Document:

Charge Over Custody Accounts dated December 18, 2008

 Exhibit 10.27.7 
 Private & Confidential 
 Dated 18 December 2008

  
  
 PARIS RE 
 as Chargor 
  
  
 CHARGE OVER CUSTODY ACCOUNTS 
  
  

 

 

 Contents 
  

			
	 Clause
	  	Page
	 SIGNATORY
	  	1
		
	 SUMMARY
	  	1
		
	 INTERPRETATION
	  	2
		
	 1       Definitions and interpretation
	  	2
		
	 SECURITY
	  	7
		
	 2       Payment of Secured Obligations
	  	7
		
	 3       Charge and Assignment
	  	7
		
	 4       Set-off
	  	7
		
	 5       Restrictions
	  	7
		
	 6       Perfection
	  	8
		
	 ENFORCEMENT
	  	10
		
	 7       Enforcement
	  	10
		
	 8       Application of proceeds
	  	11
		
	 UNDERTAKINGS
	  	13
		
	 9       Undertakings
	  	13
		
	 MISCELLANEOUS
	  	16
		
	 10     Duration of the security
	  	16
		
	 11     Expenses, liability and indemnity
	  	16
		
	 12     Payments
	  	17
		
	 13     Remedies
	  	17
		
	 14     Power of attorney
	  	18
		
	 15     Notices
	  	18
		
	 16     Law and jurisdiction
	  	18
		
	 Schedule 1 Initial administrative details of the parties
	  	20
		
	 Schedule 2 Accounts
	  	21
		
	 Schedule 3 Notice and acknowledgment of charge and assignment
	  	22
		
	 Schedule 4 Notice of Exclusive Control [On the letterhead of the Chargee]
	  	24

 Deed dated 18 December 2008 
 SIGNATORY 
  

			
	Chargor	  	PARIS RE

 SUMMARY 
  

			
	Chargor	  	PARIS RE
		
	Chargee	  	Natixis
		
	Charged Assets	  	A portfolio of assets of the Chargor held in custody account(s) with BNY Mellon Asset Servicing B.V. and managed by an Assets Manager and an assignment of an Account Control
Agreement between the Chargor, the Chargee and the Custodian
		
	Secured	  	all liabilities under a letter of credit facility letter and repayment agreement
		
	Obligations	  	between the Chargor and Chargee dated at about the same date as this Deed
		
	Type of security	  	fixed charges
		
	Law	  	English law

  

 1 

 IT IS AGREED as follows: 
 INTERPRETATION 
  

	1	Definitions and interpretation 

 Definitions 
  

	1.1	In this Deed: 

 Account
means: 
  

	 	(a)	The accounts of the Chargor with the Custodian described in Schedule 2 (Accounts) and all cash and non-cash assets held in such accounts;

  

	 	(b)	any account that replaces an account described in Schedule 2 (Accounts); and 

  

	 	(c)	any account established after the date of this Deed which is designated as an Account by the Chargor and the Chargee at or about the time of its establishment.

 Account Control Agreement means the Account Control Agreement between the Chargor, the Chargee and the
Custodian dated on or around the date of this Deed 
 Assets Manager means Natixis Asset Management at the date hereof or
any other person which would be substituted from time to time with the prior written notice to the Chargee 
 Assigned Assets
means those assets which are from time to time the subject of clause 3.3 
 Assigned Contract means: 
  

	 	(a)	the Custody Agreement; 

  

	 	(b)	any contract that amends or replaces the Custody Agreement; 

  

	 	(c)	any contract entered into after the date of this Deed which is designated as an Assigned Contract by the Chargor and the Chargee; and 

  

	 	(d)	any agreement pursuant to which the Chargor derived Rights relating to the Accounts, 

 in each case as it may from time to time be amended, restated, novated or replaced (howsoever fundamentally) 
 Available Balance means the available balance of an account maintained with BNY Mellon, which is that part of the account which is
under the control of the holder of that account 
 Charged Assets means those assets which are from time to time the
subject of clause 3.2. 
  

 2 

 Charges Security means the Security created by this Deed and any other
existing or future Security granted by the Chargor to the Chargee to secure the payment and discharge of Secured Obligations 
 Chargee Security Document means a document creating or evidencing Chargee Security 
 Chargor means PARIS
RE, a French Société Anonyme registered with the Companies Commerial Registry of Paris under no. 433 195 096 and whose registered office is located at 39, rue du Colisée, 75008 Paris, France 
 Commitment Amount has the meaning given to such term in the Facility Letter  
 Custodian means BNY Mellon Asset Servicing B.V., London Branch 
 Custody Agreement means the Custody Agreement between the Chargor and the Custodian dated 18 December as amended and supplemented
by the Account Control Agreement 
 Default Rate means the rate specified in paragraph 8 of the Facility Letter

 Disposal means any transfer or other disposal of an asset or of an interest in an asset, or the creation of any Right
over an asset in favour of another person, but not the creation of Security 
 Dividends, in relation to any Charged
Asset, means: 
  

	 	(a)	dividends and distributions of any kind and any other sum received or receivable in respect of that Charged Asset; 

  

	 	(b)	shares or other Rights accruing or offered by way of redemption, bonus, option or otherwise in respect of that Charged Asset; 

  

	 	(c)	allotments, offers and rights accruing or offered in respect of that Charged Asset; and 

  

	 	(d)	any other Rights attaching to, deriving from or exercisable by virtue of the ownership of, that Charged Asset 

 Enforcement Time means any time at which: 
  

	 	(a)	any amount owing under a Finance Document is payable but has not been paid; or 

  

	 	(b)	an Event of Default has occurred and is continuing  

 Event of Default has the meaning given to it in the Facility Letter 
 Facility Letter means the USD 200 Million committed standby letter of credit facility agreement dated at about the same date as this Deed between the Chargor and the Chargee as it may from time to time be amended, restated, novated
or replaced (however fundamentally, including by an increase of any size in the amount of the facilities made available under it, the alteration of the nature, purpose or period of those facilities or the change of its parties) 
  

 3 

 Finance Documents means: 
  

	 	(a)	the Facility Letter; 

  

	 	(b)	the Repayment Agreement; 

  

	 	(c)	this Deed and any other Chargee Security Document; and 

  

	 	(d)	any other document designated as such by the Chargor and the Agent at any time 

 Financial Collateral has the meaning given to it by the Financial Collateral Arrangements (No 2) Regulations 2003 
 Guarantee means any guarantee, indemnity, bond, standby or documentary credit, third party charge or other assurance against financial
loss by one person in respect of the obligations of another person 
 Insolvency Event, in relation to a person, means:

  

	 	(a)	the dissolution, liquidation, provisional liquidation, administration, administrative receivership or receivership of that person or the entering into by that person of
a voluntary arrangement or scheme of arrangement with creditors; 

  

	 	(b)	any analogous or similar procedure in any jurisdiction other than England; or 

  

	 	(c)	any other form of procedure relating to insolvency, reorganisation or dissolution in any jurisdiction 

 Insolvency Legislation means: 
  

	 	(a)	the Insolvency Act 1986 and secondary legislation made under it; and 

  

	 	(b)	any other primary or secondary legislation in England from time to time relating to insolvency or reorganisation 

 Obligations, in relation to a person, means all obligations or liabilities of any kind of that person from time to time, whether they
are: 
  

	 	(a)	to pay money or to perform (or not to perform) any other act; 

  

	 	(b)	express or implied; 

  

	 	(c)	present, future or contingent; 

  

 4 

	 	(d)	joint or several; 

  

