Document:

Facility Agreement

 Exhibit 4(a)(i) 
 CONFORMED COPY 
 DATED 7 NOVEMBER 2011 

INTERCONTINENTAL HOTELS GROUP PLC 
 AND CERTAIN OF ITS SUBSIDIARIES 
 AS BORROWERS AND/OR GUARANTORS 

THE ROYAL BANK OF SCOTLAND PLC 
 BARCLAYS BANK PLC 
 CITIBANK, N.A., LONDON BRANCH 

DBS BANK LTD, LONDON BRANCH 
 HSBC BANK PLC 
 ICBC (LONDON) PLC 

LLOYDS TSB BANK PLC 

NB INTERNATIONAL FINANCE B.V. 
 SUNTRUST BANK 
 THE BANK OF TOKYO-MITSUBISHI UFJ, LTD. 

US BANK NATIONAL ASSOCIATION 
 WELLS FARGO BANK N.A. 
 AS ORIGINAL LENDERS 

BANC OF AMERICA SECURITIES LIMITED 
 AS FACILITY AGENT 
 AND 

THE ROYAL BANK OF SCOTLAND PLC 
 BANC OF AMERICA SECURITIES LIMITED 
 CITIGROUP GLOBAL MARKETS LIMITED 

HSBC BANK PLC 

LLOYDS TSB BANK PLC 

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD. 
 AS MANDATED LEAD ARRANGERS 
  

 
 $1,070,000,000

 FACILITY AGREEMENT 
  

 
  

 CONTENTS 

 

					
	Clause	  	Page	 
		
	 1.   Definitions and Interpretation
	  	 	1	  
		
	 2.   The Facility
	  	 	18	  
		
	 3.   Purpose
	  	 	20	  
		
	 4.   Conditions of Utilisation
	  	 	21	  
		
	 5.   Utilisation
	  	 	22	  
		
	 6.   Optional Currencies
	  	 	23	  
		
	 7.   Repayment
	  	 	24	  
		
	 8.   Prepayment and Cancellation
	  	 	26	  
		
	 9.   Interest
	  	 	30	  
		
	 10. Interest Periods
	  	 	31	  
		
	 11. Changes to the Calculation of Interest
	  	 	31	  
		
	 12. Fees
	  	 	33	  
		
	 13. Tax Gross-Up and Indemnities
	  	 	34	  
		
	 14. Increased Costs
	  	 	42	  
		
	 15. Other Indemnities
	  	 	44	  
		
	 16. Mitigation by the Lenders
	  	 	45	  
		
	 17. Costs and Expenses
	  	 	45	  
		
	 18. Guarantee and Indemnity
	  	 	46	  
		
	 19. Representations
	  	 	49	  
		
	 20. Information Undertakings
	  	 	51	  
		
	 21. Financial Covenants
	  	 	56	  
		
	 22. General Undertakings
	  	 	59	  
		
	 23. Events of Default
	  	 	65	  
		
	 24. Changes to the Lenders
	  	 	68	  
		
	 25. Changes to the Obligors
	  	 	72	  
		
	 26. Role of the Facility Agent and the Arranger
	  	 	74	  
		
	 27. Conduct of Business by the Finance Parties
	  	 	81	  
		
	 28. Sharing among the Finance Parties
	  	 	81	  
		
	 29. Payment Mechanics
	  	 	83	  
		
	 30. Set-Off
	  	 	87	  
		
	 31. Notices
	  	 	87	  
		
	 32. Calculations and Certificates
	  	 	89	  
		
	 33. Partial Invalidity
	  	 	90	  
		
	 34. Remedies and Waivers
	  	 	90	  

					
		
	 35. Amendments and Waivers
	  	 	90	  
		
	 36. Confidentiality
	  	 	93	  
		
	 37. Counterparts
	  	 	97	  
		
	 38. Governing Law
	  	 	98	  
		
	 39. Enforcement
	  	 	98	  

 THIS AGREEMENT is dated 7 November 2011 
 BETWEEN: 
  

	(1)	INTERCONTINENTAL HOTELS GROUP PLC incorporated in England and Wales with registration number 05134420 (the “Company”); 

 

	(2)	SIX CONTINENTS LIMITED incorporated in England and Wales with registration number 913450 and INTERCONTINENTAL HOTELS LIMITED incorporated in England and
Wales with registration number 4551528 (together with the Company, the “Original Borrowers”); 

  

	(3)	SIX CONTINENTS LIMITED incorporated in England and Wales with registration number 913450 and INTERCONTINENTAL HOTELS LIMITED incorporated in England and
Wales with registration number 4551528 (together with the Company, the “Original Guarantors”); 

  

	(4)	THE ROYAL BANK OF SCOTLAND PLC, BANC OF AMERICA SECURITIES LIMITED, CITIGROUP GLOBAL MARKETS LIMITED, HSBC BANK PLC, LLOYDS TSB BANK PLC and THE BANK OF
TOKYO-MITSUBISHI UFJ, LTD. as mandated lead arrangers (whether acting individually or together, the “Arranger”); 

  

	(5)	THE FINANCIAL INSTITUTIONS listed in Schedule 1 as lenders (the “Original Lenders”); and 

 

	(6)	BANC OF AMERICA SECURITIES LIMITED as agent of the other Finance Parties (the “Facility Agent”). 

IT IS AGREED as follows: 
  

	1.	DEFINITIONS AND INTERPRETATION 

  

	1.1	Definitions 

 In this
Agreement: 
 “Acceptable Bank” means a bank or financial institution which has a rating for its long-term
unsecured and non credit-enhanced debt obligations of A-1 or higher by Standard & Poor’s Rating Services Limited or Fitch Ratings Ltd or P-1 or higher by Moody’s or a comparable rating from an internationally recognised credit
rating agency. 
 “Accession Letter” means a document substantially in the form set out in Schedule 6 (Form
of Accession Letter). 
 “Additional Borrower” means a company which becomes an Additional Borrower in
accordance with Clause 25 (Changes to the Obligors). 
 “Additional Cost Rate” has the meaning given to
it in Schedule 4 (Mandatory Cost formulae). 

  
 - 1 -

 “Additional Guarantor” means a company which becomes an Additional
Guarantor in accordance with Clause 25 (Changes to the Obligors). 
 “Additional Obligor” means an
Additional Borrower or an Additional Guarantor. 
 “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 but excluding, in relation to The Royal Bank of Scotland plc: (i) the UK government or any member or instrumentality thereof, including Her
Majesty’s Treasury and UK Financial Investments Limited (or any directors, officers, employees or entities thereof); or (ii) any persons or entities controlled by or under common control with the UK government or any member or
instrumentality thereof (including Her Majesty’s Treasury and UK Financial Investments Limited) and which are not part of The Royal Bank of Scotland Group plc and its subsidiaries or subsidiary undertakings. 

“Agent’s Spot Rate of Exchange” means the spot rate of exchange at which the Facility Agent is able to purchase the
relevant currency with the Base Currency in the London foreign exchange market at or about 11:00 a.m. on a particular day. 

“Applicable Accounting Principles” means those accounting principles, standards and practices on which the preparation of
the Original Financial Statements was based and those accounting policies which were used in the preparation of those financial statements. 
 “Authorisation” means an authorisation, consent, approval, resolution, licence, exemption, filing, notarisation or registration. 

“Availability Period” means the period from and including the date of this Agreement to and including the date falling
one month prior to the Termination Date. 
 “Available Commitment” means a Lender’s Commitment minus:

  

	 	(a)	the Base Currency Amount of its participation in any outstanding Loans; and 

 

	 	(b)	in relation to any proposed Utilisation, the Base Currency Amount of its participation in any Loans that are due to be made on or before the proposed Utilisation Date,

 other than that Lender’s participation in any Loans that are due to be repaid or prepaid on or before the
proposed Utilisation Date. 
 “Available Facility” means the aggregate for the time being of each Lender’s
Available Commitment. 
 “Bank Levy” means the United Kingdom bank levy as set out in the Finance Act 2011 (UK),
the French taxe bancaire de risque systémique as set out in the Finance Bill 2011 (France) and the German Bank Levy as set out in the German Restructuring Fund Act, as all such legislation stands at the date of this Agreement.

 “Base Currency” or “$” means US Dollars. 

  
 - 2 -

 “Base Currency Amount” means, in relation to a Loan, the amount specified
in the Utilisation Request delivered by a Borrower for that Loan (or, 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 Facility Agent receives the Utilisation Request) adjusted to reflect any repayment, prepayment, consolidation or division of the Loan. 

“Basel III” means the agreements on capital requirements, a leverage ratio and liquidity standards contained in
“Basel III: A global regulatory framework for more resilient banks and banking systems”, “Basel III: International framework for liquidity risk measurement, standards and monitoring” and “Guidance for national authorities
operating the countercyclical capital buffer” published by the Basel Committee on Banking Supervision on 16 December 2010, each as amended, supplemented or restated. 
 “Borrower” means an Original Borrower or an Additional Borrower, unless it has ceased to be a Borrower in accordance with Clause 25 (Changes to the Obligors). 

“Borrowings” has the meaning given to it in Clause 21 (Financial covenants). 

“Break Costs” means the amount (if any) by which: 

 

	 	(a)	the interest (excluding the Margin and Mandatory Costs) 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: 

 

	 	(a)	(in relation to any date for payment, purchase or sale 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, purchase or sale of euro) any TARGET Day. 

 “Cash” has the meaning given to it in Clause 21 (Financial covenants). 
 “Cash Equivalents” has the meaning given to it in Clause 21 (Financial covenants). 

  
 - 3 -

 “Commitment” means: 

 

	 	(a)	in relation to an Original Lender, the amount in the Base Currency set opposite its name under the heading “Commitment” in Schedule 1 (The Original
Lenders) and the amount of any other Commitment transferred to it under this Agreement or assumed by it in accordance with Clause 2.2 (Increase); and 

 

	 	(b)	in relation to any other Lender, the amount in the Base Currency of any Commitment transferred to it under this Agreement or assumed by it in accordance with Clause 2.2
(Increase), 

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

“Compliance Certificate” means a certificate substantially in the form set out in Schedule 8 (Form of Compliance
Certificate). 
 “Confidential Information” means all information relating to the Company, any Obligor, the
Group, the Finance Documents or the 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 the 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 36 (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 

 

	 	(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 in the form set out in Schedule 11 (Form of Confidentiality Undertaking) or in any other form agreed between the Company and the Facility Agent. 

  
 - 4 -

 “Consolidated Gross Assets” means the consolidated current assets plus
consolidated non-current assets of the Group. 
 “CTA 2009” means the Corporation Tax Act 2009. 

“CTA 2010” means the Corporation Tax Act 2010. 
 “Default” means an Event of Default or any event or circumstance specified in Clause 23 (Events of Default) which would (with the expiry of a grace period and/or the giving of
notice) be an Event of Default. 
 “Defaulting Lender” means any Lender: 

 

	 	(a)	which has failed to make its participation in a Loan available or has notified the Facility Agent that it will not make its participation in a Loan available by the
Utilisation Date of that Loan in accordance with Clause 5.4 (Lenders’ participation); 

  

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

  

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

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

	 	(i)	its failure to pay is caused by: 

  

	 	(A)	administrative or technical error; or 

  

	 	(B)	a Disruption Event; and 

payment is made within five Business Days of its due date; or 

 

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

“Disruption Event” means either or both of: 

 

	 	(a)	a material disruption to those payment or communication 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 Facility (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 

  
 - 5 -

	 	(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. 

“EBITDA” has the meaning given to it in Clause 21 (Financial covenants). 

“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 arithmetic mean of the rates (rounded upwards to four decimal places) as supplied to the
Facility Agent at its request quoted by the Reference Banks to leading banks in the European interbank market, 

as of the Specified Time on the Quotation Day for the offering of deposits in euro for a period comparable to the Interest Period of the
relevant Loan and, if any such rate is below zero, EURIBOR will be deemed to be zero. 
 “euro” or
“€” means the single currency of the Participating Member States. 
 “Event of Default”
means any event or circumstance specified as such in Clause 23 (Events of Default). 
 “Existing
Facility” means the $2,100,000,000 term and revolving facilities agreement dated 2 May 2008 (as amended from time to time) between, among others, the Company, certain lenders and certain arrangers named in it and HSBC Bank plc as
agent. 
 “Facility” means the revolving credit facility made available under this Agreement, as described in
Clause 2.1 (The Facility). 
 “Facility Office” means the office or offices notified by a Lender to the
Facility Agent in writing on or before the date it becomes a Lender (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.

 “Fee Letter” means any letter or letters dated on or about the date of this Agreement between the Arranger
and the Company (or the Facility Agent and the Company) setting out any of the fees referred to in Clause 12 (Fees). 

“Finance Document” means this Agreement, any Fee Letter, any Accession Letter, any Resignation Letter and any other
document designated as such by the Facility Agent and the Company. 
 “Finance Party” means the Facility Agent,
the Arranger or a Lender. 

  
 - 6 -

 “Financial Indebtedness” means any indebtedness (without double counting)
for or in respect of: 
  

	 	(a)	moneys borrowed; 

  

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

 

	 	(c)	any amount raised pursuant to any note purchase facility or the issue of bonds, notes, debentures, loan stock, commercial paper or any similar instrument (entered into
or issued primarily as a method of raising finance) provided that, for all purposes under this Agreement (other than for the purposes of Clause 23.5 (Cross default)), any bonds from time to time issued and outstanding under the
GBP 750m Bond Programme shall at the relevant time be valued as Financial Indebtedness having regard to the net effect of the marked-to-market value of any related interest and currency hedging arrangements in effect at that time;

  

	 	(d)	the amount of any liability in respect of any lease or hire purchase contract which would, in accordance with IFRS, be treated as a finance or capital lease;

  

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

 

	 	(f)	any amount raised under any other transaction (including any forward sale or purchase agreement) required by IFRS to be shown as a borrowing in the audited consolidated
balance sheet of the Group; 

  

	 	(g)	for the purpose of Clause 23.5 (Cross default) only, any derivative transaction entered into in connection with protection against or benefit from fluctuation in
any rate or price (and, when calculating the value of any derivative transaction, only the marked to market value shall be taken into account); 

  

	 	(h)	shares which are expressed to be redeemable prior to the Termination Date; 

 

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

  

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

but excluding indebtedness owing by a member of the Group to another member of the Group. 

“GBP” or “£” means the lawful currency for the time being of the United Kingdom of Great Britain
and Northern Ireland. 
 “GBP 750m Bond Programme” means the Company’s £750,000,000 Euro Medium Term
Note programme as outlined in the prospectus dated 7 July 2011. 
 “Group” means the Company and its
Subsidiaries for the time being. 

  
 - 7 -

 “Guarantor” means an Original Guarantor or an Additional Guarantor, unless
it has ceased to be a Guarantor in accordance with Clause 25 (Changes to the Obligors). 
 “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 IAS Regulation 1606/2002 to the extent applicable to the relevant financial statements. 

“Impaired Agent” means the Facility Agent at any time when: 

 

	 	(a)	it has failed to make (or has notified a Party that it will not make) a payment required to be made by it under the Finance Documents by the due date for payment;

  

	 	(b)	the Facility Agent otherwise rescinds or repudiates a Finance Document; 

  

	 	(c)	(if the Facility Agent is also a Lender) it is a Defaulting Lender under paragraph (a) or (b) of the definition of “Defaulting Lender”; or

  

	 	(d)	an Insolvency Event has occurred and is continuing with respect to the Facility Agent, 

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

	 	(i)	its failure to pay is caused by: 

  

	 	(A)	administrative or technical error; or 

  

	 	(B)	a Disruption Event; and 

payment is made within five Business Days of its due date; or 

 

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

“Income Tax Act” means the Income Tax Act 2007. 
 “Increase Confirmation” means a confirmation substantially in the form set out in Schedule 13 (Form of Increase Confirmation). 

“Increase Lender” has the meaning given to that term in Clause 2.2 (Increase). 

“Insolvency Event” in relation to a Finance Party means that the Finance Party: 

 

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

 

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

 

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

  
 - 8 -

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

  

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

  

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

  

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

 

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

  

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

  

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

  

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

 “Interest Period” means, in relation to a Loan, each period
determined in accordance with Clause 10 (Interest Periods) and, in relation to an Unpaid Sum, each period determined in accordance with Clause 9.3 (Default interest). 

“Lender” means: 
  

	 	(a)	any Original Lender; and 

  

	 	(b)	any bank, financial institution, trust, fund or other entity which has become a Party in accordance with Clause 2.2 (Increase) or Clause 24 (Changes to the
Lenders), 

  

	 	which 	in each case has not ceased to be a Party in accordance with the terms of this Agreement. 

  
 - 9 -

 “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 arithmetic mean of the rates (rounded upwards to four decimal places) as supplied
to the Facility Agent at its request quoted by the Reference Banks to leading banks in the London interbank market, 

 as of the Specified Time on the Quotation Day for the offering of deposits in the currency of that Loan and for a period comparable to the Interest Period for that Loan and, if any such rate is below
zero, LIBOR will be deemed to be zero. 
 “LMA” means the Loan Market Association. 

“Loan” means a loan made or to be made under the Facility or the principal amount outstanding for the time being of that
loan, as the context requires. 
 “Majority Lenders” means a Lender or Lenders whose
Commitments aggregate more than 662/3 per cent. of the Total Commitments (or, if the Total Commitments
have been reduced to zero, aggregated more than
662/3 per cent. of the Total Commitments immediately prior to the
reduction). 
 “Managed Assets” means any assets (including, for the avoidance of doubt, any equity interest in
any such asset) of a member of the Group which are sold and become, or remain, the subject of a management or franchise agreement in favour of the Group. 
 “Mandatory Cost” means the percentage rate per annum calculated by the Facility Agent in accordance with Schedule 4 (Mandatory Cost formulae). 

“Margin” means at any time the rate per annum determined by reference to the ratio of Net Borrowings, as at the last day
of the last preceding Margin Period, to EBITDA for that Margin Period (the “Margin Ratio”) in accordance with the following table: 
  

			
	 Net Borrowings/EBITDA
	  	Margin (per cent. p.a.)
	 Higher than 3.00:1
	  	1.70
		
	 Equal to or lower than 3.00:1

but higher than 2.50:1
	  	1.35
		
	 Equal to or lower than 2.50:1

but higher than 2.00:1
	  	1.10
		
	 Equal to or lower than 2.00:1

but higher than 1.50:1
	  	1.00
		
	 Equal to or lower than 1.50:1
	  	0.90

  
 - 10 -

 However: 
  

	 	(a)	until the delivery of the first Margin Certificate required pursuant to Clause 20.3 (Margin Certificate) the applicable Margin shall be 0.90 per cent. per
annum; 

  

	 	(b)	any increase or decrease in the applicable Margin, as the case may be, will take effect for all purposes under this Agreement from the date falling two Business Days
after receipt by the Facility Agent of a Margin Certificate as required pursuant to Clause 20.3 (Margin Certificate); 

  

	 	(c)	if the Company does not deliver the relevant Margin Certificate to the Facility Agent in accordance with the terms of Clause 20.3 (Margin Certificate), the
Margin shall, as from the date immediately following the last date on which such Margin Certificate should have been delivered until the date such Margin Certificate is delivered, be 1.70 per cent. per annum; 

 

	 	(d)	if at any time an Event of Default is continuing, the Margin shall, until the date such Event of Default ceases to be continuing, be 1.70 per cent. per annum;

  

	 	(e)	if at any time a decrease in the Margin is to take effect a Default is continuing, such decrease shall not take effect at that time but such decrease shall take effect
with effect from the date such Default ceases to be continuing; and 

  

	 	(f)	in this definition, “EBITDA” shall have the same meaning as EBITDA as defined in Clause 21.3 (Definitions) save that the reference to
“Relevant Period” in that definition shall, for the purposes of calculating the Margin, be substituted with “Margin Period” and EBITDA shall be adjusted to take into account the pro forma impact of any acquisitions
or disposals (other than of Managed Assets) made during the Margin Period by a member of the Group. 

“Margin Certificate” means a certificate substantially in the form set out in Schedule 12 (Form of Margin
Certificate). 
 “Margin Period” means the period of 12 months ending on each Quarter Date. 

“Margin Ratio” has the meaning given to it in the definition of “Margin”. 

“Material Adverse Effect” means a material adverse effect on: 

 

	 	(a)	the ability of the Obligors (taken as a whole) to perform and comply with their payment obligations under any Finance Document; or 

 

	 	(b)	the ability of the Company to perform and comply with its obligations under Clause 21 (Financial covenants). 

“Material Subsidiary” means, at any time, any Subsidiary of the Company: 

 

	 	(a)	 whose gross assets represent 5 per cent. or more of Consolidated Gross Assets or whose EBITDA represents 5 per cent. or more of consolidated
EBITDA of the Group, in each case, as calculated by reference to the latest financial 

  
 - 11 -

 
statements of such Subsidiary (which shall be audited if such statements are prepared by that Subsidiary) and the latest audited consolidated financial statements of the Group adjusted in such
manner as the auditors of the Company may determine (which determination shall be conclusive in the absence of manifest error) (i) to reflect the gross assets and EBITDA of any person which has become or ceased to be a member of the Group since
the end of the financial year to which the latest audited consolidated financial statements of the Group relate where such adjustment is requested by the Company and (ii) so that for the purposes of this definition, the gross assets of the
relevant Subsidiary shall be calculated on the same basis as Consolidated Gross Assets are calculated and/or, as the case may be, EBITDA of the relevant Subsidiary shall be calculated on the same basis as consolidated EBITDA for the Group (but, in
each case, relating only to the relevant Subsidiary) and making such adjustments and eliminations as are required to show the same as the contribution of the relevant Subsidiary to Consolidated Gross Assets and/or, as the case may be, consolidated
EBITDA of the Group; or 
  

	 	(b)	to which is transferred all or substantially all of the business, undertaking or assets of a Subsidiary which immediately prior to such transfer is a Material
Subsidiary, whereupon the transferor Subsidiary shall cease to be a Material Subsidiary and the transferee Subsidiary shall become a Material Subsidiary under this sub-paragraph (b) upon the completion of such transfer. 

Any determination made by the auditors of the Company as to whether a Subsidiary of the Company is or is not a Material Subsidiary at any
time shall be conclusive in the absence of manifest error. 
 “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), 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. 

“Moody’s” means Moody’s Investors Services Inc. 

“Net Borrowings” has the meaning given to it in Clause 21 (Financial covenants). 

  
 - 12 -

 “Net Interest Payable” has the meaning given to it in Clause 21
(Financial covenants). 
 “New Lender” has the meaning given to it in Clause 24.1 (Assignments and
transfers by the Lenders). 
 “NZD” means the lawful currency for the time being of New Zealand. 

“Obligor” means the Company, a Borrower or a Guarantor. 

“Optional Currency” means a currency (other than the Base Currency) which complies with the conditions set out in Clause
4.3 (Conditions relating to Optional Currencies). 
 “Original Financial Statements” means the audited
consolidated financial statements of the Group for the financial year ended 31 December 2010. 
 “Original
Obligor” means an Original Borrower or an Original Guarantor. 
 “Participating Member State” means any
member state of the European Communities that adopts or has adopted the euro as its lawful currency in accordance with legislation of the European Community relating to Economic and Monetary Union. 

“Party” means a party to this Agreement. 
 “Project Finance Indebtedness” means Financial Indebtedness (in respect of which Security has been given) incurred by a member of the Group (a “Project Group Member”) for
the purposes of financing the acquisition, construction, development and/or operation of an asset (a “Project Asset”) where the provider of the Financial Indebtedness has no recourse against any member of the Group, except for
recourse to: 
  

	 	(a)	the Project Asset of the Project Group Member or receivables arising from the Project Asset; 

 

	 	(b)	a Project Group Member for the purpose of enforcing Security given by it so long as: 

 

	 	(i)	the recourse is limited to recoveries in respect of the Project Asset; and 

 

	 	(ii)	if the Project Asset does not comprise all or substantially all of the business of that Project Group Member, the provider of the Financial Indebtedness does not have
the right to take any steps towards its winding up or dissolution or the appointment of a liquidator, administrator, receiver or similar officer or person, other than in respect of the Project Asset or receivables arising therefrom; or

  

	 	(c)	a member of the Group to the extent only of its shareholding in a Project Group Member. 

“Project Group Member” has the meaning given to it in the definition of Project Finance Indebtedness provided that
the principal assets and business of such member of the Group is constituted by Project Assets and it has no other Financial Indebtedness except Project Finance Indebtedness. 

  
 - 13 -

 “Qualifying Lender” has the meaning given to it in Clause 13 (Tax
gross-up and indemnities). 
 “Quarter Date” means each 31 March, 30 June, 30 September and
31 December in each financial year of the Company. 
 “Quotation Day” means, in relation to any period for
which an interest rate is to be determined: 
  

	 	(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 Facility Agent in accordance with market
practice in the Relevant Interbank Market (and if quotations for that currency and period 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). 

“Reference Banks” means, in relation to LIBOR, Mandatory Costs and EURIBOR the principal London offices of The Royal Bank
of Scotland plc, Bank of America, N.A. and HSBC Bank plc or such other banks as may be appointed by the Facility Agent in agreement with the Company (such agreement not to be unreasonably withheld). 

“Relevant Interbank Market” means, in relation to euro, the European interbank market and, in relation to any other
currency, the London interbank market. 
 “Relevant Period” has the meaning given to it in Clause 21
(Financial covenants). 
 “Repeating Representations” means each of the representations set out in
Clauses 19.1 (Status) to 19.4 (Power and authority), paragraph (a) of Clause 19.6 (No default) and Clause 19.8 (Pari passu ranking). 
 “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 7 (Form of Resignation Letter). 

“Rollover Loan” means one or more Loans: 

 

	 	(a)	made or to be made on the same day that one or more maturing Loans is or are due to be repaid; 

  
 - 14 -

	 	(b)	the aggregate amount of which is equal to or less than the maturing Loan(s) (unless it is more than the maturing Loan(s) solely because it arose as a result of the
operation of Clause 6.2 (Unavailability of a currency)); 

  

	 	(c)	in the same currency as the maturing Loan(s) (unless it arose as a result of the operation of Clause 6.2 (Unavailability of a currency)); and

  

	 	(d)	made or to be made to the same Borrower for the purpose of refinancing the maturing Loan(s). 

“Screen Rate” means: 
  

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

 

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

displayed on the appropriate page of the Reuters screen. If the agreed page is replaced or service ceases to be available, the Facility
Agent may specify another page or service displaying the appropriate rate after consultation with the Company and the Lenders. 

“Security” means a mortgage, pledge, lien, hypothecation, security interest or other charge or encumbrance entered into
for the purpose of securing any obligation of any person. 
 “Separate Loan” has the meaning given to that term
in Clause 7.1 (Repayment of Loans). 
 “Specified Time” means a time determined in accordance with
Schedule 10 (Timetables). 
 “Sterling” or “£” means the lawful currency for the
time being of the United Kingdom. 
 “Subsidiary” means a subsidiary within the meaning of section 1159 of the
Companies Act 2006 and, for the purpose of Clause 21 (Financial covenants) and in relation to financial statements of the Group, a subsidiary undertaking within the meaning of section 1162 of the Companies Act 2006, but in this Agreement
“Subsidiary” shall for all purposes exclude each Project Group Member. 
 “Super-Majority
Lenders” means a Lender or Lenders whose Commitments aggregate more than 85 per cent. of the Total Commitments (or, if the Total Commitments have been reduced to zero, aggregated more than 85 per cent. of the Total Commitments
immediately prior to the reduction). 
 “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. 

  
 - 15 -

 “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 by an Obligor to pay or any delay in paying by an Obligor any of the same). 
 “Termination Date” means the date which is 60 Months after the date of this Agreement. 
 “Total Commitments” means the aggregate of the Lenders’ Commitments being $1,070,000,000 at the date of this Agreement. 

“Transfer Certificate” means a certificate substantially in the form set out in Schedule 5 (Form of Transfer
Certificate) or any other form agreed between the Facility Agent and the Company. 
 “Transfer Date” means,
in relation to a transfer, the later of: 
  

	 	(a)	the proposed Transfer Date specified in the Transfer Certificate; and 

  

	 	(b)	the date on which the Facility Agent executes the Transfer Certificate. 

 “Unpaid Sum” means any sum due and payable but unpaid by an Obligor under the Finance Documents. 
 “US Dollars” or “$” means the lawful currency for the time being of the United States of America. 
 “Utilisation” means a utilisation of the Facility. 

“Utilisation Date” means the date of a Utilisation, being the date on which the relevant Loan is to be made. 

“Utilisation Request” means a notice substantially in the form set out in Part A of Schedule 3 (Requests).

 “Utilisation Level” means the Base Currency Amount of all Loans expressed as a percentage of the Total
Commitments. 
 “VAT” means value added tax as provided for in the Value Added Tax Act 1994 and any other tax of
a similar nature. 
  

	1.2	Construction 

  

	 	(a)	Unless a contrary indication appears, any reference in this Agreement to: 

  

	 	(i)	the “Facility Agent”, the “Arranger”, any “Finance Party”, any “Guarantor”, any
“Lender”, any “Obligor” or any “Party” shall be construed so as to include its successors in title, permitted assigns and permitted transferees; 

  
 - 16 -

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

 

	 	(iii)	a “Finance Document” or any other agreement or instrument is a reference to that Finance Document or other agreement or instrument as amended, novated,
supplemented, extended, restated (however fundamentally and whether or not more onerously) or replaced and includes any change in the purpose of, any extension of or any increase in any facility or the addition of any new facility under that Finance
Document or other agreement or instrument; 

  
  

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

  

	 	(v)	a “person” includes any individual, firm, company, corporation, government, state or agency of a state or any association, trust, joint venture,
consortium or partnership (whether or not having separate legal personality); 

  

	 	(vi)	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, which is generally complied with by those to whom it is addressed) of any governmental, intergovernmental or supranational body, agency, department or regulatory, self-regulatory or other authority or organisation;

  

	 	(vii)	a “subsidiary” has the meaning given to it in section 1159 of the Companies Act 2006 and “subsidiary undertaking” has the same meaning
given to it in section 1162 of the Companies Act 2006; 

  

	 	(viii)	a provision of law is a reference to that provision as amended or re-enacted; and 

 

	 	(ix)	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 Default or an Event of Default is “continuing” if it has not been remedied or waived. 

 

	1.3	Third Party Rights 

 A
person who is not a Party 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. 

  
 - 17 -

  

	2.	THE FACILITY 

  

	2.1	The Facility 

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

	2.2	Increase 

  

	 	(a)	The Company may by giving prior notice to the Facility Agent after the effective date of a cancellation of: 

 

	 	(i)	the Available Commitments of a Defaulting Lender in accordance with Clause 8.68.7 (Right of cancellation in relation to a Defaulting Lender);

  

	 	(ii)	all or part of the Commitments of a Lender in accordance with Clause 8.5 (Right of repayment and cancellation in relation to, or replacement of, a single
Lender); or 

  

	 	(iii)	the Commitments of a Lender in accordance with Clause 8.1 (Illegality), 

 request that the Total Commitments be increased (and the Total Commitments under that Facility shall be so increased) in an aggregate amount in the Base Currency of up to the amount of the Available
Commitments or Commitments so cancelled as follows: 
  

	 	(iv)	the increased Commitments may be assumed by one or more Lenders or other banks, financial institutions, trusts, funds or other entities (each an “Increase
Lender”) selected by the Company (each of which shall not be a member of the Group) and each of which confirms its willingness to assume and does assume all the obligations of a Lender corresponding to that part of the increased Commitments
which it is to assume, as if it had been an Original Lender; 

  

	 	(v)	each of the Obligors and any Increase Lender shall assume obligations towards one another and/or acquire rights against one another as the Obligors and the Increase
Lender would have assumed and/or acquired had the Increase Lender been an Original Lender; 

  

	 	(vi)	each Increase Lender shall become a Party as a “Lender” and any Increase Lender and each of the other Finance Parties shall assume obligations towards one
another and acquire rights against one another as that Increase Lender and those Finance Parties would have assumed and/or acquired had the Increase Lender been an Original Lender; 

 

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

 

	 	(viii)	any increase in the Total Commitments shall take effect on the date specified by the Company in the notice referred to above or any later date on which the conditions
set out in paragraph (b) below are satisfied. 

  
 - 18 -

	 	(b)	An increase in the Total Commitments will only be effective on: 

  

	 	(i)	the execution by the Facility Agent of an Increase Confirmation from the relevant Increase Lender and the Facility Agent shall execute an Increase Confirmation within
five Business Days of receipt by it of an Increase Confirmation duly executed by the Increase Lender; 

  

	 	(ii)	in relation to an Increase Lender which is not a Lender immediately prior to the relevant increase, the performance by the Facility Agent of all necessary “know
your customer” or other similar checks under all applicable laws and regulations in relation to the assumption of the increased Commitments by that Increase Lender, the completion of which the Facility Agent shall promptly notify to the Company
and the Increase Lender. 

  

	 	(c)	Each Increase Lender, by executing the Increase Confirmation, confirms (for the avoidance of doubt) that the Facility Agent has authority to execute on its behalf any
amendment or waiver that has been approved by or on behalf of the requisite Lender or Lenders in accordance with this Agreement on or prior to the date on which the increase becomes effective. 

 

	 	(d)	The Company may (but shall be under no obligation to) pay to the Increase Lender a fee in the amount and at the times agreed between the Company and the Increase Lender
in a letter between the Company and the Increase Lender setting out that fee. A reference in this Agreement to a Fee Letter shall include any letter referred to in this paragraph. 

 

	 	(e)	Clause 24.5 (Limitation of responsibility of Existing Lenders) shall apply mutatis mutandis in this Clause 2.2 in relation to an Increase Lender as if
references in that Clause to: 

  

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

 

	 	(ii)	the “New Lender” were references to that “Increase Lender”; and 

 

	 	(iii)	a “re-transfer” and “re-assignment” were references to respectively a “transfer” and “assignment”.

  

	2.3	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. 

  
 - 19 -

	 	(c)	A Finance Party may, except as otherwise stated in the Finance Documents, separately enforce its rights under the Finance Documents. 

 

	2.4	Obligors’ agent 

  

	 	(a)	Each Obligor (other than the Company) by its execution of this Agreement or an Accession Letter irrevocably appoints the Company to act on its behalf as its agent in
relation to the Finance Documents and irrevocably authorises: 

  

	 	(i)	the Company 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, if relevant, any Utilisation Request), to execute on its behalf any Accession Letter, to make such agreements and to effect the relevant amendments, supplements and variations capable of being 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 the Company, 

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 Request) 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. 

  

	3.	PURPOSE 

  

	3.1	Purpose 

 Each Borrower
shall apply all amounts borrowed by it under the Facility towards general corporate purposes of the Group. 

  
 - 20 -

	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	Initial conditions precedent 

 The Lenders will only be obliged to comply with Clause 5.4 (Lenders’ participation) in relation to the first Utilisation if on or before the Utilisation Date for that Utilisation, the Facility
Agent has received all of the documents and other evidence listed in Part A (Conditions Precedent to Initial Utilisation) of Schedule 2 (Conditions Precedent) in form and substance satisfactory to the Facility Agent. The Facility
Agent shall notify the Company and the Lenders promptly upon being so satisfied. 
  

	4.2	Further conditions precedent 

 The Lenders will only be obliged to comply with Clause 5.4 (Lenders’ participation) if on the date of the Utilisation Request and on the proposed Utilisation Date: 

 

	 	(a)	in the case of a Rollover Loan, no notice has been served by the Facility Agent on the Company under Clause 23.13 (Acceleration) and, in the case of any other
Loan, no Default is continuing or would result from the proposed Loan; and 

  

	 	(b)	the Repeating Representations to be made by each Obligor are true in all material respects. 

