|   |
|--------|

|   |
|--------|

----

|   |                                                | Page   |
|--------|-----------------------------------------------------|--------|
|   |                                                |   |
| 1.     | INTERPRETATION                                      | 1      |
|   |                                                |   |
| 2.     | THE FACILITIES                                      | 41     |
|   |                                                |   |
| 3.     | PARTICIPATION OF LENDERS                            | 45     |
|   |                                                |   |
| 4.     | CONDITIONS PRECEDENT                                | 48     |
|   |                                                |   |
| 5.     | DRAWINGS                                            | 50     |
|   |                                                |   |
| 6.     | INTEREST                                            | 56     |
|   |                                                |   |
| 7.     | REPAYMENT                                           | 61     |
|   |                                                |   |
| 8.     | PREPAYMENT                                          | 64     |
|   |                                                |   |
| 9.     | CANCELLATION                                        | 67     |
|   |                                                |   |
| 10.    | FEES                                                | 68     |
|   |                                                |   |
| 11.    | CURRENCY OPTION                                     | 71     |
|   |                                                |   |
| 12.    | TAXES                                               | 75     |
|   |                                                |   |
| 13.    | CHANGE IN CIRCUMSTANCES                             | 83     |
|   |                                                |   |
| 14.    | PAYMENTS                                            | 87     |
|   |                                                |   |
| 15.    | REPRESENTATIONS AND WARRANTIES                      | 89     |
|   |                                                |   |
| 16.    | POSITIVE UNDERTAKINGS                               | 98     |
|   |                                                |   |
| 17.    | NEGATIVE UNDERTAKINGS                               | 103    |
|   |                                                |   |
| 18.    | CAPITAL STRUCTURE                                   | 115    |
|   |                                                |   |
| 19.    | INFORMATION AND ACCOUNTING UNDERTAKINGS             | 118    |
|   |                                                |   |
| 20.    | FINANCIAL COVENANTS OF BIDCO AND THE OTHER OBLIGORS | 128    |
|   |                                                |   |
| 21.    | FINANCIAL DEFINITIONS AND CONSTRUCTION              | 130    |
|   |                                                |   |
| 22.    | ACCESSION OF NEW OBLIGORS                           | 137    |
|   |                                                |   |
| 23.    | EVENTS OF DEFAULT                                   | 139    |
|   |                                                |   |
| 24.    | GUARANTEES                                          | 148    |
|   |                                                |   |
| 25.    | GUARANTEE LIMITATIONS                               | 152    |
|   |                                                |   |
| 26.    | THE AGENTS AND THE MANDATED LEAD ARRANGERS          | 162    |
|   |                                                |   |
| 27.    | ASSIGNMENTS aND TRANSFERS                           | 168    |
|   |                                                |   |
| 28.    | PRO RATA PAYMENTS, RECEIPTS AND SET OFF             | 174    |
|   |                                                |   |
| 29.    | NOTICES AND CERTIFICATES                            | 177    |
|   |                                                |   |
| 30.    | AMENDMENTS, WAIVERS AND CONSENTS                    | 179    |
|   |                                                |   |
| 31.    | INDEMNITIES                                         | 183    |
|   |                                                |   |
| 32.    | PARTIAL INVALIDITY                                  | 186    |
|   |                                                |   |
| 33.    | GOVERNING LAW AND SUBMISSION TO JURISDICTION        | 186    |

----

| 34.    | COUNTERPARTS                                                | 187    |
|--------|-------------------------------------------------------------|--------|
|   |                                                        |   |
| 35.    | THIRD PARTIES RIGHTS                                        | 187    |
|   |                                                        |   |
| 36.    | PLEDGES ON BANK ACCOUNTS UNDER GENERAL TERMS AND CONDITIONS | 188    |

| SCHEDULE 1                                | The Original Lenders                                       | 189 |
|------------------------------------------------|------------------------------------------------------------|-----|
| SCHEDULE 2                                | The Borrowers and the Guarantors                           | 190 |
| SCHEDULE 3                                | Documentary Conditions                                     | 191 |
| SCHEDULE 4                                | Form of Drawing Request                                    | 196 |
| SCHEDULE 5                                | Mandatory Costs Formulae                                   | 198 |
| SCHEDULE 6                                | Transfer and Accession Deed                                | 202 |
| SCHEDULE 7                                | Accession                                                  | 205 |
| SCHEDULE 8                                | Ancillary Facilities                                       | 210 |
| SCHEDULE 9                                | Provisions relating to Letters of Credit/Lender Guarantees | 212 |
| SCHEDULE 10                               | Agreed Security Principles                                 | 216 |
| SCHEDULE 11                               | Security Documents                                         | 223 |
| SCHEDULE 12                               | Formalities Certificate                                    | 225 |
| SCHEDULE 13                               | Intentionally left blank                                   | 229 |
| SCHEDULE 14                               | Solvency Certificate                                       | 230 |
| SCHEDULE 15                               | Furnaces Business                                          | 234 |
| SCHEDULE 16      | Form of Bank Certificate                                   | 236 |

----

| (1) | ELSTER HOLDINGS GMBH (formerly ELSTER GROUP GMBH and NACHTWACHE ACQUISITION GMBH), a company organised under the laws of Germany, registered in the commercial register of the local court of Essen under registration number HRB 18866 (“Bidco”); |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | THE COMPANIES identified in Part A1 of Schedule 2 (The Borrowers and the Guarantors) as Borrowers; |
|-----|----------------------------------------------------------------------------------------------------|

| (3) | THE COMPANIES identified in Part A2 of Schedule 2 (The Borrowers and the Guarantors) as Guarantors; |
|-----|-----------------------------------------------------------------------------------------------------|

| (4) | CIBC WORLD MARKETS PLC, DEUTSCHE BANK AG, LONDON BRANCH and THE ROYAL BANK OF SCOTLAND PLC, FRANKFURT BRANCH as mandated lead arrangers (the “Mandated Lead Arrangers”); |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | THE LENDERS identified in Schedule 1 (The Original Lenders) as Original Lenders; |
|-----|----------------------------------------------------------------------------------|

| (6)  | DEUTSCHE BANK AG, LONDON BRANCH as Facility Agent; |
|-----------|----------------------------------------------------|

| (7)  | DEUTSCHE BANK AG, LONDON BRANCH as Security Agent; and |
|-----------|--------------------------------------------------------|

| (8)  | CIBC WORLD MARKETS PLC as Documentation Agent. |
|-----------|------------------------------------------------|

| 1. | INTERPRETATION |
|----|----------------|

| 1.1 | Definitions |
|-----|-------------|

----

|   | (a) | when designated “Tranche A”, the principal amount of each advance made or to be made under the Tranche A Term Facility; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | when designated “Tranche B”, the principal amount of each advance made or to be made under the Tranche B Term Facility; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | when designated “Tranche B1”, the principal amount of each advance made or to be made under the Tranche B1 Term Facility; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | when designated “Tranche C”, the principal amount of each advance made or to be made under the Tranche C Term Facility; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | when designated “Tranche C1”, the principal amount of each advance made or to be made under the Tranche C1 Term Facility; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | when designated “Tranche D”, the principal amount of each advance made or to be made under the Tranche D Term Facility; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | when designated “Revolving”, the principal amount of each cash advance made or to be made under the Revolving Facility; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------|

|   | (h) | when designated “Rollover”, any Revolving Advance  which is used to refinance a maturing Revolving Advance  drawn under the Revolving Facility or to fund a demand under a Lender Guarantee or a Letter of Credit issued under the Revolving Facility or a guarantee issued under an Ancillary Facility, the amount of which is equal to or less than the amount of the maturing Revolving Advance  and is in the same currency and is to be drawn on the same day, as such maturing Revolving Advance is to be repaid; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | when designated “Term-out”, any Capex and Acquisition Advance which is converted into a Term Advance pursuant to Clause 7.7(b) (Revolving Advances); |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (j) | without any such designation, a “Tranche A Advance”, “Tranche B Advance”, “Tranche B1 Advance”, “Tranche C Advance”, “Tranche C1 Advance”, “Tranche D Advance”, “Revolving Advance”, “Rollover Advance” and/or “Term-out Advance”, as the context requires; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (a) | for the purposes of the preparation of the audited consolidated financial statements of the Group, either: |
|--------|-----|------------------------------------------------------------------------------------------------------------|

|   | (i)  | US GAAP, to be calculated in Euro or US Dollars; or |
|--------|-----------|-----------------------------------------------------|

|   | (ii) | IFRS, to be calculated in Euro or US Dollars; |
|--------|------|-----------------------------------------------|

|   | (b) | for the purposes of the preparation of the audited (or unaudited) unconsolidated financial statements for each Borrower required to be delivered pursuant to Clause 19.4 (Financial Statements), the accounting principles, standards and practices generally accepted from time to time in the jurisdiction of incorporation of the relevant Borrower; and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (c) | for the purposes of the preparation of management accounts of the Group required to be delivered pursuant to Clause 19.4 (Financial Statements), such accounting principles, standards and practices as are consistent with the accounting principles, standards and practices referred to in paragraph (a) above, applied to the extent appropriate in the context of preparation of management accounts; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | in the case of the Revolving Facility, the period commencing on the first Drawing Date of the Senior Term Facilities and ending on the date which is 1 month prior to the Revolving Facility Maturity Date; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | in the case of the Senior Term Facilities (excluding the Tranche B1 Term Facility and the Tranche C1 Term Facility), the period commencing on the Completion Date and ending on the date falling 30 days thereafter; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | in the case of the Tranche B1 Term Facility and the Tranche C1 Term Facility, the period commencing on and including the Effective Date and ending on the date falling 5 days thereafter; and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | in the case of the Bonding Facility, the period commencing on the Completion Date and ending on the date which is 1 month prior to the Bonding Facility Maturity Date; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (a) | if such reference relates to the date for payment or purchase of any sum denominated in a currency other than Euro, the principal financial centre of the country of such currency; and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | if such reference relates to the date for payment or purchase of any sum denominated in Euro, any TARGET Day; |
|--------|-----|---------------------------------------------------------------------------------------------------------------|

----

|   | (a) | securities issued by, or unconditionally guaranteed by, the United Kingdom Government, the United States Government or the government of any Specified Sovereign or issued by any agency thereof and, as the case may be, guaranteed by the United Kingdom Government or backed by the full faith and credit of the United States Government or guaranteed by the government of any Specified Sovereign, in each case maturing within 1 year of the date of acquisition; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | commercial paper and other debt securities issued by any corporation organised under the laws of the United Kingdom, the United States or a Specified Sovereign maturing no more than 1 year from the date of acquisition thereof and, at the time of acquisition, having a rating of at least A-1 from Standard and Poor’s Rating Services, a division of The McGraw-Hill Corporation, Inc. or at least P-1 from Moody’s Investor Services Inc.; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | certificates of deposit or bankers’ acceptances issued by any commercial bank organised under the laws of the United Kingdom, the United States or a Specified Sovereign maturing within 1 year from the date of acquisition thereof issued by any bank having a long term unsecured debt rating of at least A-1 from Standard and Poor’s Rating Services, a division of The McGraw-Hill Corporation, Inc. or at least P-1 from Moody’s Investor Services Inc.; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | investments in money market funds which invest substantially all their assets in securities of the types described in paragraphs (a) to (c) above; and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | any other debt securities approved by the Majority Lenders; |
|--------|-----|-------------------------------------------------------------|

----

|   | (a) | when designated “Tranche A”, in relation to an Original Lender and the Tranche A Term Facility, the amount set opposite its name in Schedule 1 (The Original Lenders) in relation to the Tranche A Term Facility and, in relation to any other Lender, the amount or the total amount of the Tranche A Commitments transferred to it under a Transfer and Accession Deed or Transfer and Accession Deeds or other document pursuant to which it becomes party to, or acquires rights under, this Agreement or any amendment and/or waiver agreement, and in relation to an Original Lender and/or a Lender, as may be set out in a record held by the Facility Agent from time to time; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | when designated “Tranche B”, in relation to an Original Lender and the Tranche B Term Facility, the amount set opposite its name in Schedule 1 (The Original Lenders) in relation to the Tranche B Term Facility and, in relation to any other Lender, the amount or the total amount of the Tranche B Commitments transferred to it under a Transfer and Accession Deed or Transfer and Accession Deeds or other document pursuant to which it becomes party to, or acquires rights under, this Agreement or any amendment and/or waiver agreement, and in relation to an Original Lender and/or a Lender, as may be set out in a record held by the Facility Agent from time to time; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | when designated “Tranche B1”, in relation to an Original Lender and the Tranche B1 Term Facility, the amount set opposite its name in Schedule 1 (The Original Lenders) in relation to the Tranche B1 Term Facility and, in relation to any other Lender, the amount or the total amount of the Tranche B1 Commitments transferred to it under a Transfer and Accession Deed or Transfer and Accession Deeds or other document pursuant to which it becomes party to, or acquires rights under, this Agreement or any amendment and/or waiver agreement, and in relation to an Original Lender and/or a Lender, as may be set out in a record held by the Facility Agent from time to time; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | when designated “Tranche C”, in relation to an Original Lender and the Tranche C Term Facility, the amount set opposite its name in Schedule 1 (The Original Lenders) in relation to the Tranche C Term Facility and, in relation to any other Lender, the amount or the total amount of the Tranche C Commitments transferred to it under a Transfer and Accession Deed or Transfer and Accession Deeds or other document pursuant to which it becomes party to, or acquires rights under, this Agreement or any amendment and/or waiver agreement, and in relation to an Original Lender and/or a Lender, as may be set out in a record held by the Facility Agent from time to time; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (e) | when designated “Tranche C1”, in relation to an Original Lender and the Tranche C1 Term Facility, the amount set opposite its name in Schedule 1 (The Original Lenders) in relation to the Tranche C1 Term Facility and, in relation to any other Lender, the amount or the total amount of the Tranche C1 Commitments transferred to it under a Transfer and Accession Deed or Transfer and Accession Deeds or other document pursuant to which it becomes party to, or acquires rights under, this Agreement or any amendment and/or waiver agreement, and in relation to an Original Lender and/or a Lender, as may be set out in a record held by the Facility Agent from time to time; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | when designated “Tranche D”, in relation to an Original Lender and the Tranche D Term Facility, the amount set opposite its name in Schedule 1 (The Original Lenders) in relation to the Tranche D Term Facility and, in relation to any other Lender, the amount or the total amount of the Tranche D Commitments transferred to it under a Transfer and Accession Deed or Transfer and Accession Deeds or other document pursuant to which it becomes party to, or acquires rights under, this Agreement or any amendment and/or waiver agreement, and in relation to an Original Lender and/or a Lender, as may be set out in a record held by the Facility Agent from time to time; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | when designated “Bonding”, in relation to an Original Lender and the Bonding Facility, the amount set opposite its name in Schedule 1 (The Original Lenders) in relation to the Bonding Facility and, in relation to any other Lender, the amount or the total amount of the Bonding Commitments transferred to it under a Transfer and Accession Deed or Transfer and Accession Deeds or other document pursuant to which it becomes party to, or acquires rights under, this Agreement or any amendment and/or waiver agreement, and in relation to an Original Lender and/or a Lender, as may be set out in a record held by the Facility Agent from time to time; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (h) | when designated “Revolving”, in relation to an Original Lender and the Revolving Facility, the amount set opposite its name in Schedule 1 (The Original Lenders) in relation to the Revolving Facility and, in relation to any other Lender, the amount or the total amount of the Revolving Commitments transferred to it under a Transfer and Accession Deed or Transfer and Accession Deeds or other document pursuant to which it becomes party to, or acquires rights under, this Agreement, and in relation to an Original Lender and/or a Lender, as may be set out in a record held by the Facility Agent from time to time; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | that part thereof transferred by it in accordance with Clause 27 (Assignments and Transfers); and |
|--------|-----|--------------------------------------------------------------------------------------------------------|

----

|   | (b) | that part thereof which has been cancelled, reduced or terminated in accordance with this Agreement, |
|--------|-----|------------------------------------------------------------------------------------------------------|

|   | (a) | in relation to an Issuing Lender and a Letter of Credit or Lender Guarantee, the actual and/or contingent liability of that Issuing Lender under that Letter of Credit or Lender Guarantee at that time; or |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | in relation to a Lender and a Letter of Credit or a Lender Guarantee, the actual and/or contingent liability of that Lender in relation to that Letter of Credit or Lender Guarantee at that time as a result of the obligations assumed by it under paragraph 4(b) (Indemnity) of Schedule 9 (Provisions relating to Letters of Credit/Lender Guarantees); |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

|   | (a) | the applicable Screen Rate; or |
|--------|-----|--------------------------------|

|   | (b) | (if no Screen Rate is available for that Interest Period of that Advance) the arithmetic mean of the rates (rounded upwards to four decimal places) as supplied to the Facility Agent at its request quoted by the Reference Lenders to leading banks in the European interbank market, |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

|   | (a) | when designated “Senior”, this Agreement, each Security Document, the Intercreditor Deed, the Hedging Agreements, each Hedging Strategy Letter, the Equity Investor Side Letter, the Ancillary Documents, each Accession Notice, each Fees Letter and any other document designated as a Senior Finance Document by the Facility Agent and Bidco; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | when designated “Mezzanine”, the “Mezzanine Finance Documents” as defined in the Mezzanine Facility Agreement; and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | without any such designation, the Senior Finance Documents and, at any time prior to the Refinancing Date, the Mezzanine Finance Documents; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | when designated “Senior”, each Mandated Lead Arranger, the Facility Agent, the Security Agent, the Documentation Agent, each Lender, each Ancillary Lender, each Issuing Lender and each Hedging Lender and “Senior Finance Party” means any of them; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | when designated “Mezzanine”, the “Mezzanine Finance Parties” as defined in the Mezzanine Facility Agreement; and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | without any such designation, the Senior Finance Parties and, at any time prior to the Refinancing Date, the Mezzanine Finance Parties; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | moneys borrowed; |
|--------|-----|------------------|

|   | (b) | any amount raised by acceptance under any acceptance credit facility or dematerialised equivalent; |
|--------|-----|----------------------------------------------------------------------------------------------------|

|   | (c) | any amount raised pursuant to any note purchase facility or the issue of bonds, notes, debentures, loan stock or any similar instrument; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | the amount of any liability in respect of any lease or hire purchase contract which would, in accordance with Applicable GAAP, be treated as a finance or capital lease (but only to the extent of such treatment); |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | receivables sold or discounted (other than any receivables to the extent they are sold or discounted on a non-recourse basis); |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------|

----

|   | (f) | any amount raised under any other transaction (including any forward sale or purchase agreement) required to be accounted for as a borrowing in accordance with Applicable GAAP; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | any derivative transaction entered into in connection with protection against or benefit from fluctuation in any rate or price (and, when calculating the value of any derivative transaction, only the marked to market net value shall be taken into account); |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (h) | any counter-indemnity obligation in respect of a guarantee, indemnity, bond, standby or documentary letter of credit or any other instrument issued by a bank or financial or other institution; and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the amount of any liability in respect of any guarantee or indemnity for any of the items referred to in paragraphs (a) to (h) above, |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | Financial Indebtedness owed by one member of the Group to another member of the Group shall not be taken into account; and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | Financial Indebtedness referred to in paragraphs (g) and (h) above shall be included only for the purposes of Clause 23.5 (Cross Default); |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | for the period commencing on the date of this Agreement and ending on 31 December 2009, and: |
|--------|-----|----------------------------------------------------------------------------------------------|

----

|   | (i) | for the purpose of Clause 19.4(a)(i) (Financial Statements), 19.4(b) (Financial Statements), 19.4(c) (Financial Statements) and 21.3 (Financial Definitions), Luxco 1 and its Subsidiaries from time to time and “member of the Group” means any one of them; and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | where used in this Agreement other than in Clause 19.4(a)(i) (Financial Statements), 19.4(b) (Financial Statements) and 21.3 (Financial Definitions), the Parent and its Subsidiaries from time to time and “member of the Group” means any one of them; and |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | for the period commencing on 1 January 2010 and thereafter, the Parent and its Subsidiaries from time to time and “member of the Group” means any of them. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | costs relating to a conversion of the accounting and reporting systems from IFRS and Euro to US GAAP and US Dollar; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------|

|   | (b) | costs relating to the implementation of measures to ensure compliance with the Sarbanes-Oxley Act 2002, including changes to IT systems; and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (c) | advisory, consultancy, IT and other costs associated with such preparation and implementation;” |
|--------|-----|-------------------------------------------------------------------------------------------------------|

----

|   | (a) | pursuant to a mandatory or voluntary offer in accordance with the German Takeover Act (Wertpapiererwerbs- und Übernahmegesetz); and/or |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | by Elster GMC Holding GmbH (formerly RI-Industrie Holding GmbH) following registration of the Profit and Loss Absorption Agreement; and/or |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | pursuant to a squeeze-out in accordance with sections 327a-327f of the German Stock Corporation Act (Aktiengesetz); |
|--------|-----|---------------------------------------------------------------------------------------------------------------------|

|   | (a) | consolidated accounts of the Target and its Subsidiaries as of 31 December 2004, audited as required under applicable local law; and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the consolidated monthly reports and monthly and quarterly management accounts of the Target and its Subsidiaries for each monthly or quarterly  period (as the case may be) falling within the period commencing on 1 January 2005 and ending on 31 March 2005, in each case to the extent delivered to the Facility Agent prior to the date hereof; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | when designated “Tranche A”, the Original Lenders identified in Schedule 1 (The Original Lenders) as participating in the Tranche A Term Facility; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | when designated “Tranche B”, the Original Lenders identified in Schedule 1 (The Original Lenders) as participating in the Tranche B Term Facility; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | when designated “Tranche B1”, the lenders identified in a record held by the Facility Agent from time to time as participating in the Tranche B1 Term Facility; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | when designated “Tranche C”, the Original Lenders identified in Schedule 1 (The Original Lenders) as participating in the Tranche C Term Facility; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | when designated “Tranche C1”, the lenders identified in a record held by the Facility Agent from time to time as participating in the Tranche C1 Term Facility; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | when designated “Tranche D”, the Original Lenders identified in Schedule 1 (The Original Lenders) as participating in the Tranche D Term Facility; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | when designated “Bonding”, the Original Lenders identified in Schedule 1 (The Original Lenders) as participating in the Bonding Facility; and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (h) | when designated “Revolving”, the Original Lenders identified in Schedule 1 (The Original Lenders) as participating in the Revolving Facility, |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | the applicable Screen Rate; or |
|--------|-----|--------------------------------|

----

|   | (b) | (if no Screen Rate is available for the currency or Interest Period of that Advance or unpaid sum), the arithmetic mean (rounded upwards to four decimal places) of the rates, as supplied to the Facility Agent at its request, quoted by the Reference Lenders to leading banks in the London interbank market, |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (a) | Lenders whose Commitments aggregate to more than 662⁄3% of the Total Commitments (and for this purpose the amount of an Ancillary Lender’s Revolving Commitment shall not be reduced by the amount of its Ancillary Limit); and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | if the Total Commitments have been reduced to zero, Lenders whose Commitments aggregated more than 662⁄3% of the Total Commitments immediately before the reduction; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | Lenders whose Commitments with respect to the Priority Facilities aggregate to more than 662⁄3% of the aggregate of the Commitments with respect to the Priority Facilities (and for this purpose the amount of an Ancillary Lender’s Revolving Commitment shall not be reduced by the amount of its Ancillary Limit); and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | if the aggregate of the Commitments with respect to the Priority Facilities have been reduced to zero, Lenders whose Commitments with respect to the Priority Facilities aggregated more than 662⁄3% of the aggregate of the Commitments with respect to the Priority Facilities immediately before the reduction; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | Lenders whose Tranche D Commitments aggregate to more than 662⁄3% of the Total Tranche D Commitments; and |
|--------|-----|---------------------------------------------------------------------------------------------------------------|

|   | (b) | if the Total Tranche D Commitments have been reduced to zero, Lenders whose Tranche D Commitments aggregated more than 662⁄3% of the Total Tranche D Commitments immediately before the reduction; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (a) | in relation to the Tranche A Term Facility, 1.75% per annum; and |
|--------|-----|------------------------------------------------------------------|

|   | (b) | in relation to the Tranche B Term Facility, 2.25% per annum; and |
|--------|-----|------------------------------------------------------------------|

|   | (c) | in relation to the Tranche B1 Term Facility, 2.25% per annum; and |
|--------|-----|-------------------------------------------------------------------|

|   | (d) | in relation to the Tranche C Term Facility, 2.50% per annum; and |
|--------|-----|------------------------------------------------------------------|

|   | (e) | in relation to the Tranche C1 Term Facility, 2.50% per annum; and |
|--------|-----|-------------------------------------------------------------------|

|   | (f) | in relation to the Tranche D Term Facility, 5.00% per annum; and |
|--------|-----|------------------------------------------------------------------|

|   | (g) | in relation to the Bonding Facility, 1.75% per annum; and |
|--------|-----|-----------------------------------------------------------|

|   | (h) | in relation to the Revolving Facility, 1.75% per annum, |
|--------|-----|---------------------------------------------------------|

|   | (i) | the business, assets (taken as whole), or financial condition of the Group (taken as a whole); or |
|--------|-----|---------------------------------------------------------------------------------------------------|

|   | (ii) | the ability of any Obligor (taking into account the guarantee obligations of other members of the Group) to perform any of its payment obligations under any Finance Document; or |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | subject to the reservations and any perfection requirements which are not overdue, which affects the validity or the enforceability of any of the Finance Documents in a manner which would be materially adverse to the interests of the Finance Parties under the Finance Documents and if capable of remedy, is not remedied within 5 Business Days of Bidco becoming aware of such event or circumstance or being given notice of such event or circumstance by the Facility Agent; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | each Borrower; and |
|--------|-----|--------------------|

|   | (b) | any other Subsidiary of the Parent whose Consolidated Pro Forma EBITDA represents at least 5% of the Consolidated Pro Forma EBITDA of the Group tested on a quarterly basis as at the end of the Quarter Period by reference to the most recently delivered quarterly management accounts to be delivered pursuant to Clause 19.4(b) (Financial Statements); |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (a) | in relation to any disposal, the total cash consideration received by any member or members of the Group in respect of the disposal from the Group of any member of the Group or of all or any part of the business, undertaking or assets of any member of the Group (including, without limitation, the amount of any debt owed to continuing members of the Group by any member of the Group disposed of which is repaid in connection with that disposal) but after deduction of (i) the amount of all present and future income, capital gains and other taxes, levies, imposts, duties or other charges or withholdings of a similar nature wheresoever imposed and required to be paid as a result of the disposal, (ii) all other costs and expenses (including, without limitation, all legal fees, agents’ commission, auditors’ fees, out-of-pocket redundancy costs, out-of-pocket closure costs,out-of-pocket restructuring costs and out-of-pocket reorganisation costs) properly incurred by continuing members of the Group in connection with that disposal, (iii) reasonable provisions for any liability incurred or assumed in connection with such disposal all such provisions to be confirmed as reasonable by the Auditors, if so required by the Facility Agent (acting on the instructions of the Majority Lenders); and (iv) in respect of the cash consideration received on a disposal of LOI Thermprocess GmbH and its subsidiaries or LOI Inc. only, an amount equal to the aggregate amount lent by LOI Thermprocess GmbH and its subsidiaries and LOI Inc. to other members of the Group prior to completion of the relevant disposal; and/or |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | in relation to the Acquisition Documents or the Reports, the total amount received or recovered by members of the Group (after deduction of all properly incurred costs and expenses of recovery) as a result of a claim for breach of contract or warranty or any other monies otherwise received or recovered under the Acquisition Documents (whether by way of purchase price adjustments or otherwise except in respect of (i) a working capital adjustment or (ii) payments in respect of the reimbursement or indemnification of costs incurred by any member of the Group in implementing the carve-out arrangements contemplated by the Acquisition Documents or the Reports (as the case may be)) or under any indemnity contained in the Acquisition Documents (save in respect of indemnities of costs incurred by any member of the Group in implementing the carve-out arrangements referred to above) or the Reports orany other monies otherwise received or recovered by members of the Group under the Acquisition Documents or the Reports; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (a) | any Revolving Advance or Letter of Credit or Lender Guarantee issued under the Revolving Facility, US Dollars and Sterling and any other currency except euros which: |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | is readily available to banks in the London interbank market, and is freely convertible into euros on the Quotation Day and the Drawing Date for the relevant Advance, Letter of Credit or Lender Guarantee (as the case may be); and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | has been approved by the Facility Agent (acting on the instructions of all the Lenders) on or prior to receipt by the Facility Agent of the relevant Drawing Request; and |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | any Letter of Credit or Lender Guarantee issued under the Bonding Facility, any currency. |
|--------|-----|-------------------------------------------------------------------------------------------|

----

|   | (a) | an amalgamation, merger or corporate reorganisation on a solvent basis of a member of the Group where such amalgamation, merger or corporate reorganisation would not reasonably be expected to be materially adverse to the interests of any of the Senior Finance Parties and: |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | all of the business and assets of that member of the Group remain within the Group (and, if that member of the Group was an Obligor immediately prior to such reorganisation being implemented, all of the business and assets of that member of the Group are retained by one or more other Obligors); and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | if it or its assets or the shares in it were subject to a Security Interest in favour of the Senior Finance Parties immediately prior to such reorganisation, the Senior Finance Parties will enjoy (in the reasonable opinion of the Facility Agent) substantially the same or equivalent Security Interest over assets of substantially the same or greater value or, as the case may be, over it or the shares in it (or in each case over the shares of its successor or if a new Holding Company is inserted as part of such reorganisation, security over the shares of such Holding Company); or |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | a demerger on a solvent basis of a member of the Group, approved by the Facility Agent, such approval being granted by the Facility Agent if (in its reasonable opinion) the Senior Finance Parties will enjoy substantially the same or equivalent Security Interests over assets of substantially the same or greater value or, as the case may be, over it or the shares in it and where such demerger would not reasonably be expected to be materially adverse to the interests of any of the Senior Finance Parties; or |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (c) | any corporate reorganisation in accordance with the Structure Memorandum (provided that any intermediate steps in such reorganisation which is not specified in the Structure Memorandum shall only be permitted if it would not reasonably be expected to be materially adverse to the interests of any of the Senior Finance Parties) or referred to in Clause 17.12 (Acquisitions and Investments); or |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | any other amalgamation, merger, demerger, corporate reorganisation or other reorganisation to which the Majority Lenders shall have given their prior written consent, |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | banks, insurance companies, securities firms, collective investment institutions or pension funds that are (i) supervised or licensed under Dutch law or (ii) established in a European Economic Area member state (other than The Netherlands), Monaco, Puerto Rico, Saudi Arabia, Turkey, South Korea, the United States, Japan, Australia, Canada, Mexico, New Zealand or Switzerland and are subject to prudential supervision in their country of establishment; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | collective investment institutions which offer their shares or participations exclusively to professional investors (or, as far as foreign investment institutions are concerned, to such investors located in The Netherlands) and are not required to be supervised or licensed under Dutch law; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | the Dutch government (de Staat der Nederlanden), Dutch Central Bank, a foreign government body being part of a central government, a foreign central bank, Dutch or foreign regional, local or other decentralised governmental institutions, international treaty organisations and supranational organisations; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | enterprises or entities with total assets of at least EUR 500,000,000 (or the equivalent thereof in another currency) according to their balance sheet at the end of the financial year preceding the date they extend credit hereunder to the Borrowers, the date they become a New Lender (as defined in Clause 27.3 (Assignments and Transfers by Lenders)) or the date any party acquires an interest or a sub-participation in any loan made to a Borrower; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | enterprises, entities or natural persons with a net equity (eigen vermogen) of at least EUR 10,000,000 (or the equivalent thereof in another currency) according to their balance sheet at the end of the financial year preceding the date they extend credit hereunder to a Borrower, the date they become a New Lender or the date they acquire an interest or a sub-participation in any loan made to a Borrower and who or which have been active in the financial markets on average twice a month over a period of at least two consecutive years preceding such date; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (f) | subsidiaries of the entities referred to under (a) above provided such subsidiaries are subject to prudential supervision; and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | an entity which has a credit rating from a rating agency which in the opinion of Dutch Central Bank is acceptable or which issues securities with a credit rating from a rating agency which in the opinion of Dutch Central Bank is acceptable; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Prepayment Date                                                                         |   | Percentage |   |
|-----------------------------------------------------------------------------------------|--------|------------|--------|
| during the period commencing on the Completion Date and ending on the First Anniversary |   |       | 2.0    | % |
| on the day after the First Anniversary and thereafter                                   |   |       | 0.0    | % |

----

|   | (a) | for an Advance or unpaid sum denominated in Sterling, the first day of that period; |
|--------|-----|-------------------------------------------------------------------------------------|

|   | (b) | for an Advance or unpaid sum denominated in Euro, 2 TARGET Days before the first day of that period; or |
|--------|-----|---------------------------------------------------------------------------------------------------------|

|   | (c) | for an Advance or unpaid sum denominated in any other currency, 2 Business Days before the first day of that period, |
|--------|-----|----------------------------------------------------------------------------------------------------------------------|

----

|   | (i) | prepayment in full of the Mezzanine Facility, including but not limited to,  accrued interest thereon; and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------|

|   | (ii) | prepayment in full of the Tranche D Term Facility, including but not limited to, accrued interest thereon; |
|--------|------|------------------------------------------------------------------------------------------------------------|

|   | (a) | a financial due diligence report dated 19 May 2005 prepared by PricewaterhouseCoopers in relation to the Acquisition (as updated on 17 June 2005); |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | an insurance report dated 17 May 2005 and an addendum thereto dated 9 June 2005 prepared by Willis GmbH & Co. KG in relation to the Acquisition; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | a legal due diligence report dated 28 May 2005 prepared by Freshfields Bruckhaus Deringer in relation to the Acquisition; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------|

|   | (d) | an environmental report dated 18 May 2005 prepared by URS in relation to the Acquisition; |
|--------|-----|-------------------------------------------------------------------------------------------|

|   | (e) | a pensions report dated 18 May 2005 prepared by Mercer Human Resource Consulting in relation to the Acquisition; |
|--------|-----|------------------------------------------------------------------------------------------------------------------|

|   | (f) | a tax due diligence report dated 17 May 2005 prepared by Ernst & Young in relation to the Acquisition; |
|--------|-----|------------------------------------------------------------------------------------------------------------|

----

|   | (g) | a market report dated 17 May 2005 prepared by A.T. Kearney in relation to the Acquisition; |
|--------|-----|--------------------------------------------------------------------------------------------|

|   | (h) | a legal due diligence report dated 10 June 2005 prepared by Sullivan & Cromwell LLP in relation to the Acquisition; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the Structure Memorandum; and |
|--------|-----|-------------------------------|

|   | (j) | a refinancing review report dated 24 July 2006 prepared by Ernst & Young in relation to the Refinancing, |
|--------|-----|--------------------------------------------------------------------------------------------------------------|

|   | (a) | in relation to LIBOR, the British Bankers Association Interest Settlement Rate for the relevant currency and Interest Period; and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | in relation to EURIBOR, the percentage rate per annum determined by the Banking Federation of the European Union for the relevant Interest Period, |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

|   | (a) | a Lender or Lenders whose Commitments aggregate more than 90% of the Total Commitments (and for this purpose the amount of an Ancillary Lender’s Revolving Commitment shall not be reduced by the amount of its Ancillary Limit); and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | if the Total Commitments have been reduced to zero, whose Commitments aggregated to more than 90% of the Total Commitments immediately prior to that reduction; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

|   | (a) | the proposed Transfer Date specified in the relevant Transfer and Accession Deed; and |
|--------|-----|---------------------------------------------------------------------------------------|

|   | (b) | the date on which the Facility Agent executes the relevant Transfer and Accession Deed; |
|--------|-----|-----------------------------------------------------------------------------------------|

|   | (a) | in repayment of any part of any of the Tranche A Term Facility, Tranche B Term Facility and\or Tranche C Term Facility that was used for the purposes of the UK Acquisition in an aggregate amount not exceeding the Euro Equivalent of EUR25,000,000; and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | repayment of amounts borrowed by Bidco from Elster Group S.a.r.l to the extent used by Bidco to fund its acquisition of shares in Newco UK; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------|

----

| 1.2 | Construction |
|-----|--------------|

----

|   | (a)  | an indemnity; and |
|--------|-----------|-------------------|

|   | (b)  | any other obligation (whatever called) of any person: |
|--------|-----------|-------------------------------------------------------|

|   | (i) | to pay, purchase, provide funds (whether by the advance of money, the purchase of or subscription for shares or other investments, the purchase of assets or services, the making of payments under an agreement or otherwise) for the payment of, indemnify against the consequences of default in the payment of, or otherwise be responsible for, any indebtedness of any other person; or |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | to be responsible for the performance of any obligations by or the solvency of any other person, |
|--------|------|--------------------------------------------------------------------------------------------------|

|   | (a) | any such period would otherwise end on a day which is not a Business Day, it shall end on the next Business Day in the same calendar month or, if none, on the preceding Business Day; and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | a period starts on the last Business Day in a calendar month or if there is no numerically corresponding day in the month in which that period ends, that period shall end on the last Business Day in that later month, |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | the principle that equitable remedies are remedies which may be granted or refused at the discretion of the court, the principle of reasonableness and fairness, the limitation of enforcement by laws relating to bankruptcy, insolvency, liquidation, reorganisation, court schemes, moratoria, administration and other laws generally affecting the rights of creditors and secured creditors; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the time barring of claims under applicable limitation laws, the possibility that an undertaking to assume liability for or to indemnify a person against non-payment of stamp duty may be void, and defences of acquiescence set-off or counterclaim; and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | any other general principles which are set out as qualifications as to matters of law in the legal opinions delivered to the Facility Agent under this Agreement or any other Finance Document; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 1.3 | Other References |
|-----|------------------|

|   | (a) | a reference to a person is, where relevant, deemed to be a reference to or to include, as appropriate, their respective successors, permitted assignees or transferees; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | references to Clauses, Schedules, paragraphs and sub-paragraphs are references to, respectively, clauses of and schedules, paragraphs and sub-paragraphs to, this Agreement and references to this Agreement include its Schedules; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | a reference to any agreement (including, without limitation, any of the Senior Finance Documents) is to be construed as a reference to that agreement as it may from time to time be amended, varied, supplemented, restated or novated but excluding for this purpose any amendment, variation, supplement or modification which is contrary to any provision of any of the Senior Finance Documents; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | a reference to a statute or statutory instrument or any provision thereof is to be construed as a reference to that statute or statutory instrument or such provision thereof as the same may have been, or may from time to time hereafter be, amended or re-enacted; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | a time of day is a reference to London time; |
|--------|-----|----------------------------------------------|

|   | (f) | the index to and the headings in this Agreement are inserted for convenience only and are to be ignored in construing this Agreement; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | words importing the plural shall include the singular and vice versa; and |
|--------|-----|---------------------------------------------------------------------------|

|   | (h) | in the event that compliance with any monetary limit specified in this Agreement (other than Clauses 20 (Financial Covenants of Bidco and the other Obligors) and 21 (Financial Definitions and Construction)) shall fall to be determined any conversion from any currency to Euro necessary for that purpose shall be by reference to the Facility Agent’s Spot Rate of Exchange on the date of determination; and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | notwithstanding anything in this Agreement to the contrary, references to the Commitment or obligation to provide funds of Morgan Stanley Bank International Limited in relation to the Facilities shall be construed as references to the aggregate Commitment or obligation in relation to the Facilities of Morgan Stanley Bank International Limited and Morgan Stanley Senior Funding, Inc. (in such proportions as Morgan Stanley Bank International Limited notifies to the Facility Agent from time to time) and Morgan Stanley Senior Funding, Inc. is a party to this Agreement solely to give effect to such Commitment or obligation (as so notified). |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.4 | Cash Cover |
|-----|------------|

----

|   | (a) | to repay or prepay any Contingent Liability or provide cash cover in respect of any Contingent Liability, that Borrower shall on the date for such repayment or prepayment or provision of such cash cover: |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | by agreement with the beneficiary of the relevant Letter of Credit or Lender Guarantee, reduce such Contingent Liability by the relevant amount; or |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | pay the relevant amount to the credit of a Cash Collateral Account; or |
|--------|------|------------------------------------------------------------------------|

|   | (iii) | procure the written confirmation of release in full of that Letter of Credit or Lender Guarantee from the beneficiary on terms acceptable to the Issuing Lender (acting reasonably) and use reasonable endeavours to procure the return of such Letter of Credit or Lender Guarantee; or |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | to repay or prepay any contingent liability arising under the Ancillary Facilities, it shall do so in accordance with paragraph (a) above or as otherwise specified in the relevant Ancillary Documents; or |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | to provide cash cover in respect of a Letter of Credit or Lender Guarantee such cash cover shall be provided in the currency of that Letter of Credit or Lender Guarantee. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.5 | Intercreditor Deed |
|-----|--------------------|

| 2. | THE FACILITIES |
|----|----------------|

| 2.1 | Facilities |
|-----|------------|

|   | (a) | The Lenders grant to the Borrowers, upon the terms and subject to the conditions of this Agreement: |
|--------|-----|-----------------------------------------------------------------------------------------------------|

|   | (i) | a term loan facility in a maximum aggregate amount of EUR220,000,000 (the “Tranche A Term Facility”) subject to Clauses 2.1(b) and 2.1(c) below, to be available in Euro, Sterling and US Dollars in proportions to be agreed; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | a term loan facility in a maximum aggregate amount of EUR222,500,000 (the “Tranche B Term Facility”) subject to Clauses 2.1(b) and 2.1(c) below, to be available in Euro, Sterling and US Dollars in proportions to be agreed; |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | a term loan facility in a maximum aggregate amount of EUR202,500,000 (the “Tranche B1 Term Facility”) subject to Clauses 2.1(b) and 2.1(c) below, to be available in Euro, Sterling and US Dollars in proportions to be agreed; |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (iv) | a term loan facility in a maximum aggregate amount of EUR222,500,000 (the “Tranche C Term Facility”) subject to Clauses 2.1(b) and 2.1(c) below, to be available in Euro, Sterling and US Dollars in proportions to be agreed; |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (v) | a term loan facility in a maximum aggregate amount of EUR202,500,000 (the “Tranche C1 Term Facility”) subject to Clauses 2.1(b) and 2.1(c) below, to be available in Euro, Sterling and US Dollars in proportions to be agreed; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (vi) | a second lien term loan facility in a maximum aggregate amount of EUR70,000,000 (the “Tranche D Term Facility”) subject to Clause 2.1(b) below, to be available in Euro and US Dollars in proportions to be agreed; |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (vii) | a bonding facility in a maximum aggregate amount of EUR140,000,000 (or its equivalent in Optional Currencies) (the “Bonding Facility”); and |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (viii) | a revolving facility in a maximum amount of EUR150,000,000 (or its equivalent in Optional Currencies) (the “Revolving Facility”). |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The Tranche A Term Facility, the Tranche B Term Facility, the Tranche B1 Facility, the Tranche C Term Facility and the Tranche C1 Facility may be made available in US Dollars up to a maximum aggregate amount equal to (i) to the extent that a currency hedge has been entered into for this purpose, the dollar equivalent calculated at the rate used for the purpose of such hedge or (ii) otherwise the Dollar Equivalent on the date falling 1 Business Day before the Completion Date (in the case of the Tranche A Term Facility, the Tranche B Term Facility and the Tranche C Term Facility) or the Refinancing Date (in the case of the Tranche B1 Term Facility and the Tranche C1 Term Facility) of (i) to the extent that a currency hedge has been entered into for this purpose, the Euro amount to be delivered by or on behalf of Bidco pursuant to such hedge or (ii) otherwise an amount in Euro to be agreedbetween Bidco and the Facility Agent provided that if there is no such currency hedge or other agreement, the relevant Facility shall (without prejudice to paragraph (c) below) be made available in Euro only. For the avoidance of doubt, any amount drawn in US Dollars shall remain outstanding in US Dollars and will not be revalued by reference to any Euro amount and will be repayable in US Dollars. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | The Tranche A Term Facility, the Tranche B Term Facility, the Tranche B1 Term Facility, the Tranche C Term Facility and the Tranche C1 Term Facility may be made available in Sterling up to a maximum aggregate amount equal to (i) to the extent that a currency hedge has been entered into for this purpose, the sterling equivalent calculated at the rate used for the purpose of such hedge or (ii) otherwise the Sterling Equivalent on the date falling 1 Business Day before the Completion Date (in the case of the Tranche A Term Facility, the Tranche B Term Facility and the Tranche C Term Facility) or the Refinancing Date (in the case of the Tranche B1 Term Facility and the Tranche C1 Term Facility) of (x) to the extent that a currency hedge has been entered into for this purpose, the Euro amount to be delivered by or on behalf of Bidco pursuant to such hedge or (y) otherwise an amount in Euro tobe agreed between Bidco and the Facility Agent provided that if there is no such currency hedge or other agreement, the relevant Facility shall (without prejudice to paragraph (b) above) be made available in Euro only. For the avoidance of doubt, any amount drawn in Sterling shall remain outstanding in Sterling and will not be revalued by reference to any Euro amount and will be repayable in Sterling. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 2.2 | Ancillary Facilities |
|-----|----------------------|

|   | (a) | A Lender may by notice to the Facility Agent and subject to the provisions of this Agreement at any time designate a portion of its Revolving Commitment to be made available by way of Ancillary Facilities under and in accordance with the terms of Ancillary Documents.  Any such notice shall specify the type of Ancillary Facilities to be made available, the Ancillary Limit applicable thereto, any effective date of the Ancillary Facilities and any expiry date of the Ancillary Facilities. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The total Ancillary Limits may not at any time exceed EUR60,000,000 (or its equivalent in Optional Currencies) (without the prior written consent of the Majority Lenders). |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | In the event that a Lender designates a portion of its Revolving Commitment to be made available by way of Ancillary Facilities then with effect from such date as the relevant Lender and Bidco may agree the Revolving Commitment of such Lender shall be reduced by the Ancillary Limit applicable to the Ancillary Facilities made available by that Lender provided that Bidco and such Lender shall notify the Facility Agent not less than 5 Business Days prior to the date on which such reduction takes effect.  In the event that such Lender ceases to make available all or part of such Ancillary Facilities its Revolving Commitment shall be increased accordingly. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.3 | Purpose |
|-----|---------|

|   | (a) | The proceeds of the Advances under the Term Facilities (other than the Tranche B1 Term Facility and Tranche C1 Term Facility) shall be applied as follows: |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | to finance part of the cash consideration payable in relation to the Acquisition as provided under the Acquisition Documents and the on-lending of amounts to Bidco for such purpose; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | to refinance existing Financial Indebtedness of the Target and its Subsidiaries and breakage costs and other costs incurred by the Group in relation to such refinancing up to an aggregate amount set out in the Original Funds Flow Statement; and |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | to finance Transaction Costs up to the aggregate amount set out in the Original Funds Flow Statement. |
|--------|-------|-------------------------------------------------------------------------------------------------------|

