Document:

pzg-ex43_379.htm

 

 Exhibit 4.3

 

PARAMOUNT GOLD NEVADA CORP.

 

And

 

                                      , as Trustee

 

INDENTURE

 

Dated as of                       ,          

 

 

 

TABLE OF CONTENTS

 

 

				
	
ARTICLE 1 - DEFINITIONS AND INCORPORATION BY REFERENCE
	
1

	
1.1 DEFINITIONS
	
1

	
1.2. OTHER DEFINITIONS
	
3

	
1.3. INCORPORATION BY REFERENCE OF TRUST INDENTURE ACT
	
4

	
1.4. RULES OF CONSTRUCTION
	
4

	
ARTICLE 2 - THE SECURITIES
	
5

	
2.1. ISSUABLE IN SERIES
	
5

	
2.2. ESTABLISHMENT OF TERMS OF SERIES OF SECURITIES
	
5

	
2.3. EXECUTION AND AUTHENTICATION
	
6

	
2.4. REGISTRAR AND PAYING AGENT
	
7

	
2.5. PAYING AGENT TO HOLD ASSETS IN TRUST
	
7

	
2.6. SECURITYHOLDER LISTS
	
8

	
2.7. TRANSFER AND EXCHANGE
	
8

	
2.8. REPLACEMENT SECURITIES
	
8

	
2.9. OUTSTANDING SECURITIES
	
8

	
2.10. WHEN TREASURY SECURITIES DISREGARDED; DETERMINATION OF HOLDERS’ ACTION
	
9

	
2.11. TEMPORARY SECURITIES
	
9

	
2.12. CANCELLATION
	
9

	
2.13. PAYMENT OF INTEREST; DEFAULTED INTEREST; COMPUTATION OF INTEREST
	
9

	
2.14. CUSIP NUMBER
	
10

	
2.15. PROVISIONS FOR GLOBAL SECURITIES
	
10

	
2.16. PERSONS DEEMED OWNERS
	
10

	
ARTICLE 3 - REDEMPTION
	
11

	
3.1. NOTICES TO TRUSTEE
	
11

	
3.2. SELECTION BY TRUSTEE OF SECURITIES TO BE REDEEMED
	
11

	
3.3. NOTICE OF REDEMPTION
	
11

	
3.4. EFFECT OF NOTICE OF REDEMPTION
	
12

	
3.5. DEPOSIT OF REDEMPTION PRICE
	
12

	
3.6. SECURITIES REDEEMED IN PART
	
12

	
ARTICLE 4 - COVENANTS
	
12

	
4.1. PAYMENT OF SECURITIES
	
12

	
4.2. SEC REPORTS
	
12

	
4.3. WAIVER OF STAY, EXTENSION OR USURY LAWS
	
13

	
4.4. COMPLIANCE CERTIFICATE
	
13

	
4.5. CORPORATE EXISTENCE
	
13

	
ARTICLE 5 - SUCCESSOR CORPORATION
	
13

	
5.1. LIMITATION ON CONSOLIDATION, MERGER AND SALE OF ASSETS
	
13

	
5.2. SUCCESSOR PERSON SUBSTITUTED
	
14

	
ARTICLE 6 - DEFAULTS AND REMEDIES
	
14

	
6.1. EVENTS OF DEFAULT
	
14

	
6.2. ACCELERATION
	
15

	
6.3. REMEDIES
	
15

	
6.4. WAIVER OF PAST DEFAULTS AND EVENTS OF DEFAULT
	
15

	
6.5. CONTROL BY MAJORITY
	
15

	
6.6. LIMITATION ON SUITS
	
15

	
6.7. RIGHTS OF HOLDERS TO RECEIVE PAYMENT
	
16

	
6.8. COLLECTION SUIT BY TRUSTEE
	
16

	
6.9. TRUSTEE MAY FILE PROOFS OF CLAIM
	
16

	
6.10. PRIORITIES
	
16

	
6.11. UNDERTAKING FOR COSTS
	
17

	
ARTICLE 7 – TRUSTEE
	
17

	
7.1. DUTIES OF TRUSTEE
	
17

	
7.2. RIGHTS OF TRUSTEE
	
17
	
	
7.3. INDIVIDUAL RIGHTS OF TRUSTEE
	
18
	
	
7.4. TRUSTEE’S DISCLAIMER
	
18
	
	
7.5. NOTICE OF DEFAULT
	
18
	
	
7.6. REPORTS BY TRUSTEE TO HOLDERS
	
19
	
	
7.7. COMPENSATION AND INDEMNITY
	
19
	

i

 

				
	
7.8. REPLACEMENT OF TRUSTEE
	
19
	
	
7.9. SUCCESSOR TRUSTEE BY CONSOLIDATION, MERGER OR CONVERSION
	
20
	
	
7.10. ELIGIBILITY; DISQUALIFICATION
	
20
	
	
7.11. PREFERENTIAL COLLECTION OF CLAIMS AGAINST COMPANY
	
20
	
	
7.12. PAYING AGENTS
	
20
	
	
ARTICLE 8 - AMENDMENTS, SUPPLEMENTS AND WAIVERS
	
20
	
	
8.1. WITHOUT CONSENT OF HOLDERS
	
20
	
	
8.2. WITH CONSENT OF HOLDERS
	
21
	
	
8.3. COMPLIANCE WITH TRUST INDENTURE ACT
	
22
	
	
8.4. REVOCATION AND EFFECT OF CONSENTS
	
22
	
	
8.5. NOTATION ON OR EXCHANGE OF SECURITIES
	
22
	
	
8.6. TRUSTEE TO SIGN AMENDMENTS, ETC.
	
22
	
	
ARTICLE 9 - DISCHARGE OF INDENTURE; DEFEASANCE
	
22
	
	
9.1. DISCHARGE OF INDENTURE
	
22
	
	
9.2. LEGAL DEFEASANCE
	
23
	
	
9.3. COVENANT DEFEASANCE
	
23
	
	
9.4. CONDITIONS TO LEGAL DEFEASANCE OR COVENANT DEFEASANCE
	
23
	
	
9.5. DEPOSITED MONEY AND U.S. AND FOREIGN GOVERNMENT OBLIGATIONS TO BE HELD IN TRUST; OTHER MISCELLANEOUS PROVISIONS
	
24
	
	
9.6. REINSTATEMENT
	
24
	
	
9.7. MONEYS HELD BY PAYING AGENT
	
25
	
	
9.8. MONEYS HELD BY TRUSTEE
	
25
	
	
ARTICLE 10 - MISCELLANEOUS
	
25
	
	
10.1. TRUST INDENTURE ACT CONTROLS
	
25
	
	
10.2. NOTICES
	
25
	
	
10.3. COMMUNICATIONS BY HOLDERS WITH OTHER HOLDERS
	
26
	
	
10.4. CERTIFICATE AND OPINION AS TO CONDITIONS PRECEDENT
	
26
	
	
10.5. STATEMENT REQUIRED IN CERTIFICATE AND OPINION
	
26
	
	
10.6. RULES BY TRUSTEE AND AGENTS
	
26
	
	
10.7. BUSINESS DAYS; LEGAL HOLIDAYS; PLACE OF PAYMENT
	
27
	
	
10.8. GOVERNING LAW
	
27
	
	
10.9. NO ADVERSE INTERPRETATION OF OTHER AGREEMENTS
	
27
	
	
10.10. NO RECOURSE AGAINST OTHERS
	
27
	
	
10.11. SUCCESSORS
	
27
	
	
10.12. MULTIPLE COUNTERPARTS
	
27
	
	
10.13. TABLE OF CONTENTS, HEADINGS, ETC.
	
27
	
	
10.14. SEVERABILITY
	
27
	
	
10.15. SECURITIES IN A FOREIGN CURRENCY OR IN EUROS
	
27
	
	
10.16. JUDGMENT CURRENCY
	
28
	

 

CROSS-REFERENCE TABLE

 

 

			
	
TIA SECTION
	
 
	
INDENTURE SECTION

	
310(a)(1)(2)(5)
	
 
	
7.10

	
310(a)(3)(4)
	
 
	
Inapplicable

	
310(b)
	
 
	
7.8; 7.10

	
310(c)
	
 
	
Inapplicable

	
 
	
 
	
 

	
311(a)(b)
	
 
	
7.11

	
311(c)
	
 
	
Inapplicable

	
 
	
 
	
 

	
312(a)
	
 
	
2.6

	
312(b)(c)
	
 
	
10.3

	
 
	
 
	
 

	
313(a)(b)
	
 
	
7.6

	
313(c)
	
 
	
7.6; 10.2

	
313(d)
	
 
	
7.6

	
 
	
 
	
 

	
314(a)
	
 
	
4.2; 4.4; 10.2

	
314(b)
	
 
	
Inapplicable 

ii

 

			
	
314(c)(1)(2)
	
 
	
10.4; 10.5

	
314(c)(3)
	
 
	
Inapplicable

	
314(d)
	
 
	
Inapplicable

	
314(e)
	
 
	
10.5

	
314(f)
	
 
	
Inapplicable

	
 
	
 
	
 

	
315(a)
	
 
	
7.1, 7.2

	
315(b)
	
 
	
7.5; 10.2

	
315(c)
	
 
	
7.1

	
315(d)
	
 
	
7.1; 7.2

	
315(e)
	
 
	
6.11

	
 
	
 
	
 

	
316(a)(last sentence)
	
 
	
2.10

	
316(a)(1)(A)
	
 
	
6.5

	
316(a)(1)(B)
	
 
	
6.4

	
316(a)(2)
	
 
	
8.2

	
316(b)
	
 
	
6.7

	
316(c)
	
 
	
8.4

	
 
	
 
	
 

	
317(a)(1)
	
 
	
6.8

	
317(a)(2)
	
 
	
6.9

	
317(b)
	
 
	
2.5; 7.12

	
318(a)
	
 
	
10.1

 

Note: This Cross-Reference Table shall not, for any purpose, be deemed to be a part of the Indenture.

 

 

iii

 

INDENTURE, dated as of                      ,                      , by and between Paramount Gold Nevada Corp., a Nevada corporation, as Issuer (the “Company”) and                      , a                      organized under the laws of                                           , as Trustee (the “Trustee”).

 

RECITALS OF THE COMPANY

 

The Company has duly authorized the execution and delivery of this Indenture to provide for the issuance from time to time of its debentures, notes or other evidences of indebtedness to be issued in one or more series (the “Securities”), as herein provided, up to such principal amount as may from time to time be authorized in or pursuant to one or more resolutions of the Board of Directors or by supplemental indenture.

 

All things necessary to make this Indenture a valid agreement of the Company in accordance with its terms have been done, and the execution and delivery thereof have been in all respects duly authorized by the parties hereto.

 

NOW, THEREFORE, THIS INDENTURE WITNESSETH:

 

For and in consideration of the premises and the purchase of the Securities by the Holders thereof, it is mutually agreed, for the equal and proportionate benefit of all Holders of the Securities of a Series thereof, as follows:

 

ARTICLE 1 -
DEFINITIONS AND INCORPORATION BY REFERENCE

 

1.1  DEFINITIONS.

 

“Affiliate” of any specified Person means any other Person which, directly or indirectly through one or more intermediaries, controls, or is controlled by or is under common control with, such specified Person. For the purposes of this definition, “control” (including, with correlative meanings, the terms “controlling,” “controlled by” and “under common control with”), as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise.

 

“Agent” means any Registrar, Paying Agent, co-registrar or agent for service of notices and demands.

 

“Board of Directors” means the Board of Directors of the Company or any committee duly authorized to act therefor.

 

“Board Resolution” means a copy of a resolution certified pursuant to an Officers’ Certificate to have been duly adopted by the Board of Directors of the Company and to be in full force and effect on the date of such certification which has been delivered to the Trustee.

 

“Capital Stock” means, with respect to any Person, any and all shares or other equivalents (however designated) of capital stock, partnership interests or any other participation, right or other interest in the nature of an equity interest in such Person or any option, warrant or other security convertible into any of the foregoing.

 

“Company” means the party named as such in the first paragraph of this Indenture until a successor replaces such party pursuant to Article 5 of this Indenture, and thereafter means the successor and any other primary obligor on the Securities.

 

“Company Order” means a written order signed in the name of the Company by two Officers, one of whom must be its Chief Executive Officer or its Vice President of Finance.

 

“Company Request” means any written request signed in the name of the Company by its Chief Executive Officer, its President, any Vice President, its Chief Financial Officer or its Treasurer and attested to by its Secretary or any Assistant Secretary.

  

“Corporate Trust Office” means the office of the Trustee at which at any particular time its corporate trust business shall be principally administered.

 

“Default” means any event that is, or that with the passing of time or giving of notice or both would be, an Event of Default.

 

“Depository” means, with respect to the Securities of any Series issuable or issued in whole or in part in the form of one or more Global Securities, the Person designated as Depository for such Series by the Company, which Depository shall be a clearing agency registered under the Exchange Act, until a successor Depository shall have become such pursuant to the applicable provisions of this 

1

 

Indenture, and thereafter “Depository” shall mean each Person who is then a Depository hereunder, and if at any time there is more than one such Person, such Persons.

 

“Dollars” means the currency of the United States of America.

 

“Euro” means the single currency of participating member states of the economic and monetary union as contemplated in the Treaty on European Union.

 

“Exchange Act” means the Securities Exchange Act of 1934, as amended.

 

“Foreign Currency” means any currency or currency unit issued by a government other than the government of the United States of America.

 

“Foreign Government Obligations” means, with respect to Securities that are denominated in a Foreign Currency, (i) direct obligations of the government that issued or caused to be issued such currency for the payment of which obligations its full faith and credit is pledged or (ii) obligations of a Person controlled or supervised by, or acting as an agency or instrumentality of, such government, the timely payment of which is unconditionally guaranteed as a full faith and credit obligation by such government, which, in either case under clauses (i) and (ii), are not callable or redeemable at the option of the issuer thereof.

 

“GAAP” means generally accepted accounting principles consistently applied as in effect in the United States of America from time to time.

 

“Global Security” or “Global Securities” means a Security or Securities, as the case may be, in the form established pursuant to Section 2.2, evidencing all or part of a Series of Securities issued to the Depository for such Series or its nominee, and registered in the name of such Depository or nominee, and bearing the legend set forth in Section 2.15(c) (or such other legend(s) as may be applied to such Securities in accordance with Section 2.2(24)).

 

“Holder” or “Securityholder” means the Person in whose name a Security is registered on the Registrar’s books.

 

“Indebtedness” means (without duplication), with respect to any Person, any indebtedness at any time outstanding, secured or unsecured, contingent or otherwise, which is for borrowed money (whether or not the recourse of the lender is to the whole of the assets of such Person or only to a portion thereof), or evidenced by bonds, notes, debentures or similar instruments, or representing the balance deferred and unpaid of the purchase price of any property (excluding any balances that constitute accounts payable or trade payables, and other accrued liabilities arising in the ordinary course of business), if and to the extent any of the foregoing indebtedness would appear as a liability upon a balance sheet of such Person prepared in accordance with GAAP.

 

“Indenture” means this Indenture as amended, restated or supplemented from time to time.

 

“Interest Payment Date,” when used with respect to any Security, means the Stated Maturity of an installment of interest on such Security.

 

“Lien” means, with respect to any property or assets of any Person, any mortgage or deed of trust, pledge, hypothecation, assignment, deposit arrangement, security interest, lien, charge, easement, encumbrance, preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever on or with respect to such property or assets (including, without limitation, any capitalized lease obligation, conditional sales or other title retention agreement having substantially the same economic effect as any of the foregoing).

 

“Maturity,” when used with respect to any Security, means the date on which the principal of such Security, or an installment of principal, becomes due and payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, call for redemption, notice of option to elect payment or otherwise.

 

“Officer” means the Chief Executive Officer, the President, any Vice President, the Chief Financial Officer, the Treasurer or the Secretary of the Company, or any other officer designated by the Board of Directors, as the case may be.

 

“Officers’ Certificate” means, with respect to any Person, a certificate signed by the Chairman, Chief Executive Officer, President or any Senior or Executive Vice President and the Chief Financial Officer or any Treasurer of such Person, that shall comply with applicable provisions of this Indenture.

 

“Opinion of Counsel” means a written opinion from legal counsel, which counsel is reasonably acceptable to the Trustee. The counsel may be an employee of or counsel to the Company.

2

 

 

“Person” means any individual, corporation, limited liability company, partnership, joint venture, association, joint-stock company, trust, unincorporated organization or government (including any agency or political subdivision thereof).

 

“Redemption Date,” when used with respect to any Security to be redeemed, means the date fixed for such redemption pursuant to this Indenture.

 

“Responsible Officer,” when used with respect to the Trustee, means any officer within the corporate trust department or division of the Trustee (or any successor group of the Trustee) or any other officer of the Trustee customarily performing functions similar to those performed by any of the above designated officers, and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of his knowledge of and familiarity with the particular subject.

 

“SEC” means the United States Securities and Exchange Commission as constituted from time to time, or any successor performing substantially the same functions.

 

“Securities” means the securities that are issued under this Indenture, as amended or supplemented from time to time pursuant to this Indenture.

 

“Securities Act” means the Securities Act of 1933, as amended.

 

“Series” or “Series of Securities” means each series of debentures, notes or other debt instruments of the Company created pursuant to Sections 2.1 and 2.2.

 

“Significant Subsidiary” means (i) any direct or indirect Subsidiary of the Company that would be a “significant subsidiary” as defined in Article 1, Rule 1-02 of Regulation S-X, promulgated pursuant to the Securities Act, as such regulation is in effect on the date hereof, or (ii) any group of direct or indirect Subsidiaries of the Company that, taken together as a group, would be a “significant subsidiary” as defined in Article 1, Rule 1-02 of Regulation S-X, promulgated pursuant to the Securities Act, as such regulation is in effect on the date hereof.

 

“Stated Maturity,” when used with respect to any Security or any installment of principal thereof or interest thereon, means the date specified in such Security as the fixed date on which the principal of such Security, or such installment of principal or interest, is due and payable, and when used with respect to any other Indebtedness, means the date specified in the instrument governing such Indebtedness as the fixed date on which the principal of such Indebtedness, or any installment of interest thereon, is due and payable.

 

“Subsidiary” of any specified Person means any corporation, limited liability company, partnership, joint venture, association or other business entity, whether now existing or hereafter organized or acquired, (i) in the case of a corporation, of which more than 50% of the total voting power of the Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors thereof is held, directly or indirectly, by such Person or any of its Subsidiaries; or (ii) in the case of a partnership, joint venture, association or other business entity, with respect to which such Person or any of its Subsidiaries has the power to direct or cause the direction of the management and policies of such entity by contract or otherwise, or if in accordance with GAAP such entity is consolidated with such Person for financial statement purposes.

 

“TIA” means the Trust Indenture Act of 1939 (15 U.S. Code Section 77aaa-77bbbb) as in effect on the date of this Indenture (except as provided in Section 8.3).

 

“Trustee” means the party named as such in this Indenture until a successor replaces it pursuant to this Indenture, and thereafter means the successor, and if at any time there is more than one such Person, “Trustee” as used with respect to the Securities of any Series shall mean the Trustee with respect to Securities of that Series.

 

“U.S. Government Obligations” means direct non-callable obligations of, or non-callable obligations guaranteed by, the United States of America for the payment of which obligation or guarantee the full faith and credit of the United States of America is pledged.

 

1.2. OTHER DEFINITIONS.

 

The definitions of the following terms may be found in the sections indicated as follows:

 

 

			
	
TERM
	
 
	
DEFINED IN SECTION

	
“Bankruptcy Law”
	
 
	
6.1

	
 
	
 
	
 

	
“Business Day”
	
 
	
10.7

3

 

			
	
 
	
 
	
 

	
“Covenant Defeasance”
	
 
	
9.3

	
 
	
 
	
 

	
“Custodian”
	
 
	
6.1

	
 
	
 
	
 

	
“Event of Default”
	
 
	
6.1

	
 
	
 
	
 

	
“Journal”
	
 
	
10.15

	
 
	
 
	
 

	
“Judgment Currency”
	
 
	
10.16

	
 
	
 
	
 

	
“Legal Defeasance”
	
 
	
9.2

	
 
	
 
	
 

	
“Legal Holiday”
	
 
	
10.7

	
 
	
 
	
 

	
“Market Exchange Rate”
	
 
	
10.15

	
 
	
 
	
 

	
“New York Paying Agent”
	
 
	
2.4

	
 
	
 
	
 

	
“Paying Agent”
	
 
	
2.4

	
 
	
 
	
 

	
“Place of Payment”
	
 
	
10.7

	
 
	
 
	
 

	
“Registrar”
	
 
	
2.4

	
 
	
 
	
 

	
“Required Currency”
	
 
	
10.16

	
 
	
 
	
 

 

			
	
“Service Agent”
	
 
	
2.4

 

1.3.  INCORPORATION BY REFERENCE OF TRUST INDENTURE ACT.

 

Whenever this Indenture refers to a provision of the TIA, the portion of such provision required to be incorporated herein in order for this Indenture to be qualified under the TIA is incorporated by reference in and made a part of this Indenture. The following TIA terms used in this Indenture have the following meanings:

 

“Commission” means the SEC.

 

“Indenture securities” means the Securities.

 

“Indenture securityholder” means a Holder or Securityholder.

 

“Indenture to be qualified” means this Indenture.

 

“Indenture trustee” or “institutional trustee” means the Trustee.

 

“Obligor on the indenture securities” means the Company.

 

All other terms used in this Indenture that are defined by the TIA, defined in the TIA by reference to another statute or defined by SEC rule have the meanings therein assigned to them.

 

1.4.  RULES OF CONSTRUCTION.

 

Unless the context otherwise requires:

 

(1)a term has the meaning assigned to it herein, whether defined expressly or by reference;

 

(2)an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP;

 

(3)“or” is not exclusive;

4

 

 

(4)words in the singular include the plural, and in the plural include the singular;

 

(5)words used herein implying any gender shall apply to each gender; and

 

(6)the words “herein”, “hereof” and “hereunder” and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision.

 

ARTICLE 2 -
THE SECURITIES

 

2.1.  ISSUABLE IN SERIES.

 

The aggregate principal amount of Securities that may be authenticated and delivered under this Indenture is $        ,          ,          . The Securities may be issued in one or more Series. All Securities of a Series shall be identical except as may be set forth in a Board Resolution, a supplemental indenture or an Officers’ Certificate detailing the adoption of the terms thereof pursuant to the authority granted under a Board Resolution. In the case of Securities of a Series to be issued from time to time, the Board Resolution, Officers’ Certificate or supplemental indenture may provide for the method by which specified terms (such as interest rate, Stated Maturity, record date or date from which interest shall accrue) are to be determined. Securities may differ between Series in respect of any matters, PROVIDED, that all Series of Securities shall be equally and ratably entitled to the benefits of the Indenture.

 

2.2. ESTABLISHMENT OF TERMS OF SERIES OF SECURITIES.

 

At or prior to the issuance of any Securities within a Series, the following shall be established (as to the Series generally, in the case of Subsection 2.2(1) and either as to such Securities within the Series or as to the Series generally in the case of Subsections 2.2(2) through 2.2(24)) by a Board Resolution, a supplemental indenture or an Officers’ Certificate, in each case, pursuant to authority granted under a Board Resolution:

 

(1)the title of the Series (which shall distinguish the Securities of that particular Series from the Securities of any other Series);

 

(2)any limit upon the aggregate principal amount of the Securities of the Series which may be authenticated and delivered under this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the Series pursuant to Section 2.7, 2.8, 2.11, 3.6 or 8.5);

 

(3)the price or prices (expressed as a percentage of the principal amount thereof) at which the Securities of the Series will be issued;

 

(4)the date or dates on which the principal of the Securities of the Series is payable;

 

(5)the rate or rates (which may be fixed or variable) per annum or, if applicable, the method used to determine such rate or rates (including, but not limited to, any commodity, commodity index, stock exchange index or financial index) at which the Securities of the Series shall bear interest, if any, the date or dates from which such interest, if any, shall accrue, the date or dates on which such interest, if any, shall commence and be payable and any regular record date for the interest payable on any Interest Payment Date;

 

(6)the place or places where the principal of, and interest and premium, if any, on, the Securities of the Series shall be payable, or the method of such payment, if by wire transfer, mail or other means;

 

(7)if applicable, the period or periods within which, the price or prices at which and the terms and conditions upon which the Securities of the Series may be redeemed, in whole or in part, at the option of the Company;

 

(8)the obligation, if any, of the Company to redeem or purchase the Securities of the Series pursuant to any sinking fund or analogous provisions or at the option of a Holder thereof, and the period or periods within which, the price or prices at which and the terms and conditions upon which Securities of the Series shall be redeemed or purchased, in whole or in part, pursuant to such obligation;

 

(9)the dates, if any, on which and the price or prices at which the Securities of the Series will be repurchased by the Company at the option of the Holders thereof, and other detailed terms and provisions of such repurchase obligations;

5

 

 

(10)if other than denominations of $1,000 and any integral multiple thereof, the denominations in which the Securities of the Series shall be issuable;

 

(11)the forms of the Securities of the Series in bearer (if to be issued outside of the United States of America) or fully registered form (and, if in fully registered form, whether the Securities will be issuable as Global Securities);

 

(12)if other than the principal amount thereof, the portion of the principal amount of the Securities of the Series that shall be payable upon declaration of acceleration of the Maturity thereof pursuant to Section 6.2;

 

(13)the currency of denomination of the Securities of the Series, which may be Dollars or any Foreign Currency, including, but not limited to, the Euro, and, if such currency of denomination is a composite currency other than the Euro, the agency or organization, if any, responsible for overseeing such composite currency;

 

(14)the designation of the currency, currencies or currency units in which payment of the principal of, and interest and premium, if any, on, the Securities of the Series will be made;

 

(15)if payments of principal of, or interest or premium, if any, on, the Securities of the Series are to be made in one or more currencies or currency units other than that or those in which such Securities are denominated, the manner in which the exchange rate with respect to such payments will be determined;

 

(16)the manner in which the amounts of payment of principal of, or interest and premium, if any, on, the Securities of the Series will be determined, if such amounts may be determined by reference to an index based on a currency or currencies or by reference to a commodity, commodity index, stock exchange index or financial index;

 

(17)the provisions, if any, relating to any collateral provided for the Securities of the Series;

 

(18)any addition to or change in the covenants set forth in Articles 4 or 5 that applies to Securities of the Series;

 

(19)any addition to or change in the Events of Default which applies to any Securities of the Series, any provision for the payment of additional interest or liquidated damages in connection with any Event of Default, and any change in the right of the Trustee or the requisite Holders of such Securities to declare the principal amount thereof due and payable pursuant to Section 6.2;

 

(20)the terms and conditions, if any, for conversion of the Securities into or exchange of the Securities for shares of common stock, preferred stock, other debt securities or warrants for common stock, preferred stock or other securities of any kind of the Company that apply to Securities of the Series;

 

(21)any Trustees, depositories, interest rate calculation agents, exchange rate calculation agents or other agents with respect to Securities of such Series if other than those appointed herein;

 

(22)the terms and conditions, if any, upon which the Securities shall be subordinated in right of payment to other Indebtedness of the Company;

 

(23)if applicable, that the Securities of the Series, in whole or any specified part, shall be defeasible pursuant to Article 9; and

 

(24)any other terms of the Securities of the Series (which terms shall not be inconsistent with the provisions of this Indenture, except as permitted by Section 8.1, but which may modify or delete any provision of this Indenture insofar as it applies to such Series).

 

All Securities of any one Series need not be issued at the same time, and may be issued from time to time, consistent with the terms of this Indenture, if so provided by or pursuant to the Board Resolution, supplemental indenture or Officers’ Certificate referred to above, however, the authorized principal amount of any Series may not be increased to provide for issuances of additional Securities of such Series, unless otherwise provided in such Board Resolution, supplemental indenture or Officers’ Certificate.

 

2.3. EXECUTION AND AUTHENTICATION.

 

6

 

The Securities shall be executed on behalf of the Company by two Officers of the Company or an Officer and an Assistant Secretary of the Company. Each such signature may be either manual or facsimile. The Company’s seal may be impressed, affixed, imprinted or reproduced on the Securities and may be in facsimile form.

 

If an Officer whose signature is on a Security no longer holds that office at the time the Security is authenticated, the Security shall nevertheless be valid.

 

A Security shall not be valid until authenticated by the manual signature of the Trustee or an authenticating agent. The signature shall be conclusive evidence that the Security has been authenticated under this Indenture. The Trustee shall at any time, and from time to time, authenticate Securities for original issue in the principal amount provided in the Board Resolution, supplemental indenture hereto or Officers’ Certificate, upon receipt by the Trustee of a Company Order. Such Company Order may authorize authentication and delivery pursuant to oral or electronic instructions from the Company or its duly authorized agent or agents, which oral instructions shall be promptly confirmed in writing. Each Security shall be dated the date of its authentication.

 

The aggregate principal amount of Securities of any Series outstanding at any time may not exceed any limit upon the maximum principal amount for such Series set forth in the Board Resolution, supplemental indenture hereto or Officers’ Certificate delivered pursuant to Section 2.2, except as provided in Section 2.8.

 

Prior to the issuance of Securities of any Series, the Trustee shall have received and (subject to Section 7.1) shall be fully protected in relying on: (a) the Board Resolution, supplemental indenture hereto or Officers’ Certificate establishing the form of the Securities of that Series or of Securities within that Series and the terms of the Securities of that Series or of Securities within that Series, (b) an Officers’ Certificate complying with Section 10.4, and (c) an Opinion of Counsel complying with Section 10.4.

 

The Trustee shall have the right to decline to authenticate and deliver any Securities of any Series: (a) if the Trustee, being advised in writing by outside counsel, determines that such action may not lawfully be taken; or (b) if the Trustee in good faith by its board of directors or trustees, executive committee or a trust committee of directors and/or vice-presidents shall reasonably determine that such action would expose the Trustee to personal liability, or cause it to have a conflict of interest with respect to Holders of any then outstanding Series of Securities.

 

The Trustee may appoint an authenticating agent acceptable to the Company to authenticate Securities. An authenticating agent may authenticate Securities whenever the Trustee may do so. Any appointment shall be evidenced by an instrument signed by an authorized officer of the Trustee, a copy of which shall be furnished to the Company. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights as an Agent to deal with the Company or an Affiliate of the Company.

 

2.4.  REGISTRAR AND PAYING AGENT.

 

The Company shall maintain in each Place of Payment for any Series of Securities (i) an office or agency where such Securities may be presented for registration of transfer or for exchange (“Registrar”), (ii) an office or agency where such Securities may be presented for payment (“Paying Agent”) (PROVIDED that the Company shall at all times maintain a Paying Agent in the Borough of Manhattan, City of New York, State of New York (the “New York Paying Agent”), and PROVIDED, FURTHER, that at the option of the Company payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the register for the Securities maintained by the Registrar), and (iii) an office or agency where notices and demands to or upon the Company in respect of the Securities and this Indenture may be served (“Service Agent”). The Registrar shall keep a register of the Securities and of their transfer and exchange. The Company may have one or more co-registrars and one or more additional paying agents. The Company shall give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Company shall fail to maintain any such required office, or to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the address of the Trustee as set forth in Section 10.2. If the Company acts as Paying Agent, it shall segregate the money held by it for the payment of principal of, and interest and premium, if any, on, the Securities and hold it as a separate trust fund. The Company may change any Paying Agent, Registrar, co-registrar or any other Agent without notice to any Securityholder.

 

The Company may also from time to time designate one or more other offices or agencies where the Securities may be presented or surrendered for any or all such purposes, and may from time to time rescind such designations; PROVIDED, HOWEVER, that no such designation or rescission shall in any manner relieve the Company of its obligation to maintain an office or agency in each Place of Payment for Securities of any Series for such purposes. The Company hereby initially designates the Corporate Trust Office of the Trustee as such office of the Company. The Company shall give prompt written notice to the Trustee of such designation or rescission, and of any change in the location of any such other office or agency.

 

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The Company shall enter into an appropriate agency agreement with any Registrar or Paying Agent not a party to this Indenture. The agreement shall implement the provisions of this Indenture that relate to such Agent. The Company shall notify the Trustee of the name and address of any such Agent. If the Company fails to maintain a Registrar or Paying Agent, or agent for service of notices and demands, or fails to give the foregoing notice, the Trustee shall act as such. The Company hereby appoints the Trustee as the initial Registrar, Paying Agent and Service Agent for each Series unless another Registrar, Paying Agent or Service Agent, as the case may be, is appointed prior to the time Securities of that Series are first issued. The Company designates                       , as the New York Paying Agent, with offices at                                       .

 

2.5.  PAYING AGENT TO HOLD ASSETS IN TRUST.

 

The Trustee as Paying Agent shall, and the Company shall require each Paying Agent other than the Trustee to agree in writing that each Paying Agent shall, hold in trust for the benefit of the Holders of any Series of Securities or the Trustee all assets held by the Paying Agent for the payment of principal of, or interest or premium, if any, on, such Series of Securities (whether such assets have been distributed to it by the Company or any other obligor on such Series of Securities), and the Company and the Paying Agent shall notify the Trustee in writing of any Default by the Company (or any other obligor on such Series of Securities) in making any such payment. The Company at any time may require a Paying Agent to distribute all assets held by it to the Trustee and account for any assets disbursed, and the Trustee may, at any time during the continuance of any payment default with respect to any Series of Securities, upon written request to a Paying Agent, require such Paying Agent to distribute all assets held by it to the Trustee and to account for any assets distributed. Upon distribution to the Trustee of all assets that shall have been delivered by the Company to the Paying Agent, the Paying Agent shall have no further liability for such assets.

 

2.6.  SECURITYHOLDER LISTS.

 

The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of Securityholders of each Series of Securities. If the Trustee is not the Registrar, the Company shall furnish to the Trustee as of each regular record date for the payment of interest on the Securities of a Series and before each related Interest Payment Date, and at such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of Securityholders of each Series of Securities.

 

2.7.  TRANSFER AND EXCHANGE.

 

When Securities of a Series are presented to the Registrar with a request to register the transfer thereof, the Registrar shall register the transfer as requested if the requirements of applicable law are met, and when such Securities of a Series are presented to the Registrar with a request to exchange them for an equal principal amount of other authorized denominations of Securities of the same Series, the Registrar shall make the exchange as requested. To permit transfers and exchanges, upon surrender of any Security for registration of transfer at the office or agency maintained pursuant to Section 2.4, the Company shall execute and the Trustee shall authenticate Securities at the Registrar’s request.

 

If Securities are issued as Global Securities, the provisions of Section 2.15 shall apply.

 

All Securities issued upon any registration of transfer or exchange of Securities shall be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Securities surrendered upon such registration of transfer or exchange.

 

Every Security presented or surrendered for registration of transfer or for exchange shall (if so required by the Company or the Registrar or a co-registrar) be duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Company and the Registrar or a co-registrar, duly executed by the Holder thereof or his attorney duly authorized in writing.

 

Any exchange or transfer shall be without charge, except that the Company may require payment by the Holder of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation to a transfer or exchange, but this provision shall not apply to any exchange pursuant to Section 2.11, 3.6 or 8.5. The Trustee shall not be required to register transfers of Securities of any Series, or to exchange Securities of any Series, for a period of 15 days before the record date for selection for redemption of such Securities. The Trustee shall not be required to exchange or register transfers of Securities of any Series called or being called for redemption in whole or in part, except the unredeemed portion of such Security being redeemed in part.

 

2.8.  REPLACEMENT SECURITIES.

 

If a mutilated Security is surrendered to the Trustee, or if the Holder of a Security presents evidence to the satisfaction of the Company and the Trustee that the Security has been lost, destroyed or wrongfully taken, the Company shall issue and the Trustee shall authenticate a replacement Security of the same Series and of like tenor and principal amount and bearing a number not 

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contemporaneously outstanding. An indemnity bond may be required by the Company or the Trustee that is sufficient in the reasonable judgment of the Company or the Trustee, as the case may be, to protect the Company, the Trustee or any Agent from any loss which any of them may suffer if a Security is replaced. The Company may charge such Holder for the Company’s out-of-pocket expenses in replacing a Security, including the fees and expenses of the Trustee. Every replacement Security shall constitute an original additional obligation of the Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities of that Series duly issued hereunder.

 

2.9.  OUTSTANDING SECURITIES.

 

Securities outstanding at any time are all Securities authenticated by the Trustee, except for those canceled by it, those delivered to it for cancellation and those described in this Section 2.9 as not outstanding.

 

If a Security is replaced pursuant to Section 2.8 (other than a mutilated Security surrendered for replacement), it ceases to be outstanding until the Company and the Trustee receive proof satisfactory to each of them that the replaced Security is held by a bona fide purchaser. A mutilated Security ceases to be outstanding upon surrender of such Security and replacement thereof pursuant to Section 2.8.

 

If a Paying Agent holds on a Redemption Date or the Stated Maturity money sufficient to pay the principal of, premium, if any, and accrued interest on, Securities payable on that date, and is not prohibited from paying such money to the Holders thereof pursuant to the terms of this Indenture (PROVIDED, that if such Securities are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee has been made), then on and after that date such Securities cease to be outstanding and interest on them ceases to accrue.

 

A Security does not cease to be outstanding solely because the Company or an Affiliate holds the Security.

 

2.10.  WHEN TREASURY SECURITIES DISREGARDED; DETERMINATION OF HOLDERS’ ACTION.

 

In determining whether the Holders of the required aggregate principal amount of the Securities of any Series have concurred in any direction, waiver or consent, the Securities of any Series owned by the Company or any other obligor on such Securities, or by any Affiliate of any of them, shall be disregarded, except that for the purposes of determining whether the Trustee shall be protected in relying on any such direction, waiver or consent, only Securities of such Series which the Trustee actually knows are so owned shall be so disregarded. Securities of such Series so owned which have been pledged in good faith shall not be disregarded if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to the Securities of such Series and that the pledgee is not the Company or any other obligor on the Securities of such Series, or an Affiliate of any of them.

 

2.11.  TEMPORARY SECURITIES.

 

Until definitive Securities are ready for delivery, the Company may prepare and execute, and the Trustee shall authenticate, temporary Securities. Temporary Securities shall be substantially in the form, and shall carry all rights, of definitive Securities, but may have variations that the Company considers appropriate for temporary Securities. Without unreasonable delay, the Company shall prepare and execute, and the Trustee shall authenticate, definitive Securities in exchange for temporary Securities without charge to the Holder.

 

2.12.  CANCELLATION.

 

All Securities surrendered for payment, redemption or registration of transfer or exchange, or for credit against any sinking fund payment, shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee for cancellation. The Company may at any time deliver to the Trustee for cancellation any Securities previously authenticated and delivered hereunder which the Company may have acquired in any manner whatsoever, and may deliver to the Trustee (or to any other Person for delivery to the Trustee) for cancellation any Securities previously authenticated hereunder which the Company has not issued and sold. The Registrar and the Paying Agent shall forward to the Trustee any Securities surrendered to them for transfer, exchange or payment. The Trustee or, at the direction of the Trustee, the Registrar or the Paying Agent, and no one else, shall cancel, and at the written request of the Company shall dispose of, all Securities surrendered for transfer, exchange, payment or cancellation. If the Company shall acquire any of the Securities, such acquisition shall not operate as a redemption or satisfaction of the Indebtedness represented by such Securities unless and until the same are surrendered to the Trustee for cancellation pursuant to this Section 2.12. No Securities shall be authenticated in lieu of or in exchange for any Securities cancelled as provided in this Section 2.12, except as expressly permitted by this Indenture.