 

	4.3	Conditions relating to Optional Currencies 

  

	 	(a)	A currency will constitute an Optional Currency in relation to a Loan if it is euro or Sterling or: 

 

	 	(i)	it is readily available in the amount required and freely convertible into the Base Currency in the Relevant Interbank Market on the Quotation Day and the Utilisation
Date for that Loan; and 

  

	 	(ii)	it has been approved by the Facility Agent (acting on the instructions of all the Lenders) on or prior to receipt by the Facility Agent of the relevant Utilisation
Request for that Loan. 

  

	 	(b)	If by the Specified Time the Facility Agent has received a written request from the Company for a currency to be approved under paragraph (a)(ii) above, the Facility
Agent will notify the Lenders of that request by the Specified Time. Based on any responses received by the Facility Agent by the Specified Time, the Facility Agent will confirm to the Company by the Specified Time: 

 

	 	(i)	whether or not the Lenders have granted their approval; and 

  

	 	(ii)	if approval has been granted, the minimum amount (and, if required, integral multiples) for any subsequent Utilisation in that currency. 

  
 - 21 -

	4.4	Maximum number of Loans 

  

	 	(a)	A Borrower may not deliver a Utilisation Request if as a result of the proposed Utilisation more than 15 Loans would be outstanding. 

 

	 	(b)	Any Loan made by a single Lender under Clause 6.2 (Unavailability of a currency) shall not be taken into account in this Clause 4.4. 

 

	 	(c)	Any Separate Loan shall not be taken into account in this Clause 4.4. 

  

	5.	UTILISATION 

  

	5.1	Delivery of a Utilisation Request 

 A Borrower may utilise the Facility by delivery to the Facility Agent of a duly completed Utilisation Request not later than the Specified Time. 

 

	5.2	Completion of a Utilisation Request 

  

	 	(a)	Each Utilisation Request is irrevocable and will not be regarded as having been duly completed unless: 

 

	 	(i)	the proposed Utilisation Date is a Business Day within the Availability Period; 

 

	 	(ii)	the currency and amount of the Utilisation comply with Clause 5.3 (Currency and amount); 

 

	 	(iii)	the proposed Interest Period complies with Clause 10 (Interest Periods); and 

 

	 	(iv)	it specifies the account and bank (which must be in the principal financial centre of the country of the currency of the Utilisation or, in the case of euro, the
principal financial centre of a Participating Member State in which banks are open for general business on that day or London or, such other financial centre as the relevant Borrower, with the consent of the Facility Agent, may select) to which the
proceeds of the Utilisation are to be credited. 

  

	 	(b)	Only one Loan may be requested in each Utilisation Request. 

  
 - 22 -

	5.3	Currency and amount 

  

	 	(a)	The currency specified in a Utilisation Request must be the Base Currency or an Optional Currency. 

 

	 	(b)	The amount of the proposed Loan must be: 

  

	 	(i)	if the currency selected is the Base Currency, a minimum of $20,000,000 and in multiples of $1,000,000, or if less, the Available Facility; 

 

	 	(ii)	if the currency selected is Sterling, a minimum of £10,000,000 and in multiples of £1,000,000, or, if less the Available Facility; or

  

	 	(iii)	if the currency selected is euro, a minimum of €15,000,000, and in multiples of €1,000,000, or if less, the Available Facility; or 

 

	 	(iv)	if the currency selected is an Optional Currency other than Sterling or euro, the minimum amount (and, if required, integral multiple) as agreed between the Facility
Agent, the Lenders and the Company provided that if no such agreement is reached between the Facility Agent, the Lenders and the Company the minimum amount shall be the equivalent at that time of $20,000,000 and multiples of $2,000,000, such
amount to be rounded as reasonably determined by the Facility Agent and notified to the Company; and 

  

	 	(v)	in any event such that its Base Currency Amount is less than or equal to the Available Facility. 

 

	5.4	Lenders’ participation 

  

	 	(a)	If the conditions set out in this Agreement have been met, and subject to Clause 7 (Repayment), each Lender shall make its participation in each Loan available
by the Utilisation Date through its Facility Office. 

  

	 	(b)	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 Facility Agent shall determine the Base Currency Amount of each Loan which is to be made in an Optional Currency and shall notify each Lender of the amount,
currency and the Base Currency Amount of each Loan and the amount of its participation in that Loan, in each case by the Specified Time. 

  

	5.5	Cancellation of Commitment 

The Total Commitments which, at that time, are unutilised shall be immediately cancelled at the end of the Availability Period.

  

	6.	OPTIONAL CURRENCIES 

  

	6.1	Selection of currency 

 A
Borrower (or the Company on behalf of a Borrower) shall select the currency of a Loan in a Utilisation Request. 

  
 - 23 -

	6.2	Unavailability of a currency 

 If before the Specified Time on any Quotation Day: 
  

	 	(a)	a Lender notifies the Facility Agent that the Optional Currency requested is not readily available to it in the amount required; or 

 

	 	(b)	a Lender notifies the Facility 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 Facility Agent will give notice to the relevant Borrower to that effect by the Specified
Time on that day. In this event, any Lender that gives notice pursuant to this Clause 6.2 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. 
  

	6.3	Participation in a Loan 

Each Lender’s participation in a Loan will be determined in accordance with paragraph (b) of Clause 5.4 (Lenders’
participation). 
  

	7.	REPAYMENT 

  

	7.1	Repayment of Loans 

  

	 	(a)	Subject to paragraph (c) below, each Borrower which has drawn a Loan shall repay that Loan on the last day of its Interest Period. 

 

	 	(b)	Without prejudice to each Borrower’s obligation under paragraph (a) above, if one or more Loans are to be made available to a Borrower: 

 

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

 

	 	(ii)	in the same currency as the maturing Loan (unless it arose as a result of the operation of Clause 6.2 (Unavailability of a currency)); and

  

	 	(iii)	in whole or in part for the purpose of refinancing the maturing Loan, 

 the aggregate amount of the new Loans shall be treated as if applied in or towards repayment of the maturing Loan so that: 
  

	 	(A)	if the amount of the maturing Loan exceeds the aggregate amount of the new Loans: 

 

	 	(1)	the relevant Borrower will only be required to pay an amount in cash in the relevant currency equal to that excess; and 

  
 - 24 -

	 	(2)	each Lender’s participation (if any) in the new Loans shall be treated as having been made available and applied by the Borrower in or towards repayment of that
Lender’s participation (if any) in the maturing Loan and that Lender will not be required to make its participation in the new Loans available in cash; and 

 

	 	(B)	if the amount of the maturing Loan is equal to or less than the aggregate amount of the new Loans: 

 

	 	(1)	the relevant Borrower will not be required to make any payment in cash; and 

 

	 	(2)	each Lender will be required to make its participation in the new Loans available in cash only to the extent that its participation (if any) in the new Loans exceeds
that Lender’s participation (if any) in the maturing Loan and the remainder of that Lender’s participation in the new Loans shall be treated as having been made available and applied by the Borrower in or towards repayment of that
Lender’s participation in the maturing Loan. 

  

	 	(c)	At any time when a Lender becomes a Defaulting Lender, the maturity date of each of the participations of that Lender in the Loans then outstanding will be
automatically extended to the Termination Date and will be treated as separate Loans (the “Separate Loans”) denominated in the currency in which the relevant participations are outstanding. 

 

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

  

	 	(e)	Interest in respect of a Separate Loan will accrue for successive Interest Periods selected by the Borrower by the time and date specified by the Facility Agent (acting
reasonably) and will be payable by that Borrower to the Defaulting Lender on the last day of each Interest Period of that Separate Loan. 

  

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

  
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	8.	PREPAYMENT AND CANCELLATION 

  

	8.1	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 or maintain its participation in any Loan: 

 

	 	(a)	that Lender shall promptly notify the Facility Agent upon becoming aware of that event; 

 

	 	(b)	upon the Facility Agent notifying the Company, the Commitment of that Lender will be immediately cancelled; and 

 

	 	(c)	each Borrower shall repay that Lender’s participation in the Loans made to that Borrower on the last day of the Interest Period for each Loan occurring after the
Facility Agent has notified the Company or, if earlier, the date specified by the Lender in the notice delivered to the Facility Agent (being no earlier than the last day of any applicable grace period permitted by law). 

 

	8.2	Change of control 

  

	 	(a)	If at any time any person or group of persons acting in concert gains control of the Company: 

 

	 	(i)	the Company shall promptly notify the Facility Agent upon becoming aware of that event; 

 

	 	(ii)	a Lender shall not be obliged to fund a Utilisation (except for a Rollover Loan); and 

 

	 	(iii)	if a Lender so requires and notifies the Facility Agent within 30 days of the Company notifying the Facility Agent of the event, the Facility Agent shall, by not less
than 30 days’ notice to the Company, cancel the Commitment of that Lender and declare the participation of that Lender in all outstanding Loans, together with accrued interest, and all other amounts accrued under the Finance Documents
immediately due and payable, whereupon the Commitment of that Lender will be cancelled and all such outstanding amounts will become immediately due and payable. 

 

	 	(b)	For the purpose of paragraph (a) above “control” has the meaning given to it in section 1124 of the CTA 2010. 

 

	 	(c)	For the purpose of paragraph (a) above “acting in concert” has the meaning given to it in the City Code on Takeovers and Mergers.

  

	8.3	Voluntary cancellation 

The Company may, if it gives the Facility Agent not less than three Business Days’ (or such shorter period as the Majority Lenders
may agree) prior notice in writing, cancel the whole or any part (being a minimum amount of $40,000,000 and in multiples of $10,000,000) of the Available Facility. Any cancellation under this Clause 8.3 shall reduce the Commitments of the Lenders
rateably. 

  
 - 26 -

	8.4	Voluntary prepayment of Loans 

 A Borrower to which a Loan has been made, may, if it gives the Facility Agent not less than three Business Days’ (or such shorter period as the Majority Lenders may agree) prior notice in
writing, prepay the whole or any part of a Loan (but, if in part, being an amount that reduces the Base Currency Amount of the Loan by a minimum amount of $40,000,000 and in multiples of $10,000,000). 

 

	8.5	Right of repayment and cancellation in relation to, or replacement of, a single Lender 

 

	 	(a)	If: 

  

	 	(i)	any sum payable to any Lender by an Obligor is required to be increased under paragraph (c) of Clause 13.2 (Tax gross-up); 

 

	 	(ii)	any Lender claims indemnification from the Company under Clause 13.3 (Tax indemnity) or Clause 14.1 (Increased costs); or 

 

	 	(iii)	any Lender notifies the Facility Agent of its Additional Cost Rate under paragraph 3 of Schedule 4 (Mandatory Cost formulae), 

the Company may, whilst (in the case of paragraphs (i) and (ii) above) the circumstance giving rise to the requirement or indemnification
continues, or (in the case of paragraph (iii) above) that Additional Cost Rate is greater than zero, give the Facility Agent notice of: 
  

	 	(w)	cancellation of the Commitment of that Lender; and/or 

  

	 	(x)	its intention to procure the repayment of that Lender’s participation in the Loans; and/or 

 

	 	(y)	its intention to procure the repayment of that Lender’s participation in the Loans to the specified Borrower in relation to which an event referred to in
paragraphs (i), (ii) or (iii) above has occurred; and/or 

  

	 	(z)	its intention to replace that Lender in accordance with paragraph (d) below. 

 

	 	(b)	On receipt of a notice referred to in paragraph (a) above (other than one providing only for repayment of the Lender’s participation in the Loans to a specified
Borrower), the Commitment of that Lender shall immediately be reduced to zero. 

  

	 	(c)	On the last day of each Interest Period which ends after the Company has given notice under paragraph (a) above (or, if earlier, the date specified by the Company in
that notice), each Borrower (or, as the case may be, the specified Borrower) to which a Loan is outstanding shall repay that Lender’s participation in that Loan. 

  
 - 27 -

	 	(d)	The Company may, in the circumstances set out in paragraph (a) above, on five Business Days’ prior notice to the Facility Agent and that Lender, replace that
Lender by requiring that Lender to (and, to the extent permitted by law, that Lender shall) transfer pursuant to Clause 24 (Changes to the Lenders) all (and not part only) of its rights and obligations under this Agreement to a Lender or
other bank, financial institution, trust, fund or other entity selected by the Company which confirms its willingness to assume and does assume all the obligations of the transferring Lender in accordance with Clause 24 (Changes to the
Lenders) for a purchase price in cash or other cash payment payable at the time of the transfer equal to the outstanding principal amount of such Lender’s participation in the outstanding Loans and all accrued interest (to the extent that
the Facility Agent has not given a notification under Clause 24.9 (Pro rata interest settlement)), Break Costs and other amounts payable in relation thereto under the Finance Documents. 

 

	 	(e)	The replacement of a Lender pursuant to paragraph (d) above shall be subject to the following conditions: 

 

	 	(i)	no Finance Party shall have any obligation to find a replacement Lender; 

  

	 	(ii)	any replacement pursuant to this Clause 8.5 (but subject to the other provisions of this Agreement) of a Lender which is the Facility Agent shall not affect its role as
the Facility Agent; and 

  

	 	(iii)	any Lender replaced pursuant to this Clause 8.5 shall not be required to refund, or to pay or surrender to any other Lender, any of the fees or other amounts received
by that Lender under any Finance Document. 

  

	8.6	Replacement of a Non-Consenting Lender 

  

	 	(a)	In this Clause 8.6, “Non-Consenting Lender” means any Lender which does not agree to a consent, waiver or amendment if: 

 

	 	(i)	the Company or the Facility Agent has requested a consent under or waiver or amendment of any provision of any Finance Document; 

 

	 	(ii)	that consent, waiver or amendment requires the agreement of all the Lenders; and 

 

	 	(iii)	the Super-Majority Lenders have agreed to that consent, waiver or amendment. 

 

	 	(b)	If any Lender becomes a Non-Consenting Lender, the Company may, if it gives the Facility Agent and that Lender not less than 5 Business Days’ prior notice, arrange
for the transfer of the whole (but not part only) of that Lender’s Commitment and participations in the Utilisations at par to a new or existing Lender willing to accept that transfer and acceptable to the Company and the remaining Lenders.

  
 - 28 -

	 	(c)	The replacement of a Lender pursuant to this Clause 8.6 shall be subject to the following conditions: 

 

	 	(i)	no Finance Party shall have any obligation to find a replacement Lender; 

  

	 	(ii)	any replacement of a Non-Consenting Lender must take place no later than 180 days after the earlier of (A) the date the Non-Consenting Lender notified the Facility
Agent of its refusal to agree to the relevant consent, waiver or amendment and (B) the deadline (being not less than 15 Business Days after the Lender received the request for the relevant consent, waiver or amendment) by which the
Non-Consenting Lender failed to reply to that request; 

  

	 	(iii)	any Lender replaced pursuant to this Clause 8.6 shall not be required to refund, or to pay or surrender to any other Lender, any of the fees or other amounts received
by that Lender under any Finance Document; and 

  

	 	(iv)	any replacement pursuant to this Clause 8.6 (but subject to the other provisions of this Agreement) of a Lender which is the Facility Agent shall not affect its role as
the Facility Agent. 

  

	8.7	Right of cancellation in relation to a Defaulting Lender 

  

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

  

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

  

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

 

	8.8	Restrictions 

  

	 	(a)	Any notice of cancellation, prepayment or replacement given by any Party under this Clause 8 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 prepayment under this Agreement shall be made together with accrued interest on the amount prepaid and, subject to any Break Costs, without premium or penalty.

  

	 	(c)	Unless a contrary indication appears in this Agreement, any part of the Facility which is prepaid may be reborrowed in accordance with the terms of this Agreement.

  
 - 29 -

	 	(d)	The Borrowers shall not repay or prepay all or any part of the Loans or cancel all or any part of the Commitments except at the times and in the manner expressly
provided for in this Agreement. 

  

	 	(e)	Subject to Clause 2.2 (Increase), no amount of the Total Commitments cancelled under this Agreement may be subsequently reinstated. 

 

	 	(f)	If the Facility Agent receives a notice under this Clause 8 it shall promptly forward a copy of that notice to either the Company or the affected Lender, as
appropriate. 

  

	 	(g)	If all or part of a Loan is repaid or prepaid and is not available for redrawing (other than by operation of Clause 4.2 (Further conditions precedent)), an
amount of the Commitments (equal to the Base Currency Amount of the amount of the Loan which is repaid or prepaid) will be deemed to be cancelled on the date of repayment or prepayment. Any cancellation under this paragraph (g) shall reduce the
Commitments of the Lenders rateably. 

  

	9.	INTEREST 

  

	9.1	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; 

  

	 	(b)	LIBOR or, in relation to any Loan in euro, EURIBOR; and 

  

	 	(c)	Mandatory Cost, if any. 

  

	9.2	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). 
  

	9.3	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 the sum of 1 per cent. and 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 Facility Agent (acting reasonably). Any interest accruing under this Clause 9.3 shall be immediately payable by the Obligor
on demand by the Facility Agent. 

  
 - 30 -

	 	(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 the sum of 1 per cent. and 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. 

  

	9.4	Notification of rates of interest 

 The Facility Agent shall promptly notify the Lenders and the relevant Borrower of the determination of a rate of interest under this Agreement. 

 

	10.	INTEREST PERIODS 

  

	10.1	Selection of Interest Periods 

  

	 	(a)	A Borrower (or the Company on behalf of a Borrower) may select an Interest Period for a Loan in the Utilisation Request for that Loan. 

 

	 	(b)	Subject to this Clause 10, a Borrower (or the Company) may select an Interest Period of 1, 2, 3 or 6 Months or any other period agreed between the Company and the
Facility Agent (acting on the instructions of all the Lenders). 

  

	 	(c)	An Interest Period for a Loan shall not extend beyond the Termination Date. 

 

	 	(d)	A Loan has one Interest Period only. 

  

	 	(e)	Each Interest Period shall start on the Utilisation Date. 

  

	10.2	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). 

 

	11.	CHANGES TO THE CALCULATION OF INTEREST 

  

	11.1	Absence of quotations 

Subject to Clause 11.2 (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. 

  
 - 31 -

	11.2	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 percentage rate per annum which is the sum of: 

  

	 	(i)	the applicable Margin; 

  

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

 

	 	(iii)	the Mandatory Cost, if any, applicable to that Lender’s participation in the Loan. 

 

	 	(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 Facility 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 Facility Agent receives notifications from a Lender or Lenders (whose
participations in a Loan exceed 35 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. 

 

	11.3	Alternative basis of interest or funding 

  

	 	(a)	If a Market Disruption Event occurs and the Facility Agent or the Company so requires, the Facility Agent and the Company shall enter into negotiations (for a period of
not more than thirty 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 the Company, be binding on all Parties.

  

	11.4	Break Costs 

  

	 	(a)	Each Borrower shall, within five Business Days of a 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, together with its demand provide a certificate confirming the amount and basis of calculation of its Break Costs for any Interest Period in which
they accrue. 

  

  
 - 32 -

	12.	FEES 

  

	12.1	Commitment fee 

  

	 	(a)	The Company shall pay to the Facility Agent (for the account of each Lender) a fee in the Base Currency computed on a day to day basis at a percentage rate per annum
equal to 35 per cent. of the relevant Margin which would apply to a Loan drawn on that day on that Lender’s Available Commitment for the Availability Period. 

 

	 	(b)	The accrued commitment fee is payable on the last day of each successive period of three Months which ends during the Availability Period, on the last day of the
Availability Period and, if cancelled in full, on the cancelled amount of the relevant Lender’s Available Commitment at the time the cancellation is effective. 

 

	 	(c)	No commitment fee is payable to the Facility Agent (for the account of a Lender) on any Available Commitment of that Lender for any day on which that Lender is a
Defaulting Lender. 

  

	12.2	Participation fee 

 The
Company shall pay, or shall procure that the same is paid, to the Facility Agent (for the account of each Original Lender) a fee in the amount and at the times agreed in a Fee Letter. 

 

	12.3	Utilisation Fee 

 The
Borrower shall pay a utilisation fee which: 
  

	 	(a)	shall be calculated daily from the date of this Agreement and at the rate per annum (on the basis of a 360 day year) determined in accordance with the following table
upon the daily Utilisation Level: 

  

					
	 Utilisation Level (%)
	  	Rate (%)	 
	 Equal to or lower than 33.34%
	  	 	0	  
	 Higher than 33.34% but equal to or lower than 66.67%
	  	 	0.20	  
	 Higher than 66.67%
	  	 	0.40	  

  

	 	(b)	shall be paid in arrear to the Facility Agent for the account of the Lenders on: 

 

	 	(i)	the date falling three months after the date of this Agreement; 

  

	 	(ii)	each date falling at three monthly intervals thereafter; and 

  

	 	(iii)	the Termination Date; and 

  

	 	(c)	shall be paid in arrear to the Facility Agent for the account of a particular Lender on the date on which that Lender’s participations in the Facility are repaid.

  
 - 33 -

	12.4	Agency fee 

 The Company
shall pay, or procure that the same is paid, to the Facility Agent (for its own account) an agency fee in the amount and at the times agreed in a Fee Letter. 
  

	13.	TAX GROSS-UP AND INDEMNITIES 

  

	13.1	Definitions 

  

	 	(a)	In this Agreement: 

“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: 
  

	 	(a)	a Lender which is beneficially entitled to interest payable to that Lender in respect of an advance under a Finance Document and is: 

 

	 	(i)	a Lender: 

  

	 	(A)	which is a bank (as defined for the purpose of section 879 of the Income Tax Act) making an advance under a Finance Document; or 

 

	 	(B)	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 Income Tax Act) at the time that
that advance was made, 

 and which is within the charge to United Kingdom corporation tax as respects any
payments of interest made in respect of that advance; or 
  

	 	(ii)	a Lender which is: 

  

	 	(A)	a company resident in the United Kingdom for United Kingdom tax purposes; 

  

	 	(B)	a partnership each member of which is: 

  

	 	(I)	a company so resident in the United Kingdom; or 

  

	 	(II)	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 (for the purposes of section 19 of the CTA 2009) 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 2009; or 

  
 - 34 -

	 	(C)	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 2009) of that company; or 

  

	 	(D)	a Treaty Lender; or 

  

	 	(b)	a building society (as defined for the purposes of section 880 of the Income Tax Act) 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: 
  

	 	(a)	a company resident in the United Kingdom for United Kingdom tax purposes; or 

 

	 	(b)	a partnership each member of which is: 

  

	 	(i)	a company so resident in the United Kingdom; or 

  

	 	(ii)	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 2009) 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 2009; or 

 

	 	(c)	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. 
 “Tax Payment” means the amount by which a payment made by an Obligor to a Finance Party is increased under Clause 13.2 (Tax gross-up) or a payment under Clause 13.3 (Tax
indemnity). 

  
 - 35 -

 “Treaty Lender” means a Lender which: 

 

	 	(a)	is treated as a resident of a Treaty State for the purposes of the Treaty; 

 

	 	(b)	does not carry on a business in the United Kingdom through a permanent establishment with which that Lender’s participation in the Loans is effectively connected;
and 

  

	 	(c)	fulfils any conditions which must be fulfilled under the double taxation agreement for residents of that Treaty State to obtain exemption from United Kingdom taxation
on interest (subject to the completion of any necessary procedural formalities). 

 “Treaty State”
means a jurisdiction having a double taxation agreement (a “Treaty”) with the United Kingdom which makes provision for full exemption from tax imposed by the United Kingdom on interest. 

“UK Non-Bank Lender” means: 
  

	 	(a)	where a Lender becomes a Party on the day on which this Agreement is entered into, a Lender listed in Part B of Schedule 1; and. 

 

	 	(b)	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 which it
executes on becoming a Party. 

 Unless a contrary indication appears, in this Clause 13 a reference to
“determines” or “determined” means a determination made in the absolute discretion of the person making the determination. 
  

	13.2	Tax gross-up 

  

	 	(a)	Each Obligor shall make all payments to be made by it without any Tax Deduction, unless a Tax Deduction is required by law. 

 

	 	(b)	The Company 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 Facility Agent accordingly. Similarly, a Lender shall promptly notify the Facility Agent on becoming so aware in respect of a payment payable to that Lender. If the Facility Agent receives such notification from a Lender it shall promptly
notify the Company 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. 

  
 - 36 -

	 	(d)	An Obligor is not required to make an increased payment to a Lender under paragraph (c) above by reason of a Tax Deduction on account of tax imposed by the United
Kingdom, 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 published
concession of any relevant taxing authority; or 

 (ii) 

 

	 	(A)	the relevant Lender is a Qualifying Lender solely by virtue of sub-paragraph (a)(ii) of the definition of Qualifying Lender; 

 

	 	(B)	an officer of HM Revenue & Customs has given (and not revoked) a direction (a “Direction”) under section 931 of the Income Tax Act which
relates to that payment and that Lender has received from that Obligor or the Company a certified copy of that Direction; and 

  

	 	(C)	the payment could have been made to the Lender without any Tax Deduction if that Direction had not been made; or 

 

	 	(iii)	the relevant Lender is a Qualifying Lender solely under sub-paragraph (a)(ii)(A) to (C) of the definition of Qualifying Lender and: 

 

	 	(A)	the relevant lender has not given a Tax Confirmation to the Company; and 

  

	 	(B)	the payment could have been made to the Lender without any Tax Deduction if the Lender had given a Tax Confirmation to the Company, on the basis that the Tax
Confirmation would have enabled the Company to have formed a reasonable belief that the payment was an “excepted payment” for the purpose of section 930 of the Income Tax Act; or 

 

	 	(iv)	the relevant Lender is a Treaty Lender and the Obligor making the payment is able to demonstrate that (assuming the completion of all necessary procedural formalities
by the Obligor) 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 Tax Deduction is required as a result of a direction under regulation 9(b) of SI 1970/488 and the application of regulation 9(b) to that Lender does not result
from a change after it became a Lender in (or the interpretation, administration or application of) any law or Treaty, or any published practice or concession of any relevant taxing authority. 

  
 - 37 -

	 	(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 thirty 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 Facility Agent for the Finance Party entitled to the payment a statement under section 975 of the Income Tax Act or 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. 

 (g) 

 

	 	(i)	Subject to paragraph (ii) below, a Treaty Lender and each Obligor which makes a payment to which that Treaty Lender is entitled shall co-operate in promptly completing
any procedural formalities (including completing and submitting appropriate documents to the applicable tax authorities) necessary for that Obligor to obtain authorisation to make that payment without a Tax Deduction. 

 

	 	(ii)	Nothing in paragraph (i) above shall require a Treaty Lender to: 

  

	 	(A)	register under the HMRC DT Treaty Passport scheme; 

  

	 	(B)	apply the HMRC DT Treaty Passport scheme to any Utilisation if it has so registered; or 

 

	 	(C)	file Treaty forms if it has included an indication to the effect that it wishes the HMRC DT Treaty Passport scheme to apply to this Agreement in accordance with
paragraph (k) below or paragraph (a) of Clause 13.7 (HMRC DT Treaty Passport scheme confirmation) and the Obligor making that payment has not complied with its obligations under paragraph (l) below or paragraph (b) of Clause 13.7 (HMRC DT
Treaty Passport scheme confirmation). 

  

	 	(h)	A UK Non-Bank Lender which becomes a Party on the day on which this Agreement is entered into gives a Tax Confirmation to the Company by entering into this Agreement.

  

	 	(i)	A UK Non-Bank Lender shall promptly notify the Company and the Facility Agent if there is any change in the position from that set out in the Tax Confirmation.

  

	 	(j)	Each Lender severally warrants to the Company that it is a Qualifying Lender on the date it becomes a Party to this Agreement. If at any time after this Agreement is
entered into any Lender becomes aware that it is not and will not or will cease to be a Qualifying Lender, it shall promptly notify the Facility Agent and the Company. 

  
 - 38 -

	 	(k)	A Treaty Lender which becomes a Party on the day on which this Agreement is entered into that holds a passport under the HMRC DT Treaty Passport scheme, and which
wishes that scheme to apply to this Agreement, shall include a confirmation to that effect by including its scheme reference number and its jurisdiction of tax residence opposite its name in Part A of Schedule 1 (The Original Lenders).

  

	 	(l)	Where a Lender includes the confirmation described in paragraph (k) above in Part A of Schedule 1 (The Original Lenders): 

 

	 	(i)	each Original Borrower shall, to the extent that that Lender is a Lender under a Facility made available to that Original Borrower pursuant to Clause 2.1 (The
Facility), file a duly completed form DTTP2 in respect of such Lender with HM Revenue & Customs within 30 days of the date of this Agreement and shall promptly provide that Lender with a copy of that filing; and

  

	 	(ii)	each Additional Borrower shall, to the extent that that Lender is a Lender under a Facility made available to that Additional Borrower pursuant to Clause 2.1 (The
Facility), file a duly completed form DTTP2 in respect of such Lender with HM Revenue & Customs within 30 days of becoming an Additional Borrower and shall promptly provide the Lender with a copy of that filing.

  

	 	(m)	If a Lender has not included a confirmation to the effect that it wishes the HMRC DT Treaty Passport scheme to apply to this Agreement in accordance with paragraph (k)
above or paragraph (a) of Clause 13.7 (HMRC DT Treaty Passport scheme confirmation), no Obligor shall file any form relating to the HMRC DT Treaty Passport scheme in respect of that Lender’s Commitment(s) or its participation in any
Utilisation. 

  

	13.3	Tax indemnity 

  

	 	(a)	The Borrowers shall (within five Business Days of demand by the Facility 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; or 

  

	 	(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, 

  
 - 39 -

	 	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; 

  

	 	(ii)	to the extent a loss, liability or cost: 

  

	 	(A)	is compensated for by an increased payment under Clause 13.2 (Tax gross-up); or 

 

	 	(B)	would have been compensated for by an increased payment under Clause 13.2 (Tax gross-up) but was not so compensated solely because one of the exclusions in
paragraph (d) of Clause 13.2 (Tax gross-up) applied; or 

  

	 	(C)	is attributable to any Bank Levy; 

  

	 	(iii)	to the extent that such loss, liability or cost has not been notified to the Company by the relevant Finance Party within 2 months of such Finance Party becoming aware
of the existence of the same. 

  

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

  

	 	(d)	A Protected Party shall, on receiving a payment from an Obligor under this Clause 13.3, notify the Facility Agent. 

 

	13.4	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; 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 no better and no worse position in respect of its worldwide tax liabilities
than it would have been in had the Tax Payment not been required to be made by the Obligor. 
  

	13.5	Stamp taxes 

 The
Borrowers shall pay and, within five Business Days of demand, indemnify each Finance Party against any cost, loss or liability that Finance Party incurs in relation to all stamp duty, registration and other similar Taxes payable in respect of any
Finance Document. 

  
 - 40 -

	13.6	Lender Status Confirmation 

Each Lender which becomes a Party to this Agreement after the date of this Agreement shall indicate, in the Transfer Certificate or
Increase Confirmation which it executes on becoming a Party, and for the benefit of the Facility Agent and without liability to any Obligor, which of the following categories it falls in: 

 

	 	(a)	not a Qualifying Lender; 

  

	 	(b)	a Qualifying Lender (other than a Treaty Lender); or 

  

	 	(c)	a Treaty Lender. 

 If a New
Lender fails to indicate its status in accordance with this Clause 13.6 then such New Lender shall be treated for the purposes of this Agreement (including by each Obligor) as if it is not a Qualifying Lender until such time as it notifies the
Facility Agent which category applies (and the Facility Agent, upon receipt of such notification, shall inform the Company). For the avoidance of doubt, a Transfer Certificate or Increase Confirmation shall not be invalidated by any failure of a
Lender to comply with this Clause 13.6. 
  

	13.7	HMRC DT Treaty Passport scheme confirmation 

  

	 	(a)	A New Lender or an Increase Lender that is a Treaty Lender that holds a passport under the HMRC DT Treaty Passport scheme, and which wishes that scheme to apply to this
Agreement, shall include a confirmation to that effect in the Transfer Certificate or Increase Confirmation which it executes by including its scheme reference number and its jurisdiction of tax residence in that Transfer Certificate or Increase
Confirmation. 

  

	 	(b)	Where a New Lender or an Increase Lender includes the confirmation described in paragraph (a) above in the relevant Transfer Certificate or Increase Confirmation:

  

	 	(i)	each Borrower which is a Party as a Borrower as at the relevant Transfer Date or the date on which the increase in Total Commitments described in the relevant Increase
Confirmation takes effect shall, to the extent that that New Lender or Increase Lender becomes a Lender under a Facility which is made available to that Borrower pursuant to Clause 2.1 (The Facility), file a duly completed form DTTP2 in
respect of such Lender with HM Revenue & Customs within 30 days of that Transfer Date or that date on which the increase in Total Commitments takes effect and shall promptly provide the Lender with a copy of that filing; and

  

	 	(ii)	each Additional Borrower which becomes an Additional Borrower after the relevant Transfer Date or the date on which the increase in Total Commitments described in the
relevant Increase Confirmation takes effect shall, to the extent that that New Lender or Increase Lender is a Lender under a Facility which is made available to that Additional Borrower pursuant to Clause 2.1 (The Facility), file a duly
completed form DTTP2 in respect of such Lender with HM Revenue & Customs within 30 days of becoming an Additional Borrower and shall promptly provide the Lender with a copy of that filing. 

  
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	13.8	Value added tax 

  

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

  

	 	(b)	If VAT is or becomes chargeable on any supply made by any Finance Party (the “Supplier”) to any other Finance Party (the “Recipient”)
under a Finance Document, and any Party other than the Recipient (the “Relevant Party”) is required by the terms of any Finance Document to pay an amount equal to the consideration for 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 it 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 save to the extent that neither the Finance Party nor any other member of any group of which it is a member for VAT purposes is entitled to repayment or credit
in respect of such VAT. 

  

	 	(d)	Any reference in this Clause 13.8 to any Party shall, at any time when such Party is treated as a member of a group for VAT purposes, include (where appropriate and
unless the context otherwise requires) a reference to the representative member of such group at such time (the term “representative member” to have the same meaning as in the Value Added Tax Act 1994). 

 

	14.	INCREASED COSTS 

  

	14.1	Increased costs 

  

	 	(a)	Subject to Clause 14.3 (Exceptions) the Company shall, within five Business Days of a demand by the Facility Agent, pay 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 date of this Agreement; or (iii) the implementation of, or compliance with, Basel III or any law or regulation that implements or applies Basel III. 

  
 - 42 -

	 	(b)	In this Agreement “Increased Costs” means: 

  

	 	(i)	a reduction in the rate of return from the 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 funding or performing its
obligations under any Finance Document. 
  

	14.2	Increased cost claims 

  

	 	(a)	A Finance Party intending to make a claim pursuant to Clause 14.1 (Increased costs) shall notify the Facility Agent of the event giving rise to the claim,
following which the Facility Agent shall promptly notify the Company. 

  

	 	(b)	Each Finance Party shall, as soon as practicable after a demand by the Facility Agent, provide a certificate confirming the amount and reasonable details of the basis
therefor. 

  

	14.3	Exceptions 

  

	 	(a)	Clause 14.1 (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)	compensated for by Clause 13.3 (Tax indemnity) (or would have been compensated for under Clause 13.3 (Tax indemnity) but was not so compensated solely
because any of the exclusions in paragraph (b) of Clause 13.3 (Tax indemnity) applied); 

  

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

  

	 	(iv)	attributable to the negligence or wilful breach by the relevant Finance Party or its Affiliates of any law or regulation; 

 

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

  
 - 43 -

	 	(vi)	without prejudice to the exception set out in paragraph (ii) above, attributable to the implementation or application of or compliance with any Bank Levy or any
law or regulation which implements any Bank Levy (whether such implementation, application or compliance is by a government or a regulator or by a Finance Party or any of its Affiliates). 

In this Clause 14.3, a reference to a “Tax Deduction” has the same meaning given to the term in Clause 13.1
(Definitions). 
  

	15.	OTHER INDEMNITIES 

  

	15.1	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; 

  

	 	(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 five Business Days of demand, indemnify each 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. 

