SHARES AGREEMENT 
  
  

 

 CONTENTS 
  

							
	Clause	  	Page	 
			
	 1.
	  	 Definitions and Interpretation
	  	 	1	  
			
	 2.
	  	 Covenant to Pay and Charge
	  	 	4	  
			
	 3.
	  	 Deposit of Certificates, Related Rights and Release
	  	 	5	  
			
	 4.
	  	 Voting Rights and Dividends
	  	 	5	  
			
	 5.
	  	 Pensions Representations and Undertakings
	  	 	8	  
			
	 6.
	  	 Further Assurance
	  	 	9	  
			
	 7.
	  	 Power of Attorney
	  	 	10	  
			
	 8.
	  	 Security Enforcement
	  	 	10	  
			
	 9.
	  	 Receivers and Administrators
	  	 	12	  
			
	 10.
	  	 Effectiveness of Collateral
	  	 	14	  
			
	 11.
	  	 Application of Proceeds
	  	 	16	  
			
	 12.
	  	 Other Security Interests
	  	 	16	  
			
	 13.
	  	 Assignment
	  	 	17	  
			
	 14.
	  	 Waivers and Counterparts
	  	 	17	  
			
	 15.
	  	 Law
	  	 	17	  
			
	 16.
	  	 Enforcement
	  	 	17	  

 THIS AGREEMENT is made by way of deed on 25 March 2014 

BETWEEN 
  

	(1)	AXALTA COATING SYSTEMS BELGIUM BVBA a limited liability company incorporated under Belgian law with registered office at Antoon Spinoystraat 6B, 2800 Mechelen registered with the Crossroads Bank for Enterprises
(Kruispuntbank voor Ondernemingen) with enterprise number 0844.220.989, RPM/RPR Mechelen (the “Chargor”); and 

  

	(2)	WILMINGTON TRUST, NATIONAL ASSOCIATION as collateral agent under the Secured Notes Indenture (in such capacity, together with any successor collateral agent appointed pursuant to the Secured Notes Indenture
referred to below, the “Notes Collateral Agent”) for the Noteholder Secured Parties (as defined below). 

 RECITALS:

  

	(A)	It is a requirement of the Secured Notes Indenture that, following the entry by Axalta 2 into the Secured Notes Indenture Supplements, security is given over the shares in Axalta Coating Systems U.K. (2) Limited
(“Axalta 2”). 

  

	(B)	It is intended by the parties to this Agreement that this document will take effect as a deed despite the fact that a party may only execute this Agreement under hand. 

 

	(C)	The Notes Collateral Agent is acting under and holds the benefit of the rights conferred upon it in this Agreement on trust for the Noteholder Secured Parties. 

IT IS AGREED as follows: 
  

	1.	DEFINITIONS AND INTERPRETATION 

  

	1.1	Definitions 

 In this Agreement: 

“Charged Portfolio” means the Shares and the Related Assets. 

“Collateral Rights” means all rights, powers and remedies of the Notes Collateral Agent provided by or pursuant to this
Agreement or by law. 
 “Enforcement Event” means the exercise of any rights under Section 6.2 (Acceleration) or
6.3 (Other Remedies) of the Secured Notes Indenture. 
 “Intercreditor Agreement” has the meaning given to it in the
Secured Notes Indenture. 
 “Material Adverse Effect” means (a) a material adverse effect on the business, assets,
property, liabilities (actual or contingent), financial condition or results of operations of the Issuers and the Restricted Subsidiaries, taken as a whole, (b) a material adverse effect on the ability of the Grantors (taken as a whole) to
perform their respective obligations under the Secured Notes Indenture, the Notes or any Notes Security Documents or (c) a material adverse effect on the rights and remedies of the Trustee, the Notes Collateral Agent or the Noteholders under
the Secured Notes Indenture, the 
 Notes or any Notes Security Documents. 

  
 - 1 - 

 “Noteholder Secured Parties” means, collectively, the Notes Collateral Agent,
the Trustee, each Holder of Secured Notes and each other holder of, or obligee in respect of, any Obligations (as defined in the Secured Notes Indenture) in respect of the Secured Notes outstanding at such time. 

“Pensions Notice” means a contribution notice or a financial support direction issued by the Pensions Regulator under the
Pensions Act 2004. 
 “Receiver” means a receiver or receiver and manager or administrative receiver of the whole or any
part of the Charged Portfolio. 
 “Related Assets” means all dividends, interest and other monies at any time payable at any
time in respect of the Shares and all other rights, benefits and proceeds in respect of or derived from the Shares (whether by way of redemption, bonus, preference, option, substitution, conversion, compensation or otherwise) held by, to the order
or on behalf of the Chargor at any time. 
 “Secured Notes” means the 5.750% Senior Secured Notes due 2021 of the Issuers.

 “Secured Notes Indenture” means that certain Indenture, dated as of February 1, 2013 (as amended, supplemented,
amended and restated or otherwise modified from time to time), by and among U.S. Coatings Acquisition Inc., a Delaware corporation (the “U.S. Co-Issuer”), and Flash Dutch 2 B.V., a private company with limited liability incorporated under
the laws of the Netherlands with corporate seat in Amsterdam, the Netherlands (the “Dutch Co-Issuer and, together with the U.S. Issuer, the “Issuers”), the Guarantors from time to time party thereto and Wilmington Trust, National
Association, as trustee and collateral agent. 
 “Secured Notes Indenture Supplements” means the two supplements dated 27
December 2013 and entered into among Axalta Coating Systems U.S. Holdings, Inc. (formerly U.S. Coatings Acquisition Inc.), Axalta Coating Systems Dutch Holding B B.V. (formerly Flash Dutch 2 B.V.), Axalta 2 as new guarantor and the Collateral Agent.