 

2.13. PAYMENT OF INTEREST; DEFAULTED INTEREST; COMPUTATION OF INTEREST.

 

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Except as otherwise provided as contemplated by Section 2.2 with respect to any Series of Securities, interest on any Security which is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name that Security is registered at the close of business on the regular record date for such interest, as provided in the Board Resolution, supplemental indenture hereto or Officers’ Certificate establishing the terms of such Series.

 

If the Company defaults in a payment of interest on the Securities, it shall pay the defaulted amounts, plus any interest payable on defaulted amounts pursuant to Section 4.1, to the Persons who are Securityholders on a subsequent special record date, which date shall be the 15th day next preceding the date fixed by the Company for the payment of defaulted interest, or the next succeeding Business Day if such date is not a Business Day. At least 15 days before the special record date, the Company shall mail or cause to be mailed to each Securityholder, with a copy to the Trustee, a notice that states the special record date, the payment date and the amount of defaulted interest, and interest payable on such defaulted interest, if any, to be paid.

 

Except as otherwise specified as contemplated by Section 2.2 for Securities of any Series, interest on the Securities of each Series shall be computed on the basis of a 360-day year of twelve 30-day months.

 

2.14.  CUSIP NUMBER.

 

The Company in issuing the Securities may use one or more “CUSIP” numbers, and, if the Company does so, the Trustee shall use the CUSIP number(s) in notices of redemption or exchange as a convenience to Holders, PROVIDED, that any such notice may state that no representation is made as to the correctness or accuracy of the CUSIP number(s) printed in the notice or on the Securities, and that reliance may be placed only on the other identification numbers printed on the Securities, and that any such redemption or exchange shall not be affected by any defect in or omission of any such numbers.

 

2.15.  PROVISIONS FOR GLOBAL SECURITIES.

 

(a)A Board Resolution, a supplemental indenture hereto or an Officers’ Certificate shall establish whether the Securities of a Series shall be issued in whole or in part in the form of one or more Global Securities, and the Depository for such Global Securities or Securities.

 

(b)Notwithstanding any provisions to the contrary contained in Section 2.7 and in addition thereto, if, and only if the Depository (i) at any time is unwilling or unable to continue as Depository for such Global Security or ceases to be a clearing agency registered under the Exchange Act and (ii) a successor Depository is not appointed by the Company within 90 days after the date the Company is so informed in writing or becomes aware of the same, the Company promptly will execute and deliver to the Trustee definitive Securities, and the Trustee, upon receipt of a Company Request for the authentication and delivery of such definitive Securities (which the Company will promptly execute and deliver to the Trustee) and an Officers’ Certificate to the effect that such Global Security shall be so exchangeable, will authenticate and deliver definitive Securities, without charge, registered in such names and in such authorized denominations as the Depository shall direct in writing (pursuant to instructions from its direct and indirect participants or otherwise) in an aggregate principal amount equal to the principal amount of the Global Security with like tenor and terms. Upon the exchange of a Global Security for definitive Securities, such Global Security shall be canceled by the Trustee. Unless and until it is exchanged in whole or in part for definitive Securities, as provided in this Section 2.15(b), a Global Security may not be transferred except as a whole by the Depository with respect to such Global Security to a nominee of such Depository, by a nominee of such Depository to such Depository or another nominee of such Depository or by the Depository or any such nominee to a successor Depository or a nominee of such a successor Depository.

 

(c)Any Global Security issued hereunder shall bear a legend in substantially the following form:

 

“This Security is a Global Security within the meaning of the Indenture hereinafter referred to, and is registered in the name of the Depository or a nominee of the Depository. This Security is exchangeable for Securities registered in the name of a Person other than the Depository or its nominee only in the limited circumstances described in the Indenture, and may not be transferred except as a whole by the Depository to a nominee of the Depository, by a nominee of the Depository to the Depository or another nominee of the Depository or by the Depository or any such nominee to a successor Depository or a nominee of such a successor Depository.”

 

(d)The Depository, as a Holder, may appoint agents and otherwise authorize participants to give or take any request, demand, authorization, direction, notice, consent, waiver or other action which a Holder is entitled to give or take under the Indenture.

 

(e)Notwithstanding the other provisions of this Indenture, unless otherwise specified as contemplated by Section 2.2, payment of the principal of, and interest and premium, if any, on, any Global Security shall be made to the Depository or its nominee in its capacity as the Holder thereof.

 

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(f)Except as provided in Section 2.15(e) above, the Company, the Trustee and any Agent shall treat a Person as the Holder of such principal amount of outstanding Securities of any Series represented by a Global Security as shall be specified in a written statement of the Depository (which may be in the form of a participants’ list for such Series) with respect to such Global Security, for purposes of obtaining any consents, declarations, waivers or directions required to be given by the Holders pursuant to this Indenture, PROVIDED, that until the Trustee is so provided with a written statement, it may treat the Depository or any other Person in whose name a Global Security is registered as the owner of such Global Security for the purpose of receiving payment of the principal of, and any premium and (subject to Section 2.13) any interest on, such Global Security and for all other purposes whatsoever, and none of the Company, the Trustee or any agent of the Company or the Trustee shall be affected by notice to the contrary.

 

2.16.  PERSONS DEEMED OWNERS.

 

Prior to due presentment of a Security for registration of transfer, the Company, the Trustee, the Registrar and any agent of the Company, the Registrar or the Trustee may treat the Person in whose name such Security is registered as the owner of such Security for the purpose of receiving payment of the principal of, and any premium and (subject to Section 2.13) any interest on, such Security and for all other purposes whatsoever, and none of the Company, the Trustee, the Registrar or any agent of the Company, the Trustee or the Registrar shall be affected by notice to the contrary.

 

ARTICLE 3 -
REDEMPTION

 

3.1.  NOTICES TO TRUSTEE.

 

The Company may, with respect to any Series of Securities, reserve the right to redeem and pay the Series of Securities, or may covenant to redeem and pay the Series of Securities or any part thereof, prior to the Stated Maturity thereof at such time and on such terms as provided for in such Securities or the related Board Resolution, supplemental indenture or Officers’ Certificate. If a Series of Securities is redeemable and the Company elects to redeem all or part of such Series of Securities, it shall notify the Trustee of the Redemption Date and the principal amount of Securities to be redeemed at least 45 days (unless a shorter notice shall be satisfactory to the Trustee) before the Redemption Date. Any such notice may be canceled at any time prior to notice of such redemption being mailed to any Holder, and shall thereby be void and of no effect.

 

3.2.  SELECTION BY TRUSTEE OF SECURITIES TO BE REDEEMED.

 

Unless otherwise indicated for a particular Series of Securities by a Board Resolution, a supplemental indenture or an Officers’ Certificate, if fewer than all of the Securities of a Series are to be redeemed, the Trustee shall select the Securities of a Series to be redeemed pro rata, by lot or by any other method that the Trustee considers fair and appropriate (unless the Company specifically directs the Trustee otherwise) and, if such Securities are listed on any securities exchange, by a method that complies with the requirements of such exchange.

 

The Trustee shall make the selection from Securities of a Series outstanding and not previously called for redemption, and shall promptly notify the Company in writing of the Securities selected for redemption and, in the case of any Security selected for partial redemption, the principal amount thereof to be redeemed at least 35 but not more than 60 days before the Redemption Date. Securities of a Series in denominations of $1,000 may be redeemed only in whole. The Trustee may select for redemption portions of the principal of Securities of a Series that have denominations larger than $1,000. Securities of a Series and portions of them it selects shall be in amounts of $1,000 or, with respect to Securities of any Series issuable in other denominations pursuant to Section 2.2(10), the minimum principal denomination for each Series and integral multiples thereof. Provisions of this Indenture that apply to Securities called for redemption also apply to portions of Securities called for redemption.

 

3.3. NOTICE OF REDEMPTION.

 

Unless otherwise indicated for a particular Series by Board Resolution, a supplemental indenture hereto or an Officers’ Certificate, at least 30 days, and no more than 60 days, before a Redemption Date, the Company shall mail, or cause to be mailed, a notice of redemption by first-class mail to each Holder of Securities to be redeemed at his or her last address as the same appears on the registry books maintained by the Registrar. The notice shall identify the Securities to be redeemed and shall state:

 

(1)the Redemption Date;

 

(2)the redemption price, and that such redemption price shall become due and payable on the Redemption Date;

 

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(3)if any Security of a Series is being redeemed in part, the portion of the principal amount of such Security of a Series to be redeemed and that, after the Redemption Date and upon surrender of such Security of a Series, a new Security or Securities in principal amount equal to the unredeemed portion will be issued;

 

(4)the name and address of the Paying Agent;

 

(5)that Securities of a Series called for redemption must be surrendered to the Paying Agent to collect the redemption price, and the place or places where each such Security is to be surrendered for such payment;

 

(6)that, unless the Company defaults in making the redemption payment, interest on the Securities of a Series called for redemption ceases to accrue on the Redemption Date, and the only remaining right of the Holders of such Securities is to receive payment of the redemption price upon surrender to the Paying Agent of the Securities redeemed;

 

(7)if fewer than all of the Securities of a Series are to be redeemed, the identification of the particular Securities of a Series (or portion thereof) to be redeemed, as well as the aggregate principal amount of Securities of a Series to be redeemed and the aggregate principal amount of Securities of a Series to be outstanding after such partial redemption.

 

(8)the CUSIP number, if any, printed on the Securities being redeemed; and

 

(9)that no representation is made as to the correctness or accuracy of the CUSIP number, if any, listed in such notice or printed on the Securities.

 

At the Company’s request, the Trustee shall give the notice of redemption in the Company’s name and at the Company’s sole expense.

 

3.4.  EFFECT OF NOTICE OF REDEMPTION.

 

Once the notice of redemption described in Section 3.3 is mailed, Securities of a Series called for redemption become due and payable on the Redemption Date and at the redemption price, plus interest, if any, accrued to the Redemption Date. Upon surrender to the Trustee or Paying Agent, such Securities of a Series shall be paid at the redemption price, plus accrued interest, if any, to the Redemption Date; PROVIDED, that if the Redemption Date is after a regular interest payment record date and on or prior to the next Interest Payment Date, the accrued interest shall be payable to the Holder of the redeemed Securities registered on the relevant record date, as specified by the Company in the notice to the Trustee pursuant to Section 3.1.

 

3.5.  DEPOSIT OF REDEMPTION PRICE.

 

On or prior to the Redemption Date (but no later than 11:00 A.M. Eastern Time on such date), the Company shall deposit with the Paying Agent money sufficient to pay the redemption price of and accrued interest, if any, on all Securities to be redeemed on that date other than Securities or portions thereof called for redemption on that date which have been delivered by the Company to the Trustee for cancellation.

 

On and after any Redemption Date, if money sufficient to pay the redemption price of, and accrued interest on, Securities called for redemption shall have been made available in accordance with the preceding paragraph and the Company and the Paying Agent are not prohibited from paying such moneys to Holders, the Securities called for redemption will cease to accrue interest and the only right of the Holders of such Securities will be to receive payment of the redemption price of and, subject to the proviso in Section 3.4, accrued and unpaid interest on such Securities to the Redemption Date. If any Security called for redemption shall not be so paid, interest will be paid, from the Redemption Date until such redemption payment is made, on the unpaid principal of the Security and any interest or premium, if any, not paid on such unpaid principal, in each case, at the rate and in the manner provided in the Securities.

 

3.6.  SECURITIES REDEEMED IN PART.

 

Upon surrender of a Security of a Series that is redeemed in part, the Company shall execute, and the Trustee shall authenticate, for a Holder a new Security of the same Series equal in principal amount to the unredeemed portion of the Security surrendered.

 

ARTICLE 4 -
COVENANTS

 

4.1.  PAYMENT OF SECURITIES.

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The Company shall pay the principal of, and interest and premium, if any, on, each Series of Securities on the dates and in the manner provided in such Securities and this Indenture.

 

An installment of principal or interest shall be considered paid on the date it is due if the Trustee or Paying Agent holds on that date money designated for and sufficient to pay such installment and is not prohibited from paying such money to the Holders pursuant to the terms of this Indenture or otherwise.

 

The Company shall pay interest on overdue principal, and overdue interest, to the extent lawful, at the rate specified in the Series of Securities.

 

4.2.  SEC REPORTS.

 

The Company will deliver to the Trustee within 15 days after the filing of the same with the SEC, copies of the quarterly and annual reports and of the information, documents and other reports, if any, which the Company is required to file with the SEC pursuant to Section 13 or 15(d) of the Exchange Act; PROVIDED, HOWEVER, that each such report or document will be deemed to be so delivered to the Trustee if the Company files such report or document with the SEC through the SEC’s EDGAR database no later than the time such report or document is required to be filed with the SEC pursuant to the Exchange Act. Notwithstanding that the Company may not be subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, the Company will file with the SEC, to the extent permitted, and provide the Trustee with, such quarterly and annual reports and such information, documents and other reports specified in Sections 13 and 15(d) of the Exchange Act. The Company will also comply with the other provisions of TIA Section 314(a).

 

4.3.  WAIVER OF STAY, EXTENSION OR USURY LAWS.

 

The Company covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead (as a defense or otherwise) or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension, usury or other law which would prohibit or forgive the Company from paying all or any portion of the principal of, and/or interest and premium, if any, on, the Securities as contemplated herein, wherever enacted, now or at any time hereafter in force, or which may affect the covenants or the performance of this Indenture; and the Company hereby expressly waives (to the extent that they may lawfully do so) all benefit or advantage of any such law, and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted.

 

4.4.  COMPLIANCE CERTIFICATE.

 

(a)The Company shall deliver to the Trustee, within 120 days after the end of each fiscal year of the Company, an Officers’ Certificate which complies with TIA Section 314(a)(4) stating that a review of the activities of the Company and its Subsidiaries during such fiscal year has been made under the supervision of the signing Officers with a view to determining whether the Company has kept, observed, performed and fulfilled its obligations under this Indenture, and further stating, as to each such Officer signing such certificate, that to the best of his or her knowledge the Company has kept, observed, performed and fulfilled each and every covenant contained in this Indenture and that there is no default in the performance or observance of any of the terms, provisions and conditions hereof (or, if a Default or Event of Default shall have occurred, describing all such Defaults or Events of Default of which he or she may have knowledge and what action the Company is taking or proposes to take with respect thereto) and that to the best of his or her knowledge no event has occurred and remains in existence by reason of which payments on account of the principal of, or interest or premium, if any, on, the Securities is prohibited, or if such event has occurred, a description of the event and what action the Company is taking or proposes to take with respect thereto.

 

(b)(i) If any Default or Event of Default has occurred and is continuing or (ii) if any Holder seeks to exercise any remedy hereunder with respect to a claimed Default under this Indenture or the Securities, within five Business Days after the Company becoming aware of such occurrence the Company shall deliver to the Trustee an Officers’ Certificate specifying such event, notice or other action and what action the Company is taking or proposes to take with respect thereto.

 

4.5.  CORPORATE EXISTENCE.

 

Subject to Article 5, the Company shall do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence, in accordance with the organizational documents (as the same may be amended from time to time) of the Company and the rights (charter and statutory), licenses and franchises of the Company; PROVIDED, HOWEVER, that the Company shall not be required to preserve any such right, license or franchise, or its corporate existence, if the Board of Directors shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Company and that the loss thereof is not adverse in any material respect to the Holders.

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ARTICLE 5 -
SUCCESSOR CORPORATION

 

5.1. LIMITATION ON CONSOLIDATION, MERGER AND SALE OF ASSETS.

 

(a)The Company will not, in any transaction or series of transactions, merge or consolidate with or into, or sell, assign, convey, transfer, lease or otherwise dispose of all or substantially all of its properties and assets (as an entirety or substantially as an entirety in one transaction or a series of related transactions), to any Person or Persons, unless at the time of and after giving effect thereto (i) either (A) if the transaction or series of transactions is a merger or consolidation, the Company shall be the surviving Person of such merger or consolidation, or (B) the Person formed by such consolidation or into which the Company is merged or to which the properties and assets of the Company are transferred (any such surviving Person or transferee Person being the “Surviving Entity”) shall be a corporation organized and existing under the laws of the United States of America, any state thereof or the District of Columbia, or a corporation or comparable legal entity organized under the laws of a foreign jurisdiction and shall expressly assume by a supplemental indenture executed and delivered to the Trustee, in form reasonably satisfactory to the Trustee, all of the obligations of the Company (including, without limitation, the obligation to pay the principal of, and premium and interest, if any, on, the Securities and the performance of the other covenants) under the Securities of each Series and this Indenture, and in each case, this Indenture shall remain in full force and effect; and (ii) immediately before and immediately after giving effect to such transaction or series of transactions on a pro forma basis (including, without limitation, any Indebtedness incurred or anticipated to be incurred in connection with or in respect of such transaction or series of transactions), no Default or Event of Default shall have occurred and be continuing.

 

(b)In connection with any consolidation, merger or transfer of assets contemplated by this Section 5.1, the Company shall deliver, or cause to be delivered, to the Trustee, in form and substance reasonably satisfactory to the Trustee, an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation, merger or transfer, and the supplemental indenture in respect thereto, comply with this Section 5.1, and that all conditions precedent herein provided for relating to such transaction or transactions have been complied with.

 

5.2.  SUCCESSOR PERSON SUBSTITUTED.

 

Upon any consolidation, merger or transfer of all or substantially all of the assets of the Company in accordance with Section 5.1 above, the successor corporation formed by such consolidation, or into which the Company is merged or to which such transfer is made, shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture with the same effect as if such successor corporation had been named as the Company herein, and thereafter (except with respect to any such transfer which is a lease) the predecessor corporation shall be relieved of all obligations and covenants under this Indenture and the Securities.

 

ARTICLE 6 -
DEFAULTS AND REMEDIES

 

6.1.  EVENTS OF DEFAULT.

 

“Events of Default,” wherever used herein with respect to Securities of any Series, means any one of the following events, unless in the establishing Board Resolution, supplemental indenture or Officers’ Certificate, it is provided that such Series shall not have the benefit of said Event of Default:

 

(1)there is a default in the payment of any principal of, or premium, if any, on, the Securities when the same becomes due and payable at Maturity, upon acceleration, redemption or otherwise;

 

(2)there is a default in the payment of any interest on any Security of a Series when the same becomes due and payable, and the Default continues for a period of 30 days;

 

(3)the Company defaults in the observance or performance of any other covenant in the Securities of a Series or in this Indenture for 60 days after written notice from the Trustee or the Holders of not less than 25% in the aggregate principal amount of the Securities of such Series then outstanding, which notice must specify the Default, demand that it be remedied and state that the notice is a “Notice of Default”;

 

(4)the Company or any Significant Subsidiary pursuant to or within the meaning of any Bankruptcy Law:

 

(A) commences a voluntary case,

 

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(B) consents to the entry of an order for relief against it in an involuntary case,

 

(C) consents to the appointment of a Custodian of it or for all or substantially all of its property,

 

(D) makes a general assignment for the benefit of its creditors, or

 

(E) generally is not paying its debts as they become due;

 

(5)a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:

 

(A) is for relief against the Company or any Significant Subsidiary in an involuntary case;

 

(B) appoints a Custodian of the Company or any Significant Subsidiary, or for all or substantially all of the property of the Company or any Significant Subsidiary; or

 

(C) orders the liquidation of the Company or any Significant Subsidiary, and the order or decree remains unstayed and in effect for 90 consecutive days; or

 

(6)any other Event of Default provided with respect to Securities of that Series, which is specified in a Board Resolution, a supplemental indenture hereto or an Officers’ Certificate, in accordance with Section 2.2(19).

 

The term “Bankruptcy Law” means Title 11, U.S. Code, or any similar federal or state law for the relief of debtors. The term “Custodian” means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law.

 

The Trustee may withhold notice of any Default (except in the payment of the principal of, or interest or premium, if any, on, the Securities) to the Holders of the Securities of any Series in accordance with Section 7.5. When a Default is cured, it ceases to exist.

 

6.2.  ACCELERATION.

 

If an Event of Default with respect to Securities of any Series at the time outstanding (other than an Event of Default arising under Section 6.1(4) or (5)) occurs and is continuing, the Trustee by written notice to the Company, or the Holders of not less than 25% in aggregate principal amount of the Securities of that Series then outstanding by written notice to the Company and the Trustee, may declare that the entire principal amount of all the Securities of that Series then outstanding plus accrued and unpaid interest to the date of acceleration are immediately due and payable, in which case such amounts shall become immediately due and payable; PROVIDED, HOWEVER, that after such acceleration but before a judgment or decree based on such acceleration is obtained by the Trustee, the Holders of a majority in aggregate principal amount of the outstanding Securities of that Series may rescind and annul such acceleration and its consequences if (i) all existing Events of Default, other than the nonpayment of accelerated principal, interest or premium, if any, that has become due solely because of the acceleration, have been cured or waived, (ii) to the extent the payment of such interest is lawful, interest on overdue installments of interest and overdue principal, which has become due otherwise than by such declaration of acceleration, has been paid and (iii) the rescission would not conflict with any judgment or decree. No such rescission shall affect any subsequent Default or impair any right consequent thereto. In case an Event of Default specified in Section 6.1(4) or (5) with respect to the Company occurs, such principal, premium, if any, and interest amount with respect to all of the Securities of that Series shall be due and payable immediately without any declaration or other act on the part of the Trustee or the Holders of the Securities of that Series.

 

6.3.  REMEDIES.

 

If an Event of Default with respect to Securities of any Series at the time outstanding occurs and is continuing, the Trustee may pursue any available remedy by proceeding at law or in equity to collect the payment of the principal of, or interest and premium, if any, on, the Securities of that Series, or to enforce the performance of any provision of the Securities of that Series or this Indenture.

 

The Trustee may maintain a proceeding even if it does not possess any of the Securities of that Series or does not produce any of them in the proceeding. A delay or omission by the Trustee or any Securityholder in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. No remedy is exclusive of any other remedy. All available remedies are cumulative to the extent permitted by law.

 

6.4. WAIVER OF PAST DEFAULTS AND EVENTS OF DEFAULT.

 

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Subject to Sections 6.2, 6.7 and 8.2, the Holders of a majority in principal amount of the Securities of any Series then outstanding have the right to waive any existing Default or Event of Default with respect to such Series or compliance with any provision of this Indenture (with respect to such Series) or the Securities of such Series. Upon any such waiver, such Default with respect to such Series shall cease to exist, and any Event of Default with respect to such Series arising therefrom shall be deemed to have been cured for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereto. This Section 6.4 shall be in lieu of TIA Section 316(a)(1)(B), and TIA Section 316(a)(1)(B) is hereby expressly excluded from this Indenture and Section as permitted by the TIA.

 

6.5. CONTROL BY MAJORITY.

 

Subject to Sections 6.2, 6.7 and 8.2, the Holders of a majority in principal amount of the Securities of any Series then outstanding may direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee by this Indenture with respect to such Series. The Trustee, however, may refuse to follow any direction that conflicts with law or this Indenture, or that the Trustee determines may be unduly prejudicial to the rights of another Securityholder, or that may involve the Trustee in personal liability; PROVIDED, that the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction. This Section 6.5 shall be in lieu of TIA Section 316(a)(1)(A), and TIA Section 316(a)(1)(A) is hereby expressly excluded from this Indenture and Section as permitted by the TIA.

 

6.6. LIMITATION ON SUITS.

 

Subject to Section 6.7, a Securityholder may not institute any proceeding or pursue any remedy with respect to this Indenture or the Securities of a Series unless:

 

(1)the Holder gives to the Trustee written notice of a continuing Event of Default with respect to the Securities of that Series;

 

(2)the Holders of at least 25% in aggregate principal amount of the Securities of such Series then outstanding make a written request to the Trustee to pursue the remedy;

 

(3)such Holder or Holders offer to the Trustee indemnity reasonably satisfactory to the Trustee against any loss, liability or expense to be incurred in compliance with such request;

 

(4)the Trustee does not comply with the request within 60 days after receipt of the request and the offer of indemnity; and

 

(5)no direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of a majority in aggregate principal amount of the Securities of such Series then outstanding.

 

A Securityholder may not use this Indenture to prejudice the rights of another Securityholder, or to obtain a preference or priority over another Securityholder.

 

6.7.  RIGHTS OF HOLDERS TO RECEIVE PAYMENT.

 

Notwithstanding any other provision of this Indenture, the right of any Holder of a Security of a Series to receive payment of the principal of, and interest and premium, if any, on, the Security of such Series on or after the respective due dates expressed in the Security of such Series, or to bring suit for the enforcement of any such payment on or after such respective dates, is absolute and unconditional, and shall not be impaired or affected without the consent of the Holder.

 

6.8.  COLLECTION SUIT BY TRUSTEE.

 

If an Event of Default in payment of principal, interest or premium, if any, specified in Section 6.1(1) or (2) with respect to Securities of any Series at the time outstanding occurs and is continuing, the Trustee may recover judgment in its own name and as trustee of an express trust against the Company (or any other obligor on the Securities of that Series) for the whole amount of unpaid principal and premium, if any, and accrued interest remaining unpaid, together with interest on overdue principal and premium, if any, and, to the extent that payment of such interest is lawful, interest on overdue installments of interest, in each case at the rate then borne by the Securities of that Series, and such further amounts as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, as set forth in Section 7.7.

 

6.9.  TRUSTEE MAY FILE PROOFS OF CLAIM.

 

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The Trustee may file such proofs of claim and other papers or documents, and take other actions (including sitting on a committee of creditors), as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and the Securityholders allowed in any judicial proceedings relative to the Company (or any other obligor on the Securities), any of their respective creditors or any of their respective property, and the Trustee shall be entitled and empowered to collect and receive any monies or other property payable or deliverable on any such claims, and to distribute the same after deduction of its charges and expenses to the extent that any such charges and expenses are not paid out of the estate in any such proceedings, and any custodian in any such judicial proceeding is hereby authorized by each Securityholder to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments directly to the Securityholders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.7.

 

Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to, or accept or adopt on behalf of any Securityholder, any plan of reorganization, arrangement, adjustment or composition affecting the Securities of a Series or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Securityholder in any such proceedings.

 

6.10.  PRIORITIES.

 

If the Trustee collects any money pursuant to this Article 6, it shall pay out the money in the following order:

 

FIRST:  to the Trustee for amounts due under Section 7.7;

 

SECOND:  to Securityholders for amounts then due and unpaid for the principal of, and interest and premium, if any, on, the Securities in respect of which, or for the benefit of which, such money has been collected, ratably, without preference or priority of any kind, according to the amounts due and payable on such Securities; for principal and any premium and interest, respectively; and

 

THIRD:  to the Company.

 

The Trustee may fix a record date and payment date for any payment to Securityholders pursuant to this Section 6.10. At least 15 days before such record date, the Trustee shall mail to each Securityholder a notice that states the record date, the payment date and amount to be paid.

 

6.11.  UNDERTAKING FOR COSTS.

 

In any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken or omitted by it as Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 6.11 does not apply to a suit by the Trustee, a suit by a Holder pursuant to Section 6.7 or a suit by Holders of more than 10% in principal amount of the Securities of a Series then outstanding.

 

ARTICLE 7 -
TRUSTEE

 

7.1.  DUTIES OF TRUSTEE.

 

(a)If an Event of Default has occurred and is continuing, the Trustee shall exercise such of the rights and powers vested in it by this Indenture and use the same degree of care and skill in their exercise as a prudent Person would exercise or use under the same circumstances in the conduct of his own affairs.

 

(b)Except during the continuance of an Event of Default:

 

(1)The Trustee need perform only those duties that are specifically set forth in this Indenture, and no covenants or obligations shall be implied in this Indenture against the Trustee.

 

(2)In the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture, but, in the case of any such certificates or opinions which by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Indenture.

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(c)The Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act or its own willful misconduct, except that:

 

(1)This paragraph does not limit the effect of paragraph (b) of this Section 7.1.

 

(2)The Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it is proved that the Trustee was negligent in ascertaining the pertinent facts.

 

(3)The Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Sections 6.2 and 6.5.

 

(d)No provision of this Indenture shall require the Trustee to expend or risk its own funds, or otherwise incur any financial liability, in the performance of any of its rights or powers if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity satisfactory to it against such risk or liability is not reasonably assured to it.

 

(e)Whether or not therein expressly so provided, paragraphs (a), (b), (c) and (d) of this Section 7.1 shall govern every provision of this Indenture that in any way relates to the Trustee.

 

(f)The Trustee and Paying Agent shall not be liable for interest on any money received by either of them, except as the Trustee and Paying Agent may agree in writing with the Company. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by the law.

 

(g)The Paying Agent, the Registrar and any authenticating agent shall be entitled to the protections, immunities and standard of care set forth in paragraphs (a), (b), (c), (d) and (f) of this Section 7.1 and in Section 7.2 with respect to the Trustee.

 

7.2.  RIGHTS OF TRUSTEE.

 

	
 
	
(a)
	
Subject to Section 7.1:

 

(1)The Trustee may rely on, and shall be protected in acting or refraining from acting upon, any document reasonably believed by it to be genuine and to have been signed or presented by the proper Person. The Trustee need not investigate any fact or matter stated in the document.

 

(2)Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of Counsel, or both, which shall conform to the provisions of Section 10.5. The Trustee shall be protected and shall not be liable for any action it takes or omits to take in good faith in reliance on such certificate or opinion.

 

(3)The Trustee may act through agents and attorneys, and shall not be responsible for the misconduct or negligence of any agent appointed by it with due care.

 

(4)The Trustee shall not be liable for any action it takes or omits to take in good faith which it reasonably believes to be authorized or within its rights or powers.

 

(5)The Trustee may consult with counsel reasonably acceptable to the Trustee, which may be counsel to the Company, and the advice or opinion of such counsel as to matters of law shall be full and complete authorization and protection from liability in respect of any action taken, omitted or suffered by it hereunder in good faith and in accordance with the advice or opinion of such counsel.

 

(6)The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request, order or direction of any of the Holders pursuant to the provisions of this Indenture, unless such Holders shall have offered to the Trustee reasonable security or indemnity against the costs, expenses and liabilities which may be incurred therein or thereby.

 

(7)The Trustee shall not be deemed to have knowledge of any fact or matter (including, without limitation, a Default or Event of Default) unless such fact or matter is known to a Responsible Officer of the Trustee.

 

(8)Unless otherwise expressly provided herein or in the Securities of a Series or the related Board Resolution, supplemental indenture or Officers’ Certificate, the Trustee shall not have any responsibility with respect to reports, notices, certificates or other documents filed with it hereunder, except to make them available for inspection, at reasonable times, by Securityholders, it being 

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understood that delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of its covenants hereunder (except as set forth in Section 4.4).

 

7.3.  INDIVIDUAL RIGHTS OF TRUSTEE.

 

The Trustee in its individual or any other capacity may become the owner or pledgee of Securities, and may make loans to, accept deposits from, perform services for or otherwise deal with the Company, or any Affiliate thereof, with the same rights it would have if it were not Trustee. Any Agent may do the same with like rights. The Trustee, however, shall be subject to Sections 7.10 and 7.11.

 

7.4.  TRUSTEE’S DISCLAIMER.

 

The Trustee makes no representation as to the validity or adequacy of this Indenture or the Securities (except that the Trustee represents that it is duly authorized to execute and deliver this Indenture and authenticate the Securities and perform its obligations hereunder), and the Trustee shall not be accountable for the Company’s use of the proceeds from the sale of Securities or any money paid to the Company pursuant to the terms of this Indenture, and the Trustee shall not be responsible for any statement in the Securities other than its certificates of authentication.

 

7.5.  NOTICE OF DEFAULT.

 

If a Default or an Event of Default occurs and is continuing with respect to the Securities of any Series, and if it is known to the Trustee, the Trustee shall mail to each Securityholder of the Securities of that Series notice of the Default or the Event of Default, as the case may be, within 90 days after it occurs or, if later, after a Responsible Officer of the Trustee has knowledge of such Default or Event of Default (except if such Default or Event of Default has been validly cured or waived before the giving of such notice). Except in the case of a Default or an Event of Default in payment of the principal of, or interest or premium, if any, on, any Security of any Series, the Trustee may withhold the notice if and so long as the Board of Directors of the Trustee, the executive committee or any trust committee of such board and/or its Responsible Officers in good faith determine(s) that withholding the notice is in the interests of the Securityholders of that Series.

 

7.6.  REPORTS BY TRUSTEE TO HOLDERS.

 

If and to the extent required by the TIA, within 60 days after April 1 of each year, commencing the April 1 following the date of this Indenture, the Trustee shall mail to each Securityholder a brief report dated as of such April 1 that complies with TIA Section 313(a). The Trustee also shall comply with TIA Sections 313(b) and 313(c).

 

A copy of each report at the time of its mailing to Securityholders shall be filed with the SEC and any stock exchange on which the Securities of that Series are listed. The Company shall promptly notify the Trustee when the Securities of any Series are listed on any stock exchange or any delisting thereof, and the Trustee shall comply with TIA Section 313(d).

 

7.7.  COMPENSATION AND INDEMNITY.

 

The Company shall pay to the Trustee from time to time reasonable compensation for its services. The Trustee’s compensation shall not be limited by any provision of law on compensation of a trustee of an express trust. The Company shall reimburse the Trustee within 45 days after receipt of request for all reasonable out-of-pocket disbursements and expenses incurred or made by it in connection with its duties under this Indenture, including the reasonable compensation, disbursements and expenses of the Trustee’s agents and counsel.

 

The Company shall indemnify the Trustee for, and hold it harmless against, any and all loss or liability incurred by it in connection with the acceptance or performance of its duties under this Indenture including the reasonable costs and expenses of defending itself against any claim or liability in connection with the exercise or performance of any of its powers or duties hereunder. The Trustee shall notify the Company promptly of any claim asserted against the Trustee for which it may seek indemnity.

 

The failure by the Trustee to so notify the Company shall not however relieve the Company of its obligations. Notwithstanding the foregoing, the Company need not reimburse the Trustee for any expense or indemnify it against any loss or liability incurred by the Trustee through its negligence or bad faith. To secure the payment obligations of the Company in this Section 7.7, the Trustee shall have a lien prior to the Securities of any Series on all money or property held or collected by the Trustee except such money or property held in trust to pay the principal of, interest and premium, if any, on particular Securities of that Series.

 

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When the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.1(4) or (5) occurs, the expenses and the compensation for the services are intended to constitute expenses of administration under any Bankruptcy Law.

 

For purposes of this Section 7.7, the term “Trustee” shall include any trustee appointed pursuant to this Article 7.

 

7.8.  REPLACEMENT OF TRUSTEE.

 

The Trustee may resign with respect to the Securities of one or more Series by so notifying the Company in writing at least 90 days in advance of such resignation.

 

The Holders of a majority in principal amount of the outstanding Securities of any Series may remove the Trustee with respect to that Series by notifying the removed Trustee in writing and may appoint a successor Trustee with respect to that Series with the consent of the Company, which consent shall not be unreasonably withheld. The Company may remove the Trustee with respect to that Series at its election if:

 

(1)the Trustee fails to comply with, or ceases to be eligible under, Section 7.10;

 

(2)the Trustee is adjudged a bankrupt or an insolvent, or an order for relief is entered with respect to the Trustee, under any Bankruptcy Law;

 

(3)a Custodian or other public officer takes charge of the Trustee or its property; or

 

(4)the Trustee otherwise becomes incapable of acting.

 

(5)If the Trustee resigns or is removed, or if a vacancy exists in the office of Trustee, with respect to any Series of Securities for any reason, the Company shall promptly appoint, by Board Resolution, a successor Trustee.

 

If a successor Trustee with respect to the Securities of one or more Series does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Company or the Holders of at least 10% in principal amount of the outstanding Securities of the applicable Series may petition any court of competent jurisdiction for the appointment of a successor Trustee.

 

If the Trustee with respect to the Securities of one or more Series fails to comply with Section 7.10, any Securityholder of the applicable Series may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee.

 

A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Immediately following such delivery, (i) the retiring Trustee with respect to one or more Series shall, subject to its rights under Section 7.7, transfer all property held by it as Trustee with respect to such Series to the successor Trustee, (ii) the resignation or removal of the retiring Trustee shall become effective and (iii) the successor Trustee with respect to such Series shall have all the rights, powers and duties of the Trustee under this Indenture. A successor Trustee with respect to the Securities of one or more Series shall mail notice of its succession to each Securityholder of such Series.

 

7.9.  SUCCESSOR TRUSTEE BY CONSOLIDATION, MERGER OR CONVERSION.

 

If the Trustee, or any Agent, consolidates with, merges or converts into, or transfers all or substantially all of its corporate trust assets to, another corporation, subject to Section 7.10, the successor corporation without any further act shall be the successor Trustee or Agent, as the case may be.

 

7.10.  ELIGIBILITY; DISQUALIFICATION.

 

This Indenture shall always have a Trustee who satisfies the requirements of TIA Sections 310(a)(1), (2) and (5) in every respect. The Trustee (or in the case of a Trustee that is a Person included in a bank holding company system, the related bank holding company) shall have a combined capital and surplus of at least $100,000,000 as set forth in its most recent published annual report of condition. The Trustee shall comply with TIA Section 310(b), including the provision in Section 310(b)(1). In addition, if the Trustee is a Person included in a bank holding company system, the Trustee, independently of such bank holding company, shall meet the capital requirements of TIA Section 310(a)(2). If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 7.10, it shall resign immediately in the manner and with the effect specified in this Article 7.

 

7.11.  PREFERENTIAL COLLECTION OF CLAIMS AGAINST COMPANY.

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The Trustee shall comply with TIA Section 311(a), excluding any creditor relationship listed in TIA Section 311(b). A Trustee who has resigned or been removed shall be subject to TIA Section 311(a) to the extent indicated therein.

 

7.12.  PAYING AGENTS.

 

The Company shall cause each Paying Agent other than the Trustee to execute and deliver to it and the Trustee an instrument in which such agent shall agree with the Trustee, subject to the provisions of this Section 7.12:

 

(1)that it will hold all sums held by it as agent for the payment of the principal of, or interest or premium, if any, on, the Securities (whether such sums have been paid to it by the Company or by any obligor on the Securities) in trust for the benefit of Holders of the Securities or the Trustee;

 

(2)that it will at any time during the continuance of any Event of Default, upon written request from the Trustee, deliver to the Trustee all sums so held in trust by it together with a full accounting thereof; and

 

(3)that it will give the Trustee written notice within three Business Days after any failure of the Company (or by any obligor on the Securities) in the payment of any installment of the principal of, or interest or premium, if any, on, the Securities when the same shall be due and payable.