  

	15.2	Other indemnities 

 The
Company shall (or shall procure that an Obligor will), within five Business Days of demand, indemnify each Finance Party against any cost, loss or liability incurred by that Finance Party as a result of: 

 

	 	(a)	the occurrence of any Event of Default; 

  

	 	(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 28 (Sharing among the Finance Parties); 

  
 - 44 -

	 	(c)	funding, or making arrangements to fund, its participation in a Loan 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); or 

  

	 	(d)	a Loan (or part of a Loan) not being prepaid in accordance with a notice of prepayment given by a Borrower or the Company. 

 

	15.3	Indemnity to the Facility Agent 

 The Company shall promptly indemnify the Facility Agent against any cost, loss or liability incurred by the Facility Agent (acting reasonably) as a result of: 

 

	 	(a)	investigating any event which it reasonably believes is an Event of Default; or 

 

	 	(b)	acting or relying on any notice, request or instruction made by an Obligor which it reasonably believes to be genuine, correct and appropriately authorised.

  

	16.	MITIGATION BY THE LENDERS 

  

	16.1	Mitigation 

  

	 	(a)	Each Finance Party shall, in consultation with the Company, 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 8.1 (Illegality), Clause 13 (Tax gross-up and indemnities), Clause 14 (Increased Costs) or paragraph 3 of Schedule 4 (Mandatory
Cost formulae) including (but not limited to) transferring its rights and obligations under the Finance Documents to another Affiliate or Facility Office. 

 

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

 

	16.2	Limitation of liability 

  

	 	(a)	The Company shall 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 16.1
(Mitigation). 

  

	 	(b)	A Finance Party is not obliged to take any steps under Clause 16.1 (Mitigation) if, in the opinion of that Finance Party (acting reasonably), to do so might be
prejudicial to it. 

  

	17.	COSTS AND EXPENSES 

  

	17.1	Transaction expenses 

 The
Company shall promptly on demand pay the Facility Agent and the Arranger the amount of all reasonable costs and expenses (including legal fees) reasonably incurred by any of them (subject to a maximum in respect of legal fees as agreed with the
Company) in connection with the negotiation, preparation, printing and execution of: 
  

	 	(a)	this Agreement and any other documents referred to in this Agreement; and 

  

	 	(b)	any other Finance Documents executed after the date of this Agreement. 

  
 - 45 -

	17.2	Amendment costs 

 If
(a) an Obligor requests an amendment, waiver or consent or (b) an amendment is required pursuant to Clause 29.10 (Change of currency), the Company shall, within five Business Days of demand, reimburse the Facility Agent for
the amount of all reasonable costs and expenses (including legal fees) reasonably incurred by the Facility Agent in evaluating, negotiating or complying with that request. 

 

	17.3	Enforcement costs 

 The
Company shall, within five Business Days of demand, pay to each Finance Party the amount of all costs and expenses (including legal fees) incurred by that Finance Party in connection with the enforcement of, or the preservation of any rights under,
any Finance Document. 
  

	18.	GUARANTEE AND INDEMNITY 

  

	18.1	Guarantee and indemnity 

Each Guarantor irrevocably and unconditionally jointly and severally: 

 

	 	(a)	guarantees to each Finance Party punctual performance by each Borrower of all that Borrower’s payment obligations under the Finance Documents;

  

	 	(b)	undertakes with each Finance Party that whenever a Borrower 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 

  

	 	(c)	agrees with each Finance Party that if any obligation guaranteed by it is or becomes unenforceable, invalid or illegal, it will, as an independent and primary
obligation, indemnify that Finance Party immediately on demand against any cost, loss or liability it incurs as a result of a Borrower not paying any amount which would, but for such unenforceability, invalidity or illegality, have been payable by
it under any Finance Document on the date when it would have been due. The amount payable by a Guarantor under this indemnity will not exceed the amount it would have had to pay under this Clause 18 if the amount claimed had been recoverable on the
basis of a guarantee. 

  

	18.2	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. 

  
 - 46 -

	18.3	Reinstatement 

 If any
discharge, release or arrangement (whether in respect of the obligations of any Obligor or any security for those obligations or otherwise) is made by a Finance Party in whole or in part on the basis of any payment, security or other disposition
which is avoided or must be restored in insolvency, liquidation, administration or otherwise, without limitation, then the liability of each Guarantor under this Clause 18 will continue or be reinstated as if the discharge, release or arrangement
had not occurred. 
  

	18.4	Waiver of defences 

 The
obligations of each Guarantor under this Clause 18 will not be affected by an act, omission, matter or thing which, but for this Clause, would reduce, release or prejudice any of its obligations under this Clause 18 (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 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, restatement (however fundamental and whether or not more onerous) or replacement of any Finance Document or any other
document or security including without limitation any change in the purpose of, any extension of or any increase in any facility or the addition of any new facility under any Finance Document or 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. 

  

	18.5	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 18. This waiver applies irrespective of any law or any provision of a Finance Document to the contrary. 

  
 - 47 -

	18.6	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: 

 

	 	(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 moneys received from any Guarantor or on account of any Guarantor’s liability under this Clause 18.

  

	18.7	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 Facility Agent otherwise directs, no
Guarantor will exercise any rights which it may have by reason of performance by it of its obligations under the Finance Documents or by reason of any amount being payable, or liability arising, under this Clause 18: 

 

	 	(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 18.1 (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 Facility Agent or as the Facility Agent may direct for application in accordance with Clause 29 (Payment mechanics). 

  
 - 48 -

	18.8	Release of Guarantors’ right of contribution 

 If any Guarantor (a “Retiring Guarantor”) ceases to be a Guarantor in accordance with the terms of the Finance Documents 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 

  

	 	(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. 

  

	18.9	Additional security 

 This
guarantee is in addition to and is not in any way prejudiced by any other guarantee or security now or subsequently held by any Finance Party. 
  

	19.	REPRESENTATIONS 

 Each
Obligor makes the representations and warranties set out in this Clause 19 to each Finance Party, on the date of this Agreement. 
  

	19.1	Status 

  

	 	(a)	It is a corporation, duly incorporated and validly existing under the law of its jurisdiction of incorporation. 

 

	 	(b)	It and each of its Material Subsidiaries has the power to own its assets and carry on its business as it is being conducted. 

 

	19.2	Binding obligations 

 The
obligations expressed to be assumed by it in each Finance Document are subject to any general principles of law limiting its obligations which are specifically referred to in any legal opinion delivered pursuant to Clause 4 (Conditions of
Utilisation) or Clause 25 (Changes to the Obligors) legal, valid, binding and enforceable obligations. 
  

	19.3	Non-conflict with other obligations 

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

 

	 	(a)	any law or regulation applicable to it; 

  
 - 49 -

	 	(b)	its constitutional documents; or 

  

	 	(c)	any agreement or instrument binding upon it or any of its Subsidiaries or any of its or any of its Subsidiaries’ assets breach of which would have a Material
Adverse Effect. 

  

	19.4	Power and authority 

 It
has the power to enter into, perform and deliver, and has taken all necessary action to authorise its entry into, performance and delivery of, the Finance Documents to which it is a party and the transactions contemplated by those Finance Documents.

  

	19.5	Validity and admissibility in evidence 

 All Authorisations required: 
  

	 	(a)	to enable it lawfully to enter into, exercise its rights and comply with its obligations in the Finance Documents to which it is a party; and 

 

	 	(b)	to make the Finance Documents to which it is a party admissible in evidence in its jurisdiction of incorporation, 

have been obtained or effected and are in full force and effect (or, in each case, will be when required). 

 

	19.6	No default 

  

	 	(a)	No Event of Default is continuing or could reasonably be expected to result from the making of any Utilisation. 

 

	 	(b)	No other event or circumstance is outstanding which constitutes a default 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 or could reasonably be expected to have a Material Adverse Effect. 

  

	19.7	Financial statements 

  

	 	(a)	The Original Financial Statements were prepared in accordance with IFRS consistently applied. 

 

	 	(b)	The Original Financial Statements fairly represent the consolidated financial condition and operations of the Group during the relevant financial period.

  

	 	(c)	There has been no material adverse change in the business or financial condition of the Group since 31 December 2010. 

 

	19.8	Pari passu ranking 

 Its
payment obligations under the Finance Documents rank at least pari passu with the claims of all its other unsecured and unsubordinated creditors, except for obligations mandatorily preferred by law applying to companies generally. 

  
 - 50 -

	19.9	No proceedings pending or threatened 

 No litigation, arbitration or administrative proceedings of or before any court, arbitral body or agency which are reasonably likely to be adversely determined and, if adversely determined, could be
reasonably likely to have a Material Adverse Effect have (to the best of its knowledge and belief) been started or threatened against it or any of its Subsidiaries. 
  

	19.10	 No misleading information 

  

	 	(a)	Any written factual information provided by or on behalf of any member of the Group for the purposes of the entry into of this Agreement by a Finance Party, was true
and accurate in all material respects as at the date it was provided or as at the date (if any) at which it is stated. 

  

	 	(b)	Nothing has occurred since the date of delivery of, or been omitted from, the factual information referred to in paragraph (a) above and no information has been given
or withheld that results in the information referred to in paragraph (a) being untrue or misleading in any material respect. 

  

	 	(c)	The representations and warranties in this Clause 19.10 are made by the Company only. 

 

	19.11 	Repetition 

 The Repeating
Representations are deemed to be made by each Obligor by reference to the facts and circumstances then existing on: 
  

	 	(a)	the date of each Utilisation Request and the first day of each Interest Period; and 

 

	 	(b)	in the case of an Additional Obligor, the day on which the company becomes (or it is proposed that the company becomes) an Additional Obligor. 

 

	20.	INFORMATION UNDERTAKINGS 

The undertakings in this Clause 20 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. 
  

	20.1	Financial statements 

 The
Company shall supply to the Facility Agent in sufficient copies for all the Lenders: 
  

	 	(a)	as soon as the same become available, but in any event within 120 days after the end of each of its financial years: 

 

	 	(i)	its audited consolidated financial statements for that financial year; and 

  
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	 	(ii)	the financial statements of each Obligor for that financial year (which shall be audited if that Obligor produces audited financial statements); and

  

	 	(b)	as soon as the same become available, but in any event within 90 days after the end of the first half of each of its financial years, its consolidated financial
statements for that financial half year. 

  

	20.2	Compliance Certificate 

  

	 	(a)	The Company shall supply to the Facility Agent, with each set of financial statements delivered pursuant to paragraph 

(a)(i) or (b) of Clause 20.1 (Financial statements), a Compliance Certificate setting out: 

 

	 	(i)	(in reasonable detail) computations as to compliance with Clause 21 (Financial covenants); and 

 

	 	(ii)	an updated list of Material Subsidiaries, 

 in each case, as at the date at which those financial statements were drawn up. 
  

	 	(b)	Each Compliance Certificate shall be signed by a director or an authorised signatory on behalf of the Company. 

 

	20.3	Margin Certificate 

  

	 	(a)	The Company shall supply to the Facility Agent a Margin Certificate within 80 days of each Quarter Date setting out a computation of the Margin Ratio.

  

	 	(b)	Each Margin Certificate shall be signed by a director on behalf of the Company. 

 

	20.4	Requirements as to financial statements 

  

	 	(a)	Each set of financial statements delivered by the Company pursuant to paragraph (a) of Clause 20.1 (Financial statements) shall be certified by an
authorised signatory on behalf of the relevant company as fairly representing its (or, as the case may be, its consolidated) financial condition and operations as at the end of and for the period in relation to which those financial statements were
drawn up. 

  

	 	(b)	The Company shall procure that each set of financial statements of the Group delivered pursuant to Clause 20.1 (Financial statements) is prepared using IFRS
and it shall deliver to the Facility Agent: 

  

	 	(i)	sufficient information, in form and substance as may be reasonably required by the Facility Agent, to enable the Lenders to determine whether Clause
21 (Financial covenants) has been complied with and make an accurate comparison between the financial position indicated in those financial statements and the Original Financial Statements; and 

 

	 	(ii)	a description of any change necessary for those financial statements to reflect the Applicable Accounting Principles upon which the Original Financial Statements were
prepared. 

  
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	 	(c)	Any reference in this Agreement to the financial statements of the Group delivered pursuant to Clause 20.1 (Financial statements) shall be construed as a
reference to those financial statements as adjusted to reflect the Applicable Accounting Principles and, if applicable, any amendments pursuant to paragraph (d) below. 

 

	 	(d)	The Company may at any time notify the Facility Agent that there has been a change in accounting practices applied or accounting principles in force in relation to a
set of financial statements from the Applicable Accounting Principles upon which the Original Financial Statements were prepared, in which case the Company and the Facility Agent shall negotiate in good faith for not less than 30 days with a view to
agreeing: 

  

	 	(i)	any amendments to Clause 20.1 (Financial statements) and any of the definitions of terms used therein as are necessary to provide the Lenders and the
Company comparable protection to that contemplated at the date of this Agreement; and 

  

	 	(ii)	any other amendments to this Agreement which are necessary to ensure that the adoption by the Group of different accounting practices or principles does not result in
any material alteration to the commercial effect of the obligations of any Obligor under this Agreement. 

 If
amendments satisfactory to the Majority Lenders (acting reasonably) are so agreed in writing by the Company and the Facility Agent, those amendments shall take effect in accordance with the terms of that agreement. 

 

	20.5	Information: miscellaneous 

The Company shall supply to the Facility Agent (in sufficient copies for all the Lenders, if the Facility Agent so requests): 

 

	 	(a)	all documents dispatched by the Company to its shareholders (or any class of them) or its creditors generally at the same time as they are dispatched;

  

	 	(b)	promptly upon becoming aware of them, the details of any litigation, arbitration or administrative proceedings which are current, threatened or pending against any
member of the Group, and which might, if adversely determined, have a Material Adverse Effect; and 

  

	 	(c)	promptly, such further information regarding the financial condition, business and operations of any member of the Group as any Finance Party (through the Facility
Agent) may reasonably request except to the extent that disclosure of the information would breach any law regulation, stock exchange requirement or duty of confidentiality. 

  
 - 53 -

	20.6	Notification of default 

  

	 	(a)	Each Obligor shall notify the Facility Agent of any Default and the steps, if any, being taken to remedy it promptly upon becoming aware of its occurrence (unless that
Obligor is aware that a notification has already been provided by another Obligor). 

  

	 	(b)	Promptly upon a request by the Facility Agent, the Company shall supply to the Facility Agent a certificate signed by a director or authorised signatory on its behalf
certifying that no Default is continuing (or if continuing, specifying the steps, if any, being taken to remedy it). 

  

	20.7	Use of websites 

  

	 	(a)	The Company 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 an electronic website designated by the Company and the Facility Agent (the “Designated Website”) if: 

 

	 	(i)	the Facility Agent expressly agrees (after consultation with each of the Lenders) that it will accept communication of the information by this method;

  

	 	(ii)	the Company and the Facility 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 the Company and the Facility Agent. 

If any Lender (a “Paper Form Lender”) does not agree to the delivery of information electronically then the Facility
Agent shall notify the Company accordingly and the Company shall supply the information to the Facility Agent (in sufficient copies for each Paper Form Lender) in paper form. In any event the Company shall supply the Facility Agent with at least one
copy in paper form of any information required to be provided by it. 
  

	 	(b)	The Facility 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 the Company and the Facility Agent. 

  

	 	(c)	The Company shall promptly upon becoming aware of its occurrence notify the Facility 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 onto the Designated Website; 

  
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	 	(iv)	any existing information which has been provided under this Agreement and posted onto the Designated Website is amended; or 

 

	 	(v)	the Company becomes aware that the Designated Website or any information posted onto the Designated Website is or has been infected by any electronic virus or similar
software. 

 If the Company notifies the Facility Agent under paragraph (c)(i) or paragraph (c)(v) above, all
information to be provided by the Company under this Agreement after the date of that notice shall be supplied in paper form unless and until the Facility 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 Facility Agent, one paper copy of any information required to be provided under this Agreement which is posted onto the
Designated Website. The Company shall comply with any such request within ten Business Days. 

  

	20.8	“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 after the date of this Agreement; or 

 

	 	(iii)	a proposed assignment or transfer by a Lender of any of its rights and obligations under this Agreement to a party that is not a Lender prior to such assignment or
transfer, 

 obliges the Facility 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 Facility Agent or any
Lender supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Facility Agent (for itself or on behalf of any Lender) or any Lender (for itself or, in the case of the event described in paragraph
(iii) above, on behalf of any prospective new Lender) in order for the Facility 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 it has complied with 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 Facility Agent supply, or procure the supply of, such documentation and other evidence as is reasonably requested by
the Facility Agent (for itself) in order for the Facility Agent to carry out and be satisfied it has complied with all necessary “know your customer” or other similar checks under all applicable laws and regulations pursuant to the
transactions contemplated in the Finance Documents. 

  
 - 55 -

	 	(c)	The Company shall, by not less than five Business Days’ prior written notice to the Facility Agent, notify the Facility Agent (which shall promptly notify the
Lenders) of its intention to request that one of its Subsidiaries becomes an Additional Obligor pursuant to Clause 25 (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 Facility 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, the Company shall promptly upon the request of the Facility Agent or any Lender supply, or procure
the supply of, such documentation and other evidence as is reasonably requested by the Facility Agent (for itself or on behalf of any Lender) or any Lender (for itself or on behalf of any prospective new Lender) in order for the Facility Agent or
such Lender or any prospective new Lender to carry out and be satisfied it has complied with 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. 

  

	21.	FINANCIAL COVENANTS 

  

	21.1	Financial Condition 

 The
Company shall ensure that: 
  

	 	(a)	the ratio of EBITDA to Net Interest Payable for each Relevant Period will not be less than 3.50:1; and 

 

	 	(b)	the ratio of Net Borrowings as at the last day of each Relevant Period to EBITDA for that Relevant Period will not be more than 3.50:1, where EBITDA for the purpose of
this covenant shall be adjusted to take into account the pro forma impact of any acquisitions or disposals (other than disposals of Managed Assets) made during the Relevant Period by a member of the Group. 

 

	21.2	Financial covenant calculations 

 For the purposes of this Agreement, Borrowings (including Financial Indebtedness for the purpose of calculating Borrowings), EBITDA, Net Borrowings and Net Interest Payable shall be: 

 

	 	(a)	calculated and interpreted on a consolidated basis in accordance with the Applicable Accounting Principles of the Company and shall be expressed in the currency in
which the relevant financial statements of the Group delivered under Clause 20.1 (Financial statements) are presented; and 

  

	 	(b)	extracted (except as needed to reflect the terms of this Clause 21) from the financial statements of the Group delivered under Clause 20.1 (Financial
statements) and Clause 20.2 (Compliance Certificate). 

  
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	21.3	Definitions 

 In this
Agreement: 
 “Borrowings” means, as at any particular time, the aggregate outstanding principal, capital or
nominal amount (and any fixed or minimum premium payable on redemption) of the Financial Indebtedness of members of the Group, other than: 
  

	 	(a)	any indebtedness referred to in paragraph (g) of the definition of Financial Indebtedness; 

 

	 	(b)	any Project Finance Indebtedness; and 

  

	 	(c)	any indebtedness referred to in paragraphs (i) and (j) of the definition of Financial Indebtedness except to the extent any such obligation or liability specified
in such paragraphs has been provided for in the financial statements of the Group delivered under Clause 20.1 (Financial statements) or is disclosed as a contingency in the notes thereto and is quantified, 

and deducting, to the extent included, amounts attributable to interests of third parties in members of the Group. 

For this purpose, any amount outstanding or repayable in a currency other than US Dollars shall on that day be taken into account in its
US Dollar equivalent at the rate of exchange that would have been used had an audited consolidated balance sheet of the Group been prepared as at that day in accordance with IFRS as applicable to the Original Financial Statements. 

“Cash” means any credit balances on any deposit, savings, current or other account, and any cash in hand, which is:

  

	 	(a)	freely withdrawable on demand; 

  

	 	(b)	not subject to any Security (other than permitted pursuant to Clause 22.3 (Negative pledge)); 

 

	 	(c)	denominated and payable in freely transferable and freely convertible currency; and 

 

	 	(d)	capable of being remitted to an Obligor in the United Kingdom. 

 “Cash Equivalents” means short-term, highly liquid investments that are readily convertible to known amounts of cash and which have contractual maturities of three months or less.

  
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 “EBITDA” means, in relation to any Relevant Period, the total consolidated
operating profit of the Group for that Relevant Period: 
  

	 	(a)	before taking into account: 

  

	 	(i)	Net Interest Payable; 

  

	 	(ii)	Tax; and 

  

	 	(iii)	all exceptional items; and 

  

	 	(b)	after adding back all amounts provided for depreciation and amortisation; and 

 

	 	(c)	deducting, to the extent included, amounts attributable to interests of third parties in members of the Group. 

“Net Borrowings” means, as at any particular time, Borrowings less Cash and Cash Equivalents. 

“Net Interest Payable” means, in relation to any Relevant Period, the aggregate amount of interest and any other finance
charges accrued by the Group in that Relevant Period in respect of Borrowings including: 
  

	 	(a)	the interest element of leasing and hire purchase payments; 

  

	 	(b)	commitment fees, commissions and guarantee fees; and 

  

	 	(c)	amounts in the nature of interest payable in respect of any shares other than equity share capital, 

adjusted (but without double counting) by: 
  

	 	(i)	deducting interest income of the Group in respect of that Relevant Period; 

 

	 	(ii)	adding back the net amount payable (or deducting the net amount receivable) by members of the Group in that Relevant Period as a result of close-out or termination of
any interest or (so far as they relate to interest) currency hedging activities; 

  

	 	(iii)	adding back the amount payable as a premium on any bond buy-back by members of the Group in that Relevant Period; 

 

	 	(iv)	deducting, to the extent included, the amount payable by members of the Group in that Relevant Period for arrangement or related fees in respect of Borrowings
including, for the avoidance of doubt, any un-amortised fees to be written-off in respect of the Existing Facility (to include, for the avoidance of doubt, underwriting, syndication and fees of a similar nature); and 

  
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	 	(v)	deducting, to the extent included, the amount of interest and other finance charges attributable to interests of third parties in members of the Group and adjusting, as
appropriate, the additions or deductions specified in paragraphs (i) to (iv) (inclusive) above as a consequence of interests of third parties in members of the Group, 

but shall exclude in relation to the Relevant Period (A) net mark-to-market gains or losses on revaluation of financial instruments,
and (B) for the avoidance of doubt, any amount of interest paid to the Group’s loyalty programme on the accumulated balance of cash received in advance of the redemption of loyalty points awarded. 

“Relevant Period” means: 
  

	 	(a)	each financial year of the Company; and 

  

	 	(b)	each period beginning on the first day of the second half of a financial year of the Company and ending on the last day of the first half of its next financial year.

  

	22.	GENERAL UNDERTAKINGS 

 The
undertakings in this Clause 22 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. 

 

	22.1	Authorisations 

 Each
Obligor shall promptly: 
  

	 	(a)	obtain, comply with and do all that is necessary to maintain in full force and effect; and 

 

	 	(b)	supply certified copies to the Facility Agent of, 

 any Authorisation required under any law or regulation of its jurisdiction of incorporation to enable it to perform its obligations under the Finance Documents and to ensure the legality, validity,
enforceability or admissibility in evidence in its jurisdiction of incorporation of any Finance Document. 
  

	22.2	Compliance with laws 

Each Obligor shall comply with all laws to which it may be subject, if failure so to comply would materially impair its ability to perform
its obligations under the Finance Documents. 
  

	22.3	Negative pledge 

  

	 	(a)	No Obligor shall (and the Company shall ensure that no other member of the Group will) create or permit to subsist any Security over any of its assets.

  
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	 	(b)	Paragraph (a) above does not apply to: 

  

	 	(i)	any Security listed in Schedule 9 (Security) except to the extent the principal amount secured by that Security exceeds the amount stated in that Schedule;

  

	 	(ii)	any cash management, 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; 

  

	 	(iii)	any payment or close out netting or set-off arrangement pursuant to any hedging transaction entered into by a member of the Group for the purpose of:

  

	 	(A)	hedging any risk to which any member of the Group is exposed in its ordinary course of trading; or 

 

	 	(B)	its interest rate or currency management operations which are carried out in the ordinary course of business and for non-speculative purposes only,

 excluding, in each case, any Security under a credit support arrangement in relation to a hedging transaction;

  

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

 

	 	(v)	any Security resulting from the rules and regulations of any clearing system or stock exchange over shares and/or other securities held in that clearing system or stock
exchange; 

  

	 	(vi)	any Security over or affecting any asset acquired by a member of the Group after the date of this Agreement to the extent that: 

 

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

 

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

 

	 	(vii)	any Security over or affecting any asset of any company which becomes a member of the Group after the date of this Agreement, where the Security is created prior to the
date on which that company becomes a member of the Group, to the extent that: 

  

	 	(A)	the Security was not created in contemplation of the acquisition of that company; and 

 

	 	(B)	the principal amount secured has not increased in contemplation of or since the acquisition of that company; 

  
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	 	(viii)	any Security created pursuant to any Finance Document; 

  

	 	(ix)	any title transfer or retention of title arrangement entered into by any member of the Group in the ordinary course of business; 

 

	 	(x)	pledges of goods, the related documents of title and/or other related documents arising or created in the ordinary course of business as security for indebtedness to a
bank or financial institution directly relating to the goods or documents over which that pledge exists; 

  

	 	(xi)	any Security over cash or other investments for bank guarantees given in the ordinary course of trading securing liabilities of up to, in aggregate, $100,000,000 (or
its equivalent in any other currency or currencies) or to meet any margin requirement in respect of derivative transactions; 

  

	 	(xii)	any Security resulting from the rules and regulations of any clearing system or stock exchange over shares and/or other securities held in that clearing system or stock
exchange; 

  

	 	(xiii)	any Security securing Project Finance Indebtedness; 

  

	 	(xiv)	any Security provided in relation to the InterContinental executive top-up scheme securing liabilities of up to, in aggregate, $100,000,000 (or its equivalent in any
other currency or currencies); 

  

	 	(xv)	any Security replacing any Security permitted under paragraph (i) above or this paragraph (xv) and securing the same indebtedness or obligations whose principal
amount does not exceed the maximum principal amount secured, or which could be secured, by the replaced Security when it is replaced; 

  

	 	(xvi)	any Security securing indebtedness the principal amount of which (when aggregated with the principal amount of any other indebtedness which has the benefit of Security
given by any member of the Group other than any permitted under paragraphs (i) to (xv) above) does not exceed an amount equal to $150,000,000 (or its equivalent in any other currency or currencies); or 

 

	 	(xvii)	any other Security created or outstanding with the prior consent of the Majority Lenders. 

 

	22.4	Disposals 

  

	 	(a)	No Obligor shall (and the Company shall ensure that no other member of the Group will) enter into a single transaction or a series of transactions (whether related or
not and whether voluntary or involuntary) to sell, lease, transfer or otherwise dispose of any asset of the Group (each a “Disposal”). 

  
 - 61 -

	 	(b)	Paragraph (a) above does not apply to any Disposal: 

  

	 	(i)	made in the ordinary course of day-to-day business of the disposing entity; 

 

	 	(ii)	of assets in exchange for or to be replaced within 12 months (or committed within 12 months to be replaced and actually replaced within 24 months) by other assets
comparable or superior as to type, value and quality; 

  

	 	(iii)	of assets which are obsolete or redundant; 

  

	 	(iv)	which constitutes the payment of cash for any purpose not prohibited by any Finance Document; 

 

	 	(v)	by any member of the Group to another member of the Group; 

  

	 	(vi)	which constitutes any short term investment of funds not immediately required in the Group’s business and the realisation of those investments;

  

	 	(vii)	which constitutes the making of a lawful distribution; 

  

	 	(viii)	of assets which become Managed Assets following such Disposal; 

  

	 	(ix)	of assets (i) acquired by a member of the Group or (ii) owned by an entity which is acquired by a member of the Group, in each case as permitted by the terms
of this Agreement, which become the subject of a Disposal on arm’s length terms to a person who is not a member of the Group within the period of twelve Months following the date of the relevant acquisition; 

 

	 	(x)	where the proceeds of that Disposal (net of fees, transaction costs and Taxes) (or such smaller amount having regard to other Disposals which are permitted to be made
pursuant to the other sub-paragraphs of this paragraph (b)) are (within the period of 12 months following receipt of those proceeds) applied (or committed within the period of 12 months following receipt of those proceeds to be applied (and actually
applied within the period of 18 months following receipt of those proceeds)) in or towards capital expenditure of the Group; 

  

	 	(xi)	where any member of the Group has applied funds in or towards capital expenditure of the Group within the period of 12 months prior to the receipt of the proceeds of
that Disposal and where the amount so applied is at least equal to the proceeds of that Disposal (net of fees, transaction costs and Taxes) or, to the extent it is less than those proceeds, the balance is attributed to, or applied pursuant to,
another sub-paragraph of this paragraph (b); 

  

	 	(xii)	where an amount equal to the proceeds of that Disposal (net of fees, transaction costs and Taxes) (or such smaller amount having regard to other Disposals which are
permitted to be made pursuant to the other sub-paragraphs of this paragraph (b)) is used in or towards a permanent reduction of Financial Indebtedness of the Group; 

  
 - 62 -

	 	(xiii)	to which the Majority Lenders have consented; or 

  

	 	(xiv)	where the higher of the market value or consideration receivable (when aggregated with the higher of the market value or consideration receivable for any other
Disposal, to the extent not permitted under any of paragraphs (i) to (xiii) above, effected during any financial year), does not exceed an amount equal to $225,000,000 (or its equivalent in any other currency or currencies) in any financial year.

  

	22.5	Subsidiary Indebtedness 

  

	 	(a)	The Company shall ensure that the portion of Financial Indebtedness which is borrowed or incurred by Subsidiaries that are not Guarantors under this Agreement shall not
at any time exceed the aggregate of: 

  

	 	(i)	$400,000,000 (or its equivalent in any other currency or currencies); and (but without double counting) 

 

	 	(ii)	$400,000,000 (or its equivalent in any other currency or currencies) (provided such amount relates exclusively to Financial Indebtedness specified in paragraphs (i) and
(j) of the definition of Financial Indebtedness), 

 and provided that Financial Indebtedness for the
purpose of this Clause 22.5 shall exclude: 
  

	 	(A)	amounts borrowed under this Agreement; 

  

	 	(B)	qualifying amounts specified in paragraph (b) below which are secured as permitted pursuant to paragraphs (b)(vi) or (vii) of Clause 22.3 (Negative
pledge) or otherwise is outstanding for the period of up to 6 months following the relevant acquisition; 

  

	 	(C)	amounts which would be included as Financial Indebtedness due to a change in IFRS after the date of this Agreement but would not be treated as Financial Indebtedness
using Applicable Accounting Principles; and 

  

	 	(D)	amounts which are incurred in connection with the arrangements described in paragraphs (b)(ii) or (b)(iii) of Clause 22.3 (Negative pledge).

  

	 	(b)	Where a member of the Group acquires an asset or a company after the date of this Agreement in respect of which Financial Indebtedness is outstanding (other than
Project Finance Indebtedness), where: 

  

	 	(i)	that Financial Indebtedness was not created in contemplation of the acquisition of that asset or company; and 

  
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	 	(ii)	that Financial Indebtedness has not increased in contemplation of or since that acquisition, 

then that Financial Indebtedness shall be permitted and be in addition to the threshold numbers specified in paragraph (a) above.

  

	22.6	Change of business 

 The
Company shall procure that no substantial change is made to the general nature of the business of the Group taken as a whole from that anticipated to be carried on at the date of this Agreement but this shall not prevent any member of the Group
engaging in any ancillary or related business. 
  

	22.7	Insurance 

 The Company
shall or shall procure that other members of the Group shall, maintain insurances on and in relation to the business and assets of the Group with reputable underwriters or insurance companies against those risks, and to the extent, usually insured
against by a prudent group of companies located in the same or similar locations and carrying on a similar business to that of the Group. 
  

	22.8	Acquisitions 

 No Obligor
shall (and the Company shall ensure that no other member of the Group will) complete (without the approval of the Majority Lenders which shall not be unreasonably withheld or delayed) any acquisition (whether through a single transaction or series
of related transactions with the same party or with parties connected with one another) where the consideration for the acquisition exceeds 25 per cent. of the Group’s market capitalisation at the time of the London Stock Exchange market
close on the Business Day falling immediately prior to the date of formal announcement of such acquisition by the Company. 
  

	22.9	Disposal of Receivables 

  

	 	(a)	No Obligor shall (and the Company shall ensure that no other member of the Group will) sell, transfer or otherwise dispose of any of its trade receivables.

  

	 	(b)	Paragraph (a) above does not apply to any sale, transfer or other disposal of any of its receivables where the aggregate face value of all such receivables that
are outstanding at any time does not exceed $70,000,000 (or its equivalent in any other currency or currencies). 

  

	22.10 	Merger 

 No Obligor shall
enter into any amalgamation, demerger, merger, consolidation or corporate reconstruction other than any such transaction between Obligors or Obligors and other persons provided that, in each case, the surviving entity is (or, as the case may
be, becomes) a Guarantor and/or a Borrower (as the case may be). 

  
 - 64 -

	23.	EVENTS OF DEFAULT 

 Each
of the events or circumstances set out in Clause 23 (other than Clause 23.13 (Acceleration)) is an Event of Default. 
  

	23.1	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)	its failure to pay is caused by: 

  

	 	(i)	administrative or technical error; or 

  

	 	(ii)	a Disruption Event; and 

  

	 	(b)	payment is made within five Business Days of its due date. 

  

	23.2	Financial covenants 

 Any
requirement of Clause 21 (Financial covenants) is not satisfied. 
  

	23.3	Other obligations 

  

	 	(a)	An Obligor does not comply with any provision of the Finance Documents (other than those referred to in Clause 23.1 (Non-payment) and Clause 23.2 (Financial
covenants)). 

  

	 	(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 days of the earlier of Facility
Agent giving notice to the Company or the Company becoming aware of the failure to comply. 

  

	23.4	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 in any material respect when made or deemed to be made. 

  

	 	(b)	No Event of Default under paragraph (a) above will occur if the circumstances giving rise to a misrepresentation or misstatement is/are capable of remedy and is/are
remedied within 20 days of the Facility Agent giving notice to the Company requiring such remedy or (if earlier) the Company becoming aware of the failure to comply. 

 

	23.5	Cross default 

  

	 	(a)	Any Financial Indebtedness of any member of the Group is not paid when due nor within any applicable grace period. 

  
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	 	(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 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). 

  

	 	(d)	No Event of Default will occur under this Clause 23.5 if the aggregate amount of Financial Indebtedness or commitment for Financial Indebtedness falling within
paragraphs (a) to (c) above is less than $50,000,000 (or its equivalent in any other currency or currencies) and Financial Indebtedness for the purposes of this Clause 23.5 shall exclude, in each case, Project Finance Indebtedness.

  

	23.6	Insolvency 

  

	 	(a)	An Obligor or a Material Subsidiary is unable or admits inability to pay its debts as they fall due, suspends 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 rescheduling any of its indebtedness. 

 

	 	(b)	A moratorium is declared or takes effect in respect of all or a material part (or a particular type of) the indebtedness of an Obligor or a Material Subsidiary.

  

	23.7	Insolvency proceedings 

  

	 	(a)	Any corporate action or legal proceeding is taken (subject to paragraph (d) below) for the winding-up or dissolution of an Obligor or Material Subsidiary, or the
appointment of a liquidator, administrator, administrative receiver, compulsory manager or other similar officer is appointed in respect of, an Obligor or Material Subsidiary other than for a solvent winding-up, dissolution or liquidation of an
Obligor (other than the Company or the Guarantors) or a Material Subsidiary. 