 “Secured Obligations” means any principal, interest (including any interest accruing subsequent to the filing of a
petition in bankruptcy, reorganization or similar proceeding at the rate provided for in the documentation with respect thereto, whether or not such interest is an allowed claim under applicable state, federal or foreign law), premium, penalties,
fees, indemnifications, reimbursements (including, without limitation, reimbursement obligations with respect to letters of credit and bankers’ acceptances), damages and other liabilities payable under the Secured Notes Indenture. 

“Security” means the security created under or pursuant to or evidenced by this Agreement. 

“Security Period” means the period beginning on the date of this Agreement and ending upon payment in full of all Secured
Obligations (other than contingent indemnification obligations as to which no claim has been asserted). 

  
 - 2 - 

 “Shares” means all of the shares in the capital of Axalta 2, (registered in
England and Wales with number 8813062) held by, to the order or on behalf of the Chargor at any time. 
 “UK DB Plans” means
(i) the HPG Pension Scheme governed by its Second Definitive Trust Deed and Rules dated 13 April 2011, (ii) the Du Pont (U.K.) Limited Pensions Fund governed by rules annexed to a Deed of Amendment dated 12 

November 2008 and (iii) any other relevant pension scheme to the benefit of Axalta 2 employees the existence and details of which are
notified in writing by Axalta 2 to the Notes Collateral Agent. 
  

	1.2	Terms defined in the Secured Notes Indenture 

 Unless defined in this Agreement, or the
context otherwise requires, a term defined in the Secured Notes Indenture has the same meaning in this Agreement or any notice given under or in connection with this Agreement. 

 

	1.3	Construction 

 In this Agreement or in any notice given under or in connection with this
Agreement: 
  

	 	(a)	any reference to the “Notes Collateral Agent”, the “Noteholder Secured Parties” or a “Chargor” shall be construed so as to include its or their (and any
subsequent) successors in title, permitted assigns and permitted transferees in accordance with their respective interests and, in the case of the Notes Collateral Agent, any person for the time being appointed as Notes Collateral Agent in
accordance with the Secured Notes Indenture; 

  

	 	(b)	“assets” includes present and future properties, revenues and rights of every description; 

  

	 	(c)	any agreement or instrument is a reference to that agreement or instrument as amended, novated, supplemented, extended, replaced or restated; 

 

	 	(d)	“indebtedness” includes any obligation (whether incurred as principal or as surety) for the payment or repayment of money, whether present or future, actual or contingent; 

 

	 	(e)	a “person” means any natural person, corporation, limited liability company trust, joint venture, association, company partnership, Governmental Authority or other entity; 

 

	 	(f)	a “regulation” includes any regulation, rule, official directive, request or guideline of any governmental, intergovernmental or supranational body, agency, department or of any regulatory,
self-regulatory or other authority or organisation; 

  

	 	(g)	a provision of law is a reference to that provision as amended or re-enacted; 

  

	 	(h)	a time of day is a reference to New York time; 

  
 - 3 - 

	 	(i)	references in this Agreement to any Clause or Schedule shall be to a clause or schedule contained in this Agreement; and 

  

	 	(j)	Clause and Schedule headings are for ease of reference only. 

  

	1.4	Currency Symbols and Definitions 

 “$” and “dollars”
denote the lawful currency of the United States of America. 
  

	1.5	Third party rights 

 A person who is not a Party has no right under the Contracts (Rights
of Third Parties) Act 1999 to enforce or to enjoy the benefit of any term of this Agreement. 
  

	1.6	Accounts 

 In any litigation or arbitration proceedings arising out of or in connection
with the Secured Notes or the Secured Notes Indenture, the entries made in the accounts maintained by any Noteholder Secured Party are prima facie evidence of the matters to which they relate. 

 

	1.7	Certificates and determinations 

 Any certification or determination by a Noteholder
Secured Party of a rate or amount under this Agreement is, in the absence of manifest error, conclusive evidence of the matter to which it relates. 
  

	1.8	Incorporation of provision from the Secured Notes Indenture 

 Sections 2.16
(Conversion of Currency), 7.6 (Compensation and Indemnity) and 12.1 (Notices) and Article IX (Amendments) of the Secured Notes Indenture is deemed to form part of this Agreement as if expressly incorporated into it and as
if all references in that provision to the Secured Notes Indenture were references to this Agreement. 
  

	1.9	Intercreditor Agreement 

 Notwithstanding any provision to the contrary in this
Agreement, if any intercreditor agreement is entered into in accordance with Sections 11.2 (Security Documents) or 11.3 (The Intercreditor Agreement) of the Secured Notes Indenture (including the Intercreditor Agreement), in the event
of any conflict or inconsistency between the provisions of such intercreditor agreement (including the Intercreditor Agreement) and this Agreement, the provisions of such intercreditor agreement (including the Intercreditor Agreement) shall prevail.

  

	2.	COVENANT TO PAY AND CHARGE 

  

	2.1	Covenant to Pay 

 The Chargor covenants with the Notes Collateral Agent that it shall, on
demand of the Notes Collateral Agent pay, discharge and satisfy the Secured Obligations and indemnify the Notes Collateral Agent and each of the Noteholder Secured Parties against any losses, costs, charges, expenses and liabilities arising from any
breach or failure to pay, discharge and satisfy the Secured Obligations in accordance with their respective terms. 