 

ARTICLE 8 -
AMENDMENTS, SUPPLEMENTS AND WAIVERS

 

8.1.  WITHOUT CONSENT OF HOLDERS.

 

The Company, when authorized by a Board Resolution, and the Trustee may amend or supplement this Indenture or the Securities of one or more Series without notice to or consent of any Securityholder:

 

(1)to comply with Section 5.1;

 

(2)to provide for certificated Securities in addition to uncertificated Securities;

 

(3)to comply with any requirements of the SEC under the TIA;

 

(4)to cure any ambiguity, defect or inconsistency, or to make any other change herein or in the Securities that does not materially and adversely affect the rights of any Securityholder;

 

(5)to provide for the issuance of, and establish the form and terms and conditions of, Securities of any Series as permitted by this Indenture; or

 

(6)to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Securities of one or more Series, and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee.

 

The Trustee is hereby authorized to join with the Company in the execution of any supplemental indenture authorized or permitted by the terms of this Indenture, and to make any further appropriate agreements and stipulations which may be therein contained, but the Trustee shall not be obligated to enter into any such supplemental indenture which adversely affects its own rights, duties or immunities under this Indenture.

 

8.2.  WITH CONSENT OF HOLDERS.

 

(a)The Company, when authorized by a Board Resolution, and the Trustee may amend or supplement this Indenture or the Securities of one or more Series with the written consent of the Holders of not less than a majority in aggregate principal amount of the outstanding Securities of such Series affected by such amendment or supplement without notice to any Securityholder. The Holders of not less than a majority in aggregate principal amount of the outstanding Securities of each such Series affected by such amendment or supplement may waive compliance by the Company in a particular instance with any provision of this Indenture or the Securities of such Series without notice to any Securityholder. Subject to Section 8.4, without the consent of each Securityholder affected, however, an amendment, supplement or waiver may not:

 

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(1)reduce the amount of Securities whose Holders must consent to an amendment, supplement or waiver to this Indenture or the Securities;

 

(2)reduce the rate of, or change the time for payment of, interest on any Security;

 

(3)reduce the principal, or change the Stated Maturity, of any Security, or reduce the amount of, or postpone the date fixed for, the payment of any sinking fund or analogous obligation;

 

(4)make any Security payable in money other than that stated in the Security;

 

(5)change the amount or time of any payment required by the Securities, or reduce the premium payable upon any redemption of the Securities, or change the time before which no such redemption may be made;

 

(6)waive a Default or Event of Default in the payment of the principal of, or interest or premium, if any, on, any Security (except a rescission of acceleration of the Securities of any Series by the Holders of at least a majority in principal amount of the outstanding Securities of such Series and a waiver of the payment default that resulted from such acceleration);

 

(7)waive a redemption payment with respect to any Security, or change any of the provisions with respect to the redemption of any Securities;

 

(8)make any changes in Section 6.6 or this Section 8.2, except to increase any percentage of Securities the Holders of which must consent to any matter; or

 

(9)take any other action otherwise prohibited by this Indenture to be taken without the consent of each Holder affected thereby.

 

(b)Upon the request of the Company, accompanied by a Board Resolution authorizing the execution of any such supplemental indenture, and upon the receipt by the Trustee of evidence reasonably satisfactory to the Trustee of the consent of the Securityholders as aforesaid and of the documents described in Section 8.6, the Trustee shall join with the Company in the execution of such supplemental indenture, unless such supplemental indenture affects the Trustee’s own rights, duties or immunities under this Indenture, in which case the Trustee may in its discretion, but shall not be obligated to, enter into such supplemental indenture.

 

(c)It shall not be necessary for the consent of the Holders under this section to approve the particular form of any proposed amendment, supplement or waiver, but it shall be sufficient if such consent approves the substance thereof.

 

After an amendment or supplement under this Section becomes effective, the Company shall mail to Securityholders a notice briefly describing the amendment or supplement. Any failure of the Company to mail any such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any supplemental indenture.

 

8.3.  COMPLIANCE WITH TRUST INDENTURE ACT.

 

Every amendment to, or supplement of, this Indenture or the Securities shall comply with the TIA as then in effect.

 

8.4.  REVOCATION AND EFFECT OF CONSENTS.

 

Until an amendment, supplement, waiver or other action becomes effective, a consent to it by a Holder of a Security is a continuing consent conclusive and binding upon such Holder and every subsequent Holder of the same Security or portion thereof, and of any Security issued upon the transfer thereof or in exchange therefor or in place thereof, even if notation of the consent is not made on any such Security. Any such Holder or subsequent Holder, however, may revoke the consent as to his Security or portion of a Security, if the Trustee receives the notice of revocation before the date the amendment, supplement, waiver or other action becomes effective.

 

The Company may, but shall not be obligated to, fix a record date for the purpose of determining the Holders entitled to consent to any amendment, supplement or waiver, which record date shall be at least 30 days prior to the first solicitation of such consent. If a record date is fixed, then, notwithstanding the preceding paragraph, those Persons who were Holders at such record date (or their duly designated proxies), and only such Persons, shall be entitled to consent to such amendment, supplement or waiver, or to revoke any consent previously given, whether or not such Persons continue to be Holders after such record date.

 

22

 

After an amendment, supplement, waiver or other action becomes effective, it shall bind every Securityholder, unless it makes a change described in any of clauses (1) through (9) of Section 8.2. In that case, the amendment, supplement, waiver or other action shall bind each Holder of a Security who has consented to it and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder’s Security; PROVIDED, that any such waiver shall not impair or affect the right of any Holder to receive payment of the principal of, and interest and premium, if any, on, a Security, on or after the respective due dates expressed in such Security, or to bring suit for the enforcement of any such payment on or after such respective dates without the consent of such Holder.

 

8.5.  NOTATION ON OR EXCHANGE OF SECURITIES.

 

If an amendment, supplement or waiver changes the terms of a Security of any Series, the Trustee may request the Holder of such Security to deliver it to the Trustee. In such case, the Trustee shall place an appropriate notation on such Security about the changed terms and return it to the Holder. Alternatively, the Company, in exchange for such Security, may issue, and the Trustee shall authenticate, a new security that reflects the changed terms. Failure to make the appropriate notation or issue a new Security shall not affect the validity and effect of such amendment, supplement or waiver.

 

8.6. TRUSTEE TO SIGN AMENDMENTS, ETC.

 

The Trustee shall sign any amendment, supplement or waiver authorized pursuant to this Article 8 if the amendment, supplement or waiver does not adversely affect the rights, duties, liabilities or immunities of the Trustee. If it does, the Trustee may, but need not, sign it. In signing or refusing to sign such amendment, supplement or waiver the Trustee shall be entitled to receive and, subject to Section 7.1, shall be fully protected in relying upon an Officers’ Certificate and an Opinion of Counsel stating that such amendment, supplement or waiver is authorized or permitted by this Indenture. The Company may not sign an amendment or supplement until the Board of Directors of the Company approves it.

 

ARTICLE 9 -
DISCHARGE OF INDENTURE; DEFEASANCE

 

9.1.  DISCHARGE OF INDENTURE.

 

The Company may terminate its obligations under the Securities of any Series and this Indenture with respect to such Series, except the obligations referred to in the last paragraph of this Section 9.1, if there shall have been canceled by the Trustee, or delivered to the Trustee for cancellation, all Securities of such Series theretofore authenticated and delivered (other than any Securities of such Series that are asserted to have been destroyed, lost or stolen and that shall have been replaced as provided in Section 2.8) and the Company has paid all sums payable by it hereunder or deposited all required sums with the Trustee.

 

After such delivery the Trustee upon request shall acknowledge in a writing prepared by or on behalf of the Company the discharge of the Company’s obligations under the Securities of such Series and this Indenture, except for those surviving obligations specified below.

 

Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Company in Sections 7.7, 9.5 and 9.6 shall survive.

 

9.2.  LEGAL DEFEASANCE.

 

The Company may at its option, by Board Resolution, be discharged from its obligations with respect to the Securities of any Series on the date upon which the conditions set forth in Section 9.4 below are satisfied (hereinafter, “Legal Defeasance”). For this purpose, such Legal Defeasance means that the Company shall be deemed to have paid and discharged the entire indebtedness represented by the Securities of such Series and to have satisfied all its other obligations under such Securities and this Indenture insofar as such Securities are concerned (and the Trustee, at the expense of the Company, shall, subject to Section 9.6, execute proper instruments acknowledging the same, as are delivered to it by the Company), except for the following, which shall survive until otherwise terminated or discharged hereunder: (A) the rights of Holders of outstanding Securities of such Series to receive solely from the trust funds described in Section 9.4 and as more fully set forth in such section, payments in respect of the principal of, and interest and premium, if any, on, the Securities of such Series when such payments are due, (B) the Company’s obligations with respect to the Securities of such Series under Sections 2.4, 2.5, 2.6, 2.7, 2.8 and 2.9, (C) the rights, powers, trusts, duties and immunities of the Trustee hereunder (including claims of, or payments to, the Trustee under or pursuant to Section 7.7) and (D) this Article 9. Subject to compliance with this Article 9, the Company may exercise its option under this Section 9.2 with respect to the Securities of any Series notwithstanding the prior exercise of its option under Section 9.3 below with respect to the Securities of such Series.

 

9.3.  COVENANT DEFEASANCE.

23

 

 

At the option of the Company, pursuant to a Board Resolution, the Company shall be released from its obligations with respect to the outstanding Securities of any Series under Sections 4.2 through 4.5, inclusive, and Section 5.1, with respect to the outstanding Securities of such Series, on and after the date the conditions set forth in Section 9.4 are satisfied (hereinafter, “Covenant Defeasance”). For this purpose, such Covenant Defeasance means that the Company may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such specified section or portion thereof, whether directly or indirectly by reason of any reference elsewhere herein to any such specified Section or portion thereof or by reason of any reference in any such specified section or portion thereof to any other provision herein or in any other document, but the remainder of this Indenture and the Securities of any Series shall be unaffected thereby.

 

9.4.  CONDITIONS TO LEGAL DEFEASANCE OR COVENANT DEFEASANCE.

 

The following shall be the conditions to application of Section 9.2 or Section 9.3 to the outstanding Securities of a Series:

 

(1)the Company shall irrevocably have deposited or caused to be deposited with the Trustee (or another trustee satisfying the requirements of Section 7.10 who shall agree to comply with the provisions of this Article 9 applicable to it) as funds in trust for the purpose of making the following payments, specifically pledged as security for, and dedicated solely to, the benefit of the Holders of the Securities, (A) money in an amount, or (B) U.S. Government Obligations or Foreign Government Obligations which through the scheduled payment of principal and interest in respect thereof in accordance with their terms will provide, not later than the due date of any payment, money in an amount, or (C) a combination thereof, sufficient, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge, and which shall be applied by the Trustee (or other qualifying trustee) to pay and discharge, the principal of, and accrued interest and premium, if any, on, the outstanding Securities of such Series at the Stated Maturity of such principal, interest or premium, if any, or on dates for payment and redemption of such principal, interest and premium, if any, selected in accordance with the terms of this Indenture and of the Securities of such Series;

 

(2)no Event of Default or Default with respect to the Securities of such Series shall have occurred and be continuing on the date of such deposit, or shall have occurred and be continuing at any time during the period ending on the 91st day after the date of such deposit or, if longer, ending on the day following the expiration of the longest preference period under any Bankruptcy Law applicable to the Company in respect of such deposit as specified in the Opinion of Counsel identified in paragraph (8) below (it being understood that this condition shall not be deemed satisfied until the expiration of such period);

 

(3)such Legal Defeasance or Covenant Defeasance shall not cause the Trustee to have a conflicting interest for purposes of the TIA with respect to any securities of the Company;

 

(4)such Legal Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute default under, any other agreement or instrument to which the Company is a party or by which it is bound;

 

(5)the Company shall have delivered to the Trustee an Opinion of Counsel stating that, as a result of such Legal Defeasance or Covenant Defeasance, neither the trust nor the Trustee will be required to register as an investment company under the Investment Company Act of 1940, as amended;

 

(6)in the case of an election under Section 9.2, the Company shall have delivered to the Trustee an Opinion of Counsel stating that (i) the Company has received from, or there has been published by, the Internal Revenue Service a ruling to the effect that or (ii) there has been a change in any applicable Federal income tax law with the effect that, and such opinion shall confirm that, the Holders of the outstanding Securities of such Series or Persons in their positions will not recognize income, gain or loss for Federal income tax purposes solely as a result of such Legal Defeasance and will be subject to Federal income tax on the same amounts, in the same manner, including as a result of prepayment, and at the same times as would have been the case if such Legal Defeasance had not occurred;

 

(7)in the case of an election under Section 9.3, the Company shall have delivered to the Trustee an Opinion of Counsel to the effect that the Holders of the outstanding Securities of such Series will not recognize income, gain or loss for Federal income tax purposes as a result of such Covenant Defeasance, and will be subject to Federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred;

 

(8)the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for in this Article 9 relating to either the Legal Defeasance under Section 9.2 or the Covenant Defeasance under Section 9.3 (as the case may be) have been complied with;

 

24

 

(9)the Company shall have delivered to the Trustee an Officers’ Certificate stating that the deposit under clause (1) was not made by the Company with the intent of defeating, hindering, delaying or defrauding any creditors of the Company or others; and

 

(10)the Company shall have paid, or duly provided for payment under terms mutually satisfactory to the Company and the Trustee, all amounts then due to the Trustee pursuant to Section 7.7.

 

9.5.  DEPOSITED MONEY AND U.S. AND FOREIGN GOVERNMENT OBLIGATIONS TO BE HELD IN TRUST; OTHER MISCELLANEOUS PROVISIONS.

 

All money, U.S. Government Obligations and Foreign Government Obligations (including the proceeds thereof) deposited with the Trustee pursuant to Section 9.4 in respect of the outstanding Securities shall be held in trust and applied by the Trustee, in accordance with the provisions of such Securities and this Indenture, to the payment, either directly or through any Paying Agent as the Trustee may determine, to the Holders of such Securities, of all sums due and to become due thereon in respect of principal, accrued interest and premium, if any, but such money need not be segregated from other funds except to the extent required by law.

 

The Company shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the U.S. Government Obligations and Foreign Government Obligations deposited pursuant to Section 9.4 or the principal, interest and premium, if any, received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of the outstanding Securities.

 

Anything in this Article 9 to the contrary notwithstanding, but subject to payment of any of its outstanding fees and expenses, the Trustee shall deliver or pay to the Company from time to time upon Company Request any money, U.S. Government Obligations or Foreign Government Obligations held by the Trustee as provided in Section 9.4 which, in the opinion of a nationally-recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, are in excess of the amount thereof which would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance.

 

9.6.  REINSTATEMENT.

 

If the Trustee or Paying Agent is unable to apply any money, U.S. Government Obligations or Foreign Government Obligations in accordance with Section 9.1, 9.2, 9.3 or 9.4 by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Company’s obligations under this Indenture and the Securities shall be revived and reinstated as though no deposit had occurred pursuant to this Article 9 until such time as the Trustee or Paying Agent is permitted to apply all such money, U.S. Government Obligations or Foreign Government Obligations, as the case may be, in accordance with Section 9.1, 9.2, 9.3 or 9.4; PROVIDED, HOWEVER, that if the Company has made any payment of principal of, or accrued interest or premium, if any, on, any Securities because of the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such Securities to receive such payment from the money, U.S. Government Obligations or Foreign Government Obligations held by the Trustee or Paying Agent.

 

9.7.  MONEYS HELD BY PAYING AGENT.

 

In connection with the satisfaction and discharge of this Indenture, all moneys then held by any Paying Agent under the provisions of this Indenture shall, upon demand of the Company, be paid to the Trustee, or, if sufficient moneys have been deposited pursuant to Section 9.1, to the Company, and thereupon such Paying Agent shall be released from all further liability with respect to such moneys.

 

9.8.  MONEYS HELD BY TRUSTEE.

 

Any moneys deposited with the Trustee or any Paying Agent or then held by the Company in trust for the payment of the principal of, or interest or premium, if any, on, any Security that are not applied but remain unclaimed by the Holder of such Security for two years after the date upon which the principal of, or interest or premium, if any, on, such Security shall have respectively become due and payable shall be repaid to the Company upon Company Request, or if such moneys are then held by the Company in trust, such moneys shall be released from such trust; and the Holder of such Security entitled to receive such payment shall thereafter, as an unsecured general creditor, look only to the Company for the payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money shall thereupon cease; PROVIDED, HOWEVER, that the Trustee or any such Paying Agent, before being required to make any such repayment, may, at the expense of the Company, either mail to each Securityholder affected, at the address shown in the register of the Securities maintained by the Registrar, or cause to be published once a week for two successive weeks, in a newspaper published in the English language, customarily published each Business Day and of general circulation in the City of New York, New York, a notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such mailing or publication, any unclaimed balance of such moneys then remaining will be repaid to the Company. After payment to the Company or the release of any money held in trust by the Company, 

25

 

Securityholders entitled to the money must look only to the Company for payment as general creditors, unless applicable abandoned property law designates another Person.

 

ARTICLE 10 -
MISCELLANEOUS

 

10.1.  TRUST INDENTURE ACT CONTROLS.

 

If any provision of this Indenture limits, qualifies or conflicts with another provision which is required to be included in this Indenture by the TIA, the required provision shall control. If any provision of this Indenture modifies or excludes any provision of the TIA which may be so modified or excluded, the latter provision shall be deemed to apply to this Indenture as so modified or to be excluded, as the case may be.

 

10.2.  NOTICES.

 

Any notice or communication shall be given in writing and delivered in Person, sent by facsimile (and receipt confirmed by telephone or electronic transmission report), delivered by commercial courier service or mailed by first-class mail, postage prepaid, addressed as follows:

 

If to the Company:

 

Paramount Gold Nevada Corp.

665 Anderson Street

Winnemucca, NV 89445

(775) 625-3600

Attn: Carlo Buffone, Chief Financial Officer

 

 

Copy to:

Duane Morris LLP

One Riverfront Plaza

1037 Raymond Boulevard, Suite 1800

Newark, NJ 07102-5429

(973) 424-2000
Attention:  James T. Seery

 

If to the Trustee:

 

 

 

The Company or the Trustee by written notice to the other may designate additional or different addresses for subsequent notices or communications. Any notice or communication to the Company or the Trustee shall be deemed to have been given or made as of the date so delivered if personally delivered; when receipt is confirmed by telephone or electronic transmission report, if sent by facsimile; and three Business Days after mailing if sent by registered or certified mail, postage prepaid (except that a notice of change of address shall not be deemed to have been given until actually received by the addressee).

 

Any notice or communication mailed to a Securityholder shall be mailed to such Securityholder by first-class mail, postage prepaid, at such Securityholder’s address shown on the register kept by the Registrar.

 

Failure to mail, or any defect in, a notice or communication to a Securityholder shall not affect its sufficiency with respect to other Securityholders. If a notice or communication to a Securityholder is mailed in the manner provided above, it shall be deemed duly given, three Business Days after such mailing, whether or not the addressee receives it.

 

In case by reason of the suspension of regular mail service, or by reason of any other cause, it shall be impossible to mail any notice as required by this Indenture, then such method of notification as shall be made with the approval of the Trustee shall constitute a sufficient mailing of such notice.

 

In the case of Global Securities, notices or communications to be given to Securityholders shall be given to the Depository, in accordance with its applicable policies as in effect from time to time.

26

 

 

In addition to the manner provided for in the foregoing provisions, notices or communications to Securityholders shall be given by the Company by release made to Reuters Economic Services and Bloomberg Business News.

 

10.3.  COMMUNICATIONS BY HOLDERS WITH OTHER HOLDERS.

 

Securityholders of any Series may communicate pursuant to TIA Section 312(b) with other Securityholders of that Series or any other Series with respect to their rights under this Indenture or the Securities of that Series or any other Series. The Company, the Trustee, the Registrar and any other Person shall have the protection of TIA Section 312(c).

 

10.4.  CERTIFICATE AND OPINION AS TO CONDITIONS PRECEDENT.

 

Upon any request or application by the Company to the Trustee to take any action under this Indenture, the Company shall furnish to the Trustee:

 

(1)an Officers’ Certificate (which shall include the statements set forth in Section 10.5 below) stating that, in the opinion of the signers, all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with; and

 

(2)an Opinion of Counsel (which shall include the statements set forth in Section 10.5 below) stating that, in the opinion of such counsel, all such conditions precedent have been complied with.

 

10.5.  STATEMENT REQUIRED IN CERTIFICATE AND OPINION.

 

Each certificate and opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than pursuant to Section 4.4) shall include:

 

(1)a statement that the Person making such certificate or opinion has read such covenant or condition;

 

(2)a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based;

 

(3)a statement that, in the opinion of such Person, it or he has made such examination or investigation as is necessary to enable it or him to express an informed opinion as to whether or not such covenant or condition has been complied with; and

 

(4)a statement as to whether or not, in the opinion of such Person, such covenant or condition has been complied with.

 

10.6.  RULES BY TRUSTEE AND AGENTS.

 

The Trustee may make reasonable rules for action by or at meetings of Securityholders. The Registrar and Paying Agent may make reasonable rules for their functions.

 

10.7.  BUSINESS DAYS; LEGAL HOLIDAYS; PLACE OF PAYMENT.

 

A “Business Day” is a day that is not a Legal Holiday. A “Legal Holiday” is a Saturday, a Sunday, a federally-recognized holiday or a day on which banking institutions are not authorized or required by law, regulation or executive order to be open in the State of New York.

 

If a payment date is a Legal Holiday at a Place of Payment, payment may be made at that place on the next succeeding day that is not a Legal Holiday, and no interest shall accrue for the intervening period. “Place of Payment” means the place or places where the principal of, and interest and premium, if any, on, the Securities of a Series are payable as specified as contemplated by Section 2.2. If the regular record date is a Legal Holiday, the record date shall not be affected.

 

10.8.  GOVERNING LAW.

 

THIS INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AS APPLIED TO CONTRACTS MADE AND PERFORMED WITHIN THE STATE OF NEW YORK WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW.

 

27

 

10.9.  NO ADVERSE INTERPRETATION OF OTHER AGREEMENTS.

 

This Indenture may not be used to interpret another indenture, loan, security or debt agreement of the Company or any Subsidiary thereof. No such indenture, loan, security or debt agreement may be used to interpret this Indenture.

 

10.10.  NO RECOURSE AGAINST OTHERS.

 

A director, officer, employee, stockholder or incorporator, as such, of the Company shall not have any liability for any obligations of the Company under the Securities or the Indenture. Each Securityholder by accepting a Security waives and releases all such liability. Such waiver and release are part of the consideration for the issuance of the Securities.

 

10.11.  SUCCESSORS.

 

All covenants and agreements of the Company in this Indenture and the Securities shall bind the Company’s successors and assigns, whether so expressed or not. All agreements of the Trustee, any additional trustee and any Paying Agents in this Indenture shall bind their respective successors and assigns.

 

10.12.  MULTIPLE COUNTERPARTS.

 

The parties may sign multiple counterparts of this Indenture. Each signed counterpart shall be deemed an original, but all of them together represent one and the same agreement.

 

10.13.  TABLE OF CONTENTS, HEADINGS, ETC.

 

The table of contents, cross-reference sheet and headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof.

 

10.14.  SEVERABILITY.

 

Each provision of this Indenture shall be considered separable, and if for any reason any provision which is not essential to the effectuation of the basic purpose of this Indenture or the Securities shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby, and a Holder shall have no claim therefor against any party hereto.

 

10.15.  SECURITIES IN A FOREIGN CURRENCY OR IN EUROS.

 

Unless otherwise specified in a Board Resolution, a supplemental indenture hereto or an Officers’ Certificate delivered pursuant to Section 2.2 with respect to a particular Series of Securities, whenever for purposes of this Indenture any action may be taken by the Holders of a specified percentage in aggregate principal amount of Securities of all Series or all Series affected by a particular action at the time outstanding and, at such time, there are outstanding Securities of any Series which are denominated in a coin or currency other than Dollars (including Euros), then the principal amount of Securities of such Series which shall be deemed to be outstanding for the purpose of taking such action shall be that amount of Dollars that could be obtained for such amount at the Market Exchange Rate at such time. For purposes of this Section 10.15, “Market Exchange Rate” shall mean the noon Dollar buying rate in New York City for cable transfers of that currency as published by the Federal Reserve Bank of New York; PROVIDED, HOWEVER, in the case of Euros, Market Exchange Rate shall mean the rate of exchange determined by the Commission of the European Union (or any successor thereto) as published in the Official Journal of the European Union (such publication or any successor publication, the “Journal”). If such Market Exchange Rate is not available for any reason with respect to such currency, the Trustee shall use, in its sole discretion and without liability on its part, such quotation of the Federal Reserve Bank of New York or, in the case of Euros, the rate of exchange as published in the Journal, as of the most recent available date, or quotations or, in the case of Euros, rates of exchange from one or more major banks in New York City or in the country of issue of the currency in question or, in the case of Euros, in Luxembourg or such other quotations or, in the case of Euros, rates of exchange as the Trustee, upon consultation with the Company, shall deem appropriate. The provisions of this paragraph shall apply in determining the equivalent principal amount in respect of Securities of a Series denominated in currency other than Dollars in connection with any action taken by Holders of Securities pursuant to the terms of this Indenture.

 

All decisions and determinations of the Trustee regarding the Market Exchange Rate or any alternative determination provided for in the preceding paragraph shall be in the Trustee’s sole discretion, and shall, in the absence of manifest error, be conclusive to the extent permitted by law for all purposes and irrevocably binding upon the Company and all Holders.

28

 

 

10.16.  JUDGMENT CURRENCY.

 

The Company agrees, to the fullest extent that it may effectively do so under applicable law, that (a) if for the purpose of obtaining judgment in any court it is necessary to convert the sum due in respect of the principal of, or interest or premium, if any, or other amount on, the Securities of any Series (the “Required Currency”) into a currency in which a judgment will be rendered (the “Judgment Currency”), the rate of exchange used shall be the rate at which, in accordance with normal banking procedures, the Trustee could purchase in The City of New York the Required Currency with the Judgment Currency on the day on which final unappealable judgment is entered, unless such day is not a Business Day, in which instance, the rate of exchange used shall be the rate at which, in accordance with normal banking procedures, the Trustee could purchase in The City of New York the Required Currency with the Judgment Currency on the Business Day preceding the day on which final unappealable judgment is entered and (b) its obligations under this Indenture to make payments in the Required Currency (i) shall not be discharged or satisfied by any tender or any recovery pursuant to any judgment (whether or not entered in accordance with subsection (a)) in any currency other than the Required Currency, except to the extent that such tender or recovery shall result in the actual receipt, by the payee, of the full amount of the Required Currency expressed to be payable in respect of such payments, (ii) shall be enforceable as an alternative or additional cause of action for the purpose of recovering in the Required Currency the amount, if any, by which such actual receipt shall fall short of the full amount of the Required Currency so expressed to be payable and (iii) shall not be affected by judgment being obtained for any other sum due under this Indenture.

 

[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

 

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IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed, and their respective corporate seals to be hereunto affixed and attested, all as of the day and year first above written.

 

 

				
	
 
	
PARAMOUNT GOLD NEVADA CORP.

	
 
	
 
	
 

	
 
	
By:
	
 
	
 

	
 
	
 
	
Name:
	
 

	
 
	
 
	
Title:
	
 

	
 
	
 

	
 
	
[Name of Trustee]

	
 
	
 
	
 

	
 
	
By:
	
 
	
 

	
 
	
 
	
Name:
	
 

	
 
	
 
	
Title:
	
 

	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
By:
	
 
	
 

	
 
	
 
	
Name:
	
 

	
 
	
 
	
Title:
	
 

 

30

 

 

1EX-10.1

 EXHIBIT 10.1 

EXECUTION VERSION 
 REVOLVING CREDIT
FACILITY AGREEMENT 
 DATED 26 MAY 2020 

UP TO HK$3,900,000,000 

CREDIT FACILITY 
 For

 MGM CHINA HOLDINGS LIMITED 美高梅中國控股有限公司 

as the Company 
 with

 INDUSTRIAL AND COMMERCIAL BANK OF CHINA (MACAU) LIMITED 

BANK OF COMMUNICATIONS CO., LTD, MACAU BRANCH 

as Original Lenders 

with 
 INDUSTRIAL AND
COMMERCIAL BANK OF CHINA (MACAU) LIMITED 
 as Facility Agent 

 
 

 
 Allen & Overy 

 CONTENTS 
  

							
	Clause	 	 	  	Page	 
	 1.
	 	Interpretation	  	 	3	 
	 2.
	 	Facility	  	 	20	 
	 3.
	 	Purpose	  	 	23	 
	 4.
	 	Conditions Precedent	  	 	23	 
	 5.
	 	Loans	  	 	24	 
	 6.
	 	Repayment	  	 	24	 
	 7.
	 	Prepayment and Cancellation	  	 	25	 
	 8.
	 	Interest	  	 	29	 
	 9.
	 	Terms	  	 	31	 
	 10.
	 	Market Disruption	  	 	31	 
	 11.
	 	Taxes	  	 	32	 
	 12.
	 	Increased Costs	  	 	35	 
	 13.
	 	Mitigation	  	 	37	 
	 14.
	 	Payments	  	 	38	 
	 15.
	 	Representations and Warranties	  	 	39	 
	 16.
	 	Information Covenants	  	 	44	 
	 17.
	 	Financial Covenants	  	 	47	 
	 18.
	 	General Covenants	  	 	49	 
	 19.
	 	Default	  	 	56	 
	 20.
	 	The Facility Agent	  	 	59	 
	 21.
	 	Evidence and Calculations	  	 	664	 
	 22.
	 	Fees	  	 	65	 
	 23.
	 	Indemnities and Break Costs	  	 	66	 
	 24.
	 	Expenses	  	 	68	 
	 25.
	 	Amendments and Waivers	  	 	68	 
	 26.
	 	Changes to the Parties	  	 	73	 
	 27.
	 	Disclosure of Information	  	 	77	 
	 28.
	 	Set-Off	  	 	78	 
	 29.
	 	Pro Rata Sharing	  	 	79	 
	 30.
	 	Severability	  	 	80	 
	 31.
	 	Counterparts	  	 	80	 
	 32.
	 	Notices	  	 	80	 
	 33.
	 	Language	  	 	82	 
	 34.
	 	Acknowledgment Regarding Any Supported QFCs	  	 	82	 
	 35.
	 	Contractual recognition of bail-in	  	 	83	 
	 36.
	 	Governing law	  	 	83	 
	 37.
	 	Enforcement	  	 	83	 
	Schedule	  	 	 
	 1.
	 	Original Lenders	  	 	85	 
	 2.
	 	Conditions Precedent Documents	  	 	86	 
	 3.
	 	Form of Request	  	 	88	 
	 4.
	 	Forms of Transfer Certificate	  	 	89	 
		 	Part 1     Transfers by Assignment, Assumption and Release	  	 	90	 
		 	Part 2     Transfers by Novation	  	 	91	 
	 5.
	 	Form of Compliance Certificate	  	 	92	 
	 6.
	 	Form of Increase Confirmation	  	 	93	 
	 Signatories
	  	 	96	 

 THIS AGREEMENT (this Agreement) is dated 26 May 2020 

BETWEEN: 
  

	(1)	 MGM CHINA HOLDINGS LIMITED
美高梅中國控股有限公司, a company incorporated under the laws of the Cayman Islands with company number 242740 and whose
members’ liability is limited (the Company); 

  

	(2)	 INDUSTRIAL AND COMMERCIAL BANK OF CHINA (MACAU) LIMITED and BANK OF COMMUNICATIONS CO., LTD, MACAU
BRANCH, a joint stock company incorporated in the People’s Republic of China with limited liability as original lenders (the Original Lenders); and 

 

	(3)	 INDUSTRIAL AND COMMERCIAL BANK OF CHINA (MACAU) LIMITED as facility agent (in this capacity, the
Facility Agent). 

 IT IS AGREED as follows: 
  

	1.	 INTERPRETATION 

 

	1.1	 Definitions 

In this Agreement: 
 Accounting
Date means each of 31 March, 30 June, 30 September and 31 December, except as adjusted to ensure that those dates fall on the same day of the week or otherwise with the consent of the Facility Agent. 

Affiliate means a Subsidiary or a Holding Company of a person or any other Subsidiary of that Holding Company. 

Anti-Terrorism Laws means the Executive Order, the Bank Secrecy Act (31 U.S.C. §§ 5311 et seq.), the
Money Laundering Control Act of 1986 (18 U.S.C. §§ 1956 et seq.), the USA Patriot Act, the International Emergency Economic Powers Act (50 U.S.C. §§ 1701 et seq.), the Trading with the Enemy Act (50 U.S.C. App.
§§ 1 et seq.), any other applicable law or regulation administered by OFAC or other Governmental Agency, in each case for the purpose of controlling or preventing terrorism and related activities and any law enacted in the United
States of America after the date of this Agreement for such purposes. 
 Article 55 BRRD means Article 55 of Directive 2014/59/EU
establishing a framework for the recovery and resolution of credit institutions and investment firms. 
 Auditors means
Deloitte & Touche or such other independent public accountants of international standing which may be appointed by the Company. 

Availability Period means the period from and including the date of this Agreement to and including the date falling one Month prior to
the Final Maturity Date. 
 Bail-In Action means the exercise of any Write-down and Conversion
Powers. 

  
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 Bail-In Legislation means: 

 

	 	(a)	 in relation to an EEA Member Country which has implemented, or which at any time implements, Article 55 BRRD,
the relevant implementing law or regulation as described in the EU Bail-In Legislation Schedule from time to time; and 

 

	 	(b)	 in relation to any state other than such an EEA Member Country or (to the extent that the United Kingdom is not
such an EEA Member Country) the United Kingdom, any analogous law or regulation from time to time which requires contractual recognition of any Write-down and Conversion Powers contained in that law or regulation. 

Break Costs means the amount (if any) which a Lender is entitled to receive under Subclause 23.3 (Break Costs). 

Business Day means a day (other than a Saturday or a Sunday) on which banks are open for general business in Hong Kong and Macau. 

Code means the US Internal Revenue Code of 1986. 

Commitment means: 
  

	 	(a)	 for an Original Lender as at the date of this Agreement, the amount set opposite its name in Schedule 1
(Original Lenders) under the heading Commitments and the amount of any other Commitment so designated which it acquires under this Agreement or assumes in accordance with Subclause 2.2 (Increase); and 

 

	 	(b)	 for any other Lender, the amount of any Commitment so designated which it acquires or assumes in accordance
with Subclause 2.2 (Increase), 

 to the extent not cancelled, transferred or reduced under this Agreement. 

Commitment Fee means a commitment fee calculated in the manner described in Subclause 22.2 (Commitment Fee). 

Compliance Certificate means a certificate substantially in the form of Schedule 5 (Form of Compliance Certificate). 

Concession Contract means: 
  

	 	(a)	 the Macau Land Concession Contract; 

 

	 	(b)	 the Sub-Concession Contract; or 

 

	 	(c)	 the Cotai Land Concession Contract. 

Cotai Land Concession Contract means the land concession contract agreed to by MGMGP with the Macau Government on 17 December 2012,
which forms an integral part of Dispatch no. 62/2012. 
 Default means: 

 

	 	(a)	 an Event of Default; or 

 

	 	(b)	 an event or circumstance which would be (with the expiry of a grace period, the giving of notice or the making
of any determination under the Finance Documents or any combination of them) an Event of Default. 

  
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 Defaulting Lender means any Lender: 

 

	 	(a)	 which has failed to make its participation in a Loan available or has notified the Facility Agent that it will
not make its participation in a Loan available by the Utilisation Date of that Loan in accordance with Subclause 5.3 (Advance of Loan); 

  

	 	(b)	 which has otherwise rescinded or repudiated a Finance Document; or 

 

	 	(c)	 with respect to which an Insolvency Event has occurred and is continuing, 

unless, in the case of paragraph (a) above: 
  

	 	(i)	 its failure to pay is caused by: 

 

	 	(A)	 administrative or technical error; or 

 

	 	(B)	 a disruption to the payment system or the interbank lending market; and 

payment is made within five days of its due date; or 
  

	 	(ii)	 the Lender is disputing in good faith whether it is contractually obliged to make the payment in question.

 Designated Jurisdiction means, at any time, any country, region or territory to the extent that such country,
region or territory (or portion thereof) itself is the subject of any Sanctions (including at the date of this Agreement: Crimea, Iran, North Korea, Sudan and Syria). 

Designated Person means a person: 
  

	 	(a)	 listed in the annex to, or otherwise subject to the provisions of, the Executive Order; 

 

	 	(b)	 owned or controlled by, or acting for or on behalf of, any person listed in the annex to, or otherwise subject
to the provisions of, the Executive Order; 

  

	 	(c)	 named as a “Specially Designated National and Blocked Person” on the most current list published by
OFAC at its official website or any replacement website or other replacement official publication of such list; 

  

	 	(d)	 with which any Finance Party is prohibited from dealing or otherwise engaging in any transaction by any
Anti-Terrorism Law; or 

  

	 	(e)	 that commits, threatens or conspires to commit or supports “terrorism” as defined in the Executive
Order. 

 EBITDA has the meaning given to that term in Subclause 17.1 (Financial covenant definitions). 

EEA Member Country means any member state of the European Union, Iceland, Liechtenstein and Norway. 

Environmental Approval means any authorisation required by Environmental Law. 

Environmental Claim means any claim by any person in connection with: 

 

	 	(a)	 a breach, or alleged breach, of Environmental Law; 

	 	(b)	 any accident, fire, explosion or other event of any type involving an emission or substance which is capable of
causing harm to any living organism or the environment; or 

  
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	 	(c)	 any other environmental contamination. 

Environmental Law means any law or regulation concerning: 
  

	 	(a)	 the protection of health; 

 

	 	(b)	 the environment; 

  

	 	(c)	 the physical conditions of the workplace; or 

 

	 	(d)	 any emission or substance which is capable of causing harm to any living organism or the environment.

 EU Bail-In Legislation Schedule means the document described as such and
published by the Loan Market Association (or any successor person) from time to time. 
 Event of Default means an event or
circumstance specified as such in Clause 19 (Default). 
 Executive Order means Executive Order 13224 on Terrorist Financing:
Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten To Commit, Or Support Terrorism issued September 24, 2001, as amended by Order 13268. 

Existing Credit Agreement means the revolving credit facility agreement dated 12 August 2019 (as amended from time to time) between
(amongst others) the Company and Bank of America, N.A. as facility agent. 
 Facility means the revolving credit facility referred to
in Subclause 2.1 (Facility). 
 Facility Office means the office notified by a Lender to the Facility Agent: 

 

	 	(a)	 on or before the date it becomes a Lender (as applicable); or 

 

	 	(b)	 by not less than five Business Days’ notice, 

as the office through which it will perform its obligations under this Agreement. 

