Document:

a43sfaamendagreement6201

                                                                                  EXECUTION VERSION                  The taking of (a) any of the Finance Documents (including this document) or (b) any certified copy thereof  or (c) any document which constitutes substitute documentation thereof including written confirmations or  references (the "Stamp Duty Sensitive Documents") into Austria may cause the imposition of Austrian  stamp duty. The same, inter alia, applies to (i) the sending of Stamp Duty Sensitive Documents to an  Austrian addressee by fax, (ii) the sending of any e-mail communication to which an electronic scan copy  (e.g., pdf or tif) of a Stamp Duty Sensitive Document is attached to an Austrian addressee and (iii) the  sending of any e-mail communication carrying an electronic or digital signature which refers to a Stamp  Duty Sensitive Document to an Austrian addressee. Accordingly, in particular, keep any Stamp Duty  Sensitive Documents outside of Austria and avoid (A) sending Stamp Duty Sensitive Documents by fax to  an Austrian addressee, (B) sending any e-mail communication to which an electronic scan copy of a Stamp  Duty Sensitive Document is attached to an Austrian addressee and (C) sending any e-mail communication  carrying an electronic or digital signature which refers to a Stamp Duty Sensitive Document to an Austrian  addressee.                                      AMENDMENT AND RESTATEMENT AGREEMENT   RELATING TO A SENIOR FACILITIES AGREEMENT ORIGINALLY DATED 3 JULY 2014   AS AMENDED AND RESTATED FROM TIME TO TIME, INCLUDING PURSUANT TO AN       AMENDMENT AND RESTATEMENT AGREEMENT DATED 20 DECEMBER 2017                                                        Dated 15 June 2018                                                                                 for                                      NOMAD FOODS LIMITED                                               as Listco                                                                                 with                              CREDIT SUISSE AG, LONDON BRANCH                                            acting as Agent                                                                                and                                            CREDIT SUISSE AG, LONDON BRANCH                                       acting as Security Agent                                                                                            Ref: L-273409 

 

                                           CONTENTS  CLAUSE                                                                                        PAGE   1.        Definitions and interpretation ..................................................................................................... 1  2.        Establishment of Facility B7 as an Additional Facility ............................................................... 3  3.        Accessions ................................................................................................................................. 4  4.        Facility B7 OID Fee ................................................................................................................... 7  5.        Utilisation of Facility B7 ............................................................................................................. 7  6.        Conditions precedent ................................................................................................................. 7  7.        Amendment and restatement .................................................................................................... 7  8.        Confirmation .............................................................................................................................. 7  9.        Agent's books and records, waiver of transfer fee ....................................................................8   10.       Further assurance ..................................................................................................................... 8  11.       Indemnity ................................................................................................................................... 9  12.       Representations......................................................................................................................... 9  13.       Termination ...................................................................................................................................... 9  14.       Miscellaneous ............................................................................................................................ 9  15.       Governing law .......................................................................................................................... 10                                             THE SCHEDULES  SCHEDULE                                                                                      PAGE   SCHEDULE 1 Conditions Precedent ....................................................................................................... 11  SCHEDULE 2 Amended Facilities Agreement .........................................................................................13                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 A36505204                                                   (i) 

 

THIS AGREEMENT is entered into by way of deed on 15 June 2018 between:                (1)    NOMAD FOODS LIMITED, a public listed company incorporated in the British Virgin Islands with         registered number 1818482, for itself and as Obligors' Agent under (and as defined in) the Original         Facilities Agreement on behalf of each other Obligor (as defined in the Original Facilities         Agreement) ("Listco");   (2)    CREDIT SUISSE INTERNATIONAL (the "Original Facility B7 Lender");  (3)    CREDIT SUISSE INTERNATIONAL and GOLDMAN SACHS BANK USA (together, the "Facility         B7 Mandated Lead Arrangers" and together with the Facility B7 Bookrunners, the "Facility B7         Arrangers");   (4)    CREDIT SUISSE INTERNATIONAL, DEUTSCHE BANK AG, LONDON BRANCH, GOLDMAN         SACHS BANK USA and         UBS LIMITED as bookrunners for Facility B7 (the "Facility B7         Bookrunners");   (5)    COMMERZBANK AKTIENGESELLSCHAFT as an Original Revolving Facility Lender under (and         as defined in) the Original Facilities Agreement;   (6)    CREDIT SUISSE AG, LONDON BRANCH as agent of the other Finance Parties under (and as         defined in) the Original Facilities Agreement (the "Agent"); and   (7)    CREDIT SUISSE AG, LONDON BRANCH, as security agent and trustee for the other Secured         Parties under (and as defined in) the Intercreditor Agreement (the "Security Agent").  IT IS AGREED as follows:                1.     DEFINITIONS AND INTERPRETATION                1.1    Definitions         In this Agreement:                       "Additional Facility Effective Time" means the applicable time on the Effective Date which falls         immediately prior to the time on which the Agent gives notice pursuant to paragraph (c) of Clause         6 (Conditions precedent), provided that, for the avoidance of any doubt, the Additional Facility         Effective Time shall not occur to the extent that no such notice is given by the Agent pursuant to         paragraph (c) of Clause 6 (Conditions precedent).          "Amended Facilities Agreement" means the Original Facilities Agreement, as amended and         restated in the form set out in Schedule 2 (Amended Facilities Agreement).          "Effective Date" means the date of the notification by the Agent under paragraph (c) of Clause 6         (Conditions precedent).          "Facility B7 Commitments" means the Facility B7 Commitments of the Original Facility B7         Lender as at the Additional Facility Effective Time.          "Long Stop Date" means 1 September 2018.                       "Original Facilities Agreement" means the Senior Facilities Agreement originally dated 3 July         2014 as amended and restated from time to time, including pursuant to an amendment and         restatement agreement dated 20 December 2017 between, among others, Listco and the Agent.          "Party" means a party to this Agreement.                                                     1 

 

1.2    Incorporation of defined terms and interpretation  (a)    Unless a contrary indication appears, a term defined in the Amended Facilities Agreement or (as         the context requires) the Intercreditor Agreement has the same meaning in this Agreement         (notwithstanding that the Effective Date may not have occurred), save that each capitalised term         used in Clauses 2 (Establishment of Facility B7 as an Additional Facility) to 5 (Utilisation of Facility         B7) (other than, for the avoidance of any doubt, the terms Facility B7, Facility B7 Commitment and         Facility B7 Loan) shall have the meaning given to those terms in the Original Facilities Agreement         or (as the context requires) the Intercreditor Agreement (unless a contrary indication appears in         any such Clause).   (b)    The principles of construction set out in the Amended Facilities Agreement shall have effect as if         set out in this Agreement mutatis mutandis (notwithstanding that the Effective Date may not have         occurred).   1.3    Clauses         In this Agreement any reference to a "Clause" or a "Schedule" is, unless the context otherwise         requires, a reference to a Clause in or a Schedule to this Agreement.   1.4    Third party rights  (a)    Unless otherwise provided in this Agreement, a person who is not a party to this Agreement has         no right under the Contracts (Rights of Third Parties) Act 1999 to enforce or to enjoy the benefit of         any term of this Agreement.   (b)    Each of the Secured Parties may enforce and enjoy the benefit of any provision of this Agreement         expressed to be in their favour or for their benefit (or, as the case may be, being a confirmation         given in their favour or for their benefit), subject always to the terms of Clause 14 (Miscellaneous)         and Clause 15 (Governing law) below.   1.5    Designation  (a)    In accordance with the Original Facilities Agreement, Listco   and the Agent designate this         Agreement as a Finance Document and as an Additional Facility Document (each as defined in         the Original Facilities Agreement).   (b)    Paragraph (a) above shall be without prejudice to the operation of the Amended Facilities         Agreement, pursuant to which, this Agreement shall become, on the Effective Date, a Finance         Document.   1.6    Effect as a Deed         Each Party intends this document to take effect as a deed, even though certain of the Parties may         only execute it under hand.   1.7    Parties to this Agreement  (a)    Commerzbank has requested that it be a Party, notwithstanding that there is no requirement for it         to be a Party under the terms of the Original Facilities Agreement and/or the Intercreditor         Agreement.   (b)    Commerzbank is executing this Agreement on the basis that this is required by its constitution. It         is acknowledged by all Parties that the fact that Commerzbank is a Party to this Agreement is         entirely without prejudice to the rights and obligations of the Finance Parties under the Finance                                                     2 

 

       Documents (each as defined in the Original Facilities Agreement), the Finance Parties under the         Finance Documents and the Secured Parties under the Debt Documents, including the provisions         of clause 41 (Amendments and waivers) of the Original Facilities Agreement and the Amended         Facilities Agreement and clause 26 (Consents, amendments and override) of the Intercreditor         Agreement and shall not operate as an amendment or waiver of any of the requirements thereof.   1.8    Payments  (a)    All payments to be made by a member of the Group under, or in connection with Clause 4 (Facility         B7 OID Fee):          (i)    shall be paid in the currency of payment or invoice and in immediately available, freely                transferable funds to such account(s) with such bank(s) as the recipient of that payment                notifies to the relevant member of the Group and shall be non-refundable;          (ii)   shall be paid without any set-off or counterclaim and without any deduction or withholding                for or on account of tax (a “Tax Deduction”) unless a Tax Deduction is required by law. If                a Tax Deduction is required by law to be made, the amount of the payment due shall be                increased to an amount which (after making any Tax Deduction) leaves an amount equal                to the payment which would have been due if no Tax Deduction had been required; and          (iii)  are exclusive of any value added tax or similar charge (“VAT”). If VAT is chargeable on any                payment or amount to be reimbursed under this Agreement (including if any VAT        is                chargeable on services provided from legal counsel where the recipient is required to self-                assess and account for VAT in their role as recipient of such services), the relevant payor                shall also and at the same time pay to the recipient of the relevant payment an amount                equal to the amount of the VAT.   2.     ESTABLISHMENT OF FACILITY B7 AS AN ADDITIONAL FACILITY                (a)    The Agent and Listco acknowledge and agree that:                       (i)    this Agreement shall be deemed to be, and shall take effect in accordance with its terms                as, an Additional Facility Notice in respect of Facility B7 and shall be deemed to have been                duly completed and delivered pursuant to clause 2.4 (Additional Facilities) of the Original                Facilities Agreement;          (ii)                               this Agreement shall:                                     1.      satisfy the requirements of clause 2.4 (Additional Facilities) of the Original                               Facilities Agreement in so far as that clause requires each provider of                               Facility B7 to deliver to the Agent a duly completed Additional Facility Notice                               and Lender Accession Notice in respect of Facility B7; and                        2.      be deemed to be (for the purposes of paragraph (j) of clause 2.4 (Additional                               Facilities) of the Original Facilities Agreement) the agreement of each                               provider of Facility B7 as to the terms applicable to Facility B7 (with such                               terms being the applicable terms of the Amended Facilities Agreement, the                               Intercreditor Agreement and the other Finance Documents (as defined in                                                     3 

 

                            the Amended Facilities Agreement) (notwithstanding that the Effective Date                              has not then occurred));          (iii)  Facility B7 shall, upon its establishment in accordance with the terms of this Agreement,                be an Additional Term Facility, a US$ Denominated Facility and a Credit Facility (and, for                the avoidance of any doubt, constitute Credit Facility Lender Liabilities for the purposes of                the Intercreditor Agreement).   (b)    Listco confirms that, as at the Additional Facility Effective Time, the conditions and requirements         set out in:          (i)    paragraph (d) of clause 2.4 (Additional Facilities) of the Original Facilities Agreement are                satisfied in respect of the establishment of Facility B7 as an Additional Facility under the                Original Facilities Agreement; and          (ii)   paragraph (a)(i) of clause 7.1 (New Debt Financing) of the Intercreditor Agreement are                satisfied in respect of the establishment of Facility B7 as an Additional Facility under the                Original Facilities Agreement.   (c)    The Agent acknowledges and agrees that, as at the Additional Facility Effective Time, the         conditions and requirements set out in:          (i)    paragraph (d)(xi) of clause 2.4 (Additional Facilities) of the Original Facilities Agreement                have been satisfied; and          (ii)   paragraph (e) of clause 2.4 (Additional Facilities) of the Original Facilities Agreement are                satisfied by reference to the applicable terms of the Amended Facilities Agreement.   (d)    Upon the occurrence of the Additional Facility Effective Time, Facility B7 will be established and         incorporated into the Original Facilities Agreement, with the total Facility B7 Commitments         assumed by the Original Facility B7 Lender.   3.     ACCESSIONS                3.1    Accession of the Original Facility B7 Lender  (a)    The Agent and Listco acknowledge and agree that this Agreement shall, with respect to the         Original Facility B7 Lender, be deemed to be a Lender Accession Notice for the purposes of the         Original Facilities Agreement and a Creditor/Agent Accession Undertaking for the purposes of the         Intercreditor Agreement.   (b)    Upon the occurrence of the Additional Facility Effective Time, the Original Facility B7 Lender         agrees that it shall (to the extent that it is not already a party in that capacity) become party to the         Original Facilities Agreement as a Lender and shall become party to the Intercreditor Agreement         as a Credit Facility Lender, a Credit Facility Finance Party, a Senior Secured Facilities Lender and         a Senior Secured Creditor and undertakes to perform all the obligations expressed in:          (i)    the Original Facilities Agreement to be assumed by a Lender and agrees that it shall be                bound by all the provisions of the Original Facilities Agreement as if it had been an original                party to the Original Facilities Agreement as a Lender; and          (ii)   the Intercreditor Agreement to be assumed by a Credit Facility Lender, a Credit Facility                Finance Party, a Senior Secured Facilities Lender and a Senior Secured Creditor and                                                     4 

 

              agrees that it shall be bound by all the provisions of the Intercreditor Agreement as if it                had been an original party to the Intercreditor Agreement as a Credit Facility Lender, a                Credit Facility Finance Party, a Senior Secured Facilities Lender and a Senior Secured                Creditor.   (c)    By signing this Agreement, upon the occurrence of the Additional Facility Effective Time:                       (i)    the Original Facility B7 Lender agrees to become a Lender under Facility B7 and to be                bound by the terms applicable in respect of Facility B7 as contemplated in this Agreement;          (ii)   the Original Facility B7 Lender confirms that it intends to incur liabilities under the Finance                Documents in respect of Facility B7 with a Facility B7 Commitment in the amount set out                in part II of schedule 1 (The Parties) of the Amended Facilities Agreement (and                notwithstanding that the Effective Date shall not have occurred at such time) (being, for                the avoidance of any doubt, as at the Additional Facility Effective Time, a principal amount                equal to US$300,000,000);          (iii)  the Original Facility B7 Lender acknowledges and agrees to each of the matters set out in                Clause 2 (Establishment of Facility B7 as an Additional Facility), and in clause 2.4                (Additional Facilities) and clause 29.10 (Lender Accession Notice) of the Original Facilities                Agreement;          (iv)   the Original Facility B7 Lender confirms that it is not a member of the Group or a Listco                Affiliate; and          (v)    the Original Facility B7 Lender confirms that it is a Qualifying Lender.                (d)    Upon the occurrence of the Additional Facility Effective Time, the Original Facility B7 Lender shall         assume the same obligations to and acquire the same rights against each other party under the         Original Facilities Agreement as a Lender and under the Intercreditor Agreement as a Credit         Facility Lender, a Credit Facility Finance Party, a Senior Secured Facilities Lender and a Senior         Secured Creditor as it would have assumed or acquired under each such agreement had it been         an original party to those agreements in those capacities.   (e)    The administrative details of the Original Facility B7 Lender are as provided to the Agent prior to         the Additional Facility Effective Time.   3.2    Accession of the Facility B7 Arrangers  (a)    By signing this Agreement, upon the occurrence of the Effective Date, each Facility B7 Arranger:                       (i)    confirms that it intends to be a party to the Amended Facilities Agreement as, and agrees                to become, an Arranger and a Finance Party under the Amended Facilities Agreement and                to be bound by the terms of the Amended Facilities Agreement as an Arranger and a                Finance Party;          (ii)   undertakes to perform all the obligations expressed in the Amended Facilities Agreement                to be assumed by an Arranger and a Finance Party and agrees that it shall be bound by                all the provisions of the Amended Facilities Agreement as if it had been an original party                to the Amended Facilities Agreement as an Arranger and a Finance Party;                                                     5 

 

       (iii)  confirms that it intends to be a party to the Intercreditor Agreement as, and agrees to                become, a Credit Facility Finance Party, an Arranger and a Senior Secured Creditor as if                it had been an original party to the Intercreditor Agreement as a Credit Facility Finance                Party, an Arranger and a Senior Secured Creditor;          (iv)   undertakes to perform all the obligations expressed in the Intercreditor Agreement to be                assumed by a Credit Facility Finance Party, an Arranger and a Senior Secured Creditor                and agrees that it shall be bound by all the provisions of the Intercreditor Agreement as if                it had been an original party to the Intercreditor Agreement as a Credit Facility Finance                Party, an Arranger and a Senior Secured Creditor; and          (v)    shall, for the avoidance of any doubt, have conferred upon it each of the roles and titles                (but only those roles and titles) which are specified alongside its name in the list of parties                in the Amended Facilities Agreement.   (b)    Upon the occurrence of the Effective Date, each Facility B7 Arranger shall assume the same         obligations to and acquire the same rights against each other party under the Amended Facilities         Agreement as an Arranger and a Finance Party and under the Intercreditor Agreement as a Credit         Facility Finance Party, an Arranger and a Senior Secured Creditor as it would have assumed or         acquired under each such agreement had it been an original party to those agreements in those         capacities.   (c)    Each Facility B7 Arranger confirms that its address for notices for the purposes of clause 37         (Notices) of the Amended Facilities Agreement and clause     24 (Notices) of the Intercreditor         Agreement is that as notified to the Agent prior to the Effective Date.   (d)    Each Party agrees that none of the Facility B7 Arrangers (save to the extent that the Facility B7         Arranger agrees in writing to the contrary in a Mandate Document) shall have responsibility or         liability (whether direct or indirect, in contract or tort or otherwise) for or in connection with this         Agreement, the Amended Facilities Agreement and/or the Intercreditor Agreement (or any         transaction or matter referred to in any such agreement or document), in each case, whether prior         to, or after, its accession as an Arranger pursuant to this Clause 3.   (e)    Notwithstanding any term to the contrary in this Clause 3 (if any), each Facility B7 Arranger shall         only assume obligations under the Amended Facilities Agreement and the Intercreditor Agreement         which apply to an "Arranger" (or, as applicable, any other capacity therein which includes acting         in the capacity as Arranger) (if any) on and from the Effective Date and shall not, for the avoidance         of any doubt, have any responsibility or liability for any obligations (whether under the Amended         Facilities Agreement, the Intercreditor Agreement or the Original Facilities Agreement) which apply         or applied to an "Arranger" (or, as applicable, any other capacity therein which includes acting in         the capacity as Arranger) prior to such date (nor any responsibility or liability for the non-         performance (or otherwise) of any such obligations).   (f)    The Agent and Listco acknowledge and agree that this Agreement shall, with respect to each         Facility B7 Arranger, be deemed to be a Creditor/Agent Accession Undertaking for the purposes         of the Intercreditor Agreement.                                                     6 

 

4.     FACILITY B7 OID FEE                       On the first Utilisation Date in respect of Facility B7, Listco shall (or shall procure that another         member of the Group shall) pay to the Original Facility B7 Lender an original issue discount fee in         US$ in an amount equal to 0.25 per cent. of the aggregate  principal amount of the Facility B7         Commitments of the Original Facility B7 Lender as at the Additional Facility Effective Time.   5.     UTILISATION OF FACILITY B7                (a)    The Original Facility B7 Lender and the Agent agree that, notwithstanding that Facility B7 shall         only be established upon the occurrence of the Additional Facility Effective Time and         notwithstanding the requirements of clause 5.1 (Delivery of a Utilisation Request) and clause 5.2         (Completion of a Utilisation Request for Loans) of the Original Facilities Agreement, the Agent may         accept a Utilisation Request in respect of Facility B7 at such time and in such form as the Agent         may agree with Listco or, as the case may be, another member of the Group (acting reasonably).   (b)    For the avoidance of any doubt, pursuant to paragraph (j) of clause 2.4 (Additional Facilities) of         the Original Facilities Agreement, the Original Facility B7 Lender and the Obligors' Agent may, by         agreement after the date of this Agreement, waive any of the applicable requirements set out in         clause 4 (Conditions of Utilisation) of the Original Facilities Agreement to utilisation of Facility B7.   6.     CONDITIONS PRECEDENT                (a)    The Effective Date shall only occur if the requirements of paragraphs (b) and (c) below have then         been satisfied.   (b)    Listco shall deliver, or shall procure are delivered, to the Agent and the Security Agent the         conditions precedent documents listed in Schedule 1 (Conditions Precedent) in form and         substance satisfactory to the Agent and the Security Agent (each acting reasonably).   (c)    The Agent and the Security Agent shall each notify Listco and the Arrangers upon the date that it         has received all of the documents and other evidence listed in Schedule 1 (Conditions Precedent).   (d)    The Agent and the Security Agent shall not be liable for any damages, costs or losses whatsoever         as a result of giving any such notification and neither the Agent nor Security Agent shall be liable         for any damages, costs or losses whatsoever in connection with this Agreement (unless directly         caused by its gross negligence or wilful misconduct).   7.     AMENDMENT AND RESTATEMENT                       On and with effect from the Effective Date, the Original Facilities Agreement shall be amended         and restated in the form set out in Schedule 2 (Amended Facilities Agreement).   8.     CONFIRMATION                (a)    On and from the Effective Date, the provisions of the Original Facilities Agreement, the         Intercreditor Agreement and the other Finance Documents (as defined in the Original Facilities         Agreement) (including, without limitation, the guarantee and indemnity of each Obligor) shall, save         as amended by this Agreement, continue in full force and effect.   (b)    Immediately prior to the Effective Date (but after the Additional Facility Effective Time), Listco, for         itself and for and on behalf of each Obligor, acknowledges and confirms its acceptance of this                                                     7 

 

       Agreement and (on and from the Effective Date) the Amended Facilities Agreement and agrees         that it and each such Obligor (as defined in the Original Facilities Agreement) is bound, with effect         from the Effective Date, as an Obligor by the terms of the Amended Facilities Agreement, and         confirms, for the benefit of the Finance Parties, that the guarantees and indemnities set out in         clause 23 (Guarantee and indemnity) of the Amended Facilities Agreement shall apply, on and         from the Effective Date, in respect of all of the obligations of each Obligor under the Finance         Documents and extend to all new obligations of any such Obligor under any such Finance         Document (including any arising from this Agreement and/or each amendment and restatement         (and any other transactions consequent thereon) referred to in Clause 7 (Amendment and         Restatement)).   (c)    Listco hereby confirms that each Obligor has irrevocably authorised it (and, to the extent legally         possible, has relieved it from the restrictions pursuant to section 181 of the German Civil Code         (Bürgerliches Gesetzbuch) and/or any similar restrictions applicable pursuant to any other         applicable law) to sign on its behalf this Agreement and all other documents required to implement         the transactions, confirmations, accessions, redesignations, utilisations (or other borrowings)         and/or amendments and restatements effected or to be effected pursuant to this Agreement         (including, without limitation, each amendment and restatement pursuant to Clause 7 (Amendment         and Restatement)).   (d)    For the avoidance of any doubt, no waiver is given by entering into this Agreement or the         transactions contemplated by this Agreement.   9.     AGENT'S BOOKS AND RECORDS, WAIVER OF TRANSFER FEE                (a)    Upon the occurrence of each of the Additional Facility Effective Time and the Effective Date, the         Agent shall (in each case) update the register of Lenders (as defined in the Original Facilities         Agreement) to reflect the establishment of Facility B7 (and the Commitments of the Lenders (as         such term is defined in the Original Facilities Agreement), the utilisation of Facility B7 (and the         relevant participations of the Lenders (as defined in the Original Facilities Agreement) thereunder),         each accession and each resignation referred to in this Agreement and (to the extent applicable)         each other transaction contemplated in this Agreement.   (b)    The Agent acknowledges and agrees that no fee shall be payable to it pursuant to clause 29.3         (Assignment or transfer fee) of the Original Facilities Agreement and/or clause 29.3 (Assignment         or transfer fee) of the Amended Facilities Agreement in connection with primary syndication of         Facility B7 by the Facility B7 Arrangers and/or the Original Facility B7 Lender.   10.    FURTHER ASSURANCE                       Listco shall ensure that each member of the Group shall, at the request of the Agent (acting         reasonably) and at Listco's own expense, do all such acts and things which are necessary or         desirable to give effect to the transactions, confirmations, accessions, redesignations, utilisations         (or other borrowings) and/or amendments and restatements effected or to be effected pursuant to         this Agreement (including, without limitation, each amendment and restatement pursuant to         Clause 7 (Amendment and Restatement)).                                                     8 

 

11.    INDEMNITY                       Listco shall promptly indemnify each Party and each Finance Party for any costs, expense, loss         or liability incurred in connection with this Agreement and each other agreement referred to in this         Agreement and/or as a result of any payments to be made by (or on behalf of or at the direction         of) Listco or any other member of the Group pursuant to this Agreement or any other agreement         referred to in this Agreement on or prior to the Effective Date (including as a result of any such         payment not being made in whole or in part by the relevant member of the Group on the relevant         due date for payment).   12.    REPRESENTATIONS                       Listco, on behalf of itself and each Obligor, makes each of the representations and warranties         contained in clause 24 (Representations) of the Amended Facilities Agreement (by reference to         the facts and circumstances then existing) on:          (a)    the date of this Agreement; and                       (b)    the Effective Date,          but as if:          (i)    references to "this Agreement", "Transaction Document", "Transaction Documents" and                "Finance Document" in those representations and warranties (or any similar terms) were                instead, on the date of this Agreement, references to this Agreement and to the Original                Facilities Agreement and, on the Effective Date, to this Agreement and to the Amended                Facilities Agreement;          (ii)   references to the "Information Memorandum" was instead a reference to the lender                presentation dated  5 June  2018  prepared  in connection with, amongst  other things,                Facility B7; and                       (iii)  in the case of paragraph (a) above, the Effective Date had occurred on the date of this                Agreement.   13.    TERMINATION                       If the Effective Date has not occurred on or prior to the Long Stop Date, this Agreement shall         terminate and shall be of no further force or effect and the provisions of the Original Facilities         Agreement and the other Finance Documents (including the guarantee and indemnity of each         Guarantor (as defined in the Original Facilities Agreement)) shall continue in full force and effect         as if this Agreement had not been entered into.   14.    MISCELLANEOUS                (a)    The provisions of clause 22.1 (Transaction Expenses), clause 37 (Notices), clause 39 (Partial         invalidity) and clause 45 (Enforcement) of the Original Facilities Agreement shall be incorporated         into this Agreement as if set out in full in this Agreement, mutatis mutandis, and as if references in         those clauses to "this Agreement" or "the Finance Documents" (or any similar terms) are         references to this Agreement.                                                     9 

 

(b)    This Agreement may be executed in any number of counterparts, and this has the same effect as         if the signatures on the counterparts were on a single copy of this Agreement.   15.    GOVERNING LAW                       This Agreement and any non-contractual obligations arising out of or in connection with it are         governed by English law.   This Agreement has been entered into on the date stated at the beginning of this Agreement and  is executed as a deed by Listco, on behalf of itself and each Obligor, and is intended to be and is  delivered by it as a deed on the date specified above.                                                     10 

 

                                           SCHEDULE 1                                         CONDITIONS PRECEDENT                1.     Obligors                1.1    A copy of the constitutional documents of Listco.                1.2    A copy of a resolution of the board of directors/managers of Listco:                       (a)    approving the terms of and the transactions contemplated by this Agreement (and the                Amended Facilities Agreement) and the Finance Documents to which each it is a party                and resolving that it execute, deliver and perform this Agreement (and the Amended                Facilities Agreement) and the Finance Documents;          (b)    authorising a specified person or persons to execute this Agreement (and the Amended                Facilities Agreement) and the Finance Documents to which it is a party on its behalf and                any other documents and notices to be signed by or on behalf of it under or in connection                with this Agreement (and the Amended Facilities Agreement) and the Finance Documents;                and          (c)    confirming, on behalf of itself and each of the Obligors, each of the matters specified in                Clause 8 (Confirmation) of this Agreement, including that the guarantee issued under and                in accordance with clause 23 (Guarantee and indemnity) of the Original Facilities                Agreement will be legal, valid and binding and in full force and effect notwithstanding the                proposed amendments to the Original Facilities Agreement in the form set out in Schedule                2 (Amended Facilities Agreement).   1.3    A specimen of the signature of each person authorised by the resolutions referred to above in         relation to this Agreement.   1.4    In relation to Listco:                       (a)    a certificate from its registered agent, in form and substance satisfactory to the Security                Agent;          (b)    a certified copy of the register of charges maintained by it under the BVI Business                Companies Act 2004, or, alternatively, written confirmation that there is no Security over                any of its assets or undertaking; and          (c)    (if applicable) a copy of any power of attorney under which any Finance Document is                executed on behalf of Listco; and          (d)    a certificate of a Director (of Listco) certifying that:                              (i)    each copy document relating to it are correct, complete and in full force and effect                       and have not been amended or superseded;                 (ii)   there has been no breach of guaranteeing, borrowing or similar restrictions by it or                       any Obligor as at the date of such certificate; and                                                     11 

 

              (iii)  borrowing or guaranteeing or securing, as appropriate, the Total  Commitments                       would not cause any borrowing, guaranteeing, securing or similar limit binding on                       it or any other Obligor to be exceeded.                2.     Legal opinions                2.1    A legal opinion as to enforceability under English law.                2.2    A legal opinion as to capacity under the laws of the British Virgin Islands.                3.     Other documents and evidence                       Evidence that all fees, costs and expenses due to any of the Finance Parties have been paid or         will be paid on or prior to the Effective Date.                                                     12 

 

          SCHEDULE 2  AMENDED FACILITIES AGREEMENT                     13 

 

The taking of (a) any of the Finance Documents (including this document) or (b) any certified copy thereof or (c) any document  which constitutes substitute documentation thereof including written confirmations or references (the "Stamp Duty Sensitive  Documents") into Austria may cause the imposition of Austrian stamp duty. The same, inter alia, applies to (i) the sending of  Stamp Duty Sensitive Documents to an Austrian addressee by fax, (ii) the sending of any e-mail communication to which an  electronic scan copy (e.g., pdf or tif) of a Stamp Duty Sensitive Document is attached to an Austrian addressee and (iii) the sending  of any e-mail communication carrying an electronic or digital signature which refers to a Stamp Duty Sensitive Document to an  Austrian addressee. Accordingly, in particular, keep any Stamp Duty Sensitive Documents outside of Austria and avoid (A)  sending Stamp Duty Sensitive Documents by fax to an Austrian addressee, (B) sending any e-mail communication to which an  electronic scan copy of a Stamp Duty Sensitive Document is attached to an Austrian addressee and (C) sending any e-mail  communication carrying an electronic or digital signature which refers to a Stamp Duty Sensitive Document to an Austrian  addressee.                                                                SENIOR FACILITIES AGREEMENT                                                                                      originally dated 3 July 2014          as amended and restated from time to time including pursuant to the 2018 Amendment and                                                     Restatement Agreement                                                                    for                                                                                      NOMAD FOODS LIMITED                                                               as Listco                                                                   with                                                                                CREDIT SUISSE INTERNATIONAL                                           as left lead bank in respect of Facility B7                                                                   with                                            CREDIT SUISSE INTERNATIONAL and GOLDMAN SACHS BANK USA as mandated lead                              arrangers and physical bookrunners in respect of Facility B7                                                                   with                                                  CREDIT SUISSE INTERNATIONAL, DEUTSCHE BANK AG, LONDON BRANCH,          GOLDMAN SACHS BANK USA and UBS LIMITED as bookrunners in respect of Facility B7                                                                   with                                                                            CREDIT SUISSE AG, LONDON BRANCH                                                           acting as Agent                                                                   and                                                                            CREDIT SUISSE AG, LONDON BRANCH                                                     acting as Security Agent                                                                                                                                 Ref: L-273409                    

 

                                           CONTENTS  CLAUSE                                                                                        PAGE                                                            SECTION 1                                           INTERPRETATION  1.        Definitions and interpretation ..................................................................................................... 2                                              SECTION 2                                            THE FACILITIES  2.        The Facilities ............................................................................................................................ 52  3.        Purpose ................................................................................................................................... 65  4.        Conditions of Utilisation ........................................................................................................... 65                                              SECTION 3                                             UTILISATION  5.        Utilisation - Loans .................................................................................................................... 68  6.        Utilisation - Letters of Credit .................................................................................................... 70  7.        Letters of Credit ....................................................................................................................... 72  8.        Optional Currencies ................................................................................................................. 75  9.        Ancillary Facilities .................................................................................................................... 75                                              SECTION 4                         REPAYMENT, PREPAYMENT AND CANCELLATION  10.       Repayment .............................................................................................................................. 80  11.       Illegality, voluntary prepayment and cancellation.................................................................... 81  12.       Mandatory prepayment ............................................................................................................ 83  13.       Restrictions .............................................................................................................................. 88                                              SECTION 5                                       COSTS OF UTILISATION  14.       Interest ..................................................................................................................................... 89  15.       Interest Periods........................................................................................................................ 89  16.       Changes to the calculation of interest .....................................................................................91   17.       Fees ......................................................................................................................................... 92                                              SECTION 6                                ADDITIONAL PAYMENT OBLIGATIONS  18.       Tax gross-up and indemnities .................................................................................................. 96  19.       Increased Costs .....................................................................................................................105  20.       Other indemnities...................................................................................................................106  21.       Mitigation by the Lenders ......................................................................................................107  22.       Costs and expenses ..............................................................................................................108                                              SECTION 7                                             GUARANTEE  23.       Guarantee and indemnity ......................................................................................................109                                              SECTION 8                 REPRESENTATIONS, UNDERTAKINGS AND EVENTS OF DEFAULT  24.       Representations..................................................................................................................... 118  25.       Information undertakings .......................................................................................................123  26.       Financial covenant .................................................................................................................127  27.       General undertakings ............................................................................................................137  28.       Events of Default ...................................................................................................................149                                               SECTION 9                                        CHANGES TO PARTIES  A41108799                                        - i - 

 

29.       Changes to the Lenders ........................................................................................................156  30.       Debt Purchase Transactions .................................................................................................162  31.       Changes to the Obligors ........................................................................................................166                                              SECTION 10                                        THE FINANCE PARTIES  32.       Role of the Agent, the Arrangers, the Issuing Bank and others ............................................170  33.       Conduct of business by the Finance Parties .........................................................................179  34.       Sharing among the Finance Parties ......................................................................................179                                              SECTION 11                                           ADMINISTRATION  35.       Payment mechanics ..............................................................................................................182  36.       Set-off ....................................................................................................................................184  37.       Notices ...................................................................................................................................184  38.       Calculations and certificates ..................................................................................................188  39.       Partial invalidity ......................................................................................................................188  40.       Remedies and waivers ..........................................................................................................188  41.       Amendments and waivers .....................................................................................................189  42.       Confidentiality ........................................................................................................................191  43.       Counterparts ..........................................................................................................................194                                              SECTION 12                               GOVERNING LAW AND ENFORCEMENT  44.       Governing law ........................................................................................................................195  45.       Enforcement ..........................................................................................................................195  46.       General Austrian limitation .....................................................................................................197                                            THE SCHEDULES  SCHEDULE                                                                                      PAGE   SCHEDULE 1 The Parties .....................................................................................................................198  SCHEDULE 2 Conditions Precedent and Conditions Subsequent .......................................................202  SCHEDULE 3 Requests .........................................................................................................................216  SCHEDULE 4 Form of Transfer Certificate and Lender Accession Undertaking ..................................221  SCHEDULE 5 Form of Accession Letter ................................................................................................225  SCHEDULE 6 Form of Resignation Letter .............................................................................................227  SCHEDULE 7 Form of Compliance Certificate ......................................................................................229  SCHEDULE 8 LMA Form of Confidentiality Undertaking .......................................................................231  SCHEDULE 9 Timetables ......................................................................................................................236  SCHEDULE 10 Form of Letter of Credit ................................................................................................239  SCHEDULE 11 Material Companies ......................................................................................................243  SCHEDULE 12 Security Principles ........................................................................................................244  SCHEDULE 13 Form of Lender Accession Notice ................................................................................252  SCHEDULE 14 Form of Additional Facility Notice .................................................................................255  SCHEDULE 15 Forms of Notifiable Debt Purchase Transaction Notice ...............................................257    A41108799                                        - i - 

 

THIS AGREEMENT is dated 3 July 2014 as amended and restated from time to time, including on the  2018 Effective Date pursuant to the 2018 Amendment and Restatement Agreement, and made between:   (1)    NOMAD FOODS LIMITED, a public listed company incorporated in the British Virgin Islands with         registered number 1818482 ("Listco");  (2)    NOMAD FOODS EUROPE MIDCO LIMITED, a company incorporated in England and Wales with         registered number 5879252 ("Midco");   (3)    NOMAD FOODS LUX S.À R.L., a private limited liability company (société à responsabilité         limitée), registered with the Luxembourg Register of Commerce and Companies with registered         address at 19 rue de Bitbourg, Luxembourg, Grand Duchy of Luxembourg ("Luxco");  (4)    NOMAD FOODS US LLC, a single member limited liability company organised in Delaware, the         US for the sole purpose of acting as co-borrower in respect of Facility B4, Facility B6 and Facility         B7 (or any Additional Facility denominated in US$) ("US Co-Borrower");  (5)    THE ENTITIES listed in Part I of Schedule 1 (The Parties) as borrowers (the "Original         Borrowers");   (6)    THE ENTITIES listed in Part I of Schedule 1 (The Parties) as guarantors (the "Original         Guarantors");  (7)    CREDIT SUISSE INTERNATIONAL, as left lead bank in respect of Facility B7 (the "Facility B7         Left Lead Bank");   (8)    CREDIT SUISSE INTERNATIONAL, as left lead bank in respect of each of Facility B3 and Facility         B5 and GOLDMAN SACHS BANK USA, as left lead bank in respect of each of Facility B4 and         Facility B6 (together with the Facility B7 Left Lead Bank, the "Left Lead Banks");   (9)    CREDIT SUISSE INTERNATIONAL and             GOLDMAN SACHS BANK USA, as physical         bookrunners of Facility B7 (the "Facility B7 Physical Bookrunners") and CREDIT SUISSE         INTERNATIONAL and DEUTSCHE BANK AG, LONDON BRANCH, as physical bookrunners of         each of Facility B3 and Facility B5 (together, and together with the Facility B7 Physical         Bookrunners, the "Physical Bookrunners");   (10)   GOLDMAN SACHS BANK USA and UBS LIMITED, as global co-ordinators of each of Facility         B4 and Facility B6 (the "Global Co-ordinators");   (11)   CREDIT SUISSE INTERNATIONAL, DEUTSCHE BANK AG, LONDON BRANCH, GOLDMAN         SACHS BANK USA and UBS LIMITED, as mandated lead arrangers and bookrunners for Facility         B3, Facility B4, Facility B5 and Facility B6 and CREDIT SUISSE INTERNATIONAL and         GOLDMAN SACHS BANK USA as mandated lead arrangers for Facility B7 and CREDIT SUISSE         INTERNATIONAL,     DEUTSCHE BANK AG, LONDON BRANCH,               GOLDMAN SACHS BANK         USA and UBS LIMITED as bookrunners for Facility B7 (in each case, whether acting individually         or together, and together with the Left Lead Banks, the Physical Bookrunners and the Global Co-        ordinators, the "Arrangers");   (12)   THE FINANCIAL INSTITUTIONS referred to in Part II of Schedule 1 (The Parties) (the "Original         Lenders");   (13)   CREDIT SUISSE AG, LONDON BRANCH, as agent of the other Finance Parties (the "Agent");         and   (14)   CREDIT SUISSE AG, LONDON BRANCH, as security agent for the Secured Parties (the         "Security Agent").    A41108799                                      - 1 -               

 

IT IS AGREED as follows:                                                                                                    SECTION 1                                           INTERPRETATION   1.     DEFINITIONS AND INTERPRETATION                1.1    Definitions         In this Agreement:                       "2018 Additional Facility Effective Time" has the meaning given to the term "Additional Facility         Effective Time" in the 2018 Amendment and Restatement Agreement.          "2018 Amendment and Restatement Agreement" means the amendment and restatement         agreement, in relation to this Agreement, dated  15  June 2018 between, among others, Listco           and the Agent.          "2018 Effective Date" has the meaning given to the term "Effective Date" in the 2018 Amendment         and Restatement Agreement.          "Acceptable Bank" means:                       (a)    a Lender and, to the extent not a Lender, the list of banks with whom the Group has certain                banking arrangements as at the Closing Date as agreed between Listco and the Arrangers                prior to the Closing Date;          (b)    any bank or financial institution which has a rating for its long-term debt obligations of                BBB-  or higher by Standard &  Poor's Rating Services or Fitch Ratings Ltd or Baa3 or                higher by Moody's Investors Service Limited or a comparable rating from an internationally                recognised credit rating agency; or          (c)    any other bank or financial institution approved by the Agent (acting reasonably).                       "Accession Letter" means a document substantially in the form set out in Schedule 5 (Form of         Accession Letter) or any other form agreed by the Agent and Listco.          "Accounting Principles" means generally accepted accounting principles in the jurisdiction of         incorporation of the relevant member of the Group or International Accounting Standards.          "Acquired Debt" has the meaning given to it in paragraph (e) of the definition of Permitted         Financial Indebtedness.          "Acquired Group" means, in relation to Permitted Acquisition under paragraph (d) of the definition         of 'Permitted Acquisition', the entity (and its Subsidiaries) or business or undertaking (as the case         may be) acquired by the Group pursuant to such Permitted Acquisition.          "Acquisition Costs" means all non-periodic fees, costs and expenses, stamp, registration and         other Taxes incurred or required to be paid by any member of the Group in connection with any         Permitted Acquisition or the Transaction Documents.          "Additional Borrower" means a company which becomes a Borrower in accordance with Clause         31 (Changes to the Obligors).    A41108799                                      - 2 -               

 

       "Additional Facility" has the meaning given to it in Clause 2.4 (Additional Facilities).                       "Additional Facility Commencement Date" means, in respect of an Additional Facility, the date         specified as the "Commencement Date" in the Additional Facility Notice relating to that Additional         Facility.          "Additional Facility Commitment" means, in respect of an Additional Facility Lender and an         Additional Facility, the Base Currency Amount specified as its Lender Commitment in the         Additional Facility Notice delivered by that Additional Facility Lender, to the extent not cancelled,         reduced or transferred by such Additional Facility Lender under this Agreement.          "Additional Facility Documents" means, in relation to any Additional Facility, the Additional         Facility Debt Instrument, any fee letter entered into, under or in connection with the Additional         Facility and any other document or instrument relating to that Additional Facility and designated         as such by Listco and the relevant Additional Facility Lender.          "Additional Facility Debt Instrument" means, in relation to any Additional Facility, the indenture,         facility agreement, or other equivalent document by which that Additional Facility is issued or, as         the case may be, made available.          "Additional Facility Lender" has the meaning given to it in Clause 2.4 (Additional Facilities).                       "Additional Facility Loan" means an Additional Facility Revolving Loan and/or an Additional         Facility Term Loan.          "Additional Facility Notice" means a notice substantially in the form set out in Schedule 14 (Form         of Additional Facility Notice) or any other form agreed by the Agent and Listco.          "Additional Facility Revolving Loan" means loans made or to be made under an Additional         Revolving Facility or the principal amount outstanding for the time being of those loans under an         Additional Revolving Facility.          "Additional Facility Term Loan" means loans made or to be made under an Additional Term         Facility or the principal amount outstanding for the time being of those loans under an Additional         Term Facility.          "Additional Guarantor" means a company which becomes a Guarantor in accordance with         Clause 31 (Changes to the Obligors).          "Additional Obligor" means an Additional Borrower or an Additional Guarantor.                       "Additional Revolving Facility" means any revolving facility established by Listco as an         Additional Facility under Clause 2.4 (Additional Facilities).          "Additional Term Facility" means any term facility established by Listco as an  Additional Facility         under Clause 2.4 (Additional Facilities).          "Affiliate" means, in relation to any person, a Subsidiary of that person or a Holding Company of         that person or any other Subsidiary of that Holding Company.          "Agent's Spot Rate of Exchange" means the Agent's spot rate of exchange for the purchase of         the relevant currency with the Base Currency in the London foreign exchange market at or about         11:00 a.m. on a particular day.    A41108799                                      - 3 -               

 

       "Ancillary Commencement Date" means, in relation to an Ancillary Facility, the date on which         that Ancillary Facility is first made available, which date shall (unless a contrary indication appears         in the April 2017 Amendment and Restatement Agreement) be a Business Day within the         Availability Period for the applicable Revolving Facility.          "Ancillary Commitment" means, in relation to an Ancillary Lender and an Ancillary Facility, the         maximum Base Currency Amount which that Ancillary Lender has agreed (whether or not subject         to satisfaction of conditions precedent) to make available from time to time under an Ancillary         Facility and which has been authorised as such under Clause 9 (Ancillary Facilities), to the extent         that amount is not cancelled or reduced under this Agreement or the Ancillary Documents relating         to that Ancillary Facility.          "Ancillary Document" means each document relating to or evidencing the terms of an Ancillary         Facility.          "Ancillary Facility" means any ancillary facility made available by an Ancillary Lender in         accordance with Clause 9 (Ancillary Facilities).          "Ancillary Lender" means each Lender (or Affiliate of a Lender) which makes available an         Ancillary Facility in accordance with Clause 9 (Ancillary Facilities).          "Ancillary Outstandings" means, at any time, in relation to an Ancillary Lender and an Ancillary         Facility, the aggregate of the equivalents (as calculated by that Ancillary Lender) in the Base         Currency of the following amounts outstanding under that Ancillary Facility then in force:          (a)    the principal amount under each overdraft facility and on demand short-term loan facility                (net of any credit balances on any account of any Borrower of an Ancillary Facility with the                Ancillary Lender making available that Ancillary Facility to the extent that such credit                balance is freely available to be set off by that Ancillary Lender against liabilities owed to                it by that Borrower under that Ancillary Facility) (ignoring, for this purpose, where agreed                by the Ancillary Lender, any liability in respect of BACS facilities);          (b)    the face amount of each guarantee, bond and letter of credit under that Ancillary Facility                (to the extent not repaid or prepaid); and          (c)    the amount fairly representing the aggregate exposure (excluding interest and similar                charges) of that Ancillary Lender under each other type of accommodation provided under                that Ancillary Facility,          in each case, as determined by such Ancillary Lender in accordance with the relevant Ancillary         Document or normal banking practice.          "Anti-Corruption Laws" means the US Foreign Corrupt Practices Act 1977, the UK Bribery Act         2010, the OECD Convention on Combating Bribery of Foreign Public Officials in International         Business Transactions and any other applicable anti-bribery or anti-corruption law or regulation.          "Anti-Money Laundering Laws"      means all applicable financial record keeping and reporting         requirements and anti-money laundering statutes in all jurisdictions in which the member of the         Group conducts its business, the rules and regulations thereunder and any related or similar rules,         regulations or guidelines, issued, administered or enforced by any governmental agency.    A41108799                                      - 4 -               

 

       "April 2017 Amendment and Restatement Agreement" means the amendment and restatement         agreement, in relation to this Agreement and the Intercreditor Agreement, dated 28 April 2017         between, among others, Listco, Midco, Luxco, the US Co-Borrower and the Agent.          "April 2017 Effective Date" has the meaning given to the term "Effective Date" in the April 2017         Amendment and Restatement Agreement.          "April 2017 Funds Flow Statement" has the meaning given to the term "Funds Flow Statement"         in the April 2017 Amendment and Restatement Agreement.          "Auditors" means any firm of independent accountants appointed by Listco as its auditors from         time to time.          "Austrian Capital Maintenance Rules" has the meaning given to it in Clause 23.12 (Limitations         on obligations of Austrian Guarantors).          "Austrian Guarantor" has the meaning given to it in Clause 23.5 (Guarantor intent).          "Austrian Obligor" means an Obligor incorporated in the Republic of Austria.          "Authorisation" means an authorisation, consent, approval, resolution, licence, exemption,         filing, notarisation or registration.          "Availability Period" means:                       (a)    in relation to Facility B3 and Facility B4, the period from (and including) the December                2017 Additional Facility Effective Time to (and including) 11:59 pm on the December 2017                Effective Date;          (b)    in relation to Facility B5, the period from (and including) the December 2017 Additional                Facility Effective Time to (and including) the earlier of:                 (i)    the first Utilisation Date in respect of Facility B5; and                              (ii)   the date falling 60 days after the December 2017 Effective Date;                       (c)    in relation to Facility B6, the period from (and including) the December 2017 Additional                Facility Effective Time to (and including) the earlier of:                 (i)    the first Utilisation Date in respect of Facility B6; and                              (ii)   the date falling 60 days after the December 2017 Effective Date;                       (d)    in relation to Facility B7, the period from (and including) the 2018 Additional Facility                Effective Time to (and including) the earlier of:                 (i)    the first Utilisation Date in respect of Facility B7; and                              (ii)   1 September 2018;                       (e)    in relation to the Original Revolving Facility, the period from (and including) the April 2017                Effective Date to (and including) the date falling one Month prior to the Termination Date                applicable to the Original Revolving Facility; and          (f)    in relation to any Additional Facility, the period specified in the Additional Facility Notice                relating to that Additional Facility.          "Available Amount" has the meaning ascribed to such term in Clause 26.4 (Baskets).    A41108799                                      - 5 -               

 

       "Available Commitment" means, in relation to a Facility, a Lender's Commitment under that         Facility minus (subject to Clause 9.7 (Affiliates of Lenders as Ancillary Lenders) and as set out         below):          (a)    the amount (or, in the case of a Revolving Facility only, the Base Currency Amount) of its                participation in any outstanding Utilisations under that Facility and, in the case of a                Revolving Facility only, the Base Currency Amount of the aggregate of its Ancillary                Commitments; and          (b)    in relation to any proposed Utilisation amount (or, in the case of a Revolving Facility only,                the Base Currency Amount), the amount of its participation in any other Utilisations that                are due to be made under that Facility on or before the proposed Utilisation Date and, in                the case of a Revolving Facility only,    the Base Currency Amount of its Ancillary                Commitment in relation to any new Ancillary Facility that is due to be made available on                or before the proposed Utilisation Date.          For the purposes of calculating a Lender's Available Commitment in relation to any proposed         Utilisation under a Revolving Facility only, the following amounts shall not be deducted from a         Lender's Commitment under that Facility:          (i)    that Lender's participation in any Revolving Facility Utilisations that are due to be repaid                or prepaid on or before the proposed Utilisation Date; and          (ii)   that Lender's (or its Affiliate's) Ancillary Commitments to the extent that they are due to be                reduced or cancelled on or before the proposed Utilisation Date.          "Available Facility" means, in relation to a Facility, the aggregate for the time being of each         Lender's Available Commitment in respect of that Facility.          "Base Currency" means:                       (a)    for Facility B3, Facility B5 and the Original Revolving Facility, euro;                       (b)    for Facility B4, Facility B6 and Facility B7, US Dollars; and                       (c)    in relation to any Additional Facility, such currency as is agreed between Listco and the                applicable Additional Facility Lenders.          "Base Currency Amount" means:                       (a)    in relation to a Utilisation, the amount specified in the Utilisation Request delivered by a                Borrower for that Utilisation (or, in the case of a Utilisation under a Revolving Facility, if                the amount requested is not denominated in the Base Currency, that amount converted                into the Base Currency at the Agent's Spot Rate of Exchange on the date which is three                Business Days before the Utilisation Date or, if later, on the date the Agent receives the                Utilisation Request in accordance with the terms of this Agreement) and, in the case of a                Letter of Credit, as adjusted under Clause 6.7 (Revaluation of Letters of Credit) at annual                intervals; and          (b)    in relation to an Ancillary Commitment, the amount specified as such in the notice                delivered to the Agent by Listco pursuant to Clause 9.2 (Availability) (or, if the amount                specified is not denominated in the Base Currency, that amount converted into the Base                Currency  at the Agent's Spot Rate  of Exchange  on  the date which is three Business    A41108799                                      - 6 -               

 

              Days before the Ancillary Commencement Date for that Ancillary Facility or, if later, the                date the Agent receives the notice of the Ancillary Commitment in accordance with the                terms of this Agreement),          as adjusted to reflect any repayment, prepayment, consolidation or division of a Utilisation, or (as         the case may be) cancellation or reduction of an Ancillary Facility.          "Belgian Additional Obligor" means an Additional Obligor incorporated in Belgium.                       "Belgian Companies Code" means the Belgian Companies Code of 7 May 1999, as amended         from time to time.          "Belgian Obligor" means an Obligor incorporated in Belgium.                       "Bidco" means Nomad Foods Europe Limited, a company incorporated in England and Wales         with registered number 5879466, which is a wholly-owned subsidiary of Midco.          "Bondco" means Nomad Foods Bondco plc, a company incorporated in England and Wales         with registered number 09094345, which is a wholly-owned subsidiary of Midco.          "Borrower" means a Term Facility Borrower or a Revolving Facility Borrower.          "Borrowings" has the meaning given to that term in Clause 26.1 (Financial definitions).          "Break Costs" means the amount (if any) by which:          (a)    the interest (but, for the avoidance of doubt, excluding any Margin) which a Lender should                have received for the period from the date of receipt of all or any part of its participation in                a Loan or Unpaid Sum to the last day of the current Interest Period in respect of that Loan                or Unpaid Sum, had the principal amount or Unpaid Sum received been paid on the last                day of that Interest Period,          exceeds:                       (b)    the amount which that Lender would be able to obtain by placing an amount equal to the                principal amount or Unpaid Sum received by it on deposit with a leading bank in the                Relevant Interbank Market for a period starting on the Business Day following receipt or                recovery and ending on the last day of the current Interest Period.          "Business Day" means a day (other than a Saturday or Sunday) on which banks are open for         general business in London and Tortola (British Virgin Islands) and:          (a)    (in relation to any date for payment or purchase of a currency other than euro) the principal                financial centre of the country of that currency; or          (b)    (in relation to any date for payment or purchase of euro) any TARGET Day.                       "Capital Expenditure" has the meaning given to that term in Clause 26.1 (Financial definitions).                       "Cash" means cash in hand (or in transit or in tills or payments made by cheques or debit cards         or credit cards which are yet to be received in cleared funds) and credit balances or amounts on         deposit with an Acceptable Bank which are freely transferable and freely convertible and         accessible by a member of the Group within 90 days or held in a blocked account and not subject         to any Security (other than one arising under the Transaction Security Documents).          "Cash Equivalent Investments" means, at any time:    A41108799                                      - 7 -               

 

       (a)    certificates of deposit maturing within one year of the relevant date of calculation and                issued by an Acceptable Bank;          (b)    any investment in marketable debt obligations issued or guaranteed by the government of                the United States, the United Kingdom, any member state of the European Economic Area                or any Participating Member State or by an instrumentality or agency of any of them having                an equivalent credit rating, maturing within one year of the relevant date of calculation and                not convertible or exchangeable into any other security;          (c)    debt securities maturing within one year of the relevant date of calculation which are not                convertible or exchangeable into any other security, are rated either BBB- or higher by                Standard & Poor's Rating Services or Fitch Ratings Ltd or Baa3 or higher by Moody's                Investors Service Limited (or, if no rating is available in respect of the debt securities, the                issue of which has, in respect of its long-term debt obligations, an equivalent rating);          (d)    open market commercial paper not convertible or exchangeable into any other security:                              (i)    for which a recognised trading market exists;                              (ii)   issued by an issuer incorporated in the United States, the United Kingdom, any                       member state of the European Economic Area or any Participating Member State;                 (iii)  which matures within one year of the relevant date of calculation; and                              (iv)   which has a credit rating of either BBB- or higher by Standard & Poor's Rating                       Services or Fitch Ratings Ltd or Baa3 or higher by Moody's Investors Service                       Limited, or, if no rating is available in respect of the commercial paper, the issuer                       of which has, in respect of its long-term unsecured and non-credit enhanced debt                       obligations, an equivalent rating;          (e)    bills of exchange issued in the United States, the United Kingdom, any member state of                the European Economic Area or any Participating Member State eligible for rediscount at                the relevant central bank and accepted by an Acceptable Bank (or any dematerialised                equivalent);          (f)    any investment accessible within 90 days in money market funds which has a credit rating                of either BBB- or higher by Standard & Poor's Rating Services or Fitch Ratings Ltd or Baa3                or higher by Moody's Investors Service Limited and which invests substantially all its                assets in securities of the types described in paragraphs (a) to (e) above; or          (g)    any other debt security approved by the Majority Lenders,                       in each case, to which any member of the Group is beneficially entitled at that time and which is         not issued or guaranteed by any member of the Group or subject to any Security (other than one         arising under the Transaction Security Documents).          "Cashflow" has the meaning given to that term in Clause 26.1 (Financial definitions).          "Change of Control" means:          (a)    any person or persons acting in concert gain control directly or indirectly of more than 50                per cent. of the voting shares of Listco (where "acting in concert" means   a group of    A41108799                                      - 8 -               

 

              persons who, pursuant to an agreement or understanding (whether formal or informal),                actively co-operate, through the acquisition of shares in Listco by any of them, either                directly or indirectly, to obtain or consolidate control of Listco);          (b)    Listco ceases to control directly or indirectly the entire issued share capital of Midco; or                       (c)    shares of Listco cease to be admitted to trading on the New York Stock Exchange (unless                such shares are substantially contemporaneously admitted to trading on the London Stock                Exchange).          "Charged Property" has the meaning given to such term in the Intercreditor Agreement.                       "Clean-Up Default" means, in respect of a Permitted Acquisition under paragraphs (d) and (e) of         the definition of 'Permitted Acquisition', any Default or Event of Default which is subsisting on or         arising after the completion of such Permitted Acquisition but prior to expiry of the relevant Clean-        Up Period relating to that Permitted Acquisition to the extent it relates exclusively to a member of         the Acquired Group of such Permitted Acquisition (or any obligation to procure or ensure in relation         to a member of that Acquired Group).          "Clean-Up Period" means, in respect of a Permitted Acquisition under paragraphs (d) and (e) of         the definition of 'Permitted Acquisition', the period from the date of completion of such Permitted         Acquisition to the date falling 120 days thereafter.          "Closing Date" means the April 2017 Effective Date.          "Code" means the US Internal Revenue Code of 1986.          "Commitment" means an Original Revolving Facility Commitment, a Facility B3 Commitment, a         Facility B4 Commitment, a Facility B5 Commitment, a Facility B6 Commitment, a Facility B7         Commitment or an Additional Facility Commitment.          "Compliance Certificate" means a certificate substantially in the form set out in Schedule 7 (Form         of Compliance Certificate).          "Confidential Information" means all information relating to Listco, any Obligor, the Group, the         Finance Documents or a Facility of which a Finance Party becomes aware in its capacity as, or         for the purpose of becoming, a Finance Party or which is received by a Finance Party in relation         to, or for the purpose of becoming a Finance Party under, the Finance Documents or a Facility         from either:          (a)    any member of the Group or any of its advisers; or                       (b)    another Finance Party, if the information was obtained by that Finance Party directly or                indirectly from any member of the Group or any of its advisers,          in whatever form, and includes information given orally and any document, electronic file or any         other way of representing or recording information which contains or is derived or copied from         such information but excludes information that:                 (i)    is or becomes public information other than as a direct or indirect result of any                       breach by that Finance Party of Clause 42 (Confidentiality); or                 (ii)   is identified in writing at the time of delivery as non-confidential by any member of                       the Group or any of its advisers; or    A41108799                                      - 9 -               

 

              (iii)  is known by that Finance Party before the date the information is disclosed to it in                       accordance with paragraphs (a) or (b) above or is lawfully obtained by that Finance                       Party after that date, from a source which is, as far as that Finance Party is aware,                       unconnected with the Group and which, in either case, as far as that Finance Party                       is aware, has not been obtained in breach of, and is not otherwise subject to, any                       obligation of confidentiality.          "Confidentiality Undertaking" means a confidentiality undertaking substantially in the agreed         form as set out in Schedule 8 (LMA Form of Confidentiality Undertaking) or in any other form         agreed between Listco and the Agent, in each case capable of being relied on by Listco and not         to be amended in any material respect other than as agreed to by Listco (acting reasonably).          "Consolidated EBITDA" has the meaning given to such term in Clause 26.1 (Financial         definitions).          "Consolidated Total Net Debt" has the meaning given to such term in Clause 26.1 (Financial         definitions).          "Credit Facility" has the meaning given to such term in the Intercreditor Agreement.          "CTA" means the Corporation Tax Act 2009.          "Debt Cover" has the meaning given to such term in Clause 26.1 (Financial definitions).                       "Debt Cover Condition" has the meaning given to such term in Clause 27.35 (Covenant         suspension/relaxation).          "Debt Purchase Transaction" means, in relation to a person, a transaction where such person:                       (a)    owns or purchases by way of assignment or transfer;                       (b)    enters into any sub-participation in respect of; or                       (c)    enters into any other agreement or arrangement having an economic effect substantially                similar to a sub-participation in respect of,          any Commitment or amount outstanding under or in respect of this Agreement.                       "December 2017 Additional Facility Effective Time" has the meaning given to the term         "Additional Facility Effective Time" in the December 2017 Amendment and Restatement         Agreement.          "December 2017 Allocations Table" has the meaning given to the term "Allocations Table" in the         December 2017 Amendment and Restatement Agreement.          "December 2017 Amendment and Restatement Agreement" means the amendment and         restatement agreement, in relation to this Agreement, dated 20 December 2017 between, among         others, Listco and the Agent.          "December 2017 Effective Date" has the meaning given to the term "Effective Date" in the         December 2017 Amendment and Restatement Agreement.          "Declared Default" means an Event of Default under paragraph (a) of that definition in respect of         which a notice of acceleration has been served pursuant to paragraph (a) of Clause 28.16         (Acceleration).    A41108799                                      - 10 -               

 

       "Default" means:                       (a)    an Event of Default under paragraph (a) of that definition or any event or circumstance                specified as such in Clause 28 (Events of Default) which would (with the expiry of a grace                period in, or the giving of notice under, Clause 28 (Events of Default), or any combination                of any of the foregoing) be an Event of Default under paragraph (a) of that definition; and          (b)    with respect to each Revolving Facility only, a Financial Covenant Event of Default or any                requirement of Clause 26 (Financial covenant) not being satisfied which would (with the                expiry of the period for remedy provided for in paragraph (d) of Clause 26.3 (Financial                testing)) be an Event of Default.          "Delegate" means any delegate, agent, attorney or co-trustee appointed by the Security Agent.          "Designated Gross Amount" has the meaning given to that term in Clause 9.2 (Availability).          "Designated Net Amount" has the meaning given to that term in Clause 9.2 (Availability).          "Disruption Event" means either or both of:          (a)    a material disruption to those payment or communications systems or to those financial                markets which are, in each case, required to operate in order for payments to be made in                connection with the Facilities (or otherwise in order for the transactions contemplated by                the Finance Documents to be carried out) which disruption is not caused by, and is 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 payments 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 in accordance with the terms of the                       Finance Documents,          and which (in either such case) is not caused by, and is beyond the control of, the Party whose         operations are disrupted.          "Dutch Additional Obligor" means an Additional Obligor incorporated in the Netherlands.          "Dutch Civil Code" means the Dutch Civil Code (Burgerlijk Wetboek).          "Dutch Financial Supervision Act" means the Dutch Financial Supervision Act (Wet op het         financieel toezicht) dated 28 September 2006 published in the Dutch government gazette nr. 475         on 31 October 2006, as amended from time to time.          "Dutch Obligor" means an Obligor incorporated in the Netherlands.                       "Environmental Claim" means any claim, proceeding, formal notice or investigation by any         person in respect of any Environmental Law.          "Environmental Law" means any applicable law or regulation which relates to:                       (a)    the pollution or protection of the environment;                       (b)    harm to or the protection of human health;    A41108799                                      - 11 -               

 

       (c)    the conditions of the workplace; or                       (d)    any emission or substance capable of causing harm to any living organism or the                environment.          "Environmental Permits" means any permit and other Authorisation        and the filing of any         notification, report or assessment required under any Environmental Law for the operation of the         business of any member of the Group conducted on or from the properties owned or used by any         member of the Group.          "ERISA" means the US Employee Retirement Income Security Act 1974 (or any successor         legislation thereto).          "EURIBOR" means, in relation to any Loan in euro:                       (a)    the applicable Screen Rate; or                       (b)    (if no Screen Rate is available for the Interest Period of that Loan) the Interpolated Screen                Rate for that Loan; or          (c)    (if no Screen Rate is available for the Interest Period of that Loan and it is not possible to                calculate an Interpolated Screen Rate for that Loan) the arithmetic mean of the rates                (rounded upwards to four decimal places) as supplied to the Agent at its request by the                Reference Banks as the rate which the relevant Reference Bank could borrow funds in                the European interbank market,          as of (in the case of paragraphs (a) and (c) above) the Specified Time on the Quotation Day for         euro for a period equal in length to the Interest Period of the relevant Loan, and provided that (in         each case) if any such rate is below zero, EURIBOR will be deemed to be zero.          "Euro Denominated Facility" means each of Facility B3, Facility B5, the Original Revolving         Facility and any Additional Facility denominated in euro.          "Event of Default" means:                       (a)    with respect to each Facility, any event or circumstance specified as such in Clause 28                (Events of Default); and          (b)    with respect to each Revolving Facility only, a Financial Covenant Event of Default.          "Excess Cashflow" has the meaning given to that term in Clause 26.1 (Financial definitions).          "Expiry Date" means, for a Letter of Credit, the last day of its Term.          "Facility" means a Term Facility, a Revolving Facility or an Additional Facility.                       "Facility B3" means the term loan facility made available under this Agreement as described in         paragraph (a)(i) of Clause 2.1 (The Facilities).          "Facility B3 Commitment" means:                       (a)    in relation to an Original Lender of Facility B3, the amount in euro set opposite its name                under the heading "Facility B3 Commitment" in the December 2017 Allocations Table                (being, for the avoidance of any doubt, in the case of Credit Suisse International, as at the                 December  2017  Additional  Facility  Effective  Time,  a  principal  amount  equal  to                €33,227,898.43) and the amount of any other Facility B3 Commitment transferred to it    A41108799                                      - 12 -               

 

              under this Agreement or arising as a result of any redesignation    of any Facility B5                Commitment pursuant to Clause 2.5 (Redesignation of Facility B5 upon the Fungibility                Date); and          (b)    in relation to any other Lender, the amount in euro of any Facility B3 Commitment                transferred to it under this Agreement and the amount of any other Facility B3 Commitment                transferred to it under this Agreement or arising as a result of any redesignation of any                Facility B5 Commitment pursuant to Clause 2.5 (Redesignation of Facility B5 upon the                Fungibility Date),          to the extent not cancelled, reduced or transferred by it under this Agreement.                       "Facility B3 Loan" means a loan made or to be made under Facility B3 or the principal amount         outstanding for the time being of that loan including:          (a)    for the avoidance of doubt, any loan deemed to have been made under Facility B3 upon                the occurrence of the December 2017 Additional Facility Effective Time pursuant to the                December 2017 Amendment and Restatement Agreement; and          (b)    as made or increased (or deemed to have been made or increased) as a result of the                operation of Clause 2.5 (Redesignation of Facility B5 upon the Fungibility Date)).          "Facility B4" means the term loan facility made available under this Agreement as described in         paragraph (a)(ii) of Clause 2.1 (The Facilities).          "Facility B4 Commitment" means:                       (a)    in relation to an Original Lender of Facility B4, the amount in US$ set opposite its name                under the heading "Facility B4 Commitment" in the December 2017 Allocations Table                (being, for the avoidance of any doubt, in the case of Credit Suisse International, as at the                December 2017 Additional Facility Effective Time, a principal amount equal to                US$96,312,164.29) and the amount of any other Facility B4 Commitment transferred to it                under this Agreement or arising as a result of any redesignation of any Facility B6                Commitment pursuant to Clause 2.6 (Redesignation of Facility B6 upon the Fungibility                Date) or Facility B7 Commitment pursuant to Clause 2.7 (Redesignation of Facility B7                upon the Facility B7 Fungibility Date); and          (b)    in relation to any other Lender, the amount in US$ of any Facility B4 Commitment                transferred to it under this Agreement and the amount of any other Facility B4 Commitment                transferred to it under this Agreement or arising as a result of any redesignation of any                Facility B6 Commitment pursuant to Clause 2.6 (Redesignation of Facility B6 upon the                Fungibility Date) or Facility B7 Commitment pursuant to Clause 2.7 (Redesignation of                Facility B7 upon the Facility B7 Fungibility Date),          to the extent not cancelled, reduced or transferred by it under this Agreement.                       "Facility B4 Loan" means a loan made or to be made under Facility B4 or the principal amount         outstanding for the time being of that loan including:         (a)      for the avoidance of doubt, any loan deemed to have been made under Facility B4 upon                 the occurrence of the December 2017 Additional Facility Effective Time pursuant to the                 December 2017 Amendment and Restatement Agreement; and    A41108799                                      - 13 -               