  
 - 4 - 

	2.2	Charge 

 The Chargor charges the Charged Portfolio with full title guarantee and by way
of first fixed charge, in favour of the Notes Collateral Agent, as continuing security for the payment and discharge of the Secured Obligations. 
  

	3.	DEPOSIT OF CERTIFICATES, RELATED RIGHTS AND RELEASE 

  

	3.1	Deposit of certificates 

 Subject to the Intercreditor Agreement to the extent
applicable, the Chargor will immediately upon the execution of this Agreement (or upon coming into possession of the Chargor at any time) deposit with the Notes Collateral Agent (or procure the deposit of) all certificates and other documents of
title to the Shares, and stock transfer forms (executed in blank by or on behalf of the Chargor) in respect of the Shares. 
  

	3.2	Related Assets 

 Subject to the Intercreditor Agreement to the extent applicable, the
Chargor shall, promptly upon the accrual, offer or issue of any Related Assets (in the form of stocks, shares, warrants or other securities) in which the Chargor has a beneficial interest, procure the delivery to the Notes Collateral Agent of
(a) all certificates and other documents of title representing those Related Assets and (b) such duly executed blank stock transfer forms or other instruments of transfer in respect of those Related Assets. 

 

	3.3	Release 

 Upon the expiry of the Security Period, the Security granted by this Agreement
shall automatically terminate and all rights to the Charged Portfolio shall revert to the Chargor. The Notes Collateral Agent shall, at the request and cost of the Chargor, execute and deliver such documents as the Chargor shall reasonably request
to evidence such termination without recourse to, or any representation or warranty by, the Notes Collateral Agent or any of its nominees. 
  

	4.	VOTING RIGHTS AND DIVIDENDS 

  

	4.1	Dividends prior to an Enforcement Event 

 Prior to the occurrence of an Enforcement Event
and receiving notice from the Notes Collateral Agent (unless such Enforcement Event has occurred as a result of an Event of Default pursuant to paragraphs (v) or (vi) of Section 6.1 (Events of Default) of the Secured Notes
Indenture, in which case no notice will be required) and following the cure or waiver of the relevant Enforcement Event, the Chargor shall be entitled to receive all dividends, interest and other monies or distributions of an income nature arising
from the Shares in accordance with the Secured Notes Indenture. 

  
 - 5 - 

	4.2	Dividends after an Enforcement Event 

 Following an Enforcement Event and before the cure
or waiver of the relevant Enforcement Event, the Notes Collateral Agent may, at its discretion, and upon giving notice to the relevant Chargor (unless such Enforcement Event has occurred as a result of an Event of Default pursuant to paragraphs
(v) or (vi) of Section 6.1 (Events of Default) of the Secured Notes Indenture, in which case no notice will be required), in the name of the Chargor or otherwise and without any further consent or authority from the Chargor,
apply all dividends, interest and other monies arising from the Shares as though they were the proceeds of sale in accordance with Clause 11 (Application of Proceeds) or otherwise in accordance with the Secured Notes Indenture. 

 

	4.3	Voting rights prior to Notes Collateral Agent Notice 

 Prior to the giving of notice
pursuant to Clause 4.4 (Voting rights after Notes Collateral Agent Notice), (and following the cure or waiver of the relevant Enforcement Event), the Chargor shall be entitled to exercise all voting rights in relation to the Shares. 

 

	4.4	Voting rights after Notes Collateral Agent Notice 

 Subject to Clause 4.5 (Waiver of
voting rights by Notes Collateral Agent), upon the occurrence of an Enforcement Event, the Notes Collateral Agent may (but without having any obligation to do so) give notice to the Chargor that this Clause 4.4 will apply. With effect from the
giving of that notice the Notes Collateral Agent may, at its discretion, in the name of the Chargor or otherwise and without any further consent or authority from the Chargor: 
  

	 	(a)	exercise (or refrain from exercising) any voting rights in respect of the Shares; and 

  

	 	(b)	exercise (or refrain from exercising) the powers and rights conferred on or exercisable by the legal or beneficial owner of the Shares including the right, in relation to any company whose shares or other securities are
included in the Shares, to concur or participate in: 

  

	 	(i)	the reconstruction, amalgamation, sale or other disposal of such company or any of its assets or undertaking (including the exchange, conversion or reissue of any shares or securities as a consequence thereof);

  

	 	(ii)	the release, modification or variation of any rights or liabilities attaching to such shares or securities; and 

  

	 	(iii)	the exercise, renunciation or assignment of any right to subscribe for any shares or securities, 

in each case in the manner and on the terms the Notes Collateral Agent thinks fit, and the proceeds of any such action shall form part of the
Shares. 

  
 - 6 - 

	4.5	Waiver of voting rights by Notes Collateral Agent 

  

	 	(a)	The Notes Collateral Agent may, in its absolute discretion and without any consent or authority from the other Noteholder Secured Parties or the Chargor, at any time, by notice to the Chargor (which notice shall be
irrevocable) elect to give up the right to exercise (or refrain from exercising) all voting rights and powers in respect of the Shares conferred or to be conferred on the Notes Collateral Agent pursuant to Clause 4.4 (Voting rights after Notes
Collateral Agent Notice) and the other Noteholder Secured Parties unconditionally waive any rights they may otherwise have to require the Notes Collateral Agent not to make such election or to require the Notes Collateral Agent to indemnify,
compensate or otherwise make good for any losses, costs or liabilities incurred by any of them in relation to or as a consequence of the Notes Collateral Agent making such election. 