	 	(e)	incurred as a principal or surety or in any other manner; or 

  

	 	(f)	originally owing to the person claiming performance or acquired by that person from someone else 

 Officer, in relation to a person, means any officer, employee or agent of that person 
 Receiver means one or more receivers or managers appointed, or to be appointed, under this Deed 
 Repayment Agreement means the repayment agreement dated at about the same date as this Deed between the Chargor and the Chargee as it
may from time to time be amended, restated, novated or replaced (however fundamentally, including by an increase of any size in the amount of the facilities made available under it, the alteration of the nature, purpose or period of those facilities
or the change of its parties) 
 Right means any right, privilege, power or immunity, or any interest or remedy, of any
kind, whether it is personal or proprietary 
 Secured Obligations means the Obligations undertaken to be paid or
discharged in clause 2 (Payment of Secured Obligations) 
 Security means: 
  

	 	(a)	any mortgage, charge, pledge, lien, hypothecation, assignment by way of security, trust arrangement for the purpose of providing security or other security interest of
any kind in any jurisdiction; 

  

	 	(b)	any proprietary interest over an asset; and 

  

	 	(c)	any right of set-off created by agreement. 

 Third Parties Act means the Contracts {Rights of Third Parties) Act 1999  
 Value means the market value of the Charged Assets at any time as calculated by BNY Mellon.  
 VAT
means value added tax.  
 Interpretation  
  

	1.2	In this Deed: 

  

	 	(a)	the table of contents, the summary and the headings are inserted for convenience only and do not affect the interpretation of this Deed; 

  

 5 

	 	(b)	references to clauses and schedules are to clauses of, and schedules to, this Deed; 

  

	 	(c)	references to the Facility Letter, Repayment Agreement and any Finance Document or any other document are to that document as from time to time amended, restated,
novated or replaced, however fundamentally; 

  

	 	(d)	references to a person include an individual, firm, company, corporation, unincorporated body of persons and any government entity; 

  

	 	(e)	references to a person include its successors in title, permitted assignees and permitted transferees; 

  

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

  

	 	(g)	references to any enactment include that enactment as amended or re-enacted; and, if an enactment is amended, any provision of this Deed which refers to that enactment
will be amended in such manner as the Chargee, after consultation with the Chargor, determines to be necessary in order to preserve the intended effect of this Deed. 

  

	1.3	Where this Deed imposes an obligation on the Chargor to do something if required or requested by the Chargee, it will do so as soon as practicable after it becomes
aware of the requirement or request. 

  

	1.4	It is intended that this document takes effect as a deed even though the Chargee may only execute it under hand. 

  

	1.5	This Deed may be executed in counterparts.  

 Third party rights 
  

	1.6	The Rights conferred on each Receiver and on each Officer of the Chargee or a Receiver under clauses 12 (Expenses, liability and indemnity) and 13 {Payments)
are enforceable by each of them under the Third Parties Act. 

  

	1.7	No other term of this Deed is enforceable under the Third Parties Act by anyone who is not a party to this Deed. 

  

	1.8	The parties to this Deed may terminate this Deed or vary any of its terms without the consent of any third party. However, they may not terminate this Deed or vary any
of its terms if this would have the effect of terminating or adversely affecting the Rights of a Receiver or of an Officer of the Chargee or a Receiver under this Deed without its consent, but only to the extent that it has notified the Chargee that
it intends to enforce that clause at the time of the termination or variation. 

  

 6 

 SECURITY 
  

	2	Payment of Secured Obligations 

  

	2.1	The Chargor will pay or otherwise discharge all Obligations from time to time incurred by it under or in connection with the Finance Documents when they become due for
payment or discharge. 

  

	3	Charge and Assignment 

  

	3.1	The charges and assignment contained in this clause 3: 

  

	 	(a)	are given to the Chargee; 

  

	 	(b)	secure the payment and discharge of the Secured Obligations; and 

  

	 	(c)	are given with full title guarantee. 

  

	3.2	The Chargor charges, by way of first fixed charge, all of the Rights which it now has and all of the Rights which it obtains at any time in the future in the Accounts
and in any Rights accruing to, derived from or otherwise connected with them (including Dividends, proceeds, insurances, guarantees, Security and any warrants, options or similar Rights}. 

  

	3.3	The Chargor assigns absolutely all of the Rights which it now has and all of the Rights which it obtains at any time in the future in the Assigned Contracts and in any
Rights accruing to, derived from or otherwise connected with them (including proceeds, insurances, guarantees and Security). 

  

	4	Set-off 

  

	4.1	The Chargee may set off any matured Secured Obligation due from the Chargor (to the extent beneficially owned by the Chargee) against any matured obligation owed by the
Chargee to the Chargor, regardless of the place of payment, booking branch or currency of either obligation. 

  

	4.2	If the obligations are in different currencies, the Chargee may convert either obligation at a market rate of exchange in its usual course of trading for the purpose of
the set-off. 

  

	4.3	These Rights are in addition to the security conferred on the Chargee under this Deed, 

  

	5	Restrictions 

  

	5.1	The Chargor will ensure that the restrictions contained in this clause 5 are complied with unless the Chargee agrees to the contrary. 

  

 7 

	5.2	No Security will exist over, or in relation to, any Charged Asset or any Assigned Asset other than Chargee Security. 

  

	5.3	There will be no Disposal of any Charged Asset or any Assigned Asset, excepted in accordance with clauses 10.5 and 10.6. 

  

	6	Perfection 

 General
requirements 
  

	6.1	The Chargor will, at its own expense, create all such Security, execute all such documents, give all such notices, effect all such registrations (whether at the
Companies Registry, or otherwise), deposit all such documents and do all such other things as the Chargee may require from time to time in order to: 

  

	 	(a)	ensure that it has an effective first-ranking fixed charge over the Charged Assets and a first-ranking assignment of the Assigned Assets; and 

 

	 	(b)	facilitate the enforcement of the Chargee Security, the receipt by the Chargee of the money standing to the credit of the Accounts, the realisation of the Charged
Assets and the Assigned Assets or the exercise of any Rights held by the Chargee or any Receiver under or in connection with the Chargee Security. 

  

	6.2	The scope of clause 6.1 is not limited by the specific provisions of the rest of this clause 6 or by any other provision of the Chargee Security Documents.

 Specific requirements 
  

	6.3	The Chargor will procure delivery of the Account Control Agreement simultaneously with execution of this Security Agreement. 

  

	6.4	If, at any time, the Chargor has a Right in respect of an Account or Assigned Contract, it will, on the date of this Deed (or, if it acquires the Right later, as soon
as practicable after it does so): 

  

	 	(a)	deliver a notice of this Deed to the other parties to the relevant Account or Assigned Contract substantially in the form set out in the applicable part of Schedule 3
(Notices of charge and assignment); and 

  

	 	(b)	use its best endeavours to procure that those parties deliver an acknowledgement of the notice to the Chargee substantially in the form set out in that part of that
Schedule as soon as reasonably practicable. 

  

 8 

 Subsequent security 
  

	6.5	If the Chargee receives notice that any Security has been created over the Charged Assets or the Assigned Assets, the Chargee will be treated as if it had immediately
opened a new account for the Chargor, and all payments received by the Chargee from the Chargor will be treated as if they had been credited to the new account and will not reduce the amount then due from the Chargor to the Chargee.

 Financial Collateral 
  

	6.6	The parties to this Deed designate those Charged Assets and Assigned Assets which constitute Financial Collateral to be under the control of the Chargor and charged in
favour of the Chargee. 