 

      (b)      as made or increased (or deemed to have been made or increased) as a result of the                 operation of Clause 2.6 (Redesignation of Facility B6 upon the Fungibility Date) or Clause                 2.7 (Redesignation of Facility B7 upon the Facility B7 Fungibility Date).          "Facility B5" means the term loan facility made available under this Agreement as described in         paragraph (a)(iii) of Clause 2.1 (The Facilities).          "Facility B5 Commitment" means:                       (a)    in relation to an Original Lender of Facility B5, the amount in euro set opposite its name in                Part II of Schedule 1 (The Parties) and the amount of any other Facility B5 Commitment                transferred to it under this Agreement; and          (b)    in relation to any other Lender, the amount in euro of any Facility B5 Commitment                transferred to it under this Agreement,          to the extent not cancelled, reduced (including as a result of any redesignation of any Facility B5         Commitment as a Facility B3 Commitment pursuant to Clause 2.5 (Redesignation of Facility B5         upon the Fungibility Date)) or transferred by it under this Agreement.          "Facility B5 Loan" means a loan made or to be made under Facility B5 or the principal amount         outstanding for the time being of that loan (subject to the operation of Clause 2.5 (Redesignation         of Facility B5 upon the Fungibility Date).          "Facility B6" means the term loan facility made available under this Agreement as described in         paragraph (a)(iv) of Clause 2.1 (The Facilities).          "Facility B6 Commitment" means:                       (a)    in relation to an Original Lender of Facility B6, the amount in US$ set opposite its name in                Part II of Schedule 1 (The Parties) and the amount of any other Facility B6 Commitment                transferred to it under this Agreement; and          (b)    in relation to any other Lender, the amount in US$ of any Facility B6 Commitment                transferred to it under this Agreement,          to the extent not cancelled, reduced (including as a result of any redesignation of any Facility B6         Commitment as a Facility B4 Commitment pursuant to Clause 2.6 (Redesignation of Facility B6         upon the Fungibility Date)) or transferred by it under this Agreement.          "Facility B6 Loan" means a loan made or to be made under Facility B6 or the principal amount         outstanding for the time being of that loan (subject to the operation of Clause 2.6 (Redesignation         of Facility B6 upon the Fungibility Date)).          "Facility B7" means the term loan facility made available under this Agreement as described in         paragraph (a)(v) of Clause 2.1 (The Facilities).          "Facility B7 Commitment" means:                       (a)    in relation to an Original Lender of Facility B7, the amount in US$ set opposite its name in                Part II of Schedule 1 (The Parties) and the amount of any other Facility B7 Commitment                transferred to it under this Agreement; and          (b)    in relation to any other Lender, the amount in US$ of any Facility B7 Commitment                transferred to it under this Agreement,    A41108799                                      - 14 -               

 

       to the extent not cancelled, reduced (including as a result of any redesignation of any Facility B7         Commitment as a Facility B4 Commitment pursuant to Clause 2.7 (Redesignation of Facility B7         upon the Facility B7 Fungibility Date)) or transferred by it under this Agreement.          "Facility B7 Fungibility Date" means, in relation to Facility B7, the last day of the then current         Interest Period for the Facility B4 Loan as at the last day of the Availability Period for Facility B7         (or such later date as Listco and the Agent may agree), provided that, for the avoidance of any         doubt, no Facility B7 Fungibility Date will occur in respect of Facility B7 if that Facility is not utilised         during its Availability Period.          "Facility B7 Loan" means a loan made or to be made under Facility B7 or the principal amount         outstanding for the time being of that loan (subject to the operation of Clause 2.7 (Redesignation         of Facility B7 upon the Facility B7 Fungibility Date)).          "Facility Office" means the office or offices notified by a Lender or the Issuing Bank to the Agent         in writing on or before the date it becomes a Lender or the Issuing Bank (or, following that date,         by not less than five Business Days' written notice) as the office or offices through which it will         perform its obligations under this Agreement.          "FATCA" means:                       (a)    sections 1471 to 1474 of the Code, any associated regulations and other official guidance;          (b)    any treaty, law, regulation or other official guidance enacted in any other jurisdiction, or                relating to an intergovernmental agreement between the United States and any other                jurisdiction, which (in either case) facilitates the implementation of any law or regulation or                official guidance referred to in paragraph (a) above; and          (c)    any agreement pursuant to the implementation of paragraphs (a) or (b) above with the                United States Internal Revenue Service, the government of the United States or any                governmental or taxation authority in any other jurisdiction.          "FATCA Application Date" means:                       (a)    in relation to a "withholdable payment" described in section 1473(1)(A)(i) of the Code                (which relates to payments of interest and certain other payments from sources within the                United States), 1 July 2014;          (b)    in relation to a "withholdable payment" described in section 1473(1)(A)(ii) of the Code                (which relates to "gross proceeds" from the disposition of property of a type that can                produce interest from sources within the United States), 1 January 2019; or          (c)    in relation to a "passthru payment" described in section 1471(d)(7) of the Code not  falling                within paragraphs (a) or (b) above, 1 January 2019,          or, in each case, such other date from which such payment may become subject to a deduction         or withholding required by FATCA after the date of this Agreement.          "FATCA Deduction" means a deduction or withholding from a payment under a Finance         Document required by FATCA.    A41108799                                      - 15 -               

 

       "FATCA Exempt Party" means a Party that is entitled to receive payments free from any FATCA         Deduction.          "Federal Reserve Board" means the Board of Governors of the Federal Reserve System of the         United States (or any successor thereto).          "Fee Letter" means:                       (a)    any letter or letters between:                              (i)      the Agent and Listco; or                              (ii)     the Security Agent and Listco,                              setting out any of the fees referred to in Clause 17 (Fees); and                       (b)    any other agreement setting out fees referred to in Clause 17.4 (Fees payable in respect                of Letters of Credit) or Clause 17.5 (Interest, commission and fees on Ancillary Facilities).          "Finance Document" means this Agreement, any Accession Letter, any Lender Accession Notice,         any Additional Facility Document, any Additional Facility Notice (including for the avoidance of         doubt, the Additional Facility Notice in respect of Facility B3, Facility B4, Facility B5, Facility B6         and Facility B7), any Ancillary Document, any Compliance Certificate, any Fee Letter, each         Mandate Document, the Intercreditor Agreement, any Resignation Letter, any Selection Notice,         any Transaction Security Document, any Utilisation Request, the April 2017 Amendment and         Restatement Agreement, the December 2017 Amendment and Restatement Agreement, the 2018         Amendment and Restatement Agreement and any other document designated as a "Finance         Document" by the Agent and Listco.          "Finance Party" means the Agent, the Arrangers, the Security Agent, a Lender, the Issuing Bank         or any Ancillary Lender.          "Financial Covenant Event of Default" means, subject to paragraph (d) of Clause 26.3 (Financial         testing) and paragraph (f) of Clause 1.2 (Construction), any requirement of Clause         26.2 (Financial condition) is not satisfied.                       "Financial Indebtedness" means, at any time, Borrowings together with:                       (a)    indebtedness owed by one member of the Group to another member of the Group;                       (b)    for the purposes of Clause 28.4 (Cross default) only, indebtedness arising under derivative                transactions (taking into account only the marked to market value of any net payments);                and          (c)    indebtedness arising under any agreements in relation to Subordinated Debt.          "Financial Quarter" has the meaning given to that term in Clause 26.1 (Financial definitions).          "Financial Year" has the meaning given to that term in Clause 26.1 (Financial definitions).          "Finco" means Nomad Foods Europe Finco Limited, a company incorporated in England and         Wales with registered number 5879462, which is a wholly-owned subsidiary of Holdco.    A41108799                                      - 16 -               

 

       "Findus Italy" means C.S.I. - Compagnia Surgelati Italiana S.p.A., a company incorporated in Italy         with Fiscal Code 07015700961 and whose registered office is at Roma (RO), via Caterina Troiani         75, Italy.          "Fraudulent Transfer Law" means any applicable US Bankruptcy Law or any applicable US state         fraudulent transfer or conveyance law.          "Funds Flow Statement" means a funds flow statement (included sources and uses) in the         agreed form.          "Fungibility Date" means:                       (a)    in relation to Facility B5, the last day of the then current Interest Period for the Facility B3                Loan as at the last day of the Availability Period for Facility B5; and          (b)    in relation to Facility B6, the last day of the then current Interest Period for the Facility B4                Loan as at the last day of the Availability Period for Facility B6,          provided that, for the avoidance of any doubt, no Fungibility Date will occur in respect of Facility         B5 or, as applicable, Facility B6 if that Facility is not utilised during its Availability Period.          "German Additional Obligor" means an Additional Obligor incorporated in Germany.          "German Borrower" means a Borrower incorporated in Germany.          "German Obligor" means an Obligor incorporated in Germany.                       "German Property" means the automated cold storage warehouse in which UBG Vermietungs         GmbH & Co. OHG has a freehold interest at Aeckern 4, 48734 Reken, Germany.          "Group" means Listco and each of its Subsidiaries for the time being.                       "Group Structure Chart" means the group structure chart in the agreed form relating to the         Group as delivered to the Agent pursuant to Clause 4.1 (Conditions precedent).          "Guarantor" means an Original Guarantor or an Additional Guarantor, unless it has ceased to be         a Guarantor in accordance with Clause 31 (Changes to the Obligors).          "Guarantor Company" means any member of the Group which is (or which is required to         become) a Guarantor.          "Guarantor Coverage" has the meaning it is given in Clause 27.29 (Guarantors).          "Hedging Agreement" has the meaning given to it in the Intercreditor Agreement.          "Holdco" means Nomad Foods Europe Holdco Limited, a company incorporated in England and         Wales with registered number 5879245, which is a wholly-owned subsidiary of Topco.          "Holding Company" means, in relation to a company or corporation, any other company or         corporation in respect of which it is a Subsidiary.          "IFRS" means international accounting standards within the meaning of the IAS Regulation         1606/2002 to the extent applicable to the relevant financial statements.          "Information Memorandum" means the information memorandum dated April 2017 prepared in         connection with the April 2017 Amendment and Restatement Agreement.          "Intellectual Property" means:    A41108799                                      - 17 -               

 

       (a)    any patents, trademarks, service marks, designs, business names, copyrights, design                rights, moral rights, inventions, confidential information, knowhow and other intellectual                property rights and interests, whether registered or unregistered; and          (b)    the benefit of all applications and rights to use such assets of each member of the Group.          "Intercreditor Agreement" means the intercreditor agreement originally dated on 3 July 2014 as         amended pursuant to the April 2017 Amendment and Restatement Agreement, between, among         others, Listco, Midco, Luxco, the US Co-Borrower and the Security Agent.          "Interest Period" means, in relation to a Loan, each period determined in accordance with Clause         15 (Interest Periods) and, in relation to an Unpaid Sum, each period determined in accordance         with Clause 14.3 (Default interest).          "Interpolated Screen Rate" means, in relation to EURIBOR or LIBOR for any Loan, the rate which         results from interpolating on a linear basis between:          (a)    the applicable Screen Rate for the longest period for which that Screen Rate is available                which is less than the Interest Period of that Loan; and          (b)    the applicable Screen Rate for the shortest period for which that Screen Rate is                available which exceeds the Interest Period of that Loan,          each as of the Specified Time on the Quotation Day for the currency of that Loan.                       "Intra-Group Loans" means the loans made by one member of the Group to another member of         the Group.          "Issuing Bank" means any Lender which has notified the Agent that it has agreed to Listco's         request to be an Issuing Bank pursuant to the terms of this Agreement (and, if more than one         Lender has so agreed, such Lenders shall be referred to whether acting individually or together         as the "Issuing Bank"), provided that, in respect of a Letter of Credit issued or to be issued         pursuant to the terms of this Agreement, the "Issuing Bank" shall be the Issuing Bank which has         issued or agreed to issue that Letter of Credit.          "ITA" means the Income Tax Act 2007.                       "Italian Civil Code" means the Italian civil code, enacted by Royal Decree No. 262 of 16 March         1942, as subsequently amended and supplemented.          "Joint Venture" means any joint venture entity, whether a company, unincorporated firm,         undertaking, association, joint venture or partnership or any other entity.          "L/C Proportion" means, in relation to a Lender in respect of any Letter of Credit, the proportion         (expressed as a percentage) borne by that Lender's Available Commitment under the relevant         Revolving Facility to the relevant Available Facility under   the relevant Revolving Facility         immediately prior to the issue of that Letter of Credit, adjusted to reflect any assignment or transfer         under this Agreement to or by that Lender.          "Legal Reservations" means:                       (a)    the principle that equitable remedies may be granted or refused at the discretion of a                court, the principle of reasonableness and fairness and the limitation of enforcement by    A41108799                                      - 18 -               

 

              laws relating to bankruptcy, insolvency, liquidation, reorganisation, court schemes,                moratoria, administration and other laws generally affecting the rights of creditors;          (b)    the time barring of claims under applicable limitation laws (including the Limitation Acts),                the possibility that an undertaking to assume liability for or indemnify a person against                non-payment of stamp duty may be void and defences of set-off or counterclaim;          (c)    similar principles, rights and defences under the laws of any Relevant Jurisdiction; and                       (d)    any other general principles or matters which are set out as to matters of law in the legal                opinions delivered to the Agent under Part I of Schedule 2 (December 2017 Conditions                Precedent and Conditions Subsequent) and Part II of Schedule 2 (2018 Conditions                Precedent and Conditions Subsequent).          "Lender" means:                       (a)    any Original Lender;                       (b)    any bank, financial institution, trust, fund or other entity which has become a Party in                accordance with Clause 29 (Changes to the Lenders); and          (c)    upon their accession to this Agreement and the Intercreditor Agreement, any Additional                Facility Lender,          which in each case has not ceased to be a Party in accordance with the terms of this         Agreement.          "Lender Accession Notice" means a notice substantially in the form set out in Schedule 13         (Form of Lender Accession Notice) or any other form agreed by the Agent and Listco.          "Letter of Credit" means:                       (a)    a letter of credit, substantially in the form set out in Schedule 10 (Form of Letter of Credit)                or in any other form requested by a Revolving Facility Borrower (or Listco on its behalf)                and agreed by the Agent and the Issuing Bank; or          (b)    any guarantee, indemnity or other instrument in a form requested by a Revolving Facility                Borrower (or Listco on its behalf) and agreed by the Agent and the Issuing Bank.          "LIBOR" means, in relation to any Loan:                       (a)    the applicable Screen Rate; or                       (b)    (if no Screen Rate is available for the currency or Interest Period of that Loan) the                Interpolated Screen Rate for that Loan; or          (c)    (if no Screen Rate is available for the currency or Interest Period of that Loan and it is not                possible to calculate an Interpolated Screen Rate for that Loan) the arithmetic mean of the                rates (rounded upwards to four decimal places) as supplied to the Agent at its request by                the Reference Banks as the rate at which the relevant Reference Bank could borrow funds                in the London interbank market,          as of (in the case of paragraphs (a) and (c) above) the Specified Time on the Quotation Day for         the offering of deposits in the currency of that Loan and for a period equal in length to the    A41108799                                      - 19 -               

 

       Interest Period for that Loan, and provided that (in each case) if any such rate is below zero,         LIBOR will be deemed to be zero.          "Listco Affiliate" means any Affiliates of Listco (excluding any member of the Group).          "LMA" means the Loan Market Association.          "Loan" means a Term Loan or a Revolving Facility Loan.                       "Local Facilities" means current account, overdraft, letter of credit, foreign exchange and SWIFT         and BACS facilities made available to a member of the Group together with any guarantee given         by another member of the Group in respect of any Borrowing thereunder.          "LTM  EBITDA" means Consolidated EBITDA as stated in the most recent Compliance Certificate,         calculated in accordance with Clause 26.3 (Financial testing).          "Majority Lenders" means:                       (a)    (for the purposes of paragraph (a) of Clause 41.1 (Required consents), in the context of a                waiver in relation to a proposed Utilisation under a Facility) of the condition in Clause                4.1 (Conditions precedent)), a Lender or Lenders whose Available Commitments with                                                                    2               respect to the relevant Facility aggregate more than 66 /3 per cent. of the Available Facility;                and                                                                                                     2        (b)    (in any other case), a Lender or Lenders whose Commitments aggregate more than 66    /3                per cent. of the Total Commitments (or, if the Total Commitments have been reduced to                                              2               zero, aggregated more than 66  /3 per cent. of the Total Commitments immediately prior to                that reduction).          "Majority RCF Lenders" means a Revolving Facility Lender or Revolving Facility Lenders whose         Revolving Facility Commitments aggregate more than 662⁄3 per cent. of the Total Revolving Facility         Commitments   (or, if the Total Revolving Facility Commitments have been reduced to zero,         aggregated more than 662⁄3 per cent. of the   Total Revolving Facility Commitments immediately         prior to that reduction).          "Mandate Documents" means:                       (a)    the mandate letter between, among others, each of the Arrangers (or their Affiliates) and                Listco dated 6 April 2017;          (b)    the bond engagement letter between, among others, each of the Arrangers (or their                Affiliates) and Listco dated 6 April 2017;          (c)    the mandate letter between, among others, each of the Arrangers (or their Affiliates) and                Listco dated 4 December 2017;          (d)    the mandate letter between, among others, the Arrangers (or their Affiliates) and Listco                dated 5 June 2018;          (e)    each other mandate document entered into in connection with the above letters and                designated a Mandate Document by Listco and the Arrangers (or their Affiliates); and          (f)    any other mandate and/or fee letter relating to any Additional Facility designated a                Mandate Document by Listco and the relevant arrangers of that Additional Facility.    A41108799                                      - 20 -               

 

       "Mandatory Prepayment Account" means an interest-bearing account:                       (a)    held by a Borrower with the Agent, the Security Agent or any Acceptable Bank;                       (b)    identified in a letter between Midco and the Agent as a Mandatory Prepayment Account;                       (c)    subject to Security in favour of the Security Agent which Security is in form and                substance satisfactory to the Agent and Security Agent; and          (d)    from which no withdrawals may be made by any members of the Group except as                contemplated by this Agreement,          as the same may be redesignated, substituted or replaced from time to time.          "Margin" means:          (a)    in relation to any Facility B3 Loan, 2.75 per cent. per annum;                       (b)    in relation to any Facility B4 Loan, 2.25 per cent. per annum;                       (c)    in relation to any Facility B5 Loan, the per cent. per annum rate referred to in paragraph                (a) above;                       (d)    in relation to any Facility B6 Loan, the per cent. per annum rate referred to in paragraph                (b) above;                       (e)    in relation to any Facility B7 Loan, the per cent. per annum rate referred to in paragraph                (b) above;                       (f)    in relation to any Original Revolving Facility Loan, 2.75 per cent. per annum;                       (g)    in relation to any Additional Facility, the percentage rate per annum as set out in the                Additional Facility Notice relating to that Additional Facility;          (h)    in relation to any Unpaid Sum relating or referable to a Facility, the rate per annum                specified above for that Facility; and          (i)    in relation to any other Unpaid Sum, the highest rate specified above.          "Margin Stock" means "margin stock" as defined in Regulation U.          "Material Adverse Effect" means a material adverse effect on:                       (a)    the consolidated business, assets or financial condition of the Group taken as a whole                such that the Group taken as a whole would be reasonably likely to be unable to perform                its payment obligations under any of the Finance Documents; or          (b)    subject to the Legal Reservations and the Perfection Requirements, the validity or                enforceability of any Security granted pursuant to any of the Finance Documents in any                way which is materially adverse to the interests of the Lenders under the Finance                Documents  taken  as  a  whole,  and,  if  capable  of  remedy,   not  remedied  within    20                Business Days of Listco becoming aware of the issue or being given notice of the issue                by the Agent.          "Material Company" means, at any time:                       (a)    an Obligor;    A41108799                                      - 21 -               

 

       (b)    each Nomad Holdco; or                       (c)    any other member of the Group which:                              (i)    is listed in Schedule 11 (Material Companies) while such member of the Group                       satisfies the criteria in paragraph (ii) below; or                 (ii)   has earnings before interest, tax, depreciation and amortisation calculated on the                       same basis as Consolidated EBITDA, representing 5 per cent. or more of                       Consolidated EBITDA, or has total assets (calculated on the same basis as Total                       Assets), representing 5 per cent. or more of the Total    Assets of the Group,                       calculated on a consolidated basis.          Compliance with the conditions set out in paragraph (b)(ii) above shall be determined by reference         to the most recent Compliance Certificate and/or the latest audited financial statements of that         Subsidiary (consolidated in the case of a Subsidiary which itself has Subsidiaries) and the latest         audited consolidated financial statements of the Group (or, if such audited financial statements         are not available or required by law, such other appropriate accounts as Listco and the Agent shall         agree).          However, if a Subsidiary has been acquired since the date as at which the latest audited         consolidated financial statements of the Group were prepared, the financial statements shall be         deemed to be adjusted as set out in paragraph (c) of Clause 26.3 (Financial testing) in order to         take into account the acquisition of that Subsidiary.          A report by the Auditors of Listco that a Subsidiary is or is not a Material Company shall, in the         absence of manifest error, be conclusive and binding on all Parties.          "Month" means a period starting on one day in a calendar month and ending on the numerically         corresponding day in the next calendar month, except that:          (a)    (subject to paragraph (c) below) if the numerically corresponding day is not a Business                Day, that period shall end on the next Business Day in that calendar month in which that                period is to end if there is one, or, if there is not, on the immediately preceding Business                Day;          (b)    if there is no numerically corresponding day in the calendar month in which that period is                to end, that period shall end on the last Business Day in that calendar month; and          (c)    if an Interest Period begins on the last Business Day of a calendar month, that Interest                Period shall end on the last Business Day in the calendar month in which that Interest                Period is to end.          The above rules will only apply to the last month of any period. "Monthly" shall be construed         accordingly.          "Net Proceeds" means the cash proceeds received by any member of the Group after the Closing         Date (and, if the recipient is not a wholly-owned Subsidiary of a member of the Group, the         proceeds proportionate to the interest held by the Group in the recipient) in connection with any         disposal or insurance claim, after deducting:    A41108799                                      - 22 -               

 

       (a)    fees, costs and expenses incurred by any member of the Group with respect to that                disposal or claim to persons who are not members of the Group (including, without                limitation, bonus payments to management of the disposed business);          (b)    any  Tax incurred and required to be paid or reserved for by the seller or claimant in                connection with that disposal or claim (as reasonably determined by the seller or claimant)                or the transfer of the proceeds thereof intra-Group;          (c)    amounts retained to cover anticipated liabilities reasonably expected to arise in connection                with the disposal; and          (d)    costs of closure, relocation, reorganisation and restructuring, and costs incurred preparing                the asset for disposal.          "New Debt Financing" has the meaning given to such term in the Intercreditor Agreement.                       "New Equity" means (a) a subscription for shares in Listco by any of its shareholders or (b) any         other form of equity contribution to Listco from any of its shareholders which, in each case, is not         redeemable prior to the latest Termination Date for each of the Facilities.          "Nomad Holdco" means each of Listco, Topco, Holdco, Finco, Midco, Bondco, Bidco, Luxco  and         the US Co-Borrower.          "Obligor" means a Borrower or a Guarantor.                       "Obligors' Agent" means Listco, appointed to act on behalf of each Obligor in relation to the         Finance Documents pursuant to Clause 2.3 (Obligors' Agent).          "Optional Currency" means, in relation to a Revolving Facility Utilisation, a currency (other than         the Base Currency) which complies with the conditions set out in Clause 4.2 (Conditions relating         to Optional Currencies).          "Original Facilities" means the Facilities other than any Additional Facility.                       "Original Financial Statements" means the most recent audited annual consolidated financial         statements of the Group as delivered to the Agent pursuant to Clause 4.1 (Conditions precedent).          "Original Obligor" means an Original Borrower or an Original Guarantor.                       "Original Revolving Facility" means the revolving credit facility made available under this         agreement as described in paragraph (a)(vi) of Clause 2.1 (The Facilities).          "Original Revolving Facility Lender" means a Lender which has an Original Revolving Facility         Commitment.          "Original Revolving Facility Loan" means a loan made or to be made under the Original         Revolving Facility or the principal amount outstanding for the time being of that loan.          "Original Revolving Facility Borrower" means a Borrower listed in Part I of Schedule 1 (The         Parties) as a Revolving Facility Borrower.          "Original Revolving Facility Commitment" means:                       (a)    in relation to an Original Lender, the amount in the Base Currency set opposite its name                under the heading "Original Revolving Facility Commitment" in the April 2017 Allocations    A41108799                                      - 23 -               

 

              Table and the amount of any other Original Revolving Facility Commitment transferred to                it under this Agreement; and          (b)    in relation to any other Lender, the amount in the Base Currency of any Original                Revolving Facility Commitment transferred to it under this Agreement,          to the extent not transferred by it, cancelled or reduced under this Agreement.                       "Original Senior Facilities Agreement" has the meaning given to the term "Original Facilities         Agreement" in the 2018 Amendment and Restatement Agreement.          "Original Senior Secured Notes" has the meaning given to that term in the Intercreditor         Agreement.          "Original Term Facility Borrower" means a Borrower listed in Part I of Schedule 1 (The          Parties) as a Term Facilities Borrower.          "Pari Passu Debt Loan" has the meaning given to that term in the Intercreditor Agreement.                       "Participating Member State" means any member state of the European Union that adopts or         has adopted, and in each case continues to adopt, the euro as its lawful currency in accordance         with legislation of the European Union relating to Economic and Monetary Union.          "Party" means a party to this Agreement.                       "Perfection Requirements" means the making or the procuring of the appropriate registrations,         filings, endorsements, notarisations, stampings and/or notifications of the Transaction Security         Documents and/or the Transaction Security created thereunder in order to perfect the Transaction         Security.          "Permitted Acquisition" means:                       (a)    an acquisition by a member of the Group of an asset sold, leased, transferred or otherwise                disposed of by another member of the Group in circumstances constituting a Permitted                Disposal or a Permitted Transaction;          (b)    an acquisition of securities which are Cash Equivalent Investments;                       (c)    the acquisition by a member of the Group (other than Listco) of the share of the other joint                venture partner under the terms of any joint venture agreement existing on the Closing                Date;          (d)    an acquisition (not being an acquisition by Listco) of (A) the issued share capital of a                limited liability company provided that following such acquisition the Group shall own more                than fifty (50) per cent. of such shares, or (B) any business or undertaking (or part thereof)                provided that following such acquisition the Group shall own the majority of such business                or undertaking but only if:                 (i)    no Event of Default is continuing on the acquisition contract date for the acquisition                       or would occur as at the acquisition contract date as a result of the acquisition;                 (ii)   following the completion of such acquisition, the target entity and its Subsidiaries                       become members of the Group or (as the case may be) the relevant business or                       undertaking is acquired by a member or members of the Group;    A41108799                                      - 24 -               

 

              (iii)  the business of the target and its Subsidiaries or the relevant acquired business or                       undertaking (as the case may be) is similar, complementary or related to    the                       business of the Group; and                 (iv)   the target entity and its Subsidiaries or (as the case may be) the relevant acquired                       business or undertaking is not incorporated in and does not carry on any of its                       business or operations in a Sanctioned Country; or          (e)    the acquisition of the issued share capital of a limited liability company (including by way                of formation) which has not traded prior to the date of the acquisition.          "Permitted Disposal" means any sale, lease, licence, transfer or other disposal which, except in         the case of paragraph (b) below, is on arm's length terms and which is:          (a)    of trading assets made by any member of the Group in the ordinary course of trading of                the disposing entity;          (b)    of any asset by a member of the Group (the "Disposing Company") to another member                of the Group (the "Acquiring Company"), but, if the Disposing Company is a Guarantor,                the Acquiring Company must also be a Guarantor and if the Disposing Company has given                Security over the asset the Acquiring Company must, subject to the Security Principles,                give equivalent Security over the asset;          (c)    of any asset from an Obligor to a member of the Group which is not an Obligor, provided                that the aggregate amount transferred by all Obligors (net of the value of any assets                transferred from a member of the Group which is not an Obligor to an Obligor) does not                exceed at any time EUR 50,000,000 or its equivalent;          (d)    of assets (other than shares, businesses or intellectual property) in exchange for other                assets reasonably comparable or superior as to type or quality for use in the business;          (e)    of assets (other than shares in any member of the Group) which are obsolete or which are                no longer required for the relevant person's business or operations (including, for the                avoidance of any doubt, any Intellectual Property which Listco determines is no longer                required for the business or operations of the Group);          (f)    of Cash or Cash Equivalent Investments;                       (g)    constituted by a licence of Intellectual Property;                       (h)    to a Joint Venture, to the extent permitted by Clause 27.8 (Joint Ventures);                       (i)    of assets compulsorily acquired by any governmental authority;                       (j)    a lease or licence of Real Property in the ordinary course of business;                       (k)    of the German Property, provided that the German Property must be leased back to the                Group on terms to be agreed immediately upon disposal;          (l)    arising as a result of any Permitted Security (including by way of release of proceeds from                any escrow or similar arrangements relating to any Senior Secured Creditor Liabilities (as                defined in the Intercreditor Agreement) or Second Lien Debt Liabilities (as defined in the                Intercreditor Agreement)) or Permitted Transaction;    A41108799                                      - 25 -               

 

       (m)    of fixed assets where the proceeds of disposal are used within 12 Months of that disposal                to purchase replacement fixed assets comparable or superior as to type, value and quality;          (n)    of any asset pursuant to a contractual arrangement existing as at the Closing Date;                       (o)    of receivables for cash payable on or about the time of disposal on a non-recourse basis                (other than customary warranties as to title); or          (p)    of assets for cash where the net consideration receivable (when aggregated with the net                consideration receivable for any other sale, lease, licence, transfer or other disposal not                allowed under the preceding paragraphs) does not exceed the higher of (i) EUR                100,000,000 (or its equivalent) and (ii) 30 per cent. of LTM EBITDA in any Financial Year                of Listco.          "Permitted Financial Indebtedness" means Financial Indebtedness:                       (a)    constituting the Original Senior Secured Notes, or arising under any of the Finance                Documents or otherwise to the extent permitted under Clause 2.4 (Additional Facilities) or                arising under any agreements in relation to Subordinated Debt, in each case provided that                the relevant creditor (or representative thereof) is a party to the Intercreditor Agreement in                such capacity, and subject always to the terms of this Agreement and the Intercreditor                Agreement;          (b)    to the extent covered by a Letter of Credit or other letter of credit, guarantee or indemnity                issued under an Ancillary Facility;          (c)    arising under a foreign exchange transaction for spot or forward delivery entered into in                connection with protection against fluctuation in currency or interest rates and not for                investment or speculative purposes;          (d)    arising under a Permitted Loan, Permitted Guarantee, Permitted Transaction or Permitted                Joint Venture;          (e)    of any person acquired by a member of the Group after the Closing Date which is incurred                under arrangements in existence at the date of acquisition, but not incurred or the principal                amount increased (otherwise than by capitalisation of interest) or its maturity date                extended in contemplation of, or since, that acquisition (any such Financial Indebtedness                being "Acquired Debt"), provided that, for the Relevant Period ending on the Quarter Date                falling immediately prior to the date of completion of the relevant acquisition, Debt Cover                is less than or equal to 5.25:1, with such Debt Cover calculated                (x) pro forma as if that Acquired Debt had been drawn in full at the beginning of such                Relevant Period; (y) pro forma for the relevant acquisition, as if such acquisition had                occurred at the beginning of such Relevant Period and after taking into account (as                applicable) any Pro Forma Adjustment in relation to such acquisition and for such Relevant                Period; and (z) pro forma for any Permitted Payment in the period following such Quarter                Date, in each case, as confirmed by a certificate from Listco containing the relevant                calculations;          (f)    under finance or capital leases of vehicles, plant, equipment or computers, provided that                the aggregate capital value of all such items so leased under outstanding leases by    A41108799                                      - 26 -               

 

              members of the Group does not exceed the higher of (i) EUR 50,000,000 (or its                equivalent) and (ii) 15 per cent. of LTM EBITDA at any time;          (g)    raised by the leaseback of the German Property;                       (h)    raised by the issue of redeemable shares which are either held by another member of the                Group or not redeemable at the option of their holder until after the latest Termination Date                for each of the Facilities;          (i)    raised under Local Facilities, provided that the aggregate amount of that indebtedness                does not exceed at any time EUR 35,000,000 (or its equivalent);          (j)    arising under any cash pooling or management arrangement with an Acceptable Bank;                       (k)    falling within paragraph (f) of the definition of 'Borrowings';                       (l)    arising in connection with any forward contracts for fish stock entered into in the ordinary                course of business; and          (m)    not permitted by the preceding paragraphs (although permitted to be used for any                purpose,  including any of those set out in the above paragraphs) and the outstanding                principal amount of which does not exceed the higher of (i) EUR 100,000,000 (or its                equivalent) and (ii) 2.5 per cent. of Total Assets at any time.          "Permitted Guarantee" means:                       (a)    any guarantee arising under the Finance Documents, and, provided that such guarantee                is subject to the terms of the Intercreditor Agreement, the Senior Secured Finance                Documents (as defined in the Intercreditor Agreement) and/or the Second Lien Debt                Documents (as defined in the Intercreditor Agreement);          (b)    a guarantee by a member of the Group of the obligations of an Obligor which is a member                of the Group;          (c)    a guarantee by an Obligor of the obligations of a member of the Group not being an                Obligor,  provided  that  the  aggregate   amount   guaranteed   does   not   exceed   EUR                50,000,000 or its equivalent in aggregate for all such guarantees at any time;          (d)    a guarantee by a member of the Group which is not an Obligor of the obligations of another                member of the Group which is not an Obligor;          (e)    guarantees granted by persons or undertakings acquired pursuant to a Permitted                Acquisition and existing at the time of such acquisition, provided that such guarantees are                discharged within a period of six Months after the date of the acquisition;          (f)    guarantees of Acquired Debt granted by persons or undertakings acquired pursuant to a                Permitted Acquisition and existing at the time of such acquisition;          (g)    guarantees of Permitted Transactions and Treasury Transactions not prohibited under                Clause 27.27 (Treasury Transactions);          (h)    guarantees to landlords;                       (i)    guarantees or counter-indemnities in favour of financial institutions which have                guaranteed rent obligations of a member of the Group;    A41108799                                      - 27 -               

 

       (j)    the endorsement of negotiable instruments in the ordinary course of trade;                       (k)    any guarantees guaranteeing performance by a member of the Group under any                contract entered into in the ordinary course of business;          (l)    any guarantee of a Joint Venture to the extent permitted by Clause 27.8 (Joint Ventures);                       (m)    any guarantee in respect of Permitted Financial Indebtedness (other than any Acquired                Debt);          (n)    any guarantee given in respect of the netting or set-off arrangements permitted pursuant                to paragraph (b) of the definition of 'Permitted Security';          (o)    any guarantee granted in connection with a Permitted Disposal in an amount not                exceeding the value of the asset disposed of;          (p)    any indemnity granted to the trustee of any employee share option or unit trust scheme;                       (q)    a guarantee required by applicable law to be issued to secure claims of employees in                respect of part-time work arrangements, transfer of employment relationships or similar                claims;          (r)    guarantees and counter-indemnities granted by members of the Group as required by the                Swedish PRI Pensionsgaranti; and          (s)    any guarantee not permitted by the preceding paragraphs and the outstanding principal                amount of which does not exceed the higher of (i) EUR 20,000,000 (or its equivalent) and                (ii) 5 per cent. of LTM EBITDA in aggregate for the Group at any time;          "Permitted Holding Company Activity" means:                       (a)    normal holding company activities, including (without limitation) those referred to in the                definition of 'Permitted Payments' as carried on at that level;          (b)    any Permitted Loans in respect of Permitted Joint Ventures (other than a Permitted Loan                to a Permitted Joint Venture entered by Bondco);          (c)    any Permitted Loans in respect of Permitted Payments;                       (d)    any Permitted Financial Indebtedness, Permitted Guarantee or Permitted Security (or                other liabilities incurred under the Finance Documents or falling under paragraph (a) of                the definition of 'Permitted Financial Indebtedness');          (e)    guarantees of Permitted Financial Indebtedness other than Subordinated Debt;                       (f)    the provision of management and administrative services, research and development and                marketing and the secondment of employees;          (g)    any Permitted Transaction (other than under paragraphs (d) and (g) of that definition);                       (h)    in the case of Bidco, the holding of Intellectual Property of the Group on behalf of itself                and the Group;          (i)    any Permitted Share Issue under paragraphs (b) of that definition;    A41108799                                      - 28 -               

 

       (j)    in the case of Listco, acting as a Holding Company of Topco, and in the case of each other                Nomad Holdco, acting as a Holding Company of each member of the Group of which it is                a Holding Company from time to time; and          (k)    any Permitted Acquisition (other than, in the case of Listco, Permitted Acquisitions falling                under paragraphs (c) or (d) of the definition of Permitted Acquisition);          (l)    in the case of Listco, complying with any relevant listing rules or securities laws;                       (m)    the entry into and performance of its obligations under any engagement letter, purchase                agreement, escrow agreement, indenture and/or any other document entered into in                connection with the incurrence of any Senior Secured Notes and/or any Second Lien Debt                Notes (provided that, in each case, such document, transaction and performance is not                prohibited by this Agreement or the Intercreditor Agreement).          "Permitted Joint Venture" means:                       (a)    any investment in any Joint Venture pursuant to any agreement existing on the Closing                Date (provided that the amount of such investment is not increased after the Closing Date);          (b)    any other investment (other than by Listco) in any Joint Venture the business of which is                similar, complementary or related to the business of the Group (a "Joint      Venture                Investment"), provided that:                 (i)      no member of the Group is to incur unlimited liability in respect of its involvement                         in a Joint Venture;                 (ii)     no Event of Default is continuing or would result from such investment being                         made; and                 (iii)    for the Relevant Period ending on the Quarter Date falling immediately prior to                         the date of such Joint Venture  Investment (calculated pro forma taking into                         account such Joint Venture Investment and any Financial Indebtedness incurred                         to fund such Joint Venture Investment (and, in relation to the period following the                         Closing Date but prior to the first Quarter Date to occur after Closing Date,                         calculated pro forma for the transactions occurring on the Closing Date)), Debt                         Cover does not exceed 5.25:1 (and such Debt Cover calculation shall be                         confirmed by a certificate from Listco).          "Permitted Loan" means:                       (a)    any trade credit extended by any member of the Group to its customers on normal                commercial terms and in the ordinary course of its trading activities and any advance                payment made in relation to capital expenditure in the ordinary course of business;          (b)    a loan made to a Joint Venture to the extent permitted under Clause 27.8 (Joint Ventures);          (c)    subject to the terms of the Intercreditor Agreement, any loan made for the purposes of                enabling an Obligor which is a member of the Group to meet its payment obligations under                the Finance Documents, to make a Permitted Payment, (to the extent not    A41108799                                      - 29 -               

 

              prohibited by a Finance Document) a payment under an Intra-Group Loan or to facilitate                compliance with applicable law;          (d)    a loan made by an Obligor which is a member of the Group to another Obligor which is a                member of the Group, or made by a member of the Group which is not an Obligor to                another member of the Group, provided that, in the event that a member of the Group                which is not an Obligor is a creditor in relation to Financial Indebtedness made available                to any Obligor having a value in aggregate in excess of EUR 5,000,000 (or its equivalent)                at any time, such member of the Group which is not an Obligor will accede to the                Intercreditor Agreement as an Intra-Group Lender (as such term is defined in the                Intercreditor Agreement);          (e)    any loan made by an Obligor which is a member of the Group to a member of the Group                which is not an Obligor or to a member of the Group whose shares are subject to the                Transaction Security, so long as the aggregate amount of the Financial Indebtedness                under any such loans does not exceed EUR 50,000,000 or its equivalent at any time;          (f)    a loan made by a member of the Group to an employee or director of any member of the                Group if the amount of that loan when aggregated with the amount of all loans to                employees and directors by members of the Group does not exceed EUR 5,000,000 or its                equivalent at any time;          (g)    any loans made to an employee share option scheme or unit trust scheme up to an                aggregate amount of EUR 5,000,000 or its equivalent;          (h)    any deferred consideration on Permitted Disposals;                       (i)    any loans existing on the Closing Date;                       (j)    loans which constitute Permitted Financial Indebtedness (except under paragraph (c) of                that definition); and          (k)    any loan (other than a loan made by a member of the Group to another member of the                Group) so long as the aggregate amount of the Financial Indebtedness under any such                loans does not exceed the higher of (i) EUR 20,000,000 (or its equivalent) and (ii) 5 per                cent. of LTM EBITDA at any time.          "Permitted Payment" means:                       (a)    the making of a loan, a payment of a dividend by Listco, a payment of interest on or                repayment of principal of any Subordinated Debt, or a reduction of the number of issued                shares in Listco (or any other buy-back, redemption or re-purchase by Listco of shares in                Listco or any other reduction in the number of issued shares in Listco), provided that:                 (i)    after taking into account the payment, repayment, repurchase or reduction, Debt                       Cover (calculated pro forma for the proposed dividend, payment or reduction and                       pro forma for the source of funding for such dividend, payment, repayment,                       repurchase or reduction, including, as applicable, any Financial Indebtedness                       incurred to fund such dividend, payment, repayment, repurchase or reduction                       and/or (but without double counting) any reduction in Cash) is equal to or less than                       3.75:1; and    A41108799                                      - 30 -               

 

              (ii)   no Event of Default is continuing or would arise from the relevant dividend,                       payment, repayment, repurchase or reduction being made;          (b)    the making of a loan, a payment of a dividend by Listco, a payment of interest on or                repayment of principal of any Subordinated Debt, or a reduction of the number of issued                shares in Listco (or any other buy-back, redemption or re-purchase by Listco of shares in                Listco or any other reduction in the number of issued shares in Listco), provided that:                 (i)    after taking into account the payment, repayment, repurchase or reduction, Debt                       Cover (calculated pro forma for the proposed dividend, payment, repayment,                       repurchase or reduction, including the reduction in Cash consequent on using                       Retained Cash to fund such dividend, payment, repayment, repurchase or                       reduction) is equal to or less than 4.25:1; and                 (ii)   it is funded from Retained Cash; and                              (iii)  no Event of Default is continuing or would arise from the relevant dividend,                       payment, repayment, repurchase or reduction being made;          (c)    the making of a loan, a payment of a dividend by Listco, a payment of interest on or                repayment of principal of any Subordinated Debt, or a reduction of the number of issued                shares in Listco (or any other buy-back, redemption or re-purchase by Listco of shares in                Listco or any other reduction in the share capital of Listco), provided that:                 (i)    after taking into account the payment, repayment, re-purchase or reduction, Debt                       Cover (calculated pro forma for the proposed dividend, payment, reduction,                       repayment or re-purchase, including the reduction in Cash consequent on making                       any such dividend, payment, repayment, re-purchase or reduction under this                       paragraph (c)) is equal to or less than 4.50:1;                 (ii)   it is not funded with the proceeds of any Financial Indebtedness;                              (iii)  the aggregate amount of payments by Listco under this paragraph (c) does not                       exceed EUR 100,000,000 over the life of the Facilities; and                 (iv)   no Event of Default is continuing or would arise from the relevant dividend,                       payment, repayment, re-purchase or reduction being made;          (d)    a reduction of the number of issued shares in Listco (or any other buy-back, redemption                or re-purchase by Listco of shares in Listco or any other reduction in the number of issued                shares in Listco), provided that:                 (i)    payment, repayment (in each case to the extent not otherwise restricted under a                       Finance Document), reduction or re-purchase, Debt Cover (calculated pro forma                       for the proposed payment, repayment (in each case to the extent not otherwise                       restricted under a Finance Document), reduction or re-purchase, including the                       reduction in Cash consequent on making any such payment under this  paragraph                       (d)) is equal to or less than 4.50:1;                 (ii)   it is not funded with the proceeds of any Financial Indebtedness and the aggregate                       amount of payments by Listco under this paragraph (d) does not exceed EUR                       150,000,000 over the life of the Facilities; and    A41108799                                      - 31 -               

 

              (iii)  no Event of Default is continuing or would arise from the relevant payment,                       repayment or reduction being made;          (e)    the making of a loan, a payment of a dividend, a payment of interest on or repayment of                principal of any loan (in each case) by a member of the Group to another member of the                Group or a reduction of share capital by any member of the Group (other than Listco) (or                any other buy-back or re-purchase by such member of the Group of its share capital) (in                each case to the extent not otherwise restricted under a Finance Document);          (f)    the payment of a dividend or distribution of share premium reserve or redemption,                repurchase, defeasement, retirement, repayment or reduction of its share capital by a                member of the Group (other than Listco), provided that, if such a member of the Group                is not a wholly-owned Subsidiary of its Holding Company, the dividend or distribution or                other payment attributable to its minority shareholders shall be proportionate to their                shareholding;          (g)    a payment which is a Permitted Transaction or which constitutes the issuance in-kind of                New Equity or any payment in-kind, dividend in-kind or distribution in-kind, in each case,                by Listco to any of its shareholders;          (h)    a payment to fund the purchase of any of the management equity (together with the                purchase or repayment of any related loans) and/or to make other compensation                payments to departing management; and          (i)    any payments not permitted by the preceding paragraphs, in an aggregate annual amount                not exceeding the higher of (i) EUR 10,000,000 and (ii) 3 per cent. of LTM EBITDA per                Financial Year.          "Permitted Security" means:                       (a)    any lien arising by operation of law or agreement of similar effect and in the ordinary                course of trading and, if arising as a result of any default or omission by any member of                the Group, which does not subsist for a period of more than 60 days;          (b)    any Security arising under any netting or set-off arrangement entered into by any member                of the Group in the ordinary course of its banking arrangements for the purpose of netting                debit and credit balances of members of the Group (including an Ancillary Facility which                is an overdraft comprising more than one account) but only so long as such arrangement                is not established with the primary intention of preferring any lenders;          (c)    any Security or Quasi-Security over or affecting any asset acquired by a member of the                Group after the Closing Date if:                 (i)    the Security or Quasi-Security was not created in contemplation of the acquisition                       of that asset by a member of the Group;                 (ii)   the principal amount secured has not been increased (otherwise than by a                       capitalisation of interest) in contemplation of or since the acquisition of that asset                       by a member of the Group; and                 (iii)  the Security or Quasi-Security is (i) in relation to any Acquired Debt or (ii) removed                       or discharged within six Months of the date of acquisition of such asset;    A41108799                                      - 32 -               

 

       (d)    any Security or Quasi-Security over or affecting any asset of any company which becomes                a member of the Group after the Closing Date, where the Security or Quasi- Security is                created prior to the date on which that company becomes a member of the Group if:                 (i)    the Security or Quasi-Security was not created in contemplation of the acquisition                       of that company;                 (ii)   the principal amount secured has not increased (otherwise than by a capitalisation                       of interest) in contemplation of or since the acquisition of that company; and                 (iii)  the Security or Quasi-Security is (i) in relation to any Acquired Debt or (ii) removed                       or discharged within six Months of that company becoming a member  of the                       Group;          (e)    any Security arising under any retention of title, hire purchase or conditional sale                arrangement   or arrangements having similar effect in respect of goods supplied to a                member of the Group in the ordinary course of business and, unless disputed in good                faith, not arising as a result of any default or omission by any member of the Group that is                continuing for a period of more than 60 days;          (f)    any Security or Quasi-Security arising in connection with a disposal which is a Permitted                Disposal or arising in connection with a Permitted Acquisition;          (g)    any Security or Quasi-Security arising as a consequence of any finance lease permitted                pursuant to paragraph (f) of the definition of 'Permitted Financial Indebtedness';          (h)    any Security under netting or set-off arrangements under Treasury Transactions not                prohibited under Clause 27.27 (Treasury Transactions);          (i)    any Security arising as a result of legal proceedings discharged within 30 days or                otherwise contested in good faith (and not otherwise constituting an Event of Default);          (j)    any Transaction Security (provided that such Security is subject to the terms of the                Intercreditor Agreement), including cash collateral to secure obligations under the Finance                Documents, and any Security arising in connection with any escrow or similar                arrangements relating to any Senior Secured Creditor Liabilities (as defined in the                Intercreditor Agreement) or Second Lien Debt Liabilities (as defined in the Intercreditor                Agreement);          (k)    any Security over any rental deposits in respect of any property leased or licensed by a                member of the Group in respect of amounts representing not more than 12 Months' rent                for that property;          (l)    any Security over documents of title and goods as part of a documentary credit transaction                entered into in the ordinary course of business;          (m)    any Security granted by a member of the Group not being an Obligor to a financial                institution as part of the arrangements with that institution to provide Local Facilities to that                member of the Group in an amount not exceeding in aggregate EUR 5,000,000 or its                equivalent for all such members of the Group at any time;    A41108799                                      - 33 -               

 

       (n)    any Security over shares in Joint Ventures to secure obligations to the other joint venture                partners;          (o)    any Security over bank accounts in favour of the account holding bank and granted as                part of that financial institution's standard terms and conditions;          (p)    any Security which does not secure any outstanding actual or contingent obligation;                       (q)    any Security arising by operation of law in respect of taxes being contested in good faith;                       (r)    any Security required to be created by applicable law to secure claims of employees in                respect of part-time work arrangements;          (s)    any rights of way, pre-emption rights, land charges of owners and similar rights relating to                land or buildings and not securing Financial Indebtedness;          (t)    any Security granted by members of the Group incorporated in Sweden in favour of, and                as required by, the Swedish PRI Pensionsgaranti;          (u)    any Security securing indebtedness, the outstanding principal amount of which (when                aggregated with the outstanding principal amount of any other indebtedness which has                the benefit of Security given by any member of the Group other than any permitted under                the preceding paragraphs) does not exceed the higher of (i) EUR 50,000,000 (or its                equivalent) and (ii) 15 per cent. of LTM EBITDA at any time; or          (v)    cash collateral (including, without limitation, cash in blocked accounts) to secure the                obligations of any member of the Group arising under any letter of credit or similar                instrument issued at the request of any such member of the Group.          "Permitted Share Issue" means an issue of:                       (a)    New Equity;                       (b)    shares by a member of the Group (other than Listco) which is a Subsidiary to its immediate                Holding Company or to another member of the Group or to a minority shareholder                proportionate to its existing holding where (if the existing shares of the Subsidiary are the                subject of the Transaction Security) the newly issued shares (to the extent held by a                member of the Group) also become subject to the Transaction Security on the same terms;          (c)    shares to a member of the Group pursuant to a Permitted Acquisition;                       (d)    shares where the issue constitutes a Permitted Transaction; or                       (e)    shares where the issuance is part of a Permitted Joint Venture.          "Permitted Transaction" means:          (a)    any disposal required, Financial Indebtedness incurred, guarantee, indemnity or Security                or Quasi-Security given, or other transaction arising under the Finance Documents;          (b)    the solvent liquidation or reorganisation of any member of the Group which is not an                Obligor so long as any payments or assets distributed as a result of such liquidation or                reorganisation are distributed to other members of the Group;    A41108799                                      - 34 -               

 

       (c)    unless an Event of Default is then outstanding, a reorganisation on a solvent basis of an                Obligor (other than any Nomad Holdco or a Borrower) where:                 (i)    all of the business, assets or shares of that member remain within the Group and                       the value or percentage of any minority interest in any member of the Group held                       by any person which is not a member of the Group is not increased; and                 (ii)   if the assets or the shares in it were subject to the Transaction Security immediately                       prior to such reorganisation, the Lenders will enjoy (subject to the Security                       Principles, in the reasonable opinion of the Agent and supported by any                       professional opinions and reports as it reasonably requires) the same or equivalent                       guarantees from it (or its successor) and the same or equivalent Security over the                       same assets and over the shares in it (or, in each case, its successor) after the                       reorganisation;          (d)    transactions (other than the granting or creation of Security or the incurring or permitting                to subsist of Financial Indebtedness) conducted in the ordinary course of trading on arm's                length terms;          (e)    any conversion of Intra-Group Loans into distributable reserves or registered share capital;          (f)    any acquisition by a member of the Group, or a loan to a trust or special purpose vehicle                to fund the acquisition, of shares and loan notes of directors and employees whose                appointment and/or contract is terminated;          (g)    the entry into of service and supply agreements with third party service providers in relation                to the collection and settlement of outstanding customer invoices; or          (h)    unless an Event of Default is then outstanding, a reorganisation or merger on a solvent                basis of any of Topco, Holdco or Finco with any of Topco, Holdco or Finco where:                 (i)    the surviving entity of such reorganisation or merger continues to hold, directly or                       indirectly, the entire issued share capital of Midco; and                 (ii)   the Lenders will enjoy (subject to the Security Principles, in the reasonable opinion                       of the Agent and supported by any professional opinions and reports as it                       reasonably requires): (x) the same or equivalent guarantees from the surviving                       entity of such reorganisation or merger after such reorganisation or merger as  the                       Lenders did prior to such reorganisation or merger; and (y) Transaction Security                       over the same asset classes which were subject to Transaction Security                       immediately prior to such reorganisation or merger and, in particular, will enjoy                       Transaction Security over all of the shares of the surviving entity and all of the                       shares of Midco after such reorganisation or merger.          "Qualifying Lender" has the meaning given to that term in Clause 18.1 (Definitions).          "Quarter Date" means the last day of a Financial Quarter.          "Quasi-Security" has the meaning given to that term in Clause 27.12 (Negative pledge).          "Quotation Day" means, in relation to any period for which an interest rate is to be determined:    A41108799                                      - 35 -               

 

       (a)    (if the currency is sterling) the first day of that period;                       (b)    (if the currency is euro) two TARGET Days before the first day of that period; or                       (c)    (for any other currency) two Business Days before the first day of that period,                       unless market practice differs in the Relevant Interbank Market for a currency, in which case the         Quotation Day for that currency will be determined by the Agent in accordance with market practice         in the Relevant Interbank Market (and, if quotations would normally be given by leading banks in         the Relevant Interbank Market on more than one day, the Quotation Day will be the last of those         days).          "RCF Declared Default" means a Financial Covenant Event of Default in respect of which a notice         of acceleration has been served pursuant to paragraph (b) of Clause 28.16 (Acceleration).          "RCF Drawings" has the meaning given to such term in Clause 26.2 (Financial condition).          "Real Property" means:          (a)    any freehold, leasehold or immovable property; and                       (b)    any buildings, fixtures, fittings, fixed plant or machinery from time to time situated on or                forming part of that freehold, leasehold or immovable property.          "Receiver" means a receiver or receiver and manager or administrative receiver of the whole or         any part of the Charged Property.          "Reference Banks" means, in relation to LIBOR or EURIBOR, the principal     London offices of         three commercial banks (each of which satisfy the ratings requirement set out in paragraph (b) of         the definition of 'Acceptable Bank') as may be appointed by the Agent in consultation with Listco.          "Regulation T", "Regulation U" or "Regulation X" means Regulation T, U or X, as the case  may         be, of the Federal Reserve Board, as from time to time in effect and all official rulings and         interpretations thereunder or thereof.          "Related Fund", in relation to a trust, fund or other entity (the "first fund"), means another trust,         fund or other entity which is:          (a)    managed or advised by the same investment manager or investment adviser as the first                fund; or          (b)    managed or advised by an Affiliate of the investment manager or investment adviser of                the first fund,          and in either case, has substantially the same investment criteria and objectives.                       "Relevant Interbank Market" means, in relation to euro, the European interbank market and, in         relation to any other currency, the London interbank market.          "Relevant Jurisdiction" means, in relation to an Obligor:                       (a)    its jurisdiction of incorporation; and                       (b)    where relevant, any jurisdiction whose laws govern any of the Transaction Security                Documents entered into by it.    A41108799                                      - 36 -               

 

       "Relevant Period" has the meaning given to that term in Clause 26.1 (Financial definitions).                       "Renewal Request" means a written notice delivered to  the  Agent  in  accordance  with  Clause         6.6 (Renewal of a Letter of Credit).          "Repeating Representations" means each of the representations set out in Clause 24.2 (Status),         Clause 24.3 (Binding obligations), Clause 24.4 (Non-conflict with other obligations), Clause 24.5         (Power and authority) and Clause 24.6 (Validity and admissibility in evidence).          "Representative" means any delegate, agent, manager, administrator, nominee, attorney, trustee         or custodian.          "Resignation Letter" means a letter substantially in the form set out in Schedule 6 (Form of         Resignation Letter) or any other form agreed by the Agent and Listco.          "Restricted Party" means any individual or entity that is:                       (a)    listed on, or owned or controlled (as such terms, including any applicable ownership and                control requirements, are defined and construed in applicable Sanctions laws and                regulations or in any official guidance in relation to such Sanctions laws and regulations)                by a person listed on, a Sanctions List;          (b)    a government of a Sanctioned Country;                       (c)    an agency or instrumentality of, or an entity directly or indirectly owned or controlled by, a                government of a Sanctioned Country;          (d)    resident or located in, operating from, or incorporated under the laws of, a Sanctioned                Country;          (e)    to the best knowledge and belief of the Obligors (after due and careful enquiry), otherwise                a target of Sanctions, or a person or entity whom it would be a breach of any applicable                Sanctions for any Finance Party or any affiliate of a Finance Party to deal with; or          (f)    to the best knowledge and belief of the Obligors (after due and careful enquiry), acting on                behalf of any of the persons or entities listed in paragraphs (a) to (e) above, for the purpose                of evading or avoiding, or having the intended effect of evading or avoiding, or facilitating                the evasion or avoidance of, any Sanctions.          "Restructuring Expenditure" means any expenditure incurred to finance or refinance costs and         expenses related to restructuring (including, without limitation, relocations, redundancies, carve-         outs and corporate reorganisations) or to refinance such expenditure (including the proceeds of         utilisations of a Revolving Facility).          "Retained Cash" has the meaning given to that term in Clause 26.1 (Financial definitions).                       "Revolving Facility" means the Original Revolving Facility and/or (as the context requires) any         Additional Revolving Facility.          "Revolving Facility Borrower" means:                       (a)    any Original Revolving Facility Borrower; and                       (b)    any Additional Borrower under a Revolving Facility.    A41108799                                      - 37 -               

 

       "Revolving Facility Commitment" means any Original Revolving Facility Commitment or         Additional Facility Commitment in relation to an Additional Revolving Facility.          "Revolving Facility Lender" means a Lender which has a Revolving Facility Commitment.                       "Revolving Facility Loan" means an Original Revolving Facility Loan or an Additional Facility         Revolving Loan.          "Revolving Facility Utilisation" means a Revolving Facility Loan or a Letter of Credit.          "Rollover Loan" means one or more Revolving Facility Loans:          (a)    made or to be made on the same day that:                              (i)    a maturing Revolving Facility Loan is due to be repaid; or                              (ii)   a demand by the Agent pursuant to a drawing in respect of a Letter of Credit is due                       to be met;          (b)    the aggregate amount of which is equal to or less than the maturing Revolving Facility                Loan or the relevant claim in respect of that Letter of Credit;          (c)    in the same currency as the maturing Revolving Facility Loan (unless it arose as a result                of the operation of Clause 8.2 (Unavailability of a currency)) or the relevant claim in respect                of that Letter of Credit; and          (d)    made or to be made to the same Borrower for the purpose of:                              (i)    refinancing that maturing Revolving Facility Loan;                              (ii)   satisfying the relevant claim in respect of that Letter of Credit; or                              (iii)  replacing an expiring Letter of Credit in an amount not greater than that expiring                       Letter of Credit.          "Sanctions" means applicable economic or financial sanctions or trade embargoes or other         comprehensive prohibitions against transaction activity pursuant to anti-terrorism laws, export         control laws or other laws or regulations imposed, administered, enacted or enforced from time to         time by any Sanctions Authority.          "Sanctioned Country" means any country or other territory subject to a general export, import,         financial or investment embargo under any Sanctions, which, as of the Closing Date, include         Crimea (as defined and construed in the applicable Sanctions laws and regulations), Cuba, Iran,         North Korea, Sudan and Syria.          "Sanctions Authority" means:                       (a)    the United States;                       (b)    the United Nations Security Council;                       (c)    the European Union (or any of its member states);                       (d)    the United Kingdom;                       (e)    Switzerland;                       (f)    Singapore;    A41108799                                      - 38 -               

 

       (g)    Hong Kong or                       (h)    the respective governmental institutions of any of the foregoing including, without                limitation, Her Majesty's Treasury, the UK Department for Business, Innovation & Skills,                the State Secretariat for Economic Affairs of Switzerland, the Swiss Directorate of Public                International Law, the Office of Foreign Assets Control of the US Department of the                Treasury, the US Department of Commerce, the US Department of State and any other                agency of the US government.          "Sanctions List" means any of the lists of specifically designated nationals or designated or         sanctioned individuals or entities (or equivalent) issued by any Sanctions Authority, each as         amended, supplemented or substituted from time to time.          "Screen Rate" means:                       (a)    in relation to LIBOR, the London interbank offered rate administered by the ICE                Benchmark Administration Limited (or any other person that takes over administration of                that rate) for the relevant currency and period as displayed (before any correction,                recalculation or republication by the administrator) on pages LIBOR01 and LIBOR02 of                the Thomson Reuters screen (or any replacement Thomson Reuters page which displays                that rate); and          (b)    in relation to EURIBOR, the euro interbank offered rate administered by the European                Money Markets Institute (or any other person which takes over the administration of that                rate) for the relevant period as displayed (before any correction, recalculation or                republication by the administrator) on page EURIBOR01 of the Thomson Reuters screen                (or any replacement Thomson Reuters page which displays that rate),          or (in each case) on the appropriate page of such other information service which publishes that         rate from time to time in place of Thomson Reuters. If such page(s) or service(s) cease to be         available, the Agent may (in consultation with Listco) specify any other page or service displaying         the relevant rate.          "Second Lien Debt" has the meaning given such term in the Intercreditor Agreement. "Second          Lien Debt Notes" has the meaning given to such term in the Intercreditor Agreement.          "Second Lien Debt Purchase" means any repayment, prepayment, purchase, defeasance,         redemption, acquisition or retirement (or any other transaction of similar effect) of Second Lien         Debt Liabilities (as defined in the Intercreditor Agreement).          "Secured Parties" has the meaning given to such term in the Intercreditor Agreement.                       "Security" means a mortgage, charge, pledge, lien or other security interest securing any         obligation of any person or any other agreement or arrangement having a similar effect.          "Security Principles" are the security principles set out in Schedule 12 (Security Principles).                       "Selection Notice" means a notice substantially in the form set out in Part II of Schedule 3         (Requests) given in accordance with Clause 15 (Interest Periods) in relation to a Term Facility, or         any other form agreed by the Agent and Listco.    A41108799                                      - 39 -               

 

       "Senior Secured Noteholders" has the meaning given to that term in the Intercreditor Agreement.          "Senior Secured Notes" has the meaning given to such term in the Intercreditor Agreement.                       "Spanish Civil Procedural Law" means Law 1/2000 of 7 January (Ley de Enjuiciamiento Civil),         as amended from time to time.          "Spanish Commercial Code" means the Spanish Royal Legislative Decree dated 22 August         1885, approving the Spanish Commercial Code (Código de Comercio), as amended from time to         time.          "Spanish Companies Law" means Spanish Royal Legislative Decree 1/2010, of 2 July, approving         the Spanish Capital Companies Law (Ley de Sociedades de Capital), as amended from time to         time.          "Spanish Insolvency Law" means Spanish Law 22/2003, of 9 July, on Insolvency (Ley 22/2003,         de 9 de julio, Concursal), as amended from time to time.          "Spanish Guarantor" means a Guarantor incorporated in Spain.          "Spanish Obligor" means an Obligor incorporated in Spain.          "Spanish Public Document" means, a documento público, being either an escritura pública or         a póliza or efecto intervenido por fedatario público.          "Specified Time" means a time determined in accordance with Schedule 9 (Timetables).          "Structural Adjustment" has the meaning given to such term in Clause 41.2 (Exceptions).          "Subordinated Debt" means any loans made to Listco which are subordinated to the Facilities         pursuant to the Intercreditor Agreement and on the terms set out in the Intercreditor Agreement         applying to "Subordinated Liabilities", including the accession of the relevant creditor to the terms         of the Intercreditor Agreement as a "Subordinated Creditor".          "Subordinated Liabilities" has the meaning given to such term in the Intercreditor Agreement.          "Subsidiary" means, in relation to any company or corporation, a company or corporation:          (a)    which is controlled, directly or indirectly, by the first mentioned company or corporation;                       (b)    more than half the issued share capital of which is beneficially owned, directly or indirectly,                by the first mentioned company or corporation; or          (c)    which is a Subsidiary of another Subsidiary of the first mentioned company or corporation,          and, for this purpose, a company or corporation shall be treated as being controlled by another if         that other company or corporation is able to direct its affairs and/or to control the composition of         its board of directors or equivalent body.          "Super Majority Lenders" means a lender or lenders whose Commitments aggregate more than         90 per cent. of the Total Commitments (or, if the Total Commitments have been reduced to zero,         aggregated more than 90 per cent. of the Total Commitments immediately prior to that reduction).          "Swedish Obligor" means an Obligor incorporated in Sweden.    A41108799                                      - 40 -               

 

       "TARGET2" means the Trans-European Automated Real-time Gross Settlement Express Transfer         payment system which utilises a single  shared platform and which was launched on  19 November         2007.          "TARGET Day" means any day on which TARGET2 is open for the settlement of payments in         euro.          "Tax" means any tax, levy, impost, duty or other charge or withholding of a similar nature (including         any penalty or interest payable in connection with any failure to pay or any delay in paying any of         the same).          "Term" means each period determined under this Agreement for which the Issuing Bank is under         a liability under a Letter of Credit.          "Term Facility" means Facility B3, Facility B4, Facility B5, Facility B6, Facility B7 or an Additional         Term Facility.          "Term Facility Borrower" means:                       (a)     any Original Term Facility Borrower; and                       (b)     any Additional Borrower under the Term Facilities.                       "Term  Loan" means a Facility B3 Loan, Facility B4 Loan, Facility B5 Loan, Facility B6 Loan,         Facility B7 Loan or an Additional Facility Term Loan.          "Termination Date" means:                       (a)    in relation to Facility B3, 15 May 2024;                       (b)    in relation to Facility B4, 15 May 2024;                       (c)    in relation to Facility B5, the date referred to in paragraph (a) above;                       (d)    in relation to Facility B6, the date referred to in paragraph (b) above;                       (e)    in relation to Facility B7, the date referred to in paragraph (b) above;                       (f)    in relation to the Revolving Facility, 15 May 2023; and                       (g)    in relation to any Additional Facility, the date set out in the Additional Facility Notice relating                to that Additional Facility.          "Topco" means Nomad Foods Europe Holdings Limited, a company incorporated in England and         Wales with registered number 5879473.          "Total Additional Facility Commitments" means the aggregate of the Additional Facility         Commitments (being zero on the 2018 Effective Date).          "Total Assets" means the total gross assets of the Group (calculated on a consolidated basis) as         set out in the most recent financial statements delivered to the Agent pursuant to Clause 25.1         (Financial Statements), excluding any intangible assets and goodwill.          "Total Commitments" means the aggregate of the Total EUR Facility Commitments, Total US$         Facility Commitments, Total Original Revolving Facility Commitments and Total Additional Facility         Commitments.    A41108799                                      - 41 -               