FATCA means: 
  

	 	(a)	 sections 1471 to 1474 of the Code or any associated regulations; 

 

	 	(b)	 any treaty, law or regulation of any other jurisdiction, or relating to an intergovernmental agreement between
the US and any other jurisdiction, which (in either case) facilitates the implementation of any law or regulation referred to in paragraph (a) above; or 

  

	 	(c)	 any agreement pursuant to the implementation of any treaty, law or regulation referred to in paragraph
(a) or (b) above with the US Internal Revenue Service, the US government or any governmental or taxation authority in any other jurisdiction. 

FATCA Application Date means: 
  

	 	(a)	 in relation to a “withholdable payment” described in section 1473(1)(A)(i) of the Code (which relates
to payments of interest and certain other payments from sources within the US), 1 July 2014; 

  
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	 	(b)	 in relation to a “passthru payment” described in section 1471(d)(7) of the Code not falling within
paragraph (a) above, the first date from which such payment may become subject to a deduction or withholding required by FATCA. 

FATCA Deduction means a deduction or withholding from a payment under a Finance Document required by FATCA. 

FATCA Exempt Party means a Party that is entitled to receive payments free from any FATCA Deduction. 

FCPA means the U.S. Foreign Corrupt Practices Act of 1977. 

Fee Letter means any letter entered into, on or prior to the date of this Agreement, by reference to this Agreement between one or more
Finance Parties and the Company setting out the amount of certain fees referred to in this Agreement. 
 Final Maturity Date means
15 May 2024. 
 Finance Document means: 
  

	 	(a)	 this Agreement; 

  

	 	(b)	 an Increase Confirmation; 

 

	 	(c)	 a Request; 

  

	 	(d)	 a Fee Letter; 

  

	 	(e)	 a Compliance Certificate; 

 

	 	(f)	 a Transfer Certificate; or 

 

	 	(g)	 any other document designated as such by the Facility Agent and the Company. 

Finance Party means a Lender or the Facility Agent. 

Financial Indebtedness means any indebtedness for or in respect of: 

 

	 	(a)	 borrowed moneys; 

  

	 	(b)	 any amount raised by acceptance under any acceptance credit facility (including any dematerialised equivalent);

  

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

  

	 	(d)	 any redeemable preference share; 

 

	 	(e)	 any agreement treated as a balance sheet liability in accordance with IFRS; 

 

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

  

	 	(g)	 the acquisition cost of any asset or service to the extent payable before or after its acquisition or
possession by the party liable where the advance or deferred payment: 

  
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	 	(i)	 is arranged primarily as a method of raising finance or of financing the acquisition of that asset or service
or the construction of that asset or service; or 

  

	 	(ii)	 involves a period of more than six months before or after the date of acquisition or supply;

 (it being agreed that advance or deferred payment obligations in respect of any rights in relation to the Cotai Land
Concession Contract or other governmental concessions shall not constitute Financial Indebtedness under this paragraph); 
  

	 	(h)	 any derivative transaction entered into in connection with protection against or benefit from fluctuation in
any rate or price (for which the mark-to-market value of the derivative transaction will be used to calculate its amount, unless a termination or similar amount in
respect of that derivative transaction is due and unpaid, in which case the amount unpaid will be used to calculate its amount); 

  

	 	(i)	 any amount raised under any other transaction (including any forward sale or purchase agreement) of a type not
referred to in any other paragraph of this definition which has the commercial effect of a borrowing; 

  

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

  

	 	(k)	 the amount of any liability in respect of any guarantee, indemnity or similar assurance against financial loss
of any person in respect of any item referred to in paragraphs (a) to (j) above. 

 Gaming License means the
license, concession, subconcession or other authorisation from any Governmental Agency which authorises, permits, concedes or allows the Company or any of its Subsidiaries, at the relevant time, to own or manage casino or gaming areas or operate
casino games of fortune and chance. 
 Governmental Agency means: 

 

	 	(a)	 any international, foreign, federal, state, county or municipal government, or political subdivision thereof;

  

	 	(b)	 any governmental or quasi-governmental agency, authority, board, bureau, commission, department,
instrumentality or public body; or 

  

	 	(c)	 any court or administrative tribunal of competent jurisdiction. 

Group means, as at any date, the Company and each of its Subsidiaries as at that date. 

HIBOR means for a Term of any Loan or overdue amount: 
  

	 	(a)	 the applicable Screen Rate; 

 

	 	(b)	 if no Screen Rate is available for the relevant Term of that Loan or overdue amount, the Interpolated Screen
Rate for that Loan or overdue amount; or 

  

	 	(c)	 if: 

  

	 	(i)	 no Screen Rate is available for the relevant Term of that Loan or overdue amount; and 

  
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	 	(ii)	 it is not possible to calculate an Interpolated Screen Rate for that Loan, 

the arithmetic mean (rounded upward to four decimal places) of the rates, as supplied to the Facility Agent at its request, quoted by the
Reference Banks to leading banks in the Hong Kong interbank market, 
 as of 11.00 a.m. on the Rate Fixing Day for the offering of deposits
in the currency of that Loan or overdue amount for a period equal in length to that Term and if that rate is less than zero, HIBOR shall be deemed to be zero. 

Holding Company of any other person, means a person in respect of which that other person is a Subsidiary. 

Hong Kong means the Hong Kong Special Administrative Region of the PRC. 

Hong Kong Dollars or HK$ means the lawful currency of Hong Kong. 

IFRS means international accounting standards within the meaning of the IAS Regulation 1606/2002. 

Increase Confirmation means a confirmation substantially in the form set out in Schedule 6 (Form of Increase Confirmation). 

Increase Date means, in respect of an Increase Lender, the date on which the assumption by it of any increased Commitments takes effect
in accordance with paragraph (a)(v) of Subclause 2.2 (Increase). 
 Increase Lender has the meaning given to that term in Subclause
2.2 (Increase). 
 Increased Cost means: 
  

	 	(a)	 an additional or increased cost; 

 

	 	(b)	 a reduction in the rate of return from the Facility or on a Finance Party’s (or its Affiliate’s)
overall capital (including as a result of any reduction in the rate of return on capital brought about by more capital being required to be allocated by such Finance Party); or 

 

	 	(c)	 a reduction of an amount due and payable under any Finance Document, 

which is incurred or suffered by a Finance Party or any of its Affiliates but only to the extent attributable to that Finance Party having
entered into its Commitment or funding or performing its obligations under any Finance Document. 
 Insolvency Event in relation to a
Finance Party means that the Finance Party: 
  

	 	(a)	 is dissolved (other than pursuant to a consolidation, amalgamation or merger); 

 

	 	(b)	 becomes insolvent or is unable to pay its debts or fails or admits in writing its inability generally to pay
its debts as they become due; 

  

	 	(c)	 makes a general assignment, arrangement or composition with or for the benefit of its creditors;

  

	 	(d)	 institutes or has instituted against it, by a regulator, supervisor or any similar official with primary
insolvency, rehabilitative or regulatory jurisdiction over it in the jurisdiction of its formation or organisation or the jurisdiction of its head or home office, a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under
any bankruptcy or insolvency law or other similar law affecting creditors’ rights, or a petition is presented for its winding-up or liquidation by it or such regulator, supervisor or similar official;

  
 9 

	 	(e)	 has instituted against it a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under
any bankruptcy or insolvency law or other similar law affecting creditors’ rights, or a petition is presented for its winding-up or liquidation, and, in the case of any such proceeding or petition
instituted or presented against it, such proceeding or petition is instituted or presented by a person or entity not described in paragraph (d) above and: 

 

	 	(i)	 results in a judgment of insolvency or bankruptcy or the entry of an order for relief or the making of an order
for its winding-up or liquidation; or 

  

	 	(ii)	 is not dismissed, discharged, stayed or restrained in each case within 30 days of the institution or
presentation thereof; 

  

	 	(f)	 has a resolution passed for its winding-up, official management or
liquidation (other than pursuant to a consolidation, amalgamation or merger); 

  

	 	(g)	 seeks or becomes subject to the appointment of an administrator, provisional liquidator, conservator, receiver,
trustee, custodian or other similar official for it or for all or substantially all its assets; 

  

	 	(h)	 has a secured party take possession of all or substantially all its assets or has a distress, execution,
attachment, sequestration or other legal process levied, enforced or sued on or against all or substantially all its assets and such secured party maintains possession, or any such process is not dismissed, discharged, stayed or restrained, in each
case within 30 days thereafter; 

  

	 	(i)	 causes or is subject to any event with respect to it which, under the applicable laws of any jurisdiction, has
an analogous effect to any of the events specified in paragraphs (a) to (h) above; or 

  

	 	(j)	 takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the
foregoing acts. 

 It is not an Insolvency Event where any of the events set out in paragraphs (a) to (j) above has
occurred solely by ownership by any Governmental Agency of any equity interest in a Finance Party and where such ownership does not provide that Finance Party with any immunity from proceedings or immunity in respect of its assets. 

Insurance means any contract of insurance taken out by or on behalf of a member of the Group or under which it has a right to claim, in
each case in connection with the Principal Resorts. 
 Interpolated Screen Rate means, in relation to HIBOR for any Loan, the rate
(rounded to the same number of decimal places as the two relevant Screen Rates) which results from interpolating on a linear basis between: 
  

	 	(a)	 the applicable Screen Rate for the longest period (for which the Screen Rate is available) which is less than
the Term of that Loan; and 

  

	 	(b)	 the applicable Screen Rate for the shortest period (for which the Screen Rate is available) which exceeds the
Term of that Loan, 

 each as of 11.00 a.m. on the Rate Fixing Day for the currency of that Loan. 

  
 10 

 Legal Reservations means: 

 

	 	(a)	 the principle that equitable remedies may be granted or refused at the discretion of a court and the limitation
of enforcement by laws relating to insolvency, reorganisation and other laws generally affecting the rights of creditors; 

  

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

 

	 	(c)	 similar principles, rights and defences under the laws of any Relevant Jurisdiction; 

 

	 	(d)	 the principle that a court in a Relevant Jurisdiction may refuse to give res judicata effect or comity
to a judgment which it believes to have been rendered as a result of fraud, in a manner which offends the basic principles of the jurisdiction in which that court operates or in a manner which does not otherwise comport with the rule of law; and

  

	 	(e)	 any other matters which are set out as qualifications or reservations as to matters of law of general
application in any legal opinion required under this Agreement. 

 Lender means: 

 

	 	(a)	 an Original Lender; or 

 

	 	(b)	 any person which becomes a Party in accordance with Subclause 2.2 (Increase) or Subclause 26.2 (Assignments and
transfers by Lenders), 

 in each case, for so long as any Loan remains outstanding to that person or it has or may have
any effective obligation to extend credit under this Agreement. 
 Listing Rules means the rules governing the listing of securities
on The Stock Exchange of Hong Kong Limited in effect from time to time. 
 Loan means a loan made or to be made under the Facility or
the principal amount outstanding for the time being of that loan. 
 Macau means the Macau Special Administrative Region of the PRC.

 Macau Government means: 
  

	 	(a)	 the government of Macau; 

 

	 	(b)	 any authority, agency or department established by the government of Macau; 

 

	 	(c)	 any political subdivision of Macau; or 

 

	 	(d)	 any public corporation or other public entity, in each case, of which Macau has direct or indirect control and
control for this purpose means the power to direct the management and the policies of the entity whether through the ownership of share capital, contract or otherwise. 

Macau Land Concession Contract means the land concession contract agreed to by MGMGP with the Macau Government on 9 March
2006 which forms an integral part of Dispatch no. 47/2006. 

  
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 Majority Lenders means, at any time, Lenders: 

 

	 	(a)	 whose share in the outstanding Loans and whose undrawn Commitments then aggregate more than 50 per cent.
of the aggregate of all the outstanding Loans and the undrawn Commitments of all the Lenders; 

  

	 	(b)	 if there are no Loans then outstanding, whose undrawn Commitments then aggregate more than 50 per cent. of
the Total Commitments; or 

  

	 	(c)	 if there are no Loans then outstanding and the Total Commitments have been reduced to zero, whose Commitments
aggregated more than 50 per cent. of the Total Commitments immediately before the reduction. 

 Margin means in
relation to all of the Loans, the rate per annum calculated in accordance with Subclause 8.3 (Margin adjustments). 
 Material Adverse
Effect means any event or circumstance which is or is reasonably likely to be materially adverse to: 
  

	 	(a)	 the ability of the Company to perform its payment obligations under any Finance Document;

  

	 	(b)	 the business, assets or financial condition of the Company and the Group taken as a whole; or

  

	 	(c)	 the validity or enforceability of any Finance Document. 

Maturity Date means the last day of the Term of a Loan. 

MGM means MGM Resorts International, a Delaware corporation, or any of its successors. 

MGM Cotai means the integrated casino resort located at Avenida da Nave Desportiva, Cotai, Macau. 

MGM Macau means the integrated casino resort located at Avenida Dr. Sun Yat Sen, NAPE, Macau. 

MGMGP means MGM Grand Paradise S.A. 

Non-Consenting Lender means any Lender that does not approve any consent, waiver or amendment in
circumstances where such consent, waiver or amendment: 
  

	 	(a)	 requires the approval of all Lenders or all affected Lenders in accordance with the terms of Subclause 25.2
(Exceptions); and 

  

	 	(b)	 has been approved by the Lenders: 

 

	 	(i)	 whose share in the outstanding Loans and whose undrawn Commitments then aggregate more than 66 2/3 per
cent. of the aggregate of all the outstanding Loans and the undrawn Commitments of all the Lenders; 

  

	 	(ii)	 if there are no Loans then outstanding, whose undrawn Commitments then aggregate more than 66 2/3 per
cent. of the Total Commitments; or 

  

	 	(iii)	 if there are no Loans then outstanding and the Total Commitments have been reduced to zero, whose Commitments
aggregated more than 66 2/3 per cent. of the Total Commitments immediately before the reduction. 

 OFAC means
the Office of Foreign Assets Control of the United Stated Department of Treasury. 

  
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 Original Financial Statements means: 

 

	 	(a)	 the audited consolidated financial statements of the Company for the year ended 31 December 2019; and

  

	 	(b)	 the unaudited consolidated financial statements of the Company for the financial quarter ended 31 March
2020. 

 Party means a party to this Agreement. 

Performance Bond means any guarantee required under clause 61 of the Sub-Concession Contract or
similar requirements of any Governmental Authority in relation to the conduct of the business of any member of the Group including in connection with any future concession or sub-concession in Macau or any
tender or bid therefor. 
 Performance Bond Facility means any facility entered or to be entered into by a member of the Group for the
purpose of issuing a Performance Bond. 
 Permitted Lease means: 

 

	 	(a)	 any lease or similar arrangement entered into by any member of the Group with a person who is not an Affiliate
of the Company, including the allocation of any portion of a Principal Resort to a junket operator on a semi-exclusive basis and on commercial terms consistent with the prevailing standards in the Macau market; or 

 

	 	(b)	 in respect of the Principal Resorts, any lease or similar arrangement entered into by any member of the Group
with an Affiliate of the Company that is approved by the board of directors of the Company. 

 Permitted Security
means: 
  

	 	(a)	 any lien arising by operation of law and in the ordinary course of business; 

 

	 	(b)	 any netting or set-off arrangement entered into by any member of the
Group under any Permitted Swap Transactions or in the ordinary course of its banking arrangements including banking arrangements entered into for the treasury management requirements of the Group; 

 

	 	(c)	 any Security Interest over or affecting any asset acquired by a member of the Group after the date of this
Agreement if: 

  

	 	(i)	 the Security Interest was not created in contemplation of the acquisition of that asset by a member of the
Group; and 

  

	 	(ii)	 the principal amount secured has not been increased in contemplation of or since the acquisition of that asset
by that member of the Group; 

  

	 	(d)	 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 the Security Interest is created prior to the date on which that company becomes a member of the Group and if: 

  

	 	(i)	 the Security Interest was not created in contemplation of the acquisition of that asset by that company; and

  

	 	(ii)	 the principal amount secured has not been increased in contemplation of or since the acquisition of that asset
by that company; 

  
 13 

	 	(e)	 any Security Interest arising under any retention of title, hire purchase or conditional sale arrangement or
arrangements having similar effect in respect of goods supplied to a member of the Group in the ordinary course of trading and on the supplier’s standard or usual terms and not arising as a result of any default or omission by any member of the
Group; 

  

	 	(f)	 tax liens which are being contested in good faith by appropriate proceedings, provided that appropriate
reserves with respect thereto are maintained on the books of the Company or the relevant member of the Group in conformity with IFRS; 

  

	 	(g)	 carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s or other like liens
arising in the ordinary course of business for amounts which are not overdue for a period of more than 90 days or that are being contested in good faith by appropriate proceedings; 

 

	 	(h)	 pledges or deposits in connection with workers’ compensation, unemployment insurance and other social
welfare legislation provided that if such pledges are being contested, appropriate reserves (determined in accordance with IFRS) are maintained on the books of the Company or the relevant member of the Group; 

 

	 	(i)	 deposits by or on behalf of a member of the Group to secure the performance of bids, trade contracts (other
than for borrowed money), leases, statutory obligations, appeal bonds and other obligations of a like nature of that member of the Group incurred in the ordinary course of business; 

 

	 	(j)	 any attachment or judgment lien not constituting an Event of Default; 

 

	 	(k)	 liens in favour of customs and revenue authorities arising as a matter of law to secure payment of customs
duties in connection with the importation of goods and related carriers’ liens; 

  

	 	(l)	 Security Interests over cash deposits with, or held for the account of, a member of the Group securing
reimbursement obligations under performance bonds, guarantees, commercial or standby letters of credit, bankers’ acceptances or similar instruments granted in favour of the issuers of such performance bonds, guarantees, commercial letters of
credit or bankers’ acceptances, provided that: 

  

	 	(i)	 the performance bonds, guarantees, commercial or standby letters of credit, bankers’ acceptances or
similar instruments are issued for the benefit of a trade creditor of a member of the Group; and 

  

	 	(ii)	 the amount of cash secured by such Security Interest does not exceed 110 per cent. of the amount of the
Financial Indebtedness secured thereby (ignoring any interest earned or paid on such cash); 

  

	 	(m)	 Security Interests in favour of the Macau Government over assets of the Group securing the obligations of the
Company and other members of the Group under the Concession Contracts or under any other concession or sub-concession arrangements in Macau entered into from time to time by members of the Group in relation to
the conduct of the business of any member of the Group; 

  

	 	(n)	 easements, rights-of-way,
restrictions, encroachments and other similar encumbrances and other minor defects and irregularities in title, in each case incurred in the ordinary course of business that, in the aggregate, do not materially detract from the value of the property
subject thereto or materially interfere with the ordinary conduct of the business of the Company or members of the Group; 

  
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	 	(o)	 licences of patents, trademarks and other intellectual property rights granted by the Company or any member of
the Group in the ordinary course of business and not interfering in any material respect with the ordinary conduct of the business of the Company; 

  

	 	(p)	 any zoning or similar law or right reserved to or vested in any governmental authority to control or regulate
the use of any site and site easements; or 

  

	 	(q)	 any other Security Interests over assets the book value of which (when aggregated with the book value of any
other assets subject to Security Interests given by members of the Group other than any permitted under paragraphs (a) to (p) above) does not exceed US$200,000,000 (or its equivalent). 

Permitted Swap Transaction means any derivative transaction entered into to protect against or to benefit from the Group’s exposure
to fluctuations in any rate, price, index or credit rating (whether in relation to interest rates, commodity prices, currency exchange, or otherwise) but excluding any transaction entered into for purely speculative purposes. 

Permitted Transaction means an intra-Group re-organisation of any member of the Group on a
solvent basis. 
 PRC means the Peoples’ Republic of China. 

Principal Resorts means the MGM Macau and the MGM Cotai. 

Pro Rata Share means: 
  

	 	(a)	 for the purpose of determining a Lender’s share in a utilisation of the Facility, the proportion which its
Commitment bears to all the Commitments; and 

  

	 	(b)	 for any other purpose on a particular date: 

 

	 	(i)	 the proportion which a Lender’s share of the Loans (if any) bears to all the Loans; 

 

	 	(ii)	 if there are no Loans outstanding on that date, the proportion which its Commitment bears to the Total
Commitments on that date; or 

  

	 	(iii)	 if the Total Commitments have been cancelled, the proportion which its Commitments bore to the Total
Commitments immediately before being cancelled. 

 Rate Fixing Day means the first day of a Term for a Loan or an
overdue amount. 
 Reference Banks means the principal Hong Kong offices of Industrial and Commercial Bank of China (Macau) Limited,
[●] and any other bank or financial institution appointed as such by the Facility Agent (in consultation with the Company) under this Agreement which has consented to such appointment. [Note: List of reference banks to be
confirmed.] 
 Relevant Jurisdiction means in relation to any member of the Group: 

 

	 	(a)	 its jurisdiction of formation; and 

 

	 	(b)	 any jurisdiction where it conducts its business. 

Repeating Representations means at any time the representations and warranties which are then made or deemed to be repeated under Clause
15 (Representations and Warranties). 
 Request means a request for a Loan, substantially in the form of Schedule 3 (Form of Request).

  
 15 

 Resolution Authority means any body which has authority to exercise any Write-down
and Conversion Powers. 
 Rollover Loan means, unless provided to the contrary in this Agreement, one or more Loans: 

 

	 	(a)	 to be made on the same day that a maturing Loan is due to be repaid; 

 

	 	(b)	 the aggregate amount of which is equal to or less than the maturing Loan; and 

 

	 	(c)	 to be made to the Company for the purpose of refinancing a maturing Loan. 

Sanctions means any sanctions administered or enforced by the United States Government (including, without limitation,
OFAC), the United Nations Security Council, the European Union, Her Majesty’s Treasury, the Federal Government of Canada or other relevant sanctions authority. 

Screen Rate means the Hong Kong interbank offered rate administered by the Hong Kong Association of Banks (or any other person which
takes over the administration of that rate) for the relevant period displayed on page HKABHIBOR of the Reuters screen (or any replacement Reuters page which displays the rate), or on the appropriate page of such other information service which
publishes that rate from time to time in place of Reuters. If such page or service ceases to be available, the Facility Agent may specify another page or service displaying the relevant rate after consultation with the Company. 

Security Interest means any mortgage, pledge, lien, charge, assignment by way of security, hypothecation, security interest or
encumbrance of any kind or any other agreement or arrangement having a similar effect, whether or not filed, recorded or otherwise perfected under applicable law (including any conditional sale or other title retention agreement, any option or other
agreement to give a mortgage, lien, pledge, charge assignment, hypothecation, security interest or encumbrance of any kind or any other agreement or arrangement having a similar effect). 

Sub-Concession Contract means the sub-concession
contract dated 19 April 2005 between Sociedade de Jogos de Macao, S.A., a corporation organised under the laws of Macau, and MGMGP for the operation of games of chance and other games in casinos in Macau and the written confirmations from the
Macau Government dated 19 April 2005, pursuant to which the Sub-Concession Contract was authorised and approved pursuant to applicable laws and regulations and confirming the Macau Government’s
rights and obligations with respect to the Sub-Concession Contract as amended by an addendum approved and authorized by the Macau Government and executed between Sociedade de Jogos de Macao, S.A and MGMGP,
dated 15 March 2019, pursuant to which the gaming sub-concession of MGMGP, which was due to expire on 31 March 2020, was extended for a further period up to 26 June 2022. 

Subsidiary means an entity of which a person has direct or indirect control or owns directly or indirectly more than 50 per cent.
of the voting capital or similar right of ownership and control for this purpose means the power to direct the management and the policies of the entity whether through the ownership of voting capital, by contract or otherwise. 

Tax means any tax, levy, impost, duty or other charge or withholding of a similar nature (including any related penalty or interest).

 Tax Deduction means a deduction or withholding for or on account of Tax from a payment under a Finance Document other than a FATCA
Deduction. 

  
 16 

 Tax Payment means a payment made by the Company to a Finance Party in any way
relating to a Tax Deduction or under any indemnity given by the Company in respect of Tax under any Finance Document. 
 Term means
each period determined under this Agreement by reference to which interest on a Loan or an overdue amount is calculated. 
 Total
Commitments means the aggregate of the Commitments of all the Lenders, being HK$2,340,000,000 as at the date of this Agreement. 

Total Debt has the meaning given to that term in Subclause 17.1 (Financial covenant definitions). 

Transaction Document means: 
  

	 	(a)	 a Finance Document; or 

 

	 	(b)	 each Concession Contract. 

Transfer Certificate means: 
  

	 	(a)	 for a transfer by assignment, assumption and release, a certificate substantially in the form of Part 1 of
Schedule 4 (Forms of Transfer Certificate); and 

  

	 	(b)	 for a transfer by novation, a certificate substantially in the form of Schedule 4 (Forms of Transfer
Certificate), 

 in each case, with such amendments as the Facility Agent may approve or any other form agreed between the
Facility Agent and the Company. 
 UK Bail-In Legislation means (to the extent that the United
Kingdom is not an EEA Member Country which has implemented, or implements, Article 55 BRRD) Part I of the United Kingdom Banking Act 2009 and any other law or regulation applicable in the United Kingdom relating to the resolution of unsound or
failing banks, investment firms or other financial institutions or their affiliates (otherwise than through liquidation, administration or other insolvency proceedings). 

US means the United States of America. 

US Dollars or US$ means the lawful currency for the time being of the US. 

Utilisation Date means in respect of each Loan, the date on which that Loan is, or is to be, made. 

Write-down and Conversion Powers means: 
  

	 	(a)	 in relation to any Bail-In Legislation described in the EU Bail-In Legislation Schedule from time to time, the powers described as such in relation to that Bail-In Legislation in the EU Bail-In
Legislation Schedule; 

  

	 	(b)	 in relation to any other applicable Bail-In Legislation:

  

	 	(i)	 any powers under that Bail-In Legislation to cancel, transfer or dilute
shares issued by a person that is a bank or investment firm or other financial institution or affiliate of a bank, investment firm or other financial institution, to cancel, reduce, modify or change the form of a liability of such a person or any
contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a
right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers; and

  
 17 

	 	(ii)	 any similar or analogous powers under that Bail-In Legislation; and

  

	 	(c)	 in relation to any UK Bail-In Legislation: 

 

	 	(i)	 any powers under that UK Bail-In Legislation to cancel, transfer or
dilute shares issued by a person that is a bank or investment firm or other financial institution or affiliate of a bank, investment firm or other financial institution, to cancel, reduce, modify or change the form of a liability of such a person or
any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if
a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that UK Bail-In Legislation that are related to or ancillary to any of those powers; and

  

	 	(ii)	 any similar or analogous powers under that UK Bail-In Legislation.

  

	1.2	 Construction 

  

	(a)	 In this Agreement, unless the contrary intention appears, a reference to: 

 

	 	(i)	 an amendment includes a supplement, novation, extension (whether of maturity or otherwise), restatement,
re-enactment or replacement (however fundamental and whether or not more onerous) and amended will be construed accordingly; 

 

	 	(ii)	 assets includes present and future properties, revenues and rights of every description;

  

	 	(iii)	 an authorisation includes an authorisation, consent, approval, resolution, permit, licence, exemption,
filing, registration or notarisation; 

  

	 	(iv)	 customer due diligence requirements are the identification checks that a Finance Party requires in order
to meet its obligations under any applicable law or regulation to identify a person who is (or is to become) its customer; 

  

	 	(v)	 disposal means a sale, transfer, assignment, grant, lease, licence, declaration of trust or other
disposal, whether voluntary or involuntary, and dispose will be construed accordingly; 

  

	 	(vi)	 the equivalent of one currency (the first currency) in another currency (the second
currency) shall (unless otherwise specified) be determined by the Facility Agent or such person nominated by the Facility Agent acting reasonably for that purpose by reference to its spot rate of exchange in Hong Kong for the purchase of the
second currency with the first currency at or about 11.00 a.m. on the date of the determination or if no such spot rate of exchange exists on that date, by such other method as the Facility Agent (in consultation with the Company) shall reasonably
determine; 

  

	 	(vii)	 a guarantee means any guarantee, bond, letter of credit, indemnity or similar assurance against
financial loss, or any obligation, direct or indirect, actual or contingent, to purchase or assume any indebtedness of any person or to make an investment in or loan to any person or to purchase assets of any person, where, in each case, that
obligation is assumed in order to maintain or asset the ability of that person to meet any of its indebtedness; 

  
 18 

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

  

	 	(ix)	 including is by way of example and not limitation; 

 

	 	(x)	 a person includes any individual, company, corporation, unincorporated association or body (including a
partnership, trust, fund, joint venture or consortium), government, state, agency, organisation or other entity whether or not having separate legal personality; 

 

	 	(xi)	 a regulation includes any regulation, rule, official directive, request or guideline (whether or not
having the force of law but, if not having the force of law, being of a type with which any person to which it applies is accustomed to comply) of any governmental, inter-governmental or supranational body,
agency, department or regulatory, self-regulatory or other authority or organisation; 

  

	 	(xii)	 a currency is a reference to the lawful currency for the time being of the relevant country;

  

	 	(xiii)	 a Default being outstanding means that it has not been remedied or waived; 

 

	 	(xiv)	 a provision of law is a reference to that provision as extended, applied, amended or re-enacted and includes any subordinate legislation; 

  

	 	(xv)	 a Clause, a Subclause or a Schedule is a reference to a clause or subclause of, or a schedule to, this
Agreement; 

  

	 	(xvi)	 a Party or any other person includes its successors in title, permitted assigns and permitted transferees;

  

	 	(xvii)	 a Finance Document or other document or security includes (without prejudice to any prohibition on amendments)
any amendment to that Finance Document or other document or security, including any change in the purpose of, any extension for or any increase in the amount of a facility or any additional facility; and 

 

	 	(xviii)	 a time of day is a reference to Hong Kong time. 

 

	(b)	 The determination of the extent to which a rate is for a period equal in length to Term will disregard any
inconsistency arising from the last day of that Term being determined pursuant to the terms of this Agreement. 

  

	(c)	 Unless expressly specified to the contrary, the designation of items as alternatives does not exclude the
application of all or some of such items concurrently. 

  

	(d)	 Unless the contrary intention appears, a reference to a month or months is a reference to a
period starting on one day in a calendar month and ending on the numerically corresponding day in the next calendar month or the calendar month in which it is to end, except that: 

 

	 	(i)	 if the numerically corresponding day is not a Business Day, the period will end on the next Business Day in
that month (if there is one) or the preceding Business Day (if there is not); 

  

	 	(ii)	 if there is no numerically corresponding day in that month, that period will end on the last Business Day in
that month; and 

  
 19 

	 	(iii)	 notwithstanding subparagraph (i) above, a period which commences on the last Business Day of a month will
end on the last Business Day in the next month or the calendar month in which it is to end, as appropriate. 

  

	(e)	 Unless the contrary intention appears: 

 

	 	(i)	 a reference to a Party will not include that Party if it has ceased to be a Party under this Agreement;

  

	 	(ii)	 a word or expression used in any other Finance Document or in any notice given in connection with any Finance
Document has the same meaning in that Finance Document or notice as in this Agreement; and 

  

	 	(iii)	 any obligation of the Company under the Finance Documents which is not a payment obligation remains in force
for so long as any payment obligation of the Company is, may be or is capable of becoming outstanding under the Finance Documents. 

  

	(f)	 The headings in this Agreement do not affect its interpretation. 

 

	1.3	 Conflict with a Finance Document 

If there is any conflict between the terms of this Agreement and the terms of any other Finance Document, unless expressed to the contrary in
that Finance Document, the terms of this Agreement will prevail. 
  

	1.4	 Third parties 

Unless expressly provided to the contrary in a Finance Document, a person who is not a party to a Finance Document may not enforce any of its
terms under the Contracts (Rights of Third Parties) Act 1999 and, notwithstanding any term of any Finance Document, no consent of any third party is required for any amendment (including any release or compromise of any liability) or termination of
any Finance Document. 
  

	1.5	 Anti-boycott 

The representation in Subclause 15.6 (Compliance) and the undertakings in Subclauses 18.3 (Compliance) and 18.16 (Sanctions) shall be given by
and apply to the Company for the benefit of each Finance Party provided that a Finance Party shall not be entitled to the benefit of such representations or undertakings to the extent it would result in a violation of the Council Regulation (EC)
No. 2271/96 of 22 November 1996 as amended by Commission Delegated Regulation (EU) 2018/1100 of 6 June 2018, section 7 of the German Foreign Trade Ordinance (Außenwirtschaftsverordnung – AWV) or any other applicable
anti-boycott or similar laws or regulations. 
  

	2.	 FACILITY 

  

	2.1	 Facility 

Subject to the terms of this Agreement, the Lenders make available to the Company a revolving credit facility in an aggregate amount equal to
the Total Commitments. 

  
 20 

	2.2	 Increase 

  

	(a)	 At any time prior to the date of the first Request, the Company may, by giving 5 Business Days’ prior
notice to the Facility Agent request that the Total Commitments be increased (and, subject to the remaining paragraphs of this Subclause 2.2, the Total Commitments shall be so increased) in an amount, when aggregated with all other amounts of the
Total Commitments increased pursuant to this Subclause 2.2, of up to HK$1,560,000,000 as follows: 

  

	 	(i)	 the increased Commitments will be assumed by one or more banks or financial institutions or trusts, funds or
other entities which are regularly engaged in or established for the purpose of making, purchasing or investing in loans, securities or other financial assets (each an Increase Lender) each of which confirms in writing (whether in the
relevant Increase Confirmation or otherwise) its willingness to assume and does assume all the obligations of a Lender corresponding to that part of the increased Commitments which it is to assume, as if it had been an Original Lender in respect of
those Commitments; 

  

	 	(ii)	 each of the Company and any Increase Lender shall assume obligations towards one another and/or acquire rights
against one another as the Company and the Increase Lender would have assumed and/or acquired had the Increase Lender been an Original Lender in respect of that part of the increased Commitments which it is to assume; 

 

	 	(iii)	 each Increase Lender shall become a Party as a “Lender” and any Increase Lender and each of the other
Finance Parties shall assume obligations towards one another and acquire rights against one another as that Increase Lender and those Finance Parties would have assumed and/or acquired had the Increase Lender been an Original Lender in respect of
that part of the increased Commitments which it is to assume; 

  

	 	(iv)	 the Commitments of the other Lenders shall continue in full force and effect; and 

 

	 	(v)	 any increase in the Commitments shall, subject to the conditions set out in paragraphs (c) and (d) below,
take effect on the later of the date specified in the relevant Increase Confirmation and the date on which the Facility Agent executes an otherwise duly completed Increase Confirmation delivered to it by the relevant Increase Lender.

  

	(b)	 The Facility Agent shall, subject to paragraph (c) below, as soon as reasonably practicable after receipt
by it of a duly completed Increase Confirmation appearing on its face to comply with the terms of this Agreement and delivered in accordance with the terms of this Agreement, execute that Increase Confirmation and, as soon as reasonably practicable
after it has executed that Increase Confirmation, send a copy of that Increase Confirmation to the Company and inform all Lenders of such execution. 

  

	(c)	 The Facility Agent shall only be obliged to execute an Increase Confirmation delivered to it by an Increase
Lender if: 

  

	 	(i)	 the aggregate amount of the increased Commitments set out in the Increase Confirmation, when aggregated with
all other amount of Total Commitments increased pursuant to this Subclause 2.2, does not exceed HK$1,560,000,000; 

  

	 	(ii)	 no Default or Event of Default has occurred and is continuing or would result from the increase in the
Commitments in accordance with that Increase Confirmation; 

  

	 	(iii)	 all Repeating Representations are correct in all material respects; and 

  
 21 

	 	(iv)	 the Facility Agent has completed all customer due diligence requirements to its satisfaction (acting
reasonably) in relation to the assumption of the increased Commitments by that Increase Lender. 

  

	(d)	 Each Increase Lender, by executing the Increase Confirmation, confirms (for the avoidance of doubt) that the
Facility Agent has authority to execute on its behalf any amendment or waiver that has been approved by or on behalf of the requisite Lender or Lenders in accordance with this Agreement on or prior to the date on which the increase becomes effective
in accordance with this Agreement and that it is bound by that decision to the same extent as it would have been had it been an Original Lender. 

  

	(e)	 The Company shall within 15 days of demand pay the Facility Agent the amount of all costs and expenses
(including legal fees) reasonably incurred by it in connection with any increase in Commitments under this Subclause 2.2. 

  

	(f)	 Neither the Facility Agent nor any Lender shall have any obligation to find an Increase Lender and in no event
shall any Finance Party be required to pay or surrender any of the fees received by such Finance Party pursuant to the Finance Documents. 

  

	(g)	 Subclause 26.7 (Limitation of responsibility of Existing Lender) shall apply mutatis mutandis in this
Subclause 2.2 in relation to an Increase Lender as if references in that Clause to: 

  

	 	(i)	 an Existing Lender were references to all the Lenders immediately prior to the relevant increase; and

  

	 	(ii)	 the New Lender were references to that Increase Lender. 

 

	2.3	 Nature of a Finance Party’s rights and obligations 

Unless all the Finance Parties agree otherwise: 
  

	 	(a)	 the obligations of a Finance Party under the Finance Documents are several; 

 

	 	(b)	 failure by a Finance Party to perform its obligations does not affect the obligations of any other person under
the Finance Documents; 

  

	 	(c)	 no Finance Party is responsible for the obligations of any other Finance Party under the Finance Documents;

  

	 	(d)	 the rights of a Finance Party under the Finance Documents are separate and independent rights;

  

	 	(e)	 a Finance Party may, except as otherwise stated in the Finance Documents, separately enforce those rights;

  

	 	(f)	 a debt arising under the Finance Documents to a Finance Party from the Company is a separate and independent
debt in respect of which a Finance Party shall be entitled to enforce its rights in accordance with paragraph (e) above; and 

  

	 	(g)	 the rights of each Finance Party include any debt owing to that Finance Party under the Finance Documents and,
for the avoidance of doubt, any part of a Loan or any other amount owed by the Company which relates to a Finance Party’s participation in the Facility or its role under the Finance Document (including any such amount payable to the Facility
Agent on its behalf) is a debt owing to that Finance Party by the Company. 

  
 22 

	2.4	 Lenders’ voting rights 

A Lender may by notice to the Facility Agent divide its share in any Loans and/or its Commitments into separate amounts to reflect
participation or similar arrangements and require the separate amounts to be counted separately for the purpose of any vote or decision made or to be made by it in connection with this Agreement. 

 

	3.	 PURPOSE 

  

	3.1	 General 

Subject to Subclause 3.2 (Non-gaming purposes), each Loan may only be used for on-going working capital needs and general corporate purposes of the Group. 
  

	3.2	 Non-gaming purposes 

No proceeds of any Loan shall be applied towards the acquisition (or maintenance or repair) of any equipment or utensils used in the operation
of casino games or other forms of gaming. 
  

	3.3	 No obligation to monitor 

No Finance Party is bound to monitor or verify the application of any amount borrowed pursuant to this Agreement. 