  

	 	(b)	Any corporate action or legal proceeding is taken (subject to paragraph (d) below), or an agreement is entered into or proposed by an Obligor or Material Subsidiary,
for the suspension of payments by, a moratorium of any indebtedness of, or a general composition, compromise or assignment for the benefit of the creditors of, an Obligor or Material Subsidiary. 

 

	 	(c)	A receiver, administrative receiver, compulsory manager or other similar officer is appointed in respect of an Obligor or Material Subsidiary or any of its assets, or
any Security is enforced over an Obligor’s or Material Subsidiary’s assets, having an aggregate value of and in respect of indebtedness aggregating not less than $50,000,000 (or its equivalent in any other currency or currencies).

  
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	 	(d)	A person presents a petition for the winding up, liquidation, dissolution, administration or suspension of payments of an Obligor or Material Subsidiary except:

  

	 	(i)	where such petition is being contested in good faith and by appropriate means and is in any event dismissed within 30 days of its presentation; or

  

	 	(ii)	where such presentation is frivolous or vexatious or an abuse of process and is in any event dismissed within 30 days of its presentation.

  

	23.8	Creditors’ process 

Any expropriation, attachment, sequestration, distress or execution affects any asset or assets of an Obligor or Material Subsidiary
having an aggregate value of and in respect of indebtedness aggregating at least $50,000,000 (or its equivalent in any other currency or currencies) and is not discharged within 30 days. 

 

	23.9	Ownership of the Obligors 

An Obligor (other than the Company) is not or ceases to be a Subsidiary of the Company. 

 

	23.10	Unlawfulness 

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

	23.11	Repudiation 

 An Obligor
repudiates a Finance Document or evidences an intention to repudiate a Finance Document. 
  

	23.12	Cessation of business 

 An
Obligor ceases to carry on its business except pursuant to a reconstruction, amalgamation, merger or consolidation on solvent terms or, for the avoidance of doubt, by way of a disposal. 

 

	23.13	Acceleration 

 On and at
any time after the occurrence of an Event of Default which is continuing the Facility Agent may, and shall if so directed by the Majority Lenders, by notice to the Company: 

 

	 	(a)	cancel the Total Commitments whereupon they shall immediately be cancelled; 

 

	 	(b)	declare that all or part of the Loans, together with accrued interest, and all other amounts accrued or outstanding under the Finance Documents be immediately due and
payable, whereupon they shall become immediately due and payable; and/or 

  

	 	(c)	declare that all or part of the Loans be payable on demand, whereupon they shall immediately become payable on demand by the Facility Agent on the instructions of the
Majority Lenders. 

  
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	24.	CHANGES TO THE LENDERS 

  

	24.1	Assignments and transfers by the Lenders 

 Subject to this Clause 24, a Lender (the “Existing Lender”) may: 
  

	 	(a)	assign any of its rights; or 

  

	 	(b)	transfer by novation any of its rights and obligations, 

 to another bank or financial institution or, following the occurrence of an Event of Default which is continuing, 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”). 
  

	24.2	Conditions of assignment or transfer 

  

	 	(a)	The consent of the Company is required for an assignment or transfer by an Existing Lender, unless the assignment or transfer is to another Lender or an Affiliate of a
Lender or following the occurrence of an Event of Default which is continuing. 

  

	 	(b)	The consent of the Company to an assignment or transfer must not be unreasonably withheld or delayed. The Company will be deemed to have given its consent seven
Business Days after the Existing Lender has requested it unless consent is expressly refused by the Company within that time. 

  

	 	(c)	The consent of the Company to an assignment or transfer must not be withheld solely because the assignment or transfer may result in an increase to the Mandatory Costs.

  

	 	(d)	A partial transfer by a Lender shall be in a minimum amount of $10,000,000. 

 

	 	(e)	An assignment will only be effective on: 

  

	 	(i)	receipt by the Facility Agent of written confirmation from the New Lender (in form and substance satisfactory to the Facility Agent) that the New Lender will assume the
same obligations to the other Finance Parties as it would have been under if it was an Original Lender; and 

  

	 	(ii)	performance by the Facility Agent of all “know your customer” or other checks relating to any person that it is required to carry out in relation to such
assignment to a New Lender, the completion of which the Facility Agent shall promptly notify to the Existing Lender and the New Lender. 

  

	 	(f)	A transfer will only be effective if the procedure set out in Clause 24.6 (Procedure for transfer) is complied with. 

  
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	 	(g)	If: 

  

	 	(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, 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 13 (Tax gross-up and indemnities) or Clause 14 (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. 
  

	24.3	Transfer by sub-participation 

 Where a Lender proposes to enter into a sub-participation (whether funded or unfunded) where as a result of the sub-participation such Lender would no longer retain absolute discretion with regard to the
exercise of votes under the Finance Documents, then unless the sub-participation is to be entered into with an Affiliate of the Lender or an existing Lender, the Company’s consent shall be required to the extent so required when applying Clause
24.2 (Conditions of assignment or transfer) mutatis mutandis in respect of such sub-participation. 
  

	24.4	Assignment or transfer fee 

The New Lender shall, on the date upon which an assignment or transfer takes effect, pay to the Facility Agent (for its own account) a fee
of $2,000. 
  

	24.5	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:

  

	 	(i)	the legality, validity, effectiveness, adequacy or enforceability of the Finance Documents or any other documents; 

 

	 	(ii)	the financial condition of any Obligor; 

  

	 	(iii)	the performance and observance by any Obligor of its obligations under the Finance Documents or any other documents; or 

 

	 	(iv)	the accuracy of any statements (whether written or oral) made in or in connection with any Finance Document or any other document, 

and any representations or warranties implied by law are excluded. 

  
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	 	(b)	Each New Lender confirms to the Existing Lender and the other Finance Parties that it: 

 

	 	(i)	has made (and shall continue to make) its own independent investigation and assessment of the financial condition and affairs of each Obligor and its related entities
in connection with its participation in this Agreement and has not relied exclusively on any information provided to it by the Existing Lender in connection with any Finance Document; 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 re-transfer from a New Lender of any of the rights and obligations assigned or transferred under this Clause 24; 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 Finance Documents or
otherwise. 

  

	24.6	Procedure for transfer 

  

	 	(a)	Subject to the conditions set out in Clause 24.2 (Conditions of assignment or transfer) a transfer is effected in accordance with paragraph (b) below when the
Facility Agent executes an otherwise duly completed Transfer Certificate delivered to it by the Existing Lender and the New Lender. The Facility Agent shall, subject to paragraph (b) below, as soon as reasonably practicable after receipt by it of a
duly completed Transfer Certificate 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. 

 

	 	(b)	The Facility Agent shall only be obliged to execute a Transfer Certificate 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 other similar checks under all applicable laws and regulations in relation to the transfer to such New Lender. 

 

	 	(c)	Subject to Clause 24.9 (Pro rata interest settlement), the Transfer Date: 

 

	 	(i)	to the extent that in the Transfer Certificate the Existing Lender seeks to transfer by novation its rights and obligations under the Finance Documents each of the
Obligors and the Existing Lender shall be released from further obligations towards one another under the Finance Documents and their respective rights against one another under the Finance Documents shall be cancelled (being the “Discharged
Rights and Obligations”); 

  
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	 	(ii)	each of the Obligors and the New Lender shall assume obligations towards one another and/or acquire rights against one another which differ from the Discharged Rights
and Obligations only insofar as that Obligor and the New Lender have assumed and/or acquired the same in place of that Obligor and the Existing Lender; 

  

	 	(iii)	the Facility Agent, the Arranger, the New Lender and other Lenders shall acquire the same rights and assume the same obligations between themselves 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 Facility Agent, the Arranger 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. 

  

	24.7	Copy of Transfer Certificate or Increase Confirmation to Company 

 The Facility Agent shall, as soon as reasonably practicable after it has executed a Transfer Certificate or Increase Confirmation, send to the Company a copy of that Transfer Certificate or Increase
Confirmation. 
  

	24.8	Security over Lenders’ rights 

 In addition to the other rights provided to Lenders under this Clause 24, each Lender may without consulting with or obtaining consent from any Obligor in relation to a charging, assignment or creation of
Security in favour of a central bank or federal reserve, or with the agreement of the Company (acting reasonably) in relation to a charging, assignment or creation of Security in favour of any other entity, at any time charge, assign or otherwise
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 charge, assignment or other Security to secure obligations to a federal reserve or central bank; and 

 

	 	(b)	in the case of any Lender which is a fund, any charge, assignment or other 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
charge, assignment or Security shall: 
  

	 	(i)	release a Lender from any of its obligations under the Finance Documents or substitute the beneficiary of the relevant charge, assignment or Security for the Lender as
a party to any of the Finance Documents; or 

  

	 	(ii)	require any payments to be made by an Obligor other than or in excess of, or grant to any person any more extensive rights than, those required to be made or granted to
the relevant Lender under the Finance Documents. 

  
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	24.9	Pro rata interest settlement 

 If the Facility Agent has notified the Lenders that it is able to distribute interest payments on a “pro rata basis” to Existing Lenders and New Lenders then (in respect of any transfer pursuant
to Clause 24.6 (Procedure for transfer) the Transfer Date of which, in each case, is after the date of such notification and is not on the last day of an Interest Period): 

 

	 	(a)	any interest or fees in respect of the relevant participation which are expressed to accrue by reference to the lapse of time shall continue to accrue in favour of the
Existing Lender up to but excluding the Transfer Date (“Accrued Amounts”) and shall become due and payable to the Existing Lender (without further interest accruing on them) on the last day of the current Interest Period (or, if the
Interest Period is longer than six Months, on the next of the dates which falls at six Monthly intervals after the first day of that Interest Period); and 

  

	 	(b)	the rights assigned or transferred by the Existing Lender will not include the right to the Accrued Amounts, so that, for the avoidance of doubt:

  

	 	(i)	when the Accrued Amounts become payable, those Accrued Amounts will be payable to the Existing Lender; and 

 

	 	(ii)	the amount payable to the New Lender on that date will be the amount which would, but for the application of this Clause 24.9, have been payable to it on that
date, but after deduction of the Accrued Amounts. 

  

	25.	CHANGES TO THE OBLIGORS 

  

	25.1	Assignments and transfer by Obligors 

 No Obligor may assign any of its rights or transfer any of its rights or obligations under the Finance Documents. 
  

	25.2	Additional Borrowers 

  

	 	(a)	Subject to compliance with the provisions of paragraphs (c) and (d) of Clause 20.8 (“Know your customer” checks), the Company may request that
any of its Subsidiaries becomes an Additional Borrower. That Subsidiary shall become an Additional Borrower if: 

  

	 	(i)	all Lenders (acting reasonably) approve the addition of that Subsidiary and which they shall do so if that Subsidiary is a wholly owned subsidiary incorporated in the
United Kingdom or in the same jurisdiction as an existing Borrower; 

  

	 	(ii)	the Company delivers to the Facility Agent a duly completed and executed Accession Letter; 

  
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	 	(iii)	the Company confirms that no Default is continuing or would occur as a result of that Subsidiary becoming an Additional Borrower; and 

 

	 	(iv)	the Facility Agent has received all of the documents and other evidence listed in Part B of Schedule 2 (Conditions precedent) in relation to that Additional
Borrower, each in form and substance reasonably satisfactory to the Facility Agent. 

  

	 	(b)	The Facility Agent shall notify the Company and the Lenders promptly upon being satisfied that it has received (in form and substance reasonably satisfactory to it) all
the documents and other evidence listed in Part B of Schedule 2 (Conditions precedent). 

  

	25.3	Resignation of a Borrower 

  

	 	(a)	The Company may request that a Borrower (other than the Company) ceases to be a Borrower by delivering to the Facility Agent a Resignation Letter.

  

	 	(b)	The Facility Agent shall accept a Resignation Letter and notify the Company and the Lenders of its acceptance if: 

 

	 	(i)	no Default is continuing or would result from the acceptance of the Resignation Letter (and the Company has confirmed this is the case); and 

 

	 	(ii)	that Borrower is under no actual or contingent obligations as a Borrower under any Finance Documents, 

whereupon that company shall cease to be a Borrower and shall have no further rights or obligations under the Finance Documents.

  

	25.4	Additional Guarantors 

  

	 	(a)	Subject to compliance with the provisions of paragraphs (c) and (d) of Clause 20.8 (“Know your customer” checks), the Company may request that
any of its Subsidiaries become an Additional Guarantor. That Subsidiary shall become an Additional Guarantor if: 

  

	 	(i)	the Company delivers to the Facility Agent a duly completed and executed Accession Letter; and 

 

	 	(ii)	the Facility Agent has received all of the documents and other evidence listed in Part B of Schedule 2 (Conditions precedent) in relation to that Additional
Guarantor, each in form and substance reasonably satisfactory to the Facility Agent. 

  

	 	(b)	The Facility Agent shall notify the Company and the Lenders promptly upon being satisfied that it has received (in form and substance reasonably satisfactory to it) all
the documents and other evidence listed in Part B of Schedule 2 (Conditions precedent). 

  
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	25.5	Repetition of Representations 

 Delivery of an Accession Letter constitutes confirmation by the relevant Subsidiary that the Repeating Representations 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. 
  

	25.6	Resignation of a Guarantor 

  

	 	(a)	The Company may request that a Guarantor (other than the Company) ceases to be a Guarantor by delivering to the Facility Agent a Resignation Letter.

  

	 	(b)	The Facility Agent shall accept a Resignation Letter and notify the Company and the Lenders of its acceptance if: 

 

	 	(i)	no Default is continuing or would result from the acceptance of the Resignation Letter (and the Company has confirmed this is the case); and 

 

	 	(ii)	the Majority Lenders have consented to the Company’s request (which they shall do if in relation to any Subsidiary of the Company, Clause 22.5 (Subsidiary
Indebtedness) is being complied with at such time). 

  

	26.	ROLE OF THE FACILITY AGENT AND THE ARRANGER 

  

	26.1	Appointment of the Facility Agent 

  

	 	(a)	Each other Finance Party appoints the Facility Agent to act as its agent under and in connection with the Finance Documents. 

 

	 	(b)	Each other Finance Party authorises the Facility Agent to exercise the rights, powers, authorities and discretions specifically given to the Facility Agent under or in
connection with the Finance Documents together with any other incidental rights, powers, authorities and discretions. 

  

	26.2	Duties of the Facility Agent 

  

	 	(a)	Subject to paragraph (b) below, the Facility Agent shall promptly forward to a Party the original or a copy of any document which is delivered to the Facility Agent for
that Party by any other Party. 

  

	 	(b)	Without prejudice to Clause 24.7 (Copy of Transfer Certificate or Increase Confirmation to Company), paragraph (a) above shall not apply to any Transfer
Certificate or any Increase Confirmation. 

  

	 	(c)	Except where a Finance Document specifically provides otherwise, the Facility Agent is not obliged to review or check the adequacy, accuracy or completeness of any
document it forwards to another Party. 

  

	 	(d)	If the Facility 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 Finance Parties. 

  
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	 	(e)	If the Facility Agent is aware of the non-payment of any principal, interest, commitment fee or other fee payable to a Finance Party (other than the Facility Agent or
the Arranger) under this Agreement it shall promptly notify the other Finance Parties. 

  

	 	(f)	The Facility Agent shall provide to the Company (i) every six months, starting with the date falling six Months from the date of this Agreement and (ii) in
any event within three Business Days of a request by the Company, a list (which may be in electronic form) setting out the names of the Lenders as at the date of response or as at the date of that request (as the Company may elect), their respective
Commitments, the address and fax number (and the department or officer, if any, for whose attention any communication is to be made) of each Lender for any communication to be made or document to be delivered under or in connection with the Finance
Documents, the electronic mail address and/or any other information required to enable the sending and receipt of information by electronic mail or other electronic means to and by each Lender to whom any communication under or in connection with
the Finance Documents may be made by that means and the account details of each Lender for any payment to be distributed by the Facility Agent to that Lender under the Finance Documents. 

 

	 	(g)	The Facility Agent’s duties under the Finance Documents are solely mechanical and administrative in nature. 

 

	26.3	Role of the Arranger 

Except as specifically provided in the Finance Documents, the Arranger has no obligations of any kind to any other Party under or in
connection with any Finance Document. 
  

	26.4	No fiduciary duties 

  

	 	(a)	Nothing in this Agreement constitutes the Facility Agent or the Arranger as a trustee or fiduciary of any other person. 

 

	 	(b)	Neither the Facility Agent nor the Arranger 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.

  

	26.5	Business with the Group 

The Facility Agent and the Arranger may accept deposits from, lend money to and generally engage in any kind of banking or other business
with any member of the Group. 
  

	26.6	Rights and discretions of the Facility Agent 

  

	 	(a)	The Facility Agent may rely on: 

  

	 	(i)	any representation, notice or document believed by it to be genuine, correct and appropriately authorised; and 

 

	 	(ii)	any statement made by a director, authorised signatory or employee of any person regarding any matters which may reasonably be assumed to be within his knowledge or
within his power to verify. 

  
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	 	(b)	The Facility 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 23.1 (Non-payment)); 

 

	 	(ii)	any right, power, authority or discretion vested in any Party or the Majority Lenders has not been exercised; and 

 

	 	(iii)	any notice or request made by the Company (other than a Utilisation Request) is made on behalf of and with the consent and knowledge of all the Obligors.

  

	 	(c)	The Facility Agent may engage, pay for and rely on the advice or services of any lawyers, accountants, surveyors or other experts. 

 

	 	(d)	The Facility Agent may act in relation to the Finance Documents through its personnel and agents. 

 

	 	(e)	The Facility Agent may disclose to any other Party any information it reasonably believes it has received as agent under this Agreement. 

 

	 	(f)	Without prejudice to the generality of paragraph (e) above, the Facility Agent may disclose the identity of a Defaulting Lender to the other Finance Parties and the
Company and shall disclose the same upon the written request of the Company or the Majority Lenders. 

  

	 	(g)	Notwithstanding any other provision of any Finance Document to the contrary, neither the Facility Agent nor the Arranger 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. 

  

	26.7	Majority Lenders’ instructions 

  

	 	(a)	Unless a contrary indication appears in a Finance Document, the Facility Agent shall (i) exercise any right, power, authority or discretion vested in it as
Facility Agent in accordance with any instructions given to it by the Majority Lenders (or, if so instructed by the Majority Lenders, refrain from exercising any right, power, authority or discretion vested in it as Facility Agent) and (ii) not
be liable for any act (or omission) if it acts (or refrains from taking any action) in accordance with an instruction of the Majority Lenders. 

  

	 	(b)	Unless a contrary indication appears in a Finance Document, any instructions given by the Majority Lenders will be binding on all the Finance Parties.

  

	 	(c)	The Facility Agent may refrain from acting in accordance with the instructions of the Majority Lenders (or, if appropriate, the Lenders) until it has received such
security as it may require for any cost, loss or liability (together with any associated VAT) which it may incur in complying with the instructions. 

  
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	 	(d)	In the absence of instructions from the Majority Lenders (or, if appropriate, the Lenders), the Facility Agent may act (or refrain from taking action) as it considers
to be in the best interest of the Lenders. 

  

	 	(e)	The Facility Agent is not authorised to act on behalf of a Lender (without first obtaining that Lender’s consent) in any legal or arbitration proceedings relating
to any Finance Document. 

  

	26.8	Responsibility for documentation 

 Neither the Facility Agent nor the Arranger: 
  

	 	(a)	is responsible for the adequacy, accuracy and/or completeness of any information (whether oral or written) supplied by the Facility Agent, the Arranger, an Obligor or
any other person given in or in connection with any Finance Document; or 

  

	 	(b)	is responsible for the legality, validity, effectiveness, adequacy or enforceability of any Finance Document or any other agreement, arrangement or document entered
into, made or executed in anticipation of or in connection with any Finance Document. 

  

	26.9	Exclusion of liability 

  

	 	(a)	Without limiting paragraph (b) below and without prejudice to the provisions of paragraph (e) of Clause 29.11 (Disruption to Payment Systems, etc.), the Facility
Agent will not be liable for any action taken by it under or in connection with any Finance Document, unless directly caused by its gross negligence or wilful misconduct. 

 

	 	(b)	No Party (other than the Facility Agent) may take any proceedings against any officer, employee or agent of the Facility Agent in respect of any claim it might have
against the Facility Agent or in respect of any act or omission of any kind by that officer, employee or agent in relation to any Finance Document and any officer, employee or agent of the Facility Agent may rely on this Clause.

  

	 	(c)	The Facility 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 Facility Agent if the Facility Agent has taken all necessary steps as soon as reasonably practicable to comply with the regulations or operating procedures of any recognised clearing or settlement system used by the Facility Agent for that
purpose. 

  

	 	(d)	Nothing in this Agreement shall oblige the Facility Agent or the Arranger to carry out any “know your customer” or other checks in relation to any person on
behalf of any Lender and each Lender confirms to the Facility Agent and the 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
Facility Agent or the Arranger. 

  
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	26.10	Lenders’ indemnity to the Facility Agent 

 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 the Facility Agent, within three Business Days of demand, against any cost, loss or liability incurred by the Facility Agent (otherwise than by reason of the Facility Agent’s gross negligence or wilful misconduct) in acting as
Facility Agent under the Finance Documents (unless the Facility Agent has been reimbursed by an Obligor pursuant to a Finance Document). 
  

	26.11	Resignation of the Facility Agent 

  

	 	(a)	The Facility Agent may resign and appoint one of its Affiliates acting through an office in the United Kingdom as successor by giving notice to the other Finance
Parties and the Company. 

  

	 	(b)	Alternatively the Facility Agent may resign by giving notice to the other Finance Parties and the Company, in which case the Majority Lenders may appoint a successor
Facility Agent with the consent of the Company (such consent not to be unreasonably withheld or delayed) unless the successor Facility Agent is an Arranger or an Affiliate thereof, in which case the consent of the Company shall not be required.

  

	 	(c)	If the Majority Lenders have not appointed a successor Facility Agent in accordance with paragraph (b) above within 30 days after notice of resignation was given, the
Facility Agent (after consultation with the Company) may appoint a successor Facility Agent (acting through an office in the United Kingdom). 

  

	 	(d)	The retiring Facility Agent shall, at its own cost, make available to the successor Facility Agent such documents and records and provide such assistance as the
successor Facility Agent may reasonably request for the purposes of performing its functions as Facility Agent under the Finance Documents. 

  

	 	(e)	The Facility Agent’s resignation notice shall only take effect upon the appointment of a successor. 

 

	 	(f)	Upon the appointment of a successor, the retiring Facility Agent shall be discharged from any further obligation in respect of the Finance Documents but shall remain
entitled to the benefit of this Clause 26. 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 the Company the Majority Lenders may, by notice to the Facility Agent, require it to resign in accordance with paragraph (b) above. In this
event, the Facility Agent shall resign in accordance with paragraph (b) above. 

  
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	26.12	Replacement of the Facility Agent 

  

	 	(a)	Subject to paragraph (b) below, the Majority Lenders may, by giving 30 days’ notice to the Facility Agent (or, at any time the Facility Agent is an Impaired
Agent, by giving any shorter notice determined by the Majority Lenders) replace the Facility Agent by appointing a successor Facility Agent (acting through an office in the United Kingdom). 

 

	 	(b)	The Facility Agent may only be replaced with the consent of the Company (such consent not to be unreasonably withheld or delayed) unless the successor Facility Agent is
an Arranger or an Affiliate thereof, in which case the consent of the Company shall not be required. 

  

	 	(c)	The retiring Facility Agent shall (at its own cost if it is an Impaired Agent and otherwise at the expense of the Lenders) make available to the successor Facility
Agent such documents and records and provide such assistance as the successor Facility Agent may reasonably request for the purposes of performing its functions as Facility Agent under the Finance Documents. 

 

	 	(d)	The appointment of the successor Facility Agent shall take effect on the date specified in the notice from the Majority Lenders to the retiring Facility Agent. As from
this date, the retiring Facility Agent shall be discharged from any further obligation in respect of the Finance Documents but shall remain entitled to the benefit of this Clause 26 (and any agency fees for the account of the retiring Facility Agent
shall cease to accrue from (and shall be payable on) that date). 

  

	 	(e)	Any successor Facility 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. 

  

	26.13	Confidentiality 

  

	 	(a)	In acting as agent for the Finance Parties, the Facility 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 Facility Agent, it may be treated as confidential to that division or department and the Facility
Agent shall not be deemed to have notice of it. 

  

	26.14	Relationship with the Lenders 

  

	 	(a)	Subject to Clause 24.9 (Pro rata interest settlement), the Facility 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. 

  
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	 	(b)	Each Lender shall supply the Facility Agent with any information required by the Facility Agent in order to calculate the Mandatory Cost in accordance with Schedule 4
(Mandatory Cost formulae). 

  

	 	(c)	Any Lender may by notice to the Facility 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 31.6 (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 by that Lender for the purposes of Clause 31.2 (Addresses) and paragraph (a)(iii) of Clause 31.6 (Electronic communication) and the Facility 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. 

 

	26.15	Credit appraisal by the 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 confirms to the Facility Agent and the Arranger
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 any other agreement, arrangement or document entered into, made or
executed in anticipation of, under or in connection with any Finance Document; 

  

	 	(c)	whether that Lender 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 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 

 

	 	(d)	the adequacy, accuracy and/or completeness of any information provided by the Facility Agent, any Party or by 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. 

  
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	26.16	Reference Banks 

 If a
Reference Bank (or, if a Reference Bank is not a Lender, the Lender of which it is an Affiliate) ceases to be a Lender, the Facility Agent shall (in agreement with the Company, such agreement not to be unreasonably withheld) appoint another Lender
or an Affiliate of a Lender to replace that Reference Bank. 
  

	26.17	Deduction from amounts payable by the Facility Agent 

 If any Party owes an amount to the Facility Agent under the Finance Documents the Facility Agent may, after giving notice to that Party, deduct an amount not exceeding that amount from any payment to that
Party which the Facility 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. 
  

	27.	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. 

 

	28.	SHARING AMONG THE FINANCE PARTIES 

  

	28.1	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 29 (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 Facility Agent; 

 

	 	(b)	the Facility 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 Facility Agent and distributed in accordance with Clause 29 (Payment mechanics), without taking account of any Tax which would be imposed on the Facility Agent in relation to the receipt, recovery or
distribution; and 

  

	 	(c)	the Recovering Finance Party shall, within three Business Days of demand by the Facility Agent, pay to the Facility Agent an amount (the “Sharing
Payment”) equal to such receipt or recovery less any amount which the Facility Agent determines may be retained by the Recovering Finance Party as its share of any payment to be made, in accordance with Clause 29.6 (Partial
payments). 

  
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	28.2	Redistribution of payments 

The Facility 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 29.6 (Partial payments). 
  

	28.3	Recovering Finance Party’s rights 

  

	 	(a)	On a distribution by the Facility Agent under Clause 28.2 (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 relevant Obligor shall be liable to the
Recovering Finance Party for a debt equal to the Sharing Payment which is immediately due and payable. 

  

	28.4	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 28.2 (Redistribution of payments) shall, upon request of the
Facility Agent, pay to the Facility 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. 

  

	28.5	Exceptions 

  

	 	(a)	This Clause 28 shall not apply to the extent that the Recovering Finance Party would not, after making any payment pursuant to this Clause, 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 that other Finance Party of the legal or arbitration proceedings; and 

 

	 	(ii)	that 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. 

  
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	29.	PAYMENT MECHANICS 

  

	29.1	Payments to the Facility Agent 

  

	 	(a)	On each date on which an Obligor or a Lender is required to make a payment under a Finance Document, that Obligor or Lender shall make the same available to the
Facility 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 Facility 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 the principal financial centre in a
Participating Member State or London) with such bank as the Facility Agent specifies. 

	29.2	Distributions by the Facility Agent 

 Each payment received by the Facility Agent under the Finance Documents for another Party shall, subject to Clause 29.3 (Distributions to an Obligor) and Clause 29.4 (Clawback), be made
available by the Facility 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 Facility 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). 
  

	29.3	Distributions to an Obligor 

 The Facility Agent may (with the consent of the Obligor or in accordance with Clause 30 (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. 

 

	29.4	Clawback 

  

	 	(a)	Where a sum is to be paid to the Facility Agent under the Finance Documents for another Party, the Facility 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 Facility Agent pays an amount to another Party and it proves to be the case that the Facility 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 Facility Agent shall on demand refund the same to the Facility Agent together with interest on that amount from the date of payment to the date of
receipt by the Facility Agent, calculated by the Facility Agent to reflect its cost of funds. 

  
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	29.5	Impaired Agent 

  

	 	(a)	If, at any time, the Facility Agent becomes an Impaired Agent, an Obligor or a Lender which is required to make a payment under the Finance Documents to the Facility
Agent in accordance with Clause 29.1 (Payments to the Facility Agent) may instead either pay that amount direct to the required recipient or pay that amount to an interest-bearing account held with an Acceptable Bank and in relation to which
no Insolvency Event has occurred and is continuing, in the name of the Obligor or the Lender making the payment and designated as a trust account for the benefit of the Party or Parties beneficially entitled to that payment under the Finance
Documents. In each case such payments must be made on the due date for payment under the Finance Documents. 

  

	 	(b)	All interest accrued on the amount standing to the credit of the trust account shall be for the benefit of the beneficiaries of that trust account pro rata to
their respective entitlements. 

  

	 	(c)	A Party which has made a payment in accordance with this Clause 29.5 shall be discharged of the relevant payment obligation under the Finance Documents and shall not
take any credit risk with respect to the amounts standing to the credit of the trust account. 

  

	 	(d)	Promptly upon the appointment of a successor Facility Agent in accordance with Clause 26.12 (Replacement of the Facility Agent), each Party which has made a
payment to a trust account in accordance with this Clause 29.5 shall give all requisite instructions to the bank with whom the trust account is held to transfer the amount (together with any accrued interest) to the successor Facility Agent for
distribution in accordance with Clause 29.2 (Distributions by the Facility Agent). 

  

	29.6	Partial payments 

  

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

  

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

  

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

 

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

 

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

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

 

	 	(c)	Paragraphs (a) and (b) above will override any appropriation made by an Obligor. 

 

	29.7	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 unless: 
  

	 	(a)	the relevant payments are to be made to a Defaulting Lender; and 

  

	 	(b)	all Lenders (other than the Defaulting Lender) have agreed to that Obligor making such payments with set-off or counterclaim. 

 

	29.8	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. 

  

	29.9	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 Loan or Unpaid Sum or a part of a Loan or Unpaid Sum shall be made in the currency in which that Loan 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. 

  
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	29.10	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 Facility Agent (acting reasonably and after consultation with the Company); 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 Facility Agent (acting reasonably and after consultation with the Company). 

  

	 	(b)	If a change in any currency of a country occurs, this Agreement will, to the extent the Facility Agent (acting reasonably and after consultation with the Company)
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. 

 

	29.11	Disruption to Payment Systems etc. 

 If either the Facility Agent determines (in its discretion) that a Disruption Event has occurred or the Facility Agent is notified by the Company that a Disruption Event has occurred: 

 

	 	(a)	the Facility Agent may, and shall if requested to do so by the Company, consult with the Company with a view to agreeing with the Company such changes to the operation
or administration of the Facility as the Facility Agent may deem necessary in the circumstances; 

  

	 	(b)	the Facility Agent shall not be obliged to consult with the Company in relation to any changes mentioned in paragraph (a) if, in its opinion, it is not practicable to
do so in the circumstances and, in any event, shall have no obligation to agree to such changes; 

  

	 	(c)	the Facility Agent may consult with the Finance Parties in relation to any changes mentioned in paragraph (a) but shall not be obliged to do so if, in its opinion, it
is not practicable to do so in the circumstances; 

  

	 	(d)	any such changes agreed upon by the Facility Agent and the Company shall (whether or not it is finally determined that a Disruption Event has occurred) be binding upon
the Parties as an amendment to (or, as the case may be, waiver of) the terms of the Finance Documents notwithstanding the provisions of Clause 35 (Amendments and Waivers); 

  
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	 	(e)	the Facility Agent shall not be liable for any damages, costs or losses whatsoever arising as a result of its taking, or failing to take, any actions pursuant to or in
connection with this Clause 29.11 save to the extent the relevant damage, cost or loss (as the case may be) is caused by the fraud of the Facility Agent; and 

 

	 	(f)	the Facility Agent shall notify the Finance Parties of all changes agreed pursuant to paragraph (d) above. 

 

	30.	SET-OFF 

 Without
prejudice to the normal rights of the Finance Parties at law, after the occurrence of an Event of Default which 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. That Finance Party shall promptly notify that Obligor of any such set-off or conversion. 

 

	31.	NOTICES 

  

	31.1	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. 
  

	31.2	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: 

 

	 	(a)	in the case of the Company, that identified with its name below; 

  

	 	(b)	in the case of each Lender or any other Obligor, that notified in writing to the Facility Agent on or prior to the date on which it becomes a Party; and

  

	 	(c)	in the case of the Facility Agent, that identified with its name below, 

 or any substitute address, fax number or department or officer as the Party may notify to the Facility Agent (or the Facility Agent may notify to the other Parties, if a change is made by the Facility
Agent) by not less than five Business Days’ notice. 
  

	31.3	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 

  
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	 	(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 31.2 (Addresses), if addressed to that department or officer. 
  

	 	(b)	Any communication or document to be made or delivered to the Facility Agent will be effective only when actually received by the Facility Agent and then only if it is
expressly marked for the attention of the department or officer identified with the Facility Agent’s signature below (or any substitute department or officer as the Facility Agent shall specify for this purpose). 

 

	 	(c)	All notices from or to an Obligor shall be sent through the Facility Agent. 

 

	 	(d)	Any communication or document made or delivered to the Company in accordance with this Clause will be deemed to have been made or delivered to each of the Obligors.

  

	31.4	Notification of address and fax number 

 Promptly upon receipt of notification of an address and fax number or change of address or fax number pursuant to Clause 31.2 (Addresses) or changing its own address or fax number, the Facility
Agent shall notify the other Parties. 
  

	31.5	Communication when Facility Agent is Impaired Agent 

 If the Facility Agent is an Impaired Agent the Parties may, instead of communicating with each other through the Facility Agent, communicate with each other directly and (while the Facility Agent is an
Impaired Agent) all the provisions of the Finance Documents which require communications to be made or notices to be given to or by the Facility Agent shall be varied so that communications may be made and notices given to or by the relevant Parties
directly. This provision shall not operate after a replacement Facility Agent has been appointed. 
  

	31.6	Electronic communication 

  

	 	(a)	Any communication to be made between the Facility Agent and a Lender or an Obligor and the Facility Agent under or in connection with the Finance Documents may be made
by electronic mail or other electronic means, if the Facility Agent and the relevant Lender or, as appropriate, the relevant Obligor and the Facility Agent: 

 

	 	(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. 

  
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	 	(b)	Any electronic communication made between the Facility Agent and a Lender or an Obligor and the Facility 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 Facility Agent or an Obligor to the Facility Agent only if it is addressed in such a manner as the Facility Agent shall specify for this purpose. 

 

	 	(c)	The ability of an Obligor to use electronic communications is without prejudice to its obligation to submit any Utilisation Request, Accession Letter, Resignation
Letter or Compliance Certificate in the form required under this Agreement or any other document or notice which requires the signature of any director or authorised signatory of an Obligor. 

 

	31.7	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 

  

	 	(ii)	if not in English, and if so required by the Facility Agent, accompanied by a certified English translation and, in this case, the English translation will prevail
unless the document is a constitutional, statutory or other official document. 

  

	32.	CALCULATIONS AND CERTIFICATES 

  

	32.1	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. 

 

	32.2	Certificates and Determinations 

 Any certification or determination by a Finance Party of a rate or amount under any Finance Document shall set out the basis of calculation in reasonable detail and is prima facie evidence of the
matters to which it relates. 
  

	32.3	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 365 days in the case of sterling or 360 days in the case of euros and US
Dollars or, in any case where the practice in the Relevant Interbank Market differs, in accordance with that market practice. 

