Common use of Margin Call Clause in Contracts

Margin Call. 10.1 If the Margin deteriorates: (a) by 15% or more, We may send You a notice (“Shortfall Margin Notice”) to block an amount out of the monies in the Account or to provide additional Securities in the Investment Account as Additional Collateral in an amount adequate to ensure that the Margin deterioration is rectified ("Shortfall Margin Call"). You will be obligated to make a timely delivery of Additional Collateral as soon as possible post receipt of Shortfall Margin Notice. Till such time that We receive Additional Collateral after the receipt of the Shortfall Margin Call, We shall be providing no further Advance under this Agreement; (b) by 25% or more, We may send You a notice (“Top-Up Margin Call Notice”) to block an amount out of the monies in the Account or to provide additional Securities in the Investment Account as Additional Collateral in an amount adequate to ensure that the Margin deterioration is rectified ("Top-Up Margin Call"). You will be obligated to make a timely delivery of Additional Collateral within a period of seven (7) calendar days from the receipt of Top-Up Margin Call Notice; (c) by 50% or more, We may send You a notice (“Sell-Out Margin Call Notice”) to block an amount out of the monies in the Account or to provide additional Securities in the Investment Account as Additional Collateral in an amount adequate to ensure that the Margin deterioration is rectified ("Sell-Out Margin Call"). You will be obligated to make a timely delivery of Additional Collateral within a period of one (1) calendar day from the receipt of Sell –out Margin Call Notice. 10.2 Failure to provide Additional Collateral in case of receipt of Top-Up Margin Call Notice and Sell-Out Margin Call Notice will constitute an Event of Default and may cause liquidation of all or part of the Collateral. You will continue to be liable on demand for any debit balance remaining after liquidation of the Collateral. Therefore, You agree to ensure that sufficient Collateral is maintained. Without prejudice to the foregoing, You hereby authorise Us to: (a) debit Your Account and block an amount as Additional Collateral as required by Us pursuant to the Margin Call; and (b) to select and designate additional Investment Accounts or cash Accounts to include as Designated Accounts or to add additional Securities or cash to the Designated Accounts to be provided as Additional Collateral and be subject to the charge as provided under 8, in order to remedy the Margin Call (the authority provided herein to be referred to as “Standing Instructions”). You agree that We have no obligation, but may at our sole discretion, to issue a Margin Call or to liquidate Collateral or to select the Collateral to be liquidated or the manner or timing of any liquidation or to unilaterally take any Additional Collateral and/or other Securities as collateral. 10.3 You hereby confirm that You understand that there may be reduction in the LTV where We decide to reduce Your loanable value or there could be a diminished value of the Collateral or an eligible Collateral could be become an ineligible Collateral. 10.4 You hereby confirm that You understand the risks involved in applying for a Credit Facility against a Security which has been assigned a negative rating watch/negative outlook, by a Rating Agency. You further understand and agree that a change in rating may occur at any time and that this could lead to a Margin Call. 10.5 For illustration purposes, the margin erosion will be computed as per below example: Scenario Margin Account Status A Citibank Security Value (CSV) B Weighted average Quantum of Finance % (QOF%) C Outstanding Loan Amount D Current Credit Facility Limit (AxB) E Exposure (A-C) F Margin (C/B)-C G ME% 1-(E/F) H Top Up Requirement (C-D) 1 Within Quantum 100,000 70% 70,000 70,000 30,000.00 30,000 0% $0 2 Pre-Margin 95,500 70% 70,000 66,850 25,500.00 30,000 15% $3,150 3 Margin Call 92,500 70% 70,000 64,750 22,500.00 30,000 25% $5,250 4 Force Sell 85,000 70% 70,000 59,500 15,000.00 30,000 50% $10,500 We reserve the right to amend the formula illustrated above without prior notice to You.