 

       "Total EUR Facility Commitments" means the aggregate of the Total Facility B3 Commitments         and the Total Facility B5 Commitments.          "Total Facility B3 Commitments" means the aggregate of the Facility B3 Commitments (being,         as at the December 2017 Additional Facility Effective Time, the aggregate amount of Facility B3         Commitments set out in the December 2017 Allocations Table).          "Total Facility B4 Commitments" means the aggregate of the Facility B4 Commitments (being,         as at the December 2017 Additional Facility Effective Time, the aggregate amount of Facility B4         Commitments set out in the December 2017 Allocations Table).          "Total Facility B5 Commitments" means the aggregate of the Facility B5 Commitments (being,         as at the December 2017 Additional Facility Effective Time, EUR58,000,000).          "Total Facility B6 Commitments" means the aggregate of the Facility B6 Commitments (being,         as at the December 2017 Additional Facility Effective Time, US$50,000,000).          "Total Facility B7 Commitments" means the aggregate of the Facility B7 Commitments (being,         as at the 2018 Additional Facility Effective Time, US$300,000,000).          "Total Original Revolving Facility Commitments" means the aggregate of the Original         Revolving Facility Commitments (being, as at the April 2017 Effective Date, EUR 80,000,000).          "Total Revolving Facility Commitments" means the aggregate of the Total Original Revolving         Facility Commitments and the Total Additional Facility Commitments with respect to Additional         Revolving Facilities.          "Total US$ Facility Commitments" means the aggregate of the Total Facility B4 Commitments,         the Total Facility B6 Commitments and the Total Facility B7 Commitments.          "Transaction Documents" means the Finance Documents.                       "Transaction Security" has the meaning given to that term in the Intercreditor Agreement.                       "Transaction Security Documents" means any document described as a Transaction Security         Document in:          (a)    schedule 2 (Conditions Precedent) of the April 2017 Amendment and Restatement                Agreement; and/or          (b)    schedule 1 (Conditions Precedent) of the December 2017 Amendment and Restatement                Agreement; and/or          (c)    schedule 2 (Conditions Precedent and Conditions Subsequent) to the Original Senior                Facilities Agreement; and/or          (d)    Part I of Schedule 2 (December 2017 Conditions Precedent and Conditions                Subsequent); and/or          (e)    Part II of Schedule 2 (2018 Conditions Precedent and Conditions Subsequent); and/or                       (f)    the Intercreditor Agreement; and/or                       (g)    any other document, instrument or agreement creating or evidencing or purporting to                create or evidence Transaction Security.    A41108799                                      - 42 -               

 

       "Transfer Certificate and Lender Accession Undertaking" means an agreement substantially         in the form set out in Schedule 4 (Form of Transfer Certificate and Lender Accession Undertaking)         or any other form agreed between the Agent and Listco.          "Transfer Date" means, in relation to an assignment or transfer, the later of:                       (a)    the proposed Transfer Date specified in the Transfer Certificate and Lender Accession                Undertaking; and          (b)    the date on which the Agent executes the Transfer Certificate and Lender Accession                Undertaking.          "Treasury Transactions" means any derivative transaction entered into in connection with         protection against or benefit from fluctuation in any rate or price.          "Unpaid Sum" means any sum due and payable but unpaid by an Obligor under the Finance         Documents.          "US" and "United States" means the United States of America, its territories and possessions.                       "USA Patriot Act" means the Uniting and Strengthening America by Providing Appropriate Tools         Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56 of the United States.          "US Bankruptcy Law" means the United States Bankruptcy Code of 1978 (Title 11 of the United         States Code), any other United States federal or state bankruptcy, insolvency or similar law.          "US Borrower" means a Borrower that is organized, incorporated or formed under the laws of the         United States or any State thereof (including the District of Columbia).          "US Guarantor" means a Guarantor that is organized, incorporated or formed under the laws of         the United States or any State thereof (including the District of Columbia).          "US Obligor" means a US Borrower or a US Guarantor.          "US Tax Obligor" means:          (i)    a Borrower which is resident for tax purposes in the United States; or                       (ii)   an Obligor some or all of whose payments under the Finance Documents are from                sources within the United States for United States federal income tax purposes.          "US$ Denominated Facility" means Facility B4, Facility B6, Facility B7 and any Additional         Facility denominated in US$.          "Utilisation" means a Loan or a Letter of Credit.                       "Utilisation Date" means the date on which a Utilisation is made.                       "Utilisation Request" means a notice substantially in the relevant form set out in Part IA or Part         1B of Schedule 3 (Requests) or any other form agreed by the Agent and Listco.          "VAT" means:                       (a)    any tax imposed in compliance with the Council Directive of 28 November 2006 on the                common system of value added tax (EC Directive 2006/112); and    A41108799                                      - 43 -               

 

       (b)    any other tax of a similar nature, whether imposed in a member state of the European                Union in substitution for, or levied in addition to, such tax referred to in paragraph (a)                above, or imposed elsewhere.   1.2    Construction  (a)    Unless a contrary indication appears, a reference in this Agreement to:                       (i)    any "Arranger", the "Agent", any "Finance Party", any "Issuing Bank", any "Lender",                any "Obligor", any "Party", the "Security Agent" or any other person shall be construed                so as to include its successors in title, permitted assigns and permitted transferees and,                in the case of the Security Agent, any person for the time being appointed as Security                Agent or Security Agents in accordance with the Finance Documents;          (ii)   a document in "agreed form" is a document which is agreed in writing by or on behalf of                Listco and the Agent;          (iii)  "assets" includes present and future properties, revenues and rights of every description;          (iv)   the "European interbank market" means the interbank market for euro operating in                Participating Member States;          (v)    a "Finance Document" or a "Transaction Document" or any other agreement or                instrument is a reference to that Finance Document or Transaction Document or other                agreement or instrument as amended, novated, supplemented, extended or restated                (however fundamentally);          (vi)   a "guarantee" means (other than in Clause 23 (Guarantee and indemnity)) any guarantee,                letter of credit, bond, indemnity or similar assurance against loss;          (vii)  "indebtedness" includes any obligation (whether incurred as principal , guarantor, surety                or otherwise) for the payment or repayment of money, whether present or future, or actual                or contingent;          (viii) "law" shall be construed as any law (including common or customary law), statute,                constitution, decree, judgement, treaty, regulation, directive, by-law, order or any other                legislative measure of any government, supranational, local government, statutory or                regulatory body or court. Any reference in this Agreement to any "law" shall be construed                as a reference to such measure as the same may have been or from time to time may be                amended or, as the case may be, re-enacted;          (ix)   a Lender's "participation" in relation to a Letter of Credit shall be construed as a reference                to the relevant amount that is or may be payable by a Lender in relation to that Letter of                Credit;          (x)    a "person" includes any person, firm, company, corporation, government, state or agency                of a state or any association, trust or partnership (whether or not having separate legal                personality) of two or more of the foregoing;          (xi)   a "regulation" includes any regulation, rule, official directive, request or guideline (whether                or not having the force of law but, if not having the force of law, compliance with which is                customary for entities or persons such as the relevant entity or person) of    A41108799                                      - 44 -               

 

              any governmental, intergovernmental or supranational body, agency, department or                regulatory, self-regulatory or other authority or organisation;          (xii)  a provision of law is a reference to that provision as amended or re-enacted; and                       (xiii) a time of day is a reference to London time.                (b)    Section, Clause and Schedule headings are for ease of reference only.                (c)    Unless a contrary indication appears, a term used in any other Finance Document or in any notice         given under or in connection with any Finance Document has the same meaning in that Finance         Document or notice as in this Agreement.   (d)    A Borrower providing "cash cover" for a Letter of Credit or an Ancillary Facility means a Borrower         paying an amount in the currency of the Letter of Credit (or, as the case may be, Ancillary Facility)         to an interest-bearing account in the name of the Borrower and the following conditions being met:          (i)    the account is with the Agent (if the cash cover is to be provided for all the Lenders) or                with a Finance Party or Ancillary Lender (if the cash cover is to be provided for that Finance                Party or Ancillary Lender);          (ii)   until no amount is or may be outstanding under that Letter of Credit or Ancillary Facility,                withdrawals from the account may only be made to pay a Finance Party amounts due and                payable to it under this Agreement in respect of that Letter of Credit or Ancillary Facility;                and          (iii)  the Borrower has executed a security document over that account, in form and substance                satisfactory to the Agent or the Finance Party or Ancillary Lender with which that account                is held, creating a first ranking security interest over that account.   (e)    A default, Default, an Event of Default or a Financial Covenant Event of Default is "continuing" if         it has not been remedied or waived.   (f)    In relation to any Financial Covenant Event of Default caused by the failure to meet the         requirements of Clause 26.2 (Financial condition) on any Quarter Date but where the requirements         of Clause 26.2 (Financial condition) are complied with on the next Quarter Date, then the Financial         Covenant  Event of Default caused by the failure to meet the requirements of Clause 26.2         (Financial condition) on the former Quarter Date shall be deemed remedied to the satisfaction of         the Revolving Facility Lenders unless, prior to that next Quarter Date, the Agent or Revolving         Facility Lenders have  exercised  any  of  their  rights  under  paragraph  (b)  of  Clause 28.16         (Acceleration).   (g)    A Borrower "repaying" or "prepaying" a Letter of Credit or Ancillary Outstandings means:                       (i)    that Borrower providing cash cover for that Letter of Credit or in respect of the Ancillary                Outstandings;          (ii)   the maximum amount payable under the Letter of Credit or Ancillary Facility being                reduced or cancelled; or          (iii)  the Issuing Bank or Ancillary Lender being satisfied that it has no further liability under                that Letter of Credit or Ancillary Facility,    A41108799                                      - 45 -               

 

       and the amount by which a Letter of Credit is, or Ancillary Outstandings are, repaid or prepaid         under paragraphs (i) and (ii) above is the amount of the relevant cash cover or reduction.   (h)    An amount borrowed includes any amount utilised by way of Letter of Credit or under an Ancillary         Facility.   (i)    A Lender funding its participation in a Utilisation includes a Lender participating in a Letter of         Credit.   (j)    An outstanding amount of a Letter of Credit at any time is the maximum amount that is or may be         payable by the relevant Borrower in respect of that Letter of Credit at that time.   (k)    For the purposes of Clause 26.2 (Financial condition), 'drawn' in relation to a Letter of Credit or         bank guarantee shall be construed as a reference to the relevant amount being due and payable         under or in relation to that Letter of Credit or bank guarantee (as applicable) and 'undrawn' shall         be construed accordingly.   (l)    In ascertaining the Majority Lenders or the Super Majority Lenders or whether any given         percentage of the Total Commitments has been obtained to approve any request for a consent,         waiver, amendment or other vote under the Finance Documents or for the purpose of the allocation         of any repayment or  prepayment or for the purposes of taking any step, decision, direction or         exercise of discretion which is calculated by reference to drawn amounts, any Commitments         and/or participations in Utilisations not denominated in euro shall (as the context requires) be         deemed to be converted into euro at the Agent's Spot Rate of Exchange.   (m)    Any buy-back by Listco of any issued shares in Listco or any redemption or repurchase by Listco         of shares in Listco or any other reduction in the number of issued shares in Listco may, in each         case, be made, to the extent constituting a Permitted Payment, in respect of any shares in Listco         notwithstanding when those shares in Listco were first issued by it or (if those shares in Listco are         redeemable shares) when those shares are expressed to be redeemable.   1.3    Belgian terms         In this Agreement, where it relates to any Belgian entity or Security, a reference to:                       (a)    a "liquidator", "receiver", "administrative receiver", "administrator", "compulsory                manager" or other similar officer includes any curator/curateur, vereffenaar/liquidateur,                voorlopig bewindvoerder/administrateur provisoire, gerechtelijk deskundige/expert                judiciaire, mandataris ad hoc/mandataire ad hoc, ondernemingsbemiddelaar/médiateur                d'entreprise, as applicable, and sekwester/séquestre;          (b)    a "Security" includes any mortgage (hypotheek/hypothèque), pledge                (pand/nantissement), any mandate to grant a mortgage, a pledge or any other real security                (mandaat/mandat), privilege (voorrecht/privilège), reservation of title arrangement                (eigendomsvoorbehoud/réserve de propriété), any real security (zakelijke                zekerheid/sûreté réelle) and any transfer by way of security (overdracht ten titel van                zekerheid/transfert à titre de garantie);          (c)    a person being "unable to pay its debts" is that person being in a state of cessation of                payments (staking van betaling/cessation de paiements);    A41108799                                      - 46 -               

 

       (d)    a "suspension of payments", "moratorium of any indebtedness" or "reorganisation"                includes any gerechtelijke reorganisatie/réorganisation judiciaire, as applicable;          (e)    a "composition", "compromise", "assignment" or "arrangement" includes a minnelijk                akkoord met schuldeisers/accord amiable avec des créanciers, or gerechtelijke                reorganisatie/réorganisation judiciaire, as applicable;          (f)    "winding up", "administration" or "dissolution" includes any vereffening/liquidation,                ontbinding/dissolution, faillissement/faillite and sluiting van een onderneming/fermeture                d'une enterprise;          (g)    an "attachment", "sequestration", "distress", "execution" or "analogous process"                includes any uitvoerend beslag/saisie exécutoire and          bewarend beslag/saisie                conservatoire;          (h)    an "amalgamation", "demerger", "merger", "consolidation" or "corporate                reconstruction" includes a overdracht van algemeenheid/transfert d'universalité,                overdracht van bedrijfstak/transfert de branche d'activité, splitsing/scission and                fusie/fusion and assimilated transaction in accordance with article 676 and 677 of the                Belgian Companies Code (gelijkgestelde verrichting/opération assimilée);          (i)    "gross negligence" means "zware fout/faute lourde";                       (j)    "wilful misconduct" or "wilful breach" means "opzet/intention";                       (k)    "constitutional documents" means the deed of incorporation (oprichtingsakte/ acte                constitutive), statuten/statuts uittreksel van de Kruispuntbank voor Ondernemingen/extrait                de la Banque Carrefour des Entreprises and a non-bankruptcy certificate;          (l)    "guarantee" means, only for the purpose of the guarantee granted by any Belgian                Guarantor under this Agreement, an independent guarantee and not a surety                (borg/cautionnement); and          (m)    an Obligor being "incorporated" in Belgium or of which its "jurisdiction of incorporation"                is Belgium, means that such Obligor has its principal place of business (voornaamste                vestiging/établissement principal (within the meaning of the Belgian Law of 16 July 2004                on the conflicts of law code)) in Belgium.   1.4    Italian terms         In this Agreement, where it relates to an Italian entity, a reference to:                       (a)    a winding-up, administration or dissolution or the like includes, without limitation, any                scioglimento, liquidazione and any other proceedings or legal concepts similar to the                foregoing;          (b)    a receiver, administrative receiver, administrator or the like includes, without limitation, a                curatore, commissario giudiziale,  commissario liquidatore, commissario straordinario,                liquidatore, or any other person performing the same function of each of the foregoing;          (c)    an insolvency proceeding includes, without limitation, any procedura concorsuale                (including fallimento, concordato preventivo,  accordo di ristrutturazione dei debiti,                liquidazione coatta amministrativa, amministrazione straordinaria and cessione dei beni    A41108799                                      - 47 -               

 

              ai creditori pursuant to Article 1977 of the Italian Civil Code) and any other proceedings or                legal concepts similar to the foregoing;          (d)    a step or procedure taken in connection with insolvency proceedings in respect of any                person includes such person formally making a proposal to assign its assets pursuant to                Article 1977 of the Italian Civil Code (cessione dei beni ai creditori) or filing a petition for a                concordato preventivo,  accordo di ristrutturazione dei debiti, or entering into a similar                arrangement for the majority of such person's creditors; and          (e)    an attachment includes a pignoramento.                1.5    Dutch terms         In this Agreement, where it relates to a Dutch entity, a reference to:                       (a)    a necessary action to authorise where applicable, includes, without limitation:                              (i)    any action required to comply with the Dutch Works Councils Act (Wet op de                       ondernemingsraden); and                 (ii)   obtaining an unconditional positive advice (advies) from the competent works                       council(s);          (b)    a winding-up, administration or dissolution includes a Dutch entity being:                              (i)    declared bankrupt (failliet verklaard); or                              (ii)   dissolved (ontbonden);                       (c)    a moratorium includes surséance van betaling and       granted a moratorium includes                (voorlopige) surséance verleend;          (d)    a trustee in bankruptcy includes a curator;                       (e)    an administrator includes a bewindvoerder;                       (f)    a security right includes any mortgage (hypotheek), pledge (pandrecht), financial collateral                agreement (financiëlezekerheidsovereenkomst), retention of title arrangement                (eigendomsvoorbehoud), right of retention (recht van retentie), right to reclaim goods                (recht van reclame), and, in general, any right in rem (beperkt recht), created for the                purpose of granting security (goederenrechtelijke zekerheid); and          (g)    a subsidiary includes a dochtermaatschappij as defined in Article 2:24a of the Dutch Civil                Code;          (h)    a receiver or an administrative receiver does not include a curator or bewindvoerder; and                       (i)    an attachment includes a beslag.                1.6    Spanish terms         In this Agreement, where it relates to a Spanish entity, a reference to:                       (a)    "financial assistance" has the meaning stated under:                              (i)    Article 150 of the Spanish Companies Law for a Spanish public company                       (Sociedad Anónima) or in any other legal provision that may substitute such Article                       150 or be applicable to any Spanish Obligor in respect of such financial assistance;                       or    A41108799                                      - 48 -               

 

              (ii)   Article 143 of the Spanish Companies Law for a Spanish limited liability company                       (Sociedad de Responsabilidad Limitada) or in any other legal provision that may                       substitute such Article 143 or be applicable to any Spanish Obligor in respect of                       such financial assistance;          (b)    "insolvency" (concurso   or any other equivalent legal proceeding) and any step     or                proceeding related to it has the meaning attributed to them under the Spanish Insolvency                Law and "insolvency proceeding" includes, without limitation, a declaración de                concurso, necessary or voluntary (necesario o voluntario) and the filing of the notice                foreseen in Article 5 bis of the Spanish Insolvency Law;          (c)    "winding-up, administration or dissolution" includes, without limitation, disolución,                liquidación, or administración concursal or any other similar proceedings;          (d)    "compulsory manager", "receiver, administrative receiver, administrator" or the like                includes, without limitation, administración del concurso or any other person performing                the same function;          (e)    "composition, compromise, assignment or arrangement with any creditor" includes,                without limitation, the celebration of a convenio;          (f)    "person being unable to pay its debts" includes that person being in a state of                insolvencia or concurso;                       (g)    "matured obligation" includes, without limitation, any crédito líquido, vencido y exigible;                              "guarantee" includes any garantía, aval or guarantee which is independent from the debt                to which it relates;          (h)    a grant, creation or transfer of a "security" includes any in rem or garantía real and any                transfer by way of security;          (i)    "security interest" includes any mortgage (hipoteca), pledge (prenda), and, in general,                any right in rem (garantia real) governed by Spanish law,   created for the purpose of                granting security.          (j)    "trustee, fiduciary and fiduciary duty" has in each case the meaning given to such term                under any applicable law;          (k)    "set off rights" includes, to the extent legally possible, the rights to compensate under                Royal Decree 5/2005; and          (l)    "wilful misconduct" includes dolo.                1.7    Swedish provisions  (a)    If any party to this agreement that is incorporated in Sweden (the "Obligated Party") is required         to hold an amount on trust on behalf of another party (the "Beneficiary"), the Obligated Party shall         hold such money as agent for the Beneficiary on a separate account in accordance with the         Swedish Act of 1944 in respect of assets held on account (Sw.            Lag (1944:181) om         redovisningsmedel) and shall promptly pay or transfer the same to the Beneficiary or as the         Beneficiary may direct.    A41108799                                      - 49 -               

 

(b)    For the avoidance of doubt, the Parties agree that any novation effected in accordance with Clause         29 (Changes to the Lenders) shall, in relation to any Transaction Security governed by Swedish         law, take effect as an assignment and assumption and transfer of such security interests.   (c)    Notwithstanding any other provisions in this Agreement or any other Finance Document, the sale,         lease, transfer or disposal of assets subject to Transaction Security governed by Swedish law         shall always be subject to the prior written consent of the Security Agent, such consent to be         granted at the Security Agent's sole discretion on a case by case basis.   1.8    Luxembourg terms         In this Agreement:                       (a)    Luxembourg legal concepts expressed in English terms in this Agreement may not                correspond to the original French or German terms relating thereto;          (b)    where it relates to an Obligor incorporated in Luxembourg, a reference to:                              (i)    an  inability to pay debts or discharge liabilities as they fall due, include, any                       cessation de paiement for the purpose of Luxembourg law;                              (ii)   a winding up, dissolution or administration includes a Luxembourg entity:                                     (A)     being declared bankrupt (faillite déclarée);                                     (B)     being subject to liquidation judiciaire; and                                     (C)     having filed for controlled management (gestion contrôlée);                              (iii)  a moratorium includes a reprieve from payment (sursis de paiement) or a                       concordat préventif de faillite;                              (iv)   a trustee in bankruptcy includes a curateur;                              (v)    an administrator includes a commissaire or a juge délégué;                              (vi)   an attachment includes a saisie;                              (vii)  a lien or security interest includes any hypothèque, nantissement, gage,  privilege,                       sûreté réelle, droit de retention, and any type of security in rem (sûreté réelle) or                       agreement or arrangement having similar effect and any transfer of title by way of                       security;                 (viii) a "set-off" includes, for purposes of Luxembourg law, a legal set-off;                              (ix)   by-laws or constitutional documents includes its up-to-date (restated) articles of                       association (statuts); and                 (x)    a director includes a gérant or an administrateur.                1.9    Exchange rate fluctuations  (a)    Subject to paragraph (c) below, when assessing compliance with any monetary limits, thresholds,         baskets and other exceptions to the representations and warranties, undertakings and Events of         Defaults under the Finance Documents, any amount not denominated in the Base Currency shall         be converted into an amount in the Base Currency at the rate (x) which Listco (acting reasonably         and in good faith) has used and has notified to the Agent; or at the option of    A41108799                                      - 50 -               

 

       Listco (y) using the Agent's Spot Rate of Exchange, in each case, as at the date of the Group         incurring or making the relevant disposal, acquisition, investment, lease, loan, debt, security or         guarantee or (as the case may be) taking the other relevant action.   (b)    Subject to paragraph (c) below, no Event of Default or breach of any representation and warranty         or undertaking under this Agreement or the other Finance Documents shall arise as a result of a         monetary limit, threshold, basket or exception being exceeded solely due to a change in the Base         Currency equivalent of any amount in another currency due to fluctuations in exchange rates.   (c)    Paragraphs (a) and (b) above shall not apply to or in respect of the calculation of Debt Cover or         for the purpose of testing any financial covenant.   1.10   Currency symbols and definitions  (a)    "£", "Sterling" and "sterling" denote the lawful currency of the United Kingdom, "Euro", "euro",         "€" and "EUR" denote the single currency of the Participating Member States and "US$" and  "US         Dollars" denote the lawful currency of the United States.   (b)    The "equivalent" in any currency (the "first currency") of any amount in another currency (the         "second currency") shall be construed as a reference to the amount in the first currency which         could be purchased with that amount in the second currency at the Agent's Spot Rate of Exchange         (or at about such time and on such date as the Agent may from time to time reasonably determine         to be appropriate in the circumstances).   1.11   Third party rights  (a)    Unless expressly provided to the contrary in a Finance Document, a person who is not a Party         has no right under the Contracts (Rights of Third Parties) Act 1999 (the "Third Parties Act") to         enforce or enjoy the benefit of any term of any Finance Document.   (b)    Notwithstanding any term of any Finance Document, the consent of any person who is not a Party         is not required to rescind or vary any Finance Document at any time.   1.12   Intercreditor Agreement  (a)    This Agreement is subject to, and has the benefit of, the Intercreditor Agreement.                (b)    Terms used and not defined in this Agreement shall have the meaning given to them in the         Intercreditor Agreement unless contrary indication appears in this Agreement.    A41108799                                      - 51 -               

 

                                             SECTION 2                                            THE FACILITIES    2.     THE FACILITIES                2.1    The Facilities  (a)    Subject to the terms of this Agreement, the Lenders make available:                       (i)    to Midco, a euro term loan facility in an aggregate amount equal to the Total Facility B3                Commitments;          (ii)   to Luxco and the US Co-Borrower, a US$ term loan facility in an aggregate amount equal                to the Total Facility B4 Commitments;          (iii)  to Midco, a euro term loan facility in an aggregate amount equal to the Total Facility B5                Commitments;          (iv)   to Luxco and the US Co-Borrower, a US$ term loan facility in an aggregate amount equal                to the Total Facility B6 Commitments;          (v)    to Luxco and the US Co-Borrower, a US$ term loan facility in an aggregate amount equal                to the Total Facility B7 Commitments; and          (vi)   to the Revolving Facility Borrowers, a multicurrency revolving credit facility in an aggregate                Base Currency Amount which is equal to the Total           Original Revolving Facility                Commitments.   (b)    Subject to the terms of this Agreement and the Ancillary Documents, an Ancillary Lender may         make available an Ancillary Facility to any of the Borrowers.   2.2    Finance Parties' rights and obligations  (a)    The obligations of each Finance Party under the Finance Documents are several. Failure by a         Finance Party to perform its obligations under the Finance Documents does not affect the         obligations of any other Party under the Finance Documents. No Finance Party is responsible for         the obligations of any other Finance Party under the Finance Documents.   (b)    The rights of each Finance Party under or in connection with the Finance Documents are separate         and independent rights and any debt arising under the Finance Documents to a Finance Party         from an Obligor shall be a separate and independent debt.   (c)    A Finance Party may, except as otherwise stated in the Finance Documents, separately enforce         its rights under the Finance Documents.   2.3    Obligors' Agent  (a)    Each Obligor (other than Listco) by its execution of this Agreement or an Accession Letter (as the         case may be) irrevocably appoints Listco to act on its behalf as its agent in relation to the Finance         Documents and irrevocably authorises:          (i)    Listco on its behalf to supply all information concerning itself contemplated by this                Agreement to the Finance Parties and to give all notices and instructions (including, in the                case of a Borrower, Utilisation Requests), to execute on its behalf any Accession Letter,                Additional Facility Notice or other Finance Document, to make such agreements and   to                effect the relevant amendments,  supplements   and variations capable of being    A41108799                                      - 52 -               

 

              given, made or effected by any Obligor notwithstanding that they may affect the Obligor                (including, without limitation, by increasing the obligations of such Obligor howsoever                fundamentally, whether by increasing the liabilities guaranteed or otherwise), without                further reference to or the consent of that Obligor; and          (ii)   each Finance Party to give any notice, demand or other communication to that Obligor                pursuant to the Finance Documents to Listco,          and in each case the Obligor shall be bound as though the Obligor itself had given the notices and         instructions (including, without limitation, any Utilisation Requests) or executed or made the         agreements or effected the amendments, supplements or variations, or received the relevant         notice, demand or other communication.   (b)    Every act, omission, agreement, undertaking, settlement, waiver, amendment, supplement,         variation, notice or other communication given or made by the Obligors' Agent or given to the         Obligors' Agent under any Finance Document on behalf of another Obligor or in connection with         any Finance Document (whether or not known to any other Obligor and whether occurring  before         or after such other Obligor became an Obligor under any Finance Document) shall be binding for         all purposes on that Obligor as if that Obligor had expressly made, given or  concurred with it. In         the event of any conflict between any notices or other communications of the Obligors' Agent and         any other Obligor, those of the Obligors' Agent shall prevail.   (c)    To the extent legally permissible, each of the Obligors hereby releases the Obligors' Agent from         any restrictions on representing several persons and self-dealing under any applicable law, and in         particular from the restrictions of Section 181 of the German Civil Code (Bürgerliches         Gesetzbuch), to make use of any authorisation granted under this Agreement and to perform its         duties and obligations as Obligors' Agent hereunder and under or in connection with the Finance         Documents.   (d)    In connection with the raising of any Finance Document into a Spanish Public Document, Listco         shall act as the agent of each Obligor and is hereby authorised on behalf of each Obligor to enter         into, enforce the rights of each Obligor under and represent each Obligor in respect of the granting         of a Spanish Public Document.   2.4    Additional Facilities  (a)    Any member of the Group may enter into, and incur Financial Indebtedness under, any New Debt         Financing (whether or not by way of an Additional Facility) in accordance with the terms of this         Clause 2.4 and the Intercreditor Agreement.   (b)    Additional Facilities may become committed in accordance with this Clause 2.4 and subject to the         terms of this Agreement if Listco delivers a duly completed Additional Facility Notice in the agreed         form to the Agent signed by Listco and the provider of such Additional Facility in accordance with         this Clause 2.4.   (c)    Listco may at any time or times notify the Agent by delivery of an Additional Facility Notice that it         wishes to add one or more additional facilities into this Agreement, either as a new facility and/or         as an additional tranche of any existing facility (each an "Additional Facility"). An Additional         Facility may be made available by way of term or revolving facilities (including loans or letters of         credit) or in the form of any of the following facilities:    A41108799                                      - 53 -               

 

       (i)    an overdraft facility;                       (ii)   a guarantee, bonding, documentary or stand-by letter of credit facility;                       (iii)  a short-term loan facility;                       (iv)   a derivatives facility;                       (v)    a foreign exchange facility; or                       (vi)   any other facility or accommodation required in connection with the business of the Group                and which is agreed by Listco with an Additional Facility Lender.   (d)    No consent of any Finance Party is required to establish a New Debt Financing (other than any         Lender which is to provide the relevant New Debt Financing and the Agent (in each case, in the         case of a New Debt Financing by way of an Additional Facility)) provided that, unless otherwise         agreed by the Majority Lenders (or, in the case of paragraph (xi) below, all the Lenders):          (i)    any transaction funded with a New Debt Financing must be otherwise permitted under the                Finance Documents;          (ii)   no New Debt Financing may be provided by, or be beneficially owned by, a member of the                Group or a Listco Affiliate;          (iii)  in the case of a New Debt Financing by way of an Additional Facility, that Additional Facility                must rank pari passu with, in right of payment and ranking of security, the other Facilities                under the Finance Documents and must be established under, and included within, this                Agreement and that Additional Facility may be denominated in euro, US Dollars, Sterling                or any other currency agreed between Listco and the relevant Additional Facility Lenders;          (iv)   the all-in yield applicable to any New Debt Financing in the form of a Credit Facility or a                Pari Passu Debt Loan denominated in euro or US Dollars, (including, for the avoidance of                doubt, any Additional Facility but excluding any bridge facility with an initial maturity of not                more than one year (and provided that upon being converted into extended term loans,                such extended term loans comply with the provisions of this paragraph (iv)) and customary                interim facilities (established to fund a Permitted Acquisition on a certain funds basis))                does not exceed 0.50 per cent. per annum above the corresponding all-in yield of: (x)                Facility B3 (with respect to any such New Debt Financing denominated in euro) or (y)                Facility B4 (with respect to any such New Debt Financing denominated in US$), unless                the Margin on Facility B3 or Facility B4 (as the case may be) is increased so that the all-               in yield for the applicable New Debt Financing does not exceed 0.50 per cent. per annum                above the increased all-in yield for Facility B3 or Facility B4 (as the case may be); provided                that, in determining the applicable all-in yield under this paragraph (iv):                 (A)      subject to paragraph (D) any original issue discount or upfront fee paid in                         connection with Facility B3 or Facility B4 (as the case may be and, in either case,                         based on a three-year average life to maturity or lesser remaining life to maturity)                         shall be included;    A41108799                                      - 54 -               

 

              (B)      any amendments to the Margin on Facility B3 or Facility B4 (as the case may be)                         that became effective subsequent to the Closing Date but prior to the date of                         determination of the all-in yield shall be included;                 (C)      any EURIBOR or LIBOR rate floor applicable to the relevant New Debt Financing                         and/or to Facility B3 or Facility B4 (as the case may be) on the date of                         determination of the all-in yield shall be equated to interest margin for determining                         the applicable all-in yield by adding to the interest rate margin the amount by                         which the EURIBOR or (as applicable) the LIBOR rate then applicable (ignoring                         any floor to such rate) is less than the applicable floor rate; and                 (D)      arrangement, work, commitment, structuring, underwriting and/or any                         amendment fees paid or payable to the Arrangers (or    their Affiliates) in their                         respective capacities as such in connection with Facility B3 or Facility B4 (as the                         case may be) or to one or more arrangers (or their Affiliates) in their respective                         capacities as such applicable to the relevant New Debt Financing shall be                         excluded to the extent such amounts are not shared generally with the syndicate                         lenders under that New Debt Financing;          (v)    other than in the case of a bridge facility with an initial maturity of not more than one year                (and provided that upon being converted into extended term loans, such extended term                loans comply with the provisions of this paragraph (v)) and customary interim facilities                (established to fund a Permitted Acquisition on a certain funds basis), neither the final                repayment date of any New Debt Financing nor any scheduled repayment instalment date                (other than in respect of (X) any Additional Facility which is a revolving facility or (Y) a                nominal 1 per cent. amortisation with respect to any New Debt Financing in the form of an                Additional Facility, a Credit Facility or a Pari Passu Debt Loan denominated in US$) may                fall prior to the later to occur of the Termination Date for Facility B3 and the Termination                Date for Facility B4 and, in relation to any Second Lien Debt, the date falling                6 months after the later to occur of the Termination Date for Facility B3 and the Termination                Date for Facility B4;          (vi)   no New Debt Financing shall have a right to receive prepayments in priority to the Original                Facilities under paragraph (a) of Clause 12.3 (Application of mandatory prepayments);          (vii)  the relevant creditor (or representative thereof) is a party to the Intercreditor Agreement in                the relevant capacity including, in relation to a person which is to be a lender under an                Additional Facility, if that person is not already a Lender it shall become party to the                Intercreditor Agreement as a "Credit Facility Lender" prior to first utilisation of such                Additional Facility;          (viii) in relation to any New Debt Financing by way of Senior Secured Notes, Pari Passu Debt                Notes or Second Lien Debt Notes, the issuer is an 'Issuer' under and as defined in the                Intercreditor Agreement and in relation to any Second Lien Debt Loan (as defined in the                Intercreditor Agreement), the borrower is not a Subsidiary of Midco;    A41108799                                      - 55 -               

 

       (ix)   either (x) utilisation or issue or (y), at Listco's option, in the case of a Permitted Acquisition                to be funded by a New Debt Financing on a certain funds basis establishment (only) of                any New Debt Financing for any transaction shall be subject to the conditions that:                  (A)    no Event of Default has occurred and is continuing at the time of a utilisation or                        issue or, (at Listco's option, in the case of a Permitted Acquisition to be funded by                        a New Debt Financing on a certain funds basis), establishment of that New Debt                        Financing and no Event of Default will occur as a direct result of making such                        utilisation or issuance or, (at Listco's option, in the case of a Permitted Acquisition                        to be funded by a New Debt Financing on a certain funds basis) establishing that                        New Debt Financing; and                  (B)    for the Relevant Period ending on the Quarter Date falling immediately prior to the                        date of utilisation or issuance or, (at Listco's option, in the case of a Permitted                        Acquisition to be funded by a New Debt Financing on a certain funds basis)                        establishment of such New Debt Financing, Debt Cover (calculated (x) pro forma                        as if that New Debt Financing had been drawn or issued in full at the beginning of                        such Relevant Period but taking into account, for the purposes of such calculation,                        the application of such New Debt Financing and, where such New Debt Financing                        is to be used to fund a Permitted Acquisition under paragraph (d) of that definition,                        calculated pro forma for such Permitted Acquisition as if such acquisition had                        occurred at the beginning of such  Relevant Period and after taking into account                        any Pro Forma Adjustment in relation to such acquisition and for such Relevant                        Period; and (y) pro forma for any Permitted Payment in the period following such                        Quarter Date), does not exceed 5.25:1, in each case, as confirmed by a certificate                        from Listco containing the relevant calculations;          (x)    Listco delivers to the Agent before the date on which the relevant New Debt Financing is                to be established:                  (A)    in the case of any New Debt Financing by way of an Additional Facility, a duly                        executed copy of each Additional Facility Document relating to the relevant                        Additional Facility; and                  (B)    a certification from Listco confirming that the foregoing conditions to the relevant                        New Debt Financing have been satisfied (save to the extent that a confirmation                        has been received from the Agent that these conditions have been waived by (x)                        each of the Additional Facility Lenders in the case of any New Debt Financing by                        way of an Additional Facility, and (y) the Majority Lenders); and          (xi)   no term of the New Debt Financing would otherwise require all Lender consent under                Clause 41 (Amendments and waivers).   (e)    An Additional Facility Notice shall be irrevocable and no Additional Facility Notice will be regarded         as having been duly completed unless it specifies the following matters in respect of the relevant         Additional Facility:          (i)    the proposed Borrower;    A41108799                                      - 56 -               

 

       (ii)   the persons to become Additional Facility Lenders in respect of that Additional Facility;                       (iii)  to the extent applicable to the relevant Additional Facility:                               (A)    the Base Currency Amount being made available and the currency or currencies                        in which that Additional Facility is available for utilisation;                  (B)    the rate of interest applicable to that Additional Facility (including any applicable                        Margin, EURIBOR or LIBOR floor and Margin ratchet);                  (C)    the Termination Date (together with, if applicable, any other scheduled                        repayment dates) for that Additional Facility;                  (D)    the Availability Period for that Additional Facility; and                               (E)    the Additional Facility Commencement Date for that Additional Facility.                       An Additional Facility Notice must be delivered to the Agent no later than 3 Business Days prior         to the Utilisation Date under that Additional Facility.   (f)    Subject to the conditions set out in paragraphs (a) to (e) above being satisfied, following receipt         by the Agent of a duly completed Additional Facility Notice and with effect from the relevant         Additional Facility Commencement Date (or any later date on which the conditions set out in         paragraph (g) below are satisfied):          (i)    the Lenders in respect of the relevant Additional Facility (each an "Additional Facility                Lender") shall make available that Additional Facility in the aggregate principal amount                set out in the Additional Facility Notice;          (ii)   each of the Obligors and each such Additional Facility Lender shall assume obligations                towards one another and/or acquire rights against one another as the Obligors and such                Additional Facility Lenders would have assumed and/or acquired had the Additional                Facility Lenders been Original Lenders;          (iii)  each such Additional Facility Lender shall become a Party as a "Lender";                       (iv)   each such Additional Facility Lender and each of the other Finance Parties shall assume                obligations towards one another and acquire rights against one another as those                Additional Facility Lenders and those Finance Parties would have assumed and/or                acquired had the Additional Facility Lenders been Original Lenders; and          (v)    the Commitments of the other Lenders shall continue in full force and effect.                (g)    The establishment of an Additional Facility will only be effective on:                       (i)    receipt by the Agent of the Additional Facility Notice and a Lender Accession Notice from                each person referred to in the relevant Additional Facility Notice as an Additional Facility                Lender and Listco, provided that no Lender Accession Notice shall be required from any                such person which is already a Party as a Lender; and          (ii)   in relation to an Additional Facility Lender which is not already a Lender:                               (A)    that Additional Facility Lender entering into a Creditor/Agent Accession                        Undertaking (as defined in the Intercreditor Agreement); and    A41108799                                      - 57 -               

 

               (B)    the performance by the Agent of all necessary "know your    customer" or other                        similar identification checks under all applicable laws and regulations in relation                        to that Additional Facility Lender making available an Additional Facility, the                        completion of which the Agent shall promptly notify to Listco.   (h)    Each Obligor irrevocably authorises the Obligors' Agent to sign each Additional Facility Notice on         its behalf and each Finance Party irrevocably authorises and instructs the Agent and the Security         Agent to acknowledge, execute and confirm acceptance of each Additional Facility Notice, Lender         Accession Notice and, if applicable, Creditor/Agent Accession Undertaking (as defined in the         Intercreditor Agreement) on its behalf. Upon countersigning a duly completed Additional Facility         Notice, the Agent shall inform the Lenders and shall provide a copy of each such executed         Additional Facility Notice, Lender Accession Notice and, if applicable, Creditor/Agent Accession         Undertaking (as defined in the Intercreditor Agreement) to the Lenders and Listco. To the extent         legally possible, each Obligor hereby relieves the Obligors' Agent from the restrictions pursuant to         section 181 of the German Civil Code (Bürgerliches Gesetzbuch) and similar restrictions         applicable to it pursuant to any other applicable law.   (i)    Without prejudice to clause 8 (New Credit Facilities, Pari Passu Debt, Second Lien Debt and         Hedging Agreements) of the Intercreditor Agreement, the Finance Parties shall be required to         enter into any amendment to or replacement of the then current Finance Documents (including for         the purpose of reflecting the terms of any Additional Facility in the Finance Documents) and/or         take such other action as is required by Listco in order to facilitate the establishment of any         Additional Facility otherwise permitted by this Agreement, including in relation to any changes to,         the taking of, or the release coupled with the retaking of, any guarantee or Security provided that,         unless otherwise agreed by the Majority Lenders, neither the Agent nor the Security Agent shall         be required to execute a release of assets from any existing Transaction Security or a release of         any existing guarantee under Clause 23 (Guarantee and indemnity) pursuant to this paragraph (i)         unless:          (i)    replacement security will (substantially contemporaneously with the relevant release) be                provided pursuant to which the relevant Lenders (or the Security Agent on their behalf)                will continue to have security in respect of the applicable assets or, as the case may be, a                replacement guarantee will (substantially contemporaneously with the relevant release)                be provided; and          (ii)   Listco has confirmed to the Security Agent that it has determined in good faith (taking into                account any applicable legal limitations and other relevant considerations) that it is either                not possible or not commercially practicable to implement such Additional Facility by                granting new supplementary Transaction Security and/or amending the terms of the                existing Transaction Security instead,           provided further that, for the avoidance of doubt, nothing in this paragraph will prohibit or  restrict          the execution of (or the right to require the execution of) any additional guarantee or Transaction          Security Documents and/or any supplemental agreements, confirmations and/or any other similar          or equivalent documents, provided that all such guarantees, security documents and/or          supplemental agreements, confirmations and/or equivalent documents (as the case may be) are          in favour of each of the Finance Parties (or the Agent or Security Agent on their behalf or for their          benefit).    A41108799                                      - 58 -               

 

        The Agent and the Security Agent are each irrevocably authorised and instructed by each          Finance Party to execute any such amended or replacement Finance Documents as may be          required pursuant to this paragraph (i) and/or take such action on behalf of the Finance Parties          contemplated by this paragraph (i) (and shall do so on the request of and at the cost of Listco).   (j)    Except as provided in paragraph (d) above, the terms applicable, or which may be disapplied in         relation to, any Additional Facility will be those agreed by the Additional Facility Lenders in respect         of that Additional Facility and the Obligors' Agent (including, without limitation, any terms as to         margin, margin protection, fees, prepayment and repayment). If there is any inconsistency         between any such term agreed or disapplied in respect of an Additional Facility and any term of         this Agreement, the term agreed in respect of the Additional Facility shall prevail (without prejudice         to paragraph (d) above).   (k)    Each Additional Facility Lender, by executing a Lender Accession Notice, confirms (for the         avoidance of doubt) that the Agent has authority to execute on its behalf any amendment or waiver         that has been approved by or on behalf of the requisite Lender or Lenders in accordance with this         Agreement on or prior to the date on which the relevant Additional Facility becomes effective.   (l)    Each Obligor confirms that its guarantee and indemnity obligations set out in Clause 23         (Guarantee and indemnity) and/or any Accession Letter or other Finance Document will extend to         include the Additional Facility Loans and other obligations arising under the Additional Facilities         subject to any limitations specifically set out in Clause 23 (Guarantee and indemnity), the relevant         Accession Letter or elsewhere in the Finance Documents (and that the Transaction Security         Documents shall be construed accordingly).   2.5    Redesignation of Facility B5 upon the Fungibility Date         In this Clause 2.5:                       "Facility B3 Lender" shall mean a lender under Facility B3.          "Facility B5 Lender" shall mean a lender under Facility B5.          "Fungibility Date" shall be construed and interpreted so as to mean the date referred to in         paragraph (a) of the definition of "Fungibility Date".   (a)    Upon the occurrence of the Fungibility Date:                       (i)    to the extent that any Facility B5 Lender is not at that time also a Facility B3 Lender, that                Facility B5 Lender shall immediately and automatically become (and shall be deemed to                be) a Facility B3 Lender with a Facility B3 Commitment of zero and a participation in the                Facility B3 Loan outstanding at such time of zero (but, for the avoidance of doubt, without                prejudice to any subsequent increase (or deemed increase), in such Facility B3                Commitment and such participation in the Facility B3 Loan pursuant to this Clause 2.5);          (ii)   each Facility B5 Lender's Facility B5 Commitment at that time shall be immediately and                automatically redesignated a Facility B3 Commitment and, following such redesignation,                no Facility B5 Lender shall have any Facility B5 Commitment (and, following       such                redesignation, the Facility B5 Commitment of each Facility B5 Lender under Facility B5                shall be deemed to no longer exist);    A41108799                                      - 59 -               

 

       (iii)  each Facility B3 Lender that was formerly a Facility B5 Lender agrees that its Facility B3                Commitment shall be (and shall be deemed to have been) increased immediately and                automatically in an amount equal to the corresponding amount by which its Facility B5                Commitment shall have been (or deemed to have been) redesignated pursuant to                paragraph (ii) above, and any reference in this Agreement to the "Facility B3 Commitment"                of a Facility B3 Lender or the "Commitment" of that Lender under Facility B3 (or to the                "Total Facility B3 Commitments") (or any similar or analogous definitions or phrases                relating to that Lender and Facility B3) shall be interpreted and construed accordingly so                as to include its (or the aggregate of all such) redesignated Facility B5 Commitment(s)                (respectively);          (iv)   each Facility B5 Lender's participation in the outstanding Facility B5 Loan at that time shall                be immediately and automatically redesignated as a participation in the Facility B3 Loan                outstanding at that time and, following such redesignation, no Lender shall have any                participation in any Facility B5 Loan (and, following such redesignation, the Facility B5                Loan shall be deemed to no longer exist); and          (v)    each Facility B3 Lender that was formerly a Facility B5 Lender agrees that its participation                in the outstanding Facility B3 Loan at that time shall be immediately and automatically                increased in an amount equal to the corresponding amount by which its participation in                the outstanding Facility B5 Loan shall have been (or deemed to have been) redesignated                pursuant to paragraph (iv) above, and any reference in this Agreement to the                "participation" of that Facility B3 Lender in such Facility B3 Loan (or to such "Facility B3                Loan") shall be interpreted and construed accordingly so as to include its (or the aggregate                of all such) redesignated Facility B5 Loan participation(s) (respectively).   (b)    Each Facility B3 Lender and the Borrower of the Facility B3 Loan agree and acknowledge that the         Interest Period in respect of the Facility B3 Loan which is to commence on the Fungibility Date         shall not be affected by this Clause 2.5 and that such Interest Period shall continue to be the         Interest Period applicable to that Facility B3 Loan but as such Facility B3 Loan is (or is deemed to         have been) increased on the Fungibility Date as a result of the operation of this Clause.   (c)    The Borrower of the Facility B3 Loan and the Facility B5 Loan agree:                       (i)    that this Clause 2.5 shall not affect or operate to extinguish or reduce or in any way                prejudice any interest that has accrued on the Facility B5 Loan but which was unpaid prior                to its redesignation as part of the Facility B3 Loan pursuant to this Clause;          (ii)   that this Clause 2.5 shall not affect or operate to extinguish or reduce or in any way                prejudice any interest that has accrued on the Facility B3 Loan but which was unpaid prior                to the redesignation of the Facility B5 Loan as part of the Facility B3 Loan pursuant to this                Clause; and          (iii)  that interest will accrue (and will continue to accrue) in accordance with the terms of this                Agreement on the Facility B3 Loan as (or as deemed to have been) increased on the                Fungibility Date as a result of the operation of this Clause,    A41108799                                      - 60 -               

 

       and that all such interest shall be payable in accordance with the terms of this Agreement         (including, as applicable, on the Fungibility Date) to the Agent for the account of:                 (A)    (in the case of interest referred to in paragraph 2.5(c)(i) above) those Facility B3                       Lenders that were Facility B5 Lenders immediately prior to the Fungibility Date and                       whose Facility B5 Commitments were redesignated as Facility B3 Commitments                       as a result of the operation of this Clause;                 (B)    (in the case of interest referred to in paragraph 2.5(c)(ii) above) those Facility B3                       Lenders that were Facility B3 Lenders immediately prior to the Fungibility Date;                       and                 (C)    (in the case of interest referred to in paragraph 2.5(c)(iii) above) the Facility B3                       Lenders at the time such interest is payable in accordance with the terms of this                       Agreement.   (d)    Each Obligor and each Finance Party acknowledge and agree to all of the matters referred to in         this Clause 2.5 (and each Obligor and each Finance Party agrees that nothing referred to in this         Clause 2.5 will prejudice any of their respective rights or affect any of their respective obligations         under any Finance Document) and each Obligor and each Lender instructs the Agent (and the         Agent shall) update its books and records on the Fungibility Date to take account of the matters         referred to in this Clause 2.5 accordingly.   2.6    Redesignation of Facility B6 upon the Fungibility Date         In this Clause 2.6:                       "Facility B4 Lender" shall mean a lender under Facility B4.          "Facility B6 Lender" shall mean a lender under Facility B6.          "Fungibility Date" shall be construed and interpreted so as to mean the date referred to in         paragraph (b) of the definition of "Fungibility Date".   (a)    Upon the occurrence of the Fungibility Date:                       (i)    to the extent that any Facility B6 Lender is not at that time also a Facility B4 Lender, that                Facility B6 Lender shall immediately and automatically become (and shall be deemed to                be) a Facility B4 Lender with a Facility B4 Commitment of zero and a participation in the                Facility B4 Loan outstanding at such time of zero (but, for the avoidance of doubt, without                prejudice to any subsequent increase (or deemed increase), in such Facility B4                Commitment and such participation in the Facility B4 Loan pursuant to this Clause 2.6);          (ii)   each Facility B6 Lender's Facility B6 Commitment at that time shall be immediately and                automatically redesignated a Facility B4 Commitment and, following such redesignation,                no Facility B6 Lender shall have any Facility B6 Commitment (and, following       such                redesignation, the Facility B6 Commitment of each Facility B6 Lender under Facility B6                shall be deemed to no longer exist);          (iii)  each Facility B4 Lender that was formerly a Facility B6 Lender agrees that its Facility B4                Commitment shall be (and shall be deemed to have been) increased immediately and                automatically in an amount equal to the corresponding amount by which its Facility B6                Commitment shall have been (or deemed to have been) redesignated pursuant to    A41108799                                      - 61 -               

 

              paragraph (ii) above, and any reference in this Agreement to the "Facility B4 Commitment"                of a Facility B4 Lender or the "Commitment" of that Lender under Facility B4 (or to the                "Total Facility B4 Commitments") (or any similar or analogous definitions or phrases                relating to that Lender and Facility B4) shall be interpreted and construed accordingly so                as to include its (or the aggregate of all such) redesignated Facility B6 Commitment(s)                (respectively);          (iv)   each Facility B6 Lender's participation in the outstanding Facility B6 Loan at that time shall                be immediately and automatically redesignated as a participation in the Facility B4 Loan                outstanding at that time and, following such redesignation, no Lender shall have any                participation in any Facility B6 Loan (and, following such redesignation, the Facility B6                Loan shall be deemed to no longer exist); and          (v)    each Facility B4 Lender that was formerly a Facility B6 Lender agrees that its participation                in the outstanding Facility B4 Loan at that time shall be immediately and automatically                increased in an amount equal to the corresponding amount by which its participation in                the outstanding Facility B6 Loan shall have been (or deemed to have been) redesignated                pursuant to paragraph (iv) above, and any reference in this Agreement to the                "participation" of that Facility B4 Lender in such Facility B4 Loan (or to such "Facility B4                Loan") shall be interpreted and construed accordingly so as to include its (or the aggregate                of all such) redesignated Facility B6 Loan participation(s) (respectively).   (b)    Each Facility B4 Lender and the Borrower of the Facility B4 Loan agree and acknowledge that the         Interest Period in respect of the Facility B4 Loan which is to commence on the Fungibility Date         shall not be affected by this Clause 2.6 and that such Interest Period shall continue to be the         Interest Period applicable to that Facility B4 Loan but as such Facility B4 Loan is (or is deemed to         have been) increased on the Fungibility Date as a result of the operation of this Clause.   (c)    The Borrower of the Facility B4 Loan and the Facility B6 Loan agree:                       (i)    that this Clause 2.6 shall not affect or operate to extinguish or reduce or in any way                prejudice any interest that has accrued on the Facility B6 Loan but which was unpaid prior                to its redesignation as part of the Facility B4 Loan pursuant to this Clause;          (ii)   that this Clause 2.6 shall not affect or operate to extinguish or reduce or in any way                prejudice any interest that has accrued on the Facility B4 Loan but which was unpaid prior                to the redesignation of the Facility B6 Loan as part of the Facility B4 Loan pursuant to this                Clause; and          (iii)  that interest will accrue (and will continue to accrue) in accordance with the terms of this                Agreement on the Facility B4 Loan as (or as deemed to have been) increased on the                Fungibility Date as a result of the operation of this Clause,          and that all such interest shall be payable in accordance with the terms of this Agreement         (including, as applicable, on the Fungibility Date) to the Agent for the account of:                 (A)    (in the case of interest referred to in paragraph 2.6(c)(i) above) those Facility B4                       Lenders  that were Facility B6 Lenders immediately  prior to the Fungibility Date    A41108799                                      - 62 -               

 

                     and whose Facility B6 Commitments were redesignated as Facility B4                       Commitments as a result of the operation of this Clause;                 (B)    (in the case of interest referred to in paragraph 2.6(c)(ii) above) those Facility B4                       Lenders that were Facility B4 Lenders immediately prior to the Fungibility Date;                       and                 (C)    (in the case of interest referred to in paragraph 2.6(c)(iii) above) the Facility B4                       Lenders at the time such interest is payable in accordance with the terms of this                       Agreement.   (d)    Each Obligor and each Finance Party acknowledge and agree to all of the matters referred to in         this Clause 2.6 (and each Obligor and each Finance Party agrees that nothing referred to in this         Clause 2.6 will prejudice any of their respective rights or affect any of their respective obligations         under any Finance Document) and each Obligor and each Lender instructs the Agent (and the         Agent shall) update its books and records on the Fungibility Date to take account of the matters         referred to in this Clause 2.6 accordingly.   2.7    Redesignation of Facility B7 upon the Facility B7 Fungibility Date         In this Clause 2.7:                       "Facility B4 Lender" shall mean a lender under Facility B4.          "Facility B7 Lender" shall mean a lender under Facility B7.   (a)    Upon the occurrence of the Facility B7 Fungibility Date:                       (i)    to the extent that any Facility B7 Lender is not at that time also a Facility B4 Lender, that                Facility B7 Lender shall immediately and automatically become (and shall be deemed to                be) a Facility B4 Lender with a Facility B4 Commitment of zero and a participation in the                Facility B4 Loan outstanding at such time of zero (but, for the avoidance of doubt, without                prejudice to any subsequent increase (or deemed increase), in such Facility B4                Commitment and such participation in the Facility B4 Loan pursuant to this Clause 2.7);          (ii)   each Facility B7 Lender's Facility B7 Commitment at that time shall be immediately and                automatically redesignated a Facility B4 Commitment and, following such redesignation,                no Facility B7 Lender shall have any Facility B7 Commitment (and, following       such                redesignation, the Facility B7 Commitment of each Facility B7 Lender under Facility B7                shall be deemed to no longer exist);          (iii)  each Facility B4 Lender that was formerly a Facility B7 Lender agrees that its Facility B4                Commitment shall be (and shall be deemed to have been) increased immediately and                automatically in an amount equal to the corresponding amount by which its Facility B7                Commitment shall have been (or deemed to have been) redesignated pursuant to                paragraph (ii) above, and any reference in this Agreement to the "Facility B4 Commitment"                of a Facility B4 Lender or the "Commitment" of that Lender under Facility B4 (or to the                “Total Facility B4 Commitments”) (or any similar or analogous definitions or phrases                relating to that Lender and Facility B4) shall be interpreted and construed accordingly so                as to include its (or the aggregate of all such) redesignated Facility B7 Commitment(s)                (respectively);    A41108799                                      - 63 -               

 

       (iv)   each Facility B7 Lender's participation in the outstanding Facility B7 Loan at that time shall                be immediately and automatically redesignated as a participation in the Facility B4 Loan                outstanding at that time and, following such redesignation, no Lender shall have any                participation in any Facility B7 Loan (and, following such redesignation, the Facility B7                Loan shall be deemed to no longer exist); and          (v)    each Facility B4 Lender that was formerly a Facility B7 Lender agrees that its participation                in the outstanding Facility B4 Loan at that time shall be immediately and automatically                increased in an amount equal to the corresponding amount by which its participation in                the outstanding Facility B7 Loan shall have been (or deemed to have been) redesignated                pursuant to paragraph (iv) above, and any reference in this Agreement to the                "participation" of that Facility B4 Lender in such Facility B4 Loan (or to such "Facility B4                Loan") shall be interpreted and construed accordingly so as to include its (or the aggregate                of all such) redesignated Facility B7 Loan participation(s) (respectively).   (b)    Each Facility B4 Lender and the Borrower of the Facility B4 Loan agree and acknowledge that the         Interest Period in respect of the Facility B4 Loan which is to commence on the Facility B7         Fungibility Date shall not be affected by this Clause 2.7 and that such Interest Period shall continue         to be the Interest Period applicable to that Facility B4 Loan but as such Facility B4 Loan is (or is         deemed to have been) increased on the Facility B7 Fungibility Date as a result of the operation of         this Clause.   (c)    The Borrower of the Facility B4 Loan and the Facility B7 Loan agree:                       (i)    that this Clause 2.7 shall not affect or operate to extinguish or reduce or in any way                prejudice any interest that has accrued on the Facility B7 Loan but which was unpaid prior                to its redesignation as part of the Facility B4 Loan pursuant to this Clause;          (ii)   that this Clause 2.7 shall not affect or operate to extinguish or reduce or in any way                prejudice any interest that has accrued on the Facility B4 Loan but which was unpaid prior                to the redesignation of the Facility B7 Loan as part of the Facility B4 Loan pursuant to this                Clause; and          (iii)  that interest will accrue (and will continue to accrue) in accordance with the terms of this                Agreement on the Facility B4 Loan as (or as deemed to have been) increased on the                Facility B7 Fungibility Date as a result of the operation of this Clause,          and that all such interest shall be payable in accordance with the terms of this Agreement         (including, as applicable, on the Facility B7 Fungibility Date) to the Agent for the account of:                 (A)    (in the case of interest referred to in paragraph 2.7(c)(i) above) those Facility B4                       Lenders that were Facility B7 Lenders immediately prior to the Facility B7                       Fungibility Date and whose Facility B7 Commitments were redesignated as Facility                       B4 Commitments as a result of the operation of this Clause;                 (B)    (in the case of interest referred to in paragraph 2.7(c)(ii) above) those Facility B4                       Lenders that were Facility B4 Lenders immediately prior to the Facility B7                       Fungibility Date; and    A41108799                                      - 64 -               

 

              (C)    (in the case of interest referred to in paragraph 2.7(c)(iii) above) the Facility B4                       Lenders at the time such interest is payable in accordance with the terms of this                       Agreement.   (d)    Each Obligor and each Finance Party acknowledge and agree to all of the matters referred to in         this Clause 2.7 (and each Obligor and each Finance Party agrees that nothing referred to in this         Clause 2.7 will prejudice any of their respective rights or affect any of their respective obligations         under any Finance Document) and each Obligor and each Lender instructs the Agent (and the         Agent shall) update its books and records on the Facility B7 Fungibility Date to take account of the         matters referred to in this Clause 2.7 accordingly.   (e)    On the Facility B7 Fungibility Date, Listco shall provide the Agent a certificate confirming the         amount of outstanding Loans under each Term Facility.                              3.     PURPOSE                3.1    Purpose  (a)    The Borrower of Facility B3 and Facility B4 shall apply all amounts under those Facilities towards         refinancing indebtedness and paying any related fees, costs and expenses, in each case, in         accordance with the December 2017 Amendment and Restatement Agreement.   (b)    The Borrower of Facility B5, Facility B6 and Facility B7 shall apply all amounts borrowed by it         under each Facility B5, Facility B6 and Facility B7 for the general corporate purposes of the Group.   (c)    Each Revolving Facility Borrower shall apply all amounts borrowed by it under a Revolving Facility,         any Letter of Credit and any utilisation of any Ancillary Facility towards:          (i)    the general corporate purposes of the Group (including to fund Restructuring                Expenditure); and          (ii)   the provision of cash collateral pursuant to paragraph (v) of Permitted Security,                        provided that a maximum aggregate amount of EUR 75,000,000 may be drawn over the life of          the Original Revolving Facility to fund Restructuring Expenditure.   (d)    The Borrower of any Additional Facility shall, subject to the terms of this Agreement, apply all         utilisations under that Facility in a manner permitted by this Agreement and the Additional Facility         Documents relevant to that Additional Facility.   3.2    Monitoring         No Finance Party is bound to monitor or verify the application of any amount borrowed pursuant         to this Agreement.    4.     CONDITIONS OF UTILISATION                4.1    Conditions precedent  (a)    The Lenders will only be obliged to comply with Clause 5.4 (Lenders' participation) in respect of a         Utilisation under Facility B3, Facility B4, Facility B5 and/or Facility B6, if on or before the Utilisation         Date for that Utilisation, the Agent has received (or, acting on the instructions of the Arrangers,         has waived  the requirement  to receive) all of the documents and  other evidence    A41108799                                      - 65 -               

 

       listed in schedule 2 (Conditions Precedent) of the December 2017 Amendment and Restatement         Agreement in form and substance satisfactory to the Agent (acting reasonably).   (b)    The Lenders will only be obliged to comply with Clause 5.4 (Lenders' participation) in respect of a         Utilisation under Facility B7 if on or before the Utilisation Date for that Utilisation, the Agent has         received (or, acting on the instructions of the Arrangers, has waived the requirement to receive)         all of the documents and other evidence listed in schedule 2 (Conditions Precedent) of the 2018         Amendment and Restatement Agreement in form and substance satisfactory to the Agent (acting         reasonably).   (c)    The Agent shall notify Listco and the Lenders promptly upon being satisfied as to the condition in         paragraph (a) above. Other than to the extent that the Majority Lenders notify the Agent in writing         to the contrary before the Agent gives the notification as described this paragraph, the Lenders         authorise (but do not require) the Agent to give that notification. The Agent shall not be liable for         any damages, costs or losses whatsoever as a result of giving any such notification.   (d)    Subject to this Clause 4.1, the Lenders will only be obliged to comply with 5.4 (Lenders'         participation) in relation to a Utilisation if on the date of the Utilisation Request and on the proposed         Utilisation Date:          (i)    in the case of a Rollover Loan, no notice of acceleration or cancellation has been given                pursuant to  Clause 28.16 (Acceleration) as a result of the occurrence of an Event of                Default; and          (ii)   in the case of any other Utilisation:                              (A)    no Default is continuing or would result from the proposed Utilisation; and                              (B)    in the case of any Utilisation to be made on the Closing Date, on the date of the                       Utilisation Request and on the proposed Utilisation Date, each of the                       representations and warranties set out in Clause 24 (Representations) are true and                       accurate and, in the case of any other any Utilisation, the Repeating                       Representations are true and accurate (in all material respects in the case of                       Repeating Representations to which a materiality test is not already applied in                       accordance with their terms).   4.2    Conditions relating to Optional Currencies  (a)    A currency will constitute an Optional Currency in relation to a Revolving Facility Utilisation if it is:                       (i)    in the case of the Original Revolving Facility, sterling or US$;                       (ii)   in the case of an Additional Revolving Facility, any currencies specified in the Additional                Facility Notice relating to that Additional Revolving Facility; or          (iii)  any other currency which is readily available in the amount required and freely convertible                into the Base Currency in the Relevant Interbank Market at the Specified Time or, if later,                on the date the Agent receives the relevant Utilisation Request and the Utilisation Date for                that Utilisation and which has been approved by the Agent (acting on the instructions of                all the Lenders participating in the relevant Revolving Facility acting reasonably) on or                prior to receipt by the Agent of the relevant Utilisation Request for that Utilisation.    A41108799                                      - 66 -               

 

(b)    If the Agent has received a written request from Listco for a currency to be approved under         paragraph (a)(iii) above, the Agent will confirm to Listco by the Specified Time:          (i)    whether or not the Lenders have granted their approval; and                       (ii)   if approval has been granted, the minimum amount (approximately equivalent to the                minimum amount for a Utilisation in the Base Currency) for any subsequent Utilisation in                that currency.   4.3    Maximum number of Utilisations  (a)    A Borrower (or Listco) may not deliver a Utilisation Request if, as a result of the proposed         Utilisation:          (i)    30 or more Revolving Facility Loans;                       (ii)   more than 1 Facility B3 Loan;                       (iii)  more than 1 Facility B4 Loan;                       (iv)   more than 1 Facility B5 Loan;                       (v)    more than 1 Facility B6 Loan;                       (vi)   more than 1 Facility B7 Loan; or                       (vii)  more than 15 Additional Facility Loans,                       would be outstanding (unless otherwise agreed by Listco and the Agent).                (b)    A Borrower (or Listco) may not request that a Facility B3 Loan, Facility B4 Loan, Facility B5 Loan,         Facility B6 Loan, Facility B7 Loan or an Additional Facility Term Loan be divided.   (c)    Any Loan made by a single Lender under Clause 8.2 (Unavailability of a currency) shall not be         taken into account in this Clause 4.3.   (d)    A Borrower (or Listco) may not request that a Letter of Credit be issued under the Revolving Facility         if, as a result of the proposed Utilisation, more than 16 Letters of Credit would be outstanding.    A41108799                                      - 67 -               

 

                                             SECTION 3                                              UTILISATION    5.     UTILISATION - LOANS                5.1    Delivery of a Utilisation Request         A Borrower (or Listco on its behalf) may utilise a Facility by delivery to the Agent of a duly         completed Utilisation Request not later than the Specified Time.   5.2    Completion of a Utilisation Request for Loans  (a)    Each Utilisation Request for a Loan is irrevocable and will not be regarded as having been duly         completed unless:          (i)    it identifies the Facility to be utilised;                       (ii)   to the extent applicable, the requirements of paragraph (f) of Clause 26.3 (Financial                testing) are satisfied;          (iii)  the proposed Utilisation Date is a Business Day within the Availability Period applicable                to that Facility;          (iv)   the currency and amount of the Utilisation comply with Clause 5.3 (Currency and                amount); and          (v)    the proposed Interest Period complies with Clause 15 (Interest Periods).                (b)    Multiple Utilisations may be requested in a Utilisation Request where the proposed Utilisation Date         is the Closing Date. Only one Utilisation may be requested in each subsequent Utilisation Request.   (c)    There shall be no requirement to comply with the requirements of Clause 5.1 (Delivery of a         Utilisation Request) and the other paragraphs of this Clause 5.2 in respect of Utilisations under         Facility B3 and Facility B4 as at the December 2017 Additional Facility Effective Time and each         such Facility shall be automatically utilised upon the occurrence of the December 2017 Additional         Facility Effective Time to the extent provided for, and in accordance with the terms of, the         December 2017 Amendment and Restatement Agreement.   5.3    Currency and amount  (a)    The currency specified in a Utilisation Request must be:                       (i)    in relation to Facility B3 or Facility B5, in euro;                       (ii)   in relation to Facility B4, Facility B6 or Facility B7, in US$;                       (iii)  in relation to the Revolving Facility, in the Base Currency or an Optional Currency; and                       (iv)   in relation to a relevant Additional Facility, as specified in the Additional Facility                Documents relating to that Additional Facility.   (b)    The amount of the proposed Utilisation must be in an amount the Base Currency Amount of         which does not exceed the relevant Available Facility and must also be:          (i)    for Facility B3, the Total Facility B3 Commitments;                       (ii)   for Facility B4, the Total Facility B4 Commitments;    A41108799                                      - 68 -               