  
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	33.	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. 
  

	34.	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. 

 

	35.	AMENDMENTS AND WAIVERS 

  

	35.1	Required consents 

  

	 	(a)	Subject to Clause 35.2 (Exceptions) any term of the Finance Documents may be amended or waived only with the consent of the Majority Lenders and the Obligors and
any such amendment or waiver will be binding on all Parties. 

  

	 	(b)	The Facility Agent may effect, on behalf of any Finance Party, and the Company may effect, on behalf of any Obligor, any amendment or waiver permitted by this Clause.

  

	35.2	Exceptions 

  

	 	(a)	An amendment or waiver that has the effect of changing or which relates to: 

 

	 	(i)	the definition of “EURIBOR”, “LIBOR” or “Majority Lenders” in Clause 1.1 (Definitions); 

 

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

 

	 	(iii)	a reduction in the Margin or a reduction in the amount of any payment of principal, interest, fees or commission payable; 

 

	 	(iv)	an increase in or an extension of any Commitment; 

  

	 	(v)	a change to the Borrowers or Guarantors other than in accordance with Clause 25 (Changes to the Obligors); 

 

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

  

	 	(vii)	Clause 2.3 (Finance Parties’ rights and obligations), Clause 24 (Changes to the Lenders), Clause 28 (Sharing among the Finance Parties), or
this Clause 35; or 

  
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	 	(viii)	the nature or scope of the guarantee and indemnity granted under Clause 18 (Guarantee and Indemnity), 

shall not be made without the prior consent of all the Lenders. 

 

	 	(b)	An amendment or waiver which relates to the rights or obligations of the Facility Agent or the Arranger may not be effected without the consent of the Facility Agent or
the Arranger. 

  

	 	(c)	If a Lender fails to respond or vote in relation to a request for a consent, waiver, amendment or other vote under the Finance Documents (a “Request”)
within twenty-five Business Days (unless any Borrower and the Facility Agent agree a longer time period in relation to any request) of that Request being made, (i) with respect to any Request that does not require the consent of all Lenders
pursuant to paragraph (a) of this Clause 35.2, in ascertaining whether the Majority Lenders or any other given percentage of the Total Commitments has been obtained, that Lender’s Commitments shall not be included (for the avoidance of
doubt, for the purposes of calculating both (A) the Total Commitments and (B) the aggregate Commitments of Lenders voting in favour of such Request) and (ii) with respect to any Request requiring the consent of all Lenders pursuant to
paragraph (a) of this Clause 35.2, that Lender shall be deemed to have declined to consent to such Request (and the requested consent, waiver, amendment or other vote shall not become effective); provided, however, that if the Super-Majority
Lenders have agreed to the Request, the Company may exercise its rights under Clause 8.6 (Replacement of a Non-Consenting Lender) with respect to such Lender as if it were a Non-Consenting Lender. 

 

	35.3	Disenfranchisement of Defaulting Lenders 

  

	 	(a)	For so long as a Defaulting Lender has any Available Commitment, in ascertaining the Majority Lenders or whether any given percentage (including, for the avoidance of
doubt, unanimity) of the Total Commitments has been obtained in respect of any request for a consent, waiver, amendment or other vote under the Finance Documents, that Defaulting Lender’s Commitments will be reduced (for the avoidance of doubt,
for the purposes of calculating both (i) the Total Commitments and (ii) the aggregate Commitments of Lenders voting in favour of such consent, waiver, amendment or other vote under the Finance Documents) by the amount of its Available
Commitments. 

  

	 	(b)	For the purposes of this Clause 35.3, the Facility Agent may assume that the following Lenders are Defaulting Lenders: 

 

	 	(i)	any Lender which has notified the Facility Agent that it has become a Defaulting Lender; 

 

	 	(ii)	any Lender in relation to which it is aware that any of the events or circumstances referred to in paragraphs (a), (b) or (c) of the definition of “Defaulting
Lender” has occurred, 

  
 - 91 -

 unless it has received notice to the contrary from the Lender concerned (together with any
supporting evidence reasonably requested by the Facility Agent) or the Facility Agent is otherwise aware that the Lender has ceased to be a Defaulting Lender. 
  

	35.4	Replacement of a Defaulting Lender 

  

	 	(a)	The Company may, at any time a Lender has become and continues to be a Defaulting Lender, by giving five Business Days’ prior written notice to the Facility Agent
and such Lender: 

  

	 	(i)	replace such Lender by requiring such Lender to (and to the extent permitted by law such Lender shall) transfer pursuant to Clause 24 (Changes to the Lenders)
all (and not part only) of its rights and obligations under this Agreement; 

  

	 	(ii)	require such Lender to (and to the extent permitted by law such Lender shall) transfer pursuant to Clause 24 (Changes to the Lenders) all (and not part only) of
the undrawn Commitment of the Lender; or 

  

	 	(iii)	require such Lender to (and to the extent permitted by law such Lender shall) transfer pursuant to Clause 24 (Changes to the Lenders) all (and not part only) of
its rights and obligations, 

 to a Lender or other bank, financial institution, trust, fund or other entity (a
“Replacement Lender”) selected by the Company and which confirms its willingness to assume and does assume all the obligations or all the relevant obligations of the transferring Lender (including the assumption of the transferring
Lender’s participations or unfunded participations (as the case may be) on the same basis as the transferring Lender) for a purchase price in cash payable at the time of transfer equal to the outstanding principal amount of such Lender’s
participation in the outstanding Utilisations and all accrued interest, Break Costs and other amounts payable in relation thereto under the Finance Documents. 
  

	 	(b)	Any transfer of rights and obligations of a Defaulting Lender pursuant to this Clause shall be subject to the following conditions: 

 

	 	(i)	the relevant Lender continues to be a Defaulting Lender at the time when the Company exercises its rights under this Clause 35.4 (Replacement of a Defaulting
Lender); 

  

	 	(ii)	the Company shall have no right to replace the Facility Agent; 

  

	 	(iii)	neither the Facility Agent nor the Defaulting Lender shall have any obligation to the Company to find a Replacement Lender; 

 

	 	(iv)	the transfer must take place as soon as reasonably practicable following receipt by the Facility Agent of the notice referred to in paragraph (a) above; and

  

	 	(v)	in no event shall the Defaulting Lender be required to pay or surrender to the Replacement Lender any of the fees received by the Defaulting Lender pursuant to the
Finance Documents. 

  
 - 92 -

	36.	CONFIDENTIALITY 

  

	36.1	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 36.2 (Disclosure of Confidential Information) and Clause 36.3 (Disclosure to numbering service providers), to ensure that all Confidential Information is protected with security measures and a degree of care that would apply
to its own confidential information and to use all reasonable endeavours to ensure that any person to whom that Finance Party passes any Confidential Information (unless disclosed in accordance with paragraph (b)(v) of Clause 36.2
(Disclosure of Confidential Information)) acknowledges and complies with the provisions of this Clause 36 as if that person were bound by it. 
  

	36.2	Disclosure of Confidential Information 

 Any Finance Party may disclose, on a need-to-know basis: 
  

	 	(a)	to any of its Affiliates and any of its or their officers, directors, employees, professional advisers, auditors and partners 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) 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; 

  

	 	(b)	to any person: 

  

	 	(i)	to (or through) whom it transfers (or may potentially transfer) all or any of its rights and/or obligations under one or more Finance Documents and to any of that
person’s Affiliates, Representatives and professional advisers for the purpose of that actual or potential assignment or transfer; 

  

	 	(ii)	with (or through) whom it 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 or may be made by reference to, one or more Finance Documents and/or one or more Obligors and to any of that person’s Affiliates, Representatives and professional advisers for the purpose of that actual or
potential sub-participation or transaction; 

  
 - 93 -

	 	(iii)	appointed by any Finance Party or by a person to whom paragraph (b)(i) or (ii) above applies to receive communications, notices, information or documents delivered
pursuant to the Finance Documents on its behalf (including, without limitation, any person appointed under paragraph (c) of Clause 26.14 (Relationship with the Lenders)); 

 

	 	(iv)	who invests in or otherwise finances (or may potentially invest in or otherwise finance), directly or indirectly, any transaction referred to in paragraph (b)(i) or
(b)(ii) above for the purpose of that transaction; 

  

	 	(v)	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; 

  

	 	(vi)	to whom or for whose benefit that Finance Party charges, assigns or otherwise creates Security (or may do so) pursuant to Clause 24.8 (Security over Lenders’
rights); 

  

	 	(vii)	to whom information is required to be disclosed in connection with, and for the purposes of, any litigation, arbitration, administrative or other investigations,
proceedings or disputes in connection with the Finance Documents; 

  

	 	(viii)	who is a Party; or 

  

	 	(ix)	with the consent of the Company; 

in each case, such Confidential Information as that Finance Party shall consider appropriate if: 

 

	 	(A)	in relation to paragraphs (b)(i), (b)(ii) and (b)(iii) above, the person to whom the Confidential Information is to be given has entered into a Confidentiality
Undertaking except that there shall be no requirement for a Confidentiality Undertaking if the recipient is a professional adviser and is subject to professional obligations to maintain the confidentiality of the Confidential Information;

  

	 	(B)	in relation to paragraph (b)(iv) above, the person to whom the Confidential Information is to be given has entered into a Confidentiality Undertaking or is otherwise
bound by requirements of confidentiality in relation to the Confidential Information they receive and is informed that some or all of such Confidential Information may be price-sensitive information; 

 

	 	(C)	in relation to paragraphs (b)(v), (b)(vi) and (b)(vii) above, the person to whom the Confidential Information is to be given is informed of its confidential nature and
that some or all of such Confidential Information may be price-sensitive information except that there shall be no requirement to so inform if, in the reasonable opinion of that Finance Party, it is not practicable so to do in the circumstances;

  
 - 94 -

	 	(c)	to any person appointed by that Finance Party or by a person to whom paragraph (b)(i) or (b)(ii) above applies 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 paragraph (c) 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 the Company and the relevant Finance Party; 

 

	 	(d)	to any rating agency (including its professional advisers) 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 Facility Agent and the Arranger; 

  

	 	(vi)	date of each amendment and restatement of this Agreement; 

  

	 	(vii)	amount of Total Commitments; 

  

	 	(viii)	currencies of the Facility; 

  

	 	(ix)	type of Facility; 

  

	 	(x)	ranking of Facility; 

  

	 	(xi)	Termination Date for Facility; 

  

	 	(xii)	the amount of such Finance Party’s Commitment; 

  

	 	(xiii)	changes to any of the information previously supplied pursuant to paragraphs (i) to (xii) above; and 

 

	 	(xiv)	such other information agreed between such Finance Party and the Company, 

 as may be required to be disclosed to enable such rating agency to perform its normal corporate loan rating activities in relation to the Finance Documents. 

  
 - 95 -

	36.3	Disclosure to numbering service providers 

  

	 	(a)	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 Facility 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 Facility Agent and the Arranger; 

  

	 	(vi)	date of each amendment and restatement of this Agreement; 

  

	 	(vii)	amount of Total Commitments; 

  

	 	(viii)	currencies of the Facility; 

  

	 	(ix)	type of Facility ; 

  

	 	(x)	ranking of Facility; 

  

	 	(xi)	Termination Date for Facility; 

  

	 	(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 the Company, 

 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 Facility 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)	The Facility Agent shall notify the Company and the other Finance Parties of: 

 

	 	(i)	the name of any numbering service provider appointed by the Facility Agent in respect of this Agreement, the Facility and/or one or more Obligors; and

  

	 	(ii)	the number or, as the case may be, numbers assigned to this Agreement, the Facility and/or one or more Obligors by such numbering service provider.

  
 - 96 -

	36.4	Entire agreement 

 This
Clause 36 (Confidentiality) constitutes the entire agreement between the Parties in relation to the obligations of the Finance Parties under the Finance Documents regarding Confidential Information and supersedes any previous agreement,
whether express or implied, regarding Confidential Information. 
  

	36.5	Inside information 

 Each
of the Finance Parties acknowledges that some or all of the Confidential Information is or may be price-sensitive information and that the use of such information may be regulated or prohibited by applicable legislation including securities law
relating to insider dealing and market abuse and each of the Finance Parties undertakes not to use any Confidential Information for any unlawful purpose. 
  

	36.6	Notification of disclosure 

Each of the Finance Parties agrees (to the extent permitted by law and regulation) to inform the Company: 

 

	 	(a)	of the circumstances of any disclosure of Confidential Information made pursuant to (i) paragraph (b)(v) of Clause 36.2 (Disclosure of Confidential
Information) except where such disclosure is made to any of the persons referred to in that paragraph during the ordinary course of its supervisory or regulatory function or (ii) paragraph (b)(vi) of Clause 36.2 (Disclosure of
Confidential Information); and 

  

	 	(b)	upon becoming aware that Confidential Information has been disclosed in breach of this Clause 36 (Confidentiality). 

 

	36.7	Continuing obligations 

The obligations in this Clause 36 (Confidentiality) are continuing and, in particular, shall survive and remain binding on each
Finance Party for a period of twelve months from the earlier of: 
  

	 	(a)	the date on which all amounts payable by the Obligors under or in connection with this Agreement have been paid in full and all Commitments have been cancelled or
otherwise cease to be available; and 

  

	 	(b)	the date on which such Finance Party otherwise ceases to be a Finance Party. 

 

	37.	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. 

  
 - 97 -

	38.	GOVERNING LAW 

 This
Agreement and any non-contractual obligations arising out of or in connection with it are governed by English law. 
  

	39.	ENFORCEMENT 

  

	39.1	Jurisdiction 

  

	 	(a)	The courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection with this Agreement (including a dispute relating to 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 39.1 is for the benefit of the Finance 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 may take concurrent proceedings in any number of jurisdictions. 

  

	39.2	Service of process 

Without prejudice to any other mode of service allowed under any relevant law, each Obligor (other than an Obligor incorporated in England
and Wales): 
  

	 	(a)	irrevocably appoints the Company as its agent for service of process in relation to any proceedings before the English courts in connection with any Finance Document;
and 

  

	 	(b)	agrees that failure by a process agent to notify the relevant Obligor of the process will not invalidate the proceedings concerned. 

This Agreement has been entered into on the date stated at the beginning of this Agreement. 

  
 - 98 -

 The Company 
 INTERCONTINENTAL HOTELS GROUP PLC 
  

			
	By:	  	/s/ THOMAS SINGER
		
	Name:	  	Thomas Singer
		
	Title:	  	Chief Financial Officer
		
	Address:	  	Broadwater Park
		  	Denham
		  	Middlesex UB9 5HR
		
	Fax No:	  	0870 197 4426
		
	Attention:	  	The Company Secretary
		
	cc:	  	Treasurer
		  	InterContinental Hotels Group PLC
		  	No 1 First Avenue
		  	Centrum 100
		  	Burton on Trent
		  	Staffordshire DE14 2WB
		
	Fax No:	  	01283 514767
	
	The Original Borrowers
	
	INTERCONTINENTAL HOTELS GROUP PLC
		
	By:	  	/s/ THOMAS SINGER
		
	Name:	  	Thomas Singer
		
	Title:	  	Chief Financial Officer
		
	Address:	  	Broadwater Park
		  	Denham
		  	Middlesex UB9 5HR
		
	Fax No:	  	0870 197 4426
		
	Attention:	  	The Company Secretary
		
	cc:	  	Treasurer
		  	InterContinental Hotels Group PLC
		  	No 1 First Avenue
		  	Centrum 100
		  	Burton on Trent
		  	Staffordshire DE14 2WB
		
	Fax No:	  	01283 514767

  
 - 99 -

 INTERCONTINENTAL HOTELS LIMITED 

 

			
	By:	  	/s/ NICOLETTE HENFREY
		
	Name:	  	Nicolette Henfrey
		
	Title:	  	Director
		
	Address:	  	Broadwater Park
		  	Denham
		  	Middlesex UB9 5HR
		
	Fax No:	  	0870 197 4426
		
	Attention:	  	The Company Secretary
		
	cc:	  	Treasurer
		  	InterContinental Hotels Group PLC
		  	No 1 First Avenue
		  	Centrum 100
		  	Burton on Trent
		  	Staffordshire DE14 2WB
		
	Fax No:	  	01283 514767

 SIX CONTINENTS LIMITED 
  

			
	By:	  	/s/ NICOLETTE HENFREY
		
	Name:	  	Nicolette Henfrey
		
	Title:	  	Director
		
	Address:	  	Broadwater Park
		  	Denham
		  	Middlesex UB9 5HR
		
	Fax No:	  	0870 197 4426
		
	Attention:	  	The Company Secretary
		
	cc:	  	Treasurer
		  	InterContinental Hotels Group PLC
		  	No 1 First Avenue
		  	Centrum 100
		  	Burton on Trent
		  	Staffordshire DE14 2WB
		
	Fax No:	  	01283 514767

  
 - 100 -

 The Original Guarantors 
 INTERCONTINENTAL HOTELS GROUP PLC 
  

			
	By:	  	/s/ THOMAS SINGER
		
	Name:	  	Thomas Singer
		
	Title:	  	Chief Financial Officer

 INTERCONTINENTAL HOTELS LIMITED 
  

			
	By:	  	/s/ NICOLETTE HENFREY
		
	Name:	  	Nicolette Henfrey
		
	Title:	  	Director

 SIX CONTINENTS LIMITED 
  

			
	By:	  	/s/ NICOLETTE HENFREY
		
	Name:	  	Nicolette Henfrey
		
	Title:	  	Director

  
 - 101 -

 The Arrangers 
 THE ROYAL BANK OF SCOTLAND PLC 
  

			
	By:	  	/s/ ROBERT NEWELL
		
	Name:	  	Robert Newell
		
	Title:	  	Senior Director
		
	Address:	  	280 Bishopsgate
		  	London, EC2M 4RB
		
	Fax No:	  	0044 20 7672 6403
		
	Attention:	  	Lending Operations
		
	Telephone No:	  	+4420 3361 2582
		
	E-mail address:	  	LendingOpsSmartShore@rbs.com

 BANC OF AMERICA SECURITIES LIMITED 

 

			
	By:	  	/s/ MAURO MAIOLI
		
	Name:	  	Mauro Maioli
		
	Title:	  	Director
		
	Address:	  	c/o Bank of America
		  	26 Elmfield Road
		  	Bromley, Kent BR1 1WA
		
	Fax No:	  	+44 208 695 3544
		
	Attention:	  	Shirley Brown / Adi Khambata
		
	Telephone No:	  	+44 208 695 3347 / +44 208 695 3389
		
	E-mail address:	  	emealoanservicebromley@bankofamerica.com

  
 - 102 -

 CITIGROUP GLOBAL MARKETS LIMITED 

 

			
	By:	  	/s/ SHUJAT MIRZA
		
	Name:	  	Shujat Mirza
		
	Title:	  	Director, UK Banking & Broking
		
	Address:	  	c/o Citibank International Plc Poland Branch
		  	Loans Operations Department
		  	8 CHALUBINSKIEGO Str., 8th Floor
		  	Warsaw 00-613, Poland
		
	Fax No:	  	0044 20 7942 7512
		
	Attention:	  	Olga Grzeskowiak (Section Manager) and Anna Rudnicka (Manager)
		
	E-mail address:	  	cibuk.loans@citi.com
	
	HSBC BANK PLC
		
	By:	  	/s/ DAVID STENT
		
	Name:	  	David Stent
		
	Title:	  	Director
		
	Address:	  	24th Floor
		  	8 Canada Square
		  	London E14 5HQ
		
	Fax No:	  	020 799 24680
		
	Attention:	  	Process Manager, Loans Administration

  
 - 103 -

 LLOYDS TSB BANK PLC 
  

			
	By:	  	/s/ IAN DIMMOCK
		
	Name:	  	Ian Dimmock
		
	Title:	  	Director
	
	 For operational aspects of the transaction:

		
	Address:	  	Wholesale Loan Operations – “Major corp/fi”
		  	Lloyds TSB Corporate Markets
		  	Level 1, Citymark, 150 Fountainbridge
		  	Edinburgh EH3 9PE
		
	Fax No:	  	020 7158 3204
		
	Attention:	  	Service Managers
		
	Telephone No:	  	0845 366 0025
		
	E-mail address:	  	WLS2@lloydsbanking.com
	
	 For credit aspects of the transaction:

		
	Address:	  	10 Gresham Street London
		  	EC2V 7AE
		
	Attention:	  	Nigel Martyn
		
	Telephone No:	  	020 7158 2971
		
	E-mail address:	  	Nigel.Martyn@lloydsbanking.com

  
 - 104 -

 THE BANK OF TOKYO-MITSUBISHI UFJ, LTD. 

 

			
	By:	  	/s/ SIMON LELLO
		
	Name:	  	Simon Lello
		
	Title:	  	SVP
		
	Address:	  	Ropemaker Place
		  	25, Ropemaker St.
		  	London EC2Y 9AN
		
	Fax No:	  	+44 (0)20 7577 1559
		
	Attention:	  	Loan Participation / Ganesh Ganeshwaran
		  	
	The Original Lenders
		  	
	THE ROYAL BANK OF SCOTLAND PLC  

	By:	  	/s/ ROBERT NEWELL
		
	Name:	  	Robert Newell
		
	Title:	  	Senior Director
		
	Address:	  	280 Bishopsgate
		  	London, EC2M 4RB
		
	Fax No:	  	0044 20 7672 6403
		
	Attention:	  	Lending Operations
		
	Telephone No:	  	+4420 3361 2582
		
	E-mail address:	  	LendingOpsSmartShore@rbs.com

  
 - 105 -

 BARCLAYS BANK PLC 
  

			
	By:	  	/s/ BEN HICKES
		
	Name:	  	Ben Hickes
		
	Title:	  	Authorised Signatory
		
	Address:	  	1 Churchill Place, London, E14 5HP
		
	Fax No:	  	02071167641
		
	Attention:	  	Mr T Helliwell
		
	E-mail address:	  	tim.helliwell@barclays.com
		
	Telephone No:	  	0207 116 4536

 CITIBANK, N.A., LONDON BRANCH 
  

			
	By:	  	/s/ SHUJAT MIRZA
		
	Name:	  	Shujat Mirza
		
	Title:	  	Director, UK Banking & Broking
		
	Address:	  	c/o Citibank International Plc Poland Branch
		  	Loans Operations Department
		  	8 CHALUBINSKIEGO Str., 8th Floor
		  	Warsaw 00-613, Poland
		
	Fax No:	  	0044 20 7942 7512
		
	Attention:	  	Olga Grzeskowiak (Section Manager) and Anna Rudnicka (Manager)
		
	E-mail address:	  	cibuk.loans@citi.com

  
 - 106 -

 DBS BANK LTD, LONDON BRANCH 

 

			
	By:	  	/s/ STEWART BOYD
		
	Name:	  	Stewart Boyd
		
	Title:	  	General Manager
		
	Address:	  	4th Floor, Paternoster House
		  	65 St. Paul’s Churchyard
		  	London EC4M 8AB
	  
 For
credit matters:

		
	Fax No:	  	+44 (0) 20 7489 5850
		
	Attention:	  	Iain Stuart/Janet Hyde
		
	Telephone No:	  	+44 (0)20 7489 6583/160
		
	E-mail address:	  	iainstuart@dbs.com / janethyde@dbs.com
	
	 For operational matters:

		
	Fax No:	  	+44 (0)20 7489 5852
		
	Attention:	  	Ian Herrod/Ruth Yan
		
	Telephone No:	  	+44 (0)20 7489 6548/567
		
	E-mail address:	  	ianherrod@dbs.com / ruthyan@dbs.com
	
	 HSBC BANK PLC

		
	By:	  	/s/ DAVID STENT
		
	Name:	  	David Stent
		
	Title:	  	Director
		
	Address:	  	24th Floor, 8 Canada Square
		  	London E14 5HQ
		
	Fax No:	  	020 799 24680
		
	Attention:	  	Process Manager, Loans Administration

  
 - 107 -

 ICBC (LONDON) PLC 
  

			
	By:	  	/s/ BO JIANG
                                    /s/ JINGFEN ZHAO
		
	Name:	  	Bo Jiang
                                         
   Jingfen Zhao
		
	Title:	  	Deputy General Manager                   Deputy Managing
Director
		
	Address:	  	36 King Street
		  	London EC2V 8BB
	
	 For credit matters:

		
	Fax No:	  	+44 (0)20 7397 8899
		
	Attention:	  	Darren Elliott / Suzy Ferreira
		
	Telephone No:	  	+44 (0)20 7397 8860 / 8823
		
	E-mail address:	  	darren.elliott@icbclondon.com / suzy.ferreira@icbclondon.com
	
	 For operational matters:

		
	Fax No:	  	+44 (0)20 7397 8899
		
	Attention:	  	Ben Sin / Rong Tang
		
	Telephone No:	  	+44 (0)20 7397 8889 / 8838
		
	E-mail address:	  	Wingtai.sin@icbclondon.com / rong.tang@icbclondon.com
	
	  
 LLOYDS TSB
BANK PLC
  

		
	By:	  	/s/ IAN DIMMOCK
		
	Name:	  	Ian Dimmock
		
	Title:	  	Director, Loan Markets
	
	 For operational aspects of the transaction:

		
	Address:	  	Wholesale Loan Operations – “Major corp/fi”
		  	Lloyds TSB Corporate Markets
		  	Level 1, Citymark, 150 Fountainbridge
		  	Edinburgh EH3 9PE

  
 - 108 -

			
		
	  
 Fax No:
	  	020 7158 3204
		
	Attention:	  	Service Managers
		
	Telephone No:	  	0845 366 0025
		
	E-mail address:	  	WLS2@lloydsbanking.com
	
	 For credit aspects of the transaction:

		
	Address:	  	10, Gresham Street
		  	 London, EC2V 7AE

		
	Attention:	  	Nigel Martyn
		
	 Telephone No:
	  	020 7158 2971
		
	E-mail address:	  	Nigel.Martyn@lloydsbanking.com
	
	NB INTERNATIONAL FINANCE B.V.
		
	By:	  	/s/ J.R.GOODSELL
                           /s/ A.E.OKOBIA
		
	Name:	  	J.R.Goodsell
                                      A.E.
Okobia
		
	Title:	  	Director
                                         
     Director
	
	 For operational aspects of the transaction:

		
	Address:	  	c/o Bank of America
		  	26, Elmfield Road
		  	Bromley, Kent BR1 1WA
		
	Fax No:	  	+44 208 695 3544
		
	Attention:	  	Shirley Brown / Adi Khambata
		
	Telephone No:	  	+44 208 695 3347 / +44 208 695 3389
		
	E-mail address:	  	emealoanservicebromley@bankofamerica.com

  
 - 109 -

			
	
	 For credit aspects of the transaction:

		
	Address:	  	NB International Finance B.V.
		  	Herengracht 469
		  	1017 BS Amsterdam
		  	The Netherlands
		
	Fax:	  	+44 207 996 8547
		
	Attention:	  	Mark Harrison, Carlos Medina
		
	Telephone No:	  	+44 207 996 0348 (Mark Harrison)
		
	E-mail address:	  	c.medina@baml.com,
		  	copy to mac_precloseutility@bankofamerica.com
		  	(Mark Harrison)
	
	 SUNTRUST BANK

		
	By:	  	/s/ BAERBEL FREUDENTHALER
		
	Name:	  	Baerbel Freudenthaler
		
	Title:	  	Director
		
	Address:	  	211 Perimeter Ctr. Parkway
		  	Atlanta GA. 30346
		
	Fax No:	  	404-588-4402
		
	Attention:	  	James Wu

  
 - 110 -

			
	
	 THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.

		
	By:	  	/s/ SIMON LELLO
		
	Name:	  	Simon Lello
		
	Title:	  	SVP
		
	Address:	  	Ropemaker Place
		  	25, Ropemaker St.,
		  	London EC2Y 9AN
		
	Fax No:	  	+44 (0)20 7577 1559
		
	Attention:	  	Loan Participation / Ganesh Ganeshwaran

  

			
	
	 US BANK NATIONAL ASSOCIATION

		
	By:	  	/s/ STEVE L. SAWYER
		
	Name:	  	Steve L. Sawyer
		
	Title:	  	Vice President
		
	Address:	  	214 N. Tryon Street
		  	Charlotte, NC 28202
		
	Fax No:	  	+1 704-335-2435
		
	Attention:	  	Steve Sawyer

  
 - 111 -

			
	
	 WELLS FARGO BANK N.A.

		
	By:	  	/s/ NATHAN HAMSIK
		
	Name:	  	Nathan Hamsik
		
	Title:	  	Vice President
		
	Address:	  	One Plantation Place
		  	30 Fenchurch Street
		  	London EC3M 3BD
		
	Fax No:	  	+44 (0)20 7149 8392
		
	Attention:	  	Nathan Hamsik

  

			
	 The Facility Agent

	
	 BANC OF AMERICA SECURITIES LIMITED

		
	By:	  	/s/ MARK HARRISON
		
	Name:	  	Mark Harrison
		
	Title:	  	Vice President
		
	Address:	  	5 Canada Square
		  	London E14 5AQ
		
	Fax No:	  	+44(0)20 8313 2149
		
	Attention:	  	Loans Agency

  
 - 112 -Supplemental Trust Deed

 Exhibit 4(a)(ii) 

7 July 2011 
 INTERCONTINENTAL HOTELS GROUP PLC 
 (the Issuer) 

and 

SIX CONTINENTS LIMITED 
 and 
 INTERCONTINENTAL HOTELS LIMITED 

(together, the Guarantors) 
 HSBC CORPORATE TRUSTEE COMPANY (UK) LIMITED 
 £750,000,000

 EURO MEDIUM TERM NOTE PROGRAMME 

 
  

FIRST SUPPLEMENTAL TRUST DEED 
 modifying and restating the provisions of the Trust 
 Deed dated 27 November
2009 
  
  

 

 THIS FIRST SUPPLEMENTAL TRUST
DEED is made on 7 July 2011 
 BETWEEN: 

 

	(1)	INTERCONTINENTAL HOTELS GROUP PLC (the “Issuer”); 

  

	(2)	SIX CONTINENTS LIMITED (“Six Continents”); 

  

	(3)	INTERCONTINENTAL HOTELS LIMITED (“Intercontinental”, and together with Six Continents, the “Guarantors”); and

  

	(4)	HSBC CORPORATE TRUSTEE COMPANY (UK) LIMITED (the “Trustee”, which expression includes, where the context admits, all persons for the time being
the trustee or trustees of this Trust Deed). 

 WHEREAS: 

(A) This First Supplemental Trust Deed is supplemental to the Trust Deed dated 27 November 2009 (hereinafter called the “Principal Trust
Deed”) made between the Issuer and the Trustee and relating to the Euro Medium Term Note Programme established by the Issuer (the “Programme”). 
 (B) On the date hereof the Issuer published an updated Base Prospectus relating to the Programme, which replaces the Base Prospectus dated 27 November 2009; 

(C) The Trustee, the Guarantors and the Issuer have agreed to modify and restate the provisions of the Principal Trust Deed in the manner set out below.
The amendments contemplated by this First Supplemental Trust Deed do not affect any Notes issued under the Programme prior to the date hereto. 

NOW THIS FIRST SUPPLEMENTAL TRUST DEED
WITNESSES AND IT IS HEREBY AGREED AND DECLARED as follows: 
 1. Subject as hereinafter provided and unless there is something in the subject matter or context inconsistent therewith all words and expressions defined in the Principal Trust Deed shall have the same
meanings in this First Supplemental Trust Deed. 
 2. Save: 
  

	(a)	in relation to all Series of Notes issued during the period up to and including the day last preceding the date of this First Supplemental Trust Deed and any Notes
issued on or after the date of this First Supplemental Trust Deed so as to be consolidated and form a single Series with the Notes of any Series issued during the period up to and including such last preceding day; and 

 

	(b)	for the purpose (where necessary) of construing the provisions of this First Supplemental Trust Deed, with effect on and from the date of this First Supplemental Trust
Deed: 

  
 Page 1

	 	(i)	the Principal Trust Deed is modified in such manner as would result in the Principal Trust Deed as so modified being in the form set out in the Schedule hereto; and

  

	 	(ii)	the provisions of the Principal Trust Deed insofar as the same still have effect shall cease to have effect and in lieu thereof the provisions of the Principal Trust
Deed as so modified (and being in the form set out in the Schedule hereto) shall have effect. 

 3. The First Supplemental Trust
Deed shall henceforth be read and construed as one document with the Principal Trust Deed. 
 4. No person other than a party to this First
Supplemental Trust Deed shall have any right by virtue of the Contracts (Rights of Third Parties) Act 1999 to enforce any term (express or implied) of this First Supplemental Trust Deed, but this is without prejudice to any right or remedy of any
third party which may exist or be available apart from that Act. 
 5. This First Supplemental Trust Deed and any non-contractual obligations
arising out of or in connection with it, shall be governed by, and construed in accordance with, English law. 
 6. A Memorandum of the First
Supplemental Trust Deed shall be endorsed by the Trustee on the Principal Trust Deed and by the Issuer and the Guarantors on its duplicate thereof. 
 7. This First Supplemental Trust Deed may be executed in any number of counterparts, each of which, taken together, shall constitute one and the same First Supplemental Trust Deed and any party may enter
into this First Supplemental Trust Deed by executing a counterpart. 
 IN WITNESS whereof
this First Supplemental Trust Deed has been executed by the Issuer, the Trustee and the Guarantors as a deed and delivered on the day and year first above written. 

  
 Page 2

 THE SCHEDULE 
 7 July 2011 
 INTERCONTINENTAL HOTELS GROUP PLC 

(the Issuer) 
 and 
 SIX CONTINENTS LIMITED 

and 

INTERCONTINENTAL HOTELS LIMITED 
 (together, the Guarantors) 
 and 

HSBC CORPORATE TRUSTEE COMPANY (UK) LIMITED 
 (the Trustee) 
  

 
 TRUST DEED

 (as modified and restated by the First Supplemental 

Trust Deed dated 7 July 2011) 
 relating to a 
 £750,000,000 

EURO MEDIUM TERM NOTE PROGRAMME 
  

 
  

 CONTENTS 

 

							
	CLAUSE	  	PAGE	 
	1.	 	 DEFINITIONS AND INTERPRETATION
	  	 	1	  
	2.	 	 AMOUNT AND ISSUE OF THE NOTES
	  	 	9	  
	3.	 	 COVENANT TO REPAY
	  	 	10	  
	4.	 	 GUARANTEE
	  	 	13	  
	5.	 	 THE NOTES
	  	 	15	  
	6.	 	 CANCELLATION OF NOTES AND RECORDS
	  	 	16	  
	7.	 	 COVENANT TO COMPLY WITH THE TRUST DEED
	  	 	18	  
	8.	 	 COVENANTS BY THE ISSUER AND THE GUARANTORS
	  	 	18	  
	9.	 	 AMENDMENTS AND SUBSTITUTION
	  	 	23	  
	10.	 	 BREACH
	  	 	27	  
	11.	 	 ENFORCEMENT
	  	 	27	  
	12.	 	 APPLICATION OF MONEYS
	  	 	28	  
	13.	 	 TERMS OF APPOINTMENT
	  	 	30	  
	14.	 	 COSTS AND EXPENSES
	  	 	38	  
	15.	 	 APPOINTMENT AND RETIREMENT
	  	 	41	  
	16.	 	 NOTICES
	  	 	43	  
	17.	 	 LAW AND JURISDICTION
	  	 	44	  
	18.	 	 SEVERABILITY
	  	 	44	  
	19.	 	 CONTRACTS (RIGHTS OF THIRD PARTIES) ACT 1999
	  	 	45	  
	20.	 	 COUNTERPARTS
	  	 	45	  

 TRUST DEED is made on 27 November 2009 as amended and restated on 7 July 2011 

BETWEEN 
  

	(5)	INTERCONTINENTAL HOTELS GROUP PLC (the Issuer); 

  

	(6)	SIX CONTINENTS LIMITED (Six Continents); 

  

	(7)	INTERCONTINENTAL HOTELS LIMITED (InterContinental, and together with Six Continents, the Guarantors); and 

 

	(8)	HSBC CORPORATE TRUSTEE COMPANY (UK) LIMITED (the Trustee, which expression includes, where the context admits, all persons for the time being the
trustee or trustees of this Trust Deed). 