Margin Call. 10.1 If the Margin deteriorates: (a) by 15% Party A will determine the Actual Ratio in respect of each Exchange Business Day during the Pledge Period and if the Actual Ratio is greater than or moreequal to the Top-Up Ratio, We Party A may send You a written notice to Party B (with a copy to the Pledgor) informing them of the Actual Ratio and the Pledged Share Closing Price in respect of such Exchange Business Day and requiring the delivery of additional collateral or a prepayment of the Accrued Premium in accordance with the below (the “Shortfall Margin Top-Up Notice”). In addition to the notice details specified elsewhere in this Agreement, Party A may send the Top-Up Notice solely by email sent to (i) xxxxx@xxxxx.xx (on behalf of himself as Pledgor and as representative of Party B) or (ii) to block an amount out such other email addresses in respect of Party B and the monies in the Account or Pledgor as have been notified by Party B to provide additional Securities in the Investment Account as Additional Collateral in an amount adequate Party A from time to ensure that the Margin deterioration is rectified ("Shortfall Margin Call"). You will be obligated to make a timely delivery of Additional Collateral as soon as possible post receipt of Shortfall Margin Notice. Till such time that We receive Additional Collateral after the receipt of the Shortfall Margin Call, We shall be providing no further Advance under this Agreement;time. (b) by 25% or more, We The Pledgor may send You only transfer additional Pledged Shares to satisfy a notice (“Top-Up Margin Call Notice”) to block an amount out of Notice in whole or in part if the monies Pledged Share Closing Price as specified in the Account or to provide additional Securities in the Investment Account as Additional Collateral in an amount adequate to ensure that the Margin deterioration is rectified ("Top-Up Margin Call")Notice is greater than or equal to fifty per cent. You (50%) of the Initial Pledged Share Closing Price. In addition, the number of the additional Iliad Shares transferred to the Pledged Account by the Pledgor on or prior to the Cut-off Time together with the number of Pledged Shares in the Pledged Account prior to such transfer must not exceed the Maximum Number of Pledged Shares. Further Iliad Shares transferred by the Pledgor in accordance with this paragraph will be obligated to make a timely delivery “Additional Pledged Shares”. For the avoidance of doubt any additional Pledged Shares transferred by the Pledgor that do not comply with this paragraph 12.1(b) will not be awarded any value and will not qualify as Additional Collateral within a period of seven (7) calendar days from the receipt of Top-Up Margin Call Notice;Pledged Shares. (c) by 50% or moreParty B shall inform Party A having consulted with the Pledgor, We may send You a notice (“Sell-Out Margin Call Notice”) to block an amount out on the Scheduled Trading Day following the date of the monies in the Account or to provide additional Securities in the Investment Account as Additional Collateral in an amount adequate to ensure that the Margin deterioration is rectified ("Sell-Out Margin Call"). You will be obligated to make a timely delivery of Additional Collateral within a period of one (1) calendar day from the receipt of Sell –out Margin Call Notice. 10.2 Failure to provide Additional Collateral in case of receipt of Top-Up Margin Call Notice Notice, of (I) the amount that Party B intends to transfer as cash collateral (if any); (II) the prepayment Party B intends to make to reduce the Accrued Premium (if any); and/or (III) the number of Iliad Shares that the Pledgor shall credit to the Pledged Account in compliance with the terms of sub-paragraph (b) above (if any); and (d) on or prior to the Cut-off Time, Party B shall either: (i) pay to Party A an amount in EUR as cash collateral; and/or (ii) prepay the Accrued Premium in accordance with the Premium Prepayment provisions of this Confirmation, such that following such payments and Selltaking into account the Additional Pledged Shares transferred to the Pledged Account by the Pledgor on or prior to the Cut-Out Margin Call Notice will constitute an Event off Time in accordance with sub-paragraph (b) above (if any), the Actual Ratio is lower than or equal to the Restore Ratio. For the avoidance of Default and may cause liquidation of all doubt no payment is required by Party B where the Additional Pledged Shares alone are sufficient to reduce the Actual Ratio to lower than or part of equal to the Collateral. You will continue to be liable on demand for any debit balance remaining after liquidation of the Collateral. Therefore, You agree to ensure that sufficient Collateral is maintained. Restore Ratio. (e) Without prejudice to any other rights or remedies of Party A under the foregoingAgreement, You hereby authorise Us to: if the amount paid by Party B to Party A under sub-paragraph (ad) debit Your Account above differs from the amounts notified under sub-paragraph (c) above, any excess will be treated as cash collateral and block an amount as Additional Collateral as required by Us pursuant to the Margin Call; and (b) to select and designate additional Investment Accounts or cash Accounts to include as Designated Accounts or to add additional Securities or cash to the Designated Accounts to any deficit will be provided as Additional Collateral and be subject to the charge as provided under 8, in order to remedy the Margin Call (the authority provided herein to be referred to as “Standing Instructions”). You agree that We have no obligation, but may at our sole discretion, to issue a Margin Call or to liquidate Collateral or to select the Collateral to be liquidated or the manner or timing of any liquidation or to unilaterally take any Additional Collateral and/or other Securities as collateral. 10.3 You hereby confirm that You understand that there may be reduction in the LTV where We decide applied first to reduce Your loanable value or there could be a diminished value the amount of the Collateral or an eligible Collateral could be become an ineligible Collateralprepayment of the Accrued Premium. 10.4 You hereby confirm that You understand the risks involved in applying for a Credit Facility against a Security which has been assigned a negative rating watch/negative outlook, by a Rating Agency. You further understand and agree that a change in rating may occur at any time and that this could lead to a Margin Call. 10.5 For illustration purposes, the margin erosion will be computed as per below example: Scenario Margin Account Status A Citibank Security Value (CSV) B Weighted average Quantum of Finance % (QOF%) C Outstanding Loan Amount D Current Credit Facility Limit (AxB) E Exposure (A-C) F Margin (C/B)-C G ME% 1-(E/F) H Top Up Requirement (C-D) 1 Within Quantum 100,000 70% 70,000 70,000 30,000.00 30,000 0% $0 2 Pre-Margin 95,500 70% 70,000 66,850 25,500.00 30,000 15% $3,150 3 Margin Call 92,500 70% 70,000 64,750 22,500.00 30,000 25% $5,250 4 Force Sell 85,000 70% 70,000 59,500 15,000.00 30,000 50% $10,500 We reserve the right to amend the formula illustrated above without prior notice to You.