  

 9 

 ENFORCEMENT 
  

	7	Enforcement 

 Time for
enforcement 
  

	7.1	The Chargee may enforce the Chargee Security at any time which is an Enforcement Time or if the Chargor requests it to do so. 

 Methods of enforcement 
  

	7.2	The Chargee may enforce the Chargee Security by: 

  

	 	(a)	requiring the payment to it of money standing to the credit of the Accounts, requesting the Assets Manager to sell the Charged Assets or the Assigned Assets, giving
notice to any person in relation to the Charged Assets or the Assigned Assets, or otherwise receiving the benefit of the Charged Assets or the Assigned Assets in any way it may decide; or 

  

	 	(b)	appointing a Receiver of all or any part of the Charged Assets or the Assigned Assets. 

  

	7.3	At any time after the occurrence of an Event of Default which is continuing and without any further consent or authority on the part of the Chargor, the Chargee may
serve a Notice of Exclusive Control in the form set out in the relevant part of Schedule 4 and exercise, at its discretion (in the name of the Chargor or otherwise) in respect of any of the Charged Assets, any voting rights and any powers or rights
which may be exercised by the person or persons in whose name or names such Charged Assets are registered or who is the bearer or holder of them. 

  

	7.4	The Chargee is not liable to perform or fulfil any obligation of the Chargee in respect of the Charged Assets or the Assigned Assets. 

  

	7.5	A Receiver must be appointed by an instrument in writing, and otherwise in accordance with the Insolvency Legislation. 

  

	7.6	The appointment of a Receiver may be made subject to such limitations as are specified by the Chargee in the appointment. 

  

	7.7	If more than one person is appointed as a Receiver, each person will have power to act independently of any other, except to the extent that the Chargee may specify to
the contrary in the appointment. 

  

	7.8	The Chargee may remove or replace any Receiver. 

  

 10 

 Powers on enforcement 
  

	7.9	The Chargee, and any Receiver, will have the following powers in respect of the Charged Assets and the Assigned Assets: 

  

	 	(a)	the powers given to a mortgagee or a receiver by the Law of Property Act 1925, but without the restrictions contained in section 103 of that Act;

  

	 	(b)	the powers given to an administrative receiver by the Insolvency Legislation; and 

  

	 	(c)	the power to do, or omit to do, on behalf of the Chargor, anything which the Chargor itself could have done, or omitted to do, if the Charged Assets or the Assigned
Assets were not the subject of Security and the Chargor were not in insolvency proceedings. 

  

	7.10	Except to the extent provided by law, none of the powers described in this clause 7 will be affected by an Insolvency Event in relation to the Chargor.

 Status and remuneration of Receiver 
  

	7.11	A Receiver will be the agent of the Chargor until the Chargor goes into liquidation. He will have no authority to act as agent for the Chargee, even in the liquidation
of the Chargor. 

  

	7.12	The Chargee may from time to time determine the remuneration of any Receiver with the consent of the Chargor, such consent shall not be unreasonably withheld or
delayed. 

 Third parties 
  

	7.13	A person dealing with the Chargee or with a Receiver is entitled to assume, unless it has actual knowledge to the contrary, that: 

  

	 	(a)	those persons have the power to do those things which they are purporting to do; and 

  

	 	(b)	they are exercising their powers properly. 

  

	8	Application of proceeds 

  

	8.1	All money received by the Chargee or a Receiver under or in connection with the Finance Documents (whether during, or before, enforcement of the Chargee Security) will,
subject to the rights of any persons having priority, be applied in the following order of priority: 

  

	 	(a)	first, in or towards payment of all amounts payable to the Chargee, any Receiver or their Officers under clause 12 (Expenses, liability and indemnity) and all
remuneration due to any Receiver under or in connection with the Chargee Security; 

  

 11 

	 	(b)	secondly, in or towards payment of the Secured Obligations in such order as may be required by the Finance Documents (and, if any of the Secured Obligations are not
then payable, by payment into a suspense account until they become payable); and 

  

	 	(c)	thirdly, in payment of any surplus to the Chargor or other person entitled to it. 

  

 12 

 REPRESENTATIONS AND UNDERTAKINGS 
  

	9	Representations 

  

	9.1	The Chargor represents to the Chargee that all the matters described in the rest of this clause 9 are true on the date of this Deed. 

  

	9.2	The Chargor is duly incorporated and validly existing under the laws of its jurisdiction of incorporation. It has the power, and has obtained all necessary
authorisations, to own its assets and carry on its business in all relevant jurisdictions. 

  

	9.3	The Chargor has power to execute the Finance Documents and to exercise its Rights and perform its duties under them; and it has obtained all necessary authorisations to
do so. 

  

	9.4	This Deed constitutes legally binding and enforceable obligations of the Chargor. Each other Finance Document, when executed, will constitute legally binding and
enforceable obligations of the Chargor. 

  

	9.5	The execution of the Finance Documents and the exercise of its Rights and the performance of its duties under them will not result in the Chargor being in breach of any
duty or being required to create any Security or perform any other action as a result of any duty. 

  

	9.6	The Finance Documents are effective and admissible in evidence without the need for any filing, registration, notarisation or other action. However, this Deed will
require registration in the Companies Registry in England and Wales. 

  

	9.7	No stamp duty or other Tax is payable in respect of the Finance Documents. 

  

	9.8	The choice of English law as the governing law of this Deed will be recognised and enforced in the Chargor’s jurisdiction of incorporation. Any judgment obtained
in England in relation to this Deed will be recognised and enforced in the Chargor’s jurisdiction of incorporation. 

  

	10	Undertakings 

  

	10.1	The Chargor will ensure that the value of the Charged Assets will at all times have a Value of not less than 120% of the Secured Obligations. 

If: 
  

	 	(a)	Based on a monthly report established on the last day of each calendar month (the “Day”), the Value decreases below 120% of the Secured Obligations,
the Chargor shall increase the Charged Assets accordingly within fifteen (15) business days from the Day; and 

  

 13 

	 	(b)	the Value decreases below 105% of the Secured Obligations on the Day, the Chargor shall increase the Charged Assets accordingly within ten (10) business days from
the Day. 

 In case of default of the Chargor under (a) or (b), the Chargee may, at its discretion, enforce
the Charged Security under clause 7 (Enforcement). 
  

	10.2	The Chargor will: 

  

	 	(a)	comply with all of its obligations under each Assigned Contract; and 

  

	 	(b)	use its best endeavours to ensure that the Chargee receives the full benefit of each Assigned Contract and the Chargee Security. 

  

	10.3	The Chargor will not: 

  

	 	(a)	agree to alter the terms of, or close or terminate, any Account or any Assigned Contract; or 

  

	 	(b)	waive its rights under an Account or Assigned Contract, 

 without the consent of the Chargee. 
  

	10.4	The Chargee will give its consent under clause 10.3 if, in its reasonable opinion, any such alteration or waiver will not materially affect the effectiveness or value
of its security over the Account concerned. 

  

	10.5	The Chargor will not make any withdrawal from any Account without the prior consent of the Chargee. 

 Notwithstanding the foregoing, the Chargor may from time to time according to the provision of clause 6.2 of Account Control Agreement,
transfer or remit or invest or substitute Charged Assets provided that the rating and the Value of the Charged Assets remain the same (not less than AA-and 120% of the Secured Obligations). 
  

	10.6	The Chargee will give its consent under clause 10.5 (i) if the withdrawal is permitted under the Account Control Agreement and (ii) when the Charged Assets
have a Value of more than 120% of the Secured Obligations. 