 

	4.	 CONDITIONS PRECEDENT 

 

	4.1	 Initial conditions precedent 

 

	(a)	 The Company may not deliver a Request unless the Facility Agent has received all of the documents and other
evidence listed in Schedule 2 (Conditions Precedent Documents) in form and substance satisfactory to the Facility Agent. The Facility Agent shall notify the Company and the Lenders promptly upon being so satisfied. 

 

	(b)	 Other than to the extent that the Majority Lenders notify the Facility Agent in writing to the contrary before
the Facility Agent gives the notification described in paragraph (a) above, the Lenders authorise (but do not require) the Facility Agent to give that notification. The Facility Agent shall not be liable for any damages, costs or losses
whatsoever as a result of giving any such notification. 

  

	4.2	 Further conditions precedent 

The obligations of each Lender to participate in any Loan are subject to the conditions precedent that on both the date of the Request and the
Utilisation Date for that Loan (other than a Rollover Loan): 
  

	 	(a)	 the Repeating Representations are correct in all material respects; and 

 

	 	(b)	 no Default is outstanding or would result from making the Loan. 

 

	4.3	 Maximum number 

Unless the Facility Agent agrees, a Request for a Loan may not be given if, as a result, there would be more than 20 Loans outstanding. 

  
 23 

	5.	 LOANS 

  

	5.1	 Giving of Requests 

 

	(a)	 The Company may borrow a Loan by giving to the Facility Agent a duly completed Request. 

 

	(b)	 Unless the Facility Agent otherwise agrees, the latest time for receipt by the Facility Agent of a duly
completed Request is 11.00 a.m. two Business Days before the Rate Fixing Day for the proposed borrowing. 

  

	(c)	 Each Request is irrevocable. 

 

	5.2	 Completion of Requests 

A Request for a Loan will not be regarded as having been duly completed unless: 

 

	 	(a)	 the currency specified in the Request must be in Hong Kong dollars; 

 

	 	(b)	 the Utilisation Date is a Business Day falling within the Availability Period; 

 

	 	(c)	 the amount of the Loan requested is: 

 

	 	(i)	 a minimum of HK$50,000,000 and an integral multiple of HK$10,000,000; or 

 

	 	(ii)	 any lesser amount which represents the maximum undrawn amount available under the Facility on the proposed
Utilisation Date; and 

  

	 	(d)	 the Term complies with this Agreement. 

 

	5.3	 Advance of Loan 

 

	(a)	 The Facility Agent must promptly notify each Lender of the details of the requested Loan and the amount of its
share in that Loan. 

  

	(b)	 The amount of each Lender’s share of the requested Loan will be its Pro Rata Share on the proposed
Utilisation Date. 

  

	(c)	 No Lender is obliged to participate in a Loan if, as a result: 

 

	 	(i)	 its share in the Loans would exceed its Commitment; or 

(ii) the Loans would exceed the Total Commitments. 
  

	(d)	 If the conditions set out in this Agreement have been met, each Lender must make its share in the requested
Loan available to the Facility Agent for the Company through its Facility Office on the Utilisation Date. 

  

	6.	 REPAYMENT 

  

	(a)	 The Company must repay each Loan made to it in full on its Maturity Date. The amount to be repaid may be netted
off against the amount of any Rollover Loan drawn on that Maturity Date pursuant to paragraph (c) below. 

  
 24 

	(b)	 Subject to the other terms of this Agreement, any amounts repaid under paragraph (a) above and any
voluntary prepayment of a Loan in accordance with Subclause 7.3 (Voluntary prepayment) may be re-borrowed. Any other prepayment of a Loan made under this Agreement may not be
re-borrowed. 

  

	(c)	 Without prejudice to the Company’s obligation to repay the full amount of each Loan made to it on its
Maturity Date, on the Utilisation Date of any Rollover Loan, the amount of the Loan to be repaid and the amount to be drawn down on such date in respect of that Rollover Loan shall be netted off against each other so that the amount of cash which
the Company is actually required to pay or, as the case may be, the amount of cash which the Lenders are required to pay to the Company, shall be the net amount. 

 

	(d)	 Any amount of any Loan still outstanding on the Final Maturity Date, shall be repaid on the Final Maturity
Date. 

  

	(e)	 At any time when a Lender becomes a Defaulting Lender, the maturity date of each of the participations of that
Lender in the Loans then outstanding will be automatically extended to the Final Maturity Date and will be treated as separate Loans (the Separate Loans). 

 

	(f)	 The Company may prepay a Separate Loan by giving five Business Days’ prior notice to the Facility Agent.
The Facility Agent will forward a copy of a prepayment notice received in accordance with this paragraph to the Defaulting Lender concerned as soon as practicable on receipt. 

 

	(g)	 Interest in respect of a Separate Loan will accrue for successive Terms to be selected by the Company on the
date and at the time specified by the Facility Agent (acting reasonably) and will be payable by the Company to the Defaulting Lender on the last day of each Term of that Loan. 

 

	(h)	 The terms of this Agreement relating to Loans generally shall continue to apply to Separate Loans other than to
the extent inconsistent with paragraphs (e) to (g) above, in which case those paragraphs shall prevail in respect of any Separate Loan. 

  

	7.	 PREPAYMENT AND CANCELLATION 

 

	7.1	 Illegality 

  

	(a)	 A Lender must notify the Facility Agent and the Company promptly if it becomes aware that it is unlawful in any
applicable jurisdiction for that Lender to perform any of its obligations under a Finance Document or to fund or maintain its share in any Loan. 

  

	(b)	 After notification under paragraph (a) above, the Facility Agent must notify the Company promptly that:

  

	 	(i)	 the Company must repay or prepay the share of that Lender in each Loan on the date specified in paragraph
(c) below; and 

  

	 	(ii)	 the Commitments of that Lender will be immediately cancelled, 

to the extent that such participations and Commitments are not transferred in accordance with Subclause 7.7 (Right of replacement of certain
Lenders). 
  

	(c)	 The date for repayment or prepayment of a Lender’s share in a Loan will be the earliest of:

  

	 	(i)	 the last day of the current Term of that Loan; 

  
 25 

	 	(ii)	 the date specified by the Lender in the notification under paragraph (a) above and which must not be
earlier than the last day of any applicable grace period allowed by law; or 

  

	 	(iii)	 the Final Maturity Date. 

 

	7.2	 Change of control or sale of business 

 

	(a)	 For the purposes of this Subclause a Change of Control occurs if: 

 

	 	(i)	 MGM ceases to be the legal and beneficial owner directly or indirectly of more than 50 per cent. of the
issued ordinary share capital of the Company; or 

  

	 	(ii)	 the Company ceases be the beneficial owner directly or indirectly of the entire issued share capital of MGMGP,
provided that in determining whether a change of control has occurred under this subparagraph (ii), any class of shares of MGMGP with only a nominal economic interest which has been created for the purposes of complying with Macanese ownership
requirements shall not be deemed to form part of the issued share capital of MGMGP. 

  

	(b)	 The Company must promptly notify the Facility Agent if it becomes aware of any Change of Control.

  

	(c)	 If: 

  

	 	(i)	 there is a sale of all or substantially all of the assets or business of the Group; or 

 

	 	(ii)	 a Change of Control occurs, 

then: 
  

	 	(A)	 the Total Commitments shall be cancelled immediately; and 

 

	 	(B)	 all outstanding Loans, together with accrued interest and all other amounts accrued under the Finance
Documents, shall become immediately due and payable. 

  

	7.3	 Voluntary prepayment 

The Company may voluntarily prepay any Loan in whole or in part without premium or penalty if: 

 

	 	(a)	 the Company gives not less than three Business Days’ prior notice to the Facility Agent; and

  

	 	(b)	 any prepayment of part of a Loan is in a minimum amount of HK$10,000,000 and an integral multiple of
HK$1,000,000 or any lesser amount which represents the Loans then outstanding. 

  

	7.4	 Automatic cancellation 

The Commitments of each Lender under the Facility which, at that time remain unutilised, will be automatically cancelled: 

 

	 	(a)	 at the close of business on the last day of the Availability Period to the extent undrawn at that time; and

  

	 	(b)	 immediately after the Facility Agent has given notice to the Company under paragraph (b) of Subclause 7.2
(Change of control or sale of business). 

  
 26 

	7.5	 Voluntary cancellation 

 

	(a)	 The Company may, by giving not less than three Business Days’ prior notice to the Facility Agent, cancel
the unutilised amount of the Total Commitments in whole or in part. 

  

	(b)	 Partial cancellation of the Total Commitments must be in a minimum amount of HK$10,000,000 and an integral
multiple of HK$1,000,000. 

  

	(c)	 Any cancellation in part will be applied against the relevant Commitment of each Lender on a pro rata basis.

  

	7.6	 Right of repayment and cancellation of certain Lenders 

 

	(a)	 If the Company is, or will be, required to pay to a Lender: 

 

	 	(i)	 a Tax Payment; or 

  

	 	(ii)	 an Increased Cost, 

the Company may, while the requirement continues, give the Facility Agent notice of cancellation of the Commitment of that Lender and its
intention to procure the repayment of that Lender’s participation in the Loans. 
  

	(b)	 After notification under paragraph (a) above: 

 

	 	(i)	 the Company must repay or prepay that Lender’s share in each Loan on the date specified in paragraph
(c) below; and 

  

	 	(ii)	 the Commitments of that Lender will be immediately cancelled. 

 

	(c)	 The date for repayment or prepayment of a Lender’s share in a Loan will be: 

 

	 	(i)	 the last day of the current Term for that Loan; or 

 

	 	(ii)	 if earlier, the date specified by the Company in its notification. 

 

	7.7	 Right of replacement of certain Lenders 

 

	(a)	 If: 

  

	 	(i)	 the Company is, or will be, required to pay to a Lender a Tax Payment or an Increased Cost;

  

	 	(ii)	 it becomes unlawful in any applicable jurisdiction for a Lender to perform any of its obligations under a
Finance Document or to fund or maintain its share in any Loan; or 

  

	 	(iii)	 a Lender’s continued participation in the Facility would cause any member of the Group to be in breach of
any applicable law or regulation, 

 the Company may, while the requirement, unlawfulness or breach of law or regulation
continues, give notice to the Facility Agent and require the affected Lender to assign and delegate all of its rights and obligations to an assignee designated by the Company. 
  

	(b)	 The Company may request an assignment under paragraph (a) above only if: 

 

	 	(i)	 in connection with the assignment: 

  
 27 

	 	(A)	 the assigning Lender receives from the new Lender payment of an amount that at least equals the total
outstanding principal amount of all of its participation in the outstanding Loans together with all accrued and unpaid interest and fees and any other amounts owed to it under the Finance Documents; 

 

	 	(B)	 the new Lender assumes all Commitments of the assigning Lender, as well as any other obligations of the
assigning Lender under the Finance Documents; and 

  

	 	(ii)	 the Company bears all costs of the assignment. 

 

	(c)	 Any assignment under this Subclause must be effected in accordance with Clause 26 (Changes to the Parties)
provided that, for the purpose of any assignment made pursuant to Subclause 7.1 (Illegality), the Transfer Date (as defined in Clause 26 (Changes to the Parties)) shall be the date specified by the relevant Lender in the notification under paragraph
(a) of Subclause 7.1 (Illegality) and which must not be earlier than the last day of any applicable grace period allowed by law. 

  

	7.8	 Right of cancellation in relation to a Defaulting Lender 

 

	(a)	 If any Lender becomes a Defaulting Lender, the Company may, at any time whilst the Lender continues to be a
Defaulting Lender, give the Facility Agent five Business Days’ notice of cancellation of the unutilised Commitment of that Lender. 

  

	(b)	 On the notice referred to in paragraph (a) above becoming effective, the unutilised Commitment of the
Defaulting Lender shall immediately be reduced to zero. 

  

	(c)	 The Facility Agent shall notify all the Lenders as soon as practicable after receipt of a notice referred to in
paragraph (a) above. 

  

	7.9	 Miscellaneous provisions 

 

	(a)	 Any notice of prepayment or cancellation under this Agreement is irrevocable and must specify the relevant
dates and the affected Loans and Commitments. The Facility Agent must notify the Lenders promptly of receipt of any such notice. 

  

	(b)	 All prepayments under this Agreement must be made with accrued interest on the amount prepaid. No premium or
penalty is payable in respect of any prepayment except for Break Costs. 

  

	(c)	 Subject to Subclause 2.2 (Increase), No Commitments once cancelled may subsequently be reinstated.

  

	(d)	 Where a Lender’s share in the Loans are repaid and its Commitments are cancelled pursuant to Subclause 7.6
(Right of repayment and cancellation of certain Lenders) or where a Lender has made or is required to make an assignment and/or delegation pursuant to Subclause 7.7 (Right of replacement of certain Lenders), and that Lender (or any of its
Affiliates) is also a Finance Party in another capacity or capacities, that Lender (or that Affiliate) acting in each such capacity (the retiring Finance Party) shall, on the date on which it ceases to be a Lender under this Agreement be
considered for the purposes of this Agreement to have resigned from each of its other capacities as a Finance Party and such resignation by the retiring Finance Party in each of its other capacities shall be deemed to have become effective on the
date on which: 

  

	 	(i)	 arrangements satisfactory to the retiring Finance Party have been put in place to ensure that no amounts which
are or may be owed to it in each such capacity will remain outstanding after that date and that indemnities reasonably acceptable to that retiring Finance Party for any further loss or liability which it might incur for having acted in each such
capacity have been provided; 

  
 28 

	 	(ii)	 the Company has designated another Lender (or Affiliate of a Lender) as replacement for the retiring Finance
Party in each relevant capacity under the Finance Documents; and 

  

	 	(iii)	 the retiring Finance Party has assigned all of its interests, rights and obligations in each relevant capacity
to that replacement Lender (or Affiliate of a Lender) designated by the Company under subparagraph (ii) above. 

  

	8.	 INTEREST 

  

	8.1	 Calculation of interest 

The rate of interest on each Loan for each Term is the percentage rate per annum equal to the aggregate of the applicable: 

 

	 	(a)	 Margin; and 

  

	 	(b)	 HIBOR. 

  

	8.2	 Payment of interest 

Except where it is provided to the contrary in this Agreement, the Company must pay accrued interest on each Loan made to it on the last day of
each Term and also, if the Term is longer than six months, on the dates falling each six months after the first day of that Term. 
  

	8.3	 Margin adjustments 

 

	(a)	 The Margin will be calculated by reference to the table below and the information set out in the most recent
Compliance Certificate and financial statements delivered by the Company in accordance with the terms of this Agreement: 

  

			
	 Leverage Ratio
	  	 Margin

(per cent. per annum)

		
	 greater than or equal to

4.00:1.00
	  	2.75
		
	 greater than or equal to

3.50:1.00 but less than 4.00:1.00
	  	2.50
		
	 greater than or equal to

3.00:1.00 but less than 3.50:1.00
	  	2.25
		
	 greater than or equal to

2.50:1.00 but less than 3.00:1.00
	  	2.00
		
	 greater than or equal to

2.00:1.00 but less than 2.50:1
	  	1.75
		
	 less than

2.00:1.00
	  	1.625

  
 29 

	(b)	 Any change in the Margin will, subject to paragraph (c) below, apply to each Loan from the Business Day
following receipt by the Facility Agent of the Compliance Certificate and the related financial statements indicating such change, provided that any change in the Margin will be calculated by reference to the table above using the information set
out in the Compliance Certificate and financial statements which, as of that date, have most recently been delivered to the Facility Agent. 

  

	(c)	 For so long as: 

  

	 	(i)	 the Company is in default of its obligation under this Agreement to provide a Compliance Certificate or
relevant financial statements; or 

  

	 	(ii)	 an Event of Default is outstanding, 

at the option of the Majority Lenders, the Margin will be the highest applicable rate set out in the table in paragraph (a) above. 

 

	(d)	 If the Margin has been calculated on the basis of a Compliance Certificate but would have been higher if it had
been based on the audited financial statements of the Company in respect of the financial period in which that Compliance Certificate was delivered, the Margin will instead be calculated by reference to those audited financial statements of the
Company. Any change will have a retrospective effect. If, in this event, any interest has been paid by the Company on the basis of the Compliance Certificate, the Company must immediately on demand by the Facility Agent pay to the Facility Agent any
additional interest which would have been paid to the Lenders if the Margin had been calculated by reference to the audited financial statements. 

  

	8.4	 Interest on overdue amounts 

 

	(a)	 If the Company fails to pay any amount payable by it under the Finance Documents when due, it must immediately
on demand by the Facility Agent pay interest on the overdue amount from its due date up to the date of actual payment, both before, on and after judgment. 

  

	(b)	 Interest on an overdue amount is payable at a rate determined by the Facility Agent to be two per cent. per
annum above the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan. For this purpose, the Facility Agent may (acting reasonably):

  

	 	(i)	 select successive Terms of any duration of up to three months; and 

(ii) determine the appropriate Rate Fixing Day for that Term. 
  

	(c)	 Notwithstanding paragraph (b) above, if the overdue amount is a principal amount of a Loan and becomes due
and payable before the last day of its current Term, then: 

  

	 	(i)	 the first Term for that overdue amount will be the unexpired portion of that Term; and 

 

	 	(ii)	 the rate of interest on the overdue amount for that first Term will be 2 per cent. per annum above the
rate then payable on that Loan. 

 After the expiry of the first Term for that overdue amount, the rate on the overdue
amount will be calculated in accordance with paragraph (b) above. 
  

	(d)	 Interest (if unpaid) on an overdue amount will be compounded with that overdue amount at the end of each of its
Terms but will remain immediately due and payable. 

  

	8.5	 Notification of rates of interest 

The Facility Agent must promptly notify each relevant Party of the determination of a rate of interest under this Agreement. 

  
 30 

	9.	 TERMS 

  

	9.1	 Selection – Loans 

 

	(a)	 Each Loan has one Term only. 

 

	(b)	 The Company must select the Term for a Loan in the relevant Request. 

 

	(c)	 Each Term for a Loan will be one, two, three or six months or any other period shorter than six months agreed
by the Company and the Facility Agent or any other period agreed by the Company and all the Lenders which have (or will have) a share in that Loan. 

  

	9.2	 No overrunning the Final Maturity Date 

If a Term for a Loan would otherwise overrun the Final Maturity Date, it will be shortened so that it ends on the Final Maturity Date. 

 

	9.3	 Other adjustments 

The Facility Agent and the Company may enter into such other arrangements as they may agree for the adjustment of Terms and the consolidation
or splitting of Loans, but no Term in excess of six months may be agreed by the Facility Agent without the prior consent of all the Lenders which have (or will have) a share in the relevant Loan. 

 

	9.4	 Notification 

The Facility Agent must notify each relevant Party of the duration of each Term promptly after ascertaining its duration. 

 

	10.	 MARKET DISRUPTION 

 

	10.1	 Failure of a Reference Bank to supply a rate 

If HIBOR is to be calculated by reference to the Reference Banks but a Reference Bank does not supply a rate by 12.00 noon (local time) on a
Rate Fixing Day, HIBOR will, subject as provided below, be calculated on the basis of the rates of the remaining Reference Banks. 
  

	10.2	 Market disruption 

 

	(a)	 In this Clause, each of the following events is a market disruption event: 

 

	 	(i)	 HIBOR is to be calculated by reference to the Reference Banks but no, or (where there is more than one
Reference Bank) only one, Reference Bank supplies a rate by 12.00 noon (local time) on the relevant Rate Fixing Day; or 

  

	 	(ii)	 the Facility Agent receives by close of business on the Business Day immediately following the Rate Fixing Day
notification from Lenders whose shares in the relevant Loan exceed 35 per cent. of that Loan that the cost of funding its participation in that Loan would be in excess of HIBOR, as appropriate, for the relevant Term. 

 

	(b)	 The Facility Agent must promptly notify the Company and the Lenders of a market disruption event.

  
 31 

	(c)	 After notification under paragraph (b) above, the rate of interest on each Lender’s share in the
affected Loan for the relevant Term will be the aggregate of the applicable: 

  

	 	(i)	 Margin; and 

  

	 	(ii)	 the higher of (A) 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 Term, to be that which expresses as a percentage rate per annum the cost to that Lender of funding its share in that Loan from whatever source it may reasonably select and (B) in
relation to a market disruption event under subparagraph (a)(ii) above, HIBOR. 

  

	10.3	 Alternative basis of interest or funding 

 

	(a)	 If a market disruption event occurs and the Facility Agent or the Company so requires, the Company and the
Facility Agent must enter into negotiations for a period of not more than 30 days with a view to agreeing an alternative basis for determining the rate of interest or funding for the affected Loan. 

 

	(b)	 Any alternative basis agreed will be, with the prior consent of all the Lenders, binding on all the Parties.

  

	11.	 TAXES 

  

	11.1	 General 

In this Clause: 
 Indirect
Tax means any goods and services tax, consumption tax, value added tax or any other tax of a similar nature. 
 Tax Credit means a
credit against any Tax or any relief or remission for Tax (or its repayment). 
  

	11.2	 Tax gross-up 

 

	(a)	 The Company must make all payments to be made by it under the Finance Documents without any Tax Deduction,
unless a Tax Deduction is required by law. 

  

	(b)	 If the Company or a Lender is aware that the Company must make a Tax Deduction (or that there is a change in
the rate or the basis of a Tax Deduction), it must promptly notify the Facility Agent. The Facility Agent must then promptly notify the affected Parties. 

  

	(c)	 If a Tax Deduction is required by law to be made by the Company, the amount of the payment due from the Company
will be increased to an amount which (after making the Tax Deduction) leaves an amount equal to the payment which would have been due if no Tax Deduction had been required. 

 

	(d)	 If the Company is required to make a Tax Deduction, the Company must make the minimum Tax Deduction allowed by
law and must make any payment required in connection with that Tax Deduction within the time allowed by law. 

  

	(e)	 Within 30 days of making either a Tax Deduction or a payment required in connection with a Tax Deduction, the
Company making that Tax Deduction or payment must deliver to the Facility Agent for the relevant Finance Party evidence satisfactory to that Finance Party (acting reasonably) that the Tax Deduction has been made or (as applicable) the appropriate
payment has been paid to the relevant taxing authority. 

  

	11.3	 Tax indemnity 

 

	(a)	 Except as provided below, the Company must, within five Business Days of demand by the Facility Agent,
indemnify a Finance Party against any loss or liability or cost which that Finance Party determines will be or has been suffered (directly or indirectly) by that Finance Party for or on account of Tax in relation to a payment received or receivable
(or any payment deemed to be received or receivable) under a Finance Document. 

  
 32 

	(b)	 Paragraph (a) above does not apply with respect to any Tax assessed on a Finance Party under the laws of
the jurisdiction in which: 

  

	 	(i)	 that Finance Party is incorporated or, if different, the jurisdiction (or jurisdictions) in which that Finance
Party is treated as resident for tax purposes; or 

  

	 	(ii)	 that Finance Party’s Facility Office is located in respect of amounts received or receivable in that
jurisdiction, 

 if that Tax is imposed on or calculated by reference to the net income received or receivable by that
Finance Party. However, any payment deemed to be received or receivable, including any amount treated as income but not actually received by the Finance Party, such as a Tax Deduction, will not be treated as net income received or receivable for
this purpose. 
  

	(c)	 Paragraph (a) above does not apply to the extent a loss, liability or cost: 

 

	 	(i)	 is compensated for by an increased payment under Subclause 11.2 (Tax
gross-up); 

  

	 	(ii)	 would have been compensated for by an increased payment under Subclause 11.2 (Tax gross-up) but was not compensated solely because one of the exclusions in that Subclause applied; or 

  

	 	(iii)	 relates to a FATCA Deduction required to be made by a Party. 

 

	(d)	 A Finance Party making, or intending to make, a claim under paragraph (a) above must promptly notify the
Company of the event which will give, or has given, rise to the claim. 

  

	(e)	 A Finance Party must, on receiving a payment from the Company under this Clause notify the Facility Agent.

  

	11.4	 Tax Credit 

If the Company makes a Tax Payment and the relevant Finance Party determines that: 

 

	 	(a)	 a Tax Credit is attributable either to an increased payment of which that Tax Payment forms part, or to that
Tax Payment; and 

  

	 	(b)	 it has obtained, used and retained that Tax Credit, 

the Finance Party must pay an amount to the Company which that Finance Party determines will leave it (after that payment) in the same after-Tax position as it would have been if the Tax Payment had not been required to be made by the Company. 
  

	11.5	 Stamp taxes 

The Company must pay and indemnify each Finance Party against any cost, loss or liability that Finance Party incurs in relation to all stamp
duty, stamp duty land tax, registration or other similar Tax payable in connection with the entry into, performance or enforcement of any Finance Document, except for any such Tax payable in connection with the entry into of a Transfer Certificate.

  
 33 

	11.6	 Indirect Tax 

  

	(a)	 All amounts set out, or expressed to be payable under a Finance Document by any Party to a Finance Party which
(in whole or in part) constitute the consideration for any supply for Indirect Tax purposes are deemed to be exclusive of any Indirect Tax which is or becomes chargeable on that supply, and accordingly, subject to paragraph (b) below, if
Indirect Tax is chargeable on any supply made by any Finance Party to any Party under a Finance Document and the Finance Party is required to account for the Indirect Tax, that Party must pay to the Finance Party (in addition to and at the same time
as paying the consideration for such supply) an amount equal to the amount of the Indirect Tax (and such Finance Party must promptly provide an appropriate Indirect Tax invoice to that Party). 

 

	(b)	 If Indirect Tax is or becomes chargeable on any supply made by any Finance Party (the Supplier) to any
other Finance Party (the Recipient) under a Finance Document, and any Party other than the Recipient (the Relevant Party) is required by the terms of any Finance Document to pay an amount equal to the consideration for that supply to
the Supplier (rather than being required to reimburse or indemnify the Recipient in respect of that consideration), the Relevant Party must also pay to the Supplier (if that Supplier is required to account for the Indirect Tax) or the Recipient (if
the Recipient is required to account for the Indirect Tax) (in addition to and at the same time as paying that amount) an amount equal to the amount of Indirect Tax. The Recipient must promptly pay to the Relevant Party an amount equal to any credit
or repayment from the relevant tax authority which the Recipient reasonably determines relates to the Indirect Tax chargeable on that supply. 

  

	(c)	 Where a Finance Document requires any Party to reimburse or indemnify a Finance Party for any costs or
expenses, that Party must also at the same time reimburse and indemnify (as the case may be) the Finance Party against all Indirect Tax incurred by the Finance Party in respect of such costs or expenses but only to the extent that the Finance Party
(reasonably) determines that it is not entitled to credit or repayment from the relevant tax authority in respect of the Indirect Tax. 

  

	(d)	 If Indirect Tax is chargeable on any supply made by a Finance Party to any Party under a Finance Document and
if reasonably requested by the Finance Party, the Party must promptly give the Finance Party details of its Indirect Tax registration number and any other information as is reasonably requested in connection with the Finance Party’s reporting
requirements for the supply. 

  

	11.7	 Determinations by Finance Parties 

 

	(a)	 A Finance Party which makes a determination of a loss or liability under this Clause must, if that
determination is contested by the Company, notify the Company of the basis of its determination, together with reasonable supporting detail (which shall be prima facie evidence of such determination), through the Facility Agent.

  

	(b)	 Nothing in this Subclause shall, however, require a Finance Party to disclose any confidential information or
any information regarding its internal or external tax affairs or computations. 

  

	11.8	 FATCA Information 

 

	(a)	 Subject to paragraph (c) below, each Party shall, within ten Business Days of a reasonable request by
another Party: 

  

	 	(i)	 confirm to that other Party whether it is: 

 

	 	(A)	 a FATCA Exempt Party; or 

 

	 	(B)	 not a FATCA Exempt Party; 

  
 34 

	 	(ii)	 supply to that other Party such forms, documentation and other information relating to its status under FATCA
as that other Party reasonably requests for the purposes of that other Party’s compliance with FATCA; and 

  

	 	(iii)	 supply to that other Party such forms, documentation and other information relating to its status as that other
Party reasonably requests for the purposes of that other Party’s compliance with any other law, regulation or exchange of information regime. 

  

	(b)	 If a Party confirms to another Party pursuant to subparagraph (a)(i) above that it is a FATCA Exempt Party and
it subsequently becomes aware that it is not or has ceased to be a FATCA Exempt Party, that Party shall notify that other Party reasonably promptly. 

  

	(c)	 Paragraph (a) above shall not oblige any Finance Party to do anything which would or might in its
reasonable opinion constitute a breach of: 

  

	 	(i)	 any law or regulation; 

 

	 	(ii)	 any fiduciary duty; or 

 

	 	(iii)	 any duty of confidentiality. 

 

	(d)	 If a Party fails to confirm whether or not it is a FATCA Exempt Party or to supply forms, documentation or
other information requested in accordance with paragraph (a) above (including, for the avoidance of doubt, where paragraph (c) above applies), then such Party shall be treated for the purposes of the Finance Documents (and payments under
them) as if it is not a FATCA Exempt Party until such time as the Party in question provides the requested confirmation, forms, documentation or other information. 

 

	11.9	 FATCA Deduction 

 

	(a)	 Each Party may make any FATCA Deduction it is required to make by FATCA, and any payment required in connection
with that FATCA Deduction, and no Party shall be required to increase any payment in respect of which it makes such a FATCA Deduction or otherwise compensate the recipient of the payment for that FATCA Deduction. 

 

	(b)	 Each Party shall promptly, upon becoming aware that it must make a FATCA Deduction (or that there is any change
in the rate or the basis of such FATCA Deduction) notify the Party to whom it is making the payment and, in addition, shall notify the Company, the Facility Agent and the other Finance Parties. 

 

	12.	 INCREASED COSTS 

 

	12.1	 Increased Costs 

 

	(a)	 In this Subclause: 

  

	 	(i)	 Basel III means: 

 

	 	(A)	 the agreements on capital requirements, a leverage ratio and liquidity standards contained in “Basel III:
A global regulatory framework for more resilient banks and banking systems”, “Basel III: International framework for liquidity risk measurement, standards and monitoring” and “Guidance for national authorities operating the
countercyclical capital buffer” published by the Basel Committee in December 2010, each as amended; 

  
 35 

	 	(B)	 the rules for global systemically important banks contained in “Global systemically important banks:
assessment methodology and the additional loss absorbency requirement – Rules text” published by the Basel Committee on Banking Supervision in November 2011, as amended; and 

 

	 	(C)	 any further guidance or standards published by the Basel Committee relating to “Basel III”; and

  

	 	(ii)	 Basel Committee means the Basel Committee on Banking Supervision. 

 

	(b)	 Except as provided below in this Clause, the Company must, within five Business Days of demand by the Facility
Agent, pay to a Finance Party the amount of any Increased Cost incurred by that Finance Party or any of its Affiliates as a result of: 

  

	 	(i)	 the introduction of, or any change in, or any change in the interpretation, administration or application of,
any law or regulation, in each case after the date of this Agreement; 

  

	 	(ii)	 compliance with any law or regulation made after the date of this Agreement; or 

 

	 	(iii)	 the implementation or application of or compliance with Basel III or the
Dodd-Frank Wall Street Reform and Consumer Protection Act or any other law or regulation which implements Basel III or the Dodd-Frank Wall Street Reform and Consumer Protection Act (whether such
implementation, application or compliance is by a government, regulator, Finance Party or any of its Affiliates), in each case after the date of this Agreement. 

 

	(c)	 Notwithstanding paragraph (b) above: 

 

	 	(i)	 the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives
thereunder or issued in connection therewith; and 

  

	 	(ii)	 all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel
Committee on Banking Supervision (or any successor or similar authority) or any regulatory authorities, in each case pursuant to Basel III, 

shall in each case be deemed to have been enacted, adopted and issued after the date of this Agreement, regardless of the date actually
enacted, adopted or issued. 
  

	12.2	 Exceptions 

The Company need not make any payment for an Increased Cost to the extent that the Increased Cost which is: 

 

	 	(a)	 attributable to a Tax Deduction required by law to be made by the Company or attributable to a Tax calculated
by reference to the net income received or receivable by the relevant Finance Party; 

  

	 	(b)	 attributable to a FATCA Deduction required to be made by a Party; 

 

	 	(c)	 compensated for under another Clause or would have been but for an exception to that Clause;

  

	 	(d)	 attributable to a Finance Party or its Affiliate failing to comply with any law or regulation; or

  

	 	(e)	 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 (but excluding any amendment arising out of Basel III)
(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). 

  
 36 

	12.3	 Claims 

  

	(a)	 A Finance Party intending to make a claim for an Increased Cost must notify the Company of the circumstances
giving rise to and the amount of the claim through the Facility Agent. 

  

	(b)	 Each Finance Party must, as soon as practicable after a demand by the Company, provide a certificate confirming
the amount of its Increased Cost to the Company with reasonable supporting detail, and such certificate shall be prima facie evidence of the amount of the Increased Cost to which it relates. 

 

	13.	 MITIGATION 

  

	13.1	 Mitigation 

  

	(a)	 Each Finance Party must, in consultation with the Company, take all reasonable steps to mitigate any
circumstances which arise and which result or would result in: 

  

	 	(i)	 any Tax Payment or Increased Cost being payable to that Finance Party; or 

 

	 	(ii)	 that Finance Party being able to exercise any right of prepayment or cancellation under this Agreement by
reason of any illegality, 

 including transferring its rights and obligations under the Finance Documents to an Affiliate
or changing its Facility Office. 
  

	(b)	 Paragraph (a) above does not in any way limit the obligations of the Company under the Finance Documents.

  

	(c)	 The Company must indemnify each Finance Party for all costs and expenses reasonably incurred by that Finance
Party as a result of any step taken by it under this Subclause. 

  

	(d)	 A Finance Party is not obliged to take any step under this Subclause if, in the opinion of that Finance Party
(acting reasonably), to do so might be prejudicial to it. 

  

	13.2	 Conduct of business by a Finance Party 

No term of any Finance Document will: 
  

	 	(a)	 interfere with the right of any Finance Party to arrange its affairs (Tax or otherwise) in whatever manner it
thinks fit; 

  

	 	(b)	 oblige any Finance Party to investigate or claim any credit, relief, remission or repayment available to it in
respect of Tax or the extent, order and manner of any claim; or 

  

	 	(c)	 oblige any Finance Party to disclose any information relating to its affairs (Tax or otherwise) or any
computation in respect of Tax. 

  
 37 

	14.	 PAYMENTS 

  

	14.1	 Place 

Unless a Finance Document specifies that payments under it are to be made in another manner, all payments by a Party (other than the Facility
Agent) under the Finance Documents must be made to the Facility Agent to its account at such office or bank in Hong Kong as it may notify to that Party for this purpose by not less than five Business Days’ prior notice. 

 

	14.2	 Funds 

Payments under the Finance Documents to the Facility Agent must be made for value by 11.00 a.m. on the due date in immediately available funds
or at such times and in such funds as the Facility Agent may specify to the Party concerned as being customary at the time for the settlement of transactions in the relevant currency in the place for payment. 

 

	14.3	 Distribution 

  

	(a)	 Each payment received by the Facility Agent under the Finance Documents for another Party must, except as
provided below, be made available by the Facility Agent to that Party by payment (as soon as practicable after receipt) to its account with such office or bank in the principal financial centre of the country of the relevant currency as it may
notify to the Facility Agent for this purpose by not less than five Business Days’ prior notice. 

  

	(b)	 The Facility Agent may (with the consent of the Company or in accordance with Clause 28 (Set-Off)) apply any amount received by it for the Company in or towards payment (as soon as practicable after receipt) of any amount due from the Company under the Finance Documents or in or towards the purchase of
any amount of any currency to be so applied. 

  

	(c)	 Where a sum is paid to the Facility Agent under this Agreement for another Party, the Facility Agent is not
obliged to pay that sum to that Party until it has established that it has actually received it. However, the Facility Agent may assume that the sum has been paid to it, and, in reliance on that assumption, make available to that Party a
corresponding amount. If it transpires that the sum has not been received by the Facility Agent, that Party must immediately on demand by the Facility Agent refund any corresponding amount made available to it together with interest on that amount
from the date of payment to the date of receipt by the Facility Agent at a rate calculated by the Facility Agent to reflect its cost of funds. 

  

	14.4	 Currency 

  

	(a)	 Unless a Finance Document specifies that payments under it are to be made in a different manner, the currency
of each amount payable under the Finance Documents is determined under this Subclause. 

  

	(b)	 Amounts payable in respect of Taxes, fees, costs and expenses are payable in the currency in which they are
incurred. 

  

	(c)	 Each other amount payable under the Finance Documents is payable in Hong Kong Dollars. 

 

	14.5	 No set-off or counterclaim 

All payments made by the Company under the Finance Documents must be calculated and made without (and free and clear of any deduction for) set-off or counterclaim. 

  
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	14.6	 Business Days 

 

	(a)	 If a payment under the Finance Documents is due on a day which is not a Business Day, the due date for that
payment will instead be the next Business Day in the same calendar month (if there is one) or the preceding Business Day (if there is not) or whatever day the Facility Agent determines is market practice. 

 

	(b)	 During any extension of the due date for payment of any principal under this Agreement interest is payable on
that principal at the rate payable on the original due date. 

  

	14.7	 Partial payments 

 

	(a)	 If the Facility Agent receives a payment insufficient to discharge all the amounts then due and payable by the
Company under the Finance Documents, the Facility Agent must apply that payment towards the obligations of the Company under the Finance Documents in the following order: 

 

	 	(i)	 first, in or towards payment pro rata of any unpaid fees, costs and expenses due to the Facility Agent
under the Finance Documents; 

  

	 	(ii)	 secondly, in or towards payment pro rata of any accrued interest or fees due but unpaid under this
Agreement; 

  

	 	(iii)	 thirdly, in or towards payment pro rata of any principal amount due but unpaid under this Agreement; and

  

	 	(iv)	 fourthly, in or towards payment pro rata of any other sum due but unpaid under the Finance Documents.

  

	(b)	 The Facility Agent must, if so directed by the Majority Lenders, vary the order set out in subparagraphs
(a)(ii) to (iv) above. 

  

	(c)	 This Subclause will override any appropriation made by the Company. 

 

	14.8	 Timing of payments 

If a Finance Document does not provide for when a particular payment is due, that payment will be due within three Business Days of demand by
the relevant Finance Party. 
  

	15.	 REPRESENTATIONS AND WARRANTIES 

 

	15.1	 Representations and warranties 

 

	(a)	 The representations and warranties set out in this Clause are: 

 

	 	(i)	 unless otherwise expressed to be given at a specific date, made to each Finance Party by the Company on the
date of this Agreement; 

  

	 	(ii)	 unless otherwise expressed to be given at a specific date, deemed to be repeated to each Finance Party by the
Company on each Increase Date, each Utilisation Date (other than a Utilisation Date of a Rollover Loan) and the first day of each Term; and 

  

	 	(iii)	 if expressed to given at a specific date, made to each Finance Party by the Company on that date.

  
 39 

	(b)	 When a representation and warranty is repeated, it is applied to the circumstances existing at the time of
repetition. 

  

	15.2	 Status 

  

	(a)	 The Company is an exempted company with limited liability, duly formed, validly existing and in good standing
under the laws of the Cayman Islands. 