 

       (iii)  for Facility B5, the Total Facility B5 Commitments;                       (iv)   for Facility B6, the Total Facility B6 Commitments;                       (v)    for Facility B7, the Total Facility B7 Commitments;                       (vi)   for the Original Revolving Facility:                               (A)    if the currency selected is the Base Currency, a minimum of EUR 1,000,000 or, if                        less, the Available Facility;                  (B)    if the currency selected is sterling, a minimum of £750,000 or, if less, the Available                        Facility; or                  (C)    if the currency selected is an Optional Currency, the minimum amount specified                        by the Agent pursuant to paragraph (b)(ii) of Clause 4.2 (Conditions relating to                        Optional Currencies) or, if less, the Available Facility; or          (vii)  in relation to the relevant Additional Facility, as specified in the Additional Facility                Documents relating to that Additional Facility.   5.4    Lenders' participation  (a)    If the conditions set out in this Agreement have been met, each Lender shall (subject to paragraph         (d) below) make its participation in each Loan available by the Utilisation Date through its Facility         Office.   (b)    Subject to paragraph (d) below), the amount of each Lender's participation in each Loan will be         equal to the proportion borne by its Available Commitment to the Available Facility immediately         prior to making the Loan.   (c)    The Agent shall determine the Base Currency Amount of each Revolving Facility Loan which is to         be made in an Optional Currency and notify each Lender of the amount, currency and the Base         Currency Amount of each Loan and the amount of its participation in that Loan by the Specified         Time.   (d)    Each Lender under Facility B3 shall make its participation in any Facility B3 Loan to be made upon         the occurrence of the December 2017 Additional Facility Effective Time available in accordance         with the terms of the December 2017 Amendment and Restatement Agreement.   (e)    Each Lender under Facility B4 shall make its participation in any Facility B4 Loan to be made upon         the occurrence of the December 2017 Additional Facility Effective Time available in accordance         with the terms of the December 2017 Amendment and Restatement Agreement.   5.5    Limitations on Utilisations  (a)    No Facility B3 Loan or Facility B4 Loan shall be made unless Loans under each of those Facilities         are made at the same time and each of Facility B3 and Facility B4 are utilised in full.   (b)    No Facility B5 Loan or Facility B6 Loan shall be made unless each of Facility B3 and Facility B4         have been (or will be, contemporaneously with the relevant Facility B5 and/or Facility B6 utilisation)         utilised in full.   (c)    The maximum aggregate:                       (i)    Base Currency Amount of all Letters of Credit; and    A41108799                                      - 69 -               

 

       (ii)   the amount of the Ancillary Commitments of all the Lenders,           together shall not at any time exceed EUR 50,000,000.   6.     UTILISATION - LETTERS OF CREDIT                6.1    Revolving Facility  (a)    A Revolving Facility may be utilised by way of Letters of Credit.                (b)    Other than Clause 5.5 (Limitations on Utilisations), Clause 5 (Utilisation - Loans) does not apply         to Utilisations by way of Letters of Credit.   6.2    Delivery of a Utilisation Request for Letters of Credit         A Revolving Facility Borrower (or Listco on its behalf) may request a Letter of Credit to be issued         by delivery to the Agent of a duly completed Utilisation Request not later than the Specified Time.   6.3    Completion of a Utilisation Request for Letters of Credit         Each Utilisation Request for a Letter of Credit is irrevocable and will not be regarded as having         been duly completed unless:          (a)    it specifies that it is for a Letter of Credit;                       (b)    it identifies whether the Letter of Credit is to be made under the Original Revolving                Facility or under an Additional Revolving Facility;          (c)    it identifies the Revolving Facility Borrower of the Letter of Credit;                       (d)    it identifies the Issuing Bank which is to issue the Letter of Credit;                       (e)    the proposed Utilisation Date is a Business Day within the Availability Period applicable                to the relevant Revolving Facility;          (f)    the currency and amount of the Letter of Credit comply with Clause 6.4 (Currency and                amount);          (g)    the form of Letter of Credit is attached and is agreed with the Issuing Bank or is in the                form set out in Schedule 10 (Form of Letter of Credit);          (h)    the delivery instructions for the Letter of Credit are specified;                       (i)    the Term of the Letter of Credit is specified;                       (j)    the beneficiary of the Letter of Credit is a person which the Issuing Bank and each Lender                are not prohibited from dealing with by any applicable law or regulation; and          (k)    to the extent applicable, the requirements of paragraph (f) of Clause 26.3 (Financial                testing) are satisfied.   6.4    Currency and amount  (a)    The currency specified in a Utilisation Request must be the Base Currency or an Optional         Currency.   (b)    Subject to paragraph (a) of Clause 5.5 (Limitations on Utilisations), the amount of the proposed         Letter of Credit must be an amount whose Base Currency Amount is not more than the Available         Facility and which is:    A41108799                                      - 70 -               

 

       (i)    if the currency selected is euro, a minimum of EUR 1,000,000 or, if less, the Available                Facility;          (ii)   if the currency selected is sterling, a minimum of £750,000 or, if less, the Available Facility;                or          (iii)  if the currency selected is an Optional Currency (other than sterling), the minimum amount                specified by the Agent pursuant to paragraph (b)(ii) of Clause 4.2 (Conditions relating to                Optional Currencies) or, if less, the Available Facility.   6.5    Issue of Letters of Credit  (a)    If the conditions set out in this Agreement have been met, the Issuing Bank shall issue the Letter         of Credit on the Utilisation Date.   (b)    Subject to paragraph (a)(i) of Clause 4.1 (Conditions precedent), the Issuing Bank will only be         obliged to comply with paragraph (a) above if on the date of the Utilisation Request or Renewal         Request and on the proposed Utilisation Date:          (i)    in the case of a Letter of Credit to be renewed in accordance with Clause 6.6 (Renewal of                a Letter of Credit), no notice of acceleration or cancellation has been given pursuant to                Clause 28.16 (Acceleration) as a result of the occurrence of an Event of Default and, in                the case of any other Utilisation, no Default is continuing or would result from the proposed                Utilisation;          (ii)   in relation to a Utilisation to be made on the Closing Date, on the date of the Utilisation                Request, each of the representations and warranties set out in Clause 24                (Representations) are true and accurate;          (iii)  in relation to any other Utilisation, on the date of the Utilisation Request and on the                proposed Utilisation Date, the Repeating Representations that are stipulated to be made                by each Obligor on the date of the Utilisation Request and on the proposed Utilisation                Date are true and accurate (in all material respects in the case of Repeating                Representations to which a materiality test is not already applied in accordance with their                terms); and          (iv)   it would not be unlawful for the Issuing Bank to issue the Letter of Credit.                (c)    The amount of each Lender's participation in each Letter of Credit will be equal to the proportion         borne by its Available Commitment to the Available Facility (in each case in relation to the relevant         Revolving Facility) immediately prior to the issue of the Letter of Credit.   (d)    The Agent shall determine the Base Currency Amount of each Letter of Credit which is to be         issued in an Optional Currency and shall notify the Issuing Bank and each Lender of the details of         the requested Letter of Credit and its participation in that Letter of Credit by the Specified Time.   6.6    Renewal of a Letter of Credit  (a)    A Revolving Facility Borrower (or Listco on its behalf) may request that any Letter of Credit issued         on behalf of that Revolving Facility Borrower be renewed by delivery to the Agent of a Renewal         Request in substantially similar form to a Utilisation Request for a Letter of Credit by the Specified         Time.    A41108799                                      - 71 -               

 

(b)    The Finance Parties shall treat any Renewal Request in the same way as a Utilisation Request         for a Letter of Credit, except that the conditions set out in paragraph (g) of Clause 6.3 (Completion         of a Utilisation Request for Letters of Credit) shall not apply.   (c)    The terms of each renewed Letter of Credit shall be the same as those of the relevant Letter of         Credit immediately prior to its renewal, except that:          (i)    its amount may be less than the amount of the Letter of Credit immediately prior to its                renewal; and          (ii)   its Term  shall start on the date which was the Expiry Date of the Letter of Credit                immediately prior to its renewal, and shall end on the proposed Expiry Date specified in                the Renewal Request.   (d)    If the conditions set out in this Agreement have been met, the Issuing Bank shall amend and re-         issue any Letter of Credit pursuant to a Renewal Request.   6.7    Revaluation of Letters of Credit  (a)    If any Letters of Credit are denominated in an Optional Currency, the Agent shall, at annual         intervals after the date of the respective Letter of Credit, recalculate the Base Currency Amount         of each Letter of Credit by notionally converting into the Base Currency the outstanding amount         of that Letter of Credit on the basis of the Agent's Spot Rate of Exchange on the date of calculation.   (b)    Listco shall, if requested by the Agent within five Business Days of any calculation under         paragraph (a) above, ensure that within three Business Days sufficient Revolving Facility         Utilisations are prepaid to prevent the Base Currency Amount of the Revolving Facility Utilisations         exceeding the Total   Revolving Facility Commitments (after deducting the total Ancillary         Commitments) by more than 5 per cent. following any adjustment to a Base Currency Amount         under paragraph (a) above.   6.8    Cash cover         If the Facilities are prepaid in full, or on the Termination Date for a Revolving Facility there are         Letters of Credit outstanding under that Revolving Facility, Listco shall:          (a)    provide cash cover in an amount not exceeding the amount of each such Letter of                Credit;          (b)    provide counter-indemnification by a financial institution approved by the Issuing Bank in                respect of each such Letter of Credit; or          (c)    at the request of the Issuing Bank, use all reasonable endeavours to procure the release                of the Issuing Bank from its obligations under each such Letter of Credit.    7.     LETTERS OF CREDIT                7.1    Immediately payable         If a Letter of Credit or any amount outstanding under a Letter of Credit is expressed to be         immediately payable, the Borrower that requested (or on behalf of which Listco requested) the         issue of that Letter of Credit shall repay or prepay that amount immediately.    A41108799                                      - 72 -               

 

7.2    Claims under a Letter of Credit  (a)    Each Revolving Facility Borrower irrevocably and unconditionally authorises the Issuing Bank to         pay any claim made or purported to be made under a Letter of Credit requested by it (or requested         by Listco on its behalf) and which appears on its face to be in order (in this Clause 7, a "claim").   (b)    Each Revolving Facility Borrower shall immediately on demand, or if such payment is being funded         by a Revolving Facility Loan within three Business Days of demand, pay to the Agent for the         Issuing Bank an amount equal to the amount of any claim.   (c)    Each Revolving Facility Borrower acknowledges that the Issuing Bank:                       (i)    is not obliged to carry out any investigation or seek any confirmation from any other person                before paying a claim; and          (ii)   deals in documents only and will not be concerned with the legality of a claim or any                underlying transaction or any available set-off, counterclaim or other defence of any                person.   (d)    The obligations of a Revolving Facility Borrower under this Clause 7.2 will not be affected by:                       (i)    the sufficiency, accuracy or genuineness of any claim or any other document; or                       (ii)   any incapacity of, or limitation on the powers of, any person signing a claim or other                document.   7.3    Indemnities  (a)    Each Revolving Facility Borrower shall immediately on demand indemnify the Issuing Bank against         any cost, loss or liability incurred by the Issuing Bank (otherwise than by reason of the Issuing         Bank's gross negligence or wilful misconduct) in acting as the Issuing Bank under any Letter of         Credit requested by (or on behalf of) that Revolving Facility Borrower.   (b)    Each Lender shall (according to its L/C Proportion) immediately on demand indemnify the Issuing         Bank against any cost, loss or liability incurred by the Issuing Bank (otherwise than by reason of         the Issuing Bank's gross negligence or wilful misconduct) in acting as the Issuing Bank under any         Letter of Credit (unless the Issuing Bank has been reimbursed by an Obligor pursuant to a Finance         Document).   (c)    If any Lender is not permitted (by its constitutional documents or any applicable law) to comply         with paragraph (b) above, then that Lender will not be obliged to comply with paragraph (b) above         and shall instead be deemed to have taken, on the date the Letter of Credit is issued (or, if later,         on the date the Lender's participation in the Letter of Credit is transferred or assigned to the Lender         in accordance with the terms of this Agreement), an undivided interest and participation in the         Letter of Credit in an amount equal to its L/C Proportion of that Letter of Credit. On receipt of         demand from the Agent, that Lender shall pay to the Agent (for the account of the Issuing Bank)         an amount equal to its L/C Proportion of the amount demanded.   (d)    The Revolving Facility Borrower which requested (or on behalf of which Listco requested) a Letter         of Credit shall immediately on demand reimburse any Lender for any payment it makes to the         Issuing Bank under this Clause 7.3 in respect of that Letter of Credit.    A41108799                                      - 73 -               

 

(e)    The obligations of each Lender under this Clause 7 are continuing obligations and will extend to         the ultimate balance of sums payable by that Lender in respect of any Letter of Credit, regardless         of any intermediate payment or discharge in whole or in part.   (f)    The obligations of any Lender or Revolving Facility Borrower under this Clause 7 will not be         affected by any act, omission, matter or thing which, but for this Clause 7, would reduce, release         or prejudice any of its obligations under this Clause 7 (without limitation and whether or not known         to it or any other person), including:          (i)    any time, waiver or consent granted to, or composition with, any Obligor, any beneficiary                under a Letter of Credit or any other person;          (ii)   the release of any other Obligor or any other person under the terms of any composition                or arrangement with any creditor or any member of the Group;          (iii)  the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect                to perfect, take up or enforce, any rights against, or security over assets of, any Obligor,                any beneficiary under a Letter of Credit or other person or any non-presentation or non-                observance of any formality or other requirement in respect of any instrument or any failure                to realise the full value of any security;          (iv)   any incapacity or lack of power, authority or legal personality of or dissolution or change                in the members or status of an Obligor or any beneficiary under a Letter of Credit or any                other person;          (v)    any amendment (however fundamental) or replacement of a Finance Document, any                Letter of Credit (if made with the consent of Listco) or any other document or security;          (vi)   any unenforceability, illegality or invalidity of any obligation of any person under any                Finance Document, any Letter of Credit or any other document or security; or          (vii)  any insolvency or similar proceedings.                7.4    Rights of contribution         No Obligor will be entitled to any right of contribution or indemnity from any Finance Party in         respect of any payment it may make under this Clause 7.   7.5    Settlement conditional         Any settlement or discharge between a Lender and the Issuing Bank shall be conditional upon no         security or payment to the Issuing Bank by a Lender or any other person on behalf of a Lender         being avoided or reduced by virtue of any laws relating to bankruptcy, insolvency, liquidation or         similar laws of general application and, if any such security or payment is so avoided or reduced,         the Issuing Bank shall be entitled to recover the value or amount of such security or payment from         such Lender subsequently as if such settlement or discharge had not occurred.   7.6    Exercise of rights         The Issuing Bank shall not be obliged before exercising any of the rights, powers or remedies         conferred upon it in respect of any Lender by this Agreement or by law:          (a)    to take any action or obtain judgment in any court against any Obligor;                       (b)    to make or file any claim or proof in a winding-up or dissolution of any Obligor; or    A41108799                                      - 74 -               

 

       (c)    to enforce or seek to enforce any other security taken in respect of any of the obligations                of any Obligor under this Agreement.   8.     OPTIONAL CURRENCIES                8.1    Selection of currency         A Revolving Facility Borrower (or Listco on its behalf) shall select the currency of a Revolving         Facility Utilisation in a Utilisation Request.   8.2    Unavailability of a currency         If before the Specified Time on any Quotation Day:                       (a)    a Lender notifies the Agent that the Optional Currency requested is not readily available                to it in the amount required; or          (b)    a Lender notifies the Agent that compliance with its obligation to participate in a Loan in                the proposed Optional Currency would contravene a law or regulation applicable to it,          the Agent will give notice to the relevant Revolving Facility Borrower to that effect by the Specified         Time on that day. In this event, any Lender that  gives  notice  pursuant  to  this  Clause 8.2 will be         required to participate in the Loan in the Base Currency (in an amount equal to that Lender's         proportion of the Base Currency Amount or, in respect of a Rollover Loan, an amount equal to that         Lender's proportion of the Base Currency Amount of the Rollover Loan that is due to be made)         and its participation will be treated as a separate Loan denominated in the Base Currency during         that Interest Period.   8.3    Agent's calculations         Each Lender's participation in a Loan will be determined in accordance with paragraph (b) of         Clause 5.4 (Lenders' participation).   9.     ANCILLARY FACILITIES                9.1    Type of Facility         An Ancillary Facility may be by way of:                       (a)    an overdraft facility;                       (b)    a guarantee, bonding, documentary or stand-by letter of credit facility;                       (c)    a short-term loan facility;                       (d)    a derivatives facility;                       (e)    a foreign exchange facility; or                       (f)    any other facility or accommodation required in connection with the business of the Group                and which is agreed by Listco with an Ancillary Lender.   9.2    Availability  (a)    If Listco and a Lender agree and except as otherwise provided in this Agreement, the Lender may         provide an Ancillary Facility on a bilateral basis in place of all or part of that Lender's unutilised         Revolving Facility Commitment (which shall (except for the purpose of determining the Majority         Lenders) be reduced by the amount of the Ancillary Commitment under that Ancillary Facility).    A41108799                                      - 75 -               

 

(b)    An Ancillary Facility shall not be made available unless, not later than three Business Days prior         to the Ancillary Commencement Date for an Ancillary Facility, the Agent has received from Listco:          (i)    a notice in writing requesting the establishment of an Ancillary Facility and specifying:                              (A)    whether the Ancillary Facility is to be made under the Original Revolving Facility                       or under an Additional Revolving Facility;                 (B)    the proposed Revolving Facility Borrower(s) (or Affiliates of a Revolving Facility                       Borrower) which may use the Ancillary Facility;                 (C)    the proposed Ancillary Commencement Date and expiry date of the Ancillary                       Facility;                 (D)    the proposed type of Ancillary Facility to be provided;                              (E)    the proposed Ancillary Lender;                              (F)    the proposed Ancillary Commitment, the maximum amount of the Ancillary Facility                       (if not denominated in the Base Currency) and, if the Ancillary Facility is an                       overdraft facility comprising more than one account, its maximum gross amount                       (that amount  being the "Designated Gross Amount") and its maximum net                       amount (that amount being the "Designated Net Amount"); and                 (G)    the proposed currency of the Ancillary Facility;                       (ii)   a copy of the proposed Ancillary Document; and                       (iii)  any other information which the Agent may reasonably request in connection with the                Ancillary Facility.          The Agent shall promptly notify Listco, the Ancillary Lender and the other Lenders of the         establishment of an Ancillary Facility.          No amendment or waiver of a term of any Ancillary Facility shall require the consent of any         Finance Party other than the relevant Ancillary Lender.   (c)    Subject to compliance with paragraph (b) above:                       (i)    the Lender concerned will become an Ancillary Lender; and                       (ii)   the Ancillary Facility will be available,                       with effect from the date agreed by Listco and the Ancillary Lender.                9.3    Terms of Ancillary Facilities  (a)    Except as provided below, the terms of any Ancillary Facility will be those agreed by the Ancillary         Lender and Listco.   (b)    However, those terms:                       (i)    must be based upon normal commercial terms at that time (except as varied by this                Agreement);          (ii)   may allow only Revolving Facility Borrowers (or Affiliates of Borrowers nominated                pursuant to Clause 9.8 (Affiliates of Borrowers)) to use the Ancillary Facility;    A41108799                                      - 76 -               

 

       (iii)  may not allow the Ancillary Outstandings to exceed the Ancillary Commitment;                       (iv)   may not allow the Ancillary Commitment of an Ancillary Lender to exceed the Available                Commitment with respect to the relevant Revolving Facility of that Ancillary Lender (or that                of its Affiliate); and          (v)    must require that the Ancillary Commitment is reduced to nil, and that all Ancillary                Outstandings are repaid (or cash cover provided in respect of all the Ancillary                Outstandings) not later than the Termination Date for the relevant Revolving Facility.   (c)    If there is any inconsistency between any term of an Ancillary Facility and any term of this         Agreement, this Agreement shall prevail, except for (i) Clause 38.3 (Day count convention) which         shall not prevail for the purposes of calculating fees, interest or commission relating to an Ancillary         Facility and (ii) an Ancillary Facility comprising more than one account where the terms of the         Ancillary Documents shall prevail.   (d)    Interest, commission and fees on Ancillary  Facilities are dealt with in Clause 17.5 (Interest,         commission and fees on Ancillary Facilities).   9.4    Repayment of Ancillary Facility  (a)    An Ancillary Facility shall cease to be available on the Termination Date in relation to the relevant         Revolving Facility or such earlier date on which its expiry date occurs or on which it is cancelled         in accordance with the terms of this Agreement.   (b)    If an Ancillary Facility expires in accordance with its terms, the Ancillary Commitment of the         Ancillary Lender shall be reduced to zero (and its unutilised Revolving Facility Commitment shall         be increased accordingly).   (c)    No Ancillary Lender may demand repayment or prepayment of any amounts or demand cash         cover for any liabilities made available or incurred by it under its Ancillary Facility (except where         the Ancillary Facility is provided on a net limit basis to the extent required to bring any gross         outstandings down to the net limit) unless:          (i)    the Total Revolving Facility Commitments have been cancelled in full, or all outstanding                Utilisations under the relevant Revolving Facility have become due and payable       in                accordance with the terms of this Agreement, or the Agent has declared all outstanding                Utilisations under the relevant Revolving Facility immediately due and payable, or the                expiry date of the Ancillary Facility occurs;          (ii)   it becomes unlawful in any applicable jurisdiction for the Ancillary Lender to perform any                of its obligations as contemplated by this Agreement or to fund, issue or maintain its                participation in its Ancillary Facility; or          (iii)  the Ancillary Outstandings (if any) under that Ancillary Facility can be refinanced by a                Revolving Facility Utilisation under the relevant Revolving Facility and the Ancillary Lender                gives sufficient notice to enable a Utilisation under the relevant Revolving Facility to be                made to refinance those Ancillary Outstandings.   (d)    For the purposes of determining whether or not the Ancillary Outstandings under an Ancillary         Facility mentioned in paragraph (c)(iii) above can be refinanced by a Utilisation under the relevant         Revolving Facility:    A41108799                                      - 77 -               

 

       (i)    the unutilised Revolving Facility Commitment of the Ancillary Lender will be increased by                the amount of the respective Ancillary Commitment; and          (ii)   the Utilisation may (so long as paragraph (c)(i) above does not apply) be made irrespective                of whether a Default is outstanding or any other applicable condition precedent is not                satisfied (but only to the extent that the proceeds are applied in refinancing those Ancillary                Outstandings) and irrespective of whether Clause 4.3 (Maximum number of Utilisations)                or paragraph (a)(iv) of Clause 5.2 (Completion of a Utilisation Request for Loans) applies.   (e)    On the making of a Utilisation under a Revolving Facility to refinance Ancillary Outstandings:                       (i)    each Lender will participate in that Utilisation in an amount (as determined by the Agent)                which will result as nearly as possible in the aggregate amount of its participation in the                Revolving Facility Utilisations then outstanding bearing the same proportion to the                aggregate amount of the Revolving Facility Utilisations then outstanding as its Revolving                Facility Commitment bears to the Total Revolving Facility Commitments; and          (ii)   the relevant Ancillary Facility shall be cancelled.                (f)    In relation to an Ancillary Facility which comprises an overdraft facility where a Designated Net         Amount has been established, the Ancillary Lender providing that Ancillary Facility shall only be         obliged to take into account for the purposes of calculating compliance with the Designated Net         Amount those credit balances which it is permitted to take into account by the then current law         and regulations in relation to its reporting of exposures to the Financial Conduct Authority as netted         for capital adequacy purposes.   9.5    Ancillary Outstandings         Each Revolving Facility Borrower and each Ancillary Lender agrees with and for the benefit of         each Lender that:          (a)    the Ancillary Outstandings under any Ancillary Facility provided by that Ancillary Lender                shall not exceed the Ancillary Commitment applicable to that Ancillary Facility and, where                the Ancillary Facility is an overdraft facility comprising more than one account, Ancillary                Outstandings under that Ancillary Facility shall not exceed the Designated Net Amount in                respect of that Ancillary Facility; and          (b)    where all or part of the Ancillary Facility is an overdraft facility comprising more than one                account, the Ancillary Outstandings (calculated on the basis that the words in brackets in                paragraph (a) of the definition of that term were deleted) shall not exceed the  Designated                Gross Amount applicable to that Ancillary Facility.   9.6    Information         Each Revolving Facility Borrower and each Ancillary Lender shall, promptly upon request by the         Agent, supply the Agent with any information relating to the operation of an Ancillary Facility         (including the Ancillary Outstandings) as the Agent may reasonably request from time to time.         Each Revolving Facility Borrower consents to all such information being released to the Agent and         the other Finance Parties.    A41108799                                      - 78 -               

 

9.7    Affiliates of Lenders as Ancillary Lenders  (a)    Subject to the terms of this Agreement, an Affiliate of a Lender may become an Ancillary Lender.         In such case, the Lender and its Affiliate shall be treated as a single Lender whose Revolving         Facility Commitment is the amount set out opposite the relevant Lender's name in the April 2017         Allocations Table and/or the amount of any Revolving Facility Commitment transferred to or         assumed by that Lender under this Agreement, to the extent (in each case) not cancelled, reduced         or transferred by it under this Agreement. For the purposes of calculating the Lender's Available         Commitment with respect to the Revolving Facility, the Lender's Commitment shall be reduced to         the extent of the aggregate of the Ancillary Commitments of its Affiliates.   (b)    Listco shall specify any relevant Affiliate of a Lender in any notice delivered by Listco to the Agent         pursuant to paragraph (b)(i) of Clause 9.2 (Availability).   (c)    An Affiliate of a Lender which becomes an Ancillary Lender shall accede to this Agreement and         the Intercreditor Agreement by delivery to the Security Agent of a duly completed Creditor/Agent         Accession Undertaking (as defined in the Intercreditor Agreement).   (d)    If a Lender assigns all of its rights and benefits or transfers all of its rights and obligations to a New         Lender (as defined in Clause 29 (Changes to the Lenders), its Affiliate shall cease to have any         obligations under this Agreement or any Ancillary Document.   (e)    Where this Agreement or any other Finance Document imposes an obligation on an Ancillary         Lender and the relevant Ancillary Lender is an Affiliate of a Lender which is not a party to that         document, the relevant Lender shall ensure that the obligation is performed by its Affiliate.   9.8    Affiliates of Borrowers  (a)    Subject to the terms of this Agreement, an Affiliate of a Revolving Facility Borrower may with the         approval of the relevant Lender become a borrower with respect to an Ancillary Facility.   (b)    Listco shall specify any relevant Affiliate of a Revolving Facility Borrower in any notice delivered         by Listco to the Agent pursuant to paragraph (b)(i) of Clause 9.2 (Availability).   (c)    If a Revolving Facility Borrower ceases to be a Borrower under this Agreement in accordance with         Clause 31.3 (Resignation of a Borrower), its Affiliate shall cease to have any rights under this         Agreement or any Ancillary Document (unless that Affiliate is also the Affiliate of another         Borrower).   (d)    Where this Agreement or any other Finance Document imposes an obligation on a Borrower under         an Ancillary Facility and the relevant Borrower is an Affiliate of a Revolving Facility Borrower which         is not a party to that document, the relevant Borrower shall ensure that the obligation is performed         by its Affiliate.   (e)    Any reference in this Agreement or any other Finance Document to a Borrower being under no         obligations (whether actual or contingent) as a Borrower under such Finance Document shall be         construed to include a reference to any Affiliate of a Revolving Facility Borrower being under no         obligations under any Finance Document or Ancillary Document (unless that Affiliate is also the         Affiliate of another Borrower).    A41108799                                      - 79 -               

 

                                             SECTION 4                          REPAYMENT, PREPAYMENT AND CANCELLATION                10.    REPAYMENT                10.1   Repayment of Term Loans  (a)    The Borrower under Facility B3 shall repay the Facility B3 Loans in full on the Termination Date         for Facility B3 in euro.   (b)    The Borrower under Facility B4 shall repay the outstanding aggregate Facility B4 Loans by (i) on         15 May 2018 and on each subsequent anniversary of such date, repaying an amount which         reduces the Base Currency Amount of the outstanding aggregate Facility B4 Loans by an amount         equal to 1.00 per cent of the aggregate of (A) all Facility B4 Loans outstanding as at the date         referred to in paragraph (b) of the definition of "Fungibility Date" and (B) the amount of outstanding         Facility B7 Loans as at the Facility B7 Fungibility Date, without any double counting; and (ii) on         the Termination Date for Facility B4, repaying the remaining Facility B4 Loans in full.   (c)    The Borrower under Facility B5 shall repay the Facility B5 Loans in full on the Termination Date         for Facility B5 in euro.   (d)    The Borrower under Facility B6 shall repay the Facility B6 Loans by (i) on 15 May 2018 and on         each subsequent anniversary of such date, repaying an amount which reduces the Base Currency         Amount of the outstanding aggregate Facility B6 Loans by an amount equal to 1.00 per cent of the         aggregate of all Facility B6 Loans outstanding as at the last day of the Availability Period applicable         to Facility B6; and (ii) on the Termination Date for Facility B6, repaying the remaining Facility B6         Loans in full.   (e)    The Borrower under Facility B7 shall repay the Facility B7 Loans by (i) on 15 May 2019 and on         each subsequent anniversary of such date, repaying an amount which reduces the Base Currency         Amount of the outstanding aggregate Facility B7 Loans by an amount equal to 1.00 per cent of the         aggregate of all Facility B7 Loans outstanding as at the last day of the Availability Period applicable         to Facility B7; and (ii) on the Termination Date for Facility B7, repaying the remaining Facility B7         Loans in full.   (f)    The Borrower(s) in relation to each Additional Facility shall repay (or procure the repayment of)         any amounts owing under that Facility in the manner specified in the Additional Facility Documents         relating to that Additional Facility.   (g)    The Borrowers may not reborrow any part of a Term Facility which is repaid.                10.2   Repayment of Revolving Facility Loans         Each Revolving Facility Borrower which has drawn a Revolving Facility Loan shall repay that Loan         on the last day of its Interest Period.   10.3   Repayment of Ancillary Facilities         On the Termination Date applicable to the relevant Revolving Facility, each Revolving Facility         Borrower under an Ancillary Facility shall repay all amounts (if any) owing or outstanding under         that Ancillary Facility.    A41108799                                      - 80 -               

 

11.    ILLEGALITY, VOLUNTARY PREPAYMENT AND CANCELLATION                11.1   Illegality         If it becomes unlawful in any applicable jurisdiction for a Lender to perform any of its obligations         as contemplated by this Agreement or to fund, issue or maintain its participation in any Utilisation:          (a)    that Lender shall promptly notify the Agent upon becoming aware of that event;                       (b)    upon the Agent notifying Listco, the Commitments of that Lender will be immediately                cancelled  or, as the case may be, on such date that Lender's Commitments shall be                transferred to another person pursuant to Clause 29.11 (Replacement of Lenders); and          (c)    each Borrower shall repay that Lender's participation in the Utilisations made to that                Borrower on the last day of the Interest Period for each Utilisation occurring after the Agent                has notified Listco or, if earlier, the date specified by the Lender in the notice delivered to                the Agent (being no earlier than the last day of any applicable grace period permitted by                law) or, as the case may be, on such date that Lender's participation in the Utilisations                shall be transferred at par to another person as set out in Clause 29.11 (Replacement of                Lenders).   11.2   Illegality in relation to an Issuing Bank         If it becomes unlawful for an Issuing Bank to issue or leave outstanding any Letter of Credit in any         jurisdiction, then:          (a)    that Issuing Bank shall promptly notify the Agent upon becoming aware of that event;                       (b)    upon the Agent notifying Listco, the Issuing Bank shall not be obliged to issue any Letter                of Credit in that jurisdiction;          (c)    Listco shall procure that the relevant Borrower shall use its best endeavours to procure                the release of each Letter of Credit issued by that Issuing Bank and outstanding at such                time; and          (d)    unless any other Lender (or other person pursuant to Clause 29.11     (Replacement of                Lenders)) has agreed to be an Issuing Bank pursuant to the terms of this Agreement, the                Revolving Facility shall cease to be available for the issue of Letters of Credit in that                jurisdiction.   11.3   Cancellation  (a)    Listco may, if it gives the Agent not less than three Business Days' (or such shorter period as the         Majority Lenders may agree) prior notice, cancel the whole or any part (being a minimum amount         of EUR 1,000,000 in relation to Euro Denominated Facilities or US$1,000,000 in relation to US$         Denominated Facilities (or its equivalent)) of an Available Facility. Any cancellation under this         Clause 11.3 shall reduce the Commitments of the Lenders rateably under that Facility.   (b)    In relation to each Facility, any Commitments which, at the end of the Availability Period applicable         to that Facility, are unutilised shall immediately and automatically be cancelled at such time.    A41108799                                      - 81 -               

 

11.4   Voluntary prepayment of Term Loans  (a)    Subject to the Intercreditor Agreement and to paragraph (c) below, a Borrower to which a Term         Loan has been made may, if it or Listco gives the Agent not less than five Business Days' (or such         shorter period as the Majority Lenders may agree) prior notice, prepay the whole or any part of         that Term Loan (but, if in part, being a minimum amount of EUR 1,000,000 in relation to Euro         Denominated Facilities or $1,000,000 in relation to US$ Denominated Facilities (or the         equivalent)).   (b)    A Term Loan may only be prepaid after the last day of the Availability Period (or, if earlier, the day         on which the applicable Available Facility is zero).   11.5   Voluntary prepayment of Revolving Facility Utilisations         Subject to paragraph (b) below, a Borrower to which a Revolving Facility Utilisation has been made         may, if such Borrower or Listco gives the Agent not less than five Business Days' (or such shorter         period as the Majority Lenders may agree) prior notice, prepay the whole or any part of a Revolving         Facility Utilisation (but, if in part, being an amount that reduces the Base Currency Amount of the         Revolving Facility Utilisation by a minimum amount of EUR 1,000,000 (or its equivalent)).   11.6   Right of cancellation and repayment in relation to a single Lender or Issuing Bank  (a)    If:                       (i)    any sum payable to any Lender by an Obligor is required to be increased under                paragraph (c) of Clause 18.2 (Tax gross-up);          (ii)   any Lender or Issuing Bank claims indemnification from an Obligor under Clause 18.3                (Tax indemnity) or Clause 19.1 (Increased Costs);          (iii)  a Market Disruption Event occurs pursuant to Clause 16 (Changes to the calculation of                interest) in relation to certain but not all the Lenders; or          (iv)   at any time a Lender becomes a Non-Consenting Lender,                       Listco may, whilst the circumstance giving rise to the requirement or indemnification continues,         give the Agent notice:                 (A)    (if such circumstances relate to a Lender) of cancellation of the Commitments of                       that Lender and its intention to procure the repayment of that Lender's participation                       in the Utilisations or to require the transfer of that Lender's rights  and obligations                       pursuant to Clause 29.11 (Replacement of Lenders); or                 (B)    (if such circumstances relate to the Issuing Bank) of repayment of any outstanding                       Letter of Credit issued by it and cancellation of its appointment as an Issuing Bank                       under this Agreement in relation to any Letters of Credit to be issued in the future                       or its request to transfer that Issuing Bank's rights and obligations pursuant to                       Clause 29.11 (Replacement of Lenders).   (b)    On receipt of a notice referred to in paragraph (a) above in relation to a Lender, the Commitments         of that Lender shall immediately be reduced to zero or transferred to another person pursuant to         Clause 29.11 (Replacement of Lenders).    A41108799                                      - 82 -               

 

(c)    On the last day of each Interest Period which ends after Listco has given notice under  paragraph         (a)(i), (ii) or (iii) above in relation to a Lender (or, if earlier, the date specified by Listco in that         notice), each Borrower to which a Utilisation is outstanding shall repay that Lender's participation         in that Utilisation together with all interest and other amounts accrued under the Finance         Documents or the relevant Lender shall transfer its rights and obligations pursuant to Clause 29.11         (Replacement of Lenders).   (d)    On the last day of each Interest Period which ends after Listco has given notice under  paragraph         (a)(iv) above in relation to a Lender (or, if earlier, the date specified by Listco in that notice), each         Borrower to which a Utilisation is outstanding shall, with the consent of each of the Lenders forming         the Majority Lenders (unless the prepayment is funded by New Equity or Subordinated Debt         received after the Closing Date or Retained Cash) repay that Lender's participation in that         Utilisation together with all interest and other amounts accrued under the Finance Documents         and/or the relevant Lender shall transfer its rights and obligations pursuant to Clause 29.11         (Replacement of Lenders).   12.    MANDATORY PREPAYMENT                12.1   Exit  (a)    Upon the occurrence of:                       (i)    a Change of Control; or                       (ii)   the sale of all or substantially all of the assets of the Group, whether in a single transaction                or a series of related transactions,          Listco shall immediately notify the Agent (who shall notify the Finance Parties), and each Lender         shall be entitled to require, by written notice to the Obligors' Agent received not later than the date         30 days after the date on which the Lenders received notice that such event has occurred, that its         Commitments are cancelled and all outstanding Utilisations (together with all other amounts         accrued or owing under the Finance Documents) in respect of that Lender become immediately         due and payable, whereupon:                 (A)    all such amounts will become immediately due and payable and the Borrowers will                       immediately prepay or procure the prepayment of all Utilisations and Ancillary                       Outstandings provided by that Lender, together with accrued interest and all other                       amounts accrued or owing under the Finance Documents to and in respect of that                       Lender;                 (B)    each Borrower will immediately repay or procure the repayment of all sums                       advanced to it under any Ancillary Facility (including all Ancillary Outstandings),                       together with all other amounts accrued or owing by the Obligors in connection                       therewith, made available by that Lender (provided that a Borrower and an                       Ancillary Facility Lender may agree, as between themselves only and                       notwithstanding paragraph (1) above, that any Ancillary Facilities will continue to                       remain available on a bilateral basis between such parties and not under (or                       subject to the terms of) the Finance Documents (in which case such Ancillary                       Facilities will be treated as repaid in full for all purposes under the Finance                       Documents)); and    A41108799                                      - 83 -               

 

              (C)    the Commitments of that Lender will be cancelled and such Lender shall have no                       Commitments or obligation to participate in further Utilisations requested under this                       Agreement.   12.2   Disposal, insurance and Excess Cashflow  (a)    For the purposes of this Clause 12.2, Clause 12.3 (Application of mandatory prepayments) and         Clause 12.4 (Mandatory Prepayment Account):          "Disposal" means a sale, lease, licence, transfer, loan or other disposal by a person of any asset,         undertaking or business (whether by a voluntary or involuntary single transaction or series of         transactions).          "Disposal Proceeds" means the Net Proceeds received by any member of the Group (including         any amount received in repayment of intercompany debt) for any Disposal made by any member         of the Group, except for Excluded Disposal Proceeds.          "Excluded Disposal Proceeds" means the Net Proceeds of any Disposal which is or which are:                       (i)    of trading assets made by any member of the Group in the ordinary course of trading of                the disposing entity;          (ii)   of any asset by a member of the Group (the "Disposing Company") to another member                of the Group (the "Acquiring Company"), but if the Disposing Company is a Guarantor,                the Acquiring Company must also be a Guarantor and if the Disposing Company has given                Security over the asset the Acquiring Company must, subject to the Security Principles,                give equivalent Security over the asset;          (iii)  of any asset from an Obligor to a member of the Group which is not an Obligor provided                that the aggregate amount transferred   by all Obligors (net of the value of any assets                transferred from a member of the Group which is not an Obligor to an Obligor) does not                exceed at any time EUR 60,000,000 (or its equivalent);          (iv)   of assets (other than shares, businesses or intellectual property) in exchange for other                assets reasonably comparable or superior as to type or quality for use in the business;          (v)    of Cash or Cash Equivalent Investments;                       (vi)   constituted by a licence of Intellectual Property;                       (vii)  made to a Joint Venture, to the extent permitted by Clause 27.8 (Joint Ventures);                       (viii) arising as a result of any Permitted Security or Permitted Transaction;                       (ix)   a lease or licence of Real Property in the ordinary course of business;                       (x)    an individual Disposal not falling under the preceding paragraphs where the Net Proceeds                from that Disposal are an amount less than EUR 10,000,000 (or its equivalent);          (xi)   applied or committed to be applied or designated by the board of directors of Listco for                application in the purchase of assets, Permitted Acquisitions and  Capital Expenditure                within 12 Months of receipt (or such longer period as the Majority Lenders may agree),                provided that if so designated or committed, they are actually so applied within 18 Months                of receipt; or    A41108799                                      - 84 -               

 

       (xii)  disposals not falling under the preceding paragraphs, the Net Proceeds of which when                aggregated with the Net Proceeds of other Disposals made in the same Financial Year of                Listco and not falling under the preceding paragraphs do not exceed an amount of EUR                50,000,000 (or its equivalent) in any Financial Year.          "Excluded Insurance Proceeds" means any Net Proceeds of insurance claims:                       (i)    which are third party liability, business interruption or similar claims;                       (ii)   which do not exceed an amount of EUR 10,000,000 (or its equivalent) in aggregate in                any Financial Year; or          (iii)  which are applied, committed to be so applied or designated by the board of directors of                Listco to be so applied:                 (A)    to meet a third party claim; or                              (B)    to the replacement, reinstatement and/or repair of the assets in respect of which                       the relevant insurance claim was made,                 within 12 Months of receipt (or such longer period as the Majority Lenders may agree),                provided that if so designated or committed they are actually so applied within 18 Months                of receipt.          "Insurance Proceeds" means the Net Proceeds of any insurance claim received by any member         of the Group, except for Excluded Insurance Proceeds.   (b)    Listco shall ensure that the Borrowers shall prepay Utilisations at the times and in the order of         application contemplated by Clause 12.3 (Application of mandatory prepayments) in respect of:          (i)    the amount of Disposal Proceeds; and                       (ii)   the amount of Insurance Proceeds.                (c)    Excess Cashflow                       For any Financial Year of Listco commencing with the Financial Year ending on 31 December         2018, Listco shall ensure that the Borrowers prepay Utilisations at the time and in the order of         application contemplated by Clause 12.3 (Application of mandatory prepayments) in an amount         equal to:          (i)    in respect of each Financial Year at the end of which Debt Cover is greater than 4.5:1, 50                per cent. of the Excess Cashflow for that Financial Year;          (ii)   in respect of each Financial Year at the end of which Debt Cover is equal to or less than                4.5:1 but greater than 3.75:1, 25 per cent. of Excess Cashflow for that Financial Year; and          (iii)  for the avoidance of doubt, in respect of each Financial Year at the end of which Debt                Cover is equal to or less than 3.75:1, none of the Excess Cashflow for that Financial Year,          (and, for this purpose, Debt Cover shall be calculated after taking into account any prepayment to         be made under this paragraph (c) to the extent not leading to double counting), provided that         from the applicable percentage of Excess Cashflow shall be deducted:    A41108799                                      - 85 -               

 

              (A)    any voluntary prepayments made during that Financial Year; and                              (B)    an amount of EUR 60,000,000 as a de minimis amount.                12.3   Application of mandatory prepayments  (a)    A prepayment made under Clause 12.2 (Disposal, insurance and Excess Cashflow) shall be         applied in the following order:          (i)    first, in prepayment of Term Loans as contemplated below;                       (ii)   secondly, in cancellation of Available Commitments under each Revolving Facility (and                the Available Commitments of the Lenders under each Revolving Facility will be cancelled                rateably);          (iii)  thirdly, in prepayment and cancellation of Revolving Facility Utilisations and of Revolving                Facility Commitments; and          (iv)   fourthly, in repayment and cancellation of the Ancillary Outstandings and Ancillary                Commitments.   (b)    A prepayment under Clause 12.2 (Disposal, insurance and Excess Cashflow) shall prepay the         Term Loans if after the applicable Availability Period, in amounts which reduce each of the Term         Loans by the same proportion and pro rata across those Loans.   (c)    Unless Listco makes an election under paragraph (d) below, the Borrowers shall apply such         amount against prepayments and cancellations which are due under this Agreement in         accordance with paragraph (a) above at the following times:          (i)    in the case of any prepayment relating to the amounts of Disposal Proceeds or Insurance                Proceeds, promptly upon receipt of those proceeds; and          (ii)   subject to Clause 12.6 (Right to refuse prepayment), in the case of any prepayment                relating to an amount of Excess Cashflow, on the last day of the first Interest Period ending                at least 15 Business Days after the date of delivery of the annual consolidated accounts                of Listco pursuant to Clause 25.1 (Financial statements) for the relevant Financial Year.   (d)    Listco may, by giving the Agent not less than three Business Days' (or such shorter period as the         Majority Lenders may agree) prior written notice, elect that any amounts to be applied in         prepayment pursuant to Clause 12.2 (Disposal, insurance and Excess Cashflow) be paid into the         Mandatory Prepayment Account.   (e)    If Listco has made an election under paragraph (d) above but an Event  of  Default under  Clause         28.1 (Non-payment) has occurred and is continuing or a notice of acceleration or cancellation has         been given pursuant to Clause 28.16 (Acceleration), that election shall no longer apply and the         amount of the relevant prepayment shall be immediately due and payable (unless the Majority         Lenders otherwise agree in writing).   (f)    The Agent shall notify the Lenders as soon as possible of any prepayment of any Term Loan to be         made under Clause 11.4    (Voluntary prepayment of Term    Loans) or Clause 12.2 (Disposal,         insurance and Excess Cashflow).    A41108799                                      - 86 -               

 

12.4   Mandatory Prepayment Account  (a)    Listco shall ensure that:                       (i)    Disposal Proceeds and Insurance Proceeds in respect of which Listco has made an                election under paragraph (d) of Clause 12.3 (Application of mandatory prepayments) are                paid into a Mandatory Prepayment Account promptly upon receipt by a member of the                Group; and          (ii)   an amount equal to any Excess Cashflow in respect of which Listco has made an election                under paragraph (d) of Clause 12.3 (Application of mandatory prepayments) is paid into a                Mandatory Prepayment Account promptly after such election,          and Listco and each Borrower irrevocably authorise the Agent to apply amounts credited to the         Mandatory Prepayment Account which are required to be applied pursuant to paragraph (b) or         (c) of Clause 12.2 (Disposal, insurance and Excess Cashflow) to pay amounts due and payable         under Clause 12.3 (Application of mandatory prepayments) and otherwise under the Finance         Documents on the last day of the Interest Period relating to the relevant Term Loan.          A Lender, Security Agent or Agent with which a Mandatory Prepayment Account is held         acknowledges and agrees that (A) interest shall accrue at normal commercial rates on amounts         credited to that account and, subject to there being no Event of Default continuing, that the account         holder shall be entitled to withdraw or transfer such interest (which shall be paid in accordance         with the mandate relating to such account) and (B) such Mandatory Prepayment Account is subject         to the Transaction Security.   12.5   General  (a)    All prepayments to be made under Clause 12.2 (Disposal, insurance and Excess Cashflow) are         subject to permissibility under local law (including, without limitation, financial assistance,         corporate benefit restrictions on up-streaming of cash intra-group and the fiduciary and statutory         duties of the directors of the relevant members of the Group). There will be no requirement to         make any prepayment where the Tax or other cost to the Group of making that payment or making         the relevant funds available to another member of the Group to enable such payment to be made         is disproportionate to the amount to be prepaid. For the avoidance of doubt, such payment is         disproportionate if the costs exceed an amount equal to 3 per cent. of the amount to be prepaid.         Listco shall ensure that all members of the Group will use their reasonable endeavours to         overcome any restrictions and/or minimise any costs of a prepayment. If at any time those         restrictions are removed, any relevant proceeds will be applied in prepayment of the Facilities at         the end of the next Interest Period.   (b)    Notwithstanding Clause 12.3 (Application of mandatory prepayments), if a Borrower is unable to         up-stream moneys required to be prepaid in accordance with this Clause 12 but can prepay Term         Loans made to it otherwise than in accordance with the order of prepayment described in Clause         12.3 (Application of mandatory prepayments), then that Borrower will prepay Term Loans made to         it unless the relevant Borrower certifies to the Lender that it is not able to as a result of matters         described in paragraph (a) above.   12.6   Right to Refuse Prepayment  (a)    Subject to paragraph (b) below, if a Lender (a "Non-Accepting Lender") to which a proposed         payment under paragraph (c) of Clause 12.2 (Disposal, insurance and Excess Cashflow) would    A41108799                                      - 87 -               

 

       otherwise be made, gives notice to the Agent by 11.00 a.m. on the third Business Day prior to the         date on which a prepayment referred to in paragraph (c) of Clause 12.2 (Disposal, Insurance and         Excess Cashflow) is to be made (or such shorter period as the Agent may agree) of its intention         to waive its right to receive such prepayment, that Lender will be deemed to have waived its right         to receive such prepayment to the extent specified in that notice.   (b)    If any Non-Accepting Lender delivers any notice under paragraph (a) above, the amount in respect         of which that Non-Accepting Lender has been deemed to have waived its right to prepayment         under paragraph (a) above (the "Waived Amount") shall be retained by the Group or (at Listco's         option) offered on a pro rata basis to the other Lenders under the Term Facilities.   13.    RESTRICTIONS                13.1   Notices of cancellation or prepayment  (a)    Subject to paragraph (b) below, any notice of cancellation or prepayment given by any Party under         Clause  11  (Illegality, voluntary prepayment and cancellation) or Clause 12 (Mandatory         prepayment) shall be irrevocable and, unless a contrary indication appears in this Agreement,         shall specify the date or dates upon which the relevant cancellation or prepayment is to be made         and the amount of that cancellation or prepayment.   (b)    Any notice of prepayment and/or cancellation given by Listco under paragraph (a) of Clause 11.3         (Cancellation), Clause 11.4 (Voluntary prepayment of Term Loans) and/or Clause 11.5  (Voluntary         prepayment of Revolving Facility Utilisations) may provide that the relevant prepayment and/or         cancellation (as applicable) referred to therein is conditional.   13.2   Interest and other amounts         Any prepayment under this Agreement shall be made together with accrued interest on the amount         prepaid and, subject to any Break Costs and subject to Clause 17.6 (Call premium), without         premium or penalty.   13.3   No reborrowing of Term Facilities         No Borrower may reborrow any part of a Term Facility which is prepaid.                13.4   Reborrowing of Revolving Facility         Unless a contrary indication appears in this Agreement, any part of a Revolving Facility which is         prepaid may be reborrowed in accordance with the terms of this Agreement.   13.5   Prepayment in accordance with Agreement         No Borrower shall repay or prepay all or any part of the Utilisations or cancel all or any part of the         Commitments, except at the times and in the manner expressly provided for in this Agreement.   13.6   No reinstatement of Commitments         No amount of the Total Commitments cancelled under this Agreement may be subsequently         reinstated.   13.7   Agent's receipt of notices         If the Agent receives a notice under Clause 11 (Illegality, voluntary prepayment and cancellation)         or Clause 12 (Mandatory prepayment), it shall promptly forward a copy of that notice to either         Listco or the affected Lender, as appropriate.    A41108799                                      - 88 -               

 

                                            SECTION 5                                       COSTS OF UTILISATION   14.    INTEREST                14.1   Calculation of interest         The rate of interest on each Loan for each Interest Period is the percentage rate per annum         which is the aggregate of the applicable:          (a)    Margin; and                       (b)    LIBOR or, in relation to any Loan in euro, EURIBOR.                14.2   Payment of interest         The Borrower to which a Loan has been made shall pay accrued interest on that Loan on the last         day of each Interest Period (and, if the Interest Period is longer than six Months, on the dates         falling at six Monthly intervals after the first day of the Interest Period).   14.3   Default interest  (a)    If an Obligor fails to pay any amount payable by it under a Finance Document on its due date,         interest shall accrue on the overdue amount from the due date up to the date of actual payment         (both before and after judgment) at a rate which, subject to paragraph (b) below, is 1 per cent. per         annum higher than the rate which would have been payable if the overdue amount had, during the         period of non-payment, constituted a Loan in the currency of the overdue amount for successive         Interest Periods, each of a duration selected by the Agent (acting reasonably). Any interest         accruing under this Clause 14.3 shall be immediately payable by the Obligor on demand by the         Agent.   (b)    If any overdue amount consists of all or part of a Loan which became due on a day which was not         the last day of an Interest Period relating to that Loan:          (i)    the first Interest Period for that overdue amount shall have a duration equal to the                unexpired portion of the current Interest Period relating to that Loan; and          (ii)   the rate of interest applying to the overdue amount during that first Interest Period shall be                1 per cent. per annum higher than the rate which would have applied if the overdue amount                had not become due.   (c)    Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue         amount at the end of each Interest Period applicable to that overdue amount but will remain         immediately due and payable.   14.4   Notification of rates of interest         The Agent shall promptly notify the Lenders and the relevant Borrower (or Listco) of the         determination of a rate of interest under this Agreement.   15.    INTEREST PERIODS                15.1   Selection of Interest Periods  (a)    A Borrower (or Listco on behalf of a Borrower) may select an Interest Period for a Loan in the         Utilisation Request for that Loan or (if the Loan is a Term Loan and has already been borrowed)         in a Selection Notice.    A41108799                                      - 89 -               

 

(b)    Each Selection Notice for a Term Loan is irrevocable and must be delivered to the Agent by the         Borrower (or Listco on behalf of the Borrower) to which that Term Loan was made not later than         the Specified Time.   (c)    If a Borrower (or Listco) fails to deliver a Selection Notice to the Agent in accordance with         paragraph (b) above, the relevant Interest Period will be one Month.   (d)    Subject to this Clause 15, a Borrower (or Listco) may select an Interest Period:                       (i)    in respect of any Euro Denominated Facility, of one, two, three or six Months; or                       (ii)   in respect of any US$ Denominated Facility, of one, two or three Months; or                       (iii)  (in either case) any other period agreed between Listco and the Agent (if such period is                longer than six Months, acting on the instructions of all the Lenders under the relevant                Facility). In addition, a Borrower (or Listco on its behalf) may select an Interest Period of                a period necessary so that the last day of the relevant Interest Period matches any relevant                payments under the Hedging Agreements.   (e)    Each Interest Period for a Term Loan shall start on the Utilisation Date or (if already made) on the         last day of its preceding Interest Period.   (f)    A Revolving Facility Loan has one Interest Period only.                (g)    An Interest Period for a Loan shall not extend beyond the Termination Date applicable to its         facility.   (h)    Prior to the date on which the re-designation of Facility B5 Commitments referred to in Clause         2.5 occurs, Interest Periods for Facility B3 shall be one Month (or such other period as the         Arrangers and Listco may agree).   (i)    Prior to the date on which the re-designation of Facility B6 Commitments referred to in Clause         2.6 occurs, Interest Periods for Facility B4 shall be one Month (or such other period as the         Arrangers and Listco may agree).   (j)    Prior to the date on which the re-designation of Facility B7 Commitments referred to in Clause         2.7 occurs, Interest Periods for Facility B4 shall be one Month (or such other period as the         Arrangers and Listco may agree).   (k)    The first Interest Period for Facility B5 shall be the period from the last day of the Availability         Period for Facility B5 until the Fungibility Date.   (l)    The first Interest Period for Facility B6 shall be the period from the last day of the Availability         Period for Facility B6 until the Fungibility Date.   (m)    The first Interest Period for Facility B7 shall be the period from the last day of the Availability         Period for Facility B7 until the Facility B7 Fungibility Date.   15.2   Non-Business Days         If an Interest Period would otherwise end on a day which is not a Business Day, that Interest         Period will instead end on the next Business Day in that calendar month (if there is one) or the         preceding Business Day (if there is not).   15.3   Consolidation and division of Term Loans         If two or more Interest Periods:    A41108799                                      - 90 -               

 

       (i)    relate to Term Loans in the same currency made under the same Facility;                       (ii)   end on the same date; and                       (iii)  are made to the same Borrower,                       those Term Loans will, unless that Borrower (or Listco on its behalf) specifies to the contrary in         the Selection Notice for the next Interest Period, be consolidated into, and treated as, a single         Term Loan on the last day of the Interest Period.   16.    CHANGES TO THE CALCULATION OF INTEREST                16.1   Absence of quotations         Subject to Clause 16.2 (Market disruption), if LIBOR or, if applicable, EURIBOR is to be         determined by reference to the Reference Banks but a Reference Bank does not supply a         quotation by the Specified Time on the Quotation Day, the applicable LIBOR or EURIBOR shall         be determined on the basis of the quotations of the remaining Reference Banks.   16.2   Market disruption  (a)    If a Market Disruption Event occurs in relation to a Loan for any Interest Period, then the rate of         interest on each Lender's share of that Loan for the Interest Period shall be the rate per annum         which is the sum of:          (i)    the Margin; and                       (ii)   the rate notified to the Agent by that Lender as soon as practicable and in any event before                interest is due to be paid in respect of that Interest Period, to be that which expresses as                a percentage rate per annum the cost to that Lender of funding its participation in that                Loan from whatever source it may reasonably select.   (b)    In this Agreement "Market Disruption Event" means:                       (i)    at or about noon on the Quotation Day for the relevant Interest Period, the Screen Rate is                not available and none or only one of the Reference Banks supplies a rate to the Agent to                determine LIBOR or, if applicable, EURIBOR for the relevant currency and Interest Period;                or          (ii)   before close of business in London on the Quotation Day for the relevant Interest Period,                the Agent receives notifications from a Lender or Lenders (whose participations in a Loan                exceed 50 per cent. of that Loan) that the cost to it of obtaining matching deposits in the                Relevant Interbank Market would be in excess of LIBOR or,  if applicable, EURIBOR.   16.3   Alternative basis of interest or funding  (a)    If a Market Disruption Event occurs and the Agent or Listco so requires, the Agent and Listco shall         enter into negotiations (for a period of not more than 30 days) with a view to agreeing a substitute         basis for determining the rate of interest.   (b)    Any alternative basis agreed pursuant to paragraph (a) above shall, with the prior consent of all         the Lenders and Listco, be binding on all Parties.    A41108799                                      - 91 -               

 

16.4   Break Costs  (a)    Each Borrower shall, within three Business Days of demand by a Finance Party,     pay to that         Finance Party its Break Costs attributable to all or any part of a Loan or Unpaid Sum being paid         by that Borrower on a day other than the last day of an Interest Period for that Loan or Unpaid         Sum.   (b)    Each Lender shall, as soon as reasonably practicable after a demand by the Agent, provide a         certificate confirming the amount of its Break Costs for any Interest Period in which they accrue.   17.    FEES                17.1   Commitment fee  (a)                       (i)    Listco shall pay, or cause to be paid, to the Agent:                              (A)    (for the account of each Original Revolving Facility Lender) a fee in the Base                       Currency in relation to the Original Revolving Facility, computed at the rate of 40                       per cent. of the Margin in relation to the Original Revolving Facility Loans on that                       Lender's Available Commitment under the Original Revolving Facility on and from                       the April 2017 Effective Date until the end of the Availability Period applicable to                       the Original Revolving Facility; and                 (B)    (for the account of each relevant Additional Facility Lender) a commitment fee                       computed at the rate and in respect of any Additional Facility, as determined in                       accordance with the terms of any Additional Facility Notice,                 provided that (for the avoidance of doubt) no such fee shall accrue or be payable in respect                of Facility B3, Facility B4, Facility B5, Facility B6 or Facility B7.          (ii)   The accrued commitment fee is payable on the last day of each successive period of three                Months which ends during the relevant Availability Period, on the last day of the relevant                Availability Period and on the cancelled amount of the relevant Lender's Commitment at                the time the cancellation is effective (or, in the case of an Additional Facility Loan, at such                other times and/or (as the case may be) for such other periods as determined in                accordance with the terms of any Additional Facility Notice).   (b)                       (i)    Listco shall pay, or cause to be paid, to the Agent:                              (A)    (for the account of each Lender under Facility B5) a fee in the Base Currency in                       relation to Facility B5, computed at the rate of 50 per cent. of the Margin in relation                       to Facility B5 Loans on that Lender's Available Commitment under Facility B5 on                       and from (but excluding) the date falling 30 days after the December 2017 Effective                       Date until the end of the Availability Period applicable to Facility B5; and                 (B)    (for the account of each Lender under Facility B6) a fee in the Base Currency in                       relation to Facility B6, computed at the rate of 50 per cent. of the Margin in relation                       to Facility B6 Loans on that Lender's Available Commitment under Facility B6 on                       and from (but excluding) the date falling 30 days after the    A41108799                                      - 92 -               

 

                     December 2017 Effective Date until the end of the Availability Period applicable to                       Facility B6,                 provided that (for the avoidance of doubt) no such fee shall accrue or be payable in respect                of Facility B3 or Facility B4.          (ii)   Listco shall pay, or cause to be paid, to the Agent (for the account of each Lender under                Facility B7) a fee in the Base Currency in relation to Facility B7, computed at the rate of:                 (A)    50 per cent. of the Margin in relation to Facility B7 Loans on that Lender's Available                       Commitment under Facility B7 on and from (but excluding) the date falling 30 days                       after date of allocation of commitments under Facility B7 (the "Facility B7                       Allocation Date”) until the earlier of (i) the end of the Availability Period applicable                       to Facility B7 and (ii) the date falling 60 days after the Facility B7 Allocation Date;                       and                 (B)    100 per cent. of the Margin in relation to Facility B7 Loans on that Lender’s                       Available Commitment under Facility B7 on and from (but excluding) the date                       falling 60 days after the Facility B7 Allocation Date until the end of the Availability                       Period applicable to Facility B7.          (iii)  The commitment fees described at paragraph (b)(i) and (b)(ii) above shall in each case be                payable on the last day of the relevant Availability Period and on the cancelled amount of                the relevant Lender's Commitment at the time the cancellation is effective.   17.2   Arrangement fee         Subject to a Utilisation being made under this Agreement, Listco shall pay, or cause to be paid, to         the Arrangers an arrangement or any other fee in the amount and at the times agreed in a Fee         Letter or a Mandate Document.   17.3   Agency fee         Subject to a Utilisation being made under this Agreement, Listco shall pay, or cause to be paid, to         the Agent (for its own account) an agency fee in the amount and at the times agreed in a Fee         Letter.   17.4   Fees payable in respect of Letters of Credit  (a)    Each Borrower shall pay to the Agent for the account of the Issuing Bank a fronting fee at the rate         of 0.125 per cent. per annum on the outstanding amount which is counter-indemnified by the other         Lenders of each Letter of Credit requested by it for the period from the issue of that Letter of Credit         until its Expiry Date.   (b)    Each Borrower shall pay to the Agent (for the account of each Lender) a Letter of Credit fee         (computed at the rate per annum equal to the Margin applicable to a Revolving Facility Loan) on         the outstanding amount of each Letter of Credit requested by it for the period from the issue of         that Letter of Credit until its Expiry Date. This fee shall be distributed according to each Lender's         L/C Proportion of that Letter of Credit.   (c)    The accrued fronting fee and Letter of Credit fee on a Letter of Credit set out in paragraphs (a)         and (b) above, respectively, shall be payable on the last day of each successive period of three         Months (or such shorter period as shall end on the Expiry Date for that Letter of Credit) starting         on the date of issue of that Letter of Credit. The accrued fronting fee and Letter of Credit fee are    A41108799                                      - 93 -               

 

       also payable to the Agent on the cancelled amount of any Lender's Revolving Facility Commitment         at the time the cancellation is effective if that Commitment is cancelled in full and the Letter of         Credit is prepaid or repaid in full.   (d)    If a Borrower cash covers any part of a Letter of Credit then:                       (i)    no fronting fee shall be payable to the Issuing Bank (but the Letter of Credit fee shall be                payable for the account of each Lender but calculated, for this purpose, at the rate of   50                per cent. of the Margin applicable to the Revolving Facility) until the expiry of the Letter of                Credit; and          (ii)   each Borrower will be entitled to withdraw the interest accrued on the cash cover to pay                the fees set out in paragraph (i) above.   17.5   Interest, commission and fees on Ancillary Facilities         The rate and time of payment of interest, commission, fees and any other remuneration in respect         of each Ancillary Facility shall be determined by agreement between the relevant Ancillary Lender         and the Borrower of that Ancillary Facility based upon normal market rates and terms.   17.6   Call premium  (a)    If any Re-pricing Event occurs with respect to either Facility B3 or Facility B5 at any time during         the period from (and including) the December 2017 Effective Date to (and including) the date         falling six Months after the December 2017 Effective Date, Listco shall pay, or cause to be paid,         to the Agent on the date of such Re-pricing Event (for the account of each Lender whose         participations in Utilisations are the subject of the relevant Re-pricing Event), in each case, a fee         in an aggregate amount equal to one per cent. of that Lender's participation in those Utilisations         which are subject to that Re-pricing Event.   (b)    If any Re-pricing Event occurs with respect to either Facility B4, Facility B6 or Facility B7 at any         time during the period from (and including) the 2018 Effective Date to (and including) the date         falling six Months after the 2018 Effective Date, Listco shall pay, or cause to be paid, to the Agent         on the date of such Re-pricing Event (for the account of each Lender whose participations in         Utilisations are the subject of the relevant Re-pricing Event), in each case, a fee in an aggregate         amount equal to one per cent. of that Lender's participation in those Utilisations which are subject         to that Re-pricing Event.   (c)    In this Clause:                       "Re-pricing Event" means:                       (i)    any prepayment or repayment of any Utilisation with the proceeds of, or any conversion                or rollover of Utilisations into, any new, additional or replacement, securities, issuance,                facility, tranche or commitment (or any increase in any securities, issuance, facility,                tranche or commitment) the all-in yield (determined in a manner consistent with that                described in paragraph (d)(iv) of Clause 2.4 (Additional Facilities) of which as of the date                of establishment is lower than the all-in yield (calculated on the same basis) applicable to                the relevant Facility in respect of which the relevant Utilisation to be prepaid or repaid (or,                as applicable, converted or rolled-over) relates as of the date of establishment of the    A41108799                                      - 94 -               

 

              relevant new, additional or replacement, securities, issuance, facility, tranche or                commitment (or increase in any securities, issuance, facility, tranche or commitment); or          (ii)   any amendment to any Finance Document the effect of which is to reduce the all-in yield                applicable to any Facility (in each case, calculated on a consistent basis and excluding                any arrangement, structuring or other upfront fees and any prepayment fees payable in                connection therewith or consequent thereon),          but in each case excluding any prepayment, repayment or amendment in connection with a         Change of Control.    A41108799                                      - 95 -               

 