----

|   | (b) | The proceeds of each Letter of Credit and each Lender Guarantee issued under the Bonding Facility shall be applied towards the general corporate purposes of the Group. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | The proceeds of Revolving Advances, each Letter of Credit and each Lender Guarantee issued under the Revolving Facility and the Ancillary Facilities shall be applied towards Revolving Credit Purposes. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | No Senior Finance Party shall be obliged to enquire as to the use or application of amounts raised under the Senior Finance Documents. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | The proceeds of the Tranche B1 Term Facility and the Tranche C1 Term Facility shall be applied in or towards: |
|--------|-----|---------------------------------------------------------------------------------------------------------------|

|   | (i) | the Refinancing; |
|--------|-----|------------------|

|   | (ii) | the UK Refinancing; |
|--------|------|---------------------|

|   | (iii) | the making of the Refinancing Distribution; |
|--------|-------|---------------------------------------------|

|   | (iv) | paying fees and other expenses incurred in connection with the Refinancing and the Refinancing Distribution;  and |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------|

|   | (v) | for general corporate purposes, |
|--------|-----|---------------------------------|

| 2.4 | Professional Market Party Representation |
|-----|------------------------------------------|

|   | (a) | Each Lender which makes an Advance to a Dutch Borrower, represents to each Dutch Borrower, on the date of this Agreement and, if on such date it is a requirement of Dutch law that each Lender is a PMP, the date on which an Advance (or any portion thereof) is made to such Dutch Borrower, that (i) it is a PMP and (ii) it is aware that it does not benefit from the (creditor) protection offered by the Dutch Banking Act when lending monies to persons or entities which are subject to the prohibition of Section 82 of the Dutch Banking Act. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | If on the date on which a New Lender becomes a Lender which makes an Advance to a Dutch Borrower, it is a requirement of Dutch law that such New Lender is a PMP, such New Lender makes the representation set out in paragraph 6 of the Transfer and Accession Deed. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Each Lender acknowledges that the Dutch Borrower has relied upon such representation and undertakes, to the extent necessary, to provide its reasonable assistance to the Dutch Borrower in verifying such Lender’s Professional Market Party-status. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 2.5 | Debt Pushdown |
|-----|---------------|

| 3. | PARTICIPATION OF LENDERS |
|----|--------------------------|

| 3.1 | Basis of Participation |
|-----|------------------------|

|   | (a) | each Lender will participate in each Tranche A Advance in the proportion which its Tranche A Commitment bears to the total Tranche A Commitments as at the relevant Drawing Date; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | each Lender will participate in each Tranche B Advance in the proportion which its Tranche B Commitment bears to the total Tranche B Commitments as at the relevant Drawing Date; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | each Lender will participate in each Tranche B1 Advance in the proportion which its Tranche B1 Commitment bears to the total Tranche B1 Commitments as at the relevant Drawing Date; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | each Lender will participate in each Tranche C Advance in the proportion which its Tranche C Commitment bears to the total Tranche C Commitments as at the relevant Drawing Date; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | each Lender will participate in each Tranche C1 Advance in the proportion which its Tranche C1 Commitment bears to the total Tranche C1 Commitments as at the relevant Drawing Date; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | each Lender will participate in each Tranche D Advance in the proportion which its Tranche D Commitment bears to the total Tranche D Commitments as at the relevant Drawing Date; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | each Bonding Lender will participate (by way of indemnity in favour of the relevant Issuing Lender pursuant to paragraph 4(b) (Indemnity) of Schedule 9 (Provisions relating to Letters of Credit/Lender Guarantees)) in each Lender Guarantee and Letter of Credit issued under the Bonding Facility in the proportion which its Bonding Commitment bears to the total Bonding Commitments as at the relevant Drawing Date; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (h) | each Revolving Lender will participate in each Revolving Advance in the proportion which its Revolving Commitment bears to the total Revolving Commitments as at the relevant Drawing Date; and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | each Revolving Lender will participate (by way of indemnity in favour of the relevant Issuing Lender pursuant to paragraph 4(b) (Indemnity) of Schedule 9 (Provisions relating to Letters of Credit/Lender Guarantees)) in each Lender Guarantee and Letter of Credit issued under the Revolving Facility in the proportion which its Revolving Commitment bears to the total Revolving Commitments as at the relevant Drawing Date. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.2 | Lending Office |
|-----|----------------|

|   | (a) | Subject as provided in Clause 3.3 (Lending Affiliates) below, each Lender will participate in each Drawing through its Lending Office. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Subject as provided in Clause 3.3 (Lending Affiliates) below, any Lender may nominate a different Lending Office for the purposes of making a particular Drawing or particular type of Drawing to an Obligor in which event such Lending Office shall be for all purposes of this Agreement its Lending Office for that Drawing or type of Drawing but not otherwise. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.3 | Lending Affiliates |
|-----|--------------------|

|   | (a) | Each Lender may discharge its obligations in respect of a Drawing under this Agreement by nominating one or more branches or affiliates to participate in that Drawing provided that, in case of a Drawing to be made by a Dutch Borrower, such affiliate is a PMP. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | A Lender may nominate a branch or affiliate to participate in one or more Drawings by 2 Business Days’ written notice delivered to the Facility Agent. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Any branch or affiliate nominated by a Lender to participate in a Drawing shall: |
|--------|-----|----------------------------------------------------------------------------------|

|   | (i) | participate in compliance with the terms of this Agreement; and |
|--------|-----|-----------------------------------------------------------------|

|   | (ii) | be entitled, to the extent of its participation, to all the rights and benefits of a Lender under the Senior Finance Documents provided that such rights and benefits shall be exercised on its behalf by its nominating Lender save where law or regulation requires the branch or affiliate to do so. |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | Each Lender shall remain liable and responsible for the performance of all obligations assumed by a branch or affiliate on its behalf and non-performance of a Lender’s obligations by its branch or affiliate shall not relieve such Lender from its obligations under this Agreement. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (e) | No Obligor shall be liable to pay any amount being required to be paid by an Obligor under Clause 12 (Taxes) or Clause 13.2 (Increased Costs) (arising as a result of laws or regulations in force or known to be coming into force on the date the relevant branch or affiliate was nominated) in excess of the amount it would have been obliged to pay if that Lender had not nominated its branch or affiliate to participate in the Facilities.  Each Lender shall promptly notify the Facility Agent and Bidco of the location of the branch or (as the case may be) the jurisdiction of residence of the affiliate which will participate in the relevant Drawings. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | Any notice or communication to be made to a branch or an affiliate of a Lender pursuant to this Agreement: |
|--------|-----|------------------------------------------------------------------------------------------------------------|

|   | (i) | may be served directly upon the branch or affiliate, at the address supplied to the Facility Agent by the nominating Lender pursuant to its nomination of such branch or affiliate, where the Lender or the relevant branch or affiliate requests this in order to mitigate any legal obligation to deduct withholding tax from any payment to such branch or affiliate or any payment obligation which might otherwise arise pursuant to Clause 13.2 (Increased Costs); or |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | in any other circumstance, may be delivered to the Lending Office of the Lender. |
|--------|------|----------------------------------------------------------------------------------|

|   | (g) | If a Lender nominates an affiliate, that Lender and that affiliate: |
|--------|-----|---------------------------------------------------------------------|

|   | (i) | will be treated as having a single Commitment but for all other purposes other than those referred to in paragraphs (d) and (f)(ii) above will be treated as separate Lenders; and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | will be regarded as a single Lender for the purpose of (aa) voting in relation to any matter in connection with a Senior Finance Party or (bb) compliance with Clause 27 (Assignments and Transfers). |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.4 | Rights and Obligations of Senior Finance Parties |
|-----|--------------------------------------------------|

|   | (a) | result in any other Senior Finance Party incurring any liability whatsoever; nor |
|--------|-----|----------------------------------------------------------------------------------|

|   | (b) | relieve any Obligor or any other Senior Finance Party from their respective obligations under the Senior Finance Documents. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------|

----

| 3.5 | Enforcement of Rights |
|-----|-----------------------|

| 4. | CONDITIONS PRECEDENT |
|----|----------------------|

| 4.1 | Initial Conditions Precedent |
|-----|------------------------------|

|   | (a) | In relation to the Facilities (other than the Tranche B1 Term Facility and Tranche C1 Term Facility): |
|--------|-----|-----------------------------------------------------------------------------------------------------------------|

|   | (i) | the Facility Agent confirms to Bidco that on the date of signing of this Agreement it has received the documents and other evidence listed in Part A of Schedule 3 (Signing Documentary Conditions Precedent) and that each is satisfactory, in form and substance, to the Facility Agent and the Mandated Lead Arrangers (each acting reasonably); |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | the Lenders shall not be under any obligation to make any Advance, Letter of Credit or Lender Guarantee available to any Borrower under this Agreement unless the Facility Agent has received each of the documents and other evidence specified in Part B of Schedule 3 (Acquisition Documentary Conditions Precedent) on or prior to the Completion Date, or the Facility Agent is satisfied that, subject only to the making of the Advances on the Completion Date, it will receive such documents on such date and that each is in form and substance satisfactory to the Facility Agent and the Mandated Lead Arrangers; and |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | when the Facility Agent and the Mandated Lead Arrangers (each acting reasonably) are satisfied that the conditions specified in this Clause 4.1 (Initial Conditions Precedent) have been fulfilled, the Facility Agent will promptly notify Bidco and the Lenders. |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | In relation to the Tranche B1 Term Facility and the Tranche C1 Term Facility the Facility Agent is satisfied that (i) the Effective Date has occurred and (ii) each of the Mezzanine Facility and Tranche D Term Facility will be prepaid in full from the utilisation of the Tranche B1 Term Facility and the Tranche C1 Term Facility. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.2 | Additional Conditions Precedent |
|-----|---------------------------------|

----

|   | (a) | subject to Clause 4.3 (Certain Funds), no Event of Default or Potential Event of Default has occurred and is continuing and no Event of Default or Potential Event of Default will occur as a result of making such Drawing; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | subject to Clause 4.3 (Certain Funds), the representations and warranties set out in Clause 15 (Representations and Warranties) which are expressed or deemed to be made on such date are true and accurate (in all material respects in the case of any representation or warranty which is not subject to a materiality restriction in accordance with its terms as provided in Clause 15 (Representations and Warranties)) in each case by reference to the facts and circumstances then subsisting and will remain true and accurate (in all material respects, in the circumstances referred to above) immediately after the Drawing is made, |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.3 | Certain Funds |
|-----|---------------|

|   | (a) | no Event of Default has occurred pursuant to Clause 23.3 (Misrepresentation) as a result of a breach of the representations and warranties contained in Clauses 15.1 (Incorporation), 15.2 (Power), 15.3 (Authority), 15.4 (Consents and Filings) or 15.22 (Holding Companies) in relation to any Newco; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | no Event of Default has occurred pursuant to Clause 23.2 (Breach of Other Obligations) as a result of a breach of Clause 17.2 (Disposals), Clause 17.6 (Indebtedness) and Clause 17.4 (Negative Pledge) by any Newco (excluding however, any breach occurring as a result of a failure by any Newco to procure compliance by any other member of the Group); |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | none of the Events of Default referred to in Clause 23.1 (Payment Default), Clause 23.4 (Invalidity and Unlawfulness), Clause 23.6 (Insolvency), Clause 23.7 (Receivership and Administration), Clause 23.8 (Compositions and Arrangements), Clause 23.9 (Winding-up), Clause 23.10 (Similar Events Elsewhere) or Clause 23.17(b) (Change of Control and HoldingCompany) has occurred in relation to any Newco; and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | no mandatory prepayment event has occurred pursuant to Clause 8.2 (Mandatory Prepayments on Change of Control). |
|--------|-----|----------------------------------------------------------------------------------------------------------------------|

----

| 4.4 | Conditions Subsequent |
|-----|-----------------------|

| 5. | DRAWINGS |
|----|----------|

| 5.1 | Delivery of Drawing Requests |
|-----|------------------------------|

|   | (a) | if the Drawing is by way of cash Advance, 3:00 p.m. 3 Business Days prior to the proposed Drawing Date (or such shorter period as may be agreed by the Facility Agent and Bidco prior to the Completion Date and Bidco or the relevant Borrower and the Facility Agent after the Completion Date), or in the case of the Target Borrowers in relation to the Drawings identified in the Original Funds Flow Statement to be made on Completion, not later than 10:00 a.m. on the Completion Date (or such earlier time as may be agreed by the Facility Agent and Bidco prior to the Completion Date); |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | if the Drawing is by way of issue of a Lender Guarantee or Letter of Credit under the Revolving Facility , 12 noon on the Business Day immediately preceding the proposed Drawing Date (or such shorter period as may be agreed by the Facility Agent and Bidco or the relevant Borrower); or |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | if the Drawing is by way of issue of a Lender Guarantee or Letter of Credit under the Bonding Facility, 1:00pm Düsseldorf time on the Business Day immediately preceding the Drawing Date (or shorter period as may be agreed by the Bonding Agent and Bidco) provided that all Drawing Requests delivered to the Bonding Agent shall be delivered through the respective internet communication facility of Deutsche Bank AG (db-Direct), |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (a) | which of the Facilities the Drawing is to be made under, whether the Drawing is of an Advance, a Letter of Credit or Lender Guarantee and the identity of the Borrower; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the proposed Drawing Date which must be a Business Day falling within the relevant Availability Period provided that (i) if the Drawing is by way of a Tranche D Advance, the proposed Drawing Date must be the Completion Date and (ii) if the drawing is by way of a Revolving Advance to fund the Acquisition, the proposed drawing date must be the Completion Date; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | if the Drawing is by way of a Term Advance, the amount of such Advance which must be equal to or less than the undrawn portion of the total Commitments in relation to the Term Facility under which such Advance is being requested; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | in the case of a Drawing under the Bonding Facility, the amount of such Drawing which must, subject to Clause 11.5 (Bonding Commitment), be equal to or less than (or in the case of a Drawing in an Optional Currency have a Euro Equivalent (calculated as set forth in Clause 11.5(a) (Bonding Commitment)) equal to or less than) the undrawn portion of the total Bonding Commitments and must be in such amount as the relevant Drawing Request shall specify for any Letter of Credit or Lender Guarantee; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | in the case of a Drawing under the Revolving Facility (including a Rollover Advance), the amount of such Drawing which must, subject to Clause 11.6 (Revolving Commitment), be equal to or less than (or in the case of a Drawing in an Optional Currency have a Euro Equivalent (calculated as set forth in Clause 11.6(a) (Revolving Commitment)) equal to or less than) the undrawn portion of the total Revolving Commitments, as reduced by the amount of the total Ancillary Limit (in the case of the Revolving Facility only) and must in the case of an Advance in Euro be in a minimum amount and integral multiples of EUR500,000 or in the case of an Advance in an Optional Currency have a Euro Equivalent calculated as set forth in Clause 11.6(a) (Revolving Commitment) of not less than EUR1,000,000 except for Advances to be drawn on the Completion Date which shall be in the amounts set out in the Original Funds Flow Statement for each relevant Borrower; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | if the Drawing is by way of a Tranche B1 Advance or Tranche C1 Advance: |
|--------|-----|-------------------------------------------------------------------------|

|   | (i) | the proposed Drawdown Date must also be the same date on which the prepayment of each of the Mezzanine Facility and Tranche D Term Facility (including but not limited to accrued interest thereon) will be made in full; and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | the Drawing Request shall have attached to it a copy of the notice of prepayment delivered under each of the Mezzanine Facility and Tranche D Term Facility and confirmation from the Mezzanine Agent or the Facility Agent (as the case may be) and Bidco as to the total amount due to be prepaid by the relevant Borrowers under the Mezzanine Facility and the Tranche D Term Facility on the Refinancing Date; |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (g) | if the Drawing is by way of an Advance the duration of the first Interest Period applicable to such Advance; |
|--------|-----|--------------------------------------------------------------------------------------------------------------|

|   | (h) | details of the payee and the account to which the proceeds of the Drawing (if by way of an Advance) are to be paid; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------|

|   | (i) | if the Drawing is by way of issue of a Letter of Credit or Lender Guarantee: |
|--------|-----|------------------------------------------------------------------------------|

|   | (i) | the beneficiary of such Letter of Credit or Lender Guarantee; |
|--------|-----|---------------------------------------------------------------|

|   | (ii) | in the case of a Drawing under the Bonding Facility, the expiry date of the Letter of Credit or Lender Guarantee which (aa) must be a date falling no later than 36 months after the Bonding Facility Maturity Date, provided that on the Bonding Facility Maturity Date each Borrower shall fully cash collateralise its indemnity obligations under any Letter of Credit or Lender Guarantee under which a claim may be made after the Bonding Facility Maturity Date and (bb) must not be more than 36 months after the date of issue of such Letter of Credit or Lender Guarantee save in the case of (A) Letters of Credit and Lender Guarantees in an aggregate amount not exceeding EUR45,000,000 (or its equivalent in any other currency) for the Group which may be for a specified or an unspecified period or (B) counter indemnities given by the Issuing Lender to a third party bank in respect of letters of creditand lender guarantees issued by the third party bank at the request of the Issuing Lender where such counter indemnities are unrestricted in time; |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | in the case of a Drawing under the Revolving Facility, the expiry date of the Letter of Credit or Lender Guarantee which (aa) must be a date falling no later than 12 months after the Revolving Facility Maturity Date, provided that on the Revolving Facility Maturity Date each Borrower shall fully cash collateralise its indemnity obligations under any Letter of Credit or Lender Guarantee under which a claim may be made after the Revolving Facility Maturity Date and (bb) must not be more than 12 months after the date of issue of such Letter of Credit or Lender Guarantee; and |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | attaching the execution copy of the Letter of Credit or Lender Guarantee to be issued. |
|--------|------|----------------------------------------------------------------------------------------|

| 5.2 | Requests Irrevocable |
|-----|----------------------|

----

| 5.3 | Frequency/Number of Advances |
|-----|------------------------------|

|   | (a) | Not more than 10 Advances in aggregate under the Revolving Facility may be outstanding at any one time; and |
|--------|-----|-------------------------------------------------------------------------------------------------------------|

|   | (b) | not more than the number of Advances specified in the Original Funds Flow Statement or, in respect of the Tranche B1 Term Facility and Tranche C1 Term Facility, the New Funds Flow Statement may be outstanding under the relevant Term Facilities. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.4 | Notice to the Lenders of a proposed Drawing and notice to the Bonding Lenders of outstanding Drawings |
|-----|-------------------------------------------------------------------------------------------------------|

|   | (a) | Save in the case of the Bonding Facility, the Facility Agent will promptly give each Lender details of each Drawing Request received and of the amount and currency of the Lender’s participation in the relevant Drawing. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | In the case of Drawing Requests under the Bonding Facility, the Bonding Agent will relay details of each Drawing Request to the relevant Issuing Lender on the Business Day preceding the proposed Drawing Date by email. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | The Facility Agent will advise the Bonding Lenders on a weekly basis of the Euro Equivalent of all Drawings outstanding under the Bonding Facility. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.5 | Making of Advances |
|-----|--------------------|

| 5.6 | Issuing Lender |
|-----|----------------|

|   | (a) | The Issuing Lender shall be Deutsche Bank AG, London Branch (or any branch or affiliate of Deutsche Bank AG in accordance with the terms of this Agreement) unless another Lender shall agree with Bidco that it will issue any Letter of Credit or Lender Guarantee, in which case that Lender shall be the Issuing Lender for the purposes of that Letter of Credit or Lender Guarantee provided that Bidco and such Issuing Lender shall promptly notify the Facility Agent that such Lender is the Issuing Lender for the purposes of such Letter of Credit or Lender Guarantee. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | After the issuance of a Letter of Credit or Lender Guarantee, the relevant Issuing Lender will handle all original documents and copies according to the instructions of the relevant Borrower. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.7 | Issue of Letters of Credit/Lender Guarantees and L/C Limitation |
|-----|-----------------------------------------------------------------|

|   | (a) | Subject to the provisions of this Agreement, the Issuing Lender will issue any Letter of Credit or Lender Guarantee properly requested by delivery of such Letter of Credit or Lender Guarantee to (or to the order of) the beneficiary of such Letter of Credit or Lender Guarantee on the relevant Drawing Date. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | No Letter of Credit or Lender Guarantee shall be issued for the account of a member of the Group which is not a Borrower under this Agreement or to a beneficiary which the Issuing Lender is prohibited from dealing with by any law or directive. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | If at any time, it is or will become unlawful or contrary to any directive for any Issuing Lender to issue any Lender Guarantee requested in accordance with this Agreement, that Issuing Lender will use its reasonable endeavours to identify another Issuing Lender which is willing to issue, and will issue, the applicable Lender Guarantee. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | The provisions of Schedule 9 (Provisions relating to Letters of Credit/Lender Guarantees) shall apply in relation to any Letter of Credit or Lender Guarantee issued under this Agreement. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | The aggregate amount of the Revolving Commitments which may at any time be utilised by way of Letters of Credit or Lender Guarantees shall not exceed EUR 60,000,000. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | Unless the Facility Agent (in the case of a Drawing Request under the Revolving Facility only) has advised the Issuing Lender in writing (with a copy to Bidco) that the relevant Letter of Credit or Lender Guarantee does not comply with the provisions of Clauses 5.1(d), 5.1(e), 5.1(i)(ii) and 5.1(i)(iii) (as applicable) by 3.30 p.m. on the Business Day immediately preceding the relevant Drawing Date of such Letter of Credit or Lender Guarantee, the Issuing Lender shall be entitled to issue that Letter of Credit or Lender Guarantee on the Drawing Date. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | If the Issuing Lender agrees, a Letter of Credit or Lender Guarantee will be deemed for the purposes of this Agreement to have a face amount which is less than the face amount stated in the Drawing Request for that Letter of Credit or Lender Guarantee. The Issuing Lender shall promptly advise the Facility Agent (in the case of a Letter of Credit or Lender Guarantee under the Revolving Facility) or the Bonding Agent (in the case of a Letter of Credit or Lender Guarantee under the Bonding Facility) in writing of any such deemed face amount. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (h) | Where an Issuing Lender has reveived notification of a Drawing Request in accordance with Clause 5.4(b) and is unable to issue the requested Letter of Credit or Lender Guarantee pursuant to the provisions of this Agreement, such Issuing Lender shall notify the Bonding Agent that it is unable to comply with the Drawing Request by 3:00pm Düsseldorf time on the proposed Drawing Date. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | Where a Letter of Credit or Lender Guarantee drawn under the Bonding Facility is cancelled or released (in whole or in part) the relevant Issuing Lender shall notify the Bonding Agent of such cancellation/relase no later than one Business Day following the cancellation/release. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (j) | Any notification sent to the Bonding Agent by an Issuing Lender in accordance with Clause 5.7(h) and (i) shall be sent by email (with a copy to the Facility Agent) and shall include the face amount and name of the Borrower and, where available, any reference number used by the Bonding Agent in resepct of that Drawing Request. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.8 | Renewal and amendment of a Letter of Credit/ Lender Guarantee |
|-----|---------------------------------------------------------------|

|   | (a) | A Borrower (or Bidco on its behalf) may request that any Letter of Credit or Lender Guarantee issued on behalf of that Borrower be renewed by delivery to the Facility Agent (in the case of a Letter of Credit or Lender Guarantee under a Revolving Facility) or the Bonding Agent (in the case of a Letter of Credit or Lender Guarantee under a Bonding Facility) of a renewal request in substantially similar form to a Drawing Request (a “Renewal Request”) and where the Renewal Request is made in respect of a Letter of Credit or Lender Guarantee issued under the Bonding Facility the Renewal Request shall be delivered to the Bonding Agent no later than 1:00pm Düsseldorf time on the Business Day prior to the date of the requested renewal. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The Senior Finance Parties shall treat any Renewal Request in the same way as a Drawing Request for a Letter of Credit or Lender Guarantee except that the conditions set out in Clause 5.1(i)(iv) (Delivery of Drawing Requests) shall not apply. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | The terms of each renewed Letter of Credit or Lender Guarantee shall be the same as those of the relevant Letter of Credit or Lender Guarantee immediately prior to its renewal, except that: |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | its amount may be less than the amount of the Letter of Credit or Lender Guarantee immediately prior to its renewal; and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | its term shall start on the date which was the expiry date of the Letter of Credit or Lender Guarantee immediately prior to its renewal, and shall end on the proposed expiry date specified in the Renewal Request. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | If the conditions set out in this Agreement have been met, the Issuing Lender shall amend (if required) and re-issue the Letter of Credit or Lender Guarantee pursuant to the relevant Renewal Request. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | Subject to Clause 5.8(f) below, the relevant Issuing Lender and a Borrower (or Bidco on its behalf) may agree changes to the terms of a Lender Guarantee or Letter of Credit after its date of request, issue or renewal provided that such changes do not contravene any term of this Agreement and provided further that the Issuing Lender shall notify the Facility Agent (in the case of a Letter of Credit or Lender Guarantee issued under the Revolving Facility) or the Bonding Agent (in the case of a Letter of Credit or Lender Guarantee issued under the Bonding Facility) in writing of such changes prior to or contemporaneously with such changes taking effect. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | If a Borrower wishes to: |
|--------|-----|--------------------------|

|   | (i) | increase the face amount; or |
|--------|-----|------------------------------|

----

|   | (ii) | extend the expiry date, |
|--------|------|-------------------------|

| 6. | INTEREST |
|----|----------|

| 6.1 | Interest Periods |
|-----|------------------|

|   | (a) | the first Interest Period applicable to any Term Advance (other than the first Term Advance) shall end on the same date as the then current Interest Period relating to the then outstanding Term Advance or Term Advances for that same Facility; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | each Advance shall have an Interest Period commencing on its Drawing Date and each successive Interest Period applicable to a Term Advance shall commence on the expiry of the immediately preceding Interest Period for that Term Advance; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | if Bidco wishes to select an Interest Period for a Term Advance extending beyond a Maturity Date, it may do so only in relation to that part of the Term Advance not due for repayment on that date.  The remainder (being equal to the repayment instalment due on that date) shall be deemed to be a separate Term Advance with an Interest Period ending on that date; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | no Interest Period in relation to a Revolving Advance may extend beyond the Revolving Facility Maturity Date; |
|--------|-----|---------------------------------------------------------------------------------------------------------------|

|   | (e) | until the relevant Syndication Date in relation to any Facility, each Interest Period shall be of 1 month’s duration (or such shorter period as may be agreed between Bidco and the Mandated Lead Arrangers); |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | subject to the above exceptions, any Interest Period for which no effective selection notice is received by the Facility Agent shall be of 3 months’ duration; and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | if a Borrower so elects in writing, not less than 3 Business Days prior to the date on which an Interest Period is due to commence in respect of a Term Advance, it may select different Interest Periods of 1, 2, 3 or 6 months’ duration (or such other period as that Borrower and the Lenders may agree) for different parts of such Term Advance (each such part to be in an amount of not less than EUR5,000,000 (or its currency equivalent), and each such part shall thenceforth be deemed to be a separate Term Advance provided that there shall not be at any time more than 10 Term Advances outstanding. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.2 | Interest Rate |
|-----|---------------|

|   | (a) | the Mandatory Cost; |
|--------|-----|---------------------|

|   | (b) | the applicable Margin; and |
|--------|-----|----------------------------|

|   | (c) | EURIBOR or LIBOR, as the case may be, for that Advance for that Interest Period. |
|--------|-----|----------------------------------------------------------------------------------|

| 6.3 | Payment of Interest |
|-----|---------------------|

----

| 6.4 | Default Interest |
|-----|------------------|

|   | (a) | where the unpaid sum is principal which has fallen due prior to the expiry of the relevant Interest Period, the rate applicable to such principal immediately prior to the date it so fell due (but only for the period from such due date to the end of the relevant Interest Period); or |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | in any other case (including principal falling within Clause 6.4(a) (Default Interest) above once the relevant Interest Period has expired), the rate which would be payable if the unpaid sum was an Advance made for a period equal to the period of non-payment divided into successive Interest Periods of such duration as shall be reasonably selected by the Facility Agent having due regard for the likely date of payment (each a “Default Interest Period”). |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | if such sum comprises principal or interest or any other amount due under the Tranche A Term Facility, the Tranche B Term Facility, the Tranche B1 Term Facility, the Tranche C Term Facility, the Tranche C1 Term Facility, the Tranche D Term Facility, the Bonding Facility or the Revolving Facility, the Margin in relation to the Tranche A Term Facility, the Tranche B Term Facility, the Tranche B1 Term Facility, the Tranche C Term Facility, the Tranche C1 Term Facility, the Tranche D Term Facility, the Bonding Facility and the Revolving Facility respectively; and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | if such sum is not properly attributable to any of the Facilities, the Margin under the Tranche A Term Facility. |
|--------|-----|------------------------------------------------------------------------------------------------------------------|

| 6.5 | Margin Adjustment |
|-----|-------------------|

|   | (a) | Save as provided in this Clause 6.5 (Margin Adjustment), the Margin in relation to each Advance shall be the rate applicable to that Advance as specified in the definition of Margin contained in Clause 1.1 (Definitions). |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | If, based on the Quarterly Management Accounts last received by the Facility Agent pursuant to Clause 19.4(b) (Financial Statements) together with the certificate relating thereto delivered pursuant to Clause 19.5(a) (Compliance Certificates), the Total Leverage Ratio in respect of the 12 month period ending on the last day of the relevant Quarter Period is within the range of ratios set out in the “Total Leverage Ratio” column below, then the Margin shall be reduced or increased to the percentage per annum set out opposite the relevant range set out in the column “Margin” below (as appropriate). |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Total Leverage Ratio                       |   | Margin %Tranche ATerm Facility |   |   | Margin %RevolvingFacility andBonding Facility |   |
|------------------------------------------------------|--------|-----------------------------------------------|--------|--------|--------------------------------------------------------------|--------|
|                                                 |   |                                          |   |   |                                                         |   |   |   |
| Greater than 4.50:1                                  |   |                                          | 2.25   |   |                                                         |   | 2.25 |   |
|                                                 |   |                                          |   |   |                                                         |   |   |   |
| Equal to or less than 4.50:1 but greater than 4.00:1 |   |                                          | 1.75   |   |                                                         |   | 1.75 |   |
|                                                 |   |                                          |   |   |                                                         |   |   |   |
| Equal to or less than 4.00:1 but greater than 3.50:1 |   |                                          | 1.75   |   |                                                         |   | 1.75 |   |
|                                                 |   |                                          |   |   |                                                         |   |   |   |
| Equal to or less than 3.50:1 but greater than 3.00:1 |   |                                          | 1.50   |   |                                                         |   | 1.50 |   |
|                                                 |   |                                          |   |   |                                                         |   |   |   |
| Equal to or less than 3.00:1                         |   |                                          | 1.25   |   |                                                         |   | 1.25 |   |

| Total Leverage Ratio                       |   | Margin % Tranche BTerm Facility |   |   | Margin %Tranche B1Term Facility |   |
|------------------------------------------------------|--------|-----------------------------------------------------|--------|--------|------------------------------------------------|--------|
|                                                 |   |                                                |   |   |                                           |   |   |   |
| Greater than 4.50:1                                  |   |                                                | 2.50   |   |                                           |   | 2.50 |   |
|                                                 |   |                                                |   |   |                                           |   |   |   |
| Equal to or less than 4.50:1 but greater than 4.00:1 |   |                                                | 2.25   |   |                                           |   | 2.25 |   |
|                                                 |   |                                                |   |   |                                           |   |   |   |
| Equal to or less than 4.00:1                         |   |                                                | 2.00   |   |                                           |   | 2.00 |   |

|   | (A) | there shall be no reduction in the Margin prior to the first anniversary of the Completion Date; |
|--------|-----|--------------------------------------------------------------------------------------------------|

|   | (B) | any change in the Margin shall take effect during the period from (and including) the date falling 5 Business Days after the date on which the Facility Agent has received the Quarterly Management Accounts and the certificate relating thereto in accordance with Clause 19.5(a) (Compliance Certificates) until (but excluding) the date (a “Readjustment Date”) being the earlier of 5 Business Days after: |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (1) | the date on which the Facility Agent next receives Quarterly Management Accounts and the certificate relating thereto pursuant to Clause 19.5(a) (Compliance Certificates); and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (2) | the latest date by which the Facility Agent should have received the Quarterly Management Accounts and certificates relating thereto referred to in paragraph (1) above; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (C) | there shall be no decrease in the Margin if an Event of Default has occurred which is continuing and the Margin shall immediately revert to its original level at the date of this Agreement until such time as any Event of Default is no longer continuing, whereupon the Margin shall be determined in accordance with this Clause 6.5 (Margin Adjustment) on the basis of the most recently delivered Quarterly Management Accounts; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (D) | there shall be no decrease in the Margin if the Quarterly Management Accounts have not been delivered in accordance with Clause 19.4(b) (Financial Statements); |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (E) | for the first two full Quarter Periods following the Qualifying IPO Date the Margin in respect of each Facility shall be further increased by 0.75% per annum but such increase shall cease immediately thereafter; and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (F) | with effect from the third Quarter Period following the Qualifying IPO Date, the Margin in respect of each Facility shall be further increased by the percentage per annum set out opposite the relevant range set out in the column “Additional Margin Increase” below (as appropriate), based on the consolidated quarterly financial statements last received by the Facility Agent pursuant to Clause 19.4(b) (Financial Statements) together with the certificate relating thereto delivered pursuant to Clause 19.5(a) (Compliance Certificates), if the Total Leverage Ratio in respect of the 12 month period ending on the last day of the relevant Quarter Period is within the range of ratios set out in the “Total Leverage Ratio” column below: |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| Total Leverage Ratio                       |   | Additional Margin Increase for theTranche A, B, B1, C and C1 TermFacilities, the Bonding Facility and theRevolving Facility |   |
|------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| Greater than 2.50:1                                  |   |                                                                                                                                                                                                             | 0.75   | % |
|                                                 |   |                                                                                                                                                                                                             |   |   |
| Greater than 2.25:1 but less than or equal to 2.50:1 |   |                                                                                                                                                                                                             | 0.5    | % |
|                                                 |   |                                                                                                                                                                                                             |   |   |
| Greater than 2.00:1 but less than or equal to 2.25:1 |   |                                                                                                                                                                                                             | 0.25   | % |
|                                                 |   |                                                                                                                                                                                                             |   |   |
| Less than or equal to 2.00:1                         |   | No change                                                                                                                                                                                                        |   |

| 6.6 | Margin Inaccuracy |
|-----|-------------------|

|   | (a) | should have been varied in accordance with Clause 6.5 (Margin Adjustment) when it has not been; or |
|--------|-----|---------------------------------------------------------------------------------------------------------|

|   | (b) | should not have been varied in accordance with Clause 6.5 (Margin Adjustment) when it has been, |
|--------|-----|------------------------------------------------------------------------------------------------------|

| 7. | REPAYMENT |
|----|-----------|

| 7.1 | Tranche A Advances |
|-----|--------------------|

|   | (a) | The Borrowers of the Tranche A Advances shall repay the outstanding principal amount of such Advances in semi annual instalments in the currency in which such Advances were drawn.  An instalment shall fall due on each of the dates specified in column (1) below and be in the amount equal to the percentage (the “Required Percentage”) of the Tranche A Advances made (being the aggregate of the Tranche A Advances made as at close of business on the last day of the Availability Period for the Tranche A Term Facility) specified opposite that date in column (2) below.  Any balance of the Tranche A Advances remaining outstanding on the Final Tranche A Maturity Date shall be repaid in full on that date. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (1) Maturity Date   |   | (2) Tranche A % |   |
|-------------------------------|--------|--------------------------------|--------|
|                          |   |                           |   |
| 30 June 2006                  |   |                           | 3.75   |   |
| 31 December 2006              |   |                           | 3.75   |   |
| 30 June 2007                  |   |                           | 5.00   |   |
| 31 December 2007              |   |                           | 5.00   |   |
| 30 June 2008                  |   |                           | 6.25   |   |
| 31 December 2008              |   |                           | 6.25   |   |
| 30 June 2009                  |   |                           | 7.50   |   |
| 31 December 2009              |   |                           | 7.50   |   |
| 30 June 2010                  |   |                           | 10.00  |   |
| 31 December 2010              |   |                           | 10.00  |   |
| 30 June 2011                  |   |                           | 10.00  |   |
| 31 December 2011              |   |                           | 10.00  |   |
| 30 June 2012                  |   |                           | 7.50   |   |
| Final Tranche A Maturity Date |   |                           | 7.50   |   |

|   | (b) | If on any Maturity Date specified in column (1) above any Borrower elects to pay a percentage of the Tranche A Advances denominated in US Dollars, Sterling or Euro which is greater than the Required Percentage it may do so, provided that it pays to the Facility Agent (for the account of the Lenders) such greater amount of US Dollars, Sterling or Euro (as the case may be) as when converted into Euro, Sterling or US Dollars (as the case may be) at the Facility Agent’s Spot Rate of Exchange 3 Business Days prior to the relevant Maturity Date equals the amount which such Borrower would have been obliged to pay but for such election.  For the avoidance of doubt any payment in a currency that exceeds the Required Percentage shall be applied in repayment of Advances denominated in that currency. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.2 | Tranche B Advances |
|-----|--------------------|

| 7.3 | Tranche B1 Advances |
|-----|---------------------|

| 7.4 | Tranche C Advances |
|-----|--------------------|

----

| 7.5 | Tranche C1 Advances |
|-----|---------------------|

| 7.6 | Tranche D Advances |
|-----|--------------------|

| 7.7 | Revolving Advances |
|-----|--------------------|

|   | (a) | Subject to Clause 14.6 (Netting of Payments), each Revolving Advance shall be repaid by the relevant Borrower on the last day of the Interest Period applicable to that Revolving Advance. All Revolving Advances outstanding on the Revolving Facility Maturity Date shall be repaid on that date and no further Revolving Advances shall be capable of being drawn after that date. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | On the date falling 4 years after the Completion Date (the “Term-out Date”) any Capex and Acquisition Advance which is then outstanding shall be converted into a term advance (each a “Term-out Advance”) as follows: |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the amount of the Term-out Advance shall be an amount equal to the amount of the relevant converted Capex and Acquisition Advance as of the first day of the last Interest Period relating thereto, provided that, in respect of any Capex and Acquisition Advance denominated in an Optional Currency, the amount of the relevant converted Term-out Advance shall be equal to its Euro Equivalent calculated as of the first day of the last Interest Period relating thereto and shall be denominated in Euro; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | each such Term-out Advance shall remain outstanding for a period from, and including the Term-out Date and ending on the Revolving Facility Maturity Date and be repayable in equal semi-annual instalments, the first such instalment falling due on the first Quarter Date to occur after the Term-out Date and the last such instalment falling due on the Revolving Facility Maturity Date.  Any amount so repaid shall not be capable of being redrawn; and |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | the first Interest Period in respect of each such Term-out Advance shall commence on the Term-out Date and shall be of the duration determined (mutatis mutandis) in accordance with Clause 6.1(a), (b), (c), (d), (e) and (f) (Interest Periods) to the extent it refers to Term Advances. |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Subject to the provisions of this Agreement, any amount repaid or prepaid under the Revolving Facility shall be capable of being redrawn. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------|

----

| 7.8 | Miscellaneous |
|-----|---------------|

| 8. | PREPAYMENT |
|----|------------|

| 8.1 | Voluntary Prepayments |
|-----|-----------------------|

| 8.2 | Mandatory Prepayments on Change of Control |
|-----|--------------------------------------------|

|   | (a) | the Borrowers will immediately prepay all Advances and provide cash cover in an amount equal to the total Contingent Liability of all the Revolving Lenders and the Bonding Lenders under all outstanding Letters of Credit and Lender Guarantees; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the undrawn element of the Facilities will be cancelled and no further Drawing may be requested under this Agreement; and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------|

|   | (c) | each Borrower will immediately repay all sums advanced to it under any Ancillary Facility and provide cash cover in respect of contingent liabilities outstanding under such Ancillary Facility and for its account. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.3 | Mandatory Prepayments from Receipts |
|-----|-------------------------------------|

----

| 8.4 | Excess Cash Flow |
|-----|------------------|

| 8.5 | Prepayments: Order of Application |
|-----|-----------------------------------|

|   | (a) | Prepayments made pursuant to Clause 8.1 (Voluntary Prepayments) shall be applied in such order and against such Facilities and such repayment instalments as Bidco shall select. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | [INTENTIONALLY LEFT BLANK] |
|--------|-----|----------------------------|

|   | (c) | [INTENTIONALLY LEFT BLANK] |
|--------|-----|----------------------------|

|   | (d) | [INTENTIONALLY LEFT BLANK] |
|--------|-----|----------------------------|

|   | (e) | The Revolving Commitments shall be cancelled pro rata in an amount equal to each amount prepaid or provided as cash cover under paragraph (a) above.  Each Lender’s Revolving Commitment shall be reduced proportionately (and the relevant Ancillary Limit reduced in the case of the Revolving Facility).  Any such amounts shall be applied on a pro rata basis in reduction of the Revolving Commitments. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | The Bonding Commitments shall be cancelled pro rata in an amount equal to each amount provided as cash cover under paragraph (a) above.  Each Lender’s Bonding Commitment shall be reduced proportionately.  Any such amounts shall be applied on a pro rata basis in reduction of the Bonding Commitments. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | [INTENTIONALLY LEFT BLANK] |
|--------|-----|----------------------------|

| 8.6 | Prepayments during Interest Periods |
|-----|-------------------------------------|

| 8.7 | Miscellaneous |
|-----|---------------|

|   | (a) | No prepayment of an Advance may be made except at the times and in the manner expressly provided by this Agreement. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------|

|   | (b) | Any repayment or prepayment must be accompanied by accrued interest on the amount repaid or prepaid and any other sum then due under this Agreement. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Any repayment or prepayment of an Advance (or part thereof) shall be made in the currency of that Advance. |
|--------|-----|------------------------------------------------------------------------------------------------------------|

|   | (d) | No amount repaid or prepaid may be redrawn save as provided in Clause 7.7 (RevolvingAdvances ). |
|--------|-----|------------------------------------------------------------------------------------------------------|

|   | (e) | Any notice of prepayment delivered by Bidco under this Agreement shall be irrevocable. |
|--------|-----|----------------------------------------------------------------------------------------|

----

|   | (f) | Any prepayments in respect of the Tranche A Term Facility shall be applied against the Advances denominated in Euro, Sterling and US Dollars as provided in Clause 7.1 (Tranche A Advances). |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.8 | Right to Refuse Prepayment |
|-----|----------------------------|

|   | (a) | Any Tranche B Lender, Tranche B1 Lender, Tranche C Lender or any Tranche C1 Lender may, at its sole discretion, notify the Facility Agent at least 3 Business Days in advance that it does not wish to receive prepayments of the Tranche B Term Facility, Tranche B1 Term Facility, Tranche C Term Facility or the Tranche C1 Term Facility (as applicable) made pursuant to Clause 8.1 (Voluntary Prepayments) at the time that any such prepayment is made (any such Tranche B Lender, Tranche B1 Lender, Tranche C Lender or Tranche C1 Lender to be a “Non-Accepting Lender”). |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | In the event of such a notification, the amount which would have been applied in prepaying the Tranche B Term Facility, the Tranche B1 Term Facility, the Tranche C Term Facility or the Tranche C1 Term Facility (as applicable) shall, be applied pro rata against the outstanding principal amount of the Tranche B Advances, Tranche B1 Advance, Tranche C Advances and Tranche C1 Advances owing to Tranche B Lenders, Tranche B1 Lenders, Tranche C Lenders and Tranche C1 Lenders (other than the Non-Accepting Lenders) which do not, when offered such further prepayment, notify the Facility Agent within 3 Business Days that they do not wish to receive such prepayments. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Following such application in accordance with Clause 8.8(b) (Right to Refuse Prepayment), any remaining amounts shall be applied against the outstanding principal amount of the Tranche A Advances (on the basis provided for in Clause 8.5 (Prepayments: Order of Application)) and then any remaining amounts shall be applied in permanent prepayment and cancellation of the Revolving Advances on a pro rata basis and cash advances outstanding forming part of Ancillary Outstandings or in cancelling the Revolving Commitments of the Lenders on a pro rata basis to the extent undrawn, in each case in such order as Bidco may select and thereafter in providing cash cover in respect of any Contingent Liability under any Letter of Credit or Lender Guarantee issued under the RevolvingFacility or contingent liability under any Ancillary Facility, in each case on a pro rata basis. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | Following such application in accordance with Clause 8.8(c) (Right to Refuse Prepayment), any remaining amounts shall be applied in cancelling the Bonding Commitments of the Lenders on a pro rata basis to the extent undrawn and thereafter in providing cash cover in respect of any Contingent Liability under any Letter of Credit or Lender Guarantee issued under the Bonding Facility on a pro rata basis. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 9. | CANCELLATION |
|----|--------------|

| 9.1 | All Facilities |
|-----|----------------|

| 9.2 | Term Facilities |
|-----|-----------------|

|   | (a) | Bidco may cancel any of the Commitments in respect of the Term Facilities in whole or in part (but if in part in a minimum amount of EUR1,000,000) at any time during the Availability Period for the relevant Term Facility by giving not less than 5 Business Days irrevocable written notice to that effect to the Facility Agent specifying the date and amount of the proposed cancellation.  Any such cancellation shall reduce each Lender’s Commitment for such Term Facility on a pro rata basis. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | On the last Business Day of the relevant Availability Period for the relevant Term Facilities (other than the Tranche D Term Facility) any portion of the Commitments in relation to the relevant Term Facilities remaining undrawn will be cancelled. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Any portion of the Tranche D Commitments remaining undrawn on the Completion Date will be cancelled. |
|--------|-----|------------------------------------------------------------------------------------------------------|

| 9.3 | Bonding Facility |
|-----|------------------|

|   | (a) | Bidco may cancel the Bonding Commitments in whole or in part (but if in part in a minimum amount of EUR2,500,000) at any time during the Availability Period for the Bonding Facility by giving not less than 5 Business Days irrevocable written notice to that effect to the Facility Agent specifying the date and amount of the proposed cancellation.  Any such cancellation shall reduce each Lender’s Bonding Commitment on a pro rata basis. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | No cancellation of the Bonding Facility may be made if it would result in the aggregate of the Contingent Liability of all the Lenders under Letters of Credit and Lender Guarantees issued under the Bonding Facility at the time of the proposed cancellation exceeding the total Bonding Commitments. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Upon any Permitted Disposal, to the extent any Letters of Credit and Lender Guarantees issued in respect of the company, business, assets and/or undertaking being disposed of remain outstanding, Bidco will procure that (A) cash cover is provided by a person other than a member of the Group and without any liability in respect of any member of the Group in an amount equal to the total Contingent Liability of all the Bonding Lenders under such Letters of Credit and Lender Guarantees or (B) bank guarantees, in form and substance satisfactory to the Issuing Lender (acting reasonably), are issued in respect of the full amount of such Letters of Credit and Lender Guarantees for the benefit of the relevant Lenders. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 9.4 | Revolving Facility |
|-----|--------------------|

|   | (a) | Bidco may cancel the Revolving Commitments in whole or in part (but if in part in a minimum amount of EUR2,500,000) at any time during the Availability Period for the Revolving Facility, as applicable, by giving not less than 5 Business Days irrevocable written notice to that effect to the Facility Agent specifying the date and amount of the proposed cancellation.  Any such cancellation shall reduce each Lender’s Revolving Commitment on a pro rata basis (ignoring for this purpose any reduction in the Revolving Commitment of an Ancillary Lender by reason of an Ancillary Limit). |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | No cancellation of the Revolving Facility may be made if it would result in the aggregate of the Revolving Advances and the Contingent Liability of all the Lenders under Letters of Credit and Lender Guarantees issued under the Revolving Facility at the time of the proposed cancellation exceeding the total Revolving Commitments as reduced by the total Ancillary Limits at such time. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Upon any Permitted Disposal: |
|--------|-----|------------------------------|

|   | (i) | any Borrower which is or whose business, assets and/or undertaking is being disposed of will immediately prepay all Advances made under the Revolving Facility; and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | to the extent any Letters of Credit and Lender Guarantees issued in respect of the company, business, assets and/or undertaking being disposed of remain outstanding, Bidco will procure that (A) cash cover is provided by a person other than a member of the Group and without any liability in respect of any member of the Group in an amount equal to the total Contingent Liability of all the Bonding Lenders under such Letters of Credit and Lender Guarantees or (B) bank guarantees, in form and substance satisfactory to the Issuing Lender (acting reasonably), are issued in respect of the full amount of such Letters of Credit and Lender Guarantees for the benefit of the relevant Lenders. |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9.5 | Miscellaneous |
|-----|---------------|

| 10. | FEES |
|-----|------|

| 10.1 | Commitment Fees |
|------|-----------------|

|   | (a) | Bidco will pay or procure the payment by the Borrowers to the Facility Agent for the account of Lenders of a commitment fee on the Revolving Facility and the Bonding Facility which will: |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | be computed at the rate which is the lower of (A) 0.75% per annum and (B) 50% of the applicable Margin, on the daily, undrawn, uncancelled amount of the total Revolving Commitments or the total Bonding Commitments (as the case may be) from the Completion Date until the last day of the Availability Period in respect of the Revolving Facility or the Bonding Facility (as the case may be); and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (ii) | be payable quarterly in arrears and on the Revolving Facility Maturity Date or the Bonding Facility Maturity Date (as the case may be) and the cancelled amount of the relevant Lender’s Revolving Commitment or Bonding Commitment (as the case may be) at the time cancellation is effective. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Bidco will pay or procure the payment by the Borrowers to the Facility Agent for the account of the Lenders of a commitment fee on the Term Facilities which will: |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | be computed as follows: |
|--------|-----|-------------------------|

|   | (A) | subject to paragraph (B) below, for the period commencing on the earlier of (1) the date on which all the conditions precedent referred to in Clause 4.1 (Initial Conditions Precedent) other than the condition set out in paragraph 11 (Consents and Filings) of Part B of Schedule 3 (Acquisition Documentary Conditions Precedent) have been satisfied and (2) 30 September 2005 and ending on the Completion Date at the rate of 0.50% per annum; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (B) | if the Completion Date has not occurred by 30 September 2005, for the period commencing from 30 September 2005 and ending on the Completion Date, at the rate of 50% of the applicable Margin; and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (C) | for the period commencing from the Completion Date and ending on the last day of the Availability Period for the relevant Term Facility, at the rate of 0.50% per annum, |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | be payable as follows: |
|--------|------|------------------------|

|   | (A) | in the case of the commitment fees payable pursuant to paragraphs (i)(A) and (B) above, on the Completion Date; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------|

|   | (B) | in the case of the commitment fee payable pursuant to paragraph (i)(C) above, quarterly in arrear and on the last day of the Availability Period for the relevant Term Facility; and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (C) | in any event, on the cancelled amount of the relevant Lender’s Commitment for the relevant Term Facility at the time the cancellation is effective or if later, the Completion Date. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | The commitment fees payable under this Clause 10.1 (Commitment Fees) will each accrue from day to day and will be calculated on the basis of a 360 day year and the actual number of days elapsed.  No commitment fees shall be payable in the event that the Completion Date does not occur. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 10.2 | Arrangement Fee |
|------|-----------------|

| 10.3 | Agency Fees |
|------|-------------|

| 10.4 | Amendment and Work Fees |
|------|-------------------------|

| 10.5 | Letter of Credit/Lender Guarantee Commission |
|------|----------------------------------------------|

|   | (a) | where such Letter of Credit or Lender Guarantee is denominated in a currency other than US Dollars, sterling, euro, Hong Kong dollars, Danish krone, Swiss francs, Canadian dollars, Australian dollars or Singapore dollars, euro (such amount calculated using the Facility Agent's Spot Rate of Exchange for the relevant currency and notified to Bidco); or |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | where such Letter of Credit or Lender Guarantee is denominated in US Dollars, sterling, euro, Hong Kong dollars, Danish krone, Swiss francs, Canadian dollars, Australian dollars or Singapore dollars, the currency of denomination of the Letter of Credit or Lender Guarantee, |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 10.6 | Issuing Lender Fee |
|------|--------------------|

| 10.7 | Issuing Lender Fee under the Bonding Facility |
|------|-----------------------------------------------|

| 10.8 | Payment of Fees |
|------|-----------------|

|   | (a) | Bidco irrevocably authorises the Facility Agent to deduct from the first Drawing in respect of the Facilities, all fees (including legal fees) costs and expenses to the extent set out in the Original Funds Flow Statement and payable in accordance with the relevant  Fees Letters and this Agreement. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Bidco irrevocably authorises the Facility Agent to deduct from the first Drawing in respect of either the Tranche B1 Term Facility or the Tranche C1 Term Facility (from whichever such Facility is drawn earlier), all fees (including legal fees) costs and expenses to the extent set out in the New Funds Flow Statement and payable in accordance with the relevant Fees Letters and this Agreement. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11. | CURRENCY OPTION |
|-----|-----------------|

| 11.1 | Requests for Optional Currency |
|------|--------------------------------|

| 11.2 | Response to Request for an Optional Currency |
|------|----------------------------------------------|

|   | (a) | any Lender notifies the Facility Agent that: |
|--------|-----|----------------------------------------------|