 WHEREAS 

(D) The Issuer has established a Euro Medium Term Note Programme pursuant to which the Issuer may issue from time to time Notes as set out herein (the
Programme). Notes up to a maximum nominal amount from time to time outstanding of £750,000,000 (subject to increase as provided in the Dealer Agreement (as defined below)) (the Authorised Amount) may be issued
pursuant to the said Programme. 
 (E) The Guarantors have agreed to guarantee Notes issued under the Programme and to enter into certain
covenants set out in this Trust Deed. 
 (F) The Trustee has agreed to act as trustee of this Trust Deed on the following terms and conditions.

 NOW THIS TRUST DEED WITNESSES AND IT IS HEREBY DECLARED as follows: 
 1. DEFINITIONS AND INTERPRETATION 
 1.1
Definitions 
 In this Trust Deed the following expressions have the following meanings: 

Additional Rating Agency means Moody’s and Fitch; 
 Agency Agreement means, in relation to the Notes of any Series, the agency agreement dated 27 November 2009 (as amended, modified and restated from time to time) between the Issuer, the
Guarantors, the Trustee and HSBC Bank plc as Principal Paying Agent appointing the initial Paying Agent and the Calculation Agent in relation to such Series and any other agreement for the time being in force appointing Successor paying agents or a
Successor calculation agent in relation to such Series, together with any agreement for the time being in force amending or modifying with the prior written approval of the Trustee any of the aforesaid agreements in relation to such Series;

  
 Page 1

 Agents means, in relation to the Notes of any Series, the Principal Paying Agent, the other
Paying Agents, the Calculation Agent or any of them; 
 Appointee means any attorney, manager, agent, delegate, nominee,
custodian, receiver or other person appointed by the Trustee under this Trust Deed; 
 Auditors means the auditors for the time
being of the Issuer or, as the case may be, a Guarantor and, in the event of any of them being unable or unwilling to carry out any action requested of them pursuant to this Trust Deed, means such other firm of chartered accountants in England as
may be nominated in writing by the Trustee for the purpose; 
 Authorised Signatory means any person who (a) is a Director of
the Issuer or, as the case may be, the relevant Guarantor or (b) has been notified to the Trustee by any such Director as being an Authorised Signatory pursuant to sub-clause 8(p) (Authorised Signatories); 

Calculation Agent means, in relation to the Notes of any Series, the institution at its Specified Office initially appointed as calculation
agent in relation to such Notes pursuant to the Agency Agreement and/or, if applicable, Successor calculation agent in relation to such Notes at its Specified office; 
 CGN Permanent Global Note means a Permanent Global Note representing Notes for which the relevant Final Terms specify that the New Global Note form is not applicable; 

CGN Temporary Global Note means a Temporary Global Note representing Notes for which the relevant Final Terms specify that the New Global
Note form is not applicable; 
 Change of Control has the meaning given to such term in Condition 2(a); 

Clearstream, Luxembourg means Clearstream Banking, société anonyme; 

Common Safekeeper means an ICSD in its capacity as common safekeeper or a person nominated by the ICSDs to perform the role of common
safekeeper; 
 Conditions means the terms and conditions to be endorsed on, or incorporated by reference in, the Notes of any
Series, in the form set out in Schedule 1 or in such other form, having regard to the terms of the Notes of the relevant Series, as may be agreed between the issuer, the Principal Paying Agent, the Trustee and the relevant Dealer(s) as modified
and supplemented by the Final Terms(s) applicable to such Series, as any of the same may from time to time be modified in accordance with this Trust Deed and any reference in this Trust Deed to a particular numbered Condition shall be construed in
relation to the Notes of such Series accordingly; 
 Contractual Currency means, in relation to any payment obligation of any
Note, the currency in which that payment obligation is expressed and, in relation to Clause 14.1 (Remuneration), pounds sterling or such other currency as may be agreed between the issuer and the Trustee from time to time; 

  
 Page 2

 Couponholder means the holder of a Coupon; 

Coupons means any bearer interest coupons in or substantially in the form set out in Part E of Schedule 2 appertaining to the Notes of
any Series and for the time being outstanding or, as the context may require, a specific number thereof and includes any replacement Coupons issued pursuant to Condition 15 and, where the context so permits, the Talons appertaining to the Notes of
such Series; 
 Dealer Agreement means the agreement between the Issuer and the Dealers named therein concerning the purchase of
Notes to be issued pursuant to the Programme as amended from time to time or any restatement thereof for the time being in force; 

Dealers means any person appointed as a Dealer by the Dealer Agreement and any other person which the Issuer may appoint as a Dealer and
notice of whose appointment has been given to the Principal Paying Agent and the Trustee by the Issuer in accordance with the provisions of the Dealer Agreement but excluding any entity whose appointment has been terminated in accordance with the
terms of the Dealer Agreement and notice of whose termination has been given to the Principal Paying Agent and the Trustee by the Issuer in accordance with the provisions of the Dealer Agreement and references to the relevant Dealer(s) mean, in
relation to any Note, the Dealer(s) with whom the Issuer has agreed the issue and purchase of such Note; 
 Director means any
Director of the Issuer or, as the case may be, a Guarantor, from time to time; 
 Drawdown Prospectus means a prospectus specific
to a Tranche of Notes which may be constituted either (a) by a single document or (b) by a registration document, a securities note and, if applicable, a summary; 
 Euroclear means Euroclear Bank SA/NV; 
 Event of Default means any one
of the circumstances described in Condition 13; 
 Extraordinary Resolution has the meaning set out in Schedule 6;

 Final Terms has the meaning ascribed to it in the Dealer Agreement; 
 Fitch means Fitch Ratings Ltd or any successor; 
 Fixed Rate Note
means a Note on which interest is calculated at a fixed rate payable in arrear on a fixed date or dates in each year and on redemption or on such other dates as may be agreed between the Issuer, the Guarantors and the relevant Dealer(s) (as
indicated in the relevant Final Terms); 
 Floating Rate Note means a Note on which interest is calculated at a floating rate
payable at intervals of one, two, three, six or twelve months or at such other intervals as may be agreed between the Issuer, the Guarantors and the relevant Dealer(s) (as indicated in the relevant Final Terms); 

  
 Page 3

 FSMA means the Financial Services and Markets Act 2000; 

Global Note means a CGN Temporary Global Note, a CGN Permanent Global Note, an NGN Temporary Global Note or an NGN Permanent Global Note;

 ICSDs means Clearstream, Luxembourg and Euroclear; 
 Index Linked Interest Notes has the meaning given to such term in the relevant Final Terms; 
 Issue Date means, in relation to any Note, the date of issue of such Note pursuant to the Dealer Agreement or any other relevant agreement between the Issuer and the relevant Dealer(s);

 Interest Commencement Date means, in relation to any interest-bearing Note, the date specified in the relevant Final Terms from
which such Note bears interest or, if no such date is specified therein, the Issue Date; 
 Liabilities or Liability
means any loss, damage, cost, charge, claim, demand, expense, judgment, action, proceeding or other liability whatsoever (including, without limitation, in respect of taxes, duties, levies, imposts and other charges) and including any value
added tax or similar tax charged or chargeable in respect thereof and legal fees and expenses on a full indemnity basis; 
 London Stock
Exchange means the London Stock Exchange plc; 
 Material Subsidiary has the meaning set out in Condition 2(a);

 Moody’s means Moody’s Investors Service, Inc. or any successor; 

NGN Permanent Global Note means a Permanent Global Note representing Notes for which the relevant Final Terms specify that the New Global
Note form is applicable; 
 NGN Temporary Global Note means a Temporary Global Note representing Notes for which the relevant
Final Terms specify that the New Global Note form is applicable; 
 Noteholder and (in relation to a Note) holder
means the bearer of a Note; 
 Notes means the bearer notes of each Series constituted in relation to or by this Trust Deed which
shall be in or substantially in the form set out in Schedule 2 and, for the time being outstanding or, as the case may be, a specific number thereof and includes any replacement Notes of such Series issued pursuant to Condition 15 and (except
for the purposes of Clause 5.1 (Global Notes) and 5.3 (Signature)) each Global Note in respect of such Series for so long as it has not been exchanged in accordance with the terms thereof; 

outstanding means, in relation to the Notes of any Series, all the Notes of such Series other than: 

 

	(a)	those which have been redeemed in accordance with this Trust Deed; 

  
 Page 4

	(b)	those in respect of which the date for redemption in accordance with the provisions of the Conditions has occurred and for which the redemption moneys (including all
interest accrued thereon to the date for such redemption) have been duly paid to the Trustee or the Principal Paying Agent in the manner provided for in the Agency Agreement (and, where appropriate, notice to that effect has been given to the
Noteholders in accordance with Condition 19) and remain available for payment in accordance with the Conditions; 

  

	(c)	those which have been purchased and surrendered for cancellation as provided in Condition 10(j) and notice of the cancellation of which has been given to the Trustee;

  

	(d)	those which have become void under Condition 14; 

  

	(e)	those mutilated or defaced Notes which have been surrendered or cancelled and in respect of which replacement Notes have been issued pursuant to Condition 15; or

  

	(f)	(for the purpose only of ascertaining the aggregate nominal amount of Notes outstanding and without prejudice to the status for any other purpose of the relevant Notes)
those Notes which are alleged to have been lost, stolen or destroyed and in respect of which replacements have been issued pursuant to Condition 15; 

 provided that for each of the following purposes, namely: 
  

	 	(i)	the right to attend and vote at any meeting of the holders of Notes of any Series; 

 

	 	(ii)	the determination of how many and which Notes of any Series are for the time being outstanding for the purposes of Clauses 11.1 (Legal Proceedings) and 9.1
(Waiver), Conditions 13 and 17 and Schedule 6; 

  

	 	(iii)	any discretion, power or authority, whether contained in this Trust Deed or provided by law, which the Trustee is required to exercise in or by reference to the
interests of the holders of the Notes of any Series or any of them; and 

  

	 	(iv)	the determination by the Trustee whether any event, circumstance, matter or timing is, in its opinion, materially prejudicial to the interests of the holders of the
Notes of any Series; 

 those Notes (if any) of the relevant Series which are for the time being held by any person (including but
not limited to the Issuer, any Guarantor or any Subsidiary) for the benefit of the Issuer, any Guarantor or any Subsidiary shall (unless and until ceasing to be so held) be deemed not to remain outstanding; 

Paying Agents means, in relation to the Notes of any Series, the several institutions (including, where the context permits,
the Principal Paying Agent) at their respective  

  
 Page 5

 
Specified Offices appointed pursuant to the relative Agency Agreement and/or, if applicable, any additional and/or Successor paying agents in relation to such Series at their respective Specified
Offices; 
 Permanent Global Note means, in relation to any Series, a Global Note to be issued pursuant to Clause 5.1 in the form
or substantially in the form set out in Part B of Schedule 2; 
 Potential Event of Default means an event or circumstance
which could, with the giving of notice, lapse of time, the issuing of a certificate and/or fulfilment of any other requirement provided for in Condition 13, become an Event of Default; 
 Principal Paying Agent means, in relation to the Notes of any Series, the institution at its Specified Office initially appointed as issuing and principal paying agent in relation to such
Series pursuant to the relative Agency Agreement or, if applicable, any Successor principal paying agent in relation to such Series at its Specified Office; 
 Put Option has the meaning given to such term in Condition 10(e); 
 Rating
Agency means S&P or any of its respective successors or any Substitute Rating Agency and, for the purposes of Condition 10(f), includes any Additional Rating Agency; 
 Receiptholder means the holder of a Receipt; 
 Receipts means any
bearer principal receipts appertaining to the Notes of any Series or, as the context may require, a specific number thereof and includes any replacement Receipts issued pursuant to Condition 15; 

Relevant Date has the meaning ascribed to it in Condition 2(a); 
 Reserved Matter has the meaning set out in paragraph 1 of Schedule 6; 

repay includes redeem and vice versa and repaid, repayable, repayment,
redeemed, redeemable and redemption shall be construed accordingly; 
 Series means a
Tranche of Notes together with any further Tranche or Tranches of Notes expressed to be consolidated and form a single series with the Notes of the original Tranche and the terms of which are identical (save for the issue Date and/or the Interest
Commencement Date but including as to whether or not the Notes are listed); 
 Specified Office means, in relation to any Agent in
respect of any Series, either the office identified with its name in Condition 2(a) of such Series or any other office notified to any relevant parties pursuant to the Agency Agreement; 
 Subsidiary has the meaning set out in Condition 2(a); 
 Substitute Rating
Agency means any rating agency of international standing substituted for the Rating Agency by the Issuer from time to time with the prior 

  
 Page 6

 
written approval of the Trustee, such approval not to be unreasonably withheld or delayed; 
 Successor means, in relation to the Paying Agents, such other or further person as may from time to time be appointed pursuant to the Agency Agreement as a Paying Agent; 

Successor in Business means in respect of a company (the Original Company): 

(i) a company or other entity to whom the Original Company validly and effectually, in accordance with all enactments, orders and regulations in force for
the time being and from time to time, transfers the whole or substantially the whole of its business, undertaking and assets for the purpose of assuming and conducting the business of the Original Company in its place; or 

(ii) any other entity which acquires in any other manner the whole or substantially the whole of the undertaking, property and assets of the Original
Company and carries on as a successor to the Original Company the whole or substantially the whole of the business carried on by the Original Company prior thereto; 
 S&P means Standard & Poor’s Rating Services, a division of The McGraw-Hill Companies Inc. or any successor; 
 Talonholder means the holder of a Talon; 
 Talons means any bearer
talons appertaining to the Notes of any Series or, as the context may require, a specific number thereof and includes any replacement Talons issued pursuant to Condition 15; 
 Temporary Global Note means, in relation to any Series, a Global Note to be issued pursuant to Clause 5.1 in the form or substantially in the form set out in Part A of Schedule 2;

 this Trust Deed means this Trust Deed and the Schedules (as from time to time modified in accordance with the provisions
contained herein) and (unless the context requires otherwise) includes any deed or other document executed in accordance with the provisions hereof (as from time to time modified as aforesaid) and expressed to be supplemental hereto; 

Tranche means all Notes of the same Series with the same Issue Date and Interest Commencement Date; 

Trustee Acts means both the Trustee Act 1925 and the Trustee Act 2000 of England and Wales; 

Written Resolution means, in relation to any Series, a resolution in writing signed by or on behalf of the holders of 75 per cent. of
the aggregate principal amount of the Notes of such Series for the time being outstanding, whether contained in one document or several documents in like form, each signed by or on behalf of one or more such Noteholders; 

  
 Page 7

 Zero Coupon Note means a Note on which no interest is payable. 

1.2 Principles of interpretation 
 In this Trust
Deed: 
  

	(a)	Statutory modification: a provision of any statute shall be deemed also to refer to any statutory modification or re-enactment thereof or any statutory
instrument, order or regulation made thereunder or under such modification or re-enactment; 

  

	(b)	Additional amounts: principal and/or interest in respect of the Notes of any Series shall be deemed also to include references to any additional amounts, any
redemption amounts and any premium which may be payable under the Conditions; 

  

	(c)	Relevant Currency: relevant currency shall be construed as a reference to the currency in which payments in respect of the Notes and/or Receipts and/or
Coupons of the relevant Series are to be made as indicated in the relevant Final Terms; 

  

	(d)	Tax: costs, charges or expenses shall include any value added tax or similar tax charged or chargeable in respect thereof; 

 

	(e)	Enforcement of rights: an action, remedy or method of judicial proceedings for the enforcement of rights of creditors shall include, in respect of any
jurisdiction other than England, references to such action, remedy or method of judicial proceedings for the enforcement of rights of creditors available or appropriate in such jurisdictions as shall most nearly approximate thereto;

  

	(f)	Clauses and Schedules: a Schedule or a Clause, sub-clause, paragraph or sub-paragraph is, unless otherwise stated, to a schedule hereto or a clause, sub-clause,
paragraph or sub-paragraph hereof respectively; 

  

	(g)	Clearing systems: Euroclear and/or Clearstream, Luxembourg shall, wherever the context so admits (but not in the case of any Notes in NGN form), be deemed to
include references to any additional or alternative clearing system approved by the Issuer and the Trustee; 

  

	(h)	Trust corporation: a trust corporation denotes a corporation entitled by rules made under the Public Trustee Act 1906 to act as a custodian trustee or entitled
pursuant to any other legislation applicable to a trustee in any jurisdiction other than England to act as trustee and carry on trust business under the laws of the country of its incorporation; 

 

	(i)	Gender: words denoting the masculine gender shall include the feminine gender also, words denoting individuals shall include companies, corporations and
partnerships, words importing the singular number shall include the plural and, in each case, vice versa; 

  
 Page 8

	(j)	Records: any reference to the records of an ICSD shall be to the records that each of the ICSDs holds for its customers which reflect the amount of such
customers’ interests in the Notes (but excluding any interest in any Notes of one ICSD shown in the records of another ICSD); 

  

	(k)	Drawdown Prospectus: each reference to Final Terms shall, in the case of a Series of Notes which is the subject of a Drawdown Prospectus be read and construed as
a reference to the final terms of the Notes set out in such Drawdown Prospectus; 

  

	(l)	Guarantees: all references in this Trust Deed to guarantees or to an obligation being guaranteed shall be deemed to include respectively references to
indemnities or to an indemnity being given in respect thereof; and 

  

	(m)	Proceedings: all references in these presents to taking proceedings against the Issuer and/or the Guarantors shall be deemed to include references to proving in
the winding up of the Issuer and/or any Guarantor (as the case may be). 

 1.3 The Conditions 

In this Trust Deed, unless the context requires or the same are otherwise defined, words and expressions defined in the Conditions and not otherwise
defined herein shall have the same meaning in this Trust Deed. 
 1.4 Headings 
 The headings and sub-headings are for ease of reference only and shall not affect the construction of this Trust Deed. 
 1.5 The Schedules 
 The schedules are part of this Trust Deed and shall have effect accordingly.

 1.6 Written Notices/Approvals 
 Any
reference to a written notice or approval being given by the Trustee shall, for the avoidance of doubt, be deemed to include such notice being given by email. 
 2. AMOUNT AND ISSUE OF THE NOTES 
 2.1 Amount of the Notes 
 The Notes will be issued in Series in an aggregate nominal amount from
time to time outstanding not exceeding the Authorised Amount and, for the purpose of determining such aggregate nominal amount, Clause 14 of the Dealer Agreement shall apply. 
 2.2 Prior to each Issue Date 
 By not later than 3.00 p.m. (London time) on the fourth business day
in London (which for this purpose shall be a day on which commercial banks are open for business in London) preceding each proposed Issue Date, the Issuer shall: 

  
 Page 9

	(a)	deliver or cause to be delivered to the Trustee a draft of the relevant Final Terms and, if applicable, notify the Trustee of any proposed changes to the draft Final
Terms delivered to the Trustee; and 

  

	(b)	notify the Trustee in writing without delay of the Issue Date and the nominal amount of the Notes of the relevant Tranche. 

For the avoidance of doubt, the Trustee shall not be required in any case to approve such Final Terms. 

2.3 Constitution of Notes 
 Upon the issue of
the Temporary Global Note, initially representing the Notes of any Tranche, such Notes shall become constituted by this Trust Deed without further formality. 
 2.4 Further legal opinions 
 After each anniversary of this Trust Deed and prior to the first issue
of any Notes, on each occasion when a legal opinion is delivered to a Dealer pursuant to Clause 5.10 of the Dealer Agreement and on such other occasions as the Trustee so requests, the Issuer will procure, at no cost to the Trustee, that further
legal opinions in such form and with such content as the Trustee may require from the legal advisers specified in the Dealer Agreement or in the relevant jurisdiction approved by the Trustee are delivered to the Trustee, provided that the Trustee
shall not be required to approve the applicable legal opinions. In each such case, receipt by the Trustee of the relevant opinion shall be a condition precedent to the issue of Notes pursuant to this Trust Deed. 

3. COVENANT TO REPAY 
 3.1 Covenant to repay 
 The Issuer covenants with the Trustee that it shall, as and when the Notes
of any Series or any of them become due to be redeemed or any principal on the Notes of any Series or any of them becomes due to be repaid in accordance with the Conditions, unconditionally pay or procure to be paid to or to the order of the Trustee
in immediately available freely transferable funds in the relevant currency the principal amount of the Notes of such Series or any of them becoming due for payment on that date and shall (subject to the provisions of the Conditions and except in
the case of Zero Coupon Notes), until all such payments (both before and after judgment or other order of a court of competent jurisdiction) are duly made, unconditionally pay or procure to be paid to or to the order of the Trustee as aforesaid on
the dates provided for in the Conditions interest (which shall accrue from day to day) on the principal amount (or such other amount as may be specified in the Final Terms) of the Notes or any of them of such Series outstanding from time to time as
set out in the Conditions (subject to Clause 3.3 (Interest on Floating Rate Notes following Event of Default)) provided that: 

  
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	(a)	every payment of principal, interest or other sum due in respect of such Notes or any of them made to the Principal Paying Agent in the manner provided in the Agency
Agreement shall satisfy pro tanto, to the extent of such payment, the relevant covenant by the Issuer contained in this Clause except to the extent that there is default in the subsequent payment thereof to the relevant Noteholders,
Receiptholders or Couponholders (as the case may be) in accordance with the Conditions; 

  

	(b)	if any payment of principal or interest in respect of such Notes or any of them is made after the due date, payment shall be deemed not to have been made until either
the full amount is paid to the relevant Noteholders, Receiptholders or Couponholders (as the case may be) or, if earlier, the seventh day after notice has been given to the relevant Noteholders in accordance with the Conditions that the full amount
has been received by the Principal Paying Agent or the Trustee except, in the case of payment to the Principal Paying Agent, to the extent that there is failure in the subsequent payment to the Noteholders, Receiptholders, or Couponholders (as the
case may be) under the Conditions; and 

  

	(c)	in any case where payment of the whole or any part of the principal amount due in respect of any Note is improperly withheld or refused upon due presentation of the
relevant Note or Receipt (as the case may be) interest shall accrue on the whole or such part of such principal amount (except in the case of Zero Coupon Notes, to which the provision of Condition 8 shall apply) from the date of such withholding or
refusal until the date either on which such principal amount due is paid to the relevant Noteholders or Receiptholders (as the case may be) or, if earlier, the seventh day after which notice is given to the relevant Noteholders in accordance with
the Conditions that the full amount payable in respect of the said principal amount is available for collection by the relevant Noteholders or Receiptholders (as the case may be) provided that on further due presentation of the relevant Note or
Receipt (as the case may be) such payment is in fact made. 

 The Trustee will hold the benefit of this covenant and the other
covenants in this Trust Deed on trust for the Noteholders in accordance with their respective interests. 
 3.2 Following an Event of Default

 At any time after any Event of Default or Potential Event of Default shall have occurred or the Notes of all or any Series shall otherwise
have become due and repayable or the Trustee shall have received any money which it proposes to pay under Clause 12 to the relevant Noteholders, Receiptholders and/or Couponholders, the Trustee may: 

 

	(a)	by notice in writing to the Issuer, the Guarantors, the Principal Paying Agent and the other Agents require the Principal Paying Agent and the other Agents or any of
them: 

  

	 	(i)	 to act thereafter, until otherwise instructed by the Trustee, as Agents of the Trustee under the provisions of this Trust Deed on the terms

  
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provided in the Agency Agreement (with consequential amendments as necessary and save that the Trustee’s liability under any provisions thereof for the indemnification, remuneration and
payment of out-of-pocket expenses of the Agents shall be limited to amounts for the time being held by the Trustee on the trusts of this Trust Deed in relation to the Notes on the terms of this Trust Deed and available to the Trustee for such
purpose) and thereafter to hold all Notes, Receipts and Coupons and all sums, documents and records held by them in respect of Notes, Receipts and Coupons on behalf of the Trustee; and/or 

 

	 	(ii)	to deliver up all Notes, Receipts and Coupons and all sums, documents and records held by them in respect of Notes, Receipts and Coupons to the Trustee or as the
Trustee shall direct in such notice provided that such notice shall be deemed not to apply to any document or record which the relevant Agent is obliged not to release by any law or regulation; and 

 

	(b)	by notice in writing to the Issuer and the Guarantors require each of them to make all subsequent payments in respect of Notes, Receipts and Coupons to or to the order
of the Trustee and, with effect from the issue of any such notice until such notice is withdrawn, proviso 3.1(a) to Clause 3.1 (Covenant to repay) and (so far as it concerns payments by the Issuer and the Guarantors) Clause 12.4 (Payments
to Noteholders, Receiptholders and Couponholders) shall cease to have effect. 

 3.3 Interest on Floating Rate Notes and Index
Linked Interest Notes following Event of Default 
 If Floating Rate Notes or Index Linked Interest Notes become immediately due and repayable
under Condition 13 the rate and/or amount of interest payable in respect of them will be calculated at the same intervals as if such Notes had not become due and repayable, the first of which will commence on the expiry of the Interest Period (as
defined in the Conditions) during which the Notes of the relevant Series become so due and repayable in accordance with Condition 13 (with consequential amendments as necessary) except that the rates of interest need not be published. 

3.4 Currency of payments 
 All payments in
respect of, under and in connection with this Trust Deed and the Notes to the relevant Noteholders, Receiptholders and Couponholders shall be made in the relevant currency as required by the Conditions. 

3.5 Separate Series 
 The Notes of each Series
shall form a separate Series of Notes and accordingly, unless for any purpose the Trustee in its absolute discretion shall otherwise determine, all the provisions of this Trust Deed shall apply mutatis mutandis separately and independently to
the Notes of each Series and in such Clauses and Schedule the expressions “Notes”, “Noteholders”, “Receipts”, “Receiptholders”,
“Coupons”, “Couponholders”, “Talons” and “Talonholders” shall be construed accordingly. 

  
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 4. GUARANTEE 
 4.1 The Guarantors hereby irrevocably and unconditionally and on a joint and several basis, and notwithstanding the release of any other guarantor or any other person under the terms of any composition or
arrangement with any creditors of the Issuer, guarantee to the Trustee: 
  

	(a)	the due and punctual payment in accordance with the provisions of this Trust Deed of the principal of and premium (if any) and interest on the Notes and of any other
amounts payable by the Issuer under this Trust Deed; and 

  

	(b)	the due and punctual performance and observance by the Issuer of each of the other provisions of this Trust Deed on the Issuer’s part to be performed or observed.

 4.2 If the Issuer fails for any reason whatsoever punctually to pay any such principal, premium, interest or other amount, the
Guarantors shall cause each and every such payment to be made as if the Guarantors instead of the Issuer were expressed to be the primary obligor under this Trust Deed and not merely as surety (but without affecting the nature of the Issuer’s
obligations) to the intent that the holder of the relevant Note, Receipt or Coupon or the Trustee (as the case may be) shall receive the same amounts in respect of principal, premium, interest or such other amount as would have been receivable had
such payments been made by the Issuer. 
 4.3 If any payment received by the Trustee or any Noteholder or Couponholder under the provisions of
this Trust Deed shall (whether on the subsequent bankruptcy, insolvency or corporate reorganisation of the Issuer or, without limitation, on any other event) be avoided or set aside for any reason, such payment shall not be considered as discharging
or diminishing the liability of the Guarantors and this guarantee shall continue to apply as if such payment had at all times remained owing by the Issuer and the Guarantors shall indemnify the Trustee and the Noteholders and/or Receiptholders
and/or Couponholders (as the case may be) in respect thereof PROVIDED THAT the obligations of the Issuer and/or the Guarantors under this sub-clause shall, as regards each payment made to the Trustee or any Noteholder or Couponholder which is
avoided or set aside, be contingent upon such payment being reimbursed to the Issuer or other persons entitled through the Issuer. 
 4.4 Each
of the Guarantors hereby agrees that its obligations under this Clause shall be unconditional and that it shall be fully liable irrespective of the validity, regularity, legality or enforceability against the Issuer of, or of any defence or
counter-claim whatsoever available to the Issuer in relation to, its obligations under this Trust Deed, whether or not any action has been taken to enforce the same or any judgment obtained against the Issuer, whether or not any of the other
provisions of this Trust Deed have been modified, whether or not any time, indulgence, wavier, authorisation or consent has been granted to the Issuer by or on behalf of the Noteholders, Receiptholders or the Couponholders or the Trustee, whether or
not any determination has been made by the Trustee pursuant to Clause 9 whether or not there have been any dealings or transactions between the Issuer, any of the Noteholders or Couponholders or the Trustee, whether or not the Issuer has been
dissolved, liquidated, merged, consolidated, bankrupted or has changed its status, functions, 

  
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control or ownership, whether or not the Issuer has been prevented from making payment by foreign exchange provisions applicable at its place of registration or incorporation and whether or not
any other circumstances have occurred which might otherwise constitute a legal or equitable discharge of or defence to any guarantor. Accordingly, the validity of this guarantee shall not be affected by reason of any invalidity, irregularity,
illegality or unenforceability of all or any of the obligations of the Issuer under this Trust Deed and this guarantee shall not be discharged nor shall the liability of a Guarantor under this Trust Deed be affected by any act, thing or omission or
means whatever whereby its liability would not have been discharged if it had been the principal debtor. 
 4.5 Without prejudice to the
provisions of Clause 11 the Trustee may determine from time to time whether or not it will enforce this guarantee which it may do without making any demand of or taking any proceedings against the Issuer and may from time to time make any
arrangement or compromise with the Guarantors in relation to this guarantee which the Trustee may consider expedient in the interests of the Noteholders. 
 4.6 The Guarantors waive diligence, presentment, demand of payment, filing of claims with a court in the event of dissolution, liquidation, merger or bankruptcy of the Issuer, any right to require a
proceeding first against the Issuer, protest or notice with respect to this Trust Deed or the indebtedness evidenced thereby and all demands whatsoever and covenants that this guarantee shall be a continuing guarantee, shall extend to the ultimate
balance of all sums payable and obligations owed by the Issuer under this Trust Deed, shall not be discharged except by complete performance of the obligations in this Trust Deed and is additional to, and not instead of, any security or other
guarantee or indemnity at any time existing in favour of any person, whether from the Guarantors or otherwise. 
 4.7 If any moneys shall become
payable by the Guarantors under this guarantee the Guarantors shall not, so long as the same remain unpaid, without the prior written consent of the Trustee: 
  

	(a)	in respect of any amounts paid by it under these guarantees, exercise any rights of subrogation or contribution or, without limitation, any other right or remedy which
may accrue to it in respect of or as a result of any such payment; or 

  

	(b)	in respect of any other moneys for the time being due to the Guarantors by the Issuer, claim payment thereof or exercise any other right or remedy.

 (including in either case claiming the benefit of any security or right of set-off or, on the liquidation of the Issuer,
proving in competition with the Trustee). If, notwithstanding the foregoing, upon the bankruptcy, insolvency or liquidation of the Issuer, any payment or distribution of assets of the Issuer of any kind or character, whether in cash, property or
securities, shall be received by the Guarantors before payment in full of all amounts payable under this Trust Deed shall have been made to the Noteholders, the Couponholders and the Trustee, such payment or distribution shall be received by the
Guarantors on trust to pay the same over immediately to the 

  
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Trustee for application in or towards the payment of all sums due and unpaid under this Trust Deed in accordance with Clause 7. 
 4.8 Until all amounts which may be or become payable by the Issuer under this Trust Deed have been irrevocably paid in full, the Trustee may: 

 

	(a)	refrain from applying or enforcing any other moneys, security or rights held or received by the Trustee 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 the Guarantors shall not be entitled to the benefit of the same; and 

 

	(b)	hold in a suspense account any moneys received from the Guarantors or an account of the Guarantors’ liability under this guarantee, without liability to pay
interest on those moneys. 

 5. THE NOTES 

5.1 Global Notes 
  

	(a)	The Notes of each Tranche will initially be together represented by a Temporary Global Note. Each Temporary Global Note shall (save as may be specified in the relevant
Final Terms) be exchangeable, in accordance with its terms, for interests in a Permanent Global Note or Notes in definitive form together with, where applicable, Receipts and (except in the case of Zero Coupon Notes) Coupons, and where applicable
Talons attached. 

  

	(b)	Each Permanent Global Note shall be exchangeable, in accordance with its terms, for Notes in definitive form. 

All Global Notes shall be prepared, completed and delivered to a common depositary (in the case of a CGN) or common safekeeper (in the case of a NGN) for
Euroclear and Clearstream, Luxembourg in accordance with the provisions of the Dealer Agreement or to another appropriate depositary in accordance with any other agreement between the Issuer and the relevant Dealer(s) and, in each case, the Agency
Agreement. 
 5.2 Notes in definitive form 
 Notes in definitive form will be security printed in accordance with applicable legal and stock exchange requirements substantially in the form set out in Part C of Schedule 2. Any Coupons, Receipts
and Talons will also be security printed in accordance with the same requirements and will be attached to the Notes in definitive form at the time of issue. Notes in definitive form will be endorsed with the Conditions and shall have endorsed
thereon or attached thereto a copy of the applicable Final Terms (or the relevant provisions thereof). 
 5.3 Signature 

  
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 The Global Notes and the Notes in definitive form will be signed manually or in facsimile by a duly
authorised person designated by the Issuer and will be authenticated manually by or on behalf of the Principal Paying Agent and if applicable, will be effectuated manually by or on behalf of the Common Safekeeper. The Issuer may use the facsimile
signature of a person who at the date such signature was originally produced was such a duly authorised person even if at the time of issue of any Global Note or Note in definitive form he is no longer so authorised. Global Notes and Notes in
definitive form so executed, duly authenticated and, if applicable, duly effectuated will be binding and valid obligations of the Issuer and title thereto shall pass by delivery. 
 5.4 Entitlement to treat holder as owner 
 The Issuer, the Guarantors, the Trustee and any Paying
Agent may deem and treat the holder of any Note and the holder of any Receipt or Coupon as the absolute owner of such Note, Receipt or Coupon, as the case may be, free of any equity, set-off or counterclaim on the part of the Issuer or any Guarantor
against the original or any intermediate holder of such Note, Receipt or Coupon (whether or not such Note, Receipt or Coupon shall be overdue and notwithstanding any notation of ownership or other writing thereon or any notice of previous loss or
theft of such Note, Receipt or Coupon) for all purposes and, except as ordered by a court of competent jurisdiction or as required by applicable law, the Issuer, the Guarantors, the Trustee and any Paying Agent shall not be affected by any notice to
the contrary. All payments made to any such holder shall be valid and, to the extent of the sums so paid, effective to satisfy and discharge the liability for the moneys payable upon the Notes. 

5.5 Further Notes 
 The Issuer shall be at
liberty from time to time (but subject always to the provisions of this Trust Deed) without the consent of the Noteholders, Receiptholders or Couponholders to create and issue further Notes having terms and conditions the same as the Notes of any
Series (or the same in all respects save for the amount and date of the first payment of interest thereon) and so that the same shall be consolidated and form a single series with the outstanding Notes of a particular Series. 