                                            SECTION 6                                ADDITIONAL PAYMENT OBLIGATIONS                18.    TAX GROSS-UP AND INDEMNITIES                18.1   Definitions  (a)    In this Agreement:                       "Domestic Lender" means, in relation to any Obligor other an Obligor incorporated in the United         Kingdom, a Lender that is lending through a Facility Office in, and is resident for tax purposes in,         the jurisdiction of incorporation of that Obligor (the "Relevant Tax Jurisdiction") (provided that         interest payments received through such Facility Office are included within the taxable profits of         that Facility Office for the purpose of calculating that Lender's taxable income in such jurisdiction).          "Protected Party" means a Finance Party which is or will be subject to any liability or required to         make any payment for or on account of Tax in relation to a sum received or receivable (or any         sum deemed for the purposes of Tax to be received or receivable) under a Finance Document.          "Qualifying Lender" means:                       (i)    a UK Qualifying Lender;                       (ii)   a Domestic Lender;                       (iii)  a Treaty Lender;                       (iv)   a Lender to which all payments of interest and other payments on an advance under a                Finance Document can be made by the relevant Obligor making the payment without a                Tax Deduction being imposed; or          (v)    a Lender which Listco has confirmed in writing to the Agent is to be treated as a Qualifying                Lender.          "UK Qualifying Lender" means:                       (i)    a Lender (other than a Lender within paragraph (ii) below) which is beneficially entitled to                interest payable to that Lender in respect of an advance under a Finance Document and                is:                 (A)    a Lender:                                     (1)      which is a bank (as defined for the purpose of section 879 of the ITA)                                making an advance under a Finance Document; or                        (2)      in respect of an advance made under a Finance Document by a person                                that was a bank (as defined for the purpose of section 879 of the ITA) at                                the time that that advance was made,                        and which is within the charge to United Kingdom corporation tax in respect of any                       payments made in respect of that advance,    A41108799                                      - 96 -               

 

              (B)    a Lender which is:                                     (1)      a  company resident in the United Kingdom for United Kingdom tax                                purposes;                        (2)      a partnership, each member of which is:                                              (a)     a company so resident in the United Kingdom; or                                              (b)     a company not so resident in the United Kingdom which carries                                        on a trade in the United Kingdom through a permanent                                        establishment and which brings into account in computing its                                        chargeable profits (within the meaning of Section 19 of the CTA)                                        the whole of any share of interest payable in respect of that                                        advance that falls to it by reason of Part 17 of the CTA; or                        (3)      a company not so resident in the United Kingdom which carries on a trade                                in the United Kingdom through a permanent establishment and which                                brings into account interest payable in respect of that advance in                                computing the chargeable profits (within the meaning of Section 19 of the                                CTA) of that company; or          (ii)   a Lender that is a building society (as defined for the purpose of section 880 of the ITA)                making an advance under a Finance Document.          "Tax Confirmation" means a confirmation by a Lender that the person beneficially entitled to         interest payable to that Lender in respect of an advance under a Finance Document is either:          (i)    a company resident in the United Kingdom for United Kingdom tax purposes; or                       (ii)   a partnership each member of which is:                              (A)    a company so resident in the United Kingdom; or                              (B)    a company not so resident in the United Kingdom which carries on a trade in the                       United Kingdom through a permanent establishment and which brings into account                       in computing its chargeable profits (within the meaning of Section 19 of the CTA)                       the whole of any share of interest payable in respect of that advance that falls to it                       by reason of Part 17 of the CTA; or          (iii)  a company not so resident in the United Kingdom which carries on a trade in the United                Kingdom through a permanent establishment and which brings into account interest                payable in respect of that advance in computing the chargeable profits (within the meaning                of Section 19 of the CTA) of that company.          "Tax Credit" means a credit against, relief or remission for, or repayment of, any Tax.                       "Tax Deduction" means a deduction or withholding for or on account of Tax from a payment         under a Finance Document, other than a FATCA Deduction.          "Tax Payment" means either the increase in a payment made by an Obligor to a Finance Party         under Clause 18.2 (Tax gross-up) or a payment under Clause 18.3 (Tax indemnity).          "Treaty Lender" means a Lender which:    A41108799                                      - 97 -               

 

       (i)    is treated as a resident of a Treaty State for the purposes of the Treaty;                       (ii)   does not carry on a business in the jurisdiction of incorporation of the respective Obligor                (or, where Listco is the relevant Obligor, the United Kingdom, unless and until such time                as Listco ceases to be resident in the United Kingdom for United Kingdom tax purposes)                through a permanent establishment with which that Lender's participation in the Loan is                effectively connected; and          (iii)  fulfils any other condition which must be fulfilled under the double taxation agreement by                residents of the Treaty State for such resident to obtain exemption from taxation on interest                in the Obligor's Relevant Jurisdiction, subject to the completion of procedural formalities.          "Treaty State" means a jurisdiction having a double taxation agreement (a "Treaty") with the         jurisdiction of incorporation of the relevant Obligor (or, where Listco is the relevant Obligor, the         United Kingdom, unless and until such time as Listco ceases to be resident in the United Kingdom         for United Kingdom tax purposes) which makes provision for full exemption from tax imposed by         the jurisdiction of incorporation of the relevant Obligor on interest.          "UK Non-Bank Lender" means:                       (i)    where a Lender becomes a Party on the day on which this Agreement is entered into, a                Lender which gives a Tax   Confirmation to the Agent or Listco in connection with this                Agreement;          (ii)   where a Lender becomes a Party after the day on which this Agreement is entered into, a                Lender which gives a Tax Confirmation in the Transfer Certificate and Lender Accession                Undertaking or the Lender Accession Notice which it executes on becoming a Party.          Unless a contrary indication appears, in this Clause 18 a reference to "determines" or         "determined" means a determination made in the absolute discretion of the person making the         determination.   18.2   Tax gross-up  (a)    Subject to Clause 18.8 (Tax gross-up by Guarantors), each Obligor shall make all payments to be         made by it without any Tax Deduction, unless a Tax Deduction is required by law.   (b)    Listco shall promptly upon becoming aware that an Obligor must make a Tax Deduction (or that         there is any change in the rate or the basis of a Tax Deduction) notify the Agent accordingly.         Similarly, a Lender or Issuing Bank shall notify the Agent on becoming so aware in respect of a         payment payable to that Lender or Issuing Bank. If the Agent receives such notification from a         Lender or Issuing Bank it shall promptly notify Listco and that Obligor.   (c)    If a Tax Deduction is required by law to be made by an Obligor, the amount of the payment due         from that Obligor shall be increased to an amount which (after making any Tax Deduction) leaves         an amount equal to the payment which would have been due if no Tax       Deduction had been         required.   (d)    Other than with respect to the US Co-Borrower, an Obligor is not required to make an increased         payment to a Lender under paragraph (c) above for a Tax Deduction in respect of Tax imposed    A41108799                                      - 98 -               

 

       by the respective Obligor's Relevant Jurisdiction from a payment, if on the date on which the         payment falls due:          (i)    the payment could have been made to the relevant Lender without a Tax Deduction if the                Lender had been a Qualifying Lender, but on that date that Lender is not or has ceased                to be a Qualifying Lender other than as a result of any change after the date it became a                Lender under this Agreement in (or in the interpretation, administration, or application of)                any law or Treaty, or any published practice or concession of any relevant taxing authority;          (ii)   the relevant Lender is a Qualifying Lender solely under paragraph (i)(B) of the definition                of 'UK Qualifying Lender'; and                 (A)    the Board of HM Revenue and Customs has given (and not revoked) a direction                       (a "Direction") under section 931 of the ITA which relates to that payment and that                       Lender has received from that Obligor or Listco a certified copy of that Direction;                       and                 (B)    the payment could have been made to the Lender without any Tax Deduction in                       the absence of that Direction; or          (iii)  the relevant Lender is a Qualifying Lender solely by virtue of paragraph (i)(B) of the                definition of 'UK Qualifying Lender' and;                 (A)    the relevant Lender has not given a Tax Confirmation to Listco; and                              (B)    the payment could have been made to the Lender without any Tax Deduction if the                       Lender had given a Tax     Confirmation to Listco, on the basis that the Tax                       Confirmation would have enabled Listco to have formed a reasonable belief that                       the payment was an "excepted payment" for the purpose of section 930 of the ITA;          (iv)   the relevant Lender is a Treaty Lender and the Obligor making the payment is able to                demonstrate that the payment could have been made to the Lender without the Tax                Deduction had that Lender complied with its obligations under paragraph (g) below; or          (v)    the relevant Lender is a Treaty Lender and the relevant Obligor is incorporated in the                United Kingdom and it has not received a direction (other than that of a provisional nature)                from HM Revenue and Customs which is in full force and effect entitling the relevant                Obligor to make such payment to that Lender without deducting United Kingdom Tax.   (e)    If an Obligor is required to make a Tax Deduction, that Obligor shall make that Tax Deduction and         any payment required in connection with that Tax Deduction within the time allowed and in the         minimum amount required by law.   (f)    Within 30 days of making either a Tax Deduction or any payment required in connection with that         Tax Deduction, the Obligor making that Tax Deduction shall deliver to the Agent for the Finance         Party entitled to the payment a statement under section 975 of the ITA     or other evidence         reasonably satisfactory to that Finance Party that the Tax Deduction has been made or (as         applicable) any appropriate payment paid to the relevant taxing authority.    A41108799                                      - 99 -               

 

(g)    A Treaty Lender and each Obligor which makes a payment to which that Treaty Lender is entitled         shall co-operate in completing any procedural formalities necessary for that Obligor to obtain         authorisation to make that payment without a Tax Deduction (including the filing of any relevant         tax forms prior to the end of an Interest Period).   (h)    A UK Non-Bank Lender shall promptly notify Listco and the Agent if there is any change in the         position from that set out in the Tax Confirmation given by it.   (i)    A Guarantor shall only be obliged to make a payment for or on account of a Tax Deduction if that         payment would have been required to be made by the respective Obligor on the underlying liability.   18.3   Tax indemnity  (a)    Subject to Clause 18.8 (Tax gross-up by Guarantors), each Obligor shall (within three Business         Days of demand by the Agent) pay to a Protected Party an amount equal to the loss, liability or         cost which that Protected Party determines will be or has been (directly or indirectly) suffered for         or on account of Tax by that Protected Party in respect of a Finance Document.   (b)    Paragraph (a) above shall not apply:                       (i)    with respect to any Tax assessed on a Finance Party:                              (A)    under the law of the jurisdiction in which that Finance Party is incorporated or, if                       different, the jurisdiction (or jurisdictions) in which that Finance Party is treated as                       resident for tax purposes;                 (B)    under the law of the jurisdiction in which that Finance Party's Facility Office is                       located in respect of amounts received or receivable in that jurisdiction; or                 (C)    if that Tax is imposed on or calculated by reference to the net income received or                       receivable (but not any sum deemed to be received or receivable) by that Finance                       Party; or          (ii)   to the extent a loss, liability or cost:                              (A)    is compensated for by an increased payment under Clause 18.2 (Tax gross-up);                              (B)    would have been compensated for by an increased payment under Clause 18.2                       (Tax gross-up) but was not so compensated solely because one of the exclusions                       in paragraph (d) of Clause 18.2 (Tax gross-up) applied;                 (C)    where the relevant Finance Party is a Lender, to the extent such loss, liability or                       cost would not have been suffered if the relevant Finance Party was a Qualifying                       Lender, but on the relevant date that Finance Party is not or has ceased to be a                       Qualifying Lender other than as a result of any change after the date it became a                       Lender under this Agreement in (or in the interpretation, administration, or                       application of) any law or Treaty, or any published practice or concession of any                       relevant taxing authority; or                 (D)    relates to a FATCA Deduction required to be made by a Party.    A41108799                                      - 100 -               

 

(c)    A Protected Party making, or intending to make, a claim under paragraph (a) above shall promptly         notify the Agent of the event which will give, or has given, rise to the claim, following which the         Agent shall notify Listco (or the relevant Obligor).   (d)    A Protected Party shall, on receiving a payment from an Obligor under this Clause 18.3, notify the         Agent.   18.4   Tax Credit         If an Obligor makes a Tax Payment and the relevant Finance Party determines that:                       (a)    a Tax Credit is attributable either to an increased payment of which that Tax Payment forms                part or to that Tax Payment or to a Tax  Deduction in consequence of which that Tax                Payment was required; and          (b)    that Finance Party has obtained, utilised and retained that Tax Credit,                       the Finance Party shall pay an amount to the Obligor which that Finance Party determines will         leave it (after that payment) in the same after-Tax position as it would have been in had the Tax         Payment not been required to be made by the Obligor.   18.5   Lender status confirmation         Each Lender which becomes a Party to this Agreement after the Closing Date shall state, in the         Transfer Certificate and Lender Accession Undertaking or the Lender Accession Notice which it         executes on becoming a party (or, if it becomes a Lender pursuant to an assignment, in a notice         delivered to Listco), which of the following categories it falls into:          (a)    a Qualifying Lender (other than a Treaty Lender); or                       (b)    a Treaty Lender.                       If a New Lender does not provide information as to its status in accordance with this Clause 18.5         then such New Lender shall be treated for the purposes of this Agreement as if it is not a Qualifying         Lender until such time as it provides such information.          Any:                       (a)    Lender of Facility B3 or Facility B4 which was a Qualifying Lender immediately prior to the                December 2017 Additional Facility Effective Time; and          (b)    Revolving Facility Lender which was a Qualifying Lender immediately prior to the April                2017 Effective Date,          (in each case, in its capacity as a Lender under (and as defined in) (in the case of a Lender of         Facility B3 and Facility B4) the Original Senior Facilities Agreement and (in the case of a Revolving         Facility Lender) the Original Facilities Agreement as defined in the April 2017 Amendment and         Restatement Agreement) shall continue to be a Qualifying Lender in its capacity as a Lender of         Facility B3, Facility B4 or a Revolving Facility Lender notwithstanding the occurrence of (in the         case of a Lender of Facility B3 and a Lender of Facility B4) the December 2017 Additional Facility         Effective Time (or any redesignation of commitments or participations as contemplated in the         December 2017 Amendment and Restatement Agreement) or (as applicable) the December 2017         Effective Date and (in the case of a Revolving Facility Lender) the Additional Facility Effective         Time (as defined in the April 2017 Amendment and Restatement Agreement) (or any redesignation         or participations as contemplated in the April 2017    A41108799                                      - 101 -               

 

       Amendment and Restatement Agreement) or (as applicable) the April 2017 Effective Date or (in         each case) any provision of this Agreement to the contrary.   18.6   Stamp taxes  (a)    Listco shall pay, or cause to be paid, and, within three Business Days of demand, indemnify each         Finance Party and Arranger against any cost, loss or liability that the Finance Party or Arranger         incurs in relation to all stamp duty, registration and other similar Taxes payable in respect of any         Finance Document, provided that this Clause 18.6 shall not apply in respect of any stamp duty,         registration and other similar Taxes which are payable in respect of an assignment, transfer or         other alienation of any kind by a Lender of any its rights and/or obligations under a Finance         Document.   (b)    The Parties hereto agree that no Party shall bring, send to or otherwise produce in Austria (i) an         original copy, notarised copy, certified copy or a substitute documentation (Ersatzbeurkundung         und/oder rechtsbezeugende Beurkundung) of any Finance Document or other document which         refers to any Finance Document, or (ii) a copy of any Finance Document or other document which         refers to any Finance Document signed or endorsed by one or more Parties (the "Stamp Duty         Sensitive Documents"); in addition, the Parties hereto agree that no Party shall send (iii) Stamp         Duty Sensitive Documents to an Austrian addressee by fax, (iv) any e-mail communication to         which an electronic scan copy (e.g. pdf or tif) of a Stamp Duty Sensitive Document is attached to         an Austrian addressee or (v) any e-mail communication carrying an electronic or digital signature         which refers to a Stamp Duty Sensitive Document to an Austrian addressee other than in the event         that:          (i)    this does not cause a liability of a Party to pay stamp duty or other Tax in Austria;                       (ii)   a Party wishes to enforce any of its rights under or in connection with such Finance                Document in Austria and is only able to do so (including, without limitation, for reason of                any objection or defence raised by an Obligor or a Guarantor in any form of proceedings                in Austria) by bringing, sending to or otherwise producing in Austria (1) an original copy,                notarised copy or certified copy of the relevant Finance Document or other document                which refers to any Finance Document or (2) a copy of any Finance Document or other                document which refers to any Finance Document signed or endorsed by one or more Party                and it would not be sufficient for that Party to bring, send to or otherwise produce in Austria                a simple copy (a copy which is not an original copy, notarised copy or certified copy) of the                relevant Finance Document or other document which refers to any Finance Document for                the purposes of such enforcement; in furtherance of the foregoing, a Party shall (I) not                object to the introduction into evidence of an uncertified copy of any Finance Document or                other document which refers to any Finance Document or raise a defence to any action or                to the exercise of any remedy on the basis of an original or certified copy of any Finance                Document   or other document which refers to any Finance Document not having been                introduced into evidence, unless such uncertified copy actually introduced into evidence                does not accurately reflect the content of the original document and (II) if such Party is a                party to the proceedings before such Austrian court or authority, stipulate as to the                accuracy (Echtheit) of an uncertified copy of any such Finance Document or other                document   which refers to any Finance  Document,  unless  such uncertified copy    A41108799                                      - 102 -               

 

              actually introduced into evidence does not accurately reflect the content of the original                document; or          (iii)  a Party is required by law, governmental body, court, authority or agency pursuant to any                law or legal requirement, to bring an original or certified copy of any Finance Document or                other document which refers to any Finance Document into Austria.   (c)    If and to the extent that a breach by any Party of any obligation under paragraph (b) of this Clause         18.6 results in any cost, loss or liability being incurred by any of the other Parties in relation to any         Austrian stamp duty payable in respect to any Finance Document, the Party responsible for such         breach shall pay and indemnify such other Parties against any such cost, loss or liability which         such other Parties incur as a consequence of such breach, provided that a Finance Party shall         only be liable where such cost, loss or liability is incurred as a result of        its gross negligence         or wilful misconduct.   18.7   Value added tax  (a)    All amounts set out in or expressed to be payable under a Finance Document by any Party to a         Finance Party which (in whole or in part) constitute the consideration for any supply for VAT         purposes shall be deemed to be exclusive of any VAT which is chargeable on such supply, and,         accordingly, subject to paragraph (c) below, if VAT is chargeable on any supply made by any         Finance Party to any Party under a Finance Document and that Finance Party (or any other         member of any group of which it is a member for VAT purposes) is required to account to the         relevant tax authority for the VAT, that Party shall pay to the Finance Party (in addition to and at         the same time as paying the consideration) an amount equal to the amount of the VAT (and such         Finance Party shall promptly provide an appropriate VAT invoice to such Party).   (b)    If VAT is chargeable on any supply made by any Finance Party (the "Supplier") to any other         Finance Party (the "Recipient") under a Finance Document, and any Party (the "Relevant Party")         is required by the terms of any Finance Document to pay an amount equal to the consideration for         such supply to the Supplier (rather than being required to reimburse the Recipient in respect of         that consideration), such Party shall also pay to the Supplier (in addition to and at the same time         as paying such amount) an amount equal to the amount of such VAT. The Recipient will promptly         pay to the Relevant Party an amount equal to any credit or repayment from the relevant tax         authority which the Recipient reasonably determines relates to the VAT chargeable on that supply.   (c)    Where a Finance Document requires any Party to reimburse a Finance Party for any costs or         expenses, that Party shall also at the same time pay and indemnify the Finance Party against all         VAT incurred by the Finance Party in respect of the costs or expenses to the extent that the Finance         Party reasonably determines that neither it nor any other member of any group of which it is a         member for VAT purposes is entitled to credit or repayment from the relevant tax authority in         respect of the VAT.   18.8   Tax gross-up by Guarantors         A Guarantor shall not be required to make an additional payment under Clause 18.2 (Tax gross-         up) or Clause 18.3 (Tax indemnity) in respect of a Guarantee Payment Amount to the extent that         the Borrower which is principally liable for the amounts which constitute the Guarantee Payment         Amount would not be required to make an additional payment under Clause 18.2 (Tax gross-up)    A41108799                                      - 103 -               

 

       or Clause 18.3 (Tax indemnity) if it were to make payment of the Guarantee Payment Amount in         place of the relevant Guarantor and, if required to make such payment, the Guarantor would only         be liable to the same extent as such Borrower. For the purposes of this Clause 18.8, "Guarantee         Payment Amount" means any amount for which a Guarantor is liable pursuant to the operation         of Clause 23 (Guarantee and indemnity).   18.9   FATCA Information  (a)    Subject to paragraph (c) below, each Party shall, within ten Business Days of a reasonable request         by another Party:          (i)    confirm to that other Party whether it is:                              (A)    a FATCA Exempt Party; or                              (B)    not a FATCA Exempt Party;                       (ii)   supply to that other Party such forms, documentation and other information relating to its                status under FATCA as that other Party reasonably requests for the purposes of that other                Party's compliance with FATCA; and          (iii)  supply to that other Party such forms, documentation and other information relating to its                status as that other Party reasonably requests for the purposes of that other Party's                compliance with any other law, regulation, or exchange of information regime.   (b)    If a Party confirms to another Party pursuant to paragraph (a)(i) above that it is a FATCA Exempt         Party and it subsequently becomes aware that it is not, or has ceased to be, a FATCA Exempt         Party, that Party shall notify that other Party reasonably promptly.   (c)    Paragraph (a) above shall not oblige any Finance Party to do anything, and paragraph (a)(iii)         above shall not oblige any other Party to do anything, which would or might in its reasonable         opinion constitute a breach of:          (i)    any law or regulation;                       (ii)   any fiduciary duty; or                       (iii)  any duty of confidentiality.                (d)    If a Party fails to confirm whether or not it is a FATCA   Exempt Party or to supply forms,         documentation or  other information requested in accordance with paragraph (a)(i) or (ii) above         (including, for the avoidance of doubt, where paragraph (c) above applies), then such Party shall         be treated for the purposes of the Finance Documents (and payments under them) as if it is not a         FATCA Exempt Party until such time as the Party in question provides the requested confirmation,         forms, documentation or other information.   18.10  FATCA Deduction  (a)    Each Party may make any FATCA Deduction it is required to make by FATCA, and any payment         required in connection with that FATCA Deduction, and no Party shall be required to increase any         payment in respect of which it makes such a FATCA     Deduction or otherwise compensate the         recipient of the payment for that FATCA Deduction.   (b)    Each Party shall promptly, upon becoming aware that it must make a FATCA Deduction (or that         there is any change in the rate or the basis of such FATCA Deduction) notify the Party to whom it    A41108799                                      - 104 -               

 

       is making the payment and, in addition, shall notify Listco, the Agent and the other Finance Parties.   18.11  US Tax Treatment         The Parties, if and to the extent permitted under of applicable law, agree to treat any Loan to the         US Co-Borrower as a Loan to Luxco (and not as a Loan to the US Co-Borrower) for US federal         income tax purposes.   19.    INCREASED COSTS                19.1   Increased Costs  (a)    Subject to Clause 19.3 (Exceptions), Listco shall, within three Business Days of a demand by  the         Agent, pay, or cause to be paid, for the account of a Finance Party the amount of any Increased         Costs incurred by that Finance Party or any of its Affiliates as a result of (i) the introduction of or         any change in (or in the interpretation, administration or application of) any law or regulation, (ii)         compliance with any law or regulation made after the Closing Date or (iii) the implementation or         application of or compliance with the Dodd-Frank Wall Street Reform and Consumer Protection         Act (the "Dodd-Frank Act") and any requests, rules, guidelines or directives made under, or         issued in connection with, the Dodd-Frank Act.   (b)    In this Agreement "Increased Costs" means:                       (i)    a reduction in the rate of return from a Facility or on a Finance Party's (or its Affiliate's)                overall capital;          (ii)   an additional or increased cost; or                       (iii)  a reduction of any amount due and payable under any Finance Document,                       which is incurred or suffered by a Finance Party or any of its Affiliates to the extent that it is         attributable to that Finance Party having entered into its Commitment or an Ancillary Commitment         or funding or performing its obligations under any Finance Document or Letter of Credit.   19.2   Increased Cost claims  (a)    A Finance Party intending to make a claim pursuant to Clause 19.1 (Increased Costs) shall         promptly and in any event within 6 months of the occurrence of the event giving rise to the claim         notify the Agent of the event giving rise to the claim, following which the Agent shall promptly notify         Listco.   (b)    Each Finance Party shall, as soon as practicable after a demand by the Agent, provide a certificate         confirming the amount of its Increased Costs.   (c)    In respect of Clause 19.1 (Increased Costs), this Clause 19.2 and the payment of any Increased         Costs attributable to the implementation of or compliance with Dodd-Frank Act, the obligation to         pay such costs to the Lender shall be subject to the Lender confirming to Listco, at the relevant         time that any such costs are due, that the payment of such costs is consistent with the general         approach that the Lender is taking for similar facilities with similarly rated obligors.   (d)    Nothing in paragraph (c) above shall require the relevant Lender to disclose any information which         is of a price sensitive nature or where that Lender is under a contractual duty of    A41108799                                      - 105 -               

 

       confidentiality or where the provision of such information will result in a breach of law or         regulation.   19.3   Exceptions  (a)    Clause 19.1 (Increased Costs) does not apply to the extent any Increased Cost is:                       (i)    attributable to a Tax Deduction required by law to be made by an Obligor;                       (ii)   attributable to a FATCA Deduction required by law to be made by a Party;                       (iii)  compensated for by Clause 18.3 (Tax indemnity) (or would have been compensated for                under Clause 18.3 (Tax indemnity) but was not so compensated solely because any of the                exclusions in paragraph (b) of Clause 18.3 (Tax indemnity) applied);          (iv)   attributable to the wilful breach by the relevant Finance Party or its Affiliates of any law or                regulation.   20.    OTHER INDEMNITIES                20.1   Currency indemnity  (a)    If any sum due from an Obligor under the Finance Documents (a "Sum"), or any order, judgment         or award given or made in relation to a Sum, has to be converted from the currency (the "First         Currency") in which that Sum is payable into another currency (the "Second Currency") for the         purpose of:          (i)    making or filing a claim or proof against that Obligor; or                       (ii)   obtaining or enforcing an order, judgment or award in relation to any litigation or arbitration                proceedings,          that Obligor shall as an independent obligation, within three Business Days of demand, indemnify         each Arranger and each other Finance Party to whom that Sum is due against any cost, loss or         liability arising out of or as a result of the conversion, including any discrepancy between (A) the         rate of exchange used to convert that Sum from the First Currency into the Second Currency and         (B) the rate or rates of exchange available to that person at the time of its receipt of that Sum.   (b)    Each Obligor waives any right it may have in any jurisdiction to pay any amount under the Finance         Documents in a currency or currency unit other than that in which it is expressed to be payable.   20.2   Other indemnities         Listco shall (or shall procure that an Obligor will), within three Business Days of demand, indemnify         each Arranger and each other Finance Party against (i) any Break Costs of any Lender that arise         as a result of any condition to any prepayment and/or cancellation of any Facility as specified in         any notice of prepayment and/or cancellation given by Listco under Clause 11.3 (Cancellation),         Clause 11.4 (Voluntary prepayment of Term Loans) and/or Clause 11.5 (Voluntary prepayment of         Revolving Facility Utilisations) not being satisfied and the corresponding prepayment and/or         cancelation not being made (or not being made in full) on the date specified in such notice, and         (ii) any cost, loss or liability incurred by it as a result of:          (a)    the occurrence of any Event of Default;    A41108799                                      - 106 -               

 

       (b)    a failure by an Obligor to pay any amount due under a Finance Document on its due date,                including, without limitation, any cost, loss or liability arising  as  a  result  of  Clause 34                (Sharing among the Finance Parties);          (c)    funding, or making arrangements to fund, its participation in a Utilisation requested by a                Borrower in a Utilisation Request, but not made by reason of the operation of any one or                more of the provisions of this Agreement (other than by reason of default or negligence by                that Finance Party alone);          (d)    issuing or making arrangements to issue a Letter of Credit requested by Listco or a                Borrower in a Utilisation Request, but not issued by reason of the operation of any one or                more of the provisions of this Agreement; or          (e)    a Utilisation (or part of a Utilisation) not being prepaid in accordance with a notice of                prepayment given by a Borrower or Listco.   20.3   Indemnity to the Agent         Listco shall promptly indemnify the Agent against any reasonable cost, loss or liability incurred by         the Agent (acting reasonably) as a result of:          (a)    investigating any event which it reasonably believes is a Default;                       (b)    entering into or performing any foreign exchange contract for the purposes  of  paragraph                (b) of Clause 35.9 (Change of currency); or          (c)    acting or relying on any notice, request or instruction which it reasonably believes to be                genuine, correct and appropriately authorised.   20.4   Transaction indemnity         Listco shall promptly indemnify each Arranger, each of the Agent and the Security Agent, and         each of their respective Affiliates, and each officer or employee of any such person, against any         reasonable cost, loss or liability incurred by an Arranger and/or the Agent and/or the Security         Agent, or any of their respective Affiliates (or officer or employee of any such person) in connection         with or arising out of the transactions contemplated by this Agreement, the April 2017 Amendment         and Restatement Agreement, the December 2017 Amendment and Restatement Agreement, the         2018 Amendment and Restatement Agreement, the Intercreditor Agreement or any other Finance         Document, unless such loss or liability is caused by the gross negligence or wilful misconduct of         that Arranger or Agent or Security Agent or its Affiliate.          Any Affiliate or any officer or employee of an Arranger, Agent or Security Agent or any of their         Affiliates may rely on this Clause 20.4.   21.    MITIGATION BY THE LENDERS                21.1   Mitigation  (a)    Each Finance Party shall, in consultation with Listco, take all reasonable steps to mitigate any         circumstances which arise and which would result in any amount becoming payable under or         pursuant to, or cancelled pursuant to, any of Clause 11.1 (Illegality) (or, in respect of the Issuing         Bank, Clause 11.2  (Illegality in relation to an Issuing Bank)), Clause 18 (Tax gross-up and         indemnities) or Clause 19.1 (Increased Costs) including (but not limited to) transferring its rights         and obligations under the Finance Documents to another Affiliate or Facility Office.    A41108799                                      - 107 -               

 

(b)    Paragraph (a) above does not in any way limit the obligations of any Obligor under the Finance         Documents.   21.2   Limitation of liability  (a)    Listco shall indemnify, or shall cause a member of the Group to indemnify, each Finance Party for         all costs and expenses reasonably incurred by that Finance Party as a result of steps taken by it         under Clause 21.1 (Mitigation).   (b)    A Finance Party is not obliged to take any steps under Clause 21.1 (Mitigation) if, in the opinion         of that Finance Party (acting reasonably), to do so might be prejudicial to it in any material respect.   22.    COSTS AND EXPENSES                22.1   Transaction expenses         Listco shall, within 20 Business Days of demand, pay, or cause to be paid, to the Agent, the         Arrangers, the Issuing Bank and the Security Agent the amount of all reasonable legal costs and         expenses (but, for the avoidance of doubt, no other costs or expenses) reasonably incurred by         any of them (and, in the case of the Security Agent, by any Receiver or Delegate) in connection         with the negotiation, preparation, perfection and syndication of:          (a)    the Finance Documents and any other documents referred to in this Agreement, the                December 2017 Amendment and Restatement Agreement, the 2018 Amendment and                Restatement Agreement, the Intercreditor Agreement and the Transaction Security; and          (b)    any other Finance Documents executed after the December 2017 Effective Date or the                2018 Effective Date.   22.2   Amendment costs         If (a) an Obligor requests an amendment, waiver or consent or (b) an amendment is required         pursuant to Clause 35.9 (Change of currency), Listco shall, within three Business Days of demand,         reimburse, or cause a member of the Group to reimburse, each of the Agent and the Security         Agent for the amount of all reasonable costs and expenses (including legal fees) incurred by the         Agent and the Security Agent (and, in the case of the Security Agent, by any Receiver or Delegate)         in responding to, evaluating, negotiating or complying with that request or requirement.   22.3   Enforcement and preservation costs         Listco shall, within three Business Days of demand, pay, or cause to be paid, to each Arranger         and each other Finance Party the amount of all costs and expenses (including legal fees) incurred         by it in connection with the enforcement of or, after a Declared Default or an RCF Declared Default,         the preservation of any rights under any Finance Document and the Transaction Security and any         proceedings instituted by or against the Security Agent as a consequence of taking or holding the         Transaction Security or enforcing these rights.    A41108799                                      - 108 -               

 

                                            SECTION 7                                             GUARANTEE   23.    GUARANTEE AND INDEMNITY                23.1   Guarantee and indemnity         Each Guarantor irrevocably and unconditionally, jointly and severally:                       (i)    guarantees to each Finance Party punctual performance by each other Obligor of all that                Obligor's obligations under the Finance Documents;          (ii)   undertakes with each Finance Party that, whenever another Obligor does not pay any                amount when due under or in connection with any Finance Document, that Guarantor shall                immediately on demand pay that amount as if it was the principal obligor; and          (iii)  indemnifies each Finance Party immediately on demand against any cost, loss or liability                suffered by that Finance Party if any obligation guaranteed by it is or becomes                unenforceable, invalid or illegal. The amount of the cost, loss or liability shall be equal to                the amount which that Finance Party would otherwise have been entitled to recover.   23.2   Continuing guarantee         This guarantee is a continuing guarantee and will extend to the ultimate balance of sums payable         by any Obligor under the Finance Documents, regardless of any intermediate payment or         discharge in whole or in part.   23.3   Reinstatement         If any payment by an Obligor or any discharge given by a Finance Party (whether in respect of the         obligations of any Obligor or any security for those obligations or otherwise) is avoided or reduced         as a result of insolvency or any similar event:          (a)    the liability of each Obligor shall continue as if the payment, discharge, avoidance or                reduction had not occurred; and          (b)    each Finance Party shall be entitled to recover the value or amount of that security or                payment from each Obligor, as if the payment, discharge, avoidance or reduction had not                occurred.   23.4   Waiver of defences         The obligations of each Guarantor under this Clause 23 will not be affected by an act, omission,         matter or thing which, but for this Clause 23, would reduce, release or prejudice any of its         obligations under this Clause 23 (without limitation and whether or not known to it or any  Finance         Party), including:          (a)    any time, waiver or consent granted to, or composition with, any Obligor or other person;                       (b)    the release of any other Obligor or any other person under the terms of any composition                or arrangement with any creditor of any member of the Group;          (c)    the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect                to perfect, take up or enforce, any rights against, or security over assets of, any Obligor or                other person  or any non-presentation  or non-observance   of any formality or other    A41108799                                      - 109 -               

 

              requirement in respect of any instrument or any failure to realise the full value of any                security;          (d)    any incapacity or lack of power, authority or legal personality of or dissolution or change                in the members or status of an Obligor or any other person;          (e)    any amendment, novation, supplement, extension (whether of maturity or otherwise) or                restatement (however fundamental and of whatsoever nature) or replacement of a                Finance Document or any other document or security;          (f)    any unenforceability, illegality or invalidity of any obligation of any person under any                Finance Document or any other document or security; or          (g)    any insolvency or similar proceedings.                23.5   Guarantor intent  (a)    Without prejudice to the generality of Clause 23.4 (Waiver of defences), each Guarantor expressly         confirms that it intends that this guarantee shall extend from time to time to any (however         fundamental) variation, increase, extension or addition of or to any of the Finance Documents         and/or any facility or amount made available under any of the Finance Documents for the purpose         of or in connection with any of the following: acquisitions of any nature, increasing working capital,         enabling investor distributions to be made, carrying out restructurings, refinancing existing         facilities, refinancing any other indebtedness, making facilities available to new borrowers, any         other variation or extension of the purposes for which any  facility or amount might be made         available from time to time, and any fees, costs and/or expenses associated with any of the         foregoing.   (b)    Notwithstanding any other provision of the Finance Documents the guarantee and indemnity         granted by a Guarantor incorporated in Austria (an "Austrian Guarantor"), is meant to be and         shall be interpreted as abstract guarantee (abstrakter Garantievertrag) and the obligations of such         Austrian Guarantor shall be obligations as principal debtor and not as surety (Bürgschaft) and not         as a joint obligation as a borrower (Mitschuldner) and such Austrian Guarantor undertakes to pay         the amounts so demanded under or pursuant to this guarantee and indemnity unconditionally,         irrevocably, upon first demand and without raising any defences or objections, set-off or         counterclaim and without verification of the legal ground (unbedingt, unwiderruflich, auf erste         Aufforderung und unter Verzicht auf alle Einwendungen oder Einreden, ohne Aufrechnung oder         die Geltendmachung von Gegenforderungen und ohne Prüfung des Rechtsgrunds).   23.6   Immediate recourse         Each Guarantor waives any right it may have of first requiring any Finance Party (or any trustee         or agent on its behalf) to proceed against or enforce any other rights or security or claim payment         from any person before claiming from that Guarantor under this Clause 23. This waiver applies         irrespective of any law or any provision of a Finance Document to the contrary.   23.7   Appropriations         Until all amounts which may be or become payable by the Obligors under or in connection with         the Finance Documents have been irrevocably paid in full, each Finance Party (or any trustee or         agent on its behalf) may:    A41108799                                      - 110 -               

 

       (a)    refrain from applying or enforcing any other moneys, security or rights held or received by                that Finance Party (or any trustee or agent on its behalf) in respect of those amounts, or                apply and enforce the same in such manner and order as it sees fit (whether against those                amounts or otherwise) and no Guarantor shall be entitled to the benefit of the same; and          (b)    hold in an interest-bearing suspense account any money received from any Guarantor or                on account of any Guarantor's liability under this Clause 23.   23.8   Deferral of Guarantors' rights         Until all amounts which may be or become payable by the Obligors under or in connection with         the Finance Documents have been irrevocably paid in full and unless the Agent otherwise directs,         no Guarantor will exercise any rights which it may have by reason of performance by it of its         obligations under the Finance Documents:          (a)    to be indemnified by an Obligor;                       (b)    to claim any contribution from any other guarantor of any Obligor's obligations under the                Finance Documents;          (c)    to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of                any rights of the Finance Parties under the Finance Documents or of any other guarantee                or security taken pursuant to, or in connection with, the Finance Documents by any                Finance Party;          (d)    to bring legal or other proceedings for an order requiring any Obligor to make any payment,                or perform any obligation, in respect of which any  Guarantor has given a guarantee,                undertaking or indemnity under Clause 23.1 (Guarantee and indemnity);          (e)    to exercise any right of set-off against any Obligor; and/or                       (f)    to claim or prove as a creditor of any Obligor in competition with any Finance Party.                       If a Guarantor receives any benefit, payment or distribution in relation to such rights it shall hold         that benefit, payment or distribution to the extent necessary to enable all amounts which may be         or become payable to the Finance Parties by the Obligors under or in connection with the Finance         Documents to be repaid in full on trust for the Finance Parties and shall promptly pay or transfer         the same to the Agent or as the Agent may direct for application in accordance with Clause 35         (Payment mechanics).   23.9   Release of Guarantors' right of contribution         If any Guarantor (a "Retiring Guarantor") ceases to be a Guarantor in accordance with the terms         of this Agreement and the Intercreditor Agreement for the purpose of any sale or other disposal of         that Retiring Guarantor then, on the date such Retiring Guarantor ceases to be a Guarantor:          (a)    that Retiring Guarantor is released by each other Guarantor from any liability (whether                past, present or future and whether actual or contingent) to make a contribution to any                other Guarantor arising by reason of the performance by any other Guarantor of its                obligations under the Finance Documents; and    A41108799                                      - 111 -               

 

       (b)    each other Guarantor waives any rights it may have by reason of the performance of its                obligations under the Finance Documents to take the benefit (in whole or in part and                whether by way of subrogation or otherwise) of any rights of the Finance Parties under                any Finance Document or of any other security taken pursuant to, or in connection with,                any Finance Document where such rights or security are granted by or in relation to the                assets of the Retiring Guarantor.   23.10  Additional security         This guarantee is in addition to and not in any way prejudiced by any other guarantee or security         now or subsequently held by any Finance Party.   23.11  Limitations on obligations of German Guarantors         In relation to each Guarantor incorporated in the Federal Republic of Germany in the form of a         GmbH or GmbH & Co. KG (a "German Guarantor"), the following limitations shall apply:          (a)    The Finance Parties agree, other than in accordance with the procedure set out in the                following paragraphs of this Clause 23, not to enforce any guarantee created hereunder                granted by a German Guarantor if and to the extent that such guarantee is an up-stream                or cross-stream guarantee and the enforcement would otherwise lead to the situation that                it would create or aggravate an existing under-balance (Unterbilanz) of such German                Guarantor  (or, in the case of a GmbH & Co. KG, of its general partner) and that such                German Guarantor did not have sufficient net assets (i.e. assets minus liabilities and                liability reserves (Reinvermögen)) to maintain its (or, in the case of a GmbH & Co. KG, its                general partner's) stated share capital (Stammkapital) whereby the net assets shall be                determined in accordance with applicable law at the time of the determination, provided                that for the purposes of the calculation of the amount to be enforced (if any) the following                balance sheet items shall be adjusted as follows:                 (i)    the amount of any increase of stated share capital of such German Guarantor  (or,                       in the case of a GmbH & Co. KG, the stated share capital of its general partner)                       after the Closing Date which is not permitted under the Finance Documents shall                       be deducted from the stated share capital;                 (ii)   loans and other contractual liabilities incurred by such German Guarantor, and/or,                       in the case of a GmbH & Co. KG, its general partner, in violation of the provisions                       of any of the Finance Documents shall be disregarded to the    extent that such                       violation results from grossly negligent or wilful misbehaviour; and                 (iii)  to the extent payment under the guarantee would deprive a German Guarantor, or                       (in the case of a GmbH & Co. KG) the general partner of such German Guarantor,                       of the liquidity necessary to fulfil its financial liabilities to its creditors (a "Liquidity                       Impairment"), then, for the determination of the net assets, the assets of such                       German Guarantor or, in the case of a GmbH & Co. KG, the assets of its general                       partner shall be calculated at the lesser of their book value (Buchwert) and their                       realisation value assuming a negative prognosis for the business continuance                       (Liquidationswert bei negativer Fortführungsprognose).          (b)    The limitations set out in the preceding paragraph shall only apply if and to the extent that                (i) within 15 Business Days  following the making of a demand  against a German    A41108799                                      - 112 -               

 

              Guarantor under the guarantee created hereunder the relevant German Guarantor has                confirmed in writing to the Agent (x) to what extent the guarantee is an up-stream or cross-               stream guarantee as described in paragraph (a) above and (y) which amount of such                cross-stream and/or up-stream guarantee cannot be enforced as it would cause the net                assets of such German Guarantor or, in the case of a GmbH & Co. KG, its general partner                to fall below its stated share capital or create or aggravate an existing under-balance of                such German Guarantor (or,   in the case of a GmbH & Co. KG, of its general partner)                (taking into account the adjustments set out in paragraph (a) above) (the "Management                Determination"); and (ii) if the Agent (acting on the instructions of the Majority Lenders)                contests the Management Determination (arguing that no or a lesser amount would be                necessary to maintain the stated share capital or to avoid the creation or aggravation of                an existing under-balance of such German Guarantor (or, in the case of a GmbH & Co.                KG, of its general partner)), within 40 Business Days of the date the Agent has notified the                respective German Guarantor that the Majority Lenders have contested the Management                Determination, the Agent receives a determination by auditors of international standard                and reputation (the "Auditor's Determination") appointed by the German Guarantor of                the amount that would have been necessary on the date the demand under the guarantee                was made to maintain its or its general partner's stated share capital or to avoid the                creation or aggravation of an existing under-balance of such German Guarantor (or, in the                case of a GmbH & Co. KG, of its general partner).          (c)    If the Agent acting on the instructions of the Majority Lenders disagrees with the Auditor's                Determination, it shall notify the respective German Guarantor accordingly. The Finance                Parties shall only be entitled to enforce the guarantee up to the amount which is                undisputed between themselves and the respective German Guarantor in accordance with                the provisions of paragraph (b) above. In relation to the amount which is disputed by the                Majority Lenders, the Finance Parties shall be entitled to further pursue their claims under                this guarantee (if any) in court but shall bear the burden of proof that the Auditor's                Determination is incorrect; it being understood, for the avoidance of doubt, that the                respective German Guarantor shall not be obliged to pay such further amount claimed by                the Finance Parties on demand.          (d)    If the guarantee was enforced without limitation because the Management Determination                and/or the Auditor's Determination (as the case may be) was not delivered within the                relevant timeframe, the Finance Parties shall repay to the respective German Guarantor                any amount which is necessary to maintain its stated share capital or, in the case of a                GmbH & Co. KG, that of its general partner or to avoid the creation or aggravation of an                existing under-balance of such German Guarantor (or, in the case of a GmbH & Co. KG,                of its general partner), calculated as of the date the demand under the guarantee was                made and in accordance with paragraph (a) above.          (e)    In the case that any German Guarantor claims in accordance with the provisions of                paragraphs (b) and (d) above that the guarantee granted hereunder can only be enforced                in a limited amount (as set out above), the relevant German Guarantor (or, in the case of                a GmbH & Co. KG, its general partner) shall realise any asset that is shown    A41108799                                      - 113 -               

 

              in the balance sheet with a book value (Buchwert) that is significantly lower than the                market value of such asset and that can be realised to the extent legally permitted and                commercially justifiable.          (f)    The limitations set out in this Clause 23 shall apply mutatis mutandis to all payment                obligations of a German Guarantor incurred under or in connection with the Finance                Documents in respect of the obligations of any of its Holding Companies or Affiliates (other                than any of its Subsidiaries) under or in connection with the Finance Documents (by way                of indemnification or otherwise).          (g)    The limitations set out in this Clause 23.11 do not apply if and to the extent that the German                Guarantor is a party to a domination and/or profit and loss pooling agreement                (Beherrschungs- und/oder Gewinnabführungsvertrag) as dominated entity, provided that                the enforcement of the guarantee and/or other payment obligations does not lead to a                violation of the capital maintenance requirement as set out in Section 30 para 1 of the                German Limited Liability Companies Act (Gesetz betreffend die Gesellschaften mit                beschränkter Haftung).   23.12  Limitations on obligations of Austrian Guarantors  (a) To the extent that the guarantee and indemnity in this Clause 23 is given by any Austrian  Guarantor,         any and all obligations (Verpflichtungen) and liabilities (Haftungen) of an Austrian Guarantor under         such guarantee and indemnity shall at all times be limited so that at no time the assumption of a         liability (Haftungen) and/or obligation (Verpflichtung) shall be required to the extent that such         liability (Haftung) or obligation (Verpflichtung) would violate Austrian capital maintenance rules         (Kapitalerhaltungsvorschriften) pursuant to Austrian company law, in particular sections 82 et seq.         of the Austrian Act on Limited Liability Companies (Gesetz über Gesellschaften mit beschränkter         Haftung) and/or sections 52 and 65 et seq. of the Austrian Stock Corporation Act (Aktiengesetz)         (the "Austrian Capital Maintenance Rules"). Should any obligation (Verpflichtung) and/or liability         (Haftung) of an Austrian Guarantor under the guarantee and indemnity in this Clause 23 violate or         contradict the Austrian Capital Maintenance Rules and therefore be held invalid or unenforceable         in whole or in part or should the assumption or enforcement of such obligation (Verpflichtung) or         liability (Haftung) expose any managing director or member of the supervisory board of any         Austrian Guarantor to personal liability or criminal responsibility, such obligation/or liability shall         be deemed to be replaced by an obligation (Verpflichtung) and/or liability (Haftung) of a similar         nature (i) which is in compliance with the Austrian Capital Maintenance Rules, (ii) which does not         expose the managing directors or members of the supervisory board of the Austrian Guarantor to         any personal liability or criminal responsibility; and (iii) which provides the best possible security         interest admissible in accordance with the Austrian Capital Maintenance Rules in favour of the         Finance Parties. By way of example, should it be held that the guarantee and indemnity pursuant         to this Clause 23 contradicts the Austrian Capital Maintenance Rules in relation to any amount of         the obligations secured by such guarantee and indemnity, the guarantee and indemnity pursuant         to this Clause 23 shall be reduced to such an amount which is permitted pursuant to the Austrian         Capital Maintenance Rules, and potentially even to zero.    A41108799                                      - 114 -               

 

23.13  Limitations on obligations of Belgian Guarantors         The Finance Parties agree that the liability of any Guarantor incorporated in Belgium (a "Belgian         Guarantor") under the Finance Documents and the Senior Secured Notes Finance Documents         (as defined in the Intercreditor Agreement) in relation to the Original Senior Secured Notes shall         in all circumstances be limited to an amount equal to: (a) any intra-group loans or facilities made         to a Belgian Guarantor by any other member of the Group (whether or not such intra-group loan         is retained by the Belgian Guarantor for its own purposes or on-lent to another member of the         Group); or (b) 85 per cent. of the net assets (as determined in accordance with the Belgian         Companies Code and accounting principles generally accepted in Belgium, but not taking intra-         group debts into account as debts) of that Belgian Guarantor calculated on the basis of the most         recent audited annual accounts available at the date on which the relevant demand is made,         whichever amount is higher. In addition, any guarantee granted by a Belgian Guarantor shall not         include any liability which would constitute unlawful financial assistance, as determined under         article 329 or 629 (or equivalent) of the Belgian Companies Code, nor unlawful dividend         distribution, as determined under article 320 or 617 (or equivalent) of the Belgian Companies         Code.   23.14  Limitations on obligations of Finnish Guarantors         The obligations and liabilities of each Guarantor incorporated in Finland (each a "Finnish         Guarantor") in its capacity as a Guarantor under the Finance Documents shall be limited if (and         only if), and only to the extent they would constitute (i) unlawful financial assistance within the         meaning of Chapter 13 Section 10 of the Finnish Companies Act (1.9.2006/624, as amended, the         "Finnish Companies Act") or (ii) unlawful distribution of assets within the meaning of Chapter 13         Section 1 of the Finnish Companies Act and it is agreed that the liability of each Finnish Guarantor         under the Finance Documents only applies to the extent permitted by the above mentioned         provisions of the Finnish Companies Act.   23.15  Limitations on obligations of Luxembourg Guarantors  (a)    Notwithstanding the foregoing and any other provision of any Finance Document to the contrary,         the obligations and liabilities of any Luxembourg Guarantor under any Finance Document for the         obligations of any other Obligor (other than that Luxembourg Guarantor) which is not a Subsidiary         of that Luxembourg Guarantor shall be limited at any time (with no double counting), to an         aggregate amount not exceeding 90-95 per cent. of the greater of:          (i)    the sum of (i) the Luxembourg Guarantor's own funds (capitaux propres) (as referred to in                Annex I to the Grand-Ducal Regulation dated 18 December 2015 setting out the form and                content of the presentation of the balance sheet and profit and loss account, enforcing the                Luxembourg law of 19 December 2002 on the commercial companies' register and the                accounting and annual accounts of undertakings, as amended (the "Own Funds")) and                (ii) any intragroup debt owed by such Luxembourg Guarantor to any of its direct or indirect                shareholders and to any member of the Group which is subordinated in accordance with                the Debt Documents (as determined by Annex 1 of the Grand-Ducal Regulation of 18                December 2015 in relation to, inter alia, article 34 of the Luxembourg law of 19 December                2002 on the Register of Commerce and Companies, on accounting and on annual                accounts of the companies) (the debts referred to in (ii) is referred      to  as  the                "Subordinated Affiliate  Debt"), in each case as determined  on  the    A41108799                                      - 115 -               

 

              basis of the then latest available annual accounts of the Luxembourg Guarantor duly                established in accordance with applicable accounting rules, as at the date this Agreement                was entered into; or          (ii)   the sum of (i) the Own Funds and (ii) the Subordinated Affiliate Debt, in each case as                determined on the basis of the then latest available annual accounts of the Luxembourg                Guarantor duly established in accordance with applicable accounting rules), as at the date                on which the guarantee or security is called or enforced.   (b)    Where, for the purpose of the above determination, (i) no duly established annual accounts are         available for the relevant reference period (which will include a situation where, in respect of the         determinations to be made above, no final annual accounts have been established in due time in         respect of the then most recently ended financial year) or (ii) the relevant annual accounts do not         adequately reflect the status of the Subordinated Affiliate Debt or Own Funds as envisaged above,         in the sole opinion of the security agent, acting reasonably or (iii) the Luxembourg Guarantor has         taken corporate or contractual actions having resulted in the increase or  decrease of its Own         Funds or its Subordinated Affiliate Debt since the close of its last financial year, the Own Funds         and the Subordinated Affiliate Debt will be valued either (i) at the fair market value or (ii) if no such         market value has been determined, in accordance with the generally accepted accounting         principles in Luxembourg and the relevant provisions of the Luxembourg law of 19 December 2002         on the commercial companies' register and the accounting and annual accounts of undertakings,         as amended.   (c)    For the purpose of calculating the amounts available from a Luxembourg Guarantor under the         guarantee granted under this Clause 23, any amount called from such Luxembourg Guarantor         pursuant to clause 28 (Guarantee and Indemnity) of the Intercreditor Agreement and/or under any         Second Lien Debt Notes Guarantees (as defined in the Intercreditor Agreement) shall be taken         into account, without double counting.   23.16  Limitations on obligations of Norwegian Guarantors         Without limiting the generality of the foregoing, the obligations and liabilities of any Guarantor         incorporated in Norway (each a "Norwegian Guarantor") in its relevant capacity under the         Finance Documents shall be limited if (and only if) required by the mandatory provisions of the         Norwegian Private Limited Liability Companies Act of 13 June 1997 No. 44 or the Norwegian         Public Limited Liability Companies Act of 13 June 1997 No. 45 (as the case may be) (the         "Norwegian Companies Act"), including but not limited to Sections 8-7 and 8-10 cf. Sections 1-         3 and 1-4, regulating unlawful financial assistance and other restrictions on a Norwegian limited         liability company's capacity or ability to grant guarantees and joint and several liability, loans or         security interests. It is understood that the obligations and liabilities of each Norwegian Guarantor         under the Finance Documents shall always be interpreted so as to make each Norwegian         Guarantor liable to the fullest extent permitted by the above provisions of the Norwegian         Companies Act.   23.17  Limitations on obligations of Spanish Guarantors         Notwithstanding the foregoing and any other provisions of this Agreement, the obligations and         liabilities of any Spanish Guarantor under this Clause 23 or any other provision of this Agreement,         shall be deemed not to be assumed by such Spanish Guarantor to the extent that they constitute         or may constitute unlawful financial assistance within the meaning of article 150    A41108799                                      - 116 -               

 

       of the Spanish Companies Law (where the company is a Spanish public company (Sociedad         Anónima)) or article 143 of the Spanish Companies Law (where the company is a Spanish limited         liability company (Sociedad de Responsabilidad Limitada)). Accordingly, the obligations and         liabilities of any Spanish Guarantor under this Clause 23, Clause 31.4 (Additional Guarantors) or         any other provision of this Agreement, the Intercreditor Agreement, any Accession Letter or Debtor         Accession Deed (as defined in the Intercreditor Agreement) and any of the other Finance         Documents shall not include and shall not be extended to any repayment obligations in respect of         financing used in or towards (i) payment of or refinance of the purchase price or subscription for         the shares or quotas in the Spanish Guarantor and/or the acquisition of or subscription for the         shares or quotas in its controlling corporation directly or indirectly (or, where the company is a         Spanish limited liability company (Sociedad de Responsabilidad Limitada), of any company of its         group) or (ii) repaying or refinancing a financing used for the purposes stated in (i) above. Likewise,         the obligations and liabilities of any Spanish Guarantor under this Clause 23, Clause 31.4         (Additional Guarantors) or any other provision of this Agreement, the Intercreditor Agreement, any         Accession Letter or Debtor Accession Deed (as defined in the Intercreditor Agreement) and any         of the other Finance Documents shall not include and shall not be extended to any obligations         which could reasonably be expected to result in a breach of article 401 et seq of the Spanish         Companies Law.   23.18  Limitations on obligations of Swedish Obligors         The obligations and liabilities of each Swedish Obligor under any Finance Document shall be         limited, if (and only if) required by the mandatory provisions of the Swedish Companies Act (Sw.         Aktiebolagslag (2005:551)) regulating:          (a)    unlawful distribution of assets and transfer of value (Sw. värdeöverföring) pursuant to                Chapter 17, Sections 1 to 4 of the Swedish Companies Act; and          (b)    prohibited loans, security and guarantees pursuant to Chapter 21, Section 1 to 3 of the                Swedish Companies Act.   23.19  Limitations on obligations of US Guarantors         Notwithstanding anything to the contrary contained herein or in any other Finance Document, the         maximum liability of each US Guarantor under this Clause 23 (Guarantee and indemnity) shall in         no event exceed an amount equal to the greatest amount that would not render such US         Guarantor's obligations hereunder and under the other Finance Documents subject to avoidance         under the US Bankruptcy Laws or to being set aside, avoided or annulled under any Fraudulent         Transfer Law.    A41108799                                      - 117 -               

 

                                            SECTION 8                 REPRESENTATIONS, UNDERTAKINGS AND EVENTS OF DEFAULT                24.    REPRESENTATIONS                24.1   General         Each Obligor   (unless otherwise stated below) makes the applicable representations and         warranties set out in this Clause 24 on the dates set out in Clause 24.22 (Times when         representations made) to each Finance Party.   Status, authorisations and governing law                24.2   Status  (a)    It and each of its Subsidiaries (which is a Material Company) is duly incorporated with limited         liability and validly existing under the law of its jurisdiction of incorporation.   (b)    It and each of its Subsidiaries (which is a Material Company) has the power to own its assets and         carry on its business as it is being conducted.   24.3   Binding obligations         Subject to the Legal Reservations and, in the case of paragraph (b) below, the Perfection         Requirements:          (a)    the obligations expressed to be assumed by it in each Transaction Document to which it                is a party are legal, valid, binding and enforceable obligations; and          (b)    (without limiting the generality of paragraph (a) above) each Transaction Security                Document to which it is a party creates the security interests which that Transaction                Security Document purports to create and those security interests are valid and effective                in all material respects.   24.4   Non-conflict with other obligations         The entry into and performance by it of, and the transactions contemplated by, the Transaction         Documents and the granting of the Transaction Security do not:          (a)    contravene any law or regulation applicable to it in any material respect;                       (b)    contravene its constitutional documents in any material respect; or                       (c)    breach any agreement or instrument binding upon it to an extent which has a Material                Adverse Effect.   24.5   Power and authority  (a)    It has the power to enter into, perform and deliver, and has taken or will have taken prior thereto         all necessary action to authorise its entry into, performance and delivery of, the Transaction         Documents to which it is or will be a party and the transactions contemplated by those Transaction         Documents.   (b)    No limit on its powers will be exceeded as a result of the borrowing, grant of Security or giving of         guarantees or indemnities contemplated by the Transaction Documents to which it is a party.   24.6   Validity and admissibility in evidence  (a)    Subject to the Legal Reservations and the Perfection Requirements, all Authorisations required:    A41108799                                      - 118 -               

 

       (i)    to enable it lawfully to enter into, exercise its rights and comply with its obligations in the                Transaction Documents to which it is a party; and          (ii)   to make the Transaction Documents to which it is a party admissible in evidence in its                Relevant Jurisdictions,          have been obtained or effected and are (or will be) in full force and effect.                (b)    All Authorisations necessary for the conduct of the business, trade and ordinary activities of         members of the Group have been obtained or effected and are in full force and effect if failure to         obtain or effect those Authorisations has a Material Adverse Effect.   24.7   Governing law and enforcement  (a)    Subject to the Legal Reservations, the choice of law by which a Finance Document (to which it is         a party) is expressed to be governed will be recognised and enforced in its Relevant Jurisdictions.   (b)    Subject to the Legal Reservations, any judgment obtained from a court expressed to have         jurisdiction in relation to a Finance Document to which it is a party will be recognised and enforced         in its Relevant Jurisdictions.   No default or tax liability                24.8   No default  (a)    On the Closing Date:                       (i)    no Event of Default is continuing; and                       (ii)   no default (however defined) is continuing under any Transaction Document that is not a                Finance Document which has a Material Adverse Effect.   (b)    No other event or circumstance is outstanding which constitutes (or, with the expiry of a grace         period, the giving of notice, the making of any determination or any combination of any of the         foregoing, would constitute) a default or termination event (however described) under any other         agreement or instrument which is binding on it or any of its Subsidiaries or to which its (or any of         its Subsidiaries') assets are subject which has a Material Adverse Effect.   24.9   Taxation  (a)    It is not (and none of its Subsidiaries being a Material Company is) overdue (taking into account         any extension or grace period) in the filing of any Tax returns to an extent which has or would have         a Material Adverse Effect.   (b)    The US Co-Borrower is and shall be treated as an entity disregarded from Luxco for US federal         income tax purposes, the US Co-Borrower's regarded owner is not and shall not be a US Tax         Obligor, and the US Co-Borrower and its regarded owner are not engaged and shall not engage         in a US trade or business for US tax purposes.   Provision of information - general                24.10  No misleading information  (a)    All factual information contained in the Information Memorandum in relation to the Group and its         holding companies is true and accurate in all material respects as at the date thereof or (as the         case may be) as at the date the information is expressed to be given.    A41108799                                      - 119 -               

 

(b)    The expressions of opinion or intention provided in the Information Memorandum were made after         careful consideration and were based on assumptions believed by Listco to be reasonable as at         the date they were provided or as at the date (if any) they were stated.   (c)    No information relating to the Group or its holding companies has been omitted from the         Information Memorandum and no such information has been withheld that results in the         Information Memorandum (taken as a whole) being untrue or misleading in any material respect         as at its stated date.   24.11  Financial Statements  (a)    The Original Financial Statements were prepared in accordance with the Accounting Principles         consistently applied.   (b)    The most recent financial statements delivered pursuant to Clause 25 (Information undertakings):          (i)    have been prepared in accordance with the Accounting Principles as applicable at the                date of such financial statements; and          (ii)   give a true and fair view of (if audited) or (if unaudited) fairly present in all material respects                (having regard to the fact that financial statements which are not audited are prepared for                management purposes) its consolidated financial condition as at the end of, and                consolidated results of operations for, the period to which they relate.   No proceedings or breach of laws                24.12  No proceedings pending or threatened         No litigation, arbitration or administrative proceedings or investigations of, or before, any court,         arbitral body or agency which are likely to be adversely determined and, if adversely determined,         would have a Material Adverse Effect, have been started or (to the best of its knowledge or belief)         threatened against it or any of its Subsidiaries.   24.13  No breach of laws         It has not breached any law or regulation, which breach would have a Material Adverse Effect.                24.14  Environmental Laws  (a)    Each member of the Group is in compliance with Clause 27.3 (Environmental compliance) and no         circumstances have occurred which would prevent such compliance in a manner or to an extent         which would have a Material Adverse Effect.   (b)    No Environmental Claim has been commenced or is threatened against any member of the Group         where that claim would have, if determined against that member of the Group, a Material Adverse         Effect.   Ownership of assets                24.15  Legal and beneficial ownership  (a)    So far as it is aware, it (and, in the case of each of its Subsidiary, that Subsidiary) is the sole legal         and beneficial owner of the shares and assets over which it purports to grant Transaction Security.   (b)    So far as it is aware, it (and, in the case of each of its Subsidiary, that Subsidiary) has good title         to, or valid leases or licences of, and all appropriate Authorisations to use, the assets necessary    A41108799                                      - 120 -               

 

       to carry on its business as presently conducted, in each case to the extent that the absence         thereof would have a Material Adverse Effect.   24.16  Intellectual Property  (a)    It:                       (i)    is the sole legal and beneficial owner of or has licensed to it all the Intellectual Property                which is material in the context of its business and which is required by it in order to carry                on its business as it is being conducted;          (ii)   does not, in carrying on its business, infringe any Intellectual Property of any third party                where such infringement would have a Material Adverse Effect; and          (iii)  has taken all formal or procedural actions (including payment of fees) required to maintain                any Intellectual Property owned by it save to the extent that failure to do so would not have                a Material Adverse Effect.   (b)    So far as it is aware, there are no adverse circumstances relating to the validity, subsistence or         use of any of its or its Subsidiaries' Intellectual Property which would have a Material Adverse         Effect.   Provision of information - Group                24.17  Holding Companies  (a)    No Nomad Holdco has traded or incurred any liabilities or commitments (actual or contingent,         present or future), other than any Permitted Holding Company Activity.   (b)    Nomad Service USA Inc. has not traded or incurred any liabilities or commitments (actual or         contingent, present or future), other than: (i) the employment of employees and the payment of         those employees' salaries; and (ii) other liabilities incidental to maintenance of its corporate         existence.   24.18  Group Structure Chart         The Group Structure Chart delivered to the Agent pursuant to Clause 4.1 (Conditions precedent)         shows all members of the Group (other than any dormant companies) and is true, accurate and         complete in all material respects.   24.19  Dutch representations  (a)    No notice under Article 36 of the Tax Collection Act (Invorderingswet 1990) has been given by         any Dutch Obligor.   (b)    The centre of main interests of each Dutch Obligor (as referred to in Council Regulation (EC)         No. 1346/2000 of 29 May 2000 on insolvency proceedings) is located in the Netherlands.   (c)    Each Dutch Obligor is in compliance with the Dutch Financial Supervision Act and any         regulations issued pursuant thereto.   24.20  US Regulations  (a)    ERISA: No Obligor has incurred, or reasonably expects to incur, any liability under ERISA with         respect to any "plan" (as such term is defined in Section 3(3) of ERISA), or under the terms of any         such plan, in each case, which could reasonably be expected, individually or in the aggregate, to         result in a Material Adverse Effect.    A41108799                                      - 121 -               

 

(b)    Margin Regulations: No part of the proceeds of any Utilisation  is being used for "buying" or         "carrying" (within the meaning of Regulation T, U or X) any Margin Stock or for any purpose which         violates the provisions of the regulations of the Federal Reserve Board.   (c)    Investment Company Act: No Obligor is required to be registered as an "investment company"         under the US Investment Company Act of 1940.   24.21  Anti-Corruption Laws, Anti-Money Laundering and Sanctions  (a)    No member of the Group, nor any member of the Group's respective directors or officers nor, to         Listco's best knowledge and belief (after due and careful inquiry), any member of the Group's         employees, affiliates, agents or representatives, is a person or entity that:          (i)    is a Restricted Party;                       (ii)   has been engaged in any transaction, activity or conduct that could reasonably be                expected to result in it being designated as a Restricted Party or result in a breach of any                applicable Sanctions, Anti-Corruption Laws or Anti-Money Laundering Laws;          (iii)  is currently engaging in any transaction, activity or conduct that could result in a violation                of applicable Sanctions, Anti-Corruption Laws or Anti-Money Laundering Laws;          (iv)   has received notice of, or is otherwise aware of, any claim, action, suit, proceedings or                investigation involving it with respect to any applicable Sanctions, Anti-Corruption Laws or                Anti-Money Laundering Laws; and/or          (v)    is acting on behalf of or at the direction of any Restricted Party in connection with the                Facilities.   (b)    Each member of the Group conducts its business in compliance with, and has instituted policies         and procedures designed to ensure compliance with, applicable Sanctions, Anti-Corruption Laws         and Anti-Money Laundering Laws.   (c)    Nothing in this Clause 24.21 shall create or establish an obligation or right for a Party (each, a         "Relevant Party") to the extent that, by agreeing to it, complying with it, exercising it, having such         obligation or right, or otherwise, such Relevant Party (or any directors, officers or employees,         agents and affiliates thereof) would be placed in violation of any foreign trade law or anti-boycott         law applicable to it (including but not limited to Section 7 German Foreign Trade  Regulation         (Außenwirtschaftsverordnung) and Council Regulation (EC) 2271/1996), and the representations         made in this Clause 24.21 shall be so limited in relation to any such Relevant Party and to that         extent shall not be made by or apply to any such Relevant Party.   24.22  Times when representations made  (a)    All the representations and warranties in this Clause 24 are made by each Obligor on the         Closing Date.   (b)    The representations and warranties set out in Clause 24.11 (Financial Statements) are deemed         to be made by each Obligor on the date of delivery of the relevant financial statements.   (c)    The Repeating Representations are deemed to be made by each Obligor on the date of each         Utilisation Request and on each Utilisation Date.   (d)    The Repeating Representations are deemed to be made by each Additional Obligor on the day         on which it becomes (or it is proposed that it becomes) an Additional Obligor.    A41108799                                      - 122 -               

 