----

|   | (i) | by reason of circumstances affecting the London interbank market generally, that Lender will be unable to obtain matching deposits in that Optional Currency in the London interbank market at or about 11 a.m. on the relevant date in sufficient amounts to fund its share of that Advance during that Interest Period; or |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | it would by reason of national or international financial, political or economic conditions, currency availability, currency exchange rates or exchange controls be impossible or impracticable or it would be unlawful or contrary to a directive (whether or not having the force of law but, if not having the force of law, being one with which it is the practice of Lenders in the relevant jurisdiction to comply) for its share of that Advance to be denominated in that Optional Currency during that Interest Period; or |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the Facility Agent (acting reasonably) determines that: |
|--------|-----|---------------------------------------------------------|

|   | (i) | the relevant Optional Currency is for any reason not freely convertible into Euro and/or not freely transferable in the London interbank market; or |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | it is impossible to make payment in the country of the currency in which the Advance is to be denominated in the manner provided for in this Agreement; |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.3 | Alternative Currency |
|------|----------------------|

| 11.4 | Notification of Facility Agent’s Spot Rate of Exchange |
|------|--------------------------------------------------------------|

----

| 11.5 | Bonding Commitment |
|------|--------------------|

|   | (a) | the amount in Euro of that Drawing or, if denominated in an Optional Currency, the Euro Equivalent (determined in accordance with the Bonding Agent’s Rate of Exchange as at or about 1300 Düsseldorf time on the Business Day prior to the relevant Drawing Date) of that Drawing; and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | subject to Clause 11.7 (Revaluation of Letters of Credit), the Euro Equivalent (determined as at or about 11:00 am 2 Business Days prior to each respective original Drawing Date (the “original Drawing Date” in respect of those Letters of Credit and Lender Guarantees deemed issued on the terms of the Bonding Side Letters being the date on which the respective Letters of Credit or Lender Guarantees were deemed issued in accordance with the terms of the relevant Bonding Side Letter)) of the total Contingent Liability of all the Lenders under Letters of Credit and Lender Guarantees already issued under the Bonding Facility and denominated in Optional Currencies, which will be outstanding on the relevant Drawing Date; and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | the total Contingent Liability of all the Lenders under Letters of Credit and Lender Guarantees already issued under the Bonding Facility and denominated in Euro which will be outstanding on the relevant Drawing Date, |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.6 | Revolving Commitment |
|------|----------------------|

|   | (a) | the amount in Euro of that Drawing or, if denominated in an Optional Currency, the Euro Equivalent (determined as at or about 11:00 am 3 Business Days prior to the relevant Drawing Date) of that Drawing; and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | the Euro Equivalent (determined as at or about 11:00 am 3 Business Days prior to each respective original Drawing Date (the “original Drawing Date” in respect of those Letters of Credit and Lender Guarantees deemed issued on the terms of the Bonding Side Letters being the date on which the respective Letters of Credit or Lender Guarantees were deemed issued in accordance with the terms of the relevant Bonding Side Letter)) of each existing Revolving Advance , denominated in an Optional Currency which will be outstanding on the relevant Drawing Date; and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | each existing Revolving Advance, denominated in Euro which will be outstanding on the relevant Drawing Date; and |
|--------|-----|------------------------------------------------------------------------------------------------------------------|

|   | (d) | subject to Clause 11.7 (Revaluation of Letters of Credit), the Euro Equivalent (determined as at or about 11:00 am 2 Business Days prior to each respective original Drawing Date) of the total Contingent Liability of all the Lenders under Letters of Credit and Lender Guarantees already issued under the Revolving Facility and denominated in Optional Currencies, which will be outstanding on the relevant Drawing Date; and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | the total Contingent Liability of all the Lenders under Letters of Credit and Lender Guarantees already issued under the Revolving Facility and denominated in Euro which will be outstanding on the relevant Drawing Date, |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.7 | Revaluation of Letters of Credit and Lender Guarantees |
|------|--------------------------------------------------------|

|   | (a) | If any Letter of Credit or Lender Guarantee renewed in accordance with Clause 5.8 (Renewal and amendment of a Letter of Credit/Lender Guarantee) is denominated in an Optional Currency: |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the Facility Agent (in the case of a Letter of Credit or Lender Guarantee issued under the Revolving Facility) shall at the date of renewal of such Letter of Credit or Lender Guarantee recalculate the Euro Equivalent of the Contingent Liability of all the Lenders under such Letter of Credit or Lender Guarantee by notionally converting into Euro the outstanding amount of such Contingent Liability on the basis of the Facility Agent’s Spot Rate of Exchange on the date of calculation; or |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | the Bonding Agent (in the case of a Letter of Credit or Lender Guarantee issued under the Bonding Facility) shall at the date of renewal and/or at the date of issuance (in accordance with Clause 5.7 (Issue of Letters of Credit/Lender Guarantees and L/C Limitation)) of such Letter of Credit or Lender Guarantee, and each business day thereafter, recalculate the Euro Equivalent of Contingent Liability of all the Lenders under such Letter of Credit or Lenders Guarantee by notionally converting into Euro the outstanding amount of such Contingent Liability on the basis of the Bonding Agent’s Rate of Exchange on the date of calculation. |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | Bidco shall, if requested by the Facility Agent and/or the Bonding Agent within 3 days of any calculation under paragraph (a) above, ensure that within 3 Business Days the Bonding Facility is prepaid in an amount sufficient to ensure that the aggregate of (i) the total Euro Equivalent of the outstanding amount of the Contingent Liability of all the Lenders under Letters of Credit and Lender Guarantees already issued under the Bonding Facility and denominated in an Optional Currency and (ii) the total Contingent Liability of all the Lenders under Letters of Credit and Lender Guarantees already issued under the Bonding Facility and denominated in Euro (each determined as set forth in Clauses 11.5 (Bonding Commitment) above) does not exceed the Bonding Commitments following any adjustment to the Contingent Liability of all the Lenderscarried out pursuant to paragraph (a) of this Clause 11.7 (Revaluation of Letters of Credit). |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Bidco shall, if requested by the Facility Agent within 3 days of any calculation under paragraph (a) above, ensure that within 3 Business Days sufficient Revolving Advances are prepaid to ensure that the aggregate of (i) the amount of all outstanding Revolving Advances denominated in Euro, (ii) the total Euro Equivalent of all outstanding Revolving Advances denominated in an Optional Currency, (iii) the total Euro Equivalent of the outstanding amount of the Contingent Liability of all the Lenders under Letters of Credit and Lender Guarantees already issued under the Revolving Facility and denominated in an Optional Currency and (iv) the total Contingent Liability of all the Lenders under Letters of Credit and Lender Guarantees already issued under the Revolving Facility and denominated in Euro (each determined as set forth in Clauses 11.6 (Revolving Commitment) above) does not exceed the Revolving Commitments (after deducting the Ancillary Limits) following any adjustment to the Contingent Liability of all the Lenders carried out pursuant to paragraph (a) of this Clause 11.7 (Revaluation of Letters of Credit). |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12. | TAXES |
|-----|-------|

| 12.1 | Tax Definitions |
|------|-----------------|

|   | (a) | is treated as a resident of another state for the purposes of a double taxation treaty between that other state and the Taxing State, where that double taxation treaty provides for full relief from Taxes otherwise imposed on interest; and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | does not carry on business in the Taxing State through a permanent establishment with which that Senior Finance Party’s participation in that Advance is effectively connected; and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | fulfils any other provisions of the relevant double taxation treaty that are necessary for a payee to fulfil so as to be able, pursuant to that treaty, to receive payments of interest without a Tax Deduction (subject to the completion of any necessary procedural formalities); |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | who is beneficially entitled to and within the charge to United Kingdom corporation tax as regards that payment and: |
|--------|-----|----------------------------------------------------------------------------------------------------------------------|

|   | (i) | if the participation in that Advance was made by it, is a Lender which is a “bank” (as defined for the purposes of section 349 of the Taxes Act); or |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | if the participation in that Advance was made by a different person, that person was a “bank” (as defined for the purposes of section 349 of the Taxes Act) at the time that Advance was made; |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b)  | who is beneficially entitled to that payment and: |
|--------|-----------|---------------------------------------------------|

|   | (i) | is a company resident in the United Kingdom for the purposes of the Taxes Act (the first condition set out in section 349B of the Taxes Act); or |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | satisfies one of the other conditions set out in subsections (2) or (6) of section 349B of the Taxes Act; |
|--------|------|-----------------------------------------------------------------------------------------------------------|

|   | (c) | who is a building society as defined in Section 832(1) of the Taxes Act and which is entitled to receive any payment of interest made in respect of an advance under a Senior Finance Document without a Tax Deduction in respect of Tax imposed by the United Kingdom pursuant to Section 477A(7) of the Taxes Act; or |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | who is a DTT Lender with respect to the Taxes imposed by the United Kingdom; |
|--------|-----|------------------------------------------------------------------------------|

|   | (a) | (i) | a “United States person” within the meaning of Section 7701(a)(30) of the Code; or |
|--------|-----|-----|------------------------------------------------------------------------------------------------|

|   | (ii) | a DTT Lender with respect to the United States entitled to receive such payments without any such deduction or withholding; or |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------|

----

|   | (iii) | entitled to receive payments under the Finance Documents without deduction or withholding of any United States federal income Taxes either as a result of such payments being effectively connected with the conduct by such Lender of a trade or business within the United States or under the portfolio interest exemption; and |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | to the extent required in Clause 12.3(h) (Tax Gross-Up), has timely delivered to the Facility Agent for transmission to the Obligor copies | of the forms and certificates discussed in Clause 12.3(h) (Tax Gross- | Up). |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------|------|

|   | (a) | a company resident in the United Kingdom for United Kingdom Tax purposes; or |
|--------|-----|------------------------------------------------------------------------------|

|   | (b) | a person who satisfies one of the other conditions set out in subsections (2) or (6) of Section 349B of the Taxes Act. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------|

|   | (a) | any liability or any increase in the liability of that person to make any payment of or in respect of tax; |
|--------|-----|------------------------------------------------------------------------------------------------------------|

|   | (b) | any loss of any relief, allowance, deduction or credit in respect of tax which would otherwise have been available to that person; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | any setting off against income, profits or gains or against any tax liability of any relief, allowance, deduction or credit in respect of tax which would otherwise have been available to that person; and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | any loss or setting off against any tax liability of a right to repayment of tax which would otherwise have been available to that person, |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------|

----

| 12.2 | Payments to be Free and Clear |
|------|-------------------------------|

| 12.3 | Tax Gross-Up |
|------|--------------|

|   | (a) | Each Obligor shall promptly upon it becoming aware that it is required by law to make a Tax Deduction (or that there is a change in the rate or the basis of any Tax Deduction) notify the Facility Agent of such requirement or change.  Similarly, a Lender shall notify the Facility Agent on becoming so aware in respect of a payment payable to that Lender.  If the Facility Agent receives such notification from a Lender it shall notify that Obligor. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | If an Obligor is required by law to make a Tax Deduction it shall make the Tax Deduction in the minimum amount and within the time period required by law. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Except as provided by paragraph (f) below, if a Tax Deduction is required by law to be made by an Obligor the amount of the payment due from the Obligor shall be increased to an amount so that after the required Tax Deduction on that increased amount is made the payee receives a net sum equal to the amount it would have received had no Tax Deduction been required. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | Except as provided by paragraph (f) below, if a Tax Deduction is required by law to be made by the Facility Agent from any payment to a Senior Finance Party which represents an amount or amounts received from an Obligor, that Obligor shall pay directly to that Senior Finance Party an amount which, after making the required Tax Deduction on that direct payment, enables the payee to receive a net sum equal to the amount it would have received had no Tax Deductions been required. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | Within 30 days after making any Tax Deduction or a payment which it is required to make in connection with any Tax Deduction, the Obligor making that Tax Deduction or payment shall deliver to the Facility Agent for the relevant Senior Finance Party certified copies of tax receipts evidencing such payment or, if the practice of the relevant taxing authority is not to supply such receipts, evidence satisfactory to that Senior Finance Party that the Tax Deduction has been made and that any payment which is required in connection with any Tax Deduction has been made to the relevant Tax authority or other person. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | An Obligor is not required to make an increased or direct payment to a Senior Finance Party under paragraphs (c) or (d) above in respect of Taxes imposed by the United Kingdom or the United States on a payment of interest on a participation in an Advance if at the time the payment concerned falls due the Senior Finance Party: |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (i) | is not a Qualifying UK Lender, a DTT Lender or a Qualifying US Lender as the case may be, with respect to that payment (unless the reason it is not a Qualifying UK Lender, DTT Lender or Qualifying US Lender as the case may be, is due to a change after the date it becomes a Lender in any law, treaty or regulation, or in the interpretation or application thereof, or in any practice of concession of any relevant taxing authority) to the extent that payment could have been made without a deduction or withholding if that Senior Finance Party had been a Qualifying UK Lender, DTT Lender or Qualifying US Lender as the case may be, on that date; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | is a Qualifying UK Lender by virtue only of paragraph (b) of the definition of Qualifying UK Lender and the relevant Obligor has received a direction under section 349C of the Taxes Act in relation to that Senior Finance Party and its participation in an Advance to the extent that payment could have been made without a deduction or withholding if no direction had been issued; or |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | is a DTT Lender and the relevant Obligor is able to demonstrate to the satisfaction of the DTT Lender that the Tax Deduction is required as a result of the failure of the DTT Lender to comply with its obligations under paragraph (g) below. |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | To the extent it is able to do so without breaching any legal or regulatory restrictions or having to disclose any confidential information, each DTT Lender shall, as soon as reasonably practicable, make any necessary application under the relevant double taxation treaty for that Obligor to make its payments to that Lender under this Agreement without a Tax Deduction, and shall notify the Facility Agent when such application has been made, provided that this paragraph (g) shall not apply to any DTT Lender described in paragraphs (h) and (i) below, unless the procedures set forth in paragraphs (h) and (i) below are not relevant.  The Facility Agent shall, on receipt of any such notification delivered pursuant to this paragraph (g), subsequently notify Bidco. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (h) | Any Lender that is not a “United States person” (as such term is defined in Section 7701(a)(30) of the Code) and that is entitled to payment from an US Obligor that is a “United States person” (as such term is defined in Section 7701(a)(30) of the Code) without a Tax Deduction for United States federal withholding taxes, shall as soon as reasonably practicable (a) to the extent able to do so without breaching any legal or regulatory restrictions or having to disclose any confidential information, deliver to such US Obligor, with a copy to the Facility Agent, at the time or times prescribed by applicable law, (i) two accurate and complete originally executed U.S. Internal Revenue Service Forms W-8BEN or W-8ECI (or any successor), whichever is relevant, certifying such Lender’s legal entitlement to an exemption or reduction from any Tax Deduction for UnitedStates federal withholding taxes with respect to all payments hereunder, (ii) in the case of each such Lender, if the Lender is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code and cannot deliver either U.S. Internal Revenue Service Form W-8ECI or Form W-8BEN (certifying such Lender’s legal entitlement to an exemption or reduction from any Tax Deduction for United States federal withholding taxes) pursuant to clause (i) above, (x) a statement certifying that such Lender is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code and (y) two accurate and complete originally executed copies of U.S. Internal Revenue Service Form W-8BEN (with respect to the portfolio interest exemption) (or successor form) certifying such Lender’s legal entitlement to an exemption or reduction from any Tax Deduction for United States federal withholding taxes with respect to all payments hereunder or (iii) in the case of each suchLender, if a Lender is a foreign intermediary or flow-through entity for United States federal income tax purposes, two accurate and complete signed copies of Internal Revenue Service Form W-8IMY (and all necessary attachments) certifying such Lender’s legal entitlement to an exemption or reduction from any Tax Deduction for United States federal withholding taxes with respect to all payments hereunder, and (b) to the extent able do so without breaching any legal or regulatory restrictions or having to disclose any confidential information at such times, provide to such US Obligor, with a copy to the Facility Agent) new Forms W-8BEN, W-8ECI or W-8IMY (or any successor), whichever is relevant, upon the expiration or obsolescence of any previously delivered form to reconfirm any complete exemption from, or any entitlement to a reduction in, any Tax Deduction for United States federal withholding taxes with respect to any payment hereunder. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (i) | Each Lender that is entitled to payment from an Obligor established in Belgium without or with a lower Tax Deduction for Belgian withholding taxes, shall to the extent it is able to do so, using reasonable efforts, without breaching any legal or regulatory restrictions or having to disclose any confidential information, as soon as reasonably practicable upon written request of such Obligor, submit to such Obligor a tax residence certificate (form 276 Int.-Aut or any other form that may be requested by the Belgian tax authorities for the same purpose) issued by the competent tax authorities of the jurisdiction in which such Lender is resident stating that such Lender is resident in that jurisdiction for tax purposes, and, after such certificate ceases to be valid, such Lender shall, to the extent it is able to do so, using reasonable efforts, as soon as reasonably practicable upon writtenrequest of such Obligor, submit another such certificate to such Obligor, provided, however, that nothing in this Clause 12.3(i) shall require such Lender to disclose any confidential information (including without limitation, its tax returns or its calculations).  After the entry into force of any new relevant exemption under Belgian internal law (the “New Exemption”), each Lender that is entitled, under the New Exemption, to payments from an Obligor established in Belgium without a Tax Deduction for Belgian withholding tax, shall to the extent able to do so using reasonable efforts, as soon as reasonably practicable upon written request of such Obligor, co-operate with the relevant Obligor filing such certificate or document or furnishing to such Obligor such information, in each case, as reasonably requested by such Obligor that may be necessary to permit interest payments to be made by that Obligorto that Lender free and clear of Tax Deduction for Belgian withholding tax, provided, however, that nothing in this Clause 12.3(i) shall require that Lender to disclose any confidential information (including, without limitation, its tax returns or its calculations). |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 12.4 | Tax Indemnity |
|------|---------------|

|   | (a) | Except as provided by paragraph (b) below, each Obligor shall within 5 Business Days of demand by the Facility Agent, indemnify a Senior Finance Party against any Tax Liability which that Senior Finance Party (in its absolute discretion, acting reasonably and in good faith) determines will be or has been (directly or indirectly) suffered by that Senior Finance Party in respect of a Senior Finance Document. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Paragraph (a) above shall not apply: |
|--------|-----|-------------------------------------------|

|   | (i) | with respect to any Tax Liability of a Senior Finance Party under the laws of the jurisdiction in which: |
|--------|-----|----------------------------------------------------------------------------------------------------------|

|   | (A) | that Senior Finance Party is incorporated or, if different, the jurisdiction (or jurisdictions) in which that Senior Finance Party is treated as resident for Tax purposes; or |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (B) | that Senior Finance Party’s Lending Office is located in respect of amounts received or receivable in that jurisdiction, |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | if and to the extent that a loss, liability or cost is compensated for by an increased or direct payment pursuant to Clause 12.3(c) or (d) (Tax Gross-Up) or would have been so compensated but was not so compensated solely because one or more of the exclusions contained in paragraph (f) of Clause 12.3 (Tax Gross-Up) applied. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | A Senior Finance Party making, or intending to make, a claim under paragraph (a) above shall promptly notify the Facility Agent of the event which will give, or has given, rise to the claim, following which the Facility Agent will notify Bidco. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | A Senior Finance Party shall, on receiving a payment from an Obligor under paragraph (a) above notify the Facility Agent. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------|

| 12.5 | Tax Credits |
|------|-------------|

|   | (a) | If an Obligor makes a Tax Payment and the relevant Senior Finance Party determines, in its sole opinion (acting reasonably), that it has obtained, utilised and retained a Tax Credit which is attributable to that Tax Payment, that Senior Finance Party shall (subject to paragraph (b) below) pay to the relevant Obligor such amount as that Senior Finance Party determines, in its sole opinion (acting reasonably), to be attributable to the relevant Tax Payment and as will leave that Senior Finance Party (after that payment) in the same after-Tax position as it would have been in if the Tax Payment had not been made by that Obligor. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | (i) | Each Senior Finance Party shall have an absolute discretion as to the time at which and the order and manner in which it realises or utilises any Tax Credits and shall not be obliged to arrange its business or its tax affairs in any particular way in order to be eligible for any credit or refund or similar benefit. |
|--------|-----|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | No Senior Finance Party shall be obliged to disclose to any other person any information regarding its business, tax affairs or tax computations (including, without limitation, its tax returns or its calculations). |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | If a Senior Finance Party has made a payment to an Obligor pursuant to this Clause 12.5 on account of a Tax Credit and it subsequently transpires that that Senior Finance Party did not receive that Tax Credit, that Obligor shall, on demand, pay to that Senior Finance Party the amount which that Senior Finance Party determines will put it (after that payment is received) in the same after-tax position as it would have been in had no such payment been made to that Obligor. |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | No Senior Finance Party shall be obliged to make any payment under this Clause 12.5 if, by doing so, it would contravene the terms of any applicable Law or any notice, direction or requirement of any governmental or regulatory authority (whether or not having the force of law). |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.6 | Stamp Taxes |
|------|-------------|

| 12.7 | VAT |
|------|-----|

|   | (a) | All consideration expressed to be payable under a Senior Finance Document by any party hereto to a Senior Finance Party shall be deemed to be exclusive of any VAT.  If VAT is chargeable on any supply made by any Senior Finance Party to any party hereto in connection with a Senior Finance Document that party shall pay to the Senior Finance Party (in addition to and at the same time as paying the consideration for that supply) an amount equal to the amount of the VAT. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Where a Senior Finance Document requires any party hereto to reimburse a Senior Finance Party for any costs or expenses, that party shall also at the same time pay and indemnify the Senior Finance Party against any VAT incurred by the Senior Finance Party in respect of the costs or expenses to the extent that the Senior Finance Party determines in its sole discretion that it is not entitled to credit for or repayment of the VAT. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 13. | CHANGE IN CIRCUMSTANCES |
|-----|-------------------------|

| 13.1 | Illegality |
|------|------------|

|   | (a) | upon that Lender notifying Bidco, the relevant part of its Commitments shall be cancelled; and |
|--------|-----|------------------------------------------------------------------------------------------------|

|   | (b) | the Borrowers shall prepay that Lender’s portion of each Advance on the last day of the relevant Interest Period and forthwith provide cash cover in an amount equal to that Lender’s Contingent Liability in relation to each Lender Guarantee and Letter of Credit or, if earlier, the date specified by the Lender in its notice as may be necessary to comply with the relevant law or directive (being no earlier than the last day of any applicable grace period permitted by law) with accrued interest thereon and any other sum then due to that Lender under this Agreement. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13.2 | Increased Costs |
|------|-----------------|

|   | (a) | Subject to paragraph (c) below, Bidco shall, within 3 Business Days of a demand by the Facility Agent, pay or procure payment for the account of a Senior Finance Party of the amount of any Increased Costs incurred by that Senior Finance Party or any of its affiliates as a result of: |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the introduction of or any change in (or change in the interpretation, administration or application of) any law or directive; or |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | compliance with any law or directive made after the date of this Agreement. |
|--------|------|-----------------------------------------------------------------------------|

|   | (i) | a reduction in the rate of return under a Senior Finance Document or on the overall capital of a Senior Finance Party or any of its affiliates; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | an additional or increased cost; or |
|--------|------|-------------------------------------|

|   | (iii) | a reduction of any amount due and payable under any Senior Finance Document, |
|--------|-------|------------------------------------------------------------------------------|

----

|   | (b) | (i) | A Senior Finance Party intending to make a claim for any Increased Costs shall notify the Facility Agent of the event giving rise to the claim following which the Facility Agent shall promptly notify Bidco. |
|--------|-----|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | Each Senior Finance Party shall, as soon as practicable after a demand by the Facility Agent, provide a certificate confirming the amount of its Increased Costs claim. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Paragraph (a) above shall not apply to the extent that any Increased Cost is: |
|--------|-----|------------------------------------------------------------------------------------|

|   | (i) | attributable to a Tax Deduction required by law to be made by an Obligor; or |
|--------|-----|------------------------------------------------------------------------------|

|   | (ii) | compensated for under Clause 12.4(a) (Tax Indemnity) or would have been so compensated but was not so compensated solely because one or more of the exclusions contained in paragraph (b) of Clause 12.4 (Tax Indemnity) applied; |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | compensated for by the payment of the Mandatory Cost; |
|--------|-------|-------------------------------------------------------|

|   | (iv) | attributable to the wilful breach by the relevant Senior Finance Party or its affiliates of any law or regulation; or |
|--------|------|-----------------------------------------------------------------------------------------------------------------------|

|   | (v) | attributable to the implementation or application of or compliance with the “International Convergence of Capital Measurement and Capital Standards, a Revised Framework” published by the Basel Committee on Banking Supervision in June 2004 in the form existing on the date of this Agreement (“Basel II”) or any other law or regulation which implements Basel II (whether such implementation, application or compliance is by a government, regulator, Finance Party or any of its affiliates). |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13.3 | Mitigation |
|------|------------|

|   | (a) | Each Senior Finance Party shall, in consultation with Bidco, take all reasonable steps to mitigate any circumstances which arise and which result or would result in any amount becoming payable under or pursuant to, or cancelled pursuant to, any of Clause 13.1 (Illegality), Clause 12 (Taxes) or Clause 13.2 (Increased Costs), including (but not limited to) changing its Lending Office or transferring its rights and obligations under the Senior Finance Documents to an affiliate.  This paragraph does not in any way limit the obligations of the Obligors under the Senior Finance Documents. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | (i) | Bidco shall, and shall procure that the Obligors shall, indemnify each Senior Finance Party for all costs and expenses reasonably incurred by that Senior Finance Party as a result of any step taken by it under paragraph (a) above. |
|--------|-----|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | A Senior Finance Party is not obliged to take any step under paragraph (a) above if, in the opinion of that Senior Finance Party (acting reasonably), to do so might be prejudicial to it. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 13.4 | Change in Market Conditions |
|------|-----------------------------|

|   | (a) | Subject to paragraph (b) below, if LIBOR or, if applicable, EURIBOR is to be calculated by reference to the Reference Lenders but a Reference Lender does not supply a quotation by 12:00 noon London time, in the case of LIBOR, or Brussels time, in the case of EURIBOR, on the Quotation Day, the applicable LIBOR or EURIBOR shall be calculated on the basis of the quotations of the remaining Reference Lenders. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | (i) | If a Market Disruption Event occurs in relation to any Advance for any Interest Period, then the rate of interest per annum on each Lender’s share in that Advance for that Interest Period shall be the rate per annum which is the aggregate of: |
|--------|-----|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (A) | the applicable Margin; |
|--------|-----|------------------------|

|   | (B) | the rate notified to the Facility Agent by that Lender as soon as practicable and in any event before interest is due to be paid in respect of that Interest Period to be that which expresses as a percentage rate per annum the cost to that Lender of funding its share in that Advance from whatever source it may reasonably select; and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (C) | the Mandatory Cost, if any, applicable to that Lender’s participation in the relevant Advance. |
|--------|-----|------------------------------------------------------------------------------------------------------|

|   | (ii) | The Facility Agent must promptly give notice to Bidco and the Lenders of the occurrence of a Market Disruption Event. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------|

|   | (iii) | In this Agreement “Market Disruption Event” means: |
|--------|-------|----------------------------------------------------------------|

|   | (A) | at or about 12:00 noon London time or Brussels time for Advances denominated in Euro on the Quotation Day for the relevant Interest Period, the Screen Rate is not available and none or only one of the Reference Lenders supplies a rate to the Facility Agent to determine LIBOR or, if applicable, EURIBOR for the relevant currency and Interest Period; or |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (B) | before the close of business in London or Brussels for Advances denominated in Euro on the Quotation Day for the relevant Interest Period, the Facility Agent receives notifications from a Lender or Lenders (whose participations in the relevant Advance exceed 50% of that Advance) that the cost to it of obtaining matching deposits for the relevant Interest Period in the Relevant Interbank Market would be in excess of LIBOR or, if applicable, EURIBOR. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | (i) | If a Market Disruption Event occurs and the Facility Agent or Bidco (on behalf of the affected Borrower) so requires, the Facility Agent and Bidco shall enter into negotiations (for a period of not more than 30 days) with a view to agreeing on a substitute basis for determining the rate of interest and/or funding. |
|--------|-----|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (ii) | Any alternative basis agreed pursuant to paragraph (a) above shall, with the prior consent of all the Lenders and Bidco, be binding on all parties hereto. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13.5 | Issuing Lender |
|------|----------------|

| 13.6 | Replacement of Lender |
|------|-----------------------|

|   | (a) | If at any time any Obligor becomes obliged to pay additional amounts described in Clauses 12 (Taxes), 13.1 (Illegality) or 13.2 (Increased Costs) to any Lender, then Bidco may on 10 Business Days’ prior written notice to the Facility Agent and such Lender (aa) repay all the outstanding principal amount of such Lender’s participation in the outstanding advances and all accrued interest and fees and other amounts payable to that Lender hereunder; or (bb) replace such Lender by requiring such Lender to (and such Lender shall) transfer pursuant to Clause 27.3 (Assignments and Transfers by Lenders) all of its rights and obligations under this Agreementto a Lender or another bank, financial institution, fund or other entity selected by Bidco and which (unless any such Lender continues to be fully liable for its obligations to the Issuing Lender under any relevant Lender Guarantee or Letter of Credit) has been approved by the Issuing Lender (which approval shall not be unreasonably withheld) which confirms its willingness to assume and does assume all the obligations of the transferring Lender (including the assumption of the transferring Lender’s participation on the same basis as the transferring Lender) for a purchase price equal to the outstanding principal amount of such Lender’s participation in the outstanding Advances and all accrued interest and fees and other amounts payable to that Lender hereunder. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The repayment or replacement of a Lender pursuant to this Clause 13.6 (Replacement of Lender) shall be subject to the following conditions: |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | neither the Facility Agent nor the Security Agent may be replaced without the consent of the Majority Lenders; |
|--------|-----|----------------------------------------------------------------------------------------------------------------|

|   | (ii) | neither the Facility Agent nor any Lender shall have any obligation to the Group to find a replacement Lender or other such entity; |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | such repayment or replacement must take place no later than 180 days after the date the relevant Lender has demanded payment of additional or increased amounts under Clause 12 (Taxes), 13.1 (Illegality) or 13.2 (Increased Costs) as the case may be; |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | in no event shall the Lender hereby replaced be required to pay or surrender to such replacement Lender or other entity any of the fees received by such Lender replaced pursuant to this Agreement; and |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (v) | to the extent that the repayment or replacement of a Lender results from any Obligor becoming obliged to pay additional amounts pursuant to Clause 12 (Taxes) or 13.2 (Increased Costs) the Obligor shall pay any such additional amounts to such Lender prior to such Lender being repaid or replaced and the payment of such additional amounts shall be a condition to the repayment or replacement of such Lender. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14. | PAYMENTS |
|-----|----------|

| 14.1 | By Lenders |
|------|------------|

|   | (a) | On each date on which an Advance is to be made, each Lender shall make its share of that Advance available to the Facility Agent in the place for payment to the relevant Borrower by payment in the currency of that Advance and in immediately available cleared funds to such account as the Facility Agent shall specify. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The Facility Agent shall make the amounts so made available to it available to the relevant Borrower before close of business in the place of payment on that date by payment in the same currency and funds as received by the Facility Agent to such account of the relevant Borrower as shall have been specified in the notice requesting that Advance.  If any Lender makes its share of any Advance available to the Facility Agent later than required by Clause 14.1(a), the Facility Agent shall make that share available to the relevant Borrower as soon as practicable thereafter. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.2 | By Obligors |
|------|-------------|

|   | (a) | On each date on which any sum is due from any Obligor, it shall make that sum available to the Facility Agent in the place for payment by payment in the currency in which that sum is due and in immediately available cleared funds to such account as the Facility Agent shall specify. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The Facility Agent shall make available to each Senior Finance Party before close of business in that place on that date its pro rata share (if any) of any sum so made available to the Facility Agent in the same currency and funds as received by the Facility Agent to such account of that Senior Finance Party with such Lender in that place as it shall have specified to the Facility Agent.  If any sum is made available to the Facility Agent later than required by Clause 14.2(a), the Facility Agent shall make each Lender’s share (if any) available to it as soon as practicable thereafter. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.3 | Refunding of Payments |
|------|-----------------------|

----

|   | (a) | the person to whom the Facility Agent made that sum available shall on request refund it to the Facility Agent; and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------|

|   | (b) | the person by whom that sum should have been made available or, if that person fails to do so the person to whom that sum should have been made available, shall on request pay to the Facility Agent the amount (as certified by the Facility Agent) which will indemnify the Facility Agent against any funding or other cost, loss, expense or liability sustained or incurred by it as a result of paying out that sum before receiving it. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.4 | Non-Business Days |
|------|-------------------|

|   | (a) | The duration of an Interest Period shall not be changed after 11:00 a.m. on the Quotation Day for that Interest Period unless it later becomes apparent to the Facility Agent that the day on which that Interest Period would otherwise end is not a Business Day.  In that event, that Interest Period shall instead end on the Business Day succeeding that day unless such day falls in the next calendar month, in which case, that Interest Period shall end on the immediately preceding Business Day (such determination to be notified by the Facility Agent to Bidco and the Lenders). |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Any Maturity Date which would otherwise fall on a day which is not a Business Day shall be adjusted on the same basis so as to fall on a Business Day. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Any payment to be made by any Obligor on a day which is not the last day of an Interest Period or a Maturity Date and which would otherwise be due on a day which is not a Business Day shall instead be due on the next Business Day. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.5 | Change in Currency |
|------|--------------------|

|   | (a) | If a single currency or currency unit becomes the lawful currency of two or more countries or any change occurs in a currency or currency unit of any country or if more than one currency or currency unit are at the same time recognised by the central bank of any relevant country as the lawful currency of such country, then: |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | any reference in the Senior Finance Documents to, and any obligations arising under the Senior Finance Documents in, the currency of that country shall be translated into, or paid in, the currency or currency unit designated by the Facility Agent after consultation with the Lenders and Bidco; and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | any translation from one of such country’s currencies or currency units to another shall be at the official rate of exchange recognised by that central bank for the conversion of such currencies or currency unit into the other, rounded up or down to the nearest whole unit of such other currency. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | If a change in any currency of any relevant country occurs (including in consequence of European Monetary Union) after the date of this Agreement, this Agreement will be amended to the extent to which the Facility Agent, in good faith, in consultation with Bidco determines to be necessary to reflect the change in currency or any financial market practices relating to dealing in the new currency and to put the Lenders in the same position, so far as is possible, that they would have been in if no change in currency had occurred. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.6 | Netting of Payments |
|------|---------------------|

| 15. | REPRESENTATIONS AND WARRANTIES |
|-----|--------------------------------|

| 15.1 | Incorporation |
|------|---------------|

| 15.2 | Power |
|------|-------|

| 15.3 | Authority |
|------|-----------|

|   | (a) | to enable it to enter into, exercise its rights under, and perform and comply with its obligations under, the Finance Documents to which it is party and to carry out the transactions contemplated by such Finance Documents; and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | subject to reservations, to ensure that those obligations are valid, legally binding and enforceable in accordance with their terms; and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (c) | to make each of the Finance Documents to which it is party, subject to the reservations, admissible in evidence in the courts of the jurisdiction to which it has submitted in such Finance Document; and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | to create the security constituted by the Security Documents to which it is party and, subject to the reservations, to ensure that such security has the ranking specified therein, |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.4 | Consents and Filings |
|------|----------------------|

|   | (a) | for its entry into, exercise of its rights, and performance and compliance with its obligations under, each of the Finance Documents; and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | for it to carry out the transactions contemplated by the Finance Documents |
|--------|-----|----------------------------------------------------------------------------|

| 15.5 | Non-Conflict |
|------|--------------|

|   | (a) | contravene in any material respect any law or directive, to which it or any of its Subsidiaries is subject; |
|--------|-----|-------------------------------------------------------------------------------------------------------------|

|   | (b) | contravene its memorandum or articles of association or other constitutional documents (including, in respect of an Obligor incorporated in France its statuts); |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | breach any material agreement or the terms of any material consent to which it or any of its Subsidiaries is a party or which is binding upon it or any of its Subsidiaries or any of its or their respective assets to an extent which has or would reasonably be expected to have a Material Adverse Effect; or |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | oblige it, or any of its Subsidiaries, to create any security or result in the creation of any security over its or their respective assets other than under the Security Documents or encumbrances permitted under Clause 17.4 (Negative Pledge). |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 15.6 | Obligations Binding |
|------|---------------------|

| 15.7 | Insolvency |
|------|------------|

|   | (a) | No corporate action has been taken nor have any steps been taken or legal proceedings been started or (to the best of its knowledge and belief) threatened against it or any Material Subsidiary, for its winding-up, dissolution, administration or reorganisation (including any procédure collective de redressement (including by way of plan de cession or plan de continuation) or liquidation judiciaire or règlement amiable) or for the appointment of a receiver, administrator, administrative receiver, conservator, custodian, trustee or similar officer (including a mandataire ad hoc, conciliateur, administrateur, mandataire judiciaire au redressement et à la liquidation des entreprises or a vremenriy upravlyaushchiy, administrativniy upravlyaushchiy, vnesh-niy upravlyaushchiy or konkursniy upravlyaushchiy), liquidation commission (likvidatsionnaya komissiya) or liquidator (likvidator)) of it or of any or all of its assets or revenues or for suspension of payments (cessation des paiements) or moratorium (sursis de paiement) of any indebtedness. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Each US Obligor is Solvent. |
|--------|-----|-----------------------------|

| 15.8 | No Defaults |
|------|-------------|

|   | (a) | No Event of Default has occurred and is continuing or would reasonably be expected to result from any Drawing. |
|--------|-----|----------------------------------------------------------------------------------------------------------------|

|   | (b) | To the best of the knowledge and belief of Bidco, having made reasonable enquiries, no event has occurred and is continuing which constitutes a default, and no event has occurred and is continuing which, with the giving of notice or the lapse of time or making of any determination or fulfilment of any condition in each case as provided for in the agreement concerned is reasonably likely to constitute a default (and where it is reasonably likely that such default will occur) under any agreement to which it or any of its Subsidiaries is party and which, in either case, has or would reasonably be expected to have a Material Adverse Effect. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.9 | No Material Proceedings |
|------|-------------------------|

