Document:

EX-4.4

Exhibit 4.4

[FORM OF REGISTRATION RIGHTS AGREEMENT]

     REGISTRATION RIGHTS AGREEMENT, dated as of                           , 20      (the “Agreement”), by and between
Goldman Sachs 20      Exchange Place Fund, L.P. (the “Fund”) and The Goldman Sachs Group, Inc. (“GS
Group”).

     WHEREAS, pursuant to the Amended and Restated Plan of Incorporation (the “Plan”) of The
Goldman Sachs Group, L.P. (“Group LP”) adopted on April 30, 1999 and Article Twelfth of the Amended
and Restated Certificate of Incorporation of GS Group, GS Group’s Board of Directors is expressly
authorized to grant registration rights to current and former directors and employees of GS Group
and its subsidiaries and affiliates and former partners and employees of Group LP and its
subsidiaries and affiliates (each a “GS Holder”);

     WHEREAS, the limited partners of the Fund (the “Limited Partners”) will initially include GS
Holders who have contributed shares of common stock, par value $0.01 per share, of GS Group (“GS
Stock”) to the Fund;

     WHEREAS, on the last business day of the month in which the seventh anniversary of the last
contribution of any securities to the Fund by a Limited Partner occurs, the Fund will distribute
any shares of GS Stock held by the Fund at such time (the “Registrable Securities”) to the persons
who at such time constitute the Limited Partners (the “Distribution”);

     WHEREAS, the resale of GS Stock by the Limited Partners following the Distribution may not be
exempt from registration under the Securities Act of 1933 (the “Securities Act”);

     WHEREAS, GS Group will receive certain benefits from the contribution of GS Stock by the GS
Holders to the Fund and wishes to facilitate such contribution; and

     WHEREAS, pursuant to and in accordance with its authority under applicable law and the
authority contained in the Plan and GS Group’s Amended and Restated Certificate of Incorporation,
GS Group’s Board of Directors has determined that GS Group shall enter into this Agreement;

     NOW, THEREFORE, the parties hereto agree as follows:

     1. Registration Statement. (a) Prior to the Distribution, GS Group shall file with
the Securities and Exchange Commission (the “SEC”) a registration statement for an offering to be
made on a continuous basis pursuant to Rule 415 under the Securities Act covering all of the
Registrable Securities (the “Registration Statement”). Each reference in this Agreement to the
Securities Act, any regulation thereunder or any other law or regulation shall mean, as of any
time, such law or regulation (including any successor law or regulation and after giving effect to
any amendment) as in effect at such time, as determined by GS Group. GS Group shall use its
reasonable efforts to cause the Registration Statement to be declared effective pursuant to the
Securities Act as promptly

 

 

as reasonably practicable following the Distribution and, subject to Section 3 of this
Agreement, to keep the Registration Statement effective under the Securities Act for the period
from the initial effective date to the earlier of (i) the second anniversary of the Distribution,
(ii) the time at which all of the Registrable Securities have been sold in the manner set forth in
the Registration Statement, (iii) the time at which all of the Registrable Securities would be
freely saleable by a person who is not, and during the then-preceding three months has not been, an
affiliate of GS Group under Rule 144(k) under the Securities Act (or would otherwise be freely
salable under the Securities Act), as determined by GS Group, or (iv) the time at which all of the
Registrable Securities shall have ceased to be outstanding (such period from the initial effective
date to the earliest of the times specified in clauses (i) through (iv) of this Section 1, the
“Effective Period”).

          (b) The Registration Statement and Prospectus (as defined in Section 3(C) hereof) shall
provide for the Participating Limited Partners (as defined in Section 2(a) hereof) to distribute
their Registrable Securities by such method or methods of distribution as shall be selected by GS
Group, provided that such methods shall permit each Participating Limited Partner to distribute his
or her Registrable Securities to or through one or more registered broker-dealers, acting as
principal or agent, and, provided, further, that the Participating Limited Partners shall not
distribute Registrable Securities in any firm commitment underwritten offering or other organized
offering without the prior approval of GS Group (which may be withheld in its sole discretion for
any reason and, if given, may be conditioned on GS Group designating the underwriter(s) or selling
agent(s) to be employed in such offering). In no event shall GS Group be obligated hereunder to
amend or supplement the Prospectus to identify, or enter into any underwriting or other agreement
with, or provide any undertaking, information, certificates or documents to, any underwriter,
selling agent or other securities professional, it being understood that GS Group’s obligations are
limited solely to those set forth herein.

     2. Participating Limited Partners. (a) Limited Partners desiring to register
Registrable Securities pursuant to the Registration Statement and who receive such securities in
the Distribution (“Participating Limited Partners”) shall be required to execute a counterpart to
this Agreement agreeing to be bound by the terms hereof prior to exercising their rights hereunder.
Each Participating Limited Partner shall (i) furnish, on a timely basis, to GS Group such
information regarding (A) such Participating Limited Partner (including beneficial ownership of
securities) and (B) any underwriter, selling agent or other securities professional to or through
which such Participating Limited Partner proposes to distribute Registrable Securities, in each
case as GS Group may request in writing and may determine is necessary to ensure compliance with
applicable law or regulation in connection with the registration of any Registrable Securities
pursuant to the Registration Statement, and (ii) notify GS Group promptly of any inaccuracy or
change in the information previously furnished by such Participating Limited Partner to GS Group
under clause (i) above. Each Participating Limited Partner authorizes GS Group to include any of
the information such Participating Limited Partner provides pursuant to this paragraph in the
Registration Statement or Prospectus, or any amendment or supplement thereto, in such form and to
such extent as GS Group determines is necessary to ensure compliance as provided above.

          (b) GS Group will give notice to the Participating Limited Partners of any date prior to the
second anniversary of the Distribution on which the Effective Period

-2-

 

ends. Each Participating Limited Partner will complete all offers and sales under the
Registration Statement within the Effective Period, and upon expiration of the Effective Period no
Participating Limited Partner will offer or sell any Registrable Securities under the Registration
Statement. If so directed by GS Group, each Participating Limited Partner will return to GS Group
all undistributed copies of the Prospectus (including any amendment or supplement thereto) in his
or her possession upon the expiration of such period.

          (c) Registrable Securities shall bear such legends restricting transfer as, and for as long
as, GS Group may determine is necessary to ensure compliance with the Securities Act.