 

	 	(b)	Once a notice has been issued by the Notes Collateral Agent under paragraph (a) of this Clause 4.5, on and from the date of such notice the Notes Collateral Agent shall cease to have the rights to exercise or
refrain from exercising voting rights and powers in respect of the Shares conferred or to be conferred on it pursuant to Clause 4.4 (Voting rights after Notes Collateral Agent Notice) or any other provision of this Agreement and all such
rights will be exercisable by the Chargor. The Chargor shall be entitled, on and from the date of such notice, to exercise all voting rights and powers in relation to the Shares. 

 

	4.6	Shares: Voting rights 

 Save as permitted by the Secured Notes Indenture or the
Collateral Agreement, the Chargor shall not exercise (and shall procure that any nominee acting on its behalf does not exercise) its voting rights in relation to the Shares in any manner, or otherwise permit or agree to or concur or participate in
any: 
  

	 	(a)	variation of the rights attaching to or conferred by all or any part of the Shares; 

  

	 	(b)	increase in the issued share capital of any company whose shares are charged pursuant to this Agreement; 

  

	 	(c)	exercise, renunciation or assignment of any right to subscribe for any shares or securities; or 

  

	 	(d)	reconstruction, amalgamation, sale or other disposal of any company or any of the assets or undertaking of any company (including the exchange, conversion or reissue of any shares or securities as a consequence thereof)
whose shares are charged pursuant to this Agreement, which, in the opinion of the Notes Collateral Agent, would prejudice the value of, or the ability of the Notes Collateral Agent to realise, the Security created pursuant to this Agreement
provided that the proceeds of any such action shall form part of the Shares, 

 which would adversely affect the
validity or enforceability of the Security created by this Agreement or the value of the Charged Portfolio. 

  
 - 7 - 

	4.7	Shares: Payment of calls 

 The Chargor shall pay when due (taking any applicable grace
period into account) all calls or other payments which may be or become due in respect of any of the Shares, and in any case of default by it in such payment, the Notes Collateral Agent may, if it thinks fit following an Enforcement Event, make such
payment on its behalf in which case any sums paid by the Notes Collateral Agent shall be reimbursed by each relevant Chargor to the Notes Collateral Agent on demand and shall carry interest from the date of payment by the Notes Collateral Agent
until reimbursed in accordance with Section 2.12 (Payment of Interest; Defaulted Interest) of the Secured Notes Indenture. 
  

	5.	PENSIONS REPRESENTATIONS AND UNDERTAKINGS 

  

	5.1	Representations 

 The Chargor makes the following representations and warranties to the
Notes Collateral Agent and acknowledges that the Notes Collateral Agent has become a party to this Agreement in reliance on these representations and warranties: 
  

	 	(a)	except in relation to the UK DB Plans, neither it nor any of its Subsidiaries is or has at any time been an employer (for the purposes of sections 38 to 51 of the Pensions Act 2004) of an occupational pension scheme
which is not a money purchase scheme (both terms as defined in the Pension Schemes Act 1993); 

  

	 	(b)	except in relation to the UK DB Plans, neither it nor any of its Subsidiaries is or has at any time in the last six (6) years been “connected” with or an “associate” of (as those terms are used
in sections 39 and 43 of the Pensions Act 2004) such an employer and 

  

	 	(c)	neither it nor any of its Subsidiaries has at any time been served with a Pensions Notice and is not aware of any action having been taken by the Pensions Regulator that is preparatory to the issue of a Pensions Notice
to it or any of its Subsidiaries. 

  

	5.2	Undertakings 

  

	 	(a)	The Chargor shall ensure that all pension schemes operated by or maintained for the benefit of it and its Subsidiaries and/or any of its employees are funded in accordance with Part 3 of the Pensions Act 2004, if
applicable, and that no action or omission is taken by it or any of its Subsidiaries in relation to such a pension scheme which has or is reasonably likely to have a Material Adverse Effect (except in relation to the UK DB Plans, including, without
limitation, the termination or commencement of winding-up proceedings of any such pension scheme or the Chargor or any of its Subsidiaries ceasing to employ any member of such a pension scheme). 

 

	 	(b)	 The Chargor shall ensure that, except in relation to the UK DB Plans, neither it nor any of its Subsidiaries is or has been at any time an employer
(for the purposes of sections 38 to 51 of the Pensions Act 2004) of an occupational 

  
 - 8 - 

	 	
pension scheme which is not a money purchase scheme (both terms as defined in the Pension Schemes Act 1993) or is or has at any time in the last six (6) years been “connected” with
or an “associate” of (as those terms are used in sections 38 or 43 of the Pensions Act 2004) such an employer. 

  

	 	(c)	The Chargor shall, if the Notes Collateral Agent requests, deliver or procure the delivery to the Notes Collateral Agent of any actuarial reports in relation to all pension schemes mentioned in (a) above.

  

	 	(d)	The Chargor shall promptly on becoming aware of the same, notify the Notes Collateral Agent in writing of any material change in the rate of contributions to any pension schemes mentioned in (a) above, paid or
recommended to be paid (whether by the scheme actuary or otherwise) or required by law or otherwise. 