  

	10.7	If the Chargor receives any proceeds of any Assigned Contract, it will hold them on trust for the Chargee and pay them to the Chargee as soon as possible.

  

	10.8	During an Enforcement Time (and also once any Chargee Security is being enforced), the Chargee will be entitled to receive all distributions in respect of any shares
held in an Account and the Dividends for application in accordance with clause 8 (Application of proceeds). Otherwise, the Chargor will be entitled to receive those distributions. 

  

 14 

	10.9	During an Enforcement Time (and also once any Chargee Security is being enforced), but only upon written notice to the Chargor, the Chargee will be entitled to exercise
all voting and other Rights in respect of any shares held in an Account and the Dividends. Otherwise, the Chargor will be entitled to exercise those Rights. 

  

	10.10	To the extent that the holder of those any shares held in an Account is not the person entitled to receive those distributions and exercise those Rights, the holder
will pay the distributions to the person entitled to them and will exercise those Rights in accordance with the reasonable requirements of the person entitled to exercise them. 

  

	10.11	The Chargor will promptly pay all calls, instalments or other payments which from time to time become due in respect of any of any shares held in an Account, and the
Chargee will not in any circumstances incur any liability in respect of them. 

  

	10.12	The Chargor will take all steps as are necessary to preserve the value and marketability of the Charged Assets and the Assigned Assets. 

  

	10.13	The Chargor will notify the Chargee as soon as it becomes aware of any matter which might reasonably be expected to have an adverse effect on the Rights of the Chargee
under the Chargee Security. Those matters include a claim by any person to an interest in a Charged Asset or an Assigned Asset or a breach or purported breach of an Assigned Contract by any party to it. 

  

	10.14	The Chargor will provide to the Chargee: 

  

	 	(a)	such information about the Charged Assets and the Assigned Assets; 

  

	 	(b)	such information about the extent to which it has complied with its obligations under this Deed; and 

  

	 	(c)	copies of such documents which create, evidence or relate to the Charged Assets or the Assigned Assets, 

 as the Chargee may from time to time reasonably request. 
  

	10.15	The Chargor will promptly pay all calls, instalments or other payments which from time to time become due in respect of any of the Charged Assets, and the Chargee will
not in any circumstances incur any liability in respect of them. 

  

	10.16	If the Chargor does not comply with its obligations under this Deed, the Chargee may do so on the Chargor’s behalf on such basis as the Chargee may reasonably
decide. That Chargor will indemnify the Chargee on demand against the amount duly documented certified by the Chargee to be the cost, loss or liability suffered by it as a result of doing so. 

  

 15 

 MISCELLANEOUS 
  

	11	Duration of the security 

  

	11.1	The Obligations of the Chargor under the Finance Documents and the security created by the Chargee Security will continue until the Secured Obligations have been
irrevocably and unconditionally paid or discharged in full, regardless of any intermediate payment or discharge in whole or in part. The Chargee will then reassign the Assigned Assets to the Chargor at the Chargor’s expense.

  

	11.2	If any payment by the Chargor or any other security provider or any release given by the Chargee (whether in respect of the Secured Obligations or any security for them
or otherwise) is avoided or reduced as a result of insolvency or any similar event: 

  

	 	(a)	the liability of the Chargor under this Deed will continue as if the payment, release, avoidance or reduction had not occurred; and 

  

	 	(b)	the Chargee will be entitled to recover the value or amount of that security or payment from the Chargor, as if the payment, release, avoidance or reduction had not
occurred. 

  

	11.3	Section 93 of the Law of Property Act 1925 will not apply to the Chargee Security. 

  

	11.4	The perpetuity period for this Deed is the period of 80 years from the date of this Deed. 

  

	12	Expenses, liability and indemnity 

  

	12.1	The Chargor will, on demand duly documented, pay all legal and other costs and expenses (including any stamp duty, registration or other similar taxes) incurred by the
Chargee or by any Receiver in connection with the Chargee Security. This includes any costs and expenses relating to the enforcement or preservation of the Chargee Security or the Charged Assets and the Assigned Assets and to any amendment, waiver,
consent or release required in connection with the Chargee Security. 

  

	12.2	Neither the Chargee nor a Receiver nor any of their Officers will be in any way liable or responsible to the Chargor for any loss or liability of any kind arising from
any act or omission by it of any kind (whether as mortgagee in possession or otherwise) in relation to the Charged Assets or the Assigned Assets or the Chargee Security, except to the extent caused by its own negligence or wilful misconduct.

  

 16 

	12.3	The Chargor will, on demand duly documented, indemnify each of the Chargee, a Receiver and their Officers in respect of all costs, expenses, losses or liabilities of
any kind which it incurs or suffers in connection with: 

  

	 	(a)	anything done or omitted in the exercise of the powers conferred on it under the Chargee Security, unless it was caused by its negligence or wilful misconduct;

  

	 	(b)	a claim of any kind (whether relating to the environment or otherwise) made against it which would not have arisen if the Chargee Security had not been granted and
which was not caused by its negligence or wilful misconduct; or 

  

	 	(c)	any breach by the Chargor of the Finance Documents. 

  

	13	Payments 

  

	13.1	All payments by the Chargor under the Chargee Security Documents will be made in full, without any set-off or other deduction. 

  

	13.2	If any tax or other sum must be deducted from any amount payable by the Chargor under the Chargee Security Documents, the Chargor will pay such additional amounts as
are necessary to ensure that the recipient receives a net amount equal to the full amount it would have received before such deductions. 

  

	13.3	All amounts payable by the Chargor under the Chargee Security Documents are exclusive of VAT. The Chargor will, in addition, pay any applicable VAT on those amounts.

  

	13.4	If the Chargor fails to make a payment to the Chargee under the Chargee Security Documents, it will pay interest to the Chargee on the amount concerned at the Default
Rate from the date it should have made the payment until the date of payment (after, as well as before, judgment). 

  

	13.5	No payment by the Chargor (whether under a court order or otherwise) will discharge the Obligation of the Chargor unless and until the Chargee has received payment in
full in the currency in which the Obligation is denominated. If, on conversion into that currency, the amount of the payment falls short of the amount of the Obligation concerned, the Chargee will have a separate cause of action against the Chargor
for the shortfall. 

  

	13.6	Any certification or determination by the Chargee of an amount payable by the Chargor under this Deed is, in the absence of manifest error, conclusive evidence of that
amount. 

  

	14	Remedies 

  

	14.1	The Rights created by this Deed are in addition to any other Rights of the Chargee against the Chargor or any other security provider under any other documentation, the
general law or otherwise. They will not merge with or limit those other Rights, and are not limited by them. 

  

	14.2	No failure by the Chargee to exercise any Right under this Deed will operate as a waiver of that Right. Nor will a single or partial exercise of a Right by the Chargee
preclude its further exercise. 

  

 17 

	14.3	If, at any time, any provision of this Deed is or becomes illegal, invalid or unenforceable in any respect under any law of any jurisdiction, neither the legality,
validity or enforceability of the remaining provisions nor the legality, validity or enforceability of that provision in any other respect or under the law of any other jurisdiction will be affected or impaired in any way. 

 

	15	Power of attorney 

  

	15.1	During an Enforcement Time, the Chargor, by way of security, irrevocably appoints each of the Chargee and any Receiver severally to be its attorney:

  

	 	(a)	to do anything which the Chargor is obliged to do under the Chargee Security Documents; and 

  

	 	(b)	to exercise any of the Rights conferred on the attorney by the Chargee Security Documents or by law. 