6. CANCELLATION OF NOTES AND RECORDS 

6.1 The Issuer shall procure that all Notes issued by it which are (a) redeemed or (b) purchased by or on behalf of the Issuer, a Guarantor or
any Subsidiary and surrendered for cancellation or (c) which, being mutilated or defaced, have been surrendered and replaced pursuant to Condition 15 (Replacement of Notes, Receipts, Coupons and Talons) (together in each case, in the
case of Definitive Notes, with all unmatured Receipts and Coupons attached thereto or delivered therewith), and all Receipts and Coupons paid in accordance with the relevant Conditions or which, being mutilated or defaced, have been surrendered and
replaced pursuant to Condition 15 (Replacement of Notes, Receipts, Coupons and Talons), shall forthwith be cancelled by or on behalf of the Issuer and a certificate stating: 

  
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	 	(i)	the aggregate nominal amount of Notes which have been redeemed and the aggregate amounts in respect of Receipts and Coupons which have been paid;

  

	 	(ii)	the serial numbers of such Notes in definitive form and Receipts; 

  

	 	(iii)	the total numbers (where applicable, of each denomination) by maturity date of such Receipts and Coupons; 

 

	 	(iv)	the aggregate amount of interest paid (and the due dates of such payments) on Global Notes; 

 

	 	(v)	the aggregate nominal amount of Notes (if any) which have been purchased by or on behalf of the Issuer, any Guarantor or any Subsidiary and cancelled and the serial
numbers of such Notes in definitive form and, in the case of Notes in definitive form, the total number (where applicable, of each denomination) by maturity date of the Receipts, Coupons and Talons attached thereto or surrendered therewith;

  

	 	(vi)	the aggregate nominal amounts of Notes and Receipts and the aggregate amounts in respect of Coupons which have been so surrendered and replaced and the serial numbers
of such Notes in definitive form and the total number (where applicable, of each denomination) by maturity date of such Coupons and Talons; 

  

	 	(vii)	the total number (where applicable, of each denomination) by maturity date of the unmatured Coupons missing from Notes in definitive form bearing interest at a fixed
rate which have been redeemed or surrendered and replaced and the serial numbers of the Notes in definitive form to which such missing unmatured Coupons appertained; and 

 

	 	(viii)	the total number (where applicable, of each denomination) by maturity date of Talons which have been exchanged for further Coupons, 

shall be given to the Trustee by or on behalf of the Issuer as soon as possible and in any event within one month after the end of each calendar quarter
during which any such redemption, purchase, payment, exchange or replacement (as the case may be) takes place. The Trustee may accept such certificate as conclusive evidence of redemption, purchase, payment, exchange or replacement pro tanto
of the Notes or payment of interest thereon or exchange of the relative Talons respectively and of cancellation of the relative Notes and Coupons. 
 6.2 The Issuer shall procure (a) that the Principal Paying Agent shall keep a full and complete record of all Notes, Receipts, Coupons and Talons issued by it (other than serial numbers of Receipts
and Coupons) and of their redemption, any cancellation or any payment (as the case may be) and of all replacement notes, receipts, coupons or talons issued in substitution for lost, stolen, mutilated, defaced or destroyed Notes, Receipts, Coupons or
Talons, (b) that the Principal Paying Agent 

  
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shall in respect of the Coupons of each maturity retain (in the case of Coupons other than Talons) until the expiry of ten years from the Relevant Date in respect of such Coupons and (in the case
of Talons indefinitely) either all paid or exchanged Coupons of that maturity or a list of the serial numbers of Coupons of that maturity still remaining unpaid or unexchanged and (c) that such records and Coupons (if any) shall be made
available to the Trustee at all reasonable times. 
 7. COVENANT TO COMPLY WITH
THE TRUST DEED 
 7.1 Covenant to comply with the Trust Deed 

Each of the Issuer and each Guarantor severally covenants with the Trustee to comply with those provisions of this Trust Deed and the Conditions which are
expressed to be binding on it and to perform and observe the same. The Notes, the Receipts and the Coupons are subject to the provisions contained in this Trust Deed, all of which shall be binding upon the Issuer, the Guarantors, the Noteholders,
the Receiptholders, the Couponholders and all persons claiming through or under them respectively. The Trustee shall hold the benefit of this covenant upon trust for itself and the Noteholders, the Receiptholders and the Couponholders according to
its and their respective interests. 
 7.2 Trustee may enforce Conditions 
 The Trustee shall itself be entitled to enforce the obligations of the Issuer and each Guarantor under the Notes and the Conditions as if the same were set out and contained in this Trust Deed which shall
be read and construed as one document with the Notes. 
 8. COVENANTS BY THE
ISSUER AND THE GUARANTORS 
 So long as any of the Notes remains outstanding, the
Issuer and the Guarantors will each: 
  

	(a)	Books of account: at all times keep and procure that all its Subsidiaries keep such books of account as may be necessary to comply with all applicable laws and
so as to enable the financial statements of the Issuer or, as the case may be, the relevant Guarantor to be prepared and, if the Trustee, in its sole opinion, determines that it is necessary to request access to such books of account, allow the
Trustee and any person appointed by it, to whom the Issuer, the relevant Guarantor or the relevant Subsidiary (as the case may be) shall have no reasonable objection, free access to the same at all reasonable times during normal business hours and
to discuss the same with responsible officers of the Issuer; 

  

	(b)	Event of Default: give notice in writing to the Trustee forthwith of the coming into existence of any security interest which would require any security to be
given to the Notes pursuant to Condition 5 (Negative Pledge) or of the occurrence of any Event of Default, Potential Event of Default, Change of Control or Change of Control Put Event and without waiting for the Trustee to take any
further action; 

  
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	(c)	Certificate of Compliance: provide to the Trustee within seven days of any request by the Trustee and at the time of the despatch to the Trustee of its annual
balance sheet and profit and loss account, and in any event not later than 180 days after the end of its financial year, a certificate, signed by two Authorised Signatories of the Issuer or, as the case may be, the relevant Guarantor certifying that
up to a specified date not earlier than seven days prior to the date of such certificate (the “Certified Date”) the Issuer or, as the case may be, the relevant Guarantor has complied with its obligations under this Trust Deed and the Notes
(or, if such is not the case, giving details of the circumstances of such non-compliance) and that as at such date there did not exist nor had there existed at any time prior thereto since the Certified Date in respect of the previous such
certificate (or, in the case of the first such certificate, since the date of this Trust Deed) any Event of Default, Potential Event of Default, Change of Control Put Event, Change of Control or other matter which could affect the ability of the
Issuer or, as the case may be, the relevant Guarantor to perform its obligations under this Trust Deed or (if such is not the case) specifying the same; 

  

	(d)	Financial statements: send to the Trustee and to the Principal Paying Agent (if the same are produced) as soon as practicable after their date of publication and
in the case of annual financial statements in any event not more than 180 days after the end of each financial year, two copies of the Issuer’s or, as the case may be, the relevant Guarantor’s consolidated annual balance sheet and profit
and loss account and of every balance sheet, profit and loss account, report or other notice, statement or circular issued (or which under any legal or contractual obligation should be issued) to the members or holders of debentures or creditors (or
any class of them) of the Issuer or, as the case may be, the relevant Guarantor in their capacity as such at the time of the actual (or legally or contractually required) issue or publication thereof and procure that the same are made available for
inspection by Noteholders, Receiptholders and Couponholders at the Specified Offices of the Paying Agents as soon as practicable thereafter; 

  

	(e)	Information: so far as permitted by applicable law, at all times give to the Trustee such information, opinions, certificates and other evidence as it shall
require in accordance with its fiduciary duties and obligations to the Noteholders and in such form as it shall require (including, without limitation, the certificates called for by the Trustee pursuant to Clause 8(c) (Certificate of
Compliance) for the exercise of its duties, trusts, powers, authorities and discretions vested in it under this Trust Deed or by operation of law; 

  

	(f)	Notes held by Issuer and the Guarantors: send to the Trustee forthwith upon being so requested in writing by the Trustee a certificate of the Issuer or, as the
case may be, the relevant Guarantor (signed on its behalf by two Authorised Signatories) setting out the total number of Notes of each Series which at the date of such certificate are held by or for the benefit of the Issuer, the relevant Guarantor
or any Subsidiary; 

  
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	(g)	Execution of further Documents: so far as permitted by applicable law, at all times execute all such further documents and do all such further acts and things as
may be necessary at any time or times in the opinion of the Trustee to give effect to the provisions of this Trust Deed; 

  

	(h)	Notices to Noteholders: send or procure to be sent to the Trustee not less than three business days in London prior to the date of publication, for the
Trustee’s approval, one copy of each notice to be given to the Noteholders in accordance with Condition 19 (Notices) and not publish such notice without such approval (such approval not to be unreasonably withheld or delayed) and,
upon publication, send to the Trustee two copies of such notice (such approval, unless so expressed, not to constitute approval of such notice for the purpose of Section 21 of the Financial Services and Markets Act 2000);

  

	(i)	Notification of non-payment: use its reasonable endeavours to procure that the Principal Paying Agent notifies the Trustee forthwith in the event that it does
not, on or before the due date for payment in respect of the Notes, Receipts or Coupons of any Series or any of them receive unconditionally the full amount in the relevant currency of the moneys payable on such due date on all such Notes, Receipts
or Coupons; 

  

	(j)	Notification of late payment: in the event of the unconditional payment to the Principal Paying Agent or the Trustee of any sum due in respect of any of the
Notes, the Receipts or the Coupons or any of them being made after the due date for payment thereof, forthwith give notice to the Noteholders that such payment has been made in accordance with Condition 19 (Notices); 

 

	(k)	Notification of redemption or payment: not less than the number of days specified in the relevant Condition prior to the redemption or payment date in respect of
any Note, Receipt or Coupon give to the Trustee notice in writing of the amount of such redemption or payment pursuant to the Conditions and duly proceed to redeem or pay such Notes, Receipts or Coupons accordingly; 

 

	(l)	Tax or optional redemption: if the Issuer gives notice to the Trustee that it intends to redeem the Notes pursuant to Conditions 10(b) and 10(c) and prior to the
Issuer giving such notice to the Noteholders, provide such information to the Trustee as the Trustee requires in order to satisfy itself of the matters referred to in such Condition; 

 

	(m)	Obligations of Agents: observe and comply with its obligations and use all reasonable endeavours to procure that the Agents observe and comply with all their
obligations under the Agency Agreement and notify the Trustee immediately it becomes aware of any material breach or failure by an Agent in relation to the Notes, Receipts or Coupons and at all times maintain Paying Agents and a Calculation Agent in
accordance with the Conditions; 

  

	(n)	 Change of taxing jurisdiction: if before the Relevant Date for any Note, Receipt or Coupon the Issuer or any Guarantor shall become subject
generally to the taxing jurisdiction of any territory or any political sub-division thereof or any authority therein or thereof having power to tax other than or in 

  
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addition to the United Kingdom, immediately upon becoming aware thereof notify the Trustee of such event and (unless the Trustee otherwise agrees) enter forthwith into a trust deed supplemental
hereto, giving to the Trustee an undertaking or covenant in form and manner satisfactory to the Trustee in terms corresponding to the terms of Condition 12 with the substitution for (or, as the case may be, the addition to) the references therein to
the United Kingdom of references to that other or additional territory to whose taxing jurisdiction, or that of a political subdivision thereof or an authority therein or thereof, the Issuer or, as the case may be, the relevant Guarantor shall have
become subject as aforesaid, such trust deed also to modify Condition 12 so that such Condition shall make reference to that other or additional territory; 

 

	(o)	Listing: at all times use reasonable endeavours to maintain the admission to listing, trading and/or quotation of the Notes of each Series by the relevant
competent authority, stock exchange and/or quotation system on which they are admitted to listing, trading and/or quotation on issue as indicated in the relevant Final Terms or, if it is unable to do so having used all reasonable endeavours or, if
the Trustee considers that the maintenance of such admission to listing, trading and/or quotation is agreed by the Trustee to be unduly burdensome or impractical and the Trustee is of the opinion that to do so would not be materially prejudicial to
the interests of the Noteholders, use reasonable endeavours to obtain and maintain admission to listing, trading and/or quotation of the Notes on such other competent authority, stock exchange and/or quotation system as the Issuer and the Guarantors
may (with the approval of the Trustee decide and give notice of the identity of such other competent authority, stock exchange or quotation system to the Noteholders; 

 

	(p)	Authorised Signatories: upon the execution hereof and thereafter forthwith upon any change of the same, deliver to the Trustee (with a copy to the Principal
Paying Agent) a list of the Authorised Signatories of the Issuer and each Guarantor, together with certified specimen signatures of the same; 

  

	(q)	Payments: pay moneys payable by it to the Trustee hereunder without set off, counterclaim, deduction or withholding, unless otherwise compelled by law and in the
event of any deduction or withholding compelled by law pay such additional amount as will result in the payment to the Trustee of the amount which would otherwise have been payable by it to the Trustee hereunder; and 

 

	(r)	Notification of amendment to Dealer Agreement: notify the Trustee of any amendment to the Dealer Agreement. 

 

	(s)	Auditor’s certificates: cause to be prepared and certified by the Auditors in respect of each financial accounting period accounts in such form as will
comply with all relevant legal and accounting requirements and all requirements for the time being of the relevant stock exchange; 

  

	(t)	Further documents: at all times execute and do all such further documents, acts and things as may be necessary at any time or times in the reasonable opinion of
the Trustee to give effect to this Trust Deed; 

  
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	(u)	Appointment and removal of Agents: give notice to the Noteholders in accordance with Condition 19 (Notices) of any appointment, resignation or removal of
any Paying Agent or Calculation Agent (other than the appointment of the initial Agents and Calculation Agent) after having obtained the prior written approval of the Trustee thereto or any change of any Paying Agent’s specified office and
(except as provided by the Agency Agreement or the Conditions) at least 30 days prior to such event taking effect; PROVIDED ALWAYS THAT so long as any of the Notes remains outstanding in the case of the termination of the appointment of the
Calculation Agent or so long as any of the Notes, Receipts or Coupons remains liable to prescription in the case of the termination of the appointment of the Principal Paying Agent no such termination shall take effect until a new Calculation Agent
or Principal Paying Agent (as the case may be) has been appointed on terms previously approved in writing by the Trustee; 

  

	(v)	Subsidiaries: procure its Subsidiaries to comply with all applicable provisions of Condition 10 (Redemption and Purchases); 

 

	(w)	Documents available for inspection: use reasonable endeavours to procure that each Paying Agent makes available for inspection by Noteholders, Receiptholders and
Couponholders at its specified office copies of this Trust Deed, the Agency Agreement and the then latest audited balance sheet and profit and loss account (consolidated if applicable) of the Issuer and the Guarantors; 

 

	(x)	U.S. Paying Agent: if, in accordance with the provisions of the Conditions, interest in respect of the Notes becomes payable at the specified office of any
Paying Agent in the United States of America promptly give notice thereof to the relative Noteholders in accordance with Condition 19 (Notices); 

  

	(y)	Dealer Agreement: promptly provide the Trustee with copies of all supplements and/or amendments and/or restatements of the Dealer Agreement;

  

	(z)	List of Material Subsidiaries: give to the Trustee (i) on the date hereof and (ii) at the same time as sending to it the certificates referred to in
paragraph (c) above, a certificate signed by two Authorised Signatories of the Issuer addressed to the Trustee (with a form and content satisfactory to the Trustee) listing those Subsidiaries of the Issuer which as at the date hereof, as at the
Certified Date (as defined in paragraph (c) above) of the relevant certificate given under paragraph (c) above or, as the case may be, as at the first day on which the then latest audited consolidated accounts of the Issuer became
available were Material Subsidiaries for the purposes of Condition 13 (Events of Default); 

  

	(aa)	Change in Material Subsidiaries: give to the Trustee, as soon as reasonably practicable after the acquisition or disposal of any company which thereby becomes or
ceases to be a Material Subsidiary or after any transfer is made to any Subsidiary of the Issuer which thereby becomes a Material Subsidiary, a certificate by two Authorised Signatories of the Issuer addressed to the Trustee (with a form and content
satisfactory to the Trustee) to such effect; 

  
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	(bb)	Coupons: upon due surrender in accordance with the Conditions, pay the face value of all Coupons (including Coupons issued in exchange for Talons) appertaining
to all Notes purchased by the Issuer, the Guarantors or any other Subsidiary of the Issuer; 

  

	(cc)	Legal Opinions: prior to making any modification or amendment or supplement to this Trust Deed, procure the delivery of (a) legal opinion(s) as to English
and any other relevant law, addressed to the Trustee, dated the date of such modification or amendment or supplement, as the case may be, and in a form acceptable to the Trustee from legal advisers acceptable to the Trustee;

  

	(dd)	Euroclear and Clearstream: use all reasonable endeavours to procure that Euroclear and/or Clearstream, Luxembourg (as the case may be) issue(s) any record,
certificate or other document requested by the Trustee as soon as practicable after such request; and 

  

	(ee)	Notice of rating downgrade: promptly notify the Trustee upon becoming aware that any of the ratings assigned to the Notes has been downgraded or withdrawn.

 9. AMENDMENTS AND SUBSTITUTION 

9.1 Waiver 
 Without prejudice to Clause 9.4, the
Trustee may, without any consent or sanction of the Noteholders, Receiptholders or Couponholders and without prejudice to its rights in respect of any subsequent breach, Event of Default or Potential Event of Default, from time to time and at any
time, but only if and in so far as in its opinion the interests of the Noteholders shall not be materially prejudiced thereby, authorise or waive, on such terms and conditions (if any) as shall seem expedient to it, any breach or proposed breach by
the Issuer or any Guarantor of any of the covenants or provisions contained in this Trust Deed or the Notes, Receipts or Coupons (other than a proposed breach or breach relating to the subject of a Reserved Matter) or determine that any Event of
Default or Potential Event of Default shall not be treated as such for the purposes of this Trust Deed; any such authorisation, waiver or determination shall be binding on the Noteholders, the Receiptholders and the Couponholders and, if, but only
if, the Trustee shall so require, the Issuer shall cause such authorisation, waiver or determination to be notified to the Noteholders as soon as practicable thereafter in accordance with the Conditions; provided that the Trustee shall not exercise
any powers conferred upon it by this Clause in contravention of any express direction by an Extraordinary Resolution or of a request in writing made by the holders of not less than 20 per cent. in aggregate principal amount of the Notes then
outstanding (but so that no such direction or request shall affect any authorisation, waiver or determination previously given or made) or so as to authorise or waive any such breach or proposed breach relating to any of the matters the subject of
the Reserved Matters as specified and defined in Schedule 6. 

  
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 9.2 Modifications 
 Without prejudice to Clause 9.4, the Trustee may from time to time and at any time without any consent or sanction of the Noteholders, Receiptholders or Couponholders concur with the Issuer and the
Guarantors in making (a) any modification to this Trust Deed (other than in respect of Reserved Matters as specified and defined in Schedule 6 or any provision of this Trust Deed referred to in that specification) or the Notes which in the
opinion of the Trustee it may be proper to make provided the Trustee is of the opinion that such modification will not be materially prejudicial to the interests of the Noteholders or (b) any modification to this Trust Deed or the Notes if in
the opinion of the Trustee such modification is of a formal, minor or technical nature or made to correct a manifest error or an error which is, in the opinion of the Trustee, proven. Any such modification shall be binding on the Noteholders, the
Receiptholders and the Couponholders and, unless the Trustee otherwise agrees, the Issuer shall cause such modification to be notified to the Noteholders as soon as practicable thereafter in accordance with Condition 19 (Notices). 

9.3 Substitution 
  

	(a)	Procedure: Without prejudice to Clause 9.4, the Trustee may (1) without the consent of the Noteholders, the Receiptholders or the Couponholders, agree to
the substitution, in place of the Issuer (or of any previous substitute under this Clause) of a Guarantor or its successor in business or any Subsidiary of the Issuer (hereinafter called the Substituted Obligor) as the principal debtor
under this Trust Deed in relation to the Notes, Receipts, and Coupons of any Series and under the Notes, Receipts and Coupons of that Series and (2) without the consent of the Noteholders, the Receiptholders or the Couponholders, agree to the
substitution of any Subsidiary of any Guarantor (also a Substituted Obligor) in place of a Guarantor (or any previous substitute under this Clause) as the guarantor under this Trust Deed in relation to the Notes, Receipts and Coupons
of any Series and under the Notes, Receipts and Coupons of that Series, in each case provided that: 

  

	 	(i)	a trust deed is executed or some other written form of undertaking is given by the Substituted Obligor to the Trustee, in form and manner satisfactory to the Trustee,
agreeing to be bound by the terms of this Trust Deed, the Notes, the Receipts and the Coupons (with any consequential amendments which the Trustee may deem appropriate) as fully as if the Substituted Obligor had been named in this Trust Deed and on
the Notes, the Receipts and the Coupons as the principal debtor in place of the Issuer or, as the case may be, as the guarantor in place of the relevant Guarantor (or of any previous substitute under this Clause); 

 

	 	(ii)	 the Issuer, the Guarantors and the Substituted Obligor execute such other deeds, documents and instruments (if any) as the Trustee may require in order
that the substitution is fully effective and comply with 

  
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such other requirements as the Trustee may direct in the interests of the Noteholders, the Receiptholders and the Couponholders; 

 

	 	(iii)	an unconditional and irrevocable guarantee in form and substance satisfactory to the Trustee shall have been given (x) in the case of the substitution of the
Issuer as provided in (1) above, by the Issuer and each of the Guarantors or, if one of the Guarantors or its successor in business has become the Substituted Obligor, by the Issuer and the remaining Guarantor or (y) in the case of the
substitution of a Guarantor as provided in (2) above, by each of the Guarantors, of the obligations of the Substituted Obligor under this Trust Deed and the Notes; 

 

	 	(iv)	the Trustee is satisfied that (i) the Substituted Obligor has obtained all governmental and regulatory approvals and consents necessary for its assumption of
liability as principal debtor or, as the case may be, as a guarantor in respect of this Trust Deed and the Notes, the Receipts and the Coupons in place of the Issuer and/or, as the case may be, the Guarantors or the relevant Guarantor (or such
previous substitute as aforesaid) and (ii) the Issuer and/or, as the case may be, the Guarantors or the relevant Guarantor has obtained all governmental and regulatory approvals and consents necessary for the guarantee to be fully effective as
referred to in sub-clause (c) and (iii) such approvals and consents are at the time of substitution in full force and effect; 

  

	 	(v)	(without prejudice to the generality of the preceding sub-clauses of this sub-clause 9.3(a)) where the Substituted Obligor is incorporated, domiciled or resident in or
is otherwise subject generally to the taxing jurisdiction of any territory or any political sub-division thereof or any authority of or in such territory having power to tax (the Substituted Territory) other than or in addition to the
territory, the taxing jurisdiction of which (or to any such authority of or in which) the Issuer or, as the case may be, the relevant Guarantor is subject generally (the Issuer’s Territory), the Substituted Obligor will (unless
the Trustee otherwise agrees) give to the Trustee an undertaking in form and manner satisfactory to the Trustee in terms corresponding to the terms of Condition 12 (Taxation) with the substitution for the reference in that Condition to the
Issuer’s Territory of references to the Substituted Territory and in such event the Trust Deed and Notes, Receipts and Coupons will be interpreted accordingly; 

 

	 	(vi)	without prejudice to the rights of reliance of the Trustee under sub-clause 9.3(d) (Directors’ certification) the Trustee is satisfied that the said
substitution is not materially prejudicial to the interests of the Noteholders; 

  

	 	(vii)	the Rating Agency has confirmed in writing to the Trustee that the substitution of the Substituted Obligor will not result in: 

  
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	 	(A)	in respect of any Series of Notes which is not specifically rated by any rating agency, a downgrading of the then current credit rating of any rating agency applicable
to the class of debt represented by the Notes; or 

  

	 	(B)	in respect of any Series of Notes which is specifically rated by any rating agency, a downgrading of the then current credit rating applicable to such Series of Notes
by such rating agency; 

  

	(b)	Change of law: in connection with any proposed substitution of the Issuer or any Guarantor or any previous substitute, the Trustee may, in its absolute
discretion and without the consent of the Noteholders or the Couponholders agree to a change of the law from time to time governing the Notes and the Coupons and this Trust Deed provided that such change of law, in the opinion of the Trustee, would
not be materially prejudicial to the interests of the Noteholders; 

  

	(c)	Extra duties: the Trustee shall be entitled to refuse to approve any Substituted Obligor if, pursuant to the law of the country of incorporation of the
Substituted Obligor, the assumption by the Substituted Obligor of its obligations hereunder imposes responsibilities on the Trustee over and above those which have been assumed under this Trust Deed; 

 

	(d)	Directors’ certification: if any two directors of the Substituted Obligor certify that immediately prior to the assumption of its obligations as Substituted
Obligor under this Trust Deed the Substituted Obligor is solvent after taking account of all prospective and contingent liabilities resulting from its becoming the Substituted Obligor, the Trustee need not have regard to the financial condition,
profits or prospects of the Substituted Obligor or compare the same with those of the Issuer or, as the case may be, the relevant Guarantor (or of any previous substitute under this Clause); 

 

	(e)	Interests of Noteholders: in connection with any proposed substitution, the Trustee shall not have regard to, or be in any way liable for, the consequences of
such substitution for individual Noteholders or the Couponholders resulting from their being for any purpose domiciled or resident in, or otherwise connected with, or subject to the jurisdiction of, any particular territory and no Noteholder or
Couponholder shall, in connection with any such substitution, be entitled to claim from the Issuer or, as the case may be, the relevant Guarantor any indemnification or payment in respect of any tax consequence of any such substitution upon
individual Noteholders or Couponholders; 

  

	(f)	 Release of Issuer or, as the case may be, the relevant Guarantor: any agreement by the Trustee pursuant to sub-clause 9.3(a) (Procedure)
shall, if so expressed, operate to release the Issuer or, as the case may be, the relevant Guarantor (or such previous substitute as aforesaid) from any or all of its obligations as principal debtor or, as the case may be, as guarantor, in respect
of the Notes, Receipts and Coupons and this Trust Deed (but without prejudice to its liabilities under any guarantee given pursuant to sub-clause 9.3(c)). Not later than fourteen days after the execution of any such documents as aforesaid

  
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and after compliance with the said requirements of the Trustee, the Substituted Obligor shall cause notice thereof to be given to the Noteholders; and 

 

	(g)	Completion of substitution: upon the execution of such documents and compliance with the said requirements, the Substituted Obligor shall be deemed to be named
in this Trust Deed and the Notes, Receipts and Coupons as the principal debtor in place of the Issuer or, as the case may be, the guarantor in place of the relevant Guarantor (or in each case of any previous substitute under this Clause) and this
Trust Deed, the Notes, the Receipts and the Coupons shall thereupon be deemed to be amended in such manner as shall be necessary to give effect to the substitution and without prejudice to the generality of the foregoing any references in this Trust
Deed, in the Notes, Receipts and Coupons to the Issuer or, as the case may be, the relevant Guarantor shall be deemed to be references to the Substituted Obligor. 

 9.4 Rating Confirmations 
 For the purposes of determining whether or not the exercise by the
Trustee of any of its trusts, powers, authorities, duties and discretions under this Trust Deed (including, without limitation, any modification, waiver, authorisation, determination or substitution), is materially prejudicial to the interests of
the Noteholders of any Series of Notes, the Trustee shall be entitled to rely on (but is not bound by) any S&P or any Substituted Rating Agency confirmation received in respect thereof. 
 10. BREACH 
 Any breach of or failure to comply by the Issuer or the
Guarantors with any such terms and conditions as are referred to in Clauses 8 and 9 shall constitute a default by the Issuer or the Guarantors (as the case may be) in the performance or observance of a covenant or provision binding on it under or
pursuant to this Trust Deed. 
 11. ENFORCEMENT 
 11.1 Legal proceedings 
 The Trustee may at any time, at its discretion and without further notice,
institute such proceedings against the Issuer and the Guarantors as it may think fit to recover any amounts due in respect of the Notes which are unpaid or to enforce any of its rights under this Trust Deed or the Conditions but it shall not be
bound to take any such proceedings or any other action under this Trust Deed or the Notes unless (a) it shall have been so directed by an Extraordinary Resolution or so requested in writing by the holders of at least one-fifth in principal
amount of the outstanding Notes and (b) it shall have been indemnified and/or secured and/or prefunded to its satisfaction against all Liabilities to which it may thereby become liable and all Liabilities incurred by it in connection therewith
and provided that the Trustee shall not be held liable for the consequence of taking any such action and may take such action without having regard to the effect of such action on individual Noteholders, Receiptholders, or Couponholders. Only the
Trustee may enforce the provisions of the this Trust Deed and the Notes, Receipts and Coupons and no Noteholder, Receiptholder or Couponholder shall be entitled to proceed directly against the Issuer and/or any

  
 Page 27

 
Guarantor unless the Trustee, having become bound so to proceed, fails to do so within a reasonable time and such failure is continuing. 
 11.2 Evidence of default 
 Proof that: 

 

	(a)	as regards any specified Note the Issuer has made default in paying any principal due in respect of such Note shall (unless the contrary be proved) be sufficient
evidence that the Issuer has made the like default as regards all other Notes in respect of which a corresponding payment is then due; 

  

	(b)	as regards any specified Coupon the Issuer has made default in paying any interest due in respect of such Coupon shall (unless the contrary be proved) be sufficient
evidence that the Issuer has made the like default as regards all other Coupons in respect of which a corresponding payment is then due; and 

  

	(c)	as regards any Talon, the Issuer has made default in exchanging such Talon for further Coupons and a further Talon as provided by its terms shall (unless the contrary
be proved) be sufficient evidence that the Issuer has made the like default as regards all other Talons which are then available for exchange, 

 and for the purposes of Subclauses 11.2(a) and 11.2(b) a payment shall be a “corresponding” payment notwithstanding that it is due in respect of a Note of a different denomination from that in
respect of the above specified Note. 
 12. APPLICATION OF MONEYS 

12.1 Application of moneys 
 All moneys received
by the Trustee in respect of the Notes of any Series or amounts payable under this Trust Deed will despite any appropriation of all or part of them by the Issuer (including any moneys which represent principal or interest in respect of Notes,
Receipts or Coupons which have become void under the Conditions shall, unless and to the extent attributable, in the opinion of the Trustee, to a particular Series of the Notes, be apportioned pari passu and rateably between each Series of
the Notes, and all moneys received by the Trustee under this Trust Deed from the Issuer or, as the case may be, the Guarantors to the extent attributable in the opinion of the Trustee to a particular Series of the Notes or which are apportioned to
such Series as aforesaid, be held by the Trustee on trust to apply them (subject to Clause 12.2 (Investment of moneys): 
  

	(a)	first, in payment or satisfaction of those Liabilities incurred by the Trustee or any Appointee in the preparation, maintenance and execution of the trusts of this
Trust Deed (including remuneration and any additional remuneration of the Trustee); 

  

	(b)	 secondly, in or towards payment pari passu and rateably of all interest remaining unpaid in respect of the Notes of the relevant Series and all
principal moneys due on or in respect of the Notes of that Series provided that 

  
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where the Notes of more than one Series become so due and payable, such monies shall be applied as between the amounts outstanding in respect of the different Series pari passu and
rateably (except where, in the opinion of the Trustee, such monies are paid in respect of a specific Series or several specific Series, in which event such monies shall be applied solely to the amounts outstanding in respect of that Series or those
Series respectively); and 

  

	(c)	thirdly, the balance (if any) in payment to the Issuer (without prejudice to, or liability in respect of, any question as to how such payments shall be dealt with as
between the Issuer and the Guarantors and any other person). 

 Without prejudice to this Clause 10, if the Trustee holds any
moneys which represent principal or interest in respect of Notes which have become void or in respect of which claims have been prescribed under Condition 14 (Prescription), the Trustee will hold such moneys on the above trusts. 

12.2 Investment of moneys 
 If the amount of the
moneys at any time available for payment of principal and interest in respect of the Notes of any Series under Clause 12.1 (Application of moneys) shall be less than a sum sufficient to pay at least one-tenth of the principal amount of the
Notes of such Series then outstanding, the Trustee may, at its discretion, invest such moneys upon some or one of the investments hereinafter authorised with power from time to time, with like discretion, to vary such investments; and such
investment with the resulting income thereof may be accumulated until the accumulations together with any other funds for the time being under the control of the Trustee and available for the purpose shall amount to a sum sufficient to pay at least
one-tenth of the principal amount of the Notes of such Series then outstanding and such accumulation and funds (after deduction of any taxes and any other deductibles applicable thereto) shall then be applied in the manner aforesaid. 

12.3 Authorised Investments 
 Any moneys which
under this Trust Deed may be invested by the Trustee may be invested in the name or under the control of the Trustee in any of the investments for the time being authorised by English law for the investment by trustees of trust moneys or in any
other investments, whether similar to those aforesaid or not, which may be selected by the Trustee or by placing the same on deposit in the name or under the control of the Trustee with such bank or other financial institution as the Trustee may
think fit and in such currency as the Trustee in its absolute discretion may determine and the Trustee may at any time vary or transfer any of such investments for or into other such investments or convert any moneys so deposited into any other
currency and shall not be responsible for any Liability occasioned by reason of any such investments or such deposit whether by depreciation in value, fluctuation in exchange rates or otherwise. If that bank or institution is the Trustee or a
subsidiary, holding company or associated company of the Trustee, it need only account for an amount of interest equal to the amount of interest that would be payable by it on such deposit to an independent customer. 