     3. Delays; Suspensions. Notwithstanding any provision of this Agreement to the
contrary, GS Group shall have the right at any time or from time to time to delay the filing or
effectiveness of the Registration Statement or, if the Registration Statement has become effective,
suspend the disposition of Registrable Securities pursuant to the Registration Statement, and in
each case defer or suspend any action contemplated by Section 4 hereof, for such period of time as
is reasonably required under the circumstances as determined by GS Group, in the event (A) of the
issuance by the SEC of any stop order suspending the effectiveness of the Registration Statement or
the initiation or threatening of any proceedings for that purpose, (B) of the receipt by GS Group
of any notification with respect to the suspension of the qualification of the Registrable
Securities for sale under the securities or “Blue Sky” laws of any jurisdiction or the initiation
or threatening of any proceeding for such purpose, (C) of the existence of a state of facts or the
happening of an event or events (including pending negotiations relating to, or the consummation
of, a transaction or the occurrence of any event or events which in the opinion of GS Group might
require additional disclosure of material non-public information by GS Group in the Registration
Statement or the prospectus (the “Prospectus”) included in the Registration Statement or in any
amendment or supplement thereto) which in the opinion of counsel to GS Group might, if not
disclosed in the Registration Statement, reasonably result in (y) the Registration Statement, any
amendment thereto, or any document incorporated therein by reference containing an untrue statement
of a material fact or omitting to state a material fact required to be stated therein or necessary
to make the statements therein not misleading, or (z) the Prospectus, any amendment or supplement
thereto, or any document incorporated therein by reference containing an untrue statement of
material fact or omitting to state a material fact necessary in order to make the statements
therein, in light of the circumstances under which they were made, not misleading, or (D) GS Group
determines in good faith that the continued effectiveness of the Registration Statement would
materially interfere with any material financing, distribution of securities, acquisition,
corporate reorganization or merger or other transaction involving GS Group or any of its
subsidiaries; provided that (notwithstanding anything in Section 4(c) hereof to the contrary) GS
Group will not be required to provide the Participating Limited Partners with any details or
information as to, or even indicate that there has occurred, any such facts or events referred to
in clauses (A) to (D) above. (References in this Agreement to a fact or event described in this
Section 3 mean a fact or event of the kind described in clause (A), (B), (C) or (D) above.) In
addition, GS Group shall be entitled to terminate the Registration Statement, with no further
obligation to provide for registration of any securities, if it determines that, due to any change
in any applicable law or regulation (or any official interpretation or application thereof by any
court or agency), maintaining the Registration Statement would be materially burdensome to GS
Group.

-3-

 

     4. Covenants. Subject to Section 3 hereof, GS Group covenants and agrees as follows:

          (a) Following the effective date of the Registration Statement, GS Group will prepare and file
with the SEC as soon as reasonably practicable such amendments to the Registration Statement or
supplements to the Prospectus as may be reasonably necessary to permit the distribution of the
Registrable Securities during the Effective Period;

          (b) GS Group will furnish to the Participating Limited Partners copies of the Registration
Statement or the Prospectus (as it may then be amended or supplemented) as may be reasonably
requested in order to facilitate the offering and disposition of the Registrable Securities and to
permit such persons to satisfy the prospectus delivery requirements of the Securities Act during
the Effective Period; and GS Group hereby consents to the use of the Prospectus (as it may then be
amended or supplemented) by each of the Participating Limited Partners in connection with the
offering and sale of the Registrable Securities covered by the Prospectus (as so amended or
supplemented) thereto during the Effective Period;

          (c) GS Group will use its reasonable efforts to notify the Participating Limited Partners
promptly of the occurrence during the Effective Period of any fact or event described in Section 3
hereof (provided that GS Group need not give such notice if it has exercised its right under
Section 3 hereof, if it has already taken any action required under Section 4(e) below or if no
such action is required);

          (d) Prior to any public offering of Registrable Securities, GS Group will use its reasonable
efforts to (1) if necessary, register or qualify the Registrable Securities covered by the
Registration Statement for offer and sale under the securities or “Blue Sky” laws of such
jurisdictions within the United States during the Effective Period as any Participating Limited
Partner reasonably shall request and (2) keep such registrations or qualifications in effect and
comply with such laws so as to permit the continuance of offers, sales and dealings therein in such
jurisdictions for so long as may be necessary to enable any such Participating Limited Partner to
complete its distribution of Registrable Securities during the Effective Period; provided, however,
that GS Group shall not be required for any such purpose to subject itself to taxation in any such
jurisdiction, qualify as a foreign corporation or register as a broker or dealer in any
jurisdiction wherein it would not otherwise be required to qualify or register but for the
requirements of this clause (d) or consent to general service of process in any such jurisdiction;

          (e) As soon as reasonably practicable after the occurrence of any fact or event of the kind
described in Section 3 hereof, GS Group will prepare an amendment to the Registration Statement or
a supplement to the Prospectus, any prospectus supplement, or any document incorporated therein by
reference or file any other required document so that, as thereafter delivered to the purchasers of
Registrable Securities and during the Effective Period, the Prospectus will not contain an untrue
statement of a material fact or omit to state any material fact necessary to make the statements
therein, in light of the circumstances under which they were made, not misleading; provided,
however, that if the fact or event no longer exists, GS Group shall not be required to prepare and
file any such amendment, supplement or document; and

-4-

 

provided further, however, that if there continues to exist a state of facts or an event of
the kind described in Section 3 hereof and which in the opinion of counsel to GS Group might
reasonably result in the effects contemplated by clause (y) or (z) of such Section 3 and which in
the opinion of GS Group might require the disclosure of material, non-public information by GS
Group, then for so long as such fact or event continues to exist, GS Group may continue to exercise
its right under Section 3 hereof and shall not be required to prepare and file any such amendment,
supplement or document pursuant to the terms of this Agreement;

          (f) GS Group will use its best efforts to obtain the withdrawal of any order suspending the
effectiveness of the Registration Statement during the Effective Period; and

          (g) During the Effective Period, GS Group will use its reasonable efforts to cause the shares
of its common stock constituting Registrable Securities covered by the Registration Statement to
qualify for listing on the New York Stock Exchange, Inc. (“NYSE”) or, if the common stock is not
then listed on the NYSE, to list such shares on the principal securities exchange on which
outstanding common stock of GS Group is then listed, if any.