  

	16	Notices 

  

	16.1	Any notice or other communication to a party to this Deed must be in writing. It must be addressed for the attention of such person, and sent to such address or fax
number as that party may from time to time notify to the other parties. 

  

	16.2	It will be deemed to have been received by the relevant party on receipt at that address or fax number. 

  

	16.3	The initial administrative details of the parties are contained in Schedule 1 (Initial administrative details of the parties) but a party may amend its own
details at any time by notice to the other party. 

  

	16.4	Any notice to the Chargor may alternatively be sent to its registered office or to any of its places of business or to any of its directors or its company secretary;
and it will be deemed to have been received when delivered to any such places or persons. 

  

	17	Law and jurisdiction 

  

	17.1	This Deed is governed by English law. 

  

	17.2	The courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection with this Deed (including a dispute regarding the existence,
validity or termination of this Deed) (a Dispute). 

  

	17.3	The parties agree that the courts of England are the most appropriate and convenient courts to settle Disputes and, accordingly, that they will not argue to the
contrary. 

  

 18 

	17.4	Clause 17.2 is for the benefit of the Chargee only. As a result, the Chargee will not be prevented from taking proceedings relating to a Dispute in any other courts
with jurisdiction. To the extent allowed by law, the Chargee may take concurrent proceedings in any number of jurisdictions. 

  

	17.5	The Chargor irrevocably appoints Law Debenture Corporate Services Limited (Tel: +44(0)20 7696 5242, Fax: +44(0)20 7696 5262) at its registered office, Fifth Floor, 100
Wood Street, London EC2V 7EX, from time to time to receive on its behalf process issued out of the English courts in connection with this Deed. 

  

	17.6	Failure by the process agent to notify the Chargor of the process will not invalidate the proceedings concerned. 

  

	17.7	If this appointment is terminated for any reason, the Chargor will appoint a replacement agent and will ensure that the new agent notifies the Chargee of its acceptance
of appointment. 

   This Deed has been executed as a deed, and it has been delivered on the date
stated at the beginning of this Deed. 
  

 19 

 Schedule 1 
 Initial administrative details of the parties 
  

							
	 Party
	  	 Address
	  	 Fax number
	  	 Attention

	Chargor	  	 39 Rue du Colisée
 75008
Paris France
	  	33 1 56 43 97 03	  	Florence ANGLADE
				
	Chargee	  	30, avenue Pierre Mendés-France 75013 Paris France	  	+331 58 19 29 98	  	Jean TERREN

  

 20 

 Schedule 2 
 Accounts 
 PZZFZ006102 PARIS RE FRANCE NATIXIS PLEDGE 
  

 21 

 Schedule 3 
 Notice and acknowledgment of charge and assignment 
 To: BNY Mellon
Asset Servicing B.V. 
 Date: • 
 Dear Sirs 
 Notice of Charge and Assignment 
  

	1	We give you notice that, under a charge over custody accounts dated • entered into by us (and others) in favour of Natixis (the Chargee), we have
charged to the Chargee by way of first fixed charge all of our rights in our • account(s) with you (no. •) (the Account(s)) and we have assigned to the Chargee all of our rights in [insert details
of Custodian agreement (the Agreement)]. 

  

	2	We have agreed with the Chargee not to close the Account(s) or to terminate, amend or waive any of the terms of the Account(s) or the Agreement without the consent of
the Chargee. 

  

	3	We remain liable for our obligations under the Agreement. The Chargee has no obligations under it. 

  

	4	We instruct you: 

  

	 	(a)	to honour withdrawals from the Account(s) if requested by the Chargee; 

  

	 	(b)	upon receipt of a Notice of Exclusive Control from the Chargee, not to honour any withdrawals from the Account(s) if requested by us, unless our instructions are
countersigned by the Chargee; 

  

	 	(c)	make all payments due to us under the Agreement to the Chargee at [insert an account number if required] (whose receipt will
be a good discharge to you for such payments); and 

  

	 	(d)	disclose to the Chargee, without further approval from us, such information regarding the Account(s) and the Agreement as the Chargee may from time to time request and
to send it copies of all statements and other notices issued by you in connection with the Account(s) and the Agreement. 

  

	5	These instructions cannot be varied or terminated without the consent of the Chargee. 

  

 22 

	6	Please sign the enclosed acknowledgement and return it to the Chargee at [address] marked for the attention of •. 

  

	
	
	  
	for and on behalf of
	
	PARIS RE

 Acknowledgement of
Charge 
  

	To:	NATIXIS 

  

	1	We acknowledge receipt of the notice described above. 

  

	2	We have not received notice that any other person has an interest in the Account(s) or the Agreement. 

  

	3	We will comply with the instructions in the notice. 

  

	4	Upon receipt of a Notice of Exclusive Control from the Chargee, we will not, without the Chargee’s consent, permit any amount to be withdrawn from the Account.

  

	5	We agree that no amendment or termination of the Agreement nor any waiver of its terms, will be effective unless approved by the Chargee. 

  

	6	We will not, without the Chargee’s consent, exercise any right of combination, consolidation or set-off which we may have in respect of the Account(s) or the
Agreement unless they arise out of the Agreement itself. 

  

					
	 Executed as a
	  	)	  	
			
	 deed by
	  	)	  	______________________________________
	 BNY Mellon Asset Servicing B.V.
	  	)	  	                        Authorised
signatory
			
	 acting by:
	  	)	  	______________________________________
		  		  	                        Authorised
signatory

 Date: • 
  

 23 

 Schedule 4 
 Notice of Exclusive Control 
 [On the letterhead of the
Chargee] 
 To:             BNY Mellon Asset Servicing B.V. 
 Copy to:    NATIXIS 
 We refer
to (i) the Charge over Custody Accounts (the “Charge”) dated • entered into by PARIS RE in favour of us as Chargee of • [address] and (ii) the Account Control Agreement (the
“Account Control Agreement”) dated • and entered into among PARIS RE, you as Custodian and us. A copy of each such agreement is annexed to this notice. Terms defined in the Charge shall have the same meanings in this
notice. 
 We hereby notify you that there has been an Event of Default under clause 11 of the Facility Letter which is continuing. 

We hereby irrevocably authorise and instruct you to accept instructions solely from us in relation to the Charged Accounts in accordance with the
provisions of the Charge, the Facility Agreement and the Account Control Agreement. 
  

	
	Yours faithfully,
	
	  
	
	For and on behalf of
	
	Paris Re

 Date _____________________________

  

 24 

 Acknowledgement 
 BNY Mellon Asset Servicing B.V. 
 We acknowledge receipt of a Notice of
Exclusive Control. We acknowledge that we now act as the agent of the Chargee. We agree that we will deal with Charged Accounts in accordance with the provisions of the Security Agreement, the Reinsurance Agreement and the Account Control Agreement.

  

	
	Acknowledged by BNY Mellon Asset Servicing B.V.
	