(e)    Each representation or warranty deemed to be made after the Closing Date shall be deemed to         be made by reference to the facts and circumstances existing at the date the representation or         warranty is deemed to be made.   25.    INFORMATION UNDERTAKINGS                       The undertakings in this Clause 25 remain in force from the date of this Agreement for so long         as any amount is outstanding under the Finance Documents or any Commitment is in force.          In this Clause 25:                       "Annual Financial Statements" means the financial statements for a Financial Year delivered         pursuant to paragraph (a)(i) of Clause 25.1 (Financial statements).          "Quarterly Financial Statements" means the financial statements delivered pursuant to         paragraph (b) of Clause 25.1 (Financial statements).   25.1   Financial statements         Listco shall supply to the Agent in sufficient copies for all the Lenders:                       (a)    as soon as they are available, but in any event:                              (i)     within 120 days after the end of each of its Financial Years,  Listco's audited                        consolidated financial statements for that Financial Year; and                 (ii)    within any statutory time period allowed for the preparation thereof and only if                        requested by the Agent, the financial statements (consolidated if appropriate) of                        each Borrower for that Financial Year   (if available or required by law to be                        prepared); and          (b)    as soon as they are available, but in any event within 90 days of the end of each Financial                Quarter, Listco's financial statements, on a consolidated basis for that Financial Quarter.   25.2   Provision and contents of Compliance Certificate  (a)    Listco shall supply a Compliance Certificate to the Agent with:                       (i)    each set of Annual Financial Statements; and                       (ii)   each set of Quarterly Financial Statements.                (b)    Each Compliance Certificate shall set out, among other things:                       (i)    computations (in reasonable detail) as to compliance with Clause 26 (Financial covenant)                or a certification that the financial covenant in Clause 26 (Financial covenant) is not                required to be tested in accordance with Clause 26.2 (Financial condition);          (ii)   details of the prepayments (if any) to be made from Excess Cashflow under Clause 12.2                (Disposal, insurance and Excess Cashflow);          (iii)  LTM EBITDA for the Relevant Period to which that Compliance Certificate relates;                       (iv)   confirmation that no Default is continuing (or, if a Default is continuing, specify the Default                and the steps being taken to remedy it);    A41108799                                      - 123 -               

 

       (v)    Debt Cover for the Relevant Period and whether or not the Debt Cover Condition has been                met; and          (vi)   set out the Total Assets.                (c)    Each Compliance Certificate provided together with the Annual Financial Statements shall (in         addition to the requirements of paragraph (b) above) list the Guarantors and (in reasonable detail)         computations as to compliance with the coverage test pursuant to Clause 27.29 (Guarantors) to         the extent that such Clause is required to be complied with at such time.   (d)    Each Compliance Certificate shall be signed by two directors of Listco and, if required to be         delivered with the consolidated Annual Financial Statements, shall be reported on by Listco's         Auditors on the proper extraction of the numbers used in the financial covenant calculations in         such manner (if any) and on such conditions that the Auditors specify (unless at least two of the         "Big Four" firms of auditors have adopted a general policy of not providing such reports).   25.3   Requirements as to financial statements  (a)    Listco shall procure that each set of Annual Financial Statements and Quarterly Financial         Statements includes a balance sheet, profit and loss account and cashflow statement. In addition,         Listco shall procure that each set of Annual Financial Statements shall be audited by the Auditors.   (b)    Each set of financial statements delivered by Listco pursuant to this Clause 25:                       (i)    shall be certified on behalf of Listco by a director of Listco (without personal liability) as                giving a true and fair view of (in the case of Annual Financial Statements for any Financial                Year), or fairly representing (in other cases), the financial condition and operations of the                Group as at the date on which those financial statements were drawn up;          (ii)   in the case of the consolidated financial statements of the Group, shall be accompanied                by a statement of Listco comparing actual performance for the period to which the financial                statements relate to the actual performance for the corresponding period in the preceding                Financial Year; and          (iii)  shall be prepared using the Accounting Principles, accounting practices and financial                reference periods consistent with those applied in the preparation of the Original Financial                Statements unless, in relation to any set of financial statements, Listco notifies the Agent                that there has been a change in the Accounting Principles or the accounting practices and                financial reference periods from those applied in the preparation of the Original Financial                Statements and it delivers to the Agent:                 (A)    a description of any change necessary for those financial statements to reflect the                       Accounting Principles or accounting practices applied in the preparation of the                       Original Financial Statements; and                 (B)    sufficient information, in form and substance as may be reasonably required by the                       Agent, to enable the Agent and the Revolving Facility Lenders to determine                       whether Clause 26 (Financial covenant) has been complied with and to determine                       the amount of any prepayments to be made from Excess Cashflow under Clause                       12.2 (Disposal, insurance and Excess Cashflow).    A41108799                                      - 124 -               

 

(c)    If Listco notifies the Agent of a change in accordance with paragraph (iii) above or of a change of         its Financial Year end, then Listco and the Agent shall enter into negotiations in good faith with a         view to agreeing:          (i)    whether or not the change might result in any material alteration in the commercial effect                of any of the terms of this Agreement; and          (ii)   if so, any amendments to this Agreement which may be necessary to ensure that the                change does not result in any material alteration in the commercial effect of those terms,          and if any amendments are agreed they shall take effect and be binding on each of the Parties in         accordance with their terms.   (d)    If no such agreement is reached within 30 days of that notification of change, the Agent shall (if         so requested by the Majority Lenders) instruct the Auditors of Listco or independent accountants         (approved by Listco or, in the absence of such approval within five days of request by the Agent         of such approval, a firm with recognised expertise) to determine any amendment to Clause 26.2         (Financial condition), the amount of any prepayments to be made from Excess Cashflow under         Clause 12.2 (Disposal, insurance and Excess Cashflow) and any other terms of this Agreement         which the Auditors or, as the case may be, accountants (acting as experts and not arbitrators)         consider appropriate to ensure the change does not result in any material alteration in the         commercial effect of the terms of this Agreement. Those amendments shall take effect when so         determined by the Auditors or, as the case may be, accountants. The cost and expense of the         Auditors or accountants shall be for the account of Listco.   (e)    Any reference in this Agreement to any financial statements shall be construed as a reference to         those financial statements as adjusted to reflect the basis upon which the Original Financial         Statements were prepared.   25.4   Law and regulation         Notwithstanding any term of the Finance Documents to the contrary, all reporting updates and         other information and disclosure requirements in the Finance Documents shall be subject to any         legal or regulatory restrictions relating to the supply of information concerning Listco and its         Subsidiaries (including, for the avoidance of doubt, the Group), including, without limitation, any         requirements of the New York Stock Exchange or which result from the nature of the Senior         Secured Notes.   25.5   Calls  (a)    Listco shall ensure that a public trading and quarterly update call is held for each class of holders         of its debt securities (and that the Agent and the Lenders are each invited to join each such call)         with senior management of the Group not less frequently than once in each Financial Quarter.   (b)    Listco shall notify the Agent of (and through the Agent, invite each Lender to join) any other public         call held generally for its Senior Secured Noteholders or any class of holder of (or trustee in respect         of) debt securities of the Group (including, for the avoidance of doubt, each such call for its Senior         Secured Noteholders) with Listco providing reasonable notice of such call in advance, together         with the applicable access code and such other information necessary for a Lender to directly join         such call, provided that no Lender shall have a right to speak on any such    A41108799                                      - 125 -               

 

       call (other than to register attendance and complete or comply with any other procedural         formality) without the prior consent of Listco.   25.6   Year end         Listco shall notify the Agent of a change of its Financial Year end.                25.7   Information: miscellaneous         Listco shall supply to the Agent (in sufficient copies for all the Lenders, if the Agent so requests):                       (i)    at the same time as they are despatched, copies of all documents despatched by Listco                or any Obligor (other than in the ordinary course of business) to its creditors generally (or                any class of them) and to its shareholders if required to be given to shareholders as a                matter of mandatory law; and          (ii)   promptly on request, such factual information regarding the Group as any Finance Party                through the Agent may reasonably request,          subject always to Clause 25.4 (Law and regulation).                25.8   Notification of default         Listco shall notify the Agent of any Default (and the steps, if any, being taken to remedy it)         promptly upon becoming aware of its occurrence.   25.9   "Know your customer" checks  (a)    If:                       (i)    the introduction of or any change in (or in the interpretation, administration or application                of) any law or regulation made after the date of this Agreement;          (ii)   any change in the status of an Obligor or the composition of the shareholders of an                Obligor after the date of this Agreement; or          (iii)  a proposed assignment or transfer by a Lender of any of its rights and/or obligations                under this Agreement to a party that is not a Lender prior to such assignment or transfer,          obliges the Agent or any Lender (or, in the case of paragraph (iii) above, any prospective new         Lender) to comply with "know your customer" or similar identification procedures in circumstances         where the necessary information is not already available to it, each Obligor shall, promptly upon         the request of the Agent or any Lender, supply, or procure the supply of, such documentation and         other evidence as is reasonably requested by the Agent (for itself or on behalf of any Lender) or         any Lender (for itself or, in the case of the event described  in  paragraph (iii) above, on behalf of         any prospective new Lender) in order for the Agent, such Lender or,  in the case of the event         described in paragraph (iii) above, any prospective new Lender to carry out and be satisfied with         the results of all necessary "know your customer" or other similar checks under all applicable laws         and regulations pursuant to the transactions contemplated in the Finance Documents.   (b)    Each Lender shall, promptly upon the request of the Agent, supply, or procure the supply of, such         documentation and other evidence as is reasonably requested by the Agent (for itself) in order for         the Agent to carry out and be satisfied with the results of all necessary "know your customer" or         other similar checks under all applicable laws and regulations pursuant to the transactions         contemplated in the Finance Documents.    A41108799                                      - 126 -               

 

(c)    Listco shall, by not less than 10 Business Days' prior written notice to the Agent, notify the Agent         (which shall promptly notify the Lenders) of its intention to request that one of its Subsidiaries         becomes an Additional Obligor pursuant to Clause 31 (Changes to the Obligors).   (d)    Following the giving of any notice pursuant to paragraph (c) above, if the accession of such         Additional Obligor obliges the Agent or any Lender to comply with "know your customer" or similar         identification procedures in circumstances where the necessary information is not already         available to it, Listco shall, promptly upon the request of the Agent or any Lender, supply, or         procure the supply of, such documentation and other evidence as is reasonably requested by the         Agent (for itself or on behalf of any Lender) or any Lender (for itself or on behalf of any prospective         new Lender) in order for the Agent or such Lender or any prospective new Lender to carry out and         be satisfied with the results of all necessary "know your customer" or other similar checks under         all applicable laws and regulations pursuant to the accession of such Subsidiary to this Agreement         as an Additional Obligor.   (e)    In the event that Listco has delivered any Lender Accession Notice or Additional Facility Notice         and the Lender referred to therein is not currently a Lender, Listco shall promptly upon the request         of the Agent supply, or procure the supply of, such documentation and other evidence as is         reasonably requested by the Agent in order for the Agent to carry out and be satisfied with the         results of all necessary "know your customer" or other checks in relation to that Lender that it is         required to carry out as a consequence of that person becoming a Lender.   26.    FINANCIAL COVENANT                26.1   Financial definitions         In this Clause 26:                       "Borrowings" means, at any time, the outstanding principal or capital amount of any         indebtedness for or in respect of:          (a)    moneys borrowed;                       (b)    acceptance credits (or dematerialised equivalents);                       (c)    moneys raised under or pursuant to bonds (other than a performance bond or advance                payment bond issued in respect of the obligations of any member of the Group incurred                in the ordinary course of business), notes, debentures, loan stock or any similar                instrument;          (d)    any finance or capital lease or hire purchase contract which would, in accordance with the                Accounting Principles (for the avoidance of doubt, as applied in the preparation of the                Original Financial Statements and so as to exclude operating leases to the extent they                would otherwise be reclassified and treated as finance or capital leases), be treated as a                finance or capital lease but only to the extent of such treatment;          (e)    receivables sold or discounted (other than to the extent there is no recourse);                       (f)    any counter-indemnity obligation in respect of a guarantee, indemnity, bond, standby or                documentary letter of credit or any other instrument issued by a bank or financial institution                in respect of an underlying liability of an entity which is not a member of the Group which                would fall within one of the other paragraphs of this definition;    A41108799                                      - 127 -               

 

       (g)    the acquisition cost of any asset where the deferred payment is arranged primarily as a                method of raising finance and in circumstances where the due date for payment is more                than 180 days after the expiry of the period customarily allowed by the relevant supplier                save where the payment deferral results from non-satisfaction or delayed satisfaction of                contract terms by the supplier or from contract terms establishing payment schedules tied                to total or partial contract completion and/or to the results of operational testing                procedures;          (h)    the sale price of any asset to the extent paid by the person liable before the time of sale                or delivery where such advance payment is arranged primarily as a method of raising                finance unless such arrangements are entered into customarily by customers of the                Group;          (i)    any amount raised under any other transaction which would be treated as borrowing in                accordance with the Accounting Principles; and          (j)    (without double counting) the amount of any    liability in respect of any guarantee or                indemnity for any of the items referred to in the paragraphs above,          provided that indebtedness owed by one member of the Group to another member of the Group         and Subordinated Debt shall not be taken into account and excluding, for the avoidance of doubt,         pension liabilities and liabilities in respect of other provisions which are treated as borrowings         under IFRS and any indebtedness under forward contracts for fish entered into in the ordinary         course of business.          "Capital Expenditure" means any expenditure or obligation in respect of expenditure which, in         accordance with the Accounting Principles, is treated as capital expenditure (other than any         Permitted Acquisition and only taking into account the actual cash payment made where assets         are replaced and part of the purchase price is paid by way of part exchange).          "Cashflow" means, in respect of any Relevant Period, Consolidated EBITDA for that Relevant         Period (without double counting):          (a)    plus the amount of any rebate, refund or credit in respect of any Tax on profits, gains or                income actually received in cash by any member of such Group during such period          (b)    plus to the extent not included in Consolidated EBITDA, the amount (net of any applicable                withholding tax) of any dividends or other profit distributions received in cash by any                member of the Group during such period from any person which is not itself a member of                the Group;          (c)    minus all Capital Expenditure actually paid by a member of the Group during the Relevant                Period except to the extent funded from:                 (i)    Retained Cash;                              (ii)   any Permitted Financial Indebtedness (other than a Revolving Facility);                              (iii)  capital contributions received from landlords in relation to Real Property in                       respect of which a member of the Group is a tenant; or                 (iv)   New Equity or Subordinated Debt received after the Closing Date;    A41108799                                      - 128 -               

 

       (d)    minus the aggregate of the consideration paid for or cost of any Permitted Acquisitions                and the amount of any investment in a Permitted Joint Venture made in cash during that                period to the extent not included in Consolidated EBITDA and in each case except to the                extent funded from Retained Cash (to the extent permitted under the Finance Documents),                any Permitted Financial Indebtedness, New Equity or Subordinated Debt received after                the Closing Date;          (e)    plus the amount of any loan which was made in respect of a Joint Venture Investment                which is repaid in cash to a member of the Group;          (f)    minus all amounts of Tax on profits, gains or income actually paid (other than any such                Tax which is netted off against any proceeds received by the Group in accordance with                paragraph (b) of the definition of 'Net Proceeds') and minus the amount of any withholding                tax withheld from any amount paid to any member of the Group which has been taken into                account in calculating Consolidated EBITDA for such period and minus    any Increased                Costs notified by any Finance Party pursuant to Clause 19.1 (Increased Costs);          (g)    plus any decrease in and minus any increase of Working Capital between the beginning                and end of such Relevant Period;          (h)    to the extent not taken into account in any other paragraph in this definition, minus all                non-cash credits and release of provisions and plus all non-cash debits and other non-                cash charges and provisions included in establishing Consolidated EBITDA for such                period;          (i)    to the extent not taken into account in any other paragraph in this definition, plus any                positive and minus any negative one-off, non-recurring, extraordinary or exceptional items                received or which are paid by any member of the Group in cash during such  period to the                extent not already taken into account in calculating Consolidated EBITDA for such period                or provided for in Acquisition Costs, Refinancing Costs or funded from Retained Cash, any                Permitted Financial Indebtedness, New Equity or Subordinated  Debt received after the                Closing Date;          (j)    to the extent included in Consolidated EBITDA or in any other paragraph of this definition,                excluding the effect of all cash movements associated with the Refinancing Costs (to the                extent included in Cashflow);          (k)    plus any New Equity and/or any Subordinated Debt received after the Closing Date to the                extent permitted under paragraph (d) of Clause 26.3 (Financial testing);          (l)    deducting   any fees, cash or charges of a non-recurring nature related to any equity                offering, investments, acquisitions or Permitted Financial Indebtedness (whether or not                successful) except to the extent funded from Retained Cash (to the extent permitted by                the Finance Documents) or paid out of the proceeds raised on an equity or debt securities                offering or other Permitted Financial Indebtedness; and          (m)    deducting the amount of management, consulting, investor and advisory fees (other than                in respect of any cash movements falling under paragraph (l) above) paid to Listco to the                extent not taken into account in Consolidated EBITDA and other than those    A41108799                                      - 129 -               

 

              funded from Retained Cash (to the extent permitted by the Finance Documents), any                Permitted Financial Indebtedness, New Equity or Subordinated Debt received    after the                Closing Date.          "Consolidated EBITDA" means, for any Relevant Period, the consolidated profits of the Group         from ordinary activities:          (a)    before deducting Interest Payable, any other Interest for which any member of the Group                is liable and any deemed finance charge in respect of any pension liabilities and other                provisions;          (b)    before deducting any amount of Tax on profits, gains or income paid or payable by any                member of the Group;          (c)    after adding back (to the extent otherwise deducted) any amount attributable to any                amortisation whatsoever (including amortisation of any goodwill arising on any Permitted                Acquisition, Acquisition Costs or Refinancing Costs), any depreciation whatsoever and                any costs or provisions relating to any share option schemes of the Group existing on the                Closing Date;          (d)    after deducting (to the extent included) Interest Income and/or any other Interest accruing                in favour of any member of the Group;          (e)    excluding  any items (positive or negative) of a one-off, non-recurring, extraordinary or                exceptional nature (including, without limitation, the costs associated with any                restructuring programme or any aborted equity or debt securities offering);          (f)    after deducting (to the extent otherwise included and not already deducted pursuant to                paragraph (j) below) the amount of profit (or adding back the loss) of any member of the                Group which is attributable to any third party (not being a member of the Group) which is                a shareholder in such member of the Group;          (g)    after deducting (to the extent otherwise included) any gain over book value arising in                favour of a member of the Group in the disposal of any asset (not being any disposals                made in the ordinary course of trading) during such period and any gain arising on any                revaluation of any asset during such period;          (h)    after adding back (to the extent otherwise deducted) any loss against book value incurred                by a member of the Group on the disposal of any asset (not being any disposal made in                the ordinary course of trading) during such period and any loss arising on any revaluation                of any asset during such period;          (i)    after adding back Acquisition Costs and Refinancing Costs to the extent deducted;                       (j)    after adding back (to the extent not otherwise included) the amount of any dividends or                other profit distributions (net of withholding tax) received in cash by any member of the                Group during such period from companies which are not members of the Group, and after                deducting (to the extent not otherwise deducted) the amount of any dividends or other                profit distributions paid in cash by any member of the Group during such period to                companies which are not members of the Group;    A41108799                                      - 130 -               

 

       (k)    plus any New Equity and/or any Subordinated Debt received after the Closing Date to the                extent permitted under paragraph (d) of Clause 26.3 (Financial testing);          (l)    after adding (to the extent not already included) the realised gains or deducting (to the                extent not otherwise deducted) the realised losses arising at maturity or on termination of                forward foreign exchange and other currency hedging contracts entered into with respect                to the operational cashflows of the Group (but taking no account of any unrealised gains                or loss on any hedging instrument whatsoever);          (m)    after adding back (to the extent otherwise deducted) any fees, costs or charges of a non-               recurring nature related to any equity offering, compensation payments to departing                management, investments (including any Joint Venture      Investment), acquisitions or                Permitted Financial Indebtedness (whether or not successful);          (n)    after adding back (to the extent otherwise deducted) any costs or provisions relating to                any share option or management incentive schemes of the Group existing at the Closing                Date;          (o)    after adding the proceeds of any business interruption insurance;                       (p)    after deducting the amount of profit of any entity (which is not a member of the Group) in                which any member of the Group has an ownership interest to the extent that the amount                of such profit included in the accounts of the Group exceeds the amount (net of any                applicable withholding tax) received in cash by members of the Group through                distributions by that entity; and          (q)    before taking into account any gain or loss arising from any Debt Purchase Transaction                or any purchase or buy-back by Finco or any member of the Group of any liabilities under                or in connection with any New Debt Financing (or any transaction having a similar                economic effect).          "Consolidated Net Finance Charges" means, for any Relevant Period, the amount of Interest         Payable during that period less Interest Income during that period.          "Consolidated Total Net Debt" means, at any time, the aggregate amount of all obligations of         the Group for or in respect of Borrowings but:          (a)    including, in the case of finance leases, only the capitalised value therefor; and                       (b)    deducting   the aggregate amount of available Cash and Cash Equivalent Investments                held by any member of the Group,          and so that no amount shall be included or excluded more than once.                       "Current Assets" means the aggregate of trade receivables and other current assets (but         excluding Cash and Cash Equivalent Investments) maturing within 12 Months of the date of         computation and excluding:          (a)    receivables in relation to tax rebates or credits on profits;                       (b)    extraordinary items, exceptional items and other non-operating items;                       (c)    insurance claims; and                       (d)    any accrued Interest owing to any member of the Group.    A41108799                                      - 131 -               

 

       "Current Liabilities" means the aggregate of all liabilities (including trade creditors and other         current liabilities and accrued expenses) falling due within 12 Months of the date of computation         but excluding:          (a)    liabilities for Borrowings and Interest;                       (b)    liabilities for Tax on profits;                       (c)    extraordinary items, exceptional items and other non-operating items;                       (d)    insurance claims; and                       (e)    liabilities in relation to dividends declared but not paid by Listco.                       "Debt Cover" means, for any Relevant Period, the ratio of Consolidated Total Net Debt on the last         day of that Relevant Period to Consolidated EBITDA for that Relevant Period.          "Excess Cashflow" means (without double counting), for any Financial Year of Listco         (commencing with the Financial Year beginning 1 January 2017), Cashflow for that period less:          (a)    Net Debt Service (ignoring any reduction in Net Debt Service resulting from mandatory or                voluntary prepayments made in previous Financial Years);          (b)    to the extent that the Net Proceeds giving rise to the relevant mandatory prepayment have                been  included in calculating Cashflow (and not deducted under paragraph (d) below),                mandatory prepayments falling due (other than in respect of Excess Cashflow calculated                for the immediately preceding Financial Year) during such period;          (c)    to the extent included in Cashflow, any amount of New Equity or Subordinated Debt                received after the Closing Date;          (d)    the amount of Net Proceeds received by the Group which are permitted to be retained by                the Group;          (e)    (to the extent otherwise included) Acquisition Costs, Refinancing Costs and Restructuring                Expenditure, in each case, not funded by Borrowings; and          (f)    any payments falling under paragraph (f) of the definition of 'Permitted Payment', to the                extent of payments to persons that are not members of the Group, and paragraph (h) of                the definition of 'Permitted Payment',          and for the avoidance of doubt excluding (to the extent otherwise included) the proceeds of any         Financial Indebtedness incurred pursuant to any Facility, any Additional Facility, the Senior         Secured Notes or any New Debt Financing.          "Financial Quarter" means the period commencing on the day after one Quarter Date and ending         on the next Quarter Date.          "Financial Year" means the  annual  accounting  period  of  the  Group  ending  on  or  about  31         December in each year.          "Interest" means interest and amounts in the nature of interest in respect of any Borrowings,         including, without limitation:          (a)    the interest element of finance leases;    A41108799                                      - 132 -               

 

       (b)    discount and acceptance fees and costs payable (or deducted) in respect of         any                Borrowings;          (c)    fees payable in connection with the issue or maintenance of any bond, letter of credit,                guarantee or other assurance against financial loss which constitutes Borrowings and is                issued by a third party on behalf of a member of the Group and accrues after the Closing                Date;          (d)    repayment and prepayment premiums payable or incurred in repaying or prepaying any                Borrowings; and          (e)    commitment, utilisation and non-utilisation fees payable or incurred or accrued in respect                of Borrowings.          "Interest Income" means, for the Relevant Period, the amount of Interest accrued (whether or not         received) due to members of the Group during such period.          "Interest Payable" means for the Relevant Period, the aggregate of Interest accrued (whether  or         not paid or capitalised) in respect of any Borrowings of any member of the Group during that         testing period but:          (a)    excluding any amortisation of fees, costs and expenses incurred in connection with the                raising of any Borrowings;          (b)    excluding any Increased Costs notified by a Finance Party and payable by the Group                pursuant to Clause 19.1 (Increased Costs); and          (c)    excluding any capitalised Interest, the amount of any discount amortised and other non-                cash interest charges during the Relevant Period,          and calculated on the basis that:                       (i)    the amount of Interest accrued will be increased by an amount equal to any amount                payable by members of the Group under hedging agreements in respect of Interest in                relation to that Relevant Period; and          (ii)   the amount of Interest accrued will be reduced by an amount equal to any amount payable                to members of the Group under hedging agreements in respect of Interest in relation to                that Relevant Period.          "Net Debt Service" means, in respect of any Relevant Period, the aggregate of:                       (a)    Consolidated Net Finance Charges;                       (b)    the aggregate of all scheduled payments of principal of any Borrowings (and in the case                of the Term Facilities as adjusted as the result of any voluntary or mandatory prepayments                made in previous Relevant Periods or the current Relevant Period) falling due for payment                but excluding any amounts falling due under any overdraft or a Revolving Facility                (including, without limitation, any Ancillary Facility) which were available for simultaneous                redrawing according to the terms of such facility but for any voluntary cancellation; and    A41108799                                      - 133 -               

 

       (c)    the amount of the capital element of any payments in respect of that Relevant Period                payable under any finance lease or capital lease entered into by any member of the Group,          and so that no amount shall be included more than once.                       "Quarter Date" means each of 31 March, 30 June, 30 September and 31 December.                       "Refinancing Costs" means fees, costs and expenses incurred by a member of the Group in         connection with this Agreement and the transactions contemplated by the Mandate Documents         as set out in the Funds Flow Statement.          "Relevant Period" means each period of 12 Months ending on the last day of Listco's Financial         Year and each period of 12 Months ending on the last day of each Financial Quarter of Listco's         Financial Year.          "Retained Cash" means (without double counting) the aggregate of:                       (a)    Net Proceeds received at any time after 1 January 2017 and permitted to be retained (and                not required to be reinvested in the Group's business);          (b)    accumulated unspent Excess Cashflow arising from previous Financial Years (other than                any Financial Year prior to the Financial Year commencing 1 January 2017) which the                Group is not obliged to prepay (including any de minimis amount which has been permitted                to be deducted in calculating that Excess Cashflow in previous Financial Years (other than                any Financial Year prior to the Financial Year commencing 1 January 2017)); and          (c)    any Waived Amounts arising at any time after 1 January 2017,                       in each case to the extent not already taken into account in any other paragraph of the relevant         definition or otherwise applied in making payments, or satisfaction of consideration for transactions         permitted under the Finance Documents.          "Working Capital" means, on any date, Current Assets less Current Liabilities.                26.2   Financial condition         Listco shall ensure that if, in respect of any Relevant Period ending after the Closing Date, the         aggregate amount of:          (i)    all Revolving Facility Loans;                       (ii)   drawn Letters of Credit; and                       (iii)  Ancillary Outstandings (but excluding Ancillary Outstandings by way of undrawn letters of                credit and undrawn bank guarantees under the relevant Ancillary Facility),          (together the "RCF Drawings") calculated as at the last day of each such Relevant Period, is         equal to or exceeds 40 per cent. of the Total Revolving Facility Commitments as at such date,         Debt Cover in respect of that Relevant Period shall not exceed 8.00:1.   26.3   Financial testing  (a)    The financial covenant set out in Clause 26.2 (Financial condition) shall be calculated in         accordance with the Accounting Principles as applied in the preparation of the Original Financial    A41108799                                      - 134 -               

 

       Statements and tested by reference to each of the financial statements and/or each Compliance         Certificate delivered pursuant to Clause 25 (Information undertakings).   (b)    In respect of any Relevant Period, the exchange rate used in relation to Consolidated Total Net         Debt shall, at Listco's option, be:          (i)    the average exchange rate used for the purposes of determining Consolidated EBITDA                for that Relevant Period;          (ii)   where and to the extent that any part of the principal element of any such Consolidated                Total Net Debt is subject to a currency hedge, the applicable hedged rate in respect of that                part of Consolidated Total Net Debt; and/or          (iii)  the spot rate on the last day of the Relevant Period consistent with the exchange rate                methodology applied in the financial statements most recently delivered pursuant to                Clause 25.1 (Financial statements).   (c)    For the purposes of the calculation of LTM EBITDA and of the calculation of Debt Cover (but not         Cashflow or Excess Cashflow) (the "Acquisition and Disposal Adjustment"):          (i)    there shall be included in determining Consolidated EBITDA for any Relevant Period                (including the portion thereof occurring prior to the relevant acquisition):                 (A)    the earnings before interest, tax, depreciation and amortisation (calculated on the                       same basis as Consolidated EBITDA, mutatis mutandis) for the period of any                       person, property, business or material fixed asset acquired and not subsequently                       sold, transferred or otherwise disposed of by any member of the Group during such                       period (each such person, property, business or asset acquired and not                       subsequently disposed of, an "Acquired Entity or Business"); and                 (B)    if material (unless, in relation to any material adjustment which could be made as                       a result of net cost savings, Listco elects not to include such net cost savings in                       the determination of Consolidated EBITDA), an adjustment in respect of each                       Acquired Entity or Business acquired during such period equal to the amount of                       the Pro Forma Adjustment with respect to such Acquired Entity or Business for                       such period; and          (ii)   there shall be excluded in determining Consolidated EBITDA for any period the earnings                before interest, tax, depreciation and amortisation (calculated on the same basis as                Consolidated EBITDA, mutatis mutandis) of any person, property, business or material                fixed asset sold, transferred or otherwise disposed of by any member of the Group during                such period (including the portion thereof occurring prior to such sale, transfer, disposition                or conversion) (each such person, property, business or asset so sold or disposed of, a                "Sold Entity or Business").          "Pro Forma Adjustment" shall mean, for any Relevant Period that ends on any of the first five         Quarter Dates to fall after the completion date of the acquisition of or investment in an Acquired         Entity or Business, with respect to the Consolidated EBITDA of that Acquired Entity or Business,         the pro forma increase or decrease in such Consolidated EBITDA (calculated for the Relevant         Period by including on a pro forma basis the full run-rate effect of synergies and/or cost savings         and/or additional cost for that acquisition) where:    A41108799                                      - 135 -               

 

       (a)    such synergies and/or cost savings and/or additional cost to be taken into account are                those reasonably achievable over the period (the "Projected Period") commencing on                (and assuming that the relevant acquisition or investment has occurred on) the most                recent Quarter Date (the "First Quarter Date") prior to the acquisition contract date and                ending on the fifth Quarter Date following the acquisition completion date assuming for                this purpose that such acquisition occurred on the First Quarter Date (as certified by Listco                in a certificate signed by the Chief Financial Officer/Finance Director, issued by reference                to Listco's knowledge with regard to the information reasonably available at such time and,                in addition, if the aggregate amount of the synergies and/or cost savings and/or additional                cost for that acquisition exceeds 5 per cent. of Consolidated EBITDA (prior to any Pro                Forma Adjustment) of the Group, verified by independent third party due diligence from a                professional advisory firm of international repute or other person approved by the Agent);          (b)    for the avoidance of doubt, the full 'run-rate effect' shall be the annualised effect of such                synergies and/or cost savings and/or additional cost,          provided further that any such pro forma increase or decrease to such Consolidated EBITDA shall         be without duplication for the effect of any assumed increase or decrease actually realised during         such period and already included in such Consolidated EBITDA.   (d)    For the purpose of calculating Debt Cover pursuant to Clause 26.2 (Financial condition) (only),         and subject to paragraphs (e) to (g) below, Listco may elect that all or any part of any New Equity         and/or any Subordinated Debt (in each case without double counting any such amount):          (i)    received after the Closing Date (in each case, to the extent not spent), shall be added to                Consolidated EBITDA either during the Relevant Period it is received in or during that                Relevant Period (provided the corresponding Compliance Certificate states that such                election has been made and sets out the adjustment to the Debt Cover calculations that                result from such election);          (ii)   received after the end of a Relevant Period (the "Prior Relevant Period") but before the                date falling 20 Business Days after the Compliance Certificate has been delivered, shall                be added to Consolidated EBITDA for the Prior Relevant Period and shall be taken into                account as if received immediately prior to the end of the Prior Relevant Period and Debt                Cover will be recalculated accordingly to the extent Listco provides, in such 20 Business                Day period, a revised Compliance Certificate stating that such election has been made                and setting out the calculations that result from such election; or          (iii)  received after the Prior Relevant Period but before the date falling 20 Business Days after                the Compliance Certificate has been delivered for the Prior Relevant Period, to the extent                RCF Drawings equal or exceed 40 per cent. of Total Revolving Facility Commitments as                at the last day of the Prior Relevant Period, shall be applied so as to reduce RCF Drawings                such that RCF Drawings would not have equalled or exceeded 40 per cent. of Total                Revolving Facility Commitments as at the last day of the Prior Relevant Period if RCF                Drawings were re-tested on such date pro forma for the application of such New Equity                and/or any Subordinated Debt.    A41108799                                      - 136 -               

 

(e)    To the extent Listco exercises its rights under paragraph (d) above to add such amount to         Consolidated EBITDA, the relevant New Equity and/or Subordinated Debt shall be taken into         account in calculating the financial undertakings for the three Relevant Periods occurring         immediately after the end of the Prior Relevant Period in the manner described in paragraph (d)         above.   (f)    To the extent Listco exercises its rights under paragraph (d) above to reduce RCF Drawings, no         member of the Group may deliver a Utilisation Request in relation to any Revolving Facility         Utilisation (excluding any Rollover Loan) prior to the next Quarter Date to occur after the Prior         Relevant Period in respect of which a Compliance Certificate has been delivered, unless Listco         confirms in each such Utilisation Request that:          (i)    the aggregate of RCF Drawings (x) as at the date of that Utilisation Request and (y) on                the proposed Utilisation Date will not (when calculated  pro forma for each Revolving                Facility Utilisation contemplated in a Utilisation Request), equal or exceed 40 per cent. of                Total Revolving Facility Commitments; or          (ii)   the requirements of Clause 26.2 (Financial condition) would have been satisfied for the                Prior Relevant Period if re-tested as at the last day of the Prior Relevant Period but                calculated pro forma for the proposed Revolving Facility Utilisation (and the application of                such Utilisation) and any change in Consolidated Total Net Debt since the last day of the                Prior Relevant Period (with such Utilisation Request providing reasonable details of such                calculation).   (g)    For the purposes of this Clause 26, Listco may only elect to include one injection of New Equity         and/or Subordinated Debt in any Relevant Period and no more than two such injections during the         life of the Facilities.   (h)    The effect of all unrealised currency exchange gains or losses shall be excluded from the         calculation of any financial covenant ratios (save as set out in paragraph (b) above).   26.4   Baskets  (a)    If, in any Financial Year of Listco commencing after the Closing Date (the "Original Financial         Year"), the aggregate amount of any fixed numeric basket originally applied, committed to be         applied or to be applied or designated by the board of directors of Listco to be applied in that         Financial Year is less than the fixed numeric basket originally available for that Financial Year         (without any carry forward) (the numeric difference being referred to as the "Available Amount"),         then the maximum fixed numeric basket for the immediately following Financial Year (the "Carry         Forward Year") shall be increased by an amount equal to the Available Amount.   (b)    In any Carry Forward Year, the original amount of that fixed numeric basket shall be treated as         having been applied before any Available Amount carried forward into such Carry Forward Year.         Any amount carried forward may be carried forward for one year only.   27.    GENERAL UNDERTAKINGS                       The undertakings in this Clause 27 remain in force from the date of this Agreement for so long         as any amount is outstanding under the Finance Documents or any Commitment is in force.          Authorisations and compliance with laws    A41108799                                      - 137 -               

 

27.1   Authorisations         Subject to the Legal Reservations and the Perfection Requirements, each Obligor shall promptly         obtain, comply with and do all that is necessary to maintain in full force and effect any Authorisation         required under any applicable law to:          (a)    enable it to perform its obligations under the Finance Documents;                       (b)    ensure the legality, validity, enforceability or admissibility in evidence of any Finance                Document; and          (c)    carry on its business, where failure to do so has a Material Adverse Effect.                27.2   Compliance with laws         Each Obligor shall (and Listco shall ensure that each member of the Group will) comply in all         respects with all laws to which it may be subject, if failure so to comply would have a Material         Adverse Effect.   27.3   Environmental compliance         Each Obligor shall (and Listco shall ensure that each member of the Group will):                       (a)    comply with all Environmental Laws;                       (b)    obtain, maintain and ensure compliance with all requisite Environmental Permits; and                       (c)    implement procedures to monitor compliance with and to prevent liability under any                Environmental Law,          where failure to do so would have a Material Adverse Effect.                27.4   Taxation  (a)    Each Obligor shall (and Listco shall ensure that each member of the Group will) pay and discharge         all Taxes imposed upon it or its assets within the time period allowed or, if later, before incurring         material penalties, unless and only to the extent that:          (i)    such payment is being contested in good faith and in accordance with the relevant                procedures;          (ii)   adequate reserves are being maintained in accordance with the Accounting Principles for                those Taxes and the costs required to contest them which have been disclosed in its latest                financial statements delivered to the Agent under Clause 25 (Information undertakings) (if                required to be disclosed under the Accounting Principles); and          (iii)  such payment can be withheld without incurring material penalties and failure to pay those                Taxes does not have a Material Adverse Effect.   (b)    Midco will ensure that (i) the US Co-Borrower retains its status as an entity disregarded from Luxco         for US federal income tax purposes, (ii) the US Co-Borrower's regarded owner retains its status         as not being a US Tax Obligor, and (iii) the US Co-Borrower and its regarded owner do not engage         in a US trade or business for US tax purposes.    A41108799                                      - 138 -               

 

Restrictions on business focus                27.5   Merger         No Obligor shall (and Listco shall ensure that no other member of the Group will) enter into any         amalgamation, demerger, merger, consolidation or corporate reconstruction other than a         Permitted Transaction.   27.6   Change of business         Listco shall procure that, subject to any Permitted Acquisitions undertaken by any member of the         Group, no substantial change is made to the general nature of the business of the Group taken as         a whole from that carried on by the Group as at the Closing Date.   27.7   Acquisitions  (a)    Except as permitted under paragraph (b) below, no Obligor shall (and Listco shall ensure that no         other member of the Group will) acquire a company or any shares or securities or a business or         undertaking (or, in each case, any interest in any of them).   (b)    Paragraph (a) above does not apply to an acquisition of a company, shares, securities or a         business or undertaking (or, in each case, any interest in any of them) or the incorporation of a         company which is a Permitted Acquisition.   27.8   Joint Ventures  (a)    Except as permitted under paragraph (b) below, no Obligor shall (and Listco shall ensure that no         member of the Group will):          (i)    enter into, invest in or acquire (or agree to invest in or acquire, unless such agreement is                subject to Majority Lender approval) any shares, stocks, securities or other interest in any                Joint Venture; or          (ii)   transfer any assets or lend to or guarantee or give an indemnity for or give Security for the                obligations of a Joint Venture or maintain the solvency of or provide working capital to any                Joint Venture (or agree to do any of the foregoing, unless such agreement is subject to                Majority Lender approval).   (b)    Paragraph (a) above does not apply to any acquisition (or agreement to acquire) any interest in a         Joint Venture or transfer of assets (or agreement to transfer assets) to a Joint Venture or loan         made to or guarantee given in respect of the obligations of a Joint Venture if such transaction is a         Permitted Joint Venture.   27.9   Holding Companies  (a)    None of the Nomad Holdcos    shall trade, carry on any business, own any assets or incur any         liabilities except for a Permitted Holding Company Activity.   (b)    Nomad Service USA Inc. shall not trade, carry on any business, own any assets or incur any         liabilities, other than: (i) the employment of employees and the payment of those employees'         salaries; and (ii) other liabilities incidental to maintenance of its corporate existence.   (c)    The US Co-Borrower shall not be permitted to utilise any Facility.                (d)    Notwithstanding anything in this Agreement or any other Finance Document, Listco shall ensure         that, at all times (i) Midco, Bondco, Luxco and the US Co-Borrower (in each case) is and remains         a wholly-owned  Subsidiary of Listco and (ii) (each of) Bondco, Luxco and the US Co-    A41108799                                      - 139 -               

 

       Borrower do not have any Subsidiaries or own any shares or equity interests in any other person         or entity.   27.10  Centre of main interests and establishments         No Obligor whose jurisdiction of incorporation is in a member state of the European Union shall         deliberately change its "centre of main interests" (as that term is used in Article 3(1) of The Council         of the European Union Regulation No. 1346/2000 on Insolvency Proceedings (the "Regulation"))         in a manner which would materially adversely affect the interests of the Lenders as a whole.          Restrictions on dealing with assets and Security                27.11  Pari passu ranking         Each Obligor shall ensure that at all times any claims of a Finance Party against it under the         Finance Documents rank at least pari passu with the claims of all its other unsecured and         unsubordinated creditors except those creditors whose claims are mandatorily preferred by laws         of general application to companies.   27.12  Negative pledge         In this Clause 27.12, "Quasi-Security" means a transaction described in paragraph (a)(ii) below.                       (a)    Except as permitted under paragraph (b) below:                              (i)    no Obligor shall (and Listco shall ensure that no other member of the Group will)                       create or permit to subsist any Security over any of its assets; and                 (ii)   no Obligor shall (and Listco shall ensure that no other member of the Group will):                                     (A)    sell, transfer or otherwise dispose to any person who is not a member of                              the Group of any of its assets on terms whereby they are or may be leased                              to or reacquired by an Obligor or by any other member of the Group;                        (B)    sell, transfer or otherwise dispose of any of its receivables to any person                              who is not a member of the Group on recourse terms (other than as is                              customary for a securitisation programme);                        (C)     enter into any arrangement under which money or the benefit of a bank or                               other account may be applied, set-off or made subject to a combination of                               accounts; or                        (D)     enter into any other preferential arrangement having a similar effect,                              in circumstances where the arrangement or transaction is entered into primarily as a                method of raising Borrowings or of financing the acquisition of an asset.          (b)    Paragraph (a) above does not apply to any Security or (as the case may be) Quasi-                Security, which is Permitted Security.   27.13  Disposals  (a)    Except as permitted under paragraph (b) below, no Obligor shall (and Listco shall ensure that no         member   of the Group will) enter into a single transaction or a series of transactions (whether    A41108799                                      - 140 -               

 

       related or not and whether voluntary or involuntary) to sell, lease, transfer or otherwise dispose         of any asset.   (b)    Paragraph (a) above does not apply to:                       (i)    any sale, lease, transfer or other disposal which is a Permitted Disposal; or                       (ii)   a Permitted Transaction.                27.14  Arm's length basis  (a)    Except as permitted by paragraph (b) below, no Obligor shall (and Listco shall ensure no member         of the Group will) enter into any material transaction with any Listco Affiliate or any person not         being a member of the Group except on arm's length terms or better.   (b)    The following transactions shall not be a breach of this Clause 27.14:                       (i)    fees, costs and expenses payable under the Transaction Documents or agreed by the                Agent; and          (ii)   any Permitted Transactions.                Restrictions on movement of cash - cash out                27.15  Loans or credit  (a)    Except as permitted under paragraph (b) below, no Obligor shall (and Listco shall ensure that no         member of the Group will) be a creditor in respect of any Financial Indebtedness.   (b)    Paragraph (a) above does not apply to:                       (i)    a Permitted Loan;                       (ii)   a Permitted Payment; or                       (iii)  a Permitted Guarantee.                27.16  No guarantees or indemnities  (a)    Except as permitted under paragraph (b) below, no Obligor shall (and Listco shall ensure that no         member of the Group will) incur or allow to remain outstanding any guarantee in respect of any         obligation of any person.   (b)    Paragraph (a) above does not apply to a guarantee which is:                       (i)    a Permitted Guarantee; or                       (ii)   a Permitted Transaction.                27.17  Dividends and share redemption  (a)    Except as permitted under paragraph (b) below, Listco shall ensure that no member of  the Group         will:          (i)    declare, make or pay any dividend,  charge, fee or other distribution (or interest on any                unpaid dividend, charge, fee or other distribution) (whether in cash or in kind) on or in                respect of its share capital (or any class of its share capital);          (ii)   repay or distribute any dividend or share premium reserve;                       (iii)  pay or allow any member of the Group to pay any management, advisory or other fee to                or to the order of any of the shareholders of Listco; or    A41108799                                      - 141 -               

 

       (iv)   redeem, repurchase, defease, retire or repay any of its share capital or resolve to do so.                (b)    Paragraph (a) above does not apply to:                       (i)    a Permitted Payment; or                       (ii)   a Permitted Transaction.                27.18  Subordinated Debt  (a)    Except as permitted under paragraph (b) below, no Obligor shall (and Listco shall ensure that no         member of the Group will):          (i)    repay or prepay any principal amount (or capitalised interest) outstanding under or in                respect of any Subordinated Debt or any Subordinated Liabilities;          (ii)   pay any interest or any other amounts payable in connection with or in respect of any                Subordinated Debt or any Subordinated Liabilities; or          (iii)  purchase, redeem, defease, acquire, retire or discharge, exchange or enter into any sub-                participation arrangements in respect of any amount outstanding under or in respect of                any Subordinated Debt or any Subordinated Liabilities.   (b)    Paragraph (a) above does not apply to a payment, repayment, prepayment, purchase,         redemption, defeasance or discharge which is:          (i)    a Permitted Payment; or                       (ii)   a Permitted Transaction.                Restrictions on movement of cash - cash in                27.19  Financial Indebtedness  (a)    Except as permitted under paragraph (b) below, no Obligor shall (and Listco shall ensure that no         member of the Group will) incur or allow to remain outstanding any Financial Indebtedness.   (b)    Paragraph (a) above does not apply to Financial Indebtedness which is:                       (i)    Permitted Financial Indebtedness; or                       (ii)   a Permitted Transaction.                27.20  Share capital         No Obligor shall (and Listco shall ensure no member of the Group will) issue any shares except         pursuant to a Permitted Share Issue or a Permitted Transaction.   Miscellaneous                27.21  Insurance  (a)    Each Obligor shall (and Listco  shall ensure that each member of the Group will) maintain         insurances on and in relation to its business and assets against those material risks and to the         extent as is usual for companies carrying on the same or substantially similar business.   (b)    All insurances must be with reputable independent insurance companies or underwriters.    A41108799                                      - 142 -               

 

27.22  Pensions         Listco shall ensure that all pension schemes operated by or maintained for the benefit of members         of the Group and/or any of its employees are funded to the extent required by applicable law and         regulations, where failure to do so would have a Material Adverse Effect.   27.23  Access         Each Obligor shall, and Listco shall ensure that each member of the Group will, while an Event of         Default under Clause 28.1 (Non-payment) or Clause 28.5 (Insolvency) is continuing or (on the         instructions of the Majority RCF Lenders only) while a Financial Covenant Event of Default is         continuing, permit the Agent and/or the Security Agent and/or accountants or other professional         advisers and contractors of the Agent or Security Agent free access during normal business hours         and on reasonable notice, at the risk and cost of the Obligor or Listco and after having consulted         with Listco, to the premises, assets, books, accounts and records of each member of the Group.   27.24  Intellectual Property         Each Obligor shall (and Listco shall procure that each Group member will):                       (a)    preserve and maintain the subsistence and validity of the Intellectual Property necessary                for the business of the relevant Group member;          (b)    use reasonable endeavours to prevent any infringement in any material respect of the                Intellectual Property;          (c)    make registrations and pay all registration fees and taxes necessary to maintain the                Intellectual Property in full force and effect and record its interest in that Intellectual                Property;          (d)    not use or permit the Intellectual Property to be used in a way or take any step or omit to                take any step in respect of that Intellectual Property which may materially and adversely                affect the existence or value of the Intellectual Property or imperil the right of any member                of the Group to use such property; and          (e)    not discontinue the use of the Intellectual Property,                       where, in each case, failure to do so would have a Material Adverse Effect.                27.25  Amendments         No Obligor shall (and Listco shall ensure that no member of the Group will) amend, vary, novate,         supplement, supersede, waive or terminate any provision of the constitutional documents dealing         with the transfer of shares of any member of the Group whose shares are subject to Security         except in writing and in a way which would not materially and adversely affect the interests of the         Lenders taken as a whole.   27.26  Financial assistance         Each Obligor shall (and Listco shall procure each member of the Group will) comply, where         applicable, in all respects with Sections 678 to 679 of the United Kingdom Companies Act 2006         (as amended) and any equivalent legislation in other jurisdictions, including in relation to the         execution of the Transaction Security Documents and payment of amounts due under this         Agreement.    A41108799                                      - 143 -               

 

27.27  Treasury Transactions         No Obligor shall (and Listco will procure that no member of the Group will) enter into any Treasury         Transaction, other than:          (i)    hedging transactions entered into for the purpose of hedging any interest rate exposures                arising in connection with the Term Facilities, any Senior Secured Notes or any New Debt                Financing, in each case up to the aggregate principal amount outstanding thereunder from                time to time and documented by the Hedging Agreements;          (ii)   spot and forward delivery foreign exchange contracts entered into in the ordinary course                of business and not for speculative purposes;          (iii)  currency hedging of any principal or interest in relation to any Term Facility, any Senior                Secured Notes or any New Debt Financing and (in each case) not for speculative                purposes; and          (iv)   any Treasury Transaction entered into for the hedging of actual or projected real                exposures arising in the ordinary course of trading activities of a member of the Group                and not for speculative purposes.   27.28  Cash management  (a)    Subject to paragraph (b) below, each Obligor will use reasonable endeavours   to ensure that it         shall not, and none of its Subsidiaries will, at any time, hold cash in excess of EUR 10,000,000 in         aggregate or its equivalent with any bank which is not an Acceptable Bank for more than 3 Months.   (b)    No Obligor shall be obliged at any time to procure that any Subsidiary transfers any cash under         paragraph (a) above:          (i)    at a time when to do so would cause the Obligor or the Subsidiary (despite that person                using all reasonable endeavours to avoid the relevant Tax liability) to incur a material Tax                liability or to otherwise incur any material cost or expense;          (ii)   if (despite using all reasonable efforts to avoid the breach or result) to do so would breach                any applicable law or agreement or result in personal liability for the Obligor or the                Subsidiary or any of such person's directors or management; or          (iii)  if it involves an amount which is less than EUR 10,000,000 in aggregate or its equivalent                for each such Subsidiary.   27.29  Guarantors  (a)    Subject to paragraphs (c), (d) and (e) below, Listco shall ensure that any member of the Group         which is a Material Company shall, subject to the Security Principles, become an Additional         Guarantor in accordance with the terms hereof and deliver all of the documents and other evidence         required by Clause 31.4 (Additional Guarantors)  and as soon as reasonably practicable after         Listco delivers the Annual Financial Statements which first show that member of the Group to be         a Material Company.   (b)    Subject to paragraphs (c), (d) and (e) below, Listco shall ensure that, as at the date falling 60 days         after the Closing Date and as at the end of each Financial Year:    A41108799                                      - 144 -               

 

       (i)    the aggregate (without double counting) earnings before interest, tax, depreciation and                amortisation (calculated on the same basis as Consolidated EBITDA as specified in                Clause 26.1 (Financial definitions)) of the Guarantors (taking each entity on an                unconsolidated basis and excluding all intra-Group items) is no less than 80 per cent. of                the Consolidated EBITDA of the Group; and          (ii)   the aggregate (without double counting) total assets of the Guarantors (calculated on the                same basis as Total   Assets and taking each entity on an unconsolidated basis and                excluding intra-group items) is no less than 80 per cent. of the Total Assets,          and, for the purposes of paragraphs (i) and (ii) above (the "Guarantor Coverage"), as determined         by reference to the Original Financial Statements and the most recent Annual Financial         Statements delivered by Listco.   (c)    Subject to paragraph (e) below, where any member of the Group is not eligible to be a Guarantor         pursuant to paragraph 1(b)(ii) of Schedule 12 (Security Principles), its EBITDA and gross assets         shall not be included in the Consolidated EBITDA and Total Assets of the Group for the calculation         of Guarantor Coverage, provided that Listco shall use its reasonable endeavours to assist in         overcoming any relevant restrictions to enable such member of the Group to act as a Guarantor         and, if despite such efforts such member of the Group has remained unable to act as a Guarantor,         Listco shall, subject to the Security Principles, use its reasonable endeavours to enable other         members of the Group to accede as Guarantors in the place of such member of the Group in order         to meet the Guarantor Coverage.   (d)    Subject to paragraph (e) below, any member of the Group acquired as a result of a Permitted         Acquisition shall be taken into account for the purposes of calculating the Guarantor Coverage.   (e)    Notwithstanding the preceding paragraphs, for the purposes of this Clause 27.29, Listco shall be         under no obligation to ensure that Findus Italy accedes as a Guarantor, and the references to the         "Group", "Consolidated EBITDA" and "Total   Assets" in this Clause 27.29 shall be deemed to         exclude Findus Italy.   (f)    The requirement for each Material Company to accede as a Guarantor, and for each Guarantor         to provide first-ranking security over its applicable assets (and/or, as applicable, for first ranking         security to be granted over its shares) as determined in accordance with the Security Principles,         shall apply notwithstanding paragraphs (c) and (d) of the definition of Permitted Security.   27.30  Further assurance  (a)    Each Obligor shall (and Listco shall procure that each member of the Group will) promptly do all         such acts or execute all such documents (including assignments, transfers, mortgages, charges,         notices and instructions) as the Security Agent may reasonably specify (and in such form as the         Security Agent may reasonably require in favour of the Security Agent or its nominee(s)):          (i)    subject to the Security Principles, to perfect within the timeframes set out therein the                Security created or intended to be created under or evidenced by the Transaction Security                Documents (which may include the execution of a mortgage, charge, assignment or other                Security over all or any of the assets which are, or are intended to be, the subject of the                Transaction Security) or for the exercise of any rights, powers and remedies of the Security                Agent or the Finance Parties provided by or pursuant to the Finance Documents or by law                at the times provided; and/or    A41108799                                      - 145 -               

 

       (ii)   following the occurrence of a Declared Default or an RCF Declared Default, to facilitate                the realisation of the assets which are, or are intended to be, the subject of Security under                the Transaction Security Documents.   (b)    If any Obligor which has entered into one or more Transaction Security Documents acquires an         asset (including any right, account, investment or otherwise) which is either not subject to that         Transaction Security Document, or in relation to which a perfection requirement or other step must         be taken in relation to that asset in connection with an existing Transaction Security Document,         that Obligor shall (in all cases subject to the Security Principles) ensure that a Transaction Security         Document is entered into, or, as required by the applicable Transaction Security Document that a         similar perfection requirement or other step is taken, in each case in connection with that asset.   27.31  Second Lien Debt Purchase Condition  (a)    No Obligor shall (and Listco shall ensure that no other member of the Group will) undertake any         Second Lien Debt Purchase or enter into a legally binding commitment or offer for a Second Lien         Debt Purchase unless:          (i)    such Second Lien Debt Purchase is funded with the net cash proceeds of New Equity or                Subordinated Debt received after the Closing Date and which has not been used for any                other purpose;          (ii)   such Second Lien Debt Purchase is funded with an amount which would otherwise be                available to be, and is at that time permitted to be, paid in cash to shareholders of Listco                by way of a Permitted Payment; or          (iii)  such Second Lien Debt Purchase is made following the occurrence of a Change of Control                and the Group is in compliance with the requirements of Clause 12.1 (Exit),          and provided that, in each case no Event of Default is continuing or would occur as a result of         such Second Lien Debt Purchase.   (b)    Listco shall ensure that any Second Lien Debt that is the subject of a Second Lien Debt Purchase         is extinguished at the time of such Second Lien Debt Purchase.   27.32  Subordinated Liabilities         No Obligor shall (and Listco shall ensure that no other member of the Group will) create, have         outstanding or permit to exist any present or future liabilities or obligations owed to a direct or         indirect shareholder of Listco other than constituting or in connection with the giving of a Permitted         Payment or a Permitted Share Issue or constituting Subordinated Liabilities owed to a         Subordinated Creditor (each as defined in the Intercreditor Agreement).   27.33  Public rating         Listco will use reasonable endeavours:                       (a)    to obtain a public corporate rating for itself or another appropriate member of the Group                as soon as reasonably possible from two out of three of Moody's Investors Service Inc.,                Standard & Poor's Financial Services LLC and Fitch Ratings Ltd., and in any event to                cause the officers of the Group with appropriate seniority and expertise to hold meetings                with two out of three of such rating agencies, for the purpose of obtaining such credit                ratings; and    A41108799                                      - 146 -               

 

       (b)    to the extent such ratings continue to be available to maintain a public corporate rating for                Listco or another appropriate member of the Group from two out of three of such rating                agencies.   27.34  Conditions subsequent         As soon as reasonably practicable after the 2018 Additional Facility Effective Time (and in any         event within the time periods specified therein), Listco shall provide or procure the provision of all         the documents and other evidence set out in Part II of Schedule 2 (2018 Conditions Precedent         and Conditions Subsequent) each in form and substance satisfactory to the Agent (acting         reasonably).   27.35  Covenant suspension/relaxation         Notwithstanding anything to the contrary in any Finance Document, during the period which (but         only for so long as) Debt Cover (calculated on a pro forma basis for any action, transaction or         incurrence to be entered into by an Obligor or any member of the Group) is equal to or less than         3.75:1 (the "Debt Cover Condition") and provided that no Default or Event of Default has         occurred and is continuing at the time such action, transaction or incurrence is to be entered into,         the terms of this Agreement shall be construed so as to take account of the following (and shall         be interpreted accordingly):          (i)    each reference to "5" in paragraph (ii) of paragraph (b) of the definition of 'Material                Company' shall be construed (and interpreted accordingly) as if it were instead a reference                to "10";          (ii)   paragraphs (b), (c) and (d) of Clause 27.29 (Guarantors) shall be suspended and shall                cease to apply;          (iii)  Clauses 27.17 (Dividends and share redemption) and 27.18 (Subordinated Debt) shall be                suspended and shall cease to apply;          (iv)                              (A)    in relation to any potential Additional Obligor (other than any Holding Company                       Guarantor (as defined below)), the condition precedent in paragraph 19 of Part III                       of Schedule 2 (Conditions Precedent required to be delivered by an Additional                       Obligor) shall be (notwithstanding paragraph (B) below) construed (and interpreted                       accordingly) as if it had been replaced in its entirety and instead read "Evidence                       that each direct Holding Company of the Additional Obligor that is a member of the                       Group has become Party as an Additional Guarantor (any such Holding Company                       prior to its accession being a "Holding Company Guarantor") and has granted                       Transaction Security over the entire issued share capital of the Additional Obligor                       held by it in accordance with the Security Principles"; and                 (B)    in relation to any potential Additional Obligor which is required, as a result of the                       condition precedent referred to (and as to be construed and interpreted as set  out                       in) in paragraph (A) above, to be Party as an Additional Guarantor by virtue of it                       being a Holding Company Guarantor, the condition precedent in paragraph 19 of                       Part III of Schedule 2 (Conditions Precedent required to be delivered by an                       Additional Obligor) (notwithstanding paragraph (A) above) shall be construed (and                       interpreted accordingly) as if it had been replaced in its entirety and instead    A41108799                                      - 147 -               

 

                     read "Evidence that the Additional Obligor has granted Transaction Security over                       the entire issued share capital of each Obligor held by it in accordance with the                       Security Principles";          (v)    the reference to "EUR 100,000,000 or its equivalent" in paragraph (p) of Permitted                Disposal shall instead be construed (and interpreted accordingly) as if it were instead a                reference to "five per cent. of Total Assets (and with any Permitted Disposal effected in                reliance on this paragraph (p) being, for the purposes of testing compliance with Clause                27.13 (Disposals), converted into the functional currency of the relevant Annual Financial                Statements or Quarterly Financial Statements as at the date of such Permitted Disposal                in a manner consistent with the Accounting Principles)"; and          (vi)   the fixed numerical baskets contained in the following provisions shall be construed (and                interpreted accordingly) as if each were 25 per cent. higher than the applicable amount as                at the April 2017 Effective Date and as if the Debt Cover Condition was not satisfied on                the April 2017 Effective Date: paragraph (c) of the definition of 'Permitted Disposal',                paragraphs (f), (i) and (m) of the definition of 'Permitted Financial Indebtedness',                paragraphs (c) and (r) of the definition of 'Permitted Guarantee', paragraphs (d), (e), (f),                (g) and (k) of the definition of 'Permitted Loan', paragraph (i) of the definition of 'Permitted                Payment' and paragraphs (m) and (u) of the definition of 'Permitted Security',          in each case subject always to paragraph (c) of Clause 28.18 (Operation of Clause 27 (General         undertakings)) and without prejudice to any rights of any Finance Party that may have arisen         pursuant to any Finance Document (including, without limitation, Clause 4.1 (Conditions         precedent) and/or Clause 28 (Events of Default)) by reference to any provision, definition or term         of this Agreement and the application, effect and/or meaning of such provision, definition or term         immediately prior to the Debt Cover Condition being met.   27.36  Anti-Corruption Laws, Anti-Money Laundering Laws and Sanctions  (a)    No Obligor shall (and Listco shall ensure that no other member of the Group will):                       (i)    contribute or otherwise make available all or any part of the proceeds of the Facilities,                directly or indirectly, to, or for the benefit of, any individual or entity (whether or not related                to any member of the Group) for the purpose of financing the activities or business of,                other transactions with, or investments in, any Restricted Party or for any purpose which                would result in a breach of applicable Sanctions, Anti-Corruption Laws or Anti-Money                Laundering Laws;          (ii)   directly or indirectly fund all or part of any repayment or prepayment of the Facilities out                of proceeds derived from any transaction with or action involving a Restricted Party or                from any activity which is in breach of any Sanctions; or          (iii)  engage in any transaction, activity or conduct that would violate Sanctions applicable to it                or result in a breach of any applicable Anti-Corruption Laws or Anti-Money Laundering                Laws; or          (iv)   engage in any transaction, activity or conduct that would cause any Finance Party to be                in breach of any Sanctions or that could reasonably be expected to result in it or any other                member of the Group or any Finance Party being designated as a Restricted Party.    A41108799                                      - 148 -               

 

(b)    Each Obligor will (and Listco will procure that each member of the Group will) conduct its business         in compliance with, and maintain and enforce policies and procedures designed to ensure         compliance with, applicable Sanctions, Anti-Corruption Laws and Anti-Money Laundering Laws.   (c)    Each Obligor agrees to provide each Finance Party with all information reasonably required by         that Finance Party to carry out that Finance Party's obligations under applicable Sanctions, Anti-         Money Laundering Laws and Anti-Corruption Laws.   (d)    Nothing in this Clause 27.36 shall create or establish an obligation or right for a Relevant Party to         the extent that, by agreeing to it, complying with it, exercising it, having such obligation or right, or         otherwise, such Relevant Party (or any directors, officers or employees, agent and affiliates         thereof) would be placed in violation of any foreign trade law or anti-boycott law applicable to it         (including  but not limited to Section 7 German Foreign Trade Regulation         (Außenwirtschaftsverordnung) and Council Regulation (EC) 2271/1996), and the undertakings         made in this Clause 27.36 shall be so limited in relation to any such Relevant Party and to that         extent shall not be made by or apply to any such Relevant Party.   28.    EVENTS OF DEFAULT                       Each of the events or circumstances set out in Clause 28.1 (Non-payment) to Clause 28.15 (Tax         status) is an Event of Default.   28.1   Non-payment         An Obligor does not pay on the due date any amount payable pursuant to a Finance Document at         the place at and in the currency in which it is expressed to be payable, unless:          (a)    in the case of principal and interest, payment is made within three Business Days of its                due date; and          (b)    in the case of any other amount, payment is made within seven Business Days of its due                date.   28.2   Other obligations  (a)    An Obligor does not comply with any provision of the Finance Documents (other than those         referred to in Clause 28.1 (Non-payment) and Clause 26.2 (Financial condition)).   (b)    No Event of Default under paragraph (a) above will occur, save in the case of failure to comply         with Clause 27.34 (Conditions subsequent), if the failure to comply is capable of remedy and is         remedied within 20 Business Days of the earlier of the Agent giving written notice to Listco or         Listco becoming aware of the failure to comply.   28.3   Misrepresentation  (a)    Any representation or statement made or deemed to be made by an Obligor in the Finance         Documents or any other document delivered by or on behalf of any Obligor under or in connection         with any Finance Document is or proves to have been incorrect or misleading when made or         deemed to be made.   (b)    No Event of Default under paragraph (a) above will occur if the failure to comply is capable of         remedy and is remedied within 20 Business Days of the earlier of the Agent giving written notice         to Listco or Listco becoming aware of the failure to comply.    A41108799                                      - 149 -               

 

28.4   Cross default  (a)    Any Financial Indebtedness of any member of the Group is not paid when due or within any         originally applicable grace period.   (b)    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).   (c)    Any commitment for any Financial Indebtedness of any member of the Group is cancelled or         suspended by a creditor of any member of the Group as a result of an event of default (however         described).   (d)    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) but excluding as a result of a Financial Covenant Event of Default.   (e)    An RCF Declared Default occurs.                (f)    No Event of Default will occur under any of paragraphs (a) to (d) above of this Clause 28.4 if the         aggregate amount of Financial Indebtedness or commitment for Financial Indebtedness falling         within paragraphs (a) to (d) above is less than EUR 35,000,000 or its equivalent.          For the purpose of any of paragraphs (a) to (d) above of this Clause 28.4 (only) Financial         Indebtedness shall not include Financial Indebtedness which constitutes any Subordinated Debt         or any Financial Indebtedness supported by a Letter of Credit issued under a Revolving Facility.   28.5   Insolvency  (a)    A Material Company is unable or admits inability to pay its debts as they fall due, suspends or         threatens to suspend making payments on any of its debts or, by reason of actual or anticipated         financial difficulties, commences negotiations with one or more of its creditors with a view to a         general rescheduling of any of its indebtedness (or, in relation to a Material Company having its         seat in Germany, any event occurs which constitutes a cause for the initiation of insolvency         proceedings (Eröffnungsgrund) as set out in sections 17 and 19 of the German Insolvency Code         (Insolvenzordnung) or, in relation to a Material Company incorporated in Austria, it is unable to         pay its debts as they fall due (zahlungsunfähig) within the meaning of section 66 Austrian         Insolvency Code (Insolvenzordnung) or is over-indebted (überschuldet) within the meaning of         section 67 Austrian Insolvency Code (Insolvenzordnung)).   (b)    A Material Company incorporated in Sweden is required to prepare a special balance sheet (Sw.         kontrollbalansräkning).                28.6   Insolvency proceedings  (a)    Any corporate action, legal proceedings or other formal procedure or step is taken in relation to:                       (i)    the suspension of payments, a moratorium of any indebtedness, winding-up, dissolution,                administration or reorganisation (by way of voluntary arrangement, scheme           of                arrangement or otherwise) of any Material Company other than a Permitted Transaction,                other than the solvent liquidation or reorganisation of any member of the Group which                does not materially and adversely affect the interests of the Lenders;    A41108799                                      - 150 -               

 