     5. Discontinuance of Disposition. Each Participating Limited Partner agrees that,
upon receipt of any notice from GS Group that GS Group has exercised its right under Section 3
hereof, such Participating Limited Partner will forthwith discontinue disposition of Registrable
Securities pursuant to the Registration Statement until such Participating Limited Partner’s
receipt of copies of the amendment, supplement or document contemplated by Section 4(e) hereof, or
until it is advised in writing by GS Group that the use of the Prospectus may be resumed, and, if
so directed by GS Group, such Participating Limited Partner will deliver to GS Group (at GS Group’s
expense) all copies, other than permanent file copies, of the Prospectus then in such Participating
Limited Partner’s (or agents thereof) possession, including any amendment or supplement thereto,
covering such Registrable Securities at the time of receipt of such notice.

     6. Expenses. GS Group or an affiliate thereof shall pay the following expenses in
connection with the Registration Statement: (i) the fees, disbursements and expenses of GS Group’s
(or any controlled affiliate’s) counsel(s) (United States and foreign) and accountants in
connection with the registration of the Registrable Securities to be disposed of under the
Securities Act and all other expenses in connection with the preparation, printing and filing of
the Registration Statement, any preliminary prospectus or final Prospectus, any amendments and
supplements thereto and the mailing and delivering of copies thereof to the purchasers of the
Registrable Securities; (ii) the cost of printing or producing any Blue Sky or legal investment
memoranda, any selling agreements and any other documents approved by GS Group in connection with
the offering, sale or delivery of the Registrable Securities to be disposed of; (iii) all expenses
in connection with the qualification of the Registrable Securities to be disposed of for offering
and sale under state securities laws, including the fees and disbursements of one counsel selected
by GS Group in connection with any Blue Sky and legal investment surveys; (iv) the filing fees
incident to, and the fees and disbursements of one counsel selected by GS Group in connection with,
securing any required review by the National Association of Securities Dealers, Inc. of the terms
of the sale of the Registrable Securities to be disposed of; and (v) all fees and

-5-

 

expenses incurred in connection with the listing of the Registrable Securities on the NYSE, or
the listing of such shares on any other securities exchange, pursuant to Section 4(g) hereof. The
Participating Limited Partners shall pay their own expenses (including all counsel fees), except
that GS Group, in its sole discretion, may pay the fees and expenses of one, but not more than one,
counsel retained by the Participating Limited Partners and approved by GS Group. Without limiting
the generality of the prior sentence, the Participating Limited Partners that are the holders of
the Registrable Securities to be sold pursuant to the Registration Statement shall pay all agency
fees and commissions, underwriting discounts and commissions, and stock transfer taxes attributable
to the sale of their Registrable Securities.

     7. Indemnification and Contribution.

          (a) Indemnification by GS Group. In connection with any registration of Registrable
Securities under the Securities Act, GS Group shall, and it hereby agrees to, indemnify and hold
harmless each Participating Limited Partner and each underwriter, selling agent or other securities
professional, if any, that participates in the disposition of Registrable Securities as provided
herein, and each of their respective officers and directors and each person who controls such
Participating Limited Partner, underwriter, selling agent or other securities professional within
the meaning of Section 15 of the Securities Act or Section 20 of the Securities Exchange Act of
1934 (the “Exchange Act”) (each such person being sometimes referred to as an “Indemnified
Person”), against any losses, claims, damages or liabilities, joint or several, to which such
Indemnified Person may become subject under the Securities Act or otherwise, insofar as such
losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based
upon an untrue statement or alleged untrue statement of a material fact contained in the
Registration Statement under which such Registrable Securities are registered under the Securities
Act, or any preliminary prospectus or Prospectus contained therein or furnished by GS Group to any
Indemnified Person, or any amendment or supplement thereto, or arise out of or are based upon the
omission or alleged omission to state therein a material fact required to be stated therein or
necessary to make the statements therein not misleading, and GS Group hereby agrees to reimburse
such Indemnified Person for any legal or other expenses reasonably incurred by them in connection
with investigating or defending any such action or claim; provided, however, that GS Group shall
not be liable to any such Indemnified Person in any such case to the extent that any such loss,
claim, damage or liability arises out of or is based upon an untrue statement or alleged untrue
statement or omission or alleged omission made in the Registration Statement or preliminary
prospectus or Prospectus, or amendment or supplement thereto, in reliance upon and in conformity
with written information furnished to GS Group by such Indemnified Person expressly for use
therein; provided further, however, that the foregoing indemnity agreement with respect to any
preliminary prospectus, Prospectus or amendment or supplement thereto shall not inure to the
benefit of any Indemnified Person from whom the person asserting any such losses, claims, damages
or liabilities purchased Registrable Securities, or any person controlling such Indemnified Person,
if a copy of the Prospectus (as then amended or supplemented if GS Group shall have furnished any
amendments or supplements thereto) was not sent or given by or on behalf of such Indemnified Person
to such person, if required by law so to have been delivered, at or prior to the written
confirmation of the sale of the Registrable Securities to such person, and if the Prospectus (as so
amended or supplemented) would have cured the defect giving rise to such loss, claim, damage or
liability. Notwithstanding

-6-

 

the foregoing, GS Group may request any underwriter, selling agent or other securities
professional that participates in the disposition of Registrable Securities to provide GS Group
with an undertaking, reasonably satisfactory to GS Group, to the effect provided in Section 7(b)
hereof, and to comply with Sections 7(c), (d), (e) and (f) hereof as applicable, and if GS Group
requests such an undertaking from any such person, GS Group shall have no obligation to provide
indemnification, reimbursement or contribution to such person (or to any of its officers, directors
or control persons) under this Section 7 unless GS Group has received such undertaking.

          (b) Indemnification by the Participating Limited Partners. Each Participating Limited
Partner that participates in the disposition of Registrable Securities, and each underwriter,
selling agent or other securities professional from whom GS Group requests an undertaking pursuant
to the last sentence of Section 7(a) hereof, severally and not jointly, agrees to (i) indemnify and
hold harmless GS Group, its directors and officers who sign the Registration Statement and each
person, if any, who controls GS Group within the meaning of either Section 15 of the Securities Act
or Section 20 of the Exchange Act, against any losses, claims, damages or liabilities to which GS
Group or such other persons may become subject, under the Securities Act or otherwise, insofar as
such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are
based upon an untrue statement or alleged untrue statement of a material fact contained in the
Registration Statement, or any preliminary prospectus or Prospectus contained therein or furnished
by GS Group to any such Participating Limited Partner, underwriter, selling agent or other
securities professional, or any amendment or supplement thereto, or arise out of or are based upon
the omission or alleged omission to state therein a material fact required to be stated therein or
necessary to make the statements therein not misleading, in each case to the extent, but only to
the extent, that such untrue statement or alleged untrue statement or omission or alleged omission
was made in reliance upon and in conformity with written information furnished in writing to GS
Group by such Participating Limited Partner, underwriter, selling agent or other securities
professional, as applicable, expressly for use therein, and (ii) reimburse GS Group for any legal
or other expenses reasonably incurred by GS Group in connection with investigating or defending any
such action or claim.

          (c) Notices of Claims, Etc. Promptly after receipt by an indemnified party under
subsection (a) or (b) above of notice of the commencement of any action, such indemnified party
shall, if a claim in respect thereof is to be made against an indemnifying party under this Section
7, notify such indemnifying party in writing of the commencement thereof; but the omission so to
notify the indemnifying party shall not relieve it from any liability which it may have to any
indemnified party otherwise than under paragraph (a) or (b). In case any such action shall be
brought against any indemnified party and it shall notify an indemnifying party of the commencement
thereof, such indemnifying party shall be entitled to participate therein and, to the extent that
it shall wish, jointly with any other indemnifying party similarly notified, to assume the defense
thereof, with counsel satisfactory to such indemnified party, and, after notice from the
indemnifying party to such indemnified party of its election so to assume the defense thereof, such
indemnifying party shall not be liable to such indemnified party under this Section 7 for any legal
expenses of other counsel or any other expenses, in each case subsequently incurred by such
indemnified party, in connection with the defense thereof other than reasonable costs of
investigation. No indemnifying party shall, without the written consent of the indemnified party,
effect the settlement or compromise of, or consent to the entry of any judgment with

-7-

 

respect to, any pending or threatened action or claim in respect of which indemnification or
contribution may be sought under this Section 7 (whether or not the indemnified party is an actual
or potential party to such action or claim) unless such settlement, compromise or judgment (i)
includes an unconditional release of the indemnified party from all liability arising out of such
action or claim and (ii) does not include a statement as to, or an admission of, fault, culpability
or a failure to act, by or on behalf of any indemnified party.

          (d) Contribution. If for any reason the indemnification provided for in this Section
7 is unavailable to or insufficient to hold harmless an indemnified party under subsection (a) or
(b) above in respect of any losses, claims, damages or liabilities (or actions in respect thereof)
referred to therein, then each indemnifying party shall contribute to the amount paid or payable by
such indemnified party as a result of such losses, claims, damages or liabilities (or actions in
respect thereof) in such proportion as is appropriate to reflect the relative fault of the
indemnifying party and the indemnified party in connection with the statements or omissions which
resulted in such losses, claims, damages or liabilities (or actions in respect thereof), as well as
any other relevant equitable considerations. The relative fault of such indemnifying party and
indemnified party shall be determined by reference to, among other things, whether the untrue or
alleged untrue statement of a material fact or omission or alleged omission to state a material
fact relates to information supplied by such indemnifying party or by such indemnified party, and
the parties’ relative intent, knowledge, access to information and opportunity to correct or
prevent such statement or omission. The indemnifying parties and the indemnified parties agree
that it would not be just and equitable if contribution pursuant to this Section 7(d) were
determined by pro rata allocation (even if the Participating Limited Partners or any underwriters,
selling agents or other securities professionals or all of them were treated as one entity for such
purpose) or by any other method of allocation which does not take account of the equitable
considerations referred to in this Section 7(d). The amount paid or payable by an indemnified
party as a result of the losses, claims, damages or liabilities (or actions in respect thereof)
referred to above shall be deemed to include any legal or other fees or expenses reasonably
incurred by such indemnified party in connection with investigating or defending any such action or
claim. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of
the Securities Act) shall be entitled to contribution from any person who was not guilty of such
fraudulent misrepresentation. The obligations of the Participating Limited Partners and any
underwriters, selling agents or other securities professionals under this Section 7(d) to
contribute shall be several in proportion to the amount of Registrable Securities registered or
underwritten, as the case may be, by them and not joint.

          (e) Limitation on Liability. Notwithstanding any other provision of this Section 7,
in no event will any (i) Participating Limited Partner be required to undertake liability to any
person under this Section 7 for any amounts in excess of the dollar amount of the proceeds received
by such Participating Limited Partner from the sale of such Participating Limited Partner’s
Registrable Securities (after deducting any fees, discounts and commissions applicable thereto)
pursuant to the Registration Statement and (ii) underwriter, selling agent or other securities
professional be required to undertake liability to any person hereunder for any amounts in excess
of the amount by which the sales price of the Registrable Securities which they participated in
selling exceeds any amount of damages such underwriter, selling agent or securities professional
has otherwise

-8-

 

been required to pay as a result of such untrue or alleged untrue statement or omission or alleged
omission.

          (f) Remedies Not Exclusive. The obligations of GS Group under this Section 7 shall be
in addition to any liability which GS Group may otherwise have to any Indemnified Person and the
obligations of any Indemnified Person under this Section 7 shall be in addition to any liability
which such Indemnified Person may otherwise have to GS Group. The remedies provided in this
Section 7 are not exclusive and shall not limit any rights or remedies which may otherwise be
available to an indemnified party at law or in equity.

     8. Governing Law; Arbitration.

          (a) THIS INSTRUMENT SHALL BE GOVERNED BY AND BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF NEW YORK, WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAW.

          (b) Any dispute, controversy or claim arising out of or relating to provisions of this
Agreement shall be finally settled by arbitration in New York City before, and in accordance with
the rules then applying of, the NYSE, or if the NYSE declines to arbitrate the matter or the matter
is not otherwise arbitrable before it, the American Arbitration Association (“AAA”) in accordance
with the commercial arbitration rules of the AAA.

     9. Registered Address; Notices. All notices and other communications hereunder shall
be in writing and shall be mailed by first class mail, postage prepaid, addressed (a) if to the
Participating Limited Partners, at their addresses as set forth in the records of the Fund, or at
such other address as a Participating Limited Partner shall furnish to GS Group in writing, (b) if
to the Fund, at c/o Goldman, Sachs & Co., 85 Broad Street, New York, New York 10004, Attention:
General Counsel, or (c) if to GS Group, at 85 Broad Street, New York, New York 10004, Attention:
General Counsel, or at such other address as GS Group shall have furnished to the Participating
Limited Partners in writing.

     10. Parties in Interest. Subject to execution of a counterpart hereto as set forth in
Section 2 hereof, each Participating Limited Partner shall be entitled to receive the benefits of
this Agreement and shall be bound by the terms and provisions of this Agreement. All the terms and
provisions of this Agreement shall be binding upon, shall inure to the benefit of and shall be
enforceable by, but only by, GS Group, the Fund, the Participating Limited Partners and the
respective successors and assigns of GS Group and any Participating Limited Partner. Rights and
obligations hereunder of any Participating Limited Partner may not be assigned or otherwise
transferred to any other person without the prior written consent of GS Group, which may be
withheld in its sole discretion and, if granted, may be conditioned, among other things, on such
transferee’s agreement to be bound by the provisions hereof.

     11. Survival. The respective indemnities, agreements, representations, warranties and
each other provision set forth in this Agreement or made pursuant hereto

-9-

 

shall remain in full force and effect regardless of any investigation (or statement as to the
results thereof) made by or on behalf of any Participating Limited Partner, any director, officer,
partner or trustee of such Participating Limited Partner, any underwriter, agent or other
securities professional or any director, officer or partner thereof, or any controlling person of
any of the foregoing, and shall survive the transfer of the Registrable Securities by such
Participating Limited Partner.

     12. Amendments and Waivers. This Agreement may be amended and the observance of any
term of this Agreement may be waived (either generally or in a particular instance and either
retroactively or prospectively) by a written instrument duly executed by GS Group and the Fund. In
the case of any amendment or waiver that materially and adversely affects the rights of a
Participating Limited Partner, such amendment or waiver must be approved by the Participating
Limited Partners holding not less than a majority of the shares of Registrable Stock held by the
materially and adversely affected Participating Limited Partners, except that the approval of each
materially and adversely affected Participating Limited Partner must be obtained with respect to
any amendment to, or waiver of, the indemnification or contribution provisions of this Agreement in
order for such amendment to be applicable to such Participating Limited Partner.

-10-

 

     IN WITNESS WHEREOF, GS Group and the Fund have executed and delivered this Agreement as of the
date first above written.

	 	 	 	 	 	 	 
	 	 	THE GOLDMAN SACHS GROUP, INC.
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 	 	 	 	 
	 	 	 	 	Name:
	 	 	 	 	Title:
	 
	 	 	 	 	 	 
	 	 	GOLDMAN SACHS 20      EXCHANGE PLACE FUND, L.P.
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	By:	 	Goldman Sachs 20      Exchange Place

Advisors, L.L.C., its general partner
	 
	 	 	 	 	 	 
	 	 	By:	 	The Goldman Sachs Group, Inc.,

its sole member
	 
	 	 	 	 	 	 
	 

	 	 	 	By:	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	 	 	Name:
	 

	 	 	 	 	 	Title:

-11-EX-4.5

Table of Contents

 

FACILITY AGREEMENT

MULTI CURRENCY REVOLVING CREDIT FACILITY

dated 28 September 2007

USD 350,000,000

between

STENA ROYAL S.A.R.L.

as Borrower

and

SVENSKA HANDELSBANKEN AB (PUBL)

as Facility Agent and Bank

and

SVENSKA HANDELSBANKEN SA

as Security Agent

and

NORDEA BANK AB (PUBL)

as Bank

Table of Contents

 

TABLE OF CONTENTS

	 	 	 	 	 
	1. DEFINITIONS AND INTERPRETATION
	 	 	1	 
	 
	2. THE FACILITY
	 	 	9	 
	 
	3. CONDITIONS PRECEDENT 
	 	 	9	 
	 
	4. DRAWDOWN OF ADVANCES
	 	 	10	 
	 
	5. INTEREST 
	 	 	12	 
	 
	6. CHANGES TO THE CALCULATION OF INTEREST
	 	 	13	 
	 
	7. REPAYMENT 
	 	 	14	 
	 
	8. PREPAYMENT AND CANCELLATION 
	 	 	14	 
	 
	9. PAYMENTS 
	 	 	15	 
	 
	10. TAXES
	 	 	17	 
	 
	11. INCREASED COSTS AND ILLEGALITY 
	 	 	18	 
	 
	12. SECURITY 
	 	 	20	 
	 
	13. REPRESENTATIONS AND WARRANTIES
	 	 	20	 
	 
	14. INFORMATION
	 	 	22	 
	 
	15. GENERAL UNDERTAKINGS 
	 	 	23	 
	 
	16. FINANCIAL COVENANTS
	 	 	25	 
	 
	17. DEFAULT AND ACCELERATION
	 	 	26	 
	 
	18. FEES AND EXPENSES
	 	 	29	 
	 
	19. RELATIONSHIP BETWEEN THE BANKS
	 	 	31	 
	 
	20. AGENCY
	 	 	32	 
	 
	21. INDEMNITIES
	 	 	34	 

Table of Contents

 

	 	 	 	 	 
	22. ASSIGNMENT 
	 	 	36	 
	 
	23. MISCELLANEOUS
	 	 	36	 
	 
	24. NOTICES 
	 	 	38	 
	 
	25. GOVERNING LAW AND JURISDICTION 
	 	 	39	 

Table of Contents

 

APPENDICES

1. Banks

2. Initial Conditions Precedent

3. Form of Drawdown Notice

4. Form of Compliance Certificate

5. Form of Assignment Certificate

Table of Contents

 

This FACILITY AGREEMENT is dated as of 28 September 2007 and made between:

	(1)	 	STENA ROYAL S.a.r.l., a private limited liability
company (société à responsabillité
limitée) with registered office at 26 B Bvd. Royal L-2449, incorporated under the laws of
Luxembourg and registered with the Luxembourg Register of Commerce and Companies and whose
corporate capital is
€ 100,000 (the “Borrower”);
	 
	(2)	 	SVENSKA HANDELSBANKEN AB (publ) and NORDEA BANK AB (publ) as lenders (the “Original Banks”);
	 
	(4)	 	SVENSKA HANDELSBANKEN AB (publ) as facility agent for the Banks (in this capacity, the
“Facility Agent”); and
	 
	(5)	 	SVENSKA HANDELSBANKEN SA as security agent for the Banks (in this capacity, the “Security
Agent”).