  
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 12.4 Payment to Noteholders, Receiptholders and Couponholders 

The Trustee shall give notice to the Noteholders in accordance with Condition 19 (Notices) of the date fixed for any payment under Clause 12.1
(Application of Moneys). Any payment to be made in respect of the Notes, Receipts or Coupons of any Series by the Issuer, any Guarantor or the Trustee may be made in the manner provided in Condition 11 (Payments), the Agency Agreement
and this Trust Deed and any payment so made shall be a good discharge of such payment to the extent of such payment by the Issuer, the relevant Guarantor or the Trustee (as the case may be). 
 12.5 Production of Notes, Receipts and Coupons 
 Upon any payment under Clause 12.4 (Payment to
Noteholders, Receiptholders and Couponholders) of principal or interest, the Note, Receipt or Coupon in respect of which such payment is made shall, if the Trustee so requires, be produced to the Trustee or the Paying Agent by or through whom
such payment is made and the Trustee shall in respect of a Note, Receipt or Coupon (a) in the case of part payment, enface or cause such Paying Agent to enface a memorandum of the amount and date of payment thereon (or, in the case of part
payment of an NGN Temporary Global Note or an NGN Permanent Global Note cause the Principal Paying Agent to procure that the ICSDs make appropriate entries in their records to reflect such payment) or (b) in the case of payment in full, cause
such Note, Receipt or Coupon to be surrendered or shall cancel or procure the same to be cancelled and shall certify or procure the certification of such cancellation. 
 12.6 Noteholders to be treated as holding all Receipts and Coupons 
 Wherever in this Trust Deed
the Trustee is required or entitled to exercise a power, trust, authority or discretion under this Trust Deed, the Trustee shall, notwithstanding that it may have express notice to the contrary assume that each Noteholder is the holder of all
Receipts, Coupons and Talons appertaining to each Note of which he is the holder. 
 12.7 Regulated Activities 

Notwithstanding anything in this Trust Deed to the contrary, the Trustee shall not be required to do anything which might constitute a regulated activity
for the purpose of the FSMA, unless it is authorised under the FSMA to do so. 
 The Trustee shall have the discretion at any time (i) to
delegate any of the functions which fall to be performed by an authorised person under the FSMA to any agent or person which has the necessary authorisations and licences and (ii) to apply for authorisation under the FSMA and perform any or all
such functions itself if, in its absolute discretion, it considers it necessary, desirable or appropriate to do so. 
 13.
TERMS OF APPOINTMENT 
 By way of supplement to the Trustee Acts, it is expressly declared as
follows: 
 13.1 Reliance on Information 

  
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	(a)	Advice: the Trustee may in relation to this Trust Deed act on the opinion or advice of or a certificate or any information obtained from any lawyer, banker,
valuer, surveyor, broker, auctioneer, accountant or other expert (whether obtained by the Trustee, the Issuer, any Guarantor, any Subsidiary or any Agent) and shall not be responsible for any Liability occasioned by so acting; any such opinion,
advice, certificate or information may be sent or obtained by letter, telegram, telex, email or facsimile transmission and the Trustee shall not be liable for acting on any opinion, advice, certificate or information purporting to be so conveyed
although the same shall contain some error or shall not be authentic; 

  

	(b)	Certificate of Directors or Authorised Signatories: the Trustee may call for and shall be at liberty to accept a certificate signed by two Directors and/or two
Authorised Signatories of the Issuer or any Guarantor, as the case may be, or other person duly authorised on its behalf as to any fact or matter prima facie within the knowledge of the Issuer or the relevant Guarantor, as the case may be, as
sufficient evidence thereof and a like certificate to the effect that any particular dealing, transaction or step or thing is, in the opinion of the person so certifying expedient, as sufficient evidence that it is expedient and the Trustee shall
not be bound in any such case to call for further evidence or be responsible for any Liability that may be occasioned by its failing so to do; 

  

	(c)	Certificate of Auditors: a certificate of the Auditors of the Issuer that in their opinion a Subsidiary is or is not or was or was not at any particular time or
during any particular period a Material Subsidiary shall, in the absence of manifest error, be conclusive and binding on the Issuer, the Guarantors, the Trustee, the Noteholders, the Receiptholders and the Couponholders; 

 

	(d)	Resolution or direction of Noteholders: the Trustee shall not be responsible for acting upon any resolution purporting to be a Written Resolution or to have been
passed at any meeting of the Noteholders in respect whereof minutes have been made and signed or a direction of a specified percentage of Noteholders, even though it may subsequently be found that there was some defect in the constitution of the
meeting or the passing of the resolution or the making of the directions or in the case of a Written Resolution in writing or a direction or a request it was not signed by the requisite number of Noteholders or that for any reason the resolution
purporting to be a Written Resolution or to have been passed at any Meeting or the making of the directions was not valid or binding upon the Noteholders, the Receiptholders and the Couponholders; 

 

	(e)	 Reliance on certification of clearing system: the Trustee may call for any certificate or other document issued by Euroclear, Clearstream,
Luxembourg or any other relevant clearing system in relation to any matter. Any such certificate or other document shall, in the absence of manifest error, be conclusive and binding for all purposes. Any such certificate or other document may
comprise any form of statement or print out of electronic records provided by the relevant clearing system (including Euroclear’s EUCLID or Clearstream, Luxembourg’s Cedcom system) in accordance with

  
 Page 31

	 	
its usual procedures and in which the holder of a particular principal or nominal amount of the Notes is clearly identified together with the amount of such holding. The Trustee shall not be
liable to any person by reason of having accepted as valid or not having rejected any certificate or other document to such effect purporting to be issued by Euroclear or Clearstream, Luxembourg or any other relevant clearing system and subsequently
found to be forged or not authentic; 

  

	(f)	Noteholders as a class: whenever in this Trust Deed the Trustee is required in connection with any exercise of its powers, trusts, authorities or discretions to
have regard to the interests of the Noteholders, it shall have regard to the interests of the Noteholders as a class and in particular, but without prejudice to the generality of the foregoing, shall not be obliged to have regard to the consequences
of such exercise for any individual Noteholder resulting from his or its being for any purpose domiciled or resident in, or otherwise connected with, or subject to the jurisdiction of, any particular territory or any political sub-division thereof
and the Trustee shall not be entitled to require, nor shall any Noteholder, Receiptholder or Couponholder be entitled to claim, from the Issuer, the Guarantors, the Trustee or any other person any indemnification or payment in respect of any tax
consequence of any such exercise upon individual Noteholders, Receiptholders or Couponholders except to the extent already provided for in Condition 12 (Taxation) and/or any undertaking given in addition thereto or in substitution therefor under
this Trust Deed; 

  

	(g)	Trustee not responsible for investigations: the Trustee shall not be responsible for, or for investigating any matter which is the subject of, any recital,
statement, representation, warranty or covenant of any person contained in this Trust Deed, the Notes or any other agreement or document relating to the transactions herein or therein contemplated or for the execution, legality, effectiveness,
adequacy, genuineness, validity, enforceability or admissibility in evidence thereof; 

  

	(h)	No obligation to monitor: the Trustee shall be under no obligation to monitor or supervise the functions of any other person under the Notes or any other
agreement or document relating to the transactions herein or therein contemplated and shall be entitled, in the absence of actual knowledge of a breach of obligation, to assume that each such person is properly performing and complying with its
obligations; 

  

	(i)	Notes held by the Issuer: in the absence of knowledge or express notice to the contrary, the Trustee may assume without enquiry (other than requesting a
certificate of the Issuer or any Guarantor under sub-clause 8(f) (Notes held by Issuer and the Guarantors), that no Notes are for the time being held by or for the benefit of the Issuer, any Guarantor or any Subsidiary;

  

	(j)	 Forged Notes: the Trustee shall not be liable to the Issuer, any Guarantor or any Noteholder, Receiptholder or Couponholder by reason of having
accepted 

  
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as valid or not having rejected any Note, Receipt or Coupon as such and subsequently found to be forged or not authentic; 

 

	(k)	Events of Default: the Trustee shall not be bound to give notice to any person of the execution of this Trust Deed or to take any steps to ascertain whether any
Event of Default, Potential Event of Default, Change of Control or Change of Control Put Event has happened and, until it shall have actual knowledge or express notice to the contrary, the Trustee shall be entitled to assume that no such Event of
Default, or Potential Event of Default, Change of Control or Change of Control Put Event has happened and that the Issuer and each Guarantor is observing and performing all the obligations on its part contained in the Notes, Receipts and Coupons and
under this Trust Deed and no event has happened as a consequence of which any of the Notes may become repayable; 

  

	(l)	Legal Opinions: the Trustee shall not be responsible to any person for failing to request, require or receive any legal opinion relating to any Notes or for
checking or commenting upon the content of any such legal opinion and shall not be responsible for any Liability incurred thereby; 

  

	(m)	Authorised Amount: the Trustee shall not be concerned, and need not enquire, as to whether or not any Notes are issued in breach of the Authorised Amount;

  

	(n)	Trustee not Responsible: the Trustee shall not be responsible for the execution, delivery, legality, effectiveness, adequacy, genuineness, validity,
enforceability or admissibility in evidence of this Trust Deed or any other document relating thereto and shall not be liable for any failure to obtain any rating of Notes (where required), any licence, consent or other authority for the execution,
delivery, legality, effectiveness, adequacy, genuineness, validity, performance, enforceability or admissibility in evidence of this Trust Deed or any other document relating thereto. In addition the Trustee shall not be responsible for the effect
of the exercise of any of its powers, duties and discretions hereunder; 

  

	(o)	Freedom to Refrain: notwithstanding anything else herein contained, the Trustee may refrain from doing anything which would or might in its opinion be contrary
to any law of any jurisdiction or any directive or regulation of any agency or any state of which would or might otherwise render it liable to any person and may do anything which is, in its opinion, necessary to comply with any such law, directive
or regulation; 

  

	(p)	 Right to Deduct or Withhold: notwithstanding anything contained in this Trust Deed, to the extent required by any applicable law, if the Trustee
is or will be required to make any deduction or withholding from any distribution or payment made by it hereunder or if the Trustee is or will be otherwise charged to, or is or may become liable to, tax as a consequence of performing its duties
hereunder whether as principal, agent or otherwise, and whether by reason of any assessment, prospective assessment or other imposition of liability to taxation of whatsoever nature and whensoever made upon the Trustee, and whether in connection
with or arising from any sums received or distributed 

  
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by it or to which it may be entitled under this Trust Deed (other than in connection with its remuneration as provided for herein) or any investments or deposits from time to time representing
the same, including any income or gains arising therefrom or any action of the Trustee in connection with the trusts of this Trust Deed (other than the remuneration herein specified) or otherwise, then the Trustee shall be entitled to make such
deduction or withholding or, as the case may be, to retain out of sums received by it an amount sufficient to discharge any liability to tax which relates to sums so received or distributed or to discharge any such other liability of the Trustee to
tax from the funds held by the Trustee upon the trusts of this Trust Deed; and 
  

	(q)	Reliance by Trustee: any certificate or report of the Auditors or any other person called for by or provided to the Trustee (whether or not addressed to the
Trustee) in accordance with or for the purposes of this Trust Deed may be relied upon by the Trustee as sufficient evidence of the facts stated therein notwithstanding that such certificate or report and/or any engagement letter or other document
entered into by the Trustee in connection therewith contains a monetary or other limit on the liability of the Auditors or such other person in respect thereof and notwithstanding that the scope and/or basis of such certificate or report may be
limited by any engagement or similar letter or by the terms of the certificate or report itself. 

 13.2 Trustee’s powers and
duties 
  

	(a)	Trustee’s determination: The Trustee may determine whether or not a default in the performance or observance by the Issuer or any Guarantor of any
obligation under the provisions of this Trust Deed or contained in the Notes, Receipts or Coupons is capable of remedy and if the Trustee shall certify that any such default is, in its opinion, not capable of remedy such certificate shall be
conclusive and binding upon the Issuer, the Guarantors, the Noteholders, the Receiptholders and the Couponholders; 

  

	(b)	Determination of questions: the Trustee as between itself and the Noteholders, the Receiptholders and the Couponholders shall have full power to determine all
questions and doubts arising in relation to any of the provisions of this Trust Deed and every such determination, whether made upon a question actually raised or implied in the acts or proceedings of the Trustee, shall be conclusive and shall bind
the Trustee, the Noteholders, the Receiptholders and the Couponholders; 

  

	(c)	 Trustee’s discretion: the Trustee shall (save as expressly otherwise provided herein) as regards all the trusts, powers, authorities and
discretions vested in it by this Trust Deed or by operation of law have absolute and uncontrolled discretion as to the exercise or non-exercise thereof and the Trustee shall not be responsible for any Liability that may result from the exercise or
non-exercise thereof but, whenever the Trustee is under the provisions of this Trust Deed bound to act at the request or direction of the Noteholders, the Trustee shall nevertheless not be so bound unless first indemnified and/or provided with
security and/or prefunded to its satisfaction against all actions, 

  
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proceedings, claims and demands to which it may render itself liable and all Liabilities which it may incur by so doing; 

 

	(d)	Trustee’s consent: any consent or approval given by the Trustee for the purposes of this Trust Deed may be given on such terms and subject to such
conditions (if any) as the Trustee may require. The Trustee may give any consent or approval, exercise any power, authority or discretion or take any similar action (whether or not such consent, approval, power, authority, discretion or action is
specifically referred to in this Trust Deed) if it is satisfied that the interests of the Noteholders will not be materially prejudiced thereby. For any avoidance of doubt, the Trustee shall not have any duty to the Noteholders in relation to such
matters other than that which is contained in the preceding sentence; 

  

	(e)	Conversion of currency: where it is necessary or desirable for any purpose in connection with this Trust Deed to convert any sum from one currency to another it
shall (unless otherwise provided by this Trust Deed or required by law) be converted at such rate(s) of exchange, in accordance with such method and as at such date for the determination of such rate(s) of exchange as may be specified by the Trustee
in its absolute discretion as relevant and any rate of exchange, method and date so specified shall be binding on the Issuer, the Guarantors, the Noteholders, the Receiptholders and the Couponholders; 

 

	(f)	Application of proceeds: the Trustee shall not be responsible for the receipt or application by the Issuer of the proceeds of the issue of the Notes, the
exchange of any Temporary Global Note for any Permanent Global Note or Notes in definitive form, the exchange of any Permanent Global Note for Notes in definitive form or the delivery of any Note, Receipt or Coupon to the persons entitled to them;

  

	(g)	Error of judgment: the Trustee shall not be liable for any error of judgment made in good faith by any officer or employee of the Trustee assigned by the Trustee
to administer its corporate trust matters; 

  

	(h)	Agents: the Trustee may, in the conduct of the trusts of this Trust Deed instead of acting personally, employ and pay an agent on any terms, whether or not a
lawyer or other professional person, to transact or conduct, or concur in transacting or conducting, any business and to do or concur in doing all acts required to be done by the Trustee (including the receipt and payment of money) and the Trustee
shall not be responsible for any Liability incurred by reason of the misconduct, omission or default on the part of any person appointed by it hereunder or be bound to supervise the proceedings or acts of any such person; 

 

	(i)	 Delegation: the Trustee may, in the execution and exercise of all or any of the trusts, powers, authorities and discretions vested in it by this
Trust Deed, act by responsible officer(s) for the time being of the Trustee and the Trustee may also whenever it thinks fit, whether by power of attorney or otherwise, delegate to any person(s) or fluctuating body of persons (whether being a joint
trustee of this Trust Deed or not) all or any of the trusts, powers, authorities 

  
 Page 35

	 	
and discretions vested in it by this Trust Deed and any such delegation may be made upon such terms and conditions and subject to such regulations (including power to sub-delegate with the
consent of the Trustee) as the Trustee may think fit in the interests of the Noteholders and the Trustee shall not be bound to supervise the proceedings or acts of and shall not in any way or to any extent be responsible for any Liability incurred
by reason of the misconduct, omission or default on the part of such delegate or sub-delegate; 

  

	(j)	Custodians and nominees: the Trustee may appoint and pay any person to act as a custodian or nominee on any terms in relation to such assets of the trust as the
Trustee may determine, including for the purpose of depositing with a custodian this Trust Deed or any document relating to the trust created hereunder and the Trustee shall not be responsible for any loss, liability, expense, demand, cost, claim or
proceedings incurred by reason of the misconduct, omission or default on the part of any person appointed by it hereunder or be bound to supervise the proceedings or acts of any such person; the Trustee is not obliged to appoint a custodian if the
Trustee invests in securities payable to bearer; 

  

	(k)	Maintenance of ratings: the Trustee shall have no responsibility whatsoever to the Issuer, the Guarantors, any Noteholder, Receiptholder or Couponholder or any
other person for the maintenance of or failure to maintain any rating of any of the Notes by any rating agency; 

  

	(l)	Confidential information: the Trustee shall not (unless required by law or ordered so to do by a court of competent jurisdiction) be required to disclose to any
Noteholder, Receiptholder or Couponholder confidential information or other information made available to the Trustee by the Issuer or any Guarantor in connection with this Trust Deed and no Noteholder, Receiptholder or Couponholder shall be
entitled to take any action to obtain from the Trustee any such information; and 

  

	(m)	Responsibility for loss: the Trustee shall not be liable or responsible for any Liabilities or inconvenience which may result from anything properly done or
properly omitted to be done by it in accordance with the provisions of this Trust Deed. 

 13.3 Financial matters 

 

	(a)	Professional charges: Any trustee being a banker, lawyer, broker or other person engaged in any profession or business shall be entitled to charge and be paid
all usual professional and other charges for business transacted and acts done by him or his partner or firm on matters arising in connection with the trusts of this Trust Deed and also his properly incurred charges in addition to disbursements for
all other work and business done and all time spent by him or his partner or firm on matters arising in connection with this Trust Deed, including matters which might or should have been attended to in person by a trustee not being a banker, lawyer,
broker or other professional person; 

  
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	(b)	Expenditure by the Trustee: nothing contained in this Trust Deed shall require the Trustee to expend or risk its own funds or otherwise incur any financial
liability in the performance of its duties or the exercise of any right, power, authority or discretion hereunder if it has grounds for believing the repayment of such funds or adequate indemnity against, or security for, such risk or liability is
not assured to it; and 

  

	(c)	Trustee may enter into financial transactions with the Issuer and Guarantors: no Trustee and no director or officer of any corporation being a Trustee hereof
shall by reason of the fiduciary position of such Trustee be in any way precluded from making any contracts or entering into any transactions in the ordinary course of business with the Issuer, any Guarantor or any Subsidiary, or any person or body
corporate directly or indirectly associated with the Issuer, any Guarantor, or any Subsidiary, or from accepting the trusteeship of any other debenture stock, debentures or securities of the Issuer or any Subsidiary, any Guarantor or any person or
body corporate directly or indirectly associated with the Issuer or any Subsidiary, and neither the Trustee nor any such director or officer shall be accountable to the Noteholders, the Receiptholders, the Couponholders, the Issuer, any Guarantor or
any Subsidiary, or any person or body corporate directly or indirectly associated with the Issuer, any Guarantor or any Subsidiary, for any profit, fees, commissions, interest, discounts or share of brokerage earned, arising or resulting from any
such contracts or transactions and the Trustee and any such director or officer shall also be at liberty to retain the same for its or his own benefit. 

 13.4 Disapplication 
 Section 1 of the Trustee Act 2000 shall not apply to the duties of the
Trustee in relation to the trusts constituted by this Trust Deed. Where there are any inconsistencies between the Trustee Acts and the provisions of this Trust Deed, the provisions of this Trust Deed shall, to the extent allowed by law, prevail and,
in the case of any such inconsistency with the Trustee Act 2000, the provisions of this Trust Deed shall constitute a restriction or exclusion for the purposes of that Act. 
 13.5 Trustee Liability 
  

	(a)	Nothing in this Trust Deed shall in any case in which the Trustee has failed to show the degree of care and diligence required of it as trustee having regard to the
provisions of this Trust Deed conferring on it any trusts, powers, authorities or discretions exempt the Trustee from or indemnify it against any liability for breach of trust of which it may be guilty in relation to its duties under this Trust
Deed. 

  

	(b)	 Notwithstanding any provision of this Trust Deed to the contrary, the Trustee shall not in any event be liable for special, indirect, punitive or
consequential loss or damage of any kind whatsoever (including but not limited to lost profits, goodwill, reputation, business opportunity or anticipated saving), whether or not foreseeable, even if the Trustee has been advised of the likelihood of
such loss or damage and regardless of whether the claim for loss 

  
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or damage is made in negligence, for breach of contract, breach of trust or otherwise; provided however, that this clause shall not be deemed to apply in the event of a determination of fraud on
the part of the Trustee in a judgement by a court having jurisdiction. 

 14. COSTS AND
EXPENSES 
 14.1 Remuneration 
  

	(a)	Normal remuneration: The Issuer shall pay to the Trustee remuneration for its services as trustee as from the date of this Trust Deed, such remuneration to be at
such rate as may from time to time be agreed between the Issuer and the Trustee. Such remuneration shall be payable in advance on the anniversary of the date hereof in each year and the first payment shall be made on the date hereof. Such
remuneration shall accrue from day to day and be payable (in priority to payments to the Noteholders, Receiptholders or Couponholders up to and including the date when, all the Notes having become due for redemption, the redemption moneys and
interest thereon to the date of redemption have been paid to the Principal Paying Agent or the Trustee, provided that if upon due presentation (if required pursuant to the Conditions) of any Note, Receipt or Coupon or any cheque, payment of the
moneys due in respect thereof is improperly withheld or refused, remuneration will be deemed not to have ceased to accrue and will commence again to accrue until payment to such Noteholder, Receiptholder or Couponholder is made).

  

	(b)	Extra remuneration: In the event of the occurrence of an Event of Default, a Potential Event of Default, a Change of Control or a Change of Control Put Event or
the Trustee considering it expedient or necessary or being requested by the Issuer or any Guarantor to undertake duties which the Trustee and the Issuer or such Guarantor agree to be of an exceptional nature or otherwise outside the scope of the
normal duties of the Trustee under this Trust Deed, the Issuer shall pay to the Trustee such additional remuneration as shall be agreed between them. 

  

	(c)	Value added tax: The Issuer shall in addition pay to the Trustee an amount equal to the amount of any value added tax or similar tax chargeable in respect of its
remuneration under this Trust Deed. 

  

	(d)	Failure to agree: In the event of the Trustee and the Issuer failing to agree: 

 

	 	(i)	(in a case to which sub-clause 14.1(a) applies) upon the amount of the remuneration; or 

 

	 	(ii)	(in a case to which sub-clause 14.1(b) applies) upon whether such duties shall be of an exceptional nature or otherwise outside the scope of the normal duties of the
Trustee under this Trust Deed, or upon such additional remuneration, 

  

	    	 such matters shall be determined by a merchant bank (acting as an expert and not as an arbitrator) selected by the Trustee and approved by the Issuer
or, 

  
 Page 38

	 	
failing such approval, nominated (on the application of the Trustee) by the President for the time being of The Law Society of England and Wales (the expenses involved in such nomination and the
fees of such merchant bank being payable by the Issuer) and the determination of any such merchant bank shall be final and binding upon the Trustee and the Issuer. 

 

	(e)	Expenses: The Issuer shall also pay or discharge all costs, charges and expenses properly incurred by the Trustee in relation to the preparation and execution
of, the exercise of its powers and the performance of its duties under, and in any other manner in relation to, this Trust Deed, including but not limited to legal and travelling expenses and any stamp, issue, registration, documentary and other
taxes or duties paid or payable by the Trustee in connection with any action taken or contemplated by or on behalf of the Trustee for enforcing, or resolving any doubt concerning, or for any other purpose in relation to, this Trust Deed.

  

	(f)	Indemnity: Without prejudice to the right of indemnity by law given to trustees, the Issuer shall indemnify the Trustee and every Appointee and keep it or him
indemnified against all Liabilities to which it or he may be or become subject or which may be properly incurred by it or him in the preparation or execution or purported execution of any of its or his trusts, powers authorities and discretions
under this Trust Deed or its or his functions under any such appointment or in respect of any other matter or thing done or omitted in any way relating to the Trust Deed or any such appointment (including all Liabilities incurred in disputing or
defending the foregoing). The Trustee may use reasonable endeavours to provide to the Issuer written evidence of any Liabilities referred to in this Clause. 

 

	(g)	Payment of amounts due: All amounts due and payable pursuant to sub clauses 14.1(e) (Expenses) and 14.1(f) (Indemnity) shall be payable by the
Issuer on the date specified in a demand by the Trustee; the rate of interest applicable to such payments shall be one per cent. per annum above the base rate from time to time of HSBC Bank plc and interest shall accrue: 

 

	 	(i)	in the case of payments made by the Trustee prior to the date of the demand, from the date on which the payment was made or such later date as specified in such demand;

  

	 	(ii)	in the case of payments made by the Trustee on or after the date of the demand, from the date specified in such demand, which date shall not be a date earlier than the
date such payments are made. 

  

	    	All remuneration payable to the Trustee shall carry interest at the rate specified in this Clause 14.1(g) (Payment of amounts due) from the due date thereof.

  

	(h)	 Apportionment of expenses: The Trustee shall apportion the costs, charges, expenses and liabilities incurred by the Trustee in the preparation
and execution of the trusts of this Trust Deed (including remuneration of the 

  
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Trustee) between the several Series of Notes in such manner and in such amounts as it shall, in its absolute discretion, consider appropriate. 

 

	(i)	Discharges: Unless otherwise specifically stated in any discharge of this Trust Deed the provisions of this Clause 13.5(a) (Costs and Expenses) shall
continue in full force and effect notwithstanding such discharge. 

  

	(j)	Payments: All payments to be made by the Issuer to the Trustee under this Trust Deed shall be made free and clear of, and without withholding or deduction for,
any taxes, duties, assessments or governmental charges of whatever nature imposed, levied, collected, withheld or assessed by or within any relevant jurisdiction or any authority therein or thereof having power to tax, unless such withholding or
deduction is required by law. In that event, the Issuer shall pay such additional amount as will, after such deduction or withholding has been made, leave the Trustee with the full amount which would have been received by it had no such withholding
or deduction been required. 

 14.2 Stamp duties 
 The Issuer will pay all stamp duties, registration taxes, capital duties and other similar fees, duties or taxes (if any), including interest and penalties, payable on or in connection with (a) the
constitution and issue of the Notes, Receipts and Coupons, (b) the initial delivery of the Notes, (c) any action taken by the Trustee (or any Noteholder, Receiptholder or Couponholder where permitted or required under this Trust Deed so to
do) to enforce the provisions of the Notes or this Trust Deed and (d) the execution and delivery of this Trust Deed. If the Trustee (or any Noteholder, Receiptholder, or Couponholder where permitted under this Trust Deed so to do) shall take
any proceedings against the Issuer in any other jurisdiction and if for the purpose of any such proceedings this Trust Deed or any Note is taken into any such jurisdiction and any stamp duties or other duties or taxes become payable thereon in any
such jurisdiction, the Issuer will pay (or reimburse the person making payment of) such stamp duties or other duties or taxes (including penalties). 
 14.3 Exchange rate indemnity 
  

	(a)	Currency of Account and Payment: The Contractual Currency is the sole currency of account and payment for all sums payable by the Issuer and the Guarantors under
or in connection with this Trust Deed, the Notes, the Receipts and the Coupons including damages; 

  

	(b)	 Extent of Discharge: an amount received or recovered in a currency other than the Contractual Currency (whether as a result of, or of the
enforcement of, a judgment or order of a court of any jurisdiction, in the winding up or dissolution of the Issuer or any Guarantor or otherwise) by the Trustee or any Noteholder, Receiptholder or Couponholder in respect of any sum expressed to be
due to it from the Issuer or any Guarantor will only discharge the Issuer or any Guarantor to the extent of the Contractual Currency amount which the 

  
 Page 40

	 	
recipient is able to purchase with the amount so received or recovered in that other currency on the date of that receipt or recovery (or, if it is not practicable to make that purchase on that
date, on the first date on which it is practicable to do so); 

  

	(c)	Indemnity: if that Contractual Currency amount is less than the Contractual Currency amount expressed to be due to the recipient under this Trust Deed or the
Notes, the Receipts or the Coupons, the Issuer and the Guarantor will indemnify the Trustee or any Noteholder, Receiptholder or Couponholder against any Liability sustained by it as a result. In any event, the Issuer and the Guarantor will indemnify
the recipient against the cost of making any such purchase; and 

  

	(d)	any deficiency arising or resulting from any variation in rates of exchange between (i) the date as of which the local currency equivalent of the amounts due or
contingently due under this Trust Deed (other than this Clause) is calculated for the purposes of any bankruptcy, insolvency or liquidation of the Issuer or, as the case may be, the Guarantor and (ii) the final date for ascertaining the amount
of claims in such bankruptcy, insolvency or liquidation. The amount of such deficiency shall be deemed not to be reduced by any variation in rates of exchange occurring between the said final date and the date of any distribution of assets in
connection with any such bankruptcy, insolvency or liquidation. 

 14.4 Indemnities separate 

The indemnities in this Clause 13.5(a) constitute separate and independent obligations from the other obligations in this Trust Deed, will give rise to
separate and independent causes of action, will apply irrespective of any indulgence granted by the Trustee and/or any Noteholder, Receiptholder or Couponholder and will continue in full force and effect despite any judgment, order, claim or proof
for a liquidated amount in respect of any sum due under this Trust Deed or the Notes, the Receipts or the Coupons or any other judgment or order. Any such Liability as referred to in sub-clause 14.3(c) (Indemnity) shall be deemed to
constitute a Liability suffered by the Trustee, the Noteholders, the Receiptholders and the Couponholders and no proof or evidence of any actual Liability shall be required by the Issuer or any Guarantor or its liquidator or liquidators. 

15. APPOINTMENT AND RETIREMENT 
 15.1 Appointment of Trustees 
 The power of appointing new trustees of this Trust Deed shall be
vested in the Issuer but no person shall be appointed who shall not previously have been approved by an Extraordinary Resolution of the Noteholders. A trust corporation may be appointed sole trustee hereof but subject thereto there shall be at least
two trustees hereof one at least of which shall be a trust corporation. Any appointment of a new trustee hereof shall as soon as practicable thereafter be notified by the Issuer to the Agents and the Noteholders. The Noteholders shall together have
the power, exercisable by Extraordinary Resolution, to remove any trustee or trustees for the time being hereof. 

  
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The removal of any trustee shall not become effective unless there remains a trustee hereof (being a trust corporation) in office after such removal. If, in such circumstances, no appointment of
such a new trustee has become effective within 60 days of the date of such Extraordinary Resolution, the Trustee shall be entitled to appoint a Trust Corporation as trustee of this Trust Deed, but no such appointment shall take effect unless
previously approved by an Extraordinary Resolution. 
 15.2 Co-trustees 
 Notwithstanding the provisions of Clause 15.1 (Appointment of Trustees), the Trustee may, upon giving prior notice to the Issuer and the Guarantors but without the consent of the Issuer or the
Guarantors or the Noteholders, the Receiptholders or the Couponholders, appoint any person established or resident in any jurisdiction (whether a trust corporation or not) to act either as a separate trustee or as a co-trustee jointly with the
Trustee: 
  

	(a)	if the Trustee considers such appointment to be in the interests of the Noteholders, the Receiptholders or the Couponholders; or for the purposes of conforming to any
legal requirements, restrictions or conditions in any jurisdiction in which any particular act or acts are to be performed; or 

  

	(b)	for the purposes of obtaining a judgment in any jurisdiction or the enforcement in any jurisdiction either of a judgment already obtained or of this Trust Deed.

 15.3 Attorneys 
 The
Issuer and each Guarantor hereby irrevocably appoints the Trustee to be its attorney in its name and on its behalf to execute any such instrument of appointment. Such a person shall (subject always to the provisions of this Trust Deed) have such
trusts, powers, authorities and discretions (not exceeding those conferred on the Trustee by this Trust Deed) and such duties and obligations as shall be conferred on such person or imposed by the instrument of appointment. The Trustee shall have
power in like manner to remove any such person. Such remuneration as the Trustee may pay to any such person, together with any attributable Liabilities incurred by it in performing its function as such separate trustee or co-trustee, shall for the
purposes of this Trust Deed be treated as Liabilities incurred by the Trustee. 
 15.4 Retirement of Trustees 

Any Trustee for the time being of this Trust Deed may retire at any time upon giving not less than 60 days’ notice in writing to the Issuer without
assigning any reason thereof and without being responsible for any Liabilities occasioned by such retirement. The retirement of any Trustee shall not become effective unless there remains a trustee hereof (being a trust corporation) in office after
such retirement. The Issuer hereby covenants that in the event of the only trustee hereof which is a trust corporation giving notice under this Clause it shall use its reasonable endeavours to procure a new trustee, being a trust corporation, to be
appointed and if the Issuer has not procured the appointment of a new trustee within 30 days of the expiry of the Trustee notice referred to in this Clause 15.4, the Trustee shall be entitled to procure forthwith a new trustee. 

  
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 15.5 Competence of a majority of Trustees 
 Whenever there shall be more than two trustees hereof the majority of such trustees shall (provided such majority includes a trust corporation) be competent to execute and exercise all the trusts, powers,
authorities and discretions vested by this Trust Deed in the Trustee generally. 
 15.6 Powers additional 

The powers conferred by this Trust Deed upon the Trustee shall be in addition to any powers which may from time to time be vested in it by general law or
as the holder of any of the Notes, the Receipts or the Coupons. 
 15.7 Merger 
 Any corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Trustee shall
be a party, or any corporation succeeding to all or substantially all the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder, provided such corporation shall be otherwise qualified and eligible under this
Clause, without the execution or filing of any paper or any further act on the part of any of the parties hereto. 
 16.
NOTICES 
 16.1 Addresses for notices 
 All notices and other communications hereunder shall be made in writing and in English (by letter, telex or fax) and shall be sent as follows: 

 

	(a)	Issuer: if to the Issuer, to it at: 

InterContinental Hotels Group PLC 
 Broadwater
Park 
 Denham 
 Buckinghamshire UB9 5HR

 Fax:     01895 512 101 
 Attention:             The General Counsel and Company Secretary 

 

	(b)	Guarantors: if to the Guarantors, to them c/o the Issuer 

  

	(c)	Trustee: if to the Trustee, to it at: 

 HSBC
Corporate Trustee Company (UK) Limited 
 8 Canada Square 
 London E14 5HQ 
 Fax: +44 20 7991 4350 

  
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 Attention: CTLA Trustee Service Administration 
 16.2 Effectiveness 
 Every notice or other communication sent in accordance with Clause 15.1 shall
be effective as follows: 
  

	(a)	Letter or fax: if sent by letter, it shall be deemed to have been delivered 7 days after the time of despatch and if sent by fax it shall be deemed to have been
delivered at the time of despatch; and 

  

	(b)	Telex: if sent by telex, upon receipt by the sender of the addressee’s answerback at the end of transmission; 

provided that any such notice or other communication which would otherwise take effect after 4.00 p.m. on any particular day shall not take effect until
10.00 a.m. on the immediately succeeding business day in the place of the addressee. 
 16.3 No Notice to Couponholders or Receiptholders

 Neither the Trustee nor the Issuer nor any Guarantor shall be required to give any notice to the Couponholders or Receiptholders for any
purpose under this Trust Deed and the Couponholders and Receiptholders shall be deemed for all purposes to have notice of the contents of any notice given to the Noteholders in accordance with Condition 19. 

17. LAW AND JURISDICTION 
 17.1 Governing law 
 This Trust Deed and the Notes, and any non-contractual obligations arising out
of or in connection with this Trust Deed and the Notes, are governed by English law. 
 17.2 English courts 

The courts of England have exclusive jurisdiction to settle any dispute (a Dispute), arising out of or in connection with this Trust Deed or
the Notes (including a dispute regarding the existence, validity or termination of this Trust Deed or the Notes or any non-contractual obligation arising out of or in connection with them) or the consequences of their nullity. 

17.3 Appropriate forum 
 The parties agree that
the courts of England are the most appropriate and convenient courts to settle any Dispute and, accordingly, that they will not argue to the contrary. 
 18. SEVERABILITY 
 In case any provision in or obligation under this Trust
Deed shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the 

  
 Page 44

 
remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby. 

19. CONTRACTS (RIGHTS OF THIRD PARTIES) ACT 1999

 No person shall have any right to enforce any provision of this Trust Deed under the Contracts (Rights of Third Parties) Act 1999, but
this does not affect any right or remedy of a third party which exists or is available apart from that Act. 
 20.
COUNTERPARTS 
 This Trust Deed may be executed in any number of counterparts, each of which shall be deemed an original.

 IN WITNESS WHEREOF this Trust Deed has been executed as a deed by the parties hereto and is intended to be and is hereby delivered on
the date first before written. 

  
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 FIRST SUPPLEMENTAL TRUST DEED 

EXECUTION CLAUSES 

The Issuer 
  

							
	 EXECUTED and DELIVERED as a DEED by
	  	 	)	  	  	
		  	 	)	  	  	/s/ Richard Solomons
	 as attorney for
	  	 	)	  	  	/s/ George Turner
	 INTERCONTINENTAL HOTELS GROUP PLC
	  	 	)	  	  	
			
	 Witness:         Signature: /s/ Martin
Bennett

                   
     Name: Martin Bennett
	  				  	
			
	 The Guarantors
	  				  	
			
	 EXECUTED and DELIVERED as a DEED by
	  	 	)	  	  	
	 INTERCONTINENTAL HOTELS LIMITED
	  	 	)	  	  	
	 a company incorporated in England and Wales
	  	 	)	  	  	/s/ Ralph Wheeler
	 acting by
	  	 	)	  	  	/s/ George Turner
		  	 	)	  	  	
	 a director of the Company and

a director of the company/the company secretary
	  	 
  
	)
 )
	  
   
	  	
			
	 EXECUTED and DELIVERED as a DEED by
	  	 	)	  	  	
	 SIX CONTINENTS LIMITED
	  	 	)	  	  	
	 a company incorporated in England and Wales
	  	 	)	  	  	/s/ Ralph Wheeler
	 acting by
	  	 	)	  	  	/s/ George Turner
		  	 	)	  	  	
	 a director of the Company and

a director of the company/the company secretary
	  	 
  
	)
 )
	  
   
	  	

 The Trustee 
  

							
	 EXECUTED and DELIVERED as a DEED by
	  	 	)	  	  	
		  	 	)	  	  	
	 for
	  	 	)	  	  	/s/ John Pickthorn
	 HSBC CORPORATE TRUSTEE
	  	 	)	  	  	
	COMPANY (UK) LIMITED	  	 	)	  	  	
			
	 Witness:        Signature: /s/ Anne
Danhaive

                   
   Name: Anne Danhaive

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00201-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00201-of-00352.parquet"}]]