  

	(b)	 Each of its Subsidiaries is duly formed and validly existing under the laws of the jurisdiction in which it is
formed. 

  

	(c)	 The Company and each of its Subsidiaries has the power to own its assets and carry on its business as it is
being conducted. 

  

	15.3	 Powers and authority 

It has the power to enter into and perform, and has taken all necessary action to authorise the entry into and performance of, the Transaction
Documents to which it is or will be a party and the transactions contemplated by those Transaction Documents. 
  

	15.4	 Legal validity 

 

	(a)	 Subject to the Legal Reservations each Transaction Document to which it is a party is its legally binding,
valid and enforceable obligation. 

  

	(b)	 Each Finance Document to which it is a party is in the proper form for its enforcement in the jurisdiction of
its formation. 

  

	15.5	 Non-conflict 

The entry into and performance by it of, and the transactions contemplated by, the Finance Documents do not conflict with: 

 

	 	(a)	 any law or regulation applicable to it; 

 

	 	(b)	 its constitutional documents in any material respect; or 

 

	 	(c)	 any document which is binding upon it in any material respect. 

 

	15.6	 Compliance 

As at the date of this Agreement: 
  

	 	(a)	 it is in compliance with all laws and regulations, including, but not limited to, Sanctions, in all material
respects and no notices of any material violation of any authorisation has been issued, entered or received by it which are continuing; and 

  

	 	(b)	 it is compliance in all material respects with the Transaction Documents to which it is a party.

  

	15.7	 No default 

  

	(a)	 As at the date of this Agreement, no Default is outstanding or will result from the entry into of, or the
performance of any transaction contemplated by, any Finance Document. 

  
 40 

	(b)	 No other event or circumstance is outstanding which constitutes a default under any document which is binding
on its assets to an extent or in a manner which constitutes a Material Adverse Effect. 

  

	15.8	 Authorisations 

As at the date of this Agreement, all authorisations: 
  

	 	(a)	 required by it in connection with the entry into, performance, validity and enforceability of, and the
transactions contemplated by, the Transaction Documents; and 

  

	 	(b)	 necessary for the conduct of the business, trade and ordinary activities of members of the Group and which are
material, 

 have been obtained or effected (as appropriate) and are in full force and effect. 

 

	15.9	 Financial statements 

Its audited financial statements most recently delivered to the Facility Agent (which, at the date of this Agreement, are the financial
statements referred to in paragraph (a) of the definition of “Original Financial Statements”): 
  

	 	(a)	 have been prepared in accordance with IFRS consistently applied; and 

 

	 	(b)	 give a true and fair view of its financial condition (consolidated, if applicable) as at the date to which they
were drawn up, 

 except, in each case, as disclosed to the contrary in those financial statements. 

 

	15.10	 Pari passu ranking 

Its payment obligations under the Finance Documents rank at least pari passu with the claims of all its other unsecured and
unsubordinated creditors, except for obligations mandatorily preferred by law applying to companies generally. 
  

	15.11	 Litigation 

  

	(a)	 As of the date of this Agreement, no litigation, arbitration, expert determination, alternative dispute
resolution or administrative proceedings against it are current or, to its knowledge, pending or threatened, which has or may reasonably be expected to have a Material Adverse Effect. 

 

	(b)	 As of the date of this Agreement, no labour disputes are current or, to its knowledge, threatened which has or
may reasonably be expected to have a Material Adverse Effect. 

  

	15.12	 IP Rights 

  

	(a)	 The Company has the legal right to use the trade name “MGM” in connection with the pursuit of its
business in Macau. 

  

	(b)	 As of the date of this Agreement, there are no intellectual property rights other than the trade name
“MGM” which are material to the business of the Group. 

  

	15.13	 Environment 

  

	(a)	 As at the date of this Agreement, it has obtained all Environmental Approvals required for the carrying on of
its business as currently conducted and has complied with: 

  
 41 

	 	(i)	 the terms and conditions of such Environmental Approvals; and 

 

	 	(ii)	 all other applicable Environmental Laws, 

where, in each case, if not obtained or complied with the failure or its consequences would constitute a Material Adverse Effect. 

 

	(b)	 As at the date of this Agreement, there is no Environmental Claim pending or formally threatened and there are
no past or present acts, omissions, events or circumstances that would form, or are reasonably likely to form, the basis of any Environmental Claim against any member of the Group which would, or may reasonably be expected to have, a Material
Adverse Effect. 

  

	(c)	 There are, to its knowledge, no circumstances that may prevent or interfere with its compliance with the terms
and conditions of all Environmental Approvals required for the carrying on of its business. 

  

	15.14	 Information 

  

	(a)	 In this Subclause, Information means all information made available by or on behalf of any member of the
Group to the Finance Parties in connection with the transactions contemplated by the Finance Documents, whether such information is provided prior to, on or after the date of this Agreement. 

 

	(b)	 All Information (other than the financial projections) provided to any Finance Party by or on behalf of any
member of the Group on or prior to the date of this Agreement was true and accurate in all material respects as at its date or (if appropriate) as at the date (if any) at which it is stated to be given and nothing has been omitted from such
Information and no Information has been given or withheld that would result in the Information being untrue or misleading in any material respect. 

  

	(c)	 As of the date of this Agreement, any financial projections contained in the Information were prepared on the
basis of recent historical information and on the basis of assumptions believed by the Company to be reasonable as of the date of the preparation of such projections in each case (but subject to the inherent uncertainty associated with all financial
projections and with no assurance that any such financial projections will be achieved). 

  

	(d)	 All other Information provided by any member of the Group to the Finance Parties is true, complete and accurate
in all material respects as at the date it was given and is not misleading in any material respect. 

  

	15.15	 Assets 

It has a good and valid title to, or valid leases or licences of, and all appropriate authorisations to use, all assets necessary to conduct
its business as it is being or will be conducted. 
  

	15.16	 Financial Indebtedness and Security Interests 

As at the date of this Agreement, the incurrence of the maximum amount of Financial Indebtedness made available under this Agreement by the
Company does not and will not breach the terms of any material contract to which any member of the Group is party or to which the assets of any member of the Group are subject. 

  
 42 

	15.17	 Insurance 

As at the date of this Agreement: 
  

	 	(a)	 there is no outstanding insured loss or liability incurred by it which is US$10,000,000 (or its equivalent) or
more which is not expected to be covered to the full extent of that loss or liability; 

  

	 	(b)	 there has been no non-disclosure, misrepresentation or breach of any
term of any material Insurance which would entitle any insurer of that Insurance to repudiate, rescind or cancel it or to treat it as avoided in whole or in part or otherwise decline any valid claim under it by or on behalf of any member of the
Group; and 

  

	 	(c)	 no insurer of any material Insurance is in run-off or has entered into
any insolvency proceedings which are still pending or current. 

  

	15.18	 Taxes on payments 

 

	(a)	 It is not overdue (taking into account any grace periods granted or attached thereto) in the filing of any Tax
returns or filings relating to any material amount of Tax and it is not overdue in the payment of any material amount of, or in respect of, Tax. 

  

	(b)	 No claim or investigations by any Tax authority are being made or conducted against it which would constitute a
Material Adverse Effect. 

  

	(c)	 As at the date of this Agreement, for Tax purposes, it is resident only in the jurisdiction of its formation.

  

	(d)	 As at the date of this Agreement, all amounts payable by it under the Finance Documents may be made without any
Tax Deduction. 

  

	15.19	 Filing and Stamp duties 

As at the date of this Agreement, it is not necessary in its jurisdiction of formation that the Finance Documents be filed, recorded or
enrolled with any court or other authority in that jurisdiction, and no stamp or registration duty or similar Tax or charge is payable in its jurisdiction of formation in respect of any Finance Document except that stamp duty will be payable on any
Finance Document executed in, brought into or produced before a court in the Cayman Islands. 
  

	15.20	 Immunity 

  

	(a)	 The entry into by it of each Finance Document constitutes, and the exercise by it of its rights and performance
of its obligations under each Finance Document will constitute, private and commercial acts performed for private and commercial purposes; and 

  

	(b)	 it will not be entitled to claim immunity from suit, execution, attachment or other legal process in any
proceedings taken in its jurisdiction of formation in relation to any Finance Document. 

  

	15.21	 No adverse consequences 

As at the date of this Agreement: 
  

	 	(a)	 it is not necessary under the laws of its jurisdiction of formation: 

 

	 	(i)	 in order to enable any Finance Party to enforce its rights under any Finance Document; or

  

	 	(ii)	 by reason of the entry into of any Finance Document or the performance by it of its obligations under any
Finance Document, 

  
 43 

 that any Finance Party is licensed, qualified or otherwise entitled to carry on business in
its jurisdiction of formation; and 
  

	 	(b)	 no Finance Party is or will be deemed to be resident, domiciled or carrying on business in its jurisdiction of
formation by reason only of the entry into, performance or enforcement of any Finance Document. 

  

	15.22	 Jurisdiction/governing law 

 

	(a)	 Subject to the Legal Reservations: 

 

	 	(i)	 its: 

  

	 	(A)	 irrevocable submission under the Finance Documents to the jurisdiction of the courts of England; and

  

	 	(B)	 agreement that each of the Finance Documents which are expressed to be governed by English law are governed by
English law; and 

  

	 	(ii)	 agreement not to claim any immunity to which it or its assets may be entitled, 

are legal, valid and binding under the laws of its Relevant Jurisdiction. 

 

	(b)	 Any judgment obtained in England will be recognised and be enforceable by the courts of its Relevant
Jurisdiction. 

  

	15.23	 Authorised Signatures 

Any person specified as its authorised signatory pursuant to any document required to be delivered under Schedule 2 (Conditions Precedent
Documents) or Subclause 16.5 (Information – miscellaneous) is authorised to sign Requests and other documents or notices on its behalf. 
  

	15.24	 No Material Adverse Effect 

As at each Utilisation Date (other than a Utilisation Date for a Rollover Loan) no event or series of events has occurred which constitutes a
Material Adverse Effect. 
  

	16.	 INFORMATION COVENANTS 

 

	16.1	 Financial statements 

The Company must supply to the Facility Agent (by the provision of a copy thereof or a link to its website): 

 

	 	(a)	 its audited consolidated financial statements for each of its financial years within 90 days of the end of each
of its financial years (or any longer period permitted by the Listing Rules); and 

  

	 	(b)	 its unaudited consolidated financial statements for each of its financial quarters (other than in respect of
the fourth consecutive financial quarter in each of its financial years) within 45 days of the end of each of its financial quarters (or any longer period permitted by the Listing Rules). 

  
 44 

	16.2	 Form of financial statements 

 

	(a)	 The Company must ensure that each set of financial statements supplied under this Agreement gives (if audited)
a true and fair view of, or (if unaudited) fairly represents, the financial condition (consolidated or otherwise) of the Company as at the date to which those financial statements were drawn up. 

 

	(b)	 The Company must notify the Facility Agent of any change to the manner in which its audited consolidated
financial statements are prepared. 

  

	(c)	 If requested by the Facility Agent, the Company must supply to the Facility Agent: 

 

	 	(i)	 a full description of any change notified under paragraph (b) above; and 

 

	 	(ii)	 sufficient information in form and substance as may be reasonably required by the Facility Agent, to enable the
Lenders to determine whether Clause 17 (Financial Covenants) has been complied with and make an accurate comparison between the financial position indicated in those financial statements and the relevant audited consolidated financial statements.

 Any reference in this Agreement to “financial statements” shall be construed as a reference to the financial
statements of the Company adjusted to reflect any change in the basis upon which the relevant audited consolidated financial statements were prepared. 
  

	(d)	 If there is any change in the basis on which the audited financial statements of the Company are prepared and
if requested by the Facility Agent or the Company, the Company and the Facility Agent must enter into discussions for a period of not more than 30 days with a view to agreeing any amendments required to be made to this Agreement to place the Company
and the Lenders in the same position as they would have been in if the change had not happened. 

  

	(e)	 If the Company provides any notification under paragraph (b) above it must ensure that its audited
financial statements provide an explanation from the Auditors which is consistent with any description provided by the Company under paragraph (c) above for any change to the manner in which the Company’s audited consolidated financial
statements are prepared. 

  

	16.3	 Compliance Certificate 

 

	(a)	 The Company must supply to the Facility Agent, with each set of its financial statements sent to the Facility
Agent under this Agreement, a Compliance Certificate setting out (in reasonable detail) computations as to compliance with Clause 17 (Financial Covenants) as at the date as at which those financial statements were drawn up. 

 

	(b)	 Each Compliance Certificate must be signed by the chief financial officer of the Company.

  

	16.4	 Auditors 

  

	(a)	 The Company must ensure that at all times the Auditors are appointed to audit its consolidated annual financial
statements. 

  

	(b)	 The Company may only replace its Auditors only with another internationally recognised firm of certified public
accountants. 

  

	(c)	 If, at any time after an Event of Default occurs, the Facility Agent wishes to discuss the financial position
of any member of the Group with the Auditors, the Facility Agent may notify the Company, stating the questions or issues which the Facility Agent wishes to discuss with the Auditors. In this event, the Company must ensure that the Auditors are
authorised (at the expense of the Company) to discuss the financial position of each member of the Group with the Facility Agent on request from the Facility Agent in the presence of one or more representatives of the Company designated by the
Company. 

  
 45 

	16.5	 Information – miscellaneous 

 

	(a)	 Subject paragraph (b) below, the Company must supply to the Facility Agent, in sufficient copies for all
the Lenders if the Facility Agent so requests: 

  

	 	(i)	 at the same time as they are despatched, copies of all material documents despatched by the Company or by any
member of the Group to any class or classes of its creditors to which it owes Financial Indebtedness, for each such class of creditors, in an aggregate principal amount exceeding US$20,000,000; 

 

	 	(ii)	 promptly upon becoming aware of them, details of any current, threatened or pending litigation, arbitration or
administrative proceedings against any member of the Group which have, or may reasonably be expected to have, a Material Adverse Effect; 

  

	 	(iii)	 promptly upon becoming aware of them, details of any authorisations as referred to in Subclause 18.2
(Authorisations) obtained or effected being amended, renewed or otherwise modified, or any authorisations not being obtained or effected when required or ceasing to be in effect; 

 

	 	(iv)	 prior to entry into of any such arrangement, details of any proposed Performance Bond or Performance Bond
Facility to be entered into by any member of the Group; 

  

	 	(v)	 promptly on request, a list of the then current Subsidiaries of the Company; 

 

	 	(vi)	 promptly on request, such further information regarding the financial condition, business and operations of any
member of the Group as any Finance Party through the Facility Agent may reasonably request; and 

  

	 	(vii)	 promptly, notice of any change in authorised signatories of the Company signed by a director or company
secretary of the Company accompanied by specimen signatures of any new authorised signatories. 

  

	(b)	 The Company shall not be required to supply any information requested by the Facility Agent under paragraph
(a) above if the provision of such information by the Company: 

  

	 	(i)	 is not permitted under the Listing Rules or any applicable law or other regulation; or 

 

	 	(ii)	 could reasonably be expected to result in the Company, under any applicable law or regulation, being obliged to
make an announcement or disclose information under the Listing Rules or otherwise to its shareholders in circumstances where it would not otherwise be required to make such an announcement or disclosure. 

 

	16.6	 Notification of Default and breach of certain representations 

The Company must notify the Facility Agent of any Default (and the steps, if any, being taken to remedy it) promptly upon becoming aware of its
occurrence. 

  
 46 

	16.7	 Financial year and quarter end 

The Company must not change its financial year or any financial quarter end unless required to do so by applicable law or by applicable
auditing or financial standards. 
  

	16.8	 Customer due diligence requirements 

 

	(a)	 The Company must, as soon as reasonably practicable following a request of any Finance Party supply to that
Finance Party any documentation or other evidence which is reasonably requested by that Finance Party (whether for itself, on behalf of any Finance Party or any prospective new Lender) to enable a Finance Party or prospective new Lender to carry out
and be satisfied with the results of all relevant applicable customer due diligence requirements. 

  

	(b)	 Each Lender must, promptly on the request of the Facility Agent, supply to the Facility Agent any documentation
or other evidence which is reasonably required by the Facility Agent to carry out and be satisfied with the results of all customer due diligence requirements. 

 

	17.	 FINANCIAL COVENANTS 

 

	17.1	 Financial covenant definitions 

In this Clause: 
 EBITDA
means, for any period, Net Income for such period adjusted by: 
  

	 	(a)	 adding, without duplication and to the extent deducted in arriving at Net Income, the sum of:

  

	 	(i)	 Non-Gaming Tax; 

 

	 	(ii)	 amortisation or write-off of debt discount and debt issuance costs and
interest, commissions, discounts and other fees and charges associated with Financial Indebtedness (including the Loans); 

  

	 	(iii)	 depreciation and amortisation expense; 

 

	 	(iv)	 amortisation of intangibles (including goodwill); 

 

	 	(v)	 the aggregate of all non-cash items which otherwise have the effect of
decreasing Net Income; 

  

	 	(vi)	 any foreign currency exchange losses; 

 

	 	(vii)	 any extraordinary expenses or losses; and 

 

	 	(viii)	 any pre-opening and start-up
expenses incurred by any member of the Group prior to the opening date of MGM Cotai; and 

  

	 	(b)	 subtracting, without duplication and to the extent included in determining such Net Income, the sum of:

  

	 	(i)	 interest income; 

  

	 	(ii)	 the aggregate of all non-cash items which otherwise have the effect of
increasing Net Income; 

  
 47 

	 	(iii)	 any foreign currency exchange gains; and 

 

	 	(iv)	 any extraordinary income or gains, 

in each case with such adjustments being determined in accordance with IFRS, consistently applied. 

Interest Charges means for any period, capitalised and non-capitalised interest in respect of
Financial Indebtedness of the Group during that period (eliminating inter-company items) and any fees payable under Subclause 22.2 (Commitment Fee) during that period, in each case determined in accordance with IFRS, consistently applied. 

Interest Coverage Ratio means, on an Accounting Date, the ratio of: 

 

	 	(a)	 EBITDA; to 

  

	 	(b)	 Interest Charges, 

in each case, for the 12 month period ending on that Accounting Date. 

Leverage Ratio means, on any Accounting Date, the ratio of: 
  

	 	(a)	 Total Debt on that Accounting Date; to 

 

	 	(b)	 EBITDA for the 12 month period ending on that Accounting Date. 

Net Income means, for any period, the consolidated net income (or loss) of the Company for such period, determined in accordance with
IFRS consistently applied. 
 Non-Gaming Tax means, for any period, income tax other than
gaming tax and other obligatory social contributions in respect of gaming concessions and deducted in arriving at Net Income for that period. 

Total Debt means, at any time, the aggregate principal amount of all Financial Indebtedness of the Group other than: 

 

	 	(a)	 any Financial Indebtedness under a Performance Bond Facility (except to the extent of actual drawings
thereunder); 

  

	 	(b)	 any Financial Indebtedness owed to another member of the Group; 

 

	 	(c)	 any Financial Indebtedness of the Group on non-recourse terms; and

  

	 	(d)	 any Financial Indebtedness up to an aggregate amount of US$500,000,000 or its equivalent falling under
paragraph (j) of the definition of “Financial Indebtedness” which has been incurred by a member of the Group in respect of and to the extent required under any bond facility which is procured in relation to any contractor’s lien
over assets of the Group except: 

  

	 	(i)	 to the extent that any member of the Group is in default (howsoever described) under such bond facility; or

  

	 	(ii)	 where any such Financial Indebtedness does not constitute current liabilities of the member of the Group,

  
 48 

 provided that, in determining Total Debt, Financial Indebtedness arising from derivative
transactions will be included solely to the extent of the net mark-to-market liability of the Group under those transactions, unless a termination or similar amount in
respect of that derivative transaction is due and unpaid by a member of the Group, in which case the amount unpaid will be used to calculate its amount. 
  

	17.2	 Interpretation 

 

	(a)	 Each accounting term used in this Clause is to be construed in accordance with the principles applied in
connection with the Original Financial Statements. 

  

	(b)	 Any amount in a currency other than Hong Kong Dollars is to be taken into account at: 

 

	 	(i)	 its Hong Kong Dollar equivalent on the day the relevant amount falls to be calculated; or

  

	 	(ii)	 if the amount is to be calculated on the last day of a financial period of the Company, its amount in Hong Kong
Dollars based on the relevant rates of exchange used by the Company in, or in connection with, its financial statements for that period. 

  

	17.3	 Leverage Ratio 

The Company must ensure that the Leverage Ratio does not, on each Accounting Date occurring on and after 30 September 2021, exceed 4.50 to
1.00. 
  

	17.4	 Interest Coverage Ratio 

The Company must ensure that, on any Accounting Date occurring on and after 30 September 2021, the Interest Coverage Ratio is not less
than 2.50 to 1. 
  

	18.	 GENERAL COVENANTS 

 

	18.1	 General 

  

	(a)	 The Company agrees, for the benefit of each Finance Party, to be bound by the covenants set out in this Clause
on and from the date of this Agreement to (and including) the Final Maturity Date (or, if earlier, the date on which all amounts outstanding under the Finance Documents are unconditionally and irrevocably paid and no Commitment is in force).

  

	(b)	 Where a covenant is expressed to apply to any member of the Group which is not the Company, the Company must
ensure that its Subsidiaries perform that covenant. 

  

	18.2	 Authorisations 

 

	(a)	 The Company must promptly: 

 

	 	(i)	 obtain, maintain in full force and effect and comply with the terms; and 

 

	 	(ii)	 supply certified copies to the Facility Agent, 

of any authorisation required under any law or regulation to enable it to perform its obligations under, or for the validity or enforceability
of, any Transaction Document and the transaction contemplated by it. 
  

	(b)	 The Company must promptly: 

 

	 	(i)	 obtain, maintain and comply with the terms; and 

  
 49 

	 	(ii)	 upon request, supply certified copies to the Facility Agent, 

of any authorisation required under any law or regulation to enable it to carry on its business in the ordinary course of business. 

 

	18.3	 Compliance 

  

	(a)	 The Company must comply in all respects with all laws and regulations, including, but not limited to,
Sanctions, to which it is subject where failure to do so constitutes or could be reasonably be expected to constitute a Material Adverse Effect. 

  

	(b)	 The Company must comply in all material respects with its obligations under the Transaction Documents (other
than a Finance Document) to which it is a party. 

  

	18.4	 Pari passu ranking 

The Company must ensure that its payment obligations under the Finance Documents at all times rank at least pari passu with all its
other present and future unsecured payment obligations, except for obligations mandatorily preferred by law applying to companies generally in its jurisdiction of formation or any other jurisdiction where it carries on business. 

 

	18.5	 Negative pledge 

 

	(a)	 Except for any Permitted Security, no member of the Group may create or allow any Security Interest to exist on
any of its assets. 

  

	(b)	 Except for any Permitted Security, no member of the Group may: 

 

	 	(i)	 sell, transfer or otherwise dispose of any of its assets on terms where it is or may be leased to or re-acquired or acquired by a member of the Group or any of its related entities; 

  

	 	(ii)	 sell, transfer or otherwise dispose of any of its receivables on recourse terms; 

 

	 	(iii)	 enter into or permit to subsist any title retention arrangement; 

 

	 	(iv)	 enter into or permit to subsist any arrangement under which money or the benefit of a bank or other account may
be applied, set-off or made subject to a combination of accounts; or 

  

	 	(v)	 enter into or permit to subsist any other preferential arrangement having a similar effect,

 in circumstances where the transaction is entered into primarily as a method of raising Financial Indebtedness or of
financing the acquisition of an asset. 
  

	18.6	 Disposals 

  

	(a)	 Except as provided below, no member of the Group may, either in a single transaction or in a series of
transactions and whether related or not, dispose of all or any part of any asset which: 

  

	 	(i)	 constitutes part of the land and/or buildings constituting the MGM Macau or the MGM Cotai or, in respect of the
land and/or buildings constituting part of the MGM Macau or the MGM Cotai, comprises any share or equity interest in any person that owns such land and/or buildings; or 

 

	 	(ii)	 is necessary for the continued operation of the business conducted at the MGM Macau or the MGM Cotai.

  
 50 

	(b)	 Subparagraph (a)(i) above does not apply to any disposal: 

 

	 	(i)	 constituted by a Security Interest that is a Permitted Security; 

 

	 	(ii)	 required as a result of any dedication of minor strips and gores of land to any Governmental Agency for public
purposes; or 

  

	 	(iii)	 which is a Permitted Lease. 

 

	18.7	 Continuation of business of Principal Resorts 

The Company must ensure that the Group continues to own and operate the MGM Macau and the MGM Cotai, as integrated casino resorts. 

 

	18.8	 Mergers 

The Company may not enter into any amalgamation, merger or reconstruction other than a Permitted Transaction and only if such amalgamation,
merger or reconstruction does not materially prejudice or adversely affect: 
  

	 	(a)	 the ability of the Company to perform its obligations under, or the validity or enforceability of, any
Transaction Document; or 

  

	 	(b)	 the rights of the Finance Parties under the Finance Documents. 

 

	18.9	 Environmental matters 

 

	(a)	 Each member of the Group must: 

 

	 	(i)	 comply with all Environmental Law; 

 

	 	(ii)	 obtain, maintain and ensure compliance with all requisite Environmental Approvals; and 

 

	 	(iii)	 implement procedures to monitor compliance with and to prevent liability under any Environmental Law,

 where failure to do so constitutes or could be reasonably be expected to constitute a Material Adverse Effect or result
in any liability for a Finance Party. 
  

	(b)	 The Company must, promptly upon becoming aware, notify the Facility Agent of: 

 

	 	(i)	 any Environmental Claim started, or to its knowledge, threatened; or 

 

	 	(ii)	 any circumstances reasonably likely to result in an Environmental Claim, 

which has a Material Adverse Effect, or may reasonably be expected to either have a Material Adverse Effect or result in any liability for a
Finance Party. 
  

	18.10	 Permitted Swap Transactions 

No member of the Group may enter into any derivative transaction other than a Permitted Swap Transaction. 

  
 51 

	18.11	 IP Rights 

  

	(a)	 Each member of the Group must take such steps as are necessary and commercially reasonable (including, where
appropriate, the institution of legal proceedings) to prevent third parties infringing the Group’s intellectual property rights. 

  

	(b)	 The Company must ensure that it has the legal right to use the trade name “MGM” in connection with
the pursuit of its resort casino business and other related lodging and ancillary businesses in Macau. 

  

	18.12	 Insurances 

  

	(a)	 In this Clause: 

  

	 	(i)	 a prudent owner means a prudent owner and operator of any business, and of assets of a type and size,
similar in all cases to those owned and operated by the relevant member of the Group in a similar location; and 

  

	 	(ii)	 Insurance (the new Insurance) shall be on reasonable commercial terms if (without prejudice to
any other terms that may be commercially reasonable) the premium payable in respect of the new Insurance is not more than 125 per cent. of the premium paid by the Group for the Insurance covering the same risks as the new Insurance in the
immediately preceding year. 

  

	(b)	 Each member of the Group must ensure that its Insurances: 

 

	 	(i)	 are materially consistent with the Insurances in place as of the date of this Agreement, provided that such
Insurances may be modified consistent with the availability of coverage in the international insurance market on reasonable commercial terms; 

  

	 	(ii)	 cover all risks that are required to be insured against under any applicable law or regulation; and

  

	 	(iii)	 cover all risks which a prudent owner would insure against (as reasonably determined by the Company).

  

	(c)	 Each member of the Group must ensure that the Insurances are with, or it has ultimate recourse in respect of
all insured losses under the Insurances to, an insurance company or underwriter which is of international standing and is not a captive insurer which is a member of the Group. 

 

	18.13	 Amendments to documents 

 

	(a)	 Subject to paragraph (b) below, no member of the Group may: 

 

	 	(i)	 amend its memorandum or articles of association or other constitutional documents; or 

 

	 	(ii)	 amend, waive or replace any term of any Concession Contract, 

in a manner which will, or is reasonably likely to, affect the Company’s ability to make payments under the Finance Documents or will
otherwise materially and adversely affect the interests of the Finance Parties under the Finance Documents. 
  

	(b)	 Subparagraph (a)(i) above does not apply to any actions which are reasonably required to consummate a Permitted
Transaction. 

  
 52 

	(c)	 The Company must promptly supply to the Facility Agent a copy of any amendment to or waiver of any of the
documents referred to in paragraph (a) above. 

  

	18.14	 Access 

  

	(a)	 Subject to any applicable laws or regulations restricting such actions, upon reasonable notice being given by
the Facility Agent, each member of the Group must allow any one or more representatives of the Facility Agent or accountants or other professional advisers (other than construction consultants) appointed by the Facility Agent (at the Company’s
expense) to have access during normal business hours to the premises, assets, books and records of that member of the Group, provided that any representative of that member of the Group may, if they so choose, be present. 

 

	(b)	 The Facility Agent may not give notice under paragraph (a) above more than once every financial year
unless it reasonably believes that a Default is outstanding. 

  

	18.15	 Taxes 

  

	(a)	 Each member of the Group must pay all Taxes due and payable (or, where payments of Tax must be made by
reference to estimated amounts, such estimated Tax (calculated in good faith) as due and payable for the relevant period) by it prior to the accrual of any fine or penalty for late payment, unless (and only to the extent that):

  

	 	(i)	 payment of those Taxes is being contested in good faith; 

 

	 	(ii)	 adequate reserves are being maintained for those Taxes and the costs required to contest them to the extent
required by IFRS; and 

  

	 	(iii)	 failure to pay those Taxes does not constitute a Material Adverse Effect. 

 

	(b)	 The Company may not change its residence for Tax purposes. 

 

	18.16	 Sanctions 

  

	(a)	 Each member of the Group must ensure that: 

 

	 	(i)	 it is not the subject of any Sanctions; 

 

	 	(ii)	 it is not located, organised or residing in any Designated Jurisdiction, or participating in or facilitating a
transaction or business in a Designated Jurisdiction or, subject to paragraph (d) below, involving any person who is the subject of Sanctions; and 

  

	 	(iii)	 subject to paragraph (d) below, on the date of this Agreement, none of its directors, officers, agents,
employees or affiliates (as defined in Rule 405 under the U.S. Securities Act of 1933, as amended) (a relevant person) are the subject of any Sanctions. 

 

	(b)	 No member of the Group shall directly or indirectly use the proceeds of the Facility, or lend, contribute or
otherwise make available such proceeds to any other person or entity, for the purpose of financing the activities of any person that, at the time of such financing, is the subject of any Sanctions, or in any Designated Jurisdiction.

  

	(c)	 Without prejudice to paragraph (b) above, none of the funds or assets of the Company that are used to pay
any amount due pursuant to this Agreement shall constitute funds knowingly obtained from transactions with or relating to Designated Persons or Designated Jurisdictions. 

  
 53 

	(d)	 The Company will not be in breach of: 

 

	 	(i)	 the relevant part of subparagraph (a)(ii) above, if the relevant member of the Group does not have knowledge
that the relevant person is the subject of Sanctions; or 

  

	 	(ii)	 subparagraph (a)(iii) above, if the relevant member of the Group does not have knowledge that the relevant
person is the subject of Sanctions on the date of this Agreement. 

  

	(e)	 Each member of the Group must ensure that: 

 

	 	(i)	 it has in place customary procedures designed to identify if any of its directors, officers and agents, at the
time of its engagement with or appointment of such relevant person(s), is the subject of any Sanctions; and 

  

	 	(ii)	 it will terminate its engagement with or appointment of any of its relevant person(s) promptly upon any member
of the Group having knowledge that such relevant person being the subject of any Sanctions. 

  

	18.17	 FCPA 

  

	(a)	 Each member of the Group must ensure that: 

 

	 	(i)	 it does not: and, 

  

	 	(ii)	 subject to paragraph (b) below, none of its directors, officers, agents, employees or other persons
associated with or acting on behalf of any member of the Group (a relevant FCPA person) shall, 

 use any corporate
funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity; make any direct or indirect unlawful payment to any foreign or domestic government official or employee from corporate funds; violate
any provision of the FCPA; or make any bribe, rebate, payoff, influence payment, kickback or other unlawful payment prohibited under any applicable law or regulation equivalent to the FCPA. 

 

	(b)	 The Company will not be in breach of subparagraph (a)(ii) above if the relevant member of the Group does not
have knowledge that the relevant FCPA Person is engaged in any of the activities set out in paragraph (a) above. 

  

	(c)	 Each member of the Group must ensure that: 

 

	 	(i)	 it has in place customary procedures designed to monitor the engagement by its directors, officers and
employees in any of the activities set out in paragraph (a) above; and 

  

	 	(ii)	 it will terminate its engagement with or appointment of any of its relevant FCPA person promptly upon any
member of the Group having knowledge that that relevant FCPA person has engaged in any of the activities set out in paragraph (a) above. 

  

	18.18	 Money Laundering Laws 

 

	(a)	 Each member of the Group must ensure that: 

 

	 	(i)	 it is in material compliance with all applicable anti-money laundering laws (including but not limited to
applicable financial record keeping and reporting requirements and money laundering statutes in Macau, and, to the best of its knowledge and belief, all jurisdictions in which it conducts business or which are otherwise applicable to it) and all
applicable rules, regulations and guidelines issued, administered or enforced by any Governmental Agency pursuant to such laws (collectively, Money Laundering Laws); 

  
 54 

	 	(ii)	 on the date of this Agreement, no action, suit or proceeding by or before any court or Governmental Agency,
authority or body or any arbitrator involving any member of the Group with respect to Money Laundering Laws is pending and, subject to paragraph (b) below, no such actions, suits or proceedings are threatened or contemplated; and

  

	 	(iii)	 on the date of each Request, there is no such action, suit or proceeding pending which may reasonably be
expected to have a Material Adverse Effect. 

  

	(b)	 The Company will not be in breach of subparagraph (a)(ii) above in respect of the actions, suits or proceedings
referred to therein if the relevant member of the Group does not have knowledge of the relevant actions, suits or proceedings on the date of this Agreement. 

  

	(c)	 Each member of the Group must be in material compliance with the U.S. International Money Laundering Abatement
and the U.S. Terrorism Financing Act of 2001. 

  

	18.19	 Anti-Terrorism Laws 

 

	(a)	 Subject to paragraph (b) below, no member of the Group shall, nor shall any of their respective brokers or
other agents acting or benefiting in any capacity in connection any Loan: 

  

	 	(i)	 be in violation of any Anti-Terrorism Law; 

 

	 	(ii)	 be a Designated Person; or 

 

	 	(iii)	 deal in any property or interest in property blocked pursuant to any Anti-Terrorism Law. 

 

	(b)	 The Company will not be in breach of subparagraph (a) above in respect of the circumstances or activities
of any brokers or agents of the Group which are restricted under subparagraphs (a)(i) to (a)(iii) above (inclusive) if the Company does not have knowledge of the relevant circumstances or activities. 

 

	(c)	 Each member of the Group must ensure that: 

 

	 	(i)	 it has in place customary procedures designed to identify, at the time of engagement with or appointment of its
broker or agent acting or benefiting in any capacity in connection with any Loan, if any of the circumstances or activities that are restricted under subparagraphs (a)(i) to (a)(iii) above applies to or is undertaken by such broker or agent; and

  

	 	(ii)	 it will terminate its engagement with or appointment of any such broker or agent promptly upon any Group having
knowledge that any of the circumstances or activities that are restricted under subparagraphs (a)(i) to (a)(iii) above applies to or is undertaken by that broker or agent. 

 

	18.20	 Maintenance of listing status 

The Company shall use its best efforts to maintain its listing status on The Stock Exchange of Hong Kong Limited. 

  
 55 

 19. DEFAULT 
  

	19.1	 Events of Default 

Each of the events or circumstances set out in this Clause (other than Subclause 19.13 (Acceleration)) is an Event of Default. 

 

	19.2	 Non-payment 

 

	(a)	 The Company does not pay on the due date any amount of principal payable by it under the Finance Documents in
the manner required under the Finance Documents. 

  

	(b)	 The Company does not pay any amount of interest or fees payable by it under the Finance Documents in the manner
and on the date required under the Finance Documents within five days of that date. 

  

	(c)	 The Company does not pay any other amount payable by it under the Finance Documents in the manner required
under the Finance Documents within ten days of the date of a demand by any Finance Party to whom the amount (or part of the amount) is due or the Facility Agent on behalf of the relevant Finance Party to whom the amount (or part of the amount) is
due. 

  

	19.3	 Breach of other obligations 

 

	(a)	 The Company does not comply with any term of Clause 17 (Financial Covenants), Subclause 18.4 (Pari passu
ranking), Subclause 18.7 (Continuation of business of Principal Resorts) or Subclause 18.8 (Mergers). 

  

	(b)	 The Company does not comply with any term of the Finance Documents (other than any term referred to in
Subclause 19.2 (Non-payment) or in paragraph (a) above), unless the non-compliance: 

 

	 	(i)	 is capable of remedy; and 

 

	 	(ii)	 is remedied within 30 days of the earlier of the Facility Agent giving notice of the failure to comply by the
Company and the Company becoming aware of the non-compliance. 

  

	19.4	 Misrepresentation 

A representation or warranty made or deemed to be repeated by the Company in any Finance Document or in any certificate, document or financial
or other statement delivered by or on behalf of the Company at any time under or in connection with any Finance Document shall prove to have been incorrect in any material respect on or as of the date made or deemed to be repeated and the events or
omissions giving rise to such misrepresentation, if capable of remedy and such delay in remedying could not otherwise reasonably be expected to have a Material Adverse Effect, are not remedied so that the original representation or statement is true
and correct in all material respects to the reasonable satisfaction of the Facility Agent on the day falling 30 days after the Company becomes aware of such misrepresentation. 

 

	19.5	 Cross-default 

Any of the following occurs in respect of a member of the Group: 
  

	 	(a)	 any of its Financial Indebtedness is not paid when due (after the expiry of any originally applicable grace
period); 

  
 56 

	 	(b)	 any of its Financial Indebtedness: 

 

	 	(i)	 becomes prematurely due and payable; 

 

	 	(ii)	 is placed on demand; or 

 

	 	(iii)	 is capable of being declared by or on behalf of a creditor to be prematurely due and payable or of being placed
on demand, 

 in each case, as a result of an event of default or any provision having a similar effect to an event of
default (howsoever described); or 
  

	 	(c)	 any commitment for its Financial Indebtedness is cancelled or suspended as a result of an event of default or
any provision having a similar effect (howsoever described), 

 unless the aggregate amount of Financial Indebtedness
referred to in paragraphs (a) to (c) above does not exceed US$50,000,000 (or its equivalent). 
  

	19.6	 Insolvency 

  

	(a)	 The Company or the Group (taken as a whole) is deemed for the purposes of any applicable law to be, unable to
pay its debts as they fall due or insolvent. 

  

	(b)	 The Company admits its inability to pay its debts as they fall due. 

 

	(c)	 The Company suspends making payments on any of its debts or announces an intention to do so.

  

	(d)	 Any indebtedness of the Company, the aggregate amount of which exceeds US$50,000,000 (or its equivalent), is
subject to a moratorium. 

