Council Meeting Held on 7/05/2020

Amendment and Restatement Deed (Guarantee and Indemnity)

PARTIES

The Local Authorities listed in Schedule 1 Guarantors

TEL Security Trustee (LGFA) Limited Security Trustee

1 3815670 v5 DEED dated 2020

PARTIES

The Local Authorities Listed in Schedule 1 ("Guarantors")

TEL Security Trustee (LGFA) Limited ("Security Trustee")

INTRODUCTION

The parties wish to amend and restate the Guarantee and Indemnity as set out in this deed.

COVENANTS

1. INTERPRETATION

1.1 Definitions: In this deed:

"Effective Date" means the date notified by the Security Trustee as the Effective Date in accordance with clause 2.1.

"Guarantee and Indemnity" means the guarantee and indemnity dated 7 December 2011 between the Guarantors and the Security Trustee.

1.2 Guarantee and Indemnity definitions: Words and expressions defined in the Guarantee and Indemnity (as amended by this deed) have, except to the extent the context requires otherwise, the same meaning in this deed.

1.3 Miscellaneous:

(a) Headings are inserted for convenience only and do not affect interpretation of this deed.

(b) References to a person include that person's successors, permitted assigns, executors and administrators (as applicable).

(c) Unless the context otherwise requires, the singular includes the plural and vice versa and words denoting individuals include other persons and vice versa.

(d) A reference to any legislation includes any statutory regulations, rules, orders or instruments made or issued pursuant to that legislation and any amendment to, re- enactment of, or replacement of, that legislation.

(e) A reference to any document includes reference to that document as amended, modified, novated, supplemented, varied or replaced from time to time.

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2 (f) Unless otherwise stated, reference to a clause or schedule is a reference to a clause of or schedule to this deed.

(g) A reference to "including", "for example" or "such as", when introducing an example, does not limit the meaning of the words to which the example relates to that example or examples of a similar kind.

2. CONDITIONS PRECEDENT

2.1 Effective Date: The Effective Date shall be the date the Security Trustee confirms to the Guarantors and the Principal Debtor that it has received, and found satisfactory to it in form and substance, the documents and evidence specified in schedule 2.

3. AMENDMENT AND RESTATEMENT

3.1 Amendment and restatement: With effect on and from the Effective Date, the Guarantee and Indemnity shall be amended and restated in the form set out in the appendix to this deed.

3.2 Full force and effect: Except to the extent amended by this deed, the Guarantee and Indemnity remains in full force and effect.

4. ISSUER ACKNOWLEDGEMENTS AND CONFIRMATIONS

4.1 Debenture Trust Deed: Each Guarantor acknowledges and agrees that nothing in this deed shall prejudice the rights of the Security Trustee under the Debenture Trust Deed and confirms and agrees that its liabilities and obligations under the Debenture Trust Deed, all Security Stock issued, and all Security Stock Certificates delivered, to the Security Trustee continue in full force and effect.

4.2 Notice details: Each Guarantor confirms that its current notice details for the purposes of clause 13 of the Guarantee and Indemnity are as set out in schedule 1.

5. GENERAL

5.1 Counterparts: This deed may be executed in any number of counterparts, and this shall have the same effect as if the signatures on the counterparts were on a single copy of this deed.

5.2 Governing law: This deed is governed by, and construed in accordance with, New Zealand law. The parties submit to the non-exclusive jurisdiction of the courts of New Zealand.

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3 EXECUTED AS A DEED

The Guarantors

ASHBURTON DISTRICT COUNCIL by: