Document:

Exhibit 4.4

​
EXECUTION VERSION
24 August 2020
HEADHUNTER LIMITED LIABILITY COMPANY
as the Borrower
VTB BANK (PUBLIC JOINT-STOCK COMPANY)
as the Arranger
VTB BANK (PUBLIC JOINT-STOCK COMPANY)
as the Original Lender
VTB BANK (PUBLIC JOINT-STOCK COMPANY)
as the Facility Administrator
VTB BANK (PUBLIC JOINT-STOCK COMPANY)
as the Pledge Manager

SYNDICATED FACILITY AGREEMENT

Herbert Smith Freehills CIS LLP
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TABLE OF CONTENTS
	​

	​

	​

	1.
	Definitions
	4

	2.
	Subject matter of the Agreement
	17

	3.
	Purpose
	18

	4.
	Conditions Precedent
	19

	5.
	Granting of Facility
	20

	6.
	Termination of Lender’s obligations
	20

	7.
	Repayment of Facility
	20

	8.
	Early repayment and Cancellation of Facility
	21

	9.
	Interest
	23

	10.
	Interest Periods
	24

	11.
	Fees of Finance Parties
	25

	12.
	Taxes
	25

	13.
	Additional Costs
	27

	14.
	Other Indemnities
	28

	15.
	Mitigation by the Finance Parties
	29

	16.
	Representations
	29

	17.
	Information Undertakings
	33

	18.
	Financial Covenants
	36

	19.
	General Undertakings
	39

	20.
	Bank account obligations
	47

	21.
	Events of Default
	47

	22.
	Facility security
	53

	23.
	Changes to the Parties
	55

	24.
	Finance Parties
	58

	25.
	Payment mechanism
	62

	26.
	Notices
	64

	27.
	Severability
	65

	28.
	Amendment of Agreement
	65

	29.
	Confidentiality
	66

	30.
	Applicable Law
	68

	31.
	Dispute resolution
	68

	32.
	Counterparts
	68

	Schedule 1 The Parties, Available Сommitments and Security
	69

	Schedule 2 Conditions Precedent
	71

	Schedule 3 Form of Utilisation Request
	76

	Schedule 4 Form of Lender Rights Assignment Agreement
	77

	Schedule 5 Forms of Compliance Certificates
	84

	Schedule 6 Repayment Schedule
	88

​
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	Schedule 7 Existing Financial Indebtedness 
	90

	Schedule 8 Intellectual Property
	91

	Schedule 9 List of Russian banks
	93

​
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THIS SYNDICATED FACILITY AGREEMENT (the "Agreement") has been entered into on 24 August 2020 between:
	(1)
	HEADHUNTER LIMITED LIABILITY COMPANY, incorporated under the laws of the Russian Federation and registered in the Russian Federation Unified State Register of Legal Entities under Primary State Registration Number (PSRN) 1067761906805, whose business address is 9 Godikova Street, Building 10, Moscow, 129085, Russian Federation (the "Borrower");

	(2)
	VTB BANK (PUBLIC JOINT-STOCK COMPANY) as the arranger of the Facility (the "Arranger");

	(3)
	VTB BANK (PUBLIC JOINT-STOCK COMPANY) as the original lender (the "Original Lender");

	(4)
	VTB BANK (PUBLIC JOINT-STOCK COMPANY) as the facility administrator (the "Facility Administrator"); and

	(5)
	VTB BANK (PUBLIC JOINT-STOCK COMPANY) as the pledge manager (the "Pledge Manager").

THE PARTIES HAVE AGREED AS FOLLOWS:
	1.
	DEFINITIONS

	1.1
	Terms

In this Agreement:
"Auditors" means:
		(a)
	in relation to the financial statements of the Group and its members prepared in accordance with IFRS: KPMG Joint-Stock Company, or Deloitte CIS Holdings Limited, or PriceWaterhouseCoopers Consulting LLC, or Ernst & Young Global Limited; and

		(b)
	in relation to the financial statements of the Group's members prepared in accordance with the Applicable Reporting Standards other than IFRS: any company listed in paragraph (a) above, as well as Moore Stevens LLC, Finexpertiza LLC, BDO CJSC, FBK LLC and 2K - Delovye Konsultatsii CJSC, or any other auditing firm approved by the Majority Lenders.

"Affiliate" means, with respect to any person, a Subsidiary or Associate of such person or a Holding Company of such person or any other Subsidiary or Associate of such Holding Company.
"Basel II" means the recommendations contained in the document adopted by the Basel Committee on Banking Supervision in June 2004 “International Convergence of Capital Measurement and Capital Standards: a Revised Framework."
"Basel III" means:
		(a)
	the recommendations contained in the documents published by the Basel Committee on Banking Supervision in December 2010: "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," with subsequent changes and additions;

		(b)
	the recommendations for global systemically important banks, contained in a document published by the Basel Committee on Banking Supervision in November 2011 "Global Systemically Important Banks: Assessment Methodology and the Additional Loss Absorbency Requirement – Rules text" with subsequent changes and additions; and

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		(c)
	any other documents, explanations or standards published by the Basel Committee on Banking Supervision in connection with Basel III.

"Majority Lenders" means:
		(a)
	in the period up to the first Utilisation Date: the Lenders whose Available Commitments total 75% (seventy-five percent) or more of the Total Commitments;

		(b)
	if there is no Facility Outstanding and the Total Commitments were reduced to zero: the Lenders whose Available Commitments totalled 75% (seventy-five percent) or more of the Total Commitments immediately prior to the date of that reduction; or

		(c)
	in any other period of time: the Lenders whose participation in the Facility Outstanding together with their Unused Available Commitment, as well as the Amount Payable, totals 75% (seventy-five percent) or more of the total Facility Outstanding amount together with the Total Unused Commitments and the Amount Payable by all Lenders.

"VTB" means VTB Bank (Public Joint-Stock Company), a public joint-stock company incorporated under the laws of the Russian Federation and registered in the Unified State Register of Legal Entities under Primary State Registration Number (PSRN)  1027739609391.
"Secondary Placement" means a placement on the Nasdaq Stock Exchange in one or more transactions during the period up to 31 December 2021 (or later date for which the Borrower has obtained the Facility Administrator's approval in writing) by means of a public offering to an unlimited circle of persons:
		(a)
	of additionally issued Headhunter Group shares (initial placement), with the total value of the placement not exceeding USD 100,000,000; or

		(b)
	of existing Headhunter Group shares belonging to Highworld and ELQ Investors VIII (secondary placement),

		(c)
	or any combination thereof, in each case provided that such initial or secondary placement (or a combination of both) does not result in a Change of Control.

"Revenue" means, in relation to an Obligor, the revenue of that Obligor, determined in accordance with the financial statements prepared in accordance with the Applicable Reporting Standards provided in accordance with Clause 17.1 (Financial Statements).
"Guarantor" means each of the following persons:
		(a)
	Headhunter Group;

		(b)
	Zemenik;

		(c)
	Headhunter FSU;

		(d)
	each Additional Guarantor; and

		(e)
	any person providing an Independent Guarantee that the Facility Administrator and the Borrower have agreed in writing to deem a Guarantor for purposes of this Agreement.

"Placement Indemnity" means one or more unlimited indemnities provided by Headhunter Group in favor of the banks arranging the Secondary Placement, the depository bank engaged in connection with the Secondary Placement, and/or the Depository Trust Company, for the purpose of the Secondary Placement, to cover potential losses and costs associated with errors and incomplete disclosure of information provided in the Secondary Placement prospectus, and with Headhunter Group's exercising its rights and performing its obligations within the framework of the Secondary Placement.
"Treaty State" means a state that has a valid Double Taxation Treaty with the Russian Federation.
"Civil Code" means the Civil Code of the Russian Federation.
"Group" means, for the purposes of this Agreement:
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		(a)
	Headhunter Group; and

		(b)
	Headhunter Group Subsidiaries and Associates whose financial statements are consolidated with Headhunter Group financial statements in accordance with IFRS in the relevant period of time using the direct consolidation method..

"Utilisation Date" means each date on which the Facility Administrator transfers the Facility or part thereof specified in a Utilisation Request into the account of the Borrower.
"Final Repayment Date" means 30 June 2025.
"Interest Payment Date" means 31 March, 30 June, 30 September and 31 December of each year, and if the relevant day is not a Business Day, then the next Business Day thereafter.
"Cash" has the meaning given to this term in IFRS.
"Pledge" means each of the following pledges:
		(a)
	the Borrower Participatory Interest Pledge;

		(b)
	each Headhunter FSU Shares Pledge;

		(c)
	each Additional Pledge; and

		(d)
	any other pledge entered into by the Borrower or a third party to secure the Borrower's obligations hereunder.

"Borrower Participatory Interest Pledge" means the pledge of 100% participatory interest in the Borrower's charter capital between Headhunter FSU as the pledgor and the Pledge Manager as the pledge manager (pledgor) and any other additional or substitute pledge of a participatory interest in the Borrower's charter capital that is entered into to secure the Borrower's obligations hereunder.
"Headhunter FSU Shares Pledge" means each of the following:
(a)Pledge of Headhunter FSU (Headhunter Group) Shares;
(b)Pledge of Headhunter FSU (Zemenik) Shares; and
(c)any other additional or substitute pledge of Headhunter FSU shares.
"Pledge of Headhunter FSU (Zemenik) Shares" means the pledge of Headhunter FSU shares between Zemenik as the pledgor and the Pledge Manager as the pledge manager (pledgor) entered into to secure the Borrower's obligations hereunder.
"Pledge of Headhunter FSU (Headhunter Group) Shares" means the pledge of Headhunter FSU shares between Headhunter Group as the pledgor and the Pledge Manager as the pledge manager (pledgor) entered into to secure the Borrower's obligations hereunder.
"Loan Agreements Between the Borrowers" means:
		(a)
	the loan agreement entered into on or around the date hereof between the Borrower as the lender and Zemenik as the borrower in the amount of the outstanding principal balance owed by Zemenik under the Existing Facility Agreement; and

		(b)
	the loan agreement entered into on or around the date hereof between the Borrower as the lender and Headhunter Group as the borrower in the amount of the outstanding principal balance owed by Headhunter Group under the Existing Facility Agreement.

"Double Taxation Treaty" means a double taxation treaty between a foreign state and the Russian Federation, which stipulates full or partial profits tax exemption in the Russian Federation on the income paid to foreign companies under this Agreement.
"Lender Rights Assignment Agreement" means an agreement drawn up in the form given in Schedule 4 (Form of Lender Rights Assignment Agreement) or in any other form whereby the Existing Lender (as defined in Clause 23 (Changes to the Parties) assigns its rights and
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(or) transfers obligations under this Agreement to a New Lender (as defined in Clause 23 (Changes to the Parties)).
"Security Documents" means:
		(a)
	each Pledge;

		(b)
	each Independent Guarantee; and

		(c)
	any other document entered into or issued by the Borrower or by a third party at the Borrower's request with the consent of the Facility Administrator or the Pledge Manager to secure performance of the Borrower's obligations hereunder.

"Group Equity Instruments" means shares or participatory interests in the charter capital of any member of the Group, as well as options or other instruments securing the right of their owner to acquire or receive shares or a participatory interests in the charter capital of any member of the Group, including options granted to employees of Group companies under Remuneration Plans Based on Group Equity Instruments, and compensation in the form of shares paid to members of the board of directors of Headhunter Group.
"Obligor" means the Borrower and each Guarantor.
"Additional Guarantee" has the meaning given in Clause 18.5 (Guarantors' Cover Ratio).
"Additional Guarantor" has the meaning given in Clause 18.5 (Guarantors' Cover Ratio).
"Additional Pledge" has the meaning given in Clause 18.5 (Guarantors' Cover Ratio).
"Subsidiary" means, with respect to any legal person, any legal person, if the first (principal) legal person:
		(a)
	holds the majority of voting rights in that legal person; or

		(b)
	has equity participation and has the right to appoint or remove a majority of the members of the executive body of the legal person; or

		(c)
	has the right to have a dominant influence on the legal person by virtue of the provisions contained in the foundation documents of the legal person or management agreement; or

		(d)
	is a member (shareholder) of that legal person and independently or in agreement with other members controls the majority of votes in the legal person; or

		(e)
	controls that legal person, 

including any legal person the shares or participatory interests in the charter capital of which are subject to an Encumbrance, and the title to such encumbered shares or participatory interest is registered by virtue of such Encumbrance in favour of a secured party or nominal holder acting in favour of such party.
"Associate" means, with respect to any legal person, any legal person if the first legal (principal) legal person owns 20 (twenty) or more percent (but not more than 50 (fifty) percent) of the charter capital in such legal person.
"Bankruptcy Law" means the Federal Law of the Russian Federation No. 127-FZ dated 26 October 2002 "On Insolvency (Bankruptcy)".
"Credit Histories Law" means the Federal Law of the Russian Federation No. 218-FZ dated 30 December 2004 “On Credit Histories".
"Regulated Procurement Law" means the Federal Law of the Russian Federation No. 223-FZ dated 18 July 2011 "On the Procurement of Goods, Works and Services by Certain Types of Legal Entities."
"Syndicated Loan Law" means the Federal Law of the Russian Federation No. 486-FZ dated 31 December 2017 "On Syndicated Credits (Loans) and Amendments to Certain Legislative Acts of the Russian Federation".
"Pledgor" means each of the following persons:
		(a)
	Headhunter Group;

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		(b)
	Zemenik;

		(c)
	Headhunter FSU; and

		(d)
	each pledgor under each Additional Pledge.

"Utilisation Request" means the request of a Borrower to utilise the Facility, drawn up in the form given in Schedule 3 (Form of Utilisation Request).
"Zemenik" means Zemenik Limited Liability Company, incorporated under the laws of the Russian Federation and registered in the Russian Federation Unified State Register of Legal Entities under Primary State Registration Number (PSRN) 1167746153860, whose business address is 14 Krzhizhanovskogo Street, Building 3, Suite 304, Moscow, 117218, Russian Federation.
"Intellectual Property" means the Obligors' Trademarks, domain names (including the Obligors’ Websites) registered to the Group's members, database and other intellectual property, the rights to which are owned by the Group's members, and which are listed in Schedule 8 (Intellectual Property), and also similar material intellectual property owned by the Additional Guarantors (if such Additional Guarantors were not Obligors as of the date of this Agreement).
"Key Rate" means:
		(a)
	for each Interest Period: the key rate set by the Central Bank of the Russian Federation and valid for each day of the Interest Period; and

		(b)
	for any other period: the key rate set by the Central Bank of the Russian Federation and valid for each day of such period,

set on a daily basis based on the data on the website of the Central Bank of the Russian Federation at:  www.cbr.ru or on another official website of the Central Bank of the Russian Federation should the website change.  Moreover, if the key rate is abolished and/or is no longer used by the Central Bank of the Russian Federation to set pricing conditions for financing credit institutions of the Russian Federation, the Key Rate will be deemed to be the corresponding rate set by the Central Bank of the Russian Federation for pricing refinancing operations through repo transactions, and (or) secured by non-market assets.
"Early Repayment Fee" has the meaning given in Clause 8.4.1.
"Consolidated EBIT" means the Group's consolidated profit before tax for the Relevant Period adjusted for termination of operations that occurred during the Relevant Period:
		(a)
	before any amounts related to financial expenses are deducted (with respect to financial costs related to lease payments: to the extent that this indicator would have been recorded in IFRS statements before the introduction of IFRS 16);

		(b)
	after deducting rental expenses to the extent that this indicator would have been recorded in IFRS statements before the introduction of IFRS 16;

		(c)
	excluding any amounts relating to interest due to any member of the Group;

		(d)
	after deducting profits or adding losses of any member of the Group related to non-controlling interests;

		(e)
	excluding positive or negative unrealised exchange rate differences;

		(f)
	excluding profits or losses arising from the revaluation of any asset or a decrease in the book value of any asset when it is alienated by any member of the Group;

		(g)
	excluding expected returns on pension plan assets; and

		(h)
	excluding non-monetary profits and losses from the Remuneration Plans based on Group Equity Instruments.

"Consolidated EBITDA” means Consolidated EBIT for the Relevant Period adjusted by adding the following amounts, provided that these amounts were not taken into account when calculating the EBIT:
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		(a)
	any amounts relating to depreciation and impairment of fixed assets (with respect  to depreciation related to lease liabilities: to the extent that this indicator would have been recorded in IFRS statements before the introduction of IFRS 16);

		(b)
	any amounts related to goodwill impairment; and

		(c)
	any amounts relating to depreciation and impairment of other intangible assets.

"Confidential Information" means any information (including personal data) in any form (including oral information, and any documents and information recorded or stored as electronic files or on any other media) about any Obligor, Pledgor or member of the Group, Finance Documents or Facility, which becomes known to a Finance Party, or which is received by any person intending to become a Finance Party, from:
		(a)
	any member of the Group or consultant thereof; or

		(b)
	another Finance Party or consultant thereof, if the information was obtained by such Finance Party from any member of the Group or consultant thereof,

with the exception of information that:
		(i)
	is or becomes available to the general public other than due to a Finance Party's violation of the conditions of Clause 29 (Confidentiality); or

		(ii)
	was known to a Finance Party prior to the date that such information was disclosed to it or its consultant, or was legally obtained by a Finance Party or its consultant after such date from a source that, as far as a Finance Party is aware, is not connected with the Group, and which in any case, as far as a Finance Party is aware, was not received due to a breach of confidentiality obligations.

"Facility" means the funds within the Total Commitments that are lent to the Borrower by Lenders under this Agreement in the form of Tranches.
"Available Commitment" means, with respect to any Tranche as of any date, the amount of funds that:
		(a)
	in relation to the Original Lender, each Original Lender shall lend to the Borrower under such Tranche on the relevant date in accordance with the terms of this Agreement and as indicated against the name of the relevant Original Lender in the table in Part A (Original Lenders and Available Commitments) of Schedule 1 (Parties, Available Commitments, and Security); and

		(b)
	in relation to any other Lender, the relevant Lender shall provide as a loan to the Borrower on the relevant date as the result of transfer to it of the commitment to grant the Facility under such Tranche,

the amount of which may be modified in accordance with the terms of this Agreement.
"Margin" means:
		(a)
	2.0% per annum for Tranche 1; and

		(b)
	2.5% per annum for Tranche 2.

"IFRS" means the international accounting standards referred to in Regulation No. 1606/2002 adopted by the European Parliament and the European Union Council on 19 July 2002, to the extent applicable to the relevant financial statements.
"Tax" means any tax, levy, duty, or other charge or withholding of a similar nature (including any fines or penalties payable in connection with any failure to pay or any delay in paying any of the same) established by applicable law.
"Tax Relief" means a Tax exemption (application of a reduced tax rate or tax refund) granted outside the Russian Federation in respect of any Tax related to payments under the Finance Documents.
"Tax Deduction" means the withholding from any payment under a Finance Document of an amount of any tax or charge, including, in particular, value added tax and income (profit)
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tax deducted at source, as well as any similar taxes that may replace or supplement existing taxes in accordance with applicable law, in the amount and within the timeframes stipulated by law.
"Tax Payment" means an increase in the amount of payment made by an Obligor to a Finance Party in accordance with the provisions of Clause 12.1 (Tax gross-up), or payment made by an Obligor to a Finance Party in accordance with the provisions of Clause 12.2 (Tax indemnity).
"Independent Guarantee" means each of the following documents:
		(a)
	each independent guarantee issued by the Guarantor in favour of the Lenders;

		(b)
	each Additional Independent Guarantee; and

		(c)
	any other independent guarantee issued by any person and with the consent of the Facility Administrator or the Pledge Manager to secure performance of the Borrower's obligations hereunder.

"Default" means:
		(a)
	an Event of Default; or

		(b)
	an event or circumstance referred to in Clause 21 (Events of Default), which, in accordance with the terms of this Agreement, will become an Event of Default upon:

		(i)
	the expiration of any deadline established by this Agreement to rectify a violation;

		(ii)
	the sending of any notice; or

		(iii)
	the taking of the relevant decision in respect of the Finance Documents.

"Unused Available Commitment" means the Available Commitment of each individual Lender less:
		(a)
	the amount of funds already provided to the relevant Borrower by this Lender, and

		(b)
	Amount Payable by this Lender.

"Facility Outstanding" means, at any time, the funds loaned to the Borrower in accordance with this Agreement and which have not been repaid to the Lenders.
"Encumbrance" means a mortgage, pledge, lien, possessory pledge, assignment, the right to direct debit or a similar debit right or other encumbrance created to secure a person's obligations, or any agreement entered into in order to secure performance of obligations.
"Original Financial Statements" means:
		(a)
	with respect to the Borrower and Zemenik, the annual accounting statements for 2019, prepared in accordance with RAS;

		(b)
	with respect to Headhunter Group: the annual financial statements for 2019 prepared in accordance with IFRS, with an attached auditor's report; and

		(c)
	with respect to Headhunter FSU: management accounts prepared in accordance with the Group's management accounting policies as at 31 December 2019.

"Utilisation Period" means:
		(a)
	with respect to Tranche 1: the period starting on the date of this Agreement and ending on the date falling 10 (ten) days after the date of this Agreement (both said dates being inclusive); and

		(b)
	with respect to Tranche 2: the period starting on the date of this Agreement and ending on the date falling 270 (two hundred seventy) days after the date of this Agreement (both said dates being inclusive);

"Remuneration Plan Based on Group Equity Instruments" means an agreement contemplating that employees (or former employees) of the Group, members of the board of
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directors of Headhunter Group and/or the owners of shares and/or participatory interests of any member of the Group receive:
		(a)
	remuneration in the form of Group Equity Instruments;

		(b)
	remuneration in the form of funds or provision of other assets, provided that the amount of this remuneration is determined on the basis of and/or is contingent on the value of the Group Equity Instruments; or

		(c)
	remuneration in the form of provision of Headhunter Group shares to members of the board of directors of Headhunter Group.

"Sanctioned Person" has the meaning given to this term in Clause 23.2 (Assignment of Rights and Transfer of Obligations by the Lenders).
"Leverage" has the meaning given to this term in Clause 18.3 (Leverage).
"Interest Cover" has the meaning given to this term in Clause 18.4 (Interest cover).
"EBITDA" means the EBITDA of any member of the Group, determined on the last reporting date:
		(a)
	at the end of the financial year or second financial quarter of the financial year, in accordance with the Group's financial statements for the relevant financial year or second financial quarter of the financial year (respectively), prepared in accordance with IFRS, provided to the Facility Administrator in accordance with Clause 17.1.1(A) or (B); or

		(b)
	at the end of the first or third financial quarter, based on the relevant financial accounts of the Group provided to the Facility Administrator in accordance with Clause 17.1.1(C).

"Acceptable Lender" means a Lender, which is:
		(a)
	a Russian legal person, or

		(b)
	resident of a Treaty State, provided that the status of such a Lender, at the request of an Obligor, is confirmed by a Russian translation of a copy of a document issued by the competent tax authority of the Treaty State, indicating that the qualifying Lender is a tax resident of the Treaty State.

"Applicable Reporting Standards" means the financial reporting standards applicable to any Obligor.
"Proportional Share" means:
		(a)
	for the purposes of determining the size of the Lender’s participation in the Facility in accordance with any Utilisation Request: the ratio between the Unused Available Commitment of such Lender and the Total Unused Commitments.

(b)for any other purposes:
		(i)
	in the absence of a Facility Outstanding: the ratio between the Available Commitment of a single Lender and the Total Commitments, or

		(ii)
	if there is a Facility Outstanding: the ratio between the Facility Outstanding issued to the Borrower by a single Lender, together with the Amount Payable by this Lender, and the Facility Outstanding issued to the Borrower by all Lenders, together with the Amount Payable by all Lenders.

"Interest Period" means, in relation to the Facility Outstanding, each period during which interest is calculated, determined in accordance with the provisions of Clause 10 (Interest Periods), and, in relation to any overdue amount, each period determined in accordance with the provisions of Clause 9.4 (Default Interest).
"Business Day" means any day on which banks are open to conduct ordinary banking operations in Moscow.
"Permitted Financial Indebtedness" means any Financial Indebtedness:
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		(a)
	arising in accordance with the terms of the Finance Documents or permitted by the Finance Documents;

		(b)
	of a member of the Group that exists on the date of this Agreement, as specified in Schedule 7 (Existing Financial Indebtedness);

		(c)
	of any Obligor to another Obligor; and

		(d)
	of any Obligor to persons that are not Obligors unless the total amount of such Financial Indebtedness together with the grand total principal amount owed under loans provided by any Obligor to persons that are not Obligors exceeds 10% (ten percent) of the Group Assets at any point in time.

"Permitted Payments" means:
		(a)
	any payments made by a member of the Group to any Obligor, provided that such payments do not create obligations for the Obligor to such a member of the Group (in particular, to repay received funds or to transfer assets);

		(b)
	any payments made by any Obligor to another Obligor;

		(c)
	payment of distributable profit by Headhunter Group to its shareholders (including by Permitted Redemption) subject to the requirements of Clause 19.12 (Dividend payment and redemption of shares or participatory interests);

		(d)
	payment to another member of the Group or shareholders of Headhunter Group of funds received by any member of the Group from the sale of shares/participatory interests in another member of the Group that is not an Obligor, provided that after such payment the Leverage will not increase; and

		(e)
	mandatory payments in accordance with applicable law to shareholders that are not members of the Group or members of legal entities that are members of the Group in the event that such shareholder or member exits this legal person,

provided that any payment specified in this definition will not result in the person making such payments having negative net assets.
"Permitted Loans" means loans:
		(a)
	granted by any Obligor to another Obligor;

		(b)
	granted by any member of the Group that is not an Obligor, to another member of the Group that is not an Obligor; and

		(c)
	granted by any Obligor to persons that are not Obligors, unless the total principal amount owed under such loans together with the total Financial Indebtedness of the Obligors to persons that are not Obligors exceeds 10% (ten percent) of the Group Assets at any point in time.

"Permitted Redemption" means the redemption by a member of the Group of its own shares or participatory interests in the charter capital of that member of the Group, provided that:
		(a)
	if such shares or participatory interests are the subject of a Pledge, such shares or participatory interests will continue to be the subject of such Pledge, regardless of the relevant redemption;

		(b)
	this member of the Group complies with all applicable legal requirements for such redemption, including requirements regarding the size of the charter capital of this member of the Group; and

		(c)
	the redeemed shares or participatory interests will be cancelled within the timeframe established by applicable law.

"Permitted Issue" means:
		(a)
	the issue of shares or increase in charter capital whereby a Group member acquires such issued shares or increases its participatory interest in the charter capital of its Subsidiary, provided the existing shares or participatory interests in

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the charter capital of such Subsidiary have not been pledged to the Lenders under a Pledge; and
		(b)
	the issue of Headhunter Group shares as part of the implementation of employee option programs, provided:

		(i)
	the total face value of such shares amounts to no more than 8% (eight percent) of the total Headhunter Group's charter (share) capital over the entire term of the Facility, and

		(ii)
	such issue does not result in a Change of Control; and

		(c)
	the issue of Headhunter Group shares as part of the Secondary Placement with the total value of the placement not exceeding USD 100,000,000.

"Test Date" means the end date of the Relevant Period.
"Relevant Period" means any period of twelve (12) months ending on the last day of the Group's financial quarter or financial half-year or on the last day of the Group's financial year.
"RAS" means accounting rules in accordance with Russian law.
"Obligors’ Websites" means the websites owned by the Obligors and listed in Schedule 8 (Intellectual Property).
"Event of Default" means any event or circumstance specified in Clause 21 (Events of Default).
"Change of Control" has the meaning given to this term in Clause 8.2.2.
"Total Commitments" means the aggregate of the Available Commitments of all Lenders, which amounts to RUB 8,615,000,000 (eight billion six hundred and fifteen million) as of the date of this Agreement.
"Total Unused Commitments" means the aggregate of the Unused Available Commitments of all Lenders.
"Consent" has the meaning given to this term in Clause 24 (Lenders' decision making).
"Party" means a party to this Agreement.
"Finance Party" means each Lender, Arranger, Facility Administrator and Pledge Manager.
"Amount Payable" means the amounts of funds payable by any given Lender or Lenders on the Utilisation Date indicated in a Utilisation Request submitted by the Borrower.
"Material Adverse Effect" means (except when a different meaning of this term is contained in other clauses of this Agreement) in the opinion of the Majority Lenders a material adverse effect on:
		(a)
	the Obligors' and Pledgors' ability to perform their obligations under any Financial Document;

		(b)
	the validity or ranking of the security that is provided or should be provided under any Financial Document or its enforceability; or

		(c)
	the validity of the Finance Documents or the possibility of exercising the rights of the Finance Parties contemplated by each relevant Finance Document.

"Material Group Member" means any Obligor, as well as any Group member, whose EBITDA, Assets and Revenues determined as of the last reporting date, based on the consolidated financial statements of the Group for the financial year or the consolidated financial statements of the Group for the first financial half-year of the financial year, prepared in accordance with IFRS and provided to the Facility Administrator in accordance with Clause 17.1.1(A) or (B), exceed 2.5% (two point five per cent) of the corresponding consolidated indicators of the Group based on the same financial statements.
"Existing Commercial Contracts" means the following agreements between the Borrower as lessee and Caliber PJSC (PSRN 1027739877813, TIN 7717042053) as lessor for the lease of the Borrower's office in Moscow:
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13

		(a)
	lease agreement No. 5536 dated 10 December 2018; and

		(b)
	lease agreement No. 5536 dated 10 December 2018.

"Existing Facility Agreement" means the syndicated facility agreement dated 16 May 2016 as amended by:
		(a)
	amendment agreement No. 1 dated 14 December 2016;

		(b)
	amendment agreement No. 2 dated 28 June 2017;

		(c)
	amendment agreement No. 3 dated 5 October 2017;

		(d)
	amendment agreement No. 4 dated 29 December 2017;

		(e)
	amendment agreement No. 5 dated 22 April 2019; and

		(f)
	amendment agreement No. 6 dated 11 March 2020,

between (1) Zemenik as borrower 1, (2) Headhunter Group as borrower 2, (3) VTB as the arranger, (4) VTB as the lender, and (5) VTB as the facility administrator.
"Existing Pledges" means the pledges entered into to secure performance of the obligations of Zemenik and Headhunter Group under the Existing Facility Agreement.
"Facility Administrator's Account" means the Facility Administrator's account used for making transfers under the Finance Documents, the details of which the Facility Administrator sends to the Parties.
"Disruption Event" means:
		(a)
	a significant failure in those payment or communication systems or financial markets, the operation of which is required in order to make payments (or other operations to be executed) under transactions contemplated by the Finance Documents, which occurred for reasons beyond the control of any of the Parties; or

		(b)
	the occurrence of any other event which results in a disruption (of a technical or systems-related nature) to the treasury or settlement operations of a Party preventing that, or any other Party:

		(i)
	from performing its payment obligations under the Finance Documents; or

		(ii)
	from communicating with other Parties under the Finance Documents,

and which was not caused by the Party whose operations were disrupted, and occurred for reasons beyond the control of such Party.
"Obligors’ Trademarks" means the trademarks registered by Obligors and specified in Schedule 8 (Intellectual Property).
"Tranche" means Tranche 1 and Tranche 2.
"Tranche 1" means part of the Facility granted to the Borrower under the terms of this Agreement in the amount of RUB 4,615,000,000 (four billion six hundred and fifteen million).
"Tranche 2" means part of the Facility granted to the Borrower under the terms of this Agreement in the amount of RUB 4,000,000,000 (four billion).
"Financial Indebtedness" means any indebtedness formed as a result of:
		(a)
	receiving funds in the form of a loan or credit;

		(b)
	obtaining a trade credit, commercial loan for a term of over thirty (30) days or issuing an uncovered letter of credit if such debt falls within the category of "financial indebtedness" under IFRS;

		(c)
	issuing bonds, promissory notes and any other debt instruments;

		(d)
	entering into a finance lease contract (to the extent that this indicator would have been recorded in IFRS statements before the introduction of IFRS 16);

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14

		(e)
	executing transactions with derivatives in order to protect against, or benefit from, fluctuations in any rates, interest rates or prices, with the amount of the transaction with such derivatives to be calculated based on the market indicators at any time;

		(f)
	executing repo transactions or any other transaction that constitutes borrowing under IFRS;

		(g)
	assuming liability for damages or expenses incurred by entities that are not members of the Group;

		(h)
	entering into Remuneration Plans based on Group Equity Instruments; or

		(i)
	executing transactions whereby obligations are assumed:

		(i)
	under a surety or guarantee with respect to the performance of any obligations by persons that are not members of the Group, with the exception of any Placement Indemnity; or

		(ii)
	in respect of the reimbursement of a payment under a surety or guarantee to the guarantor or surety; or

		(iii)
	in respect of a liability relating to receivables on recourse terms of any buyer of accounts receivables sold or discounted,

or other indebtedness having an economic nature of a borrowing under IFRS, in each case without double counting.
"Finance Document" means:
		(a)
	this Agreement;

		(b)
	each Security Document;

		(c)
	each Lender Rights Assignment Agreement;

		(d)
	each Utilisation Request;  and

		(e)
	any other document that (i) the Facility Administrator or the Pledge Manager and (ii) the Borrower have agreed in writing to be considered a Finance Document.

"Holding Company" as applied to a legal person, means any other legal person for which the first legal person is a Subsidiary.
"Cash Equivalents" has the meaning given to this term in IFRS.
"ELQ Investors VIII" means ELQ Investors VIII Ltd, a limited liability company incorporated under the laws of England and Wales, registration number 9182214, registered at: Peterborough Court, 133 Fleet Street, London EC4A 2BB, United Kingdom.
"Headhunter FSU" means Headhunter FSU Limited, a limited liability company incorporated under the laws of the Republic of Cyprus, registration number HE 178226, registered at: 42 Dositheou, Strovolos 2028, Nicosia, Cyprus.
"Headhunter Group" means Headhunter Group PLC, a public limited liability company incorporated under the laws of the Republic of Cyprus, registration number HE 332806, that is registered at 42 Dositheou, Strovolos 2028, Nicosia, Cyprus).
"Highworld" means Highworld Investments Limited, a limited liability company incorporated under the laws of the British Virgin Islands, registration number 1802016, registered at: Trident Chambers, P.O. Box 146, Road Town, Tortola, BVI.
	1.2
	Interpretation

		1.2.1
	In this Agreement, unless the context otherwise requires:

		(A)
	references to the "Facility Administrator", the "Pledge Manager", the "Arranger", any "Finance Party", any "Lender", any "Obligor", any "Pledgor" or any "Party" include their successors as required by law or this Agreement;

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15

		(B)
	a document "in an agreed form" means a document agreed in writing by the Facility Administrator and the Borrower;

		(C)
	"assets" include existing or future property, income and rights of any nature;

		(D)
	reference to "Finance Document" or other agreement, document or financial instrument includes such Finance Document or other agreement, document or financial instrument with all amendments and additions made thereto at any time;

		(E)
	"person" includes any natural person, legal person, state body, government or state;

		(F)
	"law" means any law, ruling, decree, order, decision, regulation, rule, official directive, requirement or recommendation of any legislative or executive state, municipal, interstate or international body, ministry, department, service, agency or committee of either a self-regulatory organisation or any judicial body;

		(G)
	reference to a provision of law is a reference to such provision with all amendments and additions made thereto at any time;

		(H)
	it is understood that the words "include" and "including" are accompanied by the words “inter alia”;

		(I)
	Clause or Schedule means a reference to a clause of this Agreement or a schedule to it; and

		(J)
	any reference to the time of day implies Moscow time, unless otherwise specified in the Agreement.

		1.2.2
	Unless the context otherwise requires, a reference to "month" means a period beginning on one of the days of a calendar month and ending on the same date of the next calendar month, with the following exceptions:

		(A)
	if the relevant date is not a Business Day, such period shall end on the next Business Day (if any) of that month or (if none) on the preceding Business Day; and

		(B)
	if there is no corresponding date in such month, then this period shall end on the last Business Day of this month.

		1.2.3
	For the purposes of this Agreement, "control" means:

		(A)
	the right (existing by virtue of direct or indirect participation in the charter capital of a legal person, on the basis of a written agreement by virtue of law or otherwise), which allows:

		(1)
	to vote or control the voting of at least 50 percent of the maximum number of votes entitled to vote at the general meeting of the legal person; or

		(2)
	to appoint or remove from office a person who performs the functions of the sole executive body of a legal person or all or the majority of the members of any collegial management bodies of a legal person; or

		(3)
	to give binding instructions regarding the activities or financial policies of a legal person; and (or)

		(B)
	to directly or indirectly own at least 50 percent of ordinary shares or participatory interests in the charter capital of a legal person;

and "controlled" and "to control" have a corresponding meaning.
		1.2.4
	Unless otherwise provided for in this Agreement, interest and amounts of remuneration payable by an Obligor under any Finance Document shall be calculated in accordance with the provisions of the relevant Finance Document and

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16

calculated based on the actual days elapsed and a year of 365/366 (three hundred and sixty-five/three hundred and sixty-six) days.
		1.2.5
	The headings used in this Agreement shall have no effect on how the Agreement is interpreted.

	1.3
	Currency symbols

In this Agreement:
		1.3.1
	"₽", "RUB", "rouble", and "Russian rouble" mean the official monetary unit (currency) of the Russian Federation;

		1.3.2
	"U.S. dollar", "USD" or "$" means the legal tender of the United States of America; and

		1.3.3
	"Euro", "EUR" or "€" means the monetary unit (currency) of the member countries of the currency union that operates within the framework of the European Union.

	2.
	SUBJECT MATTER OF THE AGREEMENT

	2.1
	Loan Relations

		2.1.1
	Subject to the Borrower's compliance with the provisions of this Agreement, each Lender shall grant the Facility to the Borrower in the amount of its Available Commitment and to properly perform the obligations contemplated by this Agreement during its term, while the Borrower shall properly perform the obligations contemplated by this Agreement during its term, including the obligation to repay to each Lender the Facility Outstanding received from it, the interest on it, and to pay the other amounts contemplated by this Agreement and other Finance Documents to the Finance Parties.

		2.1.2
	A Lender's obligation to grant the Facility to the Borrower under the relevant Tranche arises after the Borrower has fully complied with the requirements contemplated by Clause  4 (Conditions Precedent).

	2.2
	Finance Parties

		2.2.1
	Each Lender has an independent right to demand that the Borrower repays the Facility Outstanding, interest and other payments contemplated by the terms of this Agreement.  Except as provided for in this Agreement, each Finance Party has the right to independently enforce its rights under the Finance Documents. At the same time, the Finance Parties shall exercise their rights subject to the provisions of Clause 24 (Finance Parties).

		2.2.2
	No Finance Party shall be liable for the obligations of another Finance Party under the Finance Documents. In the event that any Lender refuses to grant the Facility on the basis contemplated by Clause 6 (Termination of Lender’s obligations), and also if a Lender violates its obligation to grant the Facility within its Available Commitment, the Facility amount shall be reduced by this Lender’s Available Commitment.

	2.3
	Facility Administrator

		2.3.1
	This Agreement defines the conditions and procedure for appointing a Facility Administrator and its carrying out of legal and other actions on behalf and in the interests of all Lenders and other Finance Parties.  The authority of the person performing the functions of the Facility Administrator is determined in accordance with the provisions of Clause 24.2 (Appointment of the Facility Administrator). However, the provisions of this Agreement governing the relations of the Facility Administrator and the Lenders will apply whenever there is more than one Lender, while whenever there is a single Lender, all references in this Agreement and other Finance Documents to the "Facility Administrator" shall be deemed to refer to the single Lender.

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17

		2.3.2
	The Lenders (with the exception of a Lender acting as the Facility Administrator) and the Facility Administrator hereby confirm that the Facility Administrator shall act without a power of attorney being issued to it and irrespective of the issuing of such power of attorney.

		2.3.3
	If the number of Lenders falls to one, then until there is more than one Lender, all the provisions in this Agreement and other Finance Documents that govern the relations of the Facility Administrator and the Borrower shall be deemed as provisions governing the relations of the sole Lender and the Borrower.

	2.4
	Relations with regard to pledge management

		2.4.1
	This Agreement defines the conditions and procedure for appointing the Pledge Manager and its carrying out of legal and other actions on behalf and in the interests of all Lenders.  The authority of the person performing the functions of the Pledge Manager is determined in accordance with the provisions of Clause 22.2 (Status of the Lenders and appointment of a Pledge Manager). However, the provisions of this Agreement governing the relations of the Pledge Manager and the Lenders will apply whenever there is more than one Lender, while whenever there is a single Lender, all references in this Agreement and other Finance Documents to the "Pledge Manager" shall be deemed to refer to the single Lender.

		2.4.2
	If the number of Lenders falls to one, then until there is more than one Lender, all the provisions in this Agreement and other Finance Documents that govern the relations of the Pledge Manager and the Borrower shall be deemed as provisions governing the relations of the sole Lender and the Borrower

	2.5
	Application of certain provisions in the Finance Documents concerning the syndicated nature of the Facility

The provisions of this Agreement and other Finance Documents concerning the syndicated nature of the Facility specified herein, in particular the provisions of Clause 22 (Facility security), Clause 24 (Finance Parties), Clause 25.3 (Distribution of funds by the Facility Administrator), and Clause 25.5 (Payments not through the Facility Administrator), shall apply whenever there is more than one Lender, while whenever there is a single Lender, all references in this Agreement and other Finance Documents to the "Facility Administrator", "Pledge Manager", "Finance Party", and "Majority Lenders" shall be deemed as references to the single Lender, and this Agreement and other Finance Documents shall be interpreted and applied based on the fact that the Lender according to the Finance Documents is the sole Lender.
	2.6
	Legal nature of the Agreement

This Agreement is a mixed agreement containing elements of a syndicated facility agreement, pledge management agreement, a lenders' agreement on the procedure for exercising their rights, and an agency agreement.  Accordingly, this Agreement governs, among other things, the relations between:
		2.6.1
	the Lenders;

		2.6.2
	the Lenders and the Borrower;

		2.6.3
	the Facility Administrator and the Lenders;

		2.6.4
	the Pledge Manager and the Lenders; and

		2.6.5
	the Facility Administrator, the Pledge Manager, and the Borrower.

	3.
	PURPOSE

	3.1
	The Borrower shall use Tranche 1 solely to issue loans in favor of Zemenik and Headhunter Group under Loan Agreements Between the Borrowers for the purpose of further immediate

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18

paydown of the amounts owed by Zemenik and Headhunter Group under the Existing Facility Agreement.
	3.2
	The Borrower shall use Tranche 2 solely for:

		3.2.1
	general corporate purposes;

		3.2.2
	funding transactions to acquire the shares and participatory interests of third parties and to make contributions to the charter capital of third parties; and

		3.2.3
	paying out dividends, acquiring shares of Headhunter Group or distributing funds to Headhunter Group shareholders in another form.

	3.3
	Funds received by the Borrower hereunder may not be used for:

		3.3.1
	paying fees and costs under this Agreement; or

		3.3.2
	other purposes not listed by this Agreement as permitted.

	4.
	CONDITIONS PRECEDENT

	4.1
	Initial Conditions Precedent

		4.1.1
	To utilise Tranche 1, the Borrower shall:

		(A)
	deliver to the Facility Administrator the documents and information listed in Part A of Schedule 2 (Conditions Precedent), in a form and substance acceptable to the Facility Administrator; and

		(B)
	deliver to the Facility Administrator the documents and information listed in Part B of Schedule 2 (Conditions Precedent), in a form and substance acceptable to the Facility Administrator; and

		(C)
	send a duly completed Utilisation Request to the Facility Administrator for Tranche 1.

		4.1.2
	To utilise Tranche 2, the Borrower shall:

		(A)
	deliver to the Facility Administrator the documents and information listed in Part A of Schedule 2 (Conditions Precedent), in a form and substance acceptable to the Facility Administrator; and

		(B)
	deliver to the Facility Administrator the documents and information listed in Part C of Schedule 2 (Conditions Precedent), in a form and substance acceptable to the Facility Administrator, that conform to the purpose of the Facility as stated in the Utilisation Request;

		(C)
	send a duly completed Utilisation Request to the Facility Administrator for Tranche 2.

		4.1.3
	The Utilisation Request may be sent by the Borrower after the Borrower and the Lenders have received a notification from the Facility Administrator that the Borrower has duly fulfilled the applicable conditions listed in Schedule 2 (Conditions Precedent).

	4.2
	Submission of Utilisation Requests

		4.2.1
	The Borrower may send to the Facility Administrator:

		(A)
	in respect of Tranche 1: only one duly executed Utilisation Request for the full amount of Tranche 1; and

		(B)
	in respect of Tranche 2 one or more duly executed Utilisation Requests, but the amount of the Facility specified by the Borrower in the relevant Utilisation Request may not exceed the amount of the Aggregate Unused Available Commitment, and may not be less than RUB 500,000,000 (five hundred million) (other than a Utilisation Request for the entire balance of the Aggregate Unused Available Commitment for Tranche 2).

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19

		4.2.2
	Unless otherwise agreed with the Facility Administrator, the Borrower must submit each Utilisation Request to the Facility Administrator no later than at 12:00 noon, 2 (two) Business Days before the proposed Utilisation Date.

		4.2.3
	Each Utilisation Request must be signed by an authorised person of the Borrower. Each Utilisation Request must include the requested amount of the Facility and the Utilisation Date, which is a Business Day within the relevant Utilisation Period.

		4.2.4
	The Borrower may not withdraw a Utilisation Request that it has sent to the Facility Administrator after it has been received.

	5.
	GRANTING OF FACILITY

		5.1.1
	After receiving any Utilisation Request, the Facility Administrator shall immediately send to each Lender a copy of the Utilisation Request and inform each Lender of the amount corresponding to its Proportional Share in the requested Facility.

		5.1.2
	In the absence of the circumstances specified in Clause 6 (Termination of Lender’s obligations), each Lender shall transfer to the Facility Administrator the amount corresponding to its Proportional Share in the Facility requested by the Borrower no later than 12:00 noon of the Utilisation Date specified in the relevant Utilisation Request.

		5.1.3
	Not later than on 15:00 on the relevant Utilisation Date, the Facility Administrator shall transfer to the Borrower the amount of the Facility specified in the Utilisation Request, into the account specified in that Utilisation Request, but not more than the Facility amount received from the Lenders.

	6.
	TERMINATION OF LENDER’S OBLIGATIONS

	6.1
	Each Lender’s obligation to grant a Facility to the Borrower shall terminate in whole or in part, depending on the following circumstances:

		6.1.1
	if a Facility is granted in the amount of the Available Commitment of the relevant Lender;

		6.1.2
	upon expiry of the relevant Utilisation Period; and

		6.1.3
	in other instances established by law.

	6.2
	Each Lender has the right to refuse to perform its obligations to grant a loan to the Borrower:

		6.2.1
	if there are circumstances that clearly indicate that the Facility will not be repaid by the Borrower within the period specified in the Agreement; or

		6.2.2
	if there is an Event of Default as per Clause 21.18 (Acceleration) and the corresponding notification is sent by the Facility Administrator to the Borrower; or

		6.2.3
	if there are circumstances specified in Clause 8.1 (Illegality) and Clause 8.2 (Change of Control).

	6.3
	In the event that any Lender refuses to grant the Facility on the basis of this Clause 6, the Parties agree that such Lender does not bear any liability to the Borrower or to any Finance Party for refusing to grant the Facility.

	7.
	REPAYMENT OF FACILITY

		7.1.1
	The Borrower shall repay the Facility Outstanding by transferring quarterly payments into the Facility Administrator's Account on the Interest Payment Dates according to the repayment schedule given in Schedule 6 (Repayment schedule).

		7.1.2
	On the Final Repayment Date the Borrower shall repay the Facility Outstanding in full.

		7.1.3
	The Borrower may not submit a Utilisation Request for an amount of Facility Outstanding that the Borrower has repaid.

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20

	8.
	EARLY REPAYMENT AND CANCELLATION OF FACILITY

	8.1
	Illegality

If, in accordance with any applicable law, the granting of the Facility to the Borrower and/or participation in it becomes illegal for any Lender, then:
		8.1.1
	such Lender must notify the Facility Administrator and the Borrower as soon as it becomes aware of this;

		8.1.2
	any unfulfilled obligation of such Lender with respect to the Facility shall terminate on the date of the notification specified therein; and (or)

		8.1.3
	the Borrower shall repay the amount corresponding to the Proportional Share of such Lender in the Facility on the last day of the Interest Period in which a Lender became aware of the illegality of the participation in the Facility, or (if earlier) on the date specified by a Lender in the notification  specified in Clause 8.1.1, which cannot be earlier than the date established by law.

	8.2
	Change of Control

		8.2.1
	If there is a Change of Control:

		(A)
	the Borrower shall notify the Facility Administrator immediately after it becomes aware of this; and

		(B)
	if this is requested by the Majority Lenders, the Facility Administrator shall send a notification to the Borrower and demand immediate repayment of the entire amount of the Facility Outstanding with all accrued interest and other amounts payable by the Borrower, while the Borrower shall repay the amount of the Facility Outstanding in full in accordance with the demand specified in the Facility Administrator’s notification.

		8.2.2
	For the purposes of Clause 8.2.1, "Change of Control" means (with the exception of changes permitted in accordance with the Finance Documents, including as a result of a Permitted Payment):

		(A)
	that the Beneficiaries have lost the right, existing by virtue of their joint direct or indirect participation in the charter capital of any member of the Group, on the basis of a written agreement, by law or otherwise, to exercise the right to vote (or control the exercise of the right to vote) based on the quantity of voting shares in the share capital of Headhunter Group that is:

		(1)
	over 50% (fifty percent) of the total number of Headhunter Group voting shares, except in the case referred to in subparagraph (2) below; and

		(2)
	if the threshold referred to in subparagraph (1) above is not met as a result of Secondary Placement – over 35% (thirty five percent) of the total number of Headhunter Group voting shares; or

		(B)
	that the Beneficiaries have ceased to jointly own, directly or indirectly, voting shares in the share capital of Headhunter Group at a level of:

		(1)
	over 50% (fifty percent) of the total number of Headhunter Group voting shares, except in the case referred to in subparagraph (2) below; and

		(2)
	if the threshold referred to in subparagraph (1) above is not met as a result of Secondary Placement – over 35% (thirty five percent) of the total number of Headhunter Group voting shares; or

		(C)
	that the Beneficiaries have lost the right to appoint or remove from office (including by replacing them) the majority of the members of the Headhunter Group collegial management bodies; or

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21

		(D)
	that Elbrus has lost the right it enjoyed by virtue of its direct or indirect participation in the charter capital of any Group member, under a written agreement, by virtue of the law or otherwise to exercise its voting right (or control the exercise of its voting right) based on the quantity of voting shares in the share capital of Headhunter Group at a level above 17.5% (seventeen point five percent) of the total number of Headhunter Group voting shares; or

		(E)
	that Elbrus has ceased to directly or indirectly own voting shares in the share capital of Headhunter Group at a level above 17.5% (seventeen point five percent) of the total number of the voting shares of Headhunter Group; or

		(F)
	that Elbrus has lost the right to appoint or remove from office (including by replacing them) the majority of those members of the Headhunter Group collegial management bodies that the Beneficiaries, acting jointly, have the right to appoint or remove.

For the purposes of Clause 8.2.2:
"Beneficiaries" means, jointly:
		(i)
	Elbrus; and

		(ii)
	Goldman Sachs Group, Inc. (registration number 2923466, registered address: 1209 Orange Street, Wilmington, Delaware 19801, United States of America).

"Elbrus" means, jointly:
		(i)
	Elbrus Capital Fund II, L.P. (registration number: 63023, registered address: 190 Elgin Avenue, KY1-9005 George Town, Grand Cayman, Cayman Islands); and

		(ii)
	Elbrus Capital Fund II B, L.P. (registration number: 68103, registered address: 190 Elgin Avenue, KY1-9005 George Town, Grand Cayman, Cayman Islands).

	8.3
	Voluntary Early Repayment of Facility Outstanding

		8.3.1
	The Borrower is entitled, subject to giving the Facility Administrator at least 10 (ten) Business Days’ prior notice (unless a shorter period has been agreed with the Majority Lenders), to effect early repayment of the entire Facility Outstanding or any part thereof. The amount of the Facility Outstanding being repaid early must be at least RUB 50,000,000 (fifty million).

		8.3.2
	Partial early repayment of the Facility Outstanding shall reduce the obligation of the Borrower to repay the Facility Outstanding to each Lender rateably.

		8.3.3
	Any early payment by the Borrower pursuant to Clause 8.3.1 will be used to repay the Facility Outstanding, the payment of which is due in chronological order. Furthermore, the amount of such early payment shall be used to repay all Tranches in proportion to the amount of the next payment under each such Tranche.

		8.3.4
	Within 30 (thirty) days after the Facility Administrator has submitted a demand to a Borrower in accordance with Clause 13.1 (Additional Costs), the Borrower has the right, subject to giving the Facility Administrator at least 5 (Five) Business Days’ prior notice (unless a shorter period has been agreed with the Majority Lenders), to effect early repayment of the entire Facility Outstanding.  In this case, no Early Repayment Fee shall be charged.

	8.4
	Fee for Early Repayment of Facility Outstanding

		8.4.1
	In the event of early repayment of the Facility Outstanding or part thereof, the Borrower shall pay the Facility Administrator for subsequent distribution between the Lenders in proportion to their Proportional Shares a fee for the early repayment

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22

of the Facility Outstanding ("Early Repayment Fee"), the amount of which is determined in accordance with Clause 8.4.2.
		8.4.2
	The amount of the Early Repayment Fee shall be:

		(A)
	2.0% (two percent) of the amount of early repayment of the Facility Outstanding in the event of early repayment during the period starting on the date of this Agreement and ending on the date falling 18 months after the date of  this Agreement (including such date);

		(B)
	1.5% (one point five percent) of the amount of early repayment of the Facility Outstanding in the event of early repayment during the period starting on the date falling 18 months after the date of this Agreement (not including such date), and ending on the date falling 24 months after the date of this Agreement (including such date);

		(C)
	1.0% (one percent) of the amount of early repayment of the Facility Outstanding in the event of early repayment during the period starting on the date falling 24 months after the date of this Agreement (not including such date), and ending on the date falling 36 months after the date of this Agreement (including such date).

		8.4.3
	In the event early repayment of the Facility Outstanding or part thereof is made after the expiry of 36 (thirty six) months since the date of this Agreement (not including such date), no Early Repayment Fee shall be charged.

	8.5
	Other provisions

		8.5.1
	The Borrower does not have the right to withdraw its notification regarding early repayment of the Facility Outstanding or part thereof. Such notification must specify the relevant repayment date and the amount of the Facility Outstanding repaid early.

		8.5.2
	If the Facility Administrator receives any notification under this Clause 8, it shall send a copy of this notification to the Party to which this notification is addressed on the same Business Day. The Facility Administrator must notify all Lenders of receipt of the relevant notification within no more than one Business Day from the date of receipt of this notification.

		8.5.3
	Whenever the Facility Outstanding is repaid early, the Borrower shall repay the Facility Outstanding along with all interest accrued on it as of the repayment date and other amounts owed by this Borrower.

		8.5.4
	The Borrower does not have the right to repay the Facility Outstanding or any part thereof early, or to refuse to receive the Facility or part thereof, on terms not expressly contemplated by this Agreement.

		8.5.5
	The Borrower is not entitled to submit a Utilisation Request with respect to the amount of the Facility, which this Borrower has refused to receive, and also with respect to the amount of the Facility Outstanding that the Borrower repaid early.

	9.
	INTEREST

	9.1
	Interest calculation

The interest rate in respect of the Facility Outstanding for each Interest Period is an annual interest rate equal to the sum of:
		9.1.1
	the Margin; and

		9.1.2
	the Key Rate.

	9.2
	Margin revision

		9.2.1
	When any of the circumstances specified in this Clause 9.2.1 occur, the Margin with the Consent of the Majority Lenders shall increase by 0.5% (zero point five

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23

percent) per annum, starting from the first day of the Interest Period following the relevant Test Date (regarding which the Facility Administrator shall inform the Borrower in writing) if:
		(A)
	on any Test Date falling in 2020, the Leverage is more than 3.0:1; or

		(B)
	the Leverage is more than 2.5:1 on any following Test Date.

		9.2.2
	Clause 9.2.1 shall remain effective until the first day of the Interest Period following a Test Date on which the Leverage is less than 2.5:1, provided the Facility Administrator has received confirmation that the Leverage is less than 2.5:1.

	9.3
	Interest Payment

The Borrower shall pay the Facility Administrator for the account of the Lenders interest on the Facility Outstanding on each Interest Payment Date.
	9.4
	Default Interest

		9.4.1
	If the Borrower fails to fulfil an obligation to pay any amount that it owes under the Finance Document within the prescribed period, default interest shall accrue on the overdue amount from the day, following the due date up to the date of actual payment (both before and after judgement).

		9.4.2
	Said default interest shall accrue in the amount of 2/365 of the interest rate, determined in accordance with Clause 9.1 (Interest calculation) subject to the provisions of Clause 9.2 (Margin revision), of the amount of overdue debt under the Financial Document for each day of delay.

		9.4.3
	Default interest accrued under this Clause 9.4 must be paid by the Borrower immediately upon the request of the Facility Administrator.

		9.4.4
	The Parties agree that payment by the Borrower of the default interest contemplated by this Clause 9.4 does not in any way restrict the Lenders’ rights to pursue any other legal remedies, including the right to seek indemnification from the Borrower for damages and expenses caused by the Borrower's delay to the extent not covered by the default interest.

		9.4.5
	For the avoidance of doubt, the Parties confirm that the default interest contemplated by this Clause 9.4 shall be paid by the Borrower in addition to and in excess of the interest contemplated by Clause 9.1 (Interest calculation) subject to the provisions of Clause 9.2 (Margin revision).

	9.5
	Notification of Key Rate

		9.5.1
	Subject to the provisions of Clause 9.5.4, the Key Rate in effect on each day of the Interest Period shall be used to calculate the accrued interest.

		9.5.2
	The Facility Administrator shall notify each Party on each Utilisation Date of the amount of the Key Rate in effect on the relevant Utilisation Date.

		9.5.3
	If the Key Rate changes after any given Utilisation Date, the new Key Rate shall become applicable for the purposes of determining the interest rate as per Clause 9.1 (Interest calculation) from the effective date of the modified Key Rate, of which the Facility Administrator shall notify the Parties no later than the Business Day following the effective date of the modified Key Rate.

		9.5.4
	Notwithstanding the provisions of Clause 9.5.3, if the effective date of the modified Key Rate falls on the last day of any Interest Period, the relevant modified Key Rate shall become applicable for the purposes of determining the interest rate as per Clause 9.1 (Interest calculation) from the first day of the next Interest Period.

	10.
	INTEREST PERIODS

		10.1.1
	The first Interest Period relating to Tranche 1 shall begin on the day following the Utilisation Date of Tranche 1 and end on the Interest Payment Date following the

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24

Utilisation Date of Tranche 1. Furthermore, if such Interest Payment Date comes earlier than 10 (ten) days after the Utilisation Date of Tranche 1, the first Interest Period relating to Tranche 1 shall end on the second Interest Payment Date which comes after the Utilisation Date of Tranche 1. Each subsequent Interest Period shall start on the day following the last day of the previous Interest Period, and end on the Interest Payment Date immediately following that day.
		10.1.2
	The first Interest Period relating to Tranche 2 shall begin on the day following the Utilisation Date of Tranche 2 and end on the Interest Payment Date following the Utilisation Date of Tranche 2. Furthermore, if such Interest Payment Date comes earlier than 10 (ten) days after the Utilisation Date of Tranche 2, the first Interest Period relating to Tranche 2 shall end on the second Interest Payment Date which comes after the Utilisation Date of Tranche 2.

		10.1.3
	Starting from the Interest Period immediately following the end of the first Interest Period relating to Tranche 2:

		(A)
	the Facility Outstanding relating to Tranche 1 and the Facility Outstanding relating to Tranche 2 shall be combined into a single Facility Outstanding (hereinafter referred to as "Facility Outstanding on Tranches 1 and 2") for the purposes of determining the Interest Period;

		(B)
	the Interest Periods relating to Facility Outstanding on Tranches 1 and 2 shall be determined in accordance with Clause 10.1.1; and

		(C)
	the last Interest Period relating to Facility Outstanding on Tranches 1 and 2 shall end on the Final Repayment Date.

	11.
	FEES OF FINANCE PARTIES

	11.1
	Facility commitment Fee

		11.1.1
	The Borrower shall pay the Facility Administrator, for subsequent distribution among the Lenders in proportion to their Proportional Shares, a Facility commitment fee with respect to Tranche 2 at a rate of 0.30% (zero point three zero percent) of the Unused Available Commitment (excluding the Amount Payable).

		11.1.2
	Said Facility commitment fee shall be charged on the Unused Available Commitment under Tranche 2 for each day of the Tranche 2 Utilisation Period and shall be paid:

		(A)
	on each Interest Payment Date during such Utilisation Period; and

		(B)
	on the Interest Payment Date immediately following the last day of the Utilisation Period.

		11.1.3
	No Facility commitment fee shall be charged with respect to Tranche 1.

	11.2
	Facility Fee

The Borrower shall pay the Facility Administrator, for subsequent distribution among the Lenders in proportion to their Proportional Shares, a Facility fee in the amount of 0.5% (zero point five percent) of the Total Commitment no later than 10 Business Days after the date of this Agreement or after the first Utilisation Date, whichever occurs earlier.
	12.
	TAXES

	12.1
	Tax gross-up

		12.1.1
	No later than 3 (three) Business Days after an Obligor or Lender becomes aware that an Obligor must make a Tax Deduction (or that changes have been made to the Tax Deduction rate or base), the Borrower or Lender (as the case may be) shall notify the Facility Administrator, and the Borrower shall also ensure that the relevant notification is sent by the other Obligors. If the Facility Administrator

​

25

receives such notification from the Lender, it must notify the relevant Obligor accordingly.
		12.1.2
	If, in accordance with the law, an Obligor must make a Tax Deduction in respect of any amount to be transferred to a Finance Party under the Finance Documents, the amount payable by an Obligor to a Finance Party shall be increased so that after the Tax Deduction the relevant Finance Party would receive the same amount that it would have received had such withholding in the form of the Tax Deduction not been required. However, an Obligor is not obliged to increase the amounts paid to the Finance Parties by the amount of the Tax Payment, if at the date of the relevant payment, any Finance Party ceased to be an Acceptable Lender for any reason not connected with a change in the law.

		12.1.3
	Within 30 (thirty) days after the Tax Deduction, the Borrower shall procure that it and other Obligors (as applicable) provide the Facility Administrator, for transfer to the relevant Finance Party, with evidence that is acceptable to that Finance Party confirming that the withheld amount of the Tax Deduction was transferred by an Obligor into the state budget in accordance with the requirements of applicable law.

	12.2
	Tax indemnity

		12.2.1
	Within 3 (three) Business Days after the Facility Administrator has submitted the relevant demand, an Obligor must pay to a Finance Party, which is not a Russian legal person, an amount equivalent to the Tax paid by a Finance Party, or the Tax that is payable in the opinion of that Finance Party, in connection with any Finance Document.

		12.2.2
	The provisions of paragraph 12.2.1 above shall not apply:

		(A)
	in respect of Taxes paid by a Finance Party:

		(1)
	as required by the law of the Russian Federation; or

		(2)
	in accordance with the law of the jurisdiction in which the lending division of that Finance Party that is connected with the amounts received or receivable in such jurisdiction is located,

if such Tax is levied or accrued on the basis of the net income received or receivable by such Finance Party; or
		(B)
	to the extent that costs related to the payment of Taxes shall be indemnified by increasing the payment amount in accordance with Clause 12.1 (Tax gross-up).

		12.2.3
	A Finance Party that is submitting or intends to submit a demand in accordance with Clause 12.2.1 shall immediately notify the Facility Administrator of the event that will become or has become the basis for submitting this demand, whereupon the Facility Administrator must notify the Borrower accordingly.

	12.3
	Tax Relief

If an Obligor makes a Tax Payment and the relevant Finance Party determines that:
		12.3.1
	a Tax Relief may be applied to an additional payment that includes such Tax Payment, to such Tax Payment or Tax Deduction which resulted in such Tax Payment being required; and

		12.3.2
	such Finance Party has received such Tax Relief,

such Finance Party shall transfer to such Obligor an amount that will leave such Finance Party (after making such payment) in the same after-Tax position that it would have been in had the Obligor not been required to make such Tax Payment.
	12.4
	Charges and duties

Within 3 (three) Business Days after receiving the relevant demand of the Finance Party, the Borrower shall procure that it, as well as other Obligors, indemnify this Finance Party for all
​

26

its expenses incurred due to the payment of state and stamp duties, registration charges and all other similar Taxes payable in connection with any Finance Document.
	12.5
	Value Added Tax (VAT) and other taxes

In the cases contemplated by the Russian law on taxes and charges, the fees due to the Finance Parties shall be increased by the relevant amounts of VAT calculated at the applicable tax rate.
	13.
	ADDITIONAL COSTS

	13.1
	Additional Costs

		13.1.1
	Subject to Clause 13.3 (Exemptions), the Borrower shall, within 3 (three) Business Days of the expiration of 30 (thirty) days from when the relevant Facility Administrator submitted the relevant demand, pay the relevant Finance Party the Additional Costs incurred by such Finance Party for the period after the expiration of such thirty-day period due to any law being enacted, or law (or the practice of its interpretation or application) being amended after the date of this Agreement or due to a central bank or other competent authority imposing an obligation in the relevant jurisdiction for the Finance Parties to apply or comply with the standards established in Basel III.

		13.1.2
	In this Clause "Additional Costs" means:

		(A)
	additional costs or losses incurred by a Finance Party due to a reduction in any amounts received or receivable; or

		(B)
	any additional or increased costs or losses; or

		(C)
	expenses or losses related to the reduction of any amount payable by the Borrower in accordance with any Finance Document,

which any Finance Party incurs in connection with its being a Party to this Agreement.
		13.1.3
	For the avoidance of doubt, the Additional Costs under this Clause 13 shall be paid by the Borrower as a fee for the use of the Facility in addition to the interest and other amounts due from the Borrower.

	13.2
	Additional Cost Claims

A Finance Party that files a claim in accordance with this Clause 13 shall notify the Facility Administrator of the circumstances that formed the basis for such a claim and provide it with a reasonable calculation of the Additional Costs, whereupon the Facility Administrator shall notify the Borrower within 1 (one) Business Day and submit to it the calculation received from the Finance Party.
	13.3
	Exemptions

The provisions of this Clause 13 shall not apply if the Additional Costs:
		13.3.1
	shall be indemnified to a Finance Party in accordance with another Clause of the Agreement, or would be indemnified in the absence of exemptions from such Clause;

		13.3.2
	are caused by a Finance Party's willful non-compliance with the law; or

		13.3.3
	are caused by the application or compliance with the standards established in Basel II (as amended as of the date of this Agreement) or in the regulations of the Central Bank of the Russian Federation or in any other law by which the provisions of Basel II are implemented, except for the changes arising from Basel III.

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27

	14.
	OTHER INDEMNITIES

	14.1
	Currency indemnity

If any amount ("Amount") payable to a Finance Party by an Obligor in accordance with the Finance Documents or on the basis of a court, arbitrazh or arbitration court decision, has to be converted from the currency in which such amount is to be paid (the "First Currency") into another currency (the "Second Currency") or is to be calculated in the Second Currency, for the following purposes:
		14.1.1
	the filing of any claim against such Obligor; or

		14.1.2
	the enforcement of any judicial or arbitration award in any judicial, arbitrazh or arbitration proceedings,

the Borrower shall procure that it and other Obligors (as applicable), within 5 (five) Business Days from receipt of the relevant demand, indemnify each Finance Party to which such Amount is due, for the costs arising as a result of such conversion, including the difference between:
		(A)
	the exchange rate used to convert said Amount from the First Currency into the Second Currency, and

		(B)
	the exchange rate available to that person at the time it received the Amount.

	14.2
	Other indemnities

Within 10 (ten) Business Days from receipt of the relevant demand, the Borrower shall indemnify each Finance Party for the amount of all documented costs incurred by the respective Finance Party:
		14.2.1
	as a result of an Event of Default; or

		14.2.2
	(if such costs are incurred through no fault of a Finance Party or do not result from a Finance Party's negligence, with the exception of circumstances beyond the control of a Finance Party (not including the imposition of international sanctions)) as a result of:

		(A)
	the inability to grant the Facility to the Borrower in accordance with a Utilisation Request due to any provisions of this Agreement; or

		(B)
	the Borrower's inability to effect early repayment of the Facility Outstanding or part thereof, despite a notification of early repayment having been submitted to the Facility Administrator.

	14.3
	Indemnity to the Facility Administrator

The Borrower shall indemnify the Facility Administrator for all documented costs incurred by the Facility Administrator due to:
		14.3.1
	an investigation of any event that the Facility Administrator has reason to believe is a Default; or

		14.3.2
	actions being taken on the basis of any notification or order of any Finance Party in accordance with this Agreement, which the Facility Administrator has reason to believe are subject to execution.

Furthermore, such costs are subject to prior agreement with the Borrower, with the exception of Events of Default.
	14.4
	Indemnity to the Pledge Manager

		14.4.1
	The Borrower shall indemnify the Pledge Manager for all documented costs incurred by the Pledge Manager due to action it takes to:

(A) protect the Finance Parties' rights under the Pledges; and/or
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28

(B) protect the property pledged to the Lenders under the respective Pledges, and   to foreclose on it.
		14.4.2
	The Pledge Manager may, on a priority basis, recover its costs out of the value of the property pledged to the Lenders under the respective Pledges.

	14.5
	Transaction Costs

		14.5.1
	The Borrower shall, within 10 (ten) Business Days after receipt of the relevant demand, pay the Facility Administrator and the Arranger the amount of all documented costs that are previously agreed with the Borrower in writing or by email (including fees of legal consultants) that were incurred in connection with the preparation and execution of this Agreement and other Finance Documents.

		14.5.2
	The Borrower's duty to pay legal consultant fees will be considered fulfilled if, prior to the first Utilisation Date, a member of the Group pays the relevant fees (in the amount pre-agreed in writing or by email by the Facility Administrator, the Borrower and the legal consultant of the Facility Administrator) directly to the legal consultant of the Facility Administrator.

		14.5.3
	The Borrower shall bear in full all costs associated with the registration of the Security Agreements in accordance with the requirements of applicable law.

	14.6
	Amendment Costs

If, at the initiative of the Obligor or in accordance with the requirements of applicable law, changes need to be made to the Finance Documents or the consent of the Lenders for any action or omission needs to be obtained, the Borrower shall, within 10 (ten) Business Days after receiving the relevant demand, indemnify the Facility Administrator for all documented costs pre-agreed with the Borrower in writing or by email (including legal and other consultant fees) incurred by the Facility Administrator in  agreeing and making the relevant changes to the Finance Documents and (or) obtaining the consent of the Lenders.
	14.7
	Enforcement Costs

Within 10 (ten) Business Days after receipt of the relevant demand of the Facility Administrator, the Borrower shall indemnify each Finance Party for all documented costs (including legal and other consultant fees) incurred by the relevant Finance Party in connection with the enforcement of any Finance Document or the protection of their rights under the Finance Documents.
	15.
	MITIGATION BY THE FINANCE PARTIES

Each Finance Party shall, after consulting with the Borrower, take all reasonable steps to reduce potential negative consequences for the Borrower, which may result in a certain amount becoming payable or to its payment to the Borrower being annulled under Clauses 8.1 (Illegality), 12 (Taxes) and 14 (Other Indemnities).
	16.
	REPRESENTATIONS

	16.1
	Representations

The representations set forth in this Clause 16 are given by the Borrower to each Finance Party with regard to itself and, if applicable, with respect to each Obligor and Pledgor. Each Finance Party relies on such representations of the Borrower, and their reliability is essential for the Finance Parties to enter into and perform this Agreement.
	16.2
	Status

		16.2.1
	Each Obligor and each Pledgor is a legal entity duly incorporated and operating lawfully in accordance with applicable law.

		16.2.2
	Each Obligor and each Pledgor has the power to own its assets and carries on its business in accordance with applicable law.

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29

	16.3
	Legal capacity and authority

		16.3.1
	Each Obligor and each Pledgor has legal capacity and authority to enter into and perform the Finance Documents (to which it is party) and the transactions contemplated thereby, and has received all necessary approvals for entry into and performance of the Finance Documents in the manner prescribed by law and its constitutional and other internal documents, including approval of the transactions contemplated by the Finance Documents as a major transaction and an interested-party transaction.

		16.3.2
	The person acting on behalf of each Obligor and each Pledgor has the authority to enter into the Finance Documents to which the relevant Obligor is party.

	16.4
	Binding obligations

		16.4.1
	Subject to the requirements for registration of the Finance Documents as specified in Clause 16.9 (Registration Requirements), each Finance Document to which the Obligor or Pledgor is party constitutes its legal, valid, binding and enforceable obligation.

		16.4.2
	Each Finance Document to which any of the Obligors or Pledgors is party is drawn up in a form that ensures that is can be enforced in the Russian Federation and in the Republic of Cyprus.

	16.5
	Non-conflict

The entry into and performance by each Obligor and each Pledgor of the Finance Documents to which they are party, and the transactions contemplated thereby does not conflict with:
		16.5.1
	any applicable law;

		16.5.2
	its constitutional and other internal documents;

		16.5.3
	any decisions of its management bodies; and

		16.5.4
	any other documents or agreements that are binding on it.

	16.6
	Compliance with law

		16.6.1
	The business activities of each Obligor are carried out in accordance with applicable law in all aspects viewed as materially significant.

		16.6.2
	Each Obligor has promptly submitted tax returns.

		16.6.3
	With respect to each Obligor:

(A)there is no decision and (or) demand of a tax authority to pay Tax, which has not been executed within the period specified by such decision and (or) demand and (or) the applicable law; or
(B)if the above decision and (or) demand of a tax authority is contested in court: there is no court decision that has come into legal force regarding the need to execute the above decision and (or) demand, which has not been executed within the period specified by such court decision and (or) the applicable law.
	16.7
	No Default

		16.7.1
	There neither is nor will be a Default as a result of the entry into or performance by each Obligor and each Pledgor of the Finance Documents or the transactions contemplated thereby.

		16.7.2
	There are no other events or circumstances constituting default under any document that is binding on any Obligor or Pledgor or which imposes restrictions on the disposal of their property and which have or are reasonably likely to have a Material Adverse Effect.

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30

	16.8
	Authorisations

As of the date of this Agreement, each Obligor and each Pledgor have received all authorisations and consents required in connection with entry into, performance, ensuring the validity of, and possibility of enforcing, each Finance Document to which it is party and the transactions contemplated thereby and such authorisations and consents remain in full force and effect.
	16.9
	Registration Requirements

No notarial actions are required in connection with any Finance Document or registration of any Finance Document, including in any state bodies or institutions, except for:
		16.9.1
	notarisation of the Borrower Participatory Interest Pledge and making the relevant entry in the Unified State Register of Legal Entities of the Russian Federation;

		16.9.2
	registration of the Borrower Participatory Interest Pledge in accordance with the laws of the Republic of Cyprus in the Register of Companies and entering information about it in the internal register of pledges of Headhunter FSU; and

		16.9.3
	entering information about the Pledge of Headhunter FSU (Headhunter Group) Shares in the internal register of pledges of Headhunter Group.

	16.10
	Financial Statements

		16.10.1
	The most recent financial statements of the Group (and each member of the Group) provided to the Facility Administrator:

		(A)
	have been prepared in accordance with Applicable Reporting Standards; and

		(B)
	in all material respects reliably reflect its financial position (if applicable, on a consolidated basis) as of the date of their preparation,

except where such financial statements indicate otherwise.
		16.10.2
	From the date on which the financial statements indicated in Clause 16.10.1 were drawn up, there have not been any events that could have a Material Adverse Effect, and for the purposes of this paragraph, Material Adverse Effect is understood to mean in the opinion of the Majority Lenders a material adverse effect on:

		(A)
	the financial condition of the Group as a whole, in the event that the Group as a whole, as a result of the occurrence of such an event, incurs actual damage in an amount exceeding RUB 50,000,000 (or its equivalent in another currency);

		(B)
	the Obligors' and Pledgors' ability to perform their obligations under any Finance Document;

		(C)
	the validity or ranking of the security that is provided or should be provided under any Finance Document or its enforceability; or

		(D)
	the validity of the Finance Documents or the possibility of exercising the rights of the Finance Parties contemplated by each relevant Finance Document.

	16.11
	Court Proceedings

		16.11.1
	With the exception of the court, administrative, arbitrazh or arbitration proceedings disclosed by the Borrower to the Facility Administrator in accordance with Clause 17.4 (Information: miscellaneous), no court, arbitration or administrative proceedings have been instituted against the Obligors or are expected to be instituted against the Obligors as far as the Borrower is aware:

		(A)
	in which the claim or demand exceeds RUB 50,000,000 (or the equivalent of this amount in another currency);

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31

		(B)
	within the framework of which decisions have been taken or are highly likely to be taken, as a result of which the actual damage to the Group will amount to over RUB 50,000,000 (or the equivalent of this amount in another currency); or

		(C)
	in the event not falling under subparagraphs (A) or (B) above, as a result of which an unfavourable decision has been taken or, to the best of the Borrower’s knowledge, is highly likely to be taken, that could have a Material Adverse Effect.

		16.11.2
	With the exception of the actions disclosed by the Borrower to the Facility Administrator in accordance with Clause 17.4 (Information: miscellaneous), no investigative actions provided for by applicable law are being taken in respect of the Obligors as a result of which unfavourable decisions have been taken or are highly likely to be taken, that could have a Material Adverse Effect.

	16.12
	Information

		16.12.1
	All factual information, which is material in the opinion of the Facility Administrator, provided by any Obligor or Pledgor to the Finance Parties in connection with the Finance Documents to which it is party, is true and accurate as of the date of its provision or (as the case may be) as of the date (if any) which is indicated as the date of its provision.

		16.12.2
	None of the Obligors or Pledgors has withheld information which, if disclosed, would result in any other information indicated in Clause 16.12.1 becoming materially untrue or misleading in the opinion of the Facility Administrator.

		16.12.3
	As of the date of this Agreement and on the first Utilisation Date from the date of provision of the information defined in Clause 16.12.1, there were no circumstances that, if disclosed, would result in the provided information becoming untrue or misleading in the opinion of the Facility Administrator.

	16.13
	Ranking of Security

The security established by each Pledge is security which the Pledge Manager has the right to enforce, with the Consent of the Majority Lenders, as a matter of priority. Third parties do not have any rights (claims) or other rights with respect to the property and assets of the Pledgors, which are the subject of the Pledges.
	16.14
	Granted loans

None of the Obligors has granted loans to third parties that are not Obligors, with the exception of the Permitted Loans.
	16.15
	Charges and duties

As of the date of this Agreement, payment of any state duties or registration fees or taxes or charges in connection with the Finance Documents is not required, except for:
		16.15.1
	fees for notarial acts in respect of the Borrower Participatory Interest Pledge; and

		16.15.2
	charges and duties for registering the Pledges, including payment of stamp duty in respect of Finance Documents in Cyprus.

	16.16
	Regulated Procurements

As of the date of the Finance Documents, the provisions of the Regulated Procurement Law do not apply to the entry into and performance of the Finance Documents by the Borrower and Zemenik. However, the Borrower does not make this representation with respect to the application of the Regulated Procurement Law to any Finance Party.
	16.17
	Moratorium on bankruptcy

The Borrower:
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32

		16.17.1
	is not engaged in (and as of 1 March 2020 was not engaged in) activities referred to in the list approved by Russian Federation Government Resolution No. 434 dated 3 April 2020 of Russian economic sectors that have been most affected by the spread of the novel coronavirus infection;

		16.17.2
	does not figure on the list of strategic enterprises and strategic joint-stock companies that was approved by Russian Federation Presidential Decree No. 1009 of 4 August 2004;

		16.17.3
	is not a systemically important company and does not figure on any of the lists of systemically important companies that was approved by the Government Commission on Enhancing the Stable Development of the Russian Economy; and

		16.17.4
	is not subject to a moratorium on the initiation of bankruptcy proceedings under the Bankruptcy Law.

	16.18
	Times when representations made

		16.18.1
	The representations set forth in this Clause 16 are given by the Borrower on the date of this Agreement.

		16.18.2
	The Borrower shall ensure that all the representations set forth in this Clause 16 remain true, as if they were given by the Borrower in the same form:

		(A)
	on the date of each Utilisation Request;

		(B)
	on each Utilisation Date; and

		(C)
	on the first day of each Interest Period.

	17.
	INFORMATION UNDERTAKINGS

	17.1
	Financial Statements

		17.1.1
	The Borrower shall provide the Facility Administrator with a sufficient number of certified copies of the following for all Lenders:

		(A)
	as soon as they are available, but in any case within 120 (one hundred and twenty) days from the end of each financial year: the audited consolidated financial statements of the Group for that financial year prepared in accordance with IFRS;

		(B)
	as soon as they are available, but in any case within 90 (ninety) days from the end of the first financial half-year of each financial year: the Group's reviewed interim consolidated financial statements for the second quarter and the first financial half-year, prepared in accordance with IFRS;

		(C)
	as soon as they are available, but in any case within 60 (sixty) days from the end of the first and third financial quarters of each financial year: the interim consolidated financial statements of the Group for such financial quarter of the relevant financial year prepared in accordance with IFRS;

		(D)
	as soon as they are available, but in any case within 40 (forty) days from the end of each quarter of the relevant financial year: the financial statements (including the profit and loss statements, balance sheet and cash flow statement) of the Borrower and Zemenik for such quarter of the relevant financial year prepared in accordance with RAS; and

		(E)
	as soon as they are available, but in any case within 180 (one hundred and eighty) days of the end of each financial year: the unconsolidated financial statements of Obligors registered outside the Russian Federation for such financial year, prepared according to applicable local accountancy standards.

		17.1.2
	The Borrower's duty to provide the financial statements referred to in Clauses 17.1.1(A)-(C) may also be performed by making those financial statements publicly available:

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33

		(A)
	on the Group's Internet website at https://investor.hh.ru/investors/sec-filings; or

		(B)
	on the Internet website of the Nasdaq Stock Exchange at https://www.nasdaq.com/market-activity/stocks/hhr/sec-filings; or

		(C)
	on the online Electronic Data Gathering, Analysis, and Retrieval System (EDGAR) of the U.S. Securities and Exchange Commission at https://www.sec.gov/edgar/searchedgar/companysearch.html,

provided that:
		(1)
	regarding the financial statements referred to in Clause 17.1.1(A), within the time referred to in Clause 17.1.1(A):

		(a)
	the Borrower has provided the Facility Administrator with an Auditor's opinion on said financial statements; and

		(b)
	The Facility Administrator has actually obtained access to said financial statements in full on the above Internet websites; and

		(2)
	regarding the financial statements referred to in Clauses 17.1.1(B) and (C) the Facility Administrator has actually obtained access to said financial statements in full on the above Internet websites within the time referred to in Clauses 17.1.1(B) and (C).

	17.2
	Compliance certificate

		17.2.1
	The Borrower shall provide the Facility Administrator with the certificate of compliance with the following financial indicators:

		(A)
	with each set of financial statements provided in accordance with Clauses 17.1.1(A)–(C): the financial indicators specified in Clause 18.3 (Leverage), 18.4 (Interest cover) and 18.5 (Guarantors' Cover Ratio);

		(B)
	with each set of financial statements provided in accordance with Clause 17.1.1(D): the financial indicators specified in Clause 18.6 (Revenue in accordance with RAS) и 18.7 (Cash receipts);

		(C)
	with each set of financial statements provided in accordance with Clause 17.1.1(D) for the second and fourth financial quarters: the financial indicators specified in Clause 18.8.1 (Net assets); and

		(D)
	with each set of annual financial statements provided in accordance with Clause 17.1.1(E): the financial indicators specified in Clause 18.8.2 (Net assets),

along with the calculation proving that the Borrower complies with the financial  indicators based on such financial statements as of the date of preparation of such financial statements.
		17.2.2
	Compliance certificate on the basis of the statements prepared in accordance with IFRS must be in the form provided in Part A (Form of Compliance Certificate on the basis of IFRS) of Schedule 5 (Forms of Compliance Certificates), signed by the Borrower's authorised person and, if the certificate is provided with the set of statements provided in accordance with Clauses 17.1.1(A) and (B), shall be accompanied by the opinion of the Group Auditors in a form agreed by the Borrower, the Facility Administrator and the Group Auditors.

		17.2.3
	Compliance certificate on the basis of statements prepared in accordance with RAS must be in the form provided in Part B (Form of Compliance Certificate on the basis of RAS) of Schedule 5 (Forms of Compliance Certificates) and signed by an authorised person of the Borrower.

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34

	17.3
	Requirements for Financial Statements

The Borrower shall procure that each set of financial statements provided in accordance with Clause 17.1 (Financial Statements), is prepared using the same accounting principles and reporting periods used to prepare the Group’s last financial statements. If any Obligor notifies the Facility Administrator of changes in accounting principles or reporting periods, the Borrower shall procure that the Borrower's Auditors and the auditors of the relevant Obligor provide the Facility Administrator with the following:
		17.3.1
	a description of the changes to be made to the relevant financial statements to reflect the changes made to the accounting principles and reporting periods that were used in the preparation of the Original Financial Statements of the Group or such Obligor; and

		17.3.2
	information in a form and content that meets the requirements of the Facility Administrator and is sufficient to enable Lenders to verify that the Borrowers have met the requirements of Clause 18 (Financial Covenants) and to adequately assess the Obligor’s financial condition based on current financial statements compared to this Obligor’s Original Financial Statements.

	17.4
	Information: miscellaneous

The Borrower shall provide the Facility Administrator with the following:
		17.4.1
	at the same time as they are dispatched to their addressees, copies of all documents dispatched by it to all its lenders, or in connection with circumstances that constitute a Material Adverse Effect, to all its members;

		17.4.2
	details of any court, arbitrazh, arbitration or administrative proceedings, as a result of which decisions have been taken or are highly likely to be taken, resulting in actual damage to the Group of:

		(A)
	over RUB 50,000,000 (or the equivalent of this amount in another currency), but less than 2.5% (two point five percent) of the Consolidated EBITDA: no later than 5 (five) Business Days following the end of the next calendar quarter;

		(B)
	over 2.5% (two point five percent) of the Consolidated EBITDA: promptly upon becoming aware of it, but no later than 5 (five) Business Days from the date it becomes aware of it;

		17.4.3
	promptly upon becoming aware of it, but no later than 5 (five) Business Days from the date it becomes aware of this: details of any investigative actions related to the Group or any member of the Group (including with respect to the executive or other management bodies of the Group or any member of the Group or any member of such a management body);

		17.4.4
	(without limiting Clause 26.2.5) promptly upon becoming aware of it, but no later than twenty (20) Business Days from the date it becomes aware of this or from the date of state registration (if applicable), depending on which of these events occurred later: notification regarding a change of location or postal address of the Borrower or any other Obligor or Pledgor; and

		17.4.5
	immediately upon request, but no later than 5 (five) days from the date of the request: such additional information regarding the finance position and business activities of any member of the Group that the Facility Administrator may require in the interests of any Finance Party.

	17.5
	Auditors

The Borrower shall not change its Auditors without the consent of the Majority Lenders, with the exception of those Auditors in relation to the financial statements of the Group and its members prepared in accordance with IFRS, approved or authorised in accordance with this Agreement.
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35

	17.6
	Notification of Default

		17.6.1
	The Borrower shall notify the Facility Administrator of any Default (and measures, if any, to remedy such Default) immediately after it becomes aware of this.

		17.6.2
	At the request of the Facility Administrator, the Borrower shall provide the Facility Administrator with a statement signed by the sole executive body or an authorised representative of the Borrower certifying that the Default was remedied, or, if the Default is continuing, detailing the measures being taken to remedy it.

	17.7
	"Know your customer" checks

		17.7.1
	If as a result of:

		(A)
	any changes in any applicable law after the date of this Agreement;

		(B)
	changes in the legal form of the Borrower or any Obligor or Pledgor, or changes in the composition of its shareholders or members (owning more than two percent of the voting shares or participatory interests respectively after the date of this Agreement); or

		(C)
	the assignment or transfer by any Lender of all or part of its rights and obligations under this Agreement to a party that was not a Lender before such assignment or transfer, or the replacement of any other Finance Party in accordance with this Agreement, or other change of the Parties to this Agreement,

the Facility Administrator, Lender or any other Finance Party (or in the case of paragraph 0 above, a possible new party), as required by the law applicable to them, shall have an obligation to comply with "know your customer" or similar identification procedures, in circumstances where the necessary information was not previously provided by the Borrower, the Borrower shall provide the Facility Administrator (acting on its own behalf, on behalf of the relevant Finance Party or on behalf of a potential new party) with the information and documents required for the Facility Administrator, relevant Finance Party or possible new party to comply with the applicable "know your customer" checks.
		17.7.2
	Each Finance Party shall provide the Facility Administrator with the information and documents required for the Facility Administrator to comply with the applicable "know your customer" checks.

	17.8
	Designated purpose of funds

The Borrower shall, no later than 10 (ten) Business Days after each Tranche 2 Utilisation Date, provide the Facility Administrator with copies of documents certified by the Borrower confirming that the Facility was used in accordance with Clause 3.2.
	18.
	FINANCIAL COVENANTS

	18.1
	Financial definitions

In this Clause 18:
"Assets" means the assets of the Group, including:
(a)long-term tangible assets;
(b)intangible assets (excluding goodwill)
(c)Cash: and
(d)Cash Equivalents.
Furthermore, the Cash and Cash Equivalents of each Subsidiary owned by Zemenik, Headhunter FSU or the Borrower shall be recorded for the purposes of Clause 18.5 (Guarantors' Cover Ratio) if, as of the relevant Test Date, the following conditions have been met:
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36

		(i)
	an authorised body of such Subsidiary has taken a corporate decision (acceptable to the Facility Administrator) on the transfer of such Cash in favour of Zemenik, Headhunter FSU or the Borrower;

		(ii)
	such transfer of funds must take place no later than ninety (90) days from the Test Date;

		(iii)
	the financial statements of such Subsidiary are consolidated with the financial statements of the Group in accordance with IFRS in the relevant period of time using the direct method of consolidation; and

		(iv)
	the applicable law does not prohibit the transfer of Cash by the relevant Subsidiary to the Holding Company as dividends or otherwise.

For the purposes of Clause 18.5 (Guarantors' Cover Ratio), if all of the above conditions are met, such Cash shall be recorded as belonging not to a Subsidiary of Zemenik, Headhunter FSU or the Borrower, but directly to Zemenik, Headhunter FSU or the Borrower in proportion to its participation in the charter capital of such Subsidiary.
"Cash Receipts" means the cash receipts received by the Group from Clients within the preceding 12 (months), determined on the basis of the financial statements provided in accordance with Clause 17.1.1(D).
"Clients" means private individuals and legal persons, as well as individual entrepreneurs who have paid or are due to pay for the key services of the Borrower (access to the CV database and publication of vacancies) in accordance with agreements with the Borrower, including those concluded following the acceptance of an offer on the Obligors' Websites.
"Consolidated Net Debt" means, for any Test Period, the aggregate amount of the Financial Indebtedness of the Group (excluding any debts of a member of the Group to other members of the Group) net of Cash and Cash Equivalents of the Group in accordance with the Group’s consolidated financial statements prepared in accordance with IFRS, on the last day of such Test Period.
"Group Consolidated Net Profit" means the Group’s consolidated net profit determined on the last reporting date, i.e. (depending on the date on which it is determined):
		(a)
	at the end of the financial year or financial half-year of the financial year, in accordance with the Group's financial statements for the relevant financial year or first financial half-year of the relevant financial year, prepared in accordance with IFRS, provided to the Facility Administrator in accordance with Clauses 17.1.1(A) or (B); or

		(b)
	at the end of the first or third financial quarter, based on the relevant financial statements of the Group provided to the Facility Administrator in accordance with Clause 17.1.1(C).

"Interest Amount" means the interest accrued on the entire Financial Indebtedness of the Group (with respect to interest under lease agreements: to the extent that this indicator would have been recorded in IFRS statements before the introduction of IFRS 16).
	18.2
	Interpretation

		18.2.1
	Unless otherwise specified herein, the accountancy terms used in this Clause 18 shall be interpreted according to the IFRS as amended on the relevant date.

		18.2.2
	For the purpose of this Clause 18, any amount not denominated in Roubles shall be recorded in the rouble equivalent calculated on the basis of the exchange rates used by the Borrower in its financial statements for the relevant reporting period, on the basis of which the financial indicators are calculated.

		18.2.3
	When making calculations in accordance with this Clause 18, no indicator can be taken into account more than once.

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37

		18.2.4
	Unless otherwise contemplated by this Agreement, the indicators specified in this Clause 18 shall be checked in respect of each Test Period on the appropriate Test Date on the basis of any statements provided in accordance with Clause 17.1.1.

	18.3
	Leverage

The Borrower must ensure that on each Test Date, the ratio of Consolidated Net Debt to Consolidated EBITDA (the "Leverage") is not more than:
		18.3.1
	3.5:1 as of each Test Date falling in 2020; and

		18.3.2
	3.0:1 as of each subsequent Test Date.

	18.4
	Interest cover

The Borrower must ensure that on each Test Date, the ratio of Consolidated EBITDA to the Interest Amount (the "Interest Cover") is at least 2.5:1.
	18.5
	Guarantors' Cover Ratio

If, as of any Test Date, the Obligors in total account for:
		18.5.1
	less than 80% (eighty percent) of the Consolidated EBITDA; or

		18.5.2
	less than 80 (eighty) percent of the Group Revenue; or

		18.5.3
	less than 70 (seventy) percent of the Group Assets,

the Borrower shall procure the conclusion (issue), on terms acceptable to the Facility Administrator, of:
		(A)
	an additional independent guarantee, including an agreement to issue it ("Additional Independent Guarantee") by a legal entity acceptable to the Facility Administrator ("Additional Guarantor"), within 30 (thirty) days of the relevant Test Date; and

		(B)
	a pledge of 100% of the shares or participatory interests in the charter capital of such Additional Guarantor that are owned by any Pledgor or Group member ("Additional Pledge") within sixty (60) days of the relevant Test Date.

	18.6
	Revenue in accordance with RAS

The Borrower shall ensure that, as of each Test Date, the aggregate Revenue of the Borrower (excluding the revenue of Subsidiaries acquired or sold during the last 12 months and without double counting) for the 4 (four) previous financial quarters, determined on the basis of the Borrower's financial statements in accordance with RAS, provided in accordance with Clause 17.1.1(D), amounts to at least:
		18.6.1
	80% (eighty percent) as of each Test Date falling at the end of the second, third, and fourth quarters of 2020 and the end of the first and second quarters of 2021; and

		18.6.2
	95% (ninety five percent) as of each subsequent Test Date,

of the Borrower's Revenue determined as of the same date of the previous year based on the Borrower's financial statements prepared in accordance with RAS, provided in accordance with Clause 17.1.1(D).
	18.7
	Cash receipts

The Borrower shall ensure that, as of each Test Date, starting from the Test Date for the financial quarter following the financial quarter in which the first Utilisation Date falls, any reduction in Cash Receipts for the 4 (four) preceding financial quarters is no more than:
		18.7.1
	30% (thirty percent) as of each Test Date falling at the end of the second, third, and fourth quarters of 2020 and the end of the first and second quarters of 2021; and

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38

		18.7.2
	5% (five percent) as of each subsequent Test Date,

compared with the Cash Receipts determined as of the same date of the previous year.
	18.8
	Net assets

The Borrower shall ensure that:
		18.8.1
	as of the end of the second financial quarter of each financial year, and as of the end of each financial year, the net assets of each Obligor registered in the Russian Federation determined on the basis of the financial statements provided under Clause 17.1.1(D),

		18.8.2
	at the end of each financial year, the amount of the net assets of each other Obligor determined on the basis of the financial statements provided in accordance with Clause 17.1.1(E),

are positive.
	19.
	GENERAL UNDERTAKINGS

	19.1
	Authorisations and corporate approvals

		19.1.1
	The Borrower shall, and shall procure that each Obligor shall, duly receive, ensure the validity of, and comply with the conditions of, any authorisations, consents and corporate approvals required under any applicable law to fulfil its obligations under the Finance Documents to which it is party, and to ensure that the Finance Documents can be used as evidence in arbitration proceedings, in the courts of the Russian Federation, including arbitrazh courts, and in the courts of Cyprus.

		19.1.2
	The Borrower shall, and shall procure that each Obligor shall, duly receive the necessary state and municipal permits, consents, licenses and patents, as well as membership in self-regulatory organisations, required by any applicable law for the conduct of business activities of the Obligor in the form in which it is conducted, as well as ensure their validity and comply with their conditions.

	19.2
	Negative Pledge

The Borrower shall, and shall procure that each Obligor shall, not create or allow the creation of any Encumbrances in relation to its assets without the prior written consent of the Facility Administrator, except for:
		19.2.1
	an Encumbrance in relation to assets (except those specified in Clause 19.2.4, but without double counting), whose aggregate book value does not exceed 10% (ten percent) of the Consolidated EBITDA at any time;

		19.2.2
	an Encumbrance arising under the Pledges;

		19.2.3
	an Encumbrance existing under Existing Pledges; and

		19.2.4
	an Encumbrance arising as required by law in the normal course of business.

	19.3
	Asset Disposal

		19.3.1
	The Borrower shall not sell, lease or otherwise dispose of any of its assets or property without the prior written consent of the Facility Administrator, and shall procure that any Obligor does not sell, lease, or otherwise dispose of any of its assets or property without the prior written consent of the Facility Administrator, except:

		(A)
	the disposal of assets or property in the normal course of business;

		(B)
	the disposal of assets or property of the Group’s members totalling an amount, at book or market value (depending on which amount is greater), obtained as a result of one or several transactions made during each

​

39

successive 12 (twelve) months, not exceeding 10% (ten percent) of the Consolidated EBITDA;
		(C)
	the disposal of shares or participatory interests in the charter capital of a member of the Group that is not an Obligor, provided that:

		(1)
	such disposal is carried out on market terms;

		(2)
	after such disposal the Debt Ratio will not exceed 2.0:1;

		(3)
	the sale of the Group Member subject to Disposal will not entail a breach of the obligations under Clause 18 (Financial Covenants); and

		(4)
	no later than 5 (five) Business Days prior to the disposal of the Group Member subject to Disposal, the Borrower shall notify the Facility Administrator of the upcoming disposal, and provide the Facility Administrator with a certificate confirming that all the conditions specified in paragraphs (2) and (3) above have been met.

		19.3.2
	For the purposes of Clause 19.3.1:

"Funds of the Group" means the Cash and Cash Equivalents owned by the Group.
"Funds of the Group Member subject to Disposal" means the Cash and Cash Equivalents owned by the Group Member subject to Disposal.
"Group Member subject to Disposal" means a member of the Group who is not an Obligor, whose shares or participatory interests in the charter capital are subject to disposal.
"Debt Ratio" means the ratio of Net Debt Amount to EBITDA.
"Purchase Price" means the funds actually received by the member of the Group from the sale of the Group Member subject to Disposal.
"Distribution" means the amount of funds payable to Headhunter Group shareholders from the disposal of the Group Member subject to Disposal.
"Amount of Funds" means the amount obtained by calculating the difference between: (i) the Funds of the Group, and (ii) the amount of Funds of the Group Member subject to Disposal and the Distribution, and adding the Purchase Price to the difference.
"Net Debt Amount" means the difference between (i) the Financial Indebtedness of the Group (including the Financial Indebtedness of the Group to the Group Member subject to Disposal, recognised after the disposal of the Group Member subject to Disposal) and (ii) the Financial Indebtedness of the Group Member subject to Disposal (excluding the Financial Indebtedness of the Group Member subject to Disposal to other members of the Group) and the Amount of Funds.
"EBITDA" means the difference between Consolidated EBITDA and EBITDA of the Group Member subject to Disposal.
	19.4
	Acquisition of assets

The Borrower shall not acquire any assets without the prior written consent of the Facility Administrator, and shall procure that none of the Obligors acquire any assets without the prior written consent of the Facility Administrator, except for the acquisition of assets, including shares and participatory interests in the share capital and charter capital of third parties (as well as other instruments that can be converted into shares or participatory interests in the share capital or charter capital of third parties):
		19.4.1
	in the ordinary course of business;

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40

		19.4.2
	by a member of the Group for a total amount paid by such member of the Group, as a result of one or several asset acquisitions made during each successive 12 (twelve) months, not exceeding 15% (fifteen percent) of the Consolidated EBITDA;

		19.4.3
	acquired using Permitted Financial Indebtedness;

		19.4.4
	acquired using Tranche 2 funds provided to the Borrower for the purposes referred to in Clause 3.2.2; and

		19.4.5
	a maximum 40.01% (forty point zero one percent) additional participatory interest in the charter capital of Skilaz LLC (PSRN: 1177746032276) for a maximum purchase price of RUB 600,000,000 (six hundred million), provided such participatory interest is acquired by 31 December 2021.

	19.5
	Arm’s length basis

		19.5.1
	The Borrower may not enter into transactions with any persons except on arm's length terms, and the Borrower shall procure that none of the Obligors enter into transactions with other persons except on arm's length terms.

		19.5.2
	Clause 19.5.1 does not apply to transactions with other Obligors.

	19.6
	Lending

With the exception of the Permitted Loans, the Borrower shall not act as a lender in respect of any Financial Indebtedness without the prior written consent of the Facility Administrator, and shall procure that none of the Obligors act as a lender in respect of any Financial Indebtedness without the prior written consent of the Facility Administrator.
	19.7
	Providing guarantees and sureties

		19.7.1
	The Borrower shall not act as a guarantor or surety in respect of the obligations of any person without the prior written consent of the Facility Administrator, and shall procure that none of the Obligors act as a guarantor or surety in respect of the obligations of any person without the prior written consent of the Facility Administrator.

		19.7.2
	The provisions of Clause 19.7.1 above shall not apply:

		(A)
	when such guarantee or surety secures the performance of the obligations of another member of the Group created within the framework of Permitted Financial Indebtedness; or

		(B)
	to any Placement Indemnity on condition that Headhunter Group provides the Facility Administrator, within 15 (fifteen) Business Days after provision of the Placement Indemnity, with a certified extract from the document(s) containing the Placement Indemnity, and that if modifications are made to the Placement Indemnity, it provides the Facility Administrator, within 15 (fifteen) Business Days after such modifications have been made, with a certified extract from the document containing such modifications. Said extract shall contain all the terms of the Placement Indemnity, including any modifications and supplements.

	19.8
	Financial Indebtedness

The Borrower shall not enter into transactions that result in Financial Indebtedness for the Borrower or allow overdue Financial Indebtedness, and shall procure that none of the Obligors enter into transactions that result in Financial Indebtedness for such Obligor or allow overdue Financial Indebtedness, without the prior written consent of the Facility Administrator, with the exception of Permitted Financial Indebtedness. The existence of dividends declared, but which were not paid or subsequently canceled, is not a violation of this Clause 19.8.
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41

	19.9
	Restructuring and reduction of charter capital

The Borrower shall not restructure or reduce its charter capital, share premium or other capital, and shall procure that none of the Obligors restructure or reduce its charter capital, or other share capital without the prior written consent of the Facility Administrator, except for Permitted Redemption.
	19.10
	Issuing new shares or increasing charter capital

The Borrower shall not increase its charter capital, and shall procure that none of the Obligors issue new shares or increase its charter capital, without the prior written consent of the Facility Administrator, except for a Permitted Issue.
	19.11
	Making changes to Constitutional Documents

The Borrower, without the prior written consent of the Facility Administrator, shall not make changes to its constitutional documents, and shall also procure that no Obligor, the shares or participatory interests in the charter capital of which are the subject of the Pledge, without the prior written consent of the Facility Administrator, shall make changes to its constitutional documents, which relate to:
		19.11.1
	legal form;

		19.11.2
	name;

		19.11.3
	share issue procedure;

		19.11.4
	the amount of charter (share) capital;

		19.11.5
	solely in relation to Obligors registered and operating in accordance with the legislation of the Republic of Cyprus: the procedure for appointing a new director or secretary;

		19.11.6
	the procedure for transferring (disposing) shares (participatory interests);

		19.11.7
	dividend payment procedure;

		19.11.8
	the scope of rights and obligations granted to members (shareholders);

		19.11.9
	the procedure for pledging participatory interests (shares) or otherwise encumbering participatory interests (shares); and

		19.11.10
	the procedure and conditions for the withdrawal and exclusion of a member from the company.

	19.12
	Dividend payment and redemption of shares or participatory interests

		19.12.1
	Without the prior written consent of the Facility Administrator, the Borrower shall not announce the payment of dividends or pay dividends, or redeem its participatory interests (unless required by applicable law), and shall procure that none of the Obligors announce the payment of dividends or pay dividends, or redeem its shares or participatory interests (unless required by applicable law), except for the following cases:

		(A)
	payments of distributable profit by any Obligor or a Group member to the Obligor;

		(B)
	payment of distributable profit (including in the form of Permitted Redemption) to shareholders of Headhunter Group in an amount not exceeding 100% (one hundred percent) of the Group Adjusted Consolidated Net Profit provided that the Facility Administrator confirms that the Adjusted Leverage including such payment does not exceed 3.0:1; and

		(C)
	payment by any member of the Group of distributable profit to minority shareholders, provided that similar payments are made to the shareholders (members), which are members of the Group, of such member of the Group in proportion to their participatory interest in the charter capital of such member of the Group.

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42

When making the payments specified in subparagraph (B) above, the Borrower must provide the Facility Administrator, at least 5 (five) Business Days before payment, with a calculation of the Adjusted Leverage and confirmation that on the date of confirmation there is no Default, nor will there be a Default immediately after and as a result of such payment.
		19.12.2
	For the purpose of this Clause 19.12:

"Group Consolidated Net Profit" has the meaning given in Clause 18.1 (Financial definitions).
"Consolidated Net Debt" has the meaning given in Clause 18.1 (Financial definitions).
"Group Adjusted Consolidated Net Profit" means, as of the last Test Date, the Group Consolidated Net Profit for the Test Period ending on that Test Date, excluding:
		(A)
	the profits and losses resulting from the revaluation of any asset;

		(B)
	goodwill impairment;

		(C)
	depreciation and impairment of the following intangible assets:

		(1)
	hh trademark;

		(2)
	hh.ru CV database;

		(3)
	Headhunter client relations; and

		(4)
	hh.ru website software;

		(D)
	non-monetary profits and losses from the Remuneration Plans based on Group Equity Instruments;

		(E)
	profit tax recorded in the Group Consolidated Net Profit on the non-monetary profits and losses referred to in paragraphs (A) - (D) above; and

		(F)
	profits and losses from the formation of a deferred retained earnings tax reserve.

"Adjusted Leverage" means, as of the last Test Date, the ratio of Consolidated Net Debt (as of that Test Date) and Dividend Amount to Consolidated EBITDA, calculated based on the Group’s consolidated financial statements for the financial year or for the first financial half-year of the financial year (provided to the Facility Administrator under Clause 17.1.1(A) or (B) as of the Test Date which came not more than 5 (five) months before the date of payment of the distributable profit to the shareholders of Headhunter Group.
"Dividend Amount" is defined as the amount of dividends:
		(i) 
	paid to the shareholders of Headhunter Group during the financial half-year ending on the last Test Date; and

		(ii) 
	to be paid to the shareholders of Headhunter Group during the financial half-year commencing on the day immediately following that Test Date.

	19.13
	Change of business

The Borrower shall not make significant changes to the main areas of its business activity, and shall procure that none of the Obligors make significant changes to the main areas of their business activity without the prior written consent of the Facility Administrator.
	19.14
	Existing Commercial Contracts

The Borrower shall procure the continuous validity of the Existing Commercial Contracts or the conclusion of new contracts on similar conditions, where commercially reasonable to do so, no later than one month before the expiration of the Existing Commercial Contracts.
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	19.15
	Taxation

The Borrower shall duly pay taxes and levies into the relevant budgets and make mandatory payments into the extra-budgetary funds of the Russian Federation ("Mandatory Payments"), and shall procure that each of the Obligors duly pays the Mandatory Payments, except for:
		19.15.1
	Mandatory Payments contested by an Obligor in accordance with the law; and

		19.15.2
	Mandatory Payments and the costs of disputing them, in respect of which the relevant reserves were created, reflected in the latest financial statements provided to the Facility Administrator in accordance with Clause 17.1 (Financial Statements); and

		19.15.3
	where non-payment of such Mandatory Payments will not have Material Adverse Effect.

	19.16
	Pari passu ranking

The Borrower shall procure that its obligations under the Finance Documents have at least the same ranking as its other existing and future unsecured payment obligations, and that each Obligor procures that its obligations under the Finance Documents have at least the same ranking as other existing and future unsecured payment obligations of such Obligor, with the exception of those obligations that have priority as expressly stipulated by law.
	19.17
	Access

		19.17.1
	At the request of the Facility Administrator, when there is a Default, or a Default has not been remedied, or when the Facility Administrator has sufficient reason to believe that a Default is possible, the Borrower shall provide (and shall procure that each Obligor provides) the Facility Administrator and (or) its auditors or other professional consultants with ready access to their premises, assets and accounting and tax primary documents (on paper or electronic media), including issuing powers of attorney to relevant persons, as well as arranging a meeting with the management of the Group.

		19.17.2
	The Borrower shall procure that the Facility Administrator and (or) Lenders are provided with the relevant documents and (or) information and perform other actions required so that the authorised representatives (employees) of the Central Bank of the Russian Federation can inspect (check) the pledged asset under the Pledges at the place of its storage and (or) record and (or) location, and visit the Borrower and each other Pledgor on-site

	19.18
	Appointment of New Directors

		19.18.1
	The Borrower shall not carry out and shall not allow, without the Facility Administrator’s prior written consent, any actions that may lead to the election and (or) appointment of new directors and/or secretaries of the Obligors, who are legal persons registered and operating under the laws of the Republic of Cyprus and whose shares are pledged under a Pledge, except when the following documents are provided to the Facility Administrator at the same time as the new directors and (or) secretaries of the said Obligors are appointed:

		 (A) 
	in the case of new directors: originals of the following, that are duly signed by the specified directors:

		(1)
	undated letters of resignation; and

		(2)
	letters of authority and undertaking; and

		(B)
	in the case of new secretaries, originals of the following, that are duly signed by the specified secretaries:

		(1)
	undated letter of resignation; and

		(2)
	letter of authority and undertaking; and

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44

		(3)
	undated secretary's confirmation that is addressed to the Department of the Registrar of Companies of Cyprus.

		19.18.2
	Within 5 (five) Business Days from the date of receipt of a reasonable request of the Facility Administrator, the Borrower shall provide the Facility Administrator with additional information regarding the above-mentioned new directors and/or secretaries regarding their education and (or) relevant experience.

	19.19
	Further assurance

The Borrower shall, at the request of any Finance Party, at its own expense, carry out any actions and sign any documents, and shall procure that each Obligor, at their own expense, carry out any actions and sign any documents, required to ensure the validity and proper performance of the Finance Documents. In particular, each Borrower, at the request of the Facility Administrator, shall procure, at its own expense:
		19.19.1
	the issuance of new Independent Guarantees in favour of the Lenders (on terms identical to those of existing Independent Guarantees) and the making of modifications to them or the conclusion of agreements to issue them; and

		19.19.2
	supplementary agreements to Pledges

on terms acceptable to the Lenders, as well as the performance of all actions required to ensure the validity of such agreements in case of acquisition by any Lender (other than Lenders that are party to existing Security Documents) of the rights (claims) against the Borrower and (or) obligations to grant the Facility in accordance with the provisions of Clause 23.2 (Assignment of Rights and Transfer of Obligations by the Lenders).
	19.20
	Conditions subsequent

		19.20.1
	Within 60 (sixty) days of the date of this Agreement, the Borrower shall provide the Facility Administrator with the originals and duly certified copies (as applicable) of the documents listed in sections 2 and 3 of Part A of Schedule 2 (Conditions Precedent), along with notarized translations into Russian of said documents if they were written in a foreign language and/or provided with an apostille.

		19.20.2
	The Borrower shall ensure that:

		(A)
	no later than the Business Day following the day of signing the Borrower Participatory Interest Pledge and the Pledge of Headhunter FSU (Headhunter Group) Shares, Headhunter FSU and Headhunter Group provide the Facility Administrator with updated internal registers of pledges, recording information about the said pledges;

		(B)
	within 21 (twenty-one) days after the signing of the Borrower Participatory Interest Pledge, Headhunter FSU provides the Facility Administrator with evidence that information about the pledge was submitted to the Cyprus Registrar of Companies; and,

		(C)
	within 42 (forty-two) says after the signing of the Borrower Participatory Interest Pledge, Headhunter FSU provides the Facility Administrator with a certificate of registration of the pledge issued by the Cyprus Registrar of Companies

in each case where this is required under Articles 90 and 99 of the Cyprus Companies Law, Cap. 113.
		19.20.3
	Within 30 (thirty) days of signing a respective Finance Document, the Borrower shall provide the Facility Administrator with evidence:

		(A)
	that each Finance Document to which an Obligor registered under the laws of Cyprus is party has been submitted to the Cyprus Stamp Duty Commissioner in order for a decision to be made as to whether stamp duty must be paid on such documents; and

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45

		(B)
	that stamp duty has been paid on such documents in the amount specified by the Cyprus Stamp Duty Commissioner, or that such documents are exempt from payment of stamp duty.

		19.20.4
	The Borrower shall ensure that on the date of termination of the relevant Existing Pledges, Headhunter Group and Zemenik provide, with respect to each Headhunter FSU Shares Pledge:

		(A)
	a blank signed transfer instrument, undated, drawn up in the form set forth in the Headhunter FSU Shares Pledge;

		(B)
	all share certificates for original shares (as defined in the Headhunter FSU Shares Pledge);

		(C)
	a signed irrevocable proxy and power of attorney in the name of the Pledge Manager in the form set forth in the Headhunter FSU Shares Pledge;

		(D)
	a certified copy of a resolution in writing by the Headhunter FSU Board of Directors approving the pledge and transferring shares, drawn up substantially in the form set forth in each Headhunter FSU Shares Pledge;

		(E)
	a notice of pledge drawn up substantially in the form set forth in the Headhunter FSU Shares Pledge, along with a certified copy of the Headhunter FSU Shares Pledge;

		(F)
	a certificate drawn up substantially in the form set forth in the Headhunter FSU Shares Pledge, confirming that a memorandum of pledge was made in the register of members of Headhunter FSU, and a certified copy of the register of members of Headhunter FSU;

		(G)
	a signed and dated waiver by Headhunter Group and Zemenik (as applicable) of their rights of pre-emption, drawn up in the form set forth in the relevant Headhunter FSU Shares Pledge;

		(H)
	signed, undated resignation letters, duly signed by the directors and secretary of Headhunter FSU, in the form set forth in each Headhunter FSU Shares Pledge;

		(I)
	signed letters of authority and undertaking, duly signed by the directors and secretary of Headhunter FSU, in the form set forth in each Headhunter FSU Shares Pledge;

		(J)
	signed, undated confirmation by the secretary, issued by Headhunter FSU, confirming to the Cyprus Department of Registrar of Companies the changes in the officers and shareholders in the event of enforcement of the pledge under the Headhunter FSU Shares Pledge; and

		(K)
	a copy of the updated internal register of charges of Headhunter Group containing information about the terms of the Pledge of Headhunter FSU (Headhunter Group) Shares in accordance with Article 99 of the Cyprus Law on Companies, Cap. 113.

		19.20.5
	Within 5 (five) Business Days of signing the Borrower Participatory Interest Pledge, the Borrower shall ensure state registration of the Encumbrance created under the Borrower Participatory Interest Pledge in the Russian Federation Unified State Register of Legal Entities and shall provide the Pledge Manager with evidence of such state registration.

		19.20.6
	Within 5 (five) Business Days of receiving a request from the Facility Administrator or Pledge Manager, the Borrower at its own expense shall undertake any action and sign any documents, and shall ensure that each Obligor and Pledgor at their own expense undertake any action and sign any documents, required to perfect and register the termination of Encumbrances created under the Existing Pledges.

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46

	19.21
	Independent Guarantees Indemnity

The Borrower shall, without the prior written consent of the Facility Administrator, refrain from the following actions:
		19.21.1
	indemnifying any Guarantor for any amounts paid by such Guarantor under or in connection with the relevant Independent Guarantee;

		19.21.2
	making any changes to any Independent Guarantee agreement.

	20.
	BANK ACCOUNT OBLIGATIONS

	20.1
	Direct debit authority

		20.1.1
	Pursuant to Civil Code Articles 847 and 854 and applicable regulations of the Russian Federation Central Bank, the Borrower hereby gives its irrevocable and unconditional consent to the direct debiting of funds from any of the bank accounts it may hold with the Original Lender, on terms of direct debit authorization, for purposes of performance of the Borrower's obligations under the Finance Documents. The appropriate consent shall constitute the Borrower's prior acceptance and is granted by the Borrower up to the monetary amounts that may be payable by the Borrower under the Finance Documents, allowing partial performance should there be insufficient funds on the Borrower's account.

		20.1.2
	The Facility Administrator may, without the Borrower's instruction, send a direct debit request based on collection orders, bank orders, payment requests or other documents for funds to be debited from the Borrower's bank accounts opened with the Original Lender in order to perform the Borrower's payment obligations toward the Finance Parties under any Finance Documents that have become due for payment but remain unpaid, while the Original Lender may perform the instructions of the Facility Administrator.

		20.1.3
	Should there be no funds or insufficient funds in the obligation currency on the Borrower's bank accounts held with the Original Lender, the Borrower hereby instructs the Original Lender to convert funds on the Borrower's bank accounts in a different currency and transfer the funds obtained by such conversion to the Facility Administrator for them to be applied to performance of the Borrower's obligations under the Finance Documents according to the provisions of this Agreement. The Parties agree that the relevant funds conversion will be made by the Original Lender using the Original Lender's internal exchange rate that is applicable as of the date of the relevant operation.

		20.1.4
	Without prejudice to the limitations prescribed by this Clause 20.1, the Borrower shall, within 10 (ten) Business Days of opening any bank account with the Original Lender, sign an addendum to the relevant bank account agreement granting its consent for the Facility Administrator, without the Borrower's instruction, to direct debit funds for purposes of performance of the Borrower's obligations under the Finance Documents based on collection orders, bank orders, payment requests or other documents, allowing partial performance should there be insufficient funds on the Borrower's account.

	20.2
	Amounts debited

All funds obtained by the Facility Administrator through the exercise of its right to debit funds under Clause 20.1 (Direct debit authority) shall be applied to performance of the Borrower's obligations toward the Finance Parties under the Finance Documents according to the provisions of this Agreement.
	21.
	EVENTS OF DEFAULT

Each of the cases, events, or circumstances set out in this Clause 21 (save for Clause 21.18 (Acceleration)) is an Event of Default.
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47

	21.1
	Non-payment

An Obligor does not pay on the due date any amount payable pursuant to Finance Documents at the place at and in the currency in which it is expressed to be payable unless:
		21.1.1
	its failure to pay is caused by:

		(A)
	administrative or technical error; or

		(B)
	a Disruption Event; and provided that

		21.1.2
	payment is made within 3 (three) Business Days from the date of payment.

	21.2
	Violation of financial covenants

An Obligor does not comply with any covenant under:
		21.2.1
	Clause 18.3 (Leverage);

		21.2.2
	Clause 18.4 (Interest cover);

		21.2.3
	Clause 18.5 (Guarantors' Cover Ratio);

		21.2.4
	Clause 18.6 (Revenue in accordance with RAS);

		21.2.5
	Clause 18.7 (Cash receipts); or

		21.2.6
	Clause 18.8 (Net assets

The Borrower shall ensure that:
		21.2.7
	as of the end of the second financial quarter of each financial year, and as of the end of each financial year, the net assets of each Obligor registered in the Russian Federation determined on the basis of the financial statements provided under Clause 17.1.1(D),

		21.2.8
	).

	21.3
	Other obligations

		21.3.1
	An Obligor or Pledgor does not comply with any provisions of the Finance Documents (other than those referred to in Clause 21.1 (Non-payment) and in Clause 21.2 (Violation of financial covenants)).

		21.3.2
	No Event of Default under Clause 21.3.1 will occur if such failure to comply can be remedied, and is remedied:

		(A)
	in respect of the obligations contemplated by Clauses 17.1.1(A)–(C) within 30 (thirty) days; or

		(B)
	in respect of any other provisions of the Finance Documents: within 10 (ten) Business Days,

of the earlier of:
		(1)
	the date the Facility Administrator sends notice to the Obligor regarding such failure to comply; or

		(2)
	the date the relevant Obligor becomes aware or should have become aware of the failure to comply.

	21.4
	Misrepresentation

Any representations made by any Obligor or Pledgor in or in connection with the Finance Documents turns out to be incorrect, untrue or misleading at the time it is made.
	21.5
	Cross-default

		21.5.1
	Any member of the Group does not repay any Financial Indebtedness within the prescribed period or during any grace period established in accordance with the terms of the relevant obligation.

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48

		21.5.2
	Any Financial Indebtedness of any member of the Group is declared to be or otherwise becomes due and payable prior to its specified maturity as a result of an event of default (however described), or a claim is brought against Headhunter Group under a Placement Indemnity.

		21.5.3
	Any creditor of any member of the Group becomes entitled to declare any Financial Indebtedness of any member of the Group due and payable prior to its specified maturity as a result of an event of default (however described). An Event of Default in accordance with this Clause 21.5.3 shall not be deemed to have occurred if such non-compliance can be remedied, and is remedied within 15 (fifteen) Business Days.

		21.5.4
	No Event of Default will occur under this Clause 21.5 if the total amount of Financial Indebtedness or obligations under the Financial Indebtedness subject to Clauses 21.5.1 – 21.5.3 is at any time less than RUB 150,000,000 (one hundred and fifty million)

		21.5.5
	An Event of Default shall not be deemed to have occurred pursuant to Clause 21.5.1 above if the relevant default was committed reasonably and in good faith by a Group member acting as a buyer, in the relevant part of the purchase price under a SPA for shares or participatory interests in the company's charter capital, provided that

		(A)
	the buyer is entitled under the terms of such SPA to reduce the purchase price or receive cash consideration from the seller upon the occurrence of the events specified in the SPA;

		(B)
	the relevant SPA relates to an asset acquisition transaction financed with funds from Tranche 2; and

		(C)
	the late payment under the relevant SPA lasts no more than 180 days from the last day of the Utilisation Period under Tranche 2.

	21.6
	Loss of property

Loss of property in respect of which an Encumbrance has been created under any Pledge.
	21.7
	Insolvency

The occurrence of any of the following cases or events in relation to any Material Group Member:
		21.7.1
	any Material Group Member meets the criteria for insolvency in accordance with the Bankruptcy Law;

		21.7.2
	any Material Group Member meets the criteria for insufficiency of assets in accordance with the Bankruptcy Law;

		21.7.3
	the financial condition of any Material Group Member gives grounds for bankruptcy prevention measures to be taken in accordance with the Bankruptcy Law;

		21.7.4
	any Material Group Member meets the criteria or gives grounds for bankruptcy prevention measures to be taken, similar to the criteria and measures specified in Clauses 21.7.1 and 21.7.2, contemplated by any law applicable to such Material Group Member;

		21.7.5
	any Material Group Member begins negotiations with one or more of its creditors to revise the timeframes for repayment of any of its debts due to actual or expected financial difficulties;

		21.7.6
	a moratorium is imposed on the settlement of creditors’ claims in respect of any of its debts; or

		21.7.7
	any Material Group Member meets any other bankruptcy criteria established by the Bankruptcy Law or other law applicable to such Material Group Member.

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49

	21.8
	Insolvency proceedings

The carrying out of one of the following actions in respect of any Material Group Member:
		21.8.1
	a bailout and other bankruptcy prevention measures;

		21.8.2
	the commencement of liquidation or bankruptcy proceedings or the appointment of a liquidation commission or similar body or official;

		21.8.3
	the filing in court by any Material Group Member of an application to declare such Material Group Member bankrupt;

		21.8.4
	the filing in court by any creditor of any Obligor of an application to declare such Material Group Member bankrupt or to liquidate it (or any other similar procedure), if the arbitrazh court or other competent court, within 30 (thirty) calendar days from the date of the determination to accept the application to declare the Material Group Member bankrupt, does not issue a determination on refusing to instigate supervision and dismissing the application, a determination on refusing to instigate supervision and terminating proceedings in the bankruptcy case, a determination on returning this application, a determination on terminating proceedings in the bankruptcy case, a decision on refusing to declare bankruptcy or other similar judicial act, which results in the termination of the bankruptcy proceedings or refusal to initiate such proceedings;

		21.8.5
	the institution of supervision (nablyudeniye), external management (vneshneye upravleniye), financial recovery (finansovoe ozdorovleniye), or bankruptcy management (konkursnoye proizvodstvo);

		21.8.6
	the appointment of a temporary administrator, administrator, receiver or any other person performing similar functions;

		21.8.7
	convening a meeting of creditors to consider a settlement agreement;

		21.8.8
	initiation of any other bankruptcy procedure established by the Bankruptcy Law;

		21.8.9
	enforcement of any Encumbrance established in respect of any assets of a Material Group Member, if the amount of assets in respect of which such Encumbrance is established exceeds RUB 100,000,000 (one hundred million);

		21.8.10
	carrying out any other similar procedures under the law on insolvency (bankruptcy) applicable to the relevant Material Group Member.

	21.9
	Compulsory seizure or restrictions on disposal of property

Freezing orders over, confiscation, other compulsory seizure of property, suspension or restriction of operations on the accounts of any member of the Group with a total value exceeding RUB 100,000,000 (one hundred million) or the equivalent of such amount at the rate of the Central Bank of the Russian Federation on the relevant date.
	21.10
	Unlawfulness and invalidity

		21.10.1
	It becomes unlawful for an Obligor or Pledgor to perform any of its obligations under the Finance Documents.

		21.10.2
	Any Finance Document ceases to be valid and legally binding.

		21.10.3
	Any Finance Document is deemed not concluded in accordance with the law applicable to such Finance Document.

	21.11
	Repudiation and rescission of agreements

An Obligor or Pledgor declares its intention to rescind a Finance Document or performs actions aimed at challenging or rescinding a Finance Document, or repudiates it (except for situations where this is permitted by the Finance Documents).
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50

	21.12
	Cessation of business

Any Obligor suspends or ceases to carry on (or threatens to suspend or cease to carry on) its core business activities.
	21.13
	Qualified audit opinion

Auditors of the Group issue a qualified opinion with respect to any audited financial statements.
	21.14
	Judicial and administrative proceedings

		21.14.1
	The commencement of any judicial, administrative, arbitrazh or arbitration proceedings aimed at challenging of:

		(A)
	the Finance Documents;

		(B)
	any rights of the Finance Parties based on the Finance Documents; or

		(C)
	transactions under the Finance Documents.

		21.14.2
	A court, arbitrazh court or arbitration court (including international arbitration) accepts for consideration any claim in respect of a member of the Group or its assets, for a total amount that, together with the amount of other claims brought against such member of the Group (or its assets) or against other members of the Group (or their assets) accepted for consideration by a court, arbitrazh court or arbitration court (including international arbitration), exceeds RUB 150,000,000 (one hundred and fifty million) or the equivalent of this amount in another currency at the exchange rate of the Central Bank of the Russian Federation on the date on which the claim was filed.

		21.14.3
	The coming into force of decisions of a court, arbitrazh court or arbitration court (including international arbitration) in respect of a member of the Group or its assets for the recovery of funds or other assets from such member of the Group for a total amount that, together with the amount of other decisions of a court, arbitrazh court or arbitration court (including international arbitration) that have come into force, which relate to such member of the Group (or its assets) or other members of the Group (or their assets) exceeds RUB 100,000,000 (one hundred million) or its equivalent in another currency at the exchange rate of the Central Bank of the Russian Federation.

	21.15
	Expropriation

Limiting the ability of any member of the Group to conduct its business activities as a result of:
		21.15.1
	deprivation or restriction of title, nationalisation, requisition, confiscation, expropriation or other forced alienation of property, the total book value of which exceeds, together with other property of such member of the Group and property of any other member of the Group that was nationalised, requisitioned, confiscated, expropriated or otherwise forcibly alienated, RUB 75,000,000 (seventy-five million); or

		21.15.2
	a ban or other intervention committed by a government body in respect of any member of the Group (including, inter alia, the dismissal of the sole executive body, the collegial executive body or any other management body of any member of the Group).

	21.16
	Intellectual Property

		21.16.1
	The full or partial termination, suspension, or revocation of rights to any Intellectual Property;

		21.16.2
	The imposing of any restrictions on the terms of use or additional requirements in relation to any Intellectual Property, except where agreements under a non-

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51

exclusive or exclusive license in respect of Intellectual Property are entered into between members of the Group;
		21.16.3
	The expiration and refusal to extend the rights to any Intellectual Property largely under the same conditions; or

		21.16.4
	The creation of an Encumbrance in respect of any Intellectual Property,

in each case, with the exception of the disposal of any Intellectual Property owned by a Group member, in the event of disposal in favour of non-members of the Group, of all shares or participatory interests in the charter capital of such Group member (which owns the relevant Intellectual Property) owned by Group members, if such disposal is permitted by the terms of this Agreement.
	21.17
	Material Adverse Effect

The occurrence of Material Adverse Effect.
	21.18
	Acceleration

Upon the occurrence of any Event of Default and at any time after the occurrence of any Event of Default that is continuing:
		21.18.1
	the Facility Administrator shall send a notification to the Borrower after receiving the Consent of the Majority Lenders, in which it will:

		(A)
	state the Lenders’ refusal to grant funds within the Total Commitments (including the Amount Payable by the Lenders, if any, at the relevant time), whereupon the Lenders’ obligation to grant the Facility to the Borrower shall cease; and (or)

		(B)
	set out the Lenders’ demand against the Borrower for immediate early repayment of the Facility Outstanding or any part thereof, including accrued interest, fees and any other amounts due to the Finance Parties under the Finance Documents; and (or)

		(C)
	notify the Borrower that the Lenders are aware of the Event of Default and reserve the right to demand that the Borrower immediately repay the Facility or any part thereof, including accrued interest, fees and any other amounts due to the Finance Parties under the Finance Documents; and (or)

		(D)
	notify the Borrower that the Lenders reserve the right to enforce the pledged property under the Pledges, or to file claims under the Independent Guarantees.

		21.18.2
	The Lenders shall enforce the pledge in accordance with the relevant Pledge. The property received by the Lenders from the enforcement of the pledge under the Pledges shall be transferred into the Lenders' shared ownership in the amount corresponding to their Proportional Shares.

		21.18.3
	The funds received by the Lenders from the enforcement of the property pledged under the Pledges and/or its subsequent sale in accordance with Clause 21.18.2, and which remained after indemnification for the enforcement costs of the Lenders, the Facility Administrator, and the Pledge Manager and payment of other mandatory payments, shall be transferred into the Account of the Facility Administrator, and then distributed by the Facility Administrator between the Lenders according to their Proportional Shares.

For the purposes of this Clause 21.18, an Event of Default shall be considered continuing from the time such event occurs until the Borrower receives notification from the Facility Administrator that the Majority Lenders have agreed not to exercise their rights under this Clause 21.18 due to the occurrence of such event or circumstance.
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52

	22.
	FACILITY SECURITY

	22.1
	Pledges

		22.1.1
	Each Lender hereby confirms that it is familiar with the content of each Pledge and approves its signature by the Pledge Manager.

		22.1.2
	The Parties confirm that this Agreement (in the appropriate part thereof) constitutes, inter alia, a pledge management agreement. The Parties agree that a Lender may act as the Pledge Manager.

	22.2
	Status of the Lenders and appointment of a Pledge Manager

		22.2.1
	The Parties hereby acknowledge and agree that all the Lenders, the Facility Administrator, and the Pledge Manager that is also a Lender, have shared claims toward the Borrower and, under Civil Code Article 3351, constitute joint and several co-pledgees under the Pledges enjoying equal-seniority rights.

		22.2.2
	Pursuant to Civil Code Article 356, each Lender (except the Lender acting as the Pledge Manager) and the Facility Administrator hereby instruct the Pledge Manager to conclude, on behalf and in the interests of the Finance Parties, Pledges with the Pledgors (including modifications and addendums to such Pledges that have been approved by the Consent of all lenders), to sign all documents required for registration of the appropriate Pledges, encumbrances arising from the appropriate Pledges, and assignment of rights under the appropriate Pledges, and for the sending of notices to a notary public, notices of pledge creation, notices of pledge modification, and notices of deletion of information concerning a pledge (except those actions that, under applicable law or the Finance Documents, should be undertaken by the relevant Pledgor), and to exercise all the rights and perform all the duties of pledgee under such  Pledges.

		22.2.3
	The Parties acknowledge and agree that the Pledge Manager, by concluding the appropriate Pledges on behalf of the Lenders, and by exercising the rights and performing the duties of pledgee under the Pledges, is exercising the pledgee's rights solely in the interests of all the Lenders constituting such at any point in time, until the Borrower has performed its obligations in full under the Finance Documents in the manner prescribed herein. The assignment of rights by an Existing Lender to a New Lender (in the context of Clause 23.2 (Assignment of Rights and Transfer of Obligations by the Lenders)) shall not affect the rights and obligations of the Pledge Manager and the Lenders prescribed herein.

		22.2.4
	The Lenders hereby undertake not to independently exercise their rights and perform their duties as pledgees, including not to make claims against the Borrower and not to foreclose on the Borrower's assets and property, except if this pledge management agreement is terminated under Civil Code Article 356(5). At the same time, the Lenders and the Borrower agree to perform, at the Pledge Manager's request, all necessary actions (including participation in court hearings as co-claimants) and sign and issue to the Pledge Manager all necessary documents, including powers of attorney, that in the Pledge Manager's reasonable opinion are required by law and/or a court for the Pledge Manager to exercise the rights and perform the duties prescribed by the Finance Documents.

		22.2.5
	The Pledge Manager's exercise of the rights and performance of the duties of pledgee under the respective Pledges shall not prevent the Pledge Manager from performing any banking operations with the Borrower, including maintaining bank accounts, providing loans, and inviting deposits. If the Pledge Manager is also a Lender hereunder, then it shall have the same rights and obligations under the Finance Documents as any other Lender, and may exercise those rights and perform those obligations as if it were not the Pledge Manager.

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		22.2.6
	The Pledge Manager shall bear no liability for its acts or omissions toward the Lenders (other than the Lender acting as the Pledge Manager) if it acts or fails to act in accordance with the Consent of the Majority Lenders or all the Lenders.

		22.2.7
	The Pledge Manager shall bear liability toward the Parties (other than the Lender acting as the Pledge Manager) solely for direct, judicially proven losses caused by the Pledge Manager willfully or through gross negligence.

		22.2.8
	The Lenders (other than the Lender acting as Pledge Manager) and the Pledge Manager hereby confirm that the Pledge Manager shall perform its functions without being granted power of attorney and independently of the grant of such power of attorney.

	22.3
	Pledge Manager's rights and obligations

		22.3.1
	The Pledge Manager shall, on behalf and in the interests of the Lenders, conclude as pledgee the relevant Pledges, including any modifications and supplements thereto, prescribed herein or approved by the Consent of the Majority Lenders, with the Borrower and third parties, and shall exercise all the rights and perform all the duties of pledgee under such Pledges according to the terms hereof. In particular, the Pledge Manager shall take the steps required to effect registration of the relevant Pledges and encumbrances arising out of the relevant Pledges, and the sending of notices to a notary public, notices of pledge creation, notices of pledge modification, and notices of deletion of information concerning a pledge (except those actions that, under applicable law or the Finance Documents, should be undertaken by the Borrower or relevant Pledgor) within the time periods specified herein.

		22.3.2
	Immediately following the acquisition by any Lender other than the Original Lender of rights or obligations under the Finance Documents as described in Clause 23.2 (Assignment of Rights and Transfer of Obligations by the Lenders), the Pledge Manager shall take the steps required to effect registration of the pledge management agreement contained herein, and/or send notice to a notary public that that the pledge management agreement contained herein has been signed, and shall take other action required to register the Lenders as joint and several copledgees under the Pledges.

		22.3.3
	The Pledge Manager may at its discretion exercise any pledgee rights prescribed by the relevant Pledges other than the right to foreclose on the property pledged thereby, which may be exercised solely on the basis of Consent by the Majority Lenders that specifies the judicial or non-judicial foreclosure procedure and defines how the pledged property will be sold.

		22.3.4
	The Pledge Manager shall foreclose on pledged property in the manner prescribed by the relevant Pledge. Property obtained by the Pledge Manager in the Lenders' interest through foreclosure on the pledged property under the Pledges, plus any insurance indemnities paid out on property pledged under the Pledges, shall become owned in common by the Lenders according to the Proportional Share of each Lender.

		22.3.5
	The funds obtained by the Pledge Manager through foreclosure on property pledged under the Pledges, insurance indemnity payments with respect to the property pledged under the Pledges, and/or its subsequent sale as described in Clauses 22.3.3 and 22.3.4, and which are left over after reimbursement of the Pledge Manager's foreclosure costs and payment of other mandatory payments, shall be credited to the Pledge Manager's Bank Account and then distributed by the Pledge Manager among the Finance Parties in proportion to their pledge-secured claims, and among the Lenders according to the Proportional Share of each Lender.

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	22.4
	Replacement of Pledge Manager

		22.4.1
	The Lenders may, and, if the Pledge Manager meets the bankruptcy criteria, or if a bankruptcy petition has been filed in court against the Pledge Manager, or if an application has been filed for liquidation of the Pledge Manager, or if the Pledge Manager's banking license has been revoked, the Lenders shall, with the Majority Lenders' Consent, terminate the Pledge Manager's authority as of the date stated in the Majority Lenders' Consent and select a candidate from among the Lenders to become the new Pledge Manager (the "New Pledge Manager"). Each Lender and the Borrower hereby consent to replacement of the Pledge Manager by a New Pledge Manager according to the provisions of this Clause 22.4.

		22.4.2
	The Pledge Manager may unilaterally renounce its authority as pledge manager provided it notifies each Lender and the Facility Administrator at least 30 (thirty) days prior to the proposed date of termination of the Pledge Manager's authority. By Consent of the Majority Lenders, the Lenders shall select a candidate to become the New Pledge Manager no later than the proposed date of termination of the Pledge Manager's authority.

		22.4.3
	The Lenders shall ensure that the New Pledge Manager takes up the pledge manager duties referred to in Clause 22.3 (Pledge Manager's rights and obligations) starting on the date the Pledge Manager's authority terminates. The Pledge Manager shall at its own expense sign and hand over the documents it possesses that the New Pledge Manager may reasonably require in order to act as Pledge Manager under the Pledges.

		22.4.4
	The Parties agree that the New Pledge Manager shall become a party to this Agreement as pledge manager starting on the date of its appointment by the Lenders with the Consent of the Majority Lenders, unless such Consent prescribes another date. If necessary, the Facility Administrator may require the Parties to conclude an amendment hereto and, where prescribed by applicable law, of an amendment to the Pledges. On the occurrence of the relevant date, all mention of "Pledge Manager" herein shall refer to the New Pledge Manager. For the avoidance of doubt, the appointment of a New Pledge Manager hereunder shall not constitute termination of the pledge management agreement in the context of Clause 22.2.4.

		22.4.5
	As of the date the New Pledge Manager is appointed, it shall open a new nominal account in favour of the Finance Parties as beneficiaries of such account, and shall notify the Borrower and the Finance Parties that the Pledge Manager Account has changed.

		22.4.6
	The Parties agree that the provisions herein concerning the Pledge Manager's rights and obligations may be modified by an addendum entered into by the Borrower, the Facility Administrator, the Pledge Manager, and the Lenders (other than the Lender acting as the Pledge Manager). Before such addendum is signed, its content shall be approved by the Majority Lenders' Consent, which may empower a single Lender to sign such addendum with the Pledge Manager on behalf and in the interests of all the Lenders (other than the Lender acting as the Pledge Manager). The Lenders shall provide the documents and powers of attorney required for a single Lender to sign such addendum on behalf of all the Lenders (other than the Lender acting as the Pledge Manager).

	23.
	CHANGES TO THE PARTIES

	23.1
	Assignment by the Borrower

The Borrower does not have the rights to assign its rights or transfer obligations under the Finance Documents without the prior consent of all Lenders.
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	23.2
	Assignment of Rights and Transfer of Obligations by the Lenders

		23.2.1
	A Lender ("Existing Lender") is entitled at any time to fully or partially assign its rights and (or) transfer the obligations under the Finance Documents to the following persons without the consent of the Borrower and other Lenders:

		(A)
	another Lender;

		(B)
	its Affiliate;

		(C)
	the Central Bank of the Russian Federation, and also in the subsequent assignment by the central bank or other similar body of its rights and (or) the transfer of obligations to any person;

		(D)
	a Russian bank or a Russian credit or financial organisation included in the list of banks contained in Schedule 9 (List of Russian banks); or

		(E)
	any reputable foreign credit or financial organisation,

in any case, with the exception of any person in respect of which the Borrower has submitted a confirmation acceptable to the Facility Administrator (with reference to the applicable legislative acts) confirming that such person is subject to sanctions restricting the Pledgors or their Affiliates from entering into or maintaining relations with such person ("Sanctioned Person").
		23.2.2
	Where there is no Default, an Existing Lender has the right at any time to fully or partially assign its rights and (or) to transfer the obligations under the Finance Documents to other persons not mentioned in Clause 23.2.1, provided that such person is not a Sanctioned Person, and subject to receipt of the prior written consent of the Borrower, while the Borrower cannot unreasonably and without grounds refuse to provide or delay provision of such consent.

		23.2.3
	For the purposes of this Clause 23.2, "New Lender" means a person to which an Existing Lender fully or partially assigns its rights and (or) transfers obligations under the Finance Documents referred to in sub-paragraphs (A) – (E) of Clause 23.2.1 or in Clause 23.2.2.

		23.2.4
	If:

		(A)
	any Default has occurred and is continuing for 10 Business Days; or

		(B)
	any Event of Default has occurred and is continuing,

the Borrower's consent to the assignment of rights and (or) the transfer of obligations of an Existing Lender is not required, except in cases where the prospective New Lender is a Sanctioned Person. For the purposes of Article 388 of the Civil Code, each Obligor hereby confirms that for the purposes of this Clause 23.2 the identity of the Lenders is not material to it.
		23.2.5
	In the event of the assignment by an Existing Lender of its rights and the transfer of its obligations to a New Lender in accordance with this Agreement, the Borrower hereby gives its prior consent to the simultaneous transfer to the New Lender of the relevant obligations of the Existing Lender (transfer of debt), if any.

	23.3
	Procedure for assignment of rights and transfer of obligations

		23.3.1
	The assignment of rights and (or) the transfer of debt shall be carried out by a Lender Rights Assignment Agreement between the Existing Lender, the New Lender and the Facility Administrator, and shall come into effect on the date of signature of the Lender Rights Assignment Agreement, unless otherwise expressly contemplated by the Lender Rights Assignment Agreement.

		23.3.2
	No later than 5 (five) Business Days before the date of the proposed signing of the Lender Rights Assignment Agreement, the Existing Lender must notify the Facility Administrator in writing of the proposed assignment of rights and/or transfer of the debt indicating the name of the New Lender. No later than the next Business Day

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after receiving the above notification from the Existing Lender, the Facility Administrator shall send a copy of this notification to the Borrower.
		23.3.3
	If within 10 (ten) Business Days after receiving the notification specified in Clause 23.3.2 the Borrower has not provided the Facility Administrator with confirmation (containing a reference to the relevant legislative acts) confirming that this New Lender is a Sanctioned Person, on the date of signature of the Lender Rights Assignment Agreement:

		(A)
	the Existing Lender shall assign to the New Lender the rights of the Existing Lender in the amount in accordance with the Lender Rights Assignment Agreement;

		(B)
	the New Lender shall assume the obligations of the Existing Lender transferred to it in the amount in accordance with the Lender Rights Assignment Agreement;

		(C)
	the Existing Lender shall be released from its obligations to the extent that these obligations have been assumed by the New Lender; and

		(D)
	the New Lender shall become the Lender under this Agreement and will be bound by the terms of this Agreement as the Lender.

		23.3.4
	From the date of signature of any Lender Rights Assignment Agreement, reference in this Agreement to the Lender includes any New Lender.

		23.3.5
	On the date of signature of a Lender Rights Assignment Agreement, the New Lender shall pay the Facility Administrator a fee of RUB 10,000 (ten thousand), as well as VAT, included as a separate line, and calculated based on the current tax rate under the law of the Russian Federation on taxes and levies, for the services of the Facility Administrator under this Agreement.

		23.3.6
	The Facility Administrator shall notify the Obligors in writing immediately after signature of a Lender Rights Assignment Agreement about the assignment of rights and (or) transfer of obligations under this Agreement, and shall send a copy of the signed Lender Rights Assignment Agreement to each Obligor.

	23.4
	Interest payment on assignment

		23.4.1
	Interest on the Facility Outstanding, default interest and fees in respect of the Proportional Share of the Existing Lender accrued prior to the date of signature of the Lender Rights Assignment Agreement (including the date of signature) and received from the Borrower ("Accrued Amounts"), as well as other payments specified in the Lender Rights Assignment Agreement, shall be paid by the Facility Administrator to the Existing Lender on the closest Interest Payment Date after the date of signature of the Lender Rights Assignment Agreement;

		23.4.2
	The rights assigned by the Existing Lender to the New Lender will not include the right to claim Accrued Amounts; and

		23.4.3
	The New Lender will receive the amount of interest accrued on the Facility Outstanding in respect of the Proportional Share of the New Lender for that part of the Interest Period that comes after signature of the Lender Rights Assignment Agreement (excluding the date of signature) and ends on the end date of the relevant Interest Period.

	23.5
	Limitation of liability of Existing Lenders

		23.5.1
	None of the Existing Lenders shall make any representations or assume any obligations to a New Lender for:

		(A)
	the financial position of an Obligor or Pledgor;

		(B)
	the compliance or fulfilment by any Obligor of its obligations under the Finance Documents or any other documents; or

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		(C)
	the correctness of the information contained in any Finance Document.

		23.5.2
	Each New Lender confirms to the Existing Lender, other Finance Parties and each Obligor that it has studied all the Finance Documents, conducted (and will continue to conduct) its own independent study and assessment of each Obligor’s financial condition, and did not rely on any information provided to it by the Existing Lender when taking its decision to sign the Lender Rights Assignment Agreement.

	23.6
	Security over Lenders' rights

Each Lender may, without the consent of the Obligor or another Finance Party, pledge or create another Encumbrance in favour of any person that is not a Sanctioned Person for all or part of its rights under any Finance Document in order to secure the obligations of such Lender, provided that such Lender continues to fulfil its obligations under the Agreement.
	23.7
	Restriction on assignment of rights and transfer of obligations to a Sanctioned Person

The assignment of any rights, the transfer of any obligations, the pledging or creation of any Encumbrance in favour of a Sanctioned Person is invalid.
	24.
	FINANCE PARTIES

	24.1
	Lenders’ decision making

		24.1.1
	The Lenders hereby agree that in the cases expressly contemplated by this Agreement or other Finance Documents, the Lenders may exercise their rights under this Agreement or perform any actions solely with the consent of the Majority Lenders or all Lenders ("Consent").

		24.1.2
	The Lenders shall take a decision on granting Consent by holding a vote, the procedure for which is established by this Clause 24.1. In this case, the provisions of Chapter 91 (Decisions of Meetings) of the Civil Code shall not apply.

		24.1.3
	In all cases, when the Lenders vote for the purpose of the Finance Documents the vote of each Lender is equal to its Proportional Share.

		24.1.4
	The Facility Administrator, either on its own initiative or at the request of any of the Lenders or the Borrower, shall inform all the Lenders (except the Lender that is the Facility Administrator) about the issue put to a vote ("Issue put to a Vote") by sending a notice containing a description of the Issue put to a Vote, and other information deemed necessary by the Facility Administrator ("Notice of Voting"). The Notice of Voting must indicate the deadline by which the Lenders have to send notices containing the voting results of each of the Lenders regarding the Issues put to a Vote ("Lender Decision Notice"). This deadline may not be less than 5 (five) Business Days, except when the circumstances of the Issues put to a Vote are such that the voting of Lenders needs to take place sooner.

		24.1.5
	The Lender Decision Notice must be signed by an authorised person of the relevant Lender and contain the Lender’s unequivocal answer as to whether such Lender votes for or against the granting of Consent on each of the relevant Issues put to a Vote. The Facility Administrator is not obliged to verify the authority of the person who signed the Lender Decision Notice, and has the right to presume that such person was authorised unless the relevant Lender notified the Facility Administrator prior to the date on which the relevant Lender Decision Notice was sent that such person is not an authorised representative of the relevant Lender.

		24.1.6
	If any Lender (other than the Lender that is the Facility Administrator) did not send the relevant Lender Decision Notice within the deadline specified in the Notice of Voting, the Facility Administrator shall consider that such Lender voted against the granting of Consent on the relevant Issues put to a Vote.

		24.1.7
	After the deadline for sending the Lender Decision Notice established by the relevant Notice of Voting, the Facility Administrator shall determine the number of votes of the Lenders in favour of granting Consent on each of the relevant Issues

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put to a Vote within 5 (five) Business Days, and shall send a notice to the Lenders and the Borrower containing the voting results on each of the Issues put to a Vote ("Voting Results Notice").
		24.1.8
	If, in accordance with the provisions of the Finance Documents, the Consent on an Issue put to a Vote requires the votes of the Majority Lenders (but not all Lenders), the Facility Administrator shall (regardless of the expiration of the deadline established in the relevant Notice of Voting) send a Voting Results Notice within 5 (five) Business Days after receipt of the Lender Decision Notices, from which it follows that the Majority Lenders voted in favour of granting such Consent or, that Lenders, the votes of which are sufficient to prevent the Majority Lenders from granting such Consent, voted against granting such Consent.

		24.1.9
	If the Lenders whose votes are sufficient to provide such Consent in accordance with the Finance Documents, voted in favour of granting the Consent, such Consent shall be deemed to have come into effect at the time when the Facility Administrator sends the Voting Results Notice, unless a later date is specified in the corresponding Voting Results Notice.

		24.1.10
	The Notices of Voting, Lender Decision Notices and Voting Results Notices shall be sent by email and/or by fax to the email addresses or fax numbers indicated in Clause 26.2 (Addresses).

		24.1.11
	Unless otherwise expressly stipulated by a Finance Document, any Consent granted in the manner contemplated by this Clause 24.1 shall be binding on all the Finance Parties.

		24.1.12
	For the avoidance of doubt, the Lenders hereby authorise the Facility Administrator, and the Facility Administrator agrees, to act with the prior consent of the Majority Lenders or all Lenders on the basis of the relevant Consent of the Majority Lenders or all Lenders in cases where such Consent is expressly stipulated by this Agreement.

		24.1.13
	The Facility Administrator has the right to refrain from acting on the basis of instructions of the Majority Lenders (or, where applicable, all Lenders) until it received indemnity against any costs, losses or liabilities (together with any accompanying VAT), which it may incur in complying with these instructions.

		24.1.14
	In the absence of instructions from the Majority Lenders (or, where applicable, all Lenders), the Facility Administrator has the right to take actions (or refrain from taking actions) that it views as being in the Lenders’ interests.

		24.1.15
	The Facility Administrator shall only be liable to the Parties for direct losses proven in court, caused by the Facility Administrator intentionally or as a result of gross negligence.

	24.2
	Appointment of the Facility Administrator

		24.2.1
	The Parties agree that a Lender may perform the functions of a Facility Administrator. Each Finance Party (with the exception of the Lender that performs the functions of the Facility Administrator) hereby appoints the Facility Administrator as its agent and instructs it to perform the actions contemplated by the Finance Documents on behalf of and at the expense of that Finance Party.

		24.2.2
	For the avoidance of doubt, the Parties confirm that the Lender acting as the Facility Administrator has the same rights and obligations under the Finance Documents as any other Lender, and has the right to exercise these rights, including the right to vote when Consents are provided, and to fulfil the obligations as if it were not a Facility Administrator.

		24.2.3
	The performance by the Facility Administrator of its obligations under the Agreement does not prevent the Facility Administrator from executing any banking operations with any member of the Group, including maintaining bank accounts, granting loans and attracting deposits.

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		24.2.4
	If the indemnification received from the Obligors does not cover the amount of expenses or losses incurred by the Facility Administrator as a result of acting as the Facility Administrator in accordance with the terms of the Finance Documents, the Facility Administrator has the right to file a claim against the Lenders (except for the Lender acting as the Facility Administrator) and each Lender (except for the Lender acting as the Facility Administrator) shall, within 10 (ten) Business Days from date on which the Facility Administrator's claim was filed, indemnify it in the amount corresponding to the Lender’s Proportional Share, for any documented expenses or losses incurred by the Facility Administrator (except in the event of the Facility Administrator's gross negligence or wilful misconduct) as a result of acting as the Facility Administrator in accordance with the terms of the Finance Documents, to the extent not covered by the amount of indemnification received from any Obligor.

		24.2.5
	The Facility Administrator shall not be liable to the Lenders for its actions (or omissions), if it acts (or does not act) in accordance with the Consent of the Majority Lenders or all Lenders.

		24.2.6
	The Facility Administrator shall only be liable to the Lenders for losses caused by the Facility Administrator intentionally or as a result of gross negligence.

		24.2.7
	When the terms of the Agreement do not require the Consent of the Majority Lenders or all Lenders, the Facility Administrator shall act (or refrain from acting) at its own discretion in the best interests of the Lenders.

	24.3
	Duties of the Facility Administrator

		24.3.1
	Subject to Clause 24.3.2, each Finance Party (with the exception of the Facility Administrator) instructs the Facility Administrator, while the Facility Administrator agrees, to perform the following actions:

		(A)
	keep records of the Cash provided to the Borrower by each of the Lenders in accordance with this Agreement;

		(B)
	receive any payments due to the Finance Parties from the Obligors under this Agreement into the Facility Administrator's Account, and transfer the amounts received from the Obligors to the relevant Finance Party in accordance with the terms of this Agreement;

		(C)
	receive any Facility amounts from the Lenders into the Facility Administrator's Account, and transfer the Facility amounts received from the Lenders to the Borrower in accordance with the terms of this Agreement;

		(D)
	notify the Borrower and Lenders about the interest rate for each Interest Period;

		(E)
	sign, on behalf of all the Finance Parties, amendments to this Agreement, as well as any consents, confirmations, waivers and other documents contemplated by this Agreement, on the terms agreed in the Consent of the Majority Lenders or all Lenders, depending on the nature of the changes, consents, confirmations, waivers or other documents;

		(F)
	inform the Lenders of the Borrower's fulfilment (or non-fulfilment) of the conditions precedent for submitting a Utilisation Request under this Agreement;

		(G)
	provide the Parties and (or) other persons contemplated under this Agreement with documents and information received from the Borrower and third parties (including, inter alia, sending to the relevant Party an original or a copy of any document received by the Facility Administrator from any other Party to be forwarded to this Party), however the Facility Administrator is not obliged to examine or verify the correctness, accuracy or completeness of such documents and information;

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		(H)
	notify the Finance Parties of the receipt of a communication from any Party containing a description of an event or circumstance and a statement to the effect that such an event or circumstance constitutes Default;

		(I)
	inform the Lenders that the Facility Administrator has received the Borrower's request for a waiver under this Agreement;

		(J)
	arrange the granting of Consents by the Majority Lenders or all Lenders at its own initiative or at the request of the Majority Lenders;

		(K)
	keep a register of all Parties (with the addresses, contact details of all Lenders at any time and the Proportional Share of each Lender) and provide a copy of this register for information purposes upon the request of any Party;

		(L)
	notify the Lenders if an Obligor has failed to pay any amount of the Facility Outstanding, interest, fees or other amounts payable to any Finance Party (other than the Facility Administrator) under the Finance Documents;

		(M)
	in the event of the Facility Administrator's resignation, transfer to the New Facility Administrator (defined in Clause 24.4.4) all documents received by the Facility Administrator from the Parties, or created by the Facility Administrator in the process of fulfilling its duties; and

		(N)
	perform all other actions (or refrain from actions) which are contemplated by this Agreement and other Finance Documents or are required for the Lenders to exercise their rights under this Agreement or other Finance Documents after having obtained the relevant Consent of the Majority Lenders or all Lenders, depending on the circumstances.

		24.3.2
	The Facility Administrator has the right not to exercise any rights and authority granted in accordance with Clause 24.3.1 if the Consent of the Majority Lenders or all Lenders is required to exercise such rights and authority in accordance with the terms of this Agreement, and the Facility Administrator had not received such Consent of the Majority Lenders or all Lenders in the manner prescribed by this Agreement.

	24.4
	Resignation of the Facility Administrator

		24.4.1
	The Facility Administrator has the right, after having notified the other Finance Parties and the Obligors not less than fifteen (15) days in advance, to refuse to discharge the duties of the Facility Administrator, subject to the provisions of paragraph 7 of Article 8 of the Syndicated Loan Law. In this case, the Majority Lenders (after consultation with the Borrower) are entitled to appoint the Facility Administrator’s successor no later than the proposed date on which the Facility Administrator shall resign.

		24.4.2
	The resigning Facility Administrator shall, at its own expense, provide the Facility Administrator's successor with the documents available to the Facility Administrator, as well as provide the assistance that the Facility Administrator's successor may reasonably require in order to act as the Facility Administrator under the Finance Documents.

		24.4.3
	In the event that the Facility Administrator’s banking license is revoked (1) the authority of the Facility Administrator shall automatically terminate from the date of the banking license's revocation, and (2) the Facility Administrator or any Lender that has received information about the revocation of the Facility Administrator's banking license, shall notify the other Parties ("License Revocation Notice”) during the Business Day following the day when the Facility Administrator or relevant Lender received information about the revocation of the Facility Administrator’s banking license.

		24.4.4
	In the event of the resignation of the Facility Administrator or the termination of its powers at the initiative of the Lenders, the Lenders, with the Consent of the Majority

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Lenders, shall appoint a new Facility Administrator from among the Lenders (the "New Facility Administrator"), and each Finance Party and the Borrower hereby confirm their consent to such possible appointment. At the request of the Facility Administrator, the Borrower shall provide the written consent of each other Obligor to such possible appointment of the New Facility Administrator. In the Consent, the Lenders shall determine the date of termination of the authority of the Facility Administrator, and the procedure whereby the New Facility Administrator shall send a notice of the termination of the authority of the Facility Administrator to the other Parties ("Notice of Termination of Authority"). Moreover, in the event of the resignation of the Facility Administrator, its authority will automatically terminate 15 (fifteen) days after the Facility Administrator has sent the notice in accordance with Clause 24.4.1, unless an earlier date is stipulated by the Consent of the Lenders or the Facility Administrator does not agree to a later date of termination of its authority.
		24.4.5
	The Parties agree that the New Facility Administrator will become a party to this Agreement as the Facility Administrator after the adoption of the Consent of the Majority Lenders on the appointment of a New Facility Administrator, from the date of signature of an agreement on making the relevant changes to this Agreement, unless another date is specified in this agreement (the "Date of Accession of the New Facility Administrator"). Thereafter, any reference to the Facility Administrator in this Agreement will refer to the New Facility Administrator.

		24.4.6
	From the Date of Accession of the New Facility Administrator, the New Facility Administrator must ensure that a new account is opened and notify the Borrower and the Finance Parties that the Facility Administrator's Account has been substituted within 5 (five) Business Days from the Date of Accession of the New Facility Administrator.

		24.4.7
	From the date of termination of the authority of the Facility Administrator to the Date of Accession of the New Facility Administrator, the Parties hereby agree that the Lender with the largest Proportional Share or, in the absence of such, the Lender appointed by the Consent of the Majority Lenders, shall act as temporary Facility Administrator under the Agreement ("Temporary Facility Administrator").

		24.4.8
	The Parties agree that from the date of receipt by the Borrower of the Notice of Termination of Authority or of the License Revocation Notice to the Date of Accession of the New Facility Administrator, the Borrower shall procure that it and also the other Obligors make all payments provided for in this Agreement to the account of the Temporary Facility Administrator, whose details must be provided by the Temporary Facility Administrator to the Borrower on the first day on which it exercises the authority of facility administrator under this Agreement.

		24.4.9
	If the Facility Administrator, whose authority has been terminated for any reason, receives any payments from the Parties, it undertakes, subject to the requirements of the applicable law, to transfer such payments to the Temporary Facility Administrator on the same Business Day, so that the relevant amounts can then be transferred to the Party to which they are owed.

	24.5
	Arranger

The Arranger does not bear any obligations in relation to other Parties, unless this is expressly stipulated in the Finance Documents.
	25.
	PAYMENT MECHANISM

	25.1
	General Provisions

The Borrower shall procure that it, as well as each other Obligor, make payments in accordance with the provisions of this Clause 25.
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	25.2
	Payments to the Facility Administrator

Unless otherwise expressly stipulated in this Agreement, on each date on which an Obligor or Finance Party must make a payment to a Party under the terms of a Finance Document, such Obligor or Finance Party must transfer the relevant amount into the Facility Administrator's Account (unless the context of a Finance Document otherwise requires) with valuation on the date of the payment due date. All payments to be made by an Obligor under a Finance Document must be transferred into the Facility Administrator's Account no later than 17:00. Payments of an Obligor that are received into the Facility Administrator’s Account later than the specified time shall be considered received on the following Business Day.
	25.3
	Distribution of funds by the Facility Administrator

		25.3.1
	The funds received by the Facility Administrator from an Obligor in fulfilment of its obligations to the Lenders under a Finance Document, as well as those received from the Facility Administrator as a result of enforcement under Security Agreements, shall be distributed among the Lenders according to each Lender's Proportional Share.

		25.3.2
	Each amount of funds transferred into the Facility Administrator's Account for another Party shall be transferred by the Facility Administrator no later than 11:00 of the next Business Day to the Party for which this amount of funds was intended, into an account whose details shall be provided to the Facility Administrator by the relevant Party at least 5 (five) Business Days before the payment date. The Facility Administrator shall transfer this amount to the relevant Party after it has determined that it has received the required amount in full.

	25.4
	Partial payments

If the Facility Administrator receives an amount that is not sufficient to fully repay all amounts payable by an Obligor under the terms of the Finance Documents at the relevant time, the Facility Administrator shall use that amount to repay that Obligor’s obligations under the Finance Documents in the following order of priority, unless otherwise provided by law:
		25.4.1
	firstly, to indemnify the Finance Parties for the expenses incurred in connection with the enforcement of their claims against the Obligor;

		25.4.2
	secondly, for the payment of accrued interest on the Facility Outstanding;

		25.4.3
	thirdly, to repay the Facility Outstanding owed on the relevant date;

		25.4.4
	fourthly, for the payment of fees due to the Finance Parties;

		25.4.5
	fifthly, for the payment of accrued default interest; and

		25.4.6
	sixthly, for the payment of any other amounts due from the Obligor under the terms of the Finance Documents.

	25.5
	Payments not through the Facility Administrator

The Obligor's transfer of any funds towards payments due to a Finance Party under Finance Documents, without going through the Facility Administrator's Account, does not constitute proper fulfilment by the Obligor of its obligations under Finance Documents. If the Lender receives any payment owed to it under a Finance Document directly from the Obligor (and not from the Facility Administrator), such Lender shall transfer the amount received from the Obligor into the Facility Administrator’s Account on the same Business Day for distribution among all Finance Parties according to their Proportional Share in the manner prescribed by Clause 25.4 (Partial payments). Thereafter, the Obligor will be deemed to have fulfilled its payment obligations under a Finance Document only to the extent of the amount received by all Finance Parties from the Facility Administrator in accordance with the provisions of this Clause 25.5.
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	25.6
	No set-off by Obligors

The Borrower shall make (and shall procure that other Obligors make) any payments under the Finance Documents without offsetting any uniform counter-claims that the relevant Obligor may have against any Finance Party.
	25.7
	Payment currency

The Obligors shall make all payments under Finance Documents in Roubles, except for the indemnification of the Finance Parties for expenses incurred in connection with Finance Documents, which shall be paid by the Obligors in the same currency in which they were incurred, provided that this is not inconsistent with the currency legislation of the Russian Federation ("Agreement Currency"). The monetary obligations of the Obligors shall be deemed fulfilled only if the relevant amounts have been received by the Facility Administrator in the Agreement Currency. If any amounts under a Finance Document are received towards the Obligors’ obligations in a currency other than the Agreement Currency, and the Facility Administrator converts the amount received into the Agreement Currency, the Borrower shall indemnify (and procure that other Obligors indemnify) the Facility Administrator for its expenses related to converting the amount received into the Agreement Currency (at the internal rate of the Facility Administrator), and also indemnify the difference between the amount due from the Obligors in the Agreement Currency, and the amount received by the Facility Administrator as a result of the conversion of the funds received from the Borrower into the Agreement Currency.
	25.8
	Payment due date

		25.8.1
	If payment under a Finance Document falls due on a non-Business Day, the next Business Day shall be considered the payment deadline.

		25.8.2
	If any Finance Document does not stipulate the due date of any payment, such payment must be made by the Obligor within 5 (five) Business Days after receipt of the demand of the relevant Finance Party from the Facility Administrator.

	26.
	NOTICES

	26.1
	Communications in writing

Any communications sent by Parties to the Finance Documents must be made in writing and may be sent by courier, mail with notification of delivery, fax or other means whereby it can be reliably established that the communication is from a Party to the Finance Documents. For the purposes of this Agreement, a communication transmitted using electronic means of communication shall be considered a written communication.
	26.2
	Addresses

		26.2.1
	Save for the exceptions set out below, the contact details of each Party for all communications in connection with this Agreement are the details that such Party has provided to the Facility Administrator for this purpose.

		26.2.2
	Contact details of the Borrower:

Headhunter Limited Liability Company
	Address:
	9 Godovikova Street, Building 10, Moscow, 129085, Russian Federation

	Fax number:
	+7 495 974 64 27

	Email:
	moiseev@hh.ru

	FAO:
	Grigory Moiseev

​
		26.2.3
	Contact details of Facility Administrator:

VTB Bank (Public Joint-Stock Company)
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64

	Location:
	29 Ul. Bolshaya Morskaya, Saint Petersburg, Russian Federation, 190000

	Postal address:
	Building 1, 43 Ul. Vorontsovskaya, Moscow, 109147

	Telex:
	412362 BFTR RU

	Phone:
	+7 495 739-77-39

	Telefax:
	+7 495 775-54-54

	Email:
	loanadmin@msk.vtb.ru, TM21@msk.vtb.ru

	FAO:
	The Credit Administration

​
		26.2.4
	Each Lender shall provide its contact details to the Facility Administrator, which will in turn provide them to any other Party as and when requested.

		26.2.5
	Any Party has the right to change its contact details by giving the Facility Administrator at least 5 (five) Business Days’ prior notice. The Facility Administrator will notify all other Parties of the amended contact details.

		26.2.6
	If a Party indicates a specific office or official as the recipient of a communication, the communication will not be deemed to have been delivered unless such department or official is indicated as the recipient.

	26.3
	Delivery of notices

		26.3.1
	Any communication or document sent by one Party to another Party in connection with the Finance Documents shall be deemed to have been received:

		(A)
	when sent by fax or in any other way whereby it can be reliably established that the communication is from a Party to the Finance Documents: upon receipt in a legible form; or

		(B)
	when sent by courier: upon delivery to the appropriate address; or

		(C)
	when sent by mail: upon delivery to the appropriate address or 5 (five) Business Days after being deposited in the post postage prepaid with notification of delivery, depending on which occurs earlier.

		26.3.2
	All notifications sent by the Obligor or to the Obligor shall be transmitted through the Facility Administrator.

	26.4
	Language

Any notification or communication sent by a Party in connection with any Finance Document must be in Russian. For the avoidance of doubt, the text in Russian may be accompanied by a translation into another language, however the text in Russian shall prevail.
	26.5
	Replies to requests from the Borrower

If the Borrower sends a request for consent in accordance with the terms of this Agreement to the Facility Administrator, such request is considered rejected if the Facility Administrator has not sent a positive reply to the Borrower within 10 (ten) Business Days from the date of receipt of the request.
	27.
	SEVERABILITY

If any provision of this Agreement is or becomes illegal, invalid or unenforceable, this shall not affect the legality, validity or enforceability of any other provisions of this Agreement.
	28.
	AMENDMENT OF AGREEMENT

		28.1.1
	Any provision of this Agreement may be modified by a written agreement signed by the Borrower and the Facility Administrator, acting in accordance with the Consent of the Majority Lenders, except for the cases listed in Clause 28.1.2.

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		28.1.2
	The provisions of the Agreement relating to:

		(A)
	the definition of "Majority Lenders" in Clause 1.1 (Terms);

		(B)
	an extension to the date of payment of any amount under the Finance Documents;

		(C)
	a reduction in the Margin or any other amount due from any Obligor;

		(D)
	an increase the amount of any Available Commitment or the Total Commitments or an extension of the Utilisation Period or a change of the Final Repayment Date;

		(E)
	any provision of the Agreement which expressly requires the consent of all the Lenders;

		(F)
	the provisions of Clause 23 (Changes to the Parties) and this Clause 28 (Amendment of Agreement);

		(G)
	the provisions of Clause 21 (Events of Default); or

		(H)
	changes in the Agreement Currency, as defined in Clause 25.7 (Payment currency),

as well as any provisions of the Security Documents, may not be modified without obtaining the Consent of all Lenders.
		28.1.3
	A material change of the circumstances described in Article 451 of the Civil Code cannot serve as grounds for amending or terminating this Agreement.

	29.
	CONFIDENTIALITY

	29.1
	Confidential information

Each Finance Party agrees to keep all Confidential Information confidential and not to disclose it to anyone, save to the extent permitted by Clause 29.2 (Disclosure of Confidential Information).
	29.2
	Disclosure of Confidential Information

Confidential Information that constitutes bank secrecy in accordance with the law is not subject to disclosure. The Finance Party has the right to disclose Confidential Information that does not constitutes bank secrecy:
		29.2.1
	to its Affiliates, professional consultants and auditors, if the person to whom such Confidential Information is being provided is informed in writing of its confidential nature, except that there shall be no such requirement to so inform if the recipient is subject to professional obligations to maintain the confidentiality of such information;

		29.2.2
	to any persons:

		(A)
	to which the Finance Party transfers (or intends to transfer) any of its rights and (or) obligations under the Finance Documents or which may become a new Facility Administrator, and also, in each case, to the professional consultants of such persons, provided that such persons (with the exception of professional consultants who, by virtue of their professional duties, must maintain confidentiality with respect to such information) assume the obligation to maintain confidentiality with respect to the Confidential Information on the conditions contemplated by this Agreement;

		(B)
	with which the Finance Party concludes a sub-participation agreement in relation to the Facility or another transaction, payments under which can be made with reference to any Finance Documents and/or Obligors and their professional consultants, provided that such persons (with the exception of professional consultants who, by virtue of their professional duties, must maintain confidentiality with respect to such information) assume the

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66

obligation to maintain confidentiality with respect to the Confidential Information on the conditions contemplated by this Agreement;
		(C)
	specified in the request of a prosecutor's office, court, investigating body, an administrative, banking or currency supervision body (including the Central Bank of the Russian Federation), tax body or other state body acting within their remits as established by law;

		(D)
	which is a Party; or

		(E)
	with the consent of the Borrower, Obligor or Pledgor;

		29.2.3
	to any rating agency (including its professional consultants) in order to assign a rating to the Finance Documents and (or) Obligors; and

		29.2.4
	to any credit reference agency in accordance with the Credit Histories Law.

	29.3
	Notification of disclosure

		29.3.1
	Each Finance Party agrees to inform the Borrower about circumstances where Confidential Information is disclosed in accordance with Clause 29.2.2(C), unless such information is disclosed to a state authority as part of its normal supervisory or regulatory functions.

		29.3.2
	The Lenders hereby inform the Borrower that the details of the Borrower and this Agreement, specified in Article 4 of the Credit Histories Law, will be transmitted to the relevant credit reference agency in accordance with the Credit Histories Law.

	29.4
	Obligations of the Obligors

The Borrower shall procure that it, as well as each other Obligor, keep all provisions of the Finance Documents confidential, except for the disclosure of such information:
		29.4.1
	to the bank through which settlements under this Agreement are made;

		29.4.2
	to its shareholders/members;

		29.4.3
	to its Affiliates, professional consultants and auditors provided that the person to whom such Confidential Information is provided is informed in writing of its confidential nature. However there shall be no such requirement to so inform if the recipient is subject to professional obligations to maintain the confidentiality of such information;

		29.4.4
	upon a request of a prosecutor's office, court, investigating body, an administrative, banking or currency supervision body, tax body or other state body acting within their remits as established by law;

		29.4.5
	in accordance with the mandatory provisions of the applicable law, including, in accordance with the requirements of the stock exchange or the regulatory authority, whose authority extends to such Obligor, or to which it is reasonably subject; or

		29.4.6
	with the consent of the Facility Administrator.

	29.5
	Continuing obligations

The provisions of this Clause 29 (Confidentiality) shall remain in force and continue to be legally binding for each Finance Party within twelve (12) months from the earlier of:
		29.5.1
	the date on which all amounts payable by the Obligors in accordance with this Agreement are paid in full; and

		29.5.2
	the date on which such Finance Party will otherwise cease to be a Finance Party.

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	30.
	APPLICABLE LAW

This Agreement, as well as the rights and obligations of the Parties arising under this Agreement, are governed by the laws of the Russian Federation and are subject to interpretation in accordance with them.
	31.
	DISPUTE RESOLUTION

		31.1.1
	Any dispute in connection with this Agreement, including regarding the interpretation of its provisions, its existence, validity or termination, is to be resolved out of court by one Party sending the other Party the relevant demand (claim). If a Party does not receive a response to the submitted demand (claim) and the dispute is not resolved within 10 (ten) Business Days from the date of receipt of the relevant demand (claim) by the other Party, such dispute may be resolved in court in accordance with Clause 31.1.2.

		31.1.2
	Subject to the provisions of Clause 31.1.1, in the event of any dispute arising out of this Agreement, including regarding the interpretation of its provisions, existence, validity or termination, such dispute is to be considered in the Moscow Arbitrazh Court. Each Finance Party intending to file a claim against a Borrower in accordance with this Clause 31 shall notify the other Finance Parties of its intention (by sending the relevant information to the Facility Administrator).

	32.
	COUNTERPARTS

This Agreement is executed by the Parties in 3 (three) original counterparts, having equal legal force in the form of a single document.
This Agreement is signed on the date specified at the beginning of this Agreement.
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SCHEDULE 1
THE PARTIES, AVAILABLE СOMMITMENTS AND SECURITY
PART A
ORIGINAL LENDERS AND AVAILABLE COMMITMENTS
​
	​

	​

	​

	Tranche
	Available Commitment
	Original Lender

	Tranche 1
	RUB 4,615,000,000.00
	VTB Bank (PJSC)

	Tranche 2
	RUB 4,000,000,000.00
	VTB Bank (PJSC)

​
PART B
THE OBLIGORS
​
	​

	​

	​

	​

	Term
	Name
	Registration number
	Location

	Borrower
	Headhunter LLC
	1067761906805
	9 Godovikova Street, Building 10, Moscow, 129085, Russian Federation

	Headhunter Group
	HEADHUNTER GROUP PLC
	HE 332806
	Company: 42 Dositheou, Strovolos 2028, Nicosia, Cyprus
Moscow Branch: 9 Godovikova Street, Building 10, Moscow, 129085, Russian Federation

	Headhunter FSU
	Headhunter FSU Limited
	HE 178226
	Company: 42 Dositheou, Strovolos 2028, Nicosia, Cyprus
Moscow Branch: 9 Godovikova Street, Building 10, Moscow, 129085, Russian Federation

	Zemenik
	Zemenik LLC
	1167746153860
	14 Krzhizhanovskogo Street, Building 3, Suite 304, Moscow, 117218, Russian Federation

​
​

69

PART C
SECURITY AGREEMENTS
​
	​

	​

	​

	​

	​

	Type of Security
	Date of Security Agreement
	Pledgor / Guarantor
	Pledge
	Applicable Law

	Pledge of participatory interest
	No later than first Utilisation Date
	Headhunter FSU
	100% of Borrower's charter capital
	Russian Federation

	Pledge of shares
	No later than first Utilisation Date
	Zemenik
	100% minus 1 share in Headhunter FSU
	Republic of Cyprus

	Pledge of shares
	No later than first Utilisation Date
	Headhunter Group
	1 share in Headhunter FSU
	Republic of Cyprus

	Independent guarantee
	No later than first Utilisation Date
	Headhunter Group
	—
	Russian Federation

	Independent guarantee
	No later than first Utilisation Date
	Zemenik
	—
	Russian Federation

	Independent guarantee
	No later than first Utilisation Date
	Headhunter FSU
	—
	Russian Federation

​
​
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SCHEDULE 2
CONDITIONS PRECEDENT
PART A
CONDITIONS PRECEDENT FOR SUBMITTING FIRST UTILISATION REQUEST
1.FINANCE DOCUMENTS
Each of the following Finance Documents in a form acceptable to the Facility Administrator, properly executed by each party thereto or issued by the appropriate person:
	1.1
	this Agreement;

	1.2
	the Borrower Participatory Interest Pledge;

	1.3
	the Pledge of Headhunter FSU (Headhunter Group) Shares;

	1.4
	the Pledge of Headhunter FSU (Zemenik) Shares;

	1.5
	each Independent Guarantee.

2.DOCUMENTS CONCERNING OBLIGORS REGISTERED IN THE RUSSIAN FEDERATION
2.1A notarised copy of:
		2.1.1
	the Obligor's duly registered charter and valid amendments and supplements thereto, stamped by the authorised tax office (including the relevant record entry pages or registration certificates);

		2.1.2
	the Obligor's certificate of state registration;

		2.1.3
	the Obligor's tax registration certificate from the tax office for the company's location.

2.2An up-to-date extract from the Unified State Register of Legal Entities regarding the Obligor, issued by the authorised tax office and containing information as of no earlier than 7 (seven) days prior to the date of this Agreement (including in the form of an electronic document with the protected electronic signature of the authorised tax office).
2.3An information letter as of the date falling no earlier than 14 (fourteen) days prior to this Agreement, issued by the tax body that the Obligor is registered with, confirming that it has no outstanding obligations to the state budget or other extra-budgetary funds or, where such outstanding obligations exist, confirming that there is a repayment schedule for these obligations agreed with the relevant body.
2.4Original or notarised copy of a decision of the Obligor's authorised management body approving the terms of the Finance Documents to which the relevant Obligor is party, and the transactions thereunder, as well as any transactions related to them, including (where applicable) on approving a transaction as a major transaction and (or) as an interested-party transaction (as these terms are defined by the laws of the Russian Federation).
2.5Certified copies of the documents on appointing the sole executive body or other authorised persons with the right of signature, provided for by the charter, of the Obligor.
2.6A notarised and, if applicable, apostilled copy of the power of attorney granting the Obligor's authorised persons the authority needed to sign the Finance Documents to which the respective Obligor is party, or, where appropriate, to sign or send any documents or notifications in connection with any Finance Documents to which the respective Obligor is party (if applicable).
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71

2.7The specimen signature card of each person authorised to sign on the Obligor's behalf the Finance Documents to which it is party, or, as the case may be, to sign or send any documents or notifications in connection with Finance Documents to which the respective Obligor is party (if applicable).
2.8A document signed by an authorised representative of the Obligor, confirming, inter alia, that:
		2.8.1
	each document (either original or copy) provided by each of the Obligors or on its behalf in accordance with this Schedule 2 is genuine, contains complete and up-to-date information, has full legal force, has not been changed, cancelled, withdrawn or terminated and that, as of the date not earlier than the date of this Agreement, no new documents were issued in connection with the issues addressed in the relevant document;

		2.8.2
	all corporate approvals required in accordance with applicable law in respect of the Finance Documents to which the relevant Obligor is party and the transactions thereunder, including approvals of such transactions as major transactions or interested-party transactions, have been received by the relevant Obligor;

		2.8.3
	the total value of transactions under the Finance Documents to which the relevant Obligor is party amounts to over fifty (50) percent of the book value of the assets of the relevant Obligor; and

		2.8.4
	with regard to the Borrower, the Regulated Procurement Law does not apply to the conclusion by the Borrower of the Finance Documents to which it is party (however, such confirmation should not apply to the application of the Regulated Procurement Law to any Finance Party).

	3.
	DOCUMENTS IN RESPECT OF THE OBLIGORS REGISTERED IN CYPRUS

	3.1
	Apostilled copy of the certificate of incorporation issued by the Department of the Registrar of Companies of Cyprus.

	3.2
	Apostilled copy of the memorandum and articles of association (together with all changes and additions to them) in Greek (with the Department of the Registrar stamp on them) and in English.

	3.3
	Apostilled original certificate of address of the registered office, issued by the Department of the Registrar of Companies of Cyprus and dated not earlier than 30 (thirty) days before this Agreement.

	3.4
	Apostilled original certificate of directors and secretary issued by the Department of the Registrar of Companies of Cyprus and dated not earlier than 30 (thirty) days before this Agreement.

	3.5
	Apostilled original certificate of the shareholders of Headhunter FSU, issued by the Department of the Registrar of Companies of Cyprus and dated not earlier than 30 (thirty) days before this Agreement.

	3.6
	Certified copy of the register of directors and secretaries dated no earlier than 1 (one) day before this Agreement.

	3.7
	Certified copy of the register of members dated no earlier than 1 (one) day before this Agreement.

	3.8
	Certified copy of the register of mortgages and other charges dated no earlier than 1 (one) day before this Agreement.

	3.9
	An original incumbency certificate, the form and substance of which is acceptable to the Facility Administrator, along with all documents submitted in accordance with such incumbency certificate.

	3.10
	A notarised and, if applicable, apostilled copy or apostilled original of the resolution of the board of directors and shareholders or any other authorised body, as contemplated by the constitutional documents of each Obligor:

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72

		3.10.1
	on approving the terms of the Finance Documents to which the relevant Obligor is party, and the transactions thereunder, and resolving that the relevant Obligor shall sign the Finance Documents to which the relevant Obligor is party;

		3.10.2
	on granting the relevant person or persons with the authority needed to sign the Finance Documents to which the relevant Obligor is party, on the latter's behalf; and

		3.10.3
	on granting the relevant person or persons with the authority needed to sign on behalf of the relevant Obligor all documents and notifications, which must be signed by the relevant Obligor in accordance or in connection with the Finance Documents to which the relevant Obligor is party.

	3.11
	A notarised and, if applicable, apostilled copy of a power of attorney granting the authorised persons of the relevant Obligor with the authority needed to sign the Finance Documents to which the relevant Obligor is party, or, where appropriate, to sign or send any documents or notifications in connection with the Finance Documents to which the relevant Obligor is party (if applicable).

	3.12
	An original signature sample of each person granted the authority on the basis of the resolution referred to in Clause 3.10.2 above.

	3.13
	An original document, signed by an authorised representative of the relevant Obligor, confirming that each document (either original or copy) provided by the relevant Obligor or on its behalf in accordance with this Schedule 2 is genuine, contains complete and up-to-date information, has full legal force, has not been changed, cancelled, withdrawn or terminated and that, as of the date not earlier than the date of this Agreement, no new documents were issued in connection with the issues addressed in the relevant document;

	4.
	LEGAL OPINIONS

A legal opinion prepared by Alexandros Economou LLC, the Facility Administrator's legal adviser on Cypriot law, in a form acceptable to the Facility Administrator and approved by the Facility Administrator before this Agreement is signed that is addressed to the Finance Parties who constitute such as of the date of such opinion.
	5.
	OTHER DOCUMENTS AND EVIDENCE

	5.1
	A duly concluded amendment agreement to each bank account agreement entered into with the Original Lender, providing consent to the direct debiting of funds by the Facility Administrator on the basis of collection orders, bank orders, payment demands or other documents, for the purposes of the performance of the Borrower’s obligations under the Finance Documents, with the possibility of partial performance where there are insufficient funds on the Borrower’s account.

	5.2
	Confirmation of payment of the Facility fee specified in Clause 11.2 (Facility Fee).

	5.3
	Confirmation of payment of remuneration to legal advisors (Herbert Smith Freehills CIS LLP and Alexandros Economou LLC).

	5.4
	Any other permits or other documents, opinions or representations which the Obligors were told by the Facility Administrator were necessary or expedient for the conclusion and execution of any Finance Documents and transactions thereunder, or for ensuring the validity and enforceability of any Finance Documents.

PART B
CONDITIONS PRECEDENT FOR THE TRANCHE 1 UTILISATION REQUEST
	1.
	LOAN AGREEMENTS BETWEEN THE BORROWERS

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73

	1.1
	Borrower-certified copies of each Loan Agreement Between the Borrowers in a form approved by the Facility Administrator.

	1.2
	Original or copy, properly certified by the relevant company, of a resolution by the authorized governing body of the Borrower, Zemenik, and Headhunter Group approving the terms of the Loan Agreements Between the Borrowers to which the relevant company is party and the transactions they contemplate, as well as any associated transactions, including (as the case may be) approval of a transaction as a major transaction and/or a non-arms-length transaction (in the meaning given those terms by Russian Federation law).

	1.3
	A notarised and, if applicable, apostilled copy of the power of attorney granting authorised representatives of the Borrower, Zemenik, and Headhunter Group the authority required to sign the Loan Agreements Between the Borrowers to which the relevant company is party, or, as appropriate, the authority required to sign or send any documents or notices involving the Loan Agreements Between the Borrowers to which the relevant company is party (if applicable).

	1.4
	Borrower-certified copies of Zemenik's and the Borrower's corporate approvals and powers of attorney for the signing of such loan agreements.

	1.5
	Irrevocable instructions signed by the Borrower for the transfer of loan amounts under each Loan Agreement Between the Borrowers.

	1.6
	An irrevocable instruction signed by Zemenik for transfer of the loan amount under the relevant Loan Agreement Between the Borrowers for early loan repayment under the Existing Facility Agreement in which Zemenik is the borrower.

	1.7
	An irrevocable instruction signed by Headhunter Group for transfer of the loan amount under the relevant Loan Agreement Between the Borrowers for early loan repayment under the Existing Facility Agreement in which Headhunter Group is the borrower.

PART C
CONDITIONS PRECEDENT FOR THE TRANCHE 2 UTILISATION REQUEST
	1.
	GENERAL CORPORATE PURPOSES

For utilisation of the Facility Tranche 2 for the purposes referred to in Clause 3.2.1 of the Agreement:
	1.1
	Borrower's certificate confirming a change in Cash Receipts and Revenue of the Group compared to the same period in the previous year, for the period from the last Test Date.

	1.2
	Compliance certificate, to be provided per Clause 17.2 of the Agreement, based on planned utilisation of Facility Tranche 2.

	2.
	ACQUISITIONS

For utilisation of the Facility Tranche 2 for the purposes referred to in Clause 3.2.2 of the Agreement.
	2.1
	Information and documents on the balance sheet and liabilities of the asset being acquired, along with explicatory material concerning its market value, including:

		2.1.1
	due diligence report for asset being acquired;

		2.1.2
	the structure of the group and shareholders of the asset being acquired;

		2.1.3
	research of the relevant market of the asset being acquired;

		2.1.4
	calculation of synergies; and

2.1.5other relevant documents (financial models).
	2.2
	Compliance certificate, to be provided per Clause 17.2 of the Agreement, based on planned utilisation of Facility Tranche 2.

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	3.
	DIVIDENDS PAYOUT

For utilisation of the Facility Tranche 2 for the purposes referred to in Clause 3.2.3 of the Agreement.
	3.1
	A tax consultant's and/or legal consultant's opinion on the tax consequences and possibility of going forward with the planned distribution in a form and substance acceptable to the Facility Administrator.

	3.2
	Compliance certificate, to be provided per Clause 17.2 of the Agreement, based on planned utilisation of Facility Tranche 2.

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SCHEDULE 3
FORM OF UTILISATION REQUEST
	From:
	[name of Borrower]

	To:
	[Name of Facility Administrator]

	Date:
	[•]

​
Dear Sirs,
Syndicated Facility Agreement dated __ August 2020 (as amended) (the "Agreement")
	1.
	We refer to the Agreement. The terms defined in the Agreement have the same meaning in this Utilisation Request, unless they are given a different meaning in this Utilisation Request.

	2.
	We request that the Facility be granted on the following terms:

​
	Tranche:
	[•]

	Purpose:
	[refer to Clause 3 (Purpose)]

	Utilisation Date:
	[•]

	Facility Currency:
	Roubles

	Amount in Facility currency:
	[•]

​
	3.
	We confirm that as of the date of this Utilisation Request every Initial Condition Precedent for Tranche [•] specified in Clause [4.1] of the Agreement has been satisfied and] all the representations listed in Clause 16 (Representations) of the Agreement remain true.

	4.
	The funds under this Facility must be transferred to [specify account].

	5.
	This Utilisation Request is irrevocable.

Yours Sincerely,
.......................................
[Authorised Representative]
[name of Borrower]
​

76

SCHEDULE 4
FORM OF LENDER RIGHTS ASSIGNMENT AGREEMENT
AGREEMENT FOR
ASSIGNMENT OF RIGHTS (CLAIMS) [AND TRANSFER OF DEBT]
_______________________ [•]
BETWEEN
[EXISTING LENDER]
[NEW LENDER]
AND
[FACILITY ADMINISTRATOR]
​

77

THIS AGREEMENT FOR ASSIGNMENT OF RIGHTS (CLAIMS) [AND TRANSFER OF DEBT] ("Lender Rights Assignment Agreement") is concluded on [•]
BETWEEN:
	(1)
	[•], [open/public]/[closed] joint-stock company]/[limited liability company], incorporated under the laws of the Russian Federation, registered in the Unified State Register of Legal Entities of the Russian Federation under Primary State Registration Number:  [•], located at: [address][, represented by [full name], acting on the basis of [power of attorney][Charter]] OR [company/legal person/limited liability company/[open/public]/[closed] joint-stock company], [incorporated]/[organised and existing] in accordance with the law of [jurisdiction], [located/registered/ whose head office is located] at [address], represented by [full name], acting on the basis of [power of attorney] [Charter], as the assignor (the "Existing Lender");

	(2)
	[•], [open/public]/[closed] joint-stock company]/[limited liability company], incorporated under the laws of the Russian Federation, registered in the Unified State Register of Legal Entities of the Russian Federation under Primary State Registration Number: [•], located at: [address][, represented by [full name], acting on the basis of [power of attorney][Charter]] OR [company/legal person/limited liability company/[open/public]/[closed] joint-stock company], [incorporated]/[organised and existing] in accordance with the law of [jurisdiction], [located/registered/ whose head office is located] at [address], represented by [full name], acting on the basis of [power of attorney] [Charter], as the assignee (the "New Lender"); and

	(3)
	[•] [full name of the bank acting as Facility Administrator] as the facility administrator (the "Facility Administrator").

THE PARTIES AGREED AS FOLLOWS:
	1.
	INTERPRETATION

The terms defined in the Facility Agreement have the same meaning in this Lender Rights Assignment Agreement, unless they are given a different meaning in this Lender Rights Assignment Agreement.
In this Lender Rights Assignment Agreement:
"Bank Account" means the bank account of the Existing Lender as specified in paragraph 4.1.2 of this Lender Rights Assignment Agreement.
"Transaction Date" means [the date of this Lender Rights Assignment Agreement]/[indicate the agreed calendar date on which the assignment of rights (claims) and the transfer of debt will occur].
["Debt" means the commitment of the Existing Lender to grant the Borrower a Facility within its Unused Available Commitment, amounting on the date of this Lender Rights Assignment Agreement to [•] [Roubles] [US Dollars] [Euro].]
"Borrower" means [•]:
"Facility Agreement" means the syndicated facility agreement dated [•] 2020, concluded, inter alia, between the Existing Lender and the Borrower (as amended).
["Receivables" means the rights to claim repayment of the Facility Outstanding in the amount of [indicate amount of the facility provided to the Borrower by the Existing Lender as of the date of this assignment agreement], interest, and other payments due to the Existing Lender from the Borrower under the terms of the Facility Agreement, as well as the receivables under each Security Agreement and each Independent Guarantee].
"Parties" means the Existing Lender, the New Lender and the Facility Administrator, and "Party" means each of them.
"Notification" means the notification, drawn up in the form given in Schedule 1 to the Lender Rights Assignment Agreement, of assignment of the Receivables [and transfer of Debt] of the Existing Lender under the Facility Agreement on the terms of this Lender Rights Assignment Agreement, sent to the Borrower by the Existing Lender.
​

78

"Price of the Receivables" means the amount of [•] ([•]) [Roubles] [US Dollars] [Euro].
	2.
	SUBJECT MATTER OF LENDER RIGHTS ASSIGNMENT AGREEMENT

	2.1
	[On the Transaction Date, the Existing Lender shall assign, and the New Lender accept, the Receivables in the manner and on the terms specified in Clause 23 (Changes to the Parties) of the Facility Agreement and this Lender Rights Assignment Agreement.] / [On the Transaction Date, the Existing Lender shall transfer, and the New Lender accept, the Debt in the manner and on the terms specified in Clause 23 (Changes to the Parties) of the Facility Agreement and this Lender Rights Assignment Agreement.]

	2.2
	The Receivables under the Facility Agreement shall be transferred to the New Lender free from any Encumbrances.

	3.
	PROCEDURE FOR PERFORMANCE OF PARTIES’ OBLIGATIONS

	3.1
	[On the Transaction Date, the New Lender shall pay to the Existing Lender the Price of the Receivables into the Bank Account.]

	3.2
	On the Transaction Date, the Existing Lender shall cease to be the Lender under the Facility Agreement [to the extent of the relevant Receivables], while the New Lender shall become the Lender under the Facility Agreement [to the extent of the relevant Receivables] and all provisions of the Facility  Agreement and other Finance Documents shall apply to it.

	3.3
	The Existing Lender confirms that it does not have any information that the Borrower has any objections to such Existing Lender that the Borrower could raise to the New Lender in accordance with Article 386 of the Civil Code.

	3.4
	The New Lender confirms that it has studied all the terms of the Facility Agreement and other Finance Documents, conducted (and will continue to conduct) its own independent study and assessment of each Obligor’s financial condition, and did not rely on any information provided to it by the Existing Lender when taking its decision to sign this Lender Rights Assignment Agreement.

	3.5
	The New Lender confirms the appointment of the Facility Administrator as Facility Administrator in accordance with Clause 24.2 (Appointment of the Facility Administrator) of the Facility Agreement.

	3.6
	On the Transaction Date the Existing Lender shall:

		3.6.1
	transfer to the New Lender documents certifying all receivables of the Existing Lender as a Lender under the Facility Agreement, including the original Facility Agreement and other Finance Documents to which the Existing Lender is party, all changes and additions to them, copies of the Utilisation Requests, as well as all documents confirming the amount of the Receivables [and Debt] on the Transaction Date;

		3.6.2
	provide the New Lender with information relevant to the exercise of the Receivables, including information about the Borrower's breach of the Facility Agreement; and

		3.6.3
	send the Notification to the Borrower.

	3.7
	The obligations of the New Lender to pay the Price of the Receivables shall be deemed fulfilled when the amount of the Price of the Receivables is received into the Bank Account of the Existing Lender.

	3.8
	The Parties shall perform all other actions necessary to fulfil their obligations under this Clause 3.

	4.
	PAYMENTS

All payments under this Lender Rights Assignment Agreement must be made by bank transfer based on the following details:
		4.1.1
	New Lender (if applicable):

​

79

	Payment recipient:
	[•]

	location:
	[•]

	Bank:
	[•]

	SWIFT:
	[•]

	IBAN:
	[•]

	Account No:
	[•]

​
or into another account specified by the New Lender in writing;
		4.1.2
	Existing Lender:

	Payment recipient:
	[•]

	Bank:
	[•]

	location:
	[•]

	SWIFT code:
	[•]

	Correspondent account:
	[•]

	Settlement account:
	[•]

	BIC:
	[•]

​
or into another account specified by the Existing Lender in writing.
	5.
	NOTICES

Any notices or other official communications sent under this Lender Rights Assignment Agreement shall be made in writing and may be delivered in person, sent by fax or by registered mail with delivery confirmation to the following addresses:
		5.1.1
	New Lender:

	​

	​

	[•]
	​

	FAO:
	[•]

	e-mail:
	[•]

	Tel.:
	[•]

	Fax:
	[•]

​
		5.1.2
	Existing Lender:

	​

	​

	[•]
	​

	FAO:
	[•]

	e-mail:
	[•]

	Tel.:
	[•]

	Fax:
	[•]

​
		5.1.3
	Facility Administrator:

	​

	​

	[•]
	​

	FAO:
	[•]

	e-mail:
	[•]

	Tel.:
	[•]

	Fax:
	[•]

​
	6.
	APPLICABLE LAW

This Lender Rights Assignment Agreement is governed by Russian law.
​

80

	7.
	DISPUTE RESOLUTION

In the event of any dispute arising out of this Lender Rights Assignment Agreement, including regarding the interpretation of its provisions, existence, validity or termination, this dispute is to be considered in the Moscow Arbitrazh Court.
	8.
	COUNTERPARTS

This Lender Rights Assignment Agreement is signed in 3 (three) counterparts, one counterpart for each Party to the Lender Rights Assignment Agreement.
​

81

SCHEDULE 1 TO LENDER RIGHTS ASSIGNMENT AGREEMENT
FORM OF NOTIFICATION OF BORROWER
	​
	From:
	[Existing Lender]

	​
	​
	​

	​
	To:
	[Borrower] 
[Address of Borrower]

	​
	​
	​

	​
	Copy:
	[to New Lender] 
[Address of New Lender]

NOTIFICATION OF ASSIGNMENT OF RECEIVABLES
 [AND TRANSFER OF DEBT]
Hereby [•], registration number [•], location: [•] (the "Existing Lender") notifies [•], Primary State Registration Number [•], location: Russian Federation, [•] (the "Borrower") of the transfer of all rights (claims) [and transfer of debt] under a syndicated facility agreement between, inter alia, the Borrower and the Existing Lender dated [•] 2020 (the "Facility Agreement") from the Existing Lender to [•], location: [•] (the "New Lender") on the conditions specified in the agreement of assignment of rights (claims) [and transfer of debt] between the Existing Lender and the New Lender, contained in Schedule 1.
[Upon receipt of this notification, the Borrower must continue to fulfil its payment obligations to the New Lender under the Facility Agreement to the Facility Administrator in accordance with the provisions of the Facility Agreement.]
Schedule 1: Copy of agreement of assignment of rights (claims) [and transfer of debt] between the Existing Lender and the New Lender.
​
stamp here
​
​

82

SIGNATURES OF THE PARTIES
	[EXISTING LENDER]
	​

	​
	​

	[•]
	)
	​
	​

	[•]
	)
	​
	​

	​
	​
	stamp here
	​

​
	[NEW LENDER]
	​

	​
	​

	[•]
	)
	​
	​

	[•]
	)
	​
	​

	​
	​
	stamp here
	​

​
	[FACILITY ADMINISTRATOR]
	​

	​
	​

	[•]
	)
	​
	​

	[•]
	)
	​
	​

	​
	​
	stamp here
	​

​

83

SCHEDULE 5
FORMS OF COMPLIANCE CERTIFICATES
PART A
FORM OF COMPLIANCE CERTIFICATE ON THE BASIS OF IFRS
under Syndicated Facility Agreement dated [•] 2020
From:[name of the Borrower] [details of the Borrower]
To:[name of the Facility Administrator] [details of the Facility Administrator]
Auditor:[name of the Auditor] [details of the Auditor]
	Date:
	[•]

	1.
	On the basis of Syndicated Facility Agreement dated [•] 2020 (the "Agreement"), the Borrower informs the Facility Administrator that the financial covenants as of [Test Date] have been complied with in accordance with the conditions specified in Clause 18 (Financial Covenants) of the Agreement.

	2.
	The terms defined in the Agreement have the same meaning in this compliance certificate, unless they are given a different meaning.

	3.
	We confirm that the list of financial indicators listed in Schedule 1 of this compliance certificate corresponds to the list of financial indicators specified in Clause 18 (Financial Covenants) of the Agreement.

	4.
	We confirm that the financial indicators given in Schedule 1 to this compliance certificate were calculated by us on the basis of financial statements prepared in accordance with IFRS as of the Test Date.

	5.
	We confirm that as of the date of this compliance certificate, each financial covenant specified in [Clauses 18.3 (Leverage), 18.4 (Interest cover), and 18.5 (Guarantors' Cover Ratio) has been complied with.

	6.
	[We confirm that as of the date of this compliance certificate, the following covenants specified in [Clauses 18.3 (Leverage), 18.4 (Interest cover), and 18.5 (Guarantors' Cover Ratio)] of the Agreement have not been complied with: [list financial covenants which were breached].]

	7.
	[We confirm that as of the date [•] there is no Event of Default/[the following Events of Default have occurred and we are taking the following measures to remedy them: [•]].]

	8.
	The report "Financial indicators of the Borrower as of the Test Date" is given in Schedule 1 to this compliance certificate.

	9.
	The description of the parameters used in the report "Financial indicators of the Borrower as of the Test Date" is given in Schedule 2 to this compliance certificate.

​

84

Schedule 1
​
FINANCIAL INDICATORS OF THE BORROWERS AS OF THE TEST DATE
​
	No. 
	Name of financial indicator
	Source of data
	Calculation procedure
	Indicator value
	Test Date
	Event of Default

	1
	Leverage
	[•]
	[•]
	[•]
	[•]
	[•]

	2
	Interest Cover
	[•]
	[•]
	[•]
	[•]
	[•]

	3
	Guarantors' cover ratio
	[•]
	[•]
	[•]
	[•]
	[•]

​
​
​

85

PART B
FORM OF COMPLIANCE CERTIFICATE ON THE BASIS OF RAS STATEMENTS
under Syndicated Facility Agreement dated [•] 2020
From:[name of the Borrower] [details of the Borrower]
To:[name of the Facility Administrator] [details of the Facility Administrator]
	Date:
	[•]

​
	1.
	On the basis of Syndicated Facility Agreement dated [•] 2020 (the "Agreement"), the Borrower informs the Facility Administrator that the financial covenants as of [Test Date] have been complied with in accordance with the conditions specified in Clause 18 (Financial Covenants) of the Agreement.

	2.
	The terms defined in the Agreement have the same meaning in this compliance certificate, unless they are given a different meaning.

	3.
	We confirm that the list of financial indicators listed in Schedule 1 to this compliance certificate corresponds to the list of financial indicators specified in [Clauses 18.6 (Revenue in accordance with RAS), 18.7 (Cash receipts), and 18.8.1 (Net assets)].

	4.
	We confirm that the financial indicators given in Schedule 1 to this compliance certificate were calculated by us on the basis of financial statements prepared in accordance with RAS and financial statement prepared in accordance with IFRS as of the Test Date.

	5.
	We confirm that as of the date of this compliance certificate, each covenant specified in Clauses [18.6 (Revenue in accordance with RAS), 18.7 (Cash receipts), and 18.8.1 (Net assets)]  of the Agreement has been complied with.

	6.
	[We confirm that as of the date of this compliance certificate, the following covenants specified in Clauses [18.6 (Revenue in accordance with RAS), 18.7 (Cash receipts), and 18.8.1 (Net assets)] of the Agreement have not been complied with: [list financial covenants that were breached].]

	7.
	[We confirm that as of the date [•] there is no Event of Default/[the following Events of Default have occurred and we are taking the following measures to remedy them: [•]].]

	8.
	The report "Financial indicators of the Borrower as of the Test Date" is given in Schedule 1 to this compliance certificate.

	9.
	The description of the parameters used in the report "Financial indicators of the Borrower as of the Test Date" is given in Schedule 2 to this compliance certificate.

​

86

Schedule 1
FINANCIAL INDICATORS OF THE BORROWER AS OF THE TEST DATE
​
	​

	​

	​

	​

	​

	​

	​

	No.
	Name of financial indicator
	Data Source
	Calculation procedure
	Indicator value
	Test Date
	Event of Default

	1
	Revenue in accordance with RAS
	[•]
	[•]
	[•]
	[•]
	[•]

	2
	Cash receipts
​
	[•]
	[•]
	[•]
	[•]
	[•]

	3
	[Net assets of Borrower]
	[•]
	[•]
	[•]
	[•]
	[•]

	4
	[Net assets of [Obligor registered in Russia]]
	[•]
	[•]
	[•]
	[•]
	[•]

​
​
​

87

SCHEDULE 6
​
REPAYMENT SCHEDULE
​
	​
	Repayment date (counted from the date of this
Agreement)
	Repayment amount
(percentage of the amount of Facility utilised under each Tranche as of the end of the relevant Utilisation Period)

			Tranche 1
	Tranche 2

	1.
	First Interest Payment Date
	1/38
	0

	2.
	Second Interest Payment Date
	1/38
	0

	3.
	Third Interest Payment Date
	1/38
	0

	4.
	Fourth Interest Payment Date
	1/38
	0

	5.
	Fifth Interest Payment Date
	1/38
	1/30

	6.
	Sixth Interest Payment Date
	1/38
	1/30

	7.
	Seventh Interest Payment Date
	1/38
	1/30

	8.
	Eight Interest Payment Date
	1/38
	1/30

	9.
	Ninth Interest Payment Date
	1/38
	1/30

	10.
	Tenth Interest Payment Date
	1/38
	1/30

	11.
	Eleventh Interest Payment Date
	1/38
	1/30

	12.
	Twelfth Interest Payment Date
	1/38
	1/30

	13.
	Thirteenth Interest Payment Date
	1/38
	1/30

	14.
	Fourteenth Interest Payment Date
	1/38
	1/30

	15.
	Fifteenth Interest Payment Date
	1/38
	1/30

	16.
	Sixteenth Interest Payment Date
	1/38
	1/30

​
​

88

	17.
	Seventeenth Interest Payment Date
	1/38
	1/30

	18.
	Eighteenth Interest Payment Date
	1/38
	1/30

	19.
	Nineteenth Interest Payment Date
	1/38
	1/30

	20.
	Final Repayment Date
	Entire amount of Facility Outstanding for Tranche 1
	Entire amount of Facility Outstanding for Tranche 2

​
​
​

89

SCHEDULE 7
EXISTING FINANCIAL INDEBTEDNESS
​
	​

	​

	​

	​

	​

	​

	No.
	Agreement number and date
	Lender
	Borrower
	Sum of loan
	Currency

	1.
	Loan agreement dated 19/11/2012
	Headhunter FSU
	"100RАBОТ AZ" LLC
	30,000
	USD

	2.
	Loan agreement dated 20/05/2013
	Headhunter FSU
	"100RАBОТ AZ" LLC
	10,000
	USD

	3.
	Loan agreement dated 09/12/2013
	Headhunter FSU
	"100RАBОТ AZ" LLC
	10,000
	USD

	4.
	Loan agreement dated 10/11/2015
	Headhunter FSU
	"100RАBОТ AZ" LLC
	15,000
	USD

	5.
	Loan agreement dated 03/08/2017
	Zemenik
	Headhunter Group
	233,000,000
	Roubles

	6.
	Loan agreement dated 09/06/2017
	Zemenik
	Headhunter Group
	227,519,520
	Roubles

	7.
	Loan agreement dated 10/10/2017
	Zemenik
	Headhunter Group
	2,000,000,000
	Roubles

​
​
​

90

SCHEDULE 8
INTELLECTUAL PROPERTY
	1.
	Obligors’ Trademarks

	

	

	

	

	

	

	

	

	

	No.
	Type of mark
	Contents
	Country of registration
	NCL [Nice Classification] Classes
	Priority date
	Certificate No.
	Certificate date
	Term of registration

	1
	word mark
	HEADHUNTER
	Russian Federation
	09, 16, 35, 41, 42
	06/04/2006
	339197
	12/12/2007
	06/04/2026

	2
	word mark
	Headhunter
	Russian Federation
	09, 16, 35, 38, 41, 42
	22/02/2008
	401167
	12/02/2010
	22/02/2028

	3
	Graphic mark
	XX
	Russian Federation
	09, 16, 35, 38, 41, 42
	22/06/2009
	410843
	09/06/2010
	22/06/2019

	4
	graphic mark
	HH
	Russian Federation
	09, 16, 35, 38, 41, 42
	22/06/2009
	410844
	09/06/2010
	22/06/2019

	5
	graphic mark
	new HH logotype
	Russian Federation
	09, 16, 35, 38, 41, 42
	11/03/2009
	431008
	28/02/2011
	11/03/2019

	6
	graphic mark
	hh
	Russian Federation
	09, 16, 35, 38, 41, 42
	22/06/2009
	430120
	14/02/2011
	22/06/2019

	7
	word mark
	HRBRAND
	Russian Federation
	09, 16, 35, 38, 41, 42
	22/04/2008
	378423
	05/05/2009
	22/04/2028

	8
	word mark
	НR brand of the year
	Russian Federation
	09, 16, 35, 38, 41, 42
	22/02/2008
	423350
	22/11/2010
	22/02/2028

	9
	word mark
	НR brand 
	Russian Federation
	09, 16, 35, 38, 41, 42
	08/04/2008
	388438
	02/09/2009
	08/04/2028

​
​

91

	10
	word mark
	HRspace
	Russian Federation
	35, 36
	11/12/2015
	602908
	24/01/2017
	11/12/2025

	11
	combination
	Salary data bank
	Russian Federation
	09, 16, 35, 38, 41, 42
	18/02/2016
	622996
	10/07/2017
	18/02/2026

	12
	combination
	HR Experts League
	Russian Federation
	09, 16, 35, 38, 41, 42
	18/02/2016
	615705
	10/05/2017
	18/02/2026

	13
	combination
	Talent Measurement
	Russian Federation
	09, 16, 35, 38, 41, 42
	18/02/2016
	606635
	22/02/2017
	18/02/2026

​
	2.
	Obligors’ Websites

Borrower — http://hh.ru; http://headhunter.ru; http://ХХ.рф; http://hrbrand.ru/
	3.
	Database

	

	

	

	

	

	

	

	

	

	No.
	Proprietor
	Type
	Name
	Country of registration
	Application No.
	Application date
	Certificate
No.
	Certificate date

	2015

	1
	Headhunter LLC
	Database
	HeadHunter Database
	Russia
	2015621116
	31 August 2015
	2015621803
	21 December 2015

​
​

92

SCHEDULE 9
LIST OF RUSSIAN BANKS
​
	1.
	Sberbank PJSC

	2.
	VTB Bank (PJSC)

	3.
	Gazprombank (Joint-Stock Company)

	4.
	Bank FC Otkritie PJSC

	5.
	BM-Bank JSC

	6.
	UniCredit JSC

	7.
	Credit Bank of Moscow PJSC

	8.
	Promsvyazbank PJSC

	9.
	Raiffeisenbank JSC

	10.
	Rosbank PJSC

	11.
	Saint Petersburg Bank PJSC

	12.
	Sovkombank PJSC

	13.
	AK Bars PJSC

	14.
	CB Citibank JSC

	15.
	Nordea Bank JSC

​
​

93

PARTIES' SIGNATURES
Borrower
HEADHUNTER LIMITED LIABILITY COMPANY
Signature:/ Dmitry Markelov /
Full name: Markelov Dmitry Valentinovich
Position:
​

94

Arranger
VTB BANK (PUBLIC JOINT-STOCK COMPANY)
Signature:/ Vitali Buzoverya /
Full name: Vitali Nikolaevich Buzoverya
Position: Loans Department Manager — Senior Vice President
Facility Administrator
VTB BANK (PUBLIC JOINT-STOCK COMPANY)
Signature:/ Vitali Buzoverya /
Full name: Vitali Nikolaevich Buzoverya
Position: Loans Department Manager — Senior Vice President
Pledge Manager
VTB BANK (PUBLIC JOINT-STOCK COMPANY)
Signature:/ Vitali Buzoverya /
Full name: Vitali Nikolaevich Buzoverya
Position: Loans Department Manager — Senior Vice President
Original Lender
VTB BANK (PUBLIC JOINT-STOCK COMPANY)
Signature:/ Vitali Buzoverya /
Full name: Vitali Nikolaevich Buzoverya
Position: Loans Department Manager — Senior Vice President
​

95

​

December 10, 2020
"HEADHUNTER" LIMITED LIABILITY COMPANY
as the Borrower
VTB BANK (PUBLIC JOINT-STOCK COMPANY)
as the Arranger
VTB BANK (PUBLIC JOINT-STOCK COMPANY)
as the Original Lender
VTB BANK (PUBLIC JOINT-STOCK COMPANY)
as the Facility Administrator
VTB BANK (PUBLIC JOINT-STOCK COMPANY)
as the Pledge Manager

AMENDMENT AGREEMENT NO. 1
TO THE SYNDICATED FACILITY AGREEMENT
DATED 24 AUGUST 2020

​
​
​
Herbert Smith Freehills CIS LLP
​
​

96

TABLE  OF CONTENTS
	​

	​

	​

	1.
	Definitions
	98

	2.
	Changes to the Facility Agreement
	98

	3.
	Restrictions
	99

	4.
	Representations
	99

	5.
	Conditions subsequent
	99

	6.
	Applicable law
	99

	7.
	Dispute resolution
	100

	8.
	Counterparts
	100

	Schedule 1 Conditions Precedent
	101

	Schedule 2 Restated Facility Agreement
	104

​
​

97

THIS AMENDMENT AGREEMENT NO. 1 TO THE SYNDICATED FACILITY AGREEMENT (the "Agreement") is entered into on December 10, 2020 between:
	(1)
	"HEADHUNTER" LIMITED LIABILITY COMPANY, incorporated under the laws of the Russian Federation, registered in the Unified State Register of Legal Entities of the Russian Federation under Primary State Registration Number 1067761906805, located at: 9 Godovikova Street, Building 10, Moscow, 129085, Russian Federation (the "Borrower");

	(2)
	VTB BANK (PUBLIC JOINT-STOCK COMPANY) as the arranger of the Facility (the "Arranger");

	(3)
	VTB BANK (PUBLIC JOINT-STOCK COMPANY) as the original lender (the "Original Lender");

	(4)
	VTB BANK (PUBLIC JOINT-STOCK COMPANY) as the facility administrator (the "Facility Administrator"); and

	(5)
	VTB BANK (PUBLIC JOINT-STOCK COMPANY) as the pledge manager (the "Pledge Manager").

RECITALS
	(A)
	The Borrower and VTB Bank (public joint-stock company) as the Arranger, Original Lender, Facility Administrator and Pledge Manager, concluded syndicated facility agreement dated 24 August 2020 (the "Facility Agreement").

	(B)
	The Parties hereby agree that, on the terms established by this Agreement, changes will be made to the Facility Agreement, subject to which it be set forth in the version attached to this Agreement ("Restated Facility Agreement").

THE PARTIES AGREED as follows:
	1.
	DEFINITIONS

	1.1.
	Terms

In this Agreement:
"Effective Date" means the date on which the Facility Administrator confirms to the Borrower that the condition specified in Paragraph 3.1.1 has been met.
"New Finance Documents" means the Finance Documents listed in paragraph 1 (New Finance Documents) of Schedule 1 (Conditions Precedent).
"Party" means a party to this Agreement
	1.2.
	Incorporated Terms

Unless otherwise follows from the context, terms that are used in the Restated Facility Agreement with a capital letter and which are not defined in this Agreement have the same meaning as in the Restated Facility Agreement.
	1.3.
	Interpretation

The provisions of clause 1.2 (Interpretation) of the Restated Facility Agreement shall apply to this Agreement as if they were set forth in this Agreement, furthermore references to Clauses and Schedules shall be considered references to the clauses and schedules of this Agreement, unless the context indicates otherwise.
	1.4.
	Purpose

This Agreement is a Finance Document.
	2.
	CHANGES TO THE FACILITY AGREEMENT

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98

From the Effective Date, the Facility Agreement shall be modified by being set forth in the version contained in Schedule 2 (Restated Facility Agreement), and from the Effective Date the rights and obligations of the Parties in accordance with the Facility Agreement shall be regulated and interpreted in accordance with the terms of the Restated Facility Agreement.
	3.
	RESTRICTIONS

		3.1.1.
	The mandatory nature of the amendments, and additions contemplated by Clause 2 (Changes to the Facility Agreement) is subject (as contemplated by Article 3271 of the Civil Code) to the Borrower’s provision of the documents and information specified in Schedule 1 ( Conditions Precedent) to the Facility Administrator, in the required form satisfactory to the Facility Administrator.

		3.1.2.
	The changes and additions made to the Facility Agreement in accordance with this Agreement are limited to the changes and additions specified in Clause 2 (Changes to the Facility Agreement). No other provisions of the Facility Agreement (other than those specified in Clause 2 (Changes to the Facility Agreement) shall be modified or supplemented by this Agreement.

		3.1.3.
	Nothing in this Agreement affects the rights of the Finance Parties, or is considered a waiver of rights in relation to any Default.

		3.1.4.
	This Agreement does not release the Borrower from any obligations under the Facility Agreement.

	4.
	REPRESENTATIONS

		4.1.1
	The Borrower makes the representations set forth in Clause 16 (Representations) of the Restated Facility Agreement to each Finance Party.

		4.1.2
	The representations referred to in Paragraph 4.1.1 above are made by the Borrower on the date of this Agreement with reference to the circumstances existing as of the date of this Agreement.

		4.1.3
	References in the representations made in accordance with Paragraph 4.1.1 above, to the Facility Agreement and Finance Documents shall be deemed to include references to this Agreement.

	5.
	CONDITIONS SUBSEQUENT

		5.1.1
	The Borrower shall provide the Facility Administrator with notarised translations into Russian of the documents listed in sections 2 and 3 of Schedule 1 (Conditions Precedent) if they are in a foreign language and (or) apostilled, no later than 60 (sixty) days from the date of signing this Agreement.

		5.1.2
	The Borrower shall provide the Facility Administrator with evidence of the following:

		(A)
	submission to the Cyprus Stamp Duty Commissioner of each New Finance Document to which an Obligor registered under the laws of Cyprus is party in order for a decision to be taken on whether stamp duty is to be paid in respect of such documents – no later than 30 (thirty) days from the date of conclusion of the relevant New Finance Document; an

		(B)
	payment of stamp duty in respect of such documents in the amount established by the Cyprus Stamp Duty Commissioner, or exemption of such documents from stamp duty payment - no later than 60 (sixty) days from the date of conclusion of the relevant New Finance Document.

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99

	6.
	APPLICABLE LAW

This Agreement, as well as the rights and obligations of the Parties arising under this Agreement, are governed by the laws of the Russian Federation and are subject to interpretation in accordance with it
	7.
	DISPUTE RESOLUTION

		7.1.1.
	Any dispute in connection with this Agreement, including regarding the interpretation of its provisions, its existence, validity or termination, is to be resolved out of court by one Party sending the other Party the relevant demand (claim). If a Party does not receive a response to the submitted demand (claim) and the dispute is not resolved within 10 (ten) Business Days from the date of receipt of the relevant demand (claim) by the other Party, such dispute may be resolved in court in accordance with Paragraph 7.1.1 below

		7.1.2.
	Subject to the provisions of Paragraph 7.1.1 above, in the event of any dispute arising out of this Agreement, including regarding the interpretation of its provisions, existence, validity or termination, such dispute is to be considered in the Moscow Arbitrazh Court. Each Finance Party intending to file a claim against the Borrower in accordance with this Clause 7 must notify the other Finance Parties of its intention (by sending the relevant information to the Facility Administrator)

	8.
	COUNTERPARTS

This Agreement is signed by the Parties in 3 (three) original counterparts, having equal legal force in the form of a single document.
This Agreement has been entered into on the date stated at the beginning of this Agreement.

100

SCHEDULE 1
CONDITIONS PRECEDENT
	1.
	NEW FINANCE DOCUMENTS

Each of the following Finance Documents in a form acceptable to the Facility Administrator, properly concluded by each of its parties or issued by the relevant person:
	1.1
	This Agreement;

	1.2
	deed of confirmation regarding Headhunter FSU (Headhunter Group) Pledge;

	1.3
	deed of confirmation regarding Headhunter FSU (Zemenik) Pledge;

	1.4
	Headhunter Group letter of consent regarding Independent Guarantee issued by Headhunter Group:

	1.5
	Headhunter FSU letter of consent regarding the Borrower Pledge and Independent Guarantee issued by Headhunter FSU; and

	1.6
	Zemenik letter of consent regarding the Independent Guarantee issued by Zemenik.

	2.
	CORPORATE DOCUMENTS REGARDING OBLIGORS REGISTERED IN THE RUSSIAN FEDERATION

	2.1
	Notarised copy of the following:

		2.1.1.
	the Obligor's charter, registered in accordance with the established procedure, and the valid changes and additions thereto stamped by the authorised tax body (including the relevant entries or certificates of registration);

		2.1.2.
	certificate of state registration of the Obligor;

		2.1.3.
	certificates of Obligor's tax registration with a tax body at the location of the company.

	2.2
	Up-to-date extract from the Unified State Register of Legal Entities in relation to the Obligor, issued by the authorised tax body, containing information as of no earlier than 7 (seven) days before this Agreement (including in the form of an electronic document signed electronically by the authorised tax body).

	2.3
	An information letter as of the date falling no earlier than 14 (fourteen) days prior to this Agreement, issued by the tax body that the Obligor is registered with, confirming that it has no outstanding obligations to the state budget or other extra-budgetary funds or, where such outstanding obligations exist, confirming that there is a repayment schedule for these obligations agreed with the relevant body.

	2.4
	An original or notarised copy of the resolution of the Obligor's authorised management body on approving the terms of the New Finance Documents to which the relevant Obligor is party, and the transactions thereunder, as well as any transactions related to them, including (where applicable) on approving a transaction as a major transaction and (or) as an interested-party transaction (as these terms are defined by the laws of the Russian Federation);

	2.5
	Certified copies of the documents on appointing the sole executive body or other authorised persons with the right of signature, provided for by the charter of the Obligor.

	2.6
	A notarised and, if applicable, apostilled copy of the power of attorney granting the authorised persons of the Obligor the authority needed to sign the New Finance Documents to which the relevant Obligor is party, or, where appropriate, to sign or send any documents or notifications in connection with the New Finance Documents to which the relevant Obligor is party (if applicable).

	2.7
	Signature cards of each person authorised to sign on behalf of the Obligor the New Finance Documents to which the relevant Obligor is party, or to sign or send any documents or notifications in connection with any New Finance Documents.

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101

	2.8.
	A document signed by an authorised representative of the Obligor, confirming, inter alia:

		2.8.1.
	that each document (either original or copy) provided by each of the Obligors or on its behalf in accordance with this Schedule 2 is genuine, contains complete and up-to-date information, has full legal force, has not been changed, cancelled, withdrawn or terminated and that, as of the date not earlier than the date of this Agreement, no new documents were issued in connection with the issues addressed in the relevant document;

		2.8.2.
	that all corporate approvals required in accordance with applicable law in respect of the New Finance Documents to which the relevant Obligor is party, and the transactions thereunder, including approvals of such transactions as major transactions or interested-party transactions, have been received by the relevant Obligor; and

		2.8.3.
	the total value of transactions under the New Finance Documents to which the relevant Obligor is party as a percentage of the book value of the assets of the relevant Obligor for the purpose of assessing the size of such a transaction in accordance with applicable law.

	3.
	CORPORATE DOCUMENTS REGARDING OBLIGORS REGISTERED IN CYPRUS

	3.1
	Apostilled copy of certificate of incorporation issued by the Department of the Registrar of Companies of Cyprus, or confirmation that the document previously submitted to the Facility Administrator is still valid and has not been changed.

	3.2
	Apostilled copy of the articles of association and charter (together with all changes and additions to them) in Greek (with the Department of the Registrar of Companies of Cyprus stamp on them) and in English, or confirmation that the document previously submitted to the Facility Administrator is still valid and has not been changed.

	3.3
	Apostilled original certificate of address of the registered office, issued by the Department of the Registrar of Companies of Cyprus and dated not earlier than 30 (thirty) days before this Agreement.

	3.4
	Apostilled original certificate of directors and secretary issued by the Department of the Registrar of Companies of Cyprus and dated not earlier than 30 (thirty) days before this Agreement.

	3.5
	Apostilled original certificate of shareholders of Headhunter FSU, issued by the Department of the Registrar of Companies of Cyprus and dated not earlier than 30 (thirty) days before this Agreement.

	3.6
	Certified copy of the register of directors and secretaries dated no earlier than 1 (one) day before this Agreement.

	3.7
	Certified copy of the register of members dated no earlier than 1 (one) day before this Agreement.

	3.8
	Certified copy of the register of mortgages and other charges dated no earlier than 1 (one) day before this Agreement.

	3.9
	An original incumbency certificate, the form and substance of which is acceptable to the Facility Administrator, along with all documents submitted in accordance with such incumbency certificate.

	3.10.
	A notarised and, if applicable, apostilled copy or apostilled original of the resolution of the board of directors and shareholders or any other authorised body, as contemplated by the constitutional documents of each Obligor:

		3.10.1.
	on approving the terms of the Finance Documents to which the relevant Obligor is party, and the transactions thereunder, and resolving that the relevant Obligor shall sign the Finance Documents to which the relevant Obligor is party;

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102

		3.10.2.
	on granting the relevant person or persons with the authority needed to sign the Finance Documents to which the relevant Obligor is party, on the latter's behalf; and

		3.10.3.
	on granting the relevant person or persons with the authority needed to sign on behalf of the relevant Obligor all documents and notifications, which must be signed by the relevant Obligor in accordance or in connection with the Finance Documents to which the relevant Obligor is party.

	3.11
	A notarised and, if applicable, apostilled copy of the power of attorney granting the authorised persons of the relevant Obligor the authority needed to sign the Finance Documents to which the relevant Obligor is party, or, where appropriate, to sign or send any documents or notifications in connection with the Finance Documents to which the relevant Obligor is party (if applicable).

	3.12
	An original signature sample of each person granted the authority on the basis of the resolution referred to in paragraph 3.10.2 above.

	3.13
	An original document, signed by an authorised representative of the relevant Obligor, confirming that each document (either original or copy) provided by the relevant Obligor or on its behalf in accordance with this Schedule 1 is genuine, contains complete and up-to-date information, has full legal force, has not been changed, cancelled, withdrawn or terminated and that, as of the date not earlier than the date of this Agreement, no new documents were issued in connection with the issues addressed in the relevant document;

	4.
	LEGAL OPINIONS

A legal opinion prepared by Alexandros Economou LLC, the Facility Administrator's legal adviser on Cypriot law, in a form acceptable to, and agreed by, the Facility Administrator, prior to the signature of this Agreement, that is addressed to the Finance Parties that were Finance Parties as of the date of said opinion.
	5.
	OTHER DOCUMENTS AND EVIDENCE

Evidence of payment of remuneration to the legal consultants (Herbert Smith Freehills CIS LLP and Alexandros Economou LLC).
​

103

SCHEDULE 2
RESTATED FACILITY AGREEMENT
​

104

24 August 2020
​
HEADHUNTER LIMITED LIABILITY COMPANY
as the Borrower
​
VTB BANK (PUBLIC JOINT-STOCK COMPANY)
as the Arranger
​
VTB BANK (PUBLIC JOINT-STOCK COMPANY)
as the Original Lender
​
VTB BANK (PUBLIC JOINT-STOCK COMPANY)
as the Facility Administrator
​
VTB BANK (PUBLIC JOINT-STOCK COMPANY)
as the Pledge Manager
​
​
	​

	SYNDICATED FACILITY AGREEMENT

	​

​
​
as amended by amendment agreement No. 1 dated December 10, 2020
​
​
​
Herbert Smith Freehills CIS LLP
​
​

105

TABLE OF CONTENTS
​
	​

	​

	​

	1.
	Definitions
	108

	2.
	Subject matter of the Agreement
	122

	3.
	Purpose
	124

	4.
	Conditions Precedent
	124

	5.
	Granting of Facility
	125

	6.
	Termination of Lender’s obligations
	125

	7.
	Repayment of Facility
	126

	8.
	Early repayment and Cancellation of Facility
	126

	9.
	Interest
	129

	10.
	Interest Periods
	130

	11.
	Fees of Finance Parties
	131

	12.
	Taxes
	131

	13.
	Additional Costs
	133

	14.
	Other Indemnities
	133

	15.
	Mitigation by the Finance Parties
	135

	16.
	Representations
	135

	17.
	Information Undertakings
	139

	18.
	Financial Covenants
	142

	19.
	General Undertakings
	145

	20.
	Bank account obligations
	153

	21.
	Events of Default
	153

	22.
	Facility security
	158

	23.
	Changes to the Parties
	161

	24.
	Finance Parties
	164

	25.
	Payment mechanism
	168

	26.
	Notices
	170

	27.
	Severability
	171

	28.
	Amendment of Agreement
	171

	29.
	Confidentiality
	172

	30.
	Applicable Law
	173

	31.
	Dispute resolution
	173

	32.
	Counterparts
	174

	Schedule 1
	The Parties, Available Сommitments and Security
	175

	Schedule 2
	Conditions Precedent
	177

	Schedule 3
	Form of Utilisation Request
	182

	Schedule 4
	Form of Lender Rights Assignment Agreement
	183

	Schedule 5
	Forms of Compliance Certificates
	190

	Schedule 6
	Repayment Schedule
	194

​
​

106

	Schedule 7
	Existing Financial Indebtedness
	196

	Schedule 8
	Intellectual Property
	197

	Schedule 9
	List of Russian banks
	199

​
​

107

THIS SYNDICATED FACILITY AGREEMENT (the "Agreement") has been entered into on 24 August 2020 between:
	(1)
	HEADHUNTER LIMITED LIABILITY COMPANY, incorporated under the laws of the Russian Federation and registered in the Russian Federation Unified State Register of Legal Entities under Primary State Registration Number (PSRN) 1067761906805, whose business address is 9 Godikova Street, Building 10, Moscow, 129085, Russian Federation (the "Borrower");

	(2)
	VTB BANK (PUBLIC JOINT-STOCK COMPANY) as the arranger of the Facility (the "Arranger");

	(3)
	VTB BANK (PUBLIC JOINT-STOCK COMPANY) as the original lender (the "Original Lender");

	(4)
	VTB BANK (PUBLIC JOINT-STOCK COMPANY) as the facility administrator (the "Facility Administrator"); and

	(5)
	VTB BANK (PUBLIC JOINT-STOCK COMPANY) as the pledge manager (the "Pledge Manager").

THE PARTIES HAVE AGREED AS FOLLOWS:
	1.
	DEFINITIONS

	1.1
	Terms

In this Agreement:
"Underwriter" means joint-stock company VTB Capital, which conducts brokerage (professional securities market participant brokerage license No. 045-11463-100000 dated 31 July 2008), and which provides the Borrower with transaction services involving the Permitted Bonds during the course of their placement on the exchange.
"Auditors" means:
		(a)
	in relation to the financial statements of the Group and its members prepared in accordance with IFRS: KPMG Joint-Stock Company, or Deloitte CIS Holdings Limited, or PriceWaterhouseCoopers Consulting LLC, or Ernst & Young Global Limited; and

		(b)
	in relation to the financial statements of the Group's members prepared in accordance with the Applicable Reporting Standards other than IFRS: any company listed in paragraph (a) above, as well as Moore Stevens LLC, Finexpertiza LLC, BDO CJSC, FBK LLC and 2K - Delovye Konsultatsii CJSC, or any other auditing firm approved by the Majority Lenders.

"Affiliate" means, with respect to any person, a Subsidiary or Associate of such person or a Holding Company of such person or any other Subsidiary or Associate of such Holding Company.
"Basel II" means the recommendations contained in the document adopted by the Basel Committee on Banking Supervision in June 2004 “International Convergence of Capital Measurement and Capital Standards: a Revised Framework."
"Basel III" means:
		(a)
	the recommendations contained in the documents published by the Basel Committee on Banking Supervision in December 2010: "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," with subsequent changes and additions;

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108

		(b)
	the recommendations for global systemically important banks, contained in a document published by the Basel Committee on Banking Supervision in November 2011 "Global Systemically Important Banks: Assessment Methodology and the Additional Loss Absorbency Requirement – Rules text" with subsequent changes and additions; and

		(c)
	any other documents, explanations or standards published by the Basel Committee on Banking Supervision in connection with Basel III.

"Majority Lenders" means:
		(a)
	in the period up to the first Utilisation Date: the Lenders whose Available Commitments total 75% (seventy-five percent) or more of the Total Commitments;

		(b)
	if there is no Facility Outstanding and the Total Commitments were reduced to zero: the Lenders whose Available Commitments totalled 75% (seventy-five percent) or more of the Total Commitments immediately prior to the date of that reduction; or

		(c)
	in any other period of time: the Lenders whose participation in the Facility Outstanding together with their Unused Available Commitment, as well as the Amount Payable, totals 75% (seventy-five percent) or more of the total Facility Outstanding amount together with the Total Unused Commitments and the Amount Payable by all Lenders.

"VTB" means VTB Bank (Public Joint-Stock Company), a public joint-stock company incorporated under the laws of the Russian Federation and registered in the Unified State Register of Legal Entities under Primary State Registration Number (PSRN)  1027739609391.
"Secondary Placement" means a placement on the Nasdaq Stock Exchange in one or more transactions during the period up to 31 December 2021 (or later date for which the Borrower has obtained the Facility Administrator's approval in writing) by means of a public offering to an unlimited circle of persons:
		(a)
	of additionally issued Headhunter Group shares (initial placement), with the total value of the placement not exceeding USD 100,000,000; or

		(b)
	of existing Headhunter Group shares belonging to Highworld and ELQ Investors VIII (secondary placement),

		(c)
	or any combination thereof, in each case provided that such initial or secondary placement (or a combination of both) does not result in a Change of Control.

"Revenue" means, in relation to an Obligor, the revenue of that Obligor, determined in accordance with the financial statements prepared in accordance with the Applicable Reporting Standards provided in accordance with Clause 17.1 (Financial Statements).
"Guarantor" means each of the following persons:
		(a)
	Headhunter Group;

		(b)
	Zemenik;

		(c)
	Headhunter FSU;

		(d)
	each Additional Guarantor; and

		(e)
	any person providing an Independent Guarantee that the Facility Administrator and the Borrower have agreed in writing to deem a Guarantor for purposes of this Agreement.

"Placement Indemnity" means one or more unlimited indemnities provided by Headhunter Group in favor of the banks arranging the Secondary Placement, the depository bank engaged in connection with the Secondary Placement, and/or the Depository Trust Company, for the purpose of the Secondary Placement, to cover potential losses and costs associated with errors and incomplete disclosure of information provided in the Secondary Placement prospectus, and with Headhunter Group's exercising its rights and performing its obligations within the framework of the Secondary Placement.
​

109

"Treaty State" means a state that has a valid Double Taxation Treaty with the Russian Federation.
"Civil Code" means the Civil Code of the Russian Federation.
"Group" means, for the purposes of this Agreement:
		(a)
	Headhunter Group; and

		(b)
	Headhunter Group Subsidiaries and Associates whose financial statements are consolidated with Headhunter Group financial statements in accordance with IFRS in the relevant period of time using the direct consolidation method..

"Utilisation Date" means each date on which the Facility Administrator transfers the Facility or part thereof specified in a Utilisation Request into the account of the Borrower.
"Final Repayment Date" means 30 June 2025.
"Interest Payment Date" means 31 March, 30 June, 30 September and 31 December of each year, and if the relevant day is not a Business Day, then the next Business Day thereafter.
"Cash" has the meaning given to this term in IFRS.
"Pledge" means each of the following pledges:
		(a)
	the Borrower Participatory Interest Pledge;

		(b)
	each Headhunter FSU Shares Pledge;

		(c)
	each Additional Pledge; and

		(d)
	any other pledge entered into by the Borrower or a third party to secure the Borrower's obligations hereunder.

"Borrower Participatory Interest Pledge" means the pledge of 100% participatory interest in the Borrower's charter capital between Headhunter FSU as the pledgor and the Pledge Manager as the pledge manager (pledgor) and any other additional or substitute pledge of a participatory interest in the Borrower's charter capital that is entered into to secure the Borrower's obligations hereunder.
"Headhunter FSU Shares Pledge" means each of the following:
		(a)
	Pledge of Headhunter FSU (Headhunter Group) Shares;

		(b)
	Pledge of Headhunter FSU (Zemenik) Shares; and

		(c)
	any other additional or substitute pledge of Headhunter FSU shares.

"Pledge of Headhunter FSU (Zemenik) Shares" means the pledge of Headhunter FSU shares between Zemenik as the pledgor and the Pledge Manager as the pledge manager (pledgor) entered into to secure the Borrower's obligations hereunder.
"Pledge of Headhunter FSU (Headhunter Group) Shares" means the pledge of Headhunter FSU shares between Headhunter Group as the pledgor and the Pledge Manager as the pledge manager (pledgor) entered into to secure the Borrower's obligations hereunder.
"Loan Agreements Between the Borrowers" means:
		(a)
	the loan agreement entered into on or around the date hereof between the Borrower as the lender and Zemenik as the borrower in the amount of the outstanding principal balance owed by Zemenik under the Existing Facility Agreement; and

		(b)
	the loan agreement entered into on or around the date hereof between the Borrower as the lender and Headhunter Group as the borrower in the amount of the outstanding principal balance owed by Headhunter Group under the Existing Facility Agreement.

​

110

"Double Taxation Treaty" means a double taxation treaty between a foreign state and the Russian Federation, which stipulates full or partial profits tax exemption in the Russian Federation on the income paid to foreign companies under this Agreement.
"Lender Rights Assignment Agreement" means an agreement drawn up in the form given in Schedule 4 (Form of Lender Rights Assignment Agreement) or in any other form whereby the Existing Lender (as defined in Clause 23 (Changes to the Parties) assigns its rights and (or) transfers obligations under this Agreement to a New Lender (as defined in Clause 23 (Changes to the Parties)).
"Security Documents" means:
		(a)
	each Pledge;

		(b)
	each Independent Guarantee; and

		(c)
	any other document entered into or issued by the Borrower or by a third party at the Borrower's request with the consent of the Facility Administrator or the Pledge Manager to secure performance of the Borrower's obligations hereunder.

"Group Equity Instruments" means shares or participatory interests in the charter capital of any member of the Group, as well as options or other instruments securing the right of their owner to acquire or receive shares or a participatory interests in the charter capital of any member of the Group, including options granted to employees of Group companies under Remuneration Plans Based on Group Equity Instruments, and compensation in the form of shares paid to members of the board of directors of Headhunter Group.
"Obligor" means the Borrower and each Guarantor.
"Additional Guarantee" has the meaning given in Clause 18.5 (Guarantors' Cover Ratio).
"Additional Guarantor" has the meaning given in Clause 18.5 (Guarantors' Cover Ratio).
"Additional Pledge" has the meaning given in Clause 18.5 (Guarantors' Cover Ratio).
"Subsidiary" means, with respect to any legal person, any legal person, if the first (principal) legal person:
		(a)
	holds the majority of voting rights in that legal person; or

		(b)
	has equity participation and has the right to appoint or remove a majority of the members of the executive body of the legal person; or

		(c)
	has the right to have a dominant influence on the legal person by virtue of the provisions contained in the foundation documents of the legal person or management agreement; or

		(d)
	is a member (shareholder) of that legal person and independently or in agreement with other members controls the majority of votes in the legal person; or

		(e)
	controls that legal person,

including any legal person the shares or participatory interests in the charter capital of which are subject to an Encumbrance, and the title to such encumbered shares or participatory interest is registered by virtue of such Encumbrance in favour of a secured party or nominal holder acting in favour of such party.
"Associate" means, with respect to any legal person, any legal person if the first legal (principal) legal person owns 20 (twenty) or more percent (but not more than 50 (fifty) percent) of the charter capital in such legal person.
"Bankruptcy Law" means the Federal Law of the Russian Federation No. 127-FZ dated 26 October 2002 "On Insolvency (Bankruptcy)".
"Credit Histories Law" means the Federal Law of the Russian Federation No. 218-FZ dated 30 December 2004 “On Credit Histories".
"Regulated Procurement Law" means the Federal Law of the Russian Federation No. 223-FZ dated 18 July 2011 "On the Procurement of Goods, Works and Services by Certain Types of Legal Entities."
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111

"Syndicated Loan Law" means the Federal Law of the Russian Federation No. 486-FZ dated 31 December 2017 "On Syndicated Credits (Loans) and Amendments to Certain Legislative Acts of the Russian Federation".
"Pledgor" means each of the following persons:
		(a)
	Headhunter Group;

		(b)
	Zemenik;

		(c)
	Headhunter FSU; and

		(d)
	each pledgor under each Additional Pledge.

"Utilisation Request" means the request of a Borrower to utilise the Facility, drawn up in the form given in Schedule 3 (Form of Utilisation Request).
"Zemenik" means Zemenik Limited Liability Company, incorporated under the laws of the Russian Federation and registered in the Russian Federation Unified State Register of Legal Entities under Primary State Registration Number (PSRN) 1167746153860, whose business address is 14 Krzhizhanovskogo Street, Building 3, Suite 304, Moscow, 117218, Russian Federation.
"Intellectual Property" means the Obligors' Trademarks, domain names (including the Obligors’ Websites) registered to the Group's members, database and other intellectual property, the rights to which are owned by the Group's members, and which are listed in Schedule 8 (Intellectual Property), and also similar material intellectual property owned by the Additional Guarantors (if such Additional Guarantors were not Obligors as of the date of this Agreement).
"Key Rate" means:
		(a)
	for each Interest Period: the key rate set by the Central Bank of the Russian Federation and valid for each day of the Interest Period; and

		(b)
	for any other period: the key rate set by the Central Bank of the Russian Federation and valid for each day of such period,

set on a daily basis based on the data on the website of the Central Bank of the Russian Federation at:  www.cbr.ru or on another official website of the Central Bank of the Russian Federation should the website change.  Moreover, if the key rate is abolished and/or is no longer used by the Central Bank of the Russian Federation to set pricing conditions for financing credit institutions of the Russian Federation, the Key Rate will be deemed to be the corresponding rate set by the Central Bank of the Russian Federation for pricing refinancing operations through repo transactions, and (or) secured by non-market assets.
"Early Repayment Fee" has the meaning given in Clause 8.4.1.
"Consolidated EBIT" means the Group's consolidated profit before tax for the Relevant Period adjusted for termination of operations that occurred during the Relevant Period:
		(a)
	before any amounts related to financial expenses are deducted (with respect to financial costs related to lease payments: to the extent that this indicator would have been recorded in IFRS statements before the introduction of IFRS 16);

		(b)
	after deducting rental expenses to the extent that this indicator would have been recorded in IFRS statements before the introduction of IFRS 16;

		(c)
	excluding any amounts relating to interest due to any member of the Group;

		(d)
	after deducting profits or adding losses of any member of the Group related to non-controlling interests;

		(e)
	excluding positive or negative unrealised exchange rate differences;

		(f)
	excluding profits or losses arising from the revaluation of any asset or a decrease in the book value of any asset when it is alienated by any member of the Group;

		(g)
	excluding expected returns on pension plan assets; and

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		(h)
	excluding non-monetary profits and losses from the Remuneration Plans based on Group Equity Instruments.

"Consolidated EBITDA” means Consolidated EBIT for the Relevant Period adjusted by adding the following amounts, provided that these amounts were not taken into account when calculating the EBIT:
		(a)
	any amounts relating to depreciation and impairment of fixed assets (with respect  to depreciation related to lease liabilities: to the extent that this indicator would have been recorded in IFRS statements before the introduction of IFRS 16);

		(b)
	any amounts related to goodwill impairment; and

		(c)
	any amounts relating to depreciation and impairment of other intangible assets.

"Confidential Information" means any information (including personal data) in any form (including oral information, and any documents and information recorded or stored as electronic files or on any other media) about any Obligor, Pledgor or member of the Group, Finance Documents or Facility, which becomes known to a Finance Party, or which is received by any person intending to become a Finance Party, from:
		(a)
	any member of the Group or consultant thereof; or

		(b)
	another Finance Party or consultant thereof, if the information was obtained by such Finance Party from any member of the Group or consultant thereof,

with the exception of information that:
		(i)
	is or becomes available to the general public other than due to a Finance Party's violation of the conditions of Clause 29 (Confidentiality); or

		(ii)
	was known to a Finance Party prior to the date that such information was disclosed to it or its consultant, or was legally obtained by a Finance Party or its consultant after such date from a source that, as far as a Finance Party is aware, is not connected with the Group, and which in any case, as far as a Finance Party is aware, was not received due to a breach of confidentiality obligations.

"Facility" means the funds within the Total Commitments that are lent to the Borrower by Lenders under this Agreement in the form of Tranches.
"Available Commitment" means the Available Commitment of Tranche 1 or the Available Commitment of Tranche 2.
"Available Commitment of Tranche 1" means, as of any date, the amount of funds which:
		(a)
	in relation to the Original Lender, each Original Lender shall lend to the Borrower under such Tranche 1 on the relevant date in accordance with the terms of this Agreement and as indicated against the name of the relevant Original Lender and Tranche 1 in the table in Part A (Original Lenders and Available Commitments) of Schedule 1 (Parties, Available Commitments, and Security); and

		(b)
	in relation to any other Lender, the relevant Lender shall provide as a loan to the Borrower on the relevant date as the result of transfer to it of the commitment to grant the Facility under Tranche 1,

the amount of which may be modified in accordance with the terms of this Agreement.
"Available Commitment of Tranche 2" means, as of any date, the amount of funds which:
		(a)
	in relation to the Original Lender, each Original Lender shall lend to the Borrower under such Tranche 2 on the relevant date in accordance with the terms of this Agreement and which cannot exceed the following values:

		(i)
	if, as of the date of submission of any Utilisation Request in respect of the Facility under Tranche 2, the Permitted Bonds were not placed or the Permitted Bonds were placed and the aggregate par value of the placed Permitted Bonds does not exceed RUB 1,000,000,000 (one billion) - the

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amount indicated opposite the name of the respective Original Lender and Tranche 2 in the table in Part A (Original Lenders and Available Commitments) of  Schedule 1 (Parties, Available Commitments, and Security);
		(ii)
	if, as of the date of submission of any Utilisation Request in respect of the Facility under Tranche 2, Permitted Bonds were placed with an aggregate par value exceeding RUB 1,000,000,000 (one billion) - the amount indicated opposite the name of the respective Original Lender and Tranche 2 in the table in Part A (Original Lenders and Available Commitments) of  Schedule 1 (Parties, Available Commitments, and Security) reduced by the amount that the aggregate par value of the placed Permitted Bonds exceeds RUB 1,000,000,000 (one billion); and

		(b)
	in relation to any other Lender, the relevant Lender shall provide as a loan to the Borrower on the relevant date as the result of transfer to it of the commitment to grant the Facility under Tranche 2,

the amount of which may be modified in accordance with the terms of this Agreement.
"Margin" means:
		(a)
	2.0% per annum for Tranche 1; and

		(b)
	2.5% per annum for Tranche 2.

"IFRS" means the international accounting standards referred to in Regulation No. 1606/2002 adopted by the European Parliament and the European Union Council on 19 July 2002, to the extent applicable to the relevant financial statements.
"Tax" means any tax, levy, duty, or other charge or withholding of a similar nature (including any fines or penalties payable in connection with any failure to pay or any delay in paying any of the same) established by applicable law.
"Tax Relief" means a Tax exemption (application of a reduced tax rate or tax refund) granted outside the Russian Federation in respect of any Tax related to payments under the Finance Documents.
"Tax Deduction" means the withholding from any payment under a Finance Document of an amount of any tax or charge, including, in particular, value added tax and income (profit) tax deducted at source, as well as any similar taxes that may replace or supplement existing taxes in accordance with applicable law, in the amount and within the timeframes stipulated by law.
"Tax Payment" means an increase in the amount of payment made by an Obligor to a Finance Party in accordance with the provisions of Clause 12.1 (Tax gross-up), or payment made by an Obligor to a Finance Party in accordance with the provisions of Clause 12.2 (Tax indemnity).
"Independent Guarantee" means each of the following documents:
		(a)
	each independent guarantee issued by the Guarantor in favour of the Lenders;

		(b)
	each Additional Independent Guarantee; and

		(c)
	any other independent guarantee issued by any person and with the consent of the Facility Administrator or the Pledge Manager to secure performance of the Borrower's obligations hereunder.

"Default" means:
		(a)
	an Event of Default; or

		(b)
	an event or circumstance referred to in Clause 21 (Events of Default), which, in accordance with the terms of this Agreement, will become an Event of Default upon:

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		(i)
	the expiration of any deadline established by this Agreement to rectify a violation;

		(ii)
	the sending of any notice; or

		(iii)
	the taking of the relevant decision in respect of the Finance Documents.

"Unused Available Commitment" means the Unused Available Commitment of Tranche 1 or the Unused Available Commitment of Tranche 2.
"Unused Available Commitment of Tranche 1" means, as of any date, the Available Commitment of Tranche 1 established in respect of each individual Lender less:
		(a)
	the amount of funds already provided to the Borrower by this Lender under Tranche 1 before the specified date and, if applicable, on the specified date in accordance with this Agreement, and

		(b)
	Amount Payable by this Lender under Tranche 1 on the basis of the Utilisation Request submitted before the indicated date and, if applicable, on the indicated date in accordance with this Agreement.

"Unused Available Commitment of Tranche 2" means, as of any date, the Available Commitment of Tranche 2 established in respect of each individual Lender less:
		(a)
	the amount of funds already provided to the Borrower by this Lender under Tranche 2 before the specified date and, if applicable, on the specified date in accordance with this Agreement, and

		(b)
	Amount Payable by this Lender under Tranche 2 on the basis of the Utilisation Request submitted before the indicated date and, if applicable, on the indicated date in accordance with this Agreement.

"Facility Outstanding" means, at any time, the funds loaned to the Borrower in accordance with this Agreement and which have not been repaid to the Lenders.
"Encumbrance" means a mortgage, pledge, lien, possessory pledge, assignment, the right to direct debit or a similar debit right or other encumbrance created to secure a person's obligations, or any agreement entered into in order to secure performance of obligations.
"Original Financial Statements" means:
		(a)
	with respect to the Borrower and Zemenik, the annual accounting statements for 2019, prepared in accordance with RAS;

		(b)
	with respect to Headhunter Group: the annual financial statements for 2019 prepared in accordance with IFRS, with an attached auditor's report; and

		(c)
	with respect to Headhunter FSU: management accounts prepared in accordance with the Group's management accounting policies as at 31 December 2019.

"Utilisation Period" means:
		(a)
	with respect to Tranche 1: the period starting on the date of this Agreement and ending on the date falling 10 (ten) days after the date of this Agreement (both said dates being inclusive); and

		(b)
	with respect to Tranche 2: the period starting on the date of this Agreement and ending on the date falling 270 (two hundred seventy) days after the date of this Agreement (both said dates being inclusive);

"Remuneration Plan Based on Group Equity Instruments" means an agreement contemplating that employees (or former employees) of the Group, members of the board of directors of Headhunter Group and/or the owners of shares and/or participatory interests of any member of the Group receive:
		(a)
	remuneration in the form of Group Equity Instruments;

		(b)
	remuneration in the form of funds or provision of other assets, provided that the amount of this remuneration is determined on the basis of and/or is contingent on the value of the Group Equity Instruments; or

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		(c)
	remuneration in the form of provision of Headhunter Group shares to members of the board of directors of Headhunter Group.

"Sanctioned Person" has the meaning given to this term in Clause 23.2 (Assignment of Rights and Transfer of Obligations by the Lenders).
"Leverage" has the meaning given to this term in Clause 18.3 (Leverage).
"Interest Cover" has the meaning given to this term in Clause 18.4 (Interest cover).
"EBITDA" means the EBITDA of any member of the Group, determined on the last reporting date:
		(a)
	at the end of the financial year or second financial quarter of the financial year, in accordance with the Group's financial statements for the relevant financial year or second financial quarter of the financial year (respectively), prepared in accordance with IFRS, provided to the Facility Administrator in accordance with Clause 17.1.1(A) or (B); or

		(b)
	at the end of the first or third financial quarter, based on the relevant financial accounts of the Group provided to the Facility Administrator in accordance with Clause 17.1.1(C).

"Acceptable Lender" means a Lender, which is:
		(a)
	a Russian legal person, or

		(b)
	resident of a Treaty State, provided that the status of such a Lender, at the request of an Obligor, is confirmed by a Russian translation of a copy of a document issued by the competent tax authority of the Treaty State, indicating that the qualifying Lender is a tax resident of the Treaty State.

"Applicable Reporting Standards" means the financial reporting standards applicable to any Obligor.
"Proportional Share" means:
		(a)
	for the purposes of determining the size of the Lender’s participation in the Facility in accordance with any Utilisation Request: the ratio between the Unused Available Commitment of such Lender and the Total Unused Commitments.

(b)for any other purposes:
		(i)
	in the absence of a Facility Outstanding: the ratio between the Available Commitment of a single Lender and the Total Commitments, or

		(ii)
	if there is a Facility Outstanding: the ratio between the Facility Outstanding issued to the Borrower by a single Lender, together with the Amount Payable by this Lender, and the Facility Outstanding issued to the Borrower by all Lenders, together with the Amount Payable by all Lenders.

"Interest Period" means, in relation to the Facility Outstanding, each period during which interest is calculated, determined in accordance with the provisions of Clause 10 (Interest Periods), and, in relation to any overdue amount, each period determined in accordance with the provisions of Clause 9.4 (Default Interest).
"Business Day" means any day on which banks are open to conduct ordinary banking operations in Moscow.
"Permitted Financial Indebtedness" means any Financial Indebtedness:
		(a)
	arising in accordance with the terms of the Finance Documents or permitted by the Finance Documents;

		(b)
	of a member of the Group that exists on the date of this Agreement, as specified in Schedule 7 (Existing Financial Indebtedness);

		(c)
	of any Obligor to another Obligor; and

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		(d)
	of any Obligor to persons that are not Obligors unless the total amount of such Financial Indebtedness together with the grand total principal amount owed under loans provided by any Obligor to persons that are not Obligors exceeds 10% (ten percent) of the Group Assets at any point in time.

"Permitted Payments" means:
		(a)
	any payments made by a member of the Group to any Obligor, provided that such payments do not create obligations for the Obligor to such a member of the Group (in particular, to repay received funds or to transfer assets);

		(b)
	any payments made by any Obligor to another Obligor;

		(c)
	payment of distributable profit by Headhunter Group to its shareholders (including by Permitted Redemption) subject to the requirements of Clause 19.12 (Dividend payment and redemption of shares or participatory interests);

		(d)
	payment to another member of the Group or shareholders of Headhunter Group of funds received by any member of the Group from the sale of shares/participatory interests in another member of the Group that is not an Obligor, provided that after such payment the Leverage will not increase; and

		(e)
	mandatory payments in accordance with applicable law to shareholders that are not members of the Group or members of legal entities that are members of the Group in the event that such shareholder or member exits this legal person,

provided that any payment specified in this definition will not result in the person making such payments having negative net assets.
"Permitted Loans" means loans:
		(a)
	granted by any Obligor to another Obligor;

		(b)
	granted by any member of the Group that is not an Obligor, to another member of the Group that is not an Obligor; and

		(c)
	granted by any Obligor to persons that are not Obligors, unless the total principal amount owed under such loans together with the total Financial Indebtedness of the Obligors to persons that are not Obligors exceeds 10% (ten percent) of the Group Assets at any point in time.

"Permitted Bonds" means exchange-traded interest-bearing non-convertible book-entry bonds with centralised registration of rights, to be traded on the Moscow Exchange (PJSC “Moscow Exchange”), placed by the Borrower by public offering under the Series 001-P Exchange-Traded Bonds Program, provided that:
		(a)
	the specified bonds will be placed at their par value;

		(b)
	the aggregate par value of all placed bonds will not exceed RUB 4,000,000,000 (four billion); and

		(c)
	the placement of the specified bonds will be completed no later than 30 June 2021.

"Permitted Redemption" means the redemption by a member of the Group of its own shares or participatory interests in the charter capital of that member of the Group, provided that:
		(a)
	if such shares or participatory interests are the subject of a Pledge, such shares or participatory interests will continue to be the subject of such Pledge, regardless of the relevant redemption;

		(b)
	this member of the Group complies with all applicable legal requirements for such redemption, including requirements regarding the size of the charter capital of this member of the Group; and

		(c)
	the redeemed shares or participatory interests will be cancelled within the timeframe established by applicable law.

"Permitted Issue" means:
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		(a)
	the issue of shares or increase in charter capital whereby a Group member acquires such issued shares or increases its participatory interest in the charter capital of its Subsidiary, provided the existing shares or participatory interests in the charter capital of such Subsidiary have not been pledged to the Lenders under a Pledge; and

		(b)
	the issue of Headhunter Group shares as part of the implementation of employee option programs, provided:

		(i)
	the total face value of such shares amounts to no more than 8% (eight percent) of the total Headhunter Group's charter (share) capital over the entire term of the Facility, and

		(ii)
	 such issue does not result in a Change of Control; and

		(c)
	the issue of Headhunter Group shares as part of the Secondary Placement with the total value of the placement not exceeding USD 100,000,000.

"Test Date" means the end date of the Relevant Period.
"Relevant Period" means any period of twelve (12) months ending on the last day of the Group's financial quarter or financial half-year or on the last day of the Group's financial year.
"RAS" means accounting rules in accordance with Russian law.
"Obligors’ Websites" means the websites owned by the Obligors and listed in Schedule 8 (Intellectual Property).
"Event of Default" means any event or circumstance specified in Clause 21 (Events of Default).
"Change of Control" has the meaning given to this term in Clause 8.2.2.
"Total Commitments" means the aggregate of the Available Commitments of Tranche 1 and the Available Commitments of Tranche 2 of all Lenders.
"Total Unused Commitments" means the aggregate of the Unused Available Commitments of all Lenders.
"Consent" has the meaning given to this term in Clause 24 (Lenders' decision making).
"Amendment Agreement No. 1" means the amendment Agreement No. 1 to this Agreement dated __________ 2020.
"Party" means a party to this Agreement.
"Finance Party" means each Lender, Arranger, Facility Administrator and Pledge Manager.
"Amount Payable" means the amounts of funds payable by any given Lender or Lenders on the Utilisation Date indicated in a Utilisation Request submitted by the Borrower.
"Material Adverse Effect" means (except when a different meaning of this term is contained in other clauses of this Agreement) in the opinion of the Majority Lenders a material adverse effect on:
		(a)
	the Obligors' and Pledgors' ability to perform their obligations under any Financial Document;

		(b)
	the validity or ranking of the security that is provided or should be provided under any Financial Document or its enforceability; or

		(c)
	the validity of the Finance Documents or the possibility of exercising the rights of the Finance Parties contemplated by each relevant Finance Document.

"Material Group Member" means any Obligor, as well as any Group member, whose EBITDA, Assets and Revenues determined as of the last reporting date, based on the consolidated financial statements of the Group for the financial year or the consolidated financial statements of the Group for the first financial half-year of the financial year, prepared in accordance with IFRS and provided to the Facility Administrator in accordance with Clause
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17.1.1(A) or (B), exceed 2.5% (two point five per cent) of the corresponding consolidated indicators of the Group based on the same financial statements.
"Existing Commercial Contracts" means the following agreements between the Borrower as lessee and Caliber PJSC (PSRN 1027739877813, TIN 7717042053) as lessor for the lease of the Borrower's office in Moscow:
(a)lease agreement No. 5536 dated 10 December 2018; and
(b)lease agreement No. 5536 dated 10 December 2018.
"Existing Facility Agreement" means the syndicated facility agreement dated 16 May 2016 as amended by:
		(a)
	amendment agreement No. 1 dated 14 December 2016;

		(b)
	amendment agreement No. 2 dated 28 June 2017;

		(c)
	amendment agreement No. 3 dated 5 October 2017;

		(d)
	amendment agreement No. 4 dated 29 December 2017;

		(e)
	amendment agreement No. 5 dated 22 April 2019; and

		(f)
	amendment agreement No. 6 dated 11 March 2020,

between (1) Zemenik as borrower 1, (2) Headhunter Group as borrower 2, (3) VTB as the arranger, (4) VTB as the lender, and (5) VTB as the facility administrator.
"Existing Pledges" means the pledges entered into to secure performance of the obligations of Zemenik and Headhunter Group under the Existing Facility Agreement.
"Facility Administrator's Account" means the Facility Administrator's account used for making transfers under the Finance Documents, the details of which the Facility Administrator sends to the Parties.
"Disruption Event" means:
		(a)
	a significant failure in those payment or communication systems or financial markets, the operation of which is required in order to make payments (or other operations to be executed) under transactions contemplated by the Finance Documents, which occurred for reasons beyond the control of any of the Parties; or

		(b)
	the occurrence of any other event which results in a disruption (of a technical or systems-related nature) to the treasury or settlement operations of a Party preventing that, or any other Party:

		(i)
	from performing its payment obligations under the Finance Documents; or

		(ii)
	from communicating with other Parties under the Finance Documents,

and which was not caused by the Party whose operations were disrupted, and occurred for reasons beyond the control of such Party.
"Obligors’ Trademarks" means the trademarks registered by Obligors and specified in Schedule 8 (Intellectual Property).
"Tranche" means Tranche 1 and Tranche 2.
"Tranche 1" means part of the Facility granted to the Borrower under the terms of this Agreement in the amount of the Available Commitment of Tranche 1.
"Tranche 2" means part of the Facility granted to the Borrower under the terms of this Agreement in the amount of no more than the Available Commitment of Tranche 2.
"Financial Indebtedness" means any indebtedness formed as a result of:
		(a)
	receiving funds in the form of a loan or credit;

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		(b)
	obtaining a trade credit, commercial loan for a term of over thirty (30) days or issuing an uncovered letter of credit if such debt falls within the category of "financial indebtedness" under IFRS;

		(c)
	issuing bonds, promissory notes and any other debt instruments;

		(d)
	entering into a finance lease contract (to the extent that this indicator would have been recorded in IFRS statements before the introduction of IFRS 16);

		(e)
	executing transactions with derivatives in order to protect against, or benefit from, fluctuations in any rates, interest rates or prices, with the amount of the transaction with such derivatives to be calculated based on the market indicators at any time;

		(f)
	executing repo transactions or any other transaction that constitutes borrowing under IFRS;

		(g)
	assuming liability for damages or expenses incurred by entities that are not members of the Group;

		(h)
	entering into Remuneration Plans based on Group Equity Instruments; or

		(i)
	executing transactions whereby obligations are assumed:

		(i)
	under a surety or guarantee with respect to the performance of any obligations by persons that are not members of the Group, with the exception of any Placement Indemnity; or

		(ii)
	in respect of the reimbursement of a payment under a surety or guarantee to the guarantor or surety; or

		(iii)
	in respect of a liability relating to receivables on recourse terms of any buyer of accounts receivables sold or discounted,

or other indebtedness having an economic nature of a borrowing under IFRS, in each case without double counting.
"Finance Document" means:
		(a)
	this Agreement;

		(b)
	each Security Document;

		(c)
	each Lender Rights Assignment Agreement;

		(d)
	each Utilisation Request;  and

		(e)
	any other document that (i) the Facility Administrator or the Pledge Manager and (ii) the Borrower have agreed in writing to be considered a Finance Document.

"Holding Company" as applied to a legal person, means any other legal person for which the first legal person is a Subsidiary.
"Cash Equivalents" has the meaning given to this term in IFRS.
"ELQ Investors VIII" means ELQ Investors VIII Ltd, a limited liability company incorporated under the laws of England and Wales, registration number 9182214, registered at: Peterborough Court, 133 Fleet Street, London EC4A 2BB, United Kingdom.
"Headhunter FSU" means Headhunter FSU Limited, a limited liability company incorporated under the laws of the Republic of Cyprus, registration number HE 178226, registered at: 42 Dositheou, Strovolos 2028, Nicosia, Cyprus.
"Headhunter Group" means Headhunter Group PLC, a public limited liability company incorporated under the laws of the Republic of Cyprus, registration number HE 332806, that is registered at 42 Dositheou, Strovolos 2028, Nicosia, Cyprus).
"Highworld" means Highworld Investments Limited, a limited liability company incorporated under the laws of the British Virgin Islands, registration number 1802016, registered at: Trident Chambers, P.O. Box 146, Road Town, Tortola, BVI.
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	1.2
	Interpretation

		1.2.1
	In this Agreement, unless the context otherwise requires:

		(A)
	references to the "Facility Administrator", the "Pledge Manager", the "Arranger", any "Finance Party", any "Lender", any "Obligor", any "Pledgor" or any "Party" include their successors as required by law or this Agreement;

		(B)
	a document "in an agreed form" means a document agreed in writing by the Facility Administrator and the Borrower;

		(C)
	"assets" include existing or future property, income and rights of any nature;

		(D)
	reference to "Finance Document" or other agreement, document or financial instrument includes such Finance Document or other agreement, document or financial instrument with all amendments and additions made thereto at any time;

		(E)
	"person" includes any natural person, legal person, state body, government or state;

		(F)
	"law" means any law, ruling, decree, order, decision, regulation, rule, official directive, requirement or recommendation of any legislative or executive state, municipal, interstate or international body, ministry, department, service, agency or committee of either a self-regulatory organisation or any judicial body;

		(G)
	reference to a provision of law is a reference to such provision with all amendments and additions made thereto at any time;

		(H)
	it is understood that the words "include" and "including" are accompanied by the words “inter alia”;

		(I)
	Clause or Schedule means a reference to a clause of this Agreement or a schedule to it; and

		(J)
	any reference to the time of day implies Moscow time, unless otherwise specified in the Agreement.

		1.2.2
	Unless the context otherwise requires, a reference to "month" means a period beginning on one of the days of a calendar month and ending on the same date of the next calendar month, with the following exceptions:

		(A)
	if the relevant date is not a Business Day, such period shall end on the next Business Day (if any) of that month or (if none) on the preceding Business Day; and

		(B)
	if there is no corresponding date in such month, then this period shall end on the last Business Day of this month.

		1.2.3
	For the purposes of this Agreement, "control" means:

		(A)
	the right (existing by virtue of direct or indirect participation in the charter capital of a legal person, on the basis of a written agreement by virtue of law or otherwise), which allows:

		(1)
	to vote or control the voting of at least 50 percent of the maximum number of votes entitled to vote at the general meeting of the legal person; or

		(2)
	to appoint or remove from office a person who performs the functions of the sole executive body of a legal person or all or the majority of the members of any collegial management bodies of a legal person; or

		(3)
	to give binding instructions regarding the activities or financial policies of a legal person; and (or)

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		(B)
	to directly or indirectly own at least 50 percent of ordinary shares or participatory interests in the charter capital of a legal person;

and "controlled" and "to control" have a corresponding meaning.
		1.2.4
	Unless otherwise provided for in this Agreement, interest and amounts of remuneration payable by an Obligor under any Finance Document shall be calculated in accordance with the provisions of the relevant Finance Document and calculated based on the actual days elapsed and a year of 365/366 (three hundred and sixty-five/three hundred and sixty-six) days.

		1.2.5
	The headings used in this Agreement shall have no effect on how the Agreement is interpreted.

	1.3
	Currency symbols

In this Agreement:
		1.3.1
	"₽", "RUB", "rouble", and "Russian rouble" mean the official monetary unit (currency) of the Russian Federation;

		1.3.2
	"U.S. dollar", "USD" or "$" means the legal tender of the United States of America; and

		1.3.3
	"Euro", "EUR" or "€" means the monetary unit (currency) of the member countries of the currency union that operates within the framework of the European Union.

	2.
	SUBJECT MATTER OF THE AGREEMENT

	2.1
	Loan Relations

		2.1.1
	Subject to the Borrower's compliance with the provisions of this Agreement, each Lender shall grant the Facility to the Borrower in the amount of its Available Commitment and to properly perform the obligations contemplated by this Agreement during its term, while the Borrower shall properly perform the obligations contemplated by this Agreement during its term, including the obligation to repay to each Lender the Facility Outstanding received from it, the interest on it, and to pay the other amounts contemplated by this Agreement and other Finance Documents to the Finance Parties.

		2.1.2
	A Lender's obligation to grant the Facility to the Borrower under the relevant Tranche arises after the Borrower has fully complied with the requirements contemplated by Clause  4 (Conditions Precedent).

	2.2
	Finance Parties

		2.2.1
	Each Lender has an independent right to demand that the Borrower repays the Facility Outstanding, interest and other payments contemplated by the terms of this Agreement.  Except as provided for in this Agreement, each Finance Party has the right to independently enforce its rights under the Finance Documents. At the same time, the Finance Parties shall exercise their rights subject to the provisions of Clause 24 (Finance Parties).

		2.2.2
	No Finance Party shall be liable for the obligations of another Finance Party under the Finance Documents. In the event that any Lender refuses to grant the Facility on the basis contemplated by Clause 6 (Termination of Lender’s obligations), and also if a Lender violates its obligation to grant the Facility within its Available Commitment, the Facility amount shall be reduced by this Lender’s Available Commitment.

	2.3
	Facility Administrator

		2.3.1
	This Agreement defines the conditions and procedure for appointing a Facility Administrator and its carrying out of legal and other actions on behalf and in the interests of all Lenders and other Finance Parties.  The authority of the person

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performing the functions of the Facility Administrator is determined in accordance with the provisions of Clause 24.2 (Appointment of the Facility Administrator). However, the provisions of this Agreement governing the relations of the Facility Administrator and the Lenders will apply whenever there is more than one Lender, while whenever there is a single Lender, all references in this Agreement and other Finance Documents to the "Facility Administrator" shall be deemed to refer to the single Lender.
		2.3.2
	The Lenders (with the exception of a Lender acting as the Facility Administrator) and the Facility Administrator hereby confirm that the Facility Administrator shall act without a power of attorney being issued to it and irrespective of the issuing of such power of attorney.

		2.3.3
	If the number of Lenders falls to one, then until there is more than one Lender, all the provisions in this Agreement and other Finance Documents that govern the relations of the Facility Administrator and the Borrower shall be deemed as provisions governing the relations of the sole Lender and the Borrower.

	2.4
	Relations with regard to pledge management

		2.4.1
	This Agreement defines the conditions and procedure for appointing the Pledge Manager and its carrying out of legal and other actions on behalf and in the interests of all Lenders.  The authority of the person performing the functions of the Pledge Manager is determined in accordance with the provisions of Clause 22.2 (Status of the Lenders and appointment of a Pledge Manager). However, the provisions of this Agreement governing the relations of the Pledge Manager and the Lenders will apply whenever there is more than one Lender, while whenever there is a single Lender, all references in this Agreement and other Finance Documents to the "Pledge Manager" shall be deemed to refer to the single Lender.

		2.4.2
	If the number of Lenders falls to one, then until there is more than one Lender, all the provisions in this Agreement and other Finance Documents that govern the relations of the Pledge Manager and the Borrower shall be deemed as provisions governing the relations of the sole Lender and the Borrower

	2.5
	Application of certain provisions in the Finance Documents concerning the syndicated nature of the Facility

The provisions of this Agreement and other Finance Documents concerning the syndicated nature of the Facility specified herein, in particular the provisions of Clause 22 (Facility security), Clause 24 (Finance Parties), Clause 25.3 (Distribution of funds by the Facility Administrator), and Clause 25.5 (Payments not through the Facility Administrator), shall apply whenever there is more than one Lender, while whenever there is a single Lender, all references in this Agreement and other Finance Documents to the "Facility Administrator", "Pledge Manager", "Finance Party", and "Majority Lenders" shall be deemed as references to the single Lender, and this Agreement and other Finance Documents shall be interpreted and applied based on the fact that the Lender according to the Finance Documents is the sole Lender.
	2.6
	Legal nature of the Agreement

This Agreement is a mixed agreement containing elements of a syndicated facility agreement, pledge management agreement, a lenders' agreement on the procedure for exercising their rights, and an agency agreement.  Accordingly, this Agreement governs, among other things, the relations between:
		2.6.1
	the Lenders;

		2.6.2
	the Lenders and the Borrower;

		2.6.3
	the Facility Administrator and the Lenders;

		2.6.4
	the Pledge Manager and the Lenders; and

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		2.6.5
	the Facility Administrator, the Pledge Manager, and the Borrower.

	3.
	PURPOSE

	3.1
	The Borrower shall use Tranche 1 solely to issue loans in favor of Zemenik and Headhunter Group under Loan Agreements Between the Borrowers for the purpose of further immediate paydown of the amounts owed by Zemenik and Headhunter Group under the Existing Facility Agreement.

	3.2
	The Borrower shall use Tranche 2 solely for:

		3.2.1
	general corporate purposes;

		3.2.2
	funding transactions to acquire the shares and participatory interests of third parties and to make contributions to the charter capital of third parties; and

		3.2.3
	paying out dividends, acquiring shares of Headhunter Group or distributing funds to Headhunter Group shareholders in another form.

	3.3
	Funds received by the Borrower hereunder may not be used for:

		3.3.1
	paying fees and costs under this Agreement; or

		3.3.2
	other purposes not listed by this Agreement as permitted.

	4.
	CONDITIONS PRECEDENT

	4.1
	Initial Conditions Precedent

		4.1.1
	To utilise Tranche 1, the Borrower shall:

		(A)
	deliver to the Facility Administrator the documents and information listed in Part A of Schedule 2 (Conditions Precedent), in a form and substance acceptable to the Facility Administrator; and

		(B)
	deliver to the Facility Administrator the documents and information listed in Part B of Schedule 2 (Conditions Precedent), in a form and substance acceptable to the Facility Administrator; and

		(C)
	send a duly completed Utilisation Request to the Facility Administrator for Tranche 1.

		4.1.2
	To utilise Tranche 2, the Borrower shall:

		(A)
	deliver to the Facility Administrator the documents and information listed in Part A of Schedule 2 (Conditions Precedent), in a form and substance acceptable to the Facility Administrator; and

		(B)
	deliver to the Facility Administrator the documents and information listed in Part C of Schedule 2 (Conditions Precedent), in a form and substance acceptable to the Facility Administrator, that conform to the purpose of the Facility as stated in the Utilisation Request;

		(C)
	provide the Facility Administrator with a certificate signed by an authorised representative of the Borrower containing information on the absence, or aggregate par value, of the placed Permitted Bonds for the purpose of determining the Available Commitment of Tranche 2; and;

		(D)
	send a duly completed Utilisation Request to the Facility Administrator for Tranche 2.

		4.1.3
	The Utilisation Request may be sent by the Borrower after the Borrower and the Lenders have received a notification from the Facility Administrator that the Borrower has duly fulfilled the applicable conditions listed in Schedule 2 (Conditions Precedent).

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	4.2
	Submission of Utilisation Requests

		4.2.1
	The Borrower may send to the Facility Administrator:

		(A)
	in respect of Tranche 1: only one duly executed Utilisation Request for the full amount of Tranche 1; and

		(B)
	in respect of Tranche 2 one or more duly executed Utilisation Requests, but the amount of the Facility specified by the Borrower in the relevant Utilisation Request may not exceed the amount of the Aggregate Unused Available Commitment of Tranche 2, and may not be less than RUB 500,000,000 (five hundred million) (other than a Utilisation Request for the entire balance of the Aggregate Unused Available Commitment for Tranche 2).

		4.2.2
	Unless otherwise agreed with the Facility Administrator, the Borrower must submit each Utilisation Request to the Facility Administrator no later than at 12:00 noon, 2 (two) Business Days before the proposed Utilisation Date.

		4.2.3
	Each Utilisation Request must be signed by an authorised person of the Borrower. Each Utilisation Request must include the requested amount of the Facility and the Utilisation Date, which is a Business Day within the relevant Utilisation Period.

		4.2.4
	The Borrower may not withdraw a Utilisation Request that it has sent to the Facility Administrator after it has been received.

	5.
	GRANTING OF FACILITY

		5.1.1
	After receiving any Utilisation Request, the Facility Administrator shall immediately send to each Lender a copy of the Utilisation Request and inform each Lender of the amount corresponding to its Proportional Share in the requested Facility.

		5.1.2
	In the absence of the circumstances specified in Clause 6 (Termination of Lender’s obligations), each Lender shall transfer to the Facility Administrator the amount corresponding to its Proportional Share in the Facility requested by the Borrower no later than 12:00 noon of the Utilisation Date specified in the relevant Utilisation Request.

		5.1.3
	Not later than on 15:00 on the relevant Utilisation Date, the Facility Administrator shall transfer to the Borrower the amount of the Facility specified in the Utilisation Request, into the account specified in that Utilisation Request, but not more than the Facility amount received from the Lenders.

	6.
	TERMINATION OF LENDER’S OBLIGATIONS

	6.1
	Each Lender’s obligation to grant a Facility to the Borrower shall terminate in whole or in part, depending on the following circumstances:

		6.1.1
	if a Facility is granted in the amount of the Available Commitment of the relevant Lender;

		6.1.2
	upon expiry of the relevant Utilisation Period; and

		6.1.3
	in other instances established by law.

	6.2
	Each Lender has the right to refuse to perform its obligations to grant a loan to the Borrower:

		6.2.1
	if there are circumstances that clearly indicate that the Facility will not be repaid by the Borrower within the period specified in the Agreement; or

		6.2.2
	if there is an Event of Default as per Clause 21.18 (Acceleration) and the corresponding notification is sent by the Facility Administrator to the Borrower; or

		6.2.3
	if there are circumstances specified in Clause 8.1 (Illegality) and Clause 8.2 (Change of Control).

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	6.3
	In the event that any Lender refuses to grant the Facility on the basis of this Clause 6, the Parties agree that such Lender does not bear any liability to the Borrower or to any Finance Party for refusing to grant the Facility.

	7.
	REPAYMENT OF FACILITY

		7.1.1
	The Borrower shall repay the Facility Outstanding by transferring quarterly payments into the Facility Administrator's Account on the Interest Payment Dates according to the repayment schedule given in Schedule 6 (Repayment schedule).

		7.1.2
	On the Final Repayment Date the Borrower shall repay the Facility Outstanding in full.

		7.1.3
	The Borrower may not submit a Utilisation Request for an amount of Facility Outstanding that the Borrower has repaid.

	8.
	EARLY REPAYMENT AND CANCELLATION OF FACILITY

	8.1
	Illegality

If, in accordance with any applicable law, the granting of the Facility to the Borrower and/or participation in it becomes illegal for any Lender, then:
		8.1.1
	such Lender must notify the Facility Administrator and the Borrower as soon as it becomes aware of this;

		8.1.2
	any unfulfilled obligation of such Lender with respect to the Facility shall terminate on the date of the notification specified therein; and (or)

		8.1.3
	the Borrower shall repay the amount corresponding to the Proportional Share of such Lender in the Facility on the last day of the Interest Period in which a Lender became aware of the illegality of the participation in the Facility, or (if earlier) on the date specified by a Lender in the notification  specified in Clause 8.1.1, which cannot be earlier than the date established by law.

	8.2
	Change of Control

		8.2.1
	If there is a Change of Control:

		(A)
	the Borrower shall notify the Facility Administrator immediately after it becomes aware of this; and

		(B)
	if this is requested by the Majority Lenders, the Facility Administrator shall send a notification to the Borrower and demand immediate repayment of the entire amount of the Facility Outstanding with all accrued interest and other amounts payable by the Borrower, while the Borrower shall repay the amount of the Facility Outstanding in full in accordance with the demand specified in the Facility Administrator’s notification.

		8.2.2
	For the purposes of Clause 8.2.1, "Change of Control" means (with the exception of changes permitted in accordance with the Finance Documents, including as a result of a Permitted Payment):

		(A)
	that the Beneficiaries have lost the right, existing by virtue of their joint direct or indirect participation in the charter capital of any member of the Group, on the basis of a written agreement, by law or otherwise, to exercise the right to vote (or control the exercise of the right to vote) based on the quantity of voting shares in the share capital of Headhunter Group that is:

		(1)
	over 50% (fifty percent) of the total number of Headhunter Group voting shares, except in the case referred to in subparagraph (2) below; and

		(2)
	if the threshold referred to in subparagraph (1) above is not met as a result of Secondary Placement – over 35% (thirty five percent) of the total number of Headhunter Group voting shares; or

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		(B)
	that the Beneficiaries have ceased to jointly own, directly or indirectly, voting shares in the share capital of Headhunter Group at a level of:

		(1)
	over 50% (fifty percent) of the total number of Headhunter Group voting shares, except in the case referred to in subparagraph (2) below; and

		(2)
	if the threshold referred to in subparagraph (1) above is not met as a result of Secondary Placement – over 35% (thirty five percent) of the total number of Headhunter Group voting shares; or

		(C)
	that the Beneficiaries have lost the right to appoint or remove from office (including by replacing them) the majority of the members of the Headhunter Group collegial management bodies; or

		(D)
	that Elbrus has lost the right it enjoyed by virtue of its direct or indirect participation in the charter capital of any Group member, under a written agreement, by virtue of the law or otherwise to exercise its voting right (or control the exercise of its voting right) based on the quantity of voting shares in the share capital of Headhunter Group at a level above 17.5% (seventeen point five percent) of the total number of Headhunter Group voting shares; or

		(E)
	that Elbrus has ceased to directly or indirectly own voting shares in the share capital of Headhunter Group at a level above 17.5% (seventeen point five percent) of the total number of the voting shares of Headhunter Group; or

		(F)
	that Elbrus has lost the right to appoint or remove from office (including by replacing them) the majority of those members of the Headhunter Group collegial management bodies that the Beneficiaries, acting jointly, have the right to appoint or remove.

For the purposes of Clause 8.2.2:
"Beneficiaries" means, jointly:
		(i)
	Elbrus; and

		(ii)
	Goldman Sachs Group, Inc. (registration number 2923466, registered address: 1209 Orange Street, Wilmington, Delaware 19801, United States of America).

"Elbrus" means, jointly:
		(i)
	Elbrus Capital Fund II, L.P. (registration number: 63023, registered address: 190 Elgin Avenue, KY1-9005 George Town, Grand Cayman, Cayman Islands); and

		(ii)
	Elbrus Capital Fund II B, L.P. (registration number: 68103, registered address: 190 Elgin Avenue, KY1-9005 George Town, Grand Cayman, Cayman Islands).

	8.3
	Mandatory early repayment upon issue of Permitted Bonds

		8.3.1
	If:

		(A)
	there is Facility Outstanding under Tranche 2 at the time of placement of the Permitted Bonds; and

		(B)
	the amount of the Facility Outstanding under Tranche 2 and the aggregate par value of all placed Permitted Bonds exceeds RUB 5,000,000,000 (five billion),

the Borrower shall, on the Business Day on which the funds that it received as a result of the placement of the Permitted Bonds were transferred by the Underwriter from his special brokerage account to the Borrower’s settlement account or
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otherwise received by the Borrower, to pay the necessary amount towards early repayment of the Facility Outstanding under Tranche 2 so that the amount specified in subparagraph (B) above does not exceed RUB 5,000,000,000 (five billion).
	8.4
	Voluntary Early Repayment of Facility Outstanding

		8.4.1
	The Borrower is entitled, subject to giving the Facility Administrator at least 10 (ten) Business Days’ prior notice (unless a shorter period has been agreed with the Majority Lenders), to effect early repayment of the entire Facility Outstanding or any part thereof. The amount of the Facility Outstanding being repaid early must be at least RUB 50,000,000 (fifty million).

		8.4.2
	Partial early repayment of the Facility Outstanding shall reduce the obligation of the Borrower to repay the Facility Outstanding to each Lender rateably.

		8.4.3
	Any early payment by the Borrower pursuant to Clause 8.3.1 will be used to repay the Facility Outstanding, the payment of which is due in chronological order. Furthermore, the amount of such early payment shall be used to repay all Tranches in proportion to the amount of the next payment under each such Tranche.

		8.4.4
	Within 30 (thirty) days after the Facility Administrator has submitted a demand to a Borrower in accordance with Clause 13.1 (Additional Costs), the Borrower has the right, subject to giving the Facility Administrator at least 5 (Five) Business Days’ prior notice (unless a shorter period has been agreed with the Majority Lenders), to effect early repayment of the entire Facility Outstanding.  In this case, no Early Repayment Fee shall be charged.

	8.5
	Fee for Early Repayment of Facility Outstanding

		8.5.1
	In the event of early repayment of the Facility Outstanding or part thereof, the Borrower shall pay the Facility Administrator for subsequent distribution between the Lenders in proportion to their Proportional Shares a fee for the early repayment of the Facility Outstanding ("Early Repayment Fee"), the amount of which is determined in accordance with Clause 8.4.2.

		8.5.2
	The amount of the Early Repayment Fee shall be:

		(A)
	0.5% (zero point five percent) of the amount of early repayment of the Facility Outstanding under Tranche 2 in the event of early repayment using the funds received from the issue of the Permitted Bonds, in accordance with Clause 8.3 (Mandatory early repayment upon issue of Permitted Bonds) not later than 31 July 2021 (inclusive);

		(B)
	excluding early repayment of the Facility Outstanding under Tranche 2 in accordance with subparagraph (A) above, 2.0% (two percent) of the amount of early repayment of the Facility Outstanding in the event of early repayment during the period starting on the date of this Agreement and ending on the date falling 18 months after the date of  this Agreement (including such date);

		(C)
	1.5% (one point five percent) of the amount of early repayment of the Facility Outstanding in the event of early repayment during the period starting on the date falling 18 months after the date of this Agreement (not including such date), and ending on the date falling 24 months after the date of this Agreement (including such date); and

		(D)
	1.0% (one percent) of the amount of early repayment of the Facility Outstanding in the event of early repayment during the period starting on the date falling 24 months after the date of this Agreement (not including such date), and ending on the date falling 36 months after the date of this Agreement (including such date).

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		8.5.3
	In the event early repayment of the Facility Outstanding or part thereof is made after the expiry of 36 (thirty six) months since the date of this Agreement (not including such date), no Early Repayment Fee shall be charged.

	8.6
	Other provisions

		8.6.1
	The Borrower does not have the right to withdraw its notification regarding early repayment of the Facility Outstanding or part thereof. Such notification must specify the relevant repayment date and the amount of the Facility Outstanding repaid early.

		8.6.2
	If the Facility Administrator receives any notification under this Clause 8, it shall send a copy of this notification to the Party to which this notification is addressed on the same Business Day. The Facility Administrator must notify all Lenders of receipt of the relevant notification within no more than one Business Day from the date of receipt of this notification.

		8.6.3
	Whenever the Facility Outstanding is repaid early, the Borrower shall repay the Facility Outstanding along with all interest accrued on it as of the repayment date and other amounts owed by Borrower.

		8.6.4
	The Borrower does not have the right to repay the Facility Outstanding or any part thereof early, or to refuse to receive the Facility or part thereof, on terms not expressly contemplated by this Agreement.

		8.6.5
	The Borrower is not entitled to submit a Utilisation Request with respect to the amount of the Facility, which this Borrower has refused to receive, and also with respect to the amount of the Facility Outstanding that the Borrower repaid early.

	9.
	INTEREST

	9.1
	Interest calculation

The interest rate in respect of the Facility Outstanding for each Interest Period is an annual interest rate equal to the sum of:
		9.1.1
	the Margin; and

		9.1.2
	the Key Rate.

	9.2
	Margin revision

		9.2.1
	When any of the circumstances specified in this Clause 9.2.1 occur, the Margin with the Consent of the Majority Lenders shall increase by 0.5% (zero point five percent) per annum, starting from the first day of the Interest Period following the relevant Test Date (regarding which the Facility Administrator shall inform the Borrower in writing) if:

		(A)
	on any Test Date falling in 2020, the Leverage is more than 3.0:1; or

		(B)
	the Leverage is more than 2.5:1 on any following Test Date.

		9.2.2
	Clause 9.2.1 shall remain effective until the first day of the Interest Period following a Test Date on which the Leverage is less than 2.5:1, provided the Facility Administrator has received confirmation that the Leverage is less than 2.5:1.

	9.3
	Interest Payment

The Borrower shall pay the Facility Administrator for the account of the Lenders interest on the Facility Outstanding on each Interest Payment Date.
	9.4
	Default Interest

		9.4.1
	If the Borrower fails to fulfil an obligation to pay any amount that it owes under the Finance Document within the prescribed period, default interest shall accrue on the

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overdue amount from the day, following the due date up to the date of actual payment (both before and after judgement).
		9.4.2
	Said default interest shall accrue in the amount of 2/365 of the interest rate, determined in accordance with Clause 9.1 (Interest calculation) subject to the provisions of Clause 9.2 (Margin revision), of the amount of overdue debt under the Financial Document for each day of delay.

		9.4.3
	Default interest accrued under this Clause 9.4 must be paid by the Borrower immediately upon the request of the Facility Administrator.

		9.4.4
	The Parties agree that payment by the Borrower of the default interest contemplated by this Clause 9.4 does not in any way restrict the Lenders’ rights to pursue any other legal remedies, including the right to seek indemnification from the Borrower for damages and expenses caused by the Borrower's delay to the extent not covered by the default interest.

		9.4.5
	For the avoidance of doubt, the Parties confirm that the default interest contemplated by this Clause 9.4 shall be paid by the Borrower in addition to and in excess of the interest contemplated by Clause 9.1 (Interest calculation) subject to the provisions of Clause 9.2 (Margin revision).

	9.5
	Notification of Key Rate

		9.5.1
	Subject to the provisions of Clause 9.5.4, the Key Rate in effect on each day of the Interest Period shall be used to calculate the accrued interest.

		9.5.2
	The Facility Administrator shall notify each Party on each Utilisation Date of the amount of the Key Rate in effect on the relevant Utilisation Date.

		9.5.3
	If the Key Rate changes after any given Utilisation Date, the new Key Rate shall become applicable for the purposes of determining the interest rate as per Clause 9.1 (Interest calculation) from the effective date of the modified Key Rate, of which the Facility Administrator shall notify the Parties no later than the Business Day following the effective date of the modified Key Rate.

		9.5.4
	Notwithstanding the provisions of Clause 9.5.3, if the effective date of the modified Key Rate falls on the last day of any Interest Period, the relevant modified Key Rate shall become applicable for the purposes of determining the interest rate as per Clause 9.1 (Interest calculation) from the first day of the next Interest Period.

	10.
	INTEREST PERIODS

		10.1.1
	The first Interest Period relating to Tranche 1 shall begin on the day following the Utilisation Date of Tranche 1 and end on the Interest Payment Date following the Utilisation Date of Tranche 1. Furthermore, if such Interest Payment Date comes earlier than 10 (ten) days after the Utilisation Date of Tranche 1, the first Interest Period relating to Tranche 1 shall end on the second Interest Payment Date which comes after the Utilisation Date of Tranche 1. Each subsequent Interest Period shall start on the day following the last day of the previous Interest Period, and end on the Interest Payment Date immediately following that day.

		10.1.2
	The first Interest Period relating to Tranche 2 shall begin on the day following the Utilisation Date of Tranche 2 and end on the Interest Payment Date following the Utilisation Date of Tranche 2. Furthermore, if such Interest Payment Date comes earlier than 10 (ten) days after the Utilisation Date of Tranche 2, the first Interest Period relating to Tranche 2 shall end on the second Interest Payment Date which comes after the Utilisation Date of Tranche 2.

		10.1.3
	Starting from the Interest Period immediately following the end of the first Interest Period relating to Tranche 2:

		(A)
	the Facility Outstanding relating to Tranche 1 and the Facility Outstanding relating to Tranche 2 shall be combined into a single Facility Outstanding

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(hereinafter referred to as "Facility Outstanding on Tranches 1 and 2") for the purposes of determining the Interest Period;
		(B)
	the Interest Periods relating to Facility Outstanding on Tranches 1 and 2 shall be determined in accordance with Clause 10.1.1; and

		(C)
	the last Interest Period relating to Facility Outstanding on Tranches 1 and 2 shall end on the Final Repayment Date.

	11.
	FEES OF FINANCE PARTIES

	11.1
	Facility commitment Fee

		11.1.1
	The Borrower shall pay the Facility Administrator, for subsequent distribution among the Lenders in proportion to their Proportional Shares, a Facility commitment fee with respect to Tranche 2 at a rate of 0.30% (zero point three zero percent) of the Unused Available Commitment of Tranche 2 (excluding the Amount Payable).

		11.1.2
	Said Facility commitment fee shall be charged on the Unused Available Commitment of Tranche 2 for each day of the Tranche 2 Utilisation Period and shall be paid:

		(A)
	on each Interest Payment Date during such Utilisation Period; and

		(B)
	on the Interest Payment Date immediately following the last day of the Utilisation Period.

The amount of the Unused Available Commitment of Tranche 2  for the purpose of calculating the Facility commitment fee is subject to adjustment in accordance with the definition of the term "Available Commitment of Tranche 2" in Clause 1.1 (Terms) following the placement of the Permitted Bonds starting from the date following the date on which the Borrower notifies the Facility Administrator of the completed placement and the par value of the placed Permitted Bonds.
		11.1.3
	No Facility commitment fee shall be charged with respect to Tranche 1.

	11.2
	Facility Fee

The Borrower shall pay the Facility Administrator, for subsequent distribution among the Lenders in proportion to their Proportional Shares, a Facility fee in the amount of 0.5% (zero point five percent) of the Total Commitment no later than 10 Business Days after the date of this Agreement or after the first Utilisation Date, whichever occurs earlier.
	12.
	TAXES

	12.1
	Tax gross-up

		12.1.1
	No later than 3 (three) Business Days after an Obligor or Lender becomes aware that an Obligor must make a Tax Deduction (or that changes have been made to the Tax Deduction rate or base), the Borrower or Lender (as the case may be) shall notify the Facility Administrator, and the Borrower shall also ensure that the relevant notification is sent by the other Obligors. If the Facility Administrator receives such notification from the Lender, it must notify the relevant Obligor accordingly.

		12.1.2
	If, in accordance with the law, an Obligor must make a Tax Deduction in respect of any amount to be transferred to a Finance Party under the Finance Documents, the amount payable by an Obligor to a Finance Party shall be increased so that after the Tax Deduction the relevant Finance Party would receive the same amount that it would have received had such withholding in the form of the Tax Deduction not been required. However, an Obligor is not obliged to increase the amounts paid to the Finance Parties by the amount of the Tax Payment, if at the date of the relevant payment, any Finance Party ceased to be an Acceptable Lender for any reason not connected with a change in the law.

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		12.1.3
	Within 30 (thirty) days after the Tax Deduction, the Borrower shall procure that it and other Obligors (as applicable) provide the Facility Administrator, for transfer to the relevant Finance Party, with evidence that is acceptable to that Finance Party confirming that the withheld amount of the Tax Deduction was transferred by an Obligor into the state budget in accordance with the requirements of applicable law.

	12.2
	Tax indemnity

		12.2.1
	Within 3 (three) Business Days after the Facility Administrator has submitted the relevant demand, an Obligor must pay to a Finance Party, which is not a Russian legal person, an amount equivalent to the Tax paid by a Finance Party, or the Tax that is payable in the opinion of that Finance Party, in connection with any Finance Document.

		12.2.2
	The provisions of paragraph 12.2.1 above shall not apply:

		(A)
	in respect of Taxes paid by a Finance Party:

		(1)
	as required by the law of the Russian Federation; or

		(2)
	in accordance with the law of the jurisdiction in which the lending division of that Finance Party that is connected with the amounts received or receivable in such jurisdiction is located,

if such Tax is levied or accrued on the basis of the net income received or receivable by such Finance Party; or
		(B)
	to the extent that costs related to the payment of Taxes shall be indemnified by increasing the payment amount in accordance with Clause 12.1 (Tax gross-up).

		12.2.3
	A Finance Party that is submitting or intends to submit a demand in accordance with Clause 12.2.1 shall immediately notify the Facility Administrator of the event that will become or has become the basis for submitting this demand, whereupon the Facility Administrator must notify the Borrower accordingly.

	12.3
	Tax Relief

If an Obligor makes a Tax Payment and the relevant Finance Party determines that:
		12.3.1
	a Tax Relief may be applied to an additional payment that includes such Tax Payment, to such Tax Payment or Tax Deduction which resulted in such Tax Payment being required; and

		12.3.2
	such Finance Party has received such Tax Relief,

such Finance Party shall transfer to such Obligor an amount that will leave such Finance Party (after making such payment) in the same after-Tax position that it would have been in had the Obligor not been required to make such Tax Payment.
	12.4
	Charges and duties

Within 3 (three) Business Days after receiving the relevant demand of the Finance Party, the Borrower shall procure that it, as well as other Obligors, indemnify this Finance Party for all its expenses incurred due to the payment of state and stamp duties, registration charges and all other similar Taxes payable in connection with any Finance Document.
	12.5
	Value Added Tax (VAT) and other taxes

In the cases contemplated by the Russian law on taxes and charges, the fees due to the Finance Parties shall be increased by the relevant amounts of VAT calculated at the applicable tax rate.
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	13.
	ADDITIONAL COSTS

	13.1
	Additional Costs

		13.1.1
	Subject to Clause 13.3 (Exemptions), the Borrower shall, within 3 (three) Business Days of the expiration of 30 (thirty) days from when the relevant Facility Administrator submitted the relevant demand, pay the relevant Finance Party the Additional Costs incurred by such Finance Party for the period after the expiration of such thirty-day period due to any law being enacted, or law (or the practice of its interpretation or application) being amended after the date of this Agreement or due to a central bank or other competent authority imposing an obligation in the relevant jurisdiction for the Finance Parties to apply or comply with the standards established in Basel III.

		13.1.2
	In this Clause "Additional Costs" means:

		(A)
	additional costs or losses incurred by a Finance Party due to a reduction in any amounts received or receivable; or

		(B)
	any additional or increased costs or losses; or

		(C)
	expenses or losses related to the reduction of any amount payable by the Borrower in accordance with any Finance Document,

which any Finance Party incurs in connection with its being a Party to this Agreement.
		13.1.3
	For the avoidance of doubt, the Additional Costs under this Clause 13 shall be paid by the Borrower as a fee for the use of the Facility in addition to the interest and other amounts due from the Borrower.

	13.2
	Additional Cost Claims

A Finance Party that files a claim in accordance with this Clause 13 shall notify the Facility Administrator of the circumstances that formed the basis for such a claim and provide it with a reasonable calculation of the Additional Costs, whereupon the Facility Administrator shall notify the Borrower within 1 (one) Business Day and submit to it the calculation received from the Finance Party.
	13.3
	Exemptions

The provisions of this Clause 13 shall not apply if the Additional Costs:
		13.3.1
	shall be indemnified to a Finance Party in accordance with another Clause of the Agreement, or would be indemnified in the absence of exemptions from such Clause;

		13.3.2
	are caused by a Finance Party's willful non-compliance with the law; or

		13.3.3
	are caused by the application or compliance with the standards established in Basel II (as amended as of the date of this Agreement) or in the regulations of the Central Bank of the Russian Federation or in any other law by which the provisions of Basel II are implemented, except for the changes arising from Basel III.

	14.
	OTHER INDEMNITIES

	14.1
	Currency indemnity

If any amount ("Amount") payable to a Finance Party by an Obligor in accordance with the Finance Documents or on the basis of a court, arbitrazh or arbitration court decision, has to be converted from the currency in which such amount is to be paid (the "First Currency") into another currency (the "Second Currency") or is to be calculated in the Second Currency, for the following purposes:
		14.1.1
	the filing of any claim against such Obligor; or

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		14.1.2
	the enforcement of any judicial or arbitration award in any judicial, arbitrazh or arbitration proceedings,

the Borrower shall procure that it and other Obligors (as applicable), within 5 (five) Business Days from receipt of the relevant demand, indemnify each Finance Party to which such Amount is due, for the costs arising as a result of such conversion, including the difference between:
		(A)
	the exchange rate used to convert said Amount from the First Currency into the Second Currency, and

		(B)
	the exchange rate available to that person at the time it received the Amount.

	14.2
	Other indemnities

Within 10 (ten) Business Days from receipt of the relevant demand, the Borrower shall indemnify each Finance Party for the amount of all documented costs incurred by the respective Finance Party:
		14.2.1
	as a result of an Event of Default; or

		14.2.2
	(if such costs are incurred through no fault of a Finance Party or do not result from a Finance Party's negligence, with the exception of circumstances beyond the control of a Finance Party (not including the imposition of international sanctions)) as a result of:

		(A)
	the inability to grant the Facility to the Borrower in accordance with a Utilisation Request due to any provisions of this Agreement; or

		(B)
	the Borrower's inability to effect early repayment of the Facility Outstanding or part thereof, despite a notification of early repayment having been submitted to the Facility Administrator.

	14.3
	Indemnity to the Facility Administrator

The Borrower shall indemnify the Facility Administrator for all documented costs incurred by the Facility Administrator due to:
		14.3.1
	an investigation of any event that the Facility Administrator has reason to believe is a Default; or

		14.3.2
	actions being taken on the basis of any notification or order of any Finance Party in accordance with this Agreement, which the Facility Administrator has reason to believe are subject to execution.

Furthermore, such costs are subject to prior agreement with the Borrower, with the exception of Events of Default.
	14.4
	Indemnity to the Pledge Manager

		14.4.1
	The Borrower shall indemnify the Pledge Manager for all documented costs incurred by the Pledge Manager due to action it takes to:

(A) protect the Finance Parties' rights under the Pledges; and/or
(B) protect the property pledged to the Lenders under the respective Pledges, and   to foreclose on it.
		14.4.2
	The Pledge Manager may, on a priority basis, recover its costs out of the value of the property pledged to the Lenders under the respective Pledges.

	14.5
	Transaction Costs

		14.5.1
	The Borrower shall, within 10 (ten) Business Days after receipt of the relevant demand, pay the Facility Administrator and the Arranger the amount of all documented costs that are previously agreed with the Borrower in writing or by email (including fees of legal consultants) that were incurred in connection with the preparation and execution of this Agreement and other Finance Documents.

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		14.5.2
	The Borrower's duty to pay legal consultant fees will be considered fulfilled if, prior to the first Utilisation Date, a member of the Group pays the relevant fees (in the amount pre-agreed in writing or by email by the Facility Administrator, the Borrower and the legal consultant of the Facility Administrator) directly to the legal consultant of the Facility Administrator.

		14.5.3
	The Borrower shall bear in full all costs associated with the registration of the Security Agreements in accordance with the requirements of applicable law.

	14.6
	Amendment Costs

If, at the initiative of the Obligor or in accordance with the requirements of applicable law, changes need to be made to the Finance Documents or the consent of the Lenders for any action or omission needs to be obtained, the Borrower shall, within 10 (ten) Business Days after receiving the relevant demand, indemnify the Facility Administrator for all documented costs pre-agreed with the Borrower in writing or by email (including legal and other consultant fees) incurred by the Facility Administrator in  agreeing and making the relevant changes to the Finance Documents and (or) obtaining the consent of the Lenders.
	14.7
	Enforcement Costs

Within 10 (ten) Business Days after receipt of the relevant demand of the Facility Administrator, the Borrower shall indemnify each Finance Party for all documented costs (including legal and other consultant fees) incurred by the relevant Finance Party in connection with the enforcement of any Finance Document or the protection of their rights under the Finance Documents.
	15.
	MITIGATION BY THE FINANCE PARTIES

Each Finance Party shall, after consulting with the Borrower, take all reasonable steps to reduce potential negative consequences for the Borrower, which may result in a certain amount becoming payable or to its payment to the Borrower being annulled under Clauses 8.1 (Illegality), 12 (Taxes) and 14 (Other Indemnities).
	16.
	REPRESENTATIONS

	16.1
	Representations

The representations set forth in this Clause 16 are given by the Borrower to each Finance Party with regard to itself and, if applicable, with respect to each Obligor and Pledgor. Each Finance Party relies on such representations of the Borrower, and their reliability is essential for the Finance Parties to enter into and perform this Agreement.
	16.2
	Status

		16.2.1
	Each Obligor and each Pledgor is a legal entity duly incorporated and operating lawfully in accordance with applicable law.

		16.2.2
	Each Obligor and each Pledgor has the power to own its assets and carries on its business in accordance with applicable law.

	16.3
	Legal capacity and authority

		16.3.1
	Each Obligor and each Pledgor has legal capacity and authority to enter into and perform the Finance Documents (to which it is party) and the transactions contemplated thereby, and has received all necessary approvals for entry into and performance of the Finance Documents in the manner prescribed by law and its constitutional and other internal documents, including approval of the transactions contemplated by the Finance Documents as a major transaction and an interested-party transaction.

		16.3.2
	The person acting on behalf of each Obligor and each Pledgor has the authority to enter into the Finance Documents to which the relevant Obligor is party.

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	16.4
	Binding obligations

		16.4.1
	Subject to the requirements for registration of the Finance Documents as specified in Clause 16.9 (Registration Requirements), each Finance Document to which the Obligor or Pledgor is party constitutes its legal, valid, binding and enforceable obligation.

		16.4.2
	Each Finance Document to which any of the Obligors or Pledgors is party is drawn up in a form that ensures that is can be enforced in the Russian Federation and in the Republic of Cyprus.

	16.5
	Non-conflict

The entry into and performance by each Obligor and each Pledgor of the Finance Documents to which they are party, and the transactions contemplated thereby does not conflict with:
		16.5.1
	any applicable law;

		16.5.2
	its constitutional and other internal documents;

		16.5.3
	any decisions of its management bodies; and

		16.5.4
	any other documents or agreements that are binding on it.

	16.6
	Compliance with law

		16.6.1
	The business activities of each Obligor are carried out in accordance with applicable law in all aspects viewed as materially significant.

		16.6.2
	Each Obligor has promptly submitted tax returns.

		16.6.3
	With respect to each Obligor:

		(A)
	there is no decision and (or) demand of a tax authority to pay Tax, which has not been executed within the period specified by such decision and (or) demand and (or) the applicable law; or

		(B)
	if the above decision and (or) demand of a tax authority is contested in court: there is no court decision that has come into legal force regarding the need to execute the above decision and (or) demand, which has not been executed within the period specified by such court decision and (or) the applicable law.

	16.7
	No Default

		16.7.1
	There neither is nor will be a Default as a result of the entry into or performance by each Obligor and each Pledgor of the Finance Documents or the transactions contemplated thereby.

		16.7.2
	There are no other events or circumstances constituting default under any document that is binding on any Obligor or Pledgor or which imposes restrictions on the disposal of their property and which have or are reasonably likely to have a Material Adverse Effect.

	16.8
	Authorisations

As of the date of this Agreement, each Obligor and each Pledgor have received all authorisations and consents required in connection with entry into, performance, ensuring the validity of, and possibility of enforcing, each Finance Document to which it is party and the transactions contemplated thereby and such authorisations and consents remain in full force and effect.
	16.9
	Registration Requirements

No notarial actions are required in connection with any Finance Document or registration of any Finance Document, including in any state bodies or institutions, except for:
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		16.9.1
	notarisation of the Borrower Participatory Interest Pledge and making the relevant entry in the Unified State Register of Legal Entities of the Russian Federation;

		16.9.2
	registration of the Borrower Participatory Interest Pledge in accordance with the laws of the Republic of Cyprus in the Register of Companies and entering information about it in the internal register of pledges of Headhunter FSU; and

		16.9.3
	entering information about the Pledge of Headhunter FSU (Headhunter Group) Shares in the internal register of pledges of Headhunter Group.

	16.10
	Financial Statements

		16.10.1
	The most recent financial statements of the Group (and each member of the Group) provided to the Facility Administrator:

		(A)
	have been prepared in accordance with Applicable Reporting Standards; and

		(B)
	in all material respects reliably reflect its financial position (if applicable, on a consolidated basis) as of the date of their preparation,

except where such financial statements indicate otherwise.
		16.10.2
	From the date on which the financial statements indicated in Clause 16.10.1 were drawn up, there have not been any events that could have a Material Adverse Effect, and for the purposes of this paragraph, Material Adverse Effect is understood to mean in the opinion of the Majority Lenders a material adverse effect on:

		(A)
	the financial condition of the Group as a whole, in the event that the Group as a whole, as a result of the occurrence of such an event, incurs actual damage in an amount exceeding RUB 50,000,000 (or its equivalent in another currency);

		(B)
	the Obligors' and Pledgors' ability to perform their obligations under any Finance Document;

		(C)
	the validity or ranking of the security that is provided or should be provided under any Finance Document or its enforceability; or

		(D)
	the validity of the Finance Documents or the possibility of exercising the rights of the Finance Parties contemplated by each relevant Finance Document.

	16.11
	Court Proceedings

		16.11.1
	With the exception of the court, administrative, arbitrazh or arbitration proceedings disclosed by the Borrower to the Facility Administrator in accordance with Clause 17.4 (Information: miscellaneous), no court, arbitration or administrative proceedings have been instituted against the Obligors or are expected to be instituted against the Obligors as far as the Borrower is aware:

		(A)
	in which the claim or demand exceeds RUB 50,000,000 (or the equivalent of this amount in another currency);

		(B)
	within the framework of which decisions have been taken or are highly likely to be taken, as a result of which the actual damage to the Group will amount to over RUB 50,000,000 (or the equivalent of this amount in another currency); or

		(C)
	in the event not falling under subparagraphs (A) or (B) above, as a result of which an unfavourable decision has been taken or, to the best of the Borrower’s knowledge, is highly likely to be taken, that could have a Material Adverse Effect.

		16.11.2
	With the exception of the actions disclosed by the Borrower to the Facility Administrator in accordance with Clause 17.4 (Information: miscellaneous), no

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investigative actions provided for by applicable law are being taken in respect of the Obligors as a result of which unfavourable decisions have been taken or are highly likely to be taken, that could have a Material Adverse Effect.
	16.12
	Information

		16.12.1
	All factual information, which is material in the opinion of the Facility Administrator, provided by any Obligor or Pledgor to the Finance Parties in connection with the Finance Documents to which it is party, is true and accurate as of the date of its provision or (as the case may be) as of the date (if any) which is indicated as the date of its provision.

		16.12.2
	None of the Obligors or Pledgors has withheld information which, if disclosed, would result in any other information indicated in Clause 16.12.1 becoming materially untrue or misleading in the opinion of the Facility Administrator.

		16.12.3
	As of the date of this Agreement and on the first Utilisation Date from the date of provision of the information defined in Clause 16.12.1, there were no circumstances that, if disclosed, would result in the provided information becoming untrue or misleading in the opinion of the Facility Administrator.

	16.13
	Ranking of Security

The security established by each Pledge is security which the Pledge Manager has the right to enforce, with the Consent of the Majority Lenders, as a matter of priority. Third parties do not have any rights (claims) or other rights with respect to the property and assets of the Pledgors, which are the subject of the Pledges.
	16.14
	Granted loans

None of the Obligors has granted loans to third parties that are not Obligors, with the exception of the Permitted Loans.
	16.15
	Charges and duties

As of the date of this Agreement, payment of any state duties or registration fees or taxes or charges in connection with the Finance Documents is not required, except for:
		16.15.1
	fees for notarial acts in respect of the Borrower Participatory Interest Pledge; and

		16.15.2
	charges and duties for registering the Pledges, including payment of stamp duty in respect of Finance Documents in Cyprus.

	16.16
	Regulated Procurements

As of the date of the Finance Documents, the provisions of the Regulated Procurement Law do not apply to the entry into and performance of the Finance Documents by the Borrower and Zemenik. However, the Borrower does not make this representation with respect to the application of the Regulated Procurement Law to any Finance Party.
	16.17
	Moratorium on bankruptcy

The Borrower:
		16.17.1
	is not engaged in (and as of 1 March 2020 was not engaged in) activities referred to in the list approved by Russian Federation Government Resolution No. 434 dated 3 April 2020 of Russian economic sectors that have been most affected by the spread of the novel coronavirus infection;

		16.17.2
	does not figure on the list of strategic enterprises and strategic joint-stock companies that was approved by Russian Federation Presidential Decree No. 1009 of 4 August 2004;

		16.17.3
	is not a systemically important company and does not figure on any of the lists of systemically important companies that was approved by the Government Commission on Enhancing the Stable Development of the Russian Economy; and

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		16.17.4
	is not subject to a moratorium on the initiation of bankruptcy proceedings under the Bankruptcy Law.

	16.18
	Times when representations made

		16.18.1
	The representations set forth in this Clause 16 are given by the Borrower on the date of this Agreement.

		16.18.2
	The Borrower shall ensure that all the representations set forth in this Clause 16 remain true, as if they were given by the Borrower in the same form:

		(A)
	on the date of each Utilisation Request;

		(B)
	on each Utilisation Date; and

		(C)
	on the first day of each Interest Period.

	17.
	INFORMATION UNDERTAKINGS

	17.1
	Financial Statements

		17.1.1
	The Borrower shall provide the Facility Administrator with a sufficient number of certified copies of the following for all Lenders:

		(A)
	as soon as they are available, but in any case within 120 (one hundred and twenty) days from the end of each financial year: the audited consolidated financial statements of the Group for that financial year prepared in accordance with IFRS;

		(B)
	as soon as they are available, but in any case within 90 (ninety) days from the end of the first financial half-year of each financial year: the Group's reviewed interim consolidated financial statements for the second quarter and the first financial half-year, prepared in accordance with IFRS;

		(C)
	as soon as they are available, but in any case within 60 (sixty) days from the end of the first and third financial quarters of each financial year: the interim consolidated financial statements of the Group for such financial quarter of the relevant financial year prepared in accordance with IFRS;

		(D)
	as soon as they are available, but in any case within 40 (forty) days from the end of each quarter of the relevant financial year: the financial statements (including the profit and loss statements, balance sheet and cash flow statement) of the Borrower and Zemenik for such quarter of the relevant financial year prepared in accordance with RAS; and

		(E)
	as soon as they are available, but in any case within 180 (one hundred and eighty) days of the end of each financial year: the unconsolidated financial statements of Obligors registered outside the Russian Federation for such financial year, prepared according to applicable local accountancy standards.

		17.1.2
	The Borrower's duty to provide the financial statements referred to in Clauses 17.1.1(A)-(C) may also be performed by making those financial statements publicly available:

		(A)
	on the Group's Internet website at https://investor.hh.ru/investors/sec-filings; or

		(B)
	on the Internet website of the Nasdaq Stock Exchange at https://www.nasdaq.com/market-activity/stocks/hhr/sec-filings; or

		(C)
	on the online Electronic Data Gathering, Analysis, and Retrieval System (EDGAR) of the U.S. Securities and Exchange Commission at https://www.sec.gov/edgar/searchedgar/companysearch.html,

provided that:
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		(1)
	regarding the financial statements referred to in Clause 17.1.1(A), within the time referred to in Clause 17.1.1(A):

		(a)
	the Borrower has provided the Facility Administrator with an Auditor's opinion on said financial statements; and

		(b)
	The Facility Administrator has actually obtained access to said financial statements in full on the above Internet websites; and

		(2)
	regarding the financial statements referred to in Clauses 17.1.1(B) and (C) the Facility Administrator has actually obtained access to said financial statements in full on the above Internet websites within the time referred to in Clauses 17.1.1(B) and (C).

	17.2
	Compliance certificate

		17.2.1
	The Borrower shall provide the Facility Administrator with the certificate of compliance with the following financial indicators:

		(A)
	with each set of financial statements provided in accordance with Clauses 17.1.1(A)–(C): the financial indicators specified in Clause 18.3 (Leverage), 18.4 (Interest cover) and 18.5 (Guarantors' Cover Ratio);

		(B)
	with each set of financial statements provided in accordance with Clause 17.1.1(D): the financial indicators specified in Clause 18.6 (Revenue in accordance with RAS) и 18.7 (Cash receipts);

		(C)
	with each set of financial statements provided in accordance with Clause 17.1.1(D) for the second and fourth financial quarters: the financial indicators specified in Clause 18.8.1 (Net assets); and

		(D)
	with each set of annual financial statements provided in accordance with Clause 17.1.1(E): the financial indicators specified in Clause 18.8.2 (Net assets),

along with the calculation proving that the Borrower complies with the financial  indicators based on such financial statements as of the date of preparation of such financial statements.
		17.2.2
	Compliance certificate on the basis of the statements prepared in accordance with IFRS must be in the form provided in Part A (Form of Compliance Certificate on the basis of IFRS) of Schedule 5 (Forms of Compliance Certificates), signed by the Borrower's authorised person and, if the certificate is provided with the set of statements provided in accordance with Clauses 17.1.1(A) and (B), shall be accompanied by the opinion of the Group Auditors in a form agreed by the Borrower, the Facility Administrator and the Group Auditors.

		17.2.3
	Compliance certificate on the basis of statements prepared in accordance with RAS must be in the form provided in Part B (Form of Compliance Certificate on the basis of RAS) of Schedule 5 (Forms of Compliance Certificates) and signed by an authorised person of the Borrower.

	17.3
	Requirements for Financial Statements

The Borrower shall procure that each set of financial statements provided in accordance with Clause 17.1 (Financial Statements), is prepared using the same accounting principles and reporting periods used to prepare the Group’s last financial statements. If any Obligor notifies the Facility Administrator of changes in accounting principles or reporting periods, the Borrower shall procure that the Borrower's Auditors and the auditors of the relevant Obligor provide the Facility Administrator with the following:
		17.3.1
	a description of the changes to be made to the relevant financial statements to reflect the changes made to the accounting principles and reporting periods that were used in the preparation of the Original Financial Statements of the Group or such Obligor; and

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		17.3.2
	information in a form and content that meets the requirements of the Facility Administrator and is sufficient to enable Lenders to verify that the Borrowers have met the requirements of Clause 18 (Financial Covenants) and to adequately assess the Obligor’s financial condition based on current financial statements compared to this Obligor’s Original Financial Statements.

	17.4
	Information: miscellaneous

The Borrower shall provide the Facility Administrator with the following:
		17.4.1
	at the same time as they are dispatched to their addressees, copies of all documents dispatched by it to all its lenders, or in connection with circumstances that constitute a Material Adverse Effect, to all its members;

		17.4.2
	details of any court, arbitrazh, arbitration or administrative proceedings, as a result of which decisions have been taken or are highly likely to be taken, resulting in actual damage to the Group of:

		(A)
	over RUB 50,000,000 (or the equivalent of this amount in another currency), but less than 2.5% (two point five percent) of the Consolidated EBITDA: no later than 5 (five) Business Days following the end of the next calendar quarter;

		(B)
	over 2.5% (two point five percent) of the Consolidated EBITDA: promptly upon becoming aware of it, but no later than 5 (five) Business Days from the date it becomes aware of it;

		17.4.3
	promptly upon becoming aware of it, but no later than 5 (five) Business Days from the date it becomes aware of this: details of any investigative actions related to the Group or any member of the Group (including with respect to the executive or other management bodies of the Group or any member of the Group or any member of such a management body);

		17.4.4
	(without limiting Clause 26.2.5) promptly upon becoming aware of it, but no later than twenty (20) Business Days from the date it becomes aware of this or from the date of state registration (if applicable), depending on which of these events occurred later: notification regarding a change of location or postal address of the Borrower or any other Obligor or Pledgor; and

		17.4.5
	immediately upon request, but no later than 5 (five) days from the date of the request: such additional information regarding the finance position and business activities of any member of the Group that the Facility Administrator may require in the interests of any Finance Party.

	17.5
	Auditors

The Borrower shall not change its Auditors without the consent of the Majority Lenders, with the exception of those Auditors in relation to the financial statements of the Group and its members prepared in accordance with IFRS, approved or authorised in accordance with this Agreement.
	17.6
	Notification of Default

		17.6.1
	The Borrower shall notify the Facility Administrator of any Default (and measures, if any, to remedy such Default) immediately after it becomes aware of this.

		17.6.2
	At the request of the Facility Administrator, the Borrower shall provide the Facility Administrator with a statement signed by the sole executive body or an authorised representative of the Borrower certifying that the Default was remedied, or, if the Default is continuing, detailing the measures being taken to remedy it.

	17.7
	"Know your customer" checks

		17.7.1
	If as a result of:

		(A)
	any changes in any applicable law after the date of this Agreement;

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		(B)
	changes in the legal form of the Borrower or any Obligor or Pledgor, or changes in the composition of its shareholders or members (owning more than two percent of the voting shares or participatory interests respectively after the date of this Agreement); or

		(C)
	the assignment or transfer by any Lender of all or part of its rights and obligations under this Agreement to a party that was not a Lender before such assignment or transfer, or the replacement of any other Finance Party in accordance with this Agreement, or other change of the Parties to this Agreement,

the Facility Administrator, Lender or any other Finance Party (or in the case of paragraph 0 above, a possible new party), as required by the law applicable to them, shall have an obligation to comply with "know your customer" or similar identification procedures, in circumstances where the necessary information was not previously provided by the Borrower, the Borrower shall provide the Facility Administrator (acting on its own behalf, on behalf of the relevant Finance Party or on behalf of a potential new party) with the information and documents required for the Facility Administrator, relevant Finance Party or possible new party to comply with the applicable "know your customer" checks.
		17.7.2
	Each Finance Party shall provide the Facility Administrator with the information and documents required for the Facility Administrator to comply with the applicable "know your customer" checks.

	17.8
	Designated purpose of funds

The Borrower shall, no later than 10 (ten) Business Days after each Tranche 2 Utilisation Date, provide the Facility Administrator with copies of documents certified by the Borrower confirming that the Facility was used in accordance with Clause 3.2.
	18.
	FINANCIAL COVENANTS

	18.1
	Financial definitions

In this Clause 18:
"Assets" means the assets of the Group, including:
(a)long-term tangible assets;
(b)intangible assets (excluding goodwill)
(c)Cash: and
(d)Cash Equivalents.
Furthermore, the Cash and Cash Equivalents of each Subsidiary owned by Zemenik, Headhunter FSU or the Borrower shall be recorded for the purposes of Clause 18.5 (Guarantors' Cover Ratio) if, as of the relevant Test Date, the following conditions have been met:
		(i)
	an authorised body of such Subsidiary has taken a corporate decision (acceptable to the Facility Administrator) on the transfer of such Cash in favour of Zemenik, Headhunter FSU or the Borrower;

		(ii)
	such transfer of funds must take place no later than ninety (90) days from the Test Date;

		(iii)
	the financial statements of such Subsidiary are consolidated with the financial statements of the Group in accordance with IFRS in the relevant period of time using the direct method of consolidation; and

		(iv)
	the applicable law does not prohibit the transfer of Cash by the relevant Subsidiary to the Holding Company as dividends or otherwise.

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For the purposes of Clause 18.5 (Guarantors' Cover Ratio), if all of the above conditions are met, such Cash shall be recorded as belonging not to a Subsidiary of Zemenik, Headhunter FSU or the Borrower, but directly to Zemenik, Headhunter FSU or the Borrower in proportion to its participation in the charter capital of such Subsidiary.
"Cash Receipts" means the cash receipts received by the Group from Clients within the preceding 12 (months), determined on the basis of the financial statements provided in accordance with Clause 17.1.1(D).
"Clients" means private individuals and legal persons, as well as individual entrepreneurs who have paid or are due to pay for the key services of the Borrower (access to the CV database and publication of vacancies) in accordance with agreements with the Borrower, including those concluded following the acceptance of an offer on the Obligors' Websites.
"Consolidated Net Debt" means, for any Test Period, the aggregate amount of the Financial Indebtedness of the Group (excluding any debts of a member of the Group to other members of the Group) net of Cash and Cash Equivalents of the Group in accordance with the Group’s consolidated financial statements prepared in accordance with IFRS, on the last day of such Test Period.
"Group Consolidated Net Profit" means the Group’s consolidated net profit determined on the last reporting date, i.e. (depending on the date on which it is determined):
		(a)
	at the end of the financial year or financial half-year of the financial year, in accordance with the Group's financial statements for the relevant financial year or first financial half-year of the relevant financial year, prepared in accordance with IFRS, provided to the Facility Administrator in accordance with Clauses 17.1.1(A) or (B); or

		(b)
	at the end of the first or third financial quarter, based on the relevant financial statements of the Group provided to the Facility Administrator in accordance with Clause 17.1.1(C).

"Interest Amount" means the interest accrued on the entire Financial Indebtedness of the Group (with respect to interest under lease agreements: to the extent that this indicator would have been recorded in IFRS statements before the introduction of IFRS 16).
	18.2
	Interpretation

		18.2.1
	Unless otherwise specified herein, the accountancy terms used in this Clause 18 shall be interpreted according to the IFRS as amended on the relevant date.

		18.2.2
	For the purpose of this Clause 18, any amount not denominated in Roubles shall be recorded in the rouble equivalent calculated on the basis of the exchange rates used by the Borrower in its financial statements for the relevant reporting period, on the basis of which the financial indicators are calculated.

		18.2.3
	When making calculations in accordance with this Clause 18, no indicator can be taken into account more than once.

		18.2.4
	Unless otherwise contemplated by this Agreement, the indicators specified in this Clause 18 shall be checked in respect of each Test Period on the appropriate Test Date on the basis of any statements provided in accordance with Clause 17.1.1.

	18.3
	Leverage

The Borrower must ensure that on each Test Date, the ratio of Consolidated Net Debt to Consolidated EBITDA (the "Leverage") is not more than:
		18.3.1
	3.5:1 as of each Test Date falling in 2020; and

		18.3.2
	3.0:1 as of each subsequent Test Date.

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	18.4
	Interest cover

The Borrower must ensure that on each Test Date, the ratio of Consolidated EBITDA to the Interest Amount (the "Interest Cover") is at least 2.5:1.
	18.5
	Guarantors' Cover Ratio

If, as of any Test Date, the Obligors in total account for:
		18.5.1
	less than 80% (eighty percent) of the Consolidated EBITDA; or

		18.5.2
	less than 80 (eighty) percent of the Group Revenue; or

		18.5.3
	less than 70 (seventy) percent of the Group Assets,

the Borrower shall procure the conclusion (issue), on terms acceptable to the Facility Administrator, of:
		(A)
	an additional independent guarantee, including an agreement to issue it ("Additional Independent Guarantee") by a legal entity acceptable to the Facility Administrator ("Additional Guarantor"), within 30 (thirty) days of the relevant Test Date; and

		(B)
	a pledge of 100% of the shares or participatory interests in the charter capital of such Additional Guarantor that are owned by any Pledgor or Group member ("Additional Pledge") within sixty (60) days of the relevant Test Date.

	18.6
	Revenue in accordance with RAS

The Borrower shall ensure that, as of each Test Date, the aggregate Revenue of the Borrower (excluding the revenue of Subsidiaries acquired or sold during the last 12 months and without double counting) for the 4 (four) previous financial quarters, determined on the basis of the Borrower's financial statements in accordance with RAS, provided in accordance with Clause 17.1.1(D), amounts to at least:
		18.6.1
	80% (eighty percent) as of each Test Date falling at the end of the second, third, and fourth quarters of 2020 and the end of the first and second quarters of 2021; and

		18.6.2
	95% (ninety five percent) as of each subsequent Test Date,

of the Borrower's Revenue determined as of the same date of the previous year based on the Borrower's financial statements prepared in accordance with RAS, provided in accordance with Clause 17.1.1(D).
	18.7
	Cash receipts

The Borrower shall ensure that, as of each Test Date, starting from the Test Date for the financial quarter following the financial quarter in which the first Utilisation Date falls, any reduction in Cash Receipts for the 4 (four) preceding financial quarters is no more than:
		18.7.1
	30% (thirty percent) as of each Test Date falling at the end of the second, third, and fourth quarters of 2020 and the end of the first and second quarters of 2021; and

		18.7.2
	5% (five percent) as of each subsequent Test Date,

compared with the Cash Receipts determined as of the same date of the previous year.
	18.8
	Net assets

The Borrower shall ensure that:
		18.8.1
	as of the end of the second financial quarter of each financial year, and as of the end of each financial year, the net assets of each Obligor registered in the Russian

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Federation determined on the basis of the financial statements provided under Clause 17.1.1(D),
		18.8.2
	at the end of each financial year, the amount of the net assets of each other Obligor determined on the basis of the financial statements provided in accordance with Clause 17.1.1(E),

are positive.
	19.
	GENERAL UNDERTAKINGS

	19.1
	Authorisations and corporate approvals

		19.1.1
	The Borrower shall, and shall procure that each Obligor shall, duly receive, ensure the validity of, and comply with the conditions of, any authorisations, consents and corporate approvals required under any applicable law to fulfil its obligations under the Finance Documents to which it is party, and to ensure that the Finance Documents can be used as evidence in arbitration proceedings, in the courts of the Russian Federation, including arbitrazh courts, and in the courts of Cyprus.

		19.1.2
	The Borrower shall, and shall procure that each Obligor shall, duly receive the necessary state and municipal permits, consents, licenses and patents, as well as membership in self-regulatory organisations, required by any applicable law for the conduct of business activities of the Obligor in the form in which it is conducted, as well as ensure their validity and comply with their conditions.

	19.2
	Negative Pledge

The Borrower shall, and shall procure that each Obligor shall, not create or allow the creation of any Encumbrances in relation to its assets without the prior written consent of the Facility Administrator, except for:
		19.2.1
	an Encumbrance in relation to assets (except those specified in Clause 19.2.4, but without double counting), whose aggregate book value does not exceed 10% (ten percent) of the Consolidated EBITDA at any time;

		19.2.2
	an Encumbrance arising under the Pledges;

		19.2.3
	an Encumbrance existing under Existing Pledges; and

		19.2.4
	an Encumbrance arising as required by law in the normal course of business.

	19.3
	Asset Disposal

		19.3.1
	The Borrower shall not sell, lease or otherwise dispose of any of its assets or property without the prior written consent of the Facility Administrator, and shall procure that any Obligor does not sell, lease, or otherwise dispose of any of its assets or property without the prior written consent of the Facility Administrator, except:

		(A)
	the disposal of assets or property in the normal course of business;

		(B)
	the disposal of assets or property of the Group’s members totalling an amount, at book or market value (depending on which amount is greater), obtained as a result of one or several transactions made during each successive 12 (twelve) months, not exceeding 10% (ten percent) of the Consolidated EBITDA;

		(C)
	the disposal of shares or participatory interests in the charter capital of a member of the Group that is not an Obligor, provided that:

		(1)
	such disposal is carried out on market terms;

		(2)
	after such disposal the Debt Ratio will not exceed 2.0:1;

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		(3)
	the sale of the Group Member subject to Disposal will not entail a breach of the obligations under Clause 18 (Financial Covenants); and

		(4)
	no later than 5 (five) Business Days prior to the disposal of the Group Member subject to Disposal, the Borrower shall notify the Facility Administrator of the upcoming disposal, and provide the Facility Administrator with a certificate confirming that all the conditions specified in paragraphs (2) and (3) above have been met.

		19.3.2
	For the purposes of Clause 19.3.1:

"Funds of the Group" means the Cash and Cash Equivalents owned by the Group.
"Funds of the Group Member subject to Disposal" means the Cash and Cash Equivalents owned by the Group Member subject to Disposal.
"Group Member subject to Disposal" means a member of the Group who is not an Obligor, whose shares or participatory interests in the charter capital are subject to disposal.
"Debt Ratio" means the ratio of Net Debt Amount to EBITDA.
"Purchase Price" means the funds actually received by the member of the Group from the sale of the Group Member subject to Disposal.
"Distribution" means the amount of funds payable to Headhunter Group shareholders from the disposal of the Group Member subject to Disposal.
"Amount of Funds" means the amount obtained by calculating the difference between: (i) the Funds of the Group, and (ii) the amount of Funds of the Group Member subject to Disposal and the Distribution, and adding the Purchase Price to the difference.
"Net Debt Amount" means the difference between (i) the Financial Indebtedness of the Group (including the Financial Indebtedness of the Group to the Group Member subject to Disposal, recognised after the disposal of the Group Member subject to Disposal) and (ii) the Financial Indebtedness of the Group Member subject to Disposal (excluding the Financial Indebtedness of the Group Member subject to Disposal to other members of the Group) and the Amount of Funds.
"EBITDA" means the difference between Consolidated EBITDA and EBITDA of the Group Member subject to Disposal.
	19.4
	Acquisition of assets

The Borrower shall not acquire any assets without the prior written consent of the Facility Administrator, and shall procure that none of the Obligors acquire any assets without the prior written consent of the Facility Administrator, except for the acquisition of assets, including shares and participatory interests in the share capital and charter capital of third parties (as well as other instruments that can be converted into shares or participatory interests in the share capital or charter capital of third parties):
		19.4.1
	in the ordinary course of business;

		19.4.2
	by a member of the Group for a total amount paid by such member of the Group, as a result of one or several asset acquisitions made during each successive 12 (twelve) months, not exceeding 15% (fifteen percent) of the Consolidated EBITDA;

		19.4.3
	acquired using Permitted Financial Indebtedness;

		19.4.4
	acquired using Tranche 2 funds provided to the Borrower for the purposes referred to in Clause 3.2.2;

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		19.4.5
	a maximum 40.01% (forty point zero one percent) additional participatory interest in the charter capital of Skilaz LLC (PSRN: 1177746032276) for a maximum purchase price of RUB 600,000,000 (six hundred million), provided such participatory interest is acquired by 31 December 2021; and

		19.4.6
	a 100% (one hundred percent) participatory interest in the charter capital of the Limited Liability Company "Zarplata.ru" (Primary State Registration Number: 1147746526817) with a par value of RUB 139,835 (one hundred and thirty-nine thousand eight hundred and thirty-five) from the company Hearst Shkulev Digital Regional Network B.V., Netherlands, provided that the purchase price does not exceed RUB 4,000,000,000 (four billion).

	19.5
	Arm’s length basis

		19.5.1
	The Borrower may not enter into transactions with any persons except on arm's length terms, and the Borrower shall procure that none of the Obligors enter into transactions with other persons except on arm's length terms.

		19.5.2
	Clause 19.5.1 does not apply to transactions with other Obligors.

	19.6
	Lending

With the exception of the Permitted Loans, the Borrower shall not act as a lender in respect of any Financial Indebtedness without the prior written consent of the Facility Administrator, and shall procure that none of the Obligors act as a lender in respect of any Financial Indebtedness without the prior written consent of the Facility Administrator.
	19.7
	Providing guarantees and sureties

		19.7.1
	The Borrower shall not act as a guarantor or surety in respect of the obligations of any person without the prior written consent of the Facility Administrator, and shall procure that none of the Obligors act as a guarantor or surety in respect of the obligations of any person without the prior written consent of the Facility Administrator.

		19.7.2
	The provisions of Clause 19.7.1 above shall not apply:

		(A)
	when such guarantee or surety secures the performance of the obligations of another member of the Group created within the framework of Permitted Financial Indebtedness; or

		(B)
	to any Placement Indemnity on condition that Headhunter Group provides the Facility Administrator, within 15 (fifteen) Business Days after provision of the Placement Indemnity, with a certified extract from the document(s) containing the Placement Indemnity, and that if modifications are made to the Placement Indemnity, it provides the Facility Administrator, within 15 (fifteen) Business Days after such modifications have been made, with a certified extract from the document containing such modifications. Said extract shall contain all the terms of the Placement Indemnity, including any modifications and supplements.

	19.8
	Financial Indebtedness

The Borrower shall not enter into transactions that result in Financial Indebtedness for the Borrower or allow overdue Financial Indebtedness, and shall procure that none of the Obligors enter into transactions that result in Financial Indebtedness for such Obligor or allow overdue Financial Indebtedness, without the prior written consent of the Facility Administrator, with the exception of Permitted Financial Indebtedness and indebtedness under the Permitted Bonds. The existence of dividends declared, but which were not paid or subsequently canceled, is not a violation of this Clause 19.8.
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	19.9
	Restructuring and reduction of charter capital

The Borrower shall not restructure or reduce its charter capital, share premium or other capital, and shall procure that none of the Obligors restructure or reduce its charter capital, or other share capital without the prior written consent of the Facility Administrator, except for Permitted Redemption.
	19.10
	Issuing new shares or increasing charter capital

The Borrower shall not increase its charter capital, and shall procure that none of the Obligors issue new shares or increase its charter capital, without the prior written consent of the Facility Administrator, except for a Permitted Issue.
	19.11
	Making changes to Constitutional Documents

The Borrower, without the prior written consent of the Facility Administrator, shall not make changes to its constitutional documents, and shall also procure that no Obligor, the shares or participatory interests in the charter capital of which are the subject of the Pledge, without the prior written consent of the Facility Administrator, shall make changes to its constitutional documents, which relate to:
		19.11.1
	legal form;

		19.11.2
	name;

		19.11.3
	share issue procedure;

		19.11.4
	the amount of charter (share) capital;

		19.11.5
	solely in relation to Obligors registered and operating in accordance with the legislation of the Republic of Cyprus: the procedure for appointing a new director or secretary;

		19.11.6
	the procedure for transferring (disposing) shares (participatory interests);

		19.11.7
	dividend payment procedure;

		19.11.8
	the scope of rights and obligations granted to members (shareholders);

		19.11.9
	the procedure for pledging participatory interests (shares) or otherwise encumbering participatory interests (shares); and

		19.11.10
	the procedure and conditions for the withdrawal and exclusion of a member from the company.

	19.12
	Dividend payment and redemption of shares or participatory interests

		19.12.1
	Without the prior written consent of the Facility Administrator, the Borrower shall not announce the payment of dividends or pay dividends, or redeem its participatory interests (unless required by applicable law), and shall procure that none of the Obligors announce the payment of dividends or pay dividends, or redeem its shares or participatory interests (unless required by applicable law), except for the following cases:

		(A)
	payments of distributable profit by any Obligor or a Group member to the Obligor;

		(B)
	payment of distributable profit (including in the form of Permitted Redemption) to shareholders of Headhunter Group in an amount not exceeding 100% (one hundred percent) of the Group Adjusted Consolidated Net Profit provided that the Facility Administrator confirms that the Adjusted Leverage including such payment does not exceed 3.0:1; and

		(C)
	payment by any member of the Group of distributable profit to minority shareholders, provided that similar payments are made to the shareholders (members), which are members of the Group, of such member of the Group in proportion to their participatory interest in the charter capital of such member of the Group.

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When making the payments specified in subparagraph (B) above, the Borrower must provide the Facility Administrator, at least 5 (five) Business Days before payment, with a calculation of the Adjusted Leverage and confirmation that on the date of confirmation there is no Default, nor will there be a Default immediately after and as a result of such payment.
		19.12.2
	For the purpose of this Clause 19.12:

"Group Consolidated Net Profit" has the meaning given in Clause 18.1 (Financial definitions).
"Consolidated Net Debt" has the meaning given in Clause 18.1 (Financial definitions).
"Group Adjusted Consolidated Net Profit" means, as of the last Test Date, the Group Consolidated Net Profit for the Test Period ending on that Test Date, excluding:
		(A)
	the profits and losses resulting from the revaluation of any asset;

		(B)
	goodwill impairment;

		(C)
	depreciation and impairment of the following intangible assets:

		(1)
	hh trademark;

		(2)
	hh.ru CV database;

		(3)
	Headhunter client relations; and

		(4)
	hh.ru website software;

		(D)
	non-monetary profits and losses from the Remuneration Plans based on Group Equity Instruments;

		(E)
	profit tax recorded in the Group Consolidated Net Profit on the non-monetary profits and losses referred to in paragraphs (A) - (D) above; and

		(F)
	profits and losses from the formation of a deferred retained earnings tax reserve.

"Adjusted Leverage" means, as of the last Test Date, the ratio of Consolidated Net Debt (as of that Test Date) and Dividend Amount to Consolidated EBITDA, calculated based on the Group’s consolidated financial statements for the financial year or for the first financial half-year of the financial year (provided to the Facility Administrator under Clause 17.1.1(A) or (B) as of the Test Date which came not more than 5 (five) months before the date of payment of the distributable profit to the shareholders of Headhunter Group.
"Dividend Amount" is defined as the amount of dividends:
		(i) 
	paid to the shareholders of Headhunter Group during the financial half-year ending on the last Test Date; and

		(ii) 
	to be paid to the shareholders of Headhunter Group during the financial half-year commencing on the day immediately following that Test Date.

	19.13
	Change of business

The Borrower shall not make significant changes to the main areas of its business activity, and shall procure that none of the Obligors make significant changes to the main areas of their business activity without the prior written consent of the Facility Administrator.
	19.14
	Existing Commercial Contracts

The Borrower shall procure the continuous validity of the Existing Commercial Contracts or the conclusion of new contracts on similar conditions, where commercially reasonable to do so, no later than one month before the expiration of the Existing Commercial Contracts.
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	19.15
	Taxation

The Borrower shall duly pay taxes and levies into the relevant budgets and make mandatory payments into the extra-budgetary funds of the Russian Federation ("Mandatory Payments"), and shall procure that each of the Obligors duly pays the Mandatory Payments, except for:
		19.15.1
	Mandatory Payments contested by an Obligor in accordance with the law; and

		19.15.2
	Mandatory Payments and the costs of disputing them, in respect of which the relevant reserves were created, reflected in the latest financial statements provided to the Facility Administrator in accordance with Clause 17.1 (Financial Statements); and

		19.15.3
	where non-payment of such Mandatory Payments will not have Material Adverse Effect.

	19.16
	Pari passu ranking

The Borrower shall procure that its obligations under the Finance Documents have at least the same ranking as its other existing and future unsecured payment obligations, and that each Obligor procures that its obligations under the Finance Documents have at least the same ranking as other existing and future unsecured payment obligations of such Obligor, with the exception of those obligations that have priority as expressly stipulated by law.
	19.17
	Access

		19.17.1
	At the request of the Facility Administrator, when there is a Default, or a Default has not been remedied, or when the Facility Administrator has sufficient reason to believe that a Default is possible, the Borrower shall provide (and shall procure that each Obligor provides) the Facility Administrator and (or) its auditors or other professional consultants with ready access to their premises, assets and accounting and tax primary documents (on paper or electronic media), including issuing powers of attorney to relevant persons, as well as arranging a meeting with the management of the Group.

		19.17.2
	The Borrower shall procure that the Facility Administrator and (or) Lenders are provided with the relevant documents and (or) information and perform other actions required so that the authorised representatives (employees) of the Central Bank of the Russian Federation can inspect (check) the pledged asset under the Pledges at the place of its storage and (or) record and (or) location, and visit the Borrower and each other Pledgor on-site

	19.18
	Appointment of New Directors

		19.18.1
	The Borrower shall not carry out and shall not allow, without the Facility Administrator’s prior written consent, any actions that may lead to the election and (or) appointment of new directors and/or secretaries of the Obligors, who are legal persons registered and operating under the laws of the Republic of Cyprus and whose shares are pledged under a Pledge, except when the following documents are provided to the Facility Administrator at the same time as the new directors and (or) secretaries of the said Obligors are appointed:

		 (A) 
	in the case of new directors: originals of the following, that are duly signed by the specified directors:

		(1)
	undated letters of resignation; and

		(2)
	letters of authority and undertaking; and

		(B)
	in the case of new secretaries, originals of the following, that are duly signed by the specified secretaries:

		(1)
	undated letter of resignation; and

		(2)
	letter of authority and undertaking; and

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		(3)
	undated secretary's confirmation that is addressed to the Department of the Registrar of Companies of Cyprus.

		19.18.2
	Within 5 (five) Business Days from the date of receipt of a reasonable request of the Facility Administrator, the Borrower shall provide the Facility Administrator with additional information regarding the above-mentioned new directors and/or secretaries regarding their education and (or) relevant experience.

	19.19
	Further assurance

The Borrower shall, at the request of any Finance Party, at its own expense, carry out any actions and sign any documents, and shall procure that each Obligor, at their own expense, carry out any actions and sign any documents, required to ensure the validity and proper performance of the Finance Documents. In particular, each Borrower, at the request of the Facility Administrator, shall procure, at its own expense:
		19.19.1
	the issuance of new Independent Guarantees in favour of the Lenders (on terms identical to those of existing Independent Guarantees) and the making of modifications to them or the conclusion of agreements to issue them; and

		19.19.2
	supplementary agreements to Pledges

on terms acceptable to the Lenders, as well as the performance of all actions required to ensure the validity of such agreements in case of acquisition by any Lender (other than Lenders that are party to existing Security Documents) of the rights (claims) against the Borrower and (or) obligations to grant the Facility in accordance with the provisions of Clause 23.2 (Assignment of Rights and Transfer of Obligations by the Lenders).
	19.20
	Conditions subsequent

		19.20.1
	Within 60 (sixty) days of the date of this Agreement, the Borrower shall provide the Facility Administrator with the originals and duly certified copies (as applicable) of the documents listed in sections 2 and 3 of Part A of Schedule 2 (Conditions Precedent), along with notarized translations into Russian of said documents if they were written in a foreign language and/or provided with an apostille.

		19.20.2
	The Borrower shall ensure that:

		(A)
	no later than the Business Day following the day of signing the Borrower Participatory Interest Pledge and the Pledge of Headhunter FSU (Headhunter Group) Shares, Headhunter FSU and Headhunter Group provide the Facility Administrator with updated internal registers of pledges, recording information about the said pledges;

		(B)
	within 21 (twenty-one) days after the signing of the Borrower Participatory Interest Pledge, Headhunter FSU provides the Facility Administrator with evidence that information about the pledge was submitted to the Cyprus Registrar of Companies; and,

		(C)
	within 42 (forty-two) says after the signing of the Borrower Participatory Interest Pledge, Headhunter FSU provides the Facility Administrator with a certificate of registration of the pledge issued by the Cyprus Registrar of Companies

in each case where this is required under Articles 90 and 99 of the Cyprus Companies Law, Cap. 113.
		19.20.3
	Within 30 (thirty) days of signing a respective Finance Document, the Borrower shall provide the Facility Administrator with evidence:

		(A)
	that each Finance Document to which an Obligor registered under the laws of Cyprus is party has been submitted to the Cyprus Stamp Duty Commissioner in order for a decision to be made as to whether stamp duty must be paid on such documents; and

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		(B)
	that stamp duty has been paid on such documents in the amount specified by the Cyprus Stamp Duty Commissioner, or that such documents are exempt from payment of stamp duty.

		19.20.4
	The Borrower shall ensure that on the date of termination of the relevant Existing Pledges, Headhunter Group and Zemenik provide, with respect to each Headhunter FSU Shares Pledge:

		(A)
	a blank signed transfer instrument, undated, drawn up in the form set forth in the Headhunter FSU Shares Pledge;

		(B)
	all share certificates for original shares (as defined in the Headhunter FSU Shares Pledge);

		(C)
	a signed irrevocable proxy and power of attorney in the name of the Pledge Manager in the form set forth in the Headhunter FSU Shares Pledge;

		(D)
	a certified copy of a resolution in writing by the Headhunter FSU Board of Directors approving the pledge and transferring shares, drawn up substantially in the form set forth in each Headhunter FSU Shares Pledge;

		(E)
	a notice of pledge drawn up substantially in the form set forth in the Headhunter FSU Shares Pledge, along with a certified copy of the Headhunter FSU Shares Pledge;

		(F)
	a certificate drawn up substantially in the form set forth in the Headhunter FSU Shares Pledge, confirming that a memorandum of pledge was made in the register of members of Headhunter FSU, and a certified copy of the register of members of Headhunter FSU;

		(G)
	a signed and dated waiver by Headhunter Group and Zemenik (as applicable) of their rights of pre-emption, drawn up in the form set forth in the relevant Headhunter FSU Shares Pledge;

		(H)
	signed, undated resignation letters, duly signed by the directors and secretary of Headhunter FSU, in the form set forth in each Headhunter FSU Shares Pledge;

		(I)
	signed letters of authority and undertaking, duly signed by the directors and secretary of Headhunter FSU, in the form set forth in each Headhunter FSU Shares Pledge;

		(J)
	signed, undated confirmation by the secretary, issued by Headhunter FSU, confirming to the Cyprus Department of Registrar of Companies the changes in the officers and shareholders in the event of enforcement of the pledge under the Headhunter FSU Shares Pledge; and

		(K)
	a copy of the updated internal register of charges of Headhunter Group containing information about the terms of the Pledge of Headhunter FSU (Headhunter Group) Shares in accordance with Article 99 of the Cyprus Law on Companies, Cap. 113.

		19.20.5
	Within 5 (five) Business Days of signing the Borrower Participatory Interest Pledge, the Borrower shall ensure state registration of the Encumbrance created under the Borrower Participatory Interest Pledge in the Russian Federation Unified State Register of Legal Entities and shall provide the Pledge Manager with evidence of such state registration.

		19.20.6
	Within 5 (five) Business Days of receiving a request from the Facility Administrator or Pledge Manager, the Borrower at its own expense shall undertake any action and sign any documents, and shall ensure that each Obligor and Pledgor at their own expense undertake any action and sign any documents, required to perfect and register the termination of Encumbrances created under the Existing Pledges.

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	19.21
	Independent Guarantees Indemnity

The Borrower shall, without the prior written consent of the Facility Administrator, refrain from the following actions:
		19.21.1
	indemnifying any Guarantor for any amounts paid by such Guarantor under or in connection with the relevant Independent Guarantee;

		19.21.2
	making any changes to any Independent Guarantee agreement.

	20.
	BANK ACCOUNT OBLIGATIONS

	20.1
	Direct debit authority

		20.1.1
	Pursuant to Civil Code Articles 847 and 854 and applicable regulations of the Russian Federation Central Bank, the Borrower hereby gives its irrevocable and unconditional consent to the direct debiting of funds from any of the bank accounts it may hold with the Original Lender, on terms of direct debit authorization, for purposes of performance of the Borrower's obligations under the Finance Documents. The appropriate consent shall constitute the Borrower's prior acceptance and is granted by the Borrower up to the monetary amounts that may be payable by the Borrower under the Finance Documents, allowing partial performance should there be insufficient funds on the Borrower's account.

		20.1.2
	The Facility Administrator may, without the Borrower's instruction, send a direct debit request based on collection orders, bank orders, payment requests or other documents for funds to be debited from the Borrower's bank accounts opened with the Original Lender in order to perform the Borrower's payment obligations toward the Finance Parties under any Finance Documents that have become due for payment but remain unpaid, while the Original Lender may perform the instructions of the Facility Administrator.

		20.1.3
	Should there be no funds or insufficient funds in the obligation currency on the Borrower's bank accounts held with the Original Lender, the Borrower hereby instructs the Original Lender to convert funds on the Borrower's bank accounts in a different currency and transfer the funds obtained by such conversion to the Facility Administrator for them to be applied to performance of the Borrower's obligations under the Finance Documents according to the provisions of this Agreement. The Parties agree that the relevant funds conversion will be made by the Original Lender using the Original Lender's internal exchange rate that is applicable as of the date of the relevant operation.

		20.1.4
	Without prejudice to the limitations prescribed by this Clause 20.1, the Borrower shall, within 10 (ten) Business Days of opening any bank account with the Original Lender, sign an addendum to the relevant bank account agreement granting its consent for the Facility Administrator, without the Borrower's instruction, to direct debit funds for purposes of performance of the Borrower's obligations under the Finance Documents based on collection orders, bank orders, payment requests or other documents, allowing partial performance should there be insufficient funds on the Borrower's account.

	20.2
	Amounts debited

All funds obtained by the Facility Administrator through the exercise of its right to debit funds under Clause 20.1 (Direct debit authority) shall be applied to performance of the Borrower's obligations toward the Finance Parties under the Finance Documents according to the provisions of this Agreement.
	21.
	EVENTS OF DEFAULT

Each of the cases, events, or circumstances set out in this Clause 21 (save for Clause 21.18 (Acceleration)) is an Event of Default.
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	21.1
	Non-payment

An Obligor does not pay on the due date any amount payable pursuant to Finance Documents at the place at and in the currency in which it is expressed to be payable unless:
		21.1.1
	its failure to pay is caused by:

		(A)
	administrative or technical error; or

		(B)
	a Disruption Event; and provided that

		21.1.2
	payment is made within 3 (three) Business Days from the date of payment.

	21.2
	Violation of financial covenants

An Obligor does not comply with any covenant under:
		21.2.1
	Clause 18.3 (Leverage);

		21.2.2
	Clause 18.4 (Interest cover);

		21.2.3
	Clause 18.5 (Guarantors' Cover Ratio);

		21.2.4
	Clause 18.6 (Revenue in accordance with RAS);

		21.2.5
	Clause 18.7 (Cash receipts); or

		21.2.6
	Clause 18.8 (Net assets

The Borrower shall ensure that:
		21.2.7
	as of the end of the second financial quarter of each financial year, and as of the end of each financial year, the net assets of each Obligor registered in the Russian Federation determined on the basis of the financial statements provided under Clause 17.1.1(D),

		21.2.8
	).

	21.3
	Other obligations

		21.3.1
	An Obligor or Pledgor does not comply with any provisions of the Finance Documents (other than those referred to in Clause 21.1 (Non-payment) and in Clause 21.2 (Violation of financial covenants)).

		21.3.2
	No Event of Default under Clause 21.3.1 will occur if such failure to comply can be remedied, and is remedied:

		(A)
	in respect of the obligations contemplated by Clauses 17.1.1(A)–(C) within 30 (thirty) days; or

		(B)
	in respect of any other provisions of the Finance Documents: within 10 (ten) Business Days,

of the earlier of:
		(1)
	the date the Facility Administrator sends notice to the Obligor regarding such failure to comply; or

		(2)
	the date the relevant Obligor becomes aware or should have become aware of the failure to comply.

	21.4
	Misrepresentation

Any representations made by any Obligor or Pledgor in or in connection with the Finance Documents turns out to be incorrect, untrue or misleading at the time it is made.
	21.5
	Cross-default

		21.5.1
	Any member of the Group does not repay any Financial Indebtedness within the prescribed period or during any grace period established in accordance with the terms of the relevant obligation.

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		21.5.2
	Any Financial Indebtedness of any member of the Group is declared to be or otherwise becomes due and payable prior to its specified maturity as a result of an event of default (however described), or a claim is brought against Headhunter Group under a Placement Indemnity.

		21.5.3
	Any creditor of any member of the Group becomes entitled to declare any Financial Indebtedness of any member of the Group due and payable prior to its specified maturity as a result of an event of default (however described). An Event of Default in accordance with this Clause 21.5.3 shall not be deemed to have occurred if such non-compliance can be remedied, and is remedied within 15 (fifteen) Business Days.

		21.5.4
	No Event of Default will occur under this Clause 21.5 if the total amount of Financial Indebtedness or obligations under the Financial Indebtedness subject to Clauses 21.5.1 – 21.5.3 is at any time less than RUB 150,000,000 (one hundred and fifty million)

		21.5.5
	An Event of Default shall not be deemed to have occurred pursuant to Clause 21.5.1 above if the relevant default was committed reasonably and in good faith by a Group member acting as a buyer, in the relevant part of the purchase price under a SPA for shares or participatory interests in the company's charter capital, provided that

		(A)
	the buyer is entitled under the terms of such SPA to reduce the purchase price or receive cash consideration from the seller upon the occurrence of the events specified in the SPA;

		(B)
	the relevant SPA relates to an asset acquisition transaction financed with funds from Tranche 2; and

		(C)
	the late payment under the relevant SPA lasts no more than 180 days from the last day of the Utilisation Period under Tranche 2.

	21.6
	Loss of property

Loss of property in respect of which an Encumbrance has been created under any Pledge.
	21.7
	Insolvency

The occurrence of any of the following cases or events in relation to any Material Group Member:
		21.7.1
	any Material Group Member meets the criteria for insolvency in accordance with the Bankruptcy Law;

		21.7.2
	any Material Group Member meets the criteria for insufficiency of assets in accordance with the Bankruptcy Law;

		21.7.3
	the financial condition of any Material Group Member gives grounds for bankruptcy prevention measures to be taken in accordance with the Bankruptcy Law;

		21.7.4
	any Material Group Member meets the criteria or gives grounds for bankruptcy prevention measures to be taken, similar to the criteria and measures specified in Clauses 21.7.1 and 21.7.2, contemplated by any law applicable to such Material Group Member;

		21.7.5
	any Material Group Member begins negotiations with one or more of its creditors to revise the timeframes for repayment of any of its debts due to actual or expected financial difficulties;

		21.7.6
	a moratorium is imposed on the settlement of creditors’ claims in respect of any of its debts; or

		21.7.7
	any Material Group Member meets any other bankruptcy criteria established by the Bankruptcy Law or other law applicable to such Material Group Member.

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	21.8
	Insolvency proceedings

The carrying out of one of the following actions in respect of any Material Group Member:
		21.8.1
	a bailout and other bankruptcy prevention measures;

		21.8.2
	the commencement of liquidation or bankruptcy proceedings or the appointment of a liquidation commission or similar body or official;

		21.8.3
	the filing in court by any Material Group Member of an application to declare such Material Group Member bankrupt;

		21.8.4
	the filing in court by any creditor of any Obligor of an application to declare such Material Group Member bankrupt or to liquidate it (or any other similar procedure), if the arbitrazh court or other competent court, within 30 (thirty) calendar days from the date of the determination to accept the application to declare the Material Group Member bankrupt, does not issue a determination on refusing to instigate supervision and dismissing the application, a determination on refusing to instigate supervision and terminating proceedings in the bankruptcy case, a determination on returning this application, a determination on terminating proceedings in the bankruptcy case, a decision on refusing to declare bankruptcy or other similar judicial act, which results in the termination of the bankruptcy proceedings or refusal to initiate such proceedings;

		21.8.5
	the institution of supervision (nablyudeniye), external management (vneshneye upravleniye), financial recovery (finansovoe ozdorovleniye), or bankruptcy management (konkursnoye proizvodstvo);

		21.8.6
	the appointment of a temporary administrator, administrator, receiver or any other person performing similar functions;

		21.8.7
	convening a meeting of creditors to consider a settlement agreement;

		21.8.8
	initiation of any other bankruptcy procedure established by the Bankruptcy Law;

		21.8.9
	enforcement of any Encumbrance established in respect of any assets of a Material Group Member, if the amount of assets in respect of which such Encumbrance is established exceeds RUB 100,000,000 (one hundred million);

		21.8.10
	carrying out any other similar procedures under the law on insolvency (bankruptcy) applicable to the relevant Material Group Member.

	21.9
	Compulsory seizure or restrictions on disposal of property

Freezing orders over, confiscation, other compulsory seizure of property, suspension or restriction of operations on the accounts of any member of the Group with a total value exceeding RUB 100,000,000 (one hundred million) or the equivalent of such amount at the rate of the Central Bank of the Russian Federation on the relevant date.
	21.10
	Unlawfulness and invalidity

		21.10.1
	It becomes unlawful for an Obligor or Pledgor to perform any of its obligations under the Finance Documents.

		21.10.2
	Any Finance Document ceases to be valid and legally binding.

		21.10.3
	Any Finance Document is deemed not concluded in accordance with the law applicable to such Finance Document.

	21.11
	Repudiation and rescission of agreements

An Obligor or Pledgor declares its intention to rescind a Finance Document or performs actions aimed at challenging or rescinding a Finance Document, or repudiates it (except for situations where this is permitted by the Finance Documents).
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	21.12
	Cessation of business

Any Obligor suspends or ceases to carry on (or threatens to suspend or cease to carry on) its core business activities.
	21.13
	Qualified audit opinion

Auditors of the Group issue a qualified opinion with respect to any audited financial statements.
	21.14
	Judicial and administrative proceedings

		21.14.1
	The commencement of any judicial, administrative, arbitrazh or arbitration proceedings aimed at challenging of:

		(A)
	the Finance Documents;

		(B)
	any rights of the Finance Parties based on the Finance Documents; or

		(C)
	transactions under the Finance Documents.

		21.14.2
	A court, arbitrazh court or arbitration court (including international arbitration) accepts for consideration any claim in respect of a member of the Group or its assets, for a total amount that, together with the amount of other claims brought against such member of the Group (or its assets) or against other members of the Group (or their assets) accepted for consideration by a court, arbitrazh court or arbitration court (including international arbitration), exceeds RUB 150,000,000 (one hundred and fifty million) or the equivalent of this amount in another currency at the exchange rate of the Central Bank of the Russian Federation on the date on which the claim was filed.

		21.14.3
	The coming into force of decisions of a court, arbitrazh court or arbitration court (including international arbitration) in respect of a member of the Group or its assets for the recovery of funds or other assets from such member of the Group for a total amount that, together with the amount of other decisions of a court, arbitrazh court or arbitration court (including international arbitration) that have come into force, which relate to such member of the Group (or its assets) or other members of the Group (or their assets) exceeds RUB 100,000,000 (one hundred million) or its equivalent in another currency at the exchange rate of the Central Bank of the Russian Federation.

	21.15
	Expropriation

Limiting the ability of any member of the Group to conduct its business activities as a result of:
		21.15.1
	deprivation or restriction of title, nationalisation, requisition, confiscation, expropriation or other forced alienation of property, the total book value of which exceeds, together with other property of such member of the Group and property of any other member of the Group that was nationalised, requisitioned, confiscated, expropriated or otherwise forcibly alienated, RUB 75,000,000 (seventy-five million); or

		21.15.2
	a ban or other intervention committed by a government body in respect of any member of the Group (including, inter alia, the dismissal of the sole executive body, the collegial executive body or any other management body of any member of the Group).

	21.16
	Intellectual Property

		21.16.1
	The full or partial termination, suspension, or revocation of rights to any Intellectual Property;

		21.16.2
	The imposing of any restrictions on the terms of use or additional requirements in relation to any Intellectual Property, except where agreements under a non-

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exclusive or exclusive license in respect of Intellectual Property are entered into between members of the Group;
		21.16.3
	The expiration and refusal to extend the rights to any Intellectual Property largely under the same conditions; or

		21.16.4
	The creation of an Encumbrance in respect of any Intellectual Property,

in each case, with the exception of the disposal of any Intellectual Property owned by a Group member, in the event of disposal in favour of non-members of the Group, of all shares or participatory interests in the charter capital of such Group member (which owns the relevant Intellectual Property) owned by Group members, if such disposal is permitted by the terms of this Agreement.
	21.17
	Material Adverse Effect

The occurrence of Material Adverse Effect.
	21.18
	Acceleration

Upon the occurrence of any Event of Default and at any time after the occurrence of any Event of Default that is continuing:
		21.18.1
	the Facility Administrator shall send a notification to the Borrower after receiving the Consent of the Majority Lenders, in which it will:

		(A)
	state the Lenders’ refusal to grant funds within the Total Commitments (including the Amount Payable by the Lenders, if any, at the relevant time), whereupon the Lenders’ obligation to grant the Facility to the Borrower shall cease; and (or)

		(B)
	set out the Lenders’ demand against the Borrower for immediate early repayment of the Facility Outstanding or any part thereof, including accrued interest, fees and any other amounts due to the Finance Parties under the Finance Documents; and (or)

		(C)
	notify the Borrower that the Lenders are aware of the Event of Default and reserve the right to demand that the Borrower immediately repay the Facility or any part thereof, including accrued interest, fees and any other amounts due to the Finance Parties under the Finance Documents; and (or)

		(D)
	notify the Borrower that the Lenders reserve the right to enforce the pledged property under the Pledges, or to file claims under the Independent Guarantees.

		21.18.2
	The Lenders shall enforce the pledge in accordance with the relevant Pledge. The property received by the Lenders from the enforcement of the pledge under the Pledges shall be transferred into the Lenders' shared ownership in the amount corresponding to their Proportional Shares.

		21.18.3
	The funds received by the Lenders from the enforcement of the property pledged under the Pledges and/or its subsequent sale in accordance with Clause 21.18.2, and which remained after indemnification for the enforcement costs of the Lenders, the Facility Administrator, and the Pledge Manager and payment of other mandatory payments, shall be transferred into the Account of the Facility Administrator, and then distributed by the Facility Administrator between the Lenders according to their Proportional Shares.

For the purposes of this Clause 21.18, an Event of Default shall be considered continuing from the time such event occurs until the Borrower receives notification from the Facility Administrator that the Majority Lenders have agreed not to exercise their rights under this Clause 21.18 due to the occurrence of such event or circumstance.
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	22.
	FACILITY SECURITY

	22.1
	Pledges

		22.1.1
	Each Lender hereby confirms that it is familiar with the content of each Pledge and approves its signature by the Pledge Manager.

		22.1.2
	The Parties confirm that this Agreement (in the appropriate part thereof) constitutes, inter alia, a pledge management agreement. The Parties agree that a Lender may act as the Pledge Manager.

	22.2
	Status of the Lenders and appointment of a Pledge Manager

		22.2.1
	The Parties hereby acknowledge and agree that all the Lenders, the Facility Administrator, and the Pledge Manager that is also a Lender, have shared claims toward the Borrower and, under Civil Code Article 3351, constitute joint and several co-pledgees under the Pledges enjoying equal-seniority rights.

		22.2.2
	Pursuant to Civil Code Article 356, each Lender (except the Lender acting as the Pledge Manager) and the Facility Administrator hereby instruct the Pledge Manager to conclude, on behalf and in the interests of the Finance Parties, Pledges with the Pledgors (including modifications and addendums to such Pledges that have been approved by the Consent of all lenders), to sign all documents required for registration of the appropriate Pledges, encumbrances arising from the appropriate Pledges, and assignment of rights under the appropriate Pledges, and for the sending of notices to a notary public, notices of pledge creation, notices of pledge modification, and notices of deletion of information concerning a pledge (except those actions that, under applicable law or the Finance Documents, should be undertaken by the relevant Pledgor), and to exercise all the rights and perform all the duties of pledgee under such  Pledges.

		22.2.3
	The Parties acknowledge and agree that the Pledge Manager, by concluding the appropriate Pledges on behalf of the Lenders, and by exercising the rights and performing the duties of pledgee under the Pledges, is exercising the pledgee's rights solely in the interests of all the Lenders constituting such at any point in time, until the Borrower has performed its obligations in full under the Finance Documents in the manner prescribed herein. The assignment of rights by an Existing Lender to a New Lender (in the context of Clause 23.2 (Assignment of Rights and Transfer of Obligations by the Lenders)) shall not affect the rights and obligations of the Pledge Manager and the Lenders prescribed herein.

		22.2.4
	The Lenders hereby undertake not to independently exercise their rights and perform their duties as pledgees, including not to make claims against the Borrower and not to foreclose on the Borrower's assets and property, except if this pledge management agreement is terminated under Civil Code Article 356(5). At the same time, the Lenders and the Borrower agree to perform, at the Pledge Manager's request, all necessary actions (including participation in court hearings as co-claimants) and sign and issue to the Pledge Manager all necessary documents, including powers of attorney, that in the Pledge Manager's reasonable opinion are required by law and/or a court for the Pledge Manager to exercise the rights and perform the duties prescribed by the Finance Documents.

		22.2.5
	The Pledge Manager's exercise of the rights and performance of the duties of pledgee under the respective Pledges shall not prevent the Pledge Manager from performing any banking operations with the Borrower, including maintaining bank accounts, providing loans, and inviting deposits. If the Pledge Manager is also a Lender hereunder, then it shall have the same rights and obligations under the Finance Documents as any other Lender, and may exercise those rights and perform those obligations as if it were not the Pledge Manager.

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		22.2.6
	The Pledge Manager shall bear no liability for its acts or omissions toward the Lenders (other than the Lender acting as the Pledge Manager) if it acts or fails to act in accordance with the Consent of the Majority Lenders or all the Lenders.

		22.2.7
	The Pledge Manager shall bear liability toward the Parties (other than the Lender acting as the Pledge Manager) solely for direct, judicially proven losses caused by the Pledge Manager willfully or through gross negligence.

		22.2.8
	The Lenders (other than the Lender acting as Pledge Manager) and the Pledge Manager hereby confirm that the Pledge Manager shall perform its functions without being granted power of attorney and independently of the grant of such power of attorney.

	22.3
	Pledge Manager's rights and obligations

		22.3.1
	The Pledge Manager shall, on behalf and in the interests of the Lenders, conclude as pledgee the relevant Pledges, including any modifications and supplements thereto, prescribed herein or approved by the Consent of the Majority Lenders, with the Borrower and third parties, and shall exercise all the rights and perform all the duties of pledgee under such Pledges according to the terms hereof. In particular, the Pledge Manager shall take the steps required to effect registration of the relevant Pledges and encumbrances arising out of the relevant Pledges, and the sending of notices to a notary public, notices of pledge creation, notices of pledge modification, and notices of deletion of information concerning a pledge (except those actions that, under applicable law or the Finance Documents, should be undertaken by the Borrower or relevant Pledgor) within the time periods specified herein.

		22.3.2
	Immediately following the acquisition by any Lender other than the Original Lender of rights or obligations under the Finance Documents as described in Clause 23.2 (Assignment of Rights and Transfer of Obligations by the Lenders), the Pledge Manager shall take the steps required to effect registration of the pledge management agreement contained herein, and/or send notice to a notary public that that the pledge management agreement contained herein has been signed, and shall take other action required to register the Lenders as joint and several copledgees under the Pledges.

		22.3.3
	The Pledge Manager may at its discretion exercise any pledgee rights prescribed by the relevant Pledges other than the right to foreclose on the property pledged thereby, which may be exercised solely on the basis of Consent by the Majority Lenders that specifies the judicial or non-judicial foreclosure procedure and defines how the pledged property will be sold.

		22.3.4
	The Pledge Manager shall foreclose on pledged property in the manner prescribed by the relevant Pledge. Property obtained by the Pledge Manager in the Lenders' interest through foreclosure on the pledged property under the Pledges, plus any insurance indemnities paid out on property pledged under the Pledges, shall become owned in common by the Lenders according to the Proportional Share of each Lender.

		22.3.5
	The funds obtained by the Pledge Manager through foreclosure on property pledged under the Pledges, insurance indemnity payments with respect to the property pledged under the Pledges, and/or its subsequent sale as described in Clauses 22.3.3 and 22.3.4, and which are left over after reimbursement of the Pledge Manager's foreclosure costs and payment of other mandatory payments, shall be credited to the Pledge Manager's Bank Account and then distributed by the Pledge Manager among the Finance Parties in proportion to their pledge-secured claims, and among the Lenders according to the Proportional Share of each Lender.

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	22.4
	Replacement of Pledge Manager

		22.4.1
	The Lenders may, and, if the Pledge Manager meets the bankruptcy criteria, or if a bankruptcy petition has been filed in court against the Pledge Manager, or if an application has been filed for liquidation of the Pledge Manager, or if the Pledge Manager's banking license has been revoked, the Lenders shall, with the Majority Lenders' Consent, terminate the Pledge Manager's authority as of the date stated in the Majority Lenders' Consent and select a candidate from among the Lenders to become the new Pledge Manager (the "New Pledge Manager"). Each Lender and the Borrower hereby consent to replacement of the Pledge Manager by a New Pledge Manager according to the provisions of this Clause 22.4.

		22.4.2
	The Pledge Manager may unilaterally renounce its authority as pledge manager provided it notifies each Lender and the Facility Administrator at least 30 (thirty) days prior to the proposed date of termination of the Pledge Manager's authority. By Consent of the Majority Lenders, the Lenders shall select a candidate to become the New Pledge Manager no later than the proposed date of termination of the Pledge Manager's authority.

		22.4.3
	The Lenders shall ensure that the New Pledge Manager takes up the pledge manager duties referred to in Clause 22.3 (Pledge Manager's rights and obligations) starting on the date the Pledge Manager's authority terminates. The Pledge Manager shall at its own expense sign and hand over the documents it possesses that the New Pledge Manager may reasonably require in order to act as Pledge Manager under the Pledges.

		22.4.4
	The Parties agree that the New Pledge Manager shall become a party to this Agreement as pledge manager starting on the date of its appointment by the Lenders with the Consent of the Majority Lenders, unless such Consent prescribes another date. If necessary, the Facility Administrator may require the Parties to conclude an amendment hereto and, where prescribed by applicable law, of an amendment to the Pledges. On the occurrence of the relevant date, all mention of "Pledge Manager" herein shall refer to the New Pledge Manager. For the avoidance of doubt, the appointment of a New Pledge Manager hereunder shall not constitute termination of the pledge management agreement in the context of Clause 22.2.4.

		22.4.5
	As of the date the New Pledge Manager is appointed, it shall open a new nominal account in favour of the Finance Parties as beneficiaries of such account, and shall notify the Borrower and the Finance Parties that the Pledge Manager Account has changed.

		22.4.6
	The Parties agree that the provisions herein concerning the Pledge Manager's rights and obligations may be modified by an addendum entered into by the Borrower, the Facility Administrator, the Pledge Manager, and the Lenders (other than the Lender acting as the Pledge Manager). Before such addendum is signed, its content shall be approved by the Majority Lenders' Consent, which may empower a single Lender to sign such addendum with the Pledge Manager on behalf and in the interests of all the Lenders (other than the Lender acting as the Pledge Manager). The Lenders shall provide the documents and powers of attorney required for a single Lender to sign such addendum on behalf of all the Lenders (other than the Lender acting as the Pledge Manager).

	23.
	CHANGES TO THE PARTIES

	23.1
	Assignment by the Borrower

The Borrower does not have the rights to assign its rights or transfer obligations under the Finance Documents without the prior consent of all Lenders.
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	23.2
	Assignment of Rights and Transfer of Obligations by the Lenders

		23.2.1
	A Lender ("Existing Lender") is entitled at any time to fully or partially assign its rights and (or) transfer the obligations under the Finance Documents to the following persons without the consent of the Borrower and other Lenders:

		(A)
	another Lender;

		(B)
	its Affiliate;

		(C)
	the Central Bank of the Russian Federation, and also in the subsequent assignment by the central bank or other similar body of its rights and (or) the transfer of obligations to any person;

		(D)
	a Russian bank or a Russian credit or financial organisation included in the list of banks contained in Schedule 9 (List of Russian banks); or

		(E)
	any reputable foreign credit or financial organisation,

in any case, with the exception of any person in respect of which the Borrower has submitted a confirmation acceptable to the Facility Administrator (with reference to the applicable legislative acts) confirming that such person is subject to sanctions restricting the Pledgors or their Affiliates from entering into or maintaining relations with such person ("Sanctioned Person").
		23.2.2
	Where there is no Default, an Existing Lender has the right at any time to fully or partially assign its rights and (or) to transfer the obligations under the Finance Documents to other persons not mentioned in Clause 23.2.1, provided that such person is not a Sanctioned Person, and subject to receipt of the prior written consent of the Borrower, while the Borrower cannot unreasonably and without grounds refuse to provide or delay provision of such consent.

		23.2.3
	For the purposes of this Clause 23.2, "New Lender" means a person to which an Existing Lender fully or partially assigns its rights and (or) transfers obligations under the Finance Documents referred to in sub-paragraphs (A) – (E) of Clause 23.2.1 or in Clause 23.2.2.

		23.2.4
	If:

		(A)
	any Default has occurred and is continuing for 10 Business Days; or

		(B)
	any Event of Default has occurred and is continuing,

the Borrower's consent to the assignment of rights and (or) the transfer of obligations of an Existing Lender is not required, except in cases where the prospective New Lender is a Sanctioned Person. For the purposes of Article 388 of the Civil Code, each Obligor hereby confirms that for the purposes of this Clause 23.2 the identity of the Lenders is not material to it.
		23.2.5
	In the event of the assignment by an Existing Lender of its rights and the transfer of its obligations to a New Lender in accordance with this Agreement, the Borrower hereby gives its prior consent to the simultaneous transfer to the New Lender of the relevant obligations of the Existing Lender (transfer of debt), if any.

	23.3
	Procedure for assignment of rights and transfer of obligations

		23.3.1
	The assignment of rights and (or) the transfer of debt shall be carried out by a Lender Rights Assignment Agreement between the Existing Lender, the New Lender and the Facility Administrator, and shall come into effect on the date of signature of the Lender Rights Assignment Agreement, unless otherwise expressly contemplated by the Lender Rights Assignment Agreement.

		23.3.2
	No later than 5 (five) Business Days before the date of the proposed signing of the Lender Rights Assignment Agreement, the Existing Lender must notify the Facility Administrator in writing of the proposed assignment of rights and/or transfer of the debt indicating the name of the New Lender. No later than the next Business Day

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after receiving the above notification from the Existing Lender, the Facility Administrator shall send a copy of this notification to the Borrower.
		23.3.3
	If within 10 (ten) Business Days after receiving the notification specified in Clause 23.3.2 the Borrower has not provided the Facility Administrator with confirmation (containing a reference to the relevant legislative acts) confirming that this New Lender is a Sanctioned Person, on the date of signature of the Lender Rights Assignment Agreement:

		(A)
	the Existing Lender shall assign to the New Lender the rights of the Existing Lender in the amount in accordance with the Lender Rights Assignment Agreement;

		(B)
	the New Lender shall assume the obligations of the Existing Lender transferred to it in the amount in accordance with the Lender Rights Assignment Agreement;

		(C)
	the Existing Lender shall be released from its obligations to the extent that these obligations have been assumed by the New Lender; and

		(D)
	the New Lender shall become the Lender under this Agreement and will be bound by the terms of this Agreement as the Lender.

		23.3.4
	From the date of signature of any Lender Rights Assignment Agreement, reference in this Agreement to the Lender includes any New Lender.

		23.3.5
	On the date of signature of a Lender Rights Assignment Agreement, the New Lender shall pay the Facility Administrator a fee of RUB 10,000 (ten thousand), as well as VAT, included as a separate line, and calculated based on the current tax rate under the law of the Russian Federation on taxes and levies, for the services of the Facility Administrator under this Agreement.

		23.3.6
	The Facility Administrator shall notify the Obligors in writing immediately after signature of a Lender Rights Assignment Agreement about the assignment of rights and (or) transfer of obligations under this Agreement, and shall send a copy of the signed Lender Rights Assignment Agreement to each Obligor.

	23.4
	Interest payment on assignment

		23.4.1
	Interest on the Facility Outstanding, default interest and fees in respect of the Proportional Share of the Existing Lender accrued prior to the date of signature of the Lender Rights Assignment Agreement (including the date of signature) and received from the Borrower ("Accrued Amounts"), as well as other payments specified in the Lender Rights Assignment Agreement, shall be paid by the Facility Administrator to the Existing Lender on the closest Interest Payment Date after the date of signature of the Lender Rights Assignment Agreement;

		23.4.2
	The rights assigned by the Existing Lender to the New Lender will not include the right to claim Accrued Amounts; and

		23.4.3
	The New Lender will receive the amount of interest accrued on the Facility Outstanding in respect of the Proportional Share of the New Lender for that part of the Interest Period that comes after signature of the Lender Rights Assignment Agreement (excluding the date of signature) and ends on the end date of the relevant Interest Period.

	23.5
	Limitation of liability of Existing Lenders

		23.5.1
	None of the Existing Lenders shall make any representations or assume any obligations to a New Lender for:

		(A)
	the financial position of an Obligor or Pledgor;

		(B)
	the compliance or fulfilment by any Obligor of its obligations under the Finance Documents or any other documents; or

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		(C)
	the correctness of the information contained in any Finance Document.

		23.5.2
	Each New Lender confirms to the Existing Lender, other Finance Parties and each Obligor that it has studied all the Finance Documents, conducted (and will continue to conduct) its own independent study and assessment of each Obligor’s financial condition, and did not rely on any information provided to it by the Existing Lender when taking its decision to sign the Lender Rights Assignment Agreement.

	23.6
	Security over Lenders' rights

Each Lender may, without the consent of the Obligor or another Finance Party, pledge or create another Encumbrance in favour of any person that is not a Sanctioned Person for all or part of its rights under any Finance Document in order to secure the obligations of such Lender, provided that such Lender continues to fulfil its obligations under the Agreement.
	23.7
	Restriction on assignment of rights and transfer of obligations to a Sanctioned Person

The assignment of any rights, the transfer of any obligations, the pledging or creation of any Encumbrance in favour of a Sanctioned Person is invalid.
	24.
	FINANCE PARTIES

	24.1
	Lenders’ decision making

		24.1.1
	The Lenders hereby agree that in the cases expressly contemplated by this Agreement or other Finance Documents, the Lenders may exercise their rights under this Agreement or perform any actions solely with the consent of the Majority Lenders or all Lenders ("Consent").

		24.1.2
	The Lenders shall take a decision on granting Consent by holding a vote, the procedure for which is established by this Clause 24.1. In this case, the provisions of Chapter 91 (Decisions of Meetings) of the Civil Code shall not apply.

		24.1.3
	In all cases, when the Lenders vote for the purpose of the Finance Documents the vote of each Lender is equal to its Proportional Share.

		24.1.4
	The Facility Administrator, either on its own initiative or at the request of any of the Lenders or the Borrower, shall inform all the Lenders (except the Lender that is the Facility Administrator) about the issue put to a vote ("Issue put to a Vote") by sending a notice containing a description of the Issue put to a Vote, and other information deemed necessary by the Facility Administrator ("Notice of Voting"). The Notice of Voting must indicate the deadline by which the Lenders have to send notices containing the voting results of each of the Lenders regarding the Issues put to a Vote ("Lender Decision Notice"). This deadline may not be less than 5 (five) Business Days, except when the circumstances of the Issues put to a Vote are such that the voting of Lenders needs to take place sooner.

		24.1.5
	The Lender Decision Notice must be signed by an authorised person of the relevant Lender and contain the Lender’s unequivocal answer as to whether such Lender votes for or against the granting of Consent on each of the relevant Issues put to a Vote. The Facility Administrator is not obliged to verify the authority of the person who signed the Lender Decision Notice, and has the right to presume that such person was authorised unless the relevant Lender notified the Facility Administrator prior to the date on which the relevant Lender Decision Notice was sent that such person is not an authorised representative of the relevant Lender.

		24.1.6
	If any Lender (other than the Lender that is the Facility Administrator) did not send the relevant Lender Decision Notice within the deadline specified in the Notice of Voting, the Facility Administrator shall consider that such Lender voted against the granting of Consent on the relevant Issues put to a Vote.

		24.1.7
	After the deadline for sending the Lender Decision Notice established by the relevant Notice of Voting, the Facility Administrator shall determine the number of votes of the Lenders in favour of granting Consent on each of the relevant Issues

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put to a Vote within 5 (five) Business Days, and shall send a notice to the Lenders and the Borrower containing the voting results on each of the Issues put to a Vote ("Voting Results Notice").
		24.1.8
	If, in accordance with the provisions of the Finance Documents, the Consent on an Issue put to a Vote requires the votes of the Majority Lenders (but not all Lenders), the Facility Administrator shall (regardless of the expiration of the deadline established in the relevant Notice of Voting) send a Voting Results Notice within 5 (five) Business Days after receipt of the Lender Decision Notices, from which it follows that the Majority Lenders voted in favour of granting such Consent or, that Lenders, the votes of which are sufficient to prevent the Majority Lenders from granting such Consent, voted against granting such Consent.

		24.1.9
	If the Lenders whose votes are sufficient to provide such Consent in accordance with the Finance Documents, voted in favour of granting the Consent, such Consent shall be deemed to have come into effect at the time when the Facility Administrator sends the Voting Results Notice, unless a later date is specified in the corresponding Voting Results Notice.

		24.1.10
	The Notices of Voting, Lender Decision Notices and Voting Results Notices shall be sent by email and/or by fax to the email addresses or fax numbers indicated in Clause 26.2 (Addresses).

		24.1.11
	Unless otherwise expressly stipulated by a Finance Document, any Consent granted in the manner contemplated by this Clause 24.1 shall be binding on all the Finance Parties.

		24.1.12
	For the avoidance of doubt, the Lenders hereby authorise the Facility Administrator, and the Facility Administrator agrees, to act with the prior consent of the Majority Lenders or all Lenders on the basis of the relevant Consent of the Majority Lenders or all Lenders in cases where such Consent is expressly stipulated by this Agreement.

		24.1.13
	The Facility Administrator has the right to refrain from acting on the basis of instructions of the Majority Lenders (or, where applicable, all Lenders) until it received indemnity against any costs, losses or liabilities (together with any accompanying VAT), which it may incur in complying with these instructions.

		24.1.14
	In the absence of instructions from the Majority Lenders (or, where applicable, all Lenders), the Facility Administrator has the right to take actions (or refrain from taking actions) that it views as being in the Lenders’ interests.

		24.1.15
	The Facility Administrator shall only be liable to the Parties for direct losses proven in court, caused by the Facility Administrator intentionally or as a result of gross negligence.

	24.2
	Appointment of the Facility Administrator

		24.2.1
	The Parties agree that a Lender may perform the functions of a Facility Administrator. Each Finance Party (with the exception of the Lender that performs the functions of the Facility Administrator) hereby appoints the Facility Administrator as its agent and instructs it to perform the actions contemplated by the Finance Documents on behalf of and at the expense of that Finance Party.

		24.2.2
	For the avoidance of doubt, the Parties confirm that the Lender acting as the Facility Administrator has the same rights and obligations under the Finance Documents as any other Lender, and has the right to exercise these rights, including the right to vote when Consents are provided, and to fulfil the obligations as if it were not a Facility Administrator.

		24.2.3
	The performance by the Facility Administrator of its obligations under the Agreement does not prevent the Facility Administrator from executing any banking operations with any member of the Group, including maintaining bank accounts, granting loans and attracting deposits.

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		24.2.4
	If the indemnification received from the Obligors does not cover the amount of expenses or losses incurred by the Facility Administrator as a result of acting as the Facility Administrator in accordance with the terms of the Finance Documents, the Facility Administrator has the right to file a claim against the Lenders (except for the Lender acting as the Facility Administrator) and each Lender (except for the Lender acting as the Facility Administrator) shall, within 10 (ten) Business Days from date on which the Facility Administrator's claim was filed, indemnify it in the amount corresponding to the Lender’s Proportional Share, for any documented expenses or losses incurred by the Facility Administrator (except in the event of the Facility Administrator's gross negligence or wilful misconduct) as a result of acting as the Facility Administrator in accordance with the terms of the Finance Documents, to the extent not covered by the amount of indemnification received from any Obligor.

		24.2.5
	The Facility Administrator shall not be liable to the Lenders for its actions (or omissions), if it acts (or does not act) in accordance with the Consent of the Majority Lenders or all Lenders.

		24.2.6
	The Facility Administrator shall only be liable to the Lenders for losses caused by the Facility Administrator intentionally or as a result of gross negligence.

		24.2.7
	When the terms of the Agreement do not require the Consent of the Majority Lenders or all Lenders, the Facility Administrator shall act (or refrain from acting) at its own discretion in the best interests of the Lenders.

	24.3
	Duties of the Facility Administrator

		24.3.1
	Subject to Clause 24.3.2, each Finance Party (with the exception of the Facility Administrator) instructs the Facility Administrator, while the Facility Administrator agrees, to perform the following actions:

		(A)
	keep records of the Cash provided to the Borrower by each of the Lenders in accordance with this Agreement;

		(B)
	receive any payments due to the Finance Parties from the Obligors under this Agreement into the Facility Administrator's Account, and transfer the amounts received from the Obligors to the relevant Finance Party in accordance with the terms of this Agreement;

		(C)
	receive any Facility amounts from the Lenders into the Facility Administrator's Account, and transfer the Facility amounts received from the Lenders to the Borrower in accordance with the terms of this Agreement;

		(D)
	notify the Borrower and Lenders about the interest rate for each Interest Period;

		(E)
	sign, on behalf of all the Finance Parties, amendments to this Agreement, as well as any consents, confirmations, waivers and other documents contemplated by this Agreement, on the terms agreed in the Consent of the Majority Lenders or all Lenders, depending on the nature of the changes, consents, confirmations, waivers or other documents;

		(F)
	inform the Lenders of the Borrower's fulfilment (or non-fulfilment) of the conditions precedent for submitting a Utilisation Request under this Agreement;

		(G)
	provide the Parties and (or) other persons contemplated under this Agreement with documents and information received from the Borrower and third parties (including, inter alia, sending to the relevant Party an original or a copy of any document received by the Facility Administrator from any other Party to be forwarded to this Party), however the Facility Administrator is not obliged to examine or verify the correctness, accuracy or completeness of such documents and information;

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		(H)
	notify the Finance Parties of the receipt of a communication from any Party containing a description of an event or circumstance and a statement to the effect that such an event or circumstance constitutes Default;

		(I)
	inform the Lenders that the Facility Administrator has received the Borrower's request for a waiver under this Agreement;

		(J)
	arrange the granting of Consents by the Majority Lenders or all Lenders at its own initiative or at the request of the Majority Lenders;

		(K)
	keep a register of all Parties (with the addresses, contact details of all Lenders at any time and the Proportional Share of each Lender) and provide a copy of this register for information purposes upon the request of any Party;

		(L)
	notify the Lenders if an Obligor has failed to pay any amount of the Facility Outstanding, interest, fees or other amounts payable to any Finance Party (other than the Facility Administrator) under the Finance Documents;

		(M)
	in the event of the Facility Administrator's resignation, transfer to the New Facility Administrator (defined in Clause 24.4.4) all documents received by the Facility Administrator from the Parties, or created by the Facility Administrator in the process of fulfilling its duties; and

		(N)
	perform all other actions (or refrain from actions) which are contemplated by this Agreement and other Finance Documents or are required for the Lenders to exercise their rights under this Agreement or other Finance Documents after having obtained the relevant Consent of the Majority Lenders or all Lenders, depending on the circumstances.

		24.3.2
	The Facility Administrator has the right not to exercise any rights and authority granted in accordance with Clause 24.3.1 if the Consent of the Majority Lenders or all Lenders is required to exercise such rights and authority in accordance with the terms of this Agreement, and the Facility Administrator had not received such Consent of the Majority Lenders or all Lenders in the manner prescribed by this Agreement.

	24.4
	Resignation of the Facility Administrator

		24.4.1
	The Facility Administrator has the right, after having notified the other Finance Parties and the Obligors not less than fifteen (15) days in advance, to refuse to discharge the duties of the Facility Administrator, subject to the provisions of paragraph 7 of Article 8 of the Syndicated Loan Law. In this case, the Majority Lenders (after consultation with the Borrower) are entitled to appoint the Facility Administrator’s successor no later than the proposed date on which the Facility Administrator shall resign.

		24.4.2
	The resigning Facility Administrator shall, at its own expense, provide the Facility Administrator's successor with the documents available to the Facility Administrator, as well as provide the assistance that the Facility Administrator's successor may reasonably require in order to act as the Facility Administrator under the Finance Documents.

		24.4.3
	In the event that the Facility Administrator’s banking license is revoked (1) the authority of the Facility Administrator shall automatically terminate from the date of the banking license's revocation, and (2) the Facility Administrator or any Lender that has received information about the revocation of the Facility Administrator's banking license, shall notify the other Parties ("License Revocation Notice”) during the Business Day following the day when the Facility Administrator or relevant Lender received information about the revocation of the Facility Administrator’s banking license.

		24.4.4
	In the event of the resignation of the Facility Administrator or the termination of its powers at the initiative of the Lenders, the Lenders, with the Consent of the Majority

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Lenders, shall appoint a new Facility Administrator from among the Lenders (the "New Facility Administrator"), and each Finance Party and the Borrower hereby confirm their consent to such possible appointment. At the request of the Facility Administrator, the Borrower shall provide the written consent of each other Obligor to such possible appointment of the New Facility Administrator. In the Consent, the Lenders shall determine the date of termination of the authority of the Facility Administrator, and the procedure whereby the New Facility Administrator shall send a notice of the termination of the authority of the Facility Administrator to the other Parties ("Notice of Termination of Authority"). Moreover, in the event of the resignation of the Facility Administrator, its authority will automatically terminate 15 (fifteen) days after the Facility Administrator has sent the notice in accordance with Clause 24.4.1, unless an earlier date is stipulated by the Consent of the Lenders or the Facility Administrator does not agree to a later date of termination of its authority.
		24.4.5
	The Parties agree that the New Facility Administrator will become a party to this Agreement as the Facility Administrator after the adoption of the Consent of the Majority Lenders on the appointment of a New Facility Administrator, from the date of signature of an agreement on making the relevant changes to this Agreement, unless another date is specified in this agreement (the "Date of Accession of the New Facility Administrator"). Thereafter, any reference to the Facility Administrator in this Agreement will refer to the New Facility Administrator.

		24.4.6
	From the Date of Accession of the New Facility Administrator, the New Facility Administrator must ensure that a new account is opened and notify the Borrower and the Finance Parties that the Facility Administrator's Account has been substituted within 5 (five) Business Days from the Date of Accession of the New Facility Administrator.

		24.4.7
	From the date of termination of the authority of the Facility Administrator to the Date of Accession of the New Facility Administrator, the Parties hereby agree that the Lender with the largest Proportional Share or, in the absence of such, the Lender appointed by the Consent of the Majority Lenders, shall act as temporary Facility Administrator under the Agreement ("Temporary Facility Administrator").

		24.4.8
	The Parties agree that from the date of receipt by the Borrower of the Notice of Termination of Authority or of the License Revocation Notice to the Date of Accession of the New Facility Administrator, the Borrower shall procure that it and also the other Obligors make all payments provided for in this Agreement to the account of the Temporary Facility Administrator, whose details must be provided by the Temporary Facility Administrator to the Borrower on the first day on which it exercises the authority of facility administrator under this Agreement.

		24.4.9
	If the Facility Administrator, whose authority has been terminated for any reason, receives any payments from the Parties, it undertakes, subject to the requirements of the applicable law, to transfer such payments to the Temporary Facility Administrator on the same Business Day, so that the relevant amounts can then be transferred to the Party to which they are owed.

	24.5
	Arranger

The Arranger does not bear any obligations in relation to other Parties, unless this is expressly stipulated in the Finance Documents.
	25.
	PAYMENT MECHANISM

	25.1
	General Provisions

The Borrower shall procure that it, as well as each other Obligor, make payments in accordance with the provisions of this Clause 25.
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	25.2
	Payments to the Facility Administrator

Unless otherwise expressly stipulated in this Agreement, on each date on which an Obligor or Finance Party must make a payment to a Party under the terms of a Finance Document, such Obligor or Finance Party must transfer the relevant amount into the Facility Administrator's Account (unless the context of a Finance Document otherwise requires) with valuation on the date of the payment due date. All payments to be made by an Obligor under a Finance Document must be transferred into the Facility Administrator's Account no later than 17:00. Payments of an Obligor that are received into the Facility Administrator’s Account later than the specified time shall be considered received on the following Business Day.
	25.3
	Distribution of funds by the Facility Administrator

		25.3.1
	The funds received by the Facility Administrator from an Obligor in fulfilment of its obligations to the Lenders under a Finance Document, as well as those received from the Facility Administrator as a result of enforcement under Security Agreements, shall be distributed among the Lenders according to each Lender's Proportional Share.

		25.3.2
	Each amount of funds transferred into the Facility Administrator's Account for another Party shall be transferred by the Facility Administrator no later than 11:00 of the next Business Day to the Party for which this amount of funds was intended, into an account whose details shall be provided to the Facility Administrator by the relevant Party at least 5 (five) Business Days before the payment date. The Facility Administrator shall transfer this amount to the relevant Party after it has determined that it has received the required amount in full.

	25.4
	Partial payments

If the Facility Administrator receives an amount that is not sufficient to fully repay all amounts payable by an Obligor under the terms of the Finance Documents at the relevant time, the Facility Administrator shall use that amount to repay that Obligor’s obligations under the Finance Documents in the following order of priority, unless otherwise provided by law:
		25.4.1
	firstly, to indemnify the Finance Parties for the expenses incurred in connection with the enforcement of their claims against the Obligor;

		25.4.2
	secondly, for the payment of accrued interest on the Facility Outstanding;

		25.4.3
	thirdly, to repay the Facility Outstanding owed on the relevant date;

		25.4.4
	fourthly, for the payment of fees due to the Finance Parties;

		25.4.5
	fifthly, for the payment of accrued default interest; and

		25.4.6
	sixthly, for the payment of any other amounts due from the Obligor under the terms of the Finance Documents.

	25.5
	Payments not through the Facility Administrator

The Obligor's transfer of any funds towards payments due to a Finance Party under Finance Documents, without going through the Facility Administrator's Account, does not constitute proper fulfilment by the Obligor of its obligations under Finance Documents. If the Lender receives any payment owed to it under a Finance Document directly from the Obligor (and not from the Facility Administrator), such Lender shall transfer the amount received from the Obligor into the Facility Administrator’s Account on the same Business Day for distribution among all Finance Parties according to their Proportional Share in the manner prescribed by Clause 25.4 (Partial payments). Thereafter, the Obligor will be deemed to have fulfilled its payment obligations under a Finance Document only to the extent of the amount received by all Finance Parties from the Facility Administrator in accordance with the provisions of this Clause 25.5.
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	25.6
	No set-off by Obligors

The Borrower shall make (and shall procure that other Obligors make) any payments under the Finance Documents without offsetting any uniform counter-claims that the relevant Obligor may have against any Finance Party.
	25.7
	Payment currency

The Obligors shall make all payments under Finance Documents in Roubles, except for the indemnification of the Finance Parties for expenses incurred in connection with Finance Documents, which shall be paid by the Obligors in the same currency in which they were incurred, provided that this is not inconsistent with the currency legislation of the Russian Federation ("Agreement Currency"). The monetary obligations of the Obligors shall be deemed fulfilled only if the relevant amounts have been received by the Facility Administrator in the Agreement Currency. If any amounts under a Finance Document are received towards the Obligors’ obligations in a currency other than the Agreement Currency, and the Facility Administrator converts the amount received into the Agreement Currency, the Borrower shall indemnify (and procure that other Obligors indemnify) the Facility Administrator for its expenses related to converting the amount received into the Agreement Currency (at the internal rate of the Facility Administrator), and also indemnify the difference between the amount due from the Obligors in the Agreement Currency, and the amount received by the Facility Administrator as a result of the conversion of the funds received from the Borrower into the Agreement Currency.
	25.8
	Payment due date

		25.8.1
	If payment under a Finance Document falls due on a non-Business Day, the next Business Day shall be considered the payment deadline.

		25.8.2
	If any Finance Document does not stipulate the due date of any payment, such payment must be made by the Obligor within 5 (five) Business Days after receipt of the demand of the relevant Finance Party from the Facility Administrator.

	26.
	NOTICES

	26.1
	Communications in writing

Any communications sent by Parties to the Finance Documents must be made in writing and may be sent by courier, mail with notification of delivery, fax or other means whereby it can be reliably established that the communication is from a Party to the Finance Documents. For the purposes of this Agreement, a communication transmitted using electronic means of communication shall be considered a written communication.
	26.2
	Addresses

		26.2.1
	Save for the exceptions set out below, the contact details of each Party for all communications in connection with this Agreement are the details that such Party has provided to the Facility Administrator for this purpose.

		26.2.2
	Contact details of the Borrower:

Headhunter Limited Liability Company
	Address:
	    
	9 Godovikova Street, Building 10, Moscow,

	​
	​
	129085, Russian Federation

	​
	​
	​

	Fax number:
	​
	+7 495 974 64 27

	​
	​
	​

	Email:
	​
	moiseev@hh.ru

	​
	​
	​

	FAO:
	​
	Grigory Moiseev

​
		26.2.3
	Contact details of Facility Administrator:

VTB Bank (Public Joint-Stock Company)
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	Location:
	    
	11a Degtyarnyy Pereulok, Saint Petersburg,

	​
	​
	191144, Russian Federation

	​
	​
	​

	Postal address:
	​
	Building 1, 43 Ul. Vorontsovskaya, Moscow,

	​
	​
	109147

	​
	​
	​

	Telex:
	​
	412362 BFTR RU

	​
	​
	​

	Phone:
	​
	+7 495 739-77-39

	​
	​
	​

	Telefax:
	​
	+7 495 775-54-54

	​
	​
	​

	Email:
	​
	loanadmin@msk.vtb.ru, TM21@msk.vtb.ru

	​
	​
	​

	FAO:
	​
	The Credit Administration

​
		26.2.4
	Each Lender shall provide its contact details to the Facility Administrator, which will in turn provide them to any other Party as and when requested.

		26.2.5
	Any Party has the right to change its contact details by giving the Facility Administrator at least 5 (five) Business Days’ prior notice. The Facility Administrator will notify all other Parties of the amended contact details.

		26.2.6
	If a Party indicates a specific office or official as the recipient of a communication, the communication will not be deemed to have been delivered unless such department or official is indicated as the recipient.

	26.3
	Delivery of notices

		26.3.1
	Any communication or document sent by one Party to another Party in connection with the Finance Documents shall be deemed to have been received:

		(A)
	when sent by fax or in any other way whereby it can be reliably established that the communication is from a Party to the Finance Documents: upon receipt in a legible form; or

		(B)
	when sent by courier: upon delivery to the appropriate address; or

		(C)
	when sent by mail: upon delivery to the appropriate address or 5 (five) Business Days after being deposited in the post postage prepaid with notification of delivery, depending on which occurs earlier.

		26.3.2
	All notifications sent by the Obligor or to the Obligor shall be transmitted through the Facility Administrator.

	26.4
	Language

Any notification or communication sent by a Party in connection with any Finance Document must be in Russian. For the avoidance of doubt, the text in Russian may be accompanied by a translation into another language, however the text in Russian shall prevail.
	26.5
	Replies to requests from the Borrower

If the Borrower sends a request for consent in accordance with the terms of this Agreement to the Facility Administrator, such request is considered rejected if the Facility Administrator has not sent a positive reply to the Borrower within 10 (ten) Business Days from the date of receipt of the request.
	27.
	SEVERABILITY

If any provision of this Agreement is or becomes illegal, invalid or unenforceable, this shall not affect the legality, validity or enforceability of any other provisions of this Agreement.
	28.
	AMENDMENT OF AGREEMENT

		28.1.1
	Any provision of this Agreement may be modified by a written agreement signed by the Borrower and the Facility Administrator, acting in accordance with the Consent of the Majority Lenders, except for the cases listed in Clause 28.1.2.

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		28.1.2
	The provisions of the Agreement relating to:

		(A)
	the definition of "Majority Lenders" in Clause 1.1 (Terms);

		(B)
	an extension to the date of payment of any amount under the Finance Documents;

		(C)
	a reduction in the Margin or any other amount due from any Obligor;

		(D)
	an increase the amount of any Available Commitment or the Total Commitments or an extension of the Utilisation Period or a change of the Final Repayment Date;

		(E)
	any provision of the Agreement which expressly requires the consent of all the Lenders;

		(F)
	the provisions of Clause 23 (Changes to the Parties) and this Clause 28 (Amendment of Agreement);

		(G)
	the provisions of Clause 21 (Events of Default); or

		(H)
	changes in the Agreement Currency, as defined in Clause 25.7 (Payment currency),

as well as any provisions of the Security Documents, may not be modified without obtaining the Consent of all Lenders.
		28.1.3
	A material change of the circumstances described in Article 451 of the Civil Code cannot serve as grounds for amending or terminating this Agreement.

	29.
	CONFIDENTIALITY

	29.1
	Confidential information

Each Finance Party agrees to keep all Confidential Information confidential and not to disclose it to anyone, save to the extent permitted by Clause 29.2 (Disclosure of Confidential Information).
	29.2
	Disclosure of Confidential Information

Confidential Information that constitutes bank secrecy in accordance with the law is not subject to disclosure. The Finance Party has the right to disclose Confidential Information that does not constitutes bank secrecy:
		29.2.1
	to its Affiliates, professional consultants and auditors, if the person to whom such Confidential Information is being provided is informed in writing of its confidential nature, except that there shall be no such requirement to so inform if the recipient is subject to professional obligations to maintain the confidentiality of such information;

		29.2.2
	to any persons:

		(A)
	to which the Finance Party transfers (or intends to transfer) any of its rights and (or) obligations under the Finance Documents or which may become a new Facility Administrator, and also, in each case, to the professional consultants of such persons, provided that such persons (with the exception of professional consultants who, by virtue of their professional duties, must maintain confidentiality with respect to such information) assume the obligation to maintain confidentiality with respect to the Confidential Information on the conditions contemplated by this Agreement;

		(B)
	with which the Finance Party concludes a sub-participation agreement in relation to the Facility or another transaction, payments under which can be made with reference to any Finance Documents and/or Obligors and their professional consultants, provided that such persons (with the exception of professional consultants who, by virtue of their professional duties, must maintain confidentiality with respect to such information) assume the

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172

obligation to maintain confidentiality with respect to the Confidential Information on the conditions contemplated by this Agreement;
		(C)
	specified in the request of a prosecutor's office, court, investigating body, an administrative, banking or currency supervision body (including the Central Bank of the Russian Federation), tax body or other state body acting within their remits as established by law;

		(D)
	which is a Party; or

		(E)
	with the consent of the Borrower, Obligor or Pledgor;

		29.2.3
	to any rating agency (including its professional consultants) in order to assign a rating to the Finance Documents and (or) Obligors; and

		29.2.4
	to any credit reference agency in accordance with the Credit Histories Law.

	29.3
	Notification of disclosure

		29.3.1
	Each Finance Party agrees to inform the Borrower about circumstances where Confidential Information is disclosed in accordance with Clause 29.2.2(C), unless such information is disclosed to a state authority as part of its normal supervisory or regulatory functions.

		29.3.2
	The Lenders hereby inform the Borrower that the details of the Borrower and this Agreement, specified in Article 4 of the Credit Histories Law, will be transmitted to the relevant credit reference agency in accordance with the Credit Histories Law.

	29.4
	Obligations of the Obligors

The Borrower shall procure that it, as well as each other Obligor, keep all provisions of the Finance Documents confidential, except for the disclosure of such information:
		29.4.1
	to the bank through which settlements under this Agreement are made;

		29.4.2
	to its shareholders/members;

		29.4.3
	to its Affiliates, professional consultants and auditors provided that the person to whom such Confidential Information is provided is informed in writing of its confidential nature. However there shall be no such requirement to so inform if the recipient is subject to professional obligations to maintain the confidentiality of such information;

		29.4.4
	upon a request of a prosecutor's office, court, investigating body, an administrative, banking or currency supervision body, tax body or other state body acting within their remits as established by law;

		29.4.5
	in accordance with the mandatory provisions of the applicable law, including, in accordance with the requirements of the stock exchange or the regulatory authority, whose authority extends to such Obligor, or to which it is reasonably subject; or

		29.4.6
	with the consent of the Facility Administrator.

	29.5
	Continuing obligations

The provisions of this Clause 29 (Confidentiality) shall remain in force and continue to be legally binding for each Finance Party within twelve (12) months from the earlier of:
		29.5.1
	the date on which all amounts payable by the Obligors in accordance with this Agreement are paid in full; and

		29.5.2
	the date on which such Finance Party will otherwise cease to be a Finance Party.

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	30.
	APPLICABLE LAW

This Agreement, as well as the rights and obligations of the Parties arising under this Agreement, are governed by the laws of the Russian Federation and are subject to interpretation in accordance with them.
	31.
	DISPUTE RESOLUTION

		31.1.1
	Any dispute in connection with this Agreement, including regarding the interpretation of its provisions, its existence, validity or termination, is to be resolved out of court by one Party sending the other Party the relevant demand (claim). If a Party does not receive a response to the submitted demand (claim) and the dispute is not resolved within 10 (ten) Business Days from the date of receipt of the relevant demand (claim) by the other Party, such dispute may be resolved in court in accordance with Clause 31.1.2.

		31.1.2
	Subject to the provisions of Clause 31.1.1, in the event of any dispute arising out of this Agreement, including regarding the interpretation of its provisions, existence, validity or termination, such dispute is to be considered in the Moscow Arbitrazh Court. Each Finance Party intending to file a claim against a Borrower in accordance with this Clause 31 shall notify the other Finance Parties of its intention (by sending the relevant information to the Facility Administrator).

	32.
	COUNTERPARTS

This Agreement is executed by the Parties in 3 (three) original counterparts, having equal legal force in the form of a single document.
This Agreement is signed on the date specified at the beginning of this Agreement.
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174

SCHEDULE 1
THE PARTIES, AVAILABLE СOMMITMENTS AND SECURITY
​
PART A
ORIGINAL LENDERS AND AVAILABLE COMMITMENTS
​
	Tranche
	Available Commitment
	Original Lender

	Tranche 1
	RUB 4,615,000,000.00
	VTB Bank (PJSC)

	Tranche 2
	RUB 4,000,000,000.00
	VTB Bank (PJSC)

​
​
PART B
THE OBLIGORS
​
	Term
	Name
	Registration number
	Location

	Borrower
	Headhunter LLC
	1067761906805
	9 Godovikova Street, Building 10, Moscow, 129085, Russian Federation

	Headhunter Group
	HEADHUNTER GROUP PLC
	HE 332806
	Company: 42 Dositheou, Strovolos 2028, Nicosia, Cyprus
Moscow Branch: 9 Godovikova Street, Building 10, Moscow, 129085, Russian Federation

	Headhunter FSU
	Headhunter FSU Limited
	HE 178226
	Company: 42 Dositheou, Strovolos 2028, Nicosia, Cyprus
Moscow Branch: 9 Godovikova Street, Building 10, Moscow, 129085, Russian Federation

	Zemenik
	Zemenik LLC
	1167746153860
	14 Krzhizhanovskogo Street, Building 3, Suite 304, Moscow, 117218, Russian Federation

​
​

175

PART C
SECURITY AGREEMENTS
​
	Type of
Security
	Date of
Security Agreement
	Pledgor /
Guarantor
	Pledge
	Applicable
Law

	Pledge of participatory interest
	24/08/2020
	Headhunter FSU
	100% of Borrower's
charter capital
	Russian Federation

	Pledge of shares
	24/08/2020
	Zemenik
	100% minus 1 share in
Headhunter FSU
	Republic of Cyprus

	Pledge of shares
	24/08/2020
	Headhunter Group
	1 share in Headhunter
FSU
	Republic of Cyprus

	Independent guarantee
	24/08/2020
	Headhunter Group
	—
	Russian Federation

	Independent guarantee
	24/08/2020
	Zemenik
	—
	Russian Federation

	Independent guarantee
	24/08/2020
	Headhunter FSU
	—
	Russian Federation

​
​

176

SCHEDULE 2
​
CONDITIONS PRECEDENT
PART A
CONDITIONS PRECEDENT FOR SUBMITTING FIRST UTILISATION REQUEST
1.FINANCE DOCUMENTS
Each of the following Finance Documents in a form acceptable to the Facility Administrator, properly executed by each party thereto or issued by the appropriate person:
	1.1
	this Agreement;

	1.2
	the Borrower Participatory Interest Pledge;

	1.3
	the Pledge of Headhunter FSU (Headhunter Group) Shares;

	1.4
	the Pledge of Headhunter FSU (Zemenik) Shares;

	1.5
	each Independent Guarantee.

2.DOCUMENTS CONCERNING OBLIGORS REGISTERED IN THE RUSSIAN FEDERATION
2.1A notarised copy of:
		2.1.1
	the Obligor's duly registered charter and valid amendments and supplements thereto, stamped by the authorised tax office (including the relevant record entry pages or registration certificates);

		2.1.2
	the Obligor's certificate of state registration;

		2.1.3
	the Obligor's tax registration certificate from the tax office for the company's location.

2.2An up-to-date extract from the Unified State Register of Legal Entities regarding the Obligor, issued by the authorised tax office and containing information as of no earlier than 7 (seven) days prior to the date of this Agreement (including in the form of an electronic document with the protected electronic signature of the authorised tax office).
2.3An information letter as of the date falling no earlier than 14 (fourteen) days prior to this Agreement, issued by the tax body that the Obligor is registered with, confirming that it has no outstanding obligations to the state budget or other extra-budgetary funds or, where such outstanding obligations exist, confirming that there is a repayment schedule for these obligations agreed with the relevant body.
2.4Original or notarised copy of a decision of the Obligor's authorised management body approving the terms of the Finance Documents to which the relevant Obligor is party, and the transactions thereunder, as well as any transactions related to them, including (where applicable) on approving a transaction as a major transaction and (or) as an interested-party transaction (as these terms are defined by the laws of the Russian Federation).
2.5Certified copies of the documents on appointing the sole executive body or other authorised persons with the right of signature, provided for by the charter, of the Obligor.
2.6A notarised and, if applicable, apostilled copy of the power of attorney granting the Obligor's authorised persons the authority needed to sign the Finance Documents to which the respective Obligor is party, or, where appropriate, to sign or send any documents or notifications in connection with any Finance Documents to which the respective Obligor is party (if applicable).
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177

2.7The specimen signature card of each person authorised to sign on the Obligor's behalf the Finance Documents to which it is party, or, as the case may be, to sign or send any documents or notifications in connection with Finance Documents to which the respective Obligor is party (if applicable).
2.8A document signed by an authorised representative of the Obligor, confirming, inter alia, that:
		2.8.1
	each document (either original or copy) provided by each of the Obligors or on its behalf in accordance with this Schedule 2 is genuine, contains complete and up-to-date information, has full legal force, has not been changed, cancelled, withdrawn or terminated and that, as of the date not earlier than the date of this Agreement, no new documents were issued in connection with the issues addressed in the relevant document;

		2.8.2
	all corporate approvals required in accordance with applicable law in respect of the Finance Documents to which the relevant Obligor is party and the transactions thereunder, including approvals of such transactions as major transactions or interested-party transactions, have been received by the relevant Obligor;

		2.8.3
	the total value of transactions under the Finance Documents to which the relevant Obligor is party amounts to over fifty (50) percent of the book value of the assets of the relevant Obligor; and

		2.8.4
	with regard to the Borrower, the Regulated Procurement Law does not apply to the conclusion by the Borrower of the Finance Documents to which it is party (however, such confirmation should not apply to the application of the Regulated Procurement Law to any Finance Party).

	3.
	DOCUMENTS IN RESPECT OF THE OBLIGORS REGISTERED IN CYPRUS

	3.1
	Apostilled copy of the certificate of incorporation issued by the Department of the Registrar of Companies of Cyprus.

	3.2
	Apostilled copy of the memorandum and articles of association (together with all changes and additions to them) in Greek (with the Department of the Registrar stamp on them) and in English.

	3.3
	Apostilled original certificate of address of the registered office, issued by the Department of the Registrar of Companies of Cyprus and dated not earlier than 30 (thirty) days before this Agreement.

	3.4
	Apostilled original certificate of directors and secretary issued by the Department of the Registrar of Companies of Cyprus and dated not earlier than 30 (thirty) days before this Agreement.

	3.5
	Apostilled original certificate of the shareholders of Headhunter FSU, issued by the Department of the Registrar of Companies of Cyprus and dated not earlier than 30 (thirty) days before this Agreement.

	3.6
	Certified copy of the register of directors and secretaries dated no earlier than 1 (one) day before this Agreement.

	3.7
	Certified copy of the register of members dated no earlier than 1 (one) day before this Agreement.

	3.8
	Certified copy of the register of mortgages and other charges dated no earlier than 1 (one) day before this Agreement.

	3.9
	An original incumbency certificate, the form and substance of which is acceptable to the Facility Administrator, along with all documents submitted in accordance with such incumbency certificate.

	3.10
	A notarised and, if applicable, apostilled copy or apostilled original of the resolution of the board of directors and shareholders or any other authorised body, as contemplated by the constitutional documents of each Obligor:

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178

		3.10.1
	on approving the terms of the Finance Documents to which the relevant Obligor is party, and the transactions thereunder, and resolving that the relevant Obligor shall sign the Finance Documents to which the relevant Obligor is party;

		3.10.2
	on granting the relevant person or persons with the authority needed to sign the Finance Documents to which the relevant Obligor is party, on the latter's behalf; and

		3.10.3
	on granting the relevant person or persons with the authority needed to sign on behalf of the relevant Obligor all documents and notifications, which must be signed by the relevant Obligor in accordance or in connection with the Finance Documents to which the relevant Obligor is party.

	3.11
	A notarised and, if applicable, apostilled copy of a power of attorney granting the authorised persons of the relevant Obligor with the authority needed to sign the Finance Documents to which the relevant Obligor is party, or, where appropriate, to sign or send any documents or notifications in connection with the Finance Documents to which the relevant Obligor is party (if applicable).

	3.12
	An original signature sample of each person granted the authority on the basis of the resolution referred to in Clause 3.10.2 above.

	3.13
	An original document, signed by an authorised representative of the relevant Obligor, confirming that each document (either original or copy) provided by the relevant Obligor or on its behalf in accordance with this Schedule 2 is genuine, contains complete and up-to-date information, has full legal force, has not been changed, cancelled, withdrawn or terminated and that, as of the date not earlier than the date of this Agreement, no new documents were issued in connection with the issues addressed in the relevant document;

	4.
	LEGAL OPINIONS

A legal opinion prepared by Alexandros Economou LLC, the Facility Administrator's legal adviser on Cypriot law, in a form acceptable to the Facility Administrator and approved by the Facility Administrator before this Agreement is signed that is addressed to the Finance Parties who constitute such as of the date of such opinion.
	5.
	OTHER DOCUMENTS AND EVIDENCE

	5.1
	A duly concluded amendment agreement to each bank account agreement entered into with the Original Lender, providing consent to the direct debiting of funds by the Facility Administrator on the basis of collection orders, bank orders, payment demands or other documents, for the purposes of the performance of the Borrower’s obligations under the Finance Documents, with the possibility of partial performance where there are insufficient funds on the Borrower’s account.

	5.2
	Confirmation of payment of the Facility fee specified in Clause 11.2 (Facility Fee).

	5.3
	Confirmation of payment of remuneration to legal advisors (Herbert Smith Freehills CIS LLP and Alexandros Economou LLC).

	5.4
	Any other permits or other documents, opinions or representations which the Obligors were told by the Facility Administrator were necessary or expedient for the conclusion and execution of any Finance Documents and transactions thereunder, or for ensuring the validity and enforceability of any Finance Documents.

PART B
CONDITIONS PRECEDENT FOR THE TRANCHE 1 UTILISATION REQUEST
	1.
	LOAN AGREEMENTS BETWEEN THE BORROWERS

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179

	1.1
	Borrower-certified copies of each Loan Agreement Between the Borrowers in a form approved by the Facility Administrator.

	1.2
	Original or copy, properly certified by the relevant company, of a resolution by the authorized governing body of the Borrower, Zemenik, and Headhunter Group approving the terms of the Loan Agreements Between the Borrowers to which the relevant company is party and the transactions they contemplate, as well as any associated transactions, including (as the case may be) approval of a transaction as a major transaction and/or a non-arms-length transaction (in the meaning given those terms by Russian Federation law).

	1.3
	A notarised and, if applicable, apostilled copy of the power of attorney granting authorised representatives of the Borrower, Zemenik, and Headhunter Group the authority required to sign the Loan Agreements Between the Borrowers to which the relevant company is party, or, as appropriate, the authority required to sign or send any documents or notices involving the Loan Agreements Between the Borrowers to which the relevant company is party (if applicable).

	1.4
	Borrower-certified copies of Zemenik's and the Borrower's corporate approvals and powers of attorney for the signing of such loan agreements.

	1.5
	Irrevocable instructions signed by the Borrower for the transfer of loan amounts under each Loan Agreement Between the Borrowers.

	1.6
	An irrevocable instruction signed by Zemenik for transfer of the loan amount under the relevant Loan Agreement Between the Borrowers for early loan repayment under the Existing Facility Agreement in which Zemenik is the borrower.

	1.7
	An irrevocable instruction signed by Headhunter Group for transfer of the loan amount under the relevant Loan Agreement Between the Borrowers for early loan repayment under the Existing Facility Agreement in which Headhunter Group is the borrower.

PART C
CONDITIONS PRECEDENT FOR THE TRANCHE 2 UTILISATION REQUEST
	1.
	GENERAL CORPORATE PURPOSES

For utilisation of the Facility Tranche 2 for the purposes referred to in Clause 3.2.1 of the Agreement:
	1.1
	Borrower's certificate confirming a change in Cash Receipts and Revenue of the Group compared to the same period in the previous year, for the period from the last Test Date.

	1.2
	Compliance certificate, to be provided per Clause 17.2 of the Agreement, based on planned utilisation of Facility Tranche 2 and the par value of the placed Permitted Bonds, as well as the amounts of other Financial Indebtedness raised after the relevant reporting date.

	2.
	ACQUISITIONS

For utilisation of the Facility Tranche 2 for the purposes referred to in Clause 3.2.2 of the Agreement.
	2.1
	Information and documents on the balance sheet and liabilities of the asset being acquired, along with explicatory material concerning its market value, including:

2.1.1due diligence report for asset being acquired;
2.1.2the structure of the group and shareholders of the asset being acquired;
2.1.3research of the relevant market of the asset being acquired;
2.1.4calculation of synergies; and
2.1.5other relevant documents (financial models).
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180

	2.2
	Compliance certificate, to be provided per Clause 17.2 of the Agreement, based on planned utilisation of Facility Tranche 2 and the par value of the placed Permitted Bonds, as well as the amounts of other Financial Indebtedness raised after the relevant reporting date.

	3.
	DIVIDENDS PAYOUT

For utilisation of the Facility Tranche 2 for the purposes referred to in Clause 3.2.3 of the Agreement.
	3.1
	A tax consultant's and/or legal consultant's opinion on the tax consequences and possibility of going forward with the planned distribution in a form and substance acceptable to the Facility Administrator.

	3.2
	Compliance certificate, to be provided per Clause 17.2 of the Agreement, based on planned utilisation of Facility Tranche 2 and the par value of the placed Permitted Bonds, as well as the amounts of other Financial Indebtedness raised after the relevant reporting date.

​
​

181

SCHEDULE 3
FORM OF UTILISATION REQUEST
	From:
	[name of Borrower]

	​
	​

	To:
	[Name of Facility Administrator]

	​
	​

	Date:
	[•]

​
Dear Sirs,
Syndicated Facility Agreement dated __ August 2020 (as amended) (the "Agreement")
	1.
	We refer to the Agreement. The terms defined in the Agreement have the same meaning in this Utilisation Request, unless they are given a different meaning in this Utilisation Request.

	2.
	We request that the Facility be granted on the following terms:

​
	​

	​

	Tranche:
	[•]

	Purpose:
	[refer to Clause 3 (Purpose)]

	Utilisation Date:
	[•]

	Facility Currency:
	Roubles

	Amount in Facility currency:
	[•]

​
	3.
	We confirm that as of the date of this Utilisation Request every Initial Condition Precedent for Tranche [•] specified in Clause [4.1] of the Agreement has been satisfied and] all the representations listed in Clause 16 (Representations) of the Agreement remain true.

	4.
	The funds under this Facility must be transferred to [specify account].

	5.
	This Utilisation Request is irrevocable.

Yours Sincerely,
.......................................
[Authorised Representative]
[name of Borrower]
​
​

182

SCHEDULE 4
FORM OF LENDER RIGHTS ASSIGNMENT AGREEMENT
​
AGREEMENT FOR
ASSIGNMENT OF RIGHTS (CLAIMS) [AND TRANSFER OF DEBT]
_______________________ [•]
BETWEEN
[EXISTING LENDER]
[NEW LENDER]
AND
[FACILITY ADMINISTRATOR]
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183

THIS AGREEMENT FOR ASSIGNMENT OF RIGHTS (CLAIMS) [AND TRANSFER OF DEBT] ("Lender Rights Assignment Agreement") is concluded on [•]
BETWEEN:
	(1)
	[•], [open/public]/[closed] joint-stock company]/[limited liability company], incorporated under the laws of the Russian Federation, registered in the Unified State Register of Legal Entities of the Russian Federation under Primary State Registration Number:  [•], located at: [address][, represented by [full name], acting on the basis of [power of attorney][Charter]] OR [company/legal person/limited liability company/[open/public]/[closed] joint-stock company], [incorporated]/[organised and existing] in accordance with the law of [jurisdiction], [located/registered/ whose head office is located] at [address], represented by [full name], acting on the basis of [power of attorney] [Charter], as the assignor (the "Existing Lender");

	(2)
	[•], [open/public]/[closed] joint-stock company]/[limited liability company], incorporated under the laws of the Russian Federation, registered in the Unified State Register of Legal Entities of the Russian Federation under Primary State Registration Number: [•], located at: [address][, represented by [full name], acting on the basis of [power of attorney][Charter]] OR [company/legal person/limited liability company/[open/public]/[closed] joint-stock company], [incorporated]/[organised and existing] in accordance with the law of [jurisdiction], [located/registered/ whose head office is located] at [address], represented by [full name], acting on the basis of [power of attorney] [Charter], as the assignee (the "New Lender"); and

	(3)
	[•] [full name of the bank acting as Facility Administrator] as the facility administrator (the "Facility Administrator").

THE PARTIES AGREED AS FOLLOWS:
	1.
	INTERPRETATION

The terms defined in the Facility Agreement have the same meaning in this Lender Rights Assignment Agreement, unless they are given a different meaning in this Lender Rights Assignment Agreement.
In this Lender Rights Assignment Agreement:
"Bank Account" means the bank account of the Existing Lender as specified in paragraph 4.1.2 of this Lender Rights Assignment Agreement.
"Transaction Date" means [the date of this Lender Rights Assignment Agreement]/[indicate the agreed calendar date on which the assignment of rights (claims) and the transfer of debt will occur].
["Debt" means the commitment of the Existing Lender to grant the Borrower a Facility within its Unused Available Commitment, amounting on the date of this Lender Rights Assignment Agreement to [•] [Roubles] [US Dollars] [Euro].]
"Borrower" means [•]:
"Facility Agreement" means the syndicated facility agreement dated [•] 2020, concluded, inter alia, between the Existing Lender and the Borrower (as amended).
["Receivables" means the rights to claim repayment of the Facility Outstanding in the amount of [indicate amount of the facility provided to the Borrower by the Existing Lender as of the date of this assignment agreement], interest, and other payments due to the Existing Lender from the Borrower under the terms of the Facility Agreement, as well as the receivables under each Security Agreement and each Independent Guarantee].
"Parties" means the Existing Lender, the New Lender and the Facility Administrator, and "Party" means each of them.
"Notification" means the notification, drawn up in the form given in Schedule 1 to the Lender Rights Assignment Agreement, of assignment of the Receivables [and transfer of Debt] of the Existing Lender under the Facility Agreement on the terms of this Lender Rights Assignment Agreement, sent to the Borrower by the Existing Lender.
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184

"Price of the Receivables" means the amount of [•] ([•]) [Roubles] [US Dollars] [Euro].
	2.
	SUBJECT MATTER OF LENDER RIGHTS ASSIGNMENT AGREEMENT

	2.1
	[On the Transaction Date, the Existing Lender shall assign, and the New Lender accept, the Receivables in the manner and on the terms specified in Clause 23 (Changes to the Parties) of the Facility Agreement and this Lender Rights Assignment Agreement.] / [On the Transaction Date, the Existing Lender shall transfer, and the New Lender accept, the Debt in the manner and on the terms specified in Clause 23 (Changes to the Parties) of the Facility Agreement and this Lender Rights Assignment Agreement.]

	2.2
	The Receivables under the Facility Agreement shall be transferred to the New Lender free from any Encumbrances.

	3.
	PROCEDURE FOR PERFORMANCE OF PARTIES’ OBLIGATIONS

	3.1
	[On the Transaction Date, the New Lender shall pay to the Existing Lender the Price of the Receivables into the Bank Account.]

	3.2
	On the Transaction Date, the Existing Lender shall cease to be the Lender under the Facility Agreement [to the extent of the relevant Receivables], while the New Lender shall become the Lender under the Facility Agreement [to the extent of the relevant Receivables] and all provisions of the Facility  Agreement and other Finance Documents shall apply to it.

	3.3
	The Existing Lender confirms that it does not have any information that the Borrower has any objections to such Existing Lender that the Borrower could raise to the New Lender in accordance with Article 386 of the Civil Code.

	3.4
	The New Lender confirms that it has studied all the terms of the Facility Agreement and other Finance Documents, conducted (and will continue to conduct) its own independent study and assessment of each Obligor’s financial condition, and did not rely on any information provided to it by the Existing Lender when taking its decision to sign this Lender Rights Assignment Agreement.

	3.5
	The New Lender confirms the appointment of the Facility Administrator as Facility Administrator in accordance with Clause 24.2 (Appointment of the Facility Administrator) of the Facility Agreement.

	3.6
	On the Transaction Date the Existing Lender shall:

		3.6.1
	transfer to the New Lender documents certifying all receivables of the Existing Lender as a Lender under the Facility Agreement, including the original Facility Agreement and other Finance Documents to which the Existing Lender is party, all changes and additions to them, copies of the Utilisation Requests, as well as all documents confirming the amount of the Receivables [and Debt] on the Transaction Date;

		3.6.2
	provide the New Lender with information relevant to the exercise of the Receivables, including information about the Borrower's breach of the Facility Agreement; and

		3.6.3
	send the Notification to the Borrower.

	3.7
	The obligations of the New Lender to pay the Price of the Receivables shall be deemed fulfilled when the amount of the Price of the Receivables is received into the Bank Account of the Existing Lender.

	3.8
	The Parties shall perform all other actions necessary to fulfil their obligations under this Clause 3.

	4.
	PAYMENTS

All payments under this Lender Rights Assignment Agreement must be made by bank transfer based on the following details:
		4.1.1
	New Lender (if applicable):

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185

​
	Payment recipient:
	[•]

	location:
	[•]

	Bank:
	[•]

	SWIFT:
	[•]

	IBAN:
	[•]

	Account No:
	[•]

or into another account specified by the New Lender in writing;
		4.1.2
	Existing Lender:

	Payment recipient:
	[•]

	Bank:
	[•]

	location:
	[•]

	SWIFT code:
	[•]

	Correspondent account:
	[•]

	Settlement account:
	[•]

	BIC:
	[•]

or into another account specified by the Existing Lender in writing.
	5.
	NOTICES

Any notices or other official communications sent under this Lender Rights Assignment Agreement shall be made in writing and may be delivered in person, sent by fax or by registered mail with delivery confirmation to the following addresses:
		5.1.1
	New Lender:

	[•]
	​

	FAO:
	[•]

	e-mail:
	[•]

	Tel.:
	[•]

	Fax:
	[•]

		5.1.2
	Existing Lender:

	[•]
	​

	FAO:
	[•]

	e-mail:
	[•]

	Tel.:
	[•]

	Fax:
	[•]

		5.1.3
	Facility Administrator:

	[•]
	​

	FAO:
	[•]

	e-mail:
	[•]

	Tel.:
	[•]

	Fax:
	[•]

	6.
	APPLICABLE LAW

This Lender Rights Assignment Agreement is governed by Russian law.
​

186

	7.
	DISPUTE RESOLUTION

In the event of any dispute arising out of this Lender Rights Assignment Agreement, including regarding the interpretation of its provisions, existence, validity or termination, this dispute is to be considered in the Moscow Arbitrazh Court.
	8.
	COUNTERPARTS

This Lender Rights Assignment Agreement is signed in 3 (three) counterparts, one counterpart for each Party to the Lender Rights Assignment Agreement.
​
​

187

SCHEDULE 1 TO LENDER RIGHTS ASSIGNMENT AGREEMENT
FORM OF NOTIFICATION OF BORROWER
​
	​
	From:
	[Existing 
Lender]

	​
	To:
	[Borrower] 
[Address of Borrower]

	​
	Copy:
	[to New Lender] 
[Address of New Lender]

​
NOTIFICATION OF ASSIGNMENT OF RECEIVABLES
 [AND TRANSFER OF DEBT]
Hereby [•], registration number [•], location: [•] (the "Existing Lender") notifies [•], Primary State Registration Number [•], location: Russian Federation, [•] (the "Borrower") of the transfer of all rights (claims) [and transfer of debt] under a syndicated facility agreement between, inter alia, the Borrower and the Existing Lender dated [•] 2020 (the "Facility Agreement") from the Existing Lender to [•], location: [•] (the "New Lender") on the conditions specified in the agreement of assignment of rights (claims) [and transfer of debt] between the Existing Lender and the New Lender, contained in Schedule 1.
[Upon receipt of this notification, the Borrower must continue to fulfil its payment obligations to the New Lender under the Facility Agreement to the Facility Administrator in accordance with the provisions of the Facility Agreement.]
Schedule 1: Copy of agreement of assignment of rights (claims) [and transfer of debt] between the Existing Lender and the New Lender.
stamp here
​
​

188

SIGNATURES OF THE PARTIES
[EXISTING LENDER]
	​
	​

	[•]
	)
	​
	​

	[•]
	)
	​
	​

	​
	​
	stamp here
	​

​
	[NEW LENDER]
	​

	​
	​

	[•]
	)
	​
	​

	[•]
	)
	​
	​

	​
	​
	stamp here
	​

​
	[FACILITY ADMINISTRATOR]
	​

	​
	​

	[•]
	)
	​
	​

	[•]
	)
	​
	​

	​
	​
	stamp here
	​

​
​

189

SCHEDULE 5
FORMS OF COMPLIANCE CERTIFICATES
​
PART A
FORM OF COMPLIANCE CERTIFICATE ON THE BASIS OF IFRS
under Syndicated Facility Agreement dated [•] 2020
From:[name of the Borrower] [details of the Borrower]
To:[name of the Facility Administrator] [details of the Facility Administrator]
Auditor:[name of the Auditor] [details of the Auditor]
Date:[•]
​
	1.
	On the basis of Syndicated Facility Agreement dated [•] 2020 (the "Agreement"), the Borrower informs the Facility Administrator that the financial covenants as of [Test Date] have been complied with in accordance with the conditions specified in Clause 18 (Financial Covenants) of the Agreement.

	2.
	The terms defined in the Agreement have the same meaning in this compliance certificate, unless they are given a different meaning.

	3.
	We confirm that the list of financial indicators listed in Schedule 1 of this compliance certificate corresponds to the list of financial indicators specified in Clause 18 (Financial Covenants) of the Agreement.

	4.
	We confirm that the financial indicators given in Schedule 1 to this compliance certificate were calculated by us on the basis of financial statements prepared in accordance with IFRS as of the Test Date.

	5.
	We confirm that as of the date of this compliance certificate, each financial covenant specified in [Clauses 18.3 (Leverage), 18.4 (Interest cover), and 18.5 (Guarantors' Cover Ratio) has been complied with.

	6.
	[We confirm that as of the date of this compliance certificate, the following covenants specified in [Clauses 18.3 (Leverage), 18.4 (Interest cover), and 18.5 (Guarantors' Cover Ratio)] of the Agreement have not been complied with: [list financial covenants which were breached].]

	7.
	[We confirm that as of the date [•] there is no Event of Default/[the following Events of Default have occurred and we are taking the following measures to remedy them: [•]].]

	8.
	The report "Financial indicators of the Borrower as of the Test Date" is given in Schedule 1 to this compliance certificate.

	9.
	The description of the parameters used in the report "Financial indicators of the Borrower as of the Test Date" is given in Schedule 2 to this compliance certificate.

​
​

190

Schedule 1
FINANCIAL INDICATORS OF THE BORROWERS AS OF THE TEST DATE
	​

	​

	​

	​

	​

	​

	​

	No. 
	Name of financial indicator
	Source of data
	Calculation procedure
	Indicator value
	Test Date
	Event of Default

	1
	Leverage
	[•]
	[•]
	[•]
	[•]
	[•]

	2
	Interest Cover
	[•]
	[•]
	[•]
	[•]
	[•]

	3
	Guarantors' cover ratio
	[•]
	[•]
	[•]
	[•]
	[•]

​
​

191

PART B
FORM OF COMPLIANCE CERTIFICATE ON THE BASIS OF RAS STATEMENTS
under Syndicated Facility Agreement dated [•] 2020
From:[name of the Borrower] [details of the Borrower]
To:[name of the Facility Administrator] [details of the Facility Administrator]
Date:[•]
​
	1.
	On the basis of Syndicated Facility Agreement dated [•] 2020 (the "Agreement"), the Borrower informs the Facility Administrator that the financial covenants as of [Test Date] have been complied with in accordance with the conditions specified in Clause 18 (Financial Covenants) of the Agreement.

	2.
	The terms defined in the Agreement have the same meaning in this compliance certificate, unless they are given a different meaning.

	3.
	We confirm that the list of financial indicators listed in Schedule 1 to this compliance certificate corresponds to the list of financial indicators specified in [Clauses 18.6 (Revenue in accordance with RAS), 18.7 (Cash receipts), and 18.8.1 (Net assets)].

	4.
	We confirm that the financial indicators given in Schedule 1 to this compliance certificate were calculated by us on the basis of financial statements prepared in accordance with RAS and financial statement prepared in accordance with IFRS as of the Test Date.

	5.
	We confirm that as of the date of this compliance certificate, each covenant specified in Clauses [18.6 (Revenue in accordance with RAS), 18.7 (Cash receipts), and 18.8.1 (Net assets)]  of the Agreement has been complied with.

	6.
	[We confirm that as of the date of this compliance certificate, the following covenants specified in Clauses [18.6 (Revenue in accordance with RAS), 18.7 (Cash receipts), and 18.8.1 (Net assets)] of the Agreement have not been complied with: [list financial covenants that were breached].]

	7.
	[We confirm that as of the date [•] there is no Event of Default/[the following Events of Default have occurred and we are taking the following measures to remedy them: [•]].]

	8.
	The report "Financial indicators of the Borrower as of the Test Date" is given in Schedule 1 to this compliance certificate.

	9.
	The description of the parameters used in the report "Financial indicators of the Borrower as of the Test Date" is given in Schedule 2 to this compliance certificate.

​
​

192

Schedule 1
FINANCIAL INDICATORS OF THE BORROWER AS OF THE TEST DATE
	​

	​

	​

	​

	​

	​

	​

	No.
	Name of financial indicator
	Data Source
	Calculation procedure
	Indicator value
	Test Date
	Event of Default

	1
	Revenue in accordance with RAS
	[•]
	[•]
	[•]
	[•]
	[•]

	2
	Cash receipts
	[•]
	[•]
	[•]
	[•]
	[•]

	3
	[Net assets of Borrower]
	[•]
	[•]
	[•]
	[•]
	[•]

	4
	[Net assets of [Obligor registered in Russia]]
	[•]
	[•]
	[•]
	[•]
	[•]

​
​

193

SCHEDULE 6
REPAYMENT SCHEDULE
​
	​
	Repayment date (counted from the date of this
Agreement)
	Repayment amount
(percentage of the amount of Facility utilised under each Tranche as of the end of the relevant Utilisation Period)

			Tranche 1
	Tranche 2

	1.
	First Interest Payment Date
	1/38
	0

	2.
	Second Interest Payment Date
	1/38
	0

	3.
	Third Interest Payment Date
	1/38
	0

	4.
	Fourth Interest Payment Date
	1/38
	0

	5.
	Fifth Interest Payment Date
	1/38
	1/30

	6.
	Sixth Interest Payment Date
	1/38
	1/30

	7.
	Seventh Interest Payment Date
	1/38
	1/30

	8.
	Eight Interest Payment Date
	1/38
	1/30

	9.
	Ninth Interest Payment Date
	1/38
	1/30

	10.
	Tenth Interest Payment Date
	1/38
	1/30

	11.
	Eleventh Interest Payment Date
	1/38
	1/30

	12.
	Twelfth Interest Payment Date
	1/38
	1/30

	13.
	Thirteenth Interest Payment Date
	1/38
	1/30

	14.
	Fourteenth Interest Payment Date
	1/38
	1/30

	15.
	Fifteenth Interest Payment Date
	1/38
	1/30

	16.
	Sixteenth Interest Payment Date
	1/38
	1/30

​
​

194

	​

	

	

	

	17.
	Seventeenth Interest Payment Date
	1/38
	1/30

	18.
	Eighteenth Interest Payment Date
	1/38
	1/30

	19.
	Nineteenth Interest Payment Date
	1/38
	1/30

	20.
	Final Repayment Date
	Entire amount of Facility Outstanding for Tranche 1
	Entire amount of Facility Outstanding for Tranche 2

​
​

195

SCHEDULE 7
EXISTING FINANCIAL INDEBTEDNESS
​
	​

	​

	​

	​

	​

	​

	No.
	Agreement number and date
	Lender
	Borrower
	Sum of loan
	Currency

	1.
	Loan agreement dated 19/11/2012
	Headhunter FSU
	"100RАBОТ AZ" LLC
	30,000
	USD

	2.
	Loan agreement dated 20/05/2013
	Headhunter FSU
	"100RАBОТ AZ" LLC
	10,000
	USD

	3.
	Loan agreement dated 09/12/2013
	Headhunter FSU
	"100RАBОТ AZ" LLC
	10,000
	USD

	4.
	Loan agreement dated 10/11/2015
	Headhunter FSU
	"100RАBОТ AZ" LLC
	15,000
	USD

	5.
	Loan agreement dated 03/08/2017
	Zemenik
	Headhunter Group
	233,000,000
	Roubles

	6.
	Loan agreement dated 09/06/2017
	Zemenik
	Headhunter Group
	227,519,520
	Roubles

	7.
	Loan agreement dated 10/10/2017
	Zemenik
	Headhunter Group
	2,000,000,000
	Roubles

​
​

196

SCHEDULE 8
INTELLECTUAL PROPERTY
	16.
	Obligors’ Trademarks

	

	

	

	

	

	

	

	

	

	No.
	Type of mark
	Contents
	Country of registration
	NCL [Nice Classification] Classes 
	Priority date
	Certificate
 No.
	Certificate date
	Term of registration

	1
	word mark
	HEADHUNTER
	Russian Federation
	09, 16, 35, 41, 42
	06/04/2006
	339197
	12/12/2007
	06/04/2026

	2
	word mark
	Headhunter
	Russian Federation
	09, 16, 35, 38, 41, 42
	22/02/2008
	401167
	12/02/2010
	22/02/2028

	3
	Graphic mark
	XX
	Russian Federation
	09, 16, 35, 38, 41, 42
	22/06/2009
	410843
	09/06/2010
	22/06/2019

	4
	graphic mark
	HH
	Russian Federation
	09, 16, 35, 38, 41, 42
	22/06/2009
	410844
	09/06/2010
	22/06/2019

	5
	graphic mark
	new HH logotype
	Russian Federation
	09, 16, 35, 38, 41, 42
	11/03/2009
	431008
	28/02/2011
	11/03/2019

	6
	graphic mark
	hh
	Russian Federation
	09, 16, 35, 38, 41, 42
	22/06/2009
	430120
	14/02/2011
	22/06/2019

	7
	word mark
	HRBRAND
	Russian Federation
	09, 16, 35, 38, 41, 42
	22/04/2008
	378423
	05/05/2009
	22/04/2028

	8
	word mark
	НR brand of the year
	Russian Federation
	09, 16, 35, 38, 41, 42
	22/02/2008
	423350
	22/11/2010
	22/02/2028

	9
	word mark
	НR brand 
	Russian Federation
	09, 16, 35, 38, 41, 42
	08/04/2008
	388438
	02/09/2009
	08/04/2028

​
​

197

​
	​

	​

	​

	​

	​

	​

	​

	​

	​

	10
	word mark
	HRspace
	Russian Federation
	35, 36
	11/12/2015
	602908
	24/01/2017
	11/12/2025

	11
	combination
	Salary data bank
	Russian Federation
	09, 16, 35, 38, 41, 42
	18/02/2016
	622996
	10/07/2017
	18/02/2026

	12
	combination
	HR Experts League
	Russian Federation
	09, 16, 35, 38, 41, 42
	18/02/2016
	615705
	10/05/2017
	18/02/2026

	13
	combination
	Talent Measurement
	Russian Federation
	09, 16, 35, 38, 41, 42
	18/02/2016
	606635
	22/02/2017
	18/02/2026

​
	17.
	Obligors’ Websites

Borrower — http://hh.ru; http://headhunter.ru; http://ХХ.рф; http://hrbrand.ru/
	18.
	Database

​
	

	

	

	

	

	

	

	

	

	No.
	Proprietor
	Type
	Name
	Country of registration
	Application No.
	Application date
	Certificate
No.
	Certificate date

	2015

	1
	Headhunter LLC
	Database
	HeadHunter Database
	Russia
	2015621116
	31 August 2015
	2015621803
	21 December 2015

​
​
​

198

SCHEDULE 9
LIST OF RUSSIAN BANKS
	1.
	Sberbank PJSC

	2.
	VTB Bank (PJSC)

	3.
	Gazprombank (Joint-Stock Company)

	4.
	Bank FC Otkritie PJSC

	5.
	BM-Bank JSC

	6.
	UniCredit JSC

	7.
	Credit Bank of Moscow PJSC

	8.
	Promsvyazbank PJSC

	9.
	Raiffeisenbank JSC

	10.
	Rosbank PJSC

	11.
	Saint Petersburg Bank PJSC

	12.
	Sovkombank PJSC

	13.
	AK Bars PJSC

	14.
	CB Citibank JSC

	15.
	Nordea Bank JSC

​
​

199

SIGNATURES OF THE PARTIES
Borrower
"HEADHUNTER" LIMITED LIABILITY COMPANY
	​

	​

	Signature:
	/ Dmitry Markelov /

	​
	​

	Full name: 
	Markelov Dmitry Valentinovich

	​
	​

	Position:
	Under the authority of a power of attorney

​
Arranger
VTB BANK (PUBLIC JOINT-STOCK COMPANY)
	​

	​

	Signature:
	/ Vitali Buzoverya /

	​
	​

	Full name:
	Vitali Nikolaevich Buzoverya

	​
	​

	Position:
	Head of Department – Senior Vice-President

​
Facility Administrator
VTB BANK (PUBLIC JOINT-STOCK COMPANY)
	Signature:
	/ Vitali Buzoverya /

	​
	​

	Full name:
	Vitali Nikolaevich Buzoverya

	​
	​

	Position:
	Head of Department – Senior Vice-President

​
Original Lender
VTB BANK (PUBLIC JOINT-STOCK COMPANY)
	Signature:
	/ Vitali Buzoverya /

	​
	​

	Full name:
	Vitali Nikolaevich Buzoverya

	​
	​

	Position:
	Head of Department – Senior Vice-President

​
​

200

Pledge Manager
VTB BANK (PUBLIC JOINT-STOCK COMPANY)
	Signature:
	/ Vitali Buzoverya /

	​
	​

	Full name:
	Vitali Nikolaevich Buzoverya

	​
	​

	Position:
	Head of Department – Senior Vice-President

​
​

201

26 November 2021
​
"HEADHUNTER" LIMITED LIABILITY COMPANY
as the Borrower
​
VTB BANK (PUBLIC JOINT-STOCK COMPANY)
as the Arranger
​
VTB BANK (PUBLIC JOINT-STOCK COMPANY)
as the Facility Administrator
​
VTB BANK (PUBLIC JOINT-STOCK COMPANY)
as the Pledge Manager
​
VTB BANK (PUBLIC JOINT-STOCK COMPANY)
as the Original Lender
​
	​

	AMENDMENT AGREEMENT NO. 2

	TO THE SYNDICATED FACILITY AGREEMENT 
DATED 24 AUGUST 2020

	​

​
Herbert Smith Freehills CIS LLP
​

202

TABLE  OF CONTENTS
	​

	​

	​

	1.
	Definitions
	204

	2.
	Changes to the Facility Agreement
	205

	3.
	Restrictions
	205

	4.
	Representations
	205

	5.
	Conditions subsequenT
	205

	6.
	Applicable law
	206

	7.
	Dispute resolution
	206

	8.
	Counterparts
	206

	Schedule 1 Conditions Precedent
	207

	Schedule 2 restated facility agreement
	210

​
​
​

203

THIS AMENDMENT AGREEMENT NO. 2 TO THE SYNDICATED FACILITY AGREEMENT (the "Agreement") is entered into on 26 November 2021 between:
	(1)
	"HEADHUNTER" LIMITED LIABILITY COMPANY, incorporated under the laws of the Russian Federation, registered in the Unified State Register of Legal Entities of the Russian Federation under Primary State Registration Number 1067761906805, located at: 9 Godovikova Street, Building 10, Moscow, 129085, Russian Federation (the "Borrower");

	(2)
	VTB BANK (PUBLIC JOINT-STOCK COMPANY) as the arranger of the Facility (the "Arranger");

	(3)
	VTB BANK (PUBLIC JOINT-STOCK COMPANY) as the original lender (the "Original Lender");

	(4)
	VTB BANK (PUBLIC JOINT-STOCK COMPANY) as the facility administrator (the "Facility Administrator"); and

	(5)
	VTB BANK (PUBLIC JOINT-STOCK COMPANY) as the pledge manager (the "Pledge Manager").

RECITALS
	(A)
	The Borrower and VTB Bank (public joint-stock company) as the arranger, facility administrator, pledge manager, and original lender, concluded syndicated facility agreement dated 24 August 2020 as amended by amendment agreement No. 1 dated 10 December 2020 (the "Facility Agreement").

	(B)
	The Borrower has asked the Facility Administrator to make changes to the Facility Agreement.

	(C)
	The Parties hereby agree that, on the terms established by this Agreement, changes will be made to the Facility Agreement, subject to which it be set forth in the version attached to this Agreement ("Restated Facility Agreement").

THE PARTIES AGREED as follows:
	1.
	DEFINITIONS

	1.1.
	Terms

In this Agreement:
"Effective Date" means the date on which the Facility Administrator confirms to the Borrower that the condition specified in Paragraph 3.1 has been met.
"New Finance Documents" means the Finance Documents listed in paragraph 1 (New Finance Documents) of Schedule 1 (Conditions Precedent).
"Party" means a party to this Agreement
	1.2.
	Incorporated Terms

Unless otherwise follows from the context, terms that are used in the Restated Facility Agreement with a capital letter and which are not defined in this Agreement have the same meaning as in the Restated Facility Agreement.
	1.3.
	Interpretation

The provisions of clause 1.2 (Interpretation) of the Restated Facility Agreement shall apply to this Agreement as if they were set forth in this Agreement, furthermore references to Clauses and Schedules shall be considered references to the clauses and schedules of this Agreement, unless the context indicates otherwise.
	1.4.
	Purpose

This Agreement is a Finance Document.
​

204

	2.
	CHANGES TO THE FACILITY AGREEMENT

From the Effective Date, the Facility Agreement shall be modified by being set forth in the version contained in Schedule 2 (Restated Facility Agreement), and from the Effective Date the rights and obligations of the Parties in accordance with the Facility Agreement shall be regulated and interpreted in accordance with the terms of the Restated Facility Agreement.
	3.
	RESTRICTIONS

	3.1.
	The mandatory nature of the amendments, and additions contemplated by Clause 2 (Changes to the Facility Agreement) is subject (as contemplated by Article 3271 of the Civil Code) to the Borrower’s provision of the documents and information specified in Schedule 1 (Conditions Precedent) to the Facility Administrator, in the required form satisfactory to the Facility Administrator.

	3.2.
	The changes and additions made to the Facility Agreement in accordance with this Agreement are limited to the changes and additions specified in Clause 2 (Changes to the Facility Agreement). No other provisions of the Facility Agreement (other than those specified in Clause 2 (Changes to the Facility Agreement) shall be modified or supplemented by this Agreement.

	3.3.
	Nothing in this Agreement affects the rights of the Finance Parties, or is considered a waiver of rights in relation to any Default.

	3.4.
	This Agreement does not release the Borrower from any obligations under the Facility Agreement.

	4.
	REPRESENTATIONS

	4.1
	The Borrower makes the representations set forth in Clause 16 (Representations) of the Restated Facility Agreement to each Finance Party.

	4.2
	The representations referred to in Paragraph 4.1.1 above are made by the Borrower on the date of this Agreement with reference to the circumstances existing as of the date of this Agreement.

	4.3
	References in the representations made in accordance with Paragraph 4.1.1 above, to the Facility Agreement and Finance Documents shall be deemed to include references to this Agreement.

	5.
	CONDITIONS SUBSEQUENT

	5.1
	The Borrower shall provide the Facility Administrator with notarised translations into Russian of the documents listed in sections 2 and 3 of Schedule 1 (Conditions Precedent) if they are in a foreign language and (or) apostilled, no later than 60 (sixty) days from the date of signing this Agreement.

	5.2
	The Borrower shall provide the Facility Administrator with evidence of the following:

		(a)
	submission to the Cyprus Stamp Duty Commissioner of each New Finance Document to which an Obligor registered under the laws of Cyprus is party in order for a decision to be taken on whether stamp duty is to be paid in respect of such documents – no later than 30 (thirty) days from the date of conclusion of the relevant New Finance Document; an

		(b)
	payment of stamp duty in respect of such documents in the amount established by the Cyprus Stamp Duty Commissioner, or exemption of such documents from stamp duty payment - no later than 60 (sixty) days from the date of conclusion of the relevant New Finance Document.

​

205

	6.
	APPLICABLE LAW

This Agreement, as well as the rights and obligations of the Parties arising under this Agreement, are governed by the laws of the Russian Federation and are subject to interpretation in accordance with it
	7.
	DISPUTE RESOLUTION

	7.1.
	Any dispute in connection with this Agreement, including regarding the interpretation of its provisions, its existence, validity or termination, is to be resolved out of court by one Party sending the other Party the relevant demand (claim). If a Party does not receive a response to the submitted demand (claim) and the dispute is not resolved within 10 (ten) Business Days from the date of receipt of the relevant demand (claim) by the other Party, such dispute may be resolved in court in accordance with Paragraph 7.1.1 below

	7.2.
	Subject to the provisions of Paragraph 7.1.1 above, in the event of any dispute arising out of this Agreement, including regarding the interpretation of its provisions, existence, validity or termination, such dispute is to be considered in the Moscow Arbitrazh Court. Each Finance Party intending to file a claim against the Borrower in accordance with this Clause 7 must notify the other Finance Parties of its intention (by sending the relevant information to the Facility Administrator)

	8.
	COUNTERPARTS

This Agreement is signed by the Parties in 3 (three) original counterparts, having equal legal force in the form of a single document.
This Agreement has been entered into on the date stated at the beginning of this Agreement.
​

206

SCHEDULE 1
CONDITIONS PRECEDENT
	1.
	New Finance Documents

Each of the following Finance Documents in a form acceptable to the Facility Administrator, properly concluded by each of its parties or issued by the relevant person:
	1.1
	This Agreement.

	1.2
	Letter of consent regarding the Borrower's Participatory Interest Pledge and Independent Guarantee issued by Headhunter FSU in a form acceptable to the Facility Administrator.

	1.3
	Letter of consent regarding the Independent Guarantee issued by Zemenik in a form acceptable to the Facility Administrator.

	1.4
	Letter of consent regarding the Independent Guarantee issued by Headhunter Group in a form acceptable to the Facility Administrator.

	1.5
	Letter of confirmation, duly executed by Zemenik, regarding Zemenik's obligations under the Pledge of Headhunter FSU (Zemenik) Shares.

	1.6
	Letter of confirmation, duly executed by Headhunter Group, regarding Headhunter Group's obligations under the Pledge of Headhunter FSU (Headhunter Group) Shares.

	2.
	Corporate documents regarding each obligor registered in the Russian Federation

	2.1
	Notarised copy of the following:

		(a)
	the Obligor's charter, registered in accordance with the established procedure, and the valid changes and additions thereto stamped by the authorised tax body (including the relevant entries or certificates of registration);

		(b)
	certificate of state registration of the Obligor;

		(c)
	certificates of Obligor's tax registration with a tax body at the location of the company.

	2.2
	Up-to-date extract from the Unified State Register of Legal Entities in relation to the Obligor, issued by the authorised tax body, containing information as of no earlier than 7 (seven) days before this Agreement (including in the form of an electronic document signed electronically by the authorised tax body).

	2.3
	An information letter as of the date falling no earlier than 14 (fourteen) days prior to this Agreement, issued by the tax body that the Obligor is registered with, confirming that it has no outstanding obligations to the state budget or other extra-budgetary funds or, where such outstanding obligations exist, confirming that there is a repayment schedule for these obligations agreed with the relevant body.

	2.4
	An original or notarised copy of the resolution of the Obligor's authorised management body on approving the terms of the New Finance Documents to which the relevant Obligor is party, and the transactions thereunder, as well as any transactions related to them, including (where applicable) on approving a transaction as a major transaction and (or) as an interested-party transaction (as these terms are defined by the laws of the Russian Federation);

	2.5
	Certified copies of the documents on appointing the sole executive body or other authorised persons with the right of signature, provided for by the charter of the Obligor.

	2.6
	A notarised and, if applicable, apostilled copy of the power of attorney granting the authorised persons of the Obligor the authority needed to sign the New Finance Documents to which the relevant Obligor is party, or, where appropriate, to sign or send any documents or notifications in connection with the New Finance Documents to which the relevant Obligor is party (if applicable).

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	2.7
	Signature cards of each person authorised to sign on behalf of the Obligor the New Finance Documents to which the relevant Obligor is party, or to sign or send any documents or notifications in connection with any New Finance Documents.

2.8.A document signed by an authorised representative of the Obligor, confirming, inter alia, that:
		(a)
	each document (either original or copy) provided by each of the Obligors or on its behalf in accordance with this Schedule 2 is genuine, contains complete and up-to-date information, has full legal force, has not been changed, cancelled, withdrawn or terminated and that, as of the date not earlier than the date of this Agreement, no new documents were issued in connection with the issues addressed in the relevant document; and

		(b)
	all corporate approvals required in accordance with applicable law in respect of the New Finance Documents to which the relevant Obligor is party, and the transactions thereunder, including approvals of such transactions as major transactions or interested-party transactions (if applicable), have been received by the relevant Obligor.

	3.
	Corporate documents regarding each obligor registered in Cyprus

	3.1
	Apostilled copy of certificate of incorporation issued by the Department of the Registrar of Companies of Cyprus, or confirmation that the document previously submitted to the Facility Administrator is still valid and has not been changed.

	3.2
	Apostilled copy of the articles of association and charter (together with all changes and additions to them) in Greek (with the Department of the Registrar of Companies of Cyprus stamp on them) and in English, or confirmation that the document previously submitted to the Facility Administrator is still valid and has not been changed.

	3.3
	Apostilled original certificate of address of the registered office, issued by the Department of the Registrar of Companies of Cyprus and dated not earlier than 30 (thirty) days before this Agreement.

	3.4
	Apostilled original certificate of directors and secretary issued by the Department of the Registrar of Companies of Cyprus and dated not earlier than 30 (thirty) days before this Agreement.

	3.5
	Apostilled original certificate of shareholders of Headhunter FSU, issued by the Department of the Registrar of Companies of Cyprus and dated not earlier than 30 (thirty) days before this Agreement.

	3.6
	Certified copy of the register of directors and secretaries dated no earlier than 1 (one) day before this Agreement.

	3.7
	Certified copy of the register of members dated no earlier than 1 (one) day before this Agreement.

	3.8
	Certified copy of the register of mortgages and other charges dated no earlier than 1 (one) day before this Agreement.

	3.9
	An original incumbency certificate dated the same as this Agreement, the form and substance of which is acceptable to the Facility Administrator, along with all documents submitted in accordance with such incumbency certificate.

	3.10.
	A notarised and, if applicable, apostilled copy or apostilled original of the resolution of the board of directors and shareholders or any other authorised body, as contemplated by the constitutional documents of each Obligor:

		(a)
	on approving the terms of the New Finance Documents to which the relevant Obligor is party, and the transactions thereunder, and resolving that the relevant Obligor shall sign the New Finance Documents to which the relevant Obligor is party;

		(b)
	on granting the relevant person or persons with the authority needed to sign the New Finance Documents to which the relevant Obligor is party, on the latter's behalf; and

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		(c)
	on granting the relevant person or persons with the authority needed to sign on behalf of the relevant Obligor all documents and notifications, which must be signed by the relevant Obligor in accordance or in connection with the Finance Documents to which the relevant Obligor is party.

	3.11
	A notarised and, if applicable, apostilled copy of the power of attorney granting the authorised persons of the relevant Obligor the authority needed to sign the New Finance Documents to which the relevant Obligor is party, or, where appropriate, to sign or send any documents or notifications in connection with the New Finance Documents to which the relevant Obligor is party (if applicable).

	3.12
	An original signature sample of each person granted the authority on the basis of the resolution referred to in paragraph 3.10(b).

	3.13
	An original document, signed by an authorised representative of the relevant Obligor, confirming that each document (either original or copy) provided by the relevant Obligor or on its behalf in accordance with this Schedule 1 is genuine, contains complete and up-to-date information, has full legal force, has not been changed, cancelled, withdrawn or terminated and that, as of the date not earlier than the date of this Agreement, no new documents were issued in connection with the issues addressed in the relevant document;

	4.
	Other documents and evidence

	4.1
	Evidence of payment of remuneration to the legal consultants (Herbert Smith Freehills CIS LLP and Alexandros Economou LLC).

	4.2
	Any other authorizations or other documents, opinions or representations that the Facility Administrator has informed each Obligor are essential or advisable, either in connection with the conclusion and performance of any New Finance Documents and the transactions they contemplate, or in order to ensure the legal force of any New Finance Documents and their enforceability.

	5.
	Legal opinions

The following legal opinions:
		(a)
	a legal opinion prepared by Herbert Smith Freehills CIS LLP, the Facility Administrator's legal adviser on Russian law; and

		(b)
	a legal opinion prepared by Alexandros Economou, the Facility Administrator's legal adviser on Cypriot law,

each of which is prepared in a form acceptable to the Facility Administrator prior to the signature of this Agreement and is addressed to the Finance Parties that were Finance Parties as of the date of the relevant opinion
​
​

209

SCHEDULE 2
RESTATED FACILITY AGREEMENT
​
​

210

24 August 2020
​
HEADHUNTER LIMITED LIABILITY COMPANY
as the Borrower
​
VTB BANK (PUBLIC JOINT-STOCK COMPANY)
as the Arranger
​
VTB BANK (PUBLIC JOINT-STOCK COMPANY)
as the Original Lender
​
VTB BANK (PUBLIC JOINT-STOCK COMPANY)
as the Facility Administrator
​
VTB BANK (PUBLIC JOINT-STOCK COMPANY)
as the Pledge Manager
​
​
​
	​

	SYNDICATED FACILITY AGREEMENT

	​

​
​
as amended by amendment agreement No. 1 dated 10 December 2020 and amendment agreement No. 2 dated 26 November 2021
​
Herbert Smith Freehills CIS LLP
​
​

211

TABLE OF CONTENTS
	​

	​

	​

	1.
	Definitions
	214

	2.
	Subject matter of the Agreement
	228

	3.
	Purpose
	229

	4.
	Conditions Precedent
	230

	5.
	Granting of Facility
	231

	6.
	Termination of Lender’s obligations
	231

	7.
	Repayment of Facility
	231

	8.
	Early repayment and Cancellation of Facility
	232

	9.
	Interest
	234

	10.
	Interest Periods
	235

	11.
	Fees of Finance Parties
	236

	12.
	Taxes
	236

	13.
	Additional Costs
	238

	14.
	Other Indemnities
	239

	15.
	Mitigation by the Finance Parties
	240

	16.
	Representations
	240

	17.
	Information Undertakings
	244

	18.
	Financial Covenants
	247

	19.
	General Undertakings
	250

	20.
	Bank account obligations
	258

	21.
	Events of Default
	259

	22.
	Facility security
	264

	23.
	Changes to the Parties
	267

	24.
	Finance Parties
	269

	25.
	Payment mechanism
	274

	26.
	Notices
	276

	27.
	Severability
	277

	28.
	Amendment of Agreement
	277

	29.
	Confidentiality
	277

	30.
	Applicable Law
	279

	31.
	Dispute resolution
	279

	32.
	Counterparts
	279

	Schedule 1 The Parties, Available Сommitments and Security
	280

	Schedule 2 Conditions Precedent
	282

	Schedule 3 Form of Utilisation Request
	287

	Schedule 4 Form of Lender Rights Assignment Agreement
	288

	Schedule 5 Forms of Compliance Certificates
	295

	Schedule 6 Repayment Schedule
	299

​
​

212

	Schedule 7 Existing Financial Indebtedness
	301

	Schedule 8 Intellectual Property
	302

	Schedule 9 List of Russian banks
	304

​
​

213

THIS SYNDICATED FACILITY AGREEMENT (the "Agreement") has been entered into on 24 August 2020 between:
	(1)
	HEADHUNTER LIMITED LIABILITY COMPANY, incorporated under the laws of the Russian Federation and registered in the Russian Federation Unified State Register of Legal Entities under Primary State Registration Number (PSRN) 1067761906805, whose business address is 9 Godikova Street, Building 10, Moscow, 129085, Russian Federation (the "Borrower");

	(2)
	VTB BANK (PUBLIC JOINT-STOCK COMPANY) as the arranger of the Facility (the "Arranger");

	(3)
	VTB BANK (PUBLIC JOINT-STOCK COMPANY) as the original lender (the "Original Lender");

	(4)
	VTB BANK (PUBLIC JOINT-STOCK COMPANY) as the facility administrator (the "Facility Administrator"); and

	(5)
	VTB BANK (PUBLIC JOINT-STOCK COMPANY) as the pledge manager (the "Pledge Manager").

THE PARTIES HAVE AGREED AS FOLLOWS:
	1.
	DEFINITIONS

	1.1
	Terms

In this Agreement:
"Assets" (capitalized) has the meaning given in Clause 18.1 (Financial definitions).
"Underwriter" means joint-stock company VTB Capital, which conducts brokerage (professional securities market participant brokerage license No. 045-11463-100000 dated 31 July 2008), and which provides the Borrower with transaction services involving the Permitted Bonds during the course of their placement on the exchange.
"Auditors" means:
		(a)
	in relation to the financial statements of the Group and its members prepared in accordance with IFRS: KPMG Joint-Stock Company, or Deloitte CIS Holdings Limited, or PriceWaterhouseCoopers Consulting LLC, or Ernst & Young Global Limited; and

		(b)
	in relation to the financial statements of the Group's members prepared in accordance with the Applicable Reporting Standards other than IFRS: any company listed in paragraph (a) above, as well as Moore Stevens LLC, Finexpertiza LLC, BDO CJSC, FBK LLC and 2K - Delovye Konsultatsii CJSC, or any other auditing firm approved by the Majority Lenders.

"Affiliate" means, with respect to any person, a Subsidiary or Associate of such person or a Holding Company of such person or any other Subsidiary or Associate of such Holding Company.
"Basel II" means the recommendations contained in the document adopted by the Basel Committee on Banking Supervision in June 2004 “International Convergence of Capital Measurement and Capital Standards: a Revised Framework."
"Basel III" means:
		(a)
	the recommendations contained in the documents published by the Basel Committee on Banking Supervision in December 2010: "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," with subsequent changes and additions;

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214

		(b)
	the recommendations for global systemically important banks, contained in a document published by the Basel Committee on Banking Supervision in November 2011 "Global Systemically Important Banks: Assessment Methodology and the Additional Loss Absorbency Requirement – Rules text" with subsequent changes and additions; and

		(c)
	any other documents, explanations or standards published by the Basel Committee on Banking Supervision in connection with Basel III.

"Majority Lenders" means:
		(a)
	in the period up to the first Utilisation Date: the Lenders whose Available Commitments total 75% (seventy-five percent) or more of the Total Commitments;

		(b)
	if there is no Facility Outstanding and the Total Commitments were reduced to zero: the Lenders whose Available Commitments totalled 75% (seventy-five percent) or more of the Total Commitments immediately prior to the date of that reduction; or

		(c)
	in any other period of time: the Lenders whose participation in the Facility Outstanding together with their Unused Available Commitment, as well as the Amount Payable, totals 75% (seventy-five percent) or more of the total Facility Outstanding amount together with the Total Unused Commitments and the Amount Payable by all Lenders.

"VTB" means VTB Bank (Public Joint-Stock Company), a public joint-stock company incorporated under the laws of the Russian Federation and registered in the Unified State Register of Legal Entities under Primary State Registration Number (PSRN)  1027739609391.
"Secondary Placement" means a placement on the Nasdaq Stock Exchange in one or more transactions by means of a public offering to an unlimited circle of persons:
		(a)
	of additional Headhunter Group shares of new issues; or

		(b)
	of existing Headhunter Group shares belonging to Highworld and ELQ Investors VIII (secondary placement),

		(c)
	or any combination thereof.

"Revenue" means, in relation to an Obligor, the revenue of that Obligor, determined in accordance with the financial statements prepared in accordance with the Applicable Reporting Standards provided in accordance with Clause 17.1 (Financial Statements).
"Guarantor" means each of the following persons:
		(a)
	Headhunter Group;

		(b)
	Zemenik;

		(c)
	Headhunter FSU;

		(d)
	each Additional Guarantor; and

		(e)
	any person providing an Independent Guarantee that the Facility Administrator and the Borrower have agreed in writing to deem a Guarantor for purposes of this Agreement.

"Placement Indemnity" means one or more unlimited indemnities provided by Headhunter Group in favor of the banks arranging the Secondary Placement, the depository bank engaged in connection with the Secondary Placement, and/or the Depository Trust Company, for the purpose of the Secondary Placement, to cover potential losses and costs associated with errors and incomplete disclosure of information provided in the Secondary Placement prospectus, and with Headhunter Group's exercising its rights and performing its obligations within the framework of the Secondary Placement.
"Treaty State" means a state that has a valid Double Taxation Treaty with the Russian Federation.
"Civil Code" means the Civil Code of the Russian Federation.
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215

"Group" means, for the purposes of this Agreement:
		(a)
	Headhunter Group; and

		(b)
	Headhunter Group Subsidiaries and Associates whose financial statements are consolidated with Headhunter Group financial statements in accordance with IFRS in the relevant period of time using the direct consolidation method..

"Utilisation Date" means each date on which the Facility Administrator transfers the Facility or part thereof specified in a Utilisation Request into the account of the Borrower.
"Final Repayment Date" means 30 June 2025.
"Interest Payment Date" means 31 March, 30 June, 30 September and 31 December of each year, and if the relevant day is not a Business Day, then the next Business Day thereafter.
"Cash" has the meaning given to this term in IFRS.
"Pledge" means each of the following pledges:
		(a)
	the Borrower Participatory Interest Pledge;

		(b)
	each Headhunter FSU Shares Pledge;

		(c)
	each Additional Pledge; and

		(d)
	any other pledge entered into by the Borrower or a third party to secure the Borrower's obligations hereunder.

"Borrower Participatory Interest Pledge" means the pledge of 100% participatory interest in the Borrower's charter capital between Headhunter FSU as the pledgor and the Pledge Manager as the pledge manager (pledgor) and any other additional or substitute pledge of a participatory interest in the Borrower's charter capital that is entered into to secure the Borrower's obligations hereunder.
"Headhunter FSU Shares Pledge" means each of the following:
		(a)
	Pledge of Headhunter FSU (Headhunter Group) Shares;

		(b)
	Pledge of Headhunter FSU (Zemenik) Shares; and

		(c)
	any other additional or substitute pledge of Headhunter FSU shares.

"Pledge of Headhunter FSU (Zemenik) Shares" means the pledge of Headhunter FSU shares between Zemenik as the pledgor and the Pledge Manager as the pledge manager (pledgor) entered into to secure the Borrower's obligations hereunder.
"Pledge of Headhunter FSU (Headhunter Group) Shares" means the pledge of Headhunter FSU shares between Headhunter Group as the pledgor and the Pledge Manager as the pledge manager (pledgor) entered into to secure the Borrower's obligations hereunder.
"Loan Agreements Between the Borrowers" means:
		(a)
	the loan agreement entered into on or around the date hereof between the Borrower as the lender and Zemenik as the borrower in the amount of the outstanding principal balance owed by Zemenik under the Existing Facility Agreement; and

		(b)
	the loan agreement entered into on or around the date hereof between the Borrower as the lender and Headhunter Group as the borrower in the amount of the outstanding principal balance owed by Headhunter Group under the Existing Facility Agreement.

"Double Taxation Treaty" means a double taxation treaty between a foreign state and the Russian Federation, which stipulates full or partial profits tax exemption in the Russian Federation on the income paid to foreign companies under this Agreement.
"Lender Rights Assignment Agreement" means an agreement drawn up in the form given in Schedule 4 (Form of Lender Rights Assignment Agreement) or in any other form whereby
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216

the Existing Lender (as defined in Clause 23 (Changes to the Parties) assigns its rights and (or) transfers obligations under this Agreement to a New Lender (as defined in Clause 23 (Changes to the Parties)).
"Security Documents" means:
		(a)
	each Pledge;

		(b)
	each Independent Guarantee; and

		(c)
	any other document entered into or issued by the Borrower or by a third party at the Borrower's request with the consent of the Facility Administrator or the Pledge Manager to secure performance of the Borrower's obligations hereunder.

"Group Equity Instruments" means shares or participatory interests in the charter capital of any member of the Group, as well as options or other instruments securing the right of their owner to acquire or receive shares or a participatory interests in the charter capital of any member of the Group, including options granted to employees of Group companies under Remuneration Plans Based on Group Equity Instruments, and compensation in the form of shares paid to members of the board of directors of Headhunter Group.
"Obligor" means the Borrower and each Guarantor.
"Additional Guarantee" has the meaning given in Clause 18.5 (Guarantors' Cover Ratio).
"Additional Guarantor" has the meaning given in Clause 18.5 (Guarantors' Cover Ratio).
"Additional Pledge" has the meaning given in Clause 18.5 (Guarantors' Cover Ratio).
"Subsidiary" means, with respect to any legal person, any legal person, if the first (principal) legal person:
		(a)
	holds the majority of voting rights in that legal person; or

		(b)
	has equity participation and has the right to appoint or remove a majority of the members of the executive body of the legal person; or

		(c)
	has the right to have a dominant influence on the legal person by virtue of the provisions contained in the foundation documents of the legal person or management agreement; or

		(d)
	is a member (shareholder) of that legal person and independently or in agreement with other members controls the majority of votes in the legal person; or

		(e)
	controls that legal person,

including any legal person the shares or participatory interests in the charter capital of which are subject to an Encumbrance, and the title to such encumbered shares or participatory interest is registered by virtue of such Encumbrance in favour of a secured party or nominal holder acting in favour of such party.
"Associate" means, with respect to any legal person, any legal person if the first legal (principal) legal person owns 20 (twenty) or more percent (but not more than 50 (fifty) percent) of the charter capital in such legal person.
"Bankruptcy Law" means the Federal Law of the Russian Federation No. 127-FZ dated 26 October 2002 "On Insolvency (Bankruptcy)".
"Credit Histories Law" means the Federal Law of the Russian Federation No. 218-FZ dated 30 December 2004 “On Credit Histories".
"Regulated Procurement Law" means the Federal Law of the Russian Federation No. 223-FZ dated 18 July 2011 "On the Procurement of Goods, Works and Services by Certain Types of Legal Entities."
"Syndicated Loan Law" means the Federal Law of the Russian Federation No. 486-FZ dated 31 December 2017 "On Syndicated Credits (Loans) and Amendments to Certain Legislative Acts of the Russian Federation".
"Pledgor" means each of the following persons:
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217

		(a)
	Headhunter Group;

		(b)
	Zemenik;

		(c)
	Headhunter FSU; and

		(d)
	each pledgor under each Additional Pledge.

"Utilisation Request" means the request of a Borrower to utilise the Facility, drawn up in the form given in Schedule 3 (Form of Utilisation Request).
"Zemenik" means Zemenik Limited Liability Company, incorporated under the laws of the Russian Federation and registered in the Russian Federation Unified State Register of Legal Entities under Primary State Registration Number (PSRN) 1167746153860, whose business address is 14 Krzhizhanovskogo Street, Building 3, Suite 53, Akademicheskiy Urban Municipality, Moscow, 117218, Russian Federation.
"Intellectual Property" means the Obligors' Trademarks, domain names (including the Obligors’ Websites) registered to the Group's members, database and other intellectual property, the rights to which are owned by the Group's members, and which are listed in Schedule 8 (Intellectual Property), and also similar material intellectual property owned by the Additional Guarantors (if such Additional Guarantors were not Obligors as of the date of this Agreement).
"Key Rate" means:
		(a)
	for each Interest Period: the key rate set by the Central Bank of the Russian Federation and valid for each day of the Interest Period; and

		(b)
	for any other period: the key rate set by the Central Bank of the Russian Federation and valid for each day of such period,

set on a daily basis based on the data on the website of the Central Bank of the Russian Federation at:  www.cbr.ru or on another official website of the Central Bank of the Russian Federation should the website change.  Moreover, if the key rate is abolished and/or is no longer used by the Central Bank of the Russian Federation to set pricing conditions for financing credit institutions of the Russian Federation, the Key Rate will be deemed to be the corresponding rate set by the Central Bank of the Russian Federation for pricing refinancing operations through repo transactions, and (or) secured by non-market assets.
"Early Repayment Fee" has the meaning given in Clause 8.4.1.
"Consolidated EBIT" means the Group's consolidated profit before tax for the Relevant Period adjusted for termination of operations that occurred during the Relevant Period:
		(a)
	before any amounts related to financial expenses are deducted (with respect to financial costs related to lease payments: to the extent that this indicator would have been recorded in IFRS statements before the introduction of IFRS 16);

		(b)
	after deducting rental expenses to the extent that this indicator would have been recorded in IFRS statements before the introduction of IFRS 16;

		(c)
	excluding any amounts relating to interest due to any member of the Group;

		(d)
	after deducting profits or adding losses of any member of the Group related to non-controlling interests;

		(e)
	excluding positive or negative unrealised exchange rate differences;

		(f)
	excluding profits or losses arising from the revaluation of any asset or a decrease in the book value of any asset when it is alienated by any member of the Group;

		(g)
	excluding expected returns on pension plan assets; and

		(h)
	excluding non-monetary profits and losses from the Remuneration Plans based on Group Equity Instruments.

"Consolidated EBITDA” means Consolidated EBIT for the Relevant Period adjusted by adding the following amounts, provided that these amounts were not taken into account when calculating the EBIT:
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218

		(a)
	any amounts relating to depreciation and impairment of fixed assets (with respect  to depreciation related to lease liabilities: to the extent that this indicator would have been recorded in IFRS statements before the introduction of IFRS 16);

		(b)
	any amounts related to goodwill impairment; and

		(c)
	any amounts relating to depreciation and impairment of other intangible assets.

"Confidential Information" means any information (including personal data) in any form (including oral information, and any documents and information recorded or stored as electronic files or on any other media) about any Obligor, Pledgor or member of the Group, Finance Documents or Facility, which becomes known to a Finance Party, or which is received by any person intending to become a Finance Party, from:
		(a)
	any member of the Group or consultant thereof; or

		(b)
	another Finance Party or consultant thereof, if the information was obtained by such Finance Party from any member of the Group or consultant thereof,

with the exception of information that:
		(i)
	is or becomes available to the general public other than due to a Finance Party's violation of the conditions of Clause 29 (Confidentiality); or

		(ii)
	was known to a Finance Party prior to the date that such information was disclosed to it or its consultant, or was legally obtained by a Finance Party or its consultant after such date from a source that, as far as a Finance Party is aware, is not connected with the Group, and which in any case, as far as a Finance Party is aware, was not received due to a breach of confidentiality obligations.

"Facility" means the funds within the Total Commitments that are lent to the Borrower by Lenders under this Agreement in the form of Tranches.
"Available Commitment" means the Available Commitment of Tranche 1 or the Available Commitment of Tranche 2.
"Available Commitment of Tranche 1" means, as of any date, the amount of funds which:
		(a)
	in relation to the Original Lender, each Original Lender shall lend to the Borrower under such Tranche 1 on the relevant date in accordance with the terms of this Agreement and as indicated against the name of the relevant Original Lender and Tranche 1 in the table in Part A (Original Lenders and Available Commitments) of Schedule 1 (Parties, Available Commitments, and Security); and

		(b)
	in relation to any other Lender, the relevant Lender shall provide as a loan to the Borrower on the relevant date as the result of transfer to it of the commitment to grant the Facility under Tranche 1,

the amount of which may be modified in accordance with the terms of this Agreement.
"Available Commitment of Tranche 2" means, as of any date, the amount of funds which:
		(a)
	in relation to the Original Lender, each Original Lender shall lend to the Borrower under such Tranche 2 on the relevant date in accordance with the terms of this Agreement and which cannot exceed the following values:

		(i)
	if, as of the date of submission of any Utilisation Request in respect of the Facility under Tranche 2, the Permitted Bonds were not placed or the Permitted Bonds were placed and the aggregate par value of the placed Permitted Bonds does not exceed RUB 1,000,000,000 (one billion) - the amount indicated opposite the name of the respective Original Lender and Tranche 2 in the table in Part A (Original Lenders and Available Commitments) of  Schedule 1 (Parties, Available Commitments, and Security);

		(ii)
	if, as of the date of submission of any Utilisation Request in respect of the Facility under Tranche 2, Permitted Bonds were placed with an aggregate

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219

par value exceeding RUB 1,000,000,000 (one billion) - the amount indicated opposite the name of the respective Original Lender and Tranche 2 in the table in Part A (Original Lenders and Available Commitments) of  Schedule 1 (Parties, Available Commitments, and Security) reduced by the amount that the aggregate par value of the placed Permitted Bonds exceeds RUB 1,000,000,000 (one billion); and
		(b)
	in relation to any other Lender, the relevant Lender shall provide as a loan to the Borrower on the relevant date as the result of transfer to it of the commitment to grant the Facility under Tranche 2,

the amount of which may be modified in accordance with the terms of this Agreement.
"Margin" means:
		(a)
	2.0% per annum for Tranche 1; and

		(b)
	2.5% per annum for Tranche 2.

"IFRS" means the international accounting standards referred to in Regulation No. 1606/2002 adopted by the European Parliament and the European Union Council on 19 July 2002, to the extent applicable to the relevant financial statements.
"Tax" means any tax, levy, duty, or other charge or withholding of a similar nature (including any fines or penalties payable in connection with any failure to pay or any delay in paying any of the same) established by applicable law.
"Tax Relief" means a Tax exemption (application of a reduced tax rate or tax refund) granted outside the Russian Federation in respect of any Tax related to payments under the Finance Documents.
"Tax Deduction" means the withholding from any payment under a Finance Document of an amount of any tax or charge, including, in particular, value added tax and income (profit) tax deducted at source, as well as any similar taxes that may replace or supplement existing taxes in accordance with applicable law, in the amount and within the timeframes stipulated by law.
"Tax Payment" means an increase in the amount of payment made by an Obligor to a Finance Party in accordance with the provisions of Clause 12.1 (Tax gross-up), or payment made by an Obligor to a Finance Party in accordance with the provisions of Clause 12.2 (Tax indemnity).
"Independent Guarantee" means each of the following documents:
		(a)
	each independent guarantee issued by the Guarantor in favour of the Lenders;

		(b)
	each Additional Independent Guarantee; and

		(c)
	any other independent guarantee issued by any person and with the consent of the Facility Administrator or the Pledge Manager to secure performance of the Borrower's obligations hereunder.

"Default" means:
		(a)
	an Event of Default; or

		(b)
	an event or circumstance referred to in Clause 21 (Events of Default), which, in accordance with the terms of this Agreement, will become an Event of Default upon:

		(i)
	the expiration of any deadline established by this Agreement to rectify a violation;

		(ii)
	the sending of any notice; or

		(iii)
	the taking of the relevant decision in respect of the Finance Documents.

"Unused Available Commitment" means the Unused Available Commitment of Tranche 1 or the Unused Available Commitment of Tranche 2.
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"Unused Available Commitment of Tranche 1" means, as of any date, the Available Commitment of Tranche 1 established in respect of each individual Lender less:
		(a)
	the amount of funds already provided to the Borrower by this Lender under Tranche 1 before the specified date and, if applicable, on the specified date in accordance with this Agreement, and

		(b)
	Amount Payable by this Lender under Tranche 1 on the basis of the Utilisation Request submitted before the indicated date and, if applicable, on the indicated date in accordance with this Agreement.

"Unused Available Commitment of Tranche 2" means, as of any date, the Available Commitment of Tranche 2 established in respect of each individual Lender less:
		(a)
	the amount of funds already provided to the Borrower by this Lender under Tranche 2 before the specified date and, if applicable, on the specified date in accordance with this Agreement, and

		(b)
	Amount Payable by this Lender under Tranche 2 on the basis of the Utilisation Request submitted before the indicated date and, if applicable, on the indicated date in accordance with this Agreement.

"Facility Outstanding" means, at any time, the funds loaned to the Borrower in accordance with this Agreement and which have not been repaid to the Lenders.
"Encumbrance" means a mortgage, pledge, lien, possessory pledge, assignment, the right to direct debit or a similar debit right or other encumbrance created to secure a person's obligations, or any agreement entered into in order to secure performance of obligations.
"Original Financial Statements" means:
		(a)
	with respect to the Borrower and Zemenik, the annual accounting statements for 2019, prepared in accordance with RAS;

		(b)
	with respect to Headhunter Group: the annual financial statements for 2019 prepared in accordance with IFRS, with an attached auditor's report; and

		(c)
	with respect to Headhunter FSU: management accounts prepared in accordance with the Group's management accounting policies as at 31 December 2019.

"Utilisation Period" means:
		(a)
	with respect to Tranche 1: the period starting on the date of this Agreement and ending on the date falling 10 (ten) days after the date of this Agreement (both said dates being inclusive); and

		(b)
	with respect to Tranche 2: the period starting on the date of this Agreement and ending on the date falling 270 (two hundred seventy) days after the date of this Agreement (both said dates being inclusive);

"Remuneration Plan Based on Group Equity Instruments" means an agreement contemplating that employees (or former employees) of the Group, members of the board of directors of Headhunter Group and/or the owners of shares and/or participatory interests of any member of the Group receive:
		(a)
	remuneration in the form of Group Equity Instruments;

		(b)
	remuneration in the form of funds or provision of other assets, provided that the amount of this remuneration is determined on the basis of and/or is contingent on the value of the Group Equity Instruments; or

		(c)
	remuneration in the form of provision of Headhunter Group shares to members of the board of directors of Headhunter Group.

"Sanctioned Person" has the meaning given to this term in Clause 23.2 (Assignment of Rights and Transfer of Obligations by the Lenders).
"Leverage" has the meaning given to this term in Clause 18.3 (Leverage).
"Interest Cover" has the meaning given to this term in Clause 18.4 (Interest cover).
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"EBITDA" means the EBITDA of any member of the Group, determined on the last reporting date:
		(a)
	at the end of the financial year or second financial quarter of the financial year, in accordance with the Group's financial statements for the relevant financial year or second financial quarter of the financial year (respectively), prepared in accordance with IFRS, provided to the Facility Administrator in accordance with Clause 17.1.1(A) or (B); or

		(b)
	at the end of the first or third financial quarter, based on the relevant financial accounts of the Group provided to the Facility Administrator in accordance with Clause 17.1.1(C).

"Acceptable Lender" means a Lender, which is:
		(a)
	a Russian legal person, or

		(b)
	resident of a Treaty State, provided that the status of such a Lender, at the request of an Obligor, is confirmed by a Russian translation of a copy of a document issued by the competent tax authority of the Treaty State, indicating that the qualifying Lender is a tax resident of the Treaty State.

"Applicable Reporting Standards" means the financial reporting standards applicable to any Obligor.
"Proportional Share" means:
		(a)
	for the purposes of determining the size of the Lender’s participation in the Facility in accordance with any Utilisation Request: the ratio between the Unused Available Commitment of such Lender and the Total Unused Commitments.

		(b)
	for any other purposes:

		(i)
	in the absence of a Facility Outstanding: the ratio between the Available Commitment of a single Lender and the Total Commitments, or

		(ii)
	if there is a Facility Outstanding: the ratio between the Facility Outstanding issued to the Borrower by a single Lender, together with the Amount Payable by this Lender, and the Facility Outstanding issued to the Borrower by all Lenders, together with the Amount Payable by all Lenders.

"Interest Period" means, in relation to the Facility Outstanding, each period during which interest is calculated, determined in accordance with the provisions of Clause 10 (Interest Periods), and, in relation to any overdue amount, each period determined in accordance with the provisions of Clause 9.4 (Default Interest).
"Business Day" means any day on which banks are open to conduct ordinary banking operations in Moscow.
"Permitted Financial Indebtedness" means any Financial Indebtedness:
		(a)
	arising in accordance with the terms of the Finance Documents or permitted by the Finance Documents;

		(b)
	of a member of the Group that exists as of the date of Amendment Agreement No. 2, as specified in Schedule 7 (Existing Financial Indebtedness);

		(c)
	of any Obligor to another Obligor; and

		(d)
	of any Obligor to persons that are not Obligors unless the total amount of such Financial Indebtedness together with the grand total principal amount owed under loans provided by any Obligor to persons that are not Obligors exceeds 10% (ten percent) of the Group Assets at any point in time.

"Permitted Reorganization" means the reorganization of any entity that is a Guarantor as of the date of Amendment Agreement No. 2 which is implemented by the acquisition of such entity by the Borrower.
"Permitted Payments" means:
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		(a)
	any payments made by a member of the Group to any Obligor, provided that such payments do not create obligations for the Obligor to such a member of the Group (in particular, to repay received funds or to transfer assets);

		(b)
	any payments made by any Obligor to another Obligor;

		(c)
	payment of distributable profit by Headhunter Group to its shareholders (including by Permitted Redemption) subject to the requirements of Clause 19.12 (Dividend payment and redemption of shares or participatory interests);

		(d)
	payment to another member of the Group or shareholders of Headhunter Group of funds received by any member of the Group from the sale of shares/participatory interests in another member of the Group that is not an Obligor, provided that after such payment the Leverage will not increase; and

		(e)
	mandatory payments in accordance with applicable law to shareholders that are not members of the Group or members of legal entities that are members of the Group in the event that such shareholder or member exits this legal person,

provided that any payment specified in this definition will not result in the person making such payments having negative net assets.
"Permitted Loans" means loans:
		(a)
	granted by any Obligor to another Obligor;

		(b)
	granted by any member of the Group that is not an Obligor, to another member of the Group that is not an Obligor; and

		(c)
	granted by any Obligor to persons that are not Obligors, unless the total principal amount owed under such loans together with the total Financial Indebtedness of the Obligors to persons that are not Obligors exceeds 10% (ten percent) of the Group Assets at any point in time.

"Permitted Bonds" means exchange-traded interest-bearing non-convertible book-entry bonds with centralised registration of rights, to be traded on the Moscow Exchange (PJSC “Moscow Exchange”), placed by the Borrower by public offering under the Series 001-P Exchange-Traded Bonds Program, provided that:
		(a)
	the specified bonds will be placed at their par value;

		(b)
	the aggregate par value of all placed bonds will not exceed RUB 4,000,000,000 (four billion); and

		(c)
	the placement of the specified bonds will be completed no later than 30 June 2021.

"Permitted Redemption" means the redemption by a member of the Group of its own shares or participatory interests in the charter capital of that member of the Group, provided that:
		(a)
	if such shares or participatory interests are the subject of a Pledge, such shares or participatory interests will continue to be the subject of such Pledge, regardless of the relevant redemption;

		(b)
	this member of the Group complies with all applicable legal requirements for such redemption, including requirements regarding the size of the charter capital of this member of the Group; and

		(c)
	the redeemed shares or participatory interests will be cancelled within the timeframe established by applicable law or will be transferred to members of Remuneration Plans Based on Group Equity Instruments.

"Permitted Issue" means:
		(a)
	the issue of shares or increase in charter capital whereby a Group member acquires such issued shares or increases its participatory interest in the charter capital of its Subsidiary, provided the existing shares or participatory interests in the charter capital of such Subsidiary have not been pledged to the Lenders under a Pledge; and

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		(b)
	the issue of Headhunter Group shares as part of the implementation of Remuneration Plans Based on Group Equity Instruments; and

		(c)
	the issue of Headhunter Group shares as part of the Secondary Placement.

"Test Date" means the end date of the Relevant Period.
"Relevant Period" means any period of twelve (12) months ending on the last day of the Group's financial quarter or financial half-year or on the last day of the Group's financial year.
"RAS" means accounting rules in accordance with Russian law.
"Obligors’ Websites" means the websites owned by the Obligors and listed in Schedule 8 (Intellectual Property).
"Event of Default" means any event or circumstance specified in Clause 21 (Events of Default).
"Change of Control" has the meaning given to this term in Clause 8.2.2.
"Total Commitments" means the aggregate of the Available Commitments of Tranche 1 and the Available Commitments of Tranche 2 of all Lenders.
"Total Unused Commitments" means the aggregate of the Unused Available Commitments of all Lenders.
"Consent" has the meaning given to this term in Clause 24 (Lenders' decision making).
"Amendment Agreement No. 1" means the amendment agreement No. 1 to this Agreement dated 10 December 2020.
"Amendment Agreement No. 2" means the amendment agreement No. 2 to this Agreement dated ___ November 2021.
"Party" means a party to this Agreement.
"Finance Party" means each Lender, Arranger, Facility Administrator and Pledge Manager.
"Amount Payable" means the amounts of funds payable by any given Lender or Lenders on the Utilisation Date indicated in a Utilisation Request submitted by the Borrower.
"Material Adverse Effect" means (except when a different meaning of this term is contained in other clauses of this Agreement) in the opinion of the Majority Lenders a material adverse effect on:
		(a)
	the Obligors' and Pledgors' ability to perform their obligations under any Financial Document;

		(b)
	the validity or ranking of the security that is provided or should be provided under any Financial Document or its enforceability; or

		(c)
	the validity of the Finance Documents or the possibility of exercising the rights of the Finance Parties contemplated by each relevant Finance Document.

"Material Group Member" means any Obligor, as well as any Group member, whose EBITDA, Assets and Revenues determined as of the last reporting date, based on the consolidated financial statements of the Group for the financial year or the consolidated financial statements of the Group for the first financial half-year of the financial year, prepared in accordance with IFRS and provided to the Facility Administrator in accordance with Clause 17.1.1(A) or (B), exceed 2.5% (two point five per cent) of the corresponding consolidated indicators of the Group based on the same financial statements.
"Existing Commercial Contracts" means the following agreements between the Borrower as lessee and Caliber PJSC (PSRN 1027739877813, TIN 7717042053) as lessor for the lease of the Borrower's office in Moscow:
		(a)
	lease agreement No. 5536 dated 10 December 2018; and

		(b)
	lease agreement No. 5536 dated 10 December 2018.

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"Existing Facility Agreement" means the syndicated facility agreement dated 16 May 2016 as amended by:
		(a)
	amendment agreement No. 1 dated 14 December 2016;

		(b)
	amendment agreement No. 2 dated 28 June 2017;

		(c)
	amendment agreement No. 3 dated 5 October 2017;

		(d)
	amendment agreement No. 4 dated 29 December 2017;

		(e)
	amendment agreement No. 5 dated 22 April 2019; and

		(f)
	amendment agreement No. 6 dated 11 March 2020,

between (1) Zemenik as borrower 1, (2) Headhunter Group as borrower 2, (3) VTB as the arranger, (4) VTB as the lender, and (5) VTB as the facility administrator.
"Existing Pledges" means the pledges entered into to secure performance of the obligations of Zemenik and Headhunter Group under the Existing Facility Agreement.
"Facility Administrator's Account" means the Facility Administrator's account used for making transfers under the Finance Documents, the details of which the Facility Administrator sends to the Parties.
"Disruption Event" means:
		(a)
	a significant failure in those payment or communication systems or financial markets, the operation of which is required in order to make payments (or other operations to be executed) under transactions contemplated by the Finance Documents, which occurred for reasons beyond the control of any of the Parties; or

		(b)
	the occurrence of any other event which results in a disruption (of a technical or systems-related nature) to the treasury or settlement operations of a Party preventing that, or any other Party:

		(i)
	from performing its payment obligations under the Finance Documents; or

		(ii)
	from communicating with other Parties under the Finance Documents,

and which was not caused by the Party whose operations were disrupted, and occurred for reasons beyond the control of such Party.
"Obligors’ Trademarks" means the trademarks registered by Obligors and specified in Schedule 8 (Intellectual Property).
"Tranche" means Tranche 1 and Tranche 2.
"Tranche 1" means part of the Facility granted to the Borrower under the terms of this Agreement in the amount of the Available Commitment of Tranche 1.
"Tranche 2" means part of the Facility granted to the Borrower under the terms of this Agreement in the amount of no more than the Available Commitment of Tranche 2.
"Financial Indebtedness" means any indebtedness formed as a result of:
		(a)
	receiving funds in the form of a loan or credit;

		(b)
	obtaining a trade credit, commercial loan for a term of over thirty (30) days or issuing an uncovered letter of credit if such debt falls within the category of "financial indebtedness" under IFRS;

		(c)
	issuing bonds, promissory notes and any other debt instruments;

		(d)
	entering into a finance lease contract (to the extent that this indicator would have been recorded in IFRS statements before the introduction of IFRS 16);

		(e)
	executing transactions with derivatives in order to protect against, or benefit from, fluctuations in any rates, interest rates or prices, with the amount of the transaction with such derivatives to be calculated based on the market indicators at any time;

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		(f)
	executing repo transactions or any other transaction that constitutes borrowing under IFRS;

		(g)
	assuming liability for damages or expenses incurred by entities that are not members of the Group;

		(h)
	entering into Remuneration Plans based on Group Equity Instruments; or

		(i)
	executing transactions whereby obligations are assumed:

		(i)
	under a surety or guarantee with respect to the performance of any obligations by persons that are not members of the Group, with the exception of any Placement Indemnity, or under any sureties or guarantees provided in accordance with Clause 19.7.2(C); or

		(ii)
	in respect of the reimbursement of a payment under a surety or guarantee to the guarantor or surety; or

		(iii)
	in respect of a liability relating to receivables on recourse terms of any buyer of accounts receivables sold or discounted,

or other indebtedness having an economic nature of a borrowing under IFRS, in each case without double counting.
"Finance Document" means:
		(a)
	this Agreement;

		(b)
	each Security Document;

		(c)
	each Lender Rights Assignment Agreement;

		(d)
	each Utilisation Request;  and

		(e)
	any other document that (i) the Facility Administrator or the Pledge Manager and (ii) the Borrower have agreed in writing to be considered a Finance Document.

"Holding Company" as applied to a legal person, means any other legal person for which the first legal person is a Subsidiary.
"Cash Equivalents" has the meaning given to this term in IFRS.
"ELQ Investors VIII" means ELQ Investors VIII Ltd, a limited liability company incorporated under the laws of England and Wales, registration number 9182214, registered at: Peterborough Court, 133 Fleet Street, London EC4A 2BB, United Kingdom.
"Headhunter FSU" means Headhunter FSU Limited, a limited liability company incorporated under the laws of the Republic of Cyprus, registration number HE 178226, registered at: 42 Dositheou, Strovolos 2028, Nicosia, Cyprus.
"Headhunter Group" means Headhunter Group PLC, a public limited liability company incorporated under the laws of the Republic of Cyprus, registration number HE 332806, that is registered at 42 Dositheou, Strovolos 2028, Nicosia, Cyprus).
"Highworld" means Highworld Investments Limited, a limited liability company incorporated under the laws of the British Virgin Islands, registration number 1802016, registered at: Trident Chambers, P.O. Box 146, Road Town, Tortola, BVI.
	1.2
	Interpretation

		1.2.1
	In this Agreement, unless the context otherwise requires:

		(A)
	references to the "Facility Administrator", the "Pledge Manager", the "Arranger", any "Finance Party", any "Lender", any "Obligor", any "Pledgor" or any "Party" include their successors as required by law or this Agreement;

		(B)
	a document "in an agreed form" means a document agreed in writing by the Facility Administrator and the Borrower;

		(C)
	"assets" include existing or future property, income and rights of any nature;

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		(D)
	reference to "Finance Document" or other agreement, document or financial instrument includes such Finance Document or other agreement, document or financial instrument with all amendments and additions made thereto at any time;

		(E)
	"person" includes any natural person, legal person, state body, government or state;

		(F)
	"law" means any law, ruling, decree, order, decision, regulation, rule, official directive, requirement or recommendation of any legislative or executive state, municipal, interstate or international body, ministry, department, service, agency or committee of either a self-regulatory organisation or any judicial body;

		(G)
	reference to a provision of law is a reference to such provision with all amendments and additions made thereto at any time;

		(H)
	it is understood that the words "include" and "including" are accompanied by the words “inter alia”;

		(I)
	Clause or Schedule means a reference to a clause of this Agreement or a schedule to it; and

		(J)
	any reference to the time of day implies Moscow time, unless otherwise specified in the Agreement.

		1.2.2
	Unless the context otherwise requires, a reference to "month" means a period beginning on one of the days of a calendar month and ending on the same date of the next calendar month, with the following exceptions:

		(A)
	if the relevant date is not a Business Day, such period shall end on the next Business Day (if any) of that month or (if none) on the preceding Business Day; and

		(B)
	if there is no corresponding date in such month, then this period shall end on the last Business Day of this month.

		1.2.3
	For the purposes of this Agreement, "control" means:

		(A)
	the right (existing by virtue of direct or indirect participation in the charter capital of a legal person, on the basis of a written agreement by virtue of law or otherwise), which allows:

		(1)
	to vote or control the voting of at least 50 percent of the maximum number of votes entitled to vote at the general meeting of the legal person; or

		(2)
	to appoint or remove from office a person who performs the functions of the sole executive body of a legal person or all or the majority of the members of any collegial management bodies of a legal person; or

		(3)
	to give binding instructions regarding the activities or financial policies of a legal person; and (or)

		(B)
	to directly or indirectly own at least 50 percent of ordinary shares or participatory interests in the charter capital of a legal person;

and "controlled" and "to control" have a corresponding meaning.
		1.2.4
	Unless otherwise provided for in this Agreement, interest and amounts of remuneration payable by an Obligor under any Finance Document shall be calculated in accordance with the provisions of the relevant Finance Document and calculated based on the actual days elapsed and a year of 365/366 (three hundred and sixty-five/three hundred and sixty-six) days.

		1.2.5
	The headings used in this Agreement shall have no effect on how the Agreement is interpreted.

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	1.3
	Currency symbols

In this Agreement:
		1.3.1
	"₽", "RUB", "rouble", and "Russian rouble" mean the official monetary unit (currency) of the Russian Federation;

		1.3.2
	"U.S. dollar", "USD" or "$" means the legal tender of the United States of America; and

		1.3.3
	"Euro", "EUR" or "€" means the monetary unit (currency) of the member countries of the currency union that operates within the framework of the European Union.

	2.
	SUBJECT MATTER OF THE AGREEMENT

	2.1
	Loan Relations

		2.1.1
	Subject to the Borrower's compliance with the provisions of this Agreement, each Lender shall grant the Facility to the Borrower in the amount of its Available Commitment and to properly perform the obligations contemplated by this Agreement during its term, while the Borrower shall properly perform the obligations contemplated by this Agreement during its term, including the obligation to repay to each Lender the Facility Outstanding received from it, the interest on it, and to pay the other amounts contemplated by this Agreement and other Finance Documents to the Finance Parties.

		2.1.2
	A Lender's obligation to grant the Facility to the Borrower under the relevant Tranche arises after the Borrower has fully complied with the requirements contemplated by Clause  4 (Conditions Precedent).

	2.2
	Finance Parties

		2.2.1
	Each Lender has an independent right to demand that the Borrower repays the Facility Outstanding, interest and other payments contemplated by the terms of this Agreement.  Except as provided for in this Agreement, each Finance Party has the right to independently enforce its rights under the Finance Documents. At the same time, the Finance Parties shall exercise their rights subject to the provisions of Clause 24 (Finance Parties).

		2.2.2
	No Finance Party shall be liable for the obligations of another Finance Party under the Finance Documents. In the event that any Lender refuses to grant the Facility on the basis contemplated by Clause 6 (Termination of Lender’s obligations), and also if a Lender violates its obligation to grant the Facility within its Available Commitment, the Facility amount shall be reduced by this Lender’s Available Commitment.

	2.3
	Facility Administrator

		2.3.1
	This Agreement defines the conditions and procedure for appointing a Facility Administrator and its carrying out of legal and other actions on behalf and in the interests of all Lenders and other Finance Parties.  The authority of the person performing the functions of the Facility Administrator is determined in accordance with the provisions of Clause 24.2 (Appointment of the Facility Administrator). However, the provisions of this Agreement governing the relations of the Facility Administrator and the Lenders will apply whenever there is more than one Lender, while whenever there is a single Lender, all references in this Agreement and other Finance Documents to the "Facility Administrator" shall be deemed to refer to the single Lender.

		2.3.2
	The Lenders (with the exception of a Lender acting as the Facility Administrator) and the Facility Administrator hereby confirm that the Facility Administrator shall act without a power of attorney being issued to it and irrespective of the issuing of such power of attorney.

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		2.3.3
	If the number of Lenders falls to one, then until there is more than one Lender, all the provisions in this Agreement and other Finance Documents that govern the relations of the Facility Administrator and the Borrower shall be deemed as provisions governing the relations of the sole Lender and the Borrower.

	2.4
	Relations with regard to pledge management

		2.4.1
	This Agreement defines the conditions and procedure for appointing the Pledge Manager and its carrying out of legal and other actions on behalf and in the interests of all Lenders.  The authority of the person performing the functions of the Pledge Manager is determined in accordance with the provisions of Clause 22.2 (Status of the Lenders and appointment of a Pledge Manager). However, the provisions of this Agreement governing the relations of the Pledge Manager and the Lenders will apply whenever there is more than one Lender, while whenever there is a single Lender, all references in this Agreement and other Finance Documents to the "Pledge Manager" shall be deemed to refer to the single Lender.

		2.4.2
	If the number of Lenders falls to one, then until there is more than one Lender, all the provisions in this Agreement and other Finance Documents that govern the relations of the Pledge Manager and the Borrower shall be deemed as provisions governing the relations of the sole Lender and the Borrower

	2.5
	Application of certain provisions in the Finance Documents concerning the syndicated nature of the Facility

The provisions of this Agreement and other Finance Documents concerning the syndicated nature of the Facility specified herein, in particular the provisions of Clause 22 (Facility security), Clause 24 (Finance Parties), Clause 25.3 (Distribution of funds by the Facility Administrator), and Clause 25.5 (Payments not through the Facility Administrator), shall apply whenever there is more than one Lender, while whenever there is a single Lender, all references in this Agreement and other Finance Documents to the "Facility Administrator", "Pledge Manager", "Finance Party", and "Majority Lenders" shall be deemed as references to the single Lender, and this Agreement and other Finance Documents shall be interpreted and applied based on the fact that the Lender according to the Finance Documents is the sole Lender.
	2.6
	Legal nature of the Agreement

This Agreement is a mixed agreement containing elements of a syndicated facility agreement, pledge management agreement, a lenders' agreement on the procedure for exercising their rights, and an agency agreement.  Accordingly, this Agreement governs, among other things, the relations between:
		2.6.1
	the Lenders;

		2.6.2
	the Lenders and the Borrower;

		2.6.3
	the Facility Administrator and the Lenders;

		2.6.4
	the Pledge Manager and the Lenders; and

		2.6.5
	the Facility Administrator, the Pledge Manager, and the Borrower.

	3.
	PURPOSE

	3.1
	The Borrower shall use Tranche 1 solely to issue loans in favor of Zemenik and Headhunter Group under Loan Agreements Between the Borrowers for the purpose of further immediate paydown of the amounts owed by Zemenik and Headhunter Group under the Existing Facility Agreement.

	3.2
	The Borrower shall use Tranche 2 solely for:

		3.2.1
	general corporate purposes;

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		3.2.2
	funding transactions to acquire the shares and participatory interests of third parties and to make contributions to the charter capital of third parties; and

		3.2.3
	paying out dividends, acquiring shares of Headhunter Group or distributing funds to Headhunter Group shareholders in another form.

	3.3
	Funds received by the Borrower hereunder may not be used for:

		3.3.1
	paying fees and costs under this Agreement; or

		3.3.2
	other purposes not listed by this Agreement as permitted.

	4.
	CONDITIONS PRECEDENT

	4.1
	Initial Conditions Precedent

		4.1.1
	To utilise Tranche 1, the Borrower shall:

		(A)
	deliver to the Facility Administrator the documents and information listed in Part A of Schedule 2 (Conditions Precedent), in a form and substance acceptable to the Facility Administrator; and

		(B)
	deliver to the Facility Administrator the documents and information listed in Part B of Schedule 2 (Conditions Precedent), in a form and substance acceptable to the Facility Administrator; and

		(C)
	send a duly completed Utilisation Request to the Facility Administrator for Tranche 1.

		4.1.2
	To utilise Tranche 2, the Borrower shall:

		(A)
	deliver to the Facility Administrator the documents and information listed in Part A of Schedule 2 (Conditions Precedent), in a form and substance acceptable to the Facility Administrator; and

		(B)
	deliver to the Facility Administrator the documents and information listed in Part C of Schedule 2 (Conditions Precedent), in a form and substance acceptable to the Facility Administrator, that conform to the purpose of the Facility as stated in the Utilisation Request;

		(C)
	provide the Facility Administrator with a certificate signed by an authorised representative of the Borrower containing information on the absence, or aggregate par value, of the placed Permitted Bonds for the purpose of determining the Available Commitment of Tranche 2; and;

		(D)
	send a duly completed Utilisation Request to the Facility Administrator for Tranche 2.

		4.1.3
	The Utilisation Request may be sent by the Borrower after the Borrower and the Lenders have received a notification from the Facility Administrator that the Borrower has duly fulfilled the applicable conditions listed in Schedule 2 (Conditions Precedent).

	4.2
	Submission of Utilisation Requests

		4.2.1
	The Borrower may send to the Facility Administrator:

		(A)
	in respect of Tranche 1: only one duly executed Utilisation Request for the full amount of Tranche 1; and

		(B)
	in respect of Tranche 2 one or more duly executed Utilisation Requests, but the amount of the Facility specified by the Borrower in the relevant Utilisation Request may not exceed the amount of the Aggregate Unused Available Commitment of Tranche 2, and may not be less than RUB 500,000,000 (five hundred million) (other than a Utilisation Request for the entire balance of the Aggregate Unused Available Commitment for Tranche 2).

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		4.2.2
	Unless otherwise agreed with the Facility Administrator, the Borrower must submit each Utilisation Request to the Facility Administrator no later than at 12:00 noon, 2 (two) Business Days before the proposed Utilisation Date.

		4.2.3
	Each Utilisation Request must be signed by an authorised person of the Borrower. Each Utilisation Request must include the requested amount of the Facility and the Utilisation Date, which is a Business Day within the relevant Utilisation Period.

		4.2.4
	The Borrower may not withdraw a Utilisation Request that it has sent to the Facility Administrator after it has been received.

	5.
	GRANTING OF FACILITY

		5.1.1
	After receiving any Utilisation Request, the Facility Administrator shall immediately send to each Lender a copy of the Utilisation Request and inform each Lender of the amount corresponding to its Proportional Share in the requested Facility.

		5.1.2
	In the absence of the circumstances specified in Clause 6 (Termination of Lender’s obligations), each Lender shall transfer to the Facility Administrator the amount corresponding to its Proportional Share in the Facility requested by the Borrower no later than 12:00 noon of the Utilisation Date specified in the relevant Utilisation Request.

		5.1.3
	Not later than on 15:00 on the relevant Utilisation Date, the Facility Administrator shall transfer to the Borrower the amount of the Facility specified in the Utilisation Request, into the account specified in that Utilisation Request, but not more than the Facility amount received from the Lenders.

	6.
	TERMINATION OF LENDER’S OBLIGATIONS

	6.1
	Each Lender’s obligation to grant a Facility to the Borrower shall terminate in whole or in part, depending on the following circumstances:

		6.1.1
	if a Facility is granted in the amount of the Available Commitment of the relevant Lender;

		6.1.2
	upon expiry of the relevant Utilisation Period; and

		6.1.3
	in other instances established by law.

	6.2
	Each Lender has the right to refuse to perform its obligations to grant a loan to the Borrower:

		6.2.1
	if there are circumstances that clearly indicate that the Facility will not be repaid by the Borrower within the period specified in the Agreement; or

		6.2.2
	if there is an Event of Default as per Clause 21.18 (Acceleration) and the corresponding notification is sent by the Facility Administrator to the Borrower; or

		6.2.3
	if there are circumstances specified in Clause 8.1 (Illegality) and Clause 8.2 (Change of Control).

	6.3
	In the event that any Lender refuses to grant the Facility on the basis of this Clause 6, the Parties agree that such Lender does not bear any liability to the Borrower or to any Finance Party for refusing to grant the Facility.

	7.
	REPAYMENT OF FACILITY

		7.1.1
	The Borrower shall repay the Facility Outstanding by transferring quarterly payments into the Facility Administrator's Account on the Interest Payment Dates according to the repayment schedule given in Schedule 6 (Repayment schedule).

		7.1.2
	On the Final Repayment Date the Borrower shall repay the Facility Outstanding in full.

		7.1.3
	The Borrower may not submit a Utilisation Request for an amount of Facility Outstanding that the Borrower has repaid.

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	8.
	EARLY REPAYMENT AND CANCELLATION OF FACILITY

	8.1
	Illegality

If, in accordance with any applicable law, the granting of the Facility to the Borrower and/or participation in it becomes illegal for any Lender, then:
		8.1.1
	such Lender must notify the Facility Administrator and the Borrower as soon as it becomes aware of this;

		8.1.2
	any unfulfilled obligation of such Lender with respect to the Facility shall terminate on the date of the notification specified therein; and (or)

		8.1.3
	the Borrower shall repay the amount corresponding to the Proportional Share of such Lender in the Facility on the last day of the Interest Period in which a Lender became aware of the illegality of the participation in the Facility, or (if earlier) on the date specified by a Lender in the notification  specified in Clause 8.1.1, which cannot be earlier than the date established by law.

	8.2
	Change of Control

		8.2.1
	If there is a Change of Control:

		(A)
	the Borrower shall notify the Facility Administrator immediately after it becomes aware of this; and

		(B)
	if this is requested by the Majority Lenders, the Facility Administrator shall send a notification to the Borrower and demand immediate repayment of the entire amount of the Facility Outstanding with all accrued interest and other amounts payable by the Borrower, while the Borrower shall repay the amount of the Facility Outstanding in full in accordance with the demand specified in the Facility Administrator’s notification.

		8.2.2
	For the purposes of Clause 8.2.1, "Change of Control" means (with the exception of changes permitted in accordance with the Finance Documents, including as a result of a Permitted Payment) an event that results in the Headhunter Group's losing with respect to any Obligor:

		(A)
	its right (existing by virtue of direct or indirect participation in the charter capital of the legal entity, on the basis of a written agreement, by law or otherwise) to:

		(1)
	vote or control the voting with respect to no less than 100 percent of the maximum number of votes having the right to participate in voting at a general meeting of such Obligor; or

		(2)
	appoint or remove from office the person performing the functions of sole executive body of such Obligor or all members of any of the collective governance bodies of such Obligor; or

		(3)
	give binding instructions regarding the activities or financial policies of such Obligor; and/or

		(B)
	direct or indirect ownership of no less than 100 percent of the ordinary shares or participatory interests in the charter capital of such Obligor.

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	8.3
	Mandatory early repayment upon issue of Permitted Bonds

		8.3.1
	If:

		(A)
	there is Facility Outstanding under Tranche 2 at the time of placement of the Permitted Bonds; and

		(B)
	the amount of the Facility Outstanding under Tranche 2 and the aggregate par value of all placed Permitted Bonds exceeds RUB 5,000,000,000 (five billion),

the Borrower shall, on the Business Day on which the funds that it received as a result of the placement of the Permitted Bonds were transferred by the Underwriter from his special brokerage account to the Borrower’s settlement account or otherwise received by the Borrower, to pay the necessary amount towards early repayment of the Facility Outstanding under Tranche 2 so that the amount specified in subparagraph (B) above does not exceed RUB 5,000,000,000 (five billion).
	8.4
	Voluntary Early Repayment of Facility Outstanding

		8.4.1
	The Borrower is entitled, subject to giving the Facility Administrator at least 10 (ten) Business Days’ prior notice (unless a shorter period has been agreed with the Majority Lenders), to effect early repayment of the entire Facility Outstanding or any part thereof. The amount of the Facility Outstanding being repaid early must be at least RUB 50,000,000 (fifty million).

		8.4.2
	Partial early repayment of the Facility Outstanding shall reduce the obligation of the Borrower to repay the Facility Outstanding to each Lender rateably.

		8.4.3
	Any early payment by the Borrower pursuant to Clause 8.3.1 will be used to repay the Facility Outstanding, the payment of which is due in chronological order. Furthermore, the amount of such early payment shall be used to repay all Tranches in proportion to the amount of the next payment under each such Tranche.

		8.4.4
	Within 30 (thirty) days after the Facility Administrator has submitted a demand to a Borrower in accordance with Clause 13.1 (Additional Costs), the Borrower has the right, subject to giving the Facility Administrator at least 5 (Five) Business Days’ prior notice (unless a shorter period has been agreed with the Majority Lenders), to effect early repayment of the entire Facility Outstanding.  In this case, no Early Repayment Fee shall be charged.

	8.5
	Fee for Early Repayment of Facility Outstanding

		8.5.1
	In the event of early repayment of the Facility Outstanding or part thereof, the Borrower shall pay the Facility Administrator for subsequent distribution between the Lenders in proportion to their Proportional Shares a fee for the early repayment of the Facility Outstanding ("Early Repayment Fee"), the amount of which is determined in accordance with Clause 8.4.2.

		8.5.2
	The amount of the Early Repayment Fee shall be:

		(A)
	0.5% (zero point five percent) of the amount of early repayment of the Facility Outstanding under Tranche 2 in the event of early repayment using the funds received from the issue of the Permitted Bonds, in accordance with Clause 8.3 (Mandatory early repayment upon issue of Permitted Bonds) not later than 31 July 2021 (inclusive);

		(B)
	excluding early repayment of the Facility Outstanding under Tranche 2 in accordance with subparagraph (A) above, 2.0% (two percent) of the amount of early repayment of the Facility Outstanding in the event of early repayment during the period starting on the date of this Agreement and ending on the date falling 18 months after the date of  this Agreement (including such date);

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		(C)
	1.5% (one point five percent) of the amount of early repayment of the Facility Outstanding in the event of early repayment during the period starting on the date falling 18 months after the date of this Agreement (not including such date), and ending on the date falling 24 months after the date of this Agreement (including such date); and

		(D)
	1.0% (one percent) of the amount of early repayment of the Facility Outstanding in the event of early repayment during the period starting on the date falling 24 months after the date of this Agreement (not including such date), and ending on the date falling 36 months after the date of this Agreement (including such date).

		8.5.3
	In the event early repayment of the Facility Outstanding or part thereof is made after the expiry of 36 (thirty six) months since the date of this Agreement (not including such date), no Early Repayment Fee shall be charged.

	8.6
	Other provisions

		8.6.1
	The Borrower does not have the right to withdraw its notification regarding early repayment of the Facility Outstanding or part thereof. Such notification must specify the relevant repayment date and the amount of the Facility Outstanding repaid early.

		8.6.2
	If the Facility Administrator receives any notification under this Clause 8, it shall send a copy of this notification to the Party to which this notification is addressed on the same Business Day. The Facility Administrator must notify all Lenders of receipt of the relevant notification within no more than one Business Day from the date of receipt of this notification.

		8.6.3
	Whenever the Facility Outstanding is repaid early, the Borrower shall repay the Facility Outstanding along with all interest accrued on it as of the repayment date and other amounts owed by Borrower.

		8.6.4
	The Borrower does not have the right to repay the Facility Outstanding or any part thereof early, or to refuse to receive the Facility or part thereof, on terms not expressly contemplated by this Agreement.

		8.6.5
	The Borrower is not entitled to submit a Utilisation Request with respect to the amount of the Facility, which this Borrower has refused to receive, and also with respect to the amount of the Facility Outstanding that the Borrower repaid early.

	9.
	INTEREST

	9.1
	Interest calculation

The interest rate in respect of the Facility Outstanding for each Interest Period is an annual interest rate equal to the sum of:
		9.1.1
	the Margin; and

		9.1.2
	the Key Rate.

	9.2
	Margin revision

		9.2.1
	When any of the circumstances specified in this Clause 9.2.1 occur, the Margin with the Consent of the Majority Lenders shall increase by 0.5% (zero point five percent) per annum, starting from the first day of the Interest Period following the relevant Test Date (regarding which the Facility Administrator shall inform the Borrower in writing) if:

		(A)
	on any Test Date falling in 2020, the Leverage is more than 3.0:1; or

		(B)
	the Leverage is more than 2.5:1 on any following Test Date.

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		9.2.2
	Clause 9.2.1 shall remain effective until the first day of the Interest Period following a Test Date on which the Leverage is less than 2.5:1, provided the Facility Administrator has received confirmation that the Leverage is less than 2.5:1.

	9.3
	Interest Payment

The Borrower shall pay the Facility Administrator for the account of the Lenders interest on the Facility Outstanding on each Interest Payment Date.
	9.4
	Default Interest

		9.4.1
	If the Borrower fails to fulfil an obligation to pay any amount that it owes under the Finance Document within the prescribed period, default interest shall accrue on the overdue amount from the day, following the due date up to the date of actual payment (both before and after judgement).

		9.4.2
	Said default interest shall accrue in the amount of 2/365 of the interest rate, determined in accordance with Clause 9.1 (Interest calculation) subject to the provisions of Clause 9.2 (Margin revision), of the amount of overdue debt under the Financial Document for each day of delay.

		9.4.3
	Default interest accrued under this Clause 9.4 must be paid by the Borrower immediately upon the request of the Facility Administrator.

		9.4.4
	The Parties agree that payment by the Borrower of the default interest contemplated by this Clause 9.4 does not in any way restrict the Lenders’ rights to pursue any other legal remedies, including the right to seek indemnification from the Borrower for damages and expenses caused by the Borrower's delay to the extent not covered by the default interest.

		9.4.5
	For the avoidance of doubt, the Parties confirm that the default interest contemplated by this Clause 9.4 shall be paid by the Borrower in addition to and in excess of the interest contemplated by Clause 9.1 (Interest calculation) subject to the provisions of Clause 9.2 (Margin revision).

	9.5
	Notification of Key Rate

		9.5.1
	Subject to the provisions of Clause 9.5.4, the Key Rate in effect on each day of the Interest Period shall be used to calculate the accrued interest.

		9.5.2
	The Facility Administrator shall notify each Party on each Utilisation Date of the amount of the Key Rate in effect on the relevant Utilisation Date.

		9.5.3
	If the Key Rate changes after any given Utilisation Date, the new Key Rate shall become applicable for the purposes of determining the interest rate as per Clause 9.1 (Interest calculation) from the effective date of the modified Key Rate, of which the Facility Administrator shall notify the Parties no later than the Business Day following the effective date of the modified Key Rate.

		9.5.4
	Notwithstanding the provisions of Clause 9.5.3, if the effective date of the modified Key Rate falls on the last day of any Interest Period, the relevant modified Key Rate shall become applicable for the purposes of determining the interest rate as per Clause 9.1 (Interest calculation) from the first day of the next Interest Period.

	10.
	INTEREST PERIODS

		10.1.1
	The first Interest Period relating to Tranche 1 shall begin on the day following the Utilisation Date of Tranche 1 and end on the Interest Payment Date following the Utilisation Date of Tranche 1. Furthermore, if such Interest Payment Date comes earlier than 10 (ten) days after the Utilisation Date of Tranche 1, the first Interest Period relating to Tranche 1 shall end on the second Interest Payment Date which comes after the Utilisation Date of Tranche 1. Each subsequent Interest Period shall start on the day following the last day of the previous Interest Period, and end on the Interest Payment Date immediately following that day.

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		10.1.2
	The first Interest Period relating to Tranche 2 shall begin on the day following the Utilisation Date of Tranche 2 and end on the Interest Payment Date following the Utilisation Date of Tranche 2. Furthermore, if such Interest Payment Date comes earlier than 10 (ten) days after the Utilisation Date of Tranche 2, the first Interest Period relating to Tranche 2 shall end on the second Interest Payment Date which comes after the Utilisation Date of Tranche 2.

		10.1.3
	Starting from the Interest Period immediately following the end of the first Interest Period relating to Tranche 2:

		(A)
	the Facility Outstanding relating to Tranche 1 and the Facility Outstanding relating to Tranche 2 shall be combined into a single Facility Outstanding (hereinafter referred to as "Facility Outstanding on Tranches 1 and 2") for the purposes of determining the Interest Period;

		(B)
	the Interest Periods relating to Facility Outstanding on Tranches 1 and 2 shall be determined in accordance with Clause 10.1.1; and

		(C)
	the last Interest Period relating to Facility Outstanding on Tranches 1 and 2 shall end on the Final Repayment Date.

	11.
	FEES OF FINANCE PARTIES

	11.1
	Facility commitment Fee

		11.1.1
	The Borrower shall pay the Facility Administrator, for subsequent distribution among the Lenders in proportion to their Proportional Shares, a Facility commitment fee with respect to Tranche 2 at a rate of 0.30% (zero point three zero percent) of the Unused Available Commitment of Tranche 2 (excluding the Amount Payable).

		11.1.2
	Said Facility commitment fee shall be charged on the Unused Available Commitment of Tranche 2 for each day of the Tranche 2 Utilisation Period and shall be paid:

		(A)
	on each Interest Payment Date during such Utilisation Period; and

		(B)
	on the Interest Payment Date immediately following the last day of the Utilisation Period.

The amount of the Unused Available Commitment of Tranche 2  for the purpose of calculating the Facility commitment fee is subject to adjustment in accordance with the definition of the term "Available Commitment of Tranche 2" in Clause 1.1 (Terms) following the placement of the Permitted Bonds starting from the date following the date on which the Borrower notifies the Facility Administrator of the completed placement and the par value of the placed Permitted Bonds.
		11.1.3
	No Facility commitment fee shall be charged with respect to Tranche 1.

	11.2
	Facility Fee

The Borrower shall pay the Facility Administrator, for subsequent distribution among the Lenders in proportion to their Proportional Shares, a Facility fee in the amount of 0.5% (zero point five percent) of the Total Commitment no later than 10 Business Days after the date of this Agreement or after the first Utilisation Date, whichever occurs earlier.
	12.
	TAXES

	12.1
	Tax gross-up

		12.1.1
	No later than 3 (three) Business Days after an Obligor or Lender becomes aware that an Obligor must make a Tax Deduction (or that changes have been made to the Tax Deduction rate or base), the Borrower or Lender (as the case may be) shall notify the Facility Administrator, and the Borrower shall also ensure that the relevant notification is sent by the other Obligors. If the Facility Administrator

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receives such notification from the Lender, it must notify the relevant Obligor accordingly.
		12.1.2
	If, in accordance with the law, an Obligor must make a Tax Deduction in respect of any amount to be transferred to a Finance Party under the Finance Documents, the amount payable by an Obligor to a Finance Party shall be increased so that after the Tax Deduction the relevant Finance Party would receive the same amount that it would have received had such withholding in the form of the Tax Deduction not been required. However, an Obligor is not obliged to increase the amounts paid to the Finance Parties by the amount of the Tax Payment, if at the date of the relevant payment, any Finance Party ceased to be an Acceptable Lender for any reason not connected with a change in the law.

		12.1.3
	Within 30 (thirty) days after the Tax Deduction, the Borrower shall procure that it and other Obligors (as applicable) provide the Facility Administrator, for transfer to the relevant Finance Party, with evidence that is acceptable to that Finance Party confirming that the withheld amount of the Tax Deduction was transferred by an Obligor into the state budget in accordance with the requirements of applicable law.

	12.2
	Tax indemnity

		12.2.1
	Within 3 (three) Business Days after the Facility Administrator has submitted the relevant demand, an Obligor must pay to a Finance Party, which is not a Russian legal person, an amount equivalent to the Tax paid by a Finance Party, or the Tax that is payable in the opinion of that Finance Party, in connection with any Finance Document.

		12.2.2
	The provisions of paragraph 12.2.1 above shall not apply:

		(A)
	in respect of Taxes paid by a Finance Party:

		(1)
	as required by the law of the Russian Federation; or

		(2)
	in accordance with the law of the jurisdiction in which the lending division of that Finance Party that is connected with the amounts received or receivable in such jurisdiction is located,

if such Tax is levied or accrued on the basis of the net income received or receivable by such Finance Party; or
		(B)
	to the extent that costs related to the payment of Taxes shall be indemnified by increasing the payment amount in accordance with Clause 12.1 (Tax gross-up).

		12.2.3
	A Finance Party that is submitting or intends to submit a demand in accordance with Clause 12.2.1 shall immediately notify the Facility Administrator of the event that will become or has become the basis for submitting this demand, whereupon the Facility Administrator must notify the Borrower accordingly.

	12.3
	Tax Relief

If an Obligor makes a Tax Payment and the relevant Finance Party determines that:
		12.3.1
	a Tax Relief may be applied to an additional payment that includes such Tax Payment, to such Tax Payment or Tax Deduction which resulted in such Tax Payment being required; and

		12.3.2
	such Finance Party has received such Tax Relief,

such Finance Party shall transfer to such Obligor an amount that will leave such Finance Party (after making such payment) in the same after-Tax position that it would have been in had the Obligor not been required to make such Tax Payment.
	12.4
	Charges and duties

Within 3 (three) Business Days after receiving the relevant demand of the Finance Party, the Borrower shall procure that it, as well as other Obligors, indemnify this Finance Party for all
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its expenses incurred due to the payment of state and stamp duties, registration charges and all other similar Taxes payable in connection with any Finance Document.
	12.5
	Value Added Tax (VAT) and other taxes

In the cases contemplated by the Russian law on taxes and charges, the fees due to the Finance Parties shall be increased by the relevant amounts of VAT calculated at the applicable tax rate.
	13.
	ADDITIONAL COSTS

	13.1
	Additional Costs

		13.1.1
	Subject to Clause 13.3 (Exemptions), the Borrower shall, within 3 (three) Business Days of the expiration of 30 (thirty) days from when the relevant Facility Administrator submitted the relevant demand, pay the relevant Finance Party the Additional Costs incurred by such Finance Party for the period after the expiration of such thirty-day period due to any law being enacted, or law (or the practice of its interpretation or application) being amended after the date of this Agreement or due to a central bank or other competent authority imposing an obligation in the relevant jurisdiction for the Finance Parties to apply or comply with the standards established in Basel III.

		13.1.2
	In this Clause "Additional Costs" means:

		(A)
	additional costs or losses incurred by a Finance Party due to a reduction in any amounts received or receivable; or

		(B)
	any additional or increased costs or losses; or

		(C)
	expenses or losses related to the reduction of any amount payable by the Borrower in accordance with any Finance Document,

which any Finance Party incurs in connection with its being a Party to this Agreement.
		13.1.3
	For the avoidance of doubt, the Additional Costs under this Clause 13 shall be paid by the Borrower as a fee for the use of the Facility in addition to the interest and other amounts due from the Borrower.

	13.2
	Additional Cost Claims

A Finance Party that files a claim in accordance with this Clause 13 shall notify the Facility Administrator of the circumstances that formed the basis for such a claim and provide it with a reasonable calculation of the Additional Costs, whereupon the Facility Administrator shall notify the Borrower within 1 (one) Business Day and submit to it the calculation received from the Finance Party.
	13.3
	Exemptions

The provisions of this Clause 13 shall not apply if the Additional Costs:
		13.3.1
	shall be indemnified to a Finance Party in accordance with another Clause of the Agreement, or would be indemnified in the absence of exemptions from such Clause;

		13.3.2
	are caused by a Finance Party's willful non-compliance with the law; or

		13.3.3
	are caused by the application or compliance with the standards established in Basel II (as amended as of the date of this Agreement) or in the regulations of the Central Bank of the Russian Federation or in any other law by which the provisions of Basel II are implemented, except for the changes arising from Basel III.

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	14.
	OTHER INDEMNITIES

	14.1
	Currency indemnity

If any amount ("Amount") payable to a Finance Party by an Obligor in accordance with the Finance Documents or on the basis of a court, arbitrazh or arbitration court decision, has to be converted from the currency in which such amount is to be paid (the "First Currency") into another currency (the "Second Currency") or is to be calculated in the Second Currency, for the following purposes:
		14.1.1
	the filing of any claim against such Obligor; or

		14.1.2
	the enforcement of any judicial or arbitration award in any judicial, arbitrazh or arbitration proceedings,

the Borrower shall procure that it and other Obligors (as applicable), within 5 (five) Business Days from receipt of the relevant demand, indemnify each Finance Party to which such Amount is due, for the costs arising as a result of such conversion, including the difference between:
		(A)
	the exchange rate used to convert said Amount from the First Currency into the Second Currency, and

		(B)
	the exchange rate available to that person at the time it received the Amount.

	14.2
	Other indemnities

Within 10 (ten) Business Days from receipt of the relevant demand, the Borrower shall indemnify each Finance Party for the amount of all documented costs incurred by the respective Finance Party:
		14.2.1
	as a result of an Event of Default; or

		14.2.2
	(if such costs are incurred through no fault of a Finance Party or do not result from a Finance Party's negligence, with the exception of circumstances beyond the control of a Finance Party (not including the imposition of international sanctions)) as a result of:

		(A)
	the inability to grant the Facility to the Borrower in accordance with a Utilisation Request due to any provisions of this Agreement; or

		(B)
	the Borrower's inability to effect early repayment of the Facility Outstanding or part thereof, despite a notification of early repayment having been submitted to the Facility Administrator.

	14.3
	Indemnity to the Facility Administrator

The Borrower shall indemnify the Facility Administrator for all documented costs incurred by the Facility Administrator due to:
		14.3.1
	an investigation of any event that the Facility Administrator has reason to believe is a Default; or

		14.3.2
	actions being taken on the basis of any notification or order of any Finance Party in accordance with this Agreement, which the Facility Administrator has reason to believe are subject to execution.

Furthermore, such costs are subject to prior agreement with the Borrower, with the exception of Events of Default.
	14.4
	Indemnity to the Pledge Manager

		14.4.1
	The Borrower shall indemnify the Pledge Manager for all documented costs incurred by the Pledge Manager due to action it takes to:

(A) protect the Finance Parties' rights under the Pledges; and/or
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(B) protect the property pledged to the Lenders under the respective Pledges, and   to foreclose on it.
		14.4.2
	The Pledge Manager may, on a priority basis, recover its costs out of the value of the property pledged to the Lenders under the respective Pledges.

	14.5
	Transaction Costs

		14.5.1
	The Borrower shall, within 10 (ten) Business Days after receipt of the relevant demand, pay the Facility Administrator and the Arranger the amount of all documented costs that are previously agreed with the Borrower in writing or by email (including fees of legal consultants) that were incurred in connection with the preparation and execution of this Agreement and other Finance Documents.

		14.5.2
	The Borrower's duty to pay legal consultant fees will be considered fulfilled if, prior to the first Utilisation Date, a member of the Group pays the relevant fees (in the amount pre-agreed in writing or by email by the Facility Administrator, the Borrower and the legal consultant of the Facility Administrator) directly to the legal consultant of the Facility Administrator.

		14.5.3
	The Borrower shall bear in full all costs associated with the registration of the Security Agreements in accordance with the requirements of applicable law.

	14.6
	Amendment Costs

If, at the initiative of the Obligor or in accordance with the requirements of applicable law, changes need to be made to the Finance Documents or the consent of the Lenders for any action or omission needs to be obtained, the Borrower shall, within 10 (ten) Business Days after receiving the relevant demand, indemnify the Facility Administrator for all documented costs pre-agreed with the Borrower in writing or by email (including legal and other consultant fees) incurred by the Facility Administrator in  agreeing and making the relevant changes to the Finance Documents and (or) obtaining the consent of the Lenders.
	14.7
	Enforcement Costs

Within 10 (ten) Business Days after receipt of the relevant demand of the Facility Administrator, the Borrower shall indemnify each Finance Party for all documented costs (including legal and other consultant fees) incurred by the relevant Finance Party in connection with the enforcement of any Finance Document or the protection of their rights under the Finance Documents.
	15.
	MITIGATION BY THE FINANCE PARTIES

Each Finance Party shall, after consulting with the Borrower, take all reasonable steps to reduce potential negative consequences for the Borrower, which may result in a certain amount becoming payable or to its payment to the Borrower being annulled under Clauses 8.1 (Illegality), 12 (Taxes) and 14 (Other Indemnities).
	16.
	REPRESENTATIONS

	16.1
	Representations

The representations set forth in this Clause 16 are given by the Borrower to each Finance Party with regard to itself and, if applicable, with respect to each Obligor and Pledgor. Each Finance Party relies on such representations of the Borrower, and their reliability is essential for the Finance Parties to enter into and perform this Agreement.
	16.2
	Status

		16.2.1
	Each Obligor and each Pledgor is a legal entity duly incorporated and operating lawfully in accordance with applicable law.

		16.2.2
	Each Obligor and each Pledgor has the power to own its assets and carries on its business in accordance with applicable law.

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	16.3
	Legal capacity and authority

		16.3.1
	Each Obligor and each Pledgor has legal capacity and authority to enter into and perform the Finance Documents (to which it is party) and the transactions contemplated thereby, and has received all necessary approvals for entry into and performance of the Finance Documents in the manner prescribed by law and its constitutional and other internal documents, including approval of the transactions contemplated by the Finance Documents as a major transaction and an interested-party transaction.

		16.3.2
	The person acting on behalf of each Obligor and each Pledgor has the authority to enter into the Finance Documents to which the relevant Obligor is party.

	16.4
	Binding obligations

		16.4.1
	Subject to the requirements for registration of the Finance Documents as specified in Clause 16.9 (Registration Requirements), each Finance Document to which the Obligor or Pledgor is party constitutes its legal, valid, binding and enforceable obligation.

		16.4.2
	Each Finance Document to which any of the Obligors or Pledgors is party is drawn up in a form that ensures that is can be enforced in the Russian Federation and in the Republic of Cyprus.

	16.5
	Non-conflict

The entry into and performance by each Obligor and each Pledgor of the Finance Documents to which they are party, and the transactions contemplated thereby does not conflict with:
		16.5.1
	any applicable law;

		16.5.2
	its constitutional and other internal documents;

		16.5.3
	any decisions of its management bodies; and

		16.5.4
	any other documents or agreements that are binding on it.

	16.6
	Compliance with law

		16.6.1
	The business activities of each Obligor are carried out in accordance with applicable law in all aspects viewed as materially significant.

		16.6.2
	Each Obligor has promptly submitted tax returns.

		16.6.3
	With respect to each Obligor:

		(A)
	there is no decision and (or) demand of a tax authority to pay Tax, which has not been executed within the period specified by such decision and (or) demand and (or) the applicable law; or

		(B)
	if the above decision and (or) demand of a tax authority is contested in court: there is no court decision that has come into legal force regarding the need to execute the above decision and (or) demand, which has not been executed within the period specified by such court decision and (or) the applicable law.

	16.7
	No Default

		16.7.1
	There neither is nor will be a Default as a result of the entry into or performance by each Obligor and each Pledgor of the Finance Documents or the transactions contemplated thereby.

		16.7.2
	There are no other events or circumstances constituting default under any document that is binding on any Obligor or Pledgor or which imposes restrictions on the disposal of their property and which have or are reasonably likely to have a Material Adverse Effect.

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	16.8
	Authorisations

As of the date of this Agreement, each Obligor and each Pledgor have received all authorisations and consents required in connection with entry into, performance, ensuring the validity of, and possibility of enforcing, each Finance Document to which it is party and the transactions contemplated thereby and such authorisations and consents remain in full force and effect.
	16.9
	Registration Requirements

No notarial actions are required in connection with any Finance Document or registration of any Finance Document, including in any state bodies or institutions, except for:
		16.9.1
	notarisation of the Borrower Participatory Interest Pledge and making the relevant entry in the Unified State Register of Legal Entities of the Russian Federation;

		16.9.2
	registration of the Borrower Participatory Interest Pledge in accordance with the laws of the Republic of Cyprus in the Register of Companies and entering information about it in the internal register of pledges of Headhunter FSU; and

		16.9.3
	entering information about the Pledge of Headhunter FSU (Headhunter Group) Shares in the internal register of pledges of Headhunter Group.

	16.10
	Financial Statements

		16.10.1
	The most recent financial statements of the Group (and each member of the Group) provided to the Facility Administrator:

		(A)
	have been prepared in accordance with Applicable Reporting Standards; and

		(B)
	in all material respects reliably reflect its financial position (if applicable, on a consolidated basis) as of the date of their preparation,

except where such financial statements indicate otherwise.
		16.10.2
	From the date on which the financial statements indicated in Clause 16.10.1 were drawn up, there have not been any events that could have a Material Adverse Effect, and for the purposes of this paragraph, Material Adverse Effect is understood to mean in the opinion of the Majority Lenders a material adverse effect on:

		(A)
	the financial condition of the Group as a whole, in the event that the Group as a whole, as a result of the occurrence of such an event, incurs actual damage in an amount exceeding RUB 50,000,000 (or its equivalent in another currency);

		(B)
	the Obligors' and Pledgors' ability to perform their obligations under any Finance Document;

		(C)
	the validity or ranking of the security that is provided or should be provided under any Finance Document or its enforceability; or

		(D)
	the validity of the Finance Documents or the possibility of exercising the rights of the Finance Parties contemplated by each relevant Finance Document.

	16.11
	Court Proceedings

		16.11.1
	With the exception of the court, administrative, arbitrazh or arbitration proceedings disclosed by the Borrower to the Facility Administrator in accordance with Clause 17.4 (Information: miscellaneous), no court, arbitration or administrative proceedings have been instituted against the Obligors or are expected to be instituted against the Obligors as far as the Borrower is aware:

		(A)
	in which the claim or demand exceeds RUB 50,000,000 (or the equivalent of this amount in another currency);

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		(B)
	within the framework of which decisions have been taken or are highly likely to be taken, as a result of which the actual damage to the Group will amount to over RUB 50,000,000 (or the equivalent of this amount in another currency); or

		(C)
	in the event not falling under subparagraphs (A) or (B) above, as a result of which an unfavourable decision has been taken or, to the best of the Borrower’s knowledge, is highly likely to be taken, that could have a Material Adverse Effect.

		16.11.2
	With the exception of the actions disclosed by the Borrower to the Facility Administrator in accordance with Clause 17.4 (Information: miscellaneous), no investigative actions provided for by applicable law are being taken in respect of the Obligors as a result of which unfavourable decisions have been taken or are highly likely to be taken, that could have a Material Adverse Effect.

	16.12
	Information

		16.12.1
	All factual information, which is material in the opinion of the Facility Administrator, provided by any Obligor or Pledgor to the Finance Parties in connection with the Finance Documents to which it is party, is true and accurate as of the date of its provision or (as the case may be) as of the date (if any) which is indicated as the date of its provision.

		16.12.2
	None of the Obligors or Pledgors has withheld information which, if disclosed, would result in any other information indicated in Clause 16.12.1 becoming materially untrue or misleading in the opinion of the Facility Administrator.

		16.12.3
	As of the date of this Agreement and on the first Utilisation Date from the date of provision of the information defined in Clause 16.12.1, there were no circumstances that, if disclosed, would result in the provided information becoming untrue or misleading in the opinion of the Facility Administrator.

	16.13
	Ranking of Security

The security established by each Pledge is security which the Pledge Manager has the right to enforce, with the Consent of the Majority Lenders, as a matter of priority. Third parties do not have any rights (claims) or other rights with respect to the property and assets of the Pledgors, which are the subject of the Pledges.
	16.14
	Granted loans

None of the Obligors has granted loans to third parties that are not Obligors, with the exception of the Permitted Loans.
	16.15
	Charges and duties

As of the date of this Agreement, payment of any state duties or registration fees or taxes or charges in connection with the Finance Documents is not required, except for:
		16.15.1
	fees for notarial acts in respect of the Borrower Participatory Interest Pledge; and

		16.15.2
	charges and duties for registering the Pledges, including payment of stamp duty in respect of Finance Documents in Cyprus.

	16.16
	Regulated Procurements

As of the date of the Finance Documents, the provisions of the Regulated Procurement Law do not apply to the entry into and performance of the Finance Documents by the Borrower and Zemenik. However, the Borrower does not make this representation with respect to the application of the Regulated Procurement Law to any Finance Party.
	16.17
	Moratorium on bankruptcy

The Borrower:
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		16.17.1
	is not engaged in (and as of 1 March 2020 was not engaged in) activities referred to in the list approved by Russian Federation Government Resolution No. 434 dated 3 April 2020 of Russian economic sectors that have been most affected by the spread of the novel coronavirus infection;

		16.17.2
	does not figure on the list of strategic enterprises and strategic joint-stock companies that was approved by Russian Federation Presidential Decree No. 1009 of 4 August 2004;

		16.17.3
	is not a systemically important company and does not figure on any of the lists of systemically important companies that was approved by the Government Commission on Enhancing the Stable Development of the Russian Economy; and

		16.17.4
	is not subject to a moratorium on the initiation of bankruptcy proceedings under the Bankruptcy Law.

	16.18
	Times when representations made

		16.18.1
	The representations set forth in this Clause 16 are given by the Borrower on the date of this Agreement.

		16.18.2
	The Borrower shall ensure that all the representations set forth in this Clause 16 remain true, as if they were given by the Borrower in the same form:

		(A)
	on the date of each Utilisation Request;

		(B)
	on each Utilisation Date; and

		(C)
	on the first day of each Interest Period.

	17.
	INFORMATION UNDERTAKINGS

	17.1
	Financial Statements

		17.1.1
	The Borrower shall provide the Facility Administrator with a sufficient number of certified copies of the following for all Lenders:

		(A)
	as soon as they are available, but in any case within 120 (one hundred and twenty) days from the end of each financial year: the audited consolidated financial statements of the Group for that financial year prepared in accordance with IFRS;

		(B)
	as soon as they are available, but in any case within 90 (ninety) days from the end of the first financial half-year of each financial year: the Group's reviewed interim consolidated financial statements for the second quarter and the first financial half-year, prepared in accordance with IFRS;

		(C)
	as soon as they are available, but in any case within 60 (sixty) days from the end of the first and third financial quarters of each financial year: the interim consolidated financial statements of the Group for such financial quarter of the relevant financial year prepared in accordance with IFRS;

		(D)
	as soon as they are available, but in any case within 40 (forty) days from the end of each quarter of the relevant financial year: the financial statements (including the profit and loss statements, balance sheet and cash flow statement) of the Borrower and Zemenik for such quarter of the relevant financial year prepared in accordance with RAS; and

		(E)
	as soon as they are available, but in any case within 180 (one hundred and eighty) days of the end of each financial year: the unconsolidated financial statements of Obligors registered outside the Russian Federation for such financial year, prepared according to applicable local accountancy standards.

		17.1.2
	The Borrower's duty to provide the financial statements referred to in Clauses 17.1.1(A)-(C) may also be performed by making those financial statements publicly available:

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		(A)
	on the Group's Internet website at https://investor.hh.ru/investors/sec-filings; or

		(B)
	on the Internet website of the Nasdaq Stock Exchange at https://www.nasdaq.com/market-activity/stocks/hhr/sec-filings; or

		(C)
	on the online Electronic Data Gathering, Analysis, and Retrieval System (EDGAR) of the U.S. Securities and Exchange Commission at https://www.sec.gov/edgar/searchedgar/companysearch.html,

provided that:
		(1)
	regarding the financial statements referred to in Clause 17.1.1(A), within the time referred to in Clause 17.1.1(A):

		(a)
	the Borrower has provided the Facility Administrator with an Auditor's opinion on said financial statements; and

		(b)
	The Facility Administrator has actually obtained access to said financial statements in full on the above Internet websites; and

		(2)
	regarding the financial statements referred to in Clauses 17.1.1(B) and (C) the Facility Administrator has actually obtained access to said financial statements in full on the above Internet websites within the time referred to in Clauses 17.1.1(B) and (C).

	17.2
	Compliance certificate

		17.2.1
	The Borrower shall provide the Facility Administrator with the certificate of compliance with the following financial indicators:

		(A)
	with each set of financial statements provided in accordance with Clauses 17.1.1(A)–(C): the financial indicators specified in Clause 18.3 (Leverage), 18.4 (Interest cover) and 18.5 (Guarantors' Cover Ratio);

		(B)
	with each set of financial statements provided in accordance with Clause 17.1.1(D): the financial indicators specified in Clause 18.6 (Revenue in accordance with RAS) и 18.7 (Cash receipts);

		(C)
	with each set of financial statements provided in accordance with Clause 17.1.1(D) for the second and fourth financial quarters: the financial indicators specified in Clause 18.8.1 (Net assets); and

		(D)
	with each set of annual financial statements provided in accordance with Clause 17.1.1(E): the financial indicators specified in Clause 18.8.2 (Net assets),

along with the calculation proving that the Borrower complies with the financial  indicators based on such financial statements as of the date of preparation of such financial statements.
		17.2.2
	Compliance certificate on the basis of the statements prepared in accordance with IFRS must be in the form provided in Part A (Form of Compliance Certificate on the basis of IFRS) of Schedule 5 (Forms of Compliance Certificates), signed by the Borrower's authorised person and, if the certificate is provided with the set of statements provided in accordance with Clauses 17.1.1(A) and (B), shall be accompanied by the opinion of the Group Auditors in a form agreed by the Borrower, the Facility Administrator and the Group Auditors.

		17.2.3
	Compliance certificate on the basis of statements prepared in accordance with RAS must be in the form provided in Part B (Form of Compliance Certificate on the basis of RAS) of Schedule 5 (Forms of Compliance Certificates) and signed by an authorised person of the Borrower.

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	17.3
	Requirements for Financial Statements

The Borrower shall procure that each set of financial statements provided in accordance with Clause 17.1 (Financial Statements), is prepared using the same accounting principles and reporting periods used to prepare the Group’s last financial statements. If any Obligor notifies the Facility Administrator of changes in accounting principles or reporting periods, the Borrower shall procure that the Borrower's Auditors and the auditors of the relevant Obligor provide the Facility Administrator with the following:
		17.3.1
	a description of the changes to be made to the relevant financial statements to reflect the changes made to the accounting principles and reporting periods that were used in the preparation of the Original Financial Statements of the Group or such Obligor; and

		17.3.2
	information in a form and content that meets the requirements of the Facility Administrator and is sufficient to enable Lenders to verify that the Borrowers have met the requirements of Clause 18 (Financial Covenants) and to adequately assess the Obligor’s financial condition based on current financial statements compared to this Obligor’s Original Financial Statements.

	17.4
	Information: miscellaneous

The Borrower shall provide the Facility Administrator with the following:
		17.4.1
	at the same time as they are dispatched to their addressees, copies of all documents dispatched by it to all its lenders, or in connection with circumstances that constitute a Material Adverse Effect, to all its members;

		17.4.2
	details of any court, arbitrazh, arbitration or administrative proceedings, as a result of which decisions have been taken or are highly likely to be taken, resulting in actual damage to the Group of:

		(A)
	over RUB 50,000,000 (or the equivalent of this amount in another currency), but less than 2.5% (two point five percent) of the Consolidated EBITDA: no later than 5 (five) Business Days following the end of the next calendar quarter;

		(B)
	over 2.5% (two point five percent) of the Consolidated EBITDA: promptly upon becoming aware of it, but no later than 5 (five) Business Days from the date it becomes aware of it;

		17.4.3
	promptly upon becoming aware of it, but no later than 5 (five) Business Days from the date it becomes aware of this: details of any investigative actions related to the Group or any member of the Group (including with respect to the executive or other management bodies of the Group or any member of the Group or any member of such a management body);

		17.4.4
	(without limiting Clause 26.2.5) promptly upon becoming aware of it, but no later than twenty (20) Business Days from the date it becomes aware of this or from the date of state registration (if applicable), depending on which of these events occurred later: notification regarding a change of location or postal address of the Borrower or any other Obligor or Pledgor; and

		17.4.5
	immediately upon request, but no later than 5 (five) days from the date of the request: such additional information regarding the finance position and business activities of any member of the Group that the Facility Administrator may require in the interests of any Finance Party.

	17.5
	Auditors

The Borrower shall not change its Auditors without the consent of the Majority Lenders, with the exception of those Auditors in relation to the financial statements of the Group and its members prepared in accordance with IFRS, approved or authorised in accordance with this Agreement.
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	17.6
	Notification of Default

		17.6.1
	The Borrower shall notify the Facility Administrator of any Default (and measures, if any, to remedy such Default) immediately after it becomes aware of this.

		17.6.2
	At the request of the Facility Administrator, the Borrower shall provide the Facility Administrator with a statement signed by the sole executive body or an authorised representative of the Borrower certifying that the Default was remedied, or, if the Default is continuing, detailing the measures being taken to remedy it.

	17.7
	"Know your customer" checks

		17.7.1
	If as a result of:

		(A)
	any changes in any applicable law after the date of this Agreement;

		(B)
	changes in the legal form of the Borrower or any Obligor or Pledgor, or changes in the composition of its shareholders or members (owning more than two percent of the voting shares or participatory interests respectively after the date of this Agreement); or

		(C)
	the assignment or transfer by any Lender of all or part of its rights and obligations under this Agreement to a party that was not a Lender before such assignment or transfer, or the replacement of any other Finance Party in accordance with this Agreement, or other change of the Parties to this Agreement,

the Facility Administrator, Lender or any other Finance Party (or in the case of paragraph 0 above, a possible new party), as required by the law applicable to them, shall have an obligation to comply with "know your customer" or similar identification procedures, in circumstances where the necessary information was not previously provided by the Borrower, the Borrower shall provide the Facility Administrator (acting on its own behalf, on behalf of the relevant Finance Party or on behalf of a potential new party) with the information and documents required for the Facility Administrator, relevant Finance Party or possible new party to comply with the applicable "know your customer" checks.
		17.7.2
	Each Finance Party shall provide the Facility Administrator with the information and documents required for the Facility Administrator to comply with the applicable "know your customer" checks.

	17.8
	Designated purpose of funds

The Borrower shall, no later than 10 (ten) Business Days after each Tranche 2 Utilisation Date, provide the Facility Administrator with copies of documents certified by the Borrower confirming that the Facility was used in accordance with Clause 3.2.
	18.
	FINANCIAL COVENANTS

	18.1
	Financial definitions

In this Clause 18:
"Assets" means the assets of the Group, including:
(a)long-term tangible assets;
(b)intangible assets (excluding goodwill)
(c)Cash: and
(d)Cash Equivalents.
Furthermore, the Cash and Cash Equivalents of each Subsidiary owned by Zemenik, Headhunter FSU or the Borrower shall be recorded for the purposes of Clause 18.5 (Guarantors' Cover Ratio) if, as of the relevant Test Date, the following conditions have been met:
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		(i)
	an authorised body of such Subsidiary has taken a corporate decision (acceptable to the Facility Administrator) on the transfer of such Cash in favour of Zemenik, Headhunter FSU or the Borrower;

		(ii)
	such transfer of funds must take place no later than ninety (90) days from the Test Date;

		(iii)
	the financial statements of such Subsidiary are consolidated with the financial statements of the Group in accordance with IFRS in the relevant period of time using the direct method of consolidation; and

		(iv)
	the applicable law does not prohibit the transfer of Cash by the relevant Subsidiary to the Holding Company as dividends or otherwise.

For the purposes of Clause 18.5 (Guarantors' Cover Ratio), if all of the above conditions are met, such Cash shall be recorded as belonging not to a Subsidiary of Zemenik, Headhunter FSU or the Borrower, but directly to Zemenik, Headhunter FSU or the Borrower in proportion to its participation in the charter capital of such Subsidiary.
"Cash Receipts" means the cash receipts received by the Group from Clients within the preceding 12 (months), determined on the basis of the financial statements provided in accordance with Clause 17.1.1(D).
"Clients" means private individuals and legal persons, as well as individual entrepreneurs who have paid or are due to pay for the key services of the Borrower (access to the CV database and publication of vacancies) in accordance with agreements with the Borrower, including those concluded following the acceptance of an offer on the Obligors' Websites.
"Consolidated Net Debt" means, for any Test Period, the aggregate amount of the Financial Indebtedness of the Group (excluding any debts of a member of the Group to other members of the Group) net of Cash and Cash Equivalents of the Group in accordance with the Group’s consolidated financial statements prepared in accordance with IFRS, on the last day of such Test Period.
"Group Consolidated Net Profit" means the Group’s consolidated net profit determined on the last reporting date, i.e. (depending on the date on which it is determined):
		(a)
	at the end of the financial year or financial half-year of the financial year, in accordance with the Group's financial statements for the relevant financial year or first financial half-year of the relevant financial year, prepared in accordance with IFRS, provided to the Facility Administrator in accordance with Clauses 17.1.1(A) or (B); or

		(b)
	at the end of the first or third financial quarter, based on the relevant financial statements of the Group provided to the Facility Administrator in accordance with Clause 17.1.1(C).

"Interest Amount" means the interest accrued on the entire Financial Indebtedness of the Group (with respect to interest under lease agreements: to the extent that this indicator would have been recorded in IFRS statements before the introduction of IFRS 16).
	18.2
	Interpretation

		18.2.1
	Unless otherwise specified herein, the accountancy terms used in this Clause 18 shall be interpreted according to the IFRS as amended on the relevant date.

		18.2.2
	For the purpose of this Clause 18, any amount not denominated in Roubles shall be recorded in the rouble equivalent calculated on the basis of the exchange rates used by the Borrower in its financial statements for the relevant reporting period, on the basis of which the financial indicators are calculated.

		18.2.3
	When making calculations in accordance with this Clause 18, no indicator can be taken into account more than once.

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		18.2.4
	Unless otherwise contemplated by this Agreement, the indicators specified in this Clause 18 shall be checked in respect of each Test Period on the appropriate Test Date on the basis of any statements provided in accordance with Clause 17.1.1.

	18.3
	Leverage

The Borrower must ensure that on each Test Date, the ratio of Consolidated Net Debt to Consolidated EBITDA (the "Leverage") is not more than:
		18.3.1
	3.5:1 as of each Test Date falling in 2020; and

		18.3.2
	3.0:1 as of each subsequent Test Date.

	18.4
	Interest cover

The Borrower must ensure that on each Test Date, the ratio of Consolidated EBITDA to the Interest Amount (the "Interest Cover") is at least 2.5:1.
	18.5
	Guarantors' Cover Ratio

If, as of any Test Date, the Obligors in total account for:
		18.5.1
	less than 80% (eighty percent) of the Consolidated EBITDA; or

		18.5.2
	less than 80 (eighty) percent of the Group Revenue; or

		18.5.3
	less than 70 (seventy) percent of the Group Assets,

the Borrower shall procure the conclusion (issue), on terms acceptable to the Facility Administrator, of:
		(A)
	an additional independent guarantee, including an agreement to issue it ("Additional Independent Guarantee") by a legal entity acceptable to the Facility Administrator ("Additional Guarantor"), within 30 (thirty) days of the relevant Test Date; and

		(B)
	a pledge of 100% of the shares or participatory interests in the charter capital of such Additional Guarantor that are owned by any Pledgor or Group member ("Additional Pledge") within sixty (60) days of the relevant Test Date.

	18.6
	Revenue in accordance with RAS

The Borrower shall ensure that, as of each Test Date, the aggregate Revenue of the Borrower (excluding the revenue of Subsidiaries acquired or sold during the last 12 months and without double counting) for the 4 (four) previous financial quarters, determined on the basis of the Borrower's financial statements in accordance with RAS, provided in accordance with Clause 17.1.1(D), amounts to at least:
		18.6.1
	80% (eighty percent) as of each Test Date falling at the end of the second, third, and fourth quarters of 2020 and the end of the first and second quarters of 2021; and

		18.6.2
	95% (ninety five percent) as of each subsequent Test Date,

of the Borrower's Revenue determined as of the same date of the previous year based on the Borrower's financial statements prepared in accordance with RAS, provided in accordance with Clause 17.1.1(D).
	18.7
	Cash receipts

The Borrower shall ensure that, as of each Test Date, starting from the Test Date for the financial quarter following the financial quarter in which the first Utilisation Date falls, any reduction in Cash Receipts for the 4 (four) preceding financial quarters is no more than:
		18.7.1
	30% (thirty percent) as of each Test Date falling at the end of the second, third, and fourth quarters of 2020 and the end of the first and second quarters of 2021; and

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		18.7.2
	5% (five percent) as of each subsequent Test Date,

compared with the Cash Receipts determined as of the same date of the previous year.
	18.8
	Net assets

The Borrower shall ensure that:
		18.8.1
	as of the end of the second financial quarter of each financial year, and as of the end of each financial year, the net assets of each Obligor registered in the Russian Federation determined on the basis of the financial statements provided under Clause 17.1.1(D),

		18.8.2
	at the end of each financial year, the amount of the net assets of each other Obligor determined on the basis of the financial statements provided in accordance with Clause 17.1.1(E),

are positive.
	19.
	GENERAL UNDERTAKINGS

	19.1
	Authorisations and corporate approvals

		19.1.1
	The Borrower shall, and shall procure that each Obligor shall, duly receive, ensure the validity of, and comply with the conditions of, any authorisations, consents and corporate approvals required under any applicable law to fulfil its obligations under the Finance Documents to which it is party, and to ensure that the Finance Documents can be used as evidence in arbitration proceedings, in the courts of the Russian Federation, including arbitrazh courts, and in the courts of Cyprus.

		19.1.2
	The Borrower shall, and shall procure that each Obligor shall, duly receive the necessary state and municipal permits, consents, licenses and patents, as well as membership in self-regulatory organisations, required by any applicable law for the conduct of business activities of the Obligor in the form in which it is conducted, as well as ensure their validity and comply with their conditions.

	19.2
	Negative Pledge

The Borrower shall, and shall procure that each Obligor shall, not create or allow the creation of any Encumbrances in relation to its assets without the prior written consent of the Facility Administrator, except for:
		19.2.1
	an Encumbrance in relation to assets (except those specified in Clause 19.2.4, but without double counting), whose aggregate book value does not exceed 10% (ten percent) of the Consolidated EBITDA at any time;

		19.2.2
	an Encumbrance arising under the Pledges;

		19.2.3
	an Encumbrance existing under Existing Pledges; and

		19.2.4
	an Encumbrance arising as required by law in the normal course of business.

	19.3
	Asset Disposal

		19.3.1
	The Borrower shall not sell, lease or otherwise dispose of any of its assets or property without the prior written consent of the Facility Administrator, and shall procure that any Obligor does not sell, lease, or otherwise dispose of any of its assets or property without the prior written consent of the Facility Administrator, except:

		(A)
	the disposal of assets or property in the normal course of business;

		(B)
	the disposal of assets or property of the Group’s members totalling an amount, at book or market value (depending on which amount is greater), obtained as a result of one or several transactions made during each

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successive 12 (twelve) months, not exceeding 10% (ten percent) of the Consolidated EBITDA;
		(C)
	the disposal of shares or participatory interests in the charter capital of a member of the Group that is not an Obligor, provided that:

		(1)
	such disposal is carried out on market terms;

		(2)
	after such disposal the Debt Ratio will not exceed 2.0:1;

		(3)
	the sale of the Group Member subject to Disposal will not entail a breach of the obligations under Clause 18 (Financial Covenants); and

		(4)
	no later than 5 (five) Business Days prior to the disposal of the Group Member subject to Disposal, the Borrower shall notify the Facility Administrator of the upcoming disposal, and provide the Facility Administrator with a certificate confirming that all the conditions specified in paragraphs (2) and (3) above have been met.

		19.3.2
	For the purposes of Clause 19.3.1:

"Funds of the Group" means the Cash and Cash Equivalents owned by the Group.
"Funds of the Group Member subject to Disposal" means the Cash and Cash Equivalents owned by the Group Member subject to Disposal.
"Group Member subject to Disposal" means a member of the Group who is not an Obligor, whose shares or participatory interests in the charter capital are subject to disposal.
"Debt Ratio" means the ratio of Net Debt Amount to EBITDA.
"Purchase Price" means the funds actually received by the member of the Group from the sale of the Group Member subject to Disposal.
"Distribution" means the amount of funds payable to Headhunter Group shareholders from the disposal of the Group Member subject to Disposal.
"Amount of Funds" means the amount obtained by calculating the difference between: (i) the Funds of the Group, and (ii) the amount of Funds of the Group Member subject to Disposal and the Distribution, and adding the Purchase Price to the difference.
"Net Debt Amount" means the difference between (i) the Financial Indebtedness of the Group (including the Financial Indebtedness of the Group to the Group Member subject to Disposal, recognised after the disposal of the Group Member subject to Disposal) and (ii) the Financial Indebtedness of the Group Member subject to Disposal (excluding the Financial Indebtedness of the Group Member subject to Disposal to other members of the Group) and the Amount of Funds.
"EBITDA" means the difference between Consolidated EBITDA and EBITDA of the Group Member subject to Disposal.
	19.4
	Acquisition of assets

The Borrower shall not acquire any assets without the prior written consent of the Facility Administrator, and shall procure that none of the Obligors acquire any assets without the prior written consent of the Facility Administrator, except for the acquisition of assets, including shares and participatory interests in the share capital and charter capital of third parties (as well as other instruments that can be converted into shares or participatory interests in the share capital or charter capital of third parties):
		19.4.1
	in the ordinary course of business;

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		19.4.2
	by a member of the Group for a total amount paid by such member of the Group, as a result of one or several asset acquisitions made during each successive 12 (twelve) months, not exceeding 50% (fifty percent) of the Consolidated EBITDA;

		19.4.3
	acquired using Permitted Financial Indebtedness.

	19.5
	Arm’s length basis

		19.5.1
	The Borrower may not enter into transactions with any persons except on arm's length terms, and the Borrower shall procure that none of the Obligors enter into transactions with other persons except on arm's length terms.

		19.5.2
	Clause 19.5.1 does not apply to transactions with other Obligors.

	19.6
	Lending

With the exception of the Permitted Loans, the Borrower shall not act as a lender in respect of any Financial Indebtedness without the prior written consent of the Facility Administrator, and shall procure that none of the Obligors act as a lender in respect of any Financial Indebtedness without the prior written consent of the Facility Administrator.
	19.7
	Providing guarantees and sureties

		19.7.1
	The Borrower shall not act as a guarantor or surety in respect of the obligations of any person without the prior written consent of the Facility Administrator, and shall procure that none of the Obligors act as a guarantor or surety in respect of the obligations of any person without the prior written consent of the Facility Administrator.

		19.7.2
	The provisions of Clause 19.7.1 above shall not apply:

		(A)
	when such guarantee or surety secures the performance of the obligations of another member of the Group that were created within the framework of Permitted Financial Indebtedness;

		(B)
	to any Placement Indemnity on condition that Headhunter Group provides the Facility Administrator, within 15 (fifteen) Business Days after provision of the Placement Indemnity, with a certified extract from the document(s) containing the Placement Indemnity, and that if modifications are made to the Placement Indemnity, it provides the Facility Administrator, within 15 (fifteen) Business Days after such modifications have been made, with a certified extract from the document containing such modifications. Said extract shall contain all the terms of the Placement Indemnity, including any modifications and supplements; or

		(C)
	when such guarantee (including an unlimited indemnity) or surety:

		(1)
	secures the performance of Headhunter Group's obligations concerning the provision of brokerage and/or underwriting services to it on the completion of transactions involving Headhunter Group shares and bonds offered under an organized bidding process; or

		(2)
	is provided by Headhunter Group to Bloomberg L.P. under an agreement to use a Bloomberg terminal and associated services, hardware, and software; or

		(3)
	is provided by the Borrower to legal entities rendering services to the Borrower on the financial market or securities market, including securities management or trust management services, brokerage services, and conclusion of transactions involving securities and derivatives (whose subject may, inter alia, be foreign currency),

in each case provided that the Obligor providing such guarantee or surety furnishes the Facility Administrator within 15 (fifteen) Business Days following provision of the relevant guarantee or surety with a certified extract from the document(s)
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containing such guarantee or surety, or, where such guarantee or surety has been modified, within 15 (fifteen) Business Days following such modification furnish the Facility Administrator with a certified extract from the document containing such modifications. Said extract shall contain all the terms and conditions of the relevant guarantee or surety (as modified).
	19.8
	Financial Indebtedness

The Borrower shall not enter into transactions that result in Financial Indebtedness for the Borrower or allow overdue Financial Indebtedness, and shall procure that none of the Obligors enter into transactions that result in Financial Indebtedness for such Obligor or allow overdue Financial Indebtedness, without the prior written consent of the Facility Administrator, with the exception of Permitted Financial Indebtedness and indebtedness under the Permitted Bonds. The existence of dividends declared, but which were not paid or subsequently canceled, is not a violation of this Clause 19.8.
	19.9
	Restructuring and reduction of charter capital

The Borrower shall not restructure or reduce its charter capital, share premium or other capital, and shall procure that none of the Obligors restructure or reduce its charter capital, or other share capital without the prior written consent of the Facility Administrator, except for:
		19.9.1
	a Permitted Redemption;

		19.9.2
	a Permitted Reorganization, in which case the Borrower shall ensure that:

		(A)
	as a result of such Permitted Reorganization, 100% of the shares or participatory interests in the charter capital of each legal entity whose shares or participatory interests in their charter capital were pledged under any Pledge Agreement prior to the start of the Permitted Reorganization procedure remain pledged to the Lenders; and

		(b)
	within 60 (sixty) calendar days of the completion of such Permitted Reorganization, additional agreements to the existing Pledge Agreements are signed, or new Pledge Agreements are signed, with respect to the shares or participatory interests in the charter capital of the relevant legal entity referred to in subclause (A) above that are acceptable in form and content to the Facility Administrator; and

		19.9.3
	any reduction in Headhunter Group's share capital.

	19.10
	Issuing new shares or increasing charter capital

The Borrower shall not increase its charter capital, and shall procure that none of the Obligors issue new shares or increase its charter capital, without the prior written consent of the Facility Administrator, except for:
		19.10.1
	a Permitted Issue; or

		19.10.2
	an issue of new shares and an increase in Headhunter Group's share capital.

	19.11
	Making changes to Constitutional Documents

The Borrower, without the prior written consent of the Facility Administrator, shall not make changes to its constitutional documents, and shall also procure that no Obligor, the shares or participatory interests in the charter capital of which are the subject of the Pledge, without the prior written consent of the Facility Administrator, shall make changes to its constitutional documents, which relate to:
		19.11.1
	legal form;

		19.11.2
	name;

		19.11.3
	share issue procedure;

		19.11.4
	the amount of charter (share) capital;

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		19.11.5
	solely in relation to Obligors registered and operating in accordance with the legislation of the Republic of Cyprus: the procedure for appointing a new director or secretary;

		19.11.6
	the procedure for transferring (disposing) shares (participatory interests);

		19.11.7
	dividend payment procedure;

		19.11.8
	the scope of rights and obligations granted to members (shareholders);

		19.11.9
	the procedure for pledging participatory interests (shares) or otherwise encumbering participatory interests (shares); and

		19.11.10
	the procedure and conditions for the withdrawal and exclusion of a member from the company.

	19.12
	Dividend payment and redemption of shares or participatory interests

		19.12.1
	Without the prior written consent of the Facility Administrator, the Borrower shall not announce the payment of dividends or pay dividends, or redeem its participatory interests (unless required by applicable law), and shall procure that none of the Obligors announce the payment of dividends or pay dividends, or redeem its shares or participatory interests (unless required by applicable law), except for the following cases:

		(A)
	payments of distributable profit by any Obligor or a Group member to the Obligor;

		(B)
	payment of distributable profit (including in the form of Permitted Redemption) to shareholders of Headhunter Group in an amount not exceeding 100% (one hundred percent) of the Group Adjusted Consolidated Net Profit provided that the Facility Administrator confirms that the Adjusted Leverage including such payment does not exceed 3.0:1; and

		(C)
	payment by any member of the Group of distributable profit to minority shareholders, provided that similar payments are made to the shareholders (members), which are members of the Group, of such member of the Group in proportion to their participatory interest in the charter capital of such member of the Group.

When making the payments specified in subparagraph (B) above, the Borrower must provide the Facility Administrator, at least 5 (five) Business Days before payment, with a calculation of the Adjusted Leverage and confirmation that on the date of confirmation there is no Default, nor will there be a Default immediately after and as a result of such payment.
		19.12.2
	For the purpose of this Clause 19.12:

"Group Consolidated Net Profit" has the meaning given in Clause 18.1 (Financial definitions).
"Consolidated Net Debt" has the meaning given in Clause 18.1 (Financial definitions).
"Group Adjusted Consolidated Net Profit" means, as of the last Test Date, the Group Consolidated Net Profit for the Test Period ending on that Test Date, excluding:
		(A)
	the profits and losses resulting from the revaluation of any asset;

		(B)
	goodwill impairment;

		(C)
	depreciation and impairment of the following intangible assets:

		(1)
	hh trademark;

		(2)
	hh.ru CV database;

		(3)
	Headhunter client relations; and

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		(4)
	hh.ru website software;

		(D)
	non-monetary profits and losses from the Remuneration Plans based on Group Equity Instruments;

		(E)
	profit tax recorded in the Group Consolidated Net Profit on the non-monetary profits and losses referred to in paragraphs (A) - (D) above; and

		(F)
	profits and losses from the formation of a deferred retained earnings tax reserve.

"Adjusted Leverage" means, as of the last Test Date, the ratio of Consolidated Net Debt (as of that Test Date) and Dividend Amount to Consolidated EBITDA, calculated based on the Group’s consolidated financial statements for the financial year or for the first financial half-year of the financial year (provided to the Facility Administrator under Clause 17.1.1(A) or (B) as of the Test Date which came not more than 5 (five) months before the date of payment of the distributable profit to the shareholders of Headhunter Group.
"Dividend Amount" is defined as the amount of dividends:
		(i) 
	paid to the shareholders of Headhunter Group during the financial half-year ending on the last Test Date; and

		(ii) 
	to be paid to the shareholders of Headhunter Group during the financial half-year commencing on the day immediately following that Test Date.

	19.13
	Change of business

The Borrower shall not make significant changes to the main areas of its business activity, and shall procure that none of the Obligors make significant changes to the main areas of their business activity without the prior written consent of the Facility Administrator.
	19.14
	Existing Commercial Contracts

The Borrower shall procure the continuous validity of the Existing Commercial Contracts or the conclusion of new contracts on similar conditions, where commercially reasonable to do so, no later than one month before the expiration of the Existing Commercial Contracts.
	19.15
	Taxation

The Borrower shall duly pay taxes and levies into the relevant budgets and make mandatory payments into the extra-budgetary funds of the Russian Federation ("Mandatory Payments"), and shall procure that each of the Obligors duly pays the Mandatory Payments, except for:
		19.15.1
	Mandatory Payments contested by an Obligor in accordance with the law; and

		19.15.2
	Mandatory Payments and the costs of disputing them, in respect of which the relevant reserves were created, reflected in the latest financial statements provided to the Facility Administrator in accordance with Clause 17.1 (Financial Statements); and

		19.15.3
	where non-payment of such Mandatory Payments will not have Material Adverse Effect.

	19.16
	Pari passu ranking

The Borrower shall procure that its obligations under the Finance Documents have at least the same ranking as its other existing and future unsecured payment obligations, and that each Obligor procures that its obligations under the Finance Documents have at least the same ranking as other existing and future unsecured payment obligations of such Obligor, with the exception of those obligations that have priority as expressly stipulated by law.
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	19.17
	Access

		19.17.1
	At the request of the Facility Administrator, when there is a Default, or a Default has not been remedied, or when the Facility Administrator has sufficient reason to believe that a Default is possible, the Borrower shall provide (and shall procure that each Obligor provides) the Facility Administrator and (or) its auditors or other professional consultants with ready access to their premises, assets and accounting and tax primary documents (on paper or electronic media), including issuing powers of attorney to relevant persons, as well as arranging a meeting with the management of the Group.

		19.17.2
	The Borrower shall procure that the Facility Administrator and (or) Lenders are provided with the relevant documents and (or) information and perform other actions required so that the authorised representatives (employees) of the Central Bank of the Russian Federation can inspect (check) the pledged asset under the Pledges at the place of its storage and (or) record and (or) location, and visit the Borrower and each other Pledgor on-site

	19.18
	Appointment of New Directors

		19.18.1
	The Borrower shall not carry out and shall not allow, without the Facility Administrator’s prior written consent, any actions that may lead to the election and (or) appointment of new directors and/or secretaries of the Obligors, who are legal persons registered and operating under the laws of the Republic of Cyprus and whose shares are pledged under a Pledge, except when the following documents are provided to the Facility Administrator at the same time as the new directors and (or) secretaries of the said Obligors are appointed:

		(A) 
	in the case of new directors: originals of the following, that are duly signed by the specified directors:

		(1)
	undated letters of resignation; and

		(2)
	letters of authority and undertaking; and

		(B)
	in the case of new secretaries, originals of the following, that are duly signed by the specified secretaries:

		(1)
	undated letter of resignation; and

		(2)
	letter of authority and undertaking; and

		(3)
	undated secretary's confirmation that is addressed to the Department of the Registrar of Companies of Cyprus.

		19.18.2
	Within 5 (five) Business Days from the date of receipt of a reasonable request of the Facility Administrator, the Borrower shall provide the Facility Administrator with additional information regarding the above-mentioned new directors and/or secretaries regarding their education and (or) relevant experience.

	19.19
	Further assurance

The Borrower shall, at the request of any Finance Party, at its own expense, carry out any actions and sign any documents, and shall procure that each Obligor, at their own expense, carry out any actions and sign any documents, required to ensure the validity and proper performance of the Finance Documents. In particular, each Borrower, at the request of the Facility Administrator, shall procure, at its own expense:
		19.19.1
	the issuance of new Independent Guarantees in favour of the Lenders (on terms identical to those of existing Independent Guarantees) and the making of modifications to them or the conclusion of agreements to issue them; and

		19.19.2
	the conclusion of supplementary agreements to Pledges

on terms acceptable to the Lenders, as well as the performance of all actions required to ensure the validity of such agreements in case of acquisition by any Lender (other than
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Lenders that are party to existing Security Documents) of the rights (claims) against the Borrower and (or) obligations to grant the Facility in accordance with the provisions of Clause 23.2 (Assignment of Rights and Transfer of Obligations by the Lenders).
	19.20
	Conditions subsequent

		19.20.1
	Within 60 (sixty) days of the date of this Agreement, the Borrower shall provide the Facility Administrator with the originals and duly certified copies (as applicable) of the documents listed in sections 2 and 3 of Part A of Schedule 2 (Conditions Precedent), along with notarized translations into Russian of said documents if they were written in a foreign language and/or provided with an apostille.

		19.20.2
	The Borrower shall ensure that:

		(A)
	no later than the Business Day following the day of signing the Borrower Participatory Interest Pledge and the Pledge of Headhunter FSU (Headhunter Group) Shares, Headhunter FSU and Headhunter Group provide the Facility Administrator with updated internal registers of pledges, recording information about the said pledges;

		(B)
	within 21 (twenty-one) days after the signing of the Borrower Participatory Interest Pledge, Headhunter FSU provides the Facility Administrator with evidence that information about the pledge was submitted to the Cyprus Registrar of Companies; and,

		(C)
	within 42 (forty-two) says after the signing of the Borrower Participatory Interest Pledge, Headhunter FSU provides the Facility Administrator with a certificate of registration of the pledge issued by the Cyprus Registrar of Companies

in each case where this is required under Articles 90 and 99 of the Cyprus Companies Law, Cap. 113.
		19.20.3
	Within 30 (thirty) days of signing a respective Finance Document, the Borrower shall provide the Facility Administrator with evidence:

		(A)
	that each Finance Document to which an Obligor registered under the laws of Cyprus is party has been submitted to the Cyprus Stamp Duty Commissioner in order for a decision to be made as to whether stamp duty must be paid on such documents; and

		(B)
	that stamp duty has been paid on such documents in the amount specified by the Cyprus Stamp Duty Commissioner, or that such documents are exempt from payment of stamp duty.

		19.20.4
	The Borrower shall ensure that on the date of termination of the relevant Existing Pledges, Headhunter Group and Zemenik provide, with respect to each Headhunter FSU Shares Pledge:

		(A)
	a blank signed transfer instrument, undated, drawn up in the form set forth in the Headhunter FSU Shares Pledge;

		(B)
	all share certificates for original shares (as defined in the Headhunter FSU Shares Pledge);

		(C)
	a signed irrevocable proxy and power of attorney in the name of the Pledge Manager in the form set forth in the Headhunter FSU Shares Pledge;

		(D)
	a certified copy of a resolution in writing by the Headhunter FSU Board of Directors approving the pledge and transferring shares, drawn up substantially in the form set forth in each Headhunter FSU Shares Pledge;

		(E)
	a notice of pledge drawn up substantially in the form set forth in the Headhunter FSU Shares Pledge, along with a certified copy of the Headhunter FSU Shares Pledge;

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		(F)
	a certificate drawn up substantially in the form set forth in the Headhunter FSU Shares Pledge, confirming that a memorandum of pledge was made in the register of members of Headhunter FSU, and a certified copy of the register of members of Headhunter FSU;

		(G)
	a signed and dated waiver by Headhunter Group and Zemenik (as applicable) of their rights of pre-emption, drawn up in the form set forth in the relevant Headhunter FSU Shares Pledge;

		(H)
	signed, undated resignation letters, duly signed by the directors and secretary of Headhunter FSU, in the form set forth in each Headhunter FSU Shares Pledge;

		(I)
	signed letters of authority and undertaking, duly signed by the directors and secretary of Headhunter FSU, in the form set forth in each Headhunter FSU Shares Pledge;

		(J)
	signed, undated confirmation by the secretary, issued by Headhunter FSU, confirming to the Cyprus Department of Registrar of Companies the changes in the officers and shareholders in the event of enforcement of the pledge under the Headhunter FSU Shares Pledge; and

		(K)
	a copy of the updated internal register of charges of Headhunter Group containing information about the terms of the Pledge of Headhunter FSU (Headhunter Group) Shares in accordance with Article 99 of the Cyprus Law on Companies, Cap. 113.

		19.20.5
	Within 5 (five) Business Days of signing the Borrower Participatory Interest Pledge, the Borrower shall ensure state registration of the Encumbrance created under the Borrower Participatory Interest Pledge in the Russian Federation Unified State Register of Legal Entities and shall provide the Pledge Manager with evidence of such state registration.

		19.20.6
	Within 5 (five) Business Days of receiving a request from the Facility Administrator or Pledge Manager, the Borrower at its own expense shall undertake any action and sign any documents, and shall ensure that each Obligor and Pledgor at their own expense undertake any action and sign any documents, required to perfect and register the termination of Encumbrances created under the Existing Pledges.

	19.21
	Independent Guarantees Indemnity

The Borrower shall, without the prior written consent of the Facility Administrator, refrain from the following actions:
		19.21.1
	indemnifying any Guarantor for any amounts paid by such Guarantor under or in connection with the relevant Independent Guarantee;

		19.21.2
	making any changes to any Independent Guarantee agreement.

	20.
	BANK ACCOUNT OBLIGATIONS

	20.1
	Direct debit authority

		20.1.1
	Pursuant to Civil Code Articles 847 and 854 and applicable regulations of the Russian Federation Central Bank, the Borrower hereby gives its irrevocable and unconditional consent to the direct debiting of funds from any of the bank accounts it may hold with the Original Lender, on terms of direct debit authorization, for purposes of performance of the Borrower's obligations under the Finance Documents. The appropriate consent shall constitute the Borrower's prior acceptance and is granted by the Borrower up to the monetary amounts that may be payable by the Borrower under the Finance Documents, allowing partial performance should there be insufficient funds on the Borrower's account.

		20.1.2
	The Facility Administrator may, without the Borrower's instruction, send a direct debit request based on collection orders, bank orders, payment requests or other

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documents for funds to be debited from the Borrower's bank accounts opened with the Original Lender in order to perform the Borrower's payment obligations toward the Finance Parties under any Finance Documents that have become due for payment but remain unpaid, while the Original Lender may perform the instructions of the Facility Administrator.
		20.1.3
	Should there be no funds or insufficient funds in the obligation currency on the Borrower's bank accounts held with the Original Lender, the Borrower hereby instructs the Original Lender to convert funds on the Borrower's bank accounts in a different currency and transfer the funds obtained by such conversion to the Facility Administrator for them to be applied to performance of the Borrower's obligations under the Finance Documents according to the provisions of this Agreement. The Parties agree that the relevant funds conversion will be made by the Original Lender using the Original Lender's internal exchange rate that is applicable as of the date of the relevant operation.

		20.1.4
	Without prejudice to the limitations prescribed by this Clause 20.1, the Borrower shall, within 10 (ten) Business Days of opening any bank account with the Original Lender, sign an addendum to the relevant bank account agreement granting its consent for the Facility Administrator, without the Borrower's instruction, to direct debit funds for purposes of performance of the Borrower's obligations under the Finance Documents based on collection orders, bank orders, payment requests or other documents, allowing partial performance should there be insufficient funds on the Borrower's account.

	20.2
	Amounts debited

All funds obtained by the Facility Administrator through the exercise of its right to debit funds under Clause 20.1 (Direct debit authority) shall be applied to performance of the Borrower's obligations toward the Finance Parties under the Finance Documents according to the provisions of this Agreement.
	21.
	EVENTS OF DEFAULT

Each of the cases, events, or circumstances set out in this Clause 21 (save for Clause 21.18 (Acceleration)) is an Event of Default.
	21.1
	Non-payment

An Obligor does not pay on the due date any amount payable pursuant to Finance Documents at the place at and in the currency in which it is expressed to be payable unless:
		21.1.1
	its failure to pay is caused by:

		(A)
	administrative or technical error; or

		(B)
	a Disruption Event; and provided that

		21.1.2
	payment is made within 3 (three) Business Days from the date of payment.

	21.2
	Violation of financial covenants

An Obligor does not comply with any covenant under:
		21.2.1
	Clause 18.3 (Leverage);

		21.2.2
	Clause 18.4 (Interest cover);

		21.2.3
	Clause 18.5 (Guarantors' Cover Ratio);

		21.2.4
	Clause 18.6 (Revenue in accordance with RAS);

		21.2.5
	Clause 18.7 (Cash receipts); or

		21.2.6
	Clause 18.8 (Net assets

The Borrower shall ensure that:
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		32.1.2
	as of the end of the second financial quarter of each financial year, and as of the end of each financial year, the net assets of each Obligor registered in the Russian Federation determined on the basis of the financial statements provided under Clause 17.1.1(D),

		21.2.7
	).

	21.3
	Other obligations

		21.3.1
	An Obligor or Pledgor does not comply with any provisions of the Finance Documents (other than those referred to in Clause 21.1 (Non-payment) and in Clause 21.2 (Violation of financial covenants)).

		21.3.2
	No Event of Default under Clause 21.3.1 will occur if such failure to comply can be remedied, and is remedied:

		(A)
	in respect of the obligations contemplated by Clauses 17.1.1(A)–(C) within 30 (thirty) days; or

		(B)
	in respect of any other provisions of the Finance Documents: within 10 (ten) Business Days,

of the earlier of:
		(1)
	the date the Facility Administrator sends notice to the Obligor regarding such failure to comply; or

		(2)
	the date the relevant Obligor becomes aware or should have become aware of the failure to comply.

	21.4
	Misrepresentation

Any representations made by any Obligor or Pledgor in or in connection with the Finance Documents turns out to be incorrect, untrue or misleading at the time it is made.
	21.5
	Cross-default

		21.5.1
	Any member of the Group does not repay any Financial Indebtedness within the prescribed period or during any grace period established in accordance with the terms of the relevant obligation.

		21.5.2
	Any Financial Indebtedness of any member of the Group is declared to be or otherwise becomes due and payable prior to its specified maturity as a result of an event of default (however described), or a claim is brought against Headhunter Group under a Placement Indemnity, or a claim is brought against any Obligor under any surety or guarantee provided in accordance with Clause 19.7.2(C).

		21.5.3
	Any creditor of any member of the Group becomes entitled to declare any Financial Indebtedness of any member of the Group due and payable prior to its specified maturity as a result of an event of default (however described). An Event of Default in accordance with this Clause 21.5.3 shall not be deemed to have occurred if such non-compliance can be remedied, and is remedied within 15 (fifteen) Business Days.

		21.5.4
	No Event of Default will occur under this Clause 21.5 if the total amount of Financial Indebtedness or obligations under the Financial Indebtedness subject to Clauses 21.5.1 – 21.5.3 is at any time less than RUB 150,000,000 (one hundred and fifty million)

		21.5.5
	An Event of Default shall not be deemed to have occurred pursuant to Clause 21.5.1 above if the relevant default was committed reasonably and in good faith by a Group member acting as a buyer, in the relevant part of the purchase price under a SPA for shares or participatory interests in the company's charter capital, provided that

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		(A)
	the buyer is entitled under the terms of such SPA to reduce the purchase price or receive cash consideration from the seller upon the occurrence of the events specified in the SPA;

		(B)
	the relevant SPA relates to an asset acquisition transaction financed with funds from Tranche 2; and

		(C)
	the late payment under the relevant SPA lasts no more than 180 days from the last day of the Utilisation Period under Tranche 2.

	21.6
	Loss of property

Loss of property in respect of which an Encumbrance has been created under any Pledge.
	21.7
	Insolvency

The occurrence of any of the following cases or events in relation to any Material Group Member:
		21.7.1
	any Material Group Member meets the criteria for insolvency in accordance with the Bankruptcy Law;

		21.7.2
	any Material Group Member meets the criteria for insufficiency of assets in accordance with the Bankruptcy Law;

		21.7.3
	the financial condition of any Material Group Member gives grounds for bankruptcy prevention measures to be taken in accordance with the Bankruptcy Law;

		21.7.4
	any Material Group Member meets the criteria or gives grounds for bankruptcy prevention measures to be taken, similar to the criteria and measures specified in Clauses 21.7.1 and 21.7.2, contemplated by any law applicable to such Material Group Member;

		21.7.5
	any Material Group Member begins negotiations with one or more of its creditors to revise the timeframes for repayment of any of its debts due to actual or expected financial difficulties;

		21.7.6
	a moratorium is imposed on the settlement of creditors’ claims in respect of any of its debts; or

		21.7.7
	any Material Group Member meets any other bankruptcy criteria established by the Bankruptcy Law or other law applicable to such Material Group Member.

	21.8
	Insolvency proceedings

The carrying out of one of the following actions in respect of any Material Group Member:
		21.8.1
	a bailout and other bankruptcy prevention measures;

		21.8.2
	the commencement of liquidation or bankruptcy proceedings or the appointment of a liquidation commission or similar body or official;

		21.8.3
	the filing in court by any Material Group Member of an application to declare such Material Group Member bankrupt;

		21.8.4
	the filing in court by any creditor of any Obligor of an application to declare such Material Group Member bankrupt or to liquidate it (or any other similar procedure), if the arbitrazh court or other competent court, within 30 (thirty) calendar days from the date of the determination to accept the application to declare the Material Group Member bankrupt, does not issue a determination on refusing to instigate supervision and dismissing the application, a determination on refusing to instigate supervision and terminating proceedings in the bankruptcy case, a determination on returning this application, a determination on terminating proceedings in the bankruptcy case, a decision on refusing to declare bankruptcy or other similar judicial act, which results in the termination of the bankruptcy proceedings or refusal to initiate such proceedings;

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		21.8.5
	the institution of supervision (nablyudeniye), external management (vneshneye upravleniye), financial recovery (finansovoe ozdorovleniye), or bankruptcy management (konkursnoye proizvodstvo);

		21.8.6
	the appointment of a temporary administrator, administrator, receiver or any other person performing similar functions;

		21.8.7
	convening a meeting of creditors to consider a settlement agreement;

		21.8.8
	initiation of any other bankruptcy procedure established by the Bankruptcy Law;

		21.8.9
	enforcement of any Encumbrance established in respect of any assets of a Material Group Member, if the amount of assets in respect of which such Encumbrance is established exceeds RUB 100,000,000 (one hundred million);

		21.8.10
	carrying out any other similar procedures under the law on insolvency (bankruptcy) applicable to the relevant Material Group Member.

	21.9
	Compulsory seizure or restrictions on disposal of property

Freezing orders over, confiscation, other compulsory seizure of property, suspension or restriction of operations on the accounts of any member of the Group with a total value exceeding RUB 100,000,000 (one hundred million) or the equivalent of such amount at the rate of the Central Bank of the Russian Federation on the relevant date.
	21.10
	Unlawfulness and invalidity

		21.10.1
	It becomes unlawful for an Obligor or Pledgor to perform any of its obligations under the Finance Documents.

		21.10.2
	Any Finance Document ceases to be valid and legally binding.

		21.10.3
	Any Finance Document is deemed not concluded in accordance with the law applicable to such Finance Document.

	21.11
	Repudiation and rescission of agreements

An Obligor or Pledgor declares its intention to rescind a Finance Document or performs actions aimed at challenging or rescinding a Finance Document, or repudiates it (except for situations where this is permitted by the Finance Documents).
	21.12
	Cessation of business

Any Obligor suspends or ceases to carry on (or threatens to suspend or cease to carry on) its core business activities.
	21.13
	Qualified audit opinion

Auditors of the Group issue a qualified opinion with respect to any audited financial statements.
	21.14
	Judicial and administrative proceedings

		21.14.1
	The commencement of any judicial, administrative, arbitrazh or arbitration proceedings aimed at challenging of:

		(A)
	the Finance Documents;

		(B)
	any rights of the Finance Parties based on the Finance Documents; or

		(C)
	transactions under the Finance Documents.

		21.14.2
	A court, arbitrazh court or arbitration court (including international arbitration) accepts for consideration any claim in respect of a member of the Group or its assets, for a total amount that, together with the amount of other claims brought against such member of the Group (or its assets) or against other members of the Group (or their assets) accepted for consideration by a court, arbitrazh court or arbitration court (including international arbitration), exceeds RUB 150,000,000

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(one hundred and fifty million) or the equivalent of this amount in another currency at the exchange rate of the Central Bank of the Russian Federation on the date on which the claim was filed.
		21.14.3
	The coming into force of decisions of a court, arbitrazh court or arbitration court (including international arbitration) in respect of a member of the Group or its assets for the recovery of funds or other assets from such member of the Group for a total amount that, together with the amount of other decisions of a court, arbitrazh court or arbitration court (including international arbitration) that have come into force, which relate to such member of the Group (or its assets) or other members of the Group (or their assets) exceeds RUB 100,000,000 (one hundred million) or its equivalent in another currency at the exchange rate of the Central Bank of the Russian Federation.

	21.15
	Expropriation

Limiting the ability of any member of the Group to conduct its business activities as a result of:
		21.15.1
	deprivation or restriction of title, nationalisation, requisition, confiscation, expropriation or other forced alienation of property, the total book value of which exceeds, together with other property of such member of the Group and property of any other member of the Group that was nationalised, requisitioned, confiscated, expropriated or otherwise forcibly alienated, RUB 75,000,000 (seventy-five million); or

		21.15.2
	a ban or other intervention committed by a government body in respect of any member of the Group (including, inter alia, the dismissal of the sole executive body, the collegial executive body or any other management body of any member of the Group).

	21.16
	Intellectual Property

		21.16.1
	The full or partial termination, suspension, or revocation of rights to any Intellectual Property;

		21.16.2
	The imposing of any restrictions on the terms of use or additional requirements in relation to any Intellectual Property, except where agreements under a non-exclusive or exclusive license in respect of Intellectual Property are entered into between members of the Group;

		21.16.3
	The expiration and refusal to extend the rights to any Intellectual Property largely under the same conditions; or

		21.16.4
	The creation of an Encumbrance in respect of any Intellectual Property,

in each case, with the exception of the disposal of any Intellectual Property owned by a Group member, in the event of disposal in favour of non-members of the Group, of all shares or participatory interests in the charter capital of such Group member (which owns the relevant Intellectual Property) owned by Group members, if such disposal is permitted by the terms of this Agreement.
	21.17
	Material Adverse Effect

The occurrence of Material Adverse Effect.
	21.18
	Acceleration

Upon the occurrence of any Event of Default and at any time after the occurrence of any Event of Default that is continuing:
		21.18.1
	the Facility Administrator shall send a notification to the Borrower after receiving the Consent of the Majority Lenders, in which it will:

		(A)
	state the Lenders’ refusal to grant funds within the Total Commitments (including the Amount Payable by the Lenders, if any, at the relevant time),

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whereupon the Lenders’ obligation to grant the Facility to the Borrower shall cease; and (or)
		(B)
	set out the Lenders’ demand against the Borrower for immediate early repayment of the Facility Outstanding or any part thereof, including accrued interest, fees and any other amounts due to the Finance Parties under the Finance Documents; and (or)

		(C)
	notify the Borrower that the Lenders are aware of the Event of Default and reserve the right to demand that the Borrower immediately repay the Facility or any part thereof, including accrued interest, fees and any other amounts due to the Finance Parties under the Finance Documents; and (or)

		(D)
	notify the Borrower that the Lenders reserve the right to enforce the pledged property under the Pledges, or to file claims under the Independent Guarantees.

		21.18.2
	The Lenders shall enforce the pledge in accordance with the relevant Pledge. The property received by the Lenders from the enforcement of the pledge under the Pledges shall be transferred into the Lenders' shared ownership in the amount corresponding to their Proportional Shares.

		21.18.3
	The funds received by the Lenders from the enforcement of the property pledged under the Pledges and/or its subsequent sale in accordance with Clause 21.18.2, and which remained after indemnification for the enforcement costs of the Lenders, the Facility Administrator, and the Pledge Manager and payment of other mandatory payments, shall be transferred into the Account of the Facility Administrator, and then distributed by the Facility Administrator between the Lenders according to their Proportional Shares.

For the purposes of this Clause 21.18, an Event of Default shall be considered continuing from the time such event occurs until the Borrower receives notification from the Facility Administrator that the Majority Lenders have agreed not to exercise their rights under this Clause 21.18 due to the occurrence of such event or circumstance.
	22.
	FACILITY SECURITY

	22.1
	Pledges

		22.1.1
	Each Lender hereby confirms that it is familiar with the content of each Pledge and approves its signature by the Pledge Manager.

		22.1.2
	The Parties confirm that this Agreement (in the appropriate part thereof) constitutes, inter alia, a pledge management agreement. The Parties agree that a Lender may act as the Pledge Manager.

	22.2
	Status of the Lenders and appointment of a Pledge Manager

		22.2.1
	The Parties hereby acknowledge and agree that all the Lenders, the Facility Administrator, and the Pledge Manager that is also a Lender, have shared claims toward the Borrower and, under Civil Code Article 3351, constitute joint and several co-pledgees under the Pledges enjoying equal-seniority rights.

		22.2.2
	Pursuant to Civil Code Article 356, each Lender (except the Lender acting as the Pledge Manager) and the Facility Administrator hereby instruct the Pledge Manager to conclude, on behalf and in the interests of the Finance Parties, Pledges with the Pledgors (including modifications and addendums to such Pledges that have been approved by the Consent of all lenders), to sign all documents required for registration of the appropriate Pledges, encumbrances arising from the appropriate Pledges, and assignment of rights under the appropriate Pledges, and for the sending of notices to a notary public, notices of pledge creation, notices of pledge modification, and notices of deletion of information concerning a pledge (except those actions that, under applicable law or the Finance Documents, should

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be undertaken by the relevant Pledgor), and to exercise all the rights and perform all the duties of pledgee under such  Pledges.
		22.2.3
	The Parties acknowledge and agree that the Pledge Manager, by concluding the appropriate Pledges on behalf of the Lenders, and by exercising the rights and performing the duties of pledgee under the Pledges, is exercising the pledgee's rights solely in the interests of all the Lenders constituting such at any point in time, until the Borrower has performed its obligations in full under the Finance Documents in the manner prescribed herein. The assignment of rights by an Existing Lender to a New Lender (in the context of Clause 23.2 (Assignment of Rights and Transfer of Obligations by the Lenders)) shall not affect the rights and obligations of the Pledge Manager and the Lenders prescribed herein.

		22.2.4
	The Lenders hereby undertake not to independently exercise their rights and perform their duties as pledgees, including not to make claims against the Borrower and not to foreclose on the Borrower's assets and property, except if this pledge management agreement is terminated under Civil Code Article 356(5). At the same time, the Lenders and the Borrower agree to perform, at the Pledge Manager's request, all necessary actions (including participation in court hearings as co-claimants) and sign and issue to the Pledge Manager all necessary documents, including powers of attorney, that in the Pledge Manager's reasonable opinion are required by law and/or a court for the Pledge Manager to exercise the rights and perform the duties prescribed by the Finance Documents.

		22.2.5
	The Pledge Manager's exercise of the rights and performance of the duties of pledgee under the respective Pledges shall not prevent the Pledge Manager from performing any banking operations with the Borrower, including maintaining bank accounts, providing loans, and inviting deposits. If the Pledge Manager is also a Lender hereunder, then it shall have the same rights and obligations under the Finance Documents as any other Lender, and may exercise those rights and perform those obligations as if it were not the Pledge Manager.

		22.2.6
	The Pledge Manager shall bear no liability for its acts or omissions toward the Lenders (other than the Lender acting as the Pledge Manager) if it acts or fails to act in accordance with the Consent of the Majority Lenders or all the Lenders.

		22.2.7
	The Pledge Manager shall bear liability toward the Parties (other than the Lender acting as the Pledge Manager) solely for direct, judicially proven losses caused by the Pledge Manager willfully or through gross negligence.

		22.2.8
	The Lenders (other than the Lender acting as Pledge Manager) and the Pledge Manager hereby confirm that the Pledge Manager shall perform its functions without being granted power of attorney and independently of the grant of such power of attorney.

	22.3
	Pledge Manager's rights and obligations

		22.3.1
	The Pledge Manager shall, on behalf and in the interests of the Lenders, conclude as pledgee the relevant Pledges, including any modifications and supplements thereto, prescribed herein or approved by the Consent of the Majority Lenders, with the Borrower and third parties, and shall exercise all the rights and perform all the duties of pledgee under such Pledges according to the terms hereof. In particular, the Pledge Manager shall take the steps required to effect registration of the relevant Pledges and encumbrances arising out of the relevant Pledges, and the sending of notices to a notary public, notices of pledge creation, notices of pledge modification, and notices of deletion of information concerning a pledge (except those actions that, under applicable law or the Finance Documents, should be undertaken by the Borrower or relevant Pledgor) within the time periods specified herein.

		22.3.2
	Immediately following the acquisition by any Lender other than the Original Lender of rights or obligations under the Finance Documents as described in Clause 23.2

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(Assignment of Rights and Transfer of Obligations by the Lenders), the Pledge Manager shall take the steps required to effect registration of the pledge management agreement contained herein, and/or send notice to a notary public that that the pledge management agreement contained herein has been signed, and shall take other action required to register the Lenders as joint and several copledgees under the Pledges.
		22.3.3
	The Pledge Manager may at its discretion exercise any pledgee rights prescribed by the relevant Pledges other than the right to foreclose on the property pledged thereby, which may be exercised solely on the basis of Consent by the Majority Lenders that specifies the judicial or non-judicial foreclosure procedure and defines how the pledged property will be sold.

		22.3.4
	The Pledge Manager shall foreclose on pledged property in the manner prescribed by the relevant Pledge. Property obtained by the Pledge Manager in the Lenders' interest through foreclosure on the pledged property under the Pledges, plus any insurance indemnities paid out on property pledged under the Pledges, shall become owned in common by the Lenders according to the Proportional Share of each Lender.

		22.3.5
	The funds obtained by the Pledge Manager through foreclosure on property pledged under the Pledges, insurance indemnity payments with respect to the property pledged under the Pledges, and/or its subsequent sale as described in Clauses 22.3.3 and 22.3.4, and which are left over after reimbursement of the Pledge Manager's foreclosure costs and payment of other mandatory payments, shall be credited to the Pledge Manager's Bank Account and then distributed by the Pledge Manager among the Finance Parties in proportion to their pledge-secured claims, and among the Lenders according to the Proportional Share of each Lender.

	22.4
	Replacement of Pledge Manager

		22.4.1
	The Lenders may, and, if the Pledge Manager meets the bankruptcy criteria, or if a bankruptcy petition has been filed in court against the Pledge Manager, or if an application has been filed for liquidation of the Pledge Manager, or if the Pledge Manager's banking license has been revoked, the Lenders shall, with the Majority Lenders' Consent, terminate the Pledge Manager's authority as of the date stated in the Majority Lenders' Consent and select a candidate from among the Lenders to become the new Pledge Manager (the "New Pledge Manager"). Each Lender and the Borrower hereby consent to replacement of the Pledge Manager by a New Pledge Manager according to the provisions of this Clause 22.4.

		22.4.2
	The Pledge Manager may unilaterally renounce its authority as pledge manager provided it notifies each Lender and the Facility Administrator at least 30 (thirty) days prior to the proposed date of termination of the Pledge Manager's authority. By Consent of the Majority Lenders, the Lenders shall select a candidate to become the New Pledge Manager no later than the proposed date of termination of the Pledge Manager's authority.

		22.4.3
	The Lenders shall ensure that the New Pledge Manager takes up the pledge manager duties referred to in Clause 22.3 (Pledge Manager's rights and obligations) starting on the date the Pledge Manager's authority terminates. The Pledge Manager shall at its own expense sign and hand over the documents it possesses that the New Pledge Manager may reasonably require in order to act as Pledge Manager under the Pledges.

		22.4.4
	The Parties agree that the New Pledge Manager shall become a party to this Agreement as pledge manager starting on the date of its appointment by the Lenders with the Consent of the Majority Lenders, unless such Consent prescribes another date. If necessary, the Facility Administrator may require the Parties to conclude an amendment hereto and, where prescribed by applicable law, of an amendment to the Pledges. On the occurrence of the relevant date, all mention of

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"Pledge Manager" herein shall refer to the New Pledge Manager. For the avoidance of doubt, the appointment of a New Pledge Manager hereunder shall not constitute termination of the pledge management agreement in the context of Clause 22.2.4.
		22.4.5
	As of the date the New Pledge Manager is appointed, it shall open a new nominal account in favour of the Finance Parties as beneficiaries of such account, and shall notify the Borrower and the Finance Parties that the Pledge Manager Account has changed.

		22.4.6
	The Parties agree that the provisions herein concerning the Pledge Manager's rights and obligations may be modified by an addendum entered into by the Borrower, the Facility Administrator, the Pledge Manager, and the Lenders (other than the Lender acting as the Pledge Manager). Before such addendum is signed, its content shall be approved by the Majority Lenders' Consent, which may empower a single Lender to sign such addendum with the Pledge Manager on behalf and in the interests of all the Lenders (other than the Lender acting as the Pledge Manager). The Lenders shall provide the documents and powers of attorney required for a single Lender to sign such addendum on behalf of all the Lenders (other than the Lender acting as the Pledge Manager).

	23.
	CHANGES TO THE PARTIES

	23.1
	Assignment by the Borrower

The Borrower does not have the rights to assign its rights or transfer obligations under the Finance Documents without the prior consent of all Lenders.
	23.2
	Assignment of Rights and Transfer of Obligations by the Lenders

		23.2.1
	A Lender ("Existing Lender") is entitled at any time to fully or partially assign its rights and (or) transfer the obligations under the Finance Documents to the following persons without the consent of the Borrower and other Lenders:

		(A)
	another Lender;

		(B)
	its Affiliate;

		(C)
	the Central Bank of the Russian Federation, and also in the subsequent assignment by the central bank or other similar body of its rights and (or) the transfer of obligations to any person;

		(D)
	a Russian bank or a Russian credit or financial organisation included in the list of banks contained in Schedule 9 (List of Russian banks); or

		(E)
	any reputable foreign credit or financial organisation,

in any case, with the exception of any person in respect of which the Borrower has submitted a confirmation acceptable to the Facility Administrator (with reference to the applicable legislative acts) confirming that such person is subject to sanctions restricting the Pledgors or their Affiliates from entering into or maintaining relations with such person ("Sanctioned Person").
		23.2.2
	Where there is no Default, an Existing Lender has the right at any time to fully or partially assign its rights and (or) to transfer the obligations under the Finance Documents to other persons not mentioned in Clause 23.2.1, provided that such person is not a Sanctioned Person, and subject to receipt of the prior written consent of the Borrower, while the Borrower cannot unreasonably and without grounds refuse to provide or delay provision of such consent.

		23.2.3
	For the purposes of this Clause 23.2, "New Lender" means a person to which an Existing Lender fully or partially assigns its rights and (or) transfers obligations under the Finance Documents referred to in sub-paragraphs (A) – (E) of Clause 23.2.1 or in Clause 23.2.2.

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		23.2.4
	If:

		(A)
	any Default has occurred and is continuing for 10 Business Days; or

		(B)
	any Event of Default has occurred and is continuing,

the Borrower's consent to the assignment of rights and (or) the transfer of obligations of an Existing Lender is not required, except in cases where the prospective New Lender is a Sanctioned Person. For the purposes of Article 388 of the Civil Code, each Obligor hereby confirms that for the purposes of this Clause 23.2 the identity of the Lenders is not material to it.
		23.2.5
	In the event of the assignment by an Existing Lender of its rights and the transfer of its obligations to a New Lender in accordance with this Agreement, the Borrower hereby gives its prior consent to the simultaneous transfer to the New Lender of the relevant obligations of the Existing Lender (transfer of debt), if any.

	23.3
	Procedure for assignment of rights and transfer of obligations

		23.3.1
	The assignment of rights and (or) the transfer of debt shall be carried out by a Lender Rights Assignment Agreement between the Existing Lender, the New Lender and the Facility Administrator, and shall come into effect on the date of signature of the Lender Rights Assignment Agreement, unless otherwise expressly contemplated by the Lender Rights Assignment Agreement.

		23.3.2
	No later than 5 (five) Business Days before the date of the proposed signing of the Lender Rights Assignment Agreement, the Existing Lender must notify the Facility Administrator in writing of the proposed assignment of rights and/or transfer of the debt indicating the name of the New Lender. No later than the next Business Day after receiving the above notification from the Existing Lender, the Facility Administrator shall send a copy of this notification to the Borrower.

		23.3.3
	If within 10 (ten) Business Days after receiving the notification specified in Clause 23.3.2 the Borrower has not provided the Facility Administrator with confirmation (containing a reference to the relevant legislative acts) confirming that this New Lender is a Sanctioned Person, on the date of signature of the Lender Rights Assignment Agreement:

		(A)
	the Existing Lender shall assign to the New Lender the rights of the Existing Lender in the amount in accordance with the Lender Rights Assignment Agreement;

		(B)
	the New Lender shall assume the obligations of the Existing Lender transferred to it in the amount in accordance with the Lender Rights Assignment Agreement;

		(C)
	the Existing Lender shall be released from its obligations to the extent that these obligations have been assumed by the New Lender; and

		(D)
	the New Lender shall become the Lender under this Agreement and will be bound by the terms of this Agreement as the Lender.

		23.3.4
	From the date of signature of any Lender Rights Assignment Agreement, reference in this Agreement to the Lender includes any New Lender.

		23.3.5
	On the date of signature of a Lender Rights Assignment Agreement, the New Lender shall pay the Facility Administrator a fee of RUB 10,000 (ten thousand), as well as VAT, included as a separate line, and calculated based on the current tax rate under the law of the Russian Federation on taxes and levies, for the services of the Facility Administrator under this Agreement.

		23.3.6
	The Facility Administrator shall notify the Obligors in writing immediately after signature of a Lender Rights Assignment Agreement about the assignment of rights and (or) transfer of obligations under this Agreement, and shall send a copy of the signed Lender Rights Assignment Agreement to each Obligor.

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	23.4
	Interest payment on assignment

		23.4.1
	Interest on the Facility Outstanding, default interest and fees in respect of the Proportional Share of the Existing Lender accrued prior to the date of signature of the Lender Rights Assignment Agreement (including the date of signature) and received from the Borrower ("Accrued Amounts"), as well as other payments specified in the Lender Rights Assignment Agreement, shall be paid by the Facility Administrator to the Existing Lender on the closest Interest Payment Date after the date of signature of the Lender Rights Assignment Agreement;

		23.4.2
	The rights assigned by the Existing Lender to the New Lender will not include the right to claim Accrued Amounts; and

		23.4.3
	The New Lender will receive the amount of interest accrued on the Facility Outstanding in respect of the Proportional Share of the New Lender for that part of the Interest Period that comes after signature of the Lender Rights Assignment Agreement (excluding the date of signature) and ends on the end date of the relevant Interest Period.

	23.5
	Limitation of liability of Existing Lenders

		23.5.1
	None of the Existing Lenders shall make any representations or assume any obligations to a New Lender for:

		(A)
	the financial position of an Obligor or Pledgor;

		(B)
	the compliance or fulfilment by any Obligor of its obligations under the Finance Documents or any other documents; or

		(C)
	the correctness of the information contained in any Finance Document.

		23.5.2
	Each New Lender confirms to the Existing Lender, other Finance Parties and each Obligor that it has studied all the Finance Documents, conducted (and will continue to conduct) its own independent study and assessment of each Obligor’s financial condition, and did not rely on any information provided to it by the Existing Lender when taking its decision to sign the Lender Rights Assignment Agreement.

	23.6
	Security over Lenders' rights

Each Lender may, without the consent of the Obligor or another Finance Party, pledge or create another Encumbrance in favour of any person that is not a Sanctioned Person for all or part of its rights under any Finance Document in order to secure the obligations of such Lender, provided that such Lender continues to fulfil its obligations under the Agreement.
	23.7
	Restriction on assignment of rights and transfer of obligations to a Sanctioned Person

The assignment of any rights, the transfer of any obligations, the pledging or creation of any Encumbrance in favour of a Sanctioned Person is invalid.
	24.
	FINANCE PARTIES

	24.1
	Lenders’ decision making

		24.1.1
	The Lenders hereby agree that in the cases expressly contemplated by this Agreement or other Finance Documents, the Lenders may exercise their rights under this Agreement or perform any actions solely with the consent of the Majority Lenders or all Lenders ("Consent").

		24.1.2
	The Lenders shall take a decision on granting Consent by holding a vote, the procedure for which is established by this Clause 24.1. In this case, the provisions of Chapter 91 (Decisions of Meetings) of the Civil Code shall not apply.

		24.1.3
	In all cases, when the Lenders vote for the purpose of the Finance Documents the vote of each Lender is equal to its Proportional Share.

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		24.1.4
	The Facility Administrator, either on its own initiative or at the request of any of the Lenders or the Borrower, shall inform all the Lenders (except the Lender that is the Facility Administrator) about the issue put to a vote ("Issue put to a Vote") by sending a notice containing a description of the Issue put to a Vote, and other information deemed necessary by the Facility Administrator ("Notice of Voting"). The Notice of Voting must indicate the deadline by which the Lenders have to send notices containing the voting results of each of the Lenders regarding the Issues put to a Vote ("Lender Decision Notice"). This deadline may not be less than 5 (five) Business Days, except when the circumstances of the Issues put to a Vote are such that the voting of Lenders needs to take place sooner.

		24.1.5
	The Lender Decision Notice must be signed by an authorised person of the relevant Lender and contain the Lender’s unequivocal answer as to whether such Lender votes for or against the granting of Consent on each of the relevant Issues put to a Vote. The Facility Administrator is not obliged to verify the authority of the person who signed the Lender Decision Notice, and has the right to presume that such person was authorised unless the relevant Lender notified the Facility Administrator prior to the date on which the relevant Lender Decision Notice was sent that such person is not an authorised representative of the relevant Lender.

		24.1.6
	If any Lender (other than the Lender that is the Facility Administrator) did not send the relevant Lender Decision Notice within the deadline specified in the Notice of Voting, the Facility Administrator shall consider that such Lender voted against the granting of Consent on the relevant Issues put to a Vote.

		24.1.7
	After the deadline for sending the Lender Decision Notice established by the relevant Notice of Voting, the Facility Administrator shall determine the number of votes of the Lenders in favour of granting Consent on each of the relevant Issues put to a Vote within 5 (five) Business Days, and shall send a notice to the Lenders and the Borrower containing the voting results on each of the Issues put to a Vote ("Voting Results Notice").

		24.1.8
	If, in accordance with the provisions of the Finance Documents, the Consent on an Issue put to a Vote requires the votes of the Majority Lenders (but not all Lenders), the Facility Administrator shall (regardless of the expiration of the deadline established in the relevant Notice of Voting) send a Voting Results Notice within 5 (five) Business Days after receipt of the Lender Decision Notices, from which it follows that the Majority Lenders voted in favour of granting such Consent or, that Lenders, the votes of which are sufficient to prevent the Majority Lenders from granting such Consent, voted against granting such Consent.

		24.1.9
	If the Lenders whose votes are sufficient to provide such Consent in accordance with the Finance Documents, voted in favour of granting the Consent, such Consent shall be deemed to have come into effect at the time when the Facility Administrator sends the Voting Results Notice, unless a later date is specified in the corresponding Voting Results Notice.

		24.1.10
	The Notices of Voting, Lender Decision Notices and Voting Results Notices shall be sent by email and/or by fax to the email addresses or fax numbers indicated in Clause 26.2 (Addresses).

		24.1.11
	Unless otherwise expressly stipulated by a Finance Document, any Consent granted in the manner contemplated by this Clause 24.1 shall be binding on all the Finance Parties.

		24.1.12
	For the avoidance of doubt, the Lenders hereby authorise the Facility Administrator, and the Facility Administrator agrees, to act with the prior consent of the Majority Lenders or all Lenders on the basis of the relevant Consent of the Majority Lenders or all Lenders in cases where such Consent is expressly stipulated by this Agreement.

		24.1.13
	The Facility Administrator has the right to refrain from acting on the basis of instructions of the Majority Lenders (or, where applicable, all Lenders) until it

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received indemnity against any costs, losses or liabilities (together with any accompanying VAT), which it may incur in complying with these instructions.
		24.1.14
	In the absence of instructions from the Majority Lenders (or, where applicable, all Lenders), the Facility Administrator has the right to take actions (or refrain from taking actions) that it views as being in the Lenders’ interests.

		24.1.15
	The Facility Administrator shall only be liable to the Parties for direct losses proven in court, caused by the Facility Administrator intentionally or as a result of gross negligence.

	24.2
	Appointment of the Facility Administrator

		24.2.1
	The Parties agree that a Lender may perform the functions of a Facility Administrator. Each Finance Party (with the exception of the Lender that performs the functions of the Facility Administrator) hereby appoints the Facility Administrator as its agent and instructs it to perform the actions contemplated by the Finance Documents on behalf of and at the expense of that Finance Party.

		24.2.2
	For the avoidance of doubt, the Parties confirm that the Lender acting as the Facility Administrator has the same rights and obligations under the Finance Documents as any other Lender, and has the right to exercise these rights, including the right to vote when Consents are provided, and to fulfil the obligations as if it were not a Facility Administrator.

		24.2.3
	The performance by the Facility Administrator of its obligations under the Agreement does not prevent the Facility Administrator from executing any banking operations with any member of the Group, including maintaining bank accounts, granting loans and attracting deposits.

		24.2.4
	If the indemnification received from the Obligors does not cover the amount of expenses or losses incurred by the Facility Administrator as a result of acting as the Facility Administrator in accordance with the terms of the Finance Documents, the Facility Administrator has the right to file a claim against the Lenders (except for the Lender acting as the Facility Administrator) and each Lender (except for the Lender acting as the Facility Administrator) shall, within 10 (ten) Business Days from date on which the Facility Administrator's claim was filed, indemnify it in the amount corresponding to the Lender’s Proportional Share, for any documented expenses or losses incurred by the Facility Administrator (except in the event of the Facility Administrator's gross negligence or wilful misconduct) as a result of acting as the Facility Administrator in accordance with the terms of the Finance Documents, to the extent not covered by the amount of indemnification received from any Obligor.

		24.2.5
	The Facility Administrator shall not be liable to the Lenders for its actions (or omissions), if it acts (or does not act) in accordance with the Consent of the Majority Lenders or all Lenders.

		24.2.6
	The Facility Administrator shall only be liable to the Lenders for losses caused by the Facility Administrator intentionally or as a result of gross negligence.

		24.2.7
	When the terms of the Agreement do not require the Consent of the Majority Lenders or all Lenders, the Facility Administrator shall act (or refrain from acting) at its own discretion in the best interests of the Lenders.

	24.3
	Duties of the Facility Administrator

		24.3.1
	Subject to Clause 24.3.2, each Finance Party (with the exception of the Facility Administrator) instructs the Facility Administrator, while the Facility Administrator agrees, to perform the following actions:

		(A)
	keep records of the Cash provided to the Borrower by each of the Lenders in accordance with this Agreement;

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		(B)
	receive any payments due to the Finance Parties from the Obligors under this Agreement into the Facility Administrator's Account, and transfer the amounts received from the Obligors to the relevant Finance Party in accordance with the terms of this Agreement;

		(C)
	receive any Facility amounts from the Lenders into the Facility Administrator's Account, and transfer the Facility amounts received from the Lenders to the Borrower in accordance with the terms of this Agreement;

		(D)
	notify the Borrower and Lenders about the interest rate for each Interest Period;

		(E)
	sign, on behalf of all the Finance Parties, amendments to this Agreement, as well as any consents, confirmations, waivers and other documents contemplated by this Agreement, on the terms agreed in the Consent of the Majority Lenders or all Lenders, depending on the nature of the changes, consents, confirmations, waivers or other documents;

		(F)
	inform the Lenders of the Borrower's fulfilment (or non-fulfilment) of the conditions precedent for submitting a Utilisation Request under this Agreement;

		(G)
	provide the Parties and (or) other persons contemplated under this Agreement with documents and information received from the Borrower and third parties (including, inter alia, sending to the relevant Party an original or a copy of any document received by the Facility Administrator from any other Party to be forwarded to this Party), however the Facility Administrator is not obliged to examine or verify the correctness, accuracy or completeness of such documents and information;

		(H)
	notify the Finance Parties of the receipt of a communication from any Party containing a description of an event or circumstance and a statement to the effect that such an event or circumstance constitutes Default;

		(I)
	inform the Lenders that the Facility Administrator has received the Borrower's request for a waiver under this Agreement;

		(J)
	arrange the granting of Consents by the Majority Lenders or all Lenders at its own initiative or at the request of the Majority Lenders;

		(K)
	keep a register of all Parties (with the addresses, contact details of all Lenders at any time and the Proportional Share of each Lender) and provide a copy of this register for information purposes upon the request of any Party;

		(L)
	notify the Lenders if an Obligor has failed to pay any amount of the Facility Outstanding, interest, fees or other amounts payable to any Finance Party (other than the Facility Administrator) under the Finance Documents;

		(M)
	in the event of the Facility Administrator's resignation, transfer to the New Facility Administrator (defined in Clause 24.4.4) all documents received by the Facility Administrator from the Parties, or created by the Facility Administrator in the process of fulfilling its duties; and

		(N)
	perform all other actions (or refrain from actions) which are contemplated by this Agreement and other Finance Documents or are required for the Lenders to exercise their rights under this Agreement or other Finance Documents after having obtained the relevant Consent of the Majority Lenders or all Lenders, depending on the circumstances.

		24.3.2
	The Facility Administrator has the right not to exercise any rights and authority granted in accordance with Clause 24.3.1 if the Consent of the Majority Lenders or all Lenders is required to exercise such rights and authority in accordance with the terms of this Agreement, and the Facility Administrator had not received such

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Consent of the Majority Lenders or all Lenders in the manner prescribed by this Agreement.
	24.4
	Resignation of the Facility Administrator

		24.4.1
	The Facility Administrator has the right, after having notified the other Finance Parties and the Obligors not less than fifteen (15) days in advance, to refuse to discharge the duties of the Facility Administrator, subject to the provisions of paragraph 7 of Article 8 of the Syndicated Loan Law. In this case, the Majority Lenders (after consultation with the Borrower) are entitled to appoint the Facility Administrator’s successor no later than the proposed date on which the Facility Administrator shall resign.

		24.4.2
	The resigning Facility Administrator shall, at its own expense, provide the Facility Administrator's successor with the documents available to the Facility Administrator, as well as provide the assistance that the Facility Administrator's successor may reasonably require in order to act as the Facility Administrator under the Finance Documents.

		24.4.3
	In the event that the Facility Administrator’s banking license is revoked (1) the authority of the Facility Administrator shall automatically terminate from the date of the banking license's revocation, and (2) the Facility Administrator or any Lender that has received information about the revocation of the Facility Administrator's banking license, shall notify the other Parties ("License Revocation Notice”) during the Business Day following the day when the Facility Administrator or relevant Lender received information about the revocation of the Facility Administrator’s banking license.

		24.4.4
	In the event of the resignation of the Facility Administrator or the termination of its powers at the initiative of the Lenders, the Lenders, with the Consent of the Majority Lenders, shall appoint a new Facility Administrator from among the Lenders (the "New Facility Administrator"), and each Finance Party and the Borrower hereby confirm their consent to such possible appointment. At the request of the Facility Administrator, the Borrower shall provide the written consent of each other Obligor to such possible appointment of the New Facility Administrator. In the Consent, the Lenders shall determine the date of termination of the authority of the Facility Administrator, and the procedure whereby the New Facility Administrator shall send a notice of the termination of the authority of the Facility Administrator to the other Parties ("Notice of Termination of Authority"). Moreover, in the event of the resignation of the Facility Administrator, its authority will automatically terminate 15 (fifteen) days after the Facility Administrator has sent the notice in accordance with Clause 24.4.1, unless an earlier date is stipulated by the Consent of the Lenders or the Facility Administrator does not agree to a later date of termination of its authority.

		24.4.5
	The Parties agree that the New Facility Administrator will become a party to this Agreement as the Facility Administrator after the adoption of the Consent of the Majority Lenders on the appointment of a New Facility Administrator, from the date of signature of an agreement on making the relevant changes to this Agreement, unless another date is specified in this agreement (the "Date of Accession of the New Facility Administrator"). Thereafter, any reference to the Facility Administrator in this Agreement will refer to the New Facility Administrator.

		24.4.6
	From the Date of Accession of the New Facility Administrator, the New Facility Administrator must ensure that a new account is opened and notify the Borrower and the Finance Parties that the Facility Administrator's Account has been substituted within 5 (five) Business Days from the Date of Accession of the New Facility Administrator.

		24.4.7
	From the date of termination of the authority of the Facility Administrator to the Date of Accession of the New Facility Administrator, the Parties hereby agree that the Lender with the largest Proportional Share or, in the absence of such, the Lender

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appointed by the Consent of the Majority Lenders, shall act as temporary Facility Administrator under the Agreement ("Temporary Facility Administrator").
		24.4.8
	The Parties agree that from the date of receipt by the Borrower of the Notice of Termination of Authority or of the License Revocation Notice to the Date of Accession of the New Facility Administrator, the Borrower shall procure that it and also the other Obligors make all payments provided for in this Agreement to the account of the Temporary Facility Administrator, whose details must be provided by the Temporary Facility Administrator to the Borrower on the first day on which it exercises the authority of facility administrator under this Agreement.

		24.4.9
	If the Facility Administrator, whose authority has been terminated for any reason, receives any payments from the Parties, it undertakes, subject to the requirements of the applicable law, to transfer such payments to the Temporary Facility Administrator on the same Business Day, so that the relevant amounts can then be transferred to the Party to which they are owed.

	24.5
	Arranger

The Arranger does not bear any obligations in relation to other Parties, unless this is expressly stipulated in the Finance Documents.
	25.
	PAYMENT MECHANISM

	25.1
	General Provisions

The Borrower shall procure that it, as well as each other Obligor, make payments in accordance with the provisions of this Clause 25.
	25.2
	Payments to the Facility Administrator

Unless otherwise expressly stipulated in this Agreement, on each date on which an Obligor or Finance Party must make a payment to a Party under the terms of a Finance Document, such Obligor or Finance Party must transfer the relevant amount into the Facility Administrator's Account (unless the context of a Finance Document otherwise requires) with valuation on the date of the payment due date. All payments to be made by an Obligor under a Finance Document must be transferred into the Facility Administrator's Account no later than 17:00. Payments of an Obligor that are received into the Facility Administrator’s Account later than the specified time shall be considered received on the following Business Day.
	25.3
	Distribution of funds by the Facility Administrator

		25.3.1
	The funds received by the Facility Administrator from an Obligor in fulfilment of its obligations to the Lenders under a Finance Document, as well as those received from the Facility Administrator as a result of enforcement under Security Agreements, shall be distributed among the Lenders according to each Lender's Proportional Share.

		25.3.2
	Each amount of funds transferred into the Facility Administrator's Account for another Party shall be transferred by the Facility Administrator no later than 11:00 of the next Business Day to the Party for which this amount of funds was intended, into an account whose details shall be provided to the Facility Administrator by the relevant Party at least 5 (five) Business Days before the payment date. The Facility Administrator shall transfer this amount to the relevant Party after it has determined that it has received the required amount in full.

	25.4
	Partial payments

If the Facility Administrator receives an amount that is not sufficient to fully repay all amounts payable by an Obligor under the terms of the Finance Documents at the relevant time, the Facility Administrator shall use that amount to repay that Obligor’s obligations under the Finance Documents in the following order of priority, unless otherwise provided by law:
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		25.4.1
	firstly, to indemnify the Finance Parties for the expenses incurred in connection with the enforcement of their claims against the Obligor;

		25.4.2
	secondly, for the payment of accrued interest on the Facility Outstanding;

		25.4.3
	thirdly, to repay the Facility Outstanding owed on the relevant date;

		25.4.4
	fourthly, for the payment of fees due to the Finance Parties;

		25.4.5
	fifthly, for the payment of accrued default interest; and

		25.4.6
	sixthly, for the payment of any other amounts due from the Obligor under the terms of the Finance Documents.

	25.5
	Payments not through the Facility Administrator

The Obligor's transfer of any funds towards payments due to a Finance Party under Finance Documents, without going through the Facility Administrator's Account, does not constitute proper fulfilment by the Obligor of its obligations under Finance Documents. If the Lender receives any payment owed to it under a Finance Document directly from the Obligor (and not from the Facility Administrator), such Lender shall transfer the amount received from the Obligor into the Facility Administrator’s Account on the same Business Day for distribution among all Finance Parties according to their Proportional Share in the manner prescribed by Clause 25.4 (Partial payments). Thereafter, the Obligor will be deemed to have fulfilled its payment obligations under a Finance Document only to the extent of the amount received by all Finance Parties from the Facility Administrator in accordance with the provisions of this Clause 25.5.
	25.6
	No set-off by Obligors

The Borrower shall make (and shall procure that other Obligors make) any payments under the Finance Documents without offsetting any uniform counter-claims that the relevant Obligor may have against any Finance Party.
	25.7
	Payment currency

The Obligors shall make all payments under Finance Documents in Roubles, except for the indemnification of the Finance Parties for expenses incurred in connection with Finance Documents, which shall be paid by the Obligors in the same currency in which they were incurred, provided that this is not inconsistent with the currency legislation of the Russian Federation ("Agreement Currency"). The monetary obligations of the Obligors shall be deemed fulfilled only if the relevant amounts have been received by the Facility Administrator in the Agreement Currency. If any amounts under a Finance Document are received towards the Obligors’ obligations in a currency other than the Agreement Currency, and the Facility Administrator converts the amount received into the Agreement Currency, the Borrower shall indemnify (and procure that other Obligors indemnify) the Facility Administrator for its expenses related to converting the amount received into the Agreement Currency (at the internal rate of the Facility Administrator), and also indemnify the difference between the amount due from the Obligors in the Agreement Currency, and the amount received by the Facility Administrator as a result of the conversion of the funds received from the Borrower into the Agreement Currency.
	25.8
	Payment due date

		25.8.1
	If payment under a Finance Document falls due on a non-Business Day, the next Business Day shall be considered the payment deadline.

		25.8.2
	If any Finance Document does not stipulate the due date of any payment, such payment must be made by the Obligor within 5 (five) Business Days after receipt of the demand of the relevant Finance Party from the Facility Administrator.

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	26.
	NOTICES

	26.1
	Communications in writing

Any communications sent by Parties to the Finance Documents must be made in writing and may be sent by courier, mail with notification of delivery, fax or other means whereby it can be reliably established that the communication is from a Party to the Finance Documents. For the purposes of this Agreement, a communication transmitted using electronic means of communication shall be considered a written communication.
	26.2
	Addresses

		26.2.1
	Save for the exceptions set out below, the contact details of each Party for all communications in connection with this Agreement are the details that such Party has provided to the Facility Administrator for this purpose.

		26.2.2
	Contact details of the Borrower:

Headhunter Limited Liability Company
	Address:
	9 Godovikova Street, Building 10, Moscow, 129085, 
Russian Federation

	Fax number:
	+7 495 974 64 27

	Email:
	moiseev@hh.ru

	FAO:
	Grigory Moiseev

​
		26.2.3
	Contact details of Facility Administrator:

VTB Bank (Public Joint-Stock Company)
	Location:
	11a Degtyarnyy Pereulok, Saint Petersburg, 
191144, Russian Federation

	Postal address:
	Building 1, 43 Ul. Vorontsovskaya, Moscow, 
109147

	Telex:
	412362 BFTR RU

	Phone:
	+7 495 739-77-39

	Telefax:
	+7 495 775-54-54

	Email:
	loanadmin@vtb.ru, TM21@msk.vtb.ru

	FAO:
	The Credit Administration

​
		26.2.4
	Each Lender shall provide its contact details to the Facility Administrator, which will in turn provide them to any other Party as and when requested.

		26.2.5
	Any Party has the right to change its contact details by giving the Facility Administrator at least 5 (five) Business Days’ prior notice. The Facility Administrator will notify all other Parties of the amended contact details.

		26.2.6
	If a Party indicates a specific office or official as the recipient of a communication, the communication will not be deemed to have been delivered unless such department or official is indicated as the recipient.

	26.3
	Delivery of notices

		26.3.1
	Any communication or document sent by one Party to another Party in connection with the Finance Documents shall be deemed to have been received:

		(A)
	when sent by fax or in any other way whereby it can be reliably established that the communication is from a Party to the Finance Documents: upon receipt in a legible form; or

		(B)
	when sent by courier: upon delivery to the appropriate address; or

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		(C)
	when sent by mail: upon delivery to the appropriate address or 5 (five) Business Days after being deposited in the post postage prepaid with notification of delivery, depending on which occurs earlier.

		26.3.2
	All notifications sent by the Obligor or to the Obligor shall be transmitted through the Facility Administrator.

	26.4
	Language

Any notification or communication sent by a Party in connection with any Finance Document must be in Russian. For the avoidance of doubt, the text in Russian may be accompanied by a translation into another language, however the text in Russian shall prevail.
	26.5
	Replies to requests from the Borrower

If the Borrower sends a request for consent in accordance with the terms of this Agreement to the Facility Administrator, such request is considered rejected if the Facility Administrator has not sent a positive reply to the Borrower within 10 (ten) Business Days from the date of receipt of the request.
	27.
	SEVERABILITY

If any provision of this Agreement is or becomes illegal, invalid or unenforceable, this shall not affect the legality, validity or enforceability of any other provisions of this Agreement.
	28.
	AMENDMENT OF AGREEMENT

		28.1.1
	Any provision of this Agreement may be modified by a written agreement signed by the Borrower and the Facility Administrator, acting in accordance with the Consent of the Majority Lenders, except for the cases listed in Clause 28.1.2.

		28.1.2
	The provisions of the Agreement relating to:

		(A)
	the definition of "Majority Lenders" in Clause 1.1 (Terms);

		(B)
	an extension to the date of payment of any amount under the Finance Documents;

		(C)
	a reduction in the Margin or any other amount due from any Obligor;

		(D)
	an increase the amount of any Available Commitment or the Total Commitments or an extension of the Utilisation Period or a change of the Final Repayment Date;

		(E)
	any provision of the Agreement which expressly requires the consent of all the Lenders;

		(F)
	the provisions of Clause 23 (Changes to the Parties) and this Clause 28 (Amendment of Agreement);

		(G)
	the provisions of Clause 21 (Events of Default); or

		(H)
	changes in the Agreement Currency, as defined in Clause 25.7 (Payment currency),

as well as any provisions of the Security Documents, may not be modified without obtaining the Consent of all Lenders.
		28.1.3
	A material change of the circumstances described in Article 451 of the Civil Code cannot serve as grounds for amending or terminating this Agreement.

	29.
	CONFIDENTIALITY

	29.1
	Confidential information

Each Finance Party agrees to keep all Confidential Information confidential and not to disclose it to anyone, save to the extent permitted by Clause 29.2 (Disclosure of Confidential Information).
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	29.2
	Disclosure of Confidential Information

Confidential Information that constitutes bank secrecy in accordance with the law is not subject to disclosure. The Finance Party has the right to disclose Confidential Information that does not constitutes bank secrecy:
		29.2.1
	to its Affiliates, professional consultants and auditors, if the person to whom such Confidential Information is being provided is informed in writing of its confidential nature, except that there shall be no such requirement to so inform if the recipient is subject to professional obligations to maintain the confidentiality of such information;

		29.2.2
	to any persons:

		(A)
	to which the Finance Party transfers (or intends to transfer) any of its rights and (or) obligations under the Finance Documents or which may become a new Facility Administrator, and also, in each case, to the professional consultants of such persons, provided that such persons (with the exception of professional consultants who, by virtue of their professional duties, must maintain confidentiality with respect to such information) assume the obligation to maintain confidentiality with respect to the Confidential Information on the conditions contemplated by this Agreement;

		(B)
	with which the Finance Party concludes a sub-participation agreement in relation to the Facility or another transaction, payments under which can be made with reference to any Finance Documents and/or Obligors and their professional consultants, provided that such persons (with the exception of professional consultants who, by virtue of their professional duties, must maintain confidentiality with respect to such information) assume the obligation to maintain confidentiality with respect to the Confidential Information on the conditions contemplated by this Agreement;

		(C)
	specified in the request of a prosecutor's office, court, investigating body, an administrative, banking or currency supervision body (including the Central Bank of the Russian Federation), tax body or other state body acting within their remits as established by law;

		(D)
	which is a Party; or

		(E)
	with the consent of the Borrower, Obligor or Pledgor;

		29.2.3
	to any rating agency (including its professional consultants) in order to assign a rating to the Finance Documents and (or) Obligors; and

		29.2.4
	to any credit reference agency in accordance with the Credit Histories Law.

	29.3
	Notification of disclosure

		29.3.1
	Each Finance Party agrees to inform the Borrower about circumstances where Confidential Information is disclosed in accordance with Clause 29.2.2(C), unless such information is disclosed to a state authority as part of its normal supervisory or regulatory functions.

		29.3.2
	The Lenders hereby inform the Borrower that the details of the Borrower and this Agreement, specified in Article 4 of the Credit Histories Law, will be transmitted to the relevant credit reference agency in accordance with the Credit Histories Law.

	29.4
	Obligations of the Obligors

The Borrower shall procure that it, as well as each other Obligor, keep all provisions of the Finance Documents confidential, except for the disclosure of such information:
		29.4.1
	to the bank through which settlements under this Agreement are made;

		29.4.2
	to its shareholders/members;

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		29.4.3
	to its Affiliates, professional consultants and auditors provided that the person to whom such Confidential Information is provided is informed in writing of its confidential nature. However there shall be no such requirement to so inform if the recipient is subject to professional obligations to maintain the confidentiality of such information;

		29.4.4
	upon a request of a prosecutor's office, court, investigating body, an administrative, banking or currency supervision body, tax body or other state body acting within their remits as established by law;

		29.4.5
	in accordance with the mandatory provisions of the applicable law, including, in accordance with the requirements of the stock exchange or the regulatory authority, whose authority extends to such Obligor, or to which it is reasonably subject; or

		29.4.6
	with the consent of the Facility Administrator.

	29.5
	Continuing obligations

The provisions of this Clause 29 (Confidentiality) shall remain in force and continue to be legally binding for each Finance Party within twelve (12) months from the earlier of:
		29.5.1
	the date on which all amounts payable by the Obligors in accordance with this Agreement are paid in full; and

		29.5.2
	the date on which such Finance Party will otherwise cease to be a Finance Party.

	30.
	APPLICABLE LAW

This Agreement, as well as the rights and obligations of the Parties arising under this Agreement, are governed by the laws of the Russian Federation and are subject to interpretation in accordance with them.
	31.
	DISPUTE RESOLUTION

		31.1.1
	Any dispute in connection with this Agreement, including regarding the interpretation of its provisions, its existence, validity or termination, is to be resolved out of court by one Party sending the other Party the relevant demand (claim). If a Party does not receive a response to the submitted demand (claim) and the dispute is not resolved within 10 (ten) Business Days from the date of receipt of the relevant demand (claim) by the other Party, such dispute may be resolved in court in accordance with Clause 31.1.2.

		31.1.2
	Subject to the provisions of Clause 31.1.1, in the event of any dispute arising out of this Agreement, including regarding the interpretation of its provisions, existence, validity or termination, such dispute is to be considered in the Moscow Arbitrazh Court. Each Finance Party intending to file a claim against a Borrower in accordance with this Clause 31 shall notify the other Finance Parties of its intention (by sending the relevant information to the Facility Administrator).

	32.
	COUNTERPARTS

This Agreement is executed by the Parties in 3 (three) original counterparts, having equal legal force in the form of a single document.
This Agreement is signed on the date specified at the beginning of this Agreement.
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SCHEDULE 3
THE PARTIES, AVAILABLE СOMMITMENTS AND SECURITY
​
PART A
ORIGINAL LENDERS AND AVAILABLE COMMITMENTS
​
	​

	​

	​

	Tranche
	Available Commitment
	Original Lender

	Tranche 1
	RUB 4,615,000,000.00
	VTB Bank (PJSC)

	Tranche 2
	RUB 4,000,000,000.00
	VTB Bank (PJSC)

​
PART B
THE OBLIGORS
​
	Term
	Name
	Registration number
	Location

	Borrower
	Headhunter LLC
	1067761906805
	9 Godovikova Street, Building 10, Moscow, 129085, Russian Federation

	Headhunter Group
	HEADHUNTER GROUP PLC
	HE 332806
	Company: 42 Dositheou, Strovolos 2028, Nicosia, Cyprus
Moscow Branch: 9 Godovikova Street, Building 10, Moscow, 129085, Russian Federation

	Headhunter FSU
	Headhunter FSU Limited
	HE 178226
	Company: 42 Dositheou, Strovolos 2028, Nicosia, Cyprus
Moscow Branch: 9 Godovikova Street, Building 10, Moscow, 129085, Russian Federation

	Zemenik
	Zemenik LLC
	1167746153860
	14 Krzhizhanovskogo Street, Building 3, Suite 53, Akademicheskiy Urban Municipality, Moscow, 117218, Russian Federation

​
​
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PART C
SECURITY AGREEMENTS
​
	Type of Security
	Date of Security Agreement
	Pledgor / Guarantor
	Pledge
	Applicable Law

	Pledge of participatory interest
	24/08/2020
	Headhunter FSU
	100% of Borrower's charter capital
	Russian Federation

	Pledge of shares
	24/08/2020
	Zemenik
	100% minus 1 share in Headhunter FSU
	Republic of Cyprus

	Pledge of shares
	24/08/2020
	Headhunter Group
	1 share in Headhunter FSU
	Republic of Cyprus

	Independent guarantee
	24/08/2020
	Headhunter Group
	—
	Russian Federation

	Independent guarantee
	24/08/2020
	Zemenik
	—
	Russian Federation

	Independent guarantee
	24/08/2020
	Headhunter FSU
	—
	Russian Federation

​
​
​

281

SCHEDULE 4
CONDITIONS PRECEDENT
PART A
CONDITIONS PRECEDENT FOR SUBMITTING FIRST UTILISATION REQUEST
1.FINANCE DOCUMENTS
Each of the following Finance Documents in a form acceptable to the Facility Administrator, properly executed by each party thereto or issued by the appropriate person:
	1.1
	this Agreement;

	1.2
	the Borrower Participatory Interest Pledge;

	1.3
	the Pledge of Headhunter FSU (Headhunter Group) Shares;

	1.4
	the Pledge of Headhunter FSU (Zemenik) Shares;

	1.5
	each Independent Guarantee.

2.DOCUMENTS CONCERNING OBLIGORS REGISTERED IN THE RUSSIAN FEDERATION
2.1A notarised copy of:
		2.1.1
	the Obligor's duly registered charter and valid amendments and supplements thereto, stamped by the authorised tax office (including the relevant record entry pages or registration certificates);

		2.1.2
	the Obligor's certificate of state registration;

		2.1.3
	the Obligor's tax registration certificate from the tax office for the company's location.

2.2An up-to-date extract from the Unified State Register of Legal Entities regarding the Obligor, issued by the authorised tax office and containing information as of no earlier than 7 (seven) days prior to the date of this Agreement (including in the form of an electronic document with the protected electronic signature of the authorised tax office).
2.3An information letter as of the date falling no earlier than 14 (fourteen) days prior to this Agreement, issued by the tax body that the Obligor is registered with, confirming that it has no outstanding obligations to the state budget or other extra-budgetary funds or, where such outstanding obligations exist, confirming that there is a repayment schedule for these obligations agreed with the relevant body.
2.4Original or notarised copy of a decision of the Obligor's authorised management body approving the terms of the Finance Documents to which the relevant Obligor is party, and the transactions thereunder, as well as any transactions related to them, including (where applicable) on approving a transaction as a major transaction and (or) as an interested-party transaction (as these terms are defined by the laws of the Russian Federation).
2.5Certified copies of the documents on appointing the sole executive body or other authorised persons with the right of signature, provided for by the charter, of the Obligor.
2.6A notarised and, if applicable, apostilled copy of the power of attorney granting the Obligor's authorised persons the authority needed to sign the Finance Documents to which the respective Obligor is party, or, where appropriate, to sign or send any documents or notifications in connection with any Finance Documents to which the respective Obligor is party (if applicable).
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282

2.7The specimen signature card of each person authorised to sign on the Obligor's behalf the Finance Documents to which it is party, or, as the case may be, to sign or send any documents or notifications in connection with Finance Documents to which the respective Obligor is party (if applicable).
2.8A document signed by an authorised representative of the Obligor, confirming, inter alia, that:
		2.8.1
	each document (either original or copy) provided by each of the Obligors or on its behalf in accordance with this Schedule 2 is genuine, contains complete and up-to-date information, has full legal force, has not been changed, cancelled, withdrawn or terminated and that, as of the date not earlier than the date of this Agreement, no new documents were issued in connection with the issues addressed in the relevant document;

		2.8.2
	all corporate approvals required in accordance with applicable law in respect of the Finance Documents to which the relevant Obligor is party and the transactions thereunder, including approvals of such transactions as major transactions or interested-party transactions, have been received by the relevant Obligor;

		2.8.3
	the total value of transactions under the Finance Documents to which the relevant Obligor is party amounts to over fifty (50) percent of the book value of the assets of the relevant Obligor; and

		2.8.4
	with regard to the Borrower, the Regulated Procurement Law does not apply to the conclusion by the Borrower of the Finance Documents to which it is party (however, such confirmation should not apply to the application of the Regulated Procurement Law to any Finance Party).

	3.
	DOCUMENTS IN RESPECT OF THE OBLIGORS REGISTERED IN CYPRUS

	3.1
	Apostilled copy of the certificate of incorporation issued by the Department of the Registrar of Companies of Cyprus.

	3.2
	Apostilled copy of the memorandum and articles of association (together with all changes and additions to them) in Greek (with the Department of the Registrar stamp on them) and in English.

	3.3
	Apostilled original certificate of address of the registered office, issued by the Department of the Registrar of Companies of Cyprus and dated not earlier than 30 (thirty) days before this Agreement.

	3.4
	Apostilled original certificate of directors and secretary issued by the Department of the Registrar of Companies of Cyprus and dated not earlier than 30 (thirty) days before this Agreement.

	3.5
	Apostilled original certificate of the shareholders of Headhunter FSU, issued by the Department of the Registrar of Companies of Cyprus and dated not earlier than 30 (thirty) days before this Agreement.

	3.6
	Certified copy of the register of directors and secretaries dated no earlier than 1 (one) day before this Agreement.

	3.7
	Certified copy of the register of members dated no earlier than 1 (one) day before this Agreement.

	3.8
	Certified copy of the register of mortgages and other charges dated no earlier than 1 (one) day before this Agreement.

	3.9
	An original incumbency certificate, the form and substance of which is acceptable to the Facility Administrator, along with all documents submitted in accordance with such incumbency certificate.

	3.10
	A notarised and, if applicable, apostilled copy or apostilled original of the resolution of the board of directors and shareholders or any other authorised body, as contemplated by the constitutional documents of each Obligor:

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283

		3.10.1
	on approving the terms of the Finance Documents to which the relevant Obligor is party, and the transactions thereunder, and resolving that the relevant Obligor shall sign the Finance Documents to which the relevant Obligor is party;

		3.10.2
	on granting the relevant person or persons with the authority needed to sign the Finance Documents to which the relevant Obligor is party, on the latter's behalf; and

		3.10.3
	on granting the relevant person or persons with the authority needed to sign on behalf of the relevant Obligor all documents and notifications, which must be signed by the relevant Obligor in accordance or in connection with the Finance Documents to which the relevant Obligor is party.

	3.11
	A notarised and, if applicable, apostilled copy of a power of attorney granting the authorised persons of the relevant Obligor with the authority needed to sign the Finance Documents to which the relevant Obligor is party, or, where appropriate, to sign or send any documents or notifications in connection with the Finance Documents to which the relevant Obligor is party (if applicable).

	3.12
	An original signature sample of each person granted the authority on the basis of the resolution referred to in Clause 3.10.2 above.

	3.13
	An original document, signed by an authorised representative of the relevant Obligor, confirming that each document (either original or copy) provided by the relevant Obligor or on its behalf in accordance with this Schedule 2 is genuine, contains complete and up-to-date information, has full legal force, has not been changed, cancelled, withdrawn or terminated and that, as of the date not earlier than the date of this Agreement, no new documents were issued in connection with the issues addressed in the relevant document;

	4.
	LEGAL OPINIONS

A legal opinion prepared by Alexandros Economou LLC, the Facility Administrator's legal adviser on Cypriot law, in a form acceptable to the Facility Administrator and approved by the Facility Administrator before this Agreement is signed that is addressed to the Finance Parties who constitute such as of the date of such opinion.
	5.
	OTHER DOCUMENTS AND EVIDENCE

	5.1
	A duly concluded amendment agreement to each bank account agreement entered into with the Original Lender, providing consent to the direct debiting of funds by the Facility Administrator on the basis of collection orders, bank orders, payment demands or other documents, for the purposes of the performance of the Borrower’s obligations under the Finance Documents, with the possibility of partial performance where there are insufficient funds on the Borrower’s account.

	5.2
	Confirmation of payment of the Facility fee specified in Clause 11.2 (Facility Fee).

	5.3
	Confirmation of payment of remuneration to legal advisors (Herbert Smith Freehills CIS LLP and Alexandros Economou LLC).

	5.4
	Any other permits or other documents, opinions or representations which the Obligors were told by the Facility Administrator were necessary or expedient for the conclusion and execution of any Finance Documents and transactions thereunder, or for ensuring the validity and enforceability of any Finance Documents.

PART B
CONDITIONS PRECEDENT FOR THE TRANCHE 1 UTILISATION REQUEST
	1.
	LOAN AGREEMENTS BETWEEN THE BORROWERS

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284

	1.1
	Borrower-certified copies of each Loan Agreement Between the Borrowers in a form approved by the Facility Administrator.

	1.2
	Original or copy, properly certified by the relevant company, of a resolution by the authorized governing body of the Borrower, Zemenik, and Headhunter Group approving the terms of the Loan Agreements Between the Borrowers to which the relevant company is party and the transactions they contemplate, as well as any associated transactions, including (as the case may be) approval of a transaction as a major transaction and/or a non-arms-length transaction (in the meaning given those terms by Russian Federation law).

	1.3
	A notarised and, if applicable, apostilled copy of the power of attorney granting authorised representatives of the Borrower, Zemenik, and Headhunter Group the authority required to sign the Loan Agreements Between the Borrowers to which the relevant company is party, or, as appropriate, the authority required to sign or send any documents or notices involving the Loan Agreements Between the Borrowers to which the relevant company is party (if applicable).

	1.4
	Borrower-certified copies of Zemenik's and the Borrower's corporate approvals and powers of attorney for the signing of such loan agreements.

	1.5
	Irrevocable instructions signed by the Borrower for the transfer of loan amounts under each Loan Agreement Between the Borrowers.

	1.6
	An irrevocable instruction signed by Zemenik for transfer of the loan amount under the relevant Loan Agreement Between the Borrowers for early loan repayment under the Existing Facility Agreement in which Zemenik is the borrower.

	1.7
	An irrevocable instruction signed by Headhunter Group for transfer of the loan amount under the relevant Loan Agreement Between the Borrowers for early loan repayment under the Existing Facility Agreement in which Headhunter Group is the borrower.

PART C
CONDITIONS PRECEDENT FOR THE TRANCHE 2 UTILISATION REQUEST
	1.
	GENERAL CORPORATE PURPOSES

For utilisation of the Facility Tranche 2 for the purposes referred to in Clause 3.2.1 of the Agreement:
	1.1
	Borrower's certificate confirming a change in Cash Receipts and Revenue of the Group compared to the same period in the previous year, for the period from the last Test Date.

	1.2
	Compliance certificate, to be provided per Clause 17.2 of the Agreement, based on planned utilisation of Facility Tranche 2 and the par value of the placed Permitted Bonds, as well as the amounts of other Financial Indebtedness raised after the relevant reporting date.

	2.
	ACQUISITIONS

For utilisation of the Facility Tranche 2 for the purposes referred to in Clause 3.2.2 of the Agreement.
2.1Information and documents on the balance sheet and liabilities of the asset being acquired, along with explicatory material concerning its market value, including:
2.1.1due diligence report for asset being acquired;
2.1.2the structure of the group and shareholders of the asset being acquired;
2.1.3research of the relevant market of the asset being acquired;
2.1.4calculation of synergies; and
2.1.5other relevant documents (financial models).
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285

	2.2
	Compliance certificate, to be provided per Clause 17.2 of the Agreement, based on planned utilisation of Facility Tranche 2 and the par value of the placed Permitted Bonds, as well as the amounts of other Financial Indebtedness raised after the relevant reporting date.

	3.
	DIVIDENDS PAYOUT

For utilisation of the Facility Tranche 2 for the purposes referred to in Clause 3.2.3 of the Agreement.
	3.1
	A tax consultant's and/or legal consultant's opinion on the tax consequences and possibility of going forward with the planned distribution in a form and substance acceptable to the Facility Administrator.

	3.2
	Compliance certificate, to be provided per Clause 17.2 of the Agreement, based on planned utilisation of Facility Tranche 2 and the par value of the placed Permitted Bonds, as well as the amounts of other Financial Indebtedness raised after the relevant reporting date.

​
​

286

SCHEDULE 5
FORM OF UTILISATION REQUEST
​
	From:
	[name of Borrower]

	To:
	[Name of Facility Administrator]

	Date:
	[•]

​
Dear Sirs,
Syndicated Facility Agreement dated __ August 2020 (as amended) (the "Agreement")
	1.
	We refer to the Agreement. The terms defined in the Agreement have the same meaning in this Utilisation Request, unless they are given a different meaning in this Utilisation Request.

	2.
	We request that the Facility be granted on the following terms:

	Tranche:
	[•]

	Purpose:
	[refer to Clause 3 (Purpose)]

	Utilisation Date:
	[•]

	Facility Currency:
	Roubles

	Amount in Facility currency:
	[•]

​
	3.
	We confirm that as of the date of this Utilisation Request every Initial Condition Precedent for Tranche [•] specified in Clause [4.1] of the Agreement has been satisfied and] all the representations listed in Clause 16 (Representations) of the Agreement remain true.

	4.
	The funds under this Facility must be transferred to [specify account].

	5.
	This Utilisation Request is irrevocable.

Yours Sincerely,
.......................................
[Authorised Representative]
[name of Borrower]
​
​

287

SCHEDULE 6
FORM OF LENDER RIGHTS ASSIGNMENT AGREEMENT
​
AGREEMENT FOR
ASSIGNMENT OF RIGHTS (CLAIMS) [AND TRANSFER OF DEBT]
​
_______________________ [•]
BETWEEN
[EXISTING LENDER]
[NEW LENDER]
AND
[FACILITY ADMINISTRATOR]
​

288

THIS AGREEMENT FOR ASSIGNMENT OF RIGHTS (CLAIMS) [AND TRANSFER OF DEBT] ("Lender Rights Assignment Agreement") is concluded on [•]
BETWEEN:
	(1)
	[•], [open/public]/[closed] joint-stock company]/[limited liability company], incorporated under the laws of the Russian Federation, registered in the Unified State Register of Legal Entities of the Russian Federation under Primary State Registration Number:  [•], located at: [address][, represented by [full name], acting on the basis of [power of attorney][Charter]] OR [company/legal person/limited liability company/[open/public]/[closed] joint-stock company], [incorporated]/[organised and existing] in accordance with the law of [jurisdiction], [located/registered/ whose head office is located] at [address], represented by [full name], acting on the basis of [power of attorney] [Charter], as the assignor (the "Existing Lender");

	(2)
	[•], [open/public]/[closed] joint-stock company]/[limited liability company], incorporated under the laws of the Russian Federation, registered in the Unified State Register of Legal Entities of the Russian Federation under Primary State Registration Number: [•], located at: [address][, represented by [full name], acting on the basis of [power of attorney][Charter]] OR [company/legal person/limited liability company/[open/public]/[closed] joint-stock company], [incorporated]/[organised and existing] in accordance with the law of [jurisdiction], [located/registered/ whose head office is located] at [address], represented by [full name], acting on the basis of [power of attorney] [Charter], as the assignee (the "New Lender"); and

	(3)
	[•] [full name of the bank acting as Facility Administrator] as the facility administrator (the "Facility Administrator").

THE PARTIES AGREED AS FOLLOWS:
	1.
	INTERPRETATION

The terms defined in the Facility Agreement have the same meaning in this Lender Rights Assignment Agreement, unless they are given a different meaning in this Lender Rights Assignment Agreement.
In this Lender Rights Assignment Agreement:
"Bank Account" means the bank account of the Existing Lender as specified in paragraph 4.1.2 of this Lender Rights Assignment Agreement.
"Transaction Date" means [the date of this Lender Rights Assignment Agreement]/[indicate the agreed calendar date on which the assignment of rights (claims) and the transfer of debt will occur].
["Debt" means the commitment of the Existing Lender to grant the Borrower a Facility within its Unused Available Commitment, amounting on the date of this Lender Rights Assignment Agreement to [•] [Roubles] [US Dollars] [Euro].]
"Borrower" means [•]:
"Facility Agreement" means the syndicated facility agreement dated [•] 2020, concluded, inter alia, between the Existing Lender and the Borrower (as amended).
["Receivables" means the rights to claim repayment of the Facility Outstanding in the amount of [indicate amount of the facility provided to the Borrower by the Existing Lender as of the date of this assignment agreement], interest, and other payments due to the Existing Lender from the Borrower under the terms of the Facility Agreement, as well as the receivables under each Security Agreement and each Independent Guarantee].
"Parties" means the Existing Lender, the New Lender and the Facility Administrator, and "Party" means each of them.
"Notification" means the notification, drawn up in the form given in Schedule 1 to the Lender Rights Assignment Agreement, of assignment of the Receivables [and transfer of Debt] of the Existing Lender under the Facility Agreement on the terms of this Lender Rights Assignment Agreement, sent to the Borrower by the Existing Lender.
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289

"Price of the Receivables" means the amount of [•] ([•]) [Roubles] [US Dollars] [Euro].
	2.
	SUBJECT MATTER OF LENDER RIGHTS ASSIGNMENT AGREEMENT

	2.1
	[On the Transaction Date, the Existing Lender shall assign, and the New Lender accept, the Receivables in the manner and on the terms specified in Clause 23 (Changes to the Parties) of the Facility Agreement and this Lender Rights Assignment Agreement.] / [On the Transaction Date, the Existing Lender shall transfer, and the New Lender accept, the Debt in the manner and on the terms specified in Clause 23 (Changes to the Parties) of the Facility Agreement and this Lender Rights Assignment Agreement.]

	2.2
	The Receivables under the Facility Agreement shall be transferred to the New Lender free from any Encumbrances.

	3.
	PROCEDURE FOR PERFORMANCE OF PARTIES’ OBLIGATIONS

	3.1
	[On the Transaction Date, the New Lender shall pay to the Existing Lender the Price of the Receivables into the Bank Account.]

	3.2
	On the Transaction Date, the Existing Lender shall cease to be the Lender under the Facility Agreement [to the extent of the relevant Receivables], while the New Lender shall become the Lender under the Facility Agreement [to the extent of the relevant Receivables] and all provisions of the Facility  Agreement and other Finance Documents shall apply to it.

	3.3
	The Existing Lender confirms that it does not have any information that the Borrower has any objections to such Existing Lender that the Borrower could raise to the New Lender in accordance with Article 386 of the Civil Code.

	3.4
	The New Lender confirms that it has studied all the terms of the Facility Agreement and other Finance Documents, conducted (and will continue to conduct) its own independent study and assessment of each Obligor’s financial condition, and did not rely on any information provided to it by the Existing Lender when taking its decision to sign this Lender Rights Assignment Agreement.

	3.5
	The New Lender confirms the appointment of the Facility Administrator as Facility Administrator in accordance with Clause 24.2 (Appointment of the Facility Administrator) of the Facility Agreement.

	3.6
	On the Transaction Date the Existing Lender shall:

		3.6.1
	transfer to the New Lender documents certifying all receivables of the Existing Lender as a Lender under the Facility Agreement, including the original Facility Agreement and other Finance Documents to which the Existing Lender is party, all changes and additions to them, copies of the Utilisation Requests, as well as all documents confirming the amount of the Receivables [and Debt] on the Transaction Date;

		3.6.2
	provide the New Lender with information relevant to the exercise of the Receivables, including information about the Borrower's breach of the Facility Agreement; and

		3.6.3
	send the Notification to the Borrower.

	3.7
	The obligations of the New Lender to pay the Price of the Receivables shall be deemed fulfilled when the amount of the Price of the Receivables is received into the Bank Account of the Existing Lender.

	3.8
	The Parties shall perform all other actions necessary to fulfil their obligations under this Clause 3.

	4.
	PAYMENTS

All payments under this Lender Rights Assignment Agreement must be made by bank transfer based on the following details:
		4.1.1
	New Lender (if applicable):

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290

	Payment recipient:
	[•]

	location:
	[•]

	Bank:
	[•]

	SWIFT:
	[•]

	IBAN:
	[•]

	Account No:
	[•]

or into another account specified by the New Lender in writing;
		4.1.2
	Existing Lender:

	Payment recipient:
	[•]

	Bank:
	[•]

	location:
	[•]

	SWIFT code:
	[•]

	Correspondent account:
	[•]

	Settlement account:
	[•]

	BIC:
	[•]

or into another account specified by the Existing Lender in writing.
	5.
	NOTICES

Any notices or other official communications sent under this Lender Rights Assignment Agreement shall be made in writing and may be delivered in person, sent by fax or by registered mail with delivery confirmation to the following addresses:
		5.1.1
	New Lender:

	[•]
	​

	FAO:
	[•]

	e-mail:
	[•]

	Tel.:
	[•]

	Fax:
	[•]

		5.1.2
	Existing Lender:

	[•]
	​

	FAO:
	[•]

	e-mail:
	[•]

	Tel.:
	[•]

	Fax:
	[•]

​
		5.1.3
	Facility Administrator:

	[•]
	​

	FAO:
	[•]

	e-mail:
	[•]

	Tel.:
	[•]

	Fax:
	[•]

​
	6.
	APPLICABLE LAW

This Lender Rights Assignment Agreement is governed by Russian law.
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291

	7.
	DISPUTE RESOLUTION

In the event of any dispute arising out of this Lender Rights Assignment Agreement, including regarding the interpretation of its provisions, existence, validity or termination, this dispute is to be considered in the Moscow Arbitrazh Court.
	8.
	COUNTERPARTS

This Lender Rights Assignment Agreement is signed in 3 (three) counterparts, one counterpart for each Party to the Lender Rights Assignment Agreement.
​
​

292

SCHEDULE 1 TO LENDER RIGHTS ASSIGNMENT AGREEMENT
​
FORM OF NOTIFICATION OF BORROWER
​
​
	​
	From:
	[Existing Lender] 

	​
	To:
	[Borrower]

	​
	​
	[Address of Borrower]

	​
	Copy:
	[to New Lender]

	​
	​
	[Address of New Lender]

​
NOTIFICATION OF ASSIGNMENT OF RECEIVABLES
 [AND TRANSFER OF DEBT]
Hereby [•], registration number [•], location: [•] (the "Existing Lender") notifies [•], Primary State Registration Number [•], location: Russian Federation, [•] (the "Borrower") of the transfer of all rights (claims) [and transfer of debt] under a syndicated facility agreement between, inter alia, the Borrower and the Existing Lender dated [•] 2020 (the "Facility Agreement") from the Existing Lender to [•], location: [•] (the "New Lender") on the conditions specified in the agreement of assignment of rights (claims) [and transfer of debt] between the Existing Lender and the New Lender, contained in Schedule 1.
[Upon receipt of this notification, the Borrower must continue to fulfil its payment obligations to the New Lender under the Facility Agreement to the Facility Administrator in accordance with the provisions of the Facility Agreement.]
Schedule 1: Copy of agreement of assignment of rights (claims) [and transfer of debt] between the Existing Lender and the New Lender.
​
stamp here
​
​

293

SIGNATURES OF THE PARTIES
[EXISTING LENDER]
	​
	​

	[•]
	)
	​
	​

	[•]
	)
	​
	​

	​
	​
	stamp here
	​

​
[NEW LENDER]
	​
	​

	[•]
	)
	​
	​

	[•]
	)
	​
	​

	​
	​
	stamp here
	​

​
[FACILITY ADMINISTRATOR]
	​
	​

	[•]
	)
	​
	​

	[•]
	)
	​
	​

	​
	​
	stamp here
	​

​
​

294

SCHEDULE 7
FORMS OF COMPLIANCE CERTIFICATES
PART A
FORM OF COMPLIANCE CERTIFICATE ON THE BASIS OF IFRS
under Syndicated Facility Agreement dated [•] 2020
From:[name of the Borrower] [details of the Borrower]
To:[name of the Facility Administrator] [details of the Facility Administrator]
Auditor:[name of the Auditor] [details of the Auditor]
Date:[•]
	1.
	On the basis of Syndicated Facility Agreement dated [•] 2020 (the "Agreement"), the Borrower informs the Facility Administrator that the financial covenants as of [Test Date] have been complied with in accordance with the conditions specified in Clause 18 (Financial Covenants) of the Agreement.

	2.
	The terms defined in the Agreement have the same meaning in this compliance certificate, unless they are given a different meaning.

	3.
	We confirm that the list of financial indicators listed in Schedule 1 of this compliance certificate corresponds to the list of financial indicators specified in Clause 18 (Financial Covenants) of the Agreement.

	4.
	We confirm that the financial indicators given in Schedule 1 to this compliance certificate were calculated by us on the basis of financial statements prepared in accordance with IFRS as of the Test Date.

	5.
	We confirm that as of the date of this compliance certificate, each financial covenant specified in [Clauses 18.3 (Leverage), 18.4 (Interest cover), and 18.5 (Guarantors' Cover Ratio) has been complied with.

	6.
	[We confirm that as of the date of this compliance certificate, the following covenants specified in [Clauses 18.3 (Leverage), 18.4 (Interest cover), and 18.5 (Guarantors' Cover Ratio)] of the Agreement have not been complied with: [list financial covenants which were breached].]

	7.
	[We confirm that as of the date [•] there is no Event of Default/[the following Events of Default have occurred and we are taking the following measures to remedy them: [•]].]

	8.
	The report "Financial indicators of the Borrower as of the Test Date" is given in Schedule 1 to this compliance certificate.

	9.
	The description of the parameters used in the report "Financial indicators of the Borrower as of the Test Date" is given in Schedule 2 to this compliance certificate.

​
​

295

Schedule 1
FINANCIAL INDICATORS OF THE BORROWERS AS OF THE TEST DATE
​
	​

	​

	​

	​

	​

	​

	​

	No. 
	Name of financial
indicator
	Source of data
	Calculation procedure
	Indicator value
	Test Date
	Event of Default

	1
	Leverage
	[•]
	[•]
	[•]
	[•]
	[•]

	2
	Interest Cover
	[•]
	[•]
	[•]
	[•]
	[•]

	3
	Guarantors' cover ratio
	[•]
	[•]
	[•]
	[•]
	[•]

​
​

296

PART B
FORM OF COMPLIANCE CERTIFICATE ON THE BASIS OF RAS STATEMENTS
under Syndicated Facility Agreement dated [•] 2020
From:[name of the Borrower] [details of the Borrower]
To:[name of the Facility Administrator] [details of the Facility Administrator]
Date:[•]
	1.
	On the basis of Syndicated Facility Agreement dated [•] 2020 (the "Agreement"), the Borrower informs the Facility Administrator that the financial covenants as of [Test Date] have been complied with in accordance with the conditions specified in Clause 18 (Financial Covenants) of the Agreement.

	2.
	The terms defined in the Agreement have the same meaning in this compliance certificate, unless they are given a different meaning.

	3.
	We confirm that the list of financial indicators listed in Schedule 1 to this compliance certificate corresponds to the list of financial indicators specified in [Clauses 18.6 (Revenue in accordance with RAS), 18.7 (Cash receipts), and 18.8.1 (Net assets)].

	4.
	We confirm that the financial indicators given in Schedule 1 to this compliance certificate were calculated by us on the basis of financial statements prepared in accordance with RAS and financial statement prepared in accordance with IFRS as of the Test Date.

	5.
	We confirm that as of the date of this compliance certificate, each covenant specified in Clauses [18.6 (Revenue in accordance with RAS), 18.7 (Cash receipts), and 18.8.1 (Net assets)]  of the Agreement has been complied with.

	6.
	[We confirm that as of the date of this compliance certificate, the following covenants specified in Clauses [18.6 (Revenue in accordance with RAS), 18.7 (Cash receipts), and 18.8.1 (Net assets)] of the Agreement have not been complied with: [list financial covenants that were breached].]

	7.
	[We confirm that as of the date [•] there is no Event of Default/[the following Events of Default have occurred and we are taking the following measures to remedy them: [•]].]

	8.
	The report "Financial indicators of the Borrower as of the Test Date" is given in Schedule 1 to this compliance certificate.

	9.
	The description of the parameters used in the report "Financial indicators of the Borrower as of the Test Date" is given in Schedule 2 to this compliance certificate.

​
​

297

Schedule 1
FINANCIAL INDICATORS OF THE BORROWER AS OF THE TEST DATE
​
	​

	​

	​

	​

	​

	​

	​

	No.
	Name of financial
indicator
	Data Source
	Calculation procedure
	Indicator value
	Test Date
	Event of Default

	1
	Revenue in accordance with RAS
	[•]
	[•]
	[•]
	[•]
	[•]

	2
	Cash receipts
	[•]
	[•]
	[•]
	[•]
	[•]

	3
	[Net assets of Borrower]
	[•]
	[•]
	[•]
	[•]
	[•]

	4
	[Net assets of [Obligor registered in Russia]]
	[•]
	[•]
	[•]
	[•]
	[•]

​
​
​

298

SCHEDULE 8
REPAYMENT SCHEDULE
​
	​
	Repayment date (counted from
the date of this
Agreement)
	Repayment amount
(percentage of the amount of Facility utilised under each Tranche as of
the end of the relevant Utilisation Period)

			Tranche 1
	Tranche 2

	1.
	First Interest Payment Date
	1/38
	0

	2.
	Second Interest Payment Date
	1/38
	0

	3.
	Third Interest Payment Date
	1/38
	0

	4.
	Fourth Interest Payment Date
	1/38
	0

	5.
	Fifth Interest Payment Date
	1/38
	1/30

	6.
	Sixth Interest Payment Date
	1/38
	1/30

	7.
	Seventh Interest Payment Date
	1/38
	1/30

	8.
	Eight Interest Payment Date
	1/38
	1/30

	9.
	Ninth Interest Payment Date
	1/38
	1/30

	10.
	Tenth Interest Payment Date
	1/38
	1/30

	11.
	Eleventh Interest Payment Date
	1/38
	1/30

	12.
	Twelfth Interest Payment Date
	1/38
	1/30

	13.
	Thirteenth Interest Payment Date
	1/38
	1/30

	14.
	Fourteenth Interest Payment Date
	1/38
	1/30

	15.
	Fifteenth Interest Payment Date
	1/38
	1/30

	16.
	Sixteenth Interest Payment Date
	1/38
	1/30

​
​

299

	17.
	Seventeenth Interest Payment Date
	1/38
	1/30

	18.
	Eighteenth Interest Payment Date
	1/38
	1/30

	19.
	Nineteenth Interest Payment Date
	1/38
	1/30

	20.
	Final Repayment Date
	Entire amount of Facility Outstanding for Tranche 1
	Entire amount of Facility Outstanding for Tranche 2

​
​

300

SCHEDULE 9
EXISTING FINANCIAL INDEBTEDNESS
​
	​

	​

	​

	​

	​

	​

	No.
	Agreement number and date
	Lender
	Borrower
	Sum of loan
	Currency

	1.
	Loan agreement No. 05/21 dated 05/07/2021
	Borrower
	Headhunter Group
	2,250,000,000
	RUB

	2.
	Loan agreement dated 01/09/2021
	Borrower
	Headhunter Group
	1,575,000,000
	RUB

	3.
	Loan agreement dated 01/09/2021
	Borrower
	Zemenik
	3,040,000,000
	RUB

	4.
	Loan agreement dated 09/06/2020
	Borrower
	"Skilaz" LLC
	150,000,000
	RUB

​
​
​

301

​
SCHEDULE 10
INTELLECTUAL PROPERTY
	16.
	Obligors’ Trademarks

​
	No.
	Type of mark
	Contents
	Country of registration
	NCL [Nice Classification] Classes 
	Priority date
	Certificate No.
	Certificate date
	Term of registration

	1
	word mark
	HEADHUNTER
	Russian Federation
	09, 16, 35, 41, 42
	06/04/2006
	339197
	12/12/2007
	06/04/2026

	2
	word mark
	Headhunter
	Russian Federation
	09, 16, 35, 38, 41, 42
	22/02/2008
	401167
	12/02/2010
	22/02/2028

	3
	Graphic mark
	XX
	Russian Federation
	09, 16, 35, 38, 41, 42
	22/06/2009
	410843
	09/06/2010
	22/06/2019

	4
	graphic mark
	HH
	Russian Federation
	09, 16, 35, 38, 41, 42
	22/06/2009
	410844
	09/06/2010
	22/06/2019

	5
	graphic mark
	new HH logotype
	Russian Federation
	09, 16, 35, 38, 41, 42
	11/03/2009
	431008
	28/02/2011
	11/03/2019

	6
	graphic mark
	hh
	Russian Federation
	09, 16, 35, 38, 41, 42
	22/06/2009
	430120
	14/02/2011
	22/06/2019

	7
	word mark
	HRBRAND
	Russian Federation
	09, 16, 35, 38, 41, 42
	22/04/2008
	378423
	05/05/2009
	22/04/2028

	8
	word mark
	НR brand of the year
	Russian Federation
	09, 16, 35, 38, 41, 42
	22/02/2008
	423350
	22/11/2010
	22/02/2028

	9
	word mark
	НR brand 
	Russian Federation
	09, 16, 35, 38, 41, 42
	08/04/2008
	388438
	02/09/2009
	08/04/2028

​
​

302

​
	10
	word mark
	HRspace
	Russian Federation
	35, 36
	11/12/2015
	602908
	24/01/2017
	11/12/2025

	11
	combination
	Salary data bank
	Russian Federation
	09, 16, 35, 38, 41, 42
	18/02/2016
	622996
	10/07/2017
	18/02/2026

	12
	combination
	HR Experts League
	Russian Federation
	09, 16, 35, 38, 41, 42
	18/02/2016
	615705
	10/05/2017
	18/02/2026

	13
	combination
	Talent Measurement
	Russian Federation
	09, 16, 35, 38, 41, 42
	18/02/2016
	606635
	22/02/2017
	18/02/2026

​
	17.
	Obligors’ Websites

Borrower — http://hh.ru; http://headhunter.ru; http://ХХ.рф; http://hrbrand.ru/
	18.
	Database

​
	No.
	Proprietor
	Type
	Name
	Country of registration
	Application No.
	Application date
	Certificate
No.
	Certificate date

	2015

	1
	Headhunter LLC
	Database
	HeadHunter Database
	Russia
	2015621116
	31 August 2015
	2015621803
	21 December 2015

​
​

303

SCHEDULE 11
LIST OF RUSSIAN BANKS
	1.
	Sberbank PJSC

	2.
	VTB Bank (PJSC)

	3.
	Gazprombank (Joint-Stock Company)

	4.
	Bank FC Otkritie PJSC

	5.
	BM-Bank JSC

	6.
	UniCredit JSC

	7.
	Credit Bank of Moscow PJSC

	8.
	Promsvyazbank PJSC

	9.
	Raiffeisenbank JSC

	10.
	Rosbank PJSC

	11.
	Saint Petersburg Bank PJSC

	12.
	Sovkombank PJSC

	13.
	AK Bars PJSC

	14.
	CB Citibank JSC

	15.
	Nordea Bank JSC

​
​

304

SIGNATURES OF THE PARTIES
Borrower
"HEADHUNTER" LIMITED LIABILITY COMPANY
​
	Signature:
	/ Dmitry Markelov /

	Full name: 
	Markelov Dmitry Valentinovich

	Position:
	​

​

305

Arranger
VTB BANK (PUBLIC JOINT-STOCK COMPANY)
	Signature:
	/ Vitaliy Buzoverya /

	​
	​

	Full name:
	Vitaliy Nikolayevich Buzoverya

	​
	​

	Position:
	Credit Department Manager, Senior Vice President

​
Facility Administrator
VTB BANK (PUBLIC JOINT-STOCK COMPANY)
	Signature:
	/ Vitaliy Buzoverya /

	​
	​

	Full name:
	Vitaliy Nikolayevich Buzoverya

	​
	​

	Position:
	Credit Department Manager, Senior Vice President

​
Pledge Manager
VTB BANK (PUBLIC JOINT-STOCK COMPANY)
	Signature:
	/ Vitaliy Buzoverya /

	​
	​

	Full name:
	Vitaliy Nikolayevich Buzoverya

	​
	​

	Position:
	Credit Department Manager, Senior Vice President

​
Original Lender
VTB BANK (PUBLIC JOINT-STOCK COMPANY)
	Signature:
	/ Vitaliy Buzoverya /

	​
	​

	Full name:
	Vitaliy Nikolayevich Buzoverya

	​
	​

	Position:
	Credit Department Manager, Senior Vice President

​

306​

Exhibit 4.6
BRIDGEWATER BANCSHARES, INC.,
as Issuer
and
_______________,
as Trustee
INDENTURE
Dated as of __________________, 20__
​
​

​

​

CROSS REFERENCE SHEET*
Provisions of Trust Indenture Act of 1939, as amended, and Indenture to be dated as of __________, 20__ by and between Bridgewater Bancshares, Inc. and ___________________, as Trustee:
​
	​

	​

	Section of the Trust Indenture Act
	Section of Indenture

	​
	​

	310(a)(1), (2) and (5)
	6.09

	​
	​

	310(a)(3) and (4)
	Inapplicable

	​
	​

	310(b)
	6.08 and 6.10(a), (b) and (d)

	​
	​

	311(a)
	6.13

	​
	​

	311(b)
	6.13

	​
	​

	312(a)
	4.01 and 4.02(a)

	​
	​

	312(b)
	4.02(a) and (b)

	​
	​

	312(c)
	4.02(c)

	​
	​

	313(a)
	4.04(a)

	​
	​

	313(b)(1)
	Inapplicable

	​
	​

	313(b)(2)
	4.04(a)

	​
	​

	313(c)
	4.04(a)

	​
	​

	313(d)
	4.04(b)

	​
	​

	314(a)
	4.03

	​
	​

	314(b)
	Inapplicable

	​
	​

	314(c)(1) and (2)
	14.05

	​
	​

	314(c)(3)
	Inapplicable

	​
	​

	314(d)
	Inapplicable

	​
	​

	314(e)
	14.05

	​
	​

	314(f)
	Inapplicable

	​
	​

	315(a), (c) and (d)
	6.01

	​
	​

	315(b)
	5.11

	​
	​

	315(e)
	5.12

	​
	​

	316(a)(1)
	5.09 and 5.10

	​
	​

	316(a)(2)
	Not required

	​
	​

	316(a) (last sentence)
	7.04

	​
	​

	316(b)
	5.07

	​
	​

	316(c)
	7.06

	317(a)
	5.02

	​
	​

	317(b)
	3.04(a) and (b)

	​
	​

	318(a)
	14.07

​
	*
	This Cross Reference Sheet is not part of the Indenture.

​
​

​

​

TABLE OF CONTENTS
	ARTICLE 1
	    
	DEFINITIONS
	1

	​
	​
	​
	​

	ARTICLE 2
	​
	SECURITIES
	5

	​
	​
	Section 2.01.    Forms Generally
	5

	​
	​
	Section 2.02.    Form of Trustee’s Certificate of Authentication
	6

	​
	​
	Section 2.03.    Amount Unlimited; Issuable in Series
	6

	​
	​
	Section 2.04.    Authentication and Delivery of Securities
	9

	​
	​
	Section 2.05.    Execution of Securities
	10

	​
	​
	Section 2.06.    Certificate of Authentication
	10

	​
	​
	Section 2.07.    Denomination and Date of Securities; Payments of Interest
	10

	​
	​
	Section 2.08.    Registration, Transfer and Exchange
	11

	​
	​
	Section 2.09.    Mutilated, Defaced, Destroyed, Lost and Stolen Securities
	13

	​
	​
	Section 2.10.    Cancellation of Securities
	13

	​
	​
	Section 2.11.    Temporary Securities
	13

	​
	​
	Section 2.12.    Currency and Manner of Payments in Respect of Securities. 
	14

	​
	​
	Section 2.13.    Compliance with Certain Laws and Regulations
	16

	​
	​
	Section 2.14.    CUSIP Numbers
	16

	​
	​
	Section 2.15.    Securities in Global Form
	16

	​
	​
	Section 2.16.    Form of Conversion Notice
	17

	​
	​
	​
	​

	ARTICLE 3
	​
	COVENANTS OF THE ISSUER
	17

	​
	​
	Section 3.01.    Payment of Principal and Interest
	17

	​
	​
	Section 3.02.    Offices for Payment, etc
	17

	​
	​
	Section 3.03.    Appointment to Fill a Vacancy in Office of Trustee
	18

	​
	​
	Section 3.04.    Paying Agents
	18

	​
	​
	Section 3.05.    Additional Amounts
	18

	​
	​
	Section 3.06.    Calculation of Original Issue Discount
	19

	​
	​
	​
	​

	ARTICLE 4
	​
	SECURITYHOLDERS’ LISTS AND REPORTS BY THE ISSUER AND THE TRUSTEE
	19

	​
	​
	Section 4.01.    Company to Furnish Trustee Information as to Names and Addresses of Securityholders
	19

	​
	​
	Section 4.02.    Preservation and Disclosure of Securityholders’ Lists. 
	19

	​
	​
	Section 4.03.    Reports by the Company. 
	20

	​
	​
	Section 4.04.    Reports by the Trustee. 
	21

	​
	​
	​
	​

	ARTICLE 5
	​
	REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT
	22

	​
	​
	Section 5.01.    Event of Default Defined; Acceleration of Maturity; Waiver of Default
	22

	​
	​
	Section 5.02.    Collection of Indebtedness by Trustee; Trustee May Prove Debt
	23

	​
	​
	Section 5.03.    Application of Proceeds
	24

	​
	​
	Section 5.04.    Suits for Enforcement
	25

	​
	​
	Section 5.05.    Restoration of Rights on Abandonment of Proceedings
	25

	​
	​
	Section 5.06.    Limitations on Suits by Securityholders
	25

	​
	​
	Section 5.07.    Unconditional Right of Securityholders to Institute Certain Suits
	26

	​
	​
	Section 5.08.    Powers and Remedies Cumulative; Delay or Omission Not Waiver of Default
	26

	​
	​
	Section 5.09.    Control by Securityholders
	26

	​
	​
	Section 5.10.    Waiver of Past Defaults
	26

	​
	​
	Section 5.11.    Trustee to Give Notice of Default, But May Withhold in Certain Circumstances
	27

	​
	​
	Section 5.12.    Right of Court to Require Filing of Undertaking to Pay Costs
	27

​
​

i

​

	ARTICLE 6
	CONCERNING THE TRUSTEE
	27

	​
	Section 6.01.    Duties and Responsibilities of the Trustee; During Default; Prior to Default
	27

	​
	Section 6.02.    Certain Rights of the Trustee
	28

	​
	Section 6.03.    Trustee Not Responsible for Recitals, Disposition of Securities or Application of Proceeds Thereof
	29

	​
	Section 6.04.    Trustee and Agents May Hold Securities; Collections, etc
	29

	​
	Section 6.05.    Moneys Held by Trustee
	29

	​
	Section 6.06.    Compensation and Indemnification of Trustee and Its Prior Claim
	29

	​
	Section 6.07.    Right of Trustee to Rely on Officers’ Certificate, etc
	30

	​
	Section 6.08.    Disqualification of Trustee; Conflicting Interests
	30

	​
	Section 6.09.    Persons Eligible for Appointment as Trustee
	30

	​
	Section 6.10.    Resignation and Removal; Appointment of Successor Trustee. 
	30

	​
	Section 6.11.    Acceptance of Appointment by Successor Trustee
	31

	​
	Section 6.12.    Merger, Conversion, Consolidation or Succession to Business of Trustee
	32

	​
	Section 6.13.    Preferential Collection of Claims Against the Company
	32

	​
	​
	​

	ARTICLE 7
	CONCERNING THE SECURITYHOLDERS
	33

	​
	Section 7.01.    Evidence of Action Taken by Securityholders. 
	33

	​
	Section 7.02.    Proof of Execution of Instruments
	33

	​
	Section 7.03.    Holders to Be Treated as Owners
	33

	​
	Section 7.04.    Securities Owned by Company Deemed Not Outstanding
	33

	​
	Section 7.05.    Right of Revocation of Action Taken
	34

	​
	Section 7.06.    Record Date for Determination of Holders Entitled to Vote
	34

	​
	​
	​

	ARTICLE 8
	SUPPLEMENTAL INDENTURES
	34

	​
	Section 8.01.    Supplemental Indentures Without Consent of Securityholders
	34

	​
	Section 8.02.    Supplemental Indentures With Consent of Securityholders
	35

	​
	Section 8.03.    Effect of Supplemental Indenture
	36

	​
	Section 8.04.    Documents to Be Given to Trustee
	36

	​
	Section 8.05.    Notation on Securities in Respect of Supplemental Indentures
	36

	​
	​
	​

	ARTICLE 9
	CONSOLIDATION, MERGER, SALE OR CONVEYANCE
	37

	​
	Section 9.01.    Company May Consolidate, etc., on Certain Terms. 
	37

	​
	Section 9.02.    Successor Corporation Substituted
	37

	​
	Section 9.03.    Opinion of Counsel to Trustee
	38

	​
	​
	​

	ARTICLE 10
	SATISFACTION AND DISCHARGE; DEFEASANCE
	38

	​
	Section 10.01.    Satisfaction and Discharge of Indenture
	38

	​
	Section 10.02.    Defeasance and Covenant Defeasance. 
	38

	​
	Section 10.03.    Application by Trustee of Funds Deposited for Payment of Securities
	40

	​
	Section 10.04.    Repayment of Moneys Held by Paying Agent
	40

	​
	Section 10.05.    Return of Unclaimed Moneys Held by Trustee and Paying Agent
	40

	​
	Section 10.06.    Reinstatement of Obligations
	40

	​
	​
	​

	ARTICLE 11
	REDEMPTION OF SECURITIES
	40

	​
	Section 11.01.    Notice of Redemption; Partial Redemptions
	40

	​
	Section 11.02.    Payment of Securities Called for Redemption
	42

	​
	Section 11.03.    Exclusion of Certain Securities from Eligibility for Selection for Redemption
	42

	​
	Section 11.04.    Repayment at the Option of the Holders
	42

	​
	​
	​

	ARTICLE 12
	HOLDERS’ MEETINGS
	43

	​
	Section 12.01.    Purposes of Meetings
	43

​
​

ii

​

	​

	​

	​

	​
	Section 12.02.    Call of Meetings by Trustee
	43

	​
	Section 12.03.    Call of Meetings by Company or Holders
	43

	​
	Section 12.04.    Qualifications for Voting
	43

	​
	Section 12.05.    Regulations
	43

	​
	Section 12.06.    Voting
	44

	​
	Section 12.07.    No Delay of Rights by Meeting
	44

	​
	​
	​

	ARTICLE 13
	SECURITY
	44

	​
	​
	​

	ARTICLE 14
	MISCELLANEOUS PROVISIONS
	45

	​
	Section 14.01.    Incorporators, Stockholders, Officers and Directors of Company Exempt from Individual Liability
	45

	​
	Section 14.02.    Provisions of Indenture for the Sole Benefit of Parties and Securityholders
	45

	​
	Section 14.03.    Successors and Assigns of Company Bound by Indenture
	45

	​
	Section 14.04.    Notices and Demands on Company, Trustee and Securityholders
	45

	​
	Section 14.05.    Officers’ Certificates and Opinions of Counsel; Statements to Be Contained Therein
	46

	​
	Section 14.06.    Payments Due on Saturdays, Sundays and Holidays
	46

	​
	Section 14.07.    Conflict of Any Provision of Indenture with Trust Indenture Act
	47

	​
	Section 14.08.    New York Law to Govern
	47

	​
	Section 14.09.    Counterparts
	47

	​
	Section 14.10.    Effect of Headings
	47

	​
	Section 14.11.    Determination of Principal Amount
	47

	​
	Section 14.12.    Waiver
	47

	​
	Section 14.13.    Force Majeure
	47

	​
	Section 14.14.    Waiver of Jury Trial
	47

​
​

iii

​

THIS INDENTURE, dated as of ____________, 20__, is by and between Bridgewater Bancshares, Inc., a Minnesota corporation, and ___________________________, as Trustee.
RECITALS
A.The Company (as defined herein) has duly authorized the execution and delivery of this Indenture (as defined herein) in order to issue from time to time its debentures, notes or other evidences of indebtedness in one or more Series (as defined herein) in accordance with the terms of this Indenture.
B.All things necessary to make this Indenture a valid agreement of the Company according to its terms have been done.
AGREEMENT
In consideration of the recitals and the purchases of the Securities (as defined herein) by the Holders (as defined herein) thereof, the Company and the Trustee (as defined herein) mutually covenant and agree for the equal and proportionate benefit of the respective Holders from time to time of the Securities as follows:
ARTICLE 1
DEFINITIONS
The following terms (except as herein otherwise expressly provided or unless the context otherwise clearly requires) for all purposes of this Indenture and of any indenture supplemental hereto shall have the respective meanings specified in this Article 1. Certain terms used principally in certain Articles or Sections hereof are defined in those Articles or Sections, as the case may be. All terms used but not defined in this Indenture that are defined in the Trust Indenture Act (as defined herein) or the definitions of which in the Securities Act (as defined herein) are referred to in the Trust Indenture Act, including terms defined therein by reference to the Securities Act (except as herein otherwise expressly provided or unless the context otherwise clearly requires), shall have the meanings assigned to such terms in the Trust Indenture Act and in the Securities Act. Unless the context otherwise clearly requires:  (a) all accounting terms used herein and not expressly defined shall have the meanings assigned to such terms in accordance with generally accepted accounting principles, and the term “generally accepted accounting principles” means such accounting principles as are generally accepted in the United States of America (as defined herein) at the time of any computation; (b) the words “herein,” “hereof” and “hereunder” and other words of similar import refer to this Indenture as a whole, as supplemented and amended from time to time, and not to any particular Article, Section or other subdivision; (c) all references to Articles, Sections or other subdivisions are to Articles, Sections or other subdivisions of this Indenture; (d) words in the singular include the plural and vice versa; (e) the pronoun “his” refers to the masculine, feminine and neuter; (f) the word “including” or any variation thereof shall be deemed to be followed by “but not limited to” and (g) the word “principal,” whenever used with reference to the Securities or any Security or any portion thereof, shall be deemed to be followed by “and premium, if any.”
“Additional Amounts” has the meaning specified in Section 3.05.
“Business Day” means any calendar day that is not a Saturday, Sunday or legal holiday in New York, New York, and on which the Trustee and commercial banks are open for business in New York, New York.
“Capital Stock” means any and all shares, interests, participations or other equivalents (however designated and whether or not voting) of corporate stock, including each class of Common Stock and Preferred Stock, and all options, warrants or other rights to purchase or acquire any of the foregoing.
“Commission” means the Securities and Exchange Commission, as from time to time constituted, created under the Exchange Act or, if at any time after the execution and delivery of this Indenture such Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act, then the body performing such duties on such date.
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 “Common Stock” includes any stock of any class of the Company that has no preference in respect of dividends or of amounts payable in the event of any voluntary or involuntary liquidation, dissolution or winding up of the Company and which is not subject to redemption by the Company.
“Company” means Bridgewater Bancshares, Inc., a Minnesota corporation, until a successor Person shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Company” will mean such successor Person.
“Company Board of Directors” means either the Board of Directors of the Company or any committee of such Board of Directors duly authorized to act hereunder, as the case may be.
“Company Board Resolution” means a copy of one or more resolutions certified by the secretary or any assistant secretary of the Company to have been duly adopted by the Company Board of Directors and to be in full force and effect on the date of such certification, and delivered to the Trustee. Where any provision of this Indenture refers to action to be taken pursuant to a Company Board Resolution (including the establishment of any Series of the Securities and the forms and terms thereof), such action may be taken by any officer of the Company authorized to take such action by the Company Board of Directors as evidenced by a Company Board Resolution.
“Company Officers’ Certificate” means a certificate signed by both (a) the chief executive officer, the president or any vice president of the Company and (b) the treasurer or any assistant treasurer or the secretary or any assistant secretary of the Company, and delivered to the Trustee. Each such certificate shall include the statements provided for in Section 14.05 to the extent applicable.
“Company Order” means a written order, direction, instruction or request of the Company signed by both (a) the chief executive officer, the president or any vice president of the Company and (b) the treasurer or any assistant treasurer or the secretary or any assistant secretary of the Company.
“Conversion Date” has the meaning specified in Section 2.12(e).
“Conversion Event” means the cessation of use of a Foreign Currency both by the government of the country or countries, or the confederation or association of governments, that issued such Currency and for the settlement of transactions by a central bank or other public institutions of or within the international banking community.
“Corporate Trust Office” means the office of the Trustee at which the corporate trust business of the Trustee shall, at any particular time, be principally administered, which office is, at the date as of which this Indenture is dated, located at _________________.
“Coupon” means any interest coupon appertaining to any Security.
“Coupon Security” means any Security authenticated and delivered with one or more Coupons appertaining thereto.
“Currency” means any currency or currencies issued by the government of one or more countries or by any confederation or association of such governments, including Dollars, euros and pounds sterling.
“Currency Determination Agent” means the New York clearing house bank, if any, from time to time selected by the Company for purposes of Section 2.12.
“Discount Security” means any Security which provides for an amount less than the stated principal amount thereof to be due and payable upon declaration of acceleration of the maturity thereof pursuant to Section 5.01.
“Dollar” means the coin or currency of the United States of America which as of the time of payment is legal tender for the payment of public and private debts.
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“Event of Default” means any event or condition specified as such in Section 5.01.
“Exchange Act” means the Securities Exchange Act of 1934, as amended.
“Foreign Currency” means any Currency issued by the government of one or more countries other than the United States of America or by any confederation or association of such governments, including euros and pounds sterling.
“Government Obligations” means securities which are (a) direct obligations of the United States of America or the government that issued the Currency in which the Securities of a particular Series are denominated or (b) obligations of a Person controlled or supervised by, or acting as an agency or instrumentality of, the United States of America or the government that issued the Currency in which the Securities of such Series are denominated, the full and timely payment of which obligations is unconditionally guaranteed by such government, and which, in either case, are full faith and credit obligations of such government, are denominated in the Currency in which the Securities of such Series are denominated and which are not callable or redeemable at the option of the issuer thereof and shall also include a depository receipt issued by a bank or trust company as custodian with respect to any such Government Obligation or a specific payment of interest on principal of any such Government Obligation held by such custodian for the account of the holder of a depository receipt; provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian in respect of the Government Obligation or the specific payment of interest on or principal of the Government Obligation evidenced by such depository receipt.
“Holder,” “Holder of Securities,” “Securityholder” or other similar terms mean the bearer of an Unregistered Security or a Registered Holder of a Registered Security and, when used with respect to any Coupon, means the bearer thereof.
“Indenture” means this instrument as originally executed and delivered or, if amended or supplemented as herein provided, as so amended or supplemented or both, and shall include the forms and terms of particular Series of Securities established as contemplated hereunder.
“interest,” when used with respect to non-interest-bearing Securities, means interest payable at maturity and, when used with respect to a Security which provides for the payment of Additional Amounts pursuant to Section 3.05 or otherwise, includes such Additional Amounts.
“Market Exchange Rate” has the meaning specified in Section 2.12(d).
“Opinion of Counsel” means an opinion in writing signed by legal counsel, which may be an employee of or counsel to the Company, and which shall be reasonably satisfactory to the Trustee. Each such opinion shall include the statements provided for in Section 14.05 to the extent applicable.
“Original Issue Discount” with respect to any Security, including any Security that is issued at a price below face value, has the same meaning set forth in Section 1273 of the Internal Revenue Code of 1986 as in effect on the date hereof, or any successor provision, and the applicable Treasury Regulations thereunder.
“Outstanding,” when used with reference to Securities, shall, subject to the provisions of Section 7.04, mean, as of any particular time, all Securities authenticated and delivered by the Trustee under this Indenture, except:
(a)Securities theretofore cancelled by the Trustee or delivered to the Trustee for cancellation;
(b)Securities, or portions thereof, as to which moneys in the amount and Currency required for the repayment or redemption thereof shall have been deposited in trust with the Trustee or with any Paying Agent (other than the Company) or shall have been set aside, segregated and held in trust by the Company for the Holders of such Securities (if the Company shall act as its own Paying Agent); provided that, if such Securities, or portions thereof,
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are to be redeemed prior to the maturity thereof, notice of such redemption shall have been given as herein provided, or provision satisfactory to the Trustee shall have been made for giving such notice;
(c)Securities for which other Securities shall have been authenticated and delivered in substitution, or which shall have been paid, pursuant to the terms of Section 2.09 (except with respect to any such Security as to which proof satisfactory to the Trustee and the Company is presented that such Security is held by a Person in whose hands such Security is a legal, valid and binding obligation of the Company); and
(d)Securities discharged pursuant to Section 10.01 or with respect to which the Company has effected defeasance and/or covenant defeasance as provided in Section 10.02, to the extent such Securities are not reinstated pursuant to Section 10.06.
“Paying Agent” means any Person (which may include the Company) authorized by the Company to pay the principal of or interest, if any, on any Security on behalf of the Company.
“Person” means any individual, corporation, partnership, limited liability company, joint venture, association, joint stock company, trust, unincorporated organization or government or any agency or political subdivision thereof, or any other legal entity.
“Place of Payment,” when used with respect to the Securities of any Series, means the place or places where the principal of and interest, if any, on the Securities of that Series are payable as specified pursuant to Section 3.02, and initially shall mean the designated office of the Trustee at which the corporate trust paying agent office of the Trustee shall, at any particular time, be administered, which office is, at the date of this Indenture, located at ___________.
“Preferred Stock” includes any stock of any class of the Company that has a preference over Common Stock in respect of dividends or of amounts payable in the event of any voluntary or involuntary liquidation, dissolution or winding up of the Company.
“Registered Holder,” when used with respect to a Registered Security, means the Person in whose name such Security is registered in the Security register.
“Registered Security” means any Security registered in the Security register.
“Responsible Officer,” when used with respect to the Trustee, means any officer within the corporate trust department (or any successor group) of the Trustee, including any vice president, assistant vice president or assistant secretary, or any other officer or assistant officer of the Trustee customarily performing functions similar to those performed by the Persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred at the Corporate Trust Office because of such Person’s knowledge of and familiarity with the particular subject.
“Securities Act” means the Securities Act of 1933, as amended.
“Securities” means debentures, notes or other evidences of indebtedness that have been authenticated and delivered under this Indenture.
“Series” or “Series of Securities” means a series of Securities and, except in Sections 2.03 and 7.04 and Articles 1 (“Outstanding”), 5 and 6, a Tranche in the event that the applicable Series may be issued in separate Tranches.
“Subsidiary” means any Person which is consolidated in the Company’s accounts and any Person of which at least a majority of the outstanding stock having by the terms thereof ordinary voting power to elect a majority of the directors (or Persons performing similar functions) of such Person (irrespective of whether or not at the time stock of any other class or classes of such Person shall have or might have voting power by reason of the happening
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of any contingency) is at the time directly or indirectly owned or controlled by the Company, or by one or more Subsidiaries, or by the Company and one or more Subsidiaries.
“Tranche” means all Securities of the same Series which have the same issue date, maturity date, interest rate or method of determining interest, and, in the case of Discount Securities, which have the same issue price.
“Treasury Regulation” means  a final or temporary regulation issued by the U.S. Department of the Treasury.
“Trustee” means the Person identified as “Trustee” in the first paragraph hereof and, subject to the provisions of Article 6, any successor trustee, 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.
“Trust Indenture Act of 1939” or “Trust Indenture Act,” except as otherwise provided in Sections 8.01 and 8.02, means the Trust Indenture Act of 1939, as amended.
“United States” means the United States of America (together with the District of Columbia), its territories, its possessions and other areas subject to its jurisdiction.
“United States of America” means the fifty states constituting the United States of America as of the date hereof.
“United States Person” means, unless otherwise specified with respect to any Securities pursuant to Section 2.03, an individual who is a citizen or resident of the United States, a corporation, partnership, limited liability company or other entity created or organized in or under the laws of the United States or an estate or trust the income of which is subject to United States federal income taxation regardless of its source.
“Unregistered Security” means any Security not registered in the Security register.
“Valuation Date” has the meaning specified in Section 2.12(d).
“vice president,” when used with respect to the Company or the Trustee, means any vice president, whether or not designated by a number or a word or words added before or after the title of “vice president.”
“Wholly Owned Subsidiary” means any Subsidiary in which the Company and/or its other wholly owned Subsidiaries own all of the outstanding capital stock (other than directors’ qualifying shares).
ARTICLE 2
SECURITIES
Section 2.01.Forms Generally. The Securities of each Series and the Coupons, if any, shall be substantially in such form (not inconsistent with this Indenture) as shall be established by or pursuant to a Company Board Resolution and set forth in a Company Officers’ Certificate and/or in one or more indentures supplemental hereto, in each case with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture or any indenture supplemental hereto (the provisions of which shall be appropriate to reflect the terms of each Series of Securities, including the Currency or denomination, which may be Dollars or any Foreign Currency) and may have imprinted or otherwise reproduced thereon such legend or legends, not inconsistent with the provisions of this Indenture or any indenture supplemental hereto, as may be required to comply with any law or with any rules or regulations pursuant thereto, or with any rules of any securities exchange or market or to conform to general usage, all as may be determined by the officers executing such Securities and Coupons, if any, as evidenced by their execution of the Securities and Coupons, if any.
The definitive Securities and Coupons, if any, shall be printed, or may be produced in any other manner, all as determined by the officers of the Company executing such Securities and Coupons, if any, as evidenced by their execution of such Securities and Coupons, if any.
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Section 2.02.Form of Trustee’s Certificate of Authentication. The Trustee’s certificate of authentication on all Securities shall be in substantially the following form:
[FORM OF TRUSTEE’S CERTIFICATE OF AUTHENTICATION]
This is one of the Securities of the Series designated herein and referred to in the within-mentioned Indenture.
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	as Trustee
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	By:
	Authorized Signatory
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	OR
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	as Authentication Agent
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	By:
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	Authorized Office
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Section 2.03.Amount Unlimited; Issuable in Series. The aggregate principal amount of Securities which may be authenticated and delivered under this Indenture is unlimited.
The Securities may be issued in one or more Series. There shall be established in or pursuant to one or more Company Board Resolutions and set forth in a Company Officers’ Certificate and/or established in one or more indentures supplemental hereto, prior to the issuance of Securities of any Series:
(a)the title of the Securities of the Series (which title shall distinguish the Securities of the Series from all other Securities issued by the Company), including, as applicable, whether the Securities of the Series shall be issued as senior Securities, senior subordinated Securities or subordinated Securities; any subordination provisions particular to the Securities of the Series; and whether the Securities of the Series are convertible or exchangeable for other securities;
(b)any limit upon the aggregate principal amount of the Securities of the Series that 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 2.08, 2.09, 2.11 or 11.02);
(c)if other than 100% of its aggregate principal amount, the percentage of the aggregate principal amount at which the Securities of the Series will be offered;
(d)the date or dates (whether fixed or extendable) on which the principal of the Securities of the Series is payable;
(e)the rate or rates, which may be fixed or variable, at which the Securities of the Series shall bear interest, if any, the date or dates from which such interest shall accrue, the interest payment dates on which such interest shall be payable, the basis upon which interest shall be calculated if other than that of a 360-day
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year consisting of twelve 30-day months and, in the case of Registered Securities, the record dates for the determination of Holders to whom interest is payable;
(f)any provisions relating to the issuance of the Securities of the Series at an Original Issue Discount;
(g)the place or places where the principal of and interest on Securities of the Series shall be payable and where Securities of the Series may be surrendered for conversion or exchange (if other than as provided in Section 3.02);
(h)whether any of such Securities of the Series are to be redeemable at the option of the Company, and if so, the price or prices at which, the period or periods within which and the terms and conditions upon which Securities of the Series may be so redeemed, in whole or in part, at the option of the Company, pursuant to any sinking fund or otherwise;
(i)if other than 100% of the aggregate principal amount thereof, the portion of the principal amount of the Securities of the Series which shall be payable upon declaration of acceleration of the maturity date thereof pursuant to Section 5.01 or provable in bankruptcy pursuant to Section 5.02, or, if applicable, which is convertible or exchangeable;
(j)the obligation, if any, of the Company to redeem, purchase or repay Securities of the Series pursuant to any sinking fund or analogous provisions or at the option of a Holder thereof, and the price or prices at which, the Currency in which and the period or periods within which, and the terms and conditions upon which, Securities of the Series shall be redeemed, purchased or repaid, in whole or in part, pursuant to such obligation (including the terms or method of payment thereof if other than cash), and any provision for the remarketing of the Securities;
(k)the issuance of Securities of the Series as Registered Securities or Unregistered Securities or both, and the rights of the Holders to exchange Unregistered Securities of the Series for Registered Securities of the Series or to exchange Registered Securities of the Series for Unregistered Securities of the Series and the circumstances under which any such exchanges, if permitted, may be made;
(l)if other than denominations of $1,000 and any integral multiple thereof, the denominations, which may be in Dollars or any Foreign Currency, in which Securities of the Series shall be issuable;
(m)whether the Securities of the Series will be certificated and, if so, the form of the Securities (or forms thereof if both Unregistered Securities and Registered Securities shall be issuable in such Series), including such legends as required by law or as the Company deems necessary or appropriate, the form of any Coupons or temporary global security which may be issued and the forms of any other certificates which may be required hereunder or which the Company may require in connection with the offering, sale, delivery or exchange of the Securities;
(n)if other than Dollars, the Currency or Currencies in which payments of interest, principal and other amounts payable with respect to the Securities of the Series are to be denominated, payable, redeemable or repurchasable, as the case may be;
(o)whether Securities of the Series are issuable in Tranches;
(p)the obligations, if any, of the Company to permit the conversion or exchange of the Securities of such Series into Common Stock, Preferred Stock or other Capital Stock or property (including securities), or a combination thereof, and the terms and conditions upon which such conversion shall be effected (including the initial conversion or exchange price or rate, the conversion or exchange period, the provisions for conversion or exchange price or rate adjustments and any other provisions relative to such obligation) and any
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limitations on the ownership or transferability of the securities or property into which the Securities may be converted or exchanged;
(q)if other than the Trustee, any trustees, authenticating or paying agents, transfer agents or registrars or any other agents with respect to the Securities of such Series;
(r)if the Securities of the Series do not bear interest, the applicable dates for purposes of Section 4.01;
(s)any deletions from, modifications of or additions to (a) the Events of Default with respect to Securities of the Series or (b) the right of the Trustee or the Holders of such Securities pursuant to Section 5.01;
(t)any deletions from, modifications of or additions to the covenants set forth in Article 3 with respect to Securities of the Series;
(u)if the amount of payments of principal of, and make-whole amount, if any, and interest on, the Securities of the Series may be determined with reference to an index, the manner in which such amount shall be determined;
(v)whether the Securities of the Series shall be issued in whole or in part in the global form of one or more Securities and in such case, (i) the depositary for such Securities, which depositary must be a clearing agency registered under the Exchange Act, (ii) the circumstances under which any such Securities may be exchanged for Securities registered in the name of, and under which any transfer of such Securities may be registered in the name of, any Person other than such depositary or its nominee, if other than as set forth in Section 2.15, and (iii) any other provisions regarding such Securities which provisions may be in addition to or in lieu of, in whole or in part, the provisions of Section 2.15;
(w)whether, under what circumstances and the Currency in which, the Company will pay Additional Amounts as contemplated by Section 3.05 on the Securities of the Series to any Holder who is not a United States Person (including any modification to the definition of such term) in respect of any tax, assessment or governmental charge and, if so, whether the Company will have the option to redeem such Securities rather than pay such Additional Amounts (and the terms of any such option);
(x)whether the Securities of the Series, in whole or in specified part, will not be defeasible pursuant to Section 10.02(b) or Section 10.02(c), or both such Sections, and, if the Securities may be defeased, in whole or in specified part, pursuant to either or both such Sections, any provisions to permit a pledge of obligations other than Government Obligations (or the establishment of other arrangements) to satisfy the requirements of Section 10.02(d)(i) for defeasance of the Securities and, if other than by a Company Board Resolution, the manner in which any election by the Company to defease the Securities will be evidenced;
(y)whether the Securities of such Series are to be secured by any property, assets or other collateral and, if so, the applicable collateral, any deletions from, modifications of or additions to the provisions of Article 13;
(z)the Person to whom any interest on the Securities of such Series will be payable, if other than the Securityholder thereof, on the regular record date therefor;
(aa)the dates on which interest, if any, will be payable and the regular record dates for interest payment dates;
(bb)any restrictions, conditions or requirements for transfer of the Securities of such Series; and
(cc)any other terms or conditions upon which the Securities of the Series are to be issued (which terms shall not be inconsistent with the provisions of this Indenture).
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All Securities of any one Series shall be substantially identical except as to denomination, except as contemplated by the immediately succeeding paragraph, and except as may otherwise be provided in or pursuant to such Company Board Resolution or in any such indenture supplemental hereto. All Securities of any one Series need not be issued at the same time, and unless otherwise provided, a Series may be reopened, without the consent of the Holders, for issuances of additional Securities of such Series or to establish additional terms of such Series of Securities (which additional terms shall only be applicable to unissued or additional Securities of such Series).
Each Series may be issued in one or more Tranches. All Securities of a Tranche shall have the same issue date, maturity date, interest rate or method of determining interest, and, in the case of Discount Securities, the same issue price.
Section 2.04.Authentication and Delivery of Securities. At any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Securities of any Series having attached thereto appropriate Coupons, if any, executed by the Company to the Trustee for authentication, and the Trustee shall thereupon authenticate and deliver such Securities to or upon a Company Order without any further action by the Company. In authenticating such Securities and accepting the additional responsibilities under this Indenture in relation to such Securities, the Trustee shall be entitled to receive and (subject to Section 6.01) shall be fully protected in relying upon:
(a)a Company Board Resolution relating to such Series;
(b)an executed supplemental indenture, if any;
(c)a Company Officers’ Certificate setting forth the form and terms of the Securities of such Series as required pursuant to Sections 2.01 and 2.03, respectively, and prepared in accordance with Section 14.05;
(d)at the option of the Company, either an Opinion of Counsel, prepared in accordance with Section 14.05, or a letter addressed to the Trustee allowing the Trustee to rely on an Opinion of Counsel, substantially to the effect that:
(i)the form or forms and terms of such Securities and Coupons, if any, have been established in or pursuant to a Company Board Resolution or in a supplemental indenture as permitted by Sections 2.01 and 2.03, respectively, in conformity with the provisions of this Indenture; and
(ii)such Securities and Coupons, if any, have been duly authorized, and, when authenticated and delivered by the Trustee and issued by the Company in the manner and subject to any conditions specified in such Opinion of Counsel, will constitute valid and binding obligations of the Company enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency, reorganization or other laws relating to or affecting the enforcement of creditors’ rights and by general equitable principles, regardless of whether such enforceability is considered in a proceeding in equity or at law;
provided, however, that in the case of any Series issuable in Tranches, if the Trustee has previously received the applicable documents referred to in clause (a) through (d) above with respect to such Series, the Trustee shall authenticate and deliver Securities of such Tranches executed by the Company for original issuance upon receipt by the Trustee of a notice, executed by an officer of the Company transmitted electronically by facsimile or otherwise and confirmed in writing to the Trustee, of the terms of the issuance of such Securities.
The Trustee shall have the right to decline to authenticate and deliver any Securities under this Section 2.04 if the Trustee, being advised by counsel, determines that such Securities may not lawfully be issued by the Company.
Notwithstanding the foregoing, if any Security shall have been authenticated and delivered hereunder but never issued and sold by the Company, and the Company shall deliver such Security to the Trustee for cancellation as provided in Section 2.10, together with a written statement (which need not comply with Section 14.05 and need
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not be accompanied by an Opinion of Counsel) stating that such Security has never been issued and sold by the Company, for all purposes of this Indenture such Security shall be deemed never to have been authenticated and delivered hereunder and shall never be entitled to the benefits of this Indenture.
Section 2.05.Execution of Securities. The Securities shall be signed on behalf of the Company by both (a) the chief executive officer, president or any vice president of the Company and (b) the treasurer, any assistant treasurer, the secretary or any assistant secretary of the Company, which may, but need not, be attested. Such signatures may be the manual or facsimile signatures of the present or any future such officers. Typographical and other minor errors or defects in any such reproduction of any such signature shall not affect the validity or enforceability of any Security that has been duly authenticated and delivered by the Trustee. Any Coupons attached to any Unregistered Security shall be executed on behalf of the Company by the manual or facsimile signature of any such officer of the Company.
Securities and Coupons, if any, bearing the manual or facsimile signatures of individuals who were at any time the proper officers of the Company shall, to the fullest extent permitted by law, bind the Company, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Securities or did not hold such offices at the date of such Securities or Coupons, if any.
Section 2.06.Certificate of Authentication. Only such Securities as shall bear thereon a certificate of authentication substantially in the form hereinbefore recited, executed by the Trustee by the manual signature of one of its authorized signatories, shall be entitled to the benefits of this Indenture or be valid or obligatory for any purpose. Such certificate by the Trustee upon any Security executed by the Company shall be conclusive evidence that the Security so authenticated has been duly authenticated and delivered hereunder and that the Holder is entitled to the benefits of this Indenture.
The Trustee shall not authenticate or deliver any Unregistered Security until matured Coupons appertaining thereto have been detached and canceled, except as otherwise provided or permitted by this Indenture.
Section 2.07.Denomination and Date of Securities; Payments of Interest. The Securities shall be issuable in denominations as shall be specified as contemplated by Section 2.03. In the absence of any such specification with respect to the Securities of any Series, the Securities of such Series shall be issuable in denominations of $1,000 and any multiple thereof, which may be in Dollars or any Foreign Currency, and interest shall be computed on the basis of a 360-day year of twelve 30-day months. The Securities shall be numbered, lettered, or otherwise distinguished in such manner or in accordance with such plan as the officers of the Company executing the same may determine with the approval of the Trustee as evidenced by the execution and authentication thereof.
Each Security shall be dated the date of its authentication, shall bear interest from the date, and shall be payable on the dates, in each case, which shall be specified as contemplated by Section 2.03.
Interest on any Security which is payable, and is punctually paid or duly provided for, on any interest payment date shall be paid, in the case of Registered Securities, to the Person in whose name that Security (or one or more predecessor Securities) is registered at the close of business on the regular record date for the payment of such interest and, in the case of Unregistered Securities, upon surrender of the Coupon appertaining thereto in respect of the interest due on such interest payment date.
The term “record date,” as used with respect to any interest payment date (except for a date for payment of defaulted interest), means the date specified as such in the terms of the Securities of any particular Series, or, if no such date is so specified, if such interest payment date is the first day of a calendar month, the close of business on the fifteenth day of the next preceding calendar month or, if such interest payment date is the fifteenth day of a calendar month, the close of business on the first day of such calendar month, whether or not such record date is a Business Day.
Any interest on any Security of any Series which is payable, but is not punctually paid or duly provided for, on any interest payment date (called “defaulted interest” for the purpose of this Section 2.07) shall forthwith cease to be payable to the Registered Holder on the relevant record date by virtue of his having been such Holder; and
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such defaulted interest may be paid by the Company, at its election in each case, as provided in clause (a) or (b) below:
(a)The Company may elect to make payment of any defaulted interest to the Persons in whose names any such Registered Securities (or their respective predecessor Securities) are registered at the close of business on a special record date for the payment of such defaulted interest, which shall be fixed in the following manner. The Company shall notify the Trustee in writing of the amount of defaulted interest proposed to be paid on each Security of such Series and the date of the proposed payment, and at the same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such defaulted interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment; such money, when so deposited, will be held in trust for the benefit of the Persons entitled to such defaulted interest. Thereupon the Trustee shall fix a special record date for the payment of such defaulted interest in respect of Registered Securities of such Series which shall be not more than 15 nor less than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Company of such special record date and, in the name and at the expense of the Company, shall cause notice of the proposed payment of such defaulted interest and the special record date thereof to be mailed, first class postage prepaid, to each Registered Holder at his address as it appears in the Security register, not less than 10 days prior to such special record date. Notice of the proposed payment of such defaulted interest and the special record date therefor having been mailed as aforesaid, such defaulted interest in respect of Registered Securities of such Series shall be paid to the Person in whose names such Securities (or their respective predecessor Securities) are registered on such special record date and such defaulted interest shall no longer be payable pursuant to the following clause (b).
(b)The Company may make payment of any defaulted interest on the Registered Securities of any Series in any other lawful manner not inconsistent with the requirements of any securities exchange or market on which the Securities of that Series may be listed, and upon such notice as may be required by such exchange or market, if, after notice given by the Company to the Trustee of the proposed payment pursuant to this clause, such payment shall be deemed practicable by the Trustee.
Any defaulted interest payable in respect of any Security of any Series which is not a Registered Security shall be payable pursuant to such procedures as may be satisfactory to the Trustee in such manner that there is no discrimination as between the Holders of Registered Securities and other Securities of the same Series, and notice of the payment date therefor shall be given by the Trustee, in the name and at the expense of the Company, by publication at least once in a newspaper of general circulation in New York, New York.
Subject to the foregoing provisions of this Section 2.07, each Security delivered under this Indenture upon transfer of or in exchange for or in lieu of any other Security shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Security.
In the case of any Security which is converted into Common Stock or Preferred Stock after any regular record date and on or prior to the next succeeding interest payment date (other than any Security whose maturity is prior to such interest payment date), interest whose stated maturity is on such interest payment date shall be payable on such interest payment date notwithstanding such conversion, and such interest (whether or not punctually paid or duly provided for) shall be paid to the Person in whose name that Security (or one or more predecessor Securities) is registered at the close of business on such regular record date. Except as otherwise expressly provided in the immediately preceding sentence, in the case of any Security which is converted, interest whose stated maturity is after the date of conversion of such Security shall not be payable.
Section 2.08.Registration, Transfer and Exchange. The Company will keep or will cause to be kept at the office or agency of the Trustee to be maintained for the purpose as provided in Section 3.02 a register or registers in which, subject to such reasonable regulations as it may prescribe, the Company will provide for the registration and transfer of Registered Securities as is provided in this Article 2. Such register shall be in written form in the English language or in any other form capable of being converted into such form within a reasonable time. At all reasonable times such register or registers shall be open for inspection by the Trustee.
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Upon due presentation for registration of transfer of any Registered Security of any Series at any such office or agency to be maintained for the purpose as provided in Section 3.02, the Company shall execute, and the Trustee shall authenticate and deliver in the name of the transferee or transferees, a new Registered Security or Registered Securities of the same Series in authorized denominations for a like aggregate principal amount.
At the option of the Holder thereof, Unregistered Securities of a Series which by their terms are registerable as to principal and interest may, to the extent and under the circumstances specified pursuant to Section 2.03, be exchanged for Registered Securities of such Series, as may be issued by the terms thereof. At the option of the Holder thereof, Registered Securities of a Series which by their terms provide for the issuance of Unregistered Securities may, to the extent and under the circumstances specified pursuant to Section 2.03, be exchanged for Unregistered Securities of such Series. Securities so issued in exchange for other Securities shall be of any authorized denomination and of like principal amount, maturity date, and interest rate or method of determining interest, and shall be issued upon surrender of the Securities for which they are to be exchanged and, in the case of Coupon Securities, together with all unmatured Coupons and matured Coupons in default appertaining thereto, at the office of the Company provided for in Section 3.02 and upon payment, if the Company shall require, of charges provided therein. Unregistered Securities of any Series issued in exchange for Registered Securities of such Series between the regular record date for such Registered Security and the next interest payment date will be issued without the Coupon relating to such interest payment date, and Unregistered Securities surrendered in exchange for Registered Securities between such dates shall be surrendered without the Coupon relating to such interest payment date. Whenever any Securities are so surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the Securities which the Holder making the exchange is entitled to receive. Notwithstanding the foregoing, an Unregistered Security will not be delivered in exchange for a Registered Security or Securities unless the Trustee receives a certificate signed by the Person entitled to delivery of such Security or other items or documents fulfilling such conditions as shall be required by regulations of the U.S. Department of the Treasury, or shall be notified by the Company that such a certificate shall not be required by such regulations; provided, however, that no such Unregistered Security shall be delivered by the Trustee if the Trustee or such agent shall have, or shall have been notified in writing by the Company that the Company has, actual knowledge that such certificate is false.
Upon presentation for registration of any Unregistered Securities of any Series which by its terms is registerable as to principal, at the office or agency of the Company to be maintained as provided in Section 3.02, such Security shall be registered as to principal in the name of the Holder thereof and such registration shall be noted on such Security. Any Security so registered shall be transferable on the registry books of the Company upon presentation of such Security at such office or agency for similar notation thereon, but such Security may be discharged from registration by being in a like manner transferred to bearer, whereupon transferability by delivery shall be restored. Except as otherwise provided pursuant to Section 2.03, Unregistered Securities shall continue to be subject to successive registrations and discharges from registration at the option of the Holders thereof.
Unregistered Securities shall be transferable by delivery, except while registered as to principal. Registration of any Coupon Security shall not affect the transferability by delivery of the Coupons appertaining thereto which shall continue to be payable to bearer and transferable by delivery.
All Securities and Coupons, if any, issued upon any 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 and Coupons surrendered upon such transfer or exchange.
Every Security presented or surrendered for registration of transfer or exchange shall (if so required by the Company or the Trustee) be duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Company and the Trustee, duly executed by the Holder thereof or such Holder’s attorney duly authorized in writing.
No service charge shall be made for any registration of transfer or exchange of Securities, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Securities, other than exchanges pursuant to Section 2.11, 8.05 or 11.02 not involving any transfer.
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The Company shall not be required (a) to issue, register the transfer of or exchange any Security during a period beginning at the opening of business 15 days before the day of mailing of a notice of redemption of Securities for redemption under Article 11 or (b) to register the transfer of or exchange any Security so selected for redemption in whole or in part, except, in the case of any Security to be redeemed in part, the portion thereof not redeemed.
Section 2.09.Mutilated, Defaced, Destroyed, Lost and Stolen Securities. In case any temporary or definitive Security or Coupon shall become mutilated or defaced or be destroyed, lost or stolen, the Company at its own discretion may execute, and upon receipt of a Company Order, the Trustee shall authenticate and deliver, a new Security of the same Series or Coupon, bearing a number not contemporaneously outstanding, in exchange and substitution for the mutilated or defaced Security or Coupon, or in lieu of and substitution for the Security or Coupon so destroyed, lost or stolen. In every case, the applicant for a substitute Security or Coupon shall furnish to the Company, to the Trustee and to any agent of the Company or the Trustee such security or indemnity as may be required by them to indemnify and defend and to save each of them harmless and, in every case of destruction, loss or theft, evidence to their satisfaction of the destruction, loss or theft of such Security or Coupon and of the ownership thereof.
Upon the issuance of any substitute Security or Coupon, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith.
In case any Security or Coupon which has matured or is about to mature or has been called for redemption in full shall become mutilated or defaced or be destroyed, lost or stolen, the Company may, instead of issuing a substitute Security or Coupon, pay or authorize the payment of the same (without surrender thereof except in the case of a mutilated or defaced Security or Coupon); provided, however, that any such payments in respect of Unregistered Securities or Coupons shall be subject to the provisions of Section 2.12(c).
Every substitute Security of any Series or Coupon issued pursuant to the provisions of this Section 2.09 by virtue of the fact that any such Security or Coupon is destroyed, lost or stolen shall constitute an additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Security or Coupon shall be at any time enforceable by anyone and shall be entitled to all the benefits of (but shall be subject to all the limitations of rights set forth in) this Indenture equally and proportionately with any and all other Securities of such Series or Coupons duly authenticated and delivered hereunder. All Securities or Coupons shall be held and owned upon the express condition that, to the extent permitted by the law, the foregoing provisions are exclusive with respect to the replacement or payment of mutilated, defaced, destroyed, lost or stolen Securities or Coupons and shall preclude any and all other rights or remedies notwithstanding any law or statute existing or hereafter enacted to the contrary with respect to the replacement or payment of negotiable instruments or other securities without their surrender.
Section 2.10.Cancellation of Securities. All Securities surrendered for payment, redemption, registration of transfer, conversion or exchange, or for credit against any payment in respect of a sinking or analogous fund, and all Coupons surrendered for payment or exchange, shall, if surrendered to the Company or any agent of the Company or the Trustee, be delivered to the Trustee for cancellation or, if surrendered to the Trustee, shall be cancelled promptly by it; and no Securities or Coupons shall be issued in lieu thereof, except as expressly permitted by any of the provisions of this Indenture. The Trustee shall dispose of cancelled Securities in accordance with its customary procedures. If the Company shall acquire any of the Securities and Coupons, such acquisition shall not operate as a redemption or satisfaction of the indebtedness represented by such Securities and Coupons unless and until the same are delivered to the Trustee for cancellation.
Section 2.11.Temporary Securities. Pending the preparation of definitive Securities for any Series, the Company may execute and the Trustee shall authenticate and deliver temporary Securities for such Series (printed, lithographed, typewritten or otherwise reproduced, in each case in form satisfactory to the Trustee). Temporary Securities of any Series may be issued as Registered Securities or Unregistered Securities with or without Coupons attached thereto, of any authorized denomination, and substantially in the form of the definitive Securities of such Series but with such omissions, insertions and variations as may be appropriate for temporary Securities, all as may be determined by the Company with the concurrence of the Trustee. Temporary Securities may contain such reference to any provisions of this Indenture as may be appropriate. Every temporary Security shall be executed by the Company and be authenticated by the Trustee upon the same conditions and in substantially the same manner,
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and with like effect, as the definitive Securities. Without unreasonable delay the Company shall execute and shall furnish definitive Securities of such Series and thereupon temporary Securities of such Series may be surrendered in exchange therefor without charge at each office or agency to be maintained by the Company for that purpose pursuant to Section 3.02, and the Trustee shall authenticate and deliver in exchange for such temporary Securities of such Series a like aggregate principal amount of definitive Securities of the same Series of authorized denominations and, in the case of Unregistered Securities, having attached thereto any appropriate Coupons. Until so exchanged, the temporary Securities of any Series shall be entitled to the same benefits under this Indenture as definitive Securities of such Series.
Section 2.12.Currency and Manner of Payments in Respect of Securities.
(a)With respect to Registered Securities of any Series with respect to which the Holders of such Securities have not made the election provided for in subsection (b) of this Section 2.12, the following payment provisions shall apply:
(i)Except as provided in subsection 2.12(a)(ii) or subsection (e) of this Section 2.12, payment of the principal of any Registered Security will be made at the Place of Payment by delivery of a check in the Currency in which the Security is denominated on the payment date against surrender of such Registered Security, or, if the Securities are global securities, in accordance with the procedures of the applicable clearing agency pursuant to Section 2.15, and any interest on any Registered Security will be paid at the Place of Payment by mailing a check in the Currency in which the Securities were issued to the Person entitled thereto at the address of such Person appearing on the Security register.
(ii)Payment of the principal of and interest on such Security may also, subject to applicable laws and regulations, be made at such other place or places as may be designated by the Company by any appropriate method.
(b)With respect to Registered Securities of any Series, the following payment provisions shall apply, except as otherwise provided in subsections (e) and (f) of this Section 2.12:
(i)The Company Board of Directors may provide with respect to any Series of such Securities that Holders shall have the option to receive payments of principal of and interest on such Security in any of the Currencies which may be designated for such election in such Security (or, if no such Currencies are designated, in the Currency in which the Securities of such Series are denominated) by delivering to the Trustee a written election, to be in substantially the form included with the applicable form of Securities as shall be established pursuant to Section 2.01, not later than the close of business on the record date immediately preceding the applicable payment date. Such election will remain in effect for such Holder until changed by the Holder by written notice to the Trustee (but any such change must be made not later than the close of business on the record date immediately preceding the next payment date to be effective for the payment to be made on such payment date and no such change may be made with respect to payments to be made on any Security with respect to which notice of redemption has been given by the Company pursuant to Article 11). Any Holder of any such Security who shall not have delivered any such election to the Trustee by the close of business on the applicable record date will be paid the amount due on the applicable payment date in the relevant Currency as provided in subsection (a) of this Section 2.12. Payment of principal shall be made on the payment date against surrender of such Securities. Payment of principal and interest shall be made at the Place of Payment by mailing a check in the applicable Currency to the Person entitled thereto at the address of such Person appearing on the Security register.
(ii)Payment of the principal of and interest on such Security may also, subject to applicable laws and regulations, be made at such other place or places as may be designated by the Company by any appropriate method.
(c)Payment of the principal of any Unregistered Security and of interest on any Coupon Security will be made at such place or places outside the United States of America as may be designated by the Company by any appropriate method only in the Currency in which the Security is payable (except as provided in subsection (e) of this Section 2.12) on the payment date against surrender of the Unregistered Security, in the case of
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payment of principal, or the relevant Coupon, in the case of payment of interest. Except as provided in subsection (e) of this Section 2.12, payment with respect to Unregistered Securities and Coupons will be made by check, subject to any limitations on the methods of effecting such payment as shall be specified in the terms of the Security established as provided in Section 2.03 and as shall be required under applicable laws and regulations. Payment of the principal of and interest on Unregistered Securities may also, subject to applicable laws and regulations, be made at such other place or places as may be designated by the Company by any appropriate method.
(d)Not later than the fourth Business Day after the record date for each payment date, the Trustee will deliver to the Company a written notice specifying, in the Currency in which each Series of Securities are denominated, the respective aggregate amounts of principal of and interest on the Securities to be made on such payment date, specifying the amounts so payable in respect of the Registered and the Unregistered Securities and in respect of the Registered Securities as to which the Holders shall have elected to be paid in another Currency as provided in subsection (b) of this Section 2.12. If the Company Board of Directors has provided for the election referred to in subsection (b) of this Section 2.12 with respect to Registered Securities and if at least one Holder of such Registered Securities has made such election, then not later than the second Business Day preceding the applicable payment date the Company will deliver to the Trustee an Exchange Rate Officer’s Certificate in respect of such payment date. The Dollar or Foreign Currency amount receivable by Holders of Registered Securities who have elected payment in another Currency as provided in subsection (b) of this Section 2.12 shall be determined by the Company on the basis of the applicable Market Exchange Rate in effect on the second Business Day (the “Valuation Date”) prior to such payment date and set forth in the applicable Exchange Rate Officer’s Certificate. For purposes of this Section 2.12 and Section 6.02(a), “Exchange Rate Officer’s Certificate” means, with respect to any payment date in respect of Registered Securities as to which the Company Board of Directors has provided for the election referred to in subsection (b) of this Section 2.12 and at least one Holder of such Registered Securities has made such election, a certificate setting forth (i) the applicable Market Exchange Rate to Holders of such Registered Securities who had elected payment in a Currency other than the Currency in which such Registered Securities are denominated as determined by the Company and (ii) the Dollar or Foreign Currency amounts payable for the Valuation Date with respect to such payment date on the basis of such Market Exchange Rate or quotation in respect of the principal of and interest on the applicable Series of Registered Securities, signed by the treasurer or any assistant treasurer of the Company, and delivered to the Trustee. For purposes of this Section 2.12 and Section 14.11, “Market Exchange Rate” means for any Currency as of a particular date, the noon Dollar buying rate for such Currency for cable transfers quoted in New York, New York on such date as certified for customs purposes by the Federal Reserve Bank of New York; provided, however, that if such rate is not available for any reason on such date, the Currency Determination Agent shall determine the Market Exchange Rate for the particular date, in its sole discretion and without liability on its part, based on such quotation of the Federal Reserve Bank of New York as of the most recent available date, or quotations from one or more major banks in New York, New York or in the country of issue of the currency in question, or such other quotations as the Currency Determination Agent shall deem appropriate. Unless otherwise specified by the Currency Determination Agent, if there is more than one market for dealing in any Currency by reason of foreign exchange regulations or otherwise, the market to be used in respect of such Currency shall be that upon which a nonresident issuer of securities designated in such Currency would purchase such Currency in order to make payments in respect of such securities.
(e)If a Conversion Event occurs with respect to a Foreign Currency in which any of the Securities are denominated or payable, then with respect to each date for the payment of principal of and interest on such Securities occurring after the last date on which the Foreign Currency was so used (the “Conversion Date”), the Dollar shall be the Currency of payment for use on each such payment date. The Dollar amount to be paid by the Company to the Trustee and by the Trustee or any Paying Agent to the Holders of such Securities with respect to such payment date shall be the Dollar Equivalent of the Foreign Currency as determined by the Currency Determination Agent in the manner provided in subsection (g) of this Section 2.12.
(f)If the Holder of a Registered Security elects payment in a specified Currency as provided for by subsection (b) of this Section 2.12 and a Conversion Event occurs with respect to such elected Currency, such Holder shall receive payment in the Currency in which payment would have been made in the absence of such election; and if a Conversion Event occurs with respect to the Currency in which payment would have been made in the absence of such election, such Holder shall receive payment in Dollars in the Dollar Equivalent of the Foreign Currency as determined by the Currency Determination Agent in the manner provided in subsection (g) of this Section 2.12.
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(g)The “Dollar Equivalent of the Foreign Currency” shall be determined by the Currency Determination Agent as of each Valuation Date and shall be obtained by converting the applicable Foreign Currency into Dollars at the Market Exchange Rate on the Conversion Date.
(h)All decisions and determinations of the Currency Determination Agent regarding the Dollar Equivalent of the Foreign Currency and the Market Exchange Rate as specified above shall be in its sole discretion and shall, in the absence of manifest error, be conclusive for all purposes and irrevocably binding upon the Company, the Trustee and all Holders of the applicable Securities.
(i)In the event that a Conversion Event has occurred with respect to a Foreign Currency, the Company, after learning thereof, will promptly give notice thereof to the Trustee (and the Trustee will promptly thereafter give notice on behalf of the Company in the manner provided in Section 14.04 to the affected Holders) specifying the Conversion Date.
(j)The Trustee shall be fully justified and protected in relying on and acting upon the information so received by it from the Company and the Currency Determination Agent and shall not otherwise have any duty or obligation to determine such information independently.
Section 2.13.Compliance with Certain Laws and Regulations. If any Unregistered Securities or Coupon Securities are to be issued in any Series of Securities, the Company will use reasonable efforts to provide for arrangements and procedures designed pursuant to then-applicable laws and regulations, if any, to ensure that Unregistered Securities or Coupon Securities are sold or resold, exchanged, transferred and paid only in compliance with such laws and regulations and without adverse consequences to the Company.
Section 2.14.CUSIP Numbers. The Company in issuing the Securities may use “CUSIP” or “ISIN” numbers (if then generally in use), and, if so, the Trustee shall indicate the “CUSIP” or “ISIN” numbers of the Securities in notices of redemption as a convenience to Holders; provided that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Securities or as contained in any notice of redemption and that reliance may be placed only on the other identification numbers printed on the Securities, and any such redemption shall not be affected by any defect in or omission of such numbers. The Company shall promptly notify the Trustee of any change in the “CUSIP” or “ISIN” numbers.
Section 2.15.Securities in Global Form. Unless otherwise provided in or pursuant to this Indenture or any Securities, the Securities shall be issuable in temporary or permanent global form. If Securities of or within a Series are issuable in whole or in part in global form, any such Security may provide that it shall represent the aggregate amount of Outstanding Securities of such Series (or such lesser amount as is permitted by the terms thereof) from time to time endorsed thereon and may also provide that the aggregate amount of Outstanding Securities represented thereby may from time to time be reduced or increased to reflect exchanges. Any endorsement of a Security in global form to reflect the amount, or any increase or decrease in the amount, or changes in the rights of Holders, of Outstanding Securities represented thereby, shall be made in such manner and by such Person or Persons as shall be specified therein or in the Company Order to be delivered to the Trustee pursuant to Section 2.04. Subject to the provisions of Section 2.04 and, if applicable, Section 2.11, the Trustee shall deliver and redeliver any Security in permanent global form in the manner and upon instructions given by the Person or Persons specified therein or in the applicable Company Order, if any. Any instructions by the Company with respect to endorsement or delivery or redelivery of a Security in global form shall be in writing but need not comply with Section 14.05 and need not be accompanied by an Opinion of Counsel.
The provisions of the last paragraph of Section 2.04 shall apply to any Security in global form if such Security was never issued and sold by the Company and the Company delivers to the Trustee the Security in global form together with written instructions (which need not comply with Section 14.05 and need not be accompanied by an Opinion of Counsel) with regard to the reduction in the principal amount of Securities represented thereby, together with the written statement contemplated by the last paragraph of Section 2.04.
Notwithstanding the provisions of Section 3.01, unless otherwise specified as contemplated by Section 2.04, payment of principal of and interest on any Security in permanent global form shall be made to the Person or Persons specified in such Security.
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Neither the Company nor the Trustee shall have any responsibility or obligation to any Person claiming a beneficial ownership interest in the Securities under or through any clearing agency or any other Person which is not shown on the Security register as being a Registered Holder with respect to either the Securities, the accuracy of any records maintained by any such clearing agency, the payment by any such clearing agency or its participants of any amount in respect of the principal of or interest on the Securities, any notice which is permitted or required to be given under the Indenture, any consent given or other action taken by such clearing agency as Registered Holder, or any selection by such clearing agency of any Person to receive payment of principal, interest or other amounts payable on the Securities.
Section 2.16.Form of Conversion Notice. The form of any conversion notice for the conversion of Securities into shares of Common Stock, Preferred Stock or other securities of the Company shall be in substantially the form included with the applicable form of Securities as shall be established pursuant to Section 2.01.
ARTICLE 3
COVENANTS OF THE ISSUER
Section 3.01.Payment of Principal and Interest. The Company covenants and agrees for the benefit of each Series of Securities that it will duly and punctually pay or cause to be paid (in the Currency in which the Securities of such Series and Coupons, if any, are payable, except as otherwise provided pursuant to Section 2.03 for the Securities of such Series and except as provided in Section 2.12(b), (e) and (f)) the principal of, and interest on, each of the Securities of such Series in accordance with the terms of the Securities of such Series, any Coupons appertaining thereto and this Indenture.
The interest on Unregistered Securities shall be payable only upon presentation and surrender of the several Coupons for such interest installments as are evidenced thereby as they severally mature at the office of a Paying Agent outside the United States of America. The interest on any temporary Unregistered Security shall be paid, as to any installment of interest evidenced by a Coupon attached thereto, if any, only upon presentation and surrender of such Coupon, and, as to the other installments of interest, if any, only upon presentation of such Securities for notation thereon of the payment of such interest.
Section 3.02.Offices for Payment, etc. So long as any of the Securities remain Outstanding, the Company will maintain for each Series an office or agency (a) where the Securities may be presented for payment, (b) where the Securities may be presented for registration of transfer and for exchange as in this Indenture provided, and (c) where notices and demands to or upon the Company in respect of the Securities or of this Indenture may be served. The Company will give to the Trustee written notice of the location of any such office or agency and of any change of location thereof. In case the Company shall fail to so designate or maintain any such office or agency or shall fail to give such notice of the location or of any change in the location thereof, presentations and demands may be made at the Place of Payment and notices may be served at the Corporate Trust Office. Unless otherwise specified pursuant to Section 2.03, the Trustee is appointed Paying Agent and Registrar.
So long as any Coupon Securities or Unregistered Securities of any Series remain Outstanding, the Company will (except as specified pursuant to Section 2.03) maintain one or more offices or agencies outside the United States of America in such city or cities as may be specified elsewhere in this Indenture or as contemplated by Section 2.03, and shall maintain such office or offices for a period of two years (or any period thereafter for which it is necessary in order to conform to United States tax laws or regulations) after the principal on such Coupon Securities or Unregistered Securities has become due and payable, with respect to such Series where Coupons appertaining to Securities of such Series or Unregistered Securities of such Series may be surrendered or presented for payment, or surrendered for exchange pursuant to Section 2.08 and where notices and demands to or upon the Company in respect of Coupons appertaining to Securities of such Series or the Unregistered Securities of such Series or of this Indenture may be served. The Company will give prompt written notice to the Trustee of the location, and any change in the location, of any such office or agency. If at any time the Company shall fail to maintain such required office or agency or shall fail to furnish the Trustee with the address thereof, presentations, surrenders and demands in respect of Unregistered Securities may be made or served at the Place of Payment and notice may be served at the Corporate Trust Office and the corporate trust office of any authenticating agent appointed, and presentations, surrenders, notices and demands in respect of Coupons appertaining to Securities of any Series and Unregistered Securities may be made or served at the corporate trust office of the Trustee in the other
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city or cities referred to above; and the Company hereby appoints the Trustee and any authenticating agent appointed hereunder as its agents to receive all such presentations, surrenders, notices and demands.
Section 3.03.Appointment to Fill a Vacancy in Office of Trustee. The Company, whenever necessary to avoid or fill a vacancy in the office of Trustee, will appoint, in the manner provided in Section 6.10, a Trustee, so that there shall at all times be a Trustee with respect to each Series of Securities hereunder.
Section 3.04.Paying Agents. Whenever the Company shall appoint a Paying Agent other than the Trustee with respect to the Securities of any Series, it will cause such Paying Agent to execute and deliver to the Trustee an instrument in which such Paying Agent shall agree with the Trustee, subject to the provisions of this Section 3.04:
(a)that it will hold all sums received by it as such Paying Agent for the payment of the principal of or interest on the Securities of such Series or Coupons (whether such sums have been paid to it by the Company or other obligor on the Securities of such Series or Coupons) in trust for the benefit of the Holders of the Securities of such Series or Coupons or of the Trustee and, upon the occurrence of an Event of Default and upon the written request of the Trustee, pay over all such sums received by it to the Trustee;
(b)that it will give the Trustee notice of any failure by the Company (or by any other obligor on the Securities of such Series) to make any payment of the principal of or interest on the Securities of such Series or Coupons when the same shall be due and payable; and
(c)that it will give the Trustee notice of any change of address of any Holder of which it is aware.
The Company will, on or prior to each due date of the principal of or interest on the Securities of such Series or Coupons, deposit with the Paying Agent a sum sufficient to pay such principal or interest so becoming due, and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee of any failure to take such action.
If the Company shall act as its own Paying Agent with respect to the Securities of any Series or Coupons, it will, on or before each due date of the principal of or interest on the Securities of such Series or Coupons, set aside, segregate and hold in trust for the benefit of the Holders of the Securities of such Series or Holders of such Coupons a sum sufficient to pay such principal or interest so becoming due. The Company will promptly notify the Trustee of any failure to take such action.
Anything in this Section 3.04 to the contrary notwithstanding, the Company may at any time, for the purpose of obtaining a satisfaction and discharge with respect to one or more or all Series of Securities or Coupons hereunder, or for any other reason, pay or cause to be paid to the Trustee all sums held in trust for any such Series by the Company or any Paying Agent hereunder, as required by this Section 3.04, such sums to be held by the Trustee upon the trusts herein contained.
Anything in this Section 3.04 to the contrary notwithstanding, the agreement to hold sums in trust as provided in this Section 3.04 is subject to the provisions of Sections 10.04 and 10.05.
Section 3.05.Additional Amounts. If Securities of a Series provide for the payment of additional amounts to any Holder who is not a United States Person in respect of any tax, assessment or governmental charge (“Additional Amounts”), the Company will pay to the Holder of any Security of such Series or any Coupon appertaining thereto such Additional Amounts as may be so provided by Section 2.03. Whenever in this Indenture there is mentioned, in any context, the payment of the principal of or interest on, or in respect of, any Security of a Series or payment of any related Coupon or the net proceeds received on the sale or exchange of a Security of a Series, such mention shall be deemed to include mention of the payment of Additional Amounts provided for by the terms of such Series established pursuant to Section 2.03 to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof pursuant to such terms, and express mention of the payment of Additional Amounts (if applicable) in any provisions shall not be construed as excluding Additional Amounts in those provisions where such express mention is not made.
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Except as otherwise specified pursuant to Section 2.03, if the Securities of a Series provide for the payment of Additional Amounts, at least 10 days prior to each date of payment of principal or interest on which any Additional Amount shall be payable, the Company will furnish the Trustee and the Company’s principal Paying Agent or Paying Agents, if other than the Trustee, with a Company Officers’ Certificate instructing the Trustee and such Paying Agent or Paying Agents whether such payment of principal of or interest on the Securities of that Series shall be made to Holders of Securities of that Series or any related Coupons who are not United States Persons without withholding for or on account of any tax, assessment or other governmental charge described in the Securities of that Series. If any such withholding shall be required, then such Company Officers’ Certificate shall specify by country the amount, if any, required to be withheld on such payments to such Holders of Securities of that Series or related Coupons and the Company will pay to the Trustee or such Paying Agent the Additional Amounts required by the terms of such Securities. The Company covenants to indemnify the Trustee and any Paying Agent for, and to hold them harmless against, any loss, liability or expense reasonably incurred without negligence or bad faith on their part arising out of or in connection with actions taken or omitted by any of them in reliance on any Company Officers’ Certificate furnished pursuant to this Section 3.05 or in the event the Trustee shall not withhold or deduct any sums as a result of not receiving a Company Officers’ Certificate pursuant to this Section 3.05.
Section 3.06.Calculation of Original Issue Discount. The Company shall promptly, at the end of each calendar year, calculate the Original Issue Discount accrued on Outstanding Securities as of the end of such year and shall determine whether the amount of Original Issue Discount qualifies for the de minimis exception rule as set forth in Section 1273(a)(3) of the Internal Revenue Code of 1986, as amended from time to time, and the Treasury Regulations promulgated thereunder. If such calculated amount does not qualify for the de minimis exception rule, then the Company shall subsequently file with the Trustee no later than January 15th of each calendar year (a) a written notice specifying the amount of Original Issue Discount (including daily rates and accrual periods) accrued on Outstanding Securities as of the end of such year and (b) such other specific information relating to such Original Issue Discount as may then be relevant under the Internal Revenue Code of 1986, as amended from time to time, and the Treasury Regulations promulgated thereunder.
ARTICLE 4
SECURITYHOLDERS’ LISTS AND REPORTS BY THE ISSUER AND THE TRUSTEE
Section 4.01.Company to Furnish Trustee Information as to Names and Addresses of Securityholders. The Company covenants and agrees that it will furnish or cause to be furnished to the Trustee for the Securities of each Series a list in such form as the Trustee may reasonably require of the names and addresses of the Holders of the Registered Securities of each Series:
(a)semiannually and not more than 15 days after each record date for the payment of interest on such Securities, as hereinabove specified, as of such record date, and on dates to be determined pursuant to Section 2.03 for non-interest-bearing securities in each year; and
(b)at such other times as the Trustee may request in writing, within 30 days after receipt by the Company of any such request, and such list shall be as of a date not more than 15 days prior to the time such information is furnished;
provided that, if and so long as the Trustee shall be the Security registrar for such Series, such list shall not be required to be furnished but in any event the Company shall be required to furnish such information concerning the Holders of Coupon Securities and Unregistered Securities which is known to it; provided, further, that the Company shall have no obligation to investigate any matter relating to any Holder of an Unregistered Security or any Holder of a Coupon.
Section 4.02.Preservation and Disclosure of Securityholders’ Lists.
(a)The Trustee for the Securities of each Series shall preserve, in as current a form as is reasonably practicable, all information as to the names and addresses of the Holders of each Series of Securities contained in the most recent list furnished to it as provided in Section 4.01 or maintained by the Trustee in its
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capacity as Security registrar for such Series, if so acting. The Trustee may destroy any list furnished to it as provided in Section 4.01 upon receipt of a new list so furnished.
(b)In case three or more Holders of Registered Securities of any Series (hereinafter referred to as “applicants”) apply in writing to the Trustee and furnish to the Trustee reasonable proof that each such applicant has owned a Security for a period of at least six months preceding the date of such application, and such application states that the applicants desire to communicate with other Holders of Securities of a particular Series (in which case the applicants must all hold Securities of such Series) or with Holders of all Securities with respect to their rights under this Indenture or under such Securities and such application is accompanied by a copy of the form of proxy or other communication which such applicants propose to transmit, then the Trustee shall, within five Business Days after the receipt of such application, at its election, either:
(i)afford to such applicants access to the information preserved at the time by the Trustee in accordance with the provisions of subsection (a) of this Section 4.02, or
(ii)inform such applicants as to the approximate number of Holders of Securities of such Series or all Securities, as the case may be, whose names and addresses appear in the information preserved at the time by the Trustee, in accordance with the provisions of subsection (a) of this Section 4.02, and as to the approximate cost of mailing to such Securityholders the form of proxy or other communication, if any, specified in such application.
If the Trustee shall elect not to afford to such applicants access to the information preserved at the time by the Trustee in accordance with the provisions of subsection (a) of this Section 4.02, the Trustee shall, upon the written request of such applicants, mail to each Securityholder of such Series or all Securities, as the case may be, whose name and address appear in the information preserved at the time by the Trustee in accordance with the provisions of subsection (a) of this Section 4.02, a copy of the form of proxy or other communication which is specified in such request, with reasonable promptness after a tender to the Trustee of the material to be mailed and of payment, or provision for the payment, of the reasonable expenses of mailing, unless within five days after such tender, the Trustee shall mail to such applicants and file with the Commission together with a copy of the material to be mailed, a written statement to the effect that, in the opinion of the Trustee, such mailing would be contrary to the best interests of the Holders of Securities of such Series or all Securities, as the case may be, or could be in violation of applicable law. Such written statement shall specify the basis of such opinion. If the Commission, after opportunity for a hearing upon the objections specified in the written statement so filed, shall enter an order refusing to sustain any of such objections or if, after the entry of such order sustaining one or more of such objections, the Commission shall find, after notice and opportunity for hearing, that all the objections so sustained have been met and shall enter an order so declaring, the Trustee shall mail copies of such material to all such Securityholders with reasonable promptness after the entry of such order and the renewal of such tender; otherwise, the Trustee shall be relieved of any obligation or duty to such applicants respecting their application.
(c)Each and every Holder of Securities, by receiving and holding the same, agrees with the Company and the Trustee that the disclosure of any such information as to the names and addresses of the Holders of Securities in accordance with the provisions of subsection (b) of this Section 4.02, regardless of the source from which such information was derived, shall not be deemed to be a violation of any existing law or any law enacted after the date hereof which does not specifically refer to Section 312(c) of the Trust Indenture Act, and that the Trustee shall not be held accountable by reason of mailing any material pursuant to a request made under such subsection (b).
Section 4.03.Reports by the Company.
(a)The Company covenants to:
(i)file with the Trustee for the Securities of each Series, within 15 days after the Company is required to file the same with the Commission (giving effect to any extensions thereof), copies of the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) which the Company may be required to file with the Commission pursuant to Section 13 or Section 15(d) of the
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Exchange Act or, if the Company is not required to file information, documents or reports pursuant to either of such Sections, file with the Trustee and the Commission, in accordance with rules and regulations prescribed from time to time by the Commission, such of the supplementary and periodic information, documents and reports which may be required pursuant to Section 13 of the Exchange Act, or in respect of a security listed and registered on a national securities exchange, as may be prescribed from time to time in such rules and regulations;
(ii)file with the Trustee and the Commission, in accordance with rules and regulations prescribed from time to time by the Commission, such additional information, documents and reports with respect to compliance by the Company with the conditions and covenants provided for in this Indenture as may be required from time to time by such rules and regulations, including, in the case of annual reports, if required by such rules and regulations, certificates or opinions of independent public accountants, conforming to the requirements of Section 14.05 hereof, as to compliance with conditions or covenants, compliance with which is subject to verification by accountants, but no such certificate or opinion shall be required if it is not required pursuant to Section 314(a)(2) of the Trust Indenture Act;
(iii)transmit by mail to the Holders of Registered Securities in the manner and to the extent required by Section 313(c) of the Trust Indenture Act, within 30 days after the filing thereof with the Trustee, such summaries of any information, documents and reports required to be filed by the Company pursuant to subsections 4.03(a)(i) and 4.03(a)(ii) of this Section 4.03 as may be required to be transmitted to such Holders by rules and regulations prescribed from time to time by the Commission; provided that any such information, documents or reports filed or furnished with the Commission pursuant to its Electronic Data Gathering, Analysis and Retrieval (including any successor thereto, “EDGAR”) system shall be deemed to be filed with the Trustee and transmitted to the Holders as of the time such information, documents or reports are filed or furnished by EDGAR; and
(iv)furnish to the Trustee, not less often than annually on or before a date not more than four months after the end of each of its fiscal years ending after the date hereof, a brief certificate from the principal executive officer, principal financial officer or principal accounting officer of the Company as to his or her knowledge of the Company’s compliance with all conditions and covenants under this Indenture. For purposes of this subsection 4.03(a)(iv), such compliance shall be determined without regard to any period of grace or requirement of notice provided under this Indenture.
(b)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 (as to which the Trustee is entitled to rely exclusively on Company Officers’ Certificates).
Section 4.04.Reports by the Trustee.
(a)The Trustee shall transmit to Holders such reports concerning the Trustee and its actions under this Indenture as may be required pursuant to the Trust Indenture Act at the times and in the manner provided pursuant thereto. If required by Section 313(a) of the Trust Indenture Act, the Trustee shall, within 60 days after each May 15 following the date of this Indenture, deliver to Holders in the manner required by Section 313(c) of the Trust Indenture Act a brief report, dated as of such May 15, which complies with the provisions of such Section 313(a).
(b)A copy of each such report shall, at the time of such transmission to Holders, be filed by the Trustee with each stock exchange, if any, upon which the Securities are listed, with the Commission and with the Company. The Company will promptly notify the Trustee when the Securities are listed on any stock exchange or market and of any delisting thereof.
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ARTICLE 5
REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS
ON EVENT OF DEFAULT
Section 5.01.Event of Default Defined; Acceleration of Maturity; Waiver of Default. In case one or more of the following Events of Default (unless it is either inapplicable to a particular Series or it is specifically deleted from or modified in the indenture supplement, the Company Board Resolution or other instrument establishing such Series and the form of Security for such Series) shall have occurred and be continuing with respect to any Series of Securities:
(a)default in the payment of any installment of interest upon any Security of such Series as and when the same shall become due and payable, and continuance of such default for a period of 30 days; or
(b)default in the payment of the principal of the Securities of such Series as and when the same shall become due and payable either at maturity, upon redemption (for any sinking fund payment or otherwise), by declaration or otherwise; or
(c)failure on the part of the Company duly to observe or perform any other of the covenants or agreements on the part of the Company in the Securities of such Series, or in this Indenture contained and relating to such Series, for a period of 90 days after the date on which written notice specifying such failure and requiring the Company to remedy the same and stating that such notice is a “Notice of Default” hereunder shall have been given by registered or certified mail to the Company by the Trustee for the Securities of such Series, or to the Company and the Trustee by the Holders of not less than 25% in aggregate principal amount at maturity of the Securities of such Series then Outstanding; or
(d)the Company shall make an assignment for the benefit of creditors, or shall file a petition in bankruptcy; or the Company shall be adjudicated insolvent or bankrupt, or shall petition or shall apply to any court having jurisdiction in the premises for the appointment of a receiver, trustee, liquidator or sequestrator of, or for, the Company or any substantial portion of the property of the Company; or the Company shall commence any proceeding relating to the Company or any substantial portion of the property of the Company under any insolvency, reorganization, arrangement or readjustment of debt, dissolution, winding-up, adjustment, composition or liquidation law or statute of any jurisdiction, whether now or hereafter in effect (hereinafter in this clause (d) called “Proceeding”); or if there shall be commenced against the Company any Proceeding and an order approving the petition shall be entered, or such Proceeding shall remain undischarged or unstayed for a period of 90 days; or a receiver, trustee, liquidator or sequestrator of, or for, the Company or any substantial portion of the property of the Company shall be appointed and shall not be discharged within a period of 90 days; or the Company by any act shall indicate consent to or approval of or acquiescence in any Proceeding or the appointment of a receiver, trustee, liquidator or sequestrator of, or for, the Company or any substantial portion of the property of the Company; provided that a resolution or order for winding-up the Company with a view to its consolidation, amalgamation or merger with another entity or the transfer of its assets as a whole, or substantially as a whole, to such other entity as provided in Section 9.01 shall not make the rights and remedies herein enforceable under this clause (d) if such last-mentioned entity shall, as a part of such consolidation, amalgamation, merger or transfer, and within 90 days from the passing of the resolution or the date of the order, comply with the conditions to that end stated in Section 9.01; or
(e)any other Event of Default provided in the supplemental indenture or Company Board Resolution under which such Series of Securities is issued or in the form of Security for such Series;
then and in each and every such case (other than an Event of Default under clause (d) above), so long as such Event of Default with respect to such Series shall not have been remedied or waived, unless the principal of all Securities of such Series shall have already become due and payable, either the Trustee for such Series or the Holders of not less than 25% in aggregate principal amount at maturity of the Securities of such Series then Outstanding hereunder, by notice in writing to the Company (and to the Trustee if given by such Holders), may declare the principal (or, in the case of Discount Securities, such principal amount as may be determined in accordance with the terms thereof) of all the Securities of such Series to be due and payable immediately, and upon any such declaration the same shall become and shall be immediately due and payable, anything in this Indenture or in the Securities of such Series contained to the contrary notwithstanding. With respect to an Event of Default
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described under clause (d) above, the principal of all Securities of such Series shall become immediately due and payable without any declaration or other act by the Trustee or the Holders. This provision, however, is subject to the condition that if at any time after the principal of the Securities of such Series (or, in the case of Discount Securities, such principal amount as may be determined in accordance with the terms thereof) shall have been so declared due and payable, and before any judgment or decree for the payment of the moneys due shall have been obtained or entered as hereinafter provided, (x) the Company shall pay or shall deposit with the Trustee a sum sufficient to pay in the Currency in which the Securities of such Series are payable (except as otherwise provided pursuant to Section 2.03 for the Securities of such Series and except as provided in Sections 2.12(b), (e) and (f)) all matured installments of interest, if any, upon all the Securities of such Series and the principal of any and all Securities of such Series which shall have become due otherwise than by such acceleration (with interest upon such principal and, to the extent that payment of such interest is enforceable under applicable law, upon overdue installments of interest, at the rate borne by the Securities of such Series (or, in the case of Discount Securities, at the yield to maturity) to the date of such payment or deposit) and in Dollars such amount as shall be sufficient to cover reasonable compensation to the Trustee, its agents, attorneys and counsel and all other expenses and liabilities incurred, and all advances made, by the Trustee, its agents, attorneys and counsel, and (y) any and all defaults under this Indenture, other than the nonpayment of the principal of Securities of such Series which shall have become due by such acceleration, shall have been remedied, then and in every such case the Holders of a majority in aggregate principal amount at maturity of the Securities of such Series then Outstanding, by written notice to the Company and to the Trustee for the Securities of such Series, may waive all defaults and rescind and annul such declaration and its consequences; but no such waiver or rescission and annulment shall extend to or shall affect any subsequent default or shall impair any right consequent thereon.
Section 5.02.Collection of Indebtedness by Trustee; Trustee May Prove Debt. The Company covenants that (a) in case default shall be made in the payment of any installment of interest on any of the Securities of any Series when such interest shall have become due and payable, and such default shall have continued for a period of 30 days or (b) in case default shall be made in the payment of all or any part of the principal of any of the Securities of any Series when the same shall have become due and payable, whether upon maturity of the Securities of such Series or upon any redemption or by declaration or otherwise, then upon demand of the Trustee for the Securities of such Series, the Company will pay to the Trustee for the Securities of such Series, for the benefit of the Holders of the Securities of such Series and the Holders of any Coupons appertaining thereto, the whole amount that then shall have become due and payable on all Securities of such Series or such Coupons for principal of or interest, as the case may be (with interest to the date of such payment upon the overdue principal and, to the extent that payment of such interest is enforceable under applicable law, on overdue installments of interest at the same rate as the rate of interest specified in the Securities of such Series); and in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including reasonable compensation to the Trustee and each predecessor Trustee, their respective agents, attorneys and counsel, and any expenses and liabilities incurred, and all advances made, by the Trustee and each predecessor Trustee.
Until such demand is made by the Trustee, the Company may pay the principal of and interest on the Securities of any Series to the Persons entitled thereto, whether or not the principal of and interest on the Securities of such Series are overdue.
In case the Company shall fail forthwith to pay such amounts upon such demand, the Trustee for the Securities of such Series, in its own name and as trustee of an express trust, shall be entitled and empowered to institute any action or proceedings at law or in equity for the collection of the sums so due and unpaid, and may prosecute any such action or proceedings to judgment or final decree, and may enforce any such judgment or final decree against the Company or other obligor upon such Securities and collect in the manner provided by law out of the property of the Company or other obligor upon such Securities and Coupons, wherever situated, the moneys adjudged or decreed to be payable.
In case there shall be any judicial proceedings relative to the Company or other obligor upon such Securities and Coupons, if any, or to the creditors or property of the Company or other obligor, the Trustee, irrespective of whether the principal of any Securities shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand pursuant to the provisions of this Section 5.02, shall be entitled and empowered, by intervention in such proceedings or otherwise:
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(a)to file and prove a claim or claims for the whole amount of principal (or, if the Securities of such Series are Discount Securities, such portion of the principal amount as may be due and payable with respect to the Securities of such Series pursuant to a declaration in accordance with Section 5.01) and interest owing and unpaid in respect of the Securities of such Series, and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for reasonable compensation to the Trustee and each predecessor Trustee, and their respective agents, attorneys and counsel, and for reimbursement of all expenses and liabilities incurred, and all advances made, by the Trustee and each predecessor Trustee) and of the Securityholders and the Holders of any Coupons appertaining thereto allowed in any judicial proceedings relative to the Company or other obligor upon all Securities of such Series, or to the creditors or property of the Company or other obligor; and
(b)to collect and receive any moneys or other property payable or deliverable on any such claims, and to distribute all amounts received with respect to the claims of the Securityholders and of the Trustee on their behalf; and any trustee, receiver or liquidator, custodian or other similar official is hereby authorized by each of the Holders to make payments to the Trustee for the Securities of such Series, and, in the event that such Trustee shall consent to the making of payments directly to the Securityholders, to pay to such Trustee such amounts as shall be sufficient to cover reasonable compensation to such Trustee, each predecessor Trustee and their respective agents, attorneys and counsel, and all other expenses and liabilities incurred, and all advances made, by such Trustee and each predecessor Trustee and all other amounts due to such Trustee or any predecessor Trustee pursuant to Section 6.06.
Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or vote for or accept or adopt on behalf of any Securityholder any plan of reorganization, arrangement, adjustment or composition affecting the Securities of any 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 proceeding except, as aforesaid, to vote for the election of a trustee in bankruptcy or similar Person.
All rights of action and of asserting claims under this Indenture, or under any of the Securities of any Series or any Coupon appertaining thereto, may be enforced by the Trustee for the Securities of such Series without the possession of any of the Securities of such Series or any Coupon appertaining thereto or the production thereof at any trial or other proceedings relative thereto, and any such action or proceedings instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment, subject to the payment of the expenses, disbursements and compensation of the Trustee, each predecessor Trustee and their respective agents and attorneys, shall be for the ratable benefit of the Holders of the Securities of such Series and Holders of any Coupons in respect of which such action was taken.
In any proceedings brought by the Trustee for the Securities of any Series (and also any proceedings involving the interpretation of any provision of this Indenture to which the Trustee shall be a party), the Trustee shall be held to represent all the Holders of the Securities of such Series and Coupons appertaining thereto in respect to which such action was taken, and it shall not be necessary to make any Holders of such Securities and Coupons appertaining thereto parties to any such proceedings.
Section 5.03.Application of Proceeds. Any moneys collected by the Trustee for the Securities of any Series pursuant to this Article shall be applied in the following order at the date or dates fixed by such Trustee and, in case of the distribution of such moneys on account of principal or interest, upon presentation of the Securities of such Series and any Coupons appertaining thereto in respect of which moneys have been collected and stamping (or otherwise noting) thereon the payment, or issuing Securities of such Series in reduced principal amounts in exchange for the presented Securities of like Series if only partially paid, or upon surrender thereof if fully paid:
FIRST:  To the payment of costs and expenses applicable to such Series in respect of which moneys have been collected, including reasonable compensation to the Trustee and each predecessor Trustee and their respective agents and attorneys and of all expenses and liabilities incurred, including the costs and expenses of collection incurred, and all advances made, by the Trustee and each predecessor Trustee and all other amounts due to the Trustee or any predecessor Trustee pursuant to Section 6.06;
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SECOND:  In case the principal of the Securities of such Series in respect of which moneys have been collected shall not have become and be then due and payable, to the payment of interest on the Securities of such Series in default in the order of the maturity of the installments of such interest, with interest (to the extent that such interest is permissible by law and that such interest has been collected by the Trustee) upon the overdue installments of interest at the same rate as the rate of interest specified in such Securities, such payments to be made ratably to the Persons entitled thereto, without discrimination or preference;
THIRD:  In case the principal of the Securities of such Series in respect of which moneys have been collected shall have become and shall be then due and payable, to the payment of the whole amount then owing and unpaid upon all the Securities of such Series for principal and interest, with interest upon the overdue principal, and (to the extent that payment of such interest is permissible by law and that such interest has been collected by the Trustee) upon overdue installments of interest at the same rate as the rate of interest specified in the Securities of such Series; and in case such moneys shall be insufficient to pay in full the whole amount so due and unpaid upon the Securities of such Series, then to the payment of such principal and interest without preference or priority of principal over interest or of interest over principal, or of any installment of interest over any other installment of interest, or of any Security of such Series over any other Security of such Series, ratably to the aggregate of such principal and accrued and unpaid interest; and
FOURTH:  To the payment of the remainder, if any, to the Company or to such party as a court of competent jurisdiction shall direct.
The Trustee may fix a record date and payment date for any payment to Holders.
Section 5.04.Suits for Enforcement. In case an Event of Default has occurred, has not been waived and is continuing, the Trustee may in its discretion proceed to protect and enforce the rights vested in it by this Indenture by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any of such rights, either at law or in equity or in bankruptcy or otherwise, whether for the specific enforcement of any covenant or agreement contained in this Indenture or in aid of the exercise of any power granted in this Indenture or to enforce any other legal or equitable right vested in the Trustee by this Indenture or by law.
Section 5.05.Restoration of Rights on Abandonment of Proceedings. In case the Trustee for the Securities of any Series shall have proceeded to enforce any right under this Indenture and such proceedings shall have been discontinued or abandoned for any reason, or shall have been determined adversely to the Trustee, then and in every such case, the Company and the Trustee shall be restored respectively to their former positions and rights hereunder, and all rights, remedies and powers of the Company, the Trustee and the Securityholders shall continue as though no such proceedings had been taken.
Section 5.06.Limitations on Suits by Securityholders. No Holder of any Security of any Series or Holder of any Coupon shall have any right by virtue or by availing of any provision of this Indenture to institute any action or proceeding at law or in equity or in bankruptcy or otherwise upon or under or with respect to this Indenture, or for the appointment of a trustee, receiver, liquidator, custodian or other similar official or for any other remedy hereunder, unless (a) such Holder previously shall have given to the Trustee written notice of default and of the continuance thereof, as provided in Section 5.01, (b) the Holders of not less than a majority in aggregate principal amount of the Securities of such Series then Outstanding shall have made written request upon the Trustee to institute such action or proceedings in its own name as trustee hereunder, (c) such Holder or Holders shall have offered to the Trustee such reasonable indemnity as it may require against the costs, expenses and liabilities to be incurred therein or thereby, (d) the Trustee for 60 days after its receipt of such notice, request and offer of indemnity shall have failed to institute any such action or proceeding, and (e) no direction inconsistent with such written request shall have been given to the Trustee pursuant to Section 5.09; it being understood and intended, and being expressly covenanted by the taker and Holder of every Security and by a Holder of each Coupon appertaining thereto with every other taker and Holder of a Security or Holder of any Coupon appertaining thereto and the Trustee, that no one or more Holders of Securities of any Series or one or more Holders of any Coupons appertaining thereto shall have any right in any manner whatever, by virtue or by availing of any provision of this Indenture to affect, disturb or prejudice the rights of any other such Holder of Securities or any other Holders of such Coupons, or to obtain or seek to obtain priority over or preference to any other such Holder or to enforce any right under this Indenture, except in the manner herein provided and for the equal, ratable and common benefit of all
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Holders of Securities of the applicable Series and all the Holders of Coupons appertaining thereto. For the protection and enforcement of the provisions of this Section 5.06, each and every Securityholder and the Trustee shall be entitled to such relief as can be given either at law or in equity.
Section 5.07.Unconditional Right of Securityholders to Institute Certain Suits. Notwithstanding any provision in this Indenture and any provision of any Security or Coupon, the right of any Holder of any Security and the right of any Holder of any Coupon appertaining thereto to receive payment of the principal of and interest on such Security at the respective rates, in the respective amount and in the Currency therein prescribed on or after the respective due dates expressed in such Security, or to institute suit for the enforcement of any such payment on or after such respective dates, shall not be impaired or affected without the consent of such Holder.
Section 5.08.Powers and Remedies Cumulative; Delay or Omission Not Waiver of Default. Except as provided in Section 5.06, no right or remedy herein conferred upon or reserved to the Trustee or to the Securityholders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.
No delay or omission of the Trustee or of any Securityholder to exercise any right or power accruing upon any Event of Default occurring and continuing as aforesaid shall impair any such right or power or shall be construed to be a waiver of any such Event of Default or an acquiescence therein; and, subject to Section 5.06, every power and remedy given by this Indenture or by law to the Trustee, to the Securityholders or to the Holder of any Coupon may be exercised from time to time, and as often as shall be deemed expedient, by the Trustee, the Securityholders or Holders of any Coupon.
Section 5.09.Control by Securityholders. The Holders of a majority in aggregate principal amount of the Securities of each Series affected (with each Series treated as a separate class) at the time Outstanding shall have the right to 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 with respect to the Securities of such Series by this Indenture; provided that such direction shall not be otherwise than in accordance with law and the provisions of this Indenture and provided further that (subject to the provisions of Section 6.01) the Trustee shall have the right to decline to follow any such direction if the Trustee, being advised by counsel, shall determine that the actions or proceeding so directed may not lawfully be taken or that the actions or proceedings so directed would involve the Trustee in personal liability or if a trust committee of Responsible Officers in good faith shall determine that the actions or forbearances specified in or pursuant to such direction would be unduly prejudicial to the interests of Holders of the Securities of all Series or of the Holders of any Coupons appertaining thereto so affected not joining in the giving of said direction, it being understood that (subject to Section 6.01) the Trustee shall have no duty to ascertain whether or not such actions or forbearances are unduly prejudicial to such Holders.
Nothing in this Indenture shall impair the right of the Trustee in its discretion to take any action deemed proper by the Trustee and which is not inconsistent with such direction or directions by Securityholders.
Section 5.10.Waiver of Past Defaults. Prior to the declaration of the acceleration of the maturity of the Securities of any Series as provided in Section 5.01, the Holders of a majority in aggregate principal amount of the Securities of such Series at the time Outstanding may, on behalf of the Holders of all the Securities of such Series and Holders of all Coupons, if any, appertaining thereto waive any past default hereunder or its consequences, except a default in the payment of principal or interest on any of the Securities of such Series. In the case of any such waiver, the Company, the Trustee, the Holders of the Securities of such Series and the Holders of any Coupons appertaining thereto shall be restored to their former positions and rights hereunder, respectively; but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon.
Upon any such waiver, such default shall cease to exist and be deemed to have been cured and not to have occurred, and any Event of Default arising therefrom shall be deemed to have been cured and not to have occurred 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 thereon.
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Section 5.11.Trustee to Give Notice of Default, But May Withhold in Certain Circumstances. The Trustee shall transmit to the Securityholders of any Series notice, in the manner and to the extent provided in Section 313(c) of the Trust Indenture Act, of all defaults which have occurred with respect to such Series, such notice to be transmitted within 90 days after the occurrence thereof, unless such defaults shall have been cured before the giving of such notice (the term “default” or “defaults” for the purposes of this Section 5.11 and Section 6.02(h) being hereby defined to mean any event or condition which is, or with notice or lapse of time or both would become, an Event of Default); provided that, except in the case of default in the payment of the principal of or interest on any of the Securities of such Series or any default in the payment of any sinking fund installment or analogous obligation in respect of any of the Securities of such Series, the Trustee shall be protected in withholding such notice if and so long as the board of directors, executive committee or a trust committee of Responsible Officers of the Trustee in good faith determines that the withholding of such notice is in the interests of the Securityholders of such Series. In the case of any default of the character specified in Section 5.01(c) with respect to Securities of such Series, no such notice to Holders shall be given until at least 30 days after the occurrence thereof.
Section 5.12.Right of Court to Require Filing of Undertaking to Pay Costs. All parties to this Indenture agree, and each Holder of any Security and each Holder of any Coupon, by such Holder’s acceptance thereof, shall be deemed to have agreed, that any court may in its discretion require, 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, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section 5.12 shall not apply to any suit instituted by the Trustee, to any suit instituted by any Securityholder or group of Securityholders of any Series holding in the aggregate more than 10% in aggregate principal amount of the Securities of such Series, or to any suit instituted by any Securityholder for the enforcement of the payment of the principal of or interest on any Security on or after the due date expressed in such Security.
ARTICLE 6
CONCERNING THE TRUSTEE
Section 6.01.Duties and Responsibilities of the Trustee; During Default; Prior to Default. With respect to the Holders of any Series of Securities issued hereunder, the Trustee, prior to the occurrence of an Event of Default with respect to the Securities of a particular Series and after the curing or waiving of all Events of Default which may have occurred with respect to such Series, undertakes to perform such duties and only such duties as are specifically set forth in this Indenture. In case an Event of Default with respect to the Securities of a Series has occurred (which has not been cured or waived) of which a Responsible Officer has actual knowledge, 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 individual would exercise or use under the circumstances in the conduct of such individual’s own affairs.
No provision of this Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its own negligent failure to act or its own willful misconduct, except that:
(a)prior to the occurrence of an Event of Default with respect to the Securities of any Series and after the curing or waiving of all such Events of Default with respect to such Series which may have occurred:
(i)the duties and obligations of the Trustee with respect to the Securities of any Series shall be determined solely by the express provisions of this Indenture, and the Trustee need only perform such duties and obligations as are specifically set forth in this Indenture, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and
(ii)in the absence of bad faith on the part of the Trustee, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any statements, certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture; but in the case of any such statements, certificates or opinions which by any provision 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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(b)the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer or Responsible Officers, unless it shall be proved that the Trustee was negligent in ascertaining the pertinent facts; and
(c)the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction of the Holders pursuant to Section 5.09 relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture.
None of the provisions contained in this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur personal financial liability in the performance of any of its duties or in the exercise of any of its rights or powers, if there shall be reasonable ground for believing that the repayment of such funds or adequate indemnity against such liability is not reasonably assured to it.
Whether or not therein expressly so provided, every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall be subject to the conditions of this Section 6.01.
Section 6.02.Certain Rights of the Trustee. Subject to Section 6.01:
(a)The Trustee may conclusively rely and shall be protected with respect to any actions or omissions conducted in reliance upon any Company Board Resolution, Company Officers’ Certificate, Exchange Rate Officers’ Certificate, Company Order, certificate pursuant to Section 4.03(a)(iv) or any other certificate, statement, instrument, opinion, report, notice, request, consent, order, bond, debenture, note, coupon, security or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties.
(b)Any request, direction, order or demand of the Company mentioned herein shall be sufficiently evidenced by a Company Officers’ Certificate (unless other evidence in respect thereof be herein specifically prescribed).
(c)The Trustee may consult with counsel of its selection and any advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted to be taken by it hereunder in good faith and in accordance with such advice or Opinion of Counsel.
(d)The Trustee shall be under no obligation to exercise any of the trusts or powers vested in it by this Indenture at the request, order or direction of any of the Securityholders pursuant to the provisions of this Indenture, unless such Securityholders shall have offered to the Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities which might be incurred therein or thereby.
(e)The Trustee shall not be liable for any action taken or omitted by it in good faith and believed by it to be authorized or within the discretion, rights or powers conferred upon it by this Indenture.
(f)Prior to the occurrence of any Event of Default hereunder and after the curing or waiving of all Events of Default, the Trustee shall not be bound to make any investigation into the facts or matters stated in any Company Board Resolution, Company Officers’ Certificate, Exchange Rate Officers’ Certificate, certificate pursuant to Section 4.03(a)(iv), Company Order or any other certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, appraisal, bond, debenture, note, coupon, security or other paper or document unless requested in writing to do so by the Holders of not less than a majority in aggregate principal amount of the Securities of all Series affected then Outstanding.
(g)The Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys not regularly in its employ, and the Trustee shall not be responsible for any misconduct or negligence on the part of any such agent or attorney appointed with due care by it hereunder.
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(h)The Trustee shall not be deemed to have notice of any default or Event of Default (other than any Event of Default under Section 5.01(a) or 5.01(b)) unless a Responsible Officer has actual knowledge thereof or unless written notice of such default or Event of Default is received by the Trustee at the Corporate Trust Office of the Trustee.
(i)The rights, privileges, protections, immunities and benefits given to the Trustee, including its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed to act hereunder.
(j)The Trustee may request that the Company deliver a Company Officers’ Certificate setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture.
Section 6.03.Trustee Not Responsible for Recitals, Disposition of Securities or Application of Proceeds Thereof. The recitals contained herein and in the Securities, except the Trustee’s certificate of authentication, shall be taken as the statements of the Company, and the Trustee assumes no responsibility for the correctness of the same. The Trustee makes no representation as to the validity or sufficiency of this Indenture or of any Securities or Coupons. The Trustee represents that it is duly authorized to execute and deliver this Indenture and perform its obligations hereunder. The Trustee shall not be accountable for the use or application by the Company of any of the Securities or of the proceeds thereof.
Section 6.04.Trustee and Agents May Hold Securities; Collections, etc. The Trustee, any Paying Agent, any Security registrar or any agent of the Company or the Trustee, in its individual or any other capacity, may become the owner or pledgee of Securities or Coupons with the same rights it would have if it were not serving in such capacity and, subject to Sections 6.08 and 6.13, if operative, may otherwise deal with the Company and receive, collect, hold and retain collections from the Company with the same rights it would have if it were not serving in such capacity.
Section 6.05.Moneys Held by Trustee. Subject to the provisions of Section 10.04, all moneys received by the Trustee shall, until used or applied as herein provided, be held in trust for the purposes for which they were received, but need not be segregated from other funds except to the extent required by mandatory provisions of law. Neither the Trustee nor any agent of the Company or the Trustee shall be under any liability for interest on any moneys received by it hereunder.
Section 6.06.Compensation and Indemnification of Trustee and Its Prior Claim. The Company covenants and agrees to pay to the Trustee from time to time, and the Trustee shall be entitled to, such compensation as shall be agreed in writing between the Company and the Trustee in Dollars (which shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust) and the Company covenants and agrees to pay or reimburse the Trustee and each predecessor Trustee upon its request in Dollars for all reasonable expenses, disbursements and advances actually incurred or made by or on behalf of it in accordance with any of the provisions of this Indenture (including the reasonable compensation and the expenses and disbursements of its counsel and of all agents and other persons not regularly in its employ) except any such expense, disbursement or advance as may arise from its fraud, negligence or bad faith. The Company also covenants to indemnify the Trustee and each predecessor Trustee for, and to hold it harmless against, any and all losses, liabilities, damages, claims and expenses, including taxes (other than taxes based on the income of the Trustee), actually incurred without fraud, negligence or bad faith on its part, arising out of or in connection with the acceptance or administration of this Indenture or the trusts hereunder and its duties hereunder, including the reasonable costs and expenses of defending itself against or investigating any claim (whether asserted by the Company, a Holder or any other Person) or liability in connection with the exercise or performance of any of its powers or duties hereunder. The obligations of the Company under this Section 6.06 to compensate and indemnify the Trustee and each predecessor Trustee and to pay or reimburse the Trustee and each predecessor Trustee for reasonable expenses, disbursements and advances shall constitute additional indebtedness hereunder and shall survive the satisfaction and discharge of this Indenture and the resignation or removal of the Trustee. Such additional indebtedness shall be a senior claim to that of the Securities upon all property and funds held or collected by the Trustee as such, except funds held in trust for the benefit of the Holders of particular Securities or the Holders of particular Coupons, and the Securities are hereby subordinated to such senior claim.
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When the Trustee incurs expenses or renders services in connection with an Event of Default specified in clause (d) of Section 5.01, the expenses (including the reasonable charges and expenses of its counsel) and the compensation for the services are intended to constitute expenses of administration under any applicable federal or state bankruptcy, insolvency or other similar law.
Section 6.07.Right of Trustee to Rely on Officers’ Certificate, etc. Subject to Sections 6.01 and 6.02, whenever in the administration of the trusts of this Indenture the Trustee shall deem it necessary or desirable that a matter be proved or established prior to taking or suffering or omitting any action hereunder, such matter (unless other evidence in respect thereof be herein specifically prescribed) may, in the absence of fraud, negligence or bad faith on the part of the Trustee, be deemed to be conclusively proved and established by a Company Officers’ Certificate delivered to the Trustee, and such Company Officers’ Certificate, in the absence of fraud, negligence or bad faith on the part of the Trustee, shall be full warrant to the Trustee for any action taken, suffered or omitted by it or under the provisions of this Indenture upon the faith thereof.
Section 6.08.Disqualification of Trustee; Conflicting Interests. If the Trustee for the Securities of any Series has or shall acquire any conflicting interest, as defined in the Trust Indenture Act, the Trustee shall, within 90 days after ascertaining that it has such conflicting interest, and if the default (as defined in the Trust Indenture Act) to which such conflicting interest relates has not been cured or waived or otherwise eliminated before the end of such 90-day period, either eliminate such conflicting interest or resign in the manner and with the effect specified in the Trust Indenture Act and this Indenture.  If the Trustee does not eliminate such conflicting interest or resign, then, within 10 days of the expiration of such 90-day period, the Trustee shall transmit notice of its failure to do so to each Holder in the manner and to the extent provided in Section 313(c) of the Trust Indenture Act.  Further, if the Trustee does not so resign, each holder of the Securities of any Series for which such Trustee acts as trustee shall have the rights provided under, and subject to the limitations set forth in, Section 310(b)(iii) of the Trust Indenture Act. To the extent permitted by the Trust Indenture Act, the Trustee shall not be deemed to have a conflicting interest by virtue of being a trustee under this Indenture with respect to Securities of more than one Series.
Section 6.09.Persons Eligible for Appointment as Trustee. The Trustee for each Series of Securities hereunder shall at all times be a corporation organized and doing business under the laws of the United States of America or of any state or the District of Columbia having a combined capital and surplus of at least $100,000,000 and which is authorized under such laws to exercise corporate trust powers and is subject to supervision or examination by federal, state or District of Columbia authority and which has a Corporate Trust Office in any state of the United States of America. If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purposes of this Section 6.09, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 6.09, the Trustee shall resign immediately in the manner and with the effect specified in Section 6.10.  Neither the Company nor any other obligor upon the Securities shall serve as the Trustee pursuant to this Indenture.
Section 6.10.Resignation and Removal; Appointment of Successor Trustee.
(a)No resignation or removal of the Trustee and no appointment of a successor trustee pursuant to this Article shall become effective until acceptance of such appointment by the successor trustee in accordance with Section 6.11.
(b)The Trustee, or any trustee or trustees hereafter appointed, may at any time resign with respect to one or more or all Series of Securities by giving written notice of resignation to the Company and by mailing notice thereof to the Holders in the manner and to the extent provided in Section 14.04. Upon receiving such notice of resignation, the Company shall promptly appoint a successor trustee or trustees with respect to the applicable Series by written instrument in duplicate, authorized by a Company Board Resolution and executed by the Company, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor trustee or trustees. If no successor trustee shall have been so appointed with respect to any Series and have accepted appointment within 60 days after the mailing of such notice of resignation, the resigning Trustee may petition, at the expense of the Company, any court of competent jurisdiction for the appointment of a successor trustee, or any Securityholder who has been a bona fide Holder of a Security or Securities of the applicable Series
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for at least six months may, subject to the provisions of Section 5.12, on behalf of himself and all others similarly situated, petition any such court for the appointment of a successor trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor trustee.
(c)In case at any time any of the following shall occur:
(i)the Trustee shall fail to comply with the provisions of Section 6.08 with respect to any Series of Securities after written request therefor by the Company pursuant to a Company Order or by any Securityholder who has been a bona fide Holder of a Security or Securities of such Series for at least six months unless the Trustee’s duty to resign is stayed in accordance with the provisions of Section 310(b) of the Trust Indenture Act; or
(ii)the Trustee shall cease to be eligible in accordance with the provisions of Section 6.09 and shall fail to resign upon written request by the Company pursuant to a Company Order or by any Securityholder; or
(iii)the Trustee shall become incapable of acting with respect to any Series of the Securities, or shall be adjudged a bankrupt or insolvent, or a receiver or liquidator of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation;
then, in any such case, the Company may remove the Trustee with respect to the applicable Series of Securities and appoint a successor trustee for such Series by written instrument, in duplicate, authorized by a Company Board Resolution and executed by the Company, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor trustee, or, subject to the provisions of Section 5.12, any Securityholder who has been a bona fide Holder of a Security or Securities of such Series for at least six months may on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor trustee with respect to such Series. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor trustee.
(d)The Holders of a majority in aggregate principal amount of the Securities of each Series at the time Outstanding may at any time remove the Trustee with respect to Securities of such Series and appoint a successor trustee with respect to the Securities of such Series by delivering to the Trustee so removed, to the successor trustee so appointed and to the Company the evidence provided for in Section 7.01 of the action in that regard taken by the Securityholders.
If no successor trustee shall have been appointed with respect to such Series within 30 days after the mailing of such notice of removal, the Trustee being removed may petition, at the expense of the Company, any court of competent jurisdiction for the appointment of a successor trustee with respect to the Securities of such Series.
(e)Any resignation or removal of the Trustee with respect to any Series and any appointment of a successor trustee with respect to such Series pursuant to any of the provisions of this Section 6.10 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 6.11.
Section 6.11.Acceptance of Appointment by Successor Trustee. Any successor trustee appointed as provided in Section 6.10 shall execute and deliver to the Company and to its predecessor Trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor Trustee with respect to all or any applicable Series shall become effective and such successor trustee, without any further act, deed or conveyance, shall become vested with all rights, powers, duties and obligations with respect to such Series of its predecessor hereunder, with like effect as if originally named as trustee for such Series hereunder; but, nevertheless, on the written request of the Company pursuant to a Company Order or of the successor trustee, upon payment of its charges then unpaid, the trustee ceasing to act shall pay over to the successor trustee all moneys at the time held by it hereunder and shall execute and deliver an instrument transferring to such successor trustee all such
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rights, powers, duties and obligations. Upon request of any such successor trustee, the Company shall execute any and all instruments in writing for more fully and certainly vesting in and confirming to such successor trustee all such rights and powers. Any trustee ceasing to act shall, nevertheless, retain a prior claim upon all property or funds held or collected by such trustee to secure any amounts then due it pursuant to the provisions of Section 6.06.
If a successor trustee is appointed with respect to the Securities of one or more (but not all) Series, the Company, the predecessor Trustee and each successor trustee with respect to the Securities of any applicable Series shall execute and deliver an indenture supplemental hereto which shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the predecessor Trustee with respect to the Securities of any Series as to which the predecessor Trustee is not retiring shall continue to be vested in the predecessor Trustee, and shall 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, it being understood that nothing herein or in such supplemental indenture shall constitute such trustees co-trustees of the same trust and that each such trustee shall be trustee of a trust or trusts under separate indentures.
No successor trustee with respect to any Series of Securities shall accept appointment as provided in this Section 6.11 unless at the time of such acceptance such successor trustee shall be qualified under the provisions of Section 6.08 and eligible under the provisions of Section 6.09.
Upon acceptance of appointment by any successor trustee as provided in this Section 6.11, the Company shall give notice in the manner and to the extent provided in Section 14.04 to the Holders of Securities of any Series for which such successor trustee is acting as trustee at their last addresses as they shall appear in the Security register. If the acceptance of appointment is substantially contemporaneous with the resignation, then the notice called for by the preceding sentence may be combined with any notice called for by Section 6.10. If the Company fails to mail such notice within ten days after acceptance of appointment by the successor trustee, the successor trustee shall cause such notice to be mailed at the expense of the Company.
Section 6.12.Merger, Conversion, Consolidation or Succession to Business of Trustee. Any entity into which the Trustee may be merged or converted or with which it may be consolidated, or any entity resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any entity succeeding to all or substantially all the corporate trust business of the Trustee, shall become the successor trustee hereunder; provided that such entity shall be qualified under the provisions of Section 6.08 and eligible under the provisions of Section 6.09, without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding.
In case at the time such successor trustee shall succeed to the trusts created by this Indenture any of the Securities of any Series shall have been authenticated but not delivered, any such successor trustee may adopt the certificate of authentication of any predecessor Trustee and deliver such Securities so authenticated; and, in case at that time any of the Securities of any Series shall not have been authenticated, any successor trustee may authenticate such Securities either in the name of any predecessor Trustee hereunder or in the name of the successor trustee; and in all such cases such certificates shall have the full force which it is anywhere in the Securities of such Series or in this Indenture provided that the certificate of the Trustee shall have; provided that the right to adopt the certificate of authentication of any predecessor Trustee or to authenticate Securities of any Series in the name of any predecessor Trustee shall apply only to its successor or successors by merger, conversion or consolidation.
Section 6.13.Preferential Collection of Claims Against the Company. If and when the Trustee shall be or become a creditor, directly or indirectly, secured or unsecured, of the Company (or any other obligor upon the Securities), the Trustee shall be subject to the provisions of the Trust Indenture Act regarding the collection of claims against the Company (or any such other obligor).
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ARTICLE 7
CONCERNING THE SECURITYHOLDERS
Section 7.01.Evidence of Action Taken by Securityholders.
(a)Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by a specified percentage in principal amount of the Securityholders of any or all Series may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such specified percentage of Securityholders in person or by agent duly appointed in writing; and, except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments are delivered to the Trustee. Proof of execution of any instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to Sections 6.01 and 6.02) conclusive in favor of the Trustee and the Company, if made in the manner provided in this Article.
(b)The ownership of Registered Securities shall be proved by the Security register.
(c)The amount of Unregistered Securities held by any Person executing any instrument or writing as a Securityholder, the numbers of such Unregistered Securities and the date of such Person’s holding the same may be proved by the production of such Securities or by a certificate executed by any trust company, bank, broker or member of a national securities exchange (wherever situated), as depositary, if such certificate is in form satisfactory to the Trustee, showing that at the date therein mentioned such Person had on deposit with such depositary, or exhibited to it, the Unregistered Securities therein described; or such facts may be proved by the certificate or affidavit of the Person executing such instrument or writing as a Securityholder, if such certificate or affidavit is in form satisfactory to the Trustee. The Trustee and the Company may assume that such ownership of any Unregistered Security continues until (i) another certificate or affidavit bearing a later date issued in respect of the same Unregistered Security is produced, or (ii) such Unregistered Security is produced by some other Person, or (iii) such Unregistered Security is surrendered in exchange for a Registered Security, or (iv) such Unregistered Security has been cancelled in accordance with Section 2.10.
Section 7.02.Proof of Execution of Instruments. Subject to Sections 6.01 and 6.02, the execution of any instrument by a Securityholder or his agent or proxy may be proved in accordance with such reasonable rules and regulations as may be prescribed by the Trustee or in such manner as shall be satisfactory to the Trustee.
Section 7.03.Holders to Be Treated as Owners. The Company, the Trustee and any agent of the Company or the Trustee may deem and treat the Person in whose name any Security shall be registered upon the Security register for such Series as the absolute owner of such Security (whether or not such Security shall be overdue and notwithstanding any notation of ownership or other writing thereon) for the purpose of receiving payment of or on account of the principal of and interest on such Security and for all other purposes; and none of the Company, the Trustee or any agent of the Company or the Trustee shall be affected by any notice to the contrary. All such payments so made to any such Person, or upon such Person’s order, shall be valid, and, to the extent of the sum or sums so paid, effectual to satisfy and discharge the liability for moneys payable upon any such Security.
Section 7.04.Securities Owned by Company Deemed Not Outstanding. In determining whether the Holders of the requisite aggregate principal amount of Outstanding Securities of any or all Series have concurred in any direction, consent or waiver under this Indenture or whether a quorum is present at a meeting of Holders of Securities, Securities that are owned by the Company or any other obligor on the Securities with respect to which such determination is being made or by any Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company or any other obligor on the Securities with respect to which such determination is being made shall be disregarded and deemed not to be Outstanding for the purpose of any such determination, except that, for the purpose of determining whether the Trustee shall be protected in relying on any such direction, consent or waiver, and for the purpose of determining the presence of a quorum, only Securities which a Responsible Officer actually knows are so owned shall be so disregarded. Securities so owned which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Securities and that the pledgee is not the Company or other obligor on such Securities or any Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company or any other obligor on such Securities. In case of a dispute as to such right, the
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advice of counsel shall be full protection in respect of any decision made by the Trustee in accordance with such advice. Upon request of the Trustee, the Company shall furnish to the Trustee promptly a Company Officers’ Certificate listing and identifying all Securities, if any, known by the Company to be owned or held by or for the account of any of the above-described Persons; and, subject to Sections 6.01 and 6.02, the Trustee shall be entitled to accept such Company Officers’ Certificate as conclusive evidence of the facts therein set forth and of the fact that all Securities not listed therein are Outstanding for the purpose of any such determination.
Section 7.05.Right of Revocation of Action Taken. At any time prior to (but not after) the evidencing to the Trustee, as provided in Section 7.01, of the taking of any action by the Holders of the percentage in aggregate principal amount of the Securities of any or all Series, as the case may be, specified in this Indenture in connection with such action, any Holder of a Security the serial number of which is shown by the evidence to be included among the serial numbers of the Securities the Holders of which have consented to such action may, by filing written notice at the Corporate Trust Office and upon proof of holding as provided in this Article, revoke such action so far as it concerns such Security. Except as aforesaid, any such action taken by the Holder of any Security shall be conclusive and binding upon such Holder and upon all future Holders and owners of such Security and of any Securities issued in exchange or substitution therefor, irrespective of whether or not any notation in regard thereto is made upon any such Security. Any action taken by the Holders of the percentage in aggregate principal amount of the Securities of any or all Series, as the case may be, specified in this Indenture in connection with such action shall be conclusively binding upon the Company, the Trustee and the Holders of all the Securities affected by such action.
Section 7.06.Record Date for Determination of Holders Entitled to Vote. The Company may, in the circumstances permitted by the Trust Indenture Act, set a record date for the purpose of determining the Securityholders entitled to give or take any request, demand, authorization, direction, notice, consent, waiver or other action, or to vote on any action authorized or permitted to be given or taken by Securityholders. If not set by the Company prior to the first solicitation of a Securityholder made by any Person in respect of any such action, or, in the case of any such vote, prior to such vote, the record date for any such action or vote shall be the 30th day (or, if later, the date of the most recent list of Holders required to be provided pursuant to Section 4.01) prior to such first solicitation or vote, as the case may be. With regard to any record date, only the Holders on such date (or their duly appointed proxies) shall be entitled to give or take, or vote on, the relevant action.
ARTICLE 8
SUPPLEMENTAL INDENTURES
Section 8.01.Supplemental Indentures Without Consent of Securityholders. The Company, when authorized by a Company Board Resolution, and the Trustee for the Securities of any or all Series may, from time to time and at any time, enter into one or more indentures supplemental hereto (which shall conform to the provisions of the Trust Indenture Act as in force at the date of the execution thereof), in form satisfactory to such Trustee, for one or more of the following purposes:
(a)to evidence the succession of another entity to the Company or successive successions, and the assumption by such entity of the covenants, agreements and obligations of the Company herein and in the Securities;
(b)to add to the Events of Default such further Events of Default for the protection of the Holders of Securities of any or all Series (and, if such Events of Default are to be for the benefit of less than all the Series of Securities stating that such Events of Default are being added solely for the benefit of one or more particular Series); provided, that, in respect of any such additional Events of Default, such supplemental indenture may provide for a particular period of grace after default (which period may be shorter or longer than that allowed in the case of other defaults) or may provide for an immediate enforcement upon such an Event of Default or may limit the remedies available to the Trustee upon such an Event of Default or may limit the rights of the Holders of the applicable Securities upon such an Event of Default;
(c)to add to the covenants of the Company such further covenants for the protection of the Holders of Securities of any or all Series (and, if such additional covenants are to be for the benefit of less than all the Series of Securities stating that such covenants are being added solely for the benefit of one or more particular Series), or to surrender any right or power herein conferred upon the Company with regard to all or any Securities of
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any or all Series (and, if such surrender is to be for the benefit of less than all the Series of Securities stating that such surrender is being added solely for the benefit of one or more particular Series);
(d)to cure any ambiguity or to correct or supplement any provision contained herein or in any supplemental indenture which may be defective or inconsistent with any other provision contained herein or in any supplemental indenture; or to make such other provisions in regard to matters or questions arising under this Indenture or under any supplemental indenture as the Company Board of Directors may deem necessary or desirable and which shall not materially and adversely affect the interests of the Holders of the Securities or the Holders of any Coupons;
(e)to establish the form, terms and conditions of Securities of any Series and the Coupons, if any, as permitted by Sections 2.01 and 2.03;
(f)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 the one Trustee, pursuant to the requirements of Section 6.11;
(g)to delete, modify or add provisions of this Indenture; provided that, except as otherwise contemplated by Section 2.03, such deletion, modification or addition does not apply to any Outstanding Security created prior to the date of such supplemental indenture;
(h)to secure, or, if applicable, provide additional security for, any Securities and to provide for matters relating thereto, and to provide for the release of any collateral as security for any Securities; or
(i)to amend or supplement any provision contained herein, which was required to be contained herein in order for this Indenture to be qualified under the Trust Indenture Act, if the Trust Indenture Act or regulations thereunder change what is so required to be included in qualified indentures, in any manner not inconsistent with what then may be required for such qualification.
The Trustee is hereby authorized to join with the Company in the execution of any such supplemental indenture, to make any further appropriate agreements and stipulations which may be therein contained and to accept collateral thereunder, but the Trustee shall not be obligated to enter into any such supplemental indenture which affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise.
Any supplemental indenture authorized by the provisions of this Section 8.01 may be executed without the consent of the Holders of any of the Securities at the time Outstanding, notwithstanding any of the provisions of Section 8.02.
Section 8.02.Supplemental Indentures With Consent of Securityholders. With the consent (evidenced as provided in Article 7) of the Holders of not less than a majority in aggregate principal amount of the Securities at the time Outstanding of each Series affected by such supplemental indenture (treated as one class), the Company, when authorized by a Company Board Resolution, and the Trustee may, from time to time and at any time, enter into an indenture or indentures supplemental hereto (which shall conform to the provisions of the Trust Indenture Act as in force at the date of execution thereof) for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of any supplemental indenture or of modifying in any manner the rights of the Holders of the Securities of each such Series; provided, that the following modifications and amendments will not be effective against any Holder without such Holder’s consent:  (a) a change in the stated maturity date of any payment of principal or interest; (b) a reduction in the principal amount of, or interest on, any Security; (c) an alteration or impairment of the right to convert at the rate or upon the terms provided in the Indenture; (d) a change in the Currency in which any payment on the Securities is payable; (e) an impairment of a Holder’s right to sue the Company for the enforcement of payments due on the Securities; or (f) a reduction in the percentage of Outstanding Securities required to consent to a modification or amendment of the Indenture or required to consent to a waiver of compliance with certain provisions of the Indenture or certain defaults under the Indenture.
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Upon request by the Company pursuant to a Company Order, accompanied by a copy of a Company Board Resolution authorizing the execution of any such supplemental indenture, and upon the filing with the Trustee for such Series of Securities of evidence of the consent of Securityholders as aforesaid and other documents, if any, required by Section 7.01, the Trustee for such Series of Securities shall join with the Company in the execution of such supplemental indenture unless such supplemental indenture affects such Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case such Trustee may in its discretion, but shall not be obligated to, enter into such supplemental indenture.
It shall not be necessary for the consent of the Securityholders under this Section 8.02 to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such consent shall approve the substance thereof.
Promptly after the execution by the Company and the Trustee of any supplemental indenture pursuant to the provisions of this Section 8.02, the Company shall give notice in the manner and to the extent provided in Section 14.04 to the Holders of Securities of each Series affected thereby at their addresses as they shall appear on the Securities register of the Company, setting forth in general terms the substance of such supplemental indenture. Any failure of the Company to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture.
For the purposes of this Section 8.02 only, if the Securities of any Series are issuable upon the exercise of warrants, each holder of an unexercised and unexpired warrant with respect to such Series shall be deemed to be a Holder of Outstanding Securities of such Series in the amount issuable upon the exercise of such warrant. For such purposes, the ownership of any such warrant shall be determined by the Company in a manner consistent with customary commercial practices. The Trustee for such Series shall be entitled to rely on a Company Officers’ Certificate as to the principal amount of Securities of such Series in respect of which consents shall have been executed by holders of such warrants.
Section 8.03.Effect of Supplemental Indenture. Upon the execution of any supplemental indenture pursuant to the provisions hereof, this Indenture shall be and be deemed to be modified and amended in accordance therewith and the respective rights, limitations of rights, obligations, duties and immunities under this Indenture of the Trustee, the Company and the Holders of Securities of each Series and Holders of Coupons affected thereby shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments, and all the terms and conditions of any such supplemental indenture shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes.
Section 8.04.Documents to Be Given to Trustee. The Trustee, subject to the provisions of Sections 6.01 and 6.02, shall receive a Company Officers’ Certificate and an Opinion of Counsel as conclusive evidence that any supplemental indenture executed pursuant to this Article 8 complies with the applicable provisions of this Indenture.
Section 8.05.Notation on Securities in Respect of Supplemental Indentures. Securities of any Series (including any Coupons appertaining thereto), authenticated and delivered after the execution of any supplemental indenture pursuant to the provisions of this Article may bear, upon the direction of the Company, a notation in form satisfactory to the Trustee for the Securities of such Series as to any matter provided for by such supplemental indenture or as to any action taken at any such meeting. If the Company or the Trustee shall so determine, new Securities of any Series (including any Coupons appertaining thereto), so modified as to conform, in the opinion of the Trustee and the Company to any modification of this Indenture contained in any such supplemental indenture may be prepared and executed by the Company, authenticated by the Trustee and delivered in exchange for the Securities of such Series then Outstanding. Failure to make the appropriate notation or issue a new Security will not affect the validity and effect of such amendment, supplement or waiver.
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ARTICLE 9
CONSOLIDATION, MERGER, SALE OR CONVEYANCE
Section 9.01.Company May Consolidate, etc., on Certain Terms.
(a)Nothing contained in this Indenture or in any of the Securities shall prevent any consolidation or merger of the Company with or into any other entity or entities (whether or not affiliated with the Company), or successive consolidations or mergers in which the Company or its successor or successors shall be a party or parties, or shall prevent any sale, conveyance or lease of all or substantially all the property of the Company to any other entity (whether or not affiliated with the Company) authorized to acquire and operate the same; provided, that in any such case:  (i) either the Company shall be the surviving or continuing entity or the resulting or acquiring entity, if other than the Company, is organized and existing under the laws of a United States jurisdiction and assumes all of the Company’s responsibilities and liabilities under the Indenture, including the payment of all amounts due on the Securities and performance of the covenants in the Indenture; (ii) immediately after the transaction, and giving effect to the transaction, no Event of Default under the Indenture exists; and (iii) the Company has delivered to the Trustee a Company Officers’ Certificate stating that the transaction and, if a supplemental indenture is required in connection with the transaction, the supplemental indenture comply with the Indenture and that all conditions precedent to the transaction contained in the Indenture have been satisfied.
(b)If the Company consolidates or merges with or into any other entity or sells or leases all or substantially all of the Company’s assets in compliance with the terms and conditions of this Indenture, the resulting or acquiring entity will be substituted for the Company in this Indenture and the Securities with the same effect as if such entity had been an original party to this Indenture and the Securities. As a result, such successor entity may exercise the Company’s rights and powers under the Indenture and the Securities, in the Company’s name and, except in the case of a lease, the Company will be released from all its liabilities and obligations under the Indenture and under the Securities.
(c)Notwithstanding the foregoing provisions, the Company may transfer all of its property and assets to another entity if, immediately after giving effect to the transfer, such entity is a Wholly Owned Subsidiary.
Section 9.02.Successor Corporation Substituted. In case of any such consolidation, merger, sale or conveyance, and following such an assumption by the successor entity, such successor entity shall succeed to and be substituted for the Company, with the same effect as if it had been named herein. Such successor entity may cause to be signed, and may issue either in its own name or in the name of the Company prior to such succession any or all of the Securities issuable hereunder which theretofore shall not have been signed by the Company and delivered to the Trustee; and, upon the order of such successor entity instead of the Company and subject to all the terms, conditions and limitations in this Indenture prescribed, the Trustee shall authenticate and shall deliver any Securities and Coupons, if any, appertaining thereto which previously shall have been signed and delivered by the officers of the Company to the Trustee for authentication, and any Securities which such successor entity thereafter shall cause to be signed and delivered to the Trustee for that purpose. All of the Securities and Coupons, if any, appertaining thereto so issued shall in all respects have the same legal rank and benefit under this Indenture as the Securities and Coupons, if any, appertaining thereto theretofore or thereafter issued in accordance with the terms of this Indenture as though all of such Securities and Coupons, if any, appertaining thereto had been issued at the date of the execution hereof.
In case of any such consolidation, merger, sale, lease or conveyance, such changes in phraseology and form (but not in substance) may be made in the Securities and Coupons, if any, appertaining thereto thereafter to be issued as may be appropriate.
In the event of any such sale or conveyance (other than a conveyance by way of lease) by the Company or any successor entity which shall theretofore have become such in the manner described in this Article 9, the Company or such successor entity, as applicable, shall be discharged from all obligations and covenants under this Indenture and the Securities and may be liquidated and dissolved.
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Section 9.03.Opinion of Counsel to Trustee. The Trustee, subject to the provisions of Sections 6.01 and 6.02, shall receive an Opinion of Counsel, prepared in accordance with Section 14.05, as conclusive evidence that any such consolidation, merger, sale, lease or conveyance, any such assumption, any such supplemental indenture, or any such liquidation or dissolution, complies with the applicable provisions of this Indenture.
ARTICLE 10
SATISFACTION AND DISCHARGE; DEFEASANCE
Section 10.01.Satisfaction and Discharge of Indenture. If at any time (a) the Company shall have paid or caused to be paid the principal of and interest on all the Securities of any Series and Coupons, if any, appertaining thereto Outstanding hereunder (other than Securities and Coupons which have been destroyed, lost or stolen and which have been replaced or paid as provided in Section 2.09) as and when the same shall have become due and payable, or (b) the Company shall have delivered to the Trustee for cancellation all Securities of any Series and Coupons, if any, appertaining thereto theretofore authenticated (other than any Securities of such Series and Coupons which have been destroyed, lost or stolen and which shall have been replaced or paid as provided in Section 2.09) or (c) (i) all the Securities of such Series and Coupons, if any, appertaining thereto not theretofore delivered to the Trustee for cancellation shall have become due and payable, or are by their terms to become due and payable within one year or are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption and (ii) the Company shall have irrevocably deposited or caused to be deposited with the Trustee as trust funds the entire amount in the Currency required and/or the required Government Obligations maturing as to principal and interest in such amounts and at such times as will, in aggregate, ensure the availability of cash sufficient, in the opinion of a firm of independent certified public accountants, to pay at maturity or upon redemption all Securities of such Series and Coupons, if any, appertaining thereto (other than any Securities of such Series and Coupons, if any, appertaining thereto which shall have been destroyed, lost or stolen and which shall have been replaced or paid as provided in Section 2.09) not theretofore delivered to the Trustee for cancellation, including principal and interest due or to become due to such date of maturity as the case may be, and if, in any such case, the Company shall also pay or cause to be paid all other sums payable hereunder by the Company with respect to Securities of such Series and Coupons, if any, appertaining thereto, then this Indenture shall cease to be of further effect with respect to Securities of such Series and Coupons, if any, appertaining thereto (except as to (A) rights of registration of transfer and exchange, and the Company’s right of optional redemption, (B) substitution of mutilated, defaced, destroyed, lost or stolen Securities and Coupons, (C) rights of Holders to receive payments of principal thereof and interest thereon upon the original stated due dates therefor (but not upon acceleration) and remaining rights of the Holders to receive mandatory sinking fund payments, if any, (D) the rights, obligations and immunities of the Trustee hereunder, and (E) the rights of the Securityholders of such Series as beneficiaries hereof with respect to the property so deposited with the Trustee payable to all or any of them), and, subject to Section 10.06, the Trustee, upon request by the Company pursuant to a Company Order accompanied by a Company Officers’ Certificate and an Opinion of Counsel, shall execute proper instruments acknowledging such satisfaction and discharge of this Indenture with respect to Securities of such Series and Coupons, if any, appertaining thereto.
Section 10.02.Defeasance and Covenant Defeasance.
(a)Unless otherwise specified pursuant to Section 2.03, the Securities of any Series shall be subject to defeasance pursuant to Section 10.02(b) or covenant defeasance pursuant to Section 10.02(c), in accordance with any applicable requirements specified pursuant to Section 2.03 and upon compliance with the conditions set forth below in Section 10.02(d). The Company may elect, at its option, at any time, to have Section 10.02(b) or Section 10.02(c) applied to any Securities of any Series so subject to defeasance or covenant defeasance. Any such election shall be evidenced by a Company Board Resolution or in another manner specified as contemplated by Section 2.03 for such Securities.
(b)Upon the Company’s exercise of its option, if any, to have this Section 10.02(b) applied to any Securities of any Series, on and after the date the conditions set forth in Section 10.02(d) are satisfied, the Company shall be deemed to have satisfied and discharged the entire indebtedness represented by such Securities and Coupons, if any, appertaining thereto and to have satisfied and discharged all of its other obligations under such Securities and Coupons, if any, appertaining thereto and this Indenture, insofar as such Securities and Coupons are concerned (“Defeasance”).
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Subject to compliance with this Section 10.02, the Company may exercise its option, if any, to have this Section 10.02(b) applied to any Securities notwithstanding the prior exercise of its option, if any, to have Section 10.02(c) applied to such Securities.
In connection with Defeasance with respect to any Securities of any Series, the irrevocable trust agreement contemplated by Section 10.02(d) shall include, among other things, provision for (i) payment of the principal of and interest on such Securities and Coupons, if any, appertaining thereto when due (by redemption, sinking fund payments or otherwise), (ii) the payment of the expenses of the Trustee incurred or to be incurred in connection with carrying out such trust provisions, (iii) rights of registration, transfer, substitution and exchange of such Securities and Coupons, if any, appertaining thereto in accordance with the terms stated in this Indenture, and (iv) continuation of the rights, obligations and immunities of the Trustee as against the Holders of such Securities as stated in this Indenture.
Subject to Section 10.06, the Trustee, upon request of the Company pursuant to a Company Order accompanied by a Company Officers’ Certificate and Opinion of Counsel, shall execute proper instruments acknowledging any satisfaction and discharge pursuant to this Section 10.02(b).
(c)Upon the Company’s exercise of its option, if any, to have this Section 10.02(c) applied to any Securities of any Series, on and after the date the conditions set forth in Section 10.02(d) are satisfied (i) the Company shall be released from such of its obligations and covenants established pursuant to Section 2.03 for the benefit of the Holders of such Securities as are specified in the Company Board Resolutions or supplemental indenture establishing such obligations and covenants, and (ii) the occurrence of any event contemplated by Section 5.01(c) with respect to such of its obligations and covenants established pursuant to Section 2.03 for the benefit of the Holders of such Securities as are specified in the Company Board Resolutions or supplemental indenture establishing such obligations and covenants or by Section 5.01(e) to the extent specified in the Company Board Resolutions or supplemental indenture establishing such event as an Event of Default shall be deemed not to be or result in an Event of Default, in each case with respect to such Securities (“Covenant Defeasance”). Upon the effectiveness of Covenant Defeasance with respect to any Securities of any Series, with respect to such Securities, the Company may omit to comply with and shall have no liability in respect of any of the Company’s obligations and covenants established pursuant to Section 2.03 for the benefit of the Holders of such Securities as are specified in the Company Board Resolutions or supplemental indenture establishing such obligations and covenants, whether directly or indirectly by reason of any reference elsewhere herein to any such obligation or covenant or by reason of any reference in any such obligation or covenant to any other provision herein or in any other document, but, except as provided in the immediately preceding sentence, the remainder of this Indenture and such Securities of such Series and Coupons, if any, appertaining thereto shall be unaffected thereby.
(d)The following shall be the conditions to the application of Section 10.02(b) or Section 10.02(c) to any Securities of any Series:
(i)The Company shall have irrevocably deposited or caused to be deposited with the Trustee at its Corporate Trust Office or such other office as the Trustee may designate, under the terms of an irrevocable trust agreement in form and substance satisfactory to the Trustee, as trust funds in trust solely for the benefit of the Holders of Securities of such Series and Coupons, if any, appertaining thereto, (A) immediately available funds in the Currency required and/or (B) the required Government Obligations maturing as to principal and interest in such amounts and at such times as are sufficient, in the opinion of a firm of independent certified public accountants, without consideration of any reinvestment of such principal or interest, to pay the principal of and interest in the Currency required on the Outstanding Securities of such Series and Coupons, if any, appertaining thereto to maturity or redemption, as the case may be; provided that the Trustee shall have been irrevocably instructed to apply such money or the proceeds of such Government Obligations to the payment of said principal of and interest on the Outstanding Securities of such Series and Coupons, if any, appertaining thereto.
(ii)In the event of an election to have Section 10.02(b) apply to any Securities of any Series, the Company shall have delivered to the Trustee an Opinion of Counsel to the effect that the Holders of such Securities and Coupons, if any, appertaining thereto will not recognize income, gain or loss for federal income tax purposes as a result of the Defeasance to be effected with respect to such Securities
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and will be subject to federal income tax on the same amount, in the same manner and at the same times as would be the case if such Defeasance had not occurred.
(iii)In the event of an election to have Section 10.02(c) apply to any Securities of any Series, the Company shall have delivered to the Trustee an Opinion of Counsel to the effect that the Holders of such Securities and Coupons, if any, appertaining thereto will not recognize income, gain or loss for federal income tax purposes as a result of the Covenant Defeasance to be effected with respect to such Securities and will be subject to federal income tax on the same amount, in the same manner and at the same times as would be the case if such Covenant Defeasance had not occurred.
Section 10.03.Application by Trustee of Funds Deposited for Payment of Securities. Subject to Section 10.05, all moneys deposited with the Trustee pursuant to this Article 10 shall be held in trust and applied by it to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent), to the Holders of the particular Securities of such Series and Coupons, if any, appertaining thereto for the payment or redemption of which such moneys have been deposited with the Trustee, of all sums due and to become due thereon for principal and interest, but such money need not be segregated from other funds except to the extent required by law.
Section 10.04.Repayment of Moneys Held by Paying Agent. In connection with the satisfaction and discharge of this Indenture with respect to Securities of any Series or Coupons, if any, appertaining thereto, all moneys then held by any Paying Agent under the provisions of this Indenture with respect to such Series of Securities or Coupons, if any, appertaining thereto, shall, upon a Company Order, be repaid to it or paid to the Trustee and thereupon such Paying Agent shall be released from all further liability with respect to such moneys.
Section 10.05.Return of Unclaimed Moneys Held by Trustee and Paying Agent. Anything in this Article 10 to the contrary notwithstanding, any moneys deposited with or paid to the Trustee or any Paying Agent for the payment of the principal of or interest on any Security of any Series or Coupons, if any, appertaining thereto and not applied but remaining unclaimed for two years after the date upon which such principal or interest shall have become due and payable, shall, upon direction by the Company pursuant to a Company Order unless otherwise required by mandatory provisions of applicable escheat or abandoned or unclaimed property law, be repaid to the Company by the Trustee for such Series or such Paying Agent, and the Holder of the Security of such Series or Holders of Coupons appertaining thereto shall, unless otherwise required by mandatory provisions of applicable escheat or abandoned or unclaimed property laws, thereafter look only to the Company for any payment which such Holder may be entitled to collect, and all liability of the Trustee or any Paying Agent with respect to such moneys shall thereupon cease.
Section 10.06.Reinstatement of Obligations. If the Trustee is unable to apply any funds or Government Obligations in accordance with this Article 10 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 or by reason of the Trustee’s inability to convert any such funds or Government Obligations into the Currency required to be paid with respect to any Securities of any Series and Coupons, if any, appertaining thereto, the obligations of the Company under this Indenture and the Securities and Coupons for which such application is prohibited shall be revived and reinstated as if no deposit had occurred pursuant to this Article 10 until such time as the Trustee is permitted to apply all such funds or Government Obligations in accordance with this Article 10 or is able to convert all such funds or Government Obligations; provided, however, that, if the Company has made any payment of interest on or principal of any of such Securities or Coupons because of the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such Securities or Coupons to receive such payment from the funds or Government Obligations held by the Trustee.
ARTICLE 11
REDEMPTION OF SECURITIES
Section 11.01.Notice of Redemption; Partial Redemptions. Notice of redemption to the Holders of Securities of any Series to be redeemed as a whole or in part at the option of the Company shall be given by giving notice of such redemption as provided in Section 14.04, at least 30 days and not more than 60 days prior to the date fixed for redemption to such Holders of Securities of such Series. Failure to give notice by mail to the Holder of any
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Security of a Series designated for redemption as a whole or in part, or any defect in such notice, shall not affect the validity of the proceedings for the redemption of any other Security of such Series.
The notice of redemption to each such Holder shall identify the Securities to be redeemed (including “CUSIP” or “ISIN” numbers, if any), specify the date fixed for redemption, the redemption price, each Place of Payment, that payment will be made upon presentation and surrender of such Securities, and that, unless otherwise specified in such notice, Coupon Securities, if any, surrendered for payment must be accompanied by all Coupons maturing subsequent to the redemption date, failing which the amount of any such missing Coupon or Coupons will be deducted from the sum due for payment, that such redemption is pursuant to the mandatory or optional sinking fund, or both, if such be the case, that interest accrued to the date fixed for redemption will be paid as specified in such notice and that on and after said date interest thereon or on the portions thereof to be redeemed will cease to accrue, the conversion rate or price, the date on which the right to convert the Securities to be redeemed will terminate and each place where such Securities may be surrendered for conversion, if applicable, and that, if less than all of the Outstanding Securities of a Series are to be redeemed, the identification and principal amount of the Securities to be redeemed. If less than all of the Securities of any Series are to be redeemed, the notice of redemption shall specify the numbers of the Securities of such Series to be redeemed, and, if only Unregistered Securities of any Series are to be redeemed, and if such Unregistered Securities may be exchanged for Registered Securities, the last date on which exchanges of Unregistered Securities for Registered Securities not subject to redemption may be made. In case any Security of a Series is to be redeemed in part, the notice of redemption shall state the portion of the principal amount thereof to be redeemed and shall state that on and after the date fixed for redemption, upon surrender of such Security and Coupons, if any, appertaining thereto, a new Security or Securities of such Series in principal amount equal to the unredeemed portion thereof with appropriate Coupons will be issued.
The notice of redemption of Securities of any Series to be redeemed at the option of the Company shall be given by the Company or, upon direction by the Company pursuant to a Company Order, by the Trustee in the name and at the expense of the Company. The Company shall give the Trustee at least 45 days prior written notice of any redemption hereunder, unless a shorter period shall be satisfactory to the Trustee.
Not later than 9:00 a.m., New York City time, on the redemption date specified in the notice of redemption given as provided in this Section 11.01, the Company will have on deposit with the Trustee or with one or more paying agents (or, if the Company is acting as its own Paying Agent, set aside, segregate and hold in trust as provided in Section 3.04) an amount of money in the Currency in which the Securities of such Series and Coupons, if any, appertaining thereto are payable (except as otherwise specified pursuant to Section 2.03 and except as provided in Sections 2.12(b), (e) and (f) of this Indenture) sufficient to redeem on the redemption date all the Securities of such Series so called for redemption at the appropriate redemption price, together with accrued interest to the date fixed for redemption. If any Security to be redeemed is converted into Common Stock or Preferred Stock, any money deposited with the Trustee or with any Paying Agent or so segregated and held in trust for the redemption of such Security shall (subject to any right of the Holder of such Security or any predecessor Security to receive interest as provided in the last paragraph of Section 2.07) be paid to the Company upon direction by the Company pursuant to a Company Order or, if then held by the Company, shall be discharged from such trust. If less than all the Outstanding Securities of a Series are to be redeemed, the Company will deliver to the Trustee at least 60 days prior to the date fixed for redemption a Company Officers’ Certificate stating the aggregate principal amount of Securities to be redeemed, unless a shorter period shall be satisfactory to the Trustee.
If less than all the Securities of a Series are to be redeemed, and the Securities are not held in global form pursuant to Section 2.15, the Trustee shall select, in such manner as it shall deem appropriate and fair, Securities of such Series to be redeemed in whole or in part. Securities may be redeemed in part in multiples equal to the minimum authorized denomination for Securities of such Series. The Trustee shall promptly notify the Company in writing of the Securities of such Series selected for redemption and, in the case of any Securities of such Series selected for partial redemption, the principal amount thereof to be redeemed. For all purposes of this Indenture, unless the context otherwise requires, all provisions relating to the redemption of Securities of any Series shall relate, in the case of any Security redeemed or to be redeemed only in part, to the portion of the principal amount of such Security which has been or is to be redeemed. If any Security to be redeemed in part is converted in part before termination of the conversion right with respect to the portion of the Security so selected, the converted portion of such Security shall be deemed (so far as may be) to be the portion selected for redemption. Securities (or portions thereof) which have been converted during a selection of Securities to be redeemed shall be treated by the Trustee as
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Outstanding for the purpose of such selection. In any case where more than one Security is registered in the same name, the Trustee in its discretion may treat the aggregate principal amount so registered as if it were represented by one Security.
Section 11.02.Payment of Securities Called for Redemption. If notice of redemption has been given as above provided, the Securities or portions of Securities specified in such notice shall become due and payable on the date and at the place stated in such notice at the applicable redemption price, together with interest accrued to the date fixed for redemption, and on and after said date (unless the Company shall default in the payment of such Securities at the redemption price, together with interest accrued to said date) interest on the Securities or portions of Securities so called for redemption shall cease to accrue and, except as provided in Sections 6.05 and 10.04, such Securities shall cease from and after the date fixed for redemption to be entitled to any benefit or security under this Indenture, and the Holders thereof shall have no right in respect of such Securities except the right to receive the redemption price and unpaid interest to the date fixed for redemption. On presentation and surrender of such Securities at a Place of Payment specified in said notice, such Securities or the specified portions thereof shall be paid and redeemed by the Company at the applicable redemption price, together with interest accrued thereon to the date fixed for redemption; provided that any semiannual payment of interest on Registered Securities becoming due on the date fixed for redemption shall be payable to the Holders of such Securities registered as such on the relevant record date subject to the terms and provisions of Section 2.03.
If any Coupon Security surrendered for redemption shall not be accompanied by all appurtenant Coupons maturing on or after the date fixed for redemption, such Security may be paid after deducting from the redemption price an amount equal to the face amount of all such missing Coupons or the surrender of such missing Coupon or Coupons may be waived by the Company and the Trustee, if there be furnished to them such security or indemnity as they may require to save each of them and any Paying Agent harmless. If thereafter the Holder of such Security shall surrender to any Paying Agent any missing Coupon in respect of which a deduction shall have been made from the redemption price, such Holder shall be entitled to receive the amount so deducted; provided, however, that, unless otherwise provided pursuant to Section 2.03, interest represented by Coupons shall be payable only upon presentation and surrender of those Coupons at an office or agency located outside of the United States of America.
If any Security called for redemption shall not be so paid upon surrender thereof for redemption, the principal shall, until paid or duly provided for, bear interest from the date fixed for redemption at the rate of interest borne by the Security.
Upon presentation of any Security redeemed in part only and the Coupons appertaining thereto, the Company shall execute and the Trustee shall authenticate and deliver to or on the order of the Holder thereof, at the expense of the Company, a new Security or Securities and the Coupons appertaining thereto of authorized denominations, in principal amount equal to the unredeemed portion of the Security so presented.
Section 11.03.Exclusion of Certain Securities from Eligibility for Selection for Redemption. Securities shall be excluded from eligibility for selection for redemption if they are identified by registration and certificate number in a written statement signed by an authorized officer of the Company and delivered to the Trustee at least 40 days prior to the last date on which notice of redemption may be given as being owned of record and beneficially by, and not pledged or hypothecated by, either (a) the Company or (b) an entity specifically identified in such written statement directly or indirectly controlling or controlled by or under direct or indirect common control with the Company.
Section 11.04.Repayment at the Option of the Holders. Securities of any Series which are repayable at the option of the Holders thereof before their stated maturity shall be repaid in accordance with the terms of the Securities of such Series. The repayment of any principal amount of Securities pursuant to such option of the Holder to require repayment of Securities before their stated maturity, for purposes of Section 10.01, shall not operate as a payment, redemption or satisfaction of the indebtedness represented by such Securities unless and until the Company, at its option, shall deliver or surrender the same to the Trustee with a directive that such Securities be cancelled.
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ARTICLE 12
HOLDERS’ MEETINGS
Section 12.01.Purposes of Meetings. A meeting of Holders of Securities of any or all Series may be called at any time and from time to time pursuant to the provisions of this Article 12 for any of the following purposes:
(a)to give any notice to the Company or the Trustee for the Securities of such Series, or to give any directions to the Trustee for such Series, or to consent to the waiving of any default hereunder and its consequences, or to take any other action authorized to be taken by Holders pursuant to any of the provisions of Article 5;
(b)to remove the Trustee for such Series and nominate a successor trustee pursuant to the provisions of Article 6;
(c)to consent to the execution of an indenture or indentures supplemental hereto pursuant to the provisions of Section 8.02; or
(d)to take any other action authorized to be taken by or on behalf of the Holders of any specified aggregate principal amount of the Securities of any one or more or all Series, as the case may be, under any provision of this Indenture or under applicable law.
Section 12.02.Call of Meetings by Trustee. The Trustee for the Securities of any Series may at any time call a meeting of Holders of Securities of such Series to take any action specified in Section 12.01, to be held at such time and at such place in St. Louis Park, Minnesota, or such other city within the United States of America in which there is a Place of Payment as the Trustee for such Series shall determine. Notice of every meeting of the Holders of Securities of any Series, setting forth the time and the place of such meeting and in general terms the action proposed to be taken at such meeting, shall be given to Holders of Securities of such Series in the manner and to the extent provided in Section 14.04. Such notice shall be given not less than 20 nor more than 90 days prior to the date fixed for the meeting.
Section 12.03.Call of Meetings by Company or Holders. In case at any time the Company, pursuant to a Company Board Resolution or the Holders of not less than 10% in aggregate principal amount of the Outstanding Securities of any or all Series, as the case may be, shall have requested the Trustee for such Series to call a meeting of Holders of Securities of any or all Series, as the case may be, by written request setting forth in reasonable detail the action proposed to be taken at the meeting, and the Trustee for such Series shall not have given the notice of such meeting within 20 days after receipt of such request, then the Company or such Holders may determine the time and the place in St. Louis Park, Minnesota, or such other city within the United States of America in which there is a Place of Payment for such meeting and may call such meeting to take any action authorized in Section 12.01, by giving notice thereof as provided in Section 12.02.
Section 12.04.Qualifications for Voting. To be entitled to vote at any meeting of Holders, a Person shall be (a) a Holder of one or more Securities with respect to which such meeting is being held or (b) a Person appointed by an instrument in writing as proxy by such Holder. The only Persons who shall be entitled to be present or to speak at any meeting of Holders shall be the Persons entitled to vote at such meeting and their counsel and any representatives of the Trustee for the Securities of the Series with respect to which such meeting is being held and its counsel and any representatives of the Company and its counsel.
Section 12.05.Regulations. Notwithstanding any other provisions of this Indenture, the Trustee for the Securities of any Series may make such reasonable regulations as it may deem advisable for any meeting of Holders of the Securities of such Series, in regard to proof of the holding of Securities of such Series and of the appointment of proxies, and in regard to the appointment and duties of inspectors of votes, the submission and examination of proxies, certificates and other evidence of the right to vote, and such other matters concerning the conduct of the meeting as it shall think fit.
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The Trustee shall, by an instrument in writing, appoint a temporary chairman of the meeting, unless the meeting shall have been called by the Company or by Holders of the Securities of such Series as provided in Section 12.03, in which case the Company or the Holders calling the meeting, as the case may be, shall in like manner appoint a temporary chairman. A permanent chairman and a permanent secretary of the meeting shall be elected by majority vote of the meeting.
Subject to Section 7.04, at any meeting each Holder of Securities with respect to which such meeting is being held or proxy therefore shall be entitled to one vote for each $1,000 (or the equivalent in the Currency in which such Securities are denominated, as determined pursuant to Section 14.11) principal amount (in the case of the Discount Securities, such principal amount to be determined as provided in Section 14.11) of Securities held or represented by such Holder. However, no vote shall be cast or counted at any meeting in respect of any such Security challenged as not Outstanding and ruled by the chairman of the meeting to be not Outstanding. The chairman of the meeting shall have no right to vote other than by virtue of the Securities of such Series held by him or instruments in writing aforesaid duly designating him as the Person to vote on behalf of other Holders of such Series. At any meeting of Holders, the presence of Persons holding or representing Securities with respect to which such meeting is being held in an aggregate principal amount sufficient to take action on the business for the transaction of which such meeting was called shall constitute a quorum, but, if less than a quorum is present, the Persons holding or representing a majority in aggregate principal amount of such Securities represented at the meeting may adjourn such meeting with the same effect, for all intents and purposes, as though a quorum had been present. Any meeting of Holders of Securities with respect to which a meeting was duly called pursuant to the provisions of Section 12.02 or Section 12.03 may be adjourned from time to time by a majority of such Holders present, whether or not constituting a quorum, and the meeting may be held as so adjourned without further notice.
Section 12.06.Voting. The vote upon any resolution submitted to any meeting of Holders of Securities with respect to which such meeting is being held shall be by written ballots on which shall be subscribed the signatures of such Holders or of their representatives by proxy and the identifying number or numbers of the Securities held or represented by them. The chairman of the meeting shall appoint two inspectors of votes who shall count all votes cast at the meeting for or against any resolution and who shall make and file with the secretary of the meeting their verified written reports in duplicate of all votes cast at the meeting. A record in duplicate of the proceedings of each meeting of Holders shall be prepared by the secretary of the meeting and there shall be attached to such record the original reports of the inspectors of votes on any vote by ballot taken thereat and affidavits by one or more Persons having knowledge of the facts setting forth a copy of the notice of the meeting and showing that such notice was given in the manner and to the extent provided in Section 14.04. The record shall show the identifying numbers of the Securities voting in favor of or against any resolution. The record shall be signed and verified by the affidavits of the chairman and secretary of the meeting and one of the duplicates shall be delivered to the Company and the other to the Trustee to be preserved by the Trustee.
Any record so signed and verified shall be conclusive evidence of the matters therein stated.
Section 12.07.No Delay of Rights by Meeting. Nothing in this Article 12 shall be deemed or construed to authorize or permit, by reason of any call of a meeting of Holders or any rights expressly or impliedly conferred hereunder to make such call, any hindrance or delay in the exercise of any right or rights conferred upon or reserved to the Trustee or to the Holders under any of the provisions of this Indenture or of the Securities of any Series.
ARTICLE 13
SECURITY
If so provided pursuant to Section 2.03 with respect to the Securities of any Series, the Securities of such Series may be secured by such property, assets or other collateral as may be specified in or pursuant to Section 2.03. Any and all terms and provisions applicable to the security for the Securities of such Series shall also be provided in or pursuant to Section 2.03, which may include provisions for the execution and delivery of such security agreements, pledge agreements, collateral agreements and other similar or related agreements as the Company may elect and which may provide for the Trustee to act as collateral agent or in a similar or other capacity. The Trustee shall comply with Sections 313(a)(5) and (6) and 313(b)(1) of the Trust Indenture Act, and the Company shall comply with Sections 314(b), 314(c) and 314(d) of the Trust Indenture Act, in each case in respect of any secured Securities that may be Outstanding hereunder from time to time.
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ARTICLE 14
MISCELLANEOUS PROVISIONS
Section 14.01.Incorporators, Stockholders, Officers and Directors of Company Exempt from Individual Liability. No recourse under or upon any obligation, covenant or agreement contained in this Indenture, in any Security or in any Coupon appertaining thereto, or because of any indebtedness evidenced thereby, shall be had against any incorporator, as such or against any past, present or future stockholder, officer or director, as such, of the Company or of any predecessor or successor to the Company, either directly or through the Company or any such predecessor or successor, under any rule of law, statute or constitutional provision or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise, all such liability being expressly waived and released by the acceptance of the Securities and Coupons, if any, appertaining thereto by the Holders thereof and as part of the consideration for the issue of the Securities, it being expressly understood that, without limitation to the foregoing, this Indenture and the Securities and the obligations created hereunder and thereunder are solely corporate, limited liability company, partnership, limited partnership or entity obligations, as the case may be, of the Company and that no such personal liability whatever shall attach to, or is or shall be incurred by, any past, present or future stockholder, incorporator, employee, officer or director, as such, of the Company or any of its respective predecessors or successors, or any of them, because of the creation of the indebtedness hereby authorized, or under or by reason of the obligations, covenants or agreements contained in this Indenture or in any Security or implied herefrom or therefrom and that any and all such personal liability of every type and nature, either at common law or in equity or by constitution or statute, of, and any and all such rights and claims against, every such past, present or future stockholder, incorporator, employee, officer or director, as such, because of the creation of the indebtedness hereby authorized, or under or by reason of the obligations, covenants or agreements contained in this Indenture or in any Security or implied herefrom or therefrom, are hereby expressly waived and released as a condition of, and as a consideration for, the execution of this Indenture and the issuance of the Securities. As used in this Section 14.01, all references to “stockholders” shall be deemed to mean, with respect to any Person, any past, present or future holder or owner of an equity interest in such Person, including owners or holders of capital stock, limited or general partnership interests and limited liability company interests.
Section 14.02.Provisions of Indenture for the Sole Benefit of Parties and Securityholders. Nothing in this Indenture or in any Security or Coupon, if any, appertaining thereto, expressed or implied, shall give or be construed to give to any Person, other than the parties hereto, any Paying Agent and their successors hereunder and the Holders of the Securities and Coupons, if any, appertaining thereto any legal or equitable rights, remedies or claims under this Indenture or under any covenant or provision herein contained, all such covenants and provisions being for the sole benefit of the parties hereto and their successors and of the Holders of the Securities and Coupons.
Section 14.03.Successors and Assigns of Company Bound by Indenture. All the covenants, stipulations, promises and agreements in this Indenture by or on behalf of the Company shall bind its successors and assigns, whether so expressed or not.
Section 14.04.Notices and Demands on Company, Trustee and Securityholders. Any notice or demand which by any provision of this Indenture is required or permitted to be given or served by the Trustee, by the Holders of Securities, or by the Holders of Coupons to or on the Company may be given or served by being deposited postage prepaid, first-class mail (except as otherwise specifically provided herein) addressed (until another address of the Company is filed by the Company with the Trustee) to the Company at 4450 Excelsior Boulevard, Suite 100, St. Louis Park, Minnesota 55416, Attention: Corporate Secretary. Any Company Order or notice by the Company, or any notice, direction, request or demand by Securityholder to or upon the Trustee shall be deemed to have been sufficiently given or made, for all purposes, if given or made at the Corporate Trust Office.
Where this Indenture provides for notice to Holders of any event, (a) if any of the Securities affected by such event are Registered Securities, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed by first-class mail, postage prepaid to such Registered Holders as their names and addresses appear in the Security register within the time prescribed and (b) if any of the Securities affected by such event are Unregistered Securities or Coupon Securities, such notice shall be sufficiently given (unless otherwise herein expressly provided) if published once in a newspaper of general circulation in New York, New York, within the time prescribed. Where this Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent
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of such notice. Waivers of notice by Holders shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver. In any case where notice to Holders is given by mail, neither the failure to mail such notice nor any defect in any notice so mailed to any particular Holder shall affect the sufficiency of such notice with respect to other Holders, and any notice which is mailed in the manner herein provided shall be conclusively presumed to have been duly given.
In the event that the suspension of or irregularities in regular mail service makes it impracticable to mail notice to the Company and the Securityholders when such notice is required to be given pursuant to any provision of this Indenture, then any manner of giving such notice as shall be satisfactory to the Trustee shall be deemed to be a sufficient giving of such notice.
Section 14.05.Officers’ Certificates and Opinions of Counsel; Statements to Be Contained Therein. Upon any application or demand by the Company to the Trustee to take any action under any of the provisions of this Indenture, the Company shall furnish to the Trustee a Company Officers’ Certificate stating that all conditions precedent provided for in this Indenture relating to the proposed action have been complied with and an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent have been complied with, except that in the case of any such application or demand as to which the furnishing of such documents is specifically required by any provision of this Indenture relating to such particular application or demand, no additional certificate or opinion need be furnished.
Each certificate or opinion provided for in this Indenture and delivered to the Trustee with respect to compliance with a condition or covenant provided for in this Indenture shall include (a) a statement that the Person making such certificate or opinion has read such covenant or condition, (b) 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, (c) a statement that, in the opinion of such Person, such Person has made such examination or investigation as is necessary to enable such Person to express an informed opinion as to whether or not such covenant or condition has been complied with, and (d) a statement as to whether or not, in the opinion of such Person, such condition or covenant has been complied with.
Any certificate, statement or opinion of an officer of the Company may be based, insofar as it relates to legal matters, upon a certificate or opinion of or representations by counsel, unless such officer knows that the certificate or opinion or representations with respect to the matters upon which his certificate, statement or opinion may be based as aforesaid are erroneous, or in the exercise of reasonable care should know that the same are erroneous. Any certificate, statement or opinion of counsel may be based, insofar as it relates to factual matters, information with respect to which is in the possession of the Company, upon the certificate, statement or opinion of or representations by an officer or officers of the Company, unless such counsel knows that the certificate, statement or opinion or representations with respect to the matters upon which his certificate, statement or opinion may be based as aforesaid are erroneous, or in the exercise of reasonable care should know that the same are erroneous.
Any certificate, statement or opinion of an officer of the Company or of counsel may be based, insofar as it relates to accounting matters, upon a certificate or opinion of or representations by an accountant or firm of accountants in the employ of the Company, unless such officer or counsel, as the case may be, knows that the certificate or opinion or representations with respect to the accounting matters upon which his certificate, statement or opinion may be based as aforesaid are erroneous, or in the exercise of reasonable care should know that the same are erroneous.
Any certificate or opinion of any independent firm of public accountants filed with the Trustee shall contain a statement that such firm is independent.
Section 14.06.Payments Due on Saturdays, Sundays and Holidays. If the date of maturity of interest on or principal of the Securities of any Series or Coupons, if any, appertaining thereto or the date fixed for redemption or repayment of any such Security or Coupon shall not be a Business Day, then payment of interest or principal need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the date of maturity or the date fixed for redemption, and no interest shall accrue on amounts payable on such date for the period from and after such date to the next succeeding Business Day.
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Section 14.07.Conflict of Any Provision of Indenture with Trust Indenture Act. If and to the extent that any provision of this Indenture limits, qualifies or conflicts with another provision included in this Indenture which is required to be included herein by any of Sections 310 to 317, inclusive, of the Trust Indenture Act, such required provision shall control.
Section 14.08.New York Law to Govern. This Indenture and each Security shall be deemed to be a contract under the laws of the State of New York, and for all purposes shall be construed in accordance with the laws of such State.
Section 14.09.Counterparts. This Indenture may be executed in any number of counterparts, each of which shall be an original; but such counterparts shall together constitute but one and the same instrument.
Section 14.10.Effect of Headings. The Article and Section headings herein and the Table of Contents are for convenience of reference only and shall not affect the construction hereof.
Section 14.11.Determination of Principal Amount. In determining whether the Holders of the requisite principal amount of Outstanding Securities of any Series have given any request, demand, authorization, direction, notice, consent or waiver hereunder, whether a quorum is present at a meeting of Holders of Securities or whether sufficient funds are available for redemption or for any other purpose, the principal amount of a Discount Security that shall be deemed to be Outstanding for such purposes shall be the amount of the principal thereof that would be due and payable as of the date of such determination upon a declaration of acceleration of the maturity thereof pursuant to Section 5.01 and the principal amount of any Securities denominated in a Foreign Currency that shall be deemed to be Outstanding for such purposes shall be determined by converting the Foreign Currency into Dollars at the Market Exchange Rate as of the date of such determination.
Section 14.12.Waiver. With respect to the Outstanding Securities of any Series, the Holders of not less than a majority in aggregate principal amount of the Securities of such Series at the time Outstanding may on behalf of the Holders of all the Securities of such Series and Holders of all Coupons, if any, appertaining thereto  (a) waive compliance by the Company with any restrictive provisions in this Indenture, and (b) waive any past default under this Indenture as provided in Section 5.10.
Section 14.13.Force Majeure. In no event shall the Trustee be responsible or liable, nor shall the Company be responsible or liable to the Trustee, for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, or interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services, it being understood that the Trustee or the Company, as the case may be, shall use reasonable efforts which are consistent with accepted practices to resume performance as soon as practicable under the circumstances.
Section 14.14.Waiver of Jury Trial. THE COMPANY, THE TRUSTEE AND EACH HOLDER OF A SECURITY, BY ITS ACCEPTANCE THEREOF, HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE SECURITIES OR THE TRANSACTIONS CONTEMPLATED HEREBY.
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IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed as of the day and year first above written.
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	BRIDGEWATER BANCSHARES, INC.
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