  

	 	(e)	The Chargor shall immediately on becoming aware of the same, notify the Notes Collateral Agent of any investigation or proposed investigation by the Pensions Regulator which is reasonably likely to lead to the issue of
a Pensions Notice to it or one of its Subsidiaries. 

  

	 	(f)	The Chargor shall immediately notify the Notes Collateral Agent in writing if it or any of its Subsidiaries receives a Pensions Notice. 

 

	6.	FURTHER ASSURANCE 

  

	6.1	Covenant for Further Assurance 

 The Chargor will promptly at its own cost do all such
acts or execute all such documents (including assignments, transfers, mortgages, charges, notices and instructions) as the Notes Collateral Agent may reasonably specify (and in such form as the Notes Collateral Agent may reasonably require in favour
of the Notes Collateral Agent or its nominee(s)): 
  

	 	(a)	to perfect the Security created or intended to be created in respect of the Charged Portfolio (which may include the execution by the Chargor of a mortgage, charge or assignment over all or any of the assets
constituting, or intended to constitute, the Charged Portfolio) or for the exercise of the Collateral Rights; 

  

	 	(b)	for the exercise of the rights, powers and remedies of the Notes Collateral Agent provided by or pursuant to this Agreement or by law in each case in accordance with the rights vested in it under this Agreement.

  

	6.2	Prescribed Wording 

 The following covenants shall be implied in respect of any action
taken by the Chargor to comply with its obligations under Clause 6.1: 
  

	 	(a)	the Chargor has the right to take such action in respect of the Charged Portfolio; and 

  

	 	(b)	the Chargor will at its own cost do all that it reasonably can to give the Notes Collateral Agent or its nominee the title and/or rights that it purports to give. 

  
 - 9 - 

	7.	POWER OF ATTORNEY 

  

	7.1	Appointment and powers 

 The Chargor by way of security irrevocably appoints the Notes
Collateral Agent and any Receiver severally to be its attorney and in its name, on its behalf and as its act and deed to execute, deliver and perfect all documents and do all things which the attorney may consider to be required or desirable for:

  

	 	(a)	carrying out any obligation imposed on the Chargor by this Agreement or any other agreement binding on the Chargor to which the Notes Collateral Agent is a party (including the execution and delivery of any deeds,
charges, assignments or other security and any transfers of the Charged Portfolio); and 

  

	 	(b)	enabling the Notes Collateral Agent to exercise, or delegate the exercise of, all or any of the Collateral Rights; and 

  

	 	(c)	enabling any Receiver to exercise, or delegate the exercise of, any of the rights, powers and authorities conferred on them by or pursuant to this Agreement or by law, (including, after the occurrence of an Enforcement
Event, the exercise of any right of a legal or beneficial owner of the Charged Portfolio), 

 following the occurrence of an
Enforcement Event and having given notice to the Chargor provided that such notice shall be deemed to have been automatically given if an Event of Default pursuant to paragraphs (v) or (vi) of Section 6.1 (Events of
Default) of the Secured Notes Indenture has occurred. 
  

	7.2	Ratification 

 The Chargor shall ratify and confirm all things done and all documents
executed by any attorney in the exercise or purported exercise of all or any of his powers. 
  

	8.	SECURITY ENFORCEMENT 

  

	8.1	Time for Enforcement 

 Any time after the occurrence of an Enforcement Event and upon the
Notes Collateral Agent giving notice to the Chargor (unless the Enforcement Event was caused by an Event of Default pursuant to paragraph (v) or (vi) of Section 6.1 (Events of Default) of the Secured Notes Indenture in which
case no notice is required) the security created by or pursuant to this Agreement is immediately enforceable and the Notes Collateral Agent may, without notice to the Chargor or prior authorisation from any court, in its absolute discretion: 

 

	 	(a)	secure and perfect its title to all or any part of the Charged Portfolio (including transferring the Charged Portfolio into the name of the Notes Collateral Agent or its nominees); 

  
 - 10 - 

	 	(b)	enforce all or any part of that Security (at the times, in the manner and on the terms it thinks fit and take possession of and hold or dispose of all or any part of the Charged Portfolio (at the times, in the manner
and on the terms it thinks commercially reasonable (including whether for cash or non-cash consideration)); and 

  

	 	(c)	whether or not it has appointed a Receiver, exercise all or any of the rights, powers, authorities and discretions conferred by the Law of Property Act 1925 (as varied or extended by this Agreement) on mortgagees and by
this Agreement on any Receiver or otherwise conferred by law on mortgagees or Receivers. 

  

	8.2	Power of sale 

  

	 	(a)	The power of sale or other disposal conferred on the Notes Collateral Agent and on the Receiver by this Agreement shall operate as a variation and extension of the statutory power of sale under Section 101 of the
Law of Property Act 1925 and such power shall arise (and the Secured Obligations shall be deemed due and payable for that purpose) on the date of this Agreement. 

  

	 	(b)	The restrictions contained in Sections 93 and 103 of the Law of Property Act 1925 shall not apply to this Agreement or to the exercise by the Notes Collateral Agent of its right to consolidate all or any of the Security
created by or pursuant to this Agreement with any other security in existence at any time or to its power of sale, which powers may be exercised by the Notes Collateral Agent without notice to the Chargor on or at any time after this Agreement has
become enforceable in accordance with Clause 8 (Security Enforcement). 

  

	8.3	Chargee’s liability 

 Neither the Notes Collateral Agent nor any Receiver will be
liable to account as mortgagee or mortgagee in possession in respect of the Charged Portfolio or be liable for any loss upon realisation or for any neglect or default of any nature whatsoever in connection with the Charged Portfolio for which a
mortgagee or mortgagee in possession might as such be liable. 
  