	  
	

 Dated: ______________________________ 
  

 25 

 SIGNATORY 
  

					
	The Chargor	 		 	
			
	Executed as a deed by	 		 	
			
	PARIS RE	 		 	/s/
		 		 	Director
			
	The Chargee	 		 	
		 		 	/s/
			
		 		 	 
		 		 	
	NATIXIS	 		 	Authorised signatories
			
	 	 		 	/s/

  

 26Account Control Agreement dated December 18, 2008

 Exhibit 10.27.8 
 Dated 18 December 2008 
  

	(1)	PARIS RE 

  

	(2)	BNY MELLON ASSET SERVICING B.V., 

	    	LONDON BRANCH 

  

	(3)	NATIXIS 

  
  
 ACCOUNT CONTROL
AGREEMENT 
  
  

			
	 Clause
	  	Page
	 1       Interpretation
	  	1
		
	 2       Supplementary Agreement to the Custody Agreement
	  	3
		
	 3       The Charged Account and the Pre-Payment Fund
	  	3
		
	 4       Notice and acknowledgement of charge
	  	4
		
	 5       Priority of Lien
	  	4
		
	 6       Control of the Charged Account
	  	4
		
	 7       Statements, Confirmations and Notices of Adverse Claims
	  	5
		
	 8       Limited Responsibility of the Custodian
	  	5
		
	 9       Representation and Warranty of the Client
	  	6
		
	 10     Undertaking of the Client
	  	6
		
	 11     Undertakings of the Custodian
	  	7
		
	 12     Indemnification of the Custodian
	  	7
		
	 13     The Custody Agreement
	  	7
		
	 14     Termination
	  	8
		
	 15     Amendments
	  	9
		
	 16     Severability
	  	9
		
	 17     Successors and Assignment
	  	9
		
	 18     Notices
	  	10
		
	 19     Counterparts
	  	10
		
	 20     Third Party Rights
	  	10
		
	 21     Law and Jurisdiction
	  	10

 THIS ACCOUNT CONTROL AGREEMENT (the “Agreement”) is made on 18 December 2008
 
 BETWEEN: 
  

	1.	PARIS RE, a company incorporated in France whose registered address is at 39, rue du Colisée, 75008 Paris (the “Client”);

  

	2.	BNY MELLON ASSET SERVICING B.V., LONDON BRANCH a company incorporated under the laws of the Netherlands, whose registered address is at 160 Queen Victoria
Street, London EC4V 4LA, United Kingdom (the “Custodian”); and 

  

	3.	NATIXIS a company incorporated in France whose registered address is at 30, avenue Pierre Mendés-France, 75013 Paris (the “Security
Holder”). 

 RECITALS: 
  

	(A)	The Client and the Security Holder are parties to the Charge over Custody Accounts. 

  

	(B)	The Custodian and the Client are parties to the Custody Agreement. 

  

	(C)	Under the terms of the Charge over Custody Accounts, the Client has charged in favour of the Security Holder, as continuing security for its obligations under the
Charge over Custody Accounts, the Committed Standby Letter of Credit Facility and this Agreement, all of its right, title, interest and benefit, existing now or in the future, in and to the Charged Accounts and any cash and assets which stand to the
credit thereof from time to time. 

  

	(D)	The Client, the Custodian and the Security Holder are entering into this Agreement to provide for the control of the Charged Accounts and the Client and the Security
Holder are entering into this Agreement to perfect the security interest of the Security Holder therein. 

  

	(E)	The Client and the Custodian are entering into this Agreement to provide that the Charged Accounts are to be subject to the Custody Agreement as varied and supplemented
by the terms of this Agreement. 

 Therefore, in consideration of the premises and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound, the parties hereby agree as follows: 
  

	1	Interpretation 

  

	1.1	Unless the context otherwise requires or unless otherwise defined in this Agreement, words and expressions used in this Agreement or in the recitals shall have the
meaning given in the Custody Agreement and the Charge over Custody Accounts and the following terms have the meaning given in this Clause 1.1. 

  

 1 

 “Assets Manager” means Natixis Asset Management, as agent of the Client, or
any other person which would be substituted with the prior written notice to the Security Holder and to the Custodian. 
 “Charge over Custody Accounts” means the security agreement dated 18 December 2008 between the Security Holder and the Client under which the Client grants security in favour of the Security Holder. 
 “Custody Agreement” means the Global Custody Agreement in rider form between the Client and the Custodian and the Global
Custody Agreement between Paris Re Holdings Limited and the Custodian, both dated 12 July 2007. 
  

	1.2	In this Agreement, save where the context otherwise requires:- 

  

	 	(a)	any reference to a “party” is to a party hereto; 

  

	 	(b)	clause and schedule headings are inserted for convenience only and shall not be taken into account in its interpretation; 

  

	 	(c)	the singular includes the plural where the context so requires and vice versa; 

  

	 	(d)	a natural person includes legal persons and vice versa; 

  

	 	(e)	words importing the masculine gender shall include the feminine gender and vice versa; 

  

	 	(f)	any reference to a “Clause” or “Schedule”, unless the context otherwise requires, is a reference to a clause of or schedule to this Agreement;

  

	 	(g)	any reference to this Agreement or any other agreement or document shall be construed as a reference to this Agreement or, as the case may be, such other agreement or
document as the same may have been, or may from time to time be, amended, varied, novated or supplemented; and 

  

	 	(h)	any reference to a statute or statutory instrument shall be construed as a reference to such statute or statutory instrument as the same may have been, or may from time
to time be, amended or, in the case of a statute, re-enacted or replaced. 

  

 2 

	2	Supplementary Agreement to the Custody Agreement 

  

	2.1	The account details of which appear in Schedule 1 (Charged Accounts) shall, with effect from the date hereof, constitute the Charged Accounts for the purposes of
the Charge over Custody Accounts and this Agreement. 

  

	2.2	The accounts which constitute the Charged Accounts may from time to time be changed, and details of them amended, on written notice from the Client but subject to the
written agreement of the Custodian and the Security Holder. The Client may from time to time, without need for consent of the Security Holder, by agreement with the Custodian, designate further accounts held with the Custodian under the Custody
Agreement as Charged Accounts. 

  

	2.3	Notwithstanding Clause 2.1 or any other provision of this Agreement, no representation or warranty is made or given by the Custodian in respect of the validity or
effectiveness of any charge or other security granted by the Client in favour of the Security Holder. 

  

	2.4	The Client shall, and shall procure that its portfolio managers and other agents will, only issue instructions to the Custodian in relation to the Charged Accounts that
lead to settlement and safekeeping of securities as permitted in accordance with the Custody Agreement. 

  

	2.5	Neither the Client nor the Security Holder shall at any time give, or purport to give, instructions to any sub-custodian appointed by the Custodian in accordance with
the Custody Agreement. 

  

	2.6	If the Custodian receives a Notice of Exclusive Control with respect to the Charged Accounts which is signed by an officer, or person purporting to be an officer, of
the Security Holder then the Custodian shall be protected to like extent as provided in clause 4 (Instructions) of the Custody Agreement at all times in following instructions given by the Security Holder with respect to the Charged Accounts.
All such instructions shall be deemed to be Authorised Instructions, as defined in the Custody Agreement, given on behalf of the Client. 

  

	2.7	Except as varied herein as between the parties hereto, the Custody Agreement is hereby ratified and confirmed and remains in full force and effect.

  

	3	The Charged Accounts 

 The
Custodian hereby confirms that (a) the Charged Accounts have been duly established pursuant to the Custody Agreement in the name of the Client and (b) to the best of the Custodian’s knowledge, except for the claims, rights and
interest of the Security Holder and the Client in the Charged Accounts and any claim, right, title or interest of any sub-custodian that may exist or arise in relation thereto, the Custodian does not know of any claim of any person to or right or
interest of any person in, or in relation to, the Charged Accounts. 
  

 3 

	4	Notice and acknowledgement of charge 

  

	4.1	Subject to Clause 2.3, the Custodian hereby acknowledges the charges created in favour of the Security Holder under clause 3 (Charge and Assignment) of the
Charge over Custody Accounts, including the charges over each of the Charged Accounts and over cash and assets which may from time to time stand to the credit thereof, and acknowledges and consents to the assignment by way of charge under clauses 3
(Charge and Assignment) of the Charge over Custody Accounts of all right, title, interest and benefit of the Client in, to, under or in respect of the Charged Accounts. 