	1.	 	DEFINITIONS AND INTERPRETATION
	 
	1.1	 	Definitions
	 
	 	 	“Advance” means an advance made or to be made under the Facility or the principal amount
outstanding for the time being of that advance.
	 
	 	 	“Affiliate” means a Subsidiary or a Holding Company of a person or any other Subsidiary of
that Holding Company.
	 
	 	 	“Agents” means both of the Facility Agent and the Security Agent, and “Agent” means any of
them.
	 
	 	 	“Agreement” means this agreement as amended, varied or supplemented from time to time.
	 
	 	 	“Assignment Certificate” means an assignment certificate substantially in the form set out
in Appendix 5.
	 
	 	 	“Authorised Signatories” means representatives of the Borrower from time to time authorised
to represent the Borrower in all matters relating to the Finance Documents, as notified by
the Borrower to the Facility Agent by not less than three (3) Banking Days’ notice.
	 
	 	 	“Available Commitment” means a Bank’s Commitment under the Facility less the amount of its
participation in all outstanding or requested Advances (converted into USD at the Facility
Agent’s Spot Rate of Exchange in case of Advances outstanding or requested in any Nominated
Currency) on the date which is three (3) Banking Days before the proposed Drawdown Date or,
if later, on the date the Facility Agent receives the Drawdown Notice in the case of

Table of Contents

2

	 	 	Clause 4.2 (Completion of Drawdown Notice) and on each Banking Day in the case of Clause 18.1
(Commitment fee).
	 
	 	 	“Available Facility” means the aggregate from time to time of each Bank’s Available Commitment.
	 
	 	 	“Banking Day” means a day (other than a Saturday or Sunday) which is not a public holiday and on
which banks are open for general business in Stockholm, London, New York and Luxembourg and in the
place or places where the relevant transaction(s) shall be made.
	 
	 	 	“Banks” means (i) any Original Bank, and (ii) any bank or financial institution which has become a
party to this Agreement in accordance with Clause 22 (Assignment).
	 
	 	 	“Break Costs” means the amount (if any) by which:

	 	(a)	 	the interest excluding margin which a Bank should have received for the period from the date
of receipt of all or any part of its participation in an Advance to the last day of the then
current Interest Period in respect of that Advance had the principal amount received been paid
on the last day of that Interest Period;

exceeds:

	 	(b)	 	the amount which that Bank would be able to obtain by placing an amount equal to the
principal amount received by it on deposit with a leading bank in the relevant interbank
market for a period starting on the Banking Day following receipt and ending on the last day
of the current Interest Period.

“Commitment” means:

	 	(a)	 	in relation to an Original Bank, the amount set out opposite its name under the heading
“Facility” in Appendix 1, and the amount of any other Commitment transferred to it
under this Agreement; and
	 
	 	(b)	 	in relation to any other Bank, the amount of any Commitment transferred to it under this
Agreement.

“Commitment
Currency” means United States Dollars (“USD”).

“Commitment Period” means the period from and including the date of this Agreement to and including
the earlier of (i) the Final Maturity Date, and (ii) the date all Commitments in respect of the
Facility have been cancelled in their entirety pursuant to Clause 8 (Prepayment and Cancellation)
or Clause 17.2 (Acceleration).

“Compliance Certificate” means a certificate in the form set out in Appendix 4.

Table of Contents

3

“Default” means an Event of Default or an event or circumstance specified in Clause 17.1 (Events
of Default), which would, with the expiry of a grace period, the giving of notice, the making of
any determination under the Finance Documents (or any combination of any of the foregoing) be an
Event of Default.

“Drawdown Date” means a date on which the relevant Advance is made or to be made.

“Drawdown Notice” means a notice substantially in the form set out in Appendix 3.

“Equity” has the meaning given to the term in Clause 16.2.2.

“Event
of Default” means any of the events or circumstances specified in Clause 17.1 (Events of
Default).

“EURIBOR” means the rate per annum of the offered quotations for deposits in Euro of the relevant
Advance for a period comparable to the relevant tenor which appears on Reuter page EURlBOR= (or
such replacement page on that service which displays the information, or if that service ceases to
display the information, such other screen service) at or about 11.00 a.m. Central European Time
two Banking Days prior to the first day of such tenor.

“Facility” means the multi currency revolving credit facility in the maximum aggregate amount of
USD 350,000,000 made available under this Agreement as described in
Clause 2 (The Facility).

“Facility Agent’s Spot Rate of Exchange” means the Facility Agent’s spot rate of exchange for its
selling of USD against SEK or EUR at or about 11 a.m. (London time) three (3) Banking Days prior to
a Drawdown Date.

“Facility Office” means the office notified by a Bank to the Facility Agent from time to time.

“Fee Letter” means the letter dated 28 September 2007 to the Borrower from the Facility Agent,
setting out the amount of the Agency fee referred to in Clause 18
(Fees and Expenses).

“Final Maturity Date” means the fifth anniversary of the date of this Agreement. At the Borrowers
request given not later than four (4) months before the said anniversary, the Banks may agree to an
extension of the Facility for a period of up to two years (at the Borrowers choice). In such case
Final Maturity Date means the last day in the extension period as specified in the Borrower’s
extension request.

“Finance Documents” means this Agreement and the Security Documents and any other document
identified as a Finance Document by the Borrower and an Agent.

“Finance Party” means the Agents or the Banks or any of them.

Table of Contents

4

“Financial Indebtedness” means any indebtedness for or in respect of:

	 	(a)	 	moneys borrowed;
	 
	 	(b)	 	any amounts raised pursuant to the issue of bonds, notes, debentures or any similar debt
instrument;
	 
	 	(c)	 	the acquisition cost of any asset to the extent payable after its acquisition or
possession by the party liable where the deferred payment is arranged primarily as a method of
raising finance or financing the acquisition of that asset;
	 
	 	(d)	 	leases entered into primarily as a method of raising finance or financing the leased asset
and being regarded as finance leases under the financial accounting standards in Luxembourg;
	 
	 	(e)	 	any amount raised by acceptance under a acceptance credit facility;
	 
	 	(f)	 	receivables sold or discounted (otherwise than on a non-recourse basis);
	 
	 	(g)	 	any swaps, foreign exchange transactions, cap, floor, collar or option transactions or any
other derivatives transactions entered into in connection with protection against or
benefit from fluctuation in any rate or price (and when calculating the value of any
such derivative transactions only the marked-to-market value shall be taken into
account);
	 
	 	(h)	 	any amount raised under any other transaction having the commercial effect of a
borrowing;
	 
	 	(i)	 	any counter-indemnity obligation in respect of any guarantee, indemnity,
bond, standby or documentary letter of credit or any other instrument issued by a bank or
financial institution; and
	 
	 	(j)	 	any guarantee, indemnity or similar assurance against financial loss of
any person for any of the items referred to in paragraphs (a) to (i) above.