----

| 15.10 | No Security Interests/Guarantees/Financial Indebtedness |
|-------|---------------------------------------------------------|

|   | (a) | No Security Interest (or agreement to create the same) exists on or over its or any of its Subsidiaries’ assets except as permitted by Clause 17.4 (Negative Pledge); |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | neither it nor any of its Subsidiaries has granted or agreed to grant any guarantee except as permitted by Clause 17.7 (Guarantees); and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | neither it nor any of its Subsidiaries has incurred any Financial Indebtedness except as permitted under Clause 17.6 (Indebtedness). |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------|

| 15.11 | Labour Disputes |
|-------|-----------------|

| 15.12 | Assets |
|-------|--------|

|   | (a) | The shares in the Target and the other shares and assets to be acquired at Completion or any later date under the Acquisition Documents will on Completion or such later date as applicable be beneficially owned by the relevant Acquisition Party and the Acquisition Parties will be entitled to and will forthwith thereafter become the legal and beneficial owner of such shares and assets free from any Security Interest other than pursuant to the Security Documents and encumbrances permitted under Clause 17.4 (Negative Pledge). |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | It or its Subsidiaries has or will on Completion have good title to or valid leases or licences of or is otherwise entitled to use all material assets necessary to conduct the Business (other than those assets to be acquired at a later date as referred to in Clause 15.12(a)) substantially as it was conducted immediately prior to Completion. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.13 | Consents, Filings and Laws applicable to Operations |
|-------|-----------------------------------------------------|

|   | (a) | All consents and filings have been obtained or effected which are necessary for the carrying on of the business of the Group in all material respects substantially as it is being conducted and all such consents and filings are in full force and effect and there are no circumstances known to it which indicate that any such consents and filings are likely to be revoked or varied in whole or in part, save in each case to the extent that absence of any such consent or filing or variation of any such consent does not and would not reasonably be expected to have a Material Adverse Effect. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | It and each of its Subsidiaries is in compliance with all laws and directives applicable to it in its jurisdiction of incorporation or jurisdictions in which it operates save where non-compliance would not have or would not reasonably be expected to have a Material Adverse Effect. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 15.14 | Accounts |
|-------|----------|

|   | (a) | The audited consolidated financial statements (together with the notes thereto) most recently delivered pursuant to Clause 19.4 (Financial Statements): |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | present a true and fair view of the financial position of it and its Subsidiaries as at the date to which they were prepared and for the Financial Year then ended; and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | were prepared in accordance with Applicable GAAP unless expressly disclosed to the Facility Agent in writing to the contrary. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The monthly consolidated management accounts most recently delivered pursuant to Clause 19.4 (Financial Statements): |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------|

|   | (i) | fairly present the financial position of it and its Subsidiaries as at the date to which they were prepared and for the month then ended; and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | were prepared on a basis consistent with Applicable GAAP unless expressly disclosed to the Facility Agent in writing to the contrary. |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------|

| 15.15 | Tax Liabilities |
|-------|-----------------|

| 15.16 | Latest Accounts |
|-------|-----------------|

|   | (a) | were prepared in accordance with Applicable GAAP consistently applied unless expressly disclosed to the Facility Agent in writing to the contrary; and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | give a true and fair view of or, in the case of the management accounts, fairly present the financial position of the Target Group as at the date to which they were prepared and for the period then ended. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.17 | Syndication Memorandum and Base Case Model |
|-------|--------------------------------------------|

|   | (a) | To the best of the knowledge of Bidco after due and careful enquiry, all statements of fact relating to the assets, financial condition and operations of the Business contained in the Syndication Memorandum and the Base Case Model are true and accurate in all material respects at the date (if any) ascribed thereto in the Syndication Memorandum or the Base Case Model or (if none) at the date of the relevant component of the Syndication Memorandum or the Base Case Model. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | The opinions and expression of intention in the Syndication Memorandum and the Base Case Model represent opinions and expressions of intention of Bidco arrived at after careful consideration and, to the best of Bidco’s knowledge, based on reasonable grounds at the time of being made. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | The projections and forecasts contained in the Syndication Memorandum and the Base Case Model are based upon assumptions (including, without limitation, the assumptions contained or referred to in the Agreed Financial Projections) which Bidco has carefully considered and considered to be reasonable at the time of being made. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | The Syndication Memorandum does not omit to disclose or take into account any matter known to Bidco after due and careful review where failure to disclose or take into account such matter would result in the Syndication Memorandum (taken as a whole) being misleading in any material respect in the context of the Acquisition and their financing taken as a whole as at the date of the Syndication Memorandum. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.18 | Reports |
|-------|---------|

|   | (a) | To the best of the knowledge of Bidco and after due and careful review all material factual information relating to the Target or the Business contained in the Reports (taken as a whole) is accurate in all material respects as at the date on which such information was provided to the relevant Report provider. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | To the best of the knowledge of Bidco, all forecasts and projections supplied to the firms which prepared any of the Reports and which are contained or referred to in the Reports are considered by Bidco to be reasonable at the time of being made. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | To the best of the knowledge of Bidco, after due and careful review, none of the Reports omit to disclose any matter relating to the Target or the Business where failure to disclose such matter would result in the Reports (taken as whole) being misleading in any material respect as at the date of the relevant Report. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.19 | Documents |
|-------|-----------|

|   | (a) | The Structure Chart accurately records in all material respects the structure of the Group as it will be immediately following Completion. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The Acquisition Documents as furnished to the Facility Agent under this Agreement contain all the material terms of the Acquisition and the Equity Documents as furnished to the Facility Agent under this Agreement contain all the material terms of the agreements between the Original Equity Investors in relation to their investment in Luxco 1, Luxco 2, Bidco and any other member of the Group. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 15.20 | Intellectual Property |
|-------|-----------------------|

|   | (a) | The Intellectual Property required in order to conduct the business of the Group: |
|--------|-----|-----------------------------------------------------------------------------------|

|   | (i) | is beneficially owned by or licensed to members of the Group free from any licences to third parties which are materially prejudicial to the use of that Intellectual Property in such business and will not be adversely affected by the transactions contemplated by the Transaction Documents in each case to an extent which would reasonably be expected to have a Material Adverse Effect; and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | has not lapsed or been cancelled in any respect which has or would reasonably be expected to have a Material Adverse Effect and all steps have been taken to protect and maintain such Intellectual Property, including, without limitation, paying renewal fees where failure to do so would reasonably be expected to have a Material Adverse Effect. |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The business of the Group does not infringe any intellectual property rights of any third party and where the Intellectual Property required in order to conduct the business of the Group in all material respects substantially as it is being conducted is subject to any right, permission to use or licence granted to or by any member of the Group, such agreement has not been breached or terminated by any party, in any such case, to the extent such infringement, breach or termination has or would reasonably be expected to have a Material Adverse Effect. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.21 | Environmental Warranties |
|-------|--------------------------|

|   | (a) | It, and each of its Subsidiaries, is in compliance with all Environmental Laws and all Environmental Consents necessary in connection with the ownership and operation of its business are in full force and effect in each case where failure to do so would have or would reasonably be expected to have a Material Adverse Effect. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | To the best of its knowledge and belief, there are no circumstances which may reasonably be expected to prevent or interfere with it or any of its Subsidiaries being in compliance with any Environmental Law including, without limitation, obtaining or being in compliance with any Environmental Consents in the future where failure to so comply would have or would reasonably be expected to have a Material Adverse Effect. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.22 | Holding Companies |
|-------|-------------------|

| 15.23 | Pari Passu Ranking |
|-------|--------------------|

----

| 15.24 | Pension Schemes |
|-------|-----------------|

| 15.25 | US Government Regulations |
|-------|---------------------------|

|   | (a) | Neither it nor any of its Subsidiaries is an “investment company,” or a company “controlled” by an “investment company,” as such terms are defined in the Investment Company Act of 1940, as amended.  Neither the making of any Drawing, nor the application of the proceeds or repayment thereof by any Obligor, nor the consummation of the other transactions contemplated hereby, will violate any provision of such Act or any rule, regulation or order of the Securities and Exchange Commission thereunder. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Neither it nor any of its Subsidiaries is a “holding company”, a “public utility company”, a “subsidiary company” of a “holding company” or an “affiliate” of a “holding company” or of a “subsidiary company” of a “holding company” within the meaning of the Public Utility Holding Company Act of 1935, as amended. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Neither it nor any of its Subsidiaries is engaged in the business of extending credit for the purpose of purchasing or carrying margin stock within the meaning of Regulation U of the Board of Governors of the Federal Reserve System of the United States as in effect from time to time (“Margin Stock”), and no proceeds of any Advance will be used to purchase or carry any Margin Stock or to extend credit to others for the purpose of purchasing or carrying any Margin Stock. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.26 | Employee Benefit Plans |
|-------|------------------------|

|   | (a) | With respect to any Plan, no ERISA Event has occurred or, subject to the passage of time, is reasonably expected to occur that has resulted in or is reasonably expected to have a Material Adverse Effect. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | To the best of the knowledge and belief of the relevant Obligors (A) Schedule B (Actuarial Information) to the most recent annual report (Form 5500 Series) filed with the Internal Revenue Service of the United States by any Obligor or ERISA Affiliate with respect to any Plan and furnished to the Facility Agent is complete and accurate in all material respects and fairly presents the funding status of such Plan, and (B) since the date of such Schedule B there has been no material adverse change in such funding status. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Neither the US Obligor nor any ERISA Affiliate has incurred or, so far as the relevant Obligors are aware, is reasonably expected to incur any Withdrawal Liability to any Multiemployer Plan which has or would be reasonably expected to have a Material Adverse Effect; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (d) | Neither any Obligor nor any ERISA Affiliate has been notified by the sponsor of a Multiemployer Plan that such Multiemployer Plan is in reorganisation or has been terminated, within the meaning of Title IV of ERISA, and, so far as the relevant Obligors are aware, no such Multiemployer Plan is reasonably expected to be in reorganisation or to be terminated, within the meaning of Title IV of ERISA. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | The Obligors and their ERISA Affiliates are in compliance in all respects with the presently applicable provisions of ERISA and the Internal Revenue Code with respect to each Plan and Multiemployer Plan, except for failures to so comply which would not reasonably be expected to have a Material Adverse Effect.  No condition exists or event or transaction has occurred with respect to any Plan or Multiemployer Plan which reasonably might result in the incurrence by any Obligor or any ERISA Affiliate of any liability, fine or penalty which would reasonably be expected to have a Material Adverse Effect. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | No assets of Bidco or Guarantor constitute the assets of any Plan within the meaning of the U.S. Department of Labour Regulation §2510.3-101 (the “Plan Asset Regulation”). |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.27 | Governing Law and Judgments |
|-------|-----------------------------|

| 15.28 | Professional Market Party |
|-------|---------------------------|

| 15.29 | Repetition |
|-------|------------|

|   | (a) | subject to any disclosures made by the Borrowers on the relevant approval date, the representations and warranties set out in Clause 15.17 (Syndication Memorandum and Base Case Model) shall be made only on the date of approval by Bidco of the Syndication Memorandum (to the extent that they relate to the Syndication Memorandum) and the Base Case Model (to the extent that they relate to the Base Case Model) and not repeated thereafter; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | the representations and warranties set out in Clauses 15.16 (Latest Accounts), and 15.18 (Reports) shall be made only on the date of this Agreement (and to the extent they relate to the Structure Memorandum, on the date the same is delivered); |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | the representations and warranties set out in Clauses 15.4 (Consents and Filings), 15.7 (Insolvency), 15.9 (No Material Proceedings), 15.10 (No Security Interests/Guarantees/Financial Indebtedness), 15.11 (Labour Disputes), 15.12 (Assets), 15.13 (Consents, Filings and Laws applicable to Operations), 15.15 (Tax Liabilities), 15.19(b) (Documents), 15.20 (Intellectual Property), 15.21 (Environmental Warranties), 15.22 (Holding Companies), 15.23 (Pari Passu Ranking) and 15.24 (Pension Schemes) shall be made only on the date of this Agreement and on the Completion Date; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | the representations and warranties set out in Clauses 15.1 (Incorporation) to 15.6 (Obligations Binding) (inclusive) shall in addition be repeated in relation to the relevant Obligor on each date on which an Accession Notice or an additional Security Document is entered into; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | the representation and warranty set out in Clause 15.14 (Accounts) in respect of each set of financial statements delivered pursuant to Clause 19.4 (Financial Statements) shall only be made once in respect of each set of financial statements on the date such financial statements are delivered; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | the representation and warranty set out in Clause 15.19(a) (Documents) in respect of the Structure Chart or information delivered pursuant to Clause 19.7 (Other Information) shall only be made once in respect of the Structure Chart on the date such Structure Chart or information is delivered; and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | the representations and warranties set out in Clauses 15.27 (Governing Law and Judgments) shall be repeated save to the extent that any failure to recognise or enforce such choice of law or judgment would not be materially prejudicial to the interests of any Senior Finance Party under the Senior Finance Documents. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16. | POSITIVE UNDERTAKINGS |
|-----|-----------------------|

----

| 16.1 | Authorisations and Consents |
|------|-----------------------------|

| 16.2 | Maintenance of Status and Authorisation |
|------|-----------------------------------------|

|   | (a) | ensure that it has the right to conduct its business and will obtain and maintain all material consents and make all material filings necessary for the conduct of such business and take all steps necessary to ensure that the same are in full force and effect save where non-compliance would not reasonably be expected to have a Material Adverse Effect; and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | comply with all laws and directives binding upon it and procure compliance by all of its respective officers and employees with all applicable laws and directives save where non-compliance would not reasonably be expected to have a Material Adverse Effect. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.3 | Pari Passu Ranking |
|------|--------------------|

| 16.4 | Insurances |
|------|------------|

|   | (a) | Each Obligor will, and will procure that each of its Subsidiaries will effect and thereafter maintain insurances at its own expense in respect of all its assets and business of an insurable nature with reputable insurers of good standing.  Such insurances must: |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | provide cover against all risks which are normally insured against by other companies in the relevant jurisdiction owning, possessing or leasing similar assets and carrying on similar businesses and include, without limitation, cover (to the extent reasonably available) against loss of profits; and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | be at levels usual for a business of its size and nature as may be reasonably available in the insurance market; |
|--------|------|------------------------------------------------------------------------------------------------------------------|

|   | (b) | Each Obligor will, and will procure that each of its Subsidiaries will: |
|--------|-----|-------------------------------------------------------------------------|

|   | (i) | supply to the Facility Agent as soon as reasonably practicable after request copies of each material policy for insurance required to be maintained in accordance with paragraph (a) above together with the current premium receipts relating thereto; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (ii) | promptly notify the Facility Agent in writing of any material change to its insurance cover from time to time; |
|--------|------|----------------------------------------------------------------------------------------------------------------|

|   | (iii) | promptly notify the Facility Agent in writing of any claim or notification under any of its insurance policies which is for, or is reasonably likely to result in a claim under such policy for, an amount in excess of EUR2,000,000; and |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | use reasonable endeavours to ensure that either (x) the interest of the Security Agent is noted on each such policy to the extent that such insurance is of a type on which it is possible to so note the interest of the Security Agent and where the Security Agent has a security interest in the insurance or its subject matter or (y) the insurer in respect of each such policy consents to the creation of the Security Interest granted or to be granted under a Security Document in respect of such policy. |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.5 | Taxes |
|------|-------|

| 16.6 | Acquisition Documents |
|------|-----------------------|

|   | (a) | Bidco shall (or shall procure that the relevant Acquisition Party) promptly pay all amounts payable to the Vendor under the Acquisition Documents as and when they become due (except to the extent that any such amounts are being contested in good faith by a member of the Group and where adequate reserves are set aside for any such payment); |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The Acquisition Parties will take all action to enforce any claim it has in relation to the warranties given under the Acquisition Documents and to enforce all other rights and entitlements they may have under the Acquisition Documents if and to the extent that the directors of Bidco reasonably determine that it would be commercially advantageous for the Group or the Acquisition Parties. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Bidco and the Acquisition Parties will not, and Bidco will procure that no other member of the Group shall, amend, vary or waive any of the terms of the Acquisition Documents to the extent that doing so would reasonably be expected to have a Material Adverse Effect or in any respect which is materially adverse to the interests of the Senior Finance Parties (otherwise than with the consent of the Majority Lenders and, prior to the Syndication Date, each Mandated Lead Arranger). |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 16.7 | Hedging Arrangements |
|------|----------------------|

| 16.8 | Pension Schemes |
|------|-----------------|

| 16.9 | Intellectual Property |
|------|-----------------------|

|   | (a) | observe and comply with all obligations and laws to which it in its capacity as registered proprietor, beneficial owner, user, licensor or licensee of the material Intellectual Property which is required to conduct the Business or any part of it save where failure to do so would not have or would not be reasonably expected to have a Material Adverse Effect; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | do all acts as are necessary to maintain, protect and safeguard such material Intellectual Property as is required to conduct the Business or any part of it where failure to do so would have or would be reasonably expected to have a Material Adverse Effect and not change, terminate or discontinue the use of any of such material Intellectual Property nor allow it to be used in such a way that it is put at risk by becoming generic or by being identified as disreputable if in each case to do so would have or would be reasonably expected to have a Material Adverse Effect; and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | not grant any licence to any person to use the Intellectual Property required to conduct the Business if to do so would have or would be reasonably expected to have a Material Adverse Effect. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.10 | [Intentionally left blank] |
|-------|----------------------------|

| 16.11 | Cash Management |
|-------|-----------------|

----

| 16.12 | Initial Security |
|-------|------------------|

| 16.13 | Security |
|-------|----------|

|   | (a) | Bidco shall procure that as soon as reasonably practicable, and in any event within 90 days after the Completion Date (or by such later date as is referred to in Clause 4.4 (Conditions Subsequent)), Security Interests are granted to the Senior Finance Parties by the relevant Obligor on or over the whole or any part of its undertakings or assets subject to and in accordance with the Agreed Security Principles. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Bidco shall procure that as soon as practicable after the Completion Date Security Interests are granted to the Senior Finance Parties by the relevant Obligor over any bank account the existence of which was unknown to Bidco or such Obligor on or before the Completion Date subject to and in accordance with the Agreed Security Principles. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.14 | Environmental Undertakings |
|-------|----------------------------|

|   | (a) | comply with the terms and conditions of all Environmental Consents and all Environmental Laws applicable to it where failure so to do would have or would reasonably be expected to have a Material Adverse Effect; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | promptly upon receipt of the same notify the Facility Agent of any claim, notice or other material communication served on it by any regulatory authority in respect of or if it becomes aware of: |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | any suspension, revocation or material variation of any Environmental Consent applicable to it which has or would reasonably be expected to have a Material Adverse Effect; or |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | any breach of any Environmental Laws or any change in Environmental Laws which has or would reasonably be expected to have a Material Adverse Effect. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 16.15 | Kromschröder |
|-------|-------------------|

|   | (a) | as soon as reasonably practicable after the Kromschröder Completion Date take all such steps as may be necessary to effect a delisting of Kromschröder from all relevant stock exchanges and conversion of its legal form into a German legal liability company (Gesellschaft mit beschränkter Haftung) and in any event within 180 days of the Kromschröder Completion Date (except where failure is due to circumstances beyond the control of the Parent); and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | procure that (i) Kromschröder and Elster GMC Holding GmbH (formerly RI-Industrie Holding GmbH) sign the profit and loss absorption agreement detailed in the Structure Memorandum (the “Profit and Loss Absorption Agreement”), (ii) the shareholders of Kromschröder and Elster GMC Holding GmbH (formerly RI-Industrie Holding GmbH) pass resolutions approving the execution of the Profit and Loss Absorption Agreement and (iii) the Profit and Loss Absorption Agreement be registered at the relevant commercial register, as soon as reasonably practicable after the Completion Date and in any event by 31 December 2005 (except where failure is due to circumstances beyond the control of the Parent). |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 17. | NEGATIVE UNDERTAKINGS |
|-----|-----------------------|

| 17.1 | Amalgamations and Change of Business |
|------|--------------------------------------|

|   | (a) | amalgamate, merge, demerge or consolidate with or into any other person or undertake any corporate reorganisation or other reorganisation except for: |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | a merger between two members of the Group which will be permitted if following such merger, all obligations of the merging entity under the Senior Finance Documents shall be assumed by the merged entity and the shares and assets in the surviving entity shall continue to be (to the extent subject to security prior to such merger) or shall become subject to (to the extent the surviving entity becomes a Material Subsidiary) guarantees and security under the Security Documents and Bidco shall ensure that the relevant Obligor or, as the case may be, surviving entity shall (to the extent the surviving entity becomes a Material Subsidiary, if it is not already a party to this Agreement and the Intercreditor Deed) accede to this Agreement and the Intercreditor Deed and take all reasonable steps to maintain, create and perfect such guarantees and/or security and, in relation to the grant of suchguarantees and/or security, shall deliver to the Security Agent such evidence as the Security Agent may require of the due authorisation and execution of any new guarantee or Security Documents which may be executed pursuant to this Clause 17.1 (Amalgamations and Change of Business) or, as the case may be, the continuing validity of relevant existing Security Documents and of the assumption of such obligations, together with (in relation to the grant of any new guarantee or security or transfer of assets subject to security in connection with such a merger) such legal opinions in relation to the guarantees and security as are satisfactory to the Security Agent (acting reasonably), provided that no merger under this sub-paragraph (i) shall be permitted if, in the Facility Agent’s reasonable opinion, it would or could reasonably be expected to be materially prejudicial to the interests of the Senior Finance Parties inrespect of the relevant existing Security; and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (ii) | a Permitted Reorganisation; or |
|--------|------|--------------------------------|

|   | (b) | substantially change the general nature or scope of the business of the Group as a whole. |
|--------|-----|-------------------------------------------------------------------------------------------|

| 17.2 | Disposals |
|------|-----------|

|   | (a) | disposals of trading assets in the ordinary course of trading; |
|--------|-----|----------------------------------------------------------------|

|   | (b) | the application of funds (including cash) and the disposal of Cash Equivalents (other than in any manner prohibited by the Senior Finance Documents); |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | the exchange of assets (other than shares in any member of the Group) for other assets which are, in the reasonable opinion of the entity effecting the acquisition, of a similar nature comparable or superior as to type, quality and value; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | any disposal of assets (aa) to an Obligor, (bb) by a non-Obligor to another member of the Group or (cc) by an Obligor to a non-Obligor provided that the aggregate value of all assets disposed of by Obligors to non-Obligors in any Financial Year (including such disposal) does not exceed EUR5,000,000 (or its currency equivalent) in aggregate; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | any disposal of assets (other than shares in any member of the Group) which are obsolete for the purpose for which such assets are normally utilised or which are no longer required for the purpose of the relevant person’s business or operations, each on arm’s length terms; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | a disposal of fixed or long term assets (other than shares in any member of the Group), the Initial Disposal or any Permitted Disposals in circumstances where the Net Proceeds of disposal are applied, committed to be applied or designated by the board of directors of Bidco for application 6 months before or within 12 months after receipt of such Net Proceeds (and if committed or designated to be so applied within 12 months of receipt of such Net Proceeds, actually applied within 6 months thereafter) in the purchase of other fixed or long term assets for use in the Business or to make any Permitted Acquisition or Permitted Reorganisations or Additional Permitted Reorganisation; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (g) | any disposal of any business, assets or shares pursuant to a Permitted Reorganisation or permitted by Clause 17.1(a) (Amalgamations and Change of Business); |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (h) | any disposal of assets to a Joint Venture permitted by Clause 17.11 (Joint Ventures); |
|--------|-----|--------------------------------------------------------------------------------------------|

|   | (i) | disposals required by law or by the order of any governmental agency or authority; |
|--------|-----|------------------------------------------------------------------------------------|

|   | (j) | any disposal of assets constituted by a licence of Intellectual Property; |
|--------|-----|---------------------------------------------------------------------------|

|   | (k) | any disposal of assets in accordance with the Structure Memorandum; |
|--------|-----|---------------------------------------------------------------------|

|   | (l) | any disposal of assets permitted under Clause 17.5 (Factoring) or 17.9 (Leasing Arrangements); |
|--------|-----|-----------------------------------------------------------------------------------------------------|

|   | (m) | disposals pursuant to the grant of leasehold interests in or licences of land and buildings where the consideration for such grant is other than by way of premium; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (n) | any disposal to which the Majority Lenders shall have given their prior written consent; |
|--------|-----|------------------------------------------------------------------------------------------|

|   | (o) | any disposal made between members of the Group in the ordinary course of intra-Group cash pooling arrangements; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------|

|   | (p) | other disposals of assets by members of the Group other than in accordance with paragraphs (a) to (o) (inclusive) above provided that to the extent the most recently delivered Compliance Certificate pursuant to Clause 19.5 (Compliance Certificates) indicates a Total Leverage Ratio of: |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | greater than 2.5:1, the aggregate value of the assets so disposed of by members of the Group shall not exceed EUR50,000,000 (or its currency equivalent) at any time from the Qualifying IPO Date to the final of the Maturity Dates; and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | less than or equal to 2.5:1, the aggregate value of the assets so disposed of by members of the Group shall not exceed EUR100,000,000 (or its currency equivalent) at any time from the Qualifying IPO Date to the final of the Maturity Dates.” |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 17.3 | Arm’s Length Transactions |
|------|---------------------------------|

----

|   | (a) | any transaction or arrangement entered into between (aa) an Obligor and another Obligor or (bb) a non-Obligor and another non-Obligor; or |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | any payment or transaction contemplated or permitted under the Transaction Documents. |
|--------|-----|---------------------------------------------------------------------------------------|

| 17.4 | Negative Pledge |
|------|-----------------|

|   | (a) | liens arising solely by operation of law and in the ordinary course of business and not as a result of any default or omission on the part of any member of the Group, save to the extent (i) such default or omission is capable of remedy and has been remedied within 30 days of the date on which such default occurred or (ii) such default or omission is being contested by the relevant member of the Group in good faith by appropriate proceedings or (iii) such default is in respect of obligations to pay indebtedness which, when aggregated with all Financial Indebtedness referred to in Clause 23.5 (Cross Default) (irrespective of the basket referred to therein), does not in aggregate at any one time exceed EUR15,000,000 (or its equivalent in other currencies); |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | rights of set-off existing in the ordinary course of trading activities between any member of the Group and its respective suppliers or customers; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | rights of set-off or netting arising by operation of law or by contract by virtue of the provision to any member of the Group of clearing bank or similar facilities or overdraft facilities permitted under this Agreement or Security Interests arising in relation to any account with any bank under the standard commercial terms and conditions of such bank which provides clearing bank or similar facilities or overdraft facilities permitted under this Agreement; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | any retention of title to goods supplied to any member of the Group where such retention is required by the supplier in the ordinary course of its trading activities and on customary terms and the goods in question are supplied on credit; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | Security Interests (except floating charges) arising under finance leases, hire purchase, conditional sale agreements or other agreements for the acquisition of assets on deferred payment terms permitted under Clause 17.9 (Leasing Arrangements), only to the extent such Security Interests are granted by the relevant member of the Group over assets comprised within or constituted by such arrangements; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | Security Interests arising under the Security Documents or in respect of the Mezzanine Facility (subject to the Intercreditor Deed); |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | any Security Interest over or affecting any asset acquired by any member of the Group on or after the date of this Agreement and subject to which such asset is acquired, provided that: |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (i) | such Security Interest was not created in contemplation of the acquisition of such asset by such member of the Group; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------|

|   | (ii) | the amount thereby secured has not been increased in contemplation of, or since the date of, the acquisition of such asset by the Borrower; and |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | such Security Interest is released within 3 months of such acquisition; |
|--------|-------|-------------------------------------------------------------------------|

|   | (h) | any Security Interest over or affecting any asset of any company which becomes a member of the Group after the date of this Agreement, where such Security Interest is created prior to the date on which such company becomes a member of the Group, provided that: |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | such Security Interest was not created in contemplation of the acquisition of such company; |
|--------|-----|---------------------------------------------------------------------------------------------|

|   | (ii) | the amount thereby secured has not been increased in contemplation of, or since the date of, the acquisition of such company; and |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | such Security Interests are released within 3 months of such acquisition; |
|--------|-------|---------------------------------------------------------------------------|

|   | (i) | Security Interests over cash paid into an escrow account by any third party of any member of the Group pursuant to any deposit or retention of purchase price arrangements entered into pursuant to any disposal or acquisition made by a member of the Group other than in the ordinary course of trading which is permitted pursuant to Clauses 17.2 (Disposals) or 17.12 (Acquisitions and Investments); |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (j) | any Security Interest arising pursuant to an order of attachment or injunction restraining disposal of assets or similar legal process arising in connection with court proceedings which are contested by any member of the Group in good faith by appropriate proceedings with a reasonable prospect of success; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (k) | Security Interests arising automatically by operation of law in favour of any taxation or any government authority or organisation in respect of taxes, assessments or governmental charges which are being contested by the relevant member of the Group in good faith; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (l) | Security Interests created pursuant to a court order or judgment or as security for costs arising pursuant to court proceedings being contested by the relevant member of the Group in good faith by appropriate proceedings; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (m) | Security Interests to which the Majority Lenders shall have given their prior written consent; |
|--------|-----|------------------------------------------------------------------------------------------------|

|   | (n) | Security Interests arising over shares in joint ventures to secure obligations in favour of the other joint venture partners; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------|

|   | (o) | any Existing Security Interest; |
|--------|-----|---------------------------------|

----

|   | (p) | Security Interests over goods and documents of title to goods arising in the ordinary course of letter of credit transactions entered into in the ordinary course of trade; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (q) | Security Interests over rental deposits placed by a member of the Group with a lessor pursuant to a property lease entered into in the ordinary course of business; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (r) | any Security Interest to secure liabilities to part-time retirees (Altersteilzeit) of any member of the Group in Germany in an aggregate amount not exceeding EUR5,250,000 (or its currency equivalent); |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (s) | Security Interests otherwise permitted under this Agreement; |
|--------|-----|--------------------------------------------------------------|

|   | (t) | Security Interests granted in favour of the provider of any funding confirmation required in connection with any squeeze-out of the Kromschröder Minority Shares; and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (u) | Security Interests not otherwise permitted pursuant to paragraphs (a) to (t) (inclusive) above together securing indebtedness in an aggregate principal amount not exceeding EUR20,000,000 (or its currency equivalent). |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 17.5 | Factoring |
|------|-----------|

|   | (a) | sell or otherwise dispose of any asset to any non-member of the Group on terms whereby such asset is or may be leased to or re-acquired or acquired by it or any other member of the Group except as permitted under Clause 17.6 (Indebtedness), Clause 17.9 (Leasing Arrangements) or paragraph (b) below; or |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | sell or otherwise dispose of any receivable to any non-member of the Group except for recourse or non-recourse sales or disposals pursuant to factoring arrangements on arm’s length terms for cash payable at the time of disposal provided that the maximum aggregate amount of receivables which have been so sold or disposed of and which remain outstanding (other than as a result of a default by the relevant debtor) does not exceed EUR10,000,000 (or its currency equivalent) at any time. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 17.6 | Indebtedness |
|------|--------------|

|   | (a) | Financial Indebtedness arising under the Finance Documents; |
|--------|-----|-------------------------------------------------------------|

|   | (b) | Financial Indebtedness permitted by Clauses 17.5 (Factoring), 17.7 (Guarantees), 17.8 (Loans), 17.9 (Leasing Arrangements) and 17.10 (Hedging Transactions); |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (c) | Financial Indebtedness in respect of which a Letter of Credit or Lender Guarantee has been issued or a guarantee or letter of credit has been issued under the Ancillary Facilities, in each case in an amount equal to the maximum principal amount of such facilities; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | Financial Indebtedness to which the Facility Agent (on the instructions of the Majority Lenders) shall have given prior written consent; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | Financial Indebtedness of any person that becomes a member of the Group after Completion as a result of an acquisition permitted under Clause 17.12 (Acquisitions and Investments), provided that: |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | such Financial Indebtedness existed at the time such person became a member of the Group and was not created in anticipation thereof; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | such Financial Indebtedness is not the subject of any guarantee given by any other member of the Group; and |
|--------|------|-------------------------------------------------------------------------------------------------------------|

|   | (iii) | such Financial Indebtedness is discharged within 3 months of the date on which such company becomes a Subsidiary; |
|--------|-------|-------------------------------------------------------------------------------------------------------------------|

|   | (f) | Financial Indebtedness arising as a result of daylight exposures of any member of the Group in respect of banking arrangements entered into in the ordinary course of business; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | Financial Indebtedness arising under any Shareholder/Investor Debt Instrument; |
|--------|-----|--------------------------------------------------------------------------------|

|   | (h) | any Existing Financial Indebtedness; and |
|--------|-----|------------------------------------------|

|   | (i) | any other Financial Indebtedness not exceeding EUR60,000,000 (or its currency equivalent) in the aggregate for the Group as a whole at any one time outstanding. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 17.7 | Guarantees |
|------|------------|

|   | (a) | No Obligor will, and each Obligor will procure that none of its Subsidiaries will, grant or agree to grant or permit to subsist any guarantee other than: |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | guarantees, indemnities or performance bonds given in the ordinary course of trading in respect of any of the Parent’s Subsidiaries’ obligations (other than any obligations in respect of Financial Indebtedness); |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | guarantees contained in the Finance Documents; |
|--------|------|------------------------------------------------|

|   | (iii) | guarantees which, if they were loans, would be permitted under Clause 17.8(b), (c), (d) or (e) (Loans); |
|--------|-------|--------------------------------------------------------------------------------------------------------------|

|   | (iv) | guarantees permitted by Clause 17.11 (Joint Ventures); |
|--------|------|-------------------------------------------------------------|

----

|   | (v) | indemnities given in favour of employees or directors of any member of the Group in respect of their liabilities in such capacities granted in the ordinary course of business; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (vi) | any guarantee given in respect of the netting or set-off arrangements described in Clause 17.4(c) (Negative Pledge); |
|--------|------|---------------------------------------------------------------------------------------------------------------------------|

|   | (vii) | any guarantees permitted under Clause 17.6 (Indebtedness); |
|--------|-------|-----------------------------------------------------------------|

|   | (viii) | guarantees to secure liabilities to part-time retirees (Altersteilzeit) of any member of the Group in Germany in an aggregate amount not exceeding EUR5,250,000 (or its equivalent in any other currency); |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ix) | guarantees to which the Facility Agent (on the instructions of the Majority Lenders) shall have given prior written consent; |
|--------|------|------------------------------------------------------------------------------------------------------------------------------|

|   | (x) | guarantees required under the Acquisition Documents or to the Vendor in respect of costs and expenses incurred in connection with a voluntary offer in relation to the Kromschröder Acquisition; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (xi) | guarantees required to be given to the provider of the funding confirmation in relation to the Kromschröder Acquisition in compliance with Section 13 para.1 sentence 2 of the German Takeover Act (Wertpapiererwerbs- und Übernahmegesetz) of 20 December 2001; |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (xii) | guarantees required to be given by any member of the Group in connection with Permitted Acquisitions and permitted disposals which are customary in relation thereto; |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (xiii) | comfort letters (Patronatserklärungen) provided by a member of the Group to or for the benefit of another member of the Group in an aggregate amount not exceeding EUR10,000,000 (or its currency equivalent); |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (xiv) | guarantees given by a member of the Group in respect of the Financial Indebtedness of another member of the Group permitted under Clause 17.6 (Indebtedness); |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (xv) | customary indemnities given by a member of the Group under terms of engagement with professional advisers and consultants; and |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------|

|   | (xvi) | other guarantees not referred to in paragraphs (i) to (xv) above which, when aggregated with all loans permitted under Clause 17.8(m) (Loans), do not exceed EUR2,500,000 (or its currency equivalent) at any time. |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | No Borrower shall utilise the Bonding Facility if such Drawing would result in (A) the aggregate amount of all guarantees, bonds, indemnities or standby letters of credit issued by a bank or financial institution (in this Clause 17.7, “Bonds”) prior to the Completion Date which are (i) not issued or deemed issued pursuant to the Facilities and (ii) in respect of which no Letter of Credit, Lender Guarantee or letter of credit or guarantee under an Ancillary Facility has been issued in an amount at least equal to the maximum principal amount of such instruments (taking into account any liability sharing arrangements in respect of the relevant Bond) exceeding (B) the undrawn portion of the total Bonding Commitments. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (c) | The Borrowers shall after the Completion Date use best efforts to utilise the Bonding Facility for the issuance of all Bonds other than: |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | insurance Bonds, Bonds in favour of United States municipalities and other Bonds to be issued by a specialist issuer and that issuer is not an Issuing Lender; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | part-time retiree (Altersteilzeit) guarantees referred to in Clause 17.7(a)(viii); |
|--------|------|-----------------------------------------------------------------------------------------|

|   | (iii) | Bonds to be issued at the request of any member of the Group party to a binding agreement the terms of which require that those Bonds are issued by a specific issuer which is not an Issuing Lender or prohibit restrictions on the identity of persons who may issue Bonds at the request of that member of the Group, including pursuant to any joint venture agreement; |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | Bonds which the Issuing Lender is unable to confirm that it can issue within the time period notified to it by the Borrower at the time of request of the relevant Bond or in respect of which any Lender is unable to indemnify the Issuing Lender, including without limitation, for the reasons given in Clause 5.7(b); |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (v) | Bonds the aggregate face amount of which (taking into account any liability sharing arrangements) does not exceed EUR2,000,000 (or its currency equivalent); and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (vi) | Bonds issued under the Revolving Facility or an Ancillary Facility. |
|--------|------|---------------------------------------------------------------------|

|   | (d) | Paragraphs 3 and 4 of the Bonding Side Letters referred to in paragraphs (a) and (b) of the definition “Bonding Side Letter” shall be deleted in their entirety. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 17.8 | Loans |
|------|-------|

|   | (a) | trade credit given in the ordinary course of its trading activities; |
|--------|-----|----------------------------------------------------------------------|

|   | (b) | loans and the granting of credit by Obligors to Obligors; |
|--------|-----|-----------------------------------------------------------|

|   | (c) | loans and the granting of credit by a non-Obligor to an Obligor provided that to the extent the net outstanding amount owed to such non-Obligor by such Obligor pursuant to such loans exceeds EUR5,000,000 (or its currency equivalent), such loans shall be subordinated in accordance with the Intercreditor Deed; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (d) | loans or grant of credits by Obligors to non-Obligors in an aggregate amount not exceeding (when aggregated with any subscription of shares or capital contribution in non-Obligors permitted under Clause 17.12(b)(vii) (Acquisitions and Investments)) EUR20,000,000 (or its currency equivalent) outstanding at any time; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | loans and the granting of credit by non-Obligors to other non-Obligors; |
|--------|-----|-------------------------------------------------------------------------|

|   | (f) | loans made between members of the Group in the ordinary course of intra-Group cash pooling arrangements; |
|--------|-----|----------------------------------------------------------------------------------------------------------|

|   | (g) | the Existing Loans provided that in the case of loans to non-Group members, no extension, renewal, modification or replacement thereof shall be made without the prior written consent of the Majority Lenders; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (h) | the Completion Intercompany Loans; |
|--------|-----|------------------------------------|

|   | (i) | loans permitted by Clause 17.11 (Joint Ventures); |
|--------|-----|--------------------------------------------------------|

|   | (j) | loans to employees of the Group or employee share option scheme loans in an aggregate amount not exceeding EUR5,000,000 (or its currency equivalent); |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (k) | loans in accordance with the Structure Memorandum; |
|--------|-----|----------------------------------------------------|

|   | (l) | loans to which the Facility Agent (on the instructions of the Majority Lenders) shall have given prior written consent; or |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------|

|   | (m) | other loans not referred to in paragraphs (a) to (l) above which, when aggregated with all guarantees permitted under Clause 17.7(a)(xvii) (Guarantees), do not exceed EUR2,500,000 (or its currency equivalent) at any time. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 17.9 | Leasing Arrangements |
|------|----------------------|

| 17.10 | Hedging Transactions |
|-------|----------------------|

----

|   | (a) | any Hedging Agreement entered into pursuant to any Hedging Strategy Letter; |
|--------|-----|-----------------------------------------------------------------------------|

|   | (b) | any hedging agreements entered into to hedge currency exposures in respect of any Advance; or |
|--------|-----|-----------------------------------------------------------------------------------------------|

|   | (c) | for hedging exposure arising in the ordinary course of business of a member of the Group (and not for speculative purposes). |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------|

| 17.11 | Joint Ventures |
|-------|----------------|

| 17.12 | Acquisitions and Investments |
|-------|------------------------------|

|   | (a) | acquire any business or acquire any Subsidiary or enter into any agreement so to do; or |
|--------|-----|-----------------------------------------------------------------------------------------|

|   | (b) | own any interest in any share or equity related investment or debt or equity security or make any capital contribution to any person or enter into any agreement to do so, |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | any shares owned by it in Subsidiaries on the Completion Date or otherwise acquired by it pursuant to the Acquisition Documents; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | any acquisition by a member of the Group pursuant to a disposal permitted under Clause 17.2(d) (Disposals) or as a result of the issue of new shares permitted pursuant to Clause 18.1 (Control) by a member of the Group to another member of the Group; |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | any acquisition of Cash Equivalents for treasury management purposes; |
|--------|-------|-----------------------------------------------------------------------|

|   | (iv) | as permitted under Clause 17.11 (Joint Ventures); |
|--------|------|--------------------------------------------------------|

|   | (v) | as permitted under Clause 17.1 (Amalgamations and Change of Business); |
|--------|-----|-----------------------------------------------------------------------------|

----

|   | (vi) | investments by an Obligor made after the date hereof in the equity or share capital of another Obligor; |
|--------|------|---------------------------------------------------------------------------------------------------------|

|   | (vii) | investments by an Obligor made after the date hereof in the equity or share capital of any non-Obligor (when aggregated with all loans permitted under Clause 17.8(d) (Loans) and all guarantees granted by Obligors under Clause 17.7 (Guarantors) in respect of the obligations or Financial Indebtedness of non-Obligors) up to a maximum aggregate amount of EUR20,000,000 (or its currency equivalent); |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (viii) | investments by a non-Obligor made after the date hereof in the equity or share capital of another non-Obligor; |
|--------|--------|----------------------------------------------------------------------------------------------------------------|

|   | (ix) | any acquisition of a person (in respect of which a member of the Group does not have unlimited liability) carrying on any business similar or complementary to the Business, or any acquisition of such a business, in each case provided that the aggregate of (without double counting): |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (A) | all amounts paid or to be paid in connection with such acquisition; |
|--------|-----|---------------------------------------------------------------------|

|   | (B) | the liabilities assumed in respect of Financial Indebtedness (whether by way of novation, guarantee or otherwise) by any member of the Group as part of the consideration for that acquisition; and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (C) | all Financial Indebtedness of the company acquired, |
|--------|-----|-----------------------------------------------------|

|   | (D) | there are no material contingent liabilities which would be required to be included in the financial statements of the company acquired in accordance with Applicable GAAP other than the pension liabilities of such company which are fully provided for in accordance with applicable law, provided that immediately after completion of the acquisition there would be no breach of Clause 16.5 (Taxes) and Clause 16.8 (Pension Schemes) and Bidco expects that the Group will remain in compliance with such Clauses in relation to the company to be acquired; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (E) | Bidco demonstrates pro forma compliance with the covenants set out in Clause 20 (Financial Covenants Of Bidco And The Other Obligors) on the Quarter Date immediately preceding the date of the acquisition, or if the acquisition is made within 45 days of a Quarter Date, on the Quarter Date preceding the Quarter date immediately preceding the date of the acquisition, taking into account any pro forma cost savings reasonably anticipated as a result of the acquisition; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (F) | no Event of Default has occurred and is continuing on the date of the acquisition; and |
|--------|-----|----------------------------------------------------------------------------------------|

|   | (G) | on the basis of the latest available management accounts, for the same Financial Year as such proposed acquisitions, the ratio of Consolidated Total Net Debt (as at any Quarter Date) to Consoidated Pro Forma EBITDA has not and, if applicable, will not exceed on a pro forma basis 4.00:1.00; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (x) | the Kromschröder Acquisition; |
|--------|-----|------------------------------------|

|   | (xi) | any acquisition by an Obligor of shares in another Obligor or in another member of the Group which is not an Obligor provided that such acquisition of shares is expressly contemplated as part of the Structure Memorandum; |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (xii) | acquisition by Newco Furnaces Germany of LOI-IPSEN Holding GmbH and its Subsidiaries pursuant to the Initial Disposal; |
|--------|-------|------------------------------------------------------------------------------------------------------------------------|

|   | (xiii) | the acquisition by a member of the Group of shares owned by minority shareholders in Subsidiaries of the Parent; and |
|--------|--------|----------------------------------------------------------------------------------------------------------------------|

|   | (xiv) | any acquisition to which the Facility Agent (acting on the instructions of the Majority Lenders) shall have given prior written consent. |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------|

| 17.13 | Centre of Main Interests |
|-------|--------------------------|

| 18. | CAPITAL STRUCTURE |
|-----|-------------------|

| 18.1 | Control |
|------|---------|

|   | (a) | an issue of shares (aa) by Luxco 2 to Luxco 1, (bb) by Bidco or Newco Furnaces Germany to Luxco 2, (cc) by a Subsidiary of the Parent to its shareholders or to another member of the Group or (dd) by the Parent, provided that (in the case of (cc)) the ownership interest of the Parent in such Subsidiary prior to such issue is not diluted as a result, provided further that (in the case of (dd)), there shall be no Change of Control and provided further that (in any such case) in the event that the shares of such Subsidiary are subject to a Security Interest prior to such issue, then the percentage of shares in such Subsidiary subject to a Security Interest is not diluted; or |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | an issue of shares by one member of the Group to a person which acts or is to act as the trustee of any Group pension scheme or employee incentive scheme provided that such scheme has been approved in writing by the Majority Lenders; or |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | an issue of shares permitted under Clause 17.12 (Acquisitions and Investments), Clause 17.1(a) (Amalgamations and Change of Business), as provided for under the Structure Memorandum or as permitted under Clause 17.11 (Joint Ventures). |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 18.2 | Variation of Documents |
|------|------------------------|

| 18.3 | Cashflow Restrictions |
|------|-----------------------|

| 18.4 | Restriction on Redemption of Capital Contribution and Acquisition of Own Shares |
|------|---------------------------------------------------------------------------------|

----

| 18.5 | Restriction on Payments on the Tranche D Term Facility, Mezzanine Facility and Completion Intercompany Loans |
|------|--------------------------------------------------------------------------------------------------------------|

| 18.6 | Restriction on Payment of Dividends |
|------|-------------------------------------|

| 18.7 | Permitted Payments |
|------|--------------------|

|   | (a) | declare or pay, directly or indirectly, any Dividends or make any Redemption, in each case, in favour of Luxco 1 or any other Equity Investor (directly or indirectly); or |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | pay any interest, principal or other amount to its shareholders (where such shareholders do not form part of the Group) under or in connection with any Shareholder/Investor Debt Instrument (“Shareholder/Intercompany Loan”) or pay any amount to or transfer monies to such shareholders (where such shareholders do not form part of the Group), |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | in a maximum aggregate amount not exceeding EUR2,000,000 in each Financial Year, pay non-executive director and monitoring fees and expenses; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | make a Redemption as permitted under Clause 18.4 (Restriction on Redemption of Capital Contribution and Acquisition of Own Shares) or, in respect of a Redemption permitted under Clause 18.4, to fund an acquisition vehicle to make such Redemption; |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | pay Dividends or prepay any Shareholder/Intercompany Loans provided that in relation to Dividends, the Parent may only pay a Dividend: |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (A) | (other than Dividends paid under paragraph (B) below), commencing in the Financial Year ending 31 December 2011 (in respect of net income (determined in accordance with the annual consolidated financial statements of the Group) of the Group for 2010) and each Financial Year thereafter, up to an amount equal to 50 per cent. of the net income of the Group for the relevant preceding Financial Year; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (B) | Dividends may be paid from capital contributions made to the capital reserves of the Group; and |
|--------|-----|-------------------------------------------------------------------------------------------------|

|   | (C) | Dividends may be paid in the Financial Year ending 31 December 2010 if and to the extent that the provisions of Clause 18.7(v) of the Senior Facilities Agreement (immediately prior to the amendments set out in the Consent Letter being made) are met, |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | to repay in full any amounts outstanding in relation to the shareholder loan agreement dated 30 November 2009 between Nachtwache Metering Management Vermögensverwaltungs GmbH & Co. KG as lender and the Parent as borrower (previously the non-convertible preferred equity certificates “B” dated 9 September 2005), provided that no Event of Default or Potential Event of Default has occurred or is continuing at the time when such repayment is made or is to be made or would occur as a result thereof. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 18.8 | Holding Company |
|------|-----------------|

| 19. | INFORMATION AND ACCOUNTING UNDERTAKINGS |
|-----|-----------------------------------------|

----

| 19.1 | Events of Default |
|------|-------------------|

| 19.2 | Books of Account |
|------|------------------|

| 19.3 | Appointment of Auditors |
|------|-------------------------|

| 19.4 | Financial Statements |
|------|----------------------|

|   | (a) | (i) as soon as available and in any event within 120 days after the end of each Financial Year, the audited consolidated financial statements of the Group for that Financial Year and (ii) as soon as available and in any event within 120 days after the end of each of the relevant Borrower’s financial years, the audited (if prepared) or unaudited unconsolidated financial statements of each Borrower for that financial year; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | as soon as available and in any event within 45 days of the end of each quarter, the quarterly consolidated unaudited management accounts of the Group as at the end of and for that quarter, such accounts to be prepared under either US GAAP (to be calculated in Euro or US Dollars) or IFRS (to be calculated in Euro or US Dollars); and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | in respect of any Financial Year, not more than 30 days after the beginning of each Financial Year the annual budget for such Financial Year prepared using either US GAAP (to be calculated in Euro or US Dollars) or IFRS (to be calculated in Euro or US Dollars) to be made available pursuant to limited access internet site following receipt by Bidco of executed confidentiality undertakings from each Lender substantially in the form of the latest LMA standard form together with any analysis to be delivered under Clause 19.12(b)(ii) (Guarantee Limitation Analysis), |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (i) | in the case of audited annual financial statements, to include a profit and loss account, balance sheet, cashflow statement and directors and auditors report (if any) thereon; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | in the case of quarterly management accounts, to include a profit and loss account, balance sheet, cashflow statement and management commentary for the Group; |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | in the case of the quarterly management accounts for the period from the Completion Date to 31 March 2006 or such later date as may be agreed between Bidco and the Facility Agent (acting reasonably), to reflect the current reporting practices of the Target Group; |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | [INTENTIONALLY LEFT BLANK] |
|--------|------|----------------------------|

| 19.5 | Compliance Certificates |
|------|-------------------------|

|   | (a) | Bidco shall deliver to the Facility Agent with the Quarterly Management Accounts, starting from 31 March 2006, a certificate signed by the finance director of Bidco (or other officer acceptable to the Facility Agent) and another director (or other officer acceptable to the Facility Agent (acting reasonably) of Bidco) certifying whether or not as at the date of the relevant accounts Bidco and the other Obligors were in compliance with the financial covenants contained in Clause 20 (Financial Covenants of Bidco and the Other Obligors) and Clause 21 (Financial Definitions and Construction) (such certificate to contain reasonably detailed calculations acceptable to the Facility Agent demonstrating such compliance) including any information required for the purposes of Clause24.9(a)(v) (Further Guarantors and Security) and confirming that: |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | as at that date no Event of Default or Potential Event of Default had occurred or giving details of any Event of Default or Potential Event of Default which has occurred and the action taken or proposed to be taken to remedy it; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | following any acquisitions made in accordance with Clause 17.12(ix), Bidco has sufficient cash, Cash Equivalents and undrawn credit facilities available to satisfy the Working Capital requirements of the Group that are required for the 12 month period following the date of the compliance certificate; |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (iii) | following any acquisitions made in accordance with Clause 17.12(ix), on the basis of the latest available management accounts, for the same Financial Year as such acquisitions, the ratio of Consolidated Total Net Debt (as at any Quarter Date) to Consolidated Pro Forma EBITDA has not and, if applicable, will not exceed on a pro forma basis 4.00:1.00. |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Each of the annual audited financial statements delivered under Clause 19.4 (Financial Statements) must be accompanied by a certificate from the Auditors (in such form and with such content as the Auditors may reasonably be prepared to give and only to the extent that firms of auditors of international repute have not adopted a general policy of not providing such reports): |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | demonstrating (taking into account any reconciliation statements delivered pursuant to Clause 19.8(a)(iv) (Agreed Accounting Principles)) whether or not as at the date of such financial statements Bidco and the other Obligors were in compliance with the financial covenants contained in Clause 20 (Financial Covenants of Bidco and the Other Obligors) and 21 (Financial Definitions and Construction); and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | [INTENTIONALLY LEFT BLANK] |
|--------|------|----------------------------|

| 19.6 | Investigations |
|------|----------------|

|   | (a) | an Event of Default shall have occurred and be continuing under Clause 23.1 (Payment Default), Clause 23.2(a) (Breach of Other Obligations), Clause 23.6 (Insolvency), Clause 23.7 (Receivership and Administration), Clause 23.8 (Compositions and Arrangements), Clause 23.9 (Winding-up) or Clause 23.10 (Similar Events Elsewhere); or |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the Majority Lenders (acting reasonably) believe that Bidco and the other Obligors will not be able to comply with the financial covenants contained in Clause 20 (Financial Covenants of Bidco and the Other Obligors) on the next relevant Quarter Date, |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | inspect and take copies and extracts from books, accounts and records of each member of the Group (to the extent the Facility Agent (acting reasonably) considers such books, accounts or records to be relevant to the Event of Default which has occurred and is continuing or the suggested non-compliance with the financial covenants); |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (ii) | view the assets which are the subject of the Security Documents and the premises of each member of the Group; and |
|--------|------|-------------------------------------------------------------------------------------------------------------------|

|   | (iii) | meet and discuss matters with senior management, |
|--------|-------|--------------------------------------------------|

| 19.7 | Other Information |
|------|-------------------|

|   | (a) | Bidco will, and will procure that each member of the Group will, promptly upon becoming aware of or receiving (as the case may be) deliver to the Facility Agent for distribution to the Lenders: |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | details of any litigation, arbitration, administrative, environmental claim or action or regulatory proceedings which would have or would reasonably be expected to (whether individually or together with any such claims) have a Material Adverse Effect; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | details of any labour dispute affecting it or any of its Subsidiaries which has or would reasonably be expected to have a Material Adverse Effect; |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | at the same time as sent to Bidco’s shareholders or to such Obligor’s creditors (as the case may be), any other document or information required by law to be sent to Bidco’s shareholders in their capacity as shareholders or to an Obligor’s creditors as a class; |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | details of any material breach of the terms of the Acquisition Documents or any material claim made by or against it under the terms of the Acquisition Documents of which it is aware; |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (v) | details of any member of the Group which becomes a Material Subsidiary after the date of this Agreement on a quarterly basis; and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------|

|   | (vi) | details of any material change in the structure of the Group from that set out in the Structure Chart on a quarterly basis. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Bidco will, and will procure that each member of the Group will, deliver to the Facility Agent for distribution to the Lenders, such other information relating to its financial condition, operation or taxation arrangements, or those of its Subsidiaries, and details of Security Interests granted by it or any other Obligor, as the Facility Agent (or any other Lender or the Security Agent through the Facility Agent) may from time to time reasonably request; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | The Facility Agent will (upon receipt in writing from the Issuing Lender) deliver to Bidco on: |
|--------|-----|------------------------------------------------------------------------------------------------|