  

	4.2	Subject to Clause 2.3, the Custodian hereby acknowledges that this Agreement constitutes notice of those charges under the terms of the Charge over Custody Accounts.

  

	5	Priority of Lien 

  

	5.1	The Custodian agrees and acknowledges that, notwithstanding any other provision of this Agreement or the Custody Agreement, all such rights as it may from time to time
have in respect of the Charged Accounts or any cash or asset held therein or any credit balance thereon pursuant to the Custody Agreement are subject to all such liens, encumbrances, claims and rights of set off that the Security Holder may have
with respect thereto under the Charge over Custody Accounts and this Agreement. 

  

	5.2	To the extent that the Client owes the Custodian any amounts incurred by the Custodian in connection with the custody of the Charged Accounts, the Client and the
Custodian acknowledge that the Custodian may not debit those amounts from the Charged Accounts. 

  

	6	Control of the Charged Accounts 

  

	6.1	Notwithstanding the provisions of the Custody Agreement, the Custodian shall not comply with any instruction from the Client to transfer or otherwise release any cash
or asset out of the Charged-Accounts without the consent of the Security Holder except as provided in this Clause 6. 

  

	6.2	Until such time as the Security Holder delivers a written notice to the Custodian that the Security Holder is thereby exercising exclusive control over the Charged
Accounts (the “Notice of Exclusive Control”), the Custodian shall in relation to the Charged Accounts, to the extent that the same are permitted under this Clause 6, follow instructions which are given by an officer, or
person purporting to be an officer, of the Client, or the Assets Manager, which shall be deemed to be Authorised Instructions, as defined in the Custody Agreement, given on behalf of the Client. 

  

	6.3	Prior to receipt by the Custodian of a Notice of Exclusive Control, the Custodian shall not, in relation to the Charged Accounts, follow instructions given by any
person which do not purport to be Authorised Instructions given by or on behalf of the Client as provided for in clause 4 (Instructions) of the Custody Agreement. 

  

 4 

	6.4	After the Custodian receives a Notice of Exclusive Control, in relation to the Charged Accounts:- 

  

	 	(a)	the Custodian shall, without need for consent of the Client, comply with instructions of the Security Holder; 

  

	 	(b)	the Client shall not at any time purport to give any instruction; 

  

	 	(c)	the Custodian shall not at any time comply with instructions of the Client or of any other person (other than the Security Holder) unless the Security Holder has
consented to them; 

  

	 	(d)	all instructions given by an officer, or person purporting to be an officer, of the Security Holder shall be deemed to be Authorised Instructions, as defined in the
Custody Agreement, given on behalf of the Client; 

  

	 	(e)	the Custodian shall at all times be protected as provided in clause 4 (Instructions) of the Custody Agreement in following instructions given by an officer, or
person purporting to be an officer, of the Security Holder. 

  

	7	Statements, Confirmations and Notices of Adverse Claims 

  

	7.1	The Custodian shall send copies of all statements and confirmations concerning the Charged Accounts to the Client at the address set forth in the heading of this
Agreement. 

  

	7.2	Upon the request of the Security Holder, the Custodian shall send to the Security Holder, at the address set forth in the heading of this Agreement, copies of all
monthly statements and all other regular periodic reports delivered by the Custodian to the Client with respect to the Charged Accounts. 

  

	7.3	No disclosure of any information by the Custodian to the Security Holder in connection with the Charged Accounts shall at any time constitute a breach of clause 19
(Confidentiality) of the Custody Agreement. 

  

	7.4	Upon receipt of written notice of any lien, encumbrance or adverse claim against the Charged Accounts or in any cash or asset held therein outside the ordinary course
of operation of the Custody Agreement, the Custodian shall notify the Client and the Security Holder thereof. 

  

	8	Limited Responsibility of the Custodian 

  

	8.1	The Custodian shall have no responsibility or liability:- 

  

	 	(a)	to the Security Holder for settling transactions in assets held in the Charged Accounts on the instructions of the Client, in accordance with clause 4 (Instructions)
of the Custody Agreement, which are received by the Custodian before the Custodian receives a Notice of Exclusive Control; or 

  

 5 

	 	(b)	to the Client for complying with a Notice of Exclusive Control or complying with instructions given by an officer, or a person purporting to be an officer, of the
Security Holder in accordance with Clause 2.6 or Clause 6.4; or 

  

	 	(c)	to the Security Holder with respect to the value of the Charged Accounts or any asset held therein. 

  

	8.2	This Agreement does not create any obligation or duty of the Custodian other than those expressly set forth herein. 

  

	9	Representation and Warranty of the Client 

 The Client represents and warrants to the Custodian and the Security Holder that the Charged Accounts, and any interest therein, are beneficially owned by the Client, free from any Encumbrance, other than
any Encumbrance created by the Charge over Custody Accounts and any Encumbrance permitted under Clause 5 (Priority of Lien). 
  

	10	Undertakings of the Client 

  

	10.1	The Client undertakes that it will not, during the subsistence of the Security Agreement, give an instruction to the Custodian which causes the Custodian to create,
grant or permit to exist any Encumbrance over the Charged Accounts other than the Encumbrances created by the Charge over Custody Accounts. 

  

	10.2	The Client undertakes that it will ensure that any amounts owing by it under clause 16 (Remuneration) of the Custody Agreement (other than amounts outstanding on
settlement) are promptly paid to the Custodian, within the 40 days allowed by the said clause 16, otherwise than by application or debiting of the Charged Accounts or any cash or asset held therein or any credit balance thereon.

  

	10.3	For the purposes of payment of amounts owing by it under clause 16 (Remuneration) of the Custody Agreement (other than amounts outstanding on settlement),
including amounts owing by it in respect of the custody of the Charged Accounts, the Client shall procure that there shall be held by the Custodian one or more accounts, other than the Charged Accounts which the Custodian shall be entitled to apply
or debit in payment of such amounts that are not paid within the 40 days allowed by the said clause 16, and the Client shall procure that such account or accounts are at all times kept funded in excess of such amounts. 

  

 6 

	11	Undertakings of the Custodian 

 Without the prior written consent of the Security Holder, the Custodian shall not give, and the Client shall not seek from the Custodian, any express acknowledgment of the existence or of the creation or grant of any Encumbrance over the
Charged Accounts other than in the ordinary course of operation of the Custody Agreement or other than in respect of the Encumbrance created by the Charge over Custody Accounts. 
  

	12	Indemnification of the Custodian 

 The Client hereby agrees to indemnify and hold harmless the Custodian, its directors, officers, agents and employees against any and all claims, causes of action, liabilities, lawsuits, demands and damages, including, without limitation,
any and all court costs and reasonably attorney’s fees, in any way related to or arising out of or in connection with this Agreement or any action taken or not taken pursuant hereof, except to the extent that the same result from the
Custodian’s negligence or wilful misconduct, or fraud. 
  

	13	The Custody Agreement 

  

	13.1	In the event of a conflict between this Agreement and any other agreement between the Custodian and the Client, the terms of this Agreement shall prevail.