“Holding Company” means, in relation to a company or corporation, any other company or corporation
in respect of which it is a Subsidiary.

“Increased Cost” means:

	 	(a)	 	an additional or increased cost;
	 
	 	(b)	 	a reduction in the rate of return under a Finance Document or on its overall capital;
	 
	 	(c)	 	a reduction of the amount due and payable under any Finance Document,

Table of Contents

5

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

“Inter Company Loans” means the aggregate amount of outstanding loans granted from time to time by
the Borrower to Stena Investment.

“Intercreditor Agreement” means each intercreditor agreement between the Agents, the Banks, the
Borrower and a Subordinated Lender with respect to Subordinated Loans.

“Intercreditor Obligor” means each of the Borrower and the Subordinated Lenders.

“Interest Period” means in relation to an Advance, each period determined in accordance with
Clause 5.2 (Interest Periods) and in relation to any sum due and payable but unpaid by the
Borrower under this Agreement, each period determined in accordance
with Clause 5.4 (Default
interest).

“Investment/s” means (i) cash deposits in any currencies, (ii) bonds (domestic or foreign, existing
or to be issued, nominative or to the bearer) listed on well known European money market places
(not to include any bonds issued by any company within the Stena Sphere) and (iii) stocks, listed
on well known stock exchanges acceptable to the Banks.

“LIBOR” means the rate per annum of the offered quotations for deposits in the Commitment Currency
of the relevant Advance for a period comparable to the relevant tenor which appears on Reuter page
LIBOR01 (or such replacement page on that service which displays the information, or if that
service ceases to display the information, such other screen service) at or about 11.00 a.m.
(London time) on Quotation Date.

“Majority Banks” means:

	 	(a)	 	if there are no Advances then outstanding, a Bank or Banks whose Commitments aggregate more
than 66.67 per cent of the Total Commitments, (or, if the Total Commitments have been
reduced to zero, aggregated more than 66.67 per cent of the Total Commitments
immediately prior to the reduction); or
	 
	 	(b)	 	at any other time, a Bank or Banks whose participations in the Advances then outstanding
aggregate more than 66.67 per cent of all of the Advances then outstanding.

“Mandatory
Cost” means the mandatory costs referred to in Clause 18.4 (Mandatory costs)

“Margin” means the margin determined on Quotation Date for each Advance by the ratio between the
aggregate principal amount of all Advances and the Security Value as follows:

	 	•	 	0.45% p.a. if the ratio is less than 30%;

Table of Contents

6

	 	•	 	0.55% p.a. if the ratio is equal to 30% but less than 50%; and
	 
	 	•	 	0.70% p.a. if the ratio is equal to or greater than 50%.

“Market Value” means the market value as determined by the Security Agent with respect to the
Stena Investment Pledged Assets.

“Material Adverse Effect” means (i) a material adverse effect on the ability of the Borrower to
comply with its payment obligations under any Finance Document, or (ii) a material adverse effect
on the business or financial condition of the Borrower, or (iii) a material adverse effect on the
legality, validity or enforceability of any Finance Document or of the security provided under any
Security Document.

“Nominated Currency” means SEK and EUR.

“Quotation Date” means (in relation to any period for which an interest rate is to be determined)
two (2) Banking Days before the first day of that period, unless market practice would change in
the relevant interbank market, in which case the Quotation Date will be determined by the Facility
Agent in accordance with such changed market practice.

“Pledged Account” means the Stena Investment account maintained with the Security Agent No 50241
and any and all sub accounts thereto from time to time maintained with the Security Agent.

“Ratio
of Equity to Total Assets” means the ratio specified in Clause 16.2 (Ratio of Equity to
Total Assets).

“Reference Banks” means Svenska Handelsbanken AB (publ) and Nordea Bank AB (publ).

“Reference Date” means each date on which the Facility Agent will test the compliance and
satisfaction by the Borrower of the financial covenants set out in and pursuant to Clause 16
(Financial Covenants) hereof (March 31, June 30, September 30 and December 31 in each year during
the term of this Agreement). The first Reference Date shall be
December 31, 2007.

“Reference Period” means a period starting on the first day after a Reference Date and ending on
the next Reference Date.

“Rollover Advance” means one or more Advances:

	 	(a)	 	made or to be made on the same day that one or more maturing Advances is or are due to be
repaid;
	 
	 	(b)	 	the aggregate amount of which is equal to or less then the maturing Advance(s); and

Table of Contents

7

	 	(c)	 	made or to be made to the Borrower for the purpose of refinancing the maturing
Advance(s).

“Security” means the security created by or pursuant to the Security Documents.

“Security Documents” means the the Stena investment Pledge Agreement and any other security
document that may be provided by the Borrower or any other person as security for the performance
of any of the Borrower’s obligations under this Agreement.

“Security Interest” means any mortgage, pledge, lien, charge, assignment by way of security,
hypothecation, security interest, title retention (other than in respect of goods purchased in the
ordinary course of trading), sale and repurchase or sale and lease-back arrangement or any other
agreement or arrangement in each case having the effect of conferring security.

“Security
Value” means the aggregate of Market Value – less any such excess amount set out in
Clause 12.2.3 and less any such Investment set out in Clause 12.2.4
- of the Stena Investment
Pledged Assets and the acquisition cost of any Investments acquired by Stena Investment which are
to be liquidated and transferred to the Pledged Account (and thus become part of the Stena
Investment Pledged Assets).

“Stena AB Group” means Stena AB (publ), org. No. 556001-0802, and its present and future
Subsidiaries from time to time and “member of the Stena AB Group” means Stena AB (publ) and each
and any of its present and future material (as determined by the Banks) Subsidiaries. For the
avoidance of doubt the Borrower and Stena Investment are considered material by the Banks.

“Stena Investment” means Stena Investment Luxembourg S.a.r.l., a private limited liability company
(société à responsabillité limitée) with registered office at 26 B Bvd. Royal L-2449, incorporated
under the laws of Luxembourg and registered with the Luxembourg Register of Commerce and Companies
under number B-112140 and whose corporate capital is
€ 100,000. Stena Investment is a Subsidiary of
Stena AB:

“Stena Investment Pledge Agreement” means the pledge agreement dated on or about the date hereof
between Stena Investment and the Security Agent (for the account of the Finance Parties) for the
creation of a first priority pledge over the Stena Investment Pledged Assets.