----

|   | (i) | a monthly basis, (a) a statement setting out the aggregate face amount of issued (including deemed issued) Lender Guarantees and Letters of Credit, and (b) any other costs and expenses which have been incurred under and in accordance with the Senior Finance Documents and which are for the account of an Obligor; and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | on a quarterly basis, the amount of commission that has accrued pursuant to Clause 10.5 (Letter of Credit/Lender Guarantee Commission). |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | Bidco will procure that if the Qualifying IPO Date does not occur prior to the end of the first Quarter Date in 2010, it will establish a call which the Lenders may join for management to present on the recently delivered quarterly consolidated unaudited management accounts of the Group within 15 Business Days of delivery of such quarterly accounts for that Quarter Date and within 15 Business Days of the delivery of quarterly accounts for any subsequent Quarter Date falling before the occurrence of the Qualifying Quarter Date. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | Following the Qualifying IPO Date, the Parent and Bidco will provide the Lenders with access to the quarterly earnings conference calls with the management of the Group, to the extent such quarterly earnings calls are undertaken by the Parent under its obligations as a public company. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 19.8 | Agreed Accounting Principles |
|------|------------------------------|

|   | (a) | Bidco shall procure that all financial statements of the Group or of any Borrower delivered or to be delivered to the Facility Agent under this Agreement shall be prepared in accordance with Applicable GAAP save as provided in Clause 19.4 (Financial Statements).  If such financial statements are prepared on a different accounting basis to Applicable GAAP, including on the basis of IFRS (with the exception of financial statements delivered in accordance in Clause 19.4 (Financial Statements): |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | Bidco shall promptly so notify the Facility Agent; |
|--------|-----|----------------------------------------------------|

|   | (ii) | Bidco and the Facility Agent (on behalf of the Lenders) shall promptly after such notification enter into negotiations in good faith with a view to agreeing (i) such amendments to Clause 20 (Financial Covenants of Bidco and the Other Obligors) and 21 (Financial Definitions and Construction) and/or the definitions of any or all of the terms used therein as are necessary to give the Lenders and Bidco comparable protection to that contemplated at the date of this Agreement and (ii) any other amendments to this Agreement which are necessary to ensure that the adoption by the Group of such different accounting basis (including IFRS) does not result in any material alteration in the commercial effect of theobligations of any Obligor in the Finance Documents; |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | if amendments satisfactory to the Majority Lenders are agreed by Bidco and the Facility Agent in writing within 30 days of such notification to the Facility Agent, those amendments shall take effect in accordance with the terms of that agreement; |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (iv) | if such amendments are not so agreed within 30 days, within 15 days after the end of that 30 day period, Bidco shall deliver to the Facility Agent: |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (A) | in reasonable detail and in a form satisfactory to the Facility Agent, details of all such adjustments as need to be made to the relevant financial statements in order to reflect the Applicable GAAP at the date of delivery of the relevant financial statements; and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (B) | sufficient information, in form and substance as may be reasonably required by the Facility Agent, to enable the Lenders to determine whether Clause 20 (Financial Covenants Of Bidco And The Other Obligors) and 21 (Financial Definitions and Construction) have been complied with. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | No alteration may be made to the financial year end of the Parent without the prior written consent of the Facility Agent (acting on the instructions of the Majority Lenders) (in which event the Facility Agent may require such changes to the financial covenants contained in this Agreement as will fairly reflect such change) provided that the consent of the Facility Agent (acting on the instructions of the Majority Lenders) shall not be required to any such change where: |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | Bidco delivers to the Facility Agent, in reasonable detail and in a form satisfactory to the Facility Agent (acting on the instructions of the Majority Lenders) on the date of delivery of each set of Quarterly Management Accounts or consolidated audited financial statements required to be delivered pursuant to Clause 19.4 (Financial Statements), details of all such adjustments as need to be made to such financial statements to provide the information required to test compliance with Clauses 20 (Financial Covenants of Bidco and the other Obligors) and 21 (Financial Definitions and Construction); and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | [INTENTIONALLY LEFT BLANK] |
|--------|------|----------------------------|

| 19.9 | Annual Presentation |
|------|---------------------|

----

| 19.10 | “Know your customer” checks |
|-------|-----------------------------------------|

|   | (a) | Each Obligor shall promptly, upon the request of the Facility Agent or any Lender, supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Facility Agent (for itself or on behalf of any Lender) or any Lender (for itself or on behalf of any prospective New Lender (provided that it has entered into a confidentiality undertaking substantially in the standard LMA form) in order for the Facility Agent, such Lender or any prospective New Lender to carry out and be satisfied with the results of all necessary “know your customer” or other checks in relation to any person that it is required by directive or law to carry out pursuant to the transactions contemplated in the Senior Finance Documents. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Each Lender shall promptly, upon the request of the Facility Agent, supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Facility Agent (for itself) in order for the Facility Agent to carry out and be satisfied with the results of all necessary “know your customer” or other checks in relation to any person that it is required to carry out pursuant to the transactions contemplated in the Senior Finance Documents. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Bidco shall, by not less than 5 Business Days’ written notice to the Facility Agent, notify the Facility Agent (which shall promptly notify the Lenders) of its intention to request that one of its Subsidiaries becomes an additional Obligor pursuant to Clause 22 (Accession Of New Obligors). |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | Following the giving of any notice pursuant to paragraph (c) above, Bidco shall promptly upon the request of the Facility Agent or any Lender supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Facility Agent (for itself or on behalf of any Lender) (provided that it has entered into a confidentiality undertaking substantially in the standard LMA form) in order for the Facility Agent, such Lender or any prospective New Lender to carry out and be satisfied with the results of all necessary “know your customer” or other checks in relation to any person that it is required by directive or law to carry out pursuant to the accession of such Subsidiary to this Agreement as an additional Obligor pursuant to Clause 22 (Accession Of New Obligors). |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 19.11 | ERISA Reporting Requirements |
|-------|------------------------------|

|   | (a) | (i) | promptly and in any event within 15 Business Days after any Obligor or any ERISA Affiliate knows or has reason to know that any of the following has occurred and that has or would reasonably be expected to have a Material Adverse Effect has occurred, deliver to the Facility Agent a statement of the finance director of Bidco or other officer acceptable to the Facility Agent (acting reasonably) of such Obligor describing such occurrence and the action, if any, that such Obligor or such ERISA Affiliate has taken and proposes to take with respect thereto together with any notices received or proposed to be given or filed by such Obligor, the Plan administrator or such ERISA Affiliate to or with the PBGC or any other government agency, or a Plan or Multiemployer Plan participant with respect thereto, (i) that an ERISA Event has occurred; (ii) that a Plan or Multiemployer Plan has been or may beterminated, reorganised, partitioned or declared insolvent under Title IV of ERISA; (iii) that a proceeding has been instituted pursuant to Section 515 of ERISA to collect a delinquent contribution to a Multiemployer Plan; or (iv) that any Obligor may incur any material liability pursuant to (a) any Welfare Plans which provide benefits to retired employees or other former employees (other than as required by Section 601 of ERISA) or (b) any Plan, the obligations with respect to which would reasonably be expected to have a Material Adverse Effect; and |
|--------|-----|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | on the date any records, documents or other information must be furnished to the PBGC with respect to any Plan pursuant to Section 4010 of ERISA, deliver to the Facility Agent a copy of such records, documents and information; |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | promptly and in any event within 10 days after receipt thereof by any Obligor or any ERISA Affiliate, deliver to the Facility Agent copies of each notice from the PBGC stating its intention to terminate any Plan or to have a trustee appointed to administer any Plan; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | promptly and in any event within 30 days after the filing thereof with the Internal Revenue Service or other government agency, deliver to the Facility Agent copies of each Schedule B (Actuarial Information) to the annual report (Form 5500 Series) with respect to any Plan; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | promptly and in any event within 10 Business Days after receipt thereof by any Obligor or any ERISA Affiliate from the sponsor of a Multiemployer Plan, deliver to the Facility Agent copies of each notice concerning: |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the imposition of Withdrawal Liability by any such Multiemployer Plan that has or would reasonably be expected to have a Material Adverse Effect; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | the reorganisation or termination, within the meaning of Title IV of ERISA, of any such Multiemployer Plan that has or would reasonably be expected to have a Material Adverse Effect; or |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | the amount of liability incurred, or that may be incurred, by such Obligor or any ERISA Affiliate in connection with any event described in Clauses 19.11(a)(i) or (ii) (ERISA Reporting Requirements) above. |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 19.12 | Guarantee Limitation Analysis |
|-------|-------------------------------|

|   | (a) | Subject to the subsequent provisions of this Clause 19.12 (Guarantee Limitation Analysis), and notwithstanding any other term of the Finance Documents: |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | no Guarantor other than Newco NL or one of its subsidiaries incorporated in The Netherlands shall guarantee or grant any security in respect of any obligations of a Dutch Borrower; and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | no Guarantor other than Newco UK or one of its subsidiaries incorporated in the United Kingdom shall guarantee or grant any security in respect of any obligations of a UK Borrower, |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (x) | Bidco elects to provide guarantees and security in accordance with paragraph (c) below; or |
|--------|-----|--------------------------------------------------------------------------------------------|

|   | (y) | a ruling from the Dutch or UK tax authorities as applicable, on the tax consequences under the Dutch tax rules relating to thin capitalisation (article 10d of the Dutch Corporate Income Tax (“CIT”) Act 1969) and limitations on interest deduction (article 10a of the Dutch CIT Act 1969) or the UK tax rules relating to transfer pricing as applicable, is  obtained (a “Tax Ruling”), and such Tax Ruling confirms that the restrictions on guarantees and security referred to in paragraphs (a)(i) or, as the case may be, (a)(ii) above may be removed without any material adverse tax consequences  in relation to Dutch thin capitalisation or interest deduction rules or UK transfer pricing rules, as applicable (a “Favourable Tax Ruling”), |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Bidco shall deliver to the Facility Agent: |
|--------|-----|--------------------------------------------|

|   | (i) | a Guarantee Limitation Analysis as soon as available following completion of the Permitted Reorganisations referred to in the Structure Memorandum, and in any case within 45 days after completion of such reorganisations; and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | a Preliminary Analysis with each audited annual financial statement delivered pursuant to Clause 19.4(c) (Financial Statements) in relation to any restrictions under paragraph (a)(i) or (a)(ii) above which continue to apply at such time. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Following delivery of a Limitation Analysis pursuant to paragraph (b) above, Bidco may elect (i) to take no action, (ii) to provide such guarantees and security without the limitations set out in paragraph (a)(i) or, as the case may be, (a)(ii) above applying, or (iii) to procure a Guarantee Limitation Analysis be prepared and delivered to the Facility Agent (where a Preliminary Analysis was delivered pursuant to paragraph (b)(ii) above) or (iv) in relation to the limitations referred to in paragraph (a)(i) or, as the case may be, (a)(ii) above, to apply for a Tax Ruling.  If Bidco elects to take no action, the Facility Agent may request that Bidco obtain a Guarantee Limitation Analysis (where a Preliminary Analysis was delivered pursuant to paragraph (b)(ii) above) or (in relation to the limitations referred to in paragraph (a)(i) or, as the case may be, (a)(ii) above) obtain aTax Ruling (where a Guarantee Limitation Analysis was delivered pursuant to paragraph (b)(i) or option (iii) above). |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (d) | In the event that the Facility Agent requests that a Guarantee Limitation Analysis is delivered pursuant to paragraph (c) above, and such Guarantee Limitation Analysis concludes that any of the limitations on the guarantees and security being provided by the Obligors as set out in paragraph (a) above should apply or continue to apply, and it is not followed by a related Favourable Tax Ruling, then the expense of obtaining such Guarantee Limitation Analysis shall be borne by the Lenders. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | In the event that the Facility Agent requests that a Tax Ruling be obtained pursuant to paragraph (c) above, and a Favourable Tax Ruling is not obtained in relation thereto, the expense of obtaining such a Tax Ruling shall be borne by the Lenders. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | In the event that Bidco elects to apply for a Tax Ruling or the Facility Agent requests that Bidco obtain a Tax Ruling pursuant to paragraph (c) above, Bidco shall provide to the Dutch or UK tax authorities as applicable, such information as is required by the relevant tax authorities for the purposes of obtaining such Tax Ruling. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 19.13 | SEC Disclosure |
|-------|----------------|

|   | (a) | The Parent shall be permitted to file a copy of this Agreement and any other Finance Document with the US Securities and Exchange Commission (the “SEC”) and have this Agreement and any other Finance Document be publicly available pursuant to the SEC’s Edgar Filing System or any successor thereto. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | To the extent that any information required to be delivered under this Agreement has been filed by the relevant Obligor with the SEC and publicly available pursuant to the SEC’s Edgar Filing System or any successor thereto, the relevant Obligor shall be deemed to have delivered such information in accordance with this Agreement. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 20. | FINANCIAL COVENANTS OF BIDCO AND THE OTHER OBLIGORS |
|-----|-----------------------------------------------------|

----

| 20.1 | Total Leverage |
|------|----------------|

| Relevant Period                            |   | Maximum Ratio |
|-------------------------------------------------|--------|--------------------|
|                                            |   |               |
| The Relevant Period ending on 31 March 2010     |   | 3.75:1             |
|                                            |   |               |
| The Relevant Period ending on 30 June 2010      |   | 3.75:1             |
|                                            |   |               |
| The Relevant Period ending on 30 September 2010 |   | 3.75:1             |
|                                            |   |               |
| The Relevant Period ending on 31 December 2010  |   | 3.75:1             |
|                                            |   |               |
| The Relevant Period ending on 31 March 2011     |   | 3.75:1             |
|                                            |   |               |
| The Relevant Period ending on 30 June 2011      |   | 3.75:1             |
|                                            |   |               |
| The Relevant Period ending on 30 September 2011 |   | 3.50:1             |
|                                            |   |               |
| The Relevant Period ending on 31 December 2011  |   | 3.50:1             |
|                                            |   |               |
| The Relevant Period ending on 31 March 2012     |   | 3.50:1             |

| 20.2 | Interest Cover |
|------|----------------|

| Relevant Period |                                            | MinimumRatio |
|----------------------|-------------------------------------------------|--------------|
| (i)                  | The Relevant Period ending on 31 March 2006     |         | 2.05:1 |
| (ii)                 | The Relevant Period ending on 30 June 2006      |         | 2.05:1 |
| (iii)                | The Relevant Period ending on 30 September 2006 |         | 2.10:1 |
| (iv)                 | The Relevant Period ending on 31 December 2006  |         | 1.60:1 |
| (v)                  | The Relevant Period ending on 31 March 2007     |         | 1.60:1 |
| (vi)                 | The Relevant Period ending on 30 June 2007      |         | 1.60:1 |
| (vii)                | The Relevant Period ending on 30 September 2007 |         | 1.65:1 |
| (viii)               | The Relevant Period ending on 31 December 2007  |         | 1.65:1 |
| (ix)                 | The Relevant Period ending on 31 March 2008     |         | 1.75:1 |
| (x)                  | The Relevant Period ending on 30 June 2008      |         | 1.80:1 |
| (xi)                 | The Relevant Period ending on 30 September 2008 |         | 1.85:1 |
| (xii)                | The Relevant Period ending on 31 December 2008  |         | 1.90:1 |
| (xiii)               | The Relevant Period ending on 31 March 2009     |         | 2.00:1 |

----

| Relevant Period |                                            | MinimumRatio |
|----------------------|-------------------------------------------------|--------------|
| (xiv)                | The Relevant Period ending on 30 June 2009      |         | 2.10:1 |
| (xv)                 | The Relevant Period ending on 30 September 2009 |         | 2.15:1 |
| (xvi)                | The Relevant Period ending on 31 December 2009  |         | 2.25:1 |
| (xvii)               | The Relevant Period ending on 31 March 2010     |         | 2.30:1 |
| (xviii)              | The Relevant Period ending on 30 June 2010      |         | 2.35:1 |
| (xix)                | The Relevant Period ending on 30 September 2010 |         | 2.40:1 |
| (xx)                 | The Relevant Period ending on 31 December 2010  |         | 2.45:1 |
| (xxi)                | The Relevant Period ending on 31 March 2011     |         | 2.50:1 |

| 20.3 | Cashflow |
|------|----------|

| 21. | FINANCIAL DEFINITIONS AND CONSTRUCTION |
|-----|----------------------------------------|

| 21.1 | Capital Expenditure |
|------|---------------------|

| 21.2 | Carry-forward |
|------|---------------|

| 21.3 | Financial Definitions |
|------|-----------------------|

|   | (a) | minus any increase in Working Capital; |
|--------|-----|----------------------------------------|

|   | (b) | plus any decrease in Working Capital; |
|--------|-----|---------------------------------------|

----

|   | (c) | minus all amounts paid in respect of Capital Expenditure; |
|--------|-----|-----------------------------------------------------------|

|   | (d) | minus all amounts paid in respect of Permitted Acquisitions (unless funded from Pending Acquisition Amounts, disposal proceeds which have been voluntarily prepaid or Permitted Indebtedness); |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | plus all amounts paid in respect of Capital Expenditure to the extent funded from Net Proceeds and insurance proceeds which the Group is permitted to retain; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | minus cash pension costs to the extent not included in Consolidated EBITDA; |
|--------|-----|-----------------------------------------------------------------------------|

|   | (g) | [INTENTIONALLY LEFT BLANK] |
|--------|-----|----------------------------|

|   | (h) | minus amounts paid in cash or falling due for payment during such period in respect of income tax, corporation tax, withholding tax or trade tax; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | plus the amount of any tax credit or rebate received in cash; |
|--------|-----|---------------------------------------------------------------|

|   | (j) | plus exceptional items received in cash (to the extent not included in Consolidated EBITDA); |
|--------|-----|----------------------------------------------------------------------------------------------|

|   | (k) | minus exceptional items paid in cash including all reorganisation costs (to the extent not included in Consolidated EBITDA and excluding those items referred to in paragraphs (g) (in the case of Additional Permitted Reorganisation to the extent funded out of Revolving Advances, or disposal proceeds which have been voluntarily prepaid) and (h) of the definition of Consolidated EBIT); |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (l) | minus dividends paid in cash to minority shareholders in subsidiaries consolidated for the purpose of calculating Consolidated EBITDA (to the extent not included in Consolidated EBITDA); |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (m) | plus dividends received in cash from subsidiaries or minority interests whose financial performance is not consolidated for the purposes of calculating Consolidated EBITDA; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (n) | plus the proceeds of any subscription (to the extent paid in cash) for common and/or preference shares of the Parent by way of any capital contribution to the Parent or any raising of funds by way of private placement of ordinary or preference share capital; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (o) | plus the cash proceeds of subordinated loans to members of the Group on terms acceptable to the Majority Lenders, |
|--------|-----|-------------------------------------------------------------------------------------------------------------------|

|   | (p) | plus the amount of any loan which was made to a Permitted Joint Venture which is repaid in cash to a member of the Group and less the amount when lent; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (q) | (to the extent included in Consolidated EBITDA or in any other paragraph of this definition) excluding the effect of all cash movement associated with the Acquisition and any Transaction Costs; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (r) | minus any fees, costs or charges of a non-recurring nature related to any equity offering (including, without limitation, IPO Preparation Costs actually incurred of a non-recurring nature), investments, acquisitions or financial indebtedness; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (s) | plus Net Proceeds received by the Group which it is not obliged to mandatorily prepay and which are not required to be reinvested; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------|

|   | (t) | minus any management fees paid to CVC and holding company costs paid; |
|--------|-----|-----------------------------------------------------------------------|

|   | (u) | adding back (for the purposes of calculating the ratio of Consolidated Cash Flow to Consolidated Debt Service under Clause 20.3 (Cashflow) only)  up to a maximum of EUR 72,000,000 (or its equivalent in other currencies) for the Relevant Periods ending on or prior to 31 December 2007, such amount to be reduced to EUR 60,000,000 (or its equivalent in other currencies) for the Relevant Periods commencing on 1 January 2008 and  ending on or prior to 30 June 2009 and to EUR 40,000,000 (or its equivalent in other currencies) for the Relevant Periods commencing on 1 July 2009 and ending on or prior to 31 December 2011; and, |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (v) | adding back (for the purposes of calculating the ratio of Consolidated Cash Flow to Consolidated Debt Service under Clause 20.3 (Cashflow) only) the IPO Preparation Costs actually incurred up to a maximum of EUR 30,000,000 (or its equivalent in other currencies) for the Relevant Periods commencing on 1 July 2009 and ending on or prior to 31 December 2011, |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | before taking into account any accrued interest, commission, fees, discounts and other finance payments incurred or payable by or owed to any member of the Group in respect of Financial Indebtedness; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | after deducting the amount of any profit of any member of the Group which is attributable to minority interests or the interests of any shareholder of or, as the case may be, partner in such member of the Group who is not a member of the Group; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (c) | after taking into account any exchange gains and losses on operational trading and hedges relating to these items but not taking into account any other realised and unrealised exchange gains and losses (including those arising on translation of currency debt); |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | before taking into account any gain or loss arising from an upward or downward revaluation of any asset or on the disposal of an asset; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | plus any loss on any one-off or non-recurring items; |
|--------|-----|------------------------------------------------------|

|   | (f) | minus any gain on any one-off or non-recurring items; |
|--------|-----|-------------------------------------------------------|

|   | (g) | before deducting reorganisation and litigation costs that are incurred and included in the Base Case Model and any Additional Permitted Reorganisation; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (h) | before deducting any Transaction Costs; |
|--------|-----|-----------------------------------------|

|   | (i) | before deducting non-cash pension costs (including service costs and pension interest costs) but after deducting cash pension costs; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------|

|   | (j) | plus any fees, costs or charges of a non-recurring nature related to any equity offering, investments, acquisitions or Financial Indebtedness permitted under the Finance Documents (and whether or not successful); and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (k) | plus any management fees paid to CVC and holding company costs where permitted to be paid under the Finance Documents, |
|--------|-----|------------------------------------------------------------------------------------------------------------------------|

----

|   | (a) | the aggregate of interest, commitment or non-utilisation fees, annual agency fees and other fees (except facility agreement fees) relating to the Facilities and the Mezzanine Facility accruing (whether or not paid) during a period plus or minus net amounts received or paid by the Group under the Hedging Agreements; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | plus interest, commitment fees and other fees on any other Financial Indebtedness (including the interest element of finance leases) accruing (whether or not paid) during a period; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | plus consideration given by the Group during that period, and relating to that period whether by way of discount or otherwise in connection with any acceptance credit, bill discounting debt factoring or other like arrangement; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | minus interest income accrued (whether or not paid) on bank deposits or other Cash Equivalents; |
|--------|-----|-------------------------------------------------------------------------------------------------|

|   | (e) | excluding the non-cash element of interest accrued on the Mezzanine Facility and on any Completion Intercompany Loans made by Equity Investors or the Parent during that period; and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | excluding any amortisation of Transaction Costs (to the extent included); |
|--------|-----|---------------------------------------------------------------------------|

----

| 21.4 | Calculations |
|------|--------------|

|   | (a) | The covenants contained in Clauses 20 (Financial Covenants of Bidco and the other Obligors) and 21 (Financial Definitions and Construction) will be tested by reference to the Quarterly Management Accounts for the relevant Quarter Date unless in any such case the consolidated audited accounts required to be delivered to the Facility Agent pursuant to Clause 19.4 (Financial Statements) for the Relevant Period or any part thereof are available on the relevant date on which any such covenant is tested, in which case such consolidated audited accounts shall be used instead. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | If the consolidated audited accounts are not available when the covenant is tested but when such consolidated audited accounts become available the consolidated audited accounts demonstrate that the figures in the Quarterly Management Accounts utilised for any such calculation cannot have been substantially accurate then the Facility Agent shall require such adjustments to the calculations to be made as it, in good faith, considers appropriate to rectify such inaccuracy and compliance with the covenants in Clause 20 (Financial Covenants Of Bidco And The Other Obligors) and 21 (Financial Definitions and Construction) will be determined by reference to such adjusted figures. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | The components of each definition in Clause 21.3 (Financial Definitions) will be calculated in accordance with Applicable GAAP after taking into account any adjustment to the financial statements necessary to reflect the information delivered to the Facility Agent pursuant to Clause 19.8(a)(iv) (Agreed Accounting Principles), if any. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | When calculating Consolidated ProForma EBITDA for the Total Leverage Ratio if any reorganisation which is funded by utilisation under the Revolving Facility is implemented in a financial quarter as a result of which it is contemplated that Consolidated EBIT will increase during the following 12 months (the amount of such anticipated increase being the “Benefit”) the Consolidated EBIT will be increased during such quarter and each of the subsequent 3 quarters by adding: |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | on the test date at the end of the first quarter, the full amount of the Benefit; |
|--------|-----|-----------------------------------------------------------------------------------|

|   | (ii) | on the test date at the end of the second quarter, 75% of the amount of the Benefit (but not making any adjustment in respect of previous quarters); |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | on the test date at the end of the third quarter 50% of the amount of the Benefit (but not making any adjustment in respect of previous quarters); and |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (iv) | on the test date at the end of the fourth quarter 25% of the amount of the Benefit (but not making any adjustment in respect of previous quarters), |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (v) | if the Benefit is EUR5,000,000 or less the calculation of that Benefit is certified by the Chief Financial Officer of the Group; or |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------|

|   | (vi) | if the Benefit is more than EUR5,000,000 the calculation of the amount of the Benefit is confirmed by the auditors of the Group or such other person as the Majority Lenders approve. |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 21.5 | Limitations of Undertakings |
|------|-----------------------------|

|   | (a) | each German Obligor shall give to the Facility Agent not less than 20 Business Days’ prior written notice if it or any of its Subsidiaries proposes to take or permit any action or circumstance which, if all the Relevant Undertakings had been given by that German Obligor on the Completion Date and had thereafter remained in force, would constitute a breach of any of the Relevant Undertakings; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the Facility Agent shall be entitled, within 10 Business Days of receipt of notice under sub-paragraph (a) above, to request that the German Obligor supply to the Facility Agent in sufficient copies for the Lenders, such further relevant information as the Facility Agent (acting reasonably) may consider necessary for the purposes of this Clause 21.5 (Limitations of Undertakings), and the German Obligor shall supply such further information promptly and in any event within 10 Business Days of the request therefor, subject to any relevant confidentiality obligations; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | if any Lender considers that the relevant action or circumstance (taken alone or together with other actions or circumstances, whether or not permitted hereunder), may have a Material Adverse Effect or materially and adversely affects its interests as a Lender under the Senior Finance Documents, it may so notify the Facility Agent in writing; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (d) | if, by not later than the date 10 Business Days after receipt by the Facility Agent of notice pursuant to sub-paragraph (a) above (or, if later and additional information has been requested pursuant to sub-paragraph (b) above, by not later than the date 10 Business Days after receipt by the Facility Agent of such additional information if received within the prescribed time or the date 10 Business Days after the request therefor if not) the Facility Agent has received notices pursuant to sub-paragraph (c) above from Lenders which constitute the Majority Lenders, the Facility Agent shall promptly notify Bidco and the Lenders; and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | if the Facility Agent gives notice to Bidco pursuant to sub-paragraph (d) above or the relevant action is undertaken or circumstance is permitted before the date 2 Business Days after the latest time for the receipt by the Facility Agent of notices pursuant to sub-paragraph (d) above, the undertaking of the relevant action or permitting of the relevant circumstances shall immediately constitute an Event of Default. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 22. | ACCESSION OF NEW OBLIGORS |
|-----|---------------------------|

| 22.1 | Acceding Borrowers |
|------|--------------------|

|   | (a) | Subject to compliance with Clause 19.9 (“Know your customer” checks), Bidco or Newco Furnaces Germany may nominate any of its Subsidiaries as an Acceding Borrower (subject to the Facility Agent’s consent (acting on the instructions of all the Lenders) in the case of an Acceding Borrower not incorporated in Germany, England and Wales, the Netherlands or the US).  In respect of any such nominated borrower, Bidco shall procure that there is delivered to the Facility Agent an Accession Notice duly executed by itself and the relevant Subsidiary together with the documents set out in Part B of Schedule 7 (Accession Documents) and such other documents (including any new Security Documents) as theFacility Agent may reasonably require in relation to such Subsidiary.  Execution of such Accession Notice shall, save if and to the extent otherwise specified on the relevant Accession Notice, also constitute each such Acceding Borrower as an Acceding Guarantor under this Agreement. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Upon the Facility Agent’s confirmation to Bidco that it has received all documents referred to in paragraph (a) of this Clause 22.1 in respect of a nominated Subsidiary and that each in a form and substance satisfactory to it, such Subsidiary, the other Obligors and the Senior Finance Parties shall each assume such obligations towards one another and/or acquire such rights against each other party as they would have assumed or acquired had such Subsidiary been an original party to this Agreement and the Intercreditor Deed as a Borrower and save if and to the extent otherwise specified in the relevant Accession Notice, as a Guarantor and such Subsidiary shall become a party to this Agreement and thereto as an Acceding Borrower and as an Acceding Guarantor. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 22.2 | Resignation of a Borrower |
|------|---------------------------|

|   | (a) | Bidco may request that a Borrower (other than Bidco and such other Borrowers as the Facility Agent and Bidco may agree (acting reasonably) on or prior to the Completion Date) ceases to be a Borrower by delivering to the Facility Agent a resignation letter to that effect. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The Facility Agent shall accept such resignation letter and notify Bidco and the Lenders of its acceptance if: |
|--------|-----|----------------------------------------------------------------------------------------------------------------|

|   | (i) | no Potential Event of Default or Event of Default is continuing or would result from the acceptance of the resignation letter (and Bidco has confirmed this is the case); and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | the relevant Borrower is under no actual or contingent obligations as a Borrower under any Senior Finance Documents, |
|--------|------|----------------------------------------------------------------------------------------------------------------------|

| 22.3 | Resignation of a Guarantor |
|------|----------------------------|

|   | (a) | Subject to Clause 24.9(a)(ii) (Further Guarantors and Security), Bidco may request that a Guarantor (other than Bidco and such other Guarantors as the Facility Agent and Bidco may agree (acting reasonably) on or prior to the Completion Date) ceases to be a Guarantor by delivering to the Facility Agent a resignation letter to that effect. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The Facility Agent shall accept such resignation letter and notify Bidco and the Lenders of its acceptance if: |
|--------|-----|----------------------------------------------------------------------------------------------------------------|

|   | (i) | no Potential Event of Default or Event of Default is continuing or would result from the acceptance of the resignation letter (and Bidco has confirmed this is the case); and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | the Percentage Test would remain satisfied after the acceptance of the resignation letter (and Bidco has confirmed this is the case), |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------|

| 22.4 | Acceding Guarantors |
|------|---------------------|

|   | (a) | Subject to Clause 24.9 (Further Guarantors and Security), Bidco will procure that there is delivered to the Facility Agent in respect of each Subsidiary of Bidco which becomes a Material Subsidiary after the date of this Agreement an Accession Notice duly executed by itself and the relevant Subsidiary together with the documents set out in Part B of Schedule 7 (Accession Documents) and such other documents (including any new Security Documents) as the Facility Agent may reasonably require, in relation to such Subsidiary all in form and substance satisfactory to the Facility Agent.  The Accession Notice and the other documents set out in Part B of Schedule 7 (Accession Documents) shall be delivered to theFacility Agent within 30 Business Days of the relevant member of the Group having been required to become a Guarantor by the Facility Agent or, in the case of companies so required as an immediate result of the Acquisition, as soon as reasonably practicable, and in any event within 90 days following the Completion Date. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | Upon delivery of a duly executed Accession Notice to the Facility Agent, the Subsidiary party to it, the other Obligors and the Senior Finance Parties, will assume such obligations towards one another and/or acquire such rights against each other as they would each have assumed or acquired had such Subsidiary been an original party to this Agreement and the Intercreditor Deed as an Original Guarantor, and such Subsidiary shall become a party to this Agreement and thereto as an Acceding Guarantor. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 23. | EVENTS OF DEFAULT |
|-----|-------------------|

| 23.1 | Payment Default |
|------|-----------------|

|   | (a) | on the due date any amount of principal or interest payable by it under any of the Finance Documents at the place and in the currency at or in which it is expressed to be payable unless such non-payment is due solely to administrative or technical delays in the transmission of funds and payment is made within 3 days of its due date; and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | within 5 days of the due date therefor any fees or amounts other than principal or interest payable by it under any of the Finance Documents at the place and in the currency at or in which it is expressed to be payable. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 23.2 | Breach of Other Obligations |
|------|-----------------------------|

|   | (a) | fails to comply with its obligations under Clause 20 (Financial Covenants Of Bidco And The Other Obligors) and/or Clause 21 (Financial Definitions and Construction) provided that no Event of Default will occur under Clause 20 (Financial Covenants Of Bidco And The Other Obligors) if amounts of additional equity are invested in Bidco in accordance with Clause 18.1 (Control) or additional shareholder loans are made as permitted by Clause 17.6(h) (Indebtedness) within 20 Business Days (provided that such right may only be exercised twice and any amounts invested shall not be treated asadditions to EBITDA) from the earlier of (1) Bidco becoming aware of such failure or (2) the date of delivery of the Quarterly Management Accounts (or the consolidated audited accounts for the Relevant Period, where applicable) in which such failure was evidenced and if the financial covenants under Clause 20 (Financial Covenants Of Bidco And The Other Obligors) were tested on the last day of the same Relevant Period following any such investment or loan being made and prior to the expiry of such 20 Business Day period on the basis that such investment or loan is deemed to have been made immediately prior to the last day of such Relevant Period each such financial covenant under Clause 20 (Financial Covenants Of Bidco And The Other Obligors) would be complied with; or |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | fails to observe or perform any of its obligations or undertakings under any of the Senior Finance Documents (other than those specified in Clause 23.1 (Payment Default) or Clause 23.2(a) (Breach of Other Obligations)) and, if such failure is capable of remedy, it is not remedied within 20 Business Days from the earlier of (1) Bidco becoming aware of the relevant matter and that it constitutes a default and (2) the giving of notice by the Facility Agent in respect of such failure. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 23.3 | Misrepresentation |
|------|-------------------|

| 23.4 | Invalidity and Unlawfulness |
|------|-----------------------------|

|   | (a) | Any provision of any Senior Finance Document is repudiated or the validity or enforceability of any provision of any Senior Finance Document shall at any time be contested by any Obligor in circumstances or to an extent which the Majority Lenders (acting reasonably) consider to be materially prejudicial to the interests of any Senior Finance Party under the Senior Finance Documents. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | At any time it is or becomes unlawful for any Obligor or any other member of the Group to perform any of its obligations under any of the Senior Finance Documents in circumstances or to an extent which the Majority Lenders reasonably consider to be materially prejudicial to the interests of any Senior Finance Party under the Senior Finance Documents. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 23.5 | Cross Default |
|------|---------------|

----

|   | (a) | is not paid when due or within any originally applicable grace period in any agreement relating to that Financial Indebtedness; or |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | becomes due and payable (or capable of being declared due and payable) before its normal maturity or is placed upon demand by reason of a default or event of default however described. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 23.6 | Insolvency |
|------|------------|

| 23.7 | Receivership and Administration |
|------|---------------------------------|

|   | (a) | Any insolvency administrator (Insolvenzverwalter) or interim insolvency administrator (VorläufigerInsolvenzverwalter) or a receiver or administrator or other similar officer (including a mandataire ad hoc, conciliateur, administrateur or mandataire judiciaire au redressement et à la liquidation des entreprises or a vremenriy upravlyaushchiy, administrativniy upravlyaushchiy, vnesh-niy upravlyaushchiy or konkursniy upravlyaushchiy) liquidation commission (likvidatsionnaya komissiya) or liquidator (likvidator) is appointed over or in respect of all or any part of the business or assets of Luxco 1, the Parent, any Obligor or any other Material Subsidiary. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | A petition is presented or meeting convened or application made for the purpose of appointing an insolvency administrator, interim insolvency administrator or receiver or administrator or other similar officer (including a mandataire ad hoc, conciliateur, admnistrateur or mandataire judiciaire au redressement et à la liquidation des entreprises or a vremenriy upravlyaushchiy, administrativniy upravlyaushchiy, vnesh-niy upravlyaushchiy or konkursniy upravlyaushchiy), liquidation commission (likvidatsionnaya komissiya) or liquidator (likvidator) of,or for the making of an administration order in respect of, Luxco 1, the Parent, any Obligor or any other Material Subsidiary and: |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (i) | (other than in the case of a petition to appoint an administrator) such petition or application (unless frivolous or vexatious) is not contested on bona fide grounds with due diligence and, in the case of any such petition or application (whether or not frivolous) is not stayed or discharged within 20 days; or |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | in the case of a petition to appoint an administrator, the Facility Agent is not satisfied that it will be withdrawn before it is heard or will be unsuccessful. |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | In relation to an Obligor or any other Material Subsidiary organised under the laws of the Russian Federation, the institution of bankruptcy prevention measures, (including prejudicial sanation (dosudebnaya sanatsiya)), supervision (nablyudeniye), financial rehabilitation (finansovoe ozdorovlenie), external management (vneshneye upravleniye), bankruptcy management (konkursnoye proizvodstvo) of the Obligor or Material Subsidiary or the convening or announcement of an intention to convene a meeting of creditors of the Obligor or Material Subsidiary for the purposes of considering an amicable settlement (mirovoye soglasheniye), as the above terms are defined in the Federal Law of the Russian Federation No. 127-FZ “On Insolvency (Bankruptcy)” of 26 October 2002 (as amended from time to time). |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 23.8 | Compositions and Arrangements |
|------|-------------------------------|

|   | (a) | convenes a meeting of its creditors generally or proposes or makes any arrangement or voluntary composition with (including any règlement amiable), a judicial composition, or any assignment for the benefit of, its creditors generally; or |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | files or threatens or announces an intention to file a request to benefit from gestion contrôlée as provided by the Luxembourg Grand Ducal decree of 24th May, 1935. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 23.9 | Winding-up |
|------|------------|

----

| 23.10 | Similar Events Elsewhere |
|-------|--------------------------|

| 23.11 | Attachment or Process |
|-------|-----------------------|

| 23.12 | Cessation of Business |
|-------|-----------------------|

| 23.13 | Compulsory Acquisition |
|-------|------------------------|

| 23.14 | Litigation |
|-------|------------|

| 23.15 | Auditor’s Qualification |
|-------|-------------------------------|

| 23.16 | Intercreditor |
|-------|---------------|

----

| 23.17 | Change of Control and Holding Company |
|-------|---------------------------------------|

|   | (a) | Any Obligor ceases to be owned, directly or indirectly, by the Parent in the same percentage as at the Completion Date other than as a result of (1) a disposal under Clause 17.2(m) (Disposals), (2) an issue of shares permitted under Clause 18.1(b) (Control), or (3) a Permitted Reorganisation. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | [INTENTIONALLY LEFT BLANK] |
|--------|-----|----------------------------|

| 23.18 | Judgment |
|-------|----------|

|   | (a) | Monetary judgments of a final non-appealable court of competent jurisdiction or which are not being contested in excess of EUR 5,000,000 (or its currency equivalent) in aggregate amount are made against one or more Obligors or Material Subsidiaries; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | any material non-monetary judgment of a final non-appealable court of competent jurisdiction which is not being contested is entered against an Obligor or a Material Subsidiary, |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 23.19 | Material Adverse Change |
|-------|-------------------------|

| 23.20 | ERISA Events of Default |
|-------|-------------------------|

|   | (a) | Any ERISA Event shall have occurred with respect to a Plan and the sum (determined as of the date of occurrence of such ERISA Event) of the Insufficiency of such Plan and the Insufficiency of any and all other Plans with respect to which an ERISA Event shall have occurred and then exist (or the liability of the Obligors and the ERISA Affiliates related to such ERISA Event) is an amount that has or would reasonably be expected to have a Material Adverse Effect; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Any Obligor or any ERISA Affiliate shall have been notified by the sponsor of a Multiemployer Plan that it has incurred Withdrawal Liability to such Multiemployer Plan in an amount that, when aggregated with all other amounts required to be paid to Multiemployer Plans by the Obligors and the ERISA Affiliates as Withdrawal Liability (determined as of the date of such notification), has or would reasonably be expected to have a Material Adverse Effect or requires payments in an amount that has or would reasonably be expected to have a Material Adverse Effect. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Any Obligor or any ERISA Affiliate shall have been notified by the sponsor of a Multiemployer Plan that such Multiemployer Plan is in reorganisation or is being terminated, within the meaning of Title IV of ERISA, and as a result of such reorganisation or termination the aggregate annual contributions of the Obligors and the ERISA Affiliates to all Multiemployer Plans that are then in reorganisation or being terminated have been or will be increased over the amounts contributed to such Multiemployer Plans for the plan years of such Multiemployer Plans immediately preceding the plan year in which such reorganisation or termination occurs by an amount that has or would reasonably be expected to have a Material Adverse Effect. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 23.21 | Cancellation and Repayment |
|-------|----------------------------|

|   | (a) | At any time after the occurrence of an Event of Default (excluding those Events of Default that constitute a Priority Acceleration Event or a Tranche D Acceleration Event, and whilst the same is continuing) the Facility Agent may, and will if so directed by the Majority Lenders, by written notice to Bidco do all or any of the following in addition and without prejudice to any other rights or remedies which it or any other Senior Finance Party may have under this Agreement or any of the other Senior Finance Documents: |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | terminate the availability of the Facilities whereupon the Facilities shall cease to be available for drawing, the undrawn portion of the Commitments of each of the Lenders shall be cancelled and no Lender shall be under any further obligation to make Advances under this Agreement and no further Letters of Credit or Lender Guarantees may be requested under this Agreement; and/or |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | declare all or any of the Advances, accrued interest thereon and any other sum then payable under this Agreement and any of the other Senior Finance Documents to be immediately due and payable, whereupon such amounts shall become so due and payable; and/or |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | declare all or any of the Advances to be payable on demand whereupon the same shall become payable on demand; and/or |
|--------|-------|----------------------------------------------------------------------------------------------------------------------|

|   | (iv) | require the provision of cash cover whereupon each Borrower shall immediately provide cash cover in an amount equal to the total Contingent Liability of the Lenders under all Letters of Credit and Lender Guarantees issued under this Agreement for its account; and/or |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (v) | exercise or direct the Security Agent to exercise any or all of its rights, remedies, powers or discretions under the Finance Documents. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | At any time after the occurrence of a Priority Acceleration Event (and whilst the same is continuing) the Facility Agent may, and will if so directed by the Majority Priority Lenders, by written notice to Bidco do all or any of the following in addition and without prejudice to any other rights or remedies which it or any other Senior Finance Party may have under this Agreement or any of the other Senior Finance Documents: |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | terminate the availability of the Priority Facilities whereupon the Priority Facilities shall cease to be available for drawing, the undrawn portion of the Commitments of each of the Lenders in respect of the Priority Facilities shall be cancelled and no Lender shall be under any further obligation to make Advances under the Priority Facilities under this Agreement and no further Letters of Credit or Lender Guarantees may be requested under this Agreement; and/or |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (ii) | declare all or any of the Advances under the Priority Facilities, accrued interest thereon and any other sum then payable in respect of the Priority Facilities under this Agreement and any of the other Senior Finance Documents to be immediately due and payable, whereupon such amounts shall become so due and payable; and/or |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | declare all or any of the Advances under the Priority Facilities to be payable on demand whereupon the same shall become payable on demand; and/or |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | require the provision of cash cover whereupon each Borrower shall immediately provide cash cover in an amount equal to the total Contingent Liability of the Lenders under all Letters of Credit and Lender Guarantees issued under this Agreement for its account; and/or |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (v) | exercise or direct the Security Agent to exercise any or all of its rights, remedies, powers or discretions under the Finance Documents. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Prior to the Refinancing Date, at any time after the occurrence of (1) a Tranche D Payment Default where such failure to pay the Tranche D Lenders is at least 60 days past the date the Facility Agent received the applicable Tranche D Enforcement Notice or (2) a Tranche D Insolvency Default (and whilst the same is continuing), the Facility Agent may, and will if so directed by the Majority Tranche D Lenders (subject to the Intercreditor Deed), by written notice to Bidco do all or any of the following in addition and without prejudice to any other rights or remedies which it or any other Senior Finance Party may have under this Agreement or any of the other Senior Finance Documents: |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | terminate the availability of the Tranche D Term Facility whereupon the Tranche D Term Facility shall cease to be available for drawing, the undrawn portion of the Commitments of each of the Lenders in respect of the Tranche D Term Facility shall be cancelled and no Lender shall be under any further obligation to make Advances under the Tranche D Term Facility under this Agreement; and/or |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | declare all or any of the Advances under the Tranche D Term Facility, accrued interest thereon and any other sum then payable in respect of the Tranche D Term Facility under this Agreement and any of the other Senior Finance Documents to be immediately due and payable, whereupon such amounts shall become so due and payable; and/or |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | declare all or any of the Advances under the Tranche D Term Facility to be payable on demand whereupon the same shall become payable on demand; and/or |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (iv) | exercise or direct the Security Agent to exercise any or all of its rights, remedies, powers or discretions under the Finance Documents. |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------|

| 23.22 | Ancillary Facilities |
|-------|----------------------|

|   | (a) | terminate the availability of the Ancillary Facilities, whereupon the Ancillary Facilities shall cease to be available and the relevant Ancillary Lender shall no longer be under any obligation to provide any credit provided for thereunder; and/or |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | declare all amounts outstanding under the Ancillary Facilities due and payable whereupon such amounts shall become due and payable together with accrued interest thereon and any other sum then payable under the relevant Ancillary Documents; and/or |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | require the provision of cash cover whereupon the relevant Borrowers shall immediately provide cash cover in an amount equal to the contingent liability of the Ancillary Lender under all instruments issued under the terms thereof which give rise to a contingent liability on the part of the Ancillary Lender; and/or |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | terminate any foreign exchange or hedging agreement entered into by the Ancillary Lender under the terms of the Ancillary Facilities. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------|

| 23.23 | US Obligors |
|-------|-------------|

----

| 23.24 | Clean-Up Period |
|-------|-----------------|

|   | (a) | do not have a Material Adverse Effect; |
|--------|-----|----------------------------------------|

|   | (b) | have not been procured by or approved by Bidco; and |
|--------|-----|-----------------------------------------------------|

|   | (c) | if capable of remedy, have been remedied within the relevant Clean-Up Period, |
|--------|-----|-------------------------------------------------------------------------------|

| 24. | GUARANTEES |
|-----|------------|

| 24.1 | Guarantee |
|------|-----------|

|   | (a) | guarantees to each Senior Finance Party as principal obligor the performance by each other Obligor of all its payment obligations under the Senior Finance Documents and the payment when due by each other Obligor of all sums payable under the Senior Finance Documents; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | undertakes with each Senior Finance Party that if any other Obligor fails to pay any of the indebtedness referred to in paragraph (a) above on its due date it will pay that sum on demand; and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | indemnifies each Senior Finance Party on demand against all losses, damages, costs and expenses incurred by such Senior Finance Party arising as a result of any obligation of any Obligor under the Senior Finance Documents being or becoming unenforceable, invalid or illegal. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | If and to the extent the guarantee secures debt obligations of a Borrower subject to German corporate income tax, such guarantee (and any Security Interest granted to secure such guarantee) shall not be enforced against assets which qualify as interest bearing claims and instruments qualifying as long term for tax purposes (as set out in the guidelines of the German Federal Ministry of Finance (Bundesfinanzministerium) dated 15 July 2004 (IVA2-S2742a-20/04), No. 19, 20 and 37 and dated 22 July 2005 (IVB7-S2742a-31/05)). |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 24.2 | Guarantors as Principal Debtors |
|------|---------------------------------|

|   | (a) | any time, indulgence, waivers or consents given to any Obligor or any other person; |
|--------|-----|-------------------------------------------------------------------------------------|

|   | (b) | any amendment, variation or modification to any Finance Document or any other security or guarantee or any increase in the amount of the Facilities; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | the making or absence of any demand on any Obligor or any other person for payment or performance of any other obligations, or the application of any moneys at any time received from any Obligor or any other person; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | the enforcement, perfecting or protecting of or absence of enforcement, perfecting or protecting of any security, guarantee or undertaking (including, without limitation, all or any of the obligations and liabilities of any Obligor); |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | the release, taking, giving or abstaining from taking of any security, guarantee or undertaking (including, without limitation, the Senior Finance Documents); |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | the insolvency, winding-up, administration, receivership or the commencement of any other insolvency procedure under the laws of any relevant jurisdiction in relation to any Obligor, any Senior Finance Party or any other person or the making of any arrangement or composition with or for the benefit of creditors by any other Obligor, any Senior Finance Party or any other person; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | any amalgamation, merger or change in constitution in relation to any Obligor, any Senior Finance Party or any other person; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------|

|   | (h) | the illegality, invalidity or unenforceability of or any defect in any provision of any Finance Document or any security, obligations or liabilities arising or expressed to arise thereunder; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | any Senior Finance Party ceasing or refraining from giving credit or making loans or advances to or otherwise dealing with any Obligor or any other person or any other security, guarantee or undertaking; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (j) | any legal limitation, incapacity, lack of power or authority of any Obligor or any other person; or |
|--------|-----|-----------------------------------------------------------------------------------------------------|