  

	(e)	 Any Security Interest is enforced over any of the assets of the Company where the indebtedness which is secured
by such Security Interests (when aggregated with the indebtedness which is secured by of all other assets of the Company over which any Security Interest has also been enforced) exceeds US$50,000,000 (or its equivalent). 

 

	19.7	 Insolvency proceedings 

 

	(a)	 Except as provided below, any of the following occurs in respect of the Company: 

 

	 	(i)	 any step is taken with a view to the suspension of payments, a moratorium or a composition, compromise,
assignment or similar arrangement with any of its creditors; 

  

	 	(ii)	 a meeting of its shareholders, directors or other officers is convened for the purpose of considering any
resolution for, to petition for or to file documents with a court or any registrar for, its winding-up, administration or dissolution or any such resolution is passed; 

 

	 	(iii)	 any person presents a petition, or files documents with a court or any registrar, for its winding-up, administration, dissolution or reorganisation (by way of voluntary arrangement, scheme of arrangement or otherwise); 

 

	 	(iv)	 an order for its winding-up, administration or dissolution is made;

  

	 	(v)	 any liquidator, trustee in bankruptcy, judicial custodian, compulsory manager, receiver, administrative
receiver, administrator or similar officer is appointed in respect of it or any of its assets; 

  
 57 

	 	(vi)	 its shareholders, directors or other officers request the appointment of, or give written notice of their
intention to appoint, a liquidator, trustee in bankruptcy, judicial custodian, compulsory manager, receiver, administrative receiver, administrator or similar officer; or 

 

	 	(vii)	 any other analogous step or procedure is taken in any jurisdiction. 

 

	(b)	 Paragraph (a) above does not apply to: 

 

	 	(i)	 any step or procedure which is part of a Permitted Transaction; or 

 

	 	(ii)	 a petition for winding-up presented by a person which is being
contested in good faith and with due diligence and is discharged, vacated, withdrawn or struck out within 60 days of its commencement or issuance. 

  

	19.8	 Creditors’ process 

Any attachment, sequestration, distress, execution or analogous event by any creditor or creditors of any member of the Group occurs in respect
of a payment obligation in an aggregate amount which exceeds US$50,000,000 (or its equivalent) is not discharged within 14 days. 
  

	19.9	 Effectiveness of Finance Documents 

 

	(a)	 It is or becomes unlawful for the Company to perform any of its obligations under the Finance Documents.

  

	(b)	 A member of the Group repudiates or revokes a Finance Document or evidences an intention to repudiate or revoke
a Finance Document to which it is a party. 

  

	19.10	 Nationalisation 

The authority or ability of the Company or the Group to conduct its business is wholly or substantially curtailed by any seizure,
expropriation, nationalisation, intervention, restriction or other action by or on behalf of any governmental, regulatory or other authority or other person, including in respect of the land at the MGM Macau or the land at the MGM Cotai. 

 

	19.11	 Loss of Concession 

 

	(a)	 Any event after which none of the Company nor any Subsidiary of the Company has such licenses, concessions,
subconcessions or other permits or authorisations as are necessary for the Company and its Subsidiaries to own or manage casino or gaming areas or operate casino games of fortune and chance in Macau in substantially the same manner and scope as the
Company and its Subsidiaries are entitled to at the date of this Agreement, for a period of ten consecutive days or more, and such event has a material adverse effect on the financial condition, business, properties or results of operations of the
Company and its Subsidiaries, taken as a whole. 

  

	(b)	 The termination, rescission, revocation or modification of any Gaming License which has a material adverse
effect on the financial condition, business, properties, or results of operations of the Company and its Subsidiaries, taken as a whole, excluding any termination or rescission resulting from or in connection with any renewal, tender or other
process conducted by the Macau Government in connection with the granting or renewal of any Gaming License; provided that such renewal, tender or other process results in the granting or renewal of the relevant Gaming License. 

  
 58 

	19.12	 Judgments 

Any one or more judgments or orders is made against any member of the Group involving an aggregate liability (not paid or fully covered by
Insurance) which exceeds US$50,000,000 (or its equivalent) unless all those judgments and orders are vacated, discharged or stayed pending appeal within 30 days of their being made. 

 

	19.13	 Acceleration 

If an Event of Default is outstanding, the Facility Agent may, and must if so instructed by the Majority Lenders, by notice to the Company:

  

	 	(a)	 cancel all or any part of the Total Commitments; or 

 

	 	(b)	 declare that all or part of any amounts outstanding under the Finance Documents are: 

 

	 	(i)	 immediately due and payable; or 

 

	 	(ii)	 payable on demand by the Facility Agent acting on the instructions of the Majority Lenders.

 Any notice given under this Subclause will take effect in accordance with its terms. 

20. THE FACILITY AGENT 
  

	20.1	 Appointment and duties of the Facility Agent 

 

	(a)	 Each Finance Party (other than the Facility Agent) irrevocably appoints the Facility Agent to act as its agent
under and in connection with the Finance Documents. 

  

	(b)	 Each Finance Party irrevocably authorises the Facility Agent to: 

 

	 	(i)	 perform the duties and to exercise the rights, powers and discretions that are specifically given to it under
the Finance Documents, together with any other incidental rights, powers and discretions; and 

  

	 	(ii)	 enter into and deliver each Finance Document expressed to be entered into by the Facility Agent.

  

	(c)	 The Facility Agent has only those duties which are expressly specified in the Finance Documents. Those duties
are solely of a mechanical and administrative nature. 

  

	20.2	 No fiduciary duties 

Except as specifically provided in a Finance Document: 
  

	 	(a)	 nothing in the Finance Documents makes the Facility Agent a trustee or fiduciary for any other Party or any
other person; and 

  

	 	(b)	 the Facility Agent need not hold in trust any moneys paid to it or recovered by it for a Party in connection
with the Finance Documents or be liable to account for interest on those moneys. 

  
 59 

	20.3	 Individual position of the Facility Agent 

 

	(a)	 If it is also a Lender, the Facility Agent has the same rights and powers under the Finance Documents as any
other Lender and may exercise those rights and powers in the same way as any other Lender, notwithstanding that it may also be the Facility Agent. 

  

	(b)	 The Facility Agent may: 

 

	 	(i)	 carry on any business with the Company or its related entities (including acting as an agent or a trustee for
any other financing); and 

  

	 	(ii)	 retain any profits or remuneration it receives under the Finance Documents or in relation to any other business
it carries on with the Company or its related entities. 

  

	20.4	 Reliance 

The Facility Agent may: 
  

	 	(a)	 rely on any notice or document believed by it to be genuine and correct and to have been signed by, or with the
authority of, the proper person; 

  

	 	(b)	 rely on any statement made by any person regarding any matters which may reasonably be assumed to be within its
knowledge or within its power to verify; 

  

	 	(c)	 assume, unless the context otherwise requires, that any communication made by the Company is made on behalf of
and with the consent and knowledge of the Company; 

  

	 	(d)	 engage, pay for and rely on professional advisers selected by it (including those representing a Party other
than the Facility Agent); and 

  

	 	(e)	 act under the Finance Documents through its personnel and agents. 

 

	20.5	 Majority Lenders’ instructions 

 

	(a)	 The Facility Agent is fully protected if it acts on the instructions of the Majority Lenders in the exercise of
any right, power or discretion or any matter not expressly provided for in the Finance Documents. Any such instructions given by the Majority Lenders will be binding on all the Lenders. In the absence of instructions, the Facility Agent may act as
it considers to be in the best interests of all the Lenders. 

  

	(b)	 The Facility Agent may assume that unless it has received notice to the contrary, any right, power, authority
or discretion vested in any Party or the Majority Lenders has not been exercised. 

  

	(c)	 The Facility Agent may refrain from acting in accordance with the instructions of the Majority Lenders (or, if
appropriate, the Lenders) until it has received security satisfactory to it, whether by way of payment in advance or otherwise, against any liability or loss which it may incur in complying with the instructions. 

 

	(d)	 The Facility Agent is not authorised to act on behalf of a Lender (without first obtaining that Lender’s
consent) in any legal or arbitration proceedings in connection with any Finance Document. 

  

	20.6	 Responsibility 

 

	(a)	 The Facility Agent is not responsible for the adequacy, accuracy or completeness of any statement or
information (whether written or oral) made in or supplied in connection with any Finance Document by any person other than itself. 

  
 60 

	(b)	 The Facility Agent is not responsible for the legality, validity, effectiveness, adequacy, completeness or
enforceability of any Finance Document or any other document. 

  

	(c)	 Without affecting the responsibility of the Company for information supplied by it or on its behalf in
connection with any Finance Document, each Lender confirms that it: 

  

	 	(i)	 has made, and will continue to make, its own independent appraisal of all risks arising under or in connection
with the Finance Documents (including the financial condition and affairs of the Company and its related entities and the nature and extent of any recourse against any Party or its assets); and 

 

	 	(ii)	 has not relied exclusively on any information provided to it by the Facility Agent in connection with any
Finance Document or agreement entered into in anticipation of or in connection with any Finance Document. 

  

	20.7	 Exclusion of liability 

 

	(a)	 The Facility Agent is not liable or responsible to any other Finance Party for any action taken or not taken by
it in connection with any Finance Document, unless directly caused by its gross negligence or wilful misconduct. 

  

	(b)	 No Party (other than the Facility Agent) may take any proceedings against any officers, employees or agents of
the Facility Agent in respect of any claim it might have against the Facility Agent or in respect of any act or omission of any kind by that officer, employee or agent in connection with any Finance Document. Any officer, employee or agent of the
Facility Agent may rely on this Subclause and enforce its terms under the Contracts (Rights of Third Parties) Act 1999. 

  

	(c)	 The Facility Agent is not liable for any delay (or any related consequences) in crediting an account with an
amount required under the Finance Documents to be paid by the Facility Agent if the Facility Agent has taken all necessary steps as soon as reasonably practicable to comply with the regulations or operating procedures of any recognised clearing or
settlement system used by the Facility Agent for that purpose. 

  

	(d)	 (i) Nothing in this Agreement will oblige the Facility Agent to satisfy any customer due diligence requirement
in relation to the identity of any person on behalf of any Finance Party. 

  

	 	(ii)	 Each Finance Party confirms to the Facility Agent that it is solely responsible for any customer due diligence
requirements it is required to carry out and that it may not rely on any statement in relation to those requirements made by any other person. 

  

	20.8	 Default 

  

	(a)	 The Facility Agent is not obliged to monitor or enquire whether a Default has occurred. The Facility Agent is
not deemed to have knowledge of the occurrence of a Default. 

  

	(b)	 If the Facility Agent: 

 

	 	(i)	 receives notice from a Party referring to this Agreement, describing a Default and stating that the event is a
Default; or 

  

	 	(ii)	 is aware of the non-payment of any principal, interest or fee payable
to a Finance Party (other than the Facility Agent) under this Agreement, 

 it must promptly notify the other Finance
Parties. 

  
 61 

	20.9	 Information 

  

	(a)	 The Facility Agent must promptly forward to the person concerned the original or a copy of any document which
is delivered to the Facility Agent by a Party for that person. 

  

	(b)	 Except where a Finance Document specifically provides otherwise, the Facility Agent is not obliged to review or
check the adequacy, accuracy or completeness of any document it forwards to another Party. 

  

	(c)	 Except as provided above, the Facility Agent has no duty: 

 

	 	(i)	 either initially or on a continuing basis to provide any Lender with any credit or other information concerning
the risks arising under or in connection with the Finance Documents (including any information relating to the financial condition or affairs of the Company or its related entities or the nature or extent of recourse against any Party or its assets)
whether coming into its possession before, on or after the date of this Agreement; or 

  

	 	(ii)	 unless specifically requested to do so by a Lender in accordance with a Finance Document, to request any
certificate or other document from the Company. 

  

	(d)	 In acting as the Facility Agent, the Facility Agent will be regarded as acting through its agency division
which will be treated as a separate entity from its other divisions and departments. Any information acquired by the Facility Agent which, in its opinion, is acquired by another division or department or otherwise than in its capacity as the
Facility Agent may be treated as confidential by the Facility Agent and will not be treated as information possessed by the Facility Agent in its capacity as such. 

 

	(e)	 The Facility Agent is not obliged to disclose to any person any confidential information supplied to it by or
on behalf of a member of the Group solely for the purpose of evaluating whether any waiver or amendment is required in respect of any term of the Finance Documents. 

 

	(f)	 The Company irrevocably authorises the Facility Agent to disclose to the other Finance Parties any information
which, in its opinion, is received by it in its capacity as the Facility Agent. 

  

	20.10	 Indemnities 

  

	(a)	 Without limiting the liability of the Company under the Finance Documents, each Lender must, subject to any
right of set-off in respect of any sum owing by the Facility Agent to that Lender, indemnify the Facility Agent for that Lender’s Pro Rata Share of any loss or liability incurred by the Facility Agent in
acting as the Facility Agent (unless the Facility Agent has been reimbursed by the Company under a Finance Document), except to the extent that the loss or liability is caused by the Facility Agent’s gross negligence or wilful misconduct.

  

	(b)	 If a Party owes an amount to the Facility Agent under the Finance Documents, the Facility Agent may, after
giving notice to that Party: 

  

	 	(i)	 deduct from any amount received by it for that Party any amount due to the Facility Agent from that Party under
a Finance Document but unpaid; and 

  

	 	(ii)	 apply that amount in or towards satisfaction of the owed amount. 

That Party will be regarded as having received the amount so deducted. 

  
 62 

	20.11	 Compliance 

The Facility Agent may refrain from doing anything (including disclosing any information) which might, in its opinion, constitute a breach of
any law or regulation or be otherwise actionable at the suit of any person, and may do anything which, in its opinion, is necessary or desirable to comply with any law or regulation. 

 

	20.12	 Resignation of the Facility Agent 

 

	(a)	 The Facility Agent may resign and appoint any of its Affiliates as successor Facility Agent by giving notice to
the other Finance Parties and the Company. 

  

	(b)	 Alternatively, the Facility Agent may resign by giving 30 days’ notice to the Finance Parties and the
Company, in which case the Majority Lenders may appoint a successor Facility Agent. 

  

	(c)	 If no successor Facility Agent has been appointed under paragraph (b) above within 30 days after notice of
resignation was given, the Facility Agent may appoint a successor Facility Agent. 

  

	(d)	 The persons appointing a successor Facility Agent must, if practicable, consult with the Company prior to the
appointment. 

  

	(e)	 Notwithstanding any failure or inability to appoint a successor Facility Agent under paragraph (b) or (c)
above, the resignation of the Facility Agent under paragraph (b) above shall become effective at the end of the 30-day notice period referred to therein. 

 

	(f)	 The resignation of the Facility Agent under paragraph (a) above and the appointment of any successor
Facility Agent will both become effective only when the following conditions have been satisfied: 

  

	 	(i)	 the successor Facility Agent notifies all the Parties that it accepts its appointment; 

 

	 	(ii)	 the successor Facility Agent confirms that the rights under the Finance Documents (and any related
documentation) have been transferred or assigned to it; and 

  

	 	(iii)	 no Finance Party (other than the Facility Agent) has notified the Facility Agent that it is not satisfied with
the credit worthiness of the proposed successor Facility Agent within seven days of the Facility Agent’s notification under paragraph (a) above. 

On satisfaction of the conditions set out above the successor Facility Agent will succeed to the position of the Facility Agent and the term
Facility Agent will mean the successor Facility Agent. 
  

	(g)	 The retiring Facility Agent must, at its own cost: 

 

	 	(i)	 make available to the successor Facility Agent those documents and records and provide any assistance as the
successor Facility Agent may reasonably request for the purposes of performing its functions as the Facility Agent under the Finance Documents; and 

  

	 	(ii)	 enter into and deliver to the successor Facility Agent those documents and effect any registrations as may be
required for the transfer or assignment of all of its rights and benefits under the Finance Documents to the successor Facility Agent. 

  

	(h)	 Upon its resignation becoming effective, this Clause will continue to benefit the retiring Facility Agent in
respect of any action taken or not taken by it in connection with the Finance Documents while it was the Facility Agent, and, subject to paragraph (g) above, it will have no further obligations under any Finance Document. 

  
 63 

	(i)	 The Majority Lenders may, by notice to the Facility Agent, require it to resign under paragraph (b) above.
In this event, the Facility Agent shall resign in accordance with paragraph (b) above. 

  

	(j)	 The Facility Agent shall resign in accordance with paragraph (b) above (and, to the extent applicable,
shall use reasonable endeavours to appoint a successor Facility Agent pursuant to paragraph (c) above) if on or after the date which is three months before the earliest FATCA Application Date relating to any payment to the Facility Agent under
the Finance Documents, either: 

  

	 	(i)	 the Facility Agent fails to respond to a request under Subclause 11.8 (FATCA Information) and the Company or a
Lender reasonably believes that the Facility Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date; 

  

	 	(ii)	 the information supplied by the Facility Agent pursuant to Subclause 11.8 (FATCA Information) indicates that
the Facility Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date; or 

  

	 	(iii)	 the Facility Agent notifies the Company and the Lenders that the Facility Agent will not be (or will have
ceased to be) a FATCA Exempt Party on or after that FATCA Application Date, 

 and (in each case) the Company or a Lender
reasonably believes that a Party will be required to make a FATCA Deduction that would not be required if the Facility Agent were a FATCA Exempt Party, and the Company or that Lender, by notice to the Facility Agent, requires it to resign. 

 

	20.13	 Relationship with Lenders 

 

	(a)	 The Facility Agent may treat each Lender as a Lender, entitled to payments under this Agreement and as acting
through its Facility Offices until it has received not less than five Business Days’ prior notice from that Lender to the contrary. 

  

	(b)	 The Facility Agent may at any time, and must if requested to do so by the Majority Lenders, convene a meeting
of the Lenders. 

  

	(c)	 The Facility Agent must keep a record of all the Parties and supply any other Party with a copy of the record
on request. The record will include each Lender’s Facility Offices and contact details for the purposes of this Agreement. 

  

	20.14	 Notice period 

Where this Agreement specifies a minimum period of notice to be given to the Facility Agent, the Facility Agent may, at its discretion, accept
a shorter notice period. 
 21. EVIDENCE AND CALCULATIONS 
  

	21.1	 Accounts 

Accounts maintained by a Finance Party in connection with this Agreement are prima facie evidence of the matters to which they relate
for the purpose of any litigation or arbitration proceedings. 
  

	21.2	 Certificates and determinations 

Without prejudice to Subclause 12.3(b) (Claims), any certification or determination by a Finance Party of a rate or amount under the Finance
Documents will be, in the absence of manifest error, conclusive evidence of the matters to which it relates. 

  
 64 

	21.3	 Calculations 

Any interest or fee accruing under this Agreement accrues from day to day and is calculated on the basis of the actual number of days elapsed
and a year of 360 or 365 days or otherwise, depending on what the Facility Agent determines is market practice. 
 22. FEES 

 

	22.1	 Facility Agent’s fees 

The Company must pay to the Facility Agent for its own account an agency fee in the amount and manner agreed in the Fee Letter entered into
between the Facility Agent and the Company. 
  

	22.2	 Commitment Fee 

 

	(a)	 The Company must pay to the Facility Agent for the account of each Lender a Commitment Fee computed from and
including the date of this Agreement (or in respect of any Increase Lender, from and including the relevant Increase Date) at the rate of the relevant Commitment Fee on the undrawn, uncancelled amount of each Lender’s Commitment.

  

	(b)	 Accrued Commitment Fees are payable to the Facility Agent for the account of each relevant Lender quarterly in
arrears during the Availability Period and on the earlier of: 

  

	 	(i)	 the last day of the Availability Period; and 

 

	 	(ii)	 the date the Commitment of that Lender is cancelled in full. 

 

	(c)	 The Commitment Fee will be calculated by reference to the table below and the information set out in the most
recent Compliance Certificate and financial statements delivered by the Company in accordance with the terms of this Agreement: 

  

			
	 Leverage Ratio
	  	 Commitment Fee

(per cent. per annum)

		
	 greater than or equal to

4.00:1.00
	  	1.00
		
	 greater than or equal to

3.50:1.00 but less than 4.00:1.00
	  	0.90
		
	 greater than or equal to

3.00:1.00 but less than 3.50:1.00
	  	0.80
		
	 greater than or equal to

2.50:1.00 but less than 3.00:1.00
	  	0.70
		
	 greater than or equal to

2.00:1.00 but less than 2.50:1.00
	  	0.60
		
	 less than

2.00:1.00
	  	0.50

  
 65 

	(d)	 Any change in the Commitment Fee will, subject to paragraph (c) (above), apply to all Commitments from the
Business Day following receipt by the Facility Agent of the Compliance Certificate and financial statements provided that the change to the Commitment Fee (if any) will apply on that date and will be calculated by reference to the table above using
the information set out in the Compliance Certificate and financial statements which, as of that date, have most recently been delivered to the Facility Agent under this Agreement. 

 

	(e)	 For so long as: 

  

	 	(i)	 the Company is in default of its obligation under this Agreement to provide a Compliance Certificate or
relevant financial statements; or 

  

	 	(ii)	 an Event of Default is outstanding, at the option of the Majority Lenders, the Commitment Fee will be the
highest applicable rate, being 1.00 per cent. per annum. 

  

	(f)	 If the Commitment Fee has been calculated on the basis of a Compliance Certificate but would have been higher
if it had been based on the audited financial statements of the Company in respect of the financial period in which that Compliance Certificate was delivered, the Commitment Fee will instead be calculated by reference to those audited financial
statements of the Company. Any change will have a retrospective effect. If, in this event, any amount of commitment fee has been paid by the Company on the basis of the Compliance Certificate, the Company must immediately on demand by the Facility
Agent pay to the Facility Agent any shortfall in the amount which would have been paid to the Lenders if the Commitment Fee had been calculated by reference to the subsequent financial statements. 

 

	22.3	 Upfront fee 

The Company shall pay to the Lenders party to this Agreement as Lender on or prior to the first Utilisation Date an upfront fee in the amount
and at the times agreed in a Fee Letter. 
  

	23.	 INDEMNITIES AND BREAK COSTS 

 

	23.1	 Currency indemnity 

 

	(a)	 The Company must, as an independent obligation, within 15 days of a demand by a Finance Party, indemnify each
Finance Party against any loss or liability which that Finance Party incurs as a consequence of: 

  

	 	(i)	 that Finance Party receiving an amount in respect of the Company’s liability under the Finance Documents;
or 

  

	 	(ii)	 that liability being converted into a claim, proof, judgment or order, 

in a currency other than the currency in which the amount is expressed to be payable under the relevant Finance Document. 

 

	(b)	 Unless otherwise required by law, the Company waives any right it may have in any jurisdiction to pay any
amount under the Finance Documents in a currency other than that in which it is expressed to be payable. 

  
 66 

	23.2	 Other indemnities 

 

	(a)	 The Company must, within 15 days of a demand by the Facility Agent, indemnify each Finance Party against any
loss or liability which that Finance Party incurs as a consequence of: 

  

	 	(i)	 the occurrence of any Event of Default; 

 

	 	(ii)	 the information produced or approved by the Company being or being alleged to be misleading or deceptive in any
respect; 

  

	 	(iii)	 any enquiry, investigation, subpoena (or similar order) or litigation with respect to the Company or with
respect to the transactions contemplated or financed under this Agreement; 

  

	 	(iv)	 any failure by the Company to pay any amount due under a Finance Document on its due date, including any
resulting from any distribution or redistribution of any amount among the Lenders under this Agreement; 

  

	 	(v)	 (other than by reason of negligence or default by that Finance Party) a Loan not being made after a Request has
been delivered for that Loan; 

  

	 	(vi)	 a Loan (or part of a Loan) not being prepaid in accordance with this Agreement; 

 

	 	(vii)	 the use or proposed use of any Commitment or Loan; or 

 

	 	(viii)	 that Finance Party being a party to any Finance Document. 

The Company’s liability in each case includes any loss or expense on account of funds borrowed, contracted for or utilised to fund any
amount payable under any Finance Document or any Loan. 
  

	(b)	 The Company must, within 15 days of a demand from the Facility Agent, indemnify the Facility Agent against any
loss or liability incurred by the Facility Agent as a result of: 

  

	(i)	 investigating any event which the Facility Agent reasonably believes to be a Default; or 

 

	(ii)	 acting or relying on any notice which the Facility Agent reasonably believes to be genuine, correct and
appropriately authorised. 

  

	23.3	 Break Costs 

  

	(a)	 The Company must pay to each Lender its Break Costs if a Loan or an overdue amount is repaid or prepaid
otherwise than on the last day of any Term applicable to it. 

  

	(b)	 Break Costs are the amount (if any) determined by the relevant Lender (acting reasonably) by which:

  

	 	(i)	 the interest (excluding Margin) which that Lender would have received for the period from the date of receipt
of any part of its share in a Loan or an overdue amount to the last day of the applicable Term for that Loan or overdue amount if the principal or overdue amount received had been paid on the last day of that Term; 

exceeds 
  

	 	(ii)	 the amount which that Lender would be able to obtain by placing an amount equal to the amount received by it on
deposit with a leading bank in the appropriate interbank market for a period starting on the Business Day following receipt and ending on the last day of the applicable Term. 

  
 67 

	(c)	 Each Lender must supply to the Facility Agent for the Company, as soon as practicable after a demand by the
Company, a certificate of the amount of any Break Costs claimed by it under this Subclause confirming the amount of such Break Costs with reasonable supporting detail, and such certificate shall be prima facie evidence of the amount of the
Break Costs to which it relates. 

  

	24.	 EXPENSES 

  

	24.1	 Costs 

The Company must, within 15 days of a demand from the Facility Agent, pay to the Facility Agent the amount of all documented costs and expenses
(including reasonable and documented legal fees) reasonably incurred by it in connection with: 
  

	(a)	 the negotiation, printing, preparation, entry into and syndication of any Finance Document (or any document
referred to in it it) entered into prior to, on or after the date of this Agreement; and 

  

	(b)	 any amendment, waiver or consent requested by or on behalf of the Company or specifically allowed by a Finance
Document. 

  

	24.2	 Enforcement costs 

The Company must pay to each Finance Party the amount of all costs and expenses (including documented legal fees) incurred by it in connection
with: 
  

	(a)	 the enforcement of, or the preservation of any rights under, any Finance Documents; or 

 

	(b)	 any proceedings instituted by or against that Finance Party as a consequence of it entering into a Finance
Document. 

  

	25.	 AMENDMENTS AND WAIVERS 

 

	25.1	 Procedure 

  

	(a)	 Except as provided in this Clause, any term of the Finance Documents may be amended or waived with the
agreement of the Company and the Majority Lenders. The Facility Agent may effect, on behalf of any Finance Party, an amendment or waiver allowed under this Clause. 

 

	(b)	 The Facility Agent must promptly notify the other Parties of any amendment or waiver effected by it under
paragraph (a) above. Any such amendment or waiver is binding on all the Parties. 

  

	25.2	 Exceptions 

  

	(a)	 Subject to Subclause 25.3 (Replacement of Screen Rate), an amendment or waiver which relates to:

  

	 	(i)	 an extension of the date of payment of any amount to a Lender under the Finance Documents;

  

	 	(ii)	 a reduction in the Margin or a reduction in the amount of any payment or change in currency of principal,
interest, fees or other amount payable to a Lender under the Finance Documents; may only be 

  

	 	made	 with the consent of the affected Lenders. 

 

	(b)	 An amendment or waiver which relates to: 

 

	 	(i)	 the definition of Majority Lenders in Subclause 1.1 (Definitions); 

  
 68 

	 	(ii)	 an increase in, or an extension of, a Commitment or the Total Commitments; 

 

	 	(iii)	 an extension of the Availability Period; 

 

	 	(iv)	 a change to the Company; 

 

	 	(v)	 a release of the Company other than in accordance with the terms of this Agreement and the other Finance
Documents; 

  

	 	(vi)	 a term of a Finance Document which expressly requires the consent of each Lender or each affected Lender;

 (vii) the right of a Lender to assign or transfer its rights or obligations under the Finance Documents; 

 

	 	(viii)	 Subclause 2.2 (Increase), Subclause 2.3 (Nature of a Finance Party’s rights and obligations), Subclause
7.1 (Illegality), Subclause 7.9 (Miscellaneous provisions), Clause 26 (Changes to the Parties), Clause 29 (Pro Rata Sharing), Clause 36 (Governing law), or Subclause 37.1 (Jurisdiction); or 

 

	 	(ix)	 this Clause, 

may only be made with the consent of all the Lenders. 
  

	(c)	 An amendment or waiver which relates to the rights or obligations of the Facility Agent may only be made with
the consent of the Facility Agent. 

  

	(d)	 A Fee Letter may be amended or waived with the agreement of the Facility Agent and the Company.

  

	25.3	 Replacement of Screen Rate 

 

	(a)	 Subject to paragraph (c) of Subclause 25.2 (Exceptions), if a Screen Rate Replacement Event has occurred,
any amendment or waiver which relates to: 

 (i) providing for the use of a Replacement Benchmark; and 

(ii) 
  

	 	(A)	 aligning any provision of any Finance Document to the use of that Replacement Benchmark; 

 

	 	(B)	 enabling that Replacement Benchmark to be used for the calculation of interest under this Agreement (including,
without limitation, any consequential changes required to enable that Replacement Benchmark to be used for the purposes of this Agreement); 

  

	 	(C)	 implementing market conventions applicable to that Replacement Benchmark; 

 

	 	(D)	 providing for appropriate fallback (and market disruption) provisions for that Replacement Benchmark; or

  

	 	(E)	 adjusting the pricing to reduce or eliminate, to the extent reasonably practicable, any transfer of economic
value from one Party to another as a result of the application of that Replacement Benchmark (and if any adjustment or method for calculating any adjustment has been formally designated, nominated or recommended by the Relevant Nominating Body, the
adjustment shall be determined on the basis of that designation, nomination or recommendation), 

  
 69 

 may be made with the consent of the Facility Agent (acting on the instructions of the
Majority Lenders) and the Company. 
  

	(b)	 If any Lender fails to respond to a request for an amendment or waiver described in paragraph (a) above
within ten Business Days (or such longer time period in relation to any request which the Company and the Facility Agent may agree) of that request being made: 

 

	 	(i)	 its Commitment(s) shall not be included for the purpose of calculating the Total Commitments when ascertaining
whether any relevant percentage of Total Commitments has been obtained to approve that request; and 

  

	 	(ii)	 its status as a Lender shall be disregarded for the purpose of ascertaining whether the agreement of any
specified group of Lenders has been obtained to approve that request. 

  

	(c)	 For the purposes of this Subclause 25.3: 

Relevant Nominating Body means any applicable central bank, regulator or other supervisory authority or a group of them, or any working
group or committee sponsored or chaired by, or constituted at the request of, any of them or the Financial Stability Board. 
 Replacement
Benchmark means a benchmark rate which is: 
  

	(a)	 formally designated, nominated or recommended as the replacement for the Screen Rate by: 

 

	 	(i)	 the administrator of the Screen Rate (provided that the market or economic reality that such benchmark rate
measures is the same as that measured by the Screen Rate); or 

  

	 	(ii)	 any Relevant Nominating Body, 

and if replacements have, at the relevant time, been formally designated, nominated or recommended under both paragraphs, the Replacement
Benchmark will be the replacement under paragraph (ii) above; 
  

	(b)	 in the opinion of the Majority Lenders and the Company, generally accepted in the international or any relevant
domestic syndicated loan markets as the appropriate successor to the Screen Rate; or 

  

	(c)	 in the opinion of the Majority Lenders and the Company, an appropriate successor to the Screen Rate.

 Screen Rate Replacement Event means, in relation to the Screen Rate: 

 

	(a)	 the methodology, formula or other means of determining the Screen Rate has, in the opinion of the Majority
Lenders and the Company materially changed; 

  

	(b)	 

  

	 	(i)	 

  

	 	(A)	 the administrator of the Screen Rate or its supervisor publicly announces that such administrator is insolvent;
or 

  
 70 

	 	(B)	 information is published in any order, decree, notice, petition or filing, however described, of or filed with
a court, tribunal, exchange, regulatory authority or similar administrative, regulatory or judicial body which reasonably confirms that the administrator of the Screen Rate is insolvent, 

provided that, in each case, at that time, there is no successor administrator to continue to provide the Screen Rate; 

 

	 	(ii)	 the administrator of the Screen Rate publicly announces that it has ceased or will cease, to provide the Screen
Rate permanently or indefinitely and, at that time, there is no successor administrator to continue to provide the Screen Rate; 

  

	 	(iii)	 the supervisor of the administrator of the Screen Rate publicly announces that the Screen Rate has been or will
be permanently or indefinitely discontinued; or 

  

	 	(iv)	 the administrator of the Screen Rate or its supervisor announces that the Screen Rate may no longer be used; or

  

	(c)	 the administrator of the Screen Rate determines that the Screen Rate should be calculated in accordance with
its reduced submissions or other contingency or fallback policies or arrangements and either: 

  

	 	(i)	 the circumstance(s) or event(s) leading to such determination are not (in the opinion of the Majority Lenders
and the Company) temporary; or 

  

	 	(ii)	 the Screen Rate is calculated in accordance with any such policy or arrangement for a period no less than ten
Business Days; or 

  

	(d)	 in the opinion of the Majority Lenders and the Company, the Screen Rate is otherwise no longer appropriate for
the purposes of calculating interest under this Agreement. 

  

	25.4	 Replacement of Non-Consenting Lenders 

 

	(a)	 If any Lender is a Non-Consenting Lender, then the Company may, at its
sole expense and effort, upon notice to such Lender and the Facility Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents required by Clause 26 (Changes to
the Parties)), all of its interests, rights and obligations under the Finance Documents to any person that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment), provided that:

  

	 	(i)	 no Default is outstanding at the time of the assignment or delegation or would be outstanding as a result of
it; 

  

	 	(ii)	 such Lender shall have received payment of an amount equal to its participation in the outstanding principal of
the Loans, accrued interest thereon, accrued fees and all other amounts payable to it under the Finance Documents from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Company (in the case of all other
amounts); 

  

	 	(iii)	 such assignment does not conflict with applicable law; and 

 

	 	(iv)	 the applicable assignee shall have consented to the applicable amendment, waiver or consent which resulted in
that Lender becoming a Non-Consenting Lender. 

  
 71 

	(b)	 A Lender shall not be required to make any such assignment if, prior thereto, as a result of a waiver by such
Lender or otherwise, the circumstances entitling the Company to require such assignment and delegation cease to apply. 

  

	(c)	 Each Non-Consenting Lender shall be entitled to the continuing benefit
of the indemnities provided to the Non-Consenting Lender under Clause 23 (Indemnities and Break Costs) in respect of any action or omission which occurred, or which is alleged to have occurred, during the
period in which they were a Lender (unless the Non-Consenting Lender has already been indemnified by the Company under a Finance Document for that action or omission). 

 

	(d)	 Where a Lender is a Non-Consenting Lender and has made or is required
to make an assignment and/or delegation under this Subclause, and that Non-Consenting Lender (or any of its Affiliates) is also a Finance Party in another capacity or capacities, that Non-Consenting Lender (or that Affiliate) acting in each such capacity (the outgoing Finance Party) shall, on the date on which it makes the assignment and/or delegation under this Subclause in its capacity
as a Lender, be considered for the purposes of this Agreement to have resigned from each of its other capacities as a Finance Party and such resignation by the outgoing Finance Party in each of its other capacities shall be deemed to have become
effective on the date on which: 

  

	 	(i)	 arrangements satisfactory to the outgoing Finance Party have been put in place to ensure that no amounts which
are or may be owed to it in each such capacity will remain outstanding after that date and that indemnities reasonably acceptable to that outgoing Finance Party for any further loss or liability which it might incur for having acted in each such
capacity have been provided; 

  

	 	(ii)	 the Company has designated another Lender (or Affiliate of a Lender) as replacement for the outgoing Finance
Party in each relevant capacity under the Finance Documents; and 

  

	 	(iii)	 the outgoing Finance Party has assigned all of its interests, rights and obligations in each relevant capacity
to that replacement Lender (or Affiliate of a Lender) designated by the Company under subparagraph (d)(ii) above. 

  

	25.5	 Change of currency 

If a change in any currency of a country occurs (including where there is more than one currency or currency unit recognised at the same time
as the lawful currency of a country), the Finance Documents will be amended to the extent the Facility Agent (acting reasonably and after consultation with the Company) determines necessary to reflect the change. 

 

	25.6	 Waivers and remedies cumulative 

The rights of each Finance Party under the Finance Documents: 
  

	(a)	 may be exercised as often as necessary; 

 

	(b)	 are cumulative and not exclusive of its rights under the general law; and 

 

	(c)	 may be waived only in writing and specifically. 

Delay in exercising or non-exercise of any right is not a waiver of that right. 

  
 72 

 26. CHANGES TO THE PARTIES 
  

	26.1	 Assignments and transfers by the Company 

The Company may not assign or transfer any of its rights and obligations under the Finance Documents without the prior consent of all the
Lenders. 
  

	26.2	 Assignments and transfers by Lenders 

Subject to the following provisions of this Clause, a Lender (the Existing Lender) may at any time: 

 

	 	(a)	 assign any of its rights; or 

 

	 	(b)	 transfer either by way of novation or by way of assignment, assumption and release any of its rights or
obligations, 

 under the Finance Documents to another bank or financial institution or to a trust, fund or other entity
which is regularly engaged in or established for the purpose of making, purchasing or investing in loans, securities or other financial assets (the New Lender). 
  

	26.3	 Conditions to assignment or transfer – consents 

The consent of the Company is required for any assignment or transfer unless the New Lender is another Lender or an Affiliate of a Lender or an
Event of Default is outstanding. Any required consent of the Company must not be unreasonably withheld or delayed. The Company will be deemed to have given its consent ten Business Days after the Company is given notice of the request unless it is
expressly refused within that time. 
  

	26.4	 Other conditions to assignment or transfer 

 

	(a)	 The Facility Agent is not obliged to enter into a Transfer Certificate or otherwise give effect to an
assignment or transfer until it has completed all customer due diligence requirements to its satisfaction (acting reasonably). The Facility Agent must promptly notify the Existing Lender and the New Lender if there are any such requirements.

  

	(b)	 If the consent of the Company is required for any assignment or transfer, the Facility Agent shall not enter
into a Transfer Certificate if the Company withholds its consent. 

  

	(c)	 Unless the Facility Agent otherwise agrees, the New Lender must pay to the Facility Agent for its own account,
on or before the date any assignment or transfer occurs, a fee of HK$25,000. 

  

	(d)	 Each assignment or transfer by a Lender under this Clause must be in a minimum amount of HK$40,000,000 or its
equivalent. 

  

	26.5	 Procedure for assignment of rights 

An assignment of rights will only be effective on receipt by the Facility Agent of written confirmation from the New Lender (in form and
substance satisfactory to the Facility Agent) that the New Lender will, in relation to the assigned rights, assume obligations to the other Finance Parties equivalent to those it would have been under if it had been a Lender. 