  

	13.2	The Custody Agreement shall be treated as a bilateral agreement between the Custodian and the Client, so that, as between the Custodian and the Client:-

  

	 	(a)	any reference therein to “the parties” or to “either party” shall be treated as a reference to the Custodian and the Client only, or to the
Custodian or the Client only, in each case excluding any other person who may be a third party to the Custody Agreement; 

  

	 	(b)	any reference therein to “the Client” shall be treated as a reference to the Client only, excluding any other person who may be a “Client” under the
Custody Agreement (as therein defined); and 

  

	 	(c)	no action taken by any person other than the Client who may be a “Client” under the Custody Agreement shall be recognised by the Custodian as affecting in any
way the rights or obligations of the Client or the identity or authority of any person authorised to give instructions on its behalf. 

  

	13.3	Clause 9(Tax) of the Custody Agreement shall be read and construed for all purposes as though the words “and taxes deducted” appeared after the words
“with respect to withheld taxes” in paragraph (a) thereof. 

  

 7 

	13.4	Notwithstanding clause 11 (Receipt, Delivery & Payment) of the Custody Agreement, the Custodian shall not, otherwise than upon the receipt of and in
accordance with Authorised Instructions (as defined therein) and in accordance with this Agreement, authorise a release or delivery of any cash or asset held in any Charged Accounts and shall not authorise such a release or delivery by reason only
that it is related to an internal account transfer between accounts held for the Client. 

  

	14	Termination 

  

	14.1	Until such time as no further obligations of the Client are outstanding under or pursuant to the terms of the Charge over Custody Accounts notwithstanding anything to
the contrary in clause 20 (Termination & Survival) of the Custody Agreement, this Agreement may not be terminated without the prior written consent of the Security Holder except in circumstances where the Custody Agreement is also
terminated. 

  

	14.2	The obligations of the Custodian under Clauses 5 (Priority of Lien), 6 (Control of the Charged Accounts), 7 (Statements, Confirmations and Notices of
Adverse Claims) and this Clause 14 shall continue in effect until the earlier of (i) the date on which the Security Holder confirms to the Custodian in writing that the Client has made suitable arrangements for another custodian to hold the
cash and assets held in the Charged Accounts and gives its written consent to the Custodian to transfer such cash and assets to the new custodian, (ii) the date on which the Security Holder gives notice to the Custodian in writing that this
Agreement is to be terminated or, if later, such date of termination as may be specified by the Security Holder in such notice or (iii) the date on which the Security Holder confirms to the Custodian in writing that no further obligations of
the Client remain outstanding under or pursuant to the terms of the Charge over Custody Accounts. 

  

	14.3	For the avoidance of doubt, but without prejudice to the Custodian’s right to resign as permitted by Clause 18 (Assignment and Amendment):-

  

	 	(i)	the Custodian shall not, otherwise than with the prior written consent of the Security Holder, give effect to any instruction by the Client to transfer to a new
custodian any of the cash and assets held in the Charged Accounts unless (a) the Client shall have given the Custodian notice in writing of its intention to effect the transfer not less than 60 days prior to the date on which such transfer is
to have effect and (b) the Custodian shall not have received any Notice of Exclusive Control prior to that date; and 

  

	 	(ii)	nothing in this Agreement shall prevent the Client from giving such an instruction (and, for the avoidance of doubt, it is not necessary for this Agreement to be
terminated beforehand) provided that it gives notice to the Custodian and to the Security Holder not less than 60 days prior to that date on which such transfer is to have effect. 

  

 8 

	15	Amendments and assignment 

  

	15.1	Notwithstanding anything to the contrary in clause 20 (Termination & Survival) of the Custody Agreement, no purported amendment, modification or
termination of this Agreement other than in accordance with Clause 14 {Termination) or, to the extent that it would affect the application or effect of any provision hereof, of the Custody Agreement shall be binding on any party hereto unless
it is in writing and is signed by each of the parties hereto, and any attempt so to amend, modify or terminate otherwise than in writing signed by each of the parties hereto shall be null and void. 

  

	15.2	No purported assignment of any rights and no purported transfer of any obligations hereunder shall be binding on any party hereto unless it is in writing and is signed
by each of the parties hereto, and any attempt to effect any such assignment or transfer other than in writing signed by each of the parties hereto shall be null and void, save where, in accordance with clause 18 (Assignment and Amendment) of
the Custody Agreement, the Custodian assigns its rights and transfers its obligations under the Custody Agreement and assigns its rights and transfers its obligations under this Agreement to the same assignee or transferee, 

 

	15.3	No waiver of any rights hereunder shall be binding on any party hereto unless such waiver is in writing and signed by the party by whom enforcement of such rights is
otherwise sought. 

  

	15.4	No waiver by the Client of any rights under the Custody Agreement in relation to the Charged Accounts which would affect the rights of the Security Holder hereunder
shall be valid or binding or recognised or given effect or relied upon or followed by the Custodian, save with the prior written consent of the Security Holder. 

  

	16	Severability 

 If any term
or provision set forth in this Agreement shall be invalid or unenforceable, the remainder of this Agreement, or the application of such terms or provisions to persons or circumstances other than those two which it is held invalid or unenforceable,
shall be construed in ail respects as if such invalid or unenforceable term or provision were omitted. 
  

	17	Successors and Assignment 

  

	17.1	The Custodian may resign as custodian under the Custody Agreement and under this Agreement upon written notice to that effect delivered to the Client and the Security
Holder, but such resignation may not take effect, until the earlier of 60 days following such notice or the date on which a successor custodian is appointed, accepts custody of the Charged Accounts and executes an account control agreement
satisfactory to the Security Holder. The terms of this Agreement shall be binding upon, and shall inure to the benefit of, the parties hereto and their respective successors and permitted assigns. 

  

 9 

	17.2	Subject to Clause 15-2, none of the parties shall assign or transfer any of its rights under this Agreement in whole or in part without the express written consent of
the other parties. 

  

	18	Notices 

 Any notice,
request or other communication required or permitted to be given under this Agreement shall be in writing and deemed to have been properly given when delivered in person, or when sent by telecopy or other electronic means and electronic confirmation
of error free receipt is received or upon receipt of notice sent by certified or registered mail, return receipt requested, postage prepaid, addressed to the party at the address set forth next to such party’s name at the heading of this
Agreement. Any party may change its address for notices in the manner set forth above. 
  

	19	Counterparts 

 This
Agreement may be executed in any number of counterparts, all of which shall constitute one and the same instrument, and any party hereto may execute this Agreement by signing and delivering one or more counterparts. 
  

	20	Third Party Rights 

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

	21	Law and Jurisdiction 

 This Agreement shall be governed by and construed in accordance with English law and the English courts shall have non-exclusive jurisdiction to settle any dispute which may arise from or in connection with it. 
  

 10 

					
	EXECUTION:	  		  	
			
	 SIGNED by
 duly authorised for and on behalf of PARIS
 RE
	  	 )
 )
 )
	  	/s/
			
		  	 )
 )
 )
	  	
			
	 SIGNED by Mr Patrick BOUCHAYER
 duly authorised for and on behalf of
 NATIXIS
	  	 )
 )
 )
	  	/s/ Patrick Bouchayer
			
	 SIGNED by Mr Jean TERREN
 duly authorised for and on behalf of
 NATIXIS
	  	 )
 )
 )
	  	/s/ Jean Terren
			
	 SIGNED by
 duly authorised for and on behalf of BNY
 MELLON ASSET SERVICING B.V.,
 LONDON BRANCH
	  	 )
 )
 )
 )
	  	/s/
			
	 SIGNED by
 duly authorised for and on behalf of BNY
 MELLON ASSET SERVICING B.V.,
 LONDON BRANCH
	  	 )
 )
 )
 )
	  	/s/

 SCHEDULE 1 
 CHARGED ACCOUNTS 
 PZZFZ006102 Paris Re Francs
Natixis Pledge

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