----

|   | (k) | any other circumstance which, but for this provision, might operate to release or otherwise exonerate the Guarantor from its obligations hereunder. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------|

| 24.3 | Other Guarantors |
|------|------------------|

| 24.4 | Guarantors’ Obligations Continuing |
|------|------------------------------------------|

| 24.5 | Immediate Recourse |
|------|--------------------|

| 24.6 | Exercise of Guarantors’ Rights |
|------|--------------------------------------|

|   | (a) | unless the Facility Agent otherwise directs, no Guarantor will exercise any rights which it may have by reason of performance by it of its obligations under the Senior Finance Documents: |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | to be indemnified by an Obligor; |
|--------|-----|----------------------------------|

|   | (ii) | to claim any contribution from any other guarantor of any Obligor’s obligations under the Senior Finance Documents; and/or |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of the Senior Finance Parties under the Senior Finance Documents or of any other guarantee or security taken pursuant to, or in connection with, the Senior Finance Documents by any Finance Party; and |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | any amount received or recovered by such Obligor as a result of any exercise of any such right shall (to the extent legally possible) be held in trust or otherwise as agent for the Finance Parties and immediately paid to the Facility Agent. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 24.7 | Avoidance of Payments |
|------|-----------------------|

|   | (a) | the liability of each Obligor shall continue as if the payment, discharge, avoidance or reduction had not occurred; and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------|

|   | (b) | each Senior Finance Party shall be entitled to recover the value or amount of that security or payment from each Obligor, as if the payment, discharge, avoidance or reduction had not occurred. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 24.8 | Suspense Accounts |
|------|-------------------|

| 24.9 | Further Guarantors and Security |
|------|---------------------------------|

|   | (a) | Bidco will procure that: |
|--------|-----|--------------------------|

|   | (i) | any Borrower, any Material Subsidiary and any Holding Company of any Borrower or Material Subsidiary (excluding the Parent and any Holding Company of the Parent) which is not a Guarantor shall (subject to the Agreed Security Principles) become a Guarantor; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | to the extent that the aggregate Consolidated Pro Forma EBITDA of Subsidiaries which are Guarantors is less than 80% of the Consolidated Pro Forma EBITDA of the Group (the “Percentage Test”), additional Subsidiaries shall become Guarantors so as to procure that the Percentage Test is satisfied, taking into account the time periods specified in Clause 22.4(a) (Acceding Guarantors); and |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | any member of the Group which is required to become a Guarantor in accordance with this Clause 24.9 shall become a Guarantor by delivering to the Facility Agent an Accession Notice pursuant to Clause 22.4 (Acceding Guarantors); |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | any member of the Group which enters into an Accession Notice shall within 30 Business Days after being required to become a Guarantor (or such other date as is applicable in accordance with Clause 22.4(a) (Acceding Guarantors) or Clause 4.4 (Conditions Subsequent)) execute such Security Documents (in favour of the Security Agent for the benefit of the Senior Finance Parties) as the Facility Agent shall reasonably require in accordance with the Agreed Security Principles; |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (v) | subject to the Agreed Security Principles, if an Obligor acquires assets of material value or significance (in the opinion of the Majority Lenders acting reasonably) after the date on which it initially enters into Security Documents, such Obligor shall as soon as reasonably practicable (and in any event within 30 days of a written request by the Facility Agent) enter into Security Documents in respect of such assets to the extent that such assets are not subject to the existing Security Interests created by such Obligor. For the purposes of this Clause 24.9(a)(v) Bidco will provide with each compliance certificate delivered pursuant to Clause 19.5 (Compliance Certificate) a list of any assets acquired during the Quarter Period to which such compliance certificate relates which have an individual market value in excess ofEUR 10,000,000 ; and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (vi) | there shall be delivered to the Facility Agent with the original executed Accession Notice, accession documents in respect of the Intercreditor Deed and any such Security Documents, and such evidence of the due execution of such documents, the Accession Notice and such Security Documents as the Facility Agent (acting reasonably) shall require together with a legal opinion satisfactory to the Facility Agent (acting reasonably). |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | For the purposes of this Clause 24.9 (Further Guarantors and Security), the companies comprising the LOI Furnaces Group shall not be considered as a Material Subsidiary or Subsidiary. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 25. | GUARANTEE LIMITATIONS |
|-----|-----------------------|

| 25.1 | US Guarantors |
|------|---------------|

|   | (a) | Each US Borrower and each Guarantor whose jurisdiction of organisation is a state or territory of the United States (a “US Guarantor”) and each Secured Creditor (as defined in the Security Documents governed by US law, the “US Security Documents”) (by its acceptance of the benefits of the guarantee under Clause 24 (Guarantees)) hereby confirms that it is its intention that the guarantee under Clause 24 (Guarantees) shall not constitute a fraudulent transfer or conveyance for purposes of any bankruptcy, insolvency or similar law, the Uniform Fraudulent Conveyance Act or any similar Federal, state or foreign law.  Toeffectuate the foregoing intention, each US Guarantor and each Secured Creditor (by its acceptance of the benefits of the guarantee under Clause 24 (Guarantees)) hereby irrevocably agrees that the Guaranteed Obligations (as defined in the US Security Documents) shall be limited to the maximum amount as will, after giving effect to such maximum amount and all other (contingent or otherwise) liabilities of such US Guarantor that are relevant under such laws, and after giving effect to any rights to contribution pursuant to any agreement providing for an equitable contribution among such US Guarantor and the other Guarantors, result in the Guaranteed Obligations of such US Guarantor in respect of such maximum amount not constituting a fraudulent transfer or conveyance. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | Notwithstanding any term or provision of this Clause 25 (Guarantee Limitations) or any other term in this Agreement or any other Finance Document, with respect to any US Borrower that is a “United States person” (as such term is defined in Section 7701(a)(30) of the Code), (a) no direct or indirect Foreign Subsidiary of such US Borrower shall guarantee the obligations of, or pledge any of its assets as security for the obligations of, any US Borrower and (b) not more than 65% of the voting stock or other voting equity interests of any Foreign Subsidiary of any US Borrower shall be pledged as security for the obligations of any US Borrower.  If following a change in the relevant sections of the Code or the regulations, rules, rulings, notices or other official pronouncements issued or promulgated thereunder,counsel for the US Borrowers reasonably acceptable to the Facility Agent does not within 30 days after a request from the Facility Agent deliver evidence, in form and substance reasonably satisfactory to the Facility Agent, with respect to any Foreign Subsidiary of any US Borrower which has not already had all of its share capital pledged pursuant to a Security Document to secure all of the obligations of the US Borrowers under the Finance Documents that (i) a pledge of more than 65% of the total combined voting power of all classes of share capital of such Foreign Subsidiary entitled to vote and (ii) the guarantee by such Foreign Subsidiary of all of the obligations of all of the Obligors (and not only the Obligors that are not US Borrowers) pursuant to this Clause 25 or any other provision of this Agreement or any other Finance Document, in any such case could reasonably be expected to cause the undistributed earnings of such Foreign Subsidiary as determined for US federalincome tax purposes to be treated as a deemed dividend to such Foreign Subsidiary’s United States parent for US federal income tax purposes, then in the case of a failure to deliver the evidence described in clause (i) above, that portion of such Foreign Subsidiary’s outstanding share capital so issued by such Foreign Subsidiary, in each case not theretofore pledged pursuant to a Security Document to secure all of the obligations of all of the Obligors (and not only the Obligors that are not US Borrowers) under the Finance Documents, shall automatically be pledged to the Security Agent for the benefit of the Finance Parties to secure all obligations of the Obligors (and not only the Obligors that are not US Borrowers) under the Finance Documents, and in the case of a failure to deliver the evidence described in clause (ii) above, the guarantee provided by such Foreign Subsidiary pursuant to this Clause 25 or any other provisions of this Agreement or any other FinanceDocument shall automatically guarantee all of the obligations of all of the Obligors (and not only the Obligors that are not US Borrowers) under the Finance Documents. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Notwithstanding any term or provision of this Clause 25 (Guarantee Limitations) or any other term in this Agreement or any other Finance Document, if at least 20 days prior to the beginning of the relevant US Borrower’s tax year Bidco delivers to the Facility Agent: |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (i) | an analysis which provides evidence (including a confirmation by the Auditors that the conclusion reached in the analysis is in line with the current interpretation of the applicable tax rules) and confirms that Section 163(j) of the Code (or any successor provision) would apply to disallow a deduction for an interest expense paid and a US Borrower would have “excess interest expense” (within the meaning of Section 163(j)(2) of the Code) in excess of $1,500,000 as a result of any guarantee or security provided by any member of the Group under the Finance Documents; and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | a certificate confirming that no Potential Event of Default has occurred and is continuing. |
|--------|------|---------------------------------------------------------------------------------------------|

| 25.2 | German Guarantors |
|------|-------------------|

|   | (a) | Restrictions on Payment |
|--------|-----|-------------------------|

|   | (i) | If payment under the guarantee granted under Clause 24 (Guarantees) granted by any German Borrower and/or a Guarantor incorporated under the laws of Germany as a limited liability company (GmbH) or a limited partnership with a limited liability company as sole general partner (GmbH & Co. KG) (each hereinafter a “German Guarantor”) (the “German Guarantee”) would (aa) cause the amount of the net assets of a German Guarantor (or, if the German Guarantor is a GmbH & Co. KG, the net assets of its general partner), as calculated pursuant to this Clause 25.2, to fall belowthe amount of its or its general partner’s registered share capital (Stammkapital) in breach of sections 30 and 31 of the German Limited Liability Companies Act (Gesetz betreffend die Gesellschaften mit beschränkter Haftung - “GmbHG”) or increase an existing shortage of the registered share capital (a “Capital Impairment”) or (bb) deprive the German Guarantor or, if applicable, its general partner, of the liquidity necessary to fulfil its financial liabilities to its third party creditors (a “Liquidity Impairment”), the Security Agent shall, subject to paragraphs (ii) and (iii) of this Clause 25.2(a), not demand payment under the German Guarantee to the extent such Capital Impairment or LiquidityImpairment would occur. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (ii) | If a German Guarantor does not notify the Security Agent in writing within 10 Business Days after the Security Agent has notified such German Guarantor of its intention to demand payment under the German Guarantee that a Capital Impairment or Liquidity Impairment would occur (setting out in reasonable detail to what extent a Capital Impairment or Liquidity Impairment would occur and providing prima facie evidence that a realisation or other measures undertaken in accordance with the mitigation provisions set out in Clause 25.2 (Mitigation) hereof would not prevent such Capital Impairment or Liquidity Impairment) then the restrictions set out in this Clause 25.2(a) shall not apply. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | If the German Guarantor does not provide an Auditor’s Determination (as defined below) within 20 Business Days from the date the Security Agent has received the written notice by the German Guarantor or, if applicable, its general partner as referred to in paragraph (ii) above, the Security Agent may demand payment under the German Guarantee without limitation. |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the amount of any increase in the registered share capital of the German Guarantor (or, if the German Guarantor is a GmbH & Co. KG, the registered share capital of its general partner) which was carried out after the execution of this Agreement without the prior written consent of the Security Agent (such consent to be given provided that such increase is required as a mandatory provision of applicable law) shall be deducted from the registered share capital of the Guarantor or if the Guarantor is a GmbH & Co. KG, its general partner; and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (ii) | any debt outstanding that has been subordinated by mutual agreement between the German Guarantor or, if the German Guarantor is a GmbH & Co. KG, the German Guarantor or its general partner and the creditor of such debt which qualifies as being subordinated within the meaning of section 39 (2) of the German Insolvency Code or qualifies under section 32a of the German Limited Liability Companies Act or section 172a of the German Commercial Code and funds borrowed by any Borrower under this Agreement which have been or are on-lent to the German Guarantor or its general partner or to any subsidiary of such German Guarantor or its general partner and are still outstanding at the time when payment under the German Guarantee is demanded shall be disregarded; and |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | loans or other contractual liabilities incurred by the German Guarantor or, if the German Guarantor is a GmbH & Co. KG, the German Guarantor or its general partner in breach of the Finance Documents shall not be taken into account as liabilities. |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | The German Guarantor shall realise, to the extent legally permitted, in a situation where it does not have sufficient (aa) Net Assets to maintain its (or, if the German Guarantor is a GmbH & Co. KG, its general partner’s) registered share capital, any and all of its assets that are shown in the balance sheet with a book value (Buchwert) that is significantly lower than the market value of the assets if the asset is not necessary for the German Guarantor’s business (betriebsnotwendig) or (bb) liquidity to fulfil its financial liabilities to its creditors any and all of its assets if the asset is not necessary for the German Guarantor ‘s business (betriebsnotwendig). |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | The limitations on demanding payment under the German Guarantee set out in this Clause 25.2 shall not apply if and to the extent that the German Guarantor is legally permitted to take measures (including, without limitation, set-off claims) to avoid the demanding of payment under the German Guarantee causing a Capital Impairment of the German Guarantor or the general partner of such German Guarantor provided that it is commercially justifiable to take such measures. |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | If the German Guarantor claims that a Capital Impairment or Liquidity Impairment would occur on payment under the German Guarantee, the German Guarantor may (at its own cost and expense) arrange for the preparation of a balance sheet by a firm of recognised auditors (the “Auditor”) in order to have such Auditor determine whether (and, if so, to what extent) any payment under the German Guarantee would cause a Capital Impairment or Liquidity Impairment (the “Auditor’s Determination”). |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (ii) | The Auditor’s Determination shall be prepared, taking into account the adjustments set out in Clause 26.2(b) (Net Assets) hereof, by applying the generally accepted accounting principles applicable from time to time in Germany (Grundsätze ordnungsmäßiger Buchführung) based on the same principles and evaluation methods as constantly applied by the German Guarantor and its general partner in the preparation of their financial statements, in particular in the preparation of its most recent annual balance sheet, and taking into consideration applicable court rulings of German courts. Such Auditor’s Determination shall be binding on the German Guarantor and the Security Agent. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | For the avoidance of doubt, even if the German Guarantor arranges for the preparation of an Auditor’s Determination, the German Guarantor’s obligations under the mitigation provisions set out above continue to exist. |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 25.3 | French Guarantors |
|------|-------------------|

|   | (a) | The guarantees, obligations liabilities and undertakings of any Obligor incorporated in France (a “French Guarantor”) under Clause 24 (Guarantees) and the Senior Finance Documents shall be deemed not to be undertaken or incurred to the extent that the same would constitute unlawful financial assistance within the meaning of Article L.225-216 al. 1 of the French Commercial Code and the guarantee under by the French Guarantors under Clause 24 (Guarantees) shall be construed accordingly. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The guarantee and indemnity obligations under Clause 24 (Guarantees) of any French Guarantor will be limited to the amount specified in any Accession Notice signed by such French Guarantor. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 25.4 | Dutch Guarantors |
|------|------------------|

|   | (a) | The obligations of the Dutch Borrower or any other Guarantor incorporated under the laws of The Netherlands (a “Dutch Guarantor”) under or pursuant to Clause 24  (Guarantees) shall exclude and shall not be or be construed as any guarantee, indemnity or security, to the extent that this would: |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | constitute unlawful financial assistance within the meaning of Article 2:98c or 2:207c of the Netherlands Civil Code, as relevant; or |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | be deemed “ultra vires” within the meaning of Article 2:7 of the Netherlands Civil Code. |
|--------|------|------------------------------------------------------------------------------------------------------|

|   | (b) | In addition to the other limitations in respect of the guarantees granted by a Dutch Guarantor, the obligations of Elster-Instromet B.V., in its capacity as a Guarantor under or pursuant to Clause 24 (Guarantees) shall be limited to an aggregate principal amount not exceeding the aggregate principal amount guaranteed by it under this Agreement immediately prior to the Amendment and Restatement Agreement dated 25 October 2006 becoming effective. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 25.5 | Belgian Guarantors |
|------|--------------------|

|   | (a) | any amounts (principal plus accrued interest thereon, commissions, costs and fees) directly or indirectly made available to the Belgian Guarantor under this Agreement and which have not yet been repaid by the Belgian Guarantor at the time of the enforcement of the guarantee under Clause 24 (Guarantees) or of the relevant Security Document; or |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | 100% of the Net Assets (as defined below) of the Belgian Guarantor calculated and certified by the statutory auditors of the Belgian Guarantor on the basis of the Latest Accounts available at the time of the enforcement of the guarantee under Clause 24 (Guarantees) or of the relevant Security Document. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 25.6 | UK Guarantors |
|------|---------------|

|   | (a) | The guarantee granted by any Guarantor incorporated under the laws of England and Wales (a “UK Guarantor”) under Clause 24 (Guarantees) shall not apply to any liability to the extent that it would result in the relevant guarantee constituting unlawful financial assistance within the meaning of Section 151 of Companies Act 1985. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | In particular, the guarantee granted by any UK Guarantor shall not apply or extend to any amounts drawndown under this Agreement for the purposes of the UK Refinancing. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 25.7 | Acceding Guarantors |
|------|---------------------|

| 25.8 | Release of Security |
|------|---------------------|

| 25.9 | Release of Guarantors |
|------|-----------------------|

----

| 25.10 | German Confirmation |
|-------|---------------------|

|   | (a) | For the purposes of providing evidence to the German tax authorities of the absence of any detrimental recourse situation in connection with the tax circulars issued by the German Federal Ministry of Finance (Bundesfinanzministerium) on 15 July 2004 (IV A2 – S2742a – 20/04) and on 22 July 2005 (IV B7 – S2742a – 31/05) in relation to section 8a of the German Corporation Tax Act (Kőrperschaftssteuergesetz, “KStG”), the Security Agent agrees (for itself and on behalf of the Lenders) to deliver to Bidco (on behalf of each Borrower being subject to German corporation income tax (for the purposes of this Clause 25.10, each a “German Borrower”)): |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | by no later than 28 February 2006 and  thereafter by no later than 28 February in each  successive calendar year during the life of the Facilities; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | within 30 Business Days of the effective date of any amendments to (x) Clause 24.1 (Guarantee) of this Agreement, (y) Clause 25 (Guarantee Limitations) of this Agreement or (z) any Security Document (it being understood that this paragraph shall not apply to amendments made pursuant to the Third Amendment Agreement); and |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | within 30 Business Days of each date on which (x) a German Borrower accedes to this Agreement pursuant to Clause 22.1 (Acceding Borrowers) or (y) an additional Security Interest is granted to secure obligations of a German Borrower under the Finance Documents, |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The delivery of a Bank Certificate shall not prejudice the rights of the Security Agent or the Lenders under this Agreement or any other Finance Document. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Any Bank Certificate delivered under this Agreement: (i) is given for the purpose of delivery to the competent tax authorities of the Borrowers to assist the Borrowers in the administration of their tax affairs and not for any other purpose, (ii) does not guarantee the achievement of a specific result or conclusion for German tax purposes, (iii) is addressed to and is solely for the benefit of the Borrowers in relation to this Agreement and (iv) does not create third party rights of any kind. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (d) | Neither the Security Agent nor any Lender shall be liable as a result of the delivery of a Bank Certificate.  In the event of inconsistency between the terms of a Bank Certificate and the terms of an individual Security Document, the terms of the relevant Security Document shall prevail. A Bank Certificate shall under no circumstances constitute a waiver or release of any Security Interest. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | The Security Agent and the Lenders agree (at the cost of Bidco) to provide any additional information in relation to the guarantees and Security Interests granted under or in connection with this Agreement (available to the Security Agent or such Lender) reasonably requested by a German Borrower for the purposes of the completion by that Borrower of its submissions to any tax authority asserting jurisdiction over it as soon as reasonably practicable following such request. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | None of the Security Agent nor any Lender shall be obliged to disclose to any other person any confidential information regarding its business or any other information relating to its tax affairs or tax computations (including, without limitation, its tax returns or its calculations) as a result of the operation of this Clause 25.10. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | None of the Security Agent nor any Lender shall be obliged to deliver any information pursuant to a request under this Clause 25.10 if, by doing so, it would contravene the terms of any applicable law or any notice, direction or requirement of any governmental or regulatory authority (whether or not having the force of law). |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | Each Lender and each Obligor agrees that each German Borrower may disclose the existence and content of a Bank Certificate to its professional advisers, its respective affiliates, as required by applicable law or regulation and to any tax, regulatory or other governmental authority asserting jurisdiction over it and each Obligor expressly releases the Security Agent and each Lender from the restrictions of banking confidentiality (Bankgeheimnis) for the purposes of the Bank Certificates. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | If, after the Completion Date, the German tax administration requires submission of a standard form for the purpose of providing evidence to the German tax authorities of the absence of any detrimental recourse situation,  then the Security Agent and each Lender agree to use such form instead of the Bank Certificate as set out in Schedule 16 ( |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Form of Bank Certificate) provided, however, that the acceptance of such standard form shall be subject to the approval of the Security Agent and the relevant Lender (as the case may be) (such consent not to be unreasonably withheld or delayed), if such standard form differs substantially from the form of Bank Certificate set out in Schedule 16 ( |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Form of Bank Certificate). |
|--------|----------------------------|

----

|   | (h) | If at any time after the delivery of a Bank Certificate, a German Borrower receives a request by its tax inspector to have the Bank Certificate issued by all Lenders after and notwithstanding the relevant German Borrower having confirmed to the tax inspector the number of Lenders at such time and the practice by Lenders to transfer or assign participations in the Facilities and also having provided information to the tax inspector on the security structure, each Lender agrees to provide such Bank Certificate within 30 Business Days of being so requested by the relevant  German  Borrower. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 26. | THE AGENTS AND THE MANDATED LEAD ARRANGERS |
|-----|--------------------------------------------|

| 26.1 | Authorisation |
|------|---------------|

|   | (a) | Each Senior Finance Party hereby appoints Deutsche Bank AG, London Branch as the Facility Agent and CIBC World Markets plc as the Documentation Agent.  Each Senior Finance Party authorises the Facility Agent and the Documentation Agent to take such action as agent on its behalf and to exercise such rights, powers and discretions under the Senior Finance Documents as are delegated to the Facility Agent or the Documentation Agent respectively by the terms of the Senior Finance Documents together with such other powers and discretions as are reasonably incidental thereto and to give a good discharge for any moneys payable under the Senior Finance Documents. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Each of the Agents will act solely as agent for the Senior Finance Parties (as the case may be) in carrying out its respective functions as agent under the Senior Finance Documents.  No Agent shall have, nor be deemed to have, assumed any obligations to, or trust or fiduciary relationship with, the other Senior Finance Parties or any Obligor other than those for which specific provision is made by the Senior Finance Documents.  Each of the Agents shall be released from the restrictions of Section 181 German Civil Code (Bürgerliches GesetzbuchBGB). |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 26.2 | Facility Agent’s Duties |
|------|-------------------------------|

|   | (a) | promptly send to each Lender each notice received by it from an Obligor under any of the Senior Finance Documents except in the case of any notice relating to a particular Lender which shall be sent to that Lender only; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | promptly send to each Lender a copy of any document or information received by it pursuant to Clause 19 (Information and Accounting Undertakings) and (if requested by the relevant Lender) a copy of any legal opinion delivered in relation to this Agreement or any Security Document and a copy of any document delivered to it pursuant to Clause 4.1 (Initial Conditions Precedent); |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | subject to those provisions of the Senior Finance Documents which require the consent of all the Lenders, act in accordance with any instructions from the Majority Lenders or, if so instructed by the Majority Lenders, refrain from exercising a right, power or discretion vested in it under any of the Senior Finance Documents; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (d) | have only those duties, obligations and responsibilities expressly specified in the Senior Finance Documents; and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------|

|   | (e) | without prejudice to Clause 26.7 (Information), promptly notify each Lender if it becomes aware of the occurrence of any Event of Default or Potential Event of Default. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 26.3 | Agents’ Rights |
|------|----------------------|

|   | (a) | perform any of its duties, obligations and responsibilities under this Agreement or any of the other Senior Finance Documents by or through its personnel or agents on the basis that each Agent may extend the benefits of any indemnity received by it hereunder to its personnel or agents; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | refrain from exercising any right, power or discretion vested in it under the Senior Finance Documents until it has received instructions from the Majority Lenders or the Facility Agent, as the case may be, as to whether (and, if it is to be, the way in which) it is to be exercised and shall in all cases be fully protected when acting, or (if so instructed) refraining from acting, in accordance with instructions from the Majority Lenders or the Facility Agent (as the case may be); |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | treat (a) the Lender which makes available any portion of any Advance as the person entitled to repayment of that portion unless the Facility Agent has received a Transfer and Accession Deed in relation to all or part of it in accordance with Clause 27 (Assignments and Transfers); and (b) the office set under a Lender’s name at the end of this Agreement (or, in the case of a New Lender, at the end of the Transfer and Accession Deed to which it is a party as a New Lender) as its Lending Office unless the Facility Agent has received from that Lender a notice of change of Lending Office and each Agent may act on any such notice until it is superseded by a further such notice; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | refrain from doing anything which would or might in its opinion be contrary to any law, regulation or judgment of or of any court of any jurisdiction or any directive of any agency of any state or otherwise render it liable to any person and may do anything which is in its opinion necessary to comply with any such law, regulation, judgment or directive; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | assume that no Event of Default or Potential Event of Default has occurred unless an officer of such Agent, while active on the account of the Obligors in connection with the Facilities, acquires actual knowledge to the contrary; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | refrain from taking any step (or further step) to protect or enforce the rights of any Senior Finance Party under the Senior Finance Documents until it has been indemnified and/or secured to its satisfaction against any and all costs, losses, expenses or liabilities (including legal fees) which it would or might sustain or incur as a result; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (g) | rely on any communication or document believed by it to be genuine and correct and assume it to have been communicated or signed by the person by whom it purports to be communicated; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (h) | rely as to any matter of fact which might reasonably be expected to be within the knowledge of any person on a statement by or on behalf of such person; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | obtain and pay for such legal or other expert advice or services as may to it seem necessary or desirable and rely on any such advice; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------|

|   | (j) | accept deposits from, lend money to, provide any advisory or other services to or engage in any kind of banking or other business with any party to the Senior Finance Documents, or any affiliate of any party (and, in each case, may do so without liability to account); and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (k) | (in the case of the Facility Agent) countersign any letters with issuers of Reports and/or with the Auditors limiting their respective liability to the Senior Finance Parties in such form(s) as the Facility Agent considers appropriate in order to enable all or certain of the Senior Finance Parties to rely on the work done by such person and each Senior Finance Party confirms its acceptance of the terms of each such letter. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 26.4 | Exoneration of the Mandated Lead Arrangers and Agents |
|------|-------------------------------------------------------|

|   | (a) | shall be responsible for the adequacy, accuracy or completeness of any representation, warranty, statement or information in the Senior Finance Documents or any notice or other document delivered under the Senior Finance Documents (including, without limitation, the Syndication Memorandum); |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | shall be responsible for the execution, delivery, validity, legality, adequacy, enforceability or admissibility in evidence of any of the Senior Finance Documents; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | shall be obliged to enquire as to the occurrence or continuation of an Event of Default or Potential Event of Default or as to the accuracy or completeness of any representation or warranty made by any person; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | shall be liable for anything done or not done by it or any of them under or in connection with the Senior Finance Documents save in the case of its own or their own gross negligence or wilful misconduct; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | shall be responsible for any failure of any Obligor or any other Senior Finance Party duly and punctually to observe and perform their respective obligations under the Senior Finance Documents; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | shall be responsible for the consequences of relying on the advice of any professional advisers selected by any of them in connection with the Senior Finance Documents; or |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (g) | shall be liable for acting (or refraining from acting) in what it believes in good faith to be in the best interests of the Senior Finance Parties or any of them in circumstances where it has been unable, or it is not practicable, to obtain instructions in accordance with this Agreement. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 26.5 | Agents as Senior Finance Parties |
|------|----------------------------------|

| 26.6 | Non-Reliance on Mandated Lead Arrangers and Agents |
|------|----------------------------------------------------|

|   | (a) | to provide it with any information relating to the business, financial condition, creditworthiness, status or affairs of any Obligor or the Subsidiaries of any Obligor, whether coming into its possession before or after the making of any Drawing (save as provided in Clause 26.2 ( Facility Agent’s Duties)); or |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | to check or enquire into the adequacy, accuracy or completeness of any information provided by any Obligor or the Subsidiaries of any Obligor under or in connection with the Senior Finance Documents (whether or not such information has been or is at any time circulated to it by any Agent or by the Mandated Lead Arrangers); or |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | to assess or keep under review the business, financial condition, creditworthiness, status or affairs of any Obligor or the Subsidiaries of any Obligor. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------|

| 26.7 | Information |
|------|-------------|

|   | (a) | All communications to an Obligor are to be made by or through the Facility Agent save in respect of any communication in connection with the Security Documents to which the Security Agent is a party in which case all such communications are to be made by or through the Security Agent.  Each Senior Finance Party will notify the Facility Agent of and provide the Facility Agent with, a copy of any communication between such Senior Finance Party and an Obligor or any other of the Senior Finance Parties on any matter concerning the Facilities or the Senior Finance Documents. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Notwithstanding anything to the contrary expressed or implied herein, no Agent shall as between itself and the other Senior Finance Parties be bound to disclose to any other Senior Finance Party or other person (i) any information, disclosure of which might, in the opinion of such Agent, result in a breach of any law or directive or be otherwise actionable at the suit of any person, or (ii) any information supplied by any member of the Group to such Agent which is identified by a member of the Group at the time of supply as being unpublished, confidential, or price sensitive information relating to a proposed transaction by a member of the Group and supplied solely for the purpose of evaluating in consultation with such Agent whether such transaction might require a waiver or amendment to any of the provisions of the Senior Finance Documents. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (c) | In acting as an Agent for the Senior Finance Parties, each Agent’s department which undertakes the relevant agency role will be treated as a separate entity from any of its other departments (or similar unit of such Agent in any subsequent reorganisation) or affiliates and, any information given by any member of the Group to one of the other departments which is acting in an advisory or other capacity to the Group and not in the capacity of an Agent is to be treated as confidential and will not be available to the Senior Finance Parties without the consent of Bidco provided that: |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the consent of Bidco will not be required in relation to any information which an Agent in its discretion, determines relates to an Event of Default or Potential Event of Default or in respect of which the Lenders have given, prior to the disclosure of such information, a confidentiality undertaking substantially in the form of the LMA standard form; and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | if representatives or employees of an Agent receive information in relation to an Event of Default or Potential Event of Default whilst acting in an advisory capacity they will not be obliged to disclose such information to representatives or employees of such Agent in their capacity as agent, Lender or security agent hereunder or to any of the Lenders if to do so would breach any rule or directive or fiduciary duty imposed upon such persons. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 26.8 | Indemnity to Agents |
|------|---------------------|

----

| 26.9 | Resignation of Agents |
|------|-----------------------|

|   | (a) | Each of the Facility Agent and the Documentation Agent may resign its appointment hereunder at any time without assigning any reason therefor by giving not less than 30 days’ prior written notice to that effect to Bidco and each of the other Senior Finance Parties provided that no such resignation shall be effective until a successor for such Agent is appointed in accordance with this Clause 26.9 (Resignation of Agents).  If the retiring Agent gives notice of its resignation then any reputable and experienced bank or other financial institution with offices in London may be appointed as a successor to that Agent by the Majority Lenders following consultation with Bidco during the period of such notice but, if no such successor is so appointed, the retiring Agent may appoint a successor itself.  If asuccessor to such Agent is so appointed, then (i) the retiring Agent shall be discharged from any further obligation hereunder but shall remain entitled to the benefit of the provisions of this Clause 26 (The Agents and the Mandated Lead Arrangers) and (ii) its successor and each of the other parties hereto shall have the same rights and obligations amongst themselves as they would have had if such successor had been an original party hereto. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Each of the retiring Agents will co-operate with the successor Agent in order to ensure that its functions are transferred to the successor Agent and will promptly make available to the successor Agent such documents and records as have been maintained in connection with the Senior Finance Documents in order that the successor Agent is able to discharge its functions. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | The provisions of this Agreement will continue in effect for the benefit of any retiring Agent in respect of any actions taken or omitted to be taken by it or any event occurring before the termination of its agency. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 26.10 | Payments to Senior Finance Parties |
|-------|------------------------------------|

|   | (a) | Each Agent will account to the other Senior Finance Parties for their respective due proportions of all sums received by it for such Senior Finance Parties, whether by way of repayment of principal or payment of interest, commitment commission, fees or otherwise. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Each Agent and each Mandated Lead Arranger may retain for its own use and benefit, and will not be liable to account to the other Senior Finance Parties for all or any part of any sums received by way of agency or arrangement fee or by way of reimbursement of expenses incurred by it. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 26.11 | Change of Office of Agents |
|-------|----------------------------|

| 26.12 | Delegation of Powers |
|-------|----------------------|

----

| 26.13 | Role of Mandated Lead Arrangers |
|-------|---------------------------------|

| 26.14 | Reliance and Engagement Letters |
|-------|---------------------------------|

| 27. | ASSIGNMENTS AND TRANSFERS |
|-----|---------------------------|

| 27.1 | Successors |
|------|------------|

| 27.2 | Assignments and Transfers by the Obligors |
|------|-------------------------------------------|

| 27.3 | Assignments and Transfers by Lenders |
|------|--------------------------------------|

|   | (a) | assign any of its rights; or |
|--------|-----|------------------------------|

|   | (b) | transfer (including by way of novation) any of its rights and obligations hereunder, |
|--------|-----|--------------------------------------------------------------------------------------|

----

| 27.4 | Conditions to Assignments and Transfers |
|------|-----------------------------------------|

|   | (a) | An assignment or transfer of only part of the Commitments of any Lender shall be in a minimum amount of EUR5,000,000 (or its equivalent in any other currency), provided that unless the assignment or transfer has the effect of reducing the Commitments of the Existing Lender to zero, the participation of each Existing Lender in respect of the Facilities shall be in a minimum amount of EUR5,000,000 and provided further that: |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | if an Existing Lender is a fund, it may assign its rights to (and its corresponding obligations may be released and equivalent obligations acceded to by) another fund that is either an Existing Lender or a related fund of a fund that is an Existing Lender in any amount; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | in the case of concurrent assignments, release and accessions by an Existing Lender to two or more related funds, the Commitments of these related funds shall be aggregated; and |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | if on the same date 2 or more Existing Lenders are assigning part of their rights under this Agreement to (and their corresponding obligations are being released and equivalent obligations acceded to by) the same person then that person’s aggregate Commitments may be less than EUR5,000,000 as a result of any single assignment, release and accession provided that as a result of all such assignments, releases and accessions on such date the aggregate Commitments of that person are not less than EUR5,000,000; |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The consent of Bidco (not to be unreasonably withheld) is required for any assignment or transfer unless such assignment or transfer is (aa) to a New Lender which is on the list of institutions agreed between Bidco and the Mandated Lead Arrangers prior to the date hereof, (bb) to another Lender or an affiliate of a Lender, or (cc) made at a time when an Event of Default is continuing, provided that if Bidco fails to respond to a request for consent to a transfer or assignment within 5 Business Days of such request, such consent shall be deemed as granted.  Any assignment or transfer and the identity of the proposed New Lender shall be notified to Bidco by the Facility Agent promptly upon completion. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | An assignment or transfer will only be effective on performance by the Facility Agent of all “Know your customer” or other checks relating to any person that it is required to carry out in relation to such assignment or transfer to a New Lender, the completion of which the Facility Agent shall promptly notify to the Existing Lender and the New Lender. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | An assignment will only be effective upon receipt by the Facility Agent of (aa) written confirmation from the New Lender (in form and substance satisfactory to the Facility Agent) that it will assume the same obligations to each of the other Senior Finance Parties as it would have been under had it been an Original Lender and (bb) a duly executed accession deed to the Intercreditor Deed in the form set out in the Intercreditor Deed. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (e) | A transfer will only be effective if the procedure set out in Clause 27.8 (Procedure for Transfers by Lenders) is complied with and the Facility Agent has received an accession agreement to the Intercreditor Deed executed by the New Lender. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | The consent of the Issuing Lender is required for an assignment or transfer of any Lender’s rights or obligations under the Bonding Facility and/or Revolving Facility (such approval not to be unreasonably withheld). |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | Without prejudice to this Clause 27.4 (Conditions to Assignments and Transfers), each Obligor hereby expressly consents to each assignment, transfer and/or novation of rights or obligations made in accordance with this Clause 27 (Assignments and Transfers).  Each Obligor also accepts and confirms, for the purposes of Sections 401, 412 and 1250 para. 1(1) of the German Civil Code and all other purposes, that all guarantees, indemnities and Security Interests granted by it under any Senior Finance Document will, notwithstanding any such assignment, transfer or novation, continue and be preserved for the benefit of the New Lender and each of the other Senior Finance Parties in accordance with the terms of the Senior Finance Documents. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (h) | If: |
|--------|-----|-----|

|   | (i) | a Lender assigns or transfers any of its rights or obligations under the Senior Finance Documents or changes its Lending Office pursuant to Clause 3.2(b) (Lending Office); and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | as a result of circumstances existing at the date the assignment, transfer or change occurs, an Obligor would be obliged to make a payment to the New Lender or Lender acting through its new Lending Office under Clause 12 (Taxes) or Clause 13.2 (Increased Costs), |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 27.5 | Assignments by Lenders |
|------|------------------------|

| 27.6 | Assignment and Transfer Fees |
|------|------------------------------|

----

| 27.7 | Limitation of Responsibility of Existing Lenders |
|------|--------------------------------------------------|

|   | (a) | Unless expressly agreed to the contrary, an Existing Lender makes no representation or warranty and assumes no responsibility to a New Lender for: |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the legality, validity, effectiveness, adequacy or enforceability of the Senior Finance Documents or any other documents; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | the financial condition of any Obligor or any other member of the Group; |
|--------|------|--------------------------------------------------------------------------|

|   | (iii) | the performance and observance by any Obligor of its obligations under the Senior Finance Documents or any other documents; or |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | the accuracy of any statements or information (whether written or oral) made or supplied in connection with any Senior Finance Document or any other document, |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Each New Lender confirms to the Existing Lender and the other Senior Finance Parties that it: |
|--------|-----|-----------------------------------------------------------------------------------------------|

|   | (i) | has made (and shall continue to make) its own independent investigation and assessment of the financial condition and affairs of each Obligor and its related entities and all other risks arising in connection with its participation in the Senior Finance Documents; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | will continue to make its own independent appraisal of the creditworthiness of each Obligor and its related entities whilst any amount is or may be outstanding under the Senior Finance Documents or any Commitment is in force; and |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | has not relied exclusively on any information provided to it by the Existing Lender in connection with any Senior Finance Document. |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Nothing in any Senior Finance Document obliges an Existing Lender to: |
|--------|-----|-----------------------------------------------------------------------|

|   | (i) | accept a re-assignment or re-transfer from a New Lender of any of the rights and obligations assigned or transferred by such Existing Lender under this Clause 27 (Assignments and Transfers); or |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | support any losses directly or indirectly incurred by the New Lender by reason of the non-performance by any Obligor of its obligations under the Senior Finance Documents or otherwise. |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 27.8 | Procedure for Transfers by Lenders |
|------|------------------------------------|

|   | (a) | Subject to the conditions set out in Clause 27.4 (Conditions to Assignments and Transfers), a transfer by novation is effected in accordance with paragraph (c) below when the Facility Agent executes an otherwise duly completed Transfer and Accession Deed executed and delivered to it by the Existing Lender and the New Lender. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | Each party to this Agreement (other than the Existing Lender and the New Lender) irrevocably authorises the Facility Agent to execute any duly completed Transfer and Accession Deed on its behalf. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | On the Transfer Date: |
|--------|-----|-----------------------|

|   | (i) | to the extent that in such Transfer and Accession Deed the Existing Lender seeks to transfer by novation its rights and obligations under the Senior Finance Documents, each of the Obligors and such Existing Lender shall be released from further obligations towards one another (and the Existing Lender and any Issuing Lender shall be released from any further obligations toward each other) under the Senior Finance Documents and their respective rights against one another under the Senior Finance Documents shall be cancelled (such rights and obligations being referred to in this Clause 27.8 as “discharged rights and obligations”); |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | each of the Obligors and the New Lender shall assume obligations towards one another and/or acquire rights against one another which differ from the discharged rights and obligations only insofar as that Obligor and that New Lender have assumed and/or acquired the same in place of that Obligor and such Existing Lender; |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | the Facility Agent, the Mandated Lead Arrangers, the New Lender and the other Senior Finance Parties shall acquire the same rights and benefits and assume the same obligations between themselves as they would have acquired and assumed had such New Lender been an original party hereto as a Lender with the rights, benefits and/or obligations acquired or assumed by it as a result of such transfer and to that extent the Facility Agent, the Mandated Lead Arrangers and the relevant Existing Lender and the other Senior Finance Parties (other than the New Lender) shall each be released from further obligations to each other under the Senior Finance Documents; and |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | such New Lender shall become a party hereto as a “Lender”. |
|--------|------|------------------------------------------------------------------------|

|   | (d) | For the avoidance of doubt, the Parties agree that any novation effected in accordance with this Clause 27.8 shall constitute a novation within the meaning of Article 1271 et seq, of the French Code Civil and that the guarantees and securities created by the Finance Documents shall be preserved for the benefit of the New Lender and each other Lender. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (e) | For the avoidance of doubt, the Parties agree that any novation effected in accordance with this Clause 27.8 shall constitute a novation within the meaning of article 1271 et seq. of the Luxembourg Code Civil and of the Belgian Civil Code and that the guarantees and securities created by the Senior Finance Documents shall be preserved for the benefit of the New Lender and each other Lender. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 27.9 | Disclosure of Information |
|------|---------------------------|

|   | (a) | Any Senior Finance Party may disclose to any affiliate or other person: |
|--------|-----|-------------------------------------------------------------------------|

|   | (i) | to (or through) whom such Senior Finance Party assigns or transfers (or may potentially assign or transfer) all or any of its rights, benefits and obligations under the Senior Finance Documents; or |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | with (or through) whom such Senior Finance Party enters into (or may potentially enter into) any sub-participation in relation to, or any other transaction under which payments are to be made by reference to, the Senior Finance Documents or any Obligor; or |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | to whom that Lender wishes to disclose information for the purpose of obtaining a private rating of the Facilities by a rating agency with regard to their inclusion in a portfolio of debt to be held by a special purpose vehicle, or to any investor in or lender to such special purpose vehicle; or |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | who is a lender to any Lender or its affiliates, or to whom that Lender wishes to disclose information for the purpose of obtaining a private rating of the Facilities by a rating agency as required by such lender; or |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (v) | to whom, and to the extent that, information is required to be disclosed by any applicable law or regulation; and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------|

|   | (b) | any Senior Finance Party may disclose to a rating agency, |
|--------|-----|-----------------------------------------------------------|

| 27.10 | Sub-participation |
|-------|-------------------|

----

| 27.11 | The Register |
|-------|--------------|

|   | (a) | The Facility Agent, acting for this purpose as the agent of the Obligors, shall maintain at its address referred to in Clause 29.1 (Mode of Service): |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | each Transfer and Accession Deed referred to in Clause 27.8 (Procedure for Transfers by Lenders) delivered to and accepted by it; and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | with respect to each Facility, a register for the recording of the names and addresses of the Lenders and the Commitment of, and principal amount owing to, each Lender from time to time (the “Register”) under such Facility. |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Each party to this Agreement irrevocably authorises the Facility Agent to make the relevant entry in the Register on its behalf for the purposes of this Clause 27.11 (The Register) without any further consent of, or consultation with, such Party. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 28. | PRO RATA PAYMENTS, RECEIPTS AND SET OFF |
|-----|-----------------------------------------|

| 28.1 | Recoveries |
|------|------------|

|   | (a) | within 2 Business Days of receipt of the Recovery the Recovering Lender shall notify details of the receipt or Recovery to the Facility Agent; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the Facility Agent shall determine whether the Recovery is in excess of the amount the Recovering Lender would have been paid had the Recovery been received or made by the Facility Agent and distributed in accordance with Clause 28.8 (Receipts), without taking account of any Tax which would be imposed on the Facility Agent in relation to the receipt, recovery or distribution; and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (c) | the Recovery Lender shall, within 2 Business Days of demand by the Facility Agent, pay to the Facility Agent an amount equal to the Recovery less any amount which the Facility Agent determines may be retained by the Recovering Lender as its share of any payment to be made, in accordance with Clause 28.8 (Receipts). |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 28.2 | Notification of Recovery |
|------|--------------------------|