 

	26.6	 Procedure for transfer using a Transfer Certificate 

(a) In this Subclause: 

  
 73 

 Transfer Date means, in relation to a transfer, the later of: 

 

	 	(i)	 the proposed Transfer Date specified in that Transfer Certificate; and 

 

	 	(ii)	 the date on which the Facility Agent enters into that Transfer Certificate. 

 

	(b)	 A transfer of rights or obligations using a Transfer Certificate will be effective if: 

 

	 	(i)	 the Existing Lender and the New Lender deliver to the Facility Agent a duly completed Transfer Certificate; and

  

	 	(ii)	 the Facility Agent enters into it. 

 

	(c)	 Where a transfer is to be effected by an assignment, assumption and release, on the Transfer Date:

  

	 	(i)	 the Existing Lender will assign absolutely to the New Lender the Existing Lender’s rights expressed to be
the subject of the assignment in the Transfer Certificate; 

  

	 	(ii)	 the New Lender will assume obligations equivalent to those obligations of the Existing Lender expressed to be
the subject of the assumption in the Transfer Certificate; 

  

	 	(iii)	 to the extent the obligations referred to in subparagraph (ii) above are effectively assumed by the New
Lender, the Existing Lender will be released from its obligations referred to in the Transfer Certificate; and 

  

	 	(iv)	 the New Lender will become a party to this Agreement as a Lender and will be bound by the obligations of a
Lender under this Agreement. 

  

	(d)	 Where a transfer is to be effected using a novation on the Transfer Date: 

 

	 	(i)	 the New Lender will assume the rights and obligations of the Existing Lender expressed to be the subject of the
novation in the Transfer Certificate in substitution for the Existing Lender; 

  

	 	(ii)	 the Existing Lender will be released from those obligations and cease to have those rights; and

  

	 	(iii)	 the New Lender will become a party to this Agreement as a Lender and will be bound by the obligations of a
Lender under this Agreement. 

  

	(e)	 The Facility Agent must enter into a Transfer Certificate delivered to it and which appears on its face to be
in order as soon as reasonably practicable and, as soon as reasonably practicable after it has entered into a Transfer Certificate, send a copy of that Transfer Certificate to the Company. 

 

	(f)	 Each Party (other than the Existing Lender, the New Lender and, until any required consent from the Company in
relation to any transfer under a Transfer Certificate has been provided, the Company) irrevocably authorises the Facility Agent to enter into and deliver any duly completed Transfer Certificate on its behalf. 

 

	26.7	 Limitation of responsibility of Existing Lender 

 

	(a)	 Unless expressly agreed to the contrary, an Existing Lender makes no representation or warranty to a New Lender
for: 

  

	 	(i)	 the financial condition of the Company; or 

  
 74 

	 	(ii)	 the legality, validity, effectiveness, enforceability, adequacy, accuracy, completeness or performance of:

  

	 	(A)	 any Finance Document or any other document; 

 

	 	(B)	 any statement or information (whether written or oral) made in or supplied in connection with any Finance
Document; or 

  

	 	(C)	 any observance by the Company of its obligations under any Finance Document or any other document,

 and any representations or warranties implied by law are excluded. 

 

	(b)	 Each New Lender confirms to the Existing Lender and the other Finance Parties that it: 

 

	 	(i)	 has made, and will continue to make, its own independent appraisal of all risks arising under or in connection
with the Finance Documents (including the financial condition and affairs of the Company and its related entities and the nature or extent of any recourse against any Party or its assets) in connection with its participation in this Agreement; and

  

	 	(ii)	 has not relied exclusively on any information supplied to it by the Existing Lender in connection with any
Finance Document. 

  

	(c)	 Nothing in any Finance Document requires an Existing Lender to: 

 

	 	(i)	 accept a re-transfer from a New Lender of any of the rights and
obligations assigned or transferred under this Clause; or 

  

	 	(ii)	 support any losses incurred by the New Lender by reason of the
non-performance by the Company of its obligations under any Finance Document or otherwise. 

  

	26.8	 Costs resulting from change of Lender or Facility Office 

If: 
  

	 	(a)	 a Lender assigns or transfers any of its rights and obligations under the Finance Documents or changes its
Facility Office; and 

  

	 	(b)	 as a result of circumstances existing at the date the assignment, transfer or change occurs, the Company would
be obliged to pay a Tax Payment or an Increased Cost, 

 then the Company need only pay that Tax Payment or Increased Cost
to the same extent that it would have been obliged to if no assignment, transfer or change had occurred. 
  

	26.9	 Changes to the Reference Banks 

If a Reference Bank (or, if a Reference Bank is not a Lender, the Lender of which it is an Affiliate) ceases to be a Lender, the Facility Agent
must (in consultation with the Company) appoint another Lender or an Affiliate of a Lender to replace that Reference Bank. 
  

	26.10	 Security over Lenders’ rights 

In addition to the other rights provided to Lenders under this Clause, each Lender may, without consulting with or obtaining consent from the
Company but subject to obtaining all necessary regulatory and contractual approvals, at any time charge, assign or otherwise create Security Interests in or over (whether by way of collateral or otherwise) all or any of its rights under any Finance
Document to secure obligations of that Lender including, without limitation: 

  
 75 

	 	(a)	 any charge, assignment or other Security Interests to secure obligations to a central bank or a federal
reserve; and 

  

	 	(b)	 in the case of any Lender which is a fund, any charge, assignment or other Security Interests granted to any
holders (or trustee or representatives of holders) of obligations owed, or securities issued, by that Lender as security for those obligations or securities, 

except that no such charge, assignment or Security Interests shall: 
  

	 	(i)	 release a Lender from any of its obligations under the Finance Documents or substitute the beneficiary of the
relevant charge, assignment or Security Interests for the Lender as a party to any of the Finance Documents; or 

  

	 	(ii)	 require any payments to be made by the Company other than or in excess of, or grant to any person any more
extensive rights than, those required to be made or granted to the relevant Lender under the Finance Documents. 

  

	26.11	 Disenfranchisement of Defaulting Lenders 

 

	(a)	 For so long as a Defaulting Lender has any unutilised Commitment, in ascertaining: 

 

	 	(i)	 the Majority Lenders; or 

 

	 	(ii)	 whether: 

  

	 	(A)	 any given percentage (including, for the avoidance of doubt, unanimity) of the Total Commitments under the
Facility; or 

  

	 	(B)	 the agreement of any specified group of Lenders, 

has been obtained to approve any request for a consent, waiver, amendment or other vote under the Finance Documents, 

that Defaulting Lender’s Commitments under the Facility will be reduced by the amount of its available Commitments under the Facility and,
to the extent that the reduction results in that Defaulting Lender’s Total Commitments being zero, that Defaulting Lender shall be deemed not to be a Lender for the purposes of subparagraphs (i) and (ii) above. 

 

	(b)	 For the purposes of this Subclause the Facility Agent may assume that the following Lenders are Defaulting
Lenders: 

  

	 	(i)	 any Lender which has notified the Facility Agent that it has become a Defaulting Lender; or

  

	 	(ii)	 any Lender in relation to which it is aware that any of the events or circumstances referred to in the
definition of Defaulting Lender has occurred, 

 unless it has received notice to the contrary from the Lender
concerned (together with any supporting evidence reasonably requested by the Facility Agent) or the Facility Agent is otherwise aware that the Lender has ceased to be a Defaulting Lender. 

  
 76 

	26.12	 Replacement of a Defaulting Lender 

 

	(a)	 The Company may, at any time a Lender has become and continues to be a Defaulting Lender, by giving five
Business Days’ prior written notice to the Facility Agent and such Lender: 

  

	(i)	 replace such Lender by requiring such Lender to (and, to the extent permitted by law, such Lender shall)
transfer pursuant to Clause 26 (Changes to the Parties) all (and not part only) of its rights and obligations under this Agreement; 

  

	(ii)	 require such Lender to (and, to the extent permitted by law, such Lender shall) transfer pursuant to
Clause 26 (Changes to the Parties) all (and not part only) of its undrawn Commitment; or 

  

	(iii)	 require such Lender to (and, to the extent permitted by law, such Lender shall) transfer pursuant to
Clause 26 (Changes to the Parties) all (and not part only) of its rights and obligations, 

 to any person in
accordance with Clause 26 (Changes to the Parties) (a Replacement Lender) selected by the Company and which assumes all the obligations or all the relevant obligations of the transferring Lender (including the assumption of the transferring
Lender’s participations or unfunded participations (as the case may be) on the same basis as the transferring Lender) for a purchase price in cash payable at the time of transfer equal to the outstanding principal amount of such Lender’s
participation in the outstanding Loans and all accrued interest, Break Costs and other amounts payable in relation thereto under the Finance Documents. 
  

	(b)	 Any transfer of rights and obligations of a Defaulting Lender pursuant to this Subclause shall be subject
to the following conditions: 

  

	 	(i)	 the Company shall have no right to replace the Facility Agent; 

 

	 	(ii)	 neither the Facility Agent nor the Defaulting Lender shall have any obligation to the Company to find a
Replacement Lender; 

  

	 	(iii)	 the transfer must take place no later than five days after the notice referred to in paragraph (a) above;

  

	 	(iv)	 in no event shall the Defaulting Lender be required to pay or surrender to the Replacement Lender any of the
fees received by the Defaulting Lender pursuant to the Finance Documents; and 

  

	 	(v)	 the Defaulting Lender shall only be obliged to transfer its rights and obligations pursuant to paragraph
(a) above once it is satisfied that it has complied with all necessary “know your customer” or other similar checks under all applicable laws and regulations in relation to that transfer to the Replacement Lender.

  

	(c)	 The Defaulting Lender shall perform the checks described in subparagraph (b)(v) above as soon as reasonably
practicable following delivery of a notice referred to in paragraph (a) above and shall notify the Facility Agent and the Company when it is satisfied that it has complied with those checks. 

27. DISCLOSURE OF INFORMATION 
  

	(a)	 Each Finance Party must keep confidential any information supplied to it by or on behalf of the Company in
connection with the Finance Documents, any information about or in connection with the Company, the Group, any Finance Document, any Commitment, any Loan and the Facility. However, a Finance Party is entitled to disclose such information:

  

	 	(i)	 which is publicly available, other than as a result of a breach by that Finance Party of this Clause;

  
 77 

	 	(ii)	 in connection with, and for the purposes of, any legal, arbitration, administrative or other investigations,
proceedings or disputes against the Company or is required in connection with any other legal, arbitration, administrative or other investigations, proceedings or disputes; 

 

	 	(iii)	 if and to the extent required to do so under any law or regulation; 

 

	 	(iv)	 to a court of competent jurisdiction or any governmental, supervisory, banking, taxation, regulatory, stock
exchange or other authority; 

  

	 	(v)	 to its or its Related Parties (as defined in subparagraph (vi) below) agents, contractors, third party
service providers including but not limited to any numbering and settlement service providers in connection with the administration, management, settlement and trading of any Finance Document, any Commitment, any Loan and the Facility or
professional advisers (including auditors) (provided that such person is under a duty of confidentiality, contractual or otherwise, to that Finance Party or its Related Party); 

 

	 	(vi)	 to its head office, branches, representatives offices, Subsidiaries, related corporations or Affiliates in any
jurisdiction (collectively, Related Parties and each a Related Party) for any database or data processing purposes or approval purposes; 

  

	 	(vii)	 to any insurer or insurance broker or any direct or indirect providers of credit protection to a Finance Party;

  

	 	(viii)	 to any person to whom a Lender charge, assign or otherwise create security pursuant to Subclause 26.10
(Security over Lenders’ rights); 

  

	 	(ix)	 if that Finance Party is the Facility Agent, to any person who is succeeding (or may potentially succeed) that
Finance Party in such capacity; or 

  

	 	(x)	 to the extent allowed under paragraph (b) below; to another member of the Group. 

 

	(b)	 A Finance Party may disclose to an Affiliate or any person (a third party) with (or through) whom that
Finance Party enters into (or may enter into) any kind of assignment, transfer, participation or hedge agreement in relation to this Agreement or any other transaction under which payments are to be made by reference to this Agreement or the
Company: 

  

	 	(i)	 a copy of any Finance Document; and 

 

	 	(ii)	 any information that that Finance Party has acquired under or in connection with any Finance Document.

 However, before a third party may receive any confidential information, other than for disclosures under subparagraph
(a)(iii), (iv), (vi) or (vii), it must agree with the relevant Finance Party to keep that information confidential on the terms of paragraph (a) above as if it were a Finance Party. 

 

	(c)	 This Clause supersedes any previous confidentiality undertaking given by a Finance Party in connection with
this Agreement prior to it becoming a Party. 

  
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 28. SET-OFF 

A Finance Party may set off any matured obligation owed to it by the Company under the Finance Documents (to the extent beneficially owned by
that Finance Party) against any obligation (whether or not matured) owed by that Finance Party to the Company, regardless of the place of payment, booking branch or currency of either obligation. If the obligations are in different currencies, the
Finance Party may convert either obligation at a market rate of exchange in its usual course of business for the purpose of the set-off. 

29. PRO RATA SHARING 
  

	29.1	 Redistribution 

If a Finance Party (the recovering Finance Party) receives or recovers any amount from the Company other than in accordance with this
Agreement (a recovery) and applies that amount to a payment due under a Finance Document, then: 
  

	 	(a)	 the recovering Finance Party must, within three Business Days, supply details of the recovery to the Facility
Agent; 

  

	 	(b)	 the Facility Agent must calculate whether the recovery is in excess of the amount which the recovering Finance
Party would have received if the recovery had been received and distributed by the Facility Agent in accordance with this Agreement without taking account of any Tax which would be imposed on the Facility Agent in relation to a recovery or
distribution; and 

  

	 	(c)	 the recovering Finance Party must pay to the Facility Agent an amount equal to the excess (the
redistribution). 

  

	29.2	 Effect of redistribution 

 

	(a)	 The Facility Agent must treat a redistribution as if it were a payment by the Company under this Agreement and
distribute it among the Finance Parties, other than the recovering Finance Party, accordingly. 

  

	(b)	 When the Facility Agent makes a distribution under paragraph (a) above, the recovering Finance Party will
be subrogated to the rights of the Finance Parties that have shared in that redistribution. 

  

	(c)	 If and to the extent that the recovering Finance Party is not able to rely on any rights of subrogation under
paragraph (b) above, the Company will owe the recovering Finance Party a debt which is equal to the redistribution, immediately payable and of the type originally discharged. 

 

	(d)	 If: 

  

	 	(i)	 a recovering Finance Party must subsequently return a recovery, or an amount measured by reference to a
recovery, to the Company; and 

  

	 	(ii)	 the recovering Finance Party has paid a redistribution in relation to that recovery, 

each Finance Party, on the request of the Facility Agent, must reimburse the recovering Finance Party all or the appropriate portion of the
redistribution paid to that Finance Party, together with interest for the period while it held the redistribution. In this event, the subrogation in paragraph (b) above will operate in reverse to the extent of the reimbursement. 

  
 79 

	29.3	 Exceptions 

Notwithstanding any other term of this Clause, a recovering Finance Party need not pay a redistribution to the extent that: 

 

	 	(a)	 it would not, after the payment, have a valid claim against the Company in the amount of the redistribution; or

  

	 	(b)	 it would be sharing with another Finance Party any amount which the recovering Finance Party has received or
recovered as a result of legal or arbitration proceedings, where: 

  

	 	(i)	 the recovering Finance Party notified the Facility Agent of those proceedings; and 

 

	 	(ii)	 the other Finance Party had an opportunity to participate in those proceedings but did not do so or did not
take separate legal or arbitration proceedings as soon as reasonably practicable after receiving notice of them. 

  

	30.	 SEVERABILITY 

If a term of a Finance Document is or becomes illegal, invalid or unenforceable in any respect under any jurisdiction, that will not affect:

  

	 	(a)	 the legality, validity or enforceability in that jurisdiction of any other term of the Finance Documents; or

  

	 	(b)	 the legality, validity or enforceability in other jurisdictions of that or any other term of the Finance
Documents. 

  

	31.	 COUNTERPARTS 

Each Finance Document may be executed in any number of counterparts. This has the same effect as if the signatures on the counterparts were on
a single copy of the Finance Document. 
  

	32.	 NOTICES 

  

	32.1	 In writing 

  

	(a)	 Any communication in connection with a Finance Document must be in writing and, unless otherwise stated, may be
given: 

  

	 	(i)	 in person, by post or fax; or 

 

	 	(ii)	 to the extent agreed by the Parties making and receiving communication, by email or other electronic
communication. 

  

	(b)	 For the purpose of the Finance Documents, an electronic communication will be treated as being in writing.

  

	(c)	 Unless it is agreed to the contrary, any consent or agreement required under a Finance Document must be given
in writing. 

  
 80 

	32.2	 Contact details 

 

	(a)	 Except as provided below, the contact details of each Party for all communications in connection with the
Finance Documents are those notified by that Party for this purpose to the Facility Agent on or before the date it becomes a Party. 

  

	(b)	 The contact details of the Company for this purpose are: 

Address:         Avenida Dr. Sun Yat Sen, s/n, Edifício MGM Grand Macau, Macau 

Fax number:   +853 8802 1889 

Email:             antoniomenano@mgmmacau.com 

Attention:       Mr. António Menano – Company Secretary 

with a copy to: 
 MGM Resorts
International 
 Address:         3600 Las Vegas Boulevard, South, Las Vegas, NV 89109 

Fax number:   +1 702 693 7628 

Email:             jfreeman@mgmresorts.com 

Attention:       Jim Freeman. 
  

	(c)	 The contact details of the Facility Agent for this purpose are: 

Address:         18/F., ICBC Tower, Macau Landmark, 555 Avenida da Amizade, Macau 

Fax number:   +853 8398 2160 / +853 2858 4496 

Email:             ericchan@mc.icbc.com.cn / nickwu@mc.icbc.com.cn /
lindachan@mc.icbc.com.cn /                         lillianhong@mc.icbc.com.cn / seleneren@mc.icbc.com.cn /
bennyfok@mc.icbc.com.cn / vanessachao@mc.icbc.com.cn 
 Attention:       Mr. Eric Chan / Mr. Nick Wu
(Corporate Banking Department) 

                        
Ms. Linda Chan / Ms. Lillian Hong / Ms. Selene Ren / Mr. Benny Fok / Ms. Vanessa Chao (Credit Management Department) 
  

	(d)	 Any Party may change its contact details by giving five Business Days’ notice to the Facility Agent or (in
the case of the Facility Agent) to the other Parties. 

  

	(e)	 Where a Party nominates a particular department or officer to receive a communication, a communication will not
be effective if it fails to specify that department or officer. 

  

	32.3	 Effectiveness 

 

	(a)	 Except as provided below, any communication in connection with a Finance Document will be deemed to be given as
follows: 

  

	 	(i)	 if delivered in person, at the time of delivery; 

 

	 	(ii)	 if posted, five Business Days after being deposited in the post, postage prepaid, in a correctly addressed
envelope; 

  

	 	(iii)	 if by fax, when received in legible form; and 

 

	 	(iv)	 if by email or any other electronic communication, when received in legible form. 

 

	(b)	 A communication given under paragraph (a) above but received on a
non-working day or after business hours in the place of receipt will only be deemed to be given on the next working day in that place. 

  
 81 

	(c)	 A communication to the Facility Agent will only be effective on actual receipt by it. 

 

	32.4	 Use of Websites 

 

	(a)	 The Company or the Facility Agent may deliver any information under this Agreement to a Lender by posting it on
to a Company’s Intralinks, SyndTrak or similar website. 

  

	(b)	 The Company must notify the Facility Agent of the address of and password for such website.

  

	(c)	 The Facility Agent must supply each relevant Lender with the address of and password for the website.

  

	33.	 LANGUAGE 

  

	(a)	 Any notice given in connection with a Finance Document must be in English. 

 

	(b)	 Any other document provided in connection with a Finance Document must be: 

 

	 	(i)	 in English; or 

  

	 	(ii)	 (unless the Facility Agent otherwise agrees) accompanied by a certified English translation. In this case, the
English translation prevails unless the document is a statutory or other official document. 

  

	34.	 ACKNOWLEDGMENT REGARDING ANY SUPPORTED QFCS 

To the extent that the Finance Documents provide support, through a guarantee or otherwise, for any hedge agreement or any other agreement or
instrument that is a QFC (such support, QFC Credit Support, and each such QFC, a Supported QFC), the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the
Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the U.S. Special Resolution Regimes) in respect of such Supported QFC and QFC
Credit Support: 
  

	 	(a)	 In the event a Covered Entity that is party to a Supported QFC (each, a Covered Party) becomes subject
to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in
property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit
Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding
under a U.S. Special Resolution Regime, Default Rights under the Finance Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no
greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Finance Documents were governed by the laws of the United States or a state of the United States. Without limitation of
the foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support.

  
 82 

	 	(b)	 As used in this Clause 34, the following terms have the following meanings: 

BHC Act Affiliate of a party means an “affiliate” (as such term is defined under, and interpreted in accordance with, 12
U.S.C. 1841(k)) of such party. 
 Covered Entity means any of the following: (i) a “covered entity” as that term is
defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); (ii) a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or (iii) a “covered FSI” as that
term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b). 
 Default Right has the meaning assigned to that
term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable. 
 QFC has the
meaning assigned to the term “qualified financial contract” in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D). 
  

	35.	 CONTRACTUAL RECOGNITION OF BAIL-IN 

Notwithstanding any other term of any Finance Document or any other agreement, arrangement or understanding between the Parties, each Party
acknowledges and accepts that any liability of any Party to any other Party under or in connection with the Finance Documents may be subject to Bail-In Action by the relevant Resolution Authority and
acknowledges and accepts to be bound by the effect of: 
  

	 	(a)	 any Bail-In Action in relation to any such liability, including
(without limitation): 

  

	 	(i)	 a reduction, in full or in part, in the principal amount, or outstanding amount due (including any accrued but
unpaid interest) in respect of any such liability; 

  

	 	(ii)	 a conversion of all, or part of, any such liability into shares or other instruments of ownership that may be
issued to, or conferred on, it; and 

  

	 	(iii)	 a cancellation of any such liability; and 

 

	 	(b)	 a variation of any term of any Finance Document to the extent necessary to give effect to any Bail-In Action in relation to any such liability. 

  

	36.	 GOVERNING LAW 

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

	37.	 ENFORCEMENT 

  

	37.1	 Jurisdiction 

  

	(a)	 The English courts have exclusive jurisdiction to settle any dispute including a dispute relating to any non-contractual obligation arising out of or in connection with any Finance Document. 

  

	(b)	 The English courts are the most appropriate and convenient courts to settle any such dispute in connection with
any Finance Document. The Company agrees not to argue to the contrary and waives objection to those courts on the grounds of inconvenient forum or otherwise in relation to proceedings in connection with any Finance Document. 

 

	(c)	 To the extent allowed by law, a Finance Party may take: 

 

	 	(i)	 proceedings in any other court; and 

  
 83 

	 	(ii)	 concurrent proceedings in any number of jurisdictions. 

 

	(d)	 References in this Clause to a dispute in connection with a Finance Document include any dispute as to the
existence, validity or termination of that Finance Document. 

  

	37.2	 Service of process 

 

	(a)	 The Company irrevocably appoints Law Debenture Corporate Services Limited at the address of its registered
office in England from time to time which, at the date of this Agreement, is Fifth Floor, 100 Wood Street, London, EC2V 7EX as its agent under the Finance Documents for service of process in any proceedings before the English courts in connection
with any Finance Document. 

  

	(b)	 If any person appointed as process agent under this Clause is unable for any reason to so act, the Company must
immediately (and in any event within five days of the event taking place) appoint another agent on terms acceptable to the Facility Agent. Failing this, the Facility Agent may appoint another process agent for this purpose. 

 

	(c)	 The Company agrees that failure by a process agent to notify it of any process will not invalidate the relevant
proceedings. 

  

	(d)	 This Clause does not affect any other method of service allowed by law. 

 

	37.3	 Waiver of immunity 

The Company irrevocably and unconditionally: 
  

	 	(a)	 agrees not to claim any immunity from proceedings brought by a Finance Party against it in relation to a
Finance Document and to ensure that no such claim is made on its behalf; 

  

	 	(b)	 consents generally to the giving of any relief or the issue of any process in connection with those
proceedings; and 

  

	 	(c)	 waives all rights of immunity in respect of it or its assets. 

 

	37.4	 Waiver of trial by jury 

EACH PARTY WAIVES ANY RIGHT IT MAY HAVE TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION IN CONNECTION WITH ANY FINANCE DOCUMENT OR ANY
TRANSACTION CONTEMPLATED BY ANY FINANCE DOCUMENT. THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO TRIAL BY COURT. 
 This Agreement has been entered
into on the date stated at the beginning of this Agreement. 

  
 84 

 SCHEDULE 1 

ORIGINAL LENDERS 

  
 85 

 SCHEDULE 2 

CONDITIONS PRECEDENT DOCUMENTS 
  

	1.	 THE COMPANY 

  

	(a)	 A copy of the constitutional documents of the Company including its certificate of incorporation, certificate
of incorporation on change of name (if any), memorandum and articles of association, special resolutions amending the powers of the directors (if any), register of directors, register of members and register of mortgages and charges.

  

	(b)	 A copy of a resolution of the board of directors of the Company: 

 

	 	(i)	 approving the terms of, and the transactions contemplated by, the Finance Documents and resolving that it
execute the Finance Documents; 

  

	 	(ii)	 authorising a specified person or persons to execute the Finance Documents on its behalf; and

  

	 	(iii)	 authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices
(including, if relevant, any Request) to be signed and/or despatched by it under or in connection with the Finance Documents. 

  

	(c)	 A specimen of the signature of each person authorised by the resolution referred to in paragraph
(b) above. 

  

	(d)	 A certificate of the Company (signed by a director) confirming that borrowing or guaranteeing, as appropriate,
the Total Commitments would not cause any borrowing, guaranteeing or similar limit binding on it to be exceeded. 

  

	(e)	 A certificate of an authorised signatory of the Company certifying that each copy document relating to it
specified in this Schedule 2 is correct, complete and in full force and effect as at a date no earlier than the date of this Agreement. 

  

	(f)	 A copy of a recent certificate of good standing and a recent certificate of incumbency of the Company.

  

	2.	 FINANCE DOCUMENTS 

Each Fee Letter executed by the parties to it. 
  

	3.	 LEGAL OPINIONS 

 

	(a)	 A legal opinion in relation to English law from Allen & Overy addressed to the Facility Agent and the
Original Lenders, substantially in the form distributed to the Original Lenders prior to signing this Agreement. 

  

	(b)	 A legal opinion as to Cayman Islands law from Maples and Calder (Singapore) LLP addressed to the Facility Agent
and the Original Lenders, substantially in the form distributed to the Original Lenders prior to signing this Agreement. 

  

	4.	 OTHER DOCUMENTS AND EVIDENCE 

 

	(a)	 Evidence that any process agent referred to in Subclause 37.2 (Service of process) has accepted its
appointment. 

  
 86 

	(b)	 Evidence that the total commitments under the Existing Credit Agreement have been or will be drawn in full on
or before the first Utilisation Date. 

  

	(c)	 The Original Financial Statements of the Company. 

 

	(d)	 A Compliance Certificate, based on the financial statements referred to in paragraph (b) of the definition
of Original Financial Statements. 

  

	(e)	 Evidence that the fees, costs and expenses then due from the Company pursuant to Clause 22 (Fees) and Clause 24
(Expenses) have been paid or will be paid by the first Utilisation Date. 

  

	(f)	 A copy of any other Authorisation or other document, opinion or assurance which the Facility Agent considers to
be necessary or desirable (if it has notified the Company accordingly) in connection with the entry into and performance of the transactions contemplated by any Finance Document or for the validity and enforceability of any Finance Document.

  
 87 

 SCHEDULE 3 

FORM OF REQUEST 
  

	To:	 INDUSTRIAL AND COMMERCIAL BANK OF CHINA (MACAU) LIMITED as Facility Agent 

 

	From:	 MGM CHINA HOLDINGS LIMITED
美高梅中國控股有限公司 

 Date:
[                ] 
 MGM CHINA HOLDINGS LIMITED 美高梅中國控股有限公司 – Revolving Facility Agreement dated [●] (the Agreement) 

 

	1.	 We refer to the Agreement. This is a Request. Capitalised terms defined in the Agreement shall have the same
meaning when used in this Request unless otherwise defined. 

  

	2.	 We wish to borrow a Loan on the following terms: 

 

	 	(a)	 Utilisation Date:
[                ]; 

  

	 	(b)	 Amount/currency:
HK$[                ]; and 

  

	 	(c)	 Term: [                ].

  

	3.	 Our payment instructions are: [    ]. 

 

	4.	 We confirm that each condition precedent under the Agreement which must be satisfied on the date of this
Request is so satisfied. 

  

	5.	 We hereby certify that the proceeds of the Loan borrowed under this Request will be used by us for the purposes
described in clause 3 (Purpose) of the Agreement. 

  

	6.	 This Request is irrevocable. 

By: 
 MGM CHINA HOLDINGS LIMITED
美高梅中國控股有限公司 

  
 88 

 SCHEDULE 4 

FORMS OF TRANSFER CERTIFICATE 

PART 1 
 TRANSFERS BY
ASSIGNMENT, ASSUMPTION AND RELEASE 
  

	To:	 INDUSTRIAL AND COMMERCIAL BANK OF CHINA (MACAU) LIMITED as Facility Agent 

 

	From:	 [EXISTING LENDER] (the Existing Lender) and [NEW LENDER] (the New Lender) 

 

	Date:	 [                ]

 MGM CHINA HOLDINGS LIMITED
美高梅中國控股有限公司 – Revolving Facility Agreement dated [●] (the Agreement) 

We refer to the Agreement. This is a Transfer Certificate. Capitalised terms defined in the Agreement shall have the same meaning when used in this Transfer
Certificate unless otherwise defined 
  

	1.	 In accordance with the terms of the Agreement: 

 

	 	(d)	 the Existing Lender assigns absolutely to the New Lender all the rights of the Existing Lender specified in the
Schedule; 

  

	 	(e)	 the New Lender assumes obligations equivalent to those obligations of the Existing Lender under the Agreement
specified in the Schedule; 

  

	 	(f)	 to the extent the obligations referred to in paragraph (e) above are effectively assumed by the New
Lender, the Existing Lender is released from its obligations under the Agreement specified in the Schedule; and 

  

	 	(g)	 the New Lender becomes a Lender under the Agreement and is bound by the terms of the Agreement as a Lender.

  

	2.	 The proposed Transfer Date is
[                ]. 

  

	3.	 On the Transfer Date the New Lender becomes party to the Agreement as a Lender. 

 

	4.	 The administrative details of the New Lender for the purposes of the Agreement are set out in the Schedule.

  

	5.	 The New Lender expressly acknowledges the limitations on the Existing Lender’s obligations in respect of
this Transfer Certificate contained in the Agreement. 

  

	6.	 This Transfer Certificate 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 the Transfer Certificate. 

  

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

  
 89 

 THE SCHEDULE 

Rights and obligations to be transferred by assignment, assumption and release 

[insert relevant details, including applicable Commitment (or part)] 

Administrative details of the New Lender 

[insert details of Facility Office, address for notices and payment details etc.] 

 

			
	[EXISTING LENDER]	  	[NEW LENDER]
		
	By:	  	By:

 The Transfer Date is confirmed by the Facility Agent as
[                ]. 
 INDUSTRIAL AND COMMERCIAL BANK OF CHINA (MACAU)
LIMITED 
 By: 
 as Facility Agent, for and on behalf of each
of the parties to the Agreement (other than the Existing Lender and the New Lender) 
  

	Note:	 It is the responsibility of each individual New Lender to ascertain whether any other document or formality
is required to perfect a transfer contemplated by this Transfer Certificate or to take the benefit of any interest in any security. 

  
 90 

 PART 2 

TRANSFERS BY NOVATION 
  

	To:	 INDUSTRIAL AND COMMERCIAL BANK OF CHINA (MACAU) LIMITED as Facility Agent 

 

	From:	 [EXISTING LENDER] (the Existing Lender) and [NEW LENDER] (the New Lender) 

 

	Date:	 [                ]

 MGM CHINA HOLDINGS LIMITED
美高梅中國控股有限公司 – Revolving Facility Agreement dated [●] (the Agreement) 

We refer to the Agreement. This is a Transfer Certificate. 
  

	1.	 The Existing Lender transfers by novation to the New Lender the Existing Lender’s rights and obligations
referred to in the Schedule below in accordance with the terms of the Agreement. 

  

	2.	 The proposed Transfer Date is
[                ]. 

  

	3.	 On the Transfer Date the New Lender becomes party to the Agreement as a Lender. 

 

	4.	 The administrative details of the New Lender for the purposes of the Agreement are set out in the Schedule.

  

	5.	 The New Lender expressly acknowledges the limitations on the Existing Lender’s obligations in respect of
this Transfer Certificate contained in the Agreement. 

  

	6.	 This Transfer Certificate 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 the Transfer Certificate. 

  

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

  
 91 

 THE SCHEDULE 

Rights and obligations to be transferred by novation 

[insert relevant details, including applicable Commitment (or part)] 

Administrative details of the New Lender 

[insert details of Facility Office, address for notices and payment details etc.] 

 

			
	[EXISTING LENDER]	  	[NEW LENDER]
		
	By:	  	By:

 The Transfer Date is confirmed by the Facility Agent as
[                ]. 
 INDUSTRIAL AND COMMERCIAL BANK OF CHINA (MACAU)
LIMITED as Facility Agent 
 By: 
 as Facility Agent, for and
on behalf of each of the parties to the Agreement (other than the Existing Lender and the New Lender) 
  

	Note:	 It is the responsibility of each individual New Lender to ascertain whether any other document or formality
is required to perfect a transfer contemplated by this Transfer Certificate or to take the benefit of any interest in any security. 

  
 92 

 SCHEDULE 5 

FORM OF COMPLIANCE CERTIFICATE 
  

	To:	 INDUSTRIAL AND COMMERCIAL BANK OF CHINA (MACAU) LIMITED as Facility Agent 

 

	From:	 MGM CHINA HOLDINGS LIMITED
美高梅中國控股有限公司 

  

	Date:	 [                ]

 MGM CHINA HOLDINGS LIMITED
美高梅中國控股有限公司 – Revolving Facility Agreement dated [●] (the Agreement) 

 

	1.	 We refer to the Agreement. This is a Compliance Certificate. 

 

	2.	 [We confirm that as at [relevant testing date] (the Test Date): 

 

	 	(a)	 Total Debt was [    ]; and EBITDA for the 12 month period ending on the Test Date was
[    ]; therefore, the Leveraged Ratio is [    ]; and 

  

	 	(b)	 Interest Charges for the 12 month period ending on the Test Date were [    ]; therefore,
the Interest Coverage Ratio is [    ]. 

  

	3.	 We set out below calculations establishing the figures in paragraph 2 above: 

[                ].]1 
  

	4.	 [We confirm that as at [relevant testing date] [no Default is outstanding]/[the following Default[s] [is/are]
outstanding and the following steps are being taken to remedy [it/them]]: 

[                ].] 

MGM CHINA HOLDINGS LIMITED 美高梅中國控股有限公司 

 

	
	 By:
  

	
	  
 Chief Financial
Officer

  

	1 	 To be included in Compliance Certificates delivered in respect of Accounting Dates falling on and after
30 September 2021. 

  
 93 

 SCHEDULE 6 

FORM OF INCREASE CONFIRMATION 
  

	To:	 INDUSTRIAL AND COMMERCIAL BANK OF CHINA (MACAU) LIMITED as Facility Agent and MGM CHINA HOLDINGS LIMITED
美高梅中國控股有限公司as Company 

  

	From:	 [                ] [and
[                ]] ([the/each, an] Increase Lender) 

  

	Date:	 [                ]

  

	MGM	 CHINA HOLDINGS LIMITED
美高梅中國控股有限公司 – Revolving Facility Agreement dated [●] (the Agreement) 

 

	1.	 We refer to the Agreement. This confirmation (this Confirmation) shall take effect as an Increase
Confirmation for the purposes of the Agreement. Terms defined in the Agreement have the same meaning in this Confirmation unless given a different meaning in this Confirmation. 

 

	2.	 We refer to Subclause 2.2 (Increase) of the Agreement. 

 

	3.	 [Each/The] Increase Lender agrees to assume and will assume all of the obligations corresponding to the
Commitment(s) specified in the Schedule [opposite its name] (the Relevant Commitment(s)) as if it had been an Original Lender under the Agreement in respect of the Relevant Commitment(s). 

 

	4.	 The proposed date on which the increase in relation to [each/the] Increase Lender and the Relevant
Commitment(s) is to take effect (the Increase Date) is [    ]. 

  

	5.	 On the Increase Date, the Increase Lender becomes party to the relevant Finance Documents as a Lender.

  

	6.	 The Facility Office and address, fax number and attention details for notices to the Increase Lender for the
purposes of Subclause 32.2 (Contact details) of the Agreement are set out in the Schedule. 

  

	7.	 [Each/The] Increase Lender expressly acknowledges the limitations on the Lenders’ obligations referred to
in Subclause 26.7 (Limitation of responsibility of Existing Lender) of the Agreement. 

  

	8.	 This Confirmation 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 Confirmation. 

  

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

 This Confirmation has been entered into on the date stated at the beginning of this
Confirmation. 

  
 94 

 THE SCHEDULE 

Relevant Commitment(s)/rights and obligations to be assumed by [each/the] Increase Lender 

[insert relevant details] 

[Facility Office address, fax number and attention details for notices and account details for payments] 

 

	
	 [Increase Lender]
  

	 By:
  

	 [[Increase Lender]
  

	By:]

 This Confirmation is accepted as an Increase Confirmation for the purposes of the Agreement by the Facility Agent and the
Increase Date is confirmed as [ ]. 
 INDUSTRIAL AND COMMERCIAL BANK OF CHINA (MACAU) LIMITED as Facility Agent 

By: 

  
 95 

 SIGNATORIES 

The Company 
 MGM CHINA HOLDINGS LIMITED 美高梅中國控股有限公司 
  

					
	By:	  	

	  	

		  	Kenneth Xiaofeng Feng	  	Zhiqi (Hubert) Wang
		  	President, Chief Strategic Officer	  	President, Hospitality & Chief Financial Officer

  
 MGM 2020 REVOLVING CREDIT

 FACILITY AGREEMENT 

 Original Lender 

INDUSTRIAL AND COMMERCIAL BANK OF CHINA (MACAU) LIMITED 
  

					
	By:	  	

	  	

  
 MGM 2020 REVOLVING CREDIT

 FACILITY AGREEMENT 

 Original Lender 

BANK OF COMMUNICATIONS CO., LTD, MACAU BRANCH 
  

			
	By:	 	

  
 MGM 2020 REVOLVING CREDIT

 FACILITY AGREEMENT 

 The Facility Agent 

INDUSTRIAL AND COMMERCIAL BANK OF CHINA (MACAU) LIMITED 
  

					
	By:	 	

	 	

  
 MGM 2020 REVOLVING CREDIT

 FACILITY AGREEMENT

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