       (ii)   a composition or assignment with any creditor of any Material Company for reasons of                financial difficulty of the Material Company;          (iii)  the appointment of a liquidator (other than in respect of a solvent liquidation of a member                of the Group which is not an Obligor), receiver, administrative receiver, administrator,                compulsory manager or other similar officer in respect of any Material Company or any of                its assets; or          (iv)   any analogous procedure or step being taken in any jurisdiction in respect of all or any                part of the business or assets of a Material Company (including in Austria, the opening of                a composition proceeding (Sanierungverfahren) under self-administration without the                appointment of a receiver or the denial of the opening of insolvency proceedings due to a                lack of assets (Abweisung mangels kostendeckenden Vermögens)), in particular, but not                limiting the events listed above, in relation to a Material Company having its seat in                Germany:                 (A)    a petition for insolvency proceedings in respect of its assets (Antrag auf Eröffnung                       eines Insolvenzverfahrens) being filed; or                 (B)    actions being taken pursuant to   section 21 of the German Insolvency Code                       (Insolvenzordnung) by the competent court;          (v)    the filing of an involuntary proceeding in a court of competent jurisdiction in the United                States seeking relief under US Bankruptcy Law in respect of any Borrower or Material                Company and either such proceeding shall continue undismissed for 45 days or an order                or decree approving or ordering any of the foregoing shall be entered or Borrower or                Material Company shall consent to the institution of, or fail to contest in a timely and                appropriate manner, any such involuntary proceeding; or          (vi)   the filing of a voluntarily petition by any Borrower or Material Company under US                Bankruptcy Law.   (b)    For the purpose of paragraph (a)(i) above, a "reorganisation" shall include a company         reorganisation (Sw. företagsrekonstruktion) pursuant to the Swedish Reorganisation Act (Sw. lag         (1996:764) om företagsrekonstruktion).   (c)    Paragraph (a) above shall not apply to any proceedings which are contested in good faith and         discharged, stayed or dismissed within 20 Business Days of commencement.   28.7   Creditors' process         Any expropriation, attachment, sequestration, distress or execution or any analogous process in         any jurisdiction affects any asset or assets of a Material Company exceeding an aggregate value         of EUR 35,000,000 or its equivalent, unless such process is either being contested in good faith         and/or shown as frivolous or vexatious and is discharged within 20 Business Days after         commencement.   28.8   Unlawfulness and invalidity  (a)    It is or becomes unlawful for an Obligor to perform any of its material obligations under the Finance         Documents or any Transaction Security created or expressed to be created or evidenced by the         Transaction Security Documents ceases to be effective and this individually or    A41108799                                      - 151 -               

 

       cumulatively, materially and adversely affects the interests of the Lenders taken as a whole under         the Finance Documents.   (b)    Subject to the Legal Reservations and Perfection Requirements, any material obligation or         obligations of any Obligor under any Finance Document are not or cease to be legal, valid, binding         or enforceable and the cessation individually or cumulatively, materially and adversely affects the         interests of the Lenders taken as a whole under the Finance Documents.   (c)    No Event of Default under paragraphs (a) and (b) above will occur if the issue is capable of being         remedied and is remedied within 20 Business Days of the earlier of Listco becoming aware of the         issue or being given written notice of the issue by the Agent.   28.9   Intercreditor Agreement         Any party (other than (i) a Finance Party or (ii) a member of the Group) fails to comply with the         provisions of, or does not perform its obligations under,  the Intercreditor Agreement or a         representation or warranty given by that party in the Intercreditor Agreement is incorrect in any         material respect, and, if the non-compliance or circumstances giving rise to the misrepresentation         are capable of remedy, it is not remedied within 20 Business Days of the earlier of the Agent giving         written notice to that party or that party becoming aware of the non-          compliance or         misrepresentation.   28.10  Cessation of business         The Group taken as a whole suspends or ceases to carry on (or threatens to suspend or cease to         carry on) all or a material part of its business.   28.11  Audit qualification         The Auditors of the Group qualify the audited annual consolidated financial statements of Listco         in a way which has a Material Adverse Effect.   28.12  Repudiation and rescission of agreements         An Obligor rescinds or purports to rescind or repudiates or evidences an intention to repudiate a         Finance Document or evidences an intention to rescind or repudiate a Finance Document in any         way which is materially adverse to the interest of the Lenders under that Finance Document taken         as a whole.   28.13  Material adverse change         Any event or circumstance occurs which has a Material Adverse Effect.                28.14  Unsatisfied judgment         Any Obligor fails to pay a final judgment against it and that failure to pay has a Material Adverse         Effect.   28.15  Tax status         A notice under Article 36 of the Tax Collection Act (Invorderingswet 1990) has been given by any         member of the Group.   28.16  Acceleration  (a)    On and at any time after the occurrence of an Event of Default under paragraph (a) of that definition         which is continuing, other than an Event of Default referred to in clause (c) below, the Agent may,         and shall if so directed by the Majority Lenders, by notice to Listco:    A41108799                                      - 152 -               

 

       (i)    cancel the Total Commitments and/or Ancillary Commitments, at which time they shall                immediately be cancelled;          (ii)   declare that all or part of the Utilisations, together with accrued interest, and all other                amounts accrued or outstanding under the Finance Documents be immediately due and                payable, at which time they shall become immediately due and payable;          (iii)  declare that all or part of the Utilisations be payable on demand, at which time they shall                immediately become payable on demand by the Agent on the instructions of the Majority                Lenders;          (iv)   declare that cash cover in respect of each Letter of Credit is immediately due and payable,                at which time it shall become immediately due and payable;          (v)    declare that cash cover in respect of each Letter of Credit is payable on demand, at which                time it shall immediately become due and payable on demand by the Agent on the                instructions of the Majority Lenders;          (vi)   declare all or any part of the amounts (or cash cover in relation to those amounts)                outstanding under the Ancillary Facilities to be immediately due and payable, at which                time they shall become immediately due and payable;          (vii)  declare that all or any part of the amounts (or cash cover in relation to those amounts)                outstanding under the Ancillary Facilities be payable on demand, at which time they shall                immediately become payable on demand by the Agent on the instructions of the Majority                Lenders; and/or          (viii) exercise or direct the Security Agent to exercise any or all of its rights, remedies, powers                and/or discretions under the Finance Documents.   (b)    Subject to the terms of the Intercreditor Agreement, on and at any time after the occurrence of an         Event of Default under paragraph (b) of that definition which is continuing, the Agent may, and         shall if so directed by the Majority RCF Lenders by notice to Listco:          (i)    cancel the Total Revolving Facility Commitments and/or Ancillary Commitments, at which                time they shall immediately be cancelled;          (ii)   declare that all or part of the Revolving Facility Utilisations, together with accrued interest,                and all other amounts accrued or outstanding under the Revolving Facility be immediately                due and payable, at which time they shall become immediately due and payable;          (iii)  declare that all or part of the Revolving Facility Utilisations be payable on demand, at                which time they shall  immediately become payable on demand by the Agent on the                instructions of the Majority RCF Lenders;          (iv)   declare that cash cover in respect of each Letter of Credit is immediately due and payable,                at which time it shall become immediately due and payable;          (v)    declare that cash cover in respect of each Letter of Credit is payable on demand, at which                time it shall immediately become due and payable on demand by the Agent on the                instructions of the Majority RCF Lenders;    A41108799                                      - 153 -               

 

       (vi)   declare all or any part of the amounts (or cash cover in relation to those amounts)                outstanding under the Ancillary Facilities to be immediately due and payable, at which                time they shall become immediately due and payable;          (vii)  declare that all or any part of the amounts (or cash cover in relation to those amounts)                outstanding under the Ancillary Facilities be payable on demand, at which time they shall                immediately become payable on demand by the Agent on the instructions of the Majority                RCF Lenders; and/or          (viii) exercise or direct the Security Agent to exercise any or all of its rights, remedies, powers                or discretions under the Finance Documents.   (c)    If an Event of Default occurs under paragraph (a)(v) of Clause 28.6 (Insolvency proceedings) or         paragraph (a)(vi) of Clause 28.6 (Insolvency proceedings):          (i)    the Total Commitments and Ancillary Commitments shall immediately be cancelled;                       (ii)   all of the Utilisations, together with accrued interest and all other amounts accrued under                the Finance Documents, shall be immediately due and payable;          (iii)  cash cover in respect of each Letter of Credit shall be immediately due and payable; and                       (iv)   all amounts (or cash cover in relation to those amounts) outstanding under an Ancillary                Facility shall be immediately due and payable,          in each case automatically and without any direction, notice, declaration or other act and (in         addition) the Security Agent may exercise any or all of its rights, remedies, powers and/or         discretions under the Finance Documents.   28.17  Clean-Up Period         Notwithstanding any other provision of this Agreement, in relation to any Permitted Acquisition         under paragraphs (d) and (e) of the definition of 'Permitted Acquisition', any Default or Event of         Default which is a Clean-Up Default will be deemed not to be a breach of representation, warranty         or undertaking, or a Default or an Event of Default (as the case may be) for the  duration of the         relevant Clean-Up Period if:          (a)    it would have been (if it were not for this provision) a breach of representation, warranty                or undertaking or a Default or an Event of Default only by reason of circumstances relating                exclusively to a member of the Acquired Group of such Permitted Acquisition (or any                obligation to procure or ensure in relation to a member of that Acquired Group);          (b)    it is capable of remedy and reasonable steps are being taken to remedy it;                       (c)    the circumstances giving rise to it have not be procured by or approved by a member of                the Group;          (d)    it is not reasonably likely to have a Material Adverse Effect; and                       (e)    it does not exist at the end of the Clean-Up Period,                       provided that, notwithstanding the above, if the relevant circumstances are continuing on or after         the end of the Clean-Up Period, there shall be an Event of Default.    A41108799                                      - 154 -               

 

28.18  Operation of Clause 27 (General undertakings)  (a)    When establishing whether any action, transaction and/or incurrence of a liability is permitted         under the terms of the Finance Documents by reference to LTM     EBITDA, the Group shall be         entitled to rely on the fact that such action, transaction and/or incurrence was permitted by         reference to LTM  EBITDA at the time that action was originally taken, that transaction was         originally committed to or that liability was originally incurred (as the case may be) assuming that         is the case and, to the extent so permitted, no subsequent change in Consolidated EBITDA shall         in and of itself cause such action, transaction and/or incurrence to constitute or be deemed to         constitute or result in a breach of any representation, warranty, undertaking or other term of the         Finance Documents or a Default or an Event of Default.   (b)    Notwithstanding any term of any Finance Document to the contrary, any Financial Indebtedness         incurred by reference to LTM   EBITDA may be refinanced, replaced, renewed or extended,         notwithstanding any subsequent   change in Consolidated EBITDA, provided that the principal         amount of such Financial Indebtedness is not increased (other than as represents the fees, costs         and expenses for such financing, replacement, renewal or extension) and the maturity  date is the         same or longer as that applicable to the Financial Indebtedness being refinanced, replaced,         renewed or extended.   (c)    A certificate from Listco confirming that the Debt Cover Condition is satisfied shall be prima facie         evidence thereof. If at any time after the Debt Cover Condition has been satisfied the Debt  Cover         Condition ceases to be satisfied, any breach of the Finance Documents that arises as a result of         any of the obligations, restrictions or other terms referred to in Clause 27.35 (Covenant         suspension/relaxation) ceasing to be construed or suspended in the manner described in that         Clause shall not (provided that it did not constitute a Default or an Event of Default at the time the         relevant action, transaction or incurrence was entered into) constitute or be deemed to constitute         or result in a breach of any representation, warranty, undertaking or other term of the Finance         Documents or a Default or an Event of Default.    A41108799                                      - 155 -               

 

                                            SECTION 9                                        CHANGES TO PARTIES   29.    CHANGES TO THE LENDERS                29.1   Assignments and transfers by the Lenders  (a)    Subject to this Clause 29, a Lender (the "Existing Lender") may:                       (i)    assign any of its rights; or                       (ii)   transfer by novation any of its rights and obligations,                       under any Finance Document to another bank or financial institution or to a trust, fund or other         entity which is regularly engaged in or established for the purpose of making, purchasing or         investing in loans, securities or other financial assets (the "New Lender").   29.2   Conditions of assignment or transfer  (a)    Listco must be consulted before an assignment or transfer by an Existing Lender, unless the         assignment or transfer is:          (i)    to another Lender or an Affiliate of a Lender; or                       (ii)   to a fund within the same investor group as the fund which is the Existing Lender                (including, for the avoidance of doubt, to any Related Fund); or          (iii)  by an Original Lender in the course of syndication of Facility B3, Facility B4, Facility B5,                Facility B6 and/or Facility B7.   (b)    Each assignment or transfer of part of any Lender's participation shall (when aggregated with         related assignments and transfers, including with its Affiliates and Related Funds) be in a minimum         amount of:          (i)    EUR 1,000,000 or US$1,000,000 as applicable in aggregate in respect of Commitments                under a Term Facility (or, if less, all of that Lender's remaining Commitments under that                Facility); or          (ii)   EUR 1,000,000 (or its equivalent) in aggregate in respect of Commitments under the                Revolving Facility (or, if less, all of that Lender's remaining Commitments under that                Facility),          or, in relation to any Original Revolving Facility Commitment such lower amount as may be agreed         by Listco in connection with the provision of an Ancillary Facility.   (c)    The consent of any applicable Issuing Bank is required for any assignment or transfer by an         Existing Lender of any of its rights and/or obligations under a Revolving Facility.   (d)    An assignment will only be effective on:                       (i)    receipt by the Agent of written confirmation from the New Lender (in form and substance                satisfactory to the Agent) that the New Lender will assume the same obligations to the                other Finance Parties and the other Secured Parties as it would have been under if it was                an Existing Lender;          (ii)   the New Lender entering into a Creditor/Agent Accession Undertaking (as defined in the                Intercreditor Agreement);    A41108799                                      - 156 -               

 

       (iii)  the performance by the Agent of all "know your customer" or other checks relating to any                person that it is required to carry out in relation to such assignment to a New Lender, the                completion of which the Agent shall promptly notify to the Existing Lender and the New                Lender; and          (iv)   receipt by Listco of the notice required by Clause 18.5 (Lender status confirmation).                (e)    A transfer will only be effective if the New Lender enters into a Creditor/Agent Accession         Undertaking (as defined in the Intercreditor Agreement) and if the procedure set out in Clause         29.6 (Procedure for transfer) is complied with.                (f)    If (other than in the course of syndication of Facility B3 and/or Facility B4 and/or Facility B5 and/or         Facility B6 and/or Facility B7):          (i)    a Lender assigns or transfers any of its rights or obligations under the Finance Documents                or changes its Facility Office; and          (ii)   as a result of circumstances existing at the date the assignment a transfer or change                occurs, an Obligor would be obliged to make a payment to the New Lender or Lender                acting through its new Facility Office under Clause 18 (Tax gross-up and indemnities) or                Clause 19.1 (Increased Costs),          then the New Lender or Lender acting through its new Facility Office is only entitled to receive         payment under those Clauses to the same extent as the Existing Lender or Lender acting through         its previous Facility Office would have been if the assignment, transfer or change had not occurred.   (g)    If the Existing Lender has consented to an amendment or waiver request which is outstanding at         the time of assignment or transfer, the transfer may only be made if the New Lender has also         consented to that request.   29.3   Assignment or transfer fee         Unless the Agent otherwise agrees and excluding an assignment or transfer to an Affiliate of a         Lender or made in connection with primary syndication of the Facilities, the New Lender shall, on         the date upon which an assignment or transfer takes effect, pay to the Agent (for its own account)         a fee of (in the case of any Euro Denominated Facility) EUR 1,500 or (in the case of any US$         Denominated Facility) US$1,500.   29.4   Preservation of Security Interests         Each Party to this Agreement hereby expressly accepts and confirms, for the purpose of articles         1278 and 1281 of the Luxembourg Civil Code, that notwithstanding any assignment, transfer         and/or novation permitted under, and made in accordance with the provisions of this Agreement,         any and all Security and guarantees granted under or given in connection with the Finance         Documents to which such Party is a party shall be preserved for the benefit of any assignee,         transferee or successor.   29.5   Limitation of responsibility of Existing Lenders  (a)    Unless expressly agreed to the contrary, an Existing Lender makes no representation or warranty         and assumes no responsibility to a New Lender for:    A41108799                                      - 157 -               

 

       (i)    the legality, validity, effectiveness, adequacy or enforceability of the Transaction                Documents, the Transaction Security or any other documents;          (ii)   the financial condition of any Obligor;                       (iii)  the performance and observance by any Obligor or any other member of the Group of its                obligations under the Transaction Documents or any other documents; or          (iv)   the accuracy of any statements (whether written or oral) made in or in connection with                any Transaction Document or any other document,          and any representations or warranties implied by law are excluded.                (b)    Each New Lender confirms to the Existing Lender, the other Finance Parties and the Secured         Parties that it:          (i)    has made (and shall continue to make) its own independent investigation and assessment                of the financial condition and affairs of each Obligor and its related entities in connection                with its participation in this Agreement and has not relied exclusively on any information                provided to it by the Existing Lender or any other Finance Party in connection with any                Transaction Document or the Transaction Security; and          (ii)   will continue to make its own independent appraisal of the creditworthiness of each Obligor                and its related entities whilst any amount is or may be outstanding under the Finance                Documents or any Commitment is in force.   (c)    Nothing in any Finance Document obliges an Existing Lender to:                       (i)    accept a retransfer from a New Lender of any of the rights and obligations assigned or                transferred under this Clause 29; or          (ii)   support any losses directly or indirectly incurred by the New Lender by reason of the non-               performance by any Obligor of its obligations under the Transaction Documents or                otherwise.   29.6   Procedure for transfer  (a)    Subject to the conditions set out in Clause 29.2 (Conditions of assignment or transfer), a transfer         is effected in accordance with paragraph (c) below when the Agent executes an otherwise duly         completed Transfer Certificate and Lender Accession Undertaking delivered to it by the Existing         Lender and the New Lender. The Agent shall, subject to paragraph (b) below, as soon as         reasonably practicable after receipt by it of a duly completed Transfer Certificate and Lender         Accession Undertaking appearing on its face to comply with the terms of this Agreement and         delivered in accordance with the terms of this Agreement, execute that Transfer Certificate and         Lender Accession Undertaking.   (b)    The Agent shall only be obliged to execute a Transfer Certificate and Lender Accession         Undertaking delivered to it by the Existing Lender and the New Lender once it is satisfied it has         complied with all necessary "know your customer" or similar other checks under all applicable laws         and regulations in relation to the transfer to such New Lender.   (c)    On the Transfer Date:    A41108799                                      - 158 -               

 

       (i)    to the extent that, in the Transfer Certificate and Lender Accession Undertaking, the                Existing Lender seeks to transfer by novation its rights and obligations under the Finance                Documents and in respect of the Transaction Security, each of the Obligors and other                members of the Group party to any Finance Document or the Transaction Security and                the Existing Lender shall be released from further obligations towards one another under                the Finance Documents and in respect of the Transaction Security and their respective                rights against one another under the Finance Documents and in respect of the Transaction                Security shall be cancelled (being the "Discharged Rights and Obligations");          (ii)   each of the Obligors and other members of the Group party to any Finance Document and                the New Lender    shall assume obligations towards one another and/or acquire rights                against one another which differ from the Discharged Rights and Obligations only insofar                as that Obligor or other member of the Group and the New Lender have assumed and/or                acquired the same in place of that Obligor and the Existing Lender;          (iii)  the Agent, the Arrangers, the Security Agent, the New Lender, the other Lenders, the                Issuing Bank and any relevant Ancillary Lender shall acquire the same rights and assume                the same obligations between themselves and in respect of the Transaction Security as                they would have acquired and assumed had the New Lender been an Original Lender with                the rights and/or obligations acquired or assumed by it as a result of the transfer and, to                that extent, the Agent, the Arrangers, the Security Agent, the Issuing Bank and any                relevant Ancillary Lender and the Existing Lender shall each be released from further                obligations to each other under the Finance Documents; and          (iv)   the New Lender shall become a Party as a "Lender".                (d)    At the request of the Agent or the New Lender, the New Lender and the Existing Lender shall         promptly raise the duly completed Transfer Certificate and Lender Accession Undertaking to the         status of Spanish Public Document in the form of "escritura pública".   (e)    For the avoidance of doubt, the Parties agree that a transfer effected in accordance with this         Clause 29.6 shall constitute a novation within the meaning of articles 1271 et seq. of the French         Code Civil, provided that, notwithstanding any such novation, all the rights (including in relation to         Transaction Security) of the Secured Parties against the Obligors shall be maintained.   29.7   Copy of Transfer Certificate and Lender Accession Undertaking to Listco         The Agent shall, as soon as reasonably practicable after it has executed a Transfer Certificate and         Lender Accession Undertaking, send to Listco a copy of that Transfer Certificate and Lender         Accession Undertaking.   29.8   Security Interests over Lenders' rights         In addition to the other rights provided to Lenders under this Clause 29, each Lender may at any         time create Security in or over (whether by way of collateral or otherwise) all or any of its rights         under any Finance Document to secure obligations of that Lender, including, without limitation:          (a)    any Security to secure obligations to a federal reserve or central bank; and    A41108799                                      - 159 -               

 

       (b)    in the case of any Lender which is a fund, any Security granted to any holders (or trustee                or representatives of holders) of obligations owed, or securities issued, by that Lender as                security for those obligations or securities,          except that no such Security shall:                       (i)    release a Lender from any of its obligations under the Finance Documents or substitute                the beneficiary of the relevant Security for the Lender as a party to any of the Finance                Documents; or          (ii)   require any payments to be made by an Obligor or grant to any person any more extensive                rights than those required to be made or granted to the relevant Lender under the Finance                Documents.   29.9   Sub-participations         The Lenders may enter into any sub-participations or other arrangements by which a third party         acquires direct or indirect commercial control over a Lender's rights and/or obligations under this         Agreement provided that Listco must be consulted where a third party is to acquire direct or indirect         commercial control over a Lender's voting rights under this Agreement.   29.10  Lender Accession Notice         Each Lender which executes a Lender Accession Notice confirms, for the avoidance of doubt, that         the Agent has authority to execute on its behalf any amendment or waiver that has been approved         by or on behalf of the requisite Lender or Lenders in accordance with this Agreement on or prior         to the date on which such person becomes Party to this Agreement and that it is bound by that         decision to the same extent as it would have been had it been a Lender under this Agreement at         the relevant time of such amendment or waiver being approved.   29.11  Replacement of Lenders  (a)    If at any time any Lender or the Issuing Bank becomes an Affected Lender or Non-Consenting         Lender, then Listco may, on 10 Business Days' prior written notice to the Agent and that Lender         or Issuing Bank (as the case may be and unless Listco and the Agent agree to a longer time period         in relation to any request), replace that Lender or Issuing Bank by causing it to, and that Lender         or Issuing Bank shall, by execution of a Transfer Certificate and Lender Accession Undertaking         within that 10-Business Day, period transfer all of its rights and obligations under this Agreement         to a Lender or other entity designated by Listco for a purchase price equal to that Lender's or         Issuing Bank's participations in the Utilisations then outstanding, in either case with all accrued         interests, fees and other amounts payable to that Lender or Issuing Bank under this Agreement         or any Ancillary Document.   (b)    For the purposes of this Clause 29.11:                       "Affected Lender" means a Lender or Issuing Bank in respect of which a Borrower or Listco is at         that time entitled to serve a notice under Clause 11.6 (Right of cancellation and repayment in         relation to a single Lender or Issuing Bank) or whose rights and obligations under this Agreement         would, but for this Clause 29.11, be cancelled pursuant to Clause 11.1 (Illegality) or 11.2 (Illegality         in relation to an Issuing Bank); and          "Non-Consenting Lender" means any Lender which does not agree to consent to any waiver or         amendment of any provision of the Finance Documents which has been requested by Listco or    A41108799                                      - 160 -               

 

       any other Obligor where the requested amendment or waiver has been approved by the Majority         Lenders and requires the consent of more than the Majority Lenders.   (c)    This Clause 29.11 shall not apply to a Listco Affiliate (unless the Majority Lenders otherwise         agree).   29.12  Lender Affiliates  (a)    A Lender may nominate a branch or Affiliate to discharge its obligations to participate in one or         more Utilisations:          (i)    in this Agreement;                       (ii)   in the Transfer Certificate and Lender Accession Undertaking pursuant to which such                Lender becomes a Party; or          (iii)  in a written notice from such Lender (in form and substance satisfactory to the Agent and                Listco, each acting reasonably) delivered to the Agent and Listco not less than two                Business Days prior to the Utilisation Date for that Utilisation.   (b)    Any branch or Affiliate nominated by a Lender to participate in a Utilisation shall:                       (i)    participate therein in compliance with the terms of this Agreement;                       (ii)   be entitled, to the extent of its participation, to all the rights and benefits of a Lender under                the Finance Documents provided that such rights and benefits shall be exercised on its                behalf by its nominating Lender save where law or regulation requires the branch or                Affiliate to do so; and          (iii)  in the case of an Affiliate, become party to the Intercreditor Agreement.                (c)    Each Lender shall remain liable and responsible for the performance of all obligations assumed         by a branch or Affiliate on its behalf and non-performance of a Lender's obligations by its branch         or Affiliate shall not relieve such Lender from its obligations under this Agreement.   (d)    No Obligor shall be liable to pay any amount otherwise required to be paid by an Obligor under         Clause 18 (Tax gross-up and indemnities) or Clause 19 (Increased costs) in excess of the amount         it would have been obliged to pay if that Lender had not nominated its branch or Affiliate to         participate in the relevant Facility or, to the extent that such Lender nominated such branch or         Affiliate for a particular Utilisation, in excess of the amount which it would have been obliged to         pay had that Lender continued to make that particular Utilisation. Each Lender shall promptly notify         the Agent and Listco of the jurisdiction of tax residence from which its branch or Affiliate will         participate in the relevant Facility or Utilisations and such other information regarding that branch         or Affiliate as Listco may reasonably request.   (e)    Any notice or communication to be made to a branch or an Affiliate of a Lender pursuant to Clause         37 (Notices):          (i)    may be served directly upon the branch or Affiliate, at the relevant address supplied to the                Agent by the nominating Lender, where the Lender or the relevant branch or Affiliate                requests this in order to mitigate any legal obligation to deduct withholding Tax from any                payment to such branch or Affiliate or any payment obligation which might otherwise arise                pursuant to Clause 19 (Increased costs); or    A41108799                                      - 161 -               

 

       (ii)   in any other circumstance, may be delivered to the address for the Lender provided                pursuant to Clause 37 (Notices).   (f)    If a Lender nominates an Affiliate, that Lender and that Affiliate:                       (i)    will be treated as having a single Commitment under the relevant Facility (being the                Commitment of that Lender) but for all other purposes (other than those referred to in                paragraphs (c) and (e)(ii) above and paragraph (ii) below) will be treated as separate                Lenders; and          (ii)   will be regarded as a single Lender for the purpose of:                               (A)   voting in relation to any matter in connection with a Finance Document; and                               (B)   compliance with Clause 29.1 (Assignments and transfers by the Lenders); and                               (C)   Clause 18 (Tax gross-up and indemnities) and Clause 19 (Increased costs), which                       shall apply as if the relevant Affiliate had become a Lender on the date on which it                       is nominated.   30.    DEBT PURCHASE TRANSACTIONS                30.1   Debt Purchase Transactions  (a)    Listco shall not and shall ensure that no Obligor or other member of the Group shall (i) enter into         any Debt Purchase Transaction other than by a Borrower of the relevant Facility to which that Debt         Purchase Transaction relates in accordance with the other provisions of this Clause 30 or         (ii) beneficially own all or any part of the share capital of a company that is a Lender or a party to,         or itself be a Lender or a party to, a Debt Purchase Transaction of the    type referred to in         paragraphs (b) or (c) of the definition of 'Debt Purchase Transaction'.   (b)    A Borrower of the relevant Facility to which that Debt Purchase Transaction relates may purchase         by way of assignment, pursuant to Clause 29 (Changes to the Lenders), a participation in any         Term Loan in respect of which it is the Borrower and any related Commitment in accordance with         paragraph (e) below or where:          (i)    such purchase is made for a consideration of par or less than par;                       (ii)   such purchase is made using one of the processes set out at paragraphs (c) or (d) below;          (iii)  such purchase is made at a time when no Default is continuing; and                       (iv)   the consideration for such purchase is funded from (1) Retained Cash (2) an amount which                would otherwise be available to be, and is at that time permitted to be, paid in cash to                shareholders of Listco or (3) New Equity or Subordinated Debt received after the Closing                Date.   (c)                       (i)    A Debt Purchase Transaction referred to in paragraph (b) above may be entered into                pursuant to a solicitation process (a "Solicitation Process") which is carried out as                follows.          (ii)   Prior to 11.00 am on a given Business Day (the "Solicitation Day") the relevant Borrower                or a financial institution acting on its behalf (the "Purchase Agent") will    A41108799                                      - 162 -               

 

              approach at the same time each Lender which participates in the relevant Term Facilities                to enable them to offer to sell to the relevant Borrower(s) an amount of their participation                in one or more Term Facilities. Any Lender wishing to make such an offer shall, by 11.00                am on the second Business Day following such Solicitation Day,    communicate to the                Purchase Agent details of the amount of its participations, and in which Term Facilities, it                is offering to sell and the price at which it is offering to sell such participations. Any such                offer shall be irrevocable until 11.00 am on the third Business Day following such                Solicitation Day and shall be capable of acceptance by Listco on behalf of the relevant                Borrower(s) on or before such time by communicating its acceptance in writing to the                Purchase Agent or, if it is the Purchase Agent, the relevant Lenders. The Purchase Agent                (if someone other than Listco) will communicate to the relevant Lenders which offers have                been accepted by 12 noon on the third Business Day following such Solicitation Day. In                any event by 11.00 am on the fourth Business Day following such Solicitation Day, Listco                shall notify the Agent of the amounts of the participations purchased through the relevant                Solicitation Process, the identity of the Term Facilities to which they relate and the average                price paid for the purchase of participations in each relevant Term Facility. The Agent shall                disclose such information to any Lender that requests such disclosure.          (iii)  Any purchase of participations in the Term Facilities pursuant to a Solicitation Process                shall be completed and settled on or before the fifth Business Day after the relevant                Solicitation Day.          (iv)   In accepting any offers made pursuant to a Solicitation Process Listco shall be free to                select which offers and in which amounts it accepts but on the basis that in relation to a                participation in a particular Term Facility it accepts offers in inverse order of the price                offered (with the offer or offers at the lowest price being accepted first) and that if in respect                of participations in a particular Term Facility it receives two or more offers at the same                price it shall only accept such offers on a pro rata basis.   (d)                       (i)    A Debt Purchase Transaction referred to in paragraph (b) above may also be entered into                pursuant to an open order process (an "Open Order Process") which is carried out as                follows.          (ii)   Listco (on behalf of the relevant Borrower) may by itself or through another Purchase                Agent place an open order (an "Open Order") to purchase participations in one or more                of the Term Facilities up to a set aggregate amount at a set price by notifying at the same                time all the Lenders participating in the relevant Term Facilities of the same. Any Lender                wishing to sell pursuant to an Open Order will, by 11.00 am on any Business Day following                the date on which the Open Order is placed but no earlier than the first Business Day, and                no later than the fifth Business Day, following the date on which the Open Order is placed,                communicate to the   Purchase Agent details of the amount of its participations, and in                which Term Facilities, it is offering to sell. Any such offer to sell shall be irrevocable until                11.00 am on the Business Day following the date of such offer from the Lender and shall                be capable of acceptance by Listco on behalf of the relevant    A41108799                                      - 163 -               

 

              Borrower(s) on or before such time by it communicating such acceptance in writing to the                relevant Lender.          (iii)  Any purchase of participations in the Term Facilities pursuant to an Open Order Process                shall be completed and settled by Midco on or before the fourth Business Day after the                date of the relevant offer by a Lender to sell under the relevant Open Order.          (iv)   If in respect of participations in a Term Facility the Purchase Agent receives on the same                Business Day two or more offers at the set price such that the maximum amount of such                Term Facility to which an Open Order relates would be exceeded, Listco shall only accept                such offers on a pro rata basis.          (v)    Listco shall, by 11.00 am on the sixth Business Day following the date on which an Open                Order is placed, notify the Agent of the amounts of the participations purchased through                such Open Order Process and the identity of the Term Facilities to which they relate. The                Agent shall disclose such information to any Lender that requests the same.   (e)    For the avoidance of doubt, there is no limit on the number of occasions a Solicitation Process or         an Open Order Process may be implemented.   (f)    In relation to any Debt Purchase Transaction entered into pursuant to this Clause 30,         notwithstanding any other term of this Agreement or the other Finance Documents:          (i)    on completion of the relevant Debt Purchase Transaction, the portions of the Loans to                which it relates shall (unless Listco confirms in a certificate to the Agent dated on or prior                to the date of such Debt Purchase Transaction that there would be a material adverse tax                impact on the Group as a result of such cancellation) be extinguished;          (ii)   such Debt Purchase Transaction and the related extinguishment referred to in paragraph                (i) above shall not constitute a prepayment of the Facilities;                       (iii)  for the purposes of the calculation of Consolidated EBITDA and testing compliance with                the financial covenant in Clause 26 (Financial covenant) any impact of a Debt Purchase                Transaction on Consolidated EBITDA shall be ignored;          (iv)   the Borrower which is the assignee shall be deemed to be an entity which fulfils the                requirements of Clause 29.1 (Assignments and transfers by the Lenders) to be a New                Lender;          (v)    no member of the Group shall be deemed to be in breach of any provision of Clause 27                (General undertakings) solely by reason of such Debt Purchase Transaction;          (vi)   Clause 34 (Sharing among the Finance Parties) shall not be applicable to the                consideration paid under such Debt Purchase Transaction;          (vii)  for the avoidance of doubt, any extinguishment of any part of the Term Loans shall not                affect any amendment or waiver which prior to such extinguishment had been approved                by or on behalf of the requisite Lender or Lenders in accordance with this Agreement;          (viii) no member of the Group which entered into a Debt Purchase Transaction will be entitled                to receive any payment pursuant to this Agreement or any other Finance Document unless                it receives such amount pro rata with all other Lenders in the relevant Facility;    A41108799                                      - 164 -               

 

       (ix)   any amount received by any member of the Group which has entered into a Debt Purchase                Transaction (including, without limitation, the proceeds of any enforcement of security)                shall be held on trust for distribution to the other Finance Parties and such member of the                Group shall promptly (and in any event within 5 Business Days) pay an amount equal to                that amount to the Agent for application in accordance with Clause 35.5 (Partial payments)                (ignoring for the purposes of such application any member of the Group); and          (x)    no member of the Group which participates in a Debt Purchase Transaction shall be                permitted to sell, transfer, assign, sub-participate or otherwise dispose of the subject                matter of that Debt Purchase Transaction and Clause 30.2 (Disenfranchisement on Debt                Purchase Transactions) shall apply.   30.2   Disenfranchisement on Debt Purchase Transactions  (a)    For so long as a Listco Affiliate or a member of the Group:                       (i)    has entered into a Debt Purchase Transaction;                       (ii)   beneficially owns a Commitment; or                       (iii)  has entered into a sub-participation agreement relating to a Commitment or other                agreement or arrangement having a substantially similar economic effect and such                agreement or arrangement has not been terminated,          in ascertaining the Majority Lenders or the Super Majority Lenders or whether any given         percentage (including, for the avoidance of doubt, unanimity) of the Total Commitments or the         agreement of any specified group of Lenders has been obtained to approve any request for a         consent, waiver, amendment or other vote under the Finance Documents such Commitment shall         be deemed to be zero and such member of the Group or Listco Affiliate or the person with whom         it has entered into such sub-participation, other agreement or arrangement shall be deemed not         to be a Lender (other than for the purposes of this Clause 30.2).   (b)    Each Lender shall, unless such Debt Purchase Transaction is an assignment or transfer, promptly         notify the Agent in writing if it knowingly enters into a Debt Purchase Transaction with a Listco         Affiliate or a member of the Group (a "Notifiable Debt Purchase Transaction"), such notification         to be substantially in the form set out in Part I of Schedule 15 (Forms of Notifiable Debt Purchase         Transaction Notice).   (c)    A Lender shall promptly notify the Agent if a Notifiable Debt Purchase Transaction to which it is a         party is terminated, or ceases to be with a Listco Affiliate or a member of the Group, such         notification to be substantially in the form set out in Part II of Schedule 15 (Forms of Notifiable         Debt Purchase Transaction Notice).   (d)    Each Listco Affiliate and each member of the Group that is a Lender agrees that:                       (i)    in relation to any meeting or conference call to which all the Lenders are invited to attend                or participate, it shall not attend or participate in the same if so requested by the Agent or,                unless the Agent otherwise agrees, be entitled to receive the agenda or any minutes of                the same; and    A41108799                                      - 165 -               

 

       (ii)   in its capacity as Lender, unless the Agent otherwise agrees, it shall not be entitled to                receive any report or other document prepared at the behest of, or on the instructions of,                the Agent or one or more of the Lenders.   31.    CHANGES TO THE OBLIGORS                31.1   Assignment and transfers by Obligors         No Obligor may assign any of its rights or transfer any of its rights or obligations under the Finance         Documents.   31.2   Additional Borrowers  (a)    Subject to compliance with the provisions of paragraphs (c) and (d) of Clause 25.9 ("Know your         customer" checks), Listco may request that it or any of its Subsidiaries (other than Bondco)         becomes an Additional Borrower. Listco or that Subsidiary (as applicable) shall become an         Additional Borrower if:          (i)    in relation to the Revolving Facility, it is incorporated in the United Kingdom, the British                Virgin Islands, Germany, Austria, France, the Netherlands, Ireland, Denmark or the US;                or          (ii)   all the Lenders (calculated, for this purpose, as if that definition only included Lenders                under the respective Facility to which the respective Borrower wishes to accede), acting                reasonably, approve the addition of that Subsidiary for the purposes of the relevant                Facility,           and (in each case):                              (A)    Listco and (as applicable) that Subsidiary deliver to the Agent a duly completed                       and executed Accession Letter (which shall, in the case of the first Borrower to                       accede in any jurisdiction in which there is not a Borrower as at the Closing Date,                       contain any relevant 'Qualifying Lender' language for that jurisdiction, in such form                       as is agreed between Listco and the Agent);                 (B)    Listco (or as applicable) the Subsidiary is (or becomes) a Guarantor prior to                       becoming a Borrower;                 (C)    Listco confirms that no Default is continuing or would occur as a result of it (or as                       applicable) that Subsidiary becoming an Additional Borrower; and                 (D)    the Agent has received all of the documents and other evidence listed in Part III of                       Schedule 2 (Conditions Precedent required to be delivered by an Additional                       Obligor) in relation to that Additional Borrower, each in form and substance                       satisfactory to the Agent, acting reasonably.   (b)    The Agent shall notify Listco and the Lenders promptly upon being satisfied that it has received         (in form and substance satisfactory to it) all the documents and other evidence listed in Part III of         Schedule 2 (Conditions Precedent required to be delivered by an Additional Obligor) in relation to         such Additional Borrower.   31.3   Resignation of a Borrower  (a)    In this Clause 31.3, Clause 31.5 (Resignation of a Guarantor) and Clause 31.7 (Resignation and         release of Security on disposal), "Third Party Disposal" means the disposal of an Obligor to a    A41108799                                      - 166 -               

 

       person which is not a member of the Group where that disposal is permitted under Clause 27.13         (Disposals) (and Listco confirms in writing to the Agent and the Security Agent to that effect).   (b)    Listco may request that any Borrower (other than Midco or Luxco) ceases to be a Borrower by         delivering to the Agent a Resignation Letter.   (c)    The Agent shall accept a Resignation Letter and notify Listco and the other Finance Parties of its         acceptance if:          (i)    Listco has confirmed that no Default is continuing or would result from the acceptance of                the Resignation Letter;          (ii)   the Borrower is under no actual or contingent obligations as a Borrower under any Finance                Document; and          (iii)  if the Borrower ceases to be a Borrower in connection with a Third Party Disposal, Listco                has confirmed that it shall ensure that any relevant Disposal Proceeds will be applied in                accordance with Clause 12.3 (Application of mandatory prepayments) to the extent                required.   (d)    Upon notification by the Agent to Listco of its acceptance of the resignation of a Borrower, that         company shall cease to be a Borrower and shall have no further rights or obligations under the         Finance Documents as a Borrower.   31.4   Additional Guarantors  (a)    Subject to compliance with the provisions of paragraphs (b) and (c) of Clause 25.9 ("Know your         customer" checks), Listco may request that any of its Subsidiaries become an Additional         Guarantor.   (b)    A member of the Group shall become an Additional Guarantor if:                       (i)    Listco and the proposed Additional Guarantor deliver to the Agent a duly completed and                executed Accession Letter;          (ii)   the Agent has received all of the documents and other evidence listed in Part III of                Schedule 2 (Conditions Precedent required to be delivered by an   Additional Obligor) in                relation to that Additional Guarantor, each in form and substance satisfactory to the Agent;                and          (iii)  it grants Security (and Security is granted over its shares) in accordance with and if                required by the Security Principles.   (c)    The Agent shall notify Listco and the Lenders promptly upon being satisfied that it has received         (in form and substance satisfactory to it) all the documents and other evidence listed in Part III of         Schedule 2 (Conditions Precedent required to be delivered by an Additional Obligor) in relation to         such Subsidiary.   31.5   Resignation of a Guarantor  (a)    Listco may request that a Guarantor (other than a Nomad Holdco or, other than as a result of a         Permitted Disposal to a non-Group company, a Material Company) ceases to be a Guarantor by         delivering to the Agent a Resignation Letter if:          (i)    A41108799                                      - 167 -               

 

              (A)    that Guarantor is being disposed of by way of a Third Party Disposal (as defined                       in Clause 31.3 (Resignation of a Borrower)) and Listco has confirmed this is the                       case; or                 (B)    that Guarantor is not a Material Company (for this purpose, without giving effect to                       paragraph (i) of Clause 27.35 (Covenant suspension/relaxation)) and the                       Guarantor Coverage test set out in Clause 27.29 (Guarantors) is, taking into                       account the resignation of the relevant Guarantor, still met; or          (ii) the Super Majority Lenders have consented to the resignation of that Guarantor.                (b)    The Agent shall accept a Resignation Letter and notify Listco and the Lenders of its acceptance         if:          (i)    Listco has confirmed that no Default is continuing or would result from the acceptance of                the Resignation Letter;          (ii)   no payment is due from the Guarantor under Clause 23.1 (Guarantee and indemnity);                       (iii)  where the Guarantor is also a Borrower, it is under no actual or contingent obligations as                a Borrower and has resigned and ceased to be a Borrower under Clause 31.3                (Resignation of a Borrower);          (iv)   Listco has confirmed that such Guarantor has ceased to be a guarantor and has ceased                to provide any other credit support in relation to any Senior Secured Notes and any New                Debt Financing; and          (v)    if the Guarantor ceases to be a Guarantor in connection with a Third Party Disposal, Listco                has confirmed that it shall ensure that the Disposal Proceeds will be applied in accordance                with Clause 12.3 (Application of mandatory prepayments) to the extent required.   (c)    Upon notification by the Agent to Listco of its acceptance of the resignation of a Guarantor, that         company shall cease to be a Guarantor and shall have no further obligations under the Finance         Documents as a Guarantor.   31.6   Repetition of representations         Delivery of an Accession Letter constitutes confirmation by the relevant Subsidiary that the         representations and warranties referred to in paragraph (d) of Clause 24.22 (Times when         representations made) are true and correct in relation to it as at the date of delivery as if made by         reference to the facts and circumstances then existing.   31.7   Resignation and release of Security on disposal  (a)    If a Guarantor resigns in accordance with the terms of this Agreement, then:                       (i)    where that Guarantor created Transaction Security over any of its assets or business in                favour of the Security Agent, or Transaction Security in favour of the Security Agent was                created over the shares (or equivalent) of that Guarantor, the Security Agent shall, at the                cost and request of Listco, release those assets, business or shares (or equivalent) and                issue, where applicable, certificates of non-crystallisation;          (ii)   the resignation of that Guarantor and related release of Transaction Security referred to                in paragraph (i) above shall not become effective until the date of resignation; and    A41108799                                      - 168 -               

 

       (iii)  in the case of resignation in connection with a disposal, if the relevant disposal of that                Guarantor is not made, the Resignation Letter of that Guarantor and the related release                of Transaction Security referred to in paragraph (i) above shall have no effect and the                obligations of the Guarantor and the Transaction Security created or intended to be                created by or over that Guarantor shall continue in full force and effect.   (b)    If an Obligor disposes of any asset as expressly permitted by and in accordance with the terms of         this Agreement (and Listco confirms in writing to the Agent and the Security Agent to that effect)         and such asset is the subject of Transaction Security in favour of the Security Agent, the Security         Agent shall, at the cost and request of Listco, release those assets and issue certificates of non-        crystallisation.   (c)    If an Obligor wishes to enter into any netting or set-off arrangements of a kind described in         paragraph (b) of the definition of 'Permitted Security' and is required to grant Security over the         bank accounts which are the subject of that arrangement and/or its rights under any agreement         governing or administering that arrangement and such assets (including any such rights) are the         subject of Transaction Security in favour of the Security Agent, then the Security Agent shall, at         the cost and request of Listco, release those assets and issue certificates of non-crystallisation,         provided, however, that the applicable Obligor shall consult with the Security Agent as to whether         any replacement Transaction Security in favour of the Security Agent may be granted over those         assets without adversely affecting the commercial arrangement in relation to the desired netting         or set-off arrangements (and, if the Obligor and the Security Agent agree (each acting reasonably         and in good faith), such replacement Transaction Security shall be granted by the relevant Obligor         in favour of the Security Agent, subject to the Security Principles).    A41108799                                      - 169 -               

 

                                            SECTION 10                                        THE FINANCE PARTIES                32.    ROLE OF THE AGENT, THE ARRANGERS, THE ISSUING BANK AND OTHERS                32.1   Appointment of the Agent  (a)    Each of the Arrangers, the Lenders and the Issuing Bank appoints the Agent to act as its agent         under and in connection with the Finance Documents.   (b)    Each of the Arrangers, the Lenders and the Issuing Bank authorises the Agent to perform the         duties, obligations and responsibilities and to exercise the rights, powers, authorities and         discretions specifically given to the Agent under or in connection with the Finance Documents         together with any other incidental rights, powers, authorities and discretions.   (c)    In connection with the ratification and raising of any Finance Document into the status of a Spanish         Public Document, the Agent shall act as the agent and representative of each Finance Party and         is hereby authorised on behalf of each Finance Party to enter into, enforce the rights of each         Finance Party and represent each Finance Party in respect of the granting of any Spanish Public         Document.   (d)    Notwithstanding the above, the Agent, acting at its discretion and to the extent reasonably         possible, may invite the Finance Parties to enter into and/or to enforce the rights of each Finance         Document (including any Security Document governed by Spanish law) jointly with the Agent. For         the avoidance of doubt, the provision above does not grant any right to the Finance Parties to         enter into and/or to enforce the rights under each Finance Document (including any Security         Document governed by Spanish law) jointly with the Agent.   32.2   Duties of the Agent  (a)    Subject to paragraph (b) below, the Agent shall promptly forward to a Party the original or a copy         of any document which is delivered to the Agent for that Party by any other Party.   (b)    Without prejudice to Clause 29.7 (Copy of Transfer Certificate and Lender Accession Undertaking         to Listco), paragraph (a) above shall not apply to any Transfer Certificate and Lender Accession         Undertaking.   (c)    Except where a Finance Document specifically provides otherwise, the Agent is not obliged to         review or check the adequacy, accuracy or completeness of any document it forwards to another         Party.   (d)    If the Agent receives notice from a Party referring to this Agreement, describing a Default and         stating that the circumstance described is a Default, it shall promptly notify the other Finance         Parties.   (e)    If the Agent is aware of the non-payment of any principal, interest, commitment fee or other fee         payable to a Finance Party (other than the Agent, the Arrangers or the Security Agent) under this         Agreement, it shall promptly notify the other Finance Parties.   (f)    The Agent's duties under the Finance Documents are solely mechanical and administrative in         nature.   (g)    Neither the Agent nor the Security Agent shall have any duty or be under any obligation or         responsibility to review or check the adequacy, accuracy or completeness, or otherwise monitor    A41108799                                      - 170 -               

 

       the application of (including the occurrence of any default or termination event under or in respect         of), any Lender Accession Notice, Additional Facility Notice, Additional Facility Document or any         information provided by an Additional Facility Lender.   (h)    The Agent shall have only those duties, obligations and responsibilities expressly specified in the         Finance Documents to which it is expressed to be a party (and no others shall be implied).   (i)    In connection with the ratification and raising of any Finance Document into a Spanish Public         Document, the Agent shall act as the agent of each Finance Party and is hereby authorised on         behalf of each Finance Party to enter into, enforce the rights of each Finance Party under and         represent each Finance Party in respect of the granting of a Spanish Public Document.   32.3   Role of the Arrangers         Except as specifically provided in the Finance Documents, none of the Arrangers has any         obligations of any kind to any other Party under or in connection with any Finance Document.   32.4   No fiduciary duties  (a)    Nothing in this Agreement constitutes the Agent, any Arranger and/or the Issuing Bank acting as         a trustee or fiduciary of any other person.   (b)    None of the Agent, the Security Agent, any Arranger, the Issuing Bank or any Ancillary Lender         shall be bound to account to any Lender for any sum or the profit element of any sum received by         it for its own account.   32.5   Business with the Group         The Agent, the Security Agent, any Arranger, the Issuing Bank and each Ancillary Lender may         accept deposits from, lend money to and generally engage in any kind of banking or other business         with any member of the Group.   32.6   Rights and discretions  (a)    The Agent, the Security Agent and the Issuing Bank may:                       (i)    rely on:                              (A)    any representation, communication, notice or document believed by it to be                       genuine, correct and appropriately authorised; and                 (B)    any statement made by a director, authorised signatory or employee of any person                       regarding any matter which may reasonably be assumed to be within his                       knowledge or within his power to verify;          (ii)   assume that:                              (A)    any instructions received by it from the Majority Lenders, the Super Majority                       Lenders, any Lenders or any group of Lenders are duly given in accordance with                       the terms of the Finance Documents; and                 (B)    unless it has received notice of revocation, that those instructions have not been                       revoked; and          (iii)  rely on a certificate or any statement by or from any person:                              (A)    as to any matter of fact or circumstance which might reasonably be expected to be                       within the knowledge of that person; or    A41108799                                      - 171 -               

 

              (B)    to the effect that such person approves of any particular dealing, transaction,                       step, action or thing,          as sufficient evidence that that is the case and, in the case of paragraph (A) above, may assume         the truth and accuracy of that certificate or statement.   (b)    The Agent and the Security Agent may assume (unless it has received notice to the contrary in         its capacity as agent for the Lenders) that:          (i)    no Default has occurred (unless it has actual knowledge of a Default arising under                Clause 28.1 (Non-payment));          (ii)   any right, power, authority or discretion vested in any Party or any group of Lenders has                not been exercised; and          (iii)  any notice or request made by Listco (other than a Utilisation Request or Selection                Notice) is made on behalf of and with the consent and knowledge of all the Obligors.   (c)    The Agent and the Security Agent may engage and pay for the advice or services of any lawyers,         accountants, tax advisers, surveyors or other professional advisers or experts.   (d)    Without prejudice to the generality of paragraph (c) above or paragraph (e) below, the Agent and         the Security Agent may at any time engage and pay for the services of any lawyers to act as         independent counsel to the Agent and/or the Security Agent (and so separate from any lawyers         instructed by the Lenders) if the Agent and/or the Security Agent in its reasonable opinion deems         this to be desirable.   (e)    The Agent and the Security Agent may engage, pay for and rely on the advice or services of any         lawyers, accountants, tax advisers, surveyors or other professional advisers or experts (whether         obtained by the Agent or by any other Party) and shall not be liable for any damages, costs or         losses to any person, any diminution in value or any liability whatsoever arising as a result of its         so relying.   (f)    The Agent and the Security Agent may act in relation to the Finance Documents through its         officers, employees and agents and neither the Agent nor the Security Agent shall:          (i)    be liable for any error of judgment made by any such person; or                       (ii)   be bound to supervise, or be in any way responsible for any loss incurred by reason of                misconduct, omission or default on the part, of any such person,          unless such error or such loss was directly caused by the Agent's (or Security Agent's, as the case         may be) gross negligence or wilful misconduct.   (g)    Unless a Finance Document expressly provides otherwise the Agent may disclose to any other         Party any information it reasonably believes it has received as agent under this Agreement.   (h)    Notwithstanding any other provision of any Finance Document to the contrary, none of the Agent,         the Security Agent, the Arrangers or the Issuing Bank is obliged to do or omit to do anything if it         would or might in its reasonable opinion constitute a breach of any law or regulation or a breach         of a fiduciary duty or duty of confidentiality.   (i)    Notwithstanding any provision of any Finance Document to the contrary, neither the Agent nor the         Security Agent is obliged to expend or risk its own funds or otherwise incur any financial    A41108799                                      - 172 -               

 

       liability in the performance of its duties, obligations or responsibilities or the exercise of any right,         power, authority or discretion if it has grounds for believing the repayment of such funds or         adequate indemnity against, or security for, such risk or liability is not reasonably assured to it.   32.7   Lenders' Instructions  (a)    The Agent shall:                       (i)    unless a contrary indication appears in a Finance Document, exercise or refrain from                exercising any right, power, authority or discretion vested in it as Agent in accordance with                any instructions given to it by:                 (A)    all Lenders if the relevant Finance Document stipulates the matter is an all                       Lender decision;                 (B)    the Super Majority Lenders if the relevant Finance Document stipulates the                       matter is a Super Majority Lender decision; and                 (C)    in all other cases, the Majority Lenders; and                       (ii)   not be liable for any act (or omission) if it acts (or refrains from acting) in accordance with                paragraph (i) above.   (b)    The Agent and the Security Agent shall be entitled to request instructions, or clarification of any         instruction, from the Majority Lenders (or, if the relevant Finance Document stipulates the matter         is a decision for any other Lender or group of Lenders, from that Lender or group of Lenders) as         to whether, and in what manner, it should exercise or refrain from exercising any right, power,         authority or discretion and the Agent and the Security Agent may refrain from acting unless and         until it receives those instructions or that clarification.   (c)    Save in the case of decisions stipulated to be a matter for any other Lender or group of Lenders         under the relevant Finance Document and unless a contrary indication appears in a Finance         Document, any instructions given to the Agent by the Majority Lenders shall override any         conflicting instructions given by any other Parties and will be binding on all the Finance Parties         other than the Security Agent.   (d)    Each of the Agent and the Security Agent may refrain from acting in accordance with any         instructions of any Lender or group of Lenders until it has received any indemnification and/or         security that it may in its discretion require (which may be greater in extent than that contained in         the Finance Documents and which may include payment in advance) for any cost, loss or liability         (together with any associated VAT) which it may incur in complying with those instructions.   (e)    In the absence of instructions, the Agent may act (or refrain from acting) as it considers to be in         the best interest of the Lenders.   (f)    The Agent is not authorised to act on behalf of a Lender (without first obtaining that Lender's         consent) in any legal or arbitration proceedings relating to any Finance Document. This paragraph         (f) shall not apply to any legal or arbitration proceeding relating to the perfection, preservation or         protection of rights under the Transaction Security Documents or enforcement of the Transaction         Security or Transaction Security Documents.    A41108799                                      - 173 -               

 

32.8   Responsibility for documentation         None of the Agent, the Security Agent, the Arrangers, the Issuing Bank or any Ancillary Lender is         responsible or liable for:          (a)    the adequacy, accuracy and/or completeness of any information (whether oral or written)                supplied by the Agent, any Arranger, the Issuing Bank, an Ancillary Lender, an Obligor or                any other person given in or in connection with any Finance Document or the transactions                contemplated in the Finance Documents or any other agreement, arrangement or                document entered into, made or executed in anticipation of, under or in connection with                any Finance Document;          (b)    the legality, validity, effectiveness, adequacy or enforceability of any Finance Document                or the Transaction Security or any other agreement, arrangement or document entered                into, made or executed in anticipation of, under or in connection with any Finance                Document or the Transaction Security; or          (c)    any determination as to whether any information provided or to be provided to any Finance                Party is non-public information the use of which may be regulated or prohibited by                applicable law or regulation relating to insider dealing or otherwise.   32.9   No duty to monitor         Neither the Agent or the Security Agent shall be bound to enquire:                       (a)    whether or not any Default (or default, event of default, or termination event, howsoever                described) has occurred;          (b)    as to the performance, default or any breach by any Party of its obligations under any                Finance Document; or          (c)    whether any other event specified in any Finance Document has occurred.                32.10  Exclusion of liability  (a)    Without limiting paragraph (b) below (and without prejudice to any other provision of any Finance         Document excluding or limiting the liability of the Agent, the Security Agent, the Issuing Bank or         any Ancillary Lender), none of the Agent, the Security Agent, the Issuing Bank, nor any Ancillary         Lender will be liable for:          (i)    any damages, costs or losses to any person, any diminution in value, or any liability                whatsoever arising as a result of taking or not taking any action under or in connection                with any Finance Document or the Transaction Security, unless directly caused by its                gross negligence or wilful misconduct;          (ii)   any damages, costs or losses to any person, any diminution in value, or any liability                whatsoever arising in relation to any Additional Facility Notice or Additional Facility                Document and/or failure by any person to comply with any applicable law or regulation,                unless directly caused by its gross negligence or wilful misconduct;          (iii)  exercising, or not exercising, any right, power, authority or discretion given to it by, or in                connection with, any Finance Document, the Transaction Security or any other agreement,                arrangement or document entered into, made or executed in anticipation of,    A41108799                                      - 174 -               

 

              under or in connection with, any Finance Document or the Transaction Security, unless                caused directly by its gross negligence or wilful misconduct; or          (iv)   without prejudice to the generality of paragraphs (i) to (iii) above, any damages, costs or                losses to any person, any diminution in value or any liability whatsoever arising as a result                of:                 (A)    any act, event or circumstance not reasonably within its control; or                              (B)    the general risks of investment in, or the holding of assets in, any jurisdiction,                              including (in each case and without limitation) such damages, costs, losses, diminution in                value or liability arising as a result of (i) nationalisation, expropriation or other                governmental actions, (ii) any regulation, currency restriction, devaluation or fluctuation,                (iii) market conditions affecting the execution or settlement of transactions or the value of                assets (including any Disruption Event), (iv) breakdown, failure or malfunction of any third                party transport, telecommunications, computer services or systems, (v) natural disasters                or acts of God, (vi) war, terrorism, insurrection or revolution or (vii) strikes or industrial                action.   (b)    No Party (other than the Agent, the Security Agent, the Issuing Bank or an Ancillary Lender (as         applicable)) may take any proceedings against any officer, employee or agent of the Agent, the         Issuing Bank or any Ancillary Lender in respect of any claim it might have against the Agent, the         Issuing Bank or an Ancillary Lender or in respect of any act or omission of any kind by that officer,         employee or agent in relation to any Finance Document or any Transaction Document and any         officer, employee or agent of the Agent, the Issuing Bank or any Ancillary Lender may rely on this         Clause 32 subject to Clause 1.11 (Third party rights) and the provisions of the Third Parties Act.   (c)    The Agent will not be liable for any delay (or any related consequences) in crediting an account         with an amount required under the Finance Documents to be paid by the Agent if the Agent has         taken all necessary steps as soon as reasonably practicable to comply with the regulations or         operating procedures of any recognised clearing or settlement system used by the Agent for that         purpose.   (d)    Nothing in this Agreement shall oblige the Agent or any Arranger to carry out any "know your         customer" or other checks in relation to any person or any check on the extent to which any         transaction contemplated by this Agreement might be unlawful for any Lender, on behalf of any         Lender and each Lender confirms to the Agent and each Arranger that it is solely responsible for         any such checks it is required to carry out and that it may not rely on any statement in relation to         such checks made by the Agent or any Arranger.   (e)    Without prejudice to any provision of any Finance Document excluding or limiting the Agent's or         the Security Agent's liability, any liability of the Agent or the Security Agent arising under or in         connection with any Finance Document or the Transaction Security shall be limited to the amount         of actual loss which has been finally judicially determined to have been suffered (as determined         by reference to the date of default of the Agent (or Security Agent, as applicable) or, if later, the         date on which the loss arises as a result of such default) but without reference to any special         conditions or circumstances known to the Agent (or Security Agent, as applicable) at any time         which increase the amount of that loss. In no event shall the Agent or the Security Agent be    A41108799                                      - 175 -               

 

       liable for any loss of profits, goodwill, reputation, business opportunity or anticipated saving, or for         special, punitive, indirect or consequential damages, whether or not the Agent or the Security         Agent has been advised of the possibility of such loss or damages.   32.11  Lenders' indemnity to the Agent and the Security Agent  (a)    Each Lender shall (in proportion to its share of the Total Commitments or, if the Total Commitments         are then zero, to its share of the Total Commitments immediately prior to their reduction to zero)         indemnify each of the Agent and the Security Agent, within three Business Days of demand,         against any cost, loss or liability incurred by the Agent or the Security Agent (otherwise than by         reason of the Agent's or the Security Agent's gross negligence or wilful misconduct) in acting as         Agent or as Security Agent under the Finance Documents (unless the Agent or the Security Agent         has been reimbursed by an Obligor pursuant to a Finance Document).   (b)    Upon the appointment of a successor, the retiring Security Agent shall be discharged from any         further obligation in respect of the Finance Documents, including in relation to any action taken or         not taken by the retiring Security Agent in connection with its retirement or resignation, but shall         remain entitled to the benefit of paragraph (a) above.   32.12  Resignation of the Agent  (a)    The Agent may (after consultation with Listco) resign and appoint one of its Affiliates acting through         an office in the United Kingdom as successor by giving notice to the Lenders and Listco.   (b)    Alternatively, the Agent may resign by giving notice to the Lenders and Listco, in which case the         Majority Lenders (after consultation with Listco) may appoint a successor Agent.   (c)    If the Majority Lenders have not appointed a successor Agent in accordance with paragraph (b)         above within 30 days of notice of resignation being given, the Agent (after consultation with Listco)         may appoint a successor Agent (acting through an office in the United Kingdom.   (d)    The retiring Agent shall, at its own cost, make available to the successor Agent such documents         and records and provide such assistance as the successor Agent may reasonably request for the         purposes of performing its functions as Agent under the Finance Documents.   (e)    The Agent's resignation notice shall only take effect upon the appointment of a successor.                (f)    Upon the appointment of a successor, the retiring Agent shall be discharged from any further         obligation in respect of the Finance Documents but shall remain entitled to the benefit of this         Clause 32.12. Its successor and each of the other Parties shall have the same rights and         obligations amongst themselves as they would have had if such successor had been an original         Party.   (g)    After consultation with Listco, the Majority Lenders may, by notice to the Agent, require it to resign         in accordance with paragraph (b) above. In this event, the Agent shall resign in accordance with         paragraph (b) above.   (h)    The Agent shall resign in accordance with paragraph (b) above (and, to the extent applicable, shall         use reasonable endeavours to appoint a successor Agent pursuant to paragraph (c) above) if on         or after the date which is three months before the earliest FATCA Application Date relating to any         payment to the Agent under the Finance Documents, either:    A41108799                                      - 176 -               

 

       (i)    the Agent fails to respond to a request under Clause 18.9 (FATCA Information) and Listco                or a Lender reasonably believes that the Agent will not be (or will have ceased to be) a                FATCA Exempt Party on or after that FATCA Application Date;          (ii)   the information supplied by the Agent pursuant to Clause 18.9 (FATCA       Information)                indicates that the Agent will not be (or will have ceased to be) a FATCA Exempt Party on                or after that FATCA Application Date; or          (iii)  the Agent notifies Listco and the Lenders that the Agent will not be (or will have ceased to                be) a FATCA Exempt Party on or after that FATCA Application Date;          and (in each case) Listco or a Lender reasonably believes that a Party will be required to make a         FATCA Deduction that would not be required if the Agent were a FATCA Exempt Party, Listco or         that Lender, by notice to the Agent, requires it to resign.   (i)    Any successor Agent and each of the other Parties shall have the same rights and obligations         amongst themselves as they would have had if such successor had been an original Party,         including the capacity to represent any Finance Party for the purposes of raising any Finance         Document to the status of Spanish Public Document.   32.13  Confidentiality  (a)    In acting as agent for the Finance Parties, the Agent shall be regarded as acting through its agency         division which shall be treated as a separate entity from any other of its divisions or departments.   (b)    If information is received by another division or department of the Agent, it may be treated as         confidential to that division or department and the Agent shall not be deemed to have notice of it.   (c)    Notwithstanding any other provision of any Finance Document to the contrary, neither of the Agent         or any Arranger are obliged to disclose to any other person (i) any confidential information or (ii)         any other information if the disclosure would or might in its reasonable opinion constitute a breach         of any law or a breach of a fiduciary duty.   32.14  Relationship with the Lenders  (a)    The Agent may treat each Lender as a Lender, entitled to payments under this Agreement and         acting through its Facility Office unless it has received not less than five Business Days' prior         notice from that Lender to the contrary in accordance with the terms of this Agreement.   (b)    Each Lender shall supply the Agent with any information that the Security Agent may reasonably         specify (through the Agent) as being necessary or desirable to enable the Security Agent to         perform its functions as Security Agent. Each Lender shall deal with the Security Agent exclusively         through the Agent and shall not deal directly with the Security Agent.   (c)    Any Lender may by notice to the Agent appoint a person to receive on its behalf all notices,         communications, information and documents to be made or despatched to that Lender under the         Finance Documents. Such notice shall contain the address, fax number and (where         communication by electronic mail or other electronic means is permitted under Clause 37.5         (Electronic communication)) electronic mail address and/or any other information required to         enable the sending and receipt of information by that means (and, in each case, the department         or officer, if any, for whose attention communication is to be made) and be treated as a notification         of a substitute address, fax number, electronic mail address, department and officer    A41108799                                      - 177 -               

 

       by that Lender for the purposes of Clause 37.2 (Addresses) and paragraph (a)(iii) of Clause 37.5         (Electronic communication) and the Agent shall be entitled to treat such person as the person         entitled to receive all such notices, communications, information and documents as though that         person were that Lender.   32.15  Credit appraisal by the Lenders, Issuing Bank and Ancillary Lenders         Without affecting the responsibility of any Obligor for information supplied by it or on its behalf in         connection with any Finance Document, each Lender, Issuing Bank and Ancillary Lender confirms         to the Agent, each Arranger, the Issuing Bank and each Ancillary Lender that it has been, and will         continue to be, solely responsible for making its own independent appraisal and investigation of         all risks arising under or in connection with any Finance Document, including, but not limited to:          (a)    the financial condition, status and nature of each member of the Group;                       (b)    the legality, validity, effectiveness, adequacy or enforceability of any Finance Document                and the Transaction Security and any other agreement, arrangement or document entered                into, made or executed in anticipation of, under or in connection with    any Finance                Document or the Transaction Security;          (c)    whether that Finance Party has recourse, and the nature and extent of that recourse,                against any Party or any of its respective assets under or in connection with any Finance                Document, the Transaction Security or the transactions contemplated by the Finance                Documents or any other agreement, arrangement or document entered into, made or                executed in anticipation of, under or in connection with any Finance Document;          (d)    the adequacy, accuracy and/or completeness of any information provided by the Agent,                any Party or any other person under or in connection with any Finance Document, the                transactions contemplated by the Finance Documents or any other agreement,                arrangement or document entered into, made or executed in anticipation of, under or in                connection with any Finance Document; and          (e)    the right or title of any person in or to, or the value or sufficiency of any part of the Charged                Property, the priority of any of the Transaction Security or the existence of any Security                affecting the Charged Property.   32.16  Reference Banks         The Agent may (in consultation with Listco) from time to time appoint any person who complies         with the definition of 'Reference Banks' to be a Reference Bank for the purposes of the Finance         Documents.   32.17  Deduction from amounts payable by the Agent         If any Party owes an amount to the Agent under the Finance Documents, the Agent may, after         giving notice to that Party, deduct an amount not exceeding that amount from any payment to that         Party which the Agent would otherwise be obliged to make under the Finance Documents and         apply the amount deducted in or towards satisfaction of the amount owed. For the purposes of the         Finance Documents, that Party shall be regarded as having received any amount so deducted.    A41108799                                      - 178 -               