	8.4	Right of Appropriation 

 To the extent that any of the Charged Portfolio constitutes
“financial collateral” and this Agreement and the obligations of the Chargor hereunder constitute a “security financial collateral arrangement” (in each case as defined in, and for the purposes of, the Financial Collateral
Arrangements (No. 2) Regulations 2003 (SI 2003 No. 3226), as amended, (the “Regulations”) the Notes Collateral Agent shall have the right to appropriate all or any part of such financial collateral in or towards discharge of
the Secured Obligations and may exercise such right to appropriate upon giving written notice to the Chargor. For this purpose, the parties agree that the value of such financial collateral so appropriated shall be the market price of the Shares
determined by the Notes Collateral Agent by reference to a public index or by such other process as the Notes Collateral Agent may select, including independent valuation. The parties agree that the method of valuation provided for in this Agreement
shall constitute a commercially reasonable method of valuation for the purposes of the Regulations. 

  
 - 11 - 

	8.5	Statutory powers 

 The powers conferred by this Agreement on the Notes Collateral Agent
are in addition to and not in substitution for the powers conferred on mortgagees and mortgagees in possession under the Law of Property Act 1925, the Insolvency Act 1986 or otherwise by law and in the case of any conflict between the powers
contained in any such Act and those conferred by this Agreement the terms of this Agreement will prevail. 
  

	9.	RECEIVERS AND ADMINISTRATORS 

  

	9.1	Appointment and removal 

 After this Agreement becomes enforceable in accordance with
Clause 8 (Security Enforcement), the Notes Collateral Agent may by deed or otherwise (acting through an authorised officer of the Notes Collateral Agent): 
  

	 	(a)	without prior notice to the Chargor: 

  

	 	(i)	appoint one or more persons to be a Receiver of the whole or any part of the Charged Portfolio; 

  

	 	(ii)	appoint two or more Receivers of separate parts of the Charged Portfolio; or 

  

	 	(iii)	remove (so far as it is lawfully able) any Receiver so appointed; and 

  

	 	(iv)	appoint another person(s) as an additional or replacement Receiver(s). (i) appoint one or more persons to be an administrator of the Chargor pursuant to paragraph 14 of Schedule B1 of the Insolvency Act 1986; and

  

	 	(b)	following notice to the Chargor, appoint one or more persons to be an administrator of the Chargor pursuant to paragraph 12 of Schedule B1 of the Insolvency Act 1986. 

 

	9.2	Capacity of Receivers 

 Each person appointed to be a Receiver pursuant to Clause 9.1
(Appointment and removal) will be: 
  

	 	(a)	entitled to act individually or together with any other person appointed or substituted as Receiver; 

  

	 	(b)	for all purposes deemed to be the agent of the Chargor which shall be solely responsible for his acts, defaults and liabilities and for the payment of his remuneration and no Receiver shall at any time act as agent for
the Notes Collateral Agent; and 

  

	 	(c)	entitled to remuneration for his services at a rate to be fixed by the Notes Collateral Agent from time to time (without being limited to the maximum rate specified by the Law of Property Act 1925). 

  
 - 12 - 

	9.3	Statutory powers of appointment 

 The powers of appointment of a Receiver shall be in
addition to all statutory and other powers of appointment of the Notes Collateral Agent under the Law of Property Act 1925 (as extended by this Agreement) or otherwise and such powers shall remain exercisable from time to time by the Notes
Collateral Agent in respect of any part of the Charged Portfolio. 
  

	9.4	Powers of Receivers 

 Every Receiver shall (subject to any restrictions in the instrument
appointing him but notwithstanding any winding-up or dissolution of the Chargor) have and be entitled to exercise, in relation to the Charged Portfolio in respect of which he was appointed, and as varied and extended by the provisions of this
Agreement (in the name of or on behalf of the Chargor or in his own name and, in each case, at the cost of the Chargor): 
  

	 	(a)	all the powers conferred by the Law of Property Act 1925 on mortgagors and on mortgagees in possession and on receivers appointed under that Act; 

 

	 	(b)	all the powers of an administrative receiver set out in Schedule 1 to the Insolvency Act 1986 (whether or not the Receiver is an administrative receiver); 

 

	 	(c)	all the powers and rights of an absolute owner and power to do or omit to do anything which the Chargor itself could do or omit to do; 

 

	 	(d)	the power to delegate (either generally or specifically) the powers, authorities and discretions conferred on it by this Agreement or any of the Note Security Documents (including the power of attorney) on such terms
and conditions as it shall see fit which delegation shall not preclude either the subsequent exercise any subsequent delegation or any revocation of such power, authority or discretion by the Receiver itself; and 

 

	 	(e)	the power to do all things (including bringing or defending proceedings in the name or on behalf of the Chargor) which seem to the Receiver to be incidental or conducive to: 

 

	 	(i)	any of the functions, powers, authorities or discretions conferred on or vested in him; 

  

	 	(ii)	the exercise of any rights, powers and remedies of the Notes Collateral Agent provided by or pursuant to this Agreement or by law (including realisation of all or any part of the Charged Portfolio); or

  

	 	(iii)	bringing to his hands any assets of the Chargor forming part of, or which when got in would be, Charged Portfolio. 