| 28.3 | Information |
|------|-------------|

| 28.4 | Exceptions to Sharing of Recoveries |
|------|-------------------------------------|

| 28.5 | Obtaining Consents |
|------|--------------------|

| 28.6 | No Security |
|------|-------------|

| 28.7 | Ancillary Lenders and Hedging Lenders |
|------|---------------------------------------|

|   | (a) | This Clause 28 (Pro Rata Payments, Receipts and Set off) shall not, for the avoidance of doubt, apply to any Recovery by a Lender in its capacity as an Ancillary Lender or Hedging Lender at any time prior to service of notice under Clause 23.21 (Cancellation and Repayment). |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | Following service of notice under Clause 23.21 (Cancellation and Repayment) this Clause 28 (Pro Rata Payments, Receipts and Set off) shall apply to all Recoveries by Ancillary Lenders and Hedging Lenders which arise otherwise than as a result of a payment made in accordance with Clause 28.8 (Receipts) provided that this Clause 28 (Pro Rata Payments, Receipts and Set off) shall not apply to amounts recovered by an Ancillary Lender or a Hedging Lender as a result of exercising rights under the Ancillary Documents or Hedging Agreements respectively to set off or net sums due and payable by and to it under those documents in its capacity as anAncillary Lender or Hedging Lender, as the case may be, or as a result of exercising its rights under any memorandum of deposit granted thereunder. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 28.8 | Receipts |
|------|----------|

|   | (a) | If any sum paid or recovered in respect of the liabilities of an Obligor under any of the Senior Finance Documents is less than the amount then due, the Facility Agent or the Security Agent (as the case may be) shall apply that sum against amounts outstanding under the Senior Finance Documents in the following order: |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | first to any unpaid fees and reimbursement of unpaid expenses of the Mandated Lead Arrangers, the Facility Agent, the Documentation Agent or the Security Agent due under the Senior Finance Documents; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | second to any unpaid fees and reimbursement of unpaid expenses of the Lenders due in respect of the Priority Facilities under the Senior Finance Documents; |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | third to unpaid interest due in respect of the Priority Facilities; |
|--------|-------|---------------------------------------------------------------------|

|   | (iv) | fourth to unpaid principal (including without limitation provision of cash cover in respect of contingent liabilities) due in respect of the Priority Facilities; |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (v) | prior to the Refinancing Date, fifth to any unpaid fees and reimbursement of unpaid expenses of the Lenders due in respect of the Tranche D Term Facility under the Senior Finance Documents; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (vi) | prior to the Refinancing Date, sixth to unpaid interest due in respect of the Tranche D Term Facility; |
|--------|------|--------------------------------------------------------------------------------------------------------|

|   | (vii) | prior to the Refinancing Date, seventh to unpaid principal due in respect of the Tranche D Term Facility); |
|--------|-------|------------------------------------------------------------------------------------------------------------|

|   | (viii) | eighth to other amounts due under the Senior Finance Documents, |
|--------|--------|-----------------------------------------------------------------|

|   | (b) | The Facility Agent shall, if so directed by the Majority Priority Lenders and the Majority Tranche D Lenders, vary the order set out in paragraph (a) of this Clause 28.8 (Receipts). |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (c) | Paragraphs (a) and (b) above will override any appropriation made by an Obligor. |
|--------|-----|----------------------------------------------------------------------------------|

| 28.9 | Set-Off |
|------|---------|

|   | (a) | After an Event of Default has occurred and for so long as it is continuing each Senior Finance Party is hereby authorised at any time and from time to time to set-off or otherwise apply any and all deposits (irrespective of the terms applicable to such deposits) at any time held and other indebtedness at any time owing by such Senior Finance Party to or for the account of any Obligor (in any such case whether or not then matured or due) against any indebtedness of the relevant Obligor to the relevant Senior Finance Party under the Senior Finance Documents which is due and unpaid. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The rights of each Senior Finance Party under this Clause are in addition to other rights and remedies (including, without limitation, other rights of set-off) that such Senior Finance Party may have. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | This Clause 28.9 (Set-Off) shall be without prejudice to any rights of set-off which may be agreed between the Obligors and any Ancillary Lender under the Ancillary Documents and any rights of set-off or netting arrangements contained in any Hedging Agreements. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | A Senior Finance Party may exercise such rights notwithstanding that the amounts concerned may be expressed in different currencies and each Senior Finance Party is authorised to effect any necessary conversions at a market rate of exchange selected by it. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | All payments to be made by an Obligor under the Senior Finance Documents shall be calculated and be made without (and free and clear of any deduction for) set-off or counterclaim. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 29. | NOTICES AND CERTIFICATES |
|-----|--------------------------|

| 29.1 | Mode of Service |
|------|-----------------|

----

| 29.2 | Delivery |
|------|----------|

|   | (a) | Any communication or document made or delivered by one person to another under or in connection with the Senior Finance Documents will only be effectively made or delivered: |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | if sent by fax, when first received in legible form; or |
|--------|-----|---------------------------------------------------------|

|   | (ii) | if sent by post, 5 Business Days after being deposited in the post, postage prepaid, in a correctly addressed envelope; or |
|--------|------|----------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | if sent by electronic communication, when first received, |
|--------|-------|-----------------------------------------------------------|

|   | (b) | Any communication or document given under paragraph (i) which is received after 5 p.m. in the place of receipt or on a day which is not a Business Day shall be deemed to have been received at 9 a.m. on the following Business Day. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Any communication or document to be made or delivered to an Agent under or in connection with any Senior Finance Document will only be effectively made or delivered when actually received by the Agent and then only if it is expressly marked for the attention of the department or officer identified with the Agent’s signature below (or any substitute department or officer as the Agent shall specify for this purpose). |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | Any communication or document made or delivered to Bidco in accordance with this Clause 29 (Notices and Certificates) will be deemed to have been made or delivered to each of the Obligors. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | An Agent and/or Issuing Lender (acting reasonably and with due care) may assume that any communication made or document delivered by Bidco for itself or on behalf of any Obligor is made or delivered with the consent of Bidco or such Obligor. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 29.3 | Notification of Contact Details |
|------|---------------------------------|

| 29.4 | Electronic Communication |
|------|--------------------------|

|   | (a) | Any communication to be made between (i) Bidco and an Agent, (ii) an Agent and a Senior Finance Party and (iii) Bidco and an Issuing Lender under or in connection with the Senior Finance Documents may be made by e-mail or other electronic means and each Senior Finance Party and Bidco hereby agrees that: |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (i) | unless and until notified to the contrary, this is to be an accepted form of communication; |
|--------|-----|---------------------------------------------------------------------------------------------|

|   | (ii) | it will notify the Facility Agent in writing of its e-mail address and/or any other information required to enable the sending and receipt of information by such means; and |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | it will notify the Facility Agent of any change to its e-mail address or any other such information supplied by it. |
|--------|-------|---------------------------------------------------------------------------------------------------------------------|

|   | (b) | Any electronic communication made between Bidco and an Agent, an Agent and a Senior Finance Party and Bidco and an Issuing Lender will be effective only when actually received in readable form and in the case of any electronic communication made by Bidco or a Senior Finance Party to an Agent, only if it is addressed in such a manner as the Agent shall specify for this purpose. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 29.5 | Certificates |
|------|--------------|

| 29.6 | English Language |
|------|------------------|

|   | (a) | Any notice given under or in connection with any Senior Finance Document must be in English. |
|--------|-----|----------------------------------------------------------------------------------------------|

|   | (b) | All other documents provided under or in connection with any Senior Finance Document must be: |
|--------|-----|-----------------------------------------------------------------------------------------------|

|   | (i) | in English; or |
|--------|-----|----------------|

|   | (ii) | if not in English, and if so required by the Facility Agent, accompanied by a certified English translation and, in this case, the English translation will prevail unless the document is a constitutional, statutory or other official document. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 30. | AMENDMENTS, WAIVERS AND CONSENTS |
|-----|----------------------------------|

| 30.1 | Majority Lenders |
|------|------------------|

|   | (a) | Subject to Clauses 30.2 (All Lenders), 30.3 (Specific Parties), 30.4 (Security Documents) and 30.7 (Technical Amendments) any provision of this Agreement or any of the other Senior Finance Documents may be amended, waived, varied or modified and all consents hereunder may be given with the agreement of the Majority Lenders and Bidco and any such amendment or waiver will be binding on all Parties. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | The Facility Agent may effect, on behalf of any Senior Finance Party, any amendment or waiver permitted by this Clause 30 (Amendments, Waivers and Consents). |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Bidco may effect, as agent of each Obligor, any amendment or waiver permitted by this Clause 30 (Amendments, Waivers and Consents). |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------|

| 30.2 | All Lenders |
|------|-------------|

|   | (a) | any extension of maturity of any Commitment; |
|--------|-----|----------------------------------------------|

|   | (b) | any extension of the date of payment of any amount under the Senior Finance Documents (other than any prepayment apart from a prepayment under Clause 8.2 (Mandatory Prepayments on Change of Control)) to the Lenders; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | any reduction in the Margin (other than by reason of the provisions of Clause 6.5 (Margin Adjustment)) or fees payable to the Lenders or any other payment under this Agreement; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | any change in the currency of any payment to the Lenders under the Finance Documents; |
|--------|-----|---------------------------------------------------------------------------------------|

|   | (e) | any amendment, variation or modification of Clause 30.1 (Majority Lenders), Clause 30.2 (All Lenders), Clause 28 (Pro Rata Payments, Receipts and Set off), Clause 27.2 (Assignments and Transfers by the Obligors) or to the definition of Majority Lenders; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | any provision which expressly requires the consent of all the Lenders; |
|--------|-----|------------------------------------------------------------------------|

|   | (g) | any amendment to the order of priority or subordination under the Intercreditor Deed; |
|--------|-----|---------------------------------------------------------------------------------------|

|   | (h) | any change to the application of enforcement proceeds under the Intercreditor Deed. |
|--------|-----|-------------------------------------------------------------------------------------|

----

| 30.3 | Specific Parties |
|------|------------------|

|   | (a) | Agents/Mandated Lead Arrangers/Issuing Lender: Any decision which will affect the rights or obligations of any of the Agents, the Mandated Lead Arrangers or any Issuing Lender shall require its consent also. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Ancillary Lenders: Any decision which will affect the rights or obligation of any Ancillary Lender will require its consent also subject as specifically provided otherwise in the Senior Finance Documents.  The Ancillary Documents may be amended, varied, waived or modified by agreement between the parties thereto subject as provided in Schedule 8 (Ancillary Facilities). |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Hedging Lenders: Any decision which will affect the rights or obligation of any Hedging Lender will require its consent also subject as specifically provided otherwise in the Senior Finance Documents.  The Hedging Agreements may be amended, varied, waived or modified by agreement between the parties thereto subject as provided in the Intercreditor Deed. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | Lender’s Commitment: Any amendment which relates to an increase in a Lender’s Commitment shall not be effected without the consent of that Lender and the Majority Lenders. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 30.4 | Security Documents |
|------|--------------------|

|   | (a) | The Security Documents may be amended, varied, waived or modified with the agreement of the relevant Obligor and the Security Agent acting in accordance with the Intercreditor Deed. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The release of any material part of the guarantees or security constituted by the Security Documents other than pursuant to the enforcement of such security, Clause 25.8 (Release of Security) or 25.9 (Release of Guarantors) shall not be made without the prior written consent of the Super Majority Lenders. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 30.5 | Obligors’ Agent |
|------|-----------------------|

|   | (a) | Each Obligor (other than Bidco) irrevocably authorises Bidco: |
|--------|-----|---------------------------------------------------------------|

----

|   | (i) | to give and receive all notices and instructions including in the case of a Borrower, Drawing Requests and any other instructions relating to Drawings or to the application of the proceeds thereof including the entry into with any person of foreign exchange contracts in relation to such proceeds and make such agreements expressed to be capable of being given or made by Bidco on behalf of the Obligors or any of them under this Agreement; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | to execute on its behalf any Accession Notices; and |
|--------|------|-----------------------------------------------------|

|   | (iii) | to enter into any agreement capable of being entered into by any Obligor notwithstanding that such agreement may affect (adversely or otherwise) such Obligor (including the terms of any consent or waiver given or required under the Senior Finance Documents and all amendments made to any of them and any amendment, variation, supplement, restatement or novation of any of the Senior Finance Documents, however fundamental it may be and notwithstanding any increase or other change in the obligations of such Obligor), without further reference to, or consent of, such Obligor and such Obligor shall be bound thereby as though such Obligor itself had given such notices and instructions (including, without limitation, Drawing Requests) or entered into such agreements provided that in the event of any conflict between any notice or other communication of an Obligor (other than Bidco) andBidco’s, that of Bidco shall prevail. |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | In all matters relating to the Senior Finance Documents, each Obligor acknowledges and confirms that it is acting as principal and for its own account and not as agent or trustee or in any other capacity whatsoever on behalf of any third party save as expressly provided in paragraph (a) of this Clause 30.5. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Each Obligor agrees that it will provide to Bidco such information as it may reasonably require in order to give effect to its obligations under this Agreement. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | Bidco will keep confidential information received by it under paragraph (c) above save that such information may be disclosed by Bidco for the purposes of discharging its obligations under this Agreement. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 30.6 | No Implied Waivers |
|------|--------------------|

|   | (a) | No failure or delay by any Senior Finance Party in exercising any right, power or privilege under any of the Senior Finance Documents will operate as a waiver thereof nor will any single or partial exercise of any right, power or privilege preclude any other or further exercise thereof or the exercise of any other right, power or privilege. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The rights and remedies provided in the Senior Finance Documents are cumulative and not exclusive of any rights and remedies provided by law and all such rights and remedies howsoever arising will, save where expressly provided to the contrary therein, be available to the Senior Finance Parties severally and any Senior Finance Party shall be entitled to commence proceedings in connection therewith in its own name. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (c) | A waiver given or consent granted by the any Senior Finance Party under the Senior Finance Documents will be effective only if given in writing and then only in the instance and for the purpose for which it is given. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 30.7 | Technical Amendments |
|------|----------------------|

| 31. | INDEMNITIES |
|-----|-------------|

| 31.1 | Expenses |
|------|----------|

|   | (a) | Bidco will within 30 days of demand pay and reimburse to the Agents and each Mandated Lead Arranger, all reasonable costs and expenses (including reasonable legal fees), as well as accounting and valuation fees and other out-of-pocket expenses and any value added tax or other similar tax thereon properly incurred by the Agents or the Mandated Lead Arrangers in connection with: |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | any variation, amendment, restatement, waiver, consent or suspension of rights (or any proposal for any of the same) relating to any of the Senior Finance Documents which is requested by or on behalf of an Obligor or which becomes necessary as a result of circumstances affecting any Obligor; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | any investigation carried out pursuant to Clause 19.6 (Investigations) and the appointment and payment of services of any accountant or other advisers appointed in relation thereto, as well as any other expenses or costs properly incurred in relation to any activity envisaged in Clause 19.6 (Investigations) in order to carry-out any such investigation; and |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | arrangement and syndication of the Facilities (including, without limitation, costs of preparing the Syndication Memorandum). |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Any fees, costs and expenses (including legal fees in the amount agreed in writing between CVC Capital Partners Limited and the Mandated Lead Arrangers) as well as out-of-pocket expenses and any value added tax or other similar tax thereon incurred by the Mandated Lead Arrangers up to and including the Completion Date, shall be paid or reimbursed as specified in Clause 10.8 (Payment of Fees). |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 31.2 | Enforcement Expenses |
|------|----------------------|

| 31.3 | General Indemnity |
|------|-------------------|

|   | (a) | a Drawing not being made by reason of non-fulfilment of any of the conditions in Clauses 4.1 (Initial Conditions Precedent), 4.2 (Additional Conditions Precedent) or 4.3 (Certain Funds) or, in the case of the Target Borrowers referred to in Clause 5.1 (Delivery of Drawing Requests), failure to deliver the Drawing Request on the Completion Date; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | any sum payable by any Borrower under the Senior Finance Documents not being paid when due (but credit shall be given to such Borrower for any interest paid when due); |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | the occurrence of any Event of Default or any breach of the Senior Finance Documents by an Obligor; |
|--------|-----|-----------------------------------------------------------------------------------------------------|

|   | (d) | the accelerated repayment of the Advances under Clause 23.21 (Cancellation and Repayment); |
|--------|-----|-------------------------------------------------------------------------------------------------|

|   | (e) | the receipt or recovery by any Senior Finance Party (or the Facility Agent on its behalf) of all or part of any Advance or overdue sum otherwise than on the last day of an Interest Period relating to that Advance or overdue sum; or |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | any prepayment payable by any Borrower under the Senior Finance Documents not being paid after notice of such prepayment has been made to the Facility Agent. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | extends to any interest, fees or other sums whatsoever paid or payable on account of any funds borrowed in order to fund any amount which an Obligor fails to pay in breach of this Agreement and to any loss, premium, penalty or expenses which may be incurred in liquidating or employing deposits from third parties acquired to make, maintain or fund outstanding Advances or any other amount due or to become due under this Agreement; and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (h) | will entitle the relevant Senior Finance Party to recover breakage costs from the relevant Obligor in the event of an Advance or other sum being repaid or pre-paid prior to the last day of an Interest Period even though the relevant Senior Finance Party has financed such Advance or other sum from its own resources, the costs it thereby incurs being calculated on the assumption it had borrowed an amount equal to the Advance or other sum in question in the London interbank market for the duration of the relevant Interest Period. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 31.4 | Currency Indemnity |
|------|--------------------|

|   | (a) | any amount payable by any Obligor under or in connection with any Senior Finance Document is received by any Senior Finance Party (or by the Facility Agent on behalf of any Senior Finance Party) in a currency (the “Payment Currency”) other than that agreed in the relevant Senior Finance Document (the “Agreed Currency”), whether as a result of any judgement or order or the enforcement thereof, the liquidation of the relevant Obligor or otherwise and the amount produced by converting the Payment Currency so received into the Agreed Currency is less than the relevant amount of the Agreed Currency; or |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | any amount payable by any Obligor under or in connection with any Senior Finance Document has to be converted from the Agreed Currency into another currency for the purpose of (i) making or filing a claim or proof against any Obligor, (ii) obtaining an order or judgment in any court or other tribunal or (iii) enforcing any order or judgment given or made in relation to any Senior Finance Document, |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 31.5 | Waiver |
|------|--------|

| 31.6 | Senior Finance Party Indemnity |
|------|--------------------------------|

----

| 31.7 | German Notarisation |
|------|---------------------|

| 32. | PARTIAL INVALIDITY |
|-----|--------------------|

| 33. | GOVERNING LAW AND SUBMISSION TO JURISDICTION |
|-----|----------------------------------------------|

| 33.1 | Governing Law |
|------|---------------|

| 33.2 | Submission to Jurisdiction |
|------|----------------------------|

| 33.3 | Freedom of Choice |
|------|-------------------|

----

| 33.4 | Process Agent |
|------|---------------|

|   | (a) | Each Obligor which is not a company incorporated in England and Wales hereby irrevocably and unconditionally appoints and agrees to maintain Newco UK (following its incorporation) at its registered address from time to time as its agent in England to receive, for and on behalf of itself, service of process in such jurisdiction in any suit, action or proceeding (together “Proceedings”) in relation to such dispute or enforcement. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Newco UK by its accession to this Agreement accepts its appointment as process agent by the Obligors and any Acceding Obligor. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------|

| 33.5 | Service |
|------|---------|

|   | (a) | waives any objection it may now or at any time have on any grounds whatsoever to the laying of venue of any Proceedings, in any of the aforesaid courts; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | agrees that failure by any such process agent to give notice of the process to it shall not impair the validity of such service or of any judgment based on that service; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | agrees that nothing in any of the Senior Finance Documents shall affect the right to serve process in any other manner permitted by law; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | to the fullest extent permitted by law, waives any right it may have in any jurisdiction to have any Proceedings take the form of a trial by jury; and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | agrees that a judgment or order of an English court in connection with the Senior Finance Documents is conclusive and binding on it and may be enforced against it in the courts of any other jurisdiction. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 34. | COUNTERPARTS |
|-----|--------------|

| 35. | THIRD PARTIES RIGHTS |
|-----|----------------------|

|   | (a) | A person who is not a Party has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce or enjoy the benefit of any of the terms of this Agreement save that officers and members of the Group may rely on Clause 29.5 (Certificates), Hedging Lenders not otherwise party to this Agreement may take the benefit of and rely on the provisions of Clause 24 (Guarantees) and Clause 31 (Indemnities) and any branch or affiliate nominated by a Lender pursuant to Clause 3.3(c) (Lending Affiliates) of this Agreement may take the benefit of and rely on Clause 3.3(c) (Lending Affiliates ). |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | Notwithstanding any term of any Senior Finance Document, the Parties may without the consent of any third party vary or rescind any Senior Finance Document. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 36. | PLEDGES ON BANK ACCOUNTS UNDER GENERAL TERMS AND CONDITIONS |
|-----|-------------------------------------------------------------|

----

| Lender                                    |   | RevolvingFacilityCommitment (EUR) |        |   | Tranche A Term FacilityCommitment (EUR) |   |          | Tranche BTerm FacilityCommitment (EUR) |   |   | Tranche CTerm FacilityCommitment (EUR) |   |   | Tranche DTerm FacilityCommitment (EUR) |          |   | BondingFacilityCommitment (EUR) |   |
|-------------------------------------------|--------|----------------------------------------|-------------|--------|-------------------------------------------------------------|--------|---------------|-------------------------------------------------------|--------|--------|-------------------------------------------------------|--------|--------|-------------------------------------------------------|---------------|--------|--------------------------------------|--------|
| CIBC WORLD MARKETS PLC                    |   |                                   | 40,000,000  |   |                                                        |   | 73,333,333.33 |                                                  |   |   | 74,166,666.67                                         |   |   |                                                  | 74,166,666.67 |   |                                 |   | 23,333,333.33 |   |   |   | 36,666,666.67 |   |
| DEUTSCHE BANK AG LONDON                   |   |                                   | 40,000,000  |   |                                                        |   | 73,333,333.33 |                                                  |   |   | 74,166,666.67                                         |   |   |                                                  | 74,166,666.67 |   |                                 |   | 23,333,333.33 |   |   |   | 36,666,666.67 |   |
| MORGAN STANLEY BANK INTERNATIONAL LIMITED |   |                                   | 40,000,000  |   |                                                        |   | 73,333,333.34 |                                                  |   |   | 74,166,666.66                                         |   |   |                                                  | 74,166,666.66 |   |                                 |   | 23,333,333.34 |   |   |   | 36,666,666.66 |   |
| TOTAL:                                    |   |                                   | 120,000,000 |   |                                                        |   | 220,000,000   |                                                  |   |   | 222,500,000                                           |   |   |                                                  | 222,500,000   |   |                                 |   | 70,000,000 |   |   |   | 110,000,000 |   |

----

----

| 1. | “Know your customer”: copies of all the documentation and other evidence or information listed below duly delivered by Bidco to the Facility Agent in respect of Bidco and each of the Borrowers listed in Part A1 of Schedule 2 (The Borrowers and the Guarantors): |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ● | certificate of incorporation or the local equivalent (including any change of name certificate(s) since establishment); |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------|

|   | ● | memorandum and articles of association, by-laws or the local equivalent; |
|--------|---------|--------------------------------------------------------------------------|

|   | ● | list of the directors; |
|--------|---------|------------------------|

|   | ● | extract from the share register (or local equivalent) containing a list of the shareholders; |
|--------|---------|----------------------------------------------------------------------------------------------|

|   | ● | for at least 2 of the directors: verification of their identity by delivery of a certified copy of their passport or national identity card; verification of their residential address within the last 3 months by delivery of an original or certified copy of a utility bill (excluding mobile telephone bills), bank statement or other correspondence addressed to them at their residential address from a local government authority, tax office or similar entry (2 pieces of evidence of residential address for each person being identified); |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ● | address of the relevant company; |
|--------|---------|----------------------------------|

|   | ● | bank account(s) details (account name, name of bank, address) of the relevant company; and |
|--------|---------|--------------------------------------------------------------------------------------------|

|   | ● | commercial register number (or the local equivalent). |
|--------|---------|-------------------------------------------------------|

| 2. | Formalities Certificate(s): a certificate from each Obligor entering into any Senior Finance Document in the form set out in Schedule 12 (Formalities Certificate) or such other form approved by the Facility Agent signed by an authorised director, the secretary or any other authorised officer of such Obligor which shall have attached to it the documents referred to in such certificate including, without limitation, the constitutional documents of such Obligor and shareholder, board and works council resolutions (if applicable) and/or other relevant internal resolution approving the execution, delivery and performance of such Senior Finance Document to which such Obligor is a party, all such documents to be in theagreed form. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | Reports: each Report accompanied by an agreed form reliance letter. |
|----|---------------------------------------------------------------------|

| 4. | Base Case Model: original of the Base Case Model in the agreed form. |
|----|----------------------------------------------------------------------|

| 5. | Accounts: audited financial statements for the Target for the financial year ended 31 December 2004. |
|----|------------------------------------------------------------------------------------------------------|

----

| 6. | Fees Letters: each Fees Letter in the agreed form duly executed and delivered by all parties thereto. |
|----|-------------------------------------------------------------------------------------------------------|

| 7. | Distribution Strategy Letter: the Distribution Strategy Letter in the agreed form duly executed and delivered by all parties thereto. |
|----|---------------------------------------------------------------------------------------------------------------------------------------|

| 8. | OriginalHedging Strategy Letter: the Original Hedging Strategy Letter in the agreed form duly executed and delivered by all parties thereto. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------|

----

| 1. | “Know your customer”: copies of all the documentation and other evidence or information listed below duly delivered by Bidco to the Facility Agent in respect of Luxco 1, Luxco 2 and each of the Borrowers listed in Part B1 of Schedule 2 (The Borrowers and the Guarantors): |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ● | certificate of incorporation or the local equivalent (including any change of name certificate(s) since establishment); |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------|

|   | ● | memorandum and articles of association, by-laws or the local equivalent; |
|--------|---------|--------------------------------------------------------------------------|

|   | ● | list of the directors; |
|--------|---------|------------------------|

|   | ● | extract from the share register (or local equivalent) containing a list of the shareholders; |
|--------|---------|----------------------------------------------------------------------------------------------|

|   | ● | for at least 2 of the directors: verification of their identity by delivery of a certified copy of their passport or national identity card; verification of their residential address within the last 3 months by delivery of an original or certified copy of a utility bill (excluding mobile telephone bills), bank statement or other correspondence addressed to them at their residential address from a local government authority, tax office or similar entry (2 pieces of evidence of residential address for each person being identified); |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ● | address of the relevant company; |
|--------|---------|----------------------------------|

|   | ● | bank account(s) details (account name, name of bank, address) of the relevant company; |
|--------|---------|----------------------------------------------------------------------------------------|

|   | ● | commercial register number (or the local equivalent); and |
|--------|---------|-----------------------------------------------------------|

|   | ● | most recent board resolution. |
|--------|---------|-------------------------------|

| 2. | Formalities Certificate(s): a certificate from each Obligor in a form approved by the Facility Agent signed by an authorised director, the secretary or any other authorised officer which shall have attached to it the constitutional documents of each Obligor and a certificate from each Obligor acceding to this Agreement and the Intercreditor Deed on or before the Completion Date and/or entering into the Initial Security Documents in the form set out in Schedule 12 (Formalities Certificate) or such other form approved by the Facility Agent signed by an authorised director, the secretary or any other authorised officer of such Obligor which shall have attached to it the documents referred to in such certificate including, without limitation, the constitutional documents of suchObligor and shareholder, board and works council resolutions (if applicable) and/or other relevant internal resolution approving the execution, delivery and performance of the Senior Finance Documents (including, without limitation, this Agreement, the Intercreditor Deed and the Initial Security Documents) to which such Obligor is a party, all such documents to be in the agreed form (including, without limitation, all documentation required in relation to financial assistance laws (if applicable). |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 3. | Finance Documents: originals of each of the following documents in the agreed form duly executed and delivered by all parties thereto: |
|----|----------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | this Agreement; |
|--------|-----|-----------------|

|   | (b) | the Intercreditor Deed; |
|--------|-----|-------------------------|

|   | (c) | the Mezzanine Facility Agreement; |
|--------|-----|-----------------------------------|

|   | (d) | the Initial Security Documents and, to the extent required in accordance with the Agreed Security Principles and as agreed between local counsel, any third party notices which are necessary to perfect the Security Interest referred to in the Initial Security Documents, together with all documents agreed to be delivered pursuant thereto on or before the Completion Date; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | an Accession Notice executed by each member of the Group which is listed in Part B1 and B2 of Schedule 2 (The Borrowers and the Guarantors) as Borrower and/or Guarantor and accession documents related thereto; and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | the Equity Investor Side Letter. |
|--------|-----|----------------------------------|

| 4. | Acquisition Documents: a copy of the Acquisition Documents certified as true and correct copies by an authorised officer of Bidco duly signed by each party thereto. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5. | Completion Intercompany Loans: copies certified by an authorised officer of Bidco of the executed Completion Intercompany Loans relevant to the Acquisition. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6. | Completion: a certificate of an authorised officer of Bidco confirming that: |
|----|------------------------------------------------------------------------------|

|   | (a) | no provision of the Acquisition Documents (including in relation to conditionality) has been amended or waived in a manner which is materially adverse to the Lenders without consent of the Majority Lenders and the Mandated Lead Arrangers; and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | except for the payment of the purchase price, the Acquisition Documents have become unconditional. |
|--------|-----|----------------------------------------------------------------------------------------------------|

| 7. | Funds Flow Statement: a copy certified by an authorised officer of Bidco of the Original Funds Flow Statement detailing the payments to be made on or immediately before the Completion Date. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8. | Equity Investment/Equity Documents: evidence of subscription of subordinated loan notes, PECs or CPECs or equity issued by Luxco 1, the Parent and/or Bidco, as set out in the Structure Memorandum and the Original Funds Flow Statement, by the Original Equity Investors of an amount equal to at least EUR330,000,000 (including receipt of such amount) and copy, certified as a true copy by an authorised officer of Bidco, of all the Equity Documents relevant to such investments. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9. | Mezzanine Facility: confirmation from the facility agent in respect of the Mezzanine Facility that all the conditions precedent to utilisation of the Mezzanine Facility in relation to the Acquisition have been satisfied (other than any condition as to simultaneous application of the proceeds of the Facilities) or waived. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 10. | Share Certificates and Stock Transfers: share certificates in respect of each member of the Group the shares of which have been issued and duly stamped and are capable of being represented by share certificates and which are to be charged or pledged together with stamped, executed blank stock transfers or other relevant transfer documents in respect of all shares charged or pledged under the Initial Security Documents. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11. | Consents and Filings: certified copies of all regulatory consents required to be obtained as a condition of completion of the Acquisition under the Acquisition Documents. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.  | Legal Opinions: |
|-----------|-----------------|

|   | (a)  | a legal opinion of White & Case as to matters of English law; |
|--------|-----------|-------------------------------------------------------------------|

|   | (b) | a legal opinion of White & Case as to matters of German law as regards matters of validity and enforceability and of Clifford Chance, Frankfurt as to matters of German law as regards matters of due incorporation and due authorisation only; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | a legal opinion of Clifford Chance, London (US Group) as regards matters of US law; |
|--------|-----|-------------------------------------------------------------------------------------|

|   | (d) | a legal opinion of Loyens & Loeff N.V. as to matters of Dutch law; and |
|--------|-----|----------------------------------------------------------------------------|

|   | (e) | legal opinions with respect to jurisdictions of all other Obligors, |
|--------|-----|---------------------------------------------------------------------|

| 13. | Solvency Certificate: a Solvency Certificate duly authorised and executed by the chief financial officer of Newco US. |
|-----|-----------------------------------------------------------------------------------------------------------------------|

| 14. | Group Structure Chart: a copy of a group structure chart showing the structure of the Group as at the Completion Date. |
|-----|------------------------------------------------------------------------------------------------------------------------|

| 15. | Fees: Evidence that all fees and expenses due and payable under this Agreement or in connection with this Agreement as at the date of first Drawing have been paid or will be paid by deducting the aggregate amount of such fees from the first Drawing. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| To: | [●] |
|-----|-----------|

|   | [(as Facility Agent for the Lenders)]/[(as Bonding Agent for the Bonding Lenders)] |
|--------|------------------------------------------------------------------------------------|

| From: | [Name of Company] |
|-------|-------------------|

| 1. | Amount: |
|----|---------|

| 2. | Drawing Date: |
|----|---------------|

| 3. | Interest Period: |
|----|------------------|

| 4. | Currency: |
|----|-----------|

| 5. | Payment should be made to: |
|----|----------------------------|

| 6. | Borrower: |
|----|-----------|

| [7. | Purpose: the Advance will be used to finance [●].]1 |
|-----|-----------------------------------------------------------|

| [8. | We attach a copy of the notice of prepayment delivered under each of the Mezzanine Facility and Tranche D Term Facility and confirmation from the Mezzanine Agent or the Facility Agent (as the case may be) and Bidco as to the total amount due to be prepaid by the relevant Borrowers under the Mezzanine Facility and the Tranche D Term Facility.] |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1. | Amount: |
|----|---------|

| 2. | Drawing Date/Issue Date: |
|----|--------------------------|

| 3. | Duration: |
|----|-----------|

----

| 1 | To be added in relation to Revolving Advances and Cash only. |
|---|--------------------------------------------------------------|

----

| 4. | Expiry: |
|----|---------|

| 5. | Currency: |
|----|-----------|

| 6. | Beneficiary: |
|----|--------------|

| 7. | Borrower: |
|----|-----------|

| 8. | Obligation Guaranteed: |
|----|------------------------|

| (i) | the representations and warranties made in Clause 15 (Representations and Warranties) of the Senior Facilities Agreement stipulated as being made or repeated on the date hereof and on the date of the relevant Drawing are true and accurate (in all material respects in the case of any representation or warranty which is not subject to a materiality restriction in accordance with its terms as provided in Clause 15 (Representations and Warranties) as if made with respect to the facts and circumstances existing on such date2; and |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ii) | no Event of Default or Potential Event of Default has occurred and is continuing or will occur as a result of the proposed Drawing being made3. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 2 | Confirmation only required as to representations under Clauses 15.1 (Incorporation), 15.2 (Power), 15.3 (Authority), 15.4 (Consents and Filings) and 15.22 (Holding Companies) in relation to any Newco during the Certain Funds Period. |
|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3 | Confirmation not required if the Drawing is a Rollover Advance. Limited confirmation as per Clause 4.3 (Certain Funds) required if Drawing subject to the certain funds requirement. |
|---|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 1. | The Mandatory Cost is an addition to the interest rate to compensate Lenders for the cost of compliance with (a) the requirements of the Bank of England and/or the Financial Services Authority (or, in either case, any other authority which replaces all or any of its functions) or (b) the requirements of the European Central Bank. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | On the first day of each Interest Period (or as soon as possible thereafter) the Facility Agent shall calculate, as a percentage rate, a rate (the “Additional Cost Rate”) for each Lender, in accordance with the paragraphs set out below.  The Mandatory Cost will be calculated by the Facility Agent as a weighted average of the Lenders’ Additional Cost Rates (weighted in proportion to the percentage participation of each Lender in the relevant Advance) and will be expressed as a percentage rate per annum. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | The Additional Cost Rate for any Lender lending from a Lending Office in a Participating Member State will be the percentage notified by that Lender to the Facility Agent.  This percentage will be certified by that Lender in its notice to the Facility Agent to be its reasonable determination of the cost (expressed as a percentage of that Lender’s participation in all Advances made from that Lending Office) of complying with the minimum reserve requirements of the European Central Bank in respect of loans made from that Lending Office. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | The Additional Cost Rate for any Lender lending from a Lending Office in the United Kingdom will be calculated by the Facility Agent as follows: |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------|

|      |  |  % per annum |
|--------------------------|--|-------------------|

|     |  |  % per annum |
|--------------------|--|-------------------|

|   | A | is the percentage of Eligible Liabilities (assuming these to be in excess of any stated minimum) which that Lender is from time to time required to maintain as an interest free cash ratio deposit with the Bank of England to comply with cash ratio requirements. |
|--------|---|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | B | is the percentage rate of interest (excluding the Margin and the Mandatory Cost and, if the Advance is an unpaid sum, the additional rate of interest specified in Clause 6.4 (Default Interest)) payable for the relevant Interest Period on the Advance. |
|--------|---|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | C | is the percentage (if any) of Eligible Liabilities which that Lender is required from time to time to maintain as interest bearing Special Deposits with the Bank of England. |
|--------|---|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | D | is the percentage rate per annum payable by the Bank of England to the Facility Agent on interest bearing Special Deposits. |
|--------|---|-----------------------------------------------------------------------------------------------------------------------------|

|   | E | is designed to compensate Lenders for amounts payable under the Fees Rules and is calculated by the Facility Agent as being the average of the most recent rates of charge supplied by the Reference Lenders to the Facility Agent pursuant to paragraph 7 below and expressed in pounds per £1,000,000. |
|--------|---|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | “Eligible Liabilities” and “Special Deposits” have the meanings given to them at the time of application of the formula under or pursuant to the Bank of England Act 1998 or (as may be appropriate) by the Bank of England; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | “Fees Rules” means the rules on periodic fees contained in the FSA Supervision Manual or such other law or regulation as may be in force from time to time in respect of the payment of fees for the acceptance of deposits; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | “Fee Tariffs” means the fee tariffs specified in the Fees Rules under the activity group A.1 Deposit acceptors (ignoring any minimum fee or zero rated fee required pursuant to the Fees Rules but taking into account any applicable discount rate); and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | “Tariff Base” has the meaning given to it in, and will be calculated in accordance with, the Fees Rules. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------|

| 6. | In application of the above formulae, A, B, C and D will be included in the formulae as percentages (i.e. 5% will be included in the formula as 5 and not as 0.05).  A negative result obtained by subtracting D from B shall be taken as zero.  The resulting figures shall be rounded to four decimal places. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7. | If requested by the Facility Agent, each Reference Lender shall, as soon as practicable after publication by the Financial Services Authority, supply to the Facility Agent, the rate of charge payable by that Reference Lender to the Financial Services Authority pursuant to the Fees Rules in respect of the relevant financial year of the Financial Services Authority (calculated for this purpose by that Reference Lender as being the average of the Fee Tariffs applicable to that Reference Lender for that financial year) and expressed in pounds per £1,000,000 of the Tariff Base of that Reference Lender. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8. | Each Lender shall supply any information required by the Facility Agent for the purpose of calculating its Additional Cost Rate.  In particular, but without limitation, each Lender shall supply the following information on or prior to the date on which it becomes a Lender: |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | the jurisdiction of its Lending Office; and |
|--------|-----|---------------------------------------------|

|   | (b) | any other information that the Facility Agent may reasonably require for such purpose. |
|--------|-----|----------------------------------------------------------------------------------------|

----

| 9. | The percentages of each Lender for the purpose of A and C above and the rates of charge of each Reference Lender for the purpose of E above shall be determined by the Facility Agent based upon the information supplied to its pursuant to paragraphs 7 and 8 above and on the assumption that, unless a Lender notifies the Facility Agent to the contrary, each Lender’s obligations in relation to cash ratio deposits and Special Deposits are the same as those of a typical lender from its jurisdiction of incorporation with a Lending Office in the same jurisdiction as its Lending Office. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10. | The Facility Agent shall have no liability to any person if such determination results in an Additional Cost Rate which over or under compensates any Lender and shall be entitled to assume that the information provided by any Lender or Reference Lender pursuant to paragraphs 3, 7 and 8 above is true and correct in all respects. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11. | The Facility Agent shall distribute the additional amounts received as a result of the Mandatory Cost to the Lenders on the basis of the Additional Cost Rate for each Lender based on the information provided by each Lender and each Reference Lender pursuant to paragraphs 3, 7 and 8 above. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12. | Any determination by the Facility Agent pursuant to this Schedule 5 in relation to a formula, the Mandatory Cost, an Additional Cost Rate or any amount payable to a Lender shall, in the absence of manifest error, be conclusive and binding on all Parties. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13. | The Facility Agent may from time to time, after consultation with Bidco and the Lenders, determine and notify to all Parties any amendments which are required to be made to this Schedule 5 in order to comply with any change in law, regulation or any requirements from time to time imposed by the Bank of England, the Financial Services Authority or the European Central Bank (or, in any case, any other authority which replaces all or any of its functions) and any such determination shall, in the absence of manifest error, be conclusive and binding on all Parties. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14. | The Additional Costs Rate for any Lender lending from a Lending Office in the United States will be calculated by the Facility Agent as follows: |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------|

|   | A | is the Reserve Percentage. |
|--------|---|----------------------------|

|   | B | is the percentage rate of interest (excluding the Margin and the Mandatory Cost and, if the Advance is an unpaid sum, the additional rate of interest specified in Clause 6.4 (Default Interest)) payable for the relevant Interest Period on the Advance. |
|--------|---|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (a) | “Eurocurrency Liabilities” has the meaning specified in Regulation D of the Board of Governors of the Federal Reserve System, as in effect from time to time; and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | “Reserve Percentage” for any Interest Period for all Advances made on any given day means the reserve percentage applicable two Business Days before the first day of such Interest Period under regulations issued from time to time by the Board of Governors of the Federal Reserve System (or any successor) for determining the maximum reserve requirement (including, without limitation, any emergency, marginal, supplemental, special or other reserve requirement) for a member Bank of the Federal Reserve System in New York City with respect to liabilities or assets consisting of or including Eurocurrency Liabilities (or with respect to any other category of liabilities that includes deposits by reference to which the interest rate on Advances is determined) having a term equal to such Interest Period. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| From: | [The Existing Lender] (the “Existing Lender”) and [the New Lender] (the “New Lender”) |
|-------|---------------------------------------------------------------------------------------------------------------|

| (a) | the senior facilities agreement (the “Senior Facilities Agreement”) dated 12 June 2005 (as amended and restated by an amendment and restatement agreement dated 11 July 2005 and as further amended and restated from time to time) and made between Nachtwache Acquisition GmbH as Bidco, the companies named therein as Borrowers and Guarantors, CIBC World Markets plc, Deutsche Bank AG, London Branch and The Royal Bank of Scotland plc, Frankfurt Branch as Mandated Lead Arrangers, Deutsche Bank AG, London Branch as Facility Agent, Deutsche Bank AG, London Branch as Security Agent and the financial and other institutions named in it as Lenders; and |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | the intercreditor deed (the “Intercreditor Deed”) dated 11 July 2005 (as amended and restated from time to time) and made between Nachtwache Acquisition GmbH as Bidco, the companies named therein as original obligors, CIBC World Markets plc as mezzanine agent and documentation agent, Deutsche Bank AG, London Branch as senior agent and security agent, the financial and other institutions named in it as original senior lenders, original tranche D lenders and original mezzanine lenders and certain other parties mentioned therein. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1. | Terms defined in the Senior Facilities Agreement have the same meaning in this Transfer and Accession Deed unless given a different meaning in this Transfer and Accession Deed and references in this Transfer and Accession Deed to Clauses or Schedules are references to Clauses and Schedules of the Senior Facilities Agreement unless otherwise specified. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | We refer to Clause 27.8 (Procedure for Transfers by Lenders): |
|----|--------------------------------------------------------------------|

|   | (a) | the Existing Lender and the New Lender agree to the Existing Lender transferring to the New Lender by novation all or part of the Existing Lender’s rights and obligations referred to in Schedule A in accordance with the Senior Facilities Agreement; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the proposed Transfer Date is [●]; and |
|--------|-----|----------------------------------------------|

----

| 4 | Each of the Transferor and New Lender should ensure that all regulatory requirements are satisfied in connection with its entry into of any Transfer Certificate.  Steps may be required to be taken to preserve security interests for the benefit of a New Lender and appropriate advice should be taken. |
|---|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (c) | the Lending Office and contact details for notices to the New Lender for the purposes of Clause 29.1 (Mode of Service) and account details are set out in the Schedule. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | The New Lender expressly acknowledges the limitations on the Existing Lender’s obligations set out in Clause 27.7 (Limitation of Responsibility of Existing Lenders). |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | [The New Lender confirms, for the benefit of each Obligor, that it is not a [Qualifying UK Lender]/[Qualifying US Lender] [it is a [Qualifying UK Lender]/[Qualifying US Lender]] and falls within sub-paragraph [●] of the definition thereof] [delete as applicable]. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5. | On execution of this Transfer and Accession Deed by the Facility Agent the New Lender will become a party to the Senior Facilities Agreement, on and with effect from the Transfer Date in substitution for the Existing Lender with respect to those rights and obligations which by the terms of the Senior Facilities Agreement and this Transfer and Accession Deed are transferred to the New Lender. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6. | This Transfer and Accession Deed 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 Transfer and Accession Deed. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7. | This Transfer and Accession Deed and the rights, benefits and obligations of the parties hereunder shall be governed by and construed in accordance with English law. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8. | [Name of Transferee] of [address of Transferee] hereby agrees with each person who is or becomes a party to the Intercreditor Deed in accordance with the terms thereof that with effect on and from the date hereof it will be bound by the Intercreditor Deed as a Beneficiary (as such term is defined in the Intercreditor Deed) as if it had been party to the Intercreditor Deed in such capacity. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| By: | By: |
|-----|-----|

|   | By: |
|--------|-----|

----

| (a) | the senior facilities agreement (the “Senior Facilities Agreement”) dated [●] 2005 and made between Nachtwache Acquisition GmbH as Bidco, the companies named therein as Borrowers and Guarantors, CIBC World Markets plc, Deutsche Bank AG, London Branch and The Royal Bank of Scotland plc, Frankfurt Branch as Mandated Lead Arrangers, Deutsche Bank AG, London Branch as Facility Agent, Deutsche Bank AG, London Branch as Security Agent and the financial and other institutions named in it as Lenders; and |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | the intercreditor deed (the “Intercreditor Deed”) dated [●] 2005 and made between Nachtwache Acquisition GmbH as Bidco, the companies named therein as Obligors, CIBC World Markets plc, Deutsche Bank AG, London Branch and Morgan Stanley Bank International Limited as Mandated Lead Arrangers, Deutsche Bank AG, London Branch as Facility Agent, Deutsche Bank AG, London Branch as Security Agent, the financial and other institutions named in it as Lenders and certain other parties mentioned therein. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1. | Terms defined in the Senior Facilities Agreement have the same meanings in this Accession Notice. |
|----|---------------------------------------------------------------------------------------------------|

| 2. | The Subsidiary is a company duly organised under the laws of [insert relevant jurisdiction]. |
|----|----------------------------------------------------------------------------------------------|

| 3. | The Subsidiary confirms that it has received from Bidco a true and up-to-date copy of the Senior Facilities Agreement and the other Finance Documents. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | The Subsidiary undertakes, upon its becoming a [Borrower and a Guarantor/Guarantor], to perform all the obligations expressed to be undertaken under the Senior Facilities Agreement, the Intercreditor Deed and the other Finance Documents by a [Borrower and a Guarantor respectively/Guarantor] and agrees that it shall be bound by the Senior Facilities Agreement, the Intercreditor Deed and the other Finance Documents in all respects as if it had been an original party to it as an [Original Borrower and an Original Guarantor/an Original Guarantor]. [Provided that [make such exceptions as may be necessary to limit the obligations of an Acceding Obligor to ensure that such obligations are enforceable in accordance with applicable Law]]. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 5. | [Bidco confirms (for itself and as agent for the Obligors) that, if the Subsidiary is accepted as an Acceding Borrower, Bidco’s guarantee and indemnity obligations and the guarantee and indemnity obligations of the other Obligors pursuant to Clause 24 (Guarantees) of the Senior Facilities Agreement will apply to all of the obligations of the Subsidiary under the Finance Documents as an Acceding Borrower in all respects in accordance with the terms of the Senior Facilities Agreement as if such Subsidiary had been party to the Senior Facilities Agreement as Borrower.] |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | repeats the representations to be repeated pursuant to Clause 15.29 (Repetition) of the Senior Facilities Agreement; and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | confirms that no Event of Default is continuing and that no Event of Default or Potential Event of Default will occur as a result of the Subsidiary becoming an [Acceding Borrower and an Acceding Guarantor/Acceding Guarantor]. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7. | The Subsidiary’s administrative details for the purposes of the Senior Facilities Agreement are as follows: |
|----|-------------------------------------------------------------------------------------------------------------------|

| 8. | This Accession Notice and the rights, benefits and obligations of the parties under this Accession Notice shall be governed by and construed in accordance with English law. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9. | This Accession Notice may be executed in any number of counterparts, each of which shall be an original and all of which, when taken together, shall constitute one agreement. Delivery of an executed counterpart of a signature page of this Accession Notice by facsimile transmission shall be effective as delivery of an original executed counterpart hereof. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| THE COMMON SEAL of | ) |
|--------------------|---|

| [Name of Subsidiary] | ) |
|----------------------|---|

| was hereunto affixed in the | ) |
|-----------------------------|---|

| presence of: | ) |
|--------------|---|

----

| Director                | )      | ......................................... |
|-------------------------|--------|-----------------------------------------------------------------------------------------------|
|                    |   | [insert name of director]                                                                     |
|                    |   |                                                                                          |
| Director/Secretary      | )      | ......................................... |
|                    |   | [insert name of director/secretary]                                                           |
|                    |   |                                                                                          |
| OR                      |   |                                                                                          |
|                    |   |                                                                                          |
| EXECUTED as a DEED by   |   |                                                                                          |
|                    |   |                                                                                          |
| [Name of Subsidiary]    |   |                                                                                          |
|                    |   |                                                                                          |
| acting by               |   |                                                                                          |
|                    |   |                                                                                          |
| THE COMMON SEAL of      | )      |                                                                                          |
| [Name of Bidco]         | )      |                                                                                          |
| was hereunto affixed in | )      |                                                                                          |
| the presence of:        | )      |                                                                                          |
|                    |   |                                                                                          |
| Director                | )      | ...................................               |
|                    |   | [insert name of director]                                                                     |
|                    |   |                                                                                          |
| Director/Secretary      | )      | .................................                 |
|                    |   | [insert name of director/secretary]                                                           |