 

32.18  Reliance and engagement letters         Each Finance Party confirms that each of the Arrangers and the Agent has authority to accept on         its behalf (and ratifies the acceptance on its behalf of any letters or reports already accepted by         the Arrangers or the Agent (as the case may be)), the terms of any reliance letter or engagement         letters relating to any reports or letters provided by accountants in connection with the Finance         Documents or the transactions contemplated in the Finance Documents (including any net asset         letter in connection with the financial assistance procedures) and to bind it in respect of those         reports or letters and to sign such letters on its behalf and further confirms that it agrees to be         bound by and accepts the terms and qualifications set out in such letters.   32.19  The Register         The Agent, acting for these purposes solely as an agent of the Borrowers, will maintain (and make         available upon reasonable prior notice at reasonable times for inspection by the Borrowers and,         in respect of its own Commitments and Loans, each Lender) a register for the recordation of, and         will record, the names and addresses of the Lenders and the respective amounts of the         Commitments and participations in Loans of each Lender from time to time (the "Register").         Absent manifest error, the entries in the Register shall be conclusive and binding for all purposes         and the Borrowers, the Agent and the Lenders shall treat each person whose name is recorded in         the Register as a Lender hereunder for all purposes of this Agreement.   33.    CONDUCT OF BUSINESS BY THE FINANCE PARTIES                       No provision of this Agreement will:                       (a)    interfere with the right of any Finance Party to arrange its affairs (tax or otherwise) in                whatever manner it thinks fit;          (b)    oblige any Finance Party to investigate or claim any credit, relief, remission or                 repayment available to it or the extent, order and manner of any claim; or          (c)    oblige any Finance Party to disclose any information relating to its affairs (tax or                otherwise) or any computations in respect of Tax.   34.    SHARING AMONG THE FINANCE PARTIES                34.1   Payments to Finance Parties         If a Finance Party (a "Recovering Finance Party") receives or recovers any amount from an         Obligor other than in accordance with Clause 35 (Payment mechanics) and applies that amount         to a payment due under the Finance Documents, then:          (a)    the Recovering Finance Party shall, within three Business Days, notify details of the                receipt or recovery to the Agent;          (b)    the Agent shall determine whether the receipt or recovery is in excess of the amount the                Recovering Finance Party would have been paid had the receipt or recovery been                received or made by the Agent and distributed in accordance with Clause 35 (Payment                mechanics), without taking account of any Tax which would be imposed on the Agent in                relation to the receipt, recovery or distribution; and          (c)    the Recovering Finance Party shall, within three Business Days of demand by the Agent,                pay to the Agent an amount (the "Sharing Payment") equal to such receipt or recovery    A41108799                                      - 179 -               

 

              less any amount which the Agent determines may be retained by the Recovering Finance                Party as its share of any payment to be made, in accordance with Clause 35.5 (Partial                payments).   34.2   Redistribution of payments         The Agent shall treat the Sharing Payment as if it had been paid by the relevant Obligor and         distribute it between the Finance Parties (other than the Recovering Finance Party) in accordance         with Clause 35.5 (Partial payments).   34.3   Recovering Finance Party's rights  (a)    On a distribution by the Agent under Clause 34.2 (Redistribution of payments), the Recovering         Finance Party will be subrogated to the rights of the Finance Parties which have shared in the         redistribution.   (b)    If and to the extent that the Recovering Finance Party is not able to rely on its rights under         paragraph (a) above, the Finance Parties which have shared in the redistribution will turn over any         proceeds received from the relevant Obligor on such rights promptly upon receipt of the same to         the Recovering Finance Party.   34.4   Reversal of redistribution         If any part of the Sharing Payment received or recovered by a Recovering Finance Party becomes         repayable and is repaid by that Recovering Finance Party, then:          (a)    each Finance Party which has received a share of the relevant Sharing Payment pursuant                to Clause 34.2 (Redistribution of payments) shall, upon request of the Agent, pay to the                Agent for account of that Recovering Finance Party an amount equal to the appropriate                part of its share of the Sharing Payment (together with an amount as is necessary to                reimburse that Recovering Finance Party for its proportion of any interest on the Sharing                Payment which that Recovering Finance Party is required to pay); and          (b)    that Recovering Finance Party's rights of subrogation in respect of any reimbursement                shall be cancelled and the relevant Obligor will be liable to the reimbursing Finance Party                for the amount so reimbursed.   34.5   Exceptions  (a)    This Clause 34 shall not apply to the extent that the Recovering Finance Party would not, after         making any payment pursuant to this Clause 34, have a valid and enforceable claim against the         relevant Obligor.   (b)    A Recovering Finance Party is not obliged to share with any other Finance Party any amount         which the Recovering Finance Party has received or recovered as     a result of taking legal or         arbitration proceedings, if:          (i)    it notified the other Finance Party of the legal or arbitration proceedings; and                       (ii)   the other Finance Party had an opportunity to participate in those legal or arbitration                proceedings but did not do so as soon as reasonably practicable having received notice                and did not take separate legal or arbitration proceedings.   (c)    Without prejudice to paragraph (b) above, this Clause 34 shall apply to the extent that     a         Recovering Finance Party shall have received an amount in excess of the amount it would have    A41108799                                      - 180 -               

 

       received in accordance with Clause 30 (Payment mechanics) pursuant to article 91.7 of Spanish         Insolvency Law, unless the Recovering Finance Party prior to commencement of insolvency         proceedings against an Obligor has requested the Agent to start such proceedings jointly on behalf         of the Lenders and such request has not been approved by the Majority Lenders within five         Business Days of such request.   (d)    This Clause 34 shall not apply to the extent that, in the event of insolvency of any Obligor, a Lender         is declared to be a specially related person under article 93 of the Spanish Insolvency Law (the         "Related Lender") and, as a result thereof, the credit rights of that Lender against any of the         Obligors under this Agreement are considered subordinated claims for the purposes of the         insolvency proceedings. In such event all payments received by the Lenders shall be distributed         in full amongst all Lenders, excluding any Related Lender, in proportion to their respective         participation in the relevant Facilities.   34.6   Ancillary Lenders  (a)    This Clause 34 shall not apply to any receipt or recovery by a Lender in its capacity as an Ancillary         Lender at any time prior to service of notice under paragraph (a) or (b) of Clause 28.16         (Acceleration).   (b)    Following service of notice under paragraph (a) or (b) of Clause 28.16 (Acceleration), this  Clause         34 shall apply to all receipts or recoveries by Ancillary Lenders except to the extent that the receipt         or recovery represents a reduction from the Designated Gross Amount for an Ancillary Facility to         its Designated Net Amount.    A41108799                                      - 181 -               

 

                                            SECTION 11                                           ADMINISTRATION   35.    PAYMENT MECHANICS                35.1   Payments to the Agent  (a)    On each date on which an Obligor or a Lender is required to make a payment under a Finance         Document, excluding a payment under the terms of an Ancillary Document, that Obligor or Lender         shall make the same available to the Agent (unless a contrary indication appears in a Finance         Document) for value on the due date at the time and in such funds specified by the Agent as being         customary at the time for settlement of transactions in the relevant currency in the place of         payment.   (b)    Payment shall be made to such account in the principal financial centre of the country of that         currency (or, in relation to euro, in a principal financial centre in a Participating Member State or         London) with such bank as the Agent specifies.   35.2   Distributions by the Agent         Each payment received by the Agent under the Finance Documents for another Party shall,         subject to Clause 35.3 (Distributions to an Obligor) and Clause 35.4 (Clawback), be made         available by the Agent as soon as practicable after receipt to the Party entitled to receive payment         in accordance with this Agreement (in the case of a Lender, for the account of its Facility Office),         to such account as that Party may notify to the Agent by not less than five Business Days' notice         with a bank in the principal financial centre of the country of that currency (or, in relation to euro,         in the principal financial centre of a Participating Member State or London).   35.3   Distributions to an Obligor         The Agent may (with the consent of the Obligor or in accordance with Clause 36 (Set-off)) apply         any amount received by it for that Obligor in or towards payment (on the date and in the currency         and funds of receipt) of any amount due from that Obligor under the Finance Documents or in or         towards purchase of any amount of any currency to be so applied.   35.4   Clawback  (a)    Where a sum is to be paid to the Agent under the Finance Documents for another Party, the Agent         is not obliged to pay that sum to that other Party (or to enter into or perform any related exchange         contract) until it has been able to establish to its satisfaction that it has actually received that sum.   (b)    If the Agent pays an amount to another Party and it proves to be the case that the Agent had not         actually received that amount, then the Party to whom that amount (or the proceeds of any related         exchange contract) was paid by the Agent shall on demand refund the same to the Agent together         with interest on that amount from the date of payment to the date of receipt by the Agent, calculated         by the Agent to reflect its cost of funds.   35.5   Partial payments  (a)    If the Agent receives a payment for application against amounts due in respect of any Finance         Documents that is insufficient to discharge all the amounts then due and payable by an Obligor    A41108799                                      - 182 -               

 

       under those Finance Documents, the Agent shall apply that payment towards the obligations of         that Obligor under the Finance Documents in the following order:          (i)    first, in or towards payment pro rata of any unpaid fees, costs and expenses of the Agent,                the Arrangers the Issuing Bank and the Security Agent under the Finance Documents;          (ii)   secondly, in or towards payment pro rata of any accrued interest, fee or commission due                but unpaid under the Finance Documents;          (iii)  thirdly, in or towards payment pro rata of any principal due but unpaid under those                Finance Documents and any amount due but unpaid under Clause 7.2 (Claims under a                Letter of Credit) and Clause 7.3 (Indemnities); and          (iv)   fourthly, in or towards payment pro rata of any other sum due but unpaid under the                Finance Documents.   (b)    The Agent shall, if so directed by  the  Majority  Lenders,  vary  the  order  set  out  in  paragraphs         (a)(ii) to (a)(iv) above.   (c)    Paragraphs (a) and (b) above will override any appropriation made by an Obligor.                35.6   No set-off by Obligors         All payments to be made by an Obligor under the Finance Documents shall be calculated and be         made without (and free and clear of any deduction for) set-off or counterclaim.   35.7   Business Days  (a)    Any payment which is due to be made on a day that is not a Business Day shall be made on the         next Business Day in the same calendar month (if there is one) or the preceding Business Day (if         there is not).   (b)    During any extension of the due date for payment of any principal or Unpaid Sum under this         Agreement, interest is payable on the principal or Unpaid Sum at the rate payable on the original         due date.   35.8   Currency of account  (a)    Subject to paragraphs (b) to (e) below, the Base Currency is the currency of account and payment         for any sum due from an Obligor under any Finance Document.   (b)    A repayment of a Utilisation or Unpaid Sum or a part of a Utilisation or Unpaid Sum shall be made         in the currency in which that Utilisation or Unpaid Sum is denominated on its due date.   (c)    Each payment of interest shall be made in the currency in which the sum in respect of which the         interest is payable was denominated when that interest accrued.   (d)    Each payment in respect of costs, expenses or Taxes shall be made in the currency in which the         costs, expenses or Taxes are incurred.   (e)    Any amount expressed to be payable in a currency other than the Base Currency shall be paid in         that other currency and (unless a contrary indication appears) any fee expressed to be payable in         respect of a Facility shall be made in the currency in which such Facility was denominated when         such fee accrued.    A41108799                                      - 183 -               

 

35.9   Change of currency  (a)    Unless otherwise prohibited by law, if more than one currency or currency unit are at the same         time recognised by the central bank of any country as the lawful currency of that country, then:          (i)    any reference in the Finance Documents to, and any obligations arising under the Finance                Documents in, the currency of that country shall be translated into, or paid in, the currency                or currency unit of that country designated by the Agent (after consultation with Listco);                and          (ii)   any translation from one currency or currency unit to another shall be at the official rate of                exchange recognised by the central bank for the conversion of that currency or currency                unit into the other, rounded up or down by the Agent (acting reasonably).   (b)    If a change in any currency of a country occurs, this Agreement will, to the extent the Agent (acting         reasonably and after consultation with Listco) specifies to be necessary, be amended to comply         with any generally accepted conventions and market practice  in the Relevant Interbank Market         and otherwise to reflect the change in currency.   35.10  Additional Facility administration         Notwithstanding anything to the contrary in any Finance Document (unless it would require an all         Lender consent), in relation to any Additional Facility, the Agent, Listco and the relevant Additional         Facility Lender shall be permitted to agree alternative arrangements regarding the administration         and operation of that Additional Facility (including, without limitation, in relation to the time, method         and place of payments and the delivery of notices and other communications in relation to that         Additional Facility).   36.    SET-OFF                (a)    If an Event of Default is continuing, a Finance Party may set off any matured obligation due from         an Obligor under the Finance Documents (to the extent beneficially owned by that Finance Party)         against any matured obligation owed by that Finance Party to that Obligor, regardless of the place         of payment, booking branch or currency of either obligation. If the obligations are in different         currencies, the Finance Party may convert either obligation at a market rate of exchange in its         usual course of business for the purpose of the set-off.   (b)    Any credit balances taken into account by an Ancillary Lender when operating a net limit in respect         of any overdraft under an Ancillary Facility shall on enforcement of the Finance Documents be         applied first in reduction of the overdraft provided under that Ancillary Facility in accordance with         its terms.   37.    NOTICES                37.1   Communications in writing         Any communication to be made under or in connection with the Finance Documents shall be made         in writing and, unless otherwise stated, may be made by fax or letter.   37.2   Addresses         The address and fax number (and the department or officer, if any, for whose attention the         communication is to be made) of each Party for any communication or document to be made or         delivered under or in connection with the Finance Documents is:    A41108799                                      - 184 -               

 

       (a)    in the case of any Obligor that communicated to the Agent in writing prior to the Closing                Date;          (b)    in the case of each Lender, the Issuing Bank, or each Ancillary Lender, that notified in                writing to the Agent on or prior to the date on which it becomes a Party; and          (c)    in the case of the Agent or the Security Agent:                 Address: One Cabot Square, London, E14 4QJ                 Email: london.loansagency@credit-suisse.com                 Fax No: +44 20 7888 8398                 Attention: Agency Desk,                       or any substitute address, fax number or department or officer as the Party may notify to the Agent         (or the Agent may notify to the other Parties, if a change is made by the Agent) by not less than         five Business Days' notice.   37.3   Delivery  (a)    Any communication or document made or delivered by one person to another under or in         connection with the Finance Documents will only be effective:          (i)    if by way of fax, when received in legible form; or                       (ii)   if by way of letter, when it has been left at the relevant address or five Business Days after                being deposited in the post postage prepaid in an envelope addressed to it at that address,          and, if a particular department or officer is specified as part of its address details provided under         Clause 37.2 (Addresses), if addressed to that department or officer.   (b)    Any communication or document to be made or delivered to the Agent or the Security Agent will         be effective only when actually received by the Agent or Security Agent and then only if it is         expressly marked for the attention of the department or officer identified with the Agent's or         Security Agent's signature below (or any substitute department or officer as the Agent or Security         Agent shall specify for this purpose).   (c)    All notices from or to an Obligor shall be sent through the Agent.                (d)    Any communication or document made or  delivered  to  Listco  in  accordance  with  this  Clause         37.3 will be deemed to have been made or delivered to each of the Obligors.   37.4   Notification of address and fax number         Promptly upon receipt of notification of an address or fax number or change of address or fax         number pursuant to Clause 37.2 (Addresses) or changing its own address or fax number, the         Agent shall notify the other Parties.   37.5   Electronic communication  (a)    Any communication to be made between the Agent or the Security Agent and a Lender under or         in connection with the Finance Documents may be made by electronic mail or other electronic         means if the Agent, the Security Agent and the relevant Lender:    A41108799                                      - 185 -               

 

       (i)    agree that, unless and until notified to the contrary, this is to be an accepted form of                communication;          (ii)   notify each other in writing of their electronic mail address and/or any other information                required to enable the sending and receipt of information by that means; and          (iii)  notify each other of any change to their address or any other such information supplied                by them.   (b)    Any electronic communication made between the Agent and a Lender or the Security Agent will         be effective only when actually received in readable form and in the case of any electronic         communication made by a Lender to the Agent or the Security Agent only if it is addressed in such         a manner as the Agent or Security Agent shall specify for this purpose.   37.6   Use of websites  (a)    Listco may satisfy its obligation under this Agreement to deliver any information in relation to those         Lenders (the "Website Lenders") who accept this method of communication by posting this         information onto a website designated by Listco and the Agent (the "Designated Website") if:          (i)    the Agent expressly agrees (after consultation with each of the Lenders) that it will                accept communication of the information by this method;          (ii)   both Listco and the Agent are aware of the address of and any relevant password                specifications for the Designated Website; and          (iii)  the information is in a format previously agreed between Listco and the Agent.                       If any Lender (a "Paper Form Lender") does not agree to the delivery of information electronically,         then the Agent shall notify Listco accordingly and Listco shall, at its own cost, supply the         information to the Agent (in sufficient copies for each Paper Form Lender) in paper form. In any         event, Listco shall, at its own cost, supply the Agent with at least one copy in paper form of any         information required to be provided by it.   (b)    The Agent shall supply each Website Lender with the address of and any relevant password         specifications for the Designated Website following designation of that website by Listco and the         Agent.   (c)    Listco shall, promptly upon becoming aware of its occurrence, notify the Agent if:                       (i)    the Designated Website cannot be accessed due to technical failure;                       (ii)   the password specifications for the Designated Website change;                       (iii)  any new information which is required to be provided under this Agreement is posted on                the Designated Website;          (iv)   any existing information which has been provided under this Agreement and posted on                the Designated Website is amended; or          (v)    Listco becomes aware that the Designated Website or any information posted on the                Designated Website is or has been infected by any electronic virus or similar software.          If Listco notifies the Agent under paragraph (i) or (v) above, all information to be provided by         Listco under this Agreement after the date of that notice shall be supplied in paper form unless    A41108799                                      - 186 -               

 

       and until the Agent and each Website Lender is satisfied that the circumstances giving rise to the         notification are no longer continuing.   (d)    Any Website Lender may request, through the Agent, one paper copy of any information required         to be provided under this Agreement which is posted on the Designated Website. Listco shall, at         its own cost, comply with any such request within 10 Business Days.   (e)    Listco acknowledges that the Agent will make available to Website Lenders material and/or         information provided by or on behalf of Listco (or, as the case may be, any other member of the         Group) (collectively, "Group Information") by posting that Group Information on the Designated         Website and that certain of those Website Lenders (each such Website Lender, a "Public         Lender") may have personnel who do not wish to receive material non-public information (within         the meaning of applicable securities laws or, as the case may be, other applicable laws and/or         regulations) with respect to the Group or any debt, equity or other securities of any member of the         Group, and who may be engaged in investment and other market-related activities with respect to         any such securities.   (f)    Listco agrees that it will (and Listco will ensure that each other member of the Group shall) use         commercially reasonable efforts to identity that portion of any Group Information that may be         distributed to Public Lenders and that:          (i)    all such Group Information shall be clearly marked on its face as either being "Public Side                Information" or (as applicable) "Private Side Information";          (ii)   that by marking any Group Information as "Public Side Information", Listco (or, as the case                may be, any other member of the Group) shall be deemed to have authorised the Finance                Parties to treat such Group Information as not containing any material non-      public                information with respect the Group or any debt, equity or other securities of any member                of the Group for purposes of applicable securities laws or, as the case may be, other                applicable laws and/or regulations;          (iii)  all Group Information marked "Public Side Information" is permitted to be made available                through a section or other area of the Designated Website which is designated "Public                Side Information";          (iv)   all Group Information marked "Private Side Information" is permitted to be made available                through a section or other area of the Designated Website which is designated "Private                Side Information"; and          (v)    the Group Information that is not marked "Public Side Information" shall be deemed to                contain material non-public information (for purposes of applicable securities laws or, as                the case may be, other applicable laws and/or regulations) and shall not be suitable for                posting on the section or other area of the Designated Website designated "Public Side                Information".   37.7   English language  (a)    Any notice given under or in connection with any Finance Document must be in English.                (b)    All other documents provided under or in connection with any Finance Document must be:                       (i)    in English; or    A41108799                                      - 187 -               

 

       (ii)   if not in English, and if so required by the Agent, accompanied by a certified English                translation and, in this case, the English translation will prevail unless the document is a                constitutional, statutory or other official document.   37.8   Communications to be made outside Austria         Notwithstanding any other provision of the Finance Documents, any communication to be made         under or in connection with the Finance Documents shall be made to the address outside the         Republic of Austria. The foregoing sentence applies mutatis mutandis to any communication made         by fax, electronic message or in other written form.   37.9   USA Patriot Act         Each Lender that is subject to the requirements of the USA Patriot Act hereby notifies each Obligor         that, pursuant to the requirements of the USA Patriot Act, such Lender is required to obtain, verify         and record information that identifies such Obligor, which information includes the name and         address of such Obligor and other information that will allow such Lender to identify such Obligor         in accordance with the USA Patriot Act.   38.    CALCULATIONS AND CERTIFICATES                38.1   Accounts         In any litigation or arbitration proceedings arising out of or in connection with a Finance Document,         the entries made in the accounts maintained by a Finance Party are prima facie evidence of the         matters to which they relate.   38.2   Certificates and determinations         Any certification or determination by a Finance Party of a rate or amount under any Finance         Document is, in the absence of manifest error, conclusive evidence of the matters to which it         relates.   38.3   Day count convention         Any interest, commission or fee accruing under a Finance Document will accrue from day to day         and is calculated on the basis of the actual number of days elapsed and a year of 360 days or, in         any case where the practice in the Relevant Interbank Market differs, in accordance with that         market practice.   39.    PARTIAL INVALIDITY                       If, at any time, any provision of the Finance Documents is or becomes illegal, invalid or         unenforceable in any respect under any law of any jurisdiction, neither the legality, validity or         enforceability of the remaining provisions nor the legality, validity or enforceability of such provision         under the law of any other jurisdiction will in any way be affected or impaired.   40.    REMEDIES AND WAIVERS                       No failure to exercise, nor any delay in exercising, on the part of any Finance Party, any right or         remedy under the Finance Documents shall operate as a waiver, nor shall any single or partial         exercise of any right or remedy prevent any further or other exercise or the exercise of any other         right or remedy. The rights and remedies provided in this Agreement are cumulative and not         exclusive of any rights or remedies provided by law.    A41108799                                      - 188 -               

 

41.    AMENDMENTS AND WAIVERS                41.1   Required consents  (a)    Subject to Clause 41.2 (Exceptions), any term of the Finance Documents may be amended or         waived only with the consent of the Majority Lenders and Listco and any such amendment or         waiver will be binding on all Parties.   (b)    The Agent may effect, on behalf of any Finance Party, any amendment or waiver permitted by this         Clause 41.   (c)    Each Obligor agrees to any such amendment or waiver permitted by this Clause 41 which is         agreed to by Listco, which includes any amendment or waiver which would, but for this paragraph         (c), require the consent of all of the Obligors.   41.2   Exceptions  (a)    An amendment or waiver that has the effect of changing or which relates to:                       (i)    the definition of 'Majority Lenders' or 'Super Majority Lenders' in Clause 1.1 (Definitions);                       (ii)   the definitions of 'Instructing Group' or 'Majority Senior Secured Creditors' in the                Intercreditor Agreement;          (iii)  any provision which expressly requires the consent of all the Lenders;                       (iv)   Clause 2.2 (Finance Parties' rights and obligations), Clause 29 (Changes to the Lenders),                Clause 34 (Sharing among the Finance Parties) (other than changes consequential on or                required to implement a Structural Adjustment or an Additional Facility) or this Clause 41                (including the definition of 'Structural Adjustment');          (v)    any amendment to the order of priority of subordination under the Intercreditor Agreement                or the manner in which the proceeds of enforcement of the Transaction Security are                distributed (other than changes consequential on or required to implement a Structural                Adjustment or an Additional Facility); or          (vi)   clauses 2 (Ranking and Priority), 10 (Effect of Insolvency Event), 11 (Turnover of receipts),                12 (Redistribution), 13 (Enforcement of Transaction     Security), 15 (Application of                proceeds), 15.10 (Equalisation), 26 (Consents, amendments and override) and 30                (Governing law) of the Intercreditor Agreement (other than changes consequential on or                required to implement a Structural Adjustment or an Additional Facility),          shall not be made without the prior consent of all the Lenders.                (b)    An amendment or waiver that has the effect of changing or which relates to:                       (i)    Clause 26.2 (Financial condition) or any other term or provision of or definition contained                in Clause 26 (Financial covenant) but (in each case) solely insofar as that amendment or                waiver relates to the calculation, determination, testing, removal and/or remedy of the                financial covenant in Clause 26.2 (Financial condition) for the purposes of a Default under                paragraph (b) of that definition or an Event of Default under paragraph (b) of that definition                (and not for any other purpose, including, without limitation, for the purposes of calculating                Debt Cover as used in any basket or threshold or incurrence test (in each case) to                determine whether any particular transaction is permitted or is not permitted);    A41108799                                      - 189 -               

 

       (ii)   a waiver of any Financial Covenant Event of Default or any Default that arises as a result                of any Financial Covenant Event of Default;          (iii)  paragraph (b) of Clause 28.16 (Acceleration); and                       (iv)   the definition of 'Financial Covenant Event of Default' or 'Majority RCF Lenders',                       shall require the consent of the Majority RCF Lenders (and no consent of any other Finance Party         shall be required).   (c)    An amendment or waiver that has the effect of releasing any Transaction Security (unless (i)         permitted under this Agreement or any other Finance Document, (ii) relating to a sale or disposal         of an asset which is the subject of the Transaction Security where such sale or disposal is         expressly permitted under this Agreement or any other Finance Document or (iii) made at any time         at which the conditions referred to in Clause 27.35 (Covenant suspension/relaxation) are not         satisfied (and not, for the avoidance of any doubt, otherwise) and the Guarantor Coverage set out         in Clause 27.29 (Guarantors) is maintained (taking into account, for this purpose, the effect of that         release)) shall not be made without the prior consent of the Super Majority Lenders.   (d)    Any term of the Finance Documents may be amended by the Agent and the Obligors' Agent         (without the consent of any other Party) in order to correct any manifest error, resolve ambiguities         or reflect changes of a minor, technical or administrative nature.   (e)    Any amendment or waiver which relates to the rights or obligations applicable to a particular         Utilisation, Loan, Facility or class of Lenders, and which does not materially and adversely affect         the rights or interests of Lenders in respect of other Utilisations, Loans, Facilities or another class         of Lender, may be made with only the consent of the Majority Lenders (or the relevant Lenders or         Super Majority Lenders, as the case may be) as if references in this Clause 41.2 to "Lenders"         (including as used in the definitions of "Majority Lenders" and "Super Majority Lenders", as the         case may be) were only to Lenders participating in that Utilisation, Loan, Facility or forming part         of that affected class.   (f)    An amendment or waiver which relates to the rights or obligations of the Agent, any Arranger, the         Issuing Bank, the Security Agent or any Ancillary Lender may not be effected without the consent         of the Agent, that Arranger, the Issuing Bank, the Security Agent or that Ancillary Lender.   (g)    Any waiver of a right of prepayment under Clause 12.2 (Disposal, insurance and Excess Cashflow)         shall require only the consent of the Majority Lenders.   (h)    Subject to the provisions of the Intercreditor Agreement, a Structural Adjustment may be approved         only with the consent of:          (i)    in the case of a Structural Adjustment under paragraphs (ii), (iii) (iv), (v) and (as applicable)                (vi) of the definition of Structural Adjustment, each Lender that is participating in that                extension, redenomination, reduction or change; or          (ii)   in the case of any Structural Adjustment under paragraph (i) and (as applicable) (vi) of the                definition of Structural Adjustment, the Majority Lenders and each Lender that is assuming                a Commitment or an increased Commitment in the relevant Loan or Facility or participating                in the additional loan, commitment, tranche or facility (as the case may be),    A41108799                                      - 190 -               

 

       provided that (notwithstanding any term of any Finance Document to the contrary) no Majority         Lender consent (nor the consent of any other Lender, other than each Lender referred to in         paragraph (i) above) shall be required to introduce an additional tranche or facility into this         Agreement (or any other Finance Document, as applicable) in order implement or to give effect to         any Structural Adjustment under paragraph (ii), (iii), (iv) (v) or (as applicable) (vi) of the definition         of Structural Adjustment.   (i)    For the purposes of this Clause 41, "Structural Adjustment" means an amendment, waiver or         variation of the terms of some or all of the Finance Documents that results from or is intended to         result from or constitutes:          (i)    an increase in or addition of any Commitment, the introduction of an additional loan,                commitment, tranche or facility into the Finance Documents, which does not rank senior                to the Facilities;          (ii)   any extension of the availability of any Commitment, any redenomination of any                Commitment into another currency or extension of any Availability Period;          (iii)  an extension to the date of payment or maturity of any principal, interest, fees, commission                or other amount payable under the Finance Documents;          (iv)   a reduction in the Margin or a reduction in any payment of principal, interest, fees,                commission or other amount payable;          (v)    a change in currency of payment of any principal, interest, fees, commission or other                amount payable under the Finance Documents; and          (vi)   any amendment to the Finance Documents (including changes to, the taking of or the                release coupled with the immediate retaking of Security) consequential on or required to                implement anything described in paragraphs (i) to (v) above.   (j)    If a Lender does not accept or reject an amendment or waiver request within 10 Business Days         (unless Listco and the Agent agree to a longer time period in relation to any request) of it being         made, it and/or (as applicable) its Commitments and/or participations shall not be included for the         purpose of any unanimous Lender amendment or waiver request, any request in respect of a         Structural Adjustment or for the purpose of calculating the Total Commitments or participations         under the relevant Facility when ascertaining whether any such request is accepted or reject by a         particular Lender or whether a certain percentage of Total Commitments and/or participations has         been obtained to approve or refuse any such amendment or waiver.   (k)    An amendment or waiver which relates to paragraphs (c) of Clause 24.21 (Anti-Corruption Laws,         Anti-Money Laundering and Sanctions) or paragraph (d) of Clause 27.36 (Anti-Corruption Laws,         Anti-Money Laundering Laws and Sanctions) may not be effected without the consent of each         Relevant Party.   42.    CONFIDENTIALITY                42.1   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 42.2 (Disclosure of information), Clause 42.3         (Disclosure to numbering service providers) and Clause 42.4 (Disclosure to    A41108799                                      - 191 -               

 

       administration/settlement services providers) and to ensure that all Confidential Information is         protected with security measure and a degree of care that it would apply to its own confidential         information.   42.2   Disclosure of information  (a)    Any Finance Party may disclose to (x) any of its Affiliates and Related Funds and any of its or their         officers, directors, employees, professional advisers, auditors, partners and Representatives such         Confidential Information as that Finance Party shall consider appropriate if any person to whom         the Confidential Information is to be given pursuant to this paragraph (a)(x) is informed in writing         of its confidential nature and that some or all of such Confidential Information may be price-        sensitive information except that there shall be no such requirement to so inform if the recipient is         subject to professional obligations to maintain the confidentiality of the information or is otherwise         bound by requirements of confidentiality in relation to the Confidential Information and (y) any         other person:          (i)    to (or through) whom it assigns or transfers (or may potentially assign or transfer) all or                any of its rights and obligations under one or more Finance Documents and to any of that                person's Affiliates, Related Funds, Representatives and professional advisers;          (ii)   with (or through) whom that Finance Party enters into (or may potentially enter into)                whether directly or indirectly, any sub-participation in relation to, or any other transaction                under which payments are to be made by reference to, one or more Finance Documents                and/or one or more Obligors and to any of that person's Affiliates, Related Funds,                Representatives and professional advisers;          (iii)  to whom information is required or requested to be disclosed by any court of competent                jurisdiction or any governmental, banking, taxation or other regulatory authority or similar                body, the rules of any relevant stock exchange or pursuant to any applicable    law or                regulation; or          (iv)   required in connection with, and for the purposes of, any litigation, arbitration,                administrative or other investigations, proceedings or disputes;          (v)    to whom or for whose benefit that Finance Party charges, assigns or otherwise creates                Security (or may do so) pursuant to Clause 29.8 (Security Interests over Lenders' rights);                or          (vi)   who is a Party,                       such Confidential Information as that Lender or other Finance Party shall consider appropriate if:                       (A)    in relation to paragraphs (a)(i) and (a)(ii) above, the person to whom the information is to                be given has entered into a Confidentiality Undertaking; or          (B)    in relation to paragraph (a)(v) above, the person to whom the information is to be given is                informed of its confidential nature and that some or all of such information may be price-               sensitive information.   (b)    Any Finance Party may disclose to a rating agency or its professional advisers, or (with the consent         of Listco) any other person (excluding, for the avoidance of doubt, any person listed or, as the         case may be, described in paragraph (a) above), such information about any Obligor or    A41108799                                      - 192 -               

 

       the Group which it has received from the Obligors under this Agreement and the Finance         Documents as that Finance Party shall consider appropriate if that rating agency or such person         is informed of its confidential nature and that some or all of such information may be price-         sensitive information.   (c)    Any Confidentiality Undertaking signed by a Finance Party pursuant to this Clause 42.2 shall         supersede any prior confidentiality undertaking signed by such Finance Party for the benefit of         any member of the Group. A copy of each Confidentiality Undertaking (and any amendment         thereto) shall be provided to Listco by the respective Lender within 10 Business Days of Listco's         written request.   42.3   Disclosure to numbering service providers  (a)    Notwithstanding any other term of any Finance Document or any other agreement between the         Parties to the contrary (whether express or implied), any Finance Party may disclose to any         national or international numbering service provider appointed by that Finance Party to provide         identification numbering services in respect of this Agreement, the Facilities and/or one or more         Obligors the following information:          (i)    names of Obligors;                       (ii)   country of domicile of Obligors;                       (iii)  place of incorporation of Obligors;                       (iv)   date of this Agreement;                       (v)    the names of the Agent and the Arrangers;                       (vi)   date of each amendment and restatement of this Agreement;                       (vii)  amount of Total Commitments;                       (viii) currencies of the Facilities;                       (ix)   type of Facilities;                       (x)    ranking of Facilities;                       (xi)   Termination Date for Facilities;                       (xii)  changes to any of the information previously supplied pursuant to paragraphs (i) to (xi)                above; and          (xiii) such other information agreed between such Finance Party and Listco,                       to enable such numbering service provider to provide its usual syndicated loan numbering         identification services.   (b)    The Parties acknowledge and agree that each identification number assigned to this Agreement,         the Facilities and/or one or more Obligors by a numbering service provider and the information         associated with each such number may be disclosed to users of its services in accordance with         the standard terms and conditions of that numbering service provider.   (c)    Each Obligor represents that none of the information set out in paragraphs (i) to (xiii) of paragraph         (a) above is, nor will at any time be, unpublished price-sensitive information.   (d)    The Agent shall notify Listco and the other Finance Parties of:    A41108799                                      - 193 -               

 

       (i)    the name of any numbering service provider appointed by the Agent in respect of this                Agreement, the Facilities and/or one or more Obligors; and          (ii)   the number or, as the case may be, numbers assigned to this Agreement, the Facilities                and/or one or more Obligors by such numbering service provider.   42.4   Disclosure to administration/settlement service providers         Notwithstanding any other term of any Finance Document or any other agreement between the         Parties to the contrary (whether express or implied), any Finance Party may disclose to any person         appointed by:          (i)    that Finance Party;                       (ii)   a person to (or through) whom that Finance Party assigns or transfers (or may  potentially                assign or transfer) all or any of its rights and/or obligations under this Agreement; and/or          (iii)  a person with (or through) whom that Finance Party enters into (or may potentially enter                into) any sub-participation in relation to, or any other transaction under which payments                are to be made by reference to, this Agreement or any Obligor,          to provide administration or settlement services in respect of one or more of the    Finance         Documents including without limitation, in relation to the trading of participations in respect of the         Finance Documents, such Confidential Information as may be required to be disclosed to enable         such service provider to provide any of the services referred to in this Clause 42.4 if the service         provider to whom the Confidential Information is to be given has entered into a confidentiality         agreement substantially in the form of the LMA Master Confidentiality Undertaking for use with         Administration/Settlement Service Providers or such other form of confidentiality undertaking         agreed between Listco and the relevant Finance Party.   42.5   Consent pursuant to Austrian Banking Act         For the avoidance of doubt, each Austrian Obligor herewith explicitly consents within the meaning         of section 38 para 1 no 5 of the Austrian Banking Act (Bankwesengesetz – BWG) to a disclosure         of Confidential Information pursuant to, and in accordance with the limitations of, this Clause 42         and explicitly waives any banking secrecy obligations the Finance Parties may have under section         38 of the Austrian Banking Act in this respect.   43.    COUNTERPARTS                       Each Finance Document may be executed in any number of counterparts, and this has the same         effect as if the signatures on the counterparts were on a single copy of the Finance Document.    A41108799                                      - 194 -               

 

                                            SECTION 12                               GOVERNING LAW AND ENFORCEMENT                44.    GOVERNING LAW                       This Agreement and any non-contractual obligations arising out of or in connection with it are         governed by English law.   45.    ENFORCEMENT                45.1   Jurisdiction of English courts  (a)    The courts of England have exclusive jurisdiction to settle any dispute arising out of or in         connection with this Agreement (including a dispute regarding the existence, validity or termination         of this Agreement or any non-contractual obligation arising out of or in connection with this         Agreement) (a "Dispute").   (b)    The Parties agree that the courts of England are the most appropriate and convenient courts to         settle Disputes and accordingly no Party will argue to the contrary.   (c)    This Clause 45.1 is for the benefit of the Finance Parties and Secured Parties only. As a result, no         Finance Party shall be prevented from taking proceedings relating to a Dispute in any other courts         with jurisdiction. To the extent allowed by law, the Finance Parties and Secured Parties may take         concurrent proceedings in any number of jurisdictions.   45.2   Service of process  (a)    Without prejudice to any other mode of service allowed under any relevant law, each Obligor (other         than an Obligor incorporated in England and Wales):          (i)    irrevocably appoints Midco as its agent for service of process in relation to any                proceedings before the English courts in connection with any Finance Document and                Listco, by its execution of this Agreement, accepts that appointment; and          (ii)   agrees that failure by an agent for service of process to notify the relevant Obligor of the                process will not invalidate the proceedings concerned.   (b)    If any person appointed as an agent for service of process is unable for any reason to act as agent         for service of process, Listco (on behalf of all the Obligors) must immediately (and in any event         within 60 days of such event taking place) appoint another agent on terms acceptable to the Agent.         Failing this, the Agent may appoint another agent for this purpose.   (c)    Each Obligor not incorporated in England and Wales expressly consents to the provisions of this         Clause 45 and Clause 44 (Governing law).   45.3   Place of performance         The Parties agree that the exclusive place of performance (Erfüllungsort) for all rights and         obligations under any Finance Document shall be at the seat of the Agent in London, or any other         place reasonably designated by the Agent but in any case a place outside the Republic of Austria,         which especially means that the payment of amounts under any Facility shall be made to a bank         account respectively, and from a bank account outside of the Republic of Austria. Any         communication to be made under or in connection with this Agreement or any other Finance         Document shall be made to an address outside of the Republic of Austria. It is expressly agreed    A41108799                                      - 195 -               

 

       between the Parties hereto that any such performance within the Republic of Austria will not         establish Austria as the place of performance and shall be deemed not effective with respect to         any Party hereto.   45.4   Executive proceedings  (a)    Upon enforcement, the sum payable by a Spanish Obligor shall be the aggregate amount of the balance         of the accounts maintained by the Agent (or the relevant Lender, as the case may be) pursuant to         Clause 38.1 (Accounts). For the purposes of Articles 571 et seq. of the Spanish Civil Procedural Law,         the Parties agree that such balances shall be considered as due, liquid and payable and may be         claimed pursuant to that law.   (b)    For the purposes of the provisions of Art. 571 et seq. of the Spanish Civil Procedural Law, the Parties         agree that the amount of the debt to be claimed through executive proceedings shall be determined by         the Agent (or a Lender, as the case may be) in a certificate evidencing the balances shown in the         relevant account(s) referred to in paragraph (a) of this Clause 45.4. For the Agent or a Lender to         exercise executive action it must present:          (i)    an original notarial first or authentic copy with enforcement attributes (efectos ejecutivos) of                this Agreement;          (ii)   a notarial certificate, if required, for the purposes described in paragraph (c) of this Clause                45.4;          (iii)  the notarial document ("acta notarial") which:                              (A)    incorporates the certificate of amounts due by the Spanish Obligor issued by the Agent                       (or the relevant Lender, as the case may be);                 (B)    sets out an excerpt of the credits and debits, including the interest applied, which                       appears in the relevant account(s) referred to in paragraph (a) of this Clause 45.4; and                 (C)    evidences that the amounts due and payable by the Spanish Obligor have been                       calculated in accordance with this Agreement and that such amounts match the                       balance of the accounts, and          (iv)   a notarial document ("acta notarial") evidencing that the Spanish Obligor has been served                notice for the amount that is due and payable.   (c)    Paragraph (b) of this Clause 45.4 is also applicable to any Lender with regard to its Commitments or         participations in Utilisations. Such Lender may issue the appropriate certification of the balances of the         relevant account(s) referred to in paragraph (a) of this Clause 45.4 and the certification of the balances         of such accounts may be legalised by a notary.   (d)    The amount of the balances determined in accordance with this Clause 45.4 shall be notified to the         relevant Spanish Obligor in an attestable manner at least three days in advance of exercising any         executive action.   (e)    Each Spanish Obligor hereby authorises the Agent (and each Lender, as appropriate) to request and         obtain certificates and documents issued by the notary which has formalised this Agreement in order         to evidence the entries in the notary's registry-book and the relevant entry date for the purpose of    A41108799                                      - 196 -               

 

       number 4 of Article 517, of the Spanish Civil Procedural Law. The cost of such certificate and         documents will be for the account of the relevant Spanish Obligor.   (f)    This Agreement shall be raised to the status of a Spanish Public Document by the Spanish Obligors         for the purposes contemplated in Article 517 et seq. of the Spanish Civil Procedural Law and other         related provisions.   45.5   Waiver of Jury Trial         EACH   PARTY HERETO HEREBY WAIVES ANY RIGHT IT MAY HAVE TO A JURY TRIAL IN         RESPECT OF ANY LITIGATION IN ANY UNITED STATES                FEDERAL OR STATE        COURT         DIRECTLY OR INDIRECTLY ARISING OUT OF,            UNDER OR IN CONNECTION WITH THIS         AGREEMENT OR ANY OF THE OTHER FINANCE DOCUMENTS OR ANY DEALINGS         BETWEEN THE PARTIES          RELATING TO THE SUBJECT MATTER                 OF THIS LOAN         TRANSACTION  OR  THE  LENDER/BORROWER/GUARANTOR  RELATIONSHIP.  Each                    party         hereto hereby acknowledges that this waiver is a material inducement to enter into a business         relationship, it has relied on this waiver in entering into this Agreement, and it will continue to rely         on this waiver in related future dealings. Each party hereto hereby further warrants and represents         that it has reviewed this waiver with its legal counsel and it knowingly and voluntarily waives its         jury trial rights following consultation with legal counsel. THIS WAIVER IS IRREVOCABLE AND         MAY NOT BE MODIFIED OTHER THAN BY A WRITTEN WAIVER SPECIFICALLY REFERRING         TO THIS CLAUSE  45.5 (Waiver  of  Jury  Trial) AND EXECUTED         BY EACH OF THE PARTIES HERETO. In the event of litigation, this Agreement may be filed as         a written consent to a trial by the court.   46.    GENERAL AUSTRIAN LIMITATION                       Notwithstanding any provision to the contrary in any Finance Document, the obligations         (Verpflichtungen) and liabilities (Haftungen) of an Austrian Obligor under any Finance Document         shall at all times be limited so that at no time the assumption of a liability (Haftungen) and/or         obligation (Verpflichtung) shall be required to the extent that such liability (Haftung) or obligation         (Verpflichtung) would violate Austrian Capital Maintenance Rules (Kapitalerhaltungsvorschriften)         pursuant to Austrian company law, in particular sections 82 et seq. of the Austrian Act on Limited         Liability Companies (Gesetz über Gesellschaften mit beschränkter Haftung) and/or sections 52         and 65 et seq. of the Austrian Stock Corporation Act (Aktiengesetz) (the "Austrian Capital         Maintenance Rules"). Should any obligation (Verpflichtung) and/or liability (Haftung) of an         Austrian Obligor under any Finance Document violate or contradict the Austrian Capital         Maintenance Rules and therefore be held invalid or unenforceable in whole or in part or should         the assumption or enforcement of such obligation (Verpflichtung) or liability (Haftung) expose any         managing director or member of the supervisory board of any Austrian Obligor to personal liability         or criminal responsibility, such obligation/or liability shall be deemed to be replaced by an         obligation (Verpflichtung) and/or liability (Haftung) of a similar nature (i) which is in compliance         with the Austrian Capital Maintenance Rules, (ii) which does not expose the managing directors         or members of the supervisory board of the Austrian Obligor to any personal liability or criminal         responsibility; and (iii) which provides the best possible security interest admissible in accordance         with the Austrian Capital Maintenance Rules in favour of the Finance Parties.   THIS AGREEMENT has been entered into on the date stated at the beginning of this Agreement.    A41108799                                      - 197 -               

 

         SIGNATURE PAGES TO THE AMENDMENT AND RESTATEMENT AGREEMENT                                                          LISTCO                                                                                                                         SIGNED as a DEED by                                            NOMAD FOODS LIMITED                                                                                                           for itself and as Obligors' Agent under (and as                defined in) the Original Facilities Agreement on               behalf of each other Obligor (as defined in the                                                                               Original Facilities Agreement)                                                                  acting by a Director in the presence of a witness                                                                             Signature of witness                                                                                                                                /s/Samy Zekhout    /s/Nicholas Hayland                                                                 Name: SAMY ZEKHOUT                                                                 Title: CFO Nomad Foods                               Name: Nicholas Hayland                 Address: XXXX                                             Occupation: XXXX                                        [Signature page to Blue ARA] 

 

ORIGINAL FACILITY B7 LENDER                              CREDIT SUISSE INTERNATIONAL                 By: /s/Alison Howe                                  By: /s/E Trocha      ALISON HOWE                                         E TROCHA   MANAGING DIRECTOR                                   MD                                         [Signature page to Blue ARA] 

 

FACILITY B7 ARRANGERS                              CREDIT SUISSE INTERNATIONAL                 By: /s/Alison Howe                                  By: /s/E Trocha      ALISON HOWE                                         E TROCHA   MANAGING DIRECTOR                                   MANAGING DIRECTOR                                         [Signature page to Blue ARA] 

 

FACILITY B7 ARRANGERS                              GOLDMAN SACHS BANK USA                 By: /s/Yasmine Bassili                              By: .....................................                 YASMINE BASSILI   MANAGING DIRECTOR                                        [Signature page to Blue ARA] 

 

FACILITY B7 ARRANGERS                              DEUTSCHE BANK AG, LONDON BRANCH                 By: /s/Altaf Bux                                    By: /s/Ray Dukes                              ALTAF BUX                                         RAY DUKES    MANAGING DIRECTOR                                 VICE PRESIDENT                                        [Signature page to Blue ARA] 

 

FACILITY B7 ARRANGERS                              UBS LIMITED                 By: /s/Oliver Gaunt                                 By: /s/Samir Karam      OLIVER GAUNT                                        SAMIR KARAM   MANAGING DIRECTOR                                   EXECUTIVE DIRECTOR                                         [Signature page to Blue ARA] 

 

COMMERZBANK as an Original Revolving Facility Lender   COMMERZBANK AKTIENGESELLSCHAFT                                By: /s/Heiko Teucher                                By: /s/D Marker      HEIKO TEUCHER                                       D MARKER   DIRECTOR                                            DIRECTOR                                         [Signature page to Blue ARA] 

 

AGENT                              CREDIT SUISSE AG, LONDON BRANCH                                                                                       By: /s/Alison Howe                                  By: /s/E Trocha      ALISON HOWE                                         E TROCHA   MANAGING DIRECTOR                                   MD                                         [Signature page to Blue ARA] 

 

SECURITY AGENT                              CREDIT SUISSE AG, LONDON BRANCH                                                                                       By: /s/Alison Howe                                  By: /s/E Trocha      ALISON HOWE                                         E TROCHA   MANAGING DIRECTOR                                   MD                                         [Signature page to Blue ARA]Exhibit

NOMAD FOODS LIMITED
AMENDED AND RESTATED LONG TERM 2015 INCENTIVE PLAN
(initially adopted by resolution of the Board on June 15, 2015 and amended and restated by resolution of the Compensation Committee on August 15, 2019)

RULES

		
	1
	DEFINITIONS AND INTERPRETATION

		
	1.1
	In the Plan, unless the context otherwise requires:

Agreement means an agreement executed pursuant to this Plan granting an Award to an eligible individual

Acquiring Company means a company that obtains Control of the Company as described at Rule 10.1 and 10.2 or proposes to obtain Control of the Company as described at Rule 10.3

Award means a right to acquire Shares, subject to the fulfilment of certain conditions, granted under the Plan by the execution of an Agreement

Board means the board of directors of the Company or a duly authorised committee of the Board (which includes the Committee)

Change of Control means an event described at Rule 10.1 or 10.2 (Takeovers and other corporate events)

Committee means the compensation committee or other duly authorised committee of the Board or duly authorised official of the Company or, on and after the occurrence of a Change of Control the compensation committee of the Board as constituted immediately before such event occurs

Commencement Date means June 15, 2015

Company means Nomad Foods Limited (registered in the British Virgin Islands with number 1818482)

Control means control within the meaning of section 1124 of the Corporation Tax Act 2010

Dealing Code means, at any time, the share dealing code or insider trader policy adopted by the Company and in force at that time

Dealing Day means any day on which the New York Stock Exchange is open for the transaction of business

Grant Date means the date on which an Award is granted

Good Leaver means, unless otherwise provided in an Agreement, a Participant ceasing employment with a Group Company in the circumstances set out at Rule 9.1

Group Company means the Company or any Subsidiary of the Company

Listing Rules means the Listing Rules published by the New York Stock Exchange (or the applicable rules and regulations applicable to the principal securities exchange on which the Shares are traded)

New York Stock Exchange means the New York Stock Exchange or any successor to that company (or the principal securities exchange on which the Shares are traded)

Misconduct means a Participant (a) being dismissed without notice or resigning in circumstances where his employing company would have been entitled to dismiss him without notice, or (b) committing a material breach of his employment contract or settlement agreement with his employing company.

Participant means a person who holds an Award, including where applicable his personal representatives

Performance Conditions means a condition or conditions related to (a) the financial performance of the Company and/or (b) the Participant remaining employed by or having a service relationship with a Group Company for a specified period, which in either case are specified by the Committee in an Agreement, and must be fulfilled or waived in accordance with the Rules and the Agreement for the Award to Vest

Performance Period means the period over which a Performance Condition is measured, specified by the Committee at the Grant Date, of an Award

Plan means the Nomad Foods 2015 Long Term Incentive Plan as amended from time to time

Rule means a rule of the Plan

Shares means ordinary shares of no par value in the capital of the Company

Subsidiary means a body corporate which is a subsidiary (within the meaning of section  1159 of the Companies Act 2006)

Tax Liability means any amount of tax or social security contributions (excluding  employer’s social security contributions unless the transfer of employer social security contributions is (a) expressly otherwise provided in an Agreement and (b) lawful in the jurisdiction in which the Participant is liable for social security contributions) for which a Participant would or may be liable and for which any Group Company or former Group Company would or may be obliged to (or would or may suffer a disadvantage if it were not to) account to any relevant authority.

Vest means, in relation to an Award, a Participant becoming entitled to have all or a proportion of the Shares subject to an Award issued or transferred to him or her in accordance with Rule 5 and Vesting shall be construed accordingly

Vested Shares means those Shares in respect of which an Award vests in accordance with Rule 5.

Vesting Date means the date the Award may vest, following the expiry of the Performance Period as specified by the Committee at the Grant Date

		
	1.2
	Any reference in the Plan to any enactment includes a reference to that enactment as from time to time modified, extended or re-enacted.

		
	1.3
	Expressions in italics and headings are for guidance only and do not form part of the Plan.

		
	2
	ELIGIBILITY

An individual is eligible to be granted an Award only if he is an employee, director or officer of, or an independent contractor to a Group Company.

		
	3
	GRANT OF AWARDS

		
	3.1
	Terms of grant

Subject to Rule 3.4 (Timing of grant), Rule 3.5 (Approvals and consents) and Rule 4 (Limits), the Committee may resolve that an Award should be granted:

		
	(a)
	on the terms set out in the Plan; and/or

		
	(b)
	on such additional or different terms relating to Performance Conditions or otherwise as the Committee may specify as set out in the Agreement or otherwise.

to any person who is eligible to be granted an Award under Rule 2 (Eligibility). In the event of any conflict or inconsistency between the Rules and an Agreement, the terms of the Agreement shall prevail.

		
	3.2
	Method of grant

An Award shall be granted by an Agreement in the form from time to time approved by the Committee and executed by the Company and the Participant.

		
	3.3
	Grantor of Awards

Unless specified to the contrary by the Committee on the Grant Date, an Award may be satisfied by:

		
	(a)
	the issue of new Shares; and/or

		
	(b)
	the transfer of Shares out of treasury or otherwise.

		
	3.4
	Timing of grant

Subject to Rule 3.5 (Approvals and consents), an Award may be granted at any time other than the Dealing Day on or after the date on which the Company announces its results for any period, but an Award may not be granted after the tenth anniversary of the Commencement Date.

		
	3.5
	Approvals and consents

The grant of any Award shall be subject to obtaining any approval or consent required under the Listing Rules, the Dealing Code or any other applicable regulation or enactment in any relevant jurisdiction.

		
	3.6
	Non-transferability and bankruptcy

An Award granted to any person shall lapse immediately if:

		
	(a)
	transferred, assigned, charged or otherwise disposed of (except on his death when it may be transmitted to his personal representatives); or

		
	(b)
	the Participant is declared bankrupt (unless the Committee decides otherwise).

		
	4
	LIMITS

		
	4.1
	10% in 10 years limit

No Award shall be granted on any date if, as a result, the number of Shares issued or issuable (or treasury shares granted) pursuant to Awards granted in the period of ten years ending on that date under the Plan and under any other employee share plan operated by the Company, would exceed such number as represents 10% of the ordinary share capital of the Company in issue at that time.

		
	5
	VESTING OF AWARDS

		
	5.1
	Timing of Vesting

Subject to Rules 6.2 (Restrictions on Vesting) and 10 (Takeovers and other corporate events), an Award shall Vest in whole or in part on the Vesting Date, subject to the satisfaction of the Performance Conditions relating to the Award.

		
	6
	RESTRICTIONS ON VESTING

		
	6.1
	Restrictions on vesting: regulatory and tax issues

No Award shall Vest unless and until the following conditions are satisfied:

		
	(a)
	the Vesting would be lawful in all relevant jurisdictions and in compliance with the Listing Rules, the Dealing Code and any other applicable regulation or enactment in any relevant jurisdiction. In particular, if an Award would Vest during a period during which the Participant (being a person covered by the Dealing Code) is not permitted to deal in Shares, then unless either (a) the Award is settled net of any Tax Liability, or (b) there is no obligation to operate withholding in respect of any Tax Liability when the Award is settled, or (c) the Committee in exceptional circumstances otherwise determines, the Vesting shall be postponed until the first date on which the Participant is permitted to deal in Shares;

		
	(b)
	if, on Vesting of an Award, a Tax Liability would arise and the Board decides that such Tax Liability shall not be satisfied by the sale of Shares pursuant to Rule 7 then

the Participant must have entered into arrangements acceptable to the Board that the relevant Group Company will receive the amount of such Tax Liability; and

		
	(c)
	the relevant Performance Conditions have been satisfied, or waived by the Committee, in whole or in part, in accordance with Rule 12.5.

		
	6.2
	Tax Liability before Vesting

If a Participant will, or is likely to, incur any Tax Liability on the Vesting of an Award then that Participant must enter into arrangements acceptable to any relevant Group Company to ensure that it receives the amount of such Tax Liability. If no such arrangement is made, then the Participant authorises the Company to sell or procure the sale of sufficient of the Shares subject to his Award on his behalf to ensure that the relevant Group Company receives the amount required to discharge the Tax Liability and the number of Shares subject to his Award shall be reduced accordingly.

For the purposes of this Rule 6.2, references to Group Company include any former Group Company.

		
	7
	TAX INDEMNITY

In consideration of the grant of an Award the Participant shall covenant with the Company (on behalf of every Group Company) to recover from him all and any Tax Liability, and to indemnify and keep indemnified on a continuing basis the Company in respect of such Tax Liability. For the purposes of such indemnity the Participant authorises the Company to deduct sufficient funds which, in the reasonable opinion of the Board, would be equal to any Tax Liability from any payment made to or in respect of the Participant by the Company during the 92 days following the date of Vesting

If there is no such payment or deduction made for whatever reason or the outstanding Tax Liability exceeds the amount of such payment or deduction, the Participant hereby agrees that the full amount of the outstanding Tax Liability be recovered by the sale of sufficient Vested Shares on or following the Vesting of his Award on his behalf to ensure that any relevant Group Company or former Group Company receives the amount required to discharge the Tax Liability which arises on Vesting, except to the extent that the Board decides that all or part the Tax Liability shall be funded in a different manner.

		
	8
	LAPSE OF AWARDS

An Award shall lapse:

		
	(a)
	in accordance with the Rules;

		
	(b)
	at any time to the extent that the Committee determines that there is no prospect of Vesting; or

		
	(c)
	in any other circumstances provided for in an Agreement.

On the lapse of an Award no consideration shall be payable and there shall be no obligation to deliver the Shares which are the subject of such Award.

		
	9
	CEASING EMPLOYMENT

		
	9.1
	Good leavers

Unless the Agreement otherwise provides, if a Participant ceases to be a director, employee or officer of a Group Company, or to provide services as an independent contractor to a Group Company before the end of the Performance Period by reason of death, disability, or under any other exceptional circumstances deemed by the Committee to make the Participant a Good Leaver, the Award shall Vest to the extent that the Performance Conditions have been satisfied over the shortened period from the start of the Performance Period to the date of cessation of office or employment or the termination of the service agreement with the Group Company. Unless provided to the contrary by the Performance Conditions, the extent to which the Performance Conditions have been satisfied in such circumstances shall be determined by the Committee on such reasonable basis as it decides, and the Board shall reduce the number of Shares subject to the Award to reflect the proportion of the Performance Period elapsed at the date of cessation. Any part of the Award which remains unvested at such cessation shall lapse immediately. The Board may at its discretion postpone the Vesting of an Award for a period of up to 12 months and make Vesting conditional on the Participant abiding by the terms of their employment contract or settlement agreement with their employing company.

		
	9.2
	Cessation of office or employment other than as a Good Leaver

Unless the Agreement otherwise provides, if a Participant ceases to be a director, employee or officer of a Group Company before the end of the Performance Period:

		
	(a)
	for Misconduct, or commits or is found to have committed Misconduct at any time following cessation, an Award shall lapse immediately;

		
	(b)
	for any other reason where the Participant is not a Good Leaver, the Award shall Vest only to the extent that the relevant Performance Conditions were satisfied at the date of cessation. The Board may at its discretion postpone the Vesting of an Award for a period of up to 12 months and make Vesting conditional on the Participant abiding by the terms of their employment contract or settlement agreement with their employing company.

		
	9.3
	Meaning of ceasing employment

Unless the Agreement otherwise provides, a Participant shall not be treated for the purposes of this Rule 9 as ceasing to be a director, officer or employee of a Group Company until such time as he is no longer a director, officer or employee of any Group Company. If any Participant ceases to be such a director, officer or employee in circumstances where he retains a statutory right to return to work then he shall be treated as not having ceased to be such a director or employee until such time (if at all) as he ceases to have such a right to return to work while not acting as an employee, officer or director.

The reason for the termination of office or employment of a Participant shall be determined by reference to Rules 9.1 to 9.2 regardless of whether such termination was lawful or unlawful.

		
	10
	TAKEOVERS AND OTHER CORPORATE EVENTS

		
	10.1
	General offers

If any person (or any group of persons acting in concert):

		
	(a)
	obtains Control of the Company as a result of making a general offer to acquire the whole of the issued share capital of the Company; or

		
	(b)
	obtains Control of the Company as a result of making a general offer to acquire all the shares in the Company which are of the same class as the Shares

the Board shall, within seven days of becoming aware of that event, notify every Participant of it and subject to Rule 6.1 (Restrictions on vesting: regulatory and tax issues) and Rule 10.3 (Internal reorganisations), and unless the Agreement otherwise provides, the Committee may determine that all Awards shall (i) Vest to the extent that the Performance Conditions are deemed satisfied over the shortened period from the start of the Performance Period to the date of the Change of Control, or (ii) Vest to the extent that the Committee sees fit if it decides at its discretion to waive such Performance Condition in whole or in part. The Committee may in addition determine that Awards shall be scaled back to reflect the period between the start of the Performance Period and the date of the Change of Control as a proportion of the Performance Period as a whole.

		
	10.2
	Schemes of arrangement and winding-up

In the event that:

		
	(a)
	a compromise or arrangement is sanctioned by the Court under the law of the jurisdiction in which the Company is based in connection with or for the purposes of a Change in Control of the Company;

		
	(b)
	the Company passes a resolution for a voluntary winding up of the Company; or

		
	(c)
	an order is made for the compulsory winding-up of the Company

then unless the Agreement otherwise provides, and subject to Rule 6.1 (Restrictions on vesting: regulatory and tax issues) and Rule 10.3 (Internal reorganisations), the Committee may determine that all Awards shall, (i) Vest to the extent that the Committee determines that Performance Conditions are deemed to be satisfied over the shortened period from the start of the Performance Period to the date of the relevant event described at (a) to (c) above, or (ii) Vest to the extent that the Committee sees fit if it decides at its discretion to waive such Performance Condition in whole or in part. The Committee may in addition determine that Awards shall be scaled back to reflect the period between the start of the Performance Period and the date of the Change of Control as a proportion of the Performance Period as a whole.

		
	10.3
	Internal reorganisations

In the event that:

		
	(a)
	a company is expected to obtain Control of the Company as a result of an offer referred to in Rule 10.1 (General offers) or a compromise or arrangement referred to in Rule 10.2(a) (Schemes of arrangement and winding-up); and

		
	(b)
	at least 75% of the shares in the Acquiring Company are expected to be held by substantially the same persons who immediately before the obtaining of Control of the Company were shareholders in the Company

then the Committee, with the consent of the Acquiring Company, may decide before the obtaining of such Control that an Award shall not Vest under Rule 10.1 (General offers) or Rule 10.2 (Schemes of arrangement and winding-up) but shall be automatically surrendered  in consideration for the grant of a new award which the Committee determines is equivalent to the Award it replaces, except that it will be over shares in the Acquiring Company or some other company.

The Rules will apply to any new award granted under this Rule 10.3 as if references to Shares were references to shares over which the new award is granted and references to the Company were references to the company whose shares are subject to the new award.

		
	11
	ADJUSTMENT OF AWARDS

		
	11.1
	General rule

In the event of:

		
	(a)
	any variation of the share capital of the Company; or

		
	(b)
	a demerger, special dividend or other similar event which affects the market price of Shares to a material extent,

the Committee may make such adjustments as it considers appropriate to the number of Shares comprised in an Award.

		
	12
	AMENDMENTS

		
	12.1
	General rule on amendments

Except as described in Rule 12.2 (Shareholder approval) and Rule 12.4 (Amendments to the disadvantage of Participants) the Committee may at any time amend the Plan or the terms of any Award granted under it.

		
	12.2
	Shareholder approval

Except as described in Rule 12.3 (Exception to shareholder approval), no amendment to the material advantage of an individual to whom an Award has been or may be granted shall be made under Rule 12.1 (General rule on amendments) to the provisions concerning the overall limits on the issue of Shares without the prior approval by ordinary resolution of the members of the Company in general meeting.

		
	12.3
	Exception to shareholder approval

Rule 12.2 (Shareholder approval) shall not apply to any minor amendment to benefit the administration of the Plan, to take account of a change in legislation or to obtain or maintain favourable tax, exchange control or regulatory treatment for Participants or any Group Company.

		
	12.4
	Amendments to the disadvantage of Participants

No amendment to the material disadvantage of Participants (other than a change to any Performance Condition) shall be made under Rule 12.1 (General rule on amendments) unless:

		
	(a)
	the Board shall have invited every relevant Participant to indicate whether or not he approves the amendment; and

		
	(b)
	The amendment is approved by a majority of those Participants who have given such an indication.

		
	12.5
	Amendments to a Performance Condition

The Committee may amend any Performance Conditions without prior shareholder approval if:

		
	(a)
	an event has occurred which causes the Committee reasonably to consider that it would be appropriate to amend the Performance Conditions;

		
	(b)
	the amended Performance Condition will, in the reasonable opinion of the Committee, be not materially less difficult to satisfy than the  unamended Performance Conditions would have been but for the event in question; and

		
	(c)
	the Committee acts fairly and reasonably in making the amendment.

		
	13
	MISCELLANEOUS

		
	13.1
	Employment

The rights and obligations of any individual under the terms of his office or employment with any Group Company shall not be affected by his participation in the Plan or any right which he may have to participate in it. An individual who participates in the Plan waives any and all rights to compensation or damages in consequence of the termination of his office or employment for any reason whatsoever insofar as those rights arise or may arise from him ceasing to have rights under an Award as a result of such termination. Participation in the Plan shall not confer a right to continued employment upon any individual who participates in it. The grant of any Award does not imply that any further Award will be granted nor that a Participant has any right to receive any further Award.

		
	13.2
	Disputes

In the event of any dispute or disagreement as to the interpretation of the Plan, or as to any question or right arising from or relating to the Plan, the decision of the Committee shall be final and binding upon all persons.

		
	13.3
	Exercise of powers and discretions

The exercise of any power or discretion by the Committee shall not be open to question by any person and a Participant or former Participant shall have no rights in relation to the exercise of or omission to exercise any such power or discretion.

		
	13.4
	Share rights

All Shares allotted under the Plan shall rank equally in all respects with Shares then in issue except for any rights attaching to such Shares by reference to a record date before the date of the allotment.

Participants shall be entitled to all rights attaching to Shares transferred to a Participant pursuant to the Vesting of an Award by reference to a record date on or after the date of such transfer.

		
	13.5
	Notices

Any notice or other communication under or in connection with the Plan may be given:

		
	(a)
	by personal delivery or by post, in the case of a company to its registered office, and in the case of an individual to his last known address, or, where he is a director or employee of a Group Company, either to his last known address or to the address of the place of business at which he performs the whole or substantially the whole of the duties of his office or employment;

		
	(b)
	in an electronic communication to their usual business address or such other address for the time being notified for that purpose to the person giving the notice; or

		
	(c)
	by such other method as the Committee determines.

		
	13.6
	Third parties

No third party has any rights under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of the Plan.

		
	13.7
	Benefits not pensionable

Benefits provided under the Plan shall not be pensionable.

		
	13.8
	Data protection

Each Participant consents to the collection, processing and transfer of his personal data for any purpose relating to the operation of the Plan. This includes:

		
	(a)
	providing personal data to any Group Company and any third  party such as trustees of any employee benefit trust, administrators of the Plan, registrars, brokers and any of their respective agents;

		
	(b)
	processing of personal data by any such Group Company or third party;

		
	(c)
	transferring personal data to a country outside the European Economic Area (including a country which does not have data protection laws equivalent to those prevailing in the European Economic Area); and

		
	(d)
	providing personal data to potential purchasers of the Company, the Participant's employer or the business in which the Participant works.

		
	13.9
	Governing law

The Plan and all Awards shall be governed by and construed in accordance with the law of England and Wales and the Courts of England and Wales have exclusive jurisdiction to hear any dispute.

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