  
 - 13 - 

	9.5	Consideration 

 The receipt of the Notes Collateral Agent or any Receiver shall be a
conclusive discharge to a purchaser and, in making any sale or disposal of any of the Charged Portfolio or making any acquisition, the Notes Collateral Agent or any Receiver may do so for such consideration, in such manner and on such terms as it
thinks fit. 
  

	9.6	Protection of purchasers 

 No purchaser or other person dealing with the Notes Collateral
Agent or any Receiver shall be bound to inquire whether the right of the Notes Collateral Agent or such Receiver to exercise any of its powers has arisen or become exercisable or be concerned with any propriety or regularity on the part of the Notes
Collateral Agent or such Receiver in such dealings. 
  

	9.7	Discretions 

 Any liberty or power which may be exercised or any determination which may
be made under this Agreement by the Notes Collateral Agent or any Receiver may, subject to the terms and conditions of the Secured Notes Indenture and following an Enforcement Event which has not been cured or waived, be exercised or made in its
absolute and unfettered discretion without any obligation to give reasons. 
  

	10.	EFFECTIVENESS OF COLLATERAL 

  

	10.1	Collateral Cumulative 

 The collateral constituted by this Agreement and the Collateral
Rights shall be cumulative, in addition to and independent of every other security which the Notes Collateral Agent or any other Secured Party may at any time hold for the Secured Obligations or any rights, powers and remedies provided by law. No
prior security held by the Notes Collateral Agent or any other Secured Party over the whole or any part of the Charged Portfolio shall merge into the collateral constituted by this Agreement. 

 

	10.2	No Waiver 

 No failure on the part of the Notes Collateral Agent to exercise, nor any
delay on its part in exercising, any Collateral Right, shall operate as a waiver of that Collateral Right or constitute an election to affirm this Agreement. No election to affirm this Agreement on the part of the Notes Collateral Agent shall be
effective unless it is in writing. No single or partial exercise of any Collateral Right shall preclude any further or other exercise of that or any other Collateral Right. 
  

	10.3	Illegality, Invalidity, Unenforceability 

 If, at any time, any provision of this
Agreement is or becomes illegal, invalid or unenforceable in any respect under the law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions of this Agreement nor of such provision under the laws of any
other jurisdiction shall in any way be affected or impaired thereby and, if any part of the Security intended to be created by or pursuant to this Agreement is invalid, unenforceable or ineffective for any reason, that shall not affect or impair any
other part of the Security. 

  
 - 14 - 

	10.4	No liability 

 None of the Notes Collateral Agent, its nominee(s) or any Receiver shall
be liable: 
  

	 	(a)	to account as a mortgagee or mortgagee in possession; or 

  

	 	(b)	for any loss arising by reason of taking any action permitted by this Agreement or any neglect or default in connection with the Charged Portfolio or taking possession of or realising all or any part of the Charged
Portfolio, except in the case of gross negligence or wilful default upon its part. 

  

	10.5	Implied Covenants for Title 

  

	 	(a)	The covenants set out in Sections 3(1), 3(2) and 6(2) of the Law of Property (Miscellaneous Provisions) Act 1994 will not extend to Clause 2.2 (Charge). 

 

	 	(b)	It shall be implied in respect of Clause 2.2 (Charge) that the Chargor is charging the Charged Portfolio free from all charges and encumbrances (whether monetary or not) and from all other rights exercisable by
third parties (including liabilities imposed and rights conferred by or under any enactment) other than any charges and encumbrances permitted by Section 3.5 (Liens) of the Secured Notes Indenture. 

 

	10.6	Continuing security 

  

	 	(a)	The Security created by or pursuant to this Agreement shall remain in full force and effect as a continuing security for the Secured Obligations until the payment in full of the Secured Obligations (other than
(A) contingent indemnification obligations as to which no claim has been asserted and (B) obligations and liabilities under Secured Cash Management Agreements and Secured Hedge Agreements). 

 

	 	(b)	No part of the Security from time to time intended to be constituted by this Agreement will be considered satisfied or discharged by an intermediate payment, discharge or satisfaction of the whole or any part of the
Secured Obligations. 

  

	10.7	Immediate recourse 

 The Chargor waives any right it may have of first requiring the
Notes Collateral Agent or a Secured Party to proceed against or enforce any other rights or Security or claim payment from any person before claiming from the Chargor under this Agreement. This waiver applies irrespective of any law or any provision
of this Agreement to the contrary. 

  
 - 15 - 

	10.8	Avoidance of Payments 

 Notwithstanding Clause 3.3 (Release) if any amount paid or
credited to it is capable of being avoided or reduced by virtue of any bankruptcy, insolvency, liquidation or similar laws the liability of the Chargor under this Agreement and the security constituted by this Agreement shall continue and that
amount shall not be considered to have been irrevocably paid. 
  

	10.9	No prejudice 

 The Security created by or pursuant to this Agreement and the Collateral
Rights, shall not be prejudiced by any unenforceability or invalidity of any other agreement or document or by any time or indulgence granted to the Chargor or any other person, or the Notes Collateral Agent or any of the other Noteholder Secured
Parties or by any variation of the terms of the trust upon which the Notes Collateral Agent holds the Security or by any other thing which might otherwise prejudice that Security or any Collateral Right. 

 

	11.	APPLICATION OF PROCEEDS 

 All monies received or recovered and any non-cash recoveries
made or received by the Notes Collateral Agent or any Receiver pursuant to this Agreement or the powers conferred by it shall (subject to the claims of any person having prior rights thereto and by way of variation of the provisions of the Law of
Property Act 1925) be applied in accordance with Section 6.10 (Priorities) of the Secured Notes Indenture. 
  