----

| 1.  | Corporate Documents |
|----------|---------------------|

| (a) | its up-to-date constitutional documents and, if applicable, a good standing certificate in respect thereof5; |
|-----|--------------------------------------------------------------------------------------------------------------|

| (b) | a board resolution of such Acceding Obligor approving the execution and delivery of the relevant Accession Notice, its accession to the Senior Facilities Agreement as a Borrower and/or Guarantor (as the case may be) and the performance of its obligations under the Finance Documents and authorising a named person to sign such Accession Notice and any other documents to be delivered by it pursuant thereto6; |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | a duly completed certificate, of a duly authorised officer of such Acceding Obligor in the form of Schedule 12 (Formalities Certificate); and |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------|

| (d) | the latest annual audited financial statements of such Acceding Obligor available as at the date of the relevant Accession Notice7. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------|

| 2.  | Legal Opinions |
|----------|----------------|

| 3. | Necessary Authorisations |
|----|--------------------------|

| 4.  | [Whitewash |
|----------|------------|

----

| 5 | Not to be delivered if already delivered as an attachment to the Formalities Certificate delivered under paragraph 2 of Part B of Schedule 3. |
|---|-----------------------------------------------------------------------------------------------------------------------------------------------|

| 6 | Only required for French Acceding Borrowers and/or Guarantor is registered in the form of a S.A. If French Acceding Borrower and/or Guarantor is registered in the form of a S.A.S delivery of a shareholders resolution is required. |
|---|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7 | Not required in relation to Obligors signing this Agreement and Obligors acceding on the Completion Date. |
|---|-----------------------------------------------------------------------------------------------------------|

----

----

| 8 | To be delivered by each UK Obligor within the time period specified in Clause 4.4 (Conditions Subsequent). |
|---|-----------------------------------------------------------------------------------------------------------------|

----

| 1. | Definitions:  In this Schedule, unless the context otherwise requires, the following expressions have the following meanings: |
|----|-----------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | all amounts of principal then outstanding under any overdraft or other current account facilities, calculated on a net basis in accordance with the usual practice of that Ancillary Lender; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the maximum liability under all guarantees, bonds and letters of credit then outstanding and issued under any guarantee, bonding or letter of credit facilities made available by that Ancillary Lender (to the extent not repaid or prepaid); and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | in respect of any other facility or financial accommodation, such other amount as that Ancillary Lender (acting reasonably) may determine represents the aggregate exposure of that Ancillary Lender with respect thereto in accordance with its usual practice for calculating its exposure. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | The aggregate of the Advances drawn under the Revolving Facility, the total Contingent Liability in relation to Letters of Credit and Lender Guarantees issued under the Revolving Facility and the total Ancillary Outstandings at any time may not exceed the aggregate of the Commitments of the Lenders in relation to the Revolving Facility at that time (before (and ignoring) any reduction therein on account of any Ancillary Limit). |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The Ancillary Outstandings of an Ancillary Lender may not at any time exceed the Ancillary Limit of that Ancillary Lender. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------|

|   | (c) | In the event that the Ancillary Limit of an Ancillary Lender would exceed its Revolving Commitment it shall be entitled to reduce the Ancillary Limit applicable to the Ancillary Facilities by an amount equal to the excess and require the Borrowers to prepay the Ancillary Outstandings in the amount necessary to procure that the Ancillary Outstandings do not exceed the Ancillary Limit. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | No member of the Group which is not also a Borrower under this Agreement shall be permitted to draw the Ancillary Facilities. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------|

----

|   | (e) | Each Ancillary Document shall be in compliance with the requirements of the Senior Finance Documents. |
|--------|-----|-------------------------------------------------------------------------------------------------------|

| 3. | Terms of Ancillary Facilities:  The terms on which Ancillary Facilities are made available shall be as set out in the relevant Ancillary Document as amended from time to time by agreement between the relevant Ancillary Lender and Bidco (any such amendment to be promptly notified to the Facility Agent) provided always that the following provisions will apply to the Ancillary Facilities: |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | that no drawing of the Ancillary Facilities will be permitted which gives rise to an actual or contingent liability of the relevant Borrower to the Ancillary Lender which may mature after or otherwise extend beyond the Revolving Facility Maturity Date, provided that in respect of a liability of a Borrower in respect of a letter of credit or guarantee provided under the Ancillary Facilities the expiry date of such letter of credit or guarantee may be a date falling 12 months after the Revolving Facility Maturity Date, provided that on the Revolving Facility Maturity Date such Borrower shall fully collateralise its indemnity obligations under any letter of credit or guarantee provided under the Ancillary Facilities under which a claim may be made after the Revolving Facility Maturity Date; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | in any circumstances where the relevant Borrower would be obliged to prepay the Revolving Facility it will also prepay the Ancillary Facilities (or provide appropriate cash cover) and the Ancillary Facilities shall be cancelled in an amount equal to each amount prepaid or provided as cash cover in accordance with this paragraph (b); |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | that unless the Majority Lenders agree otherwise no utilisation of the Ancillary Facilities shall be permitted if as a result of the terms of Clause 4.2 (Additional Conditions Precedent) the Borrowers would not be entitled to request a Revolving Advance, the issue of a Letter of Credit or Lender Guarantee or the renewal of a Letter of Credit in accordance with Clause 5.8 (Renewal of Letters of Credit). |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | Fees: No Ancillary Lender shall charge interest or fees in relation to Ancillary Facilities any greater than those set out below: |
|----|-----------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | a margin over cost of funds or base rate on any funded drawings under the Ancillary Facilities equal to the Margin in relation to the Revolving Facility; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | a fee on the contingent liability of the Ancillary Lender in relation to any letter of credit, lender guarantee, performance bond or similar instrument issued by the Ancillary Lender under the Ancillary Facilities equal to the Margin relating to the Revolving Facility; and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | usual Lender charges and expenses payable in connection with the provision of the Ancillary Facilities as agreed between Bidco and the relevant Ancillary Lender. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 1. | Demands:  Each Issuing Lender shall forthwith notify the Facility Agent (in relation to any Letters of Credit and Lender Guarantees under the Revolving Facility) and the Bonding Agent (in relation to any Letters of Credit and Lender Guarantees under the Bonding Facility) of any demand received by it under and in accordance with any Letter of Credit or Lender Guarantee (including details of the Letter of Credit or Lender Guarantee under which such demand has been received and the amount demanded) and the Facility Agent (in relation to any Letters of Credit and Lender Guarantees under the Revolving Facility) and the Bonding Agent (in relation to any Letters of Credit and Lender Guarantees under the Bonding Facility) on receipt of any such notice shall forthwith notify Bidco, the Borrower for whose account that Letter of Creditor Lender Guarantee was issued (the “Account Party”) and each of the Revolving Lenders or the Bonding Lenders (as the case may be). |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | The Account Party shall within 4 Business Days of demand under paragraph 1 (Demands) of this Schedule pay to the Facility Agent (in relation to any Letters of Credit and Lender Guarantees under the Revolving Facility) and the Bonding Agent (in relation to any Letters of Credit and Lender Guarantees under the Bonding Facility) for the account of the relevant Issuing Lender the amount demanded from that Issuing Lender as notified to the Facility Agent (in relation to any Letters of Credit and Lender Guarantees under the Revolving Facility) and the Bonding Agent (in relation to any Letters of Credit and Lender Guarantees under the Bonding Facility) in accordance with that paragraph less any amount standing to the credit of any Cash Collateral Account and which has been paid to the credit of that Cash Collateral Account to provide cashcover in respect of the Letter of Credit or Lender Guarantee under which the relevant Issuing Lender has received demand and taking into account any reduction or increase in the face amount of any Letter of Credit or Lender Guarantee pursuant to Clauses 5.7(g) and 5.8(f). |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The Facility Agent (in relation to any Letters of Credit and Lender Guarantees under the Revolving Facility) and the Bonding Agent (in relation to any Letters of Credit and Lender Guarantees under the Bonding Facility) shall pay to the relevant Issuing Lender any amount received by it from the Account Party under paragraph 2(a) (Payments) of this Schedule 9 together with any amount standing to the credit of any Cash Collateral Account in respect of the Letter of Credit or Lender Guarantee under which such Issuing Lender has received demand. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | Authority to Pay:  The Account Party hereby irrevocably authorises each Issuing Lender to pay without investigation or confirmation by it any demand which appears on its face to be validly made under or pursuant to any Letter of Credit or Lender Guarantee issued by that Issuing Lender and agrees that as between itself, such Issuing Lender and the Lenders, that any such demand (in the absence of manifest error) shall be conclusive evidence that demand has been properly made. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (a) | The Account Party hereby irrevocably and unconditionally agrees to indemnify each Issuing Lender and keep each Issuing Lender indemnified on its first demand from and against all actions, losses, damages, claims, proceedings, costs, demands and liabilities which may be suffered or incurred by that Issuing Lender (otherwise than by reason of the Issuing Lender’s gross negligence or wilful misconduct) under or in connection with any Letter of Credit or Lender Guarantee (including, without limitation, by making payment of any amount which it is required to pay under paragraph 2(a) (Payments) of this Schedule 9) but taking into account any reduction in the face amount of any Letter of Credit or Lender Guarantee pursuant to Clause 5.7(g)). |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Without prejudice to the Account Party’s obligations under paragraph 4(a) (Indemnity) of this Schedule 9, each Lender hereby irrevocably, unconditionally and severally agrees to indemnify and pay to each Issuing Lender on its first demand an amount equal to its proportion (determined pursuant to Clause 3.1 (Basis of Participation)) on the date of issue of the relevant Letter of Credit or Lender Guarantee (subject as provided in Clause 27 (Assignments and Transfers) and taking into account any reduction or increase in the face amount of Letter of Credit or Lender Guarantee pursuant to Clauses 5.7(g) and/or 5.8(f)) of any amount which the Issuing Lender has paid under that Letter of Credit or LenderGuarantee. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | The Account Party hereby irrevocably and unconditionally agrees to indemnify and keep indemnified each Lender on its first demand from and against all actions, losses, damages, claims, proceedings, costs, demands and liabilities which may be suffered or incurred by such Lender as a result of the obligations assumed by it to each Issuing Lender under paragraph 4(b) (Indemnity) of this Schedule 9. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | The Account Party shall pay interest on all amounts paid by an Issuing Lender under or in connection with any Letter of Credit or Lender Guarantee or by any Lender under paragraph 4(b) (Indemnity) of this Schedule 9 from (and including) the date of payment by such Issuing Lender or such Lender until the date of indemnification calculated and payable in accordance with Clause 6.4 (Default Interest). |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Amounts standing to the credit of any Cash Collateral Account opened with a Senior Finance Party shall bear interest at the rate normally offered by such Senior Finance Party to corporate depositors of amounts similar to the relevant amount for periods of deposit similar to the anticipated period of deposit of the relevant amount and, prior to the occurrence of an Event of Default or a Potential Event of Default, any Obligor with amounts standing to the credit of a Cash Collateral Account may withdraw an amount equal to the accrued interest on the balance of such Cash Collateral Account from such Cash Collateral Account. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 7.  | Cash Cover: |
|----------|-------------|

|   | (a) | Any Obligor providing cash cover or paying any other sum to the credit of a Cash Collateral Account (including, without limitation, pursuant to Clause 8 (Prepayment)) in accordance with the Senior Finance Documents shall (if such Cash Collateral Account is not already subject to a fixed charge under a Security Document) execute and deliver to the Security Agent an additional Security Document, in such form as the Facility Agent shall reasonably require, constituting a first fixed charge over such Cash Collateral Account, together with such evidence of due execution of such Security Document as the Security Agent shall require and a legal opinion satisfactory to the Security Agent. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The Facility Agent shall be and is hereby irrevocably authorised by the Account Party following a demand under and in accordance with any Letter of Credit or Lender Guarantee to apply all amounts standing to the credit of any Cash Collateral Account in respect of that Letter of Credit or Lender Guarantee in satisfaction of the Account Party’s obligations in respect of that Letter of Credit or Lender Guarantee. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8. | Protective Provisions:  The following provisions shall apply to each of the indemnities (the “Indemnities”) contained in paragraph 4 (Indemnity) of this Schedule 9: |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | Each of the Indemnities are and will remain in full force and effect by way of continuing security until such time as no amounts to which such Indemnities are expressed to relate remain payable or capable of becoming payable under the Senior Finance Documents.  Furthermore the Indemnities are additional to and not instead of any security or other guarantee at any time existing in favour of any person. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Any settlement or discharge of any claim under any of the Indemnities shall be conditional upon no payment made under the Indemnities being avoided or set aside or ordered to be refunded by virtue of any provision of any enactment relating to bankruptcy, insolvency, winding-up or liquidation. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | The obligations arising under the Indemnities and any liability deriving therefrom shall not be discharged or affected by any circumstance which would so discharge or affect it but for this provision including, without limitation: |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | any time, indulgence, waivers or consents given to any Obligor or any other person; |
|--------|-----|-------------------------------------------------------------------------------------|

|   | (ii) | any amendment, variation or modification of the Senior Finance Documents or any other security or guarantee or any increase in the amount of the Facilities; |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | the making or absence of any demand on any Obligor or any other person for payment or performance of any other obligations or the application of any moneys at any time received from any Obligor or any other person; |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (iv) | the enforcement, perfecting or protecting of or absence of enforcement, perfecting or protecting of any security, guarantee or undertaking (including, without limitation, all or any of the obligations and liabilities of any Obligor); |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (v) | the release, taking, giving or abstaining from taking of any security, guarantee or undertaking (including, without limitation, the Senior Finance Documents); |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (vi) | the insolvency, winding-up, administration, receivership or commencement of any other insolvency procedure under the laws of any relevant jurisdiction in relation to any Obligor, any Senior Finance Party or any other person or the making or any arrangement or composition with or for the benefit of creditors by any Obligor, any Senior Finance Party or any other person; |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (vii) | any amalgamation, merger or change in constitution in relation to any Obligor, any Senior Finance Party or any other person; and |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------|

|   | (viii) | the illegality, invalidity or unenforceability of or any defect in any provision of any Senior Finance Document or any security, obligations or liabilities arising or expressed to arise thereunder. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9. | Subrogation:  No Borrower shall by virtue of any payment made under the Indemnities claim any right of subrogation, contribution or indemnity against any person for so long as any sum remains payable or capable of becoming payable under the Senior Finance Documents. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 1.  | Security Principles |
|----------|---------------------|

|   | (a) | The guarantees and security to be provided will be given in accordance with the agreed security principles set out in this Schedule 10.  This Schedule 10 addresses the manner in which the agreed security principles will impact on the guarantees and security proposed to be taken in relation to this transaction. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The Agreed Security Principles embody recognition by all parties that there may be certain legal and practical difficulties in obtaining security from all Obligors in every jurisdiction in which Obligors are located.  In particular: |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | general statutory limitations, financial assistance, corporate benefit, fraudulent preference, “thin capitalisation” rules, retention of title claims and similar principles may limit the ability of a member of the Group to provide a guarantee or security or may require that the guarantee or security be limited by an amount or otherwise. Bidco will use reasonable endeavours to assist in demonstrating that adequate corporate benefit accrues to the Target and each Obligor; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | the security and extent of its perfection will be agreed taking into account the cost to the Group of providing security so as to ensure that it is proportionate to the benefit accruing to the Lenders; |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | any assets subject to third party arrangements which are permitted by this Agreement and the Mezzanine Facility Agreement and which prevent those assets from being charged will be excluded from any relevant Security Document provided that reasonable endeavours to obtain consent to charging any such assets shall be used by the Obligors if the relevant asset is material; |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | members of the Group will not be required to give guarantees or enter into Security Documents if it would conflict with the fiduciary duties of their directors or contravene any legal or regulatory prohibition or result in a risk of personal or criminal liability on the part of any officer provided that the relevant Group member shall use reasonable endeavours to overcome any such obstacle; |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (v) | perfection of security, when required, and other legal formalities will be completed as soon as practicable and, in any event, within the time periods specified in the Finance Documents therefor or (if earlier or to the extent no such time periods are specified in the Finance Documents) within the time periods specified by applicable law in order to ensure due perfection. The perfection of security granted will not be required if it would have a material adverse effect on the ability of the relevant Obligor to conduct its operations and business in the ordinary course as otherwise permitted by the Finance Documents (including, without limitation, notification of receivables security to third party debtors until an Event of Default has occurred and is continuing and the Facility Agent has given notice of intention to enforce in accordance with the terms of this Agreement).  Theregistration of security interests in Intellectual Property will only be in respect of material Intellectual Property in jurisdictions to be agreed; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (vi) | no perfection action will be required in jurisdictions where Obligors are not located but perfection action may be required in the jurisdiction of one Obligor in relation to security granted by another Obligor located in a different jurisdiction; |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (vii) | no security will be granted over any hedging agreements entered into by members of the Group; |
|--------|-------|-----------------------------------------------------------------------------------------------|

|   | (viii) | the Security Agent will hold one set of security for the Facilities (including the Tranche D Term Facility) and the Mezzanine Facility unless a second or third ranking security is required by local law for the Tranche D Term Facility and the Mezzanine Facility; and |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ix) | Bidco shall not be responsible for any costs and expenses incurred by the Lenders and the Group (including all legal expenses, disbursements, registration costs and all taxes, duties and fees (notarial or otherwise)) in respect of guarantees and security) in excess of EUR2,000,000 or such greater amount as the Facility Agent and Bidco shall agree.  Any amounts in excess of such amount shall be paid by the Mandated Lead Arrangers. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Subject to the Percentage Test being satisfied, the Security Agent or the Finance Parties, as the case may be, shall promptly discharge any guarantees and release any Security which is or are subject to any legal or regulatory prohibition as is referred to in paragraph (b)(iv) above. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | Each guarantee will be an upstream, cross-stream and downstream guarantee and for all liabilities of the Obligors under the Finance Documents in accordance with, and subject to, the requirements of the Agreed Security Principles in each relevant jurisdiction.  Security Documents will secure the guarantee obligations of the relevant security provider or, if such security is provided on a third party basis, all liabilities of the Obligors under the Finance Documents, in each case in accordance with, and subject to, the requirements of the Agreed Security Principles in each relevant jurisdiction. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Where an Obligor pledges shares, the Security Document will be governed by the laws of the company whose shares are being pledged and not by the law of the country of the pledgor.  Subject to these principles the shares in each guarantor company (other than Bidco) shall be secured. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | To the extent legally effective, all security shall be given in favour of the Security Agent and not the Finance Parties individually.  “Parallel debt” provisions will be used where necessary; such provisions will be contained in the Intercreditor Deed and not the individual Security Documents unless required under local laws.  To the extent possible, there should be no action required to be taken in relation to the guarantees or security when any Lender assigns or transfers any of its participation in the Facilities to a new Lender. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (d) | The Guarantors will be required to pay the cost of any re-execution, notarisation, re-registration, amendment or other perfection requirement for any security on any assignment or transfer on or prior to the Syndication Date by any Mandated Lead Arranger to a new Lender.  Otherwise the cost or fee shall be for the account of the transferee Lender. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | The LOI Furnaces Group will not be required to grant any security. |
|--------|-----|--------------------------------------------------------------------|

| 3.  | Terms of Security Documents |
|----------|-----------------------------|

|   | (a) | the security will be first ranking, to the extent possible; |
|--------|-----|-------------------------------------------------------------|

|   | (b) | security will not be enforceable until an Event of Default has occurred which is continuing and notice of acceleration has been given by the Facility Agent in accordance with the terms of this Agreement; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | the Lenders and Hedging Lenders shall only be able to exercise a power of attorney following the occurrence of an Event of Default which is continuing and notice of an acceleration has been given by the Facility Agent in accordance with the terms of this Agreement or if the relevant Obligor has failed to comply with a further assurance or perfection obligation (and any grace period applicable thereto has expired); |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | the Security Documents shall operate to create security rather than to impose new commercial obligations.  Accordingly they shall not contain additional representations or undertakings (such as in respect of insurance, maintenance of assets, information or the payment of costs) unless required for the creation or perfection of the security; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | information, such as lists of assets, will be provided if, and only to the extent, required by local law to be provided to perfect or register the security and, when required, shall be provided annually (unless required more frequently under local law) or, following an Event of Default which is outstanding, on the Security Agent’s reasonable request; and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | security will, where possible and practical, automatically create security over future assets of the same type as those already secured. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | Rights of the Group companies under the Acquisition Documents may be assigned or charged. |
|--------|-----|-------------------------------------------------------------------------------------------|

|   | (b) | If required by local law to perfect the security, notice of the assignment or charge will be served on the relevant counterparty within 5 Business Days of the security being granted and the Obligor shall use its reasonable endeavours to obtain an acknowledgement of that notice with 20 Business Days of service. If the Obligor has used its reasonable endeavours but has not been able to obtain acknowledgement its obligation to obtain acknowledgement shall cease on the expiry of that 20 business day period. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 5.  | Bank Accounts |
|----------|---------------|

|   | (a) | If an Obligor grants security over its material bank accounts it shall be free to deal with those accounts (other than mandatory prepayment accounts and any other accounts which are specifically blocked) in the course of its business until an Event of Default has occurred which is continuing and notice of acceleration has been given by the Facility Agent in accordance with the terms of this Agreement. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | If required by local law to perfect the security, notice of the security will be served on the account bank within 5 Business Days of the security being granted and the Obligor shall use its reasonable endeavours to obtain an acknowledgement of that notice within 20 Business Days of service. If the Obligor has used its reasonable endeavours but has not been able to obtain acknowledgement its obligation to obtain acknowledgement shall cease on the expiry of that 20 business day period. Irrespective of whether notice of the security is required for perfection, if the service of notice would prevent the Obligor from using a bank account in the course of its business no notice of security shall be served until the occurrence of an Event of Default has occurred which is continuing and notice of acceleration has been given by the Facility Agent in accordance with the terms of thisAgreement. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Any security over bank accounts shall be subject to any prior security interests in favour of the account bank which are created either by law or in the standard terms and conditions of the account bank. The notice of security may request these are waived by the account bank but the Obligor shall not be required to change its banking arrangements if these security interests are not waived or only partially waived. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | If required under local law security over bank accounts will be registered subject to the general principles set out in these Agreed Security Principles. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.  | Fixed Assets |
|----------|--------------|

|   | (a) | If a guarantor company grants security over its material fixed assets it shall be free to deal with those assets in the course of its business until an Event of Default has occurred which is continuing and notice of acceleration in connection thereof has been given by the Facility Agent in accordance with the terms of this Agreement. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | No notice whether to third parties or by attaching a notice to the fixed assets shall be prepared or given until an Event of Default has occurred which is continuing and notice of acceleration in connection thereof has been given by the Facility Agent in accordance with the terms of this Agreement. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (c) | If required under local law security over fixed assets will be registered subject to the general principles set out in these Agreed Security Principles. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | An Obligor may grant security over its insurance policies in respect of which claim under may be mandatorily prepaid (other than insurance policies retained by the Vendor where the Vendor has provided an indemnity in respect of that liability; for example, the “diptube” litigation and any asbestos liabilities). |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | If required by local law to perfect the security, notice of the security will be served on the insurance provider within 5 Business Days of the security being granted and the Obligor shall use its reasonable endeavours to obtain an acknowledgement of that notice within 20 Business Days of service. If the Obligor has used its reasonable endeavours but has not been able to obtain acknowledgement its obligation to obtain acknowledgement shall cease on the expiry of that 20 business day period. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | No loss payee or other endorsement shall be made on the insurance policy. |
|--------|-----|---------------------------------------------------------------------------|

|   | (a) | If an Obligor grants security over its material intellectual property it shall be free to deal with those assets in the course of its business (including, without limitation, allowing its intellectual property to lapse if no longer material to its business) until an Event of Default has occurred which is continuing and notice of acceleration in connection thereof has been given by the Facility Agent in accordance with the terms of this Agreement. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | No security shall be granted over any intellectual property which cannot be secured under the terms of the relevant licensing agreement. No notice shall be prepared or given to any third party from whom intellectual property is licensed until an Event of Default has occurred which is continuing and notice of acceleration in connection thereof has been given by the Facility Agent in accordance with the terms of this Agreement. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | If required under local law security over intellectual property will be registered under the law of that Security Document or at a relevant supra-national registry (such as the EU) subject to the general principles set out in these Agreed Security Principles. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | If an Obligor grants security over its material intercompany receivables it shall be free to deal with those receivables in the course of its business until an Event of Default has occurred which is continuing and notice of acceleration in connection thereof has been given by the Facility Agent in accordance with this Agreement. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | If required by local law to perfect the security, notice of the security will be served on the relevant lender within 5 Business Days of the security being granted and the Obligor shall use its reasonable endeavours to obtain an acknowledgement of that notice within 20 Business Days of service. Irrespective of whether notice of the security is required for perfection if the service of notice would prevent the Obligor from dealing with an intercompany receivable in the course of its business no notice of security shall be served until an Event of Default has occurred which is continuing and notice of acceleration in connection thereof has been given by the Facility Agent in accordance with the terms of this Agreement. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | If required under local law security over intercompany receivables will be registered subject to the general principles set out in these Agreed Security Principles. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | If an Obligor grants security over its material trade receivables it shall be free to deal with those receivables in the course of its business until an Event of Default has occurred which is continuing and notice of acceleration in connection thereof has been given by the Facility Agent in accordance with the terms of this Agreement. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | No notice of security may be prepared or served until the occurrence of an Event of Default has occurred which is continuing and notice of acceleration in connection thereof has been given by the Facility Agent in accordance with the terms of this Agreement. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | No security will be granted over any trade receivables which cannot be secured under the terns of the relevant contract. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------|

|   | (d) | If required under local law security over trade receivables will be registered subject to the general principles set out in these Agreed Security Principles. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | Any list of trade receivables required shall not include details of the underlying contracts. |
|--------|-----|-----------------------------------------------------------------------------------------------|

|   | (a) | The Security Document will be governed by the laws of the company whose shares are being secured and not by the law of the country of the Obligor granting the security. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Until an Event of Default has occurred which is continuing and notice of acceleration in connection therewith has been given by the Facility Agent in accordance with the terms of this Agreement, the charging Obligor will be permitted to retain and to exercise voting rights appertaining to any shares charged by it and the company whose shares have been charged will be permitted to pay dividends upstream on pledged shares to the extent permitted under the Finance Documents with the proceeds to be available to Bidco and its subsidiaries. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (c) | Where customary, on, or as soon as reasonably practicable following execution of the share charge, the share certificate and a stock transfer form executed in blank will be provided to the Security Agent and where required by law the share certificate or shareholders’ register will be endorsed or written up and the endorsed share certificate or a copy of the written up register provided to the Security Agent. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | Unless the restriction is required by law or regulation, the constitutional documents of the company whose shares have been charged will be amended to remove any restriction on the transfer or the registration of the transfer of the shares on enforcement of the security granted over them. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | An Obligor may grant security over its material real estate. |
|--------|-----|--------------------------------------------------------------|

|   | (b) | There will be no obligation to investigate title, provide surveys or other insurance or environmental due diligence. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------|

|   | (c) | An Obligor will be under no obligation to obtain any landlord consent required to grant security over its material real estate, nor to investigate the possibility thereof.  Costs of granting real estate security must be within the agreed costs cap and the amount secured by each security over material real estate may be restricted to an agreed level. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

| 1.  | Constitutional Documents |
|----------|--------------------------|

| (i) | the certificate of incorporation9 of the Obligor10; |
|-----|-----------------------------------------------------|

| (ii)  | all certificates of incorporation on change of name of the Obligor (if any)11; and |
|------------|------------------------------------------------------------------------------------|

| (iii) | the constitutional documents of the Obligor12. |
|-------|------------------------------------------------|

----

| 9 | For French Obligors to add: an extrait K-bis, a non-bankruptcy certificate (recherone négative d’une procédure collective) and a list of existing encumbrances (état des nantissements et privilèges). |
|---|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10 | Not applicable for Dutch Obligors. |
|----|------------------------------------|

| 11 | Not applicable for Dutch Obligors. |
|----|------------------------------------|

| 12 | For French Obligors status;  for Dutch Obligors, articles of association and an extract from the trade register. |
|----|----------------------------------------------------------------------------------------------------------------------------|

| 13 | Only required for French Acceding Borrowers and/or Guarantor registered in the form of an S.A. If French Acceding Borrower and/or Guarantor is registered in the form of a S.A.S delivery of a shareholders resolution is required. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| Name   | Position | Signature |
|--------|----------|-----------|
|   |     |      |

| (b) | does not or will not cause to be exceeded any limit or restriction on any of the powers of the Obligor (whether contained in any Relevant Documents or otherwise) or the right or ability of the directors of the Obligor to exercise such powers. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (i) | an extract from the commercial register (or a copy of the application for registration at the commercial register if a commercial extract is not available yet) with respect to the Obligor; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | applications for entries into the commercial register (if any) or copies of shareholders’ resolutions which have been passed to change the articles or to appoint new Managing Directors or any other shareholders’ resolution which is capable of being registered with the commercial register with respect to the Obligor (if any); and |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | copies of the Articles of Association with respect to the Obligor. |
|--------|-------|--------------------------------------------------------------------|

| Name   | Position | Signature |
|--------|----------|-----------|
|   |     |      |
|   |     |      |

----

|   | (a) | will be within the corporate powers of the Obligor; and |
|--------|-----|---------------------------------------------------------|

|   | (b) | does not or will not cause to be exceeded any limit or restriction on any of the powers of the Obligor (whether contained in any Relevant Documents or otherwise) or the right or ability of the directors of the Obligor to exercise such powers. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 14 | To be added for Bidco and provided pursuant to Clause 4.1(b) (Initial Conditions Precedent). |
|----|---------------------------------------------------------------------------------------------------|

----

----

| To:  | [●] the Facility Agent |
|-----------|------------------------------|

| From:  | [US Obligor] Chief Financial Officer |
|-------------|--------------------------------------|

| 1. | This Certificate is furnished to the Facility Agent and each of the Lenders pursuant to a senior facilities agreement (such senior facilities agreement, as in effect on the date of this Certificate, the “Senior Facilities Agreement”) dated [●] 2005 and made between Nachtwache Acquisition GmbH as Bidco, the companies named therein as Borrowers and Guarantors, CIBC World Markets plc, Deutsche Bank AG, London Branch and The Royal Bank of Scotland plc, Frankfurt Branch as Mandated Lead Arrangers, Deutsche Bank AG, London Branch as Facility Agent, Deutsche Bank AG, London Branch as Security Agent and the financial and other institutions named in it as Lenders, agreed to make certain facilities available to theBorrowers.  Unless otherwise defined herein, capitalized terms used in this Certificate shall have the meanings set forth in the Senior Facilities Agreement. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | For purposes of this Certificate, the terms below shall have the following definitions: |
|----|-----------------------------------------------------------------------------------------|

----

|   | (f) | “will be able to pay its or their respective Stated Liabilities and Identified Contingent Liabilities, as they mature or otherwise become payable” |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | For purposes of this Certificate, I, or the officers of the US Obligor and/or its Subsidiaries under my direction and supervision, have performed the following procedures as of and for the periods set forth below. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (a) | Reviewed the Latest Accounts and the Base Case Model referred to in the Senior Facilities Agreement. |
|--------|-----|------------------------------------------------------------------------------------------------------|

|   | (b) | Made inquiries of certain officials of the US Obligor and/or its Subsidiaries who have responsibility for financial and accounting matters regarding (i) the existence and amount of Identified Contingent Liabilities associated with the business of the US Obligor and its Subsidiaries, and (ii) whether the financial statements referred to in of the Senior Facilities Agreement are in conformity with GAAP consistently applied. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Reviewed the Finance Documents and the Schedules and Exhibits thereto. |
|--------|-----|------------------------------------------------------------------------|

|   | 1. | inquired of certain officials of the US Obligor and/or its Subsidiaries who have responsibility for legal, financial and accounting matters as to the existence and estimated liability with respect to all contingent liabilities known to them and associated with the business of the US Obligor and its Subsidiaries; |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2. | confirmed with certain officers of the US Obligor and/or its Subsidiaries that, to the best of such officers’ knowledge, (i) all appropriate items were included in Stated Liabilities or Identified Contingent Liabilities and (ii) the amounts relating thereto were the maximum estimated amount of liabilities reasonably likely to result therefrom as of the date hereof; and |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3. | to the best of my knowledge, in making the certification set forth in paragraph 4 below, considered all material Identified Contingent Liabilities that may arise from any pending litigation, asserted claims and assessments, guarantees, uninsured risks and other Identified Contingent Liabilities of the US Obligor and its Subsidiaries (exclusive of such Identified Contingent Liabilities to the extent reflected in Stated Liabilities) (after giving effect to the Transaction) and with respect to each such Identified Contingent Liability the estimable maximum amount of liability with respect thereto was used in making such certification. |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | Received the Base Case Model relating to the US Obligor and/or its Subsidiaries which have been previously delivered to the Facility Agent and the Lenders, prepared based on good faith estimates and assumptions, and have re-examined the Base Case Model on the date hereof and considered the effect thereon of any changes since the date of the preparation thereof on the results projected therein.  After such review, I hereby certify that in my opinion the Base Case Model is reasonable and attainable (it being recognized by the Lenders that the Base Case Model projections of future events are not to be viewed as facts and that actual results during the period or periods covered by the Base Case Model may differ from the projected results contained therein) and the Base Case Model supports the conclusions contained in paragraph 4 below. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (f) | Made inquiries of certain officers of the US Obligor and/or its Subsidiaries who have responsibility for financial reporting and accounting matters regarding whether they were aware of any events or conditions that, as of the date hereof, would cause the US Obligor individually and the US Obligor and its Subsidiaries taken as a whole, as the case may be, after giving effect to the consummation of the Transaction and the related financing transactions (including the incurrence of the New Financing), to (i) have assets with a Fair Value or Present Fair Saleable Value that are less than the sum of its or their Stated Liabilities and Identified Contingent Liabilities; (ii) have Unreasonably Small Capital; or (iii) not be able to pay its or their respective Stated Liabilities and Identified Contingent Liabilities as they mature or otherwise become payable. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | Based on and subject to the foregoing, I hereby certify as Chief Financial Officer on behalf of the US Obligor that, after giving effect to the consummation of the Transaction and the related financing transactions (including the incurrence of the New Financing), it is my opinion that (i) the Fair Value and Present Fair Saleable Value of the assets of each of the US Obligor individually and the US Obligor and its Subsidiaries taken as a whole, as the case may be, exceed its or their respective Stated Liabilities and Identified Contingent Liabilities; (ii) each of the US Obligor individually and the US Obligor and its Subsidiaries taken as a whole, as the case may be, does or do not have Unreasonably Small Capital; and (iii) each of the US Obligor individually and the US Obligor and its Subsidiaries taken as a whole, as the case may be, will be able to pay its or their respective StatedLiabilities and Identified Contingent Liabilities as they mature or otherwise become payable. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5. | The US Obligor does not intend, in consummating the transactions contemplated by the New Financing, to delay, hinder, or defraud either present or future creditors. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Bescheinigung zur Vorlage beim Finanzamtfür Zwecke des § 8a KStG                                                                                                                                                                                                                                                                                                                                                                                                       |   | Certification for presentation to the TaxOffice for the purposes of Section 8a ofGermany’s Corporation Tax Law                                                                                                                                                                                                                                                                                                                                         |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| Sie hatten die [Name der Bank] („Bank“) gebeten, zur Vorlage beim Finanzamt für Zwecke des § 8a KStG eine Bescheinigung auszustellen. Hierzu erklären wir, dass uns bezüglich des Mischlimits / des Darlehens / der Betriebsmittellinie [Vertragsnummer; Kreditnummer, Kontonummer] vom [Datum des Vertragsschlusses] in Höhe von EUR [    ] („Finanzierung“) an die [XY] („Kreditnehmer“) |   | You have asked [name of bank] (“Bank”) to issue a Certification for presentation to the Tax Office for the purposes of the Corporation Tax Law. We hereby declare that regarding the mixed limit / loan / short-term operating credit line [contract number; loan number; account number] of [date of the conclusion of the contract] in the amount of EUR [    ] (“Loan”) to the [XY] (“Borrower ”) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| £keine Sicherheiten an Kapitalforderungen von anderen Personen als dem Kreditnehmer gewährt wurden.                                                                                                                                                                                                                                                                                                                                                                    |   | £No securities on capital claims of persons other than the Borrower have been granted.                                                                                                                                                                                                                                                                                                                                                                  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| £ die nachfolgend aufgeführten Sicherheiten von anderen Personen als dem Kreditnehmer gewährt wurden:                                                                                                                                                                                                                                                                                                                                                        |   | £The following securities have been granted by persons other than the Borrower:                                                                                                                                                                                                                                                                                                                                                                         |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| 1. Dingliche Sicherheiten                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   | 1.Security in rem                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| £  Pfandrechte (z.B. an Einlagen)                                                                                                                                                                                                                                                                                                                                                                                                                                      |   | £  Pledges / Liens (eg. of deposits)                                                                                                                                                                                                                                                                                                                                                                                                               |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| [   ]                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   | [   ]                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| £  Sicherungsabtretungen (z.B. Einzel­abtretung von Forderungen)                                                                                                                                                                                                                                                                                                                                                                                                  |   | £ Assignments (e.g. assignments of receivables)                                                                                                                                                                                                                                                                                                                                                                                                         |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| [   ]                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   | [   ]                                                                                                                                                                                                                                                                                                                                                                                                                                         |

----

| 2. Personalsicherheiten (z.B. Bürgschaft, Garantie, Schuldmitübernahme)                                                                |   | 2. Personal security (eg. surety, guarantee, assumption of debt)                         |
|-------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------|
|                                                                                                                                                  |   |                                                                                          |
| [   ]                                                                                                                                  |   | [   ]                                                                          |
|                                                                                                                                                  |   |                                                                                          |
| verbunden mit folgenden/r:                                                                                                                            |   | linked with the following:                                                                    |
|                                                                                                                                                  |   |                                                                                          |
| £ dinglichen Sicherheiten (z.B. an Einlagen)                                                                                                     |   | £ Securities in rem (eg. on deposits)                                                    |
|                                                                                                                                                  |   |                                                                                          |
| [   ]                                                                                                                                  |   | [   ]                                                                          |
|                                                                                                                                                  |   |                                                                                          |
| £ Sicherungsabtretungen (z.B. Einzel­abtretung von Forderungen; Global-/ Mantelabtretung von Forderungen)                                   |   | £ Assignments (e.g. assignments of receivables; global assignments)                      |
|                                                                                                                                                  |   |                                                                                          |
| [   ]                                                                                                                                  |   | [   ]                                                                          |
|                                                                                                                                                  |   |                                                                                          |
| £ Unterwerfung unter die sofortige Zwangsvollstreckung mit dem gesamten Vermögen oder hinsichtlich einzelner Vermögensgegenstände |   | £ Submission to immediate foreclosure in respect of all or certain assets                |
|                                                                                                                                                  |   |                                                                                          |
| [   ]                                                                                                                                  |   | [   ]                                                                          |
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| £ vereinbarten Verfügungsbeschränkungen                                                                                                |   | £ Agreed restraints on disposal                                                          |
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| [   ]                                                                                                                                  |   | [   ]                                                                          |
|                                                                                                                                                  |   |                                                                                          |
| £ sonstigen Vereinbarungen (z.B.: Pfandrechte nach den Allgemeinen Geschäftsbedingungen)                                                    |   | £ Other agreements (eg. pledges/liens under the General Standard Terms and Conditions)   |
|                                                                                                                                                  |   |                                                                                          |
| [   ]                                                                                                                                  |   | [   ]                                                                          |
|  3. Sicherheiten der o. g. Art, auf die während des bestehenden Darlehens­verhält­nisses verzichtet wurde               |   |  3. Securities as mentioned above that have been waived during the term of the Loan |
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| Sonstige Anmerkungen                                                                                                                                  |   | Other comments                                                                                |
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| Die Bescheinigung enthält nur solche Angaben, die dem bei der Bank mit der vorgenannten Finanzierung vertrauten Personenkreis bekannt sind.                                                                                                                               |   | This Certification is based solely on information that is known to the employees of the Bank who have worked on the Loan.                                                                                                                                                                                                       |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                           |   |                                                                                                                                                                                                                                                                                                                            |
| Die Bank übernimmt mit dieser Erklärung – bereits aus rechtlichen Gründen – keine Beratung in steuerlichen Angelegenheiten. Insbesondere steht die Bank nicht für einen steuerlichen Erfolg ein, der mit dieser Bescheinigung angestrebt wird. |   | In providing this Certification, the Bank – in the first place for legal reasons – is not offering any consultancy services on tax matters. In particular, the Bank will not be responsible or liable for the Borrower’s success in obtaining any tax benefits which are the objective of this Certification. |
|                                                                                                                                                                                                                                                                           |   |                                                                                                                                                                                                                                                                                                                            |
| Die deutsche Version dieser Bescheinigung ist bindend.                                                                                                                                                                                                                         |   | The German version of this certification shall prevail.                                                                                                                                                                                                                                                                         |
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| Mit freundlichen Grüßen / Yours sincerly,                                                                                                                                                                                                                            |

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| From: | Elster Holdings GmbH as Bidco under the Facilities Agreement |
|-------|--------------------------------------------------------------|

| To: | Deutsche Bank AG, London Branch as Facility Agent under the Facilities Agreement |
|-----|----------------------------------------------------------------------------------|

| 1.   | We refer to the Facilities Agreement.  Capitalised terms used in this letter shall have the meaning given to them in the Facilities Agreement unless otherwise defined in this letter. |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.   | This letter is exchanged between Bidco and the Facility Agent (as agent of the other Senior Finance Parties) as contemplated by Clause 30 (Amendments, waivers and consents) of the Facilities Agreement in order to agree and evidence certain amendments in relation to certain terms of the Facilities Agreement as set out herein. |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.   | We have reviewed the prepayment provisions of the Facilities Agreement and we believe that there are certain technical matters which should be clarified to reflect more clearly the practical reality of a prepayment in full. We would like to make the following amendments to facilitate a potential voluntary prepayment in full of the Facilities: |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | Amend clause 1.4 (Cash Cover) to permit the substitution of a satisfactory third party letter of credit as a means of repaying Contingent Liabilities or contingent liabilities arising under Ancillary Facilities; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | Amend clause 8.8 (Right to Refuse Prepayment) to clarify expressly that no Lender has a right to refuse prepayment of their Advances in the event of a prepayment of all the Facilities in full.  We are comfortable that clause 8.8 (Right to Refuse Prepayment) should continue to apply, on its current terms, for any partial prepayments; |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | Amend clause 9.3 (Bonding Facility) to permit cancellation of the Bonding Facility in full in conjunction with cancellation of all other Facilities provided that all Contingent Liabilities under the Bonding Facilities have been repaid or otherwise dealt with in accordance with clause 1.4 (Cash Cover); and |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | Amend the definition of Senior Discharge Date in the Intercreditor Deed to allow the occurrence of this date if the Senior Indebtedness has been discharged or, in the case of contingent liabilities, cover provided by way of a satisfactory third party letter of credit or bank guarantee, as well as cash cover. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.   | In accordance with the provisions of clause 30 (Amendments, waivers and consents) of the Facilities Agreement, we hereby request that you seek the agreement of the Lenders to the following amendments to the Facilities Agreement and the Intercreditor Deed: |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.1   | In Clause 1.4(a), add a new paragraph (iv) as follows: |
|-----------------|--------------------------------------------------------|

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|   | "(iv) | procure the issuance of a letter of credit or bank guarantee in respect of such Contingent Liabilities in favour of the Issuing Lender and Lender(s) to which such Contingent Liabilities are owed, in form and substance satisfactory to such Issuing Lender and Lender(s), and issued by an entity satisfactory to such Issuing Lender and Lender(s); or" |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.2   | At the start of paragraph (a) of clause 8.8 (Right to Refuse Prepayment) insert the following: |
|-----------------|------------------------------------------------------------------------------------------------|

| 4.3   | Insert the following new paragraph (e) in clause 8.8 (Right to Refuse Prepayment): |
|-----------------|------------------------------------------------------------------------------------|

|   | "(e) | This Clause will not apply in the event of a prepayment of the Facilities in full."; |
|--------|------|--------------------------------------------------------------------------------------|

| 4.4   | At the end of clause 9.3(b) (Bonding Facility), add the following: |
|-----------------|--------------------------------------------------------------------|

| 4.5   | Amend the definition of Senior Discharge Date in the Intercreditor Deed to add the underlined wording below: |
|-----------------|--------------------------------------------------------------------------------------------------------------|

| 5.   | Except as expressly provided herein, this letter shall not be effective to amend, cancel, alter, vary or waive any provisions of any Finance Document in any way. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.   | This letter 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 letter. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.   | In accordance with the Facilities Agreement, the Facility Agent and Bidco designate this letter a Senior Finance Document. |
|----------------|----------------------------------------------------------------------------------------------------------------------------|

| 8.   | This letter and all non-contractual obligations arising from or in connection with it shall be construed in accordance with English law. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------|

| 9.   | Any person who is not a party to this letter has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce any of its terms. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------|

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| 10.   | Please sign and return a copy of this letter by way of confirmation that the Majority Lenders consent to the matters described above, by 4.00pm (London time) on 7 March 2011, whereupon these amendments shall take immediate effect. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| /s/ Christoph Schmidt-Wolf                         |   |   | /s/ Thomas Preute |   |
|----------------------------------------------------|--------|--------|-------------------|--------|
| Name: Christoph Schmidt-Wolf             |   |   | Thomas Preute     |   |
| For and on behalf of Elster Holdings GmbH as Bidco |   |   |

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| /s/ N. Dawes   |   |   | /s/ V.Adams |    (Authorised signatory) |
|----------------|--------|--------|-------------|-------------------------------------|
| Name: N. Dawes |   |   | V.Adams     |                                |

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