	12.	OTHER SECURITY INTERESTS 

  

	12.1	Redemption or transfer 

 In the event of any action, proceeding or step being taken to
exercise any powers or remedies conferred by any prior ranking security in case of exercise by the Notes Collateral Agent or any Receiver of any power of sale under this Agreement the Notes Collateral Agent may redeem such prior security or procure
the transfer thereof to itself. 
  

	12.2	Accounts 

 The Notes Collateral Agent may, at any time after the occurrence of an
Enforcement Event, settle and pass the accounts of the prior security and any accounts so settled and passed will be conclusive and binding on the Chargor. 
  

	12.3	Costs of redemption or transfer 

 All principal monies, interest, costs, charges and
expenses of and incidental to any redemption or transfer will be paid by the Chargor to the Notes Collateral Agent on demand together with accrued interest thereon (after as well as before judgment) at the rate from time to time applicable to unpaid
sums specified in the Secured Notes Indenture from the time or respective times of the same having been paid or incurred until payment thereof (after as well as before judgment). 

  
 - 16 - 

	12.4	Subsequent Interests 

 If the Notes Collateral Agent at any time receives notice of any
subsequent mortgage, assignment, charge or other interest affecting all or any part of the Charged Portfolio, all payments made by the Chargor to the Notes Collateral Agent or any of the Noteholder Secured Parties after that time shall be treated as
having been credited to a new account of the Chargor and not as having been applied in reduction of the Secured Obligations as at the time when the Notes Collateral Agent received notice. 

 

	13.	ASSIGNMENT 

  

	13.1	No assignments or transfers by Chargor 

 The Chargor may not assign any of its rights or
transfer any of its rights or obligations under this Agreement other than as permitted under the Secured Notes Indenture. 
  

	13.2	Assignments and transfers by the Notes Collateral Agent 

 The Notes Collateral Agent may
assign and transfer all or any of its rights and obligations under this Agreement subject to the terms of the Secured Notes Indenture. The Notes Collateral Agent shall be entitled to disclose such information concerning the Chargor and this
Agreement as the Notes Collateral Agent considers appropriate to any actual or proposed direct or indirect successor or to any person to whom information may be required to be disclosed by any applicable law in accordance with the terms of the
Secured Notes Indenture. 
  

	14.	WAIVERS AND COUNTERPARTS 

  

	14.1	Waivers 

 No waiver by the Notes Collateral Agent of any of its rights under this
Agreement shall be effective unless given in writing. 
  

	14.2	Counterparts 

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

	15.	LAW 

 This Agreement and any non-contractual obligations arising out of or in connection
with it are governed by English law. 
  

	16.	ENFORCEMENT 

  

	16.1	Jurisdiction of English Courts 

  

	 	(a)	The courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection with this Agreement (including a dispute relating to the existence, validity or termination of this Agreement or
the consequences of its nullity) or any non-contractual obligations arising out of or in connection with this Agreement (a “Dispute”). 

  

	 	(b)	The parties agree that the courts of England are the most appropriate and convenient courts to settle disputes and accordingly no party will argue to the contrary. 

  
 - 17 - 

	16.2	Service of process 

 The Chargor agrees that the documents which start any proceedings
before the English courts in relation to the Secured Notes, the Secured Notes Indenture or any Notes Security Agreement, and any other documents required to be served in connection with those proceedings, may be served on it by being delivered to
Axalta Coating Systems U.K. (2), Unit 1, Quadrant Park, Mundells, Welwyn Garden City, Hertfordshire, England AL7 1FS, or to such other address in England and Wales as the Chargor may specify by notice in writing to the Notes Collateral Agent.
Nothing in this paragraph shall affect the right of any Secured Party to serve process in any other manner permitted by law. This Clause applies to proceedings in England and proceedings elsewhere. 

THIS AGREEMENT has been signed on behalf of the Notes Collateral Agent and executed as a deed by the Chargor and is delivered by it on the date
specified above. 
 This Agreement was executed outside Belgium. 

  
 - 18 - 

 EXECUTION PAGE 
  

					
	Chargor	  		  	
			
	EXECUTED AS A DEED on behalf of	  	)	  	
	AXALTA COATING SYSTEMS	  	)	  	
	BELGIUM BVBA	  	)	  	
	a company incorporated in Belgium	  	)	  	
	duly represented by	  	)	  	
		  	)	  	
	Name:  Johnannes Mendel	  	)	  	/s/ Johnannes Mendel
	Title:    Managing Director	  	)	  	
		  	)	  	
	Name:  Lucas van den Hemel	  	)	  	/s/ Lucas van den Hemel
	Title:    Managing Director	  	)	  	
	in the presence of:	  	)	  	
		  	)	  	
	being persons who, in accordance with the	  	)	  	
	laws of Belgium are acting under the	  	)	  	
	authority of the company	  	)	  	

  
 - 19 - 

					
	The Notes Collateral Agent	  		  	
			
	Signed by WILMINGTON TRUST,	  	)	  	
	NATIONAL ASSOCIATION	  	)	  	
	for and on its behalf by	  	)	  	
	its duly authorised officer	  	)	  	
		  	)	  	
	 /s/ Joseph P. O’Donnell
	  	)	  	
		  	)	  	
	Name:  Joseph P. O’Donnell	  	)	  	
	Title:    Vice President	  	)	  	

  
 - 20 -

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