“Stena Investment Pledged Assets” means all the present and future assets, rights and claims Stena
Investment has or will have in relation to the Pledged Account, including, for the avoidance of
doubt, securities, cash and other rights and the property held therein or credited thereto and the
proceeds and products thereof and property received, receivable or otherwise distributed in respect
of the Pledged Account and the property held therein and any assets from time to time subject, or
expressed to be subject, to the Stena Investment Pledge Agreement or created or expressed to be
created by or pursuant to the Stena Investment Pledge Agreement or any part of those assets.

Table of Contents

8

“Stena
Metal AB Group” means Stena Metall AB, org. No. 556138-8371, and its present and
future Subsidiaries from time to time and “member of the Stena
Metall AB Group” means Stena
Metall AB (publ) and each and any of its present and future material (as determined by the
Banks) Subsidiaries.

“Stena Sessan AB Group” means Stena Sessan AB, org. No. 556112-6920, and its present and
future Subsidiaries from time to time and “member of the Stena Sessan AB Group” means Stena
Sessan AB (publ) and each and any of its present and future material (as determined by the
Banks) Subsidiaries.

“Stena Sphere” means any and all members from time to time within Stena AB Group, Stena
Metall AB Group and Stena Sessan AB Group

“STIBOR” means the Stockholm Interbank Offered Rate as quoted on the Reuters screen SIOR
(or such other screen as may replace that screen) at or about 11.00 a.m. (Stockholm time)
on the Quotation Date or, if the relevant rate does not appear, the arithmetic mean
(rounded upwards to four decimal places) of the rates (as notified to the Facility Agent)
which each of the Reference Banks was offering to prime banks in the Stockholm interbank
market for deposits in Swedish Kronor as of 11.00 a.m. (Stockholm time) on the Quotation
Date, in each case for a period comparable to the Interest Period for the relevant Advance.

“Subordinated Lender” means any company within the Stena Sphere, which may from time to
time extend loans to the Borrower, which shall be subordinated to any Advances made
available under this Agreement, as further set out in separate Intercreditor Agreement/s.

“Subordinated Loan” means any loan extended by a Subordinated Lender to the Borrower, which
is subordinated to any Advances made available under this Agreement, whether for the
purposes of financing or refinancing in whole or in part the acquisition of an Investment
or otherwise.

“Subsidiary” means a subsidiary (Sw: dotterbolag) within the meaning of Chapter 1, Section
11 of the Swedish Companies Act (Sw: aktiebolagslagen (2005:551)).

“Taxes” means all types (whether now existing or introduced in the future) of income and
other taxes, levies, imposts, deductions, charges and withholdings whatsoever together with
interest thereon and penalties and surcharges with respect thereto, if any, and any payments
made on or in respect thereof, and “Tax” and “Taxation” shall be construed accordingly.

“Total Assets” has the meaning given to that term in Clause 16.2.2.

“Total Commitments” means the aggregate from time to time of all Commitments, being USD
350,000,000 at the date of this Agreement.

	1.2	 	Interpretation
	 
	1.2.1	 	Unless a contrary indication appears, any reference in this Agreement to:

Table of Contents

 9

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

	1.2.2	 	A reference in this Agreement or in any other Finance Document to a statute or
any provision thereof shall refer also to that statute or provision as amended or
re-enacted.
	 
	1.2.3	 	A reference in this Agreement or in any other Finance Document to an
agreement or document shall refer also to such agreement or document as
amended, varied or supplemented and shall include all appendices and other
attachments.

	2.	 	THE FACILITY
	 
	2.1	 	Availability
	 
	 	 	Subject to the terms of this Agreement, each Bank severally agrees to make available its
pro rata share of the principal amount of each Advance up to an aggregate amount equal to
its share of the Facility Amount as set out in Appendix 1 hereto. The failure of any Bank
to perform such obligations shall not relieve the other Banks or the Borrower of any of
their respective obligations or liabilities towards each other under this Agreement.

	2.1.1	 	Under the Facility and during the Commitment Period, the Banks will, when requested by the
Borrower, make Advances to the Borrower in the Commitment Currency or in any Nominated
Currency on a revolving basis up to the Total Commitments.
	 
	2.2	 	Purpose
	 
	2.2.1	 	The Facility shall be used by the Borrower to finance — by way of Inter Company
Loans — the business conducted by Stena Investment.
	 
	2.2.2	 	None of the Agents and the Banks shall be bound to enquire as to the use or
application of any amounts advanced to the Borrower, nor shall any of them be
responsible for the consequences of such use or application.

	3.	 	CONDITIONS PRECEDENT

	3.1	 	Initial conditions precedent
	 
	3.1.1	 	The Borrower may not deliver a Drawdown Notice unless the Facility Agent has
received all the information and documents listed in
Appendix 2 (Initial Conditions Precedent)
in form and substance satisfactory to the Facility Agent.
	 
	3.1.2	 	The Facility Agent shall confirm to the Banks and the Borrower when the
information and documents have been received in satisfactory form. The Security

 

Table of Contents

10

	 	 	Documents and other documents relating to the Security shall be promptly forwarded to the
Security Agent.

	3.2	 	Further conditions precedent
	 
	3.2.1	 	The obligation of the Banks to participate in any Advance is subject to the further
conditions precedent that, as per the date of each Drawdown Notice as well as on the proposed
Drawdown Date:

	 	(a)	 	in the case of a Rollover Advance, the representation and warranty set
out in Clause 13.1.9 (c) (Financial statements) is true and correct in all
material respects and in the case of any other Advance, the
representations and warranties set out in Clause 13.1 (Representations
and Warranties) to be repeated in accordance with Clause 13.2
(Repetition of representations and warranties) are true and correct in all
material respects;
	 
	 	(b)	 	no Default has occurred and is continuing or would result from the
disbursement of the Advance;
	 
	 	(c)	 	the restrictions in respect of Investments and the Security, as further set
out in Clause 12 (Security) are satisfied;
	 
	 	(d)	 	after disbursement of the Advance, the outstanding claims (excluding
accrued interest) under the Inter Company Loans will remain equal to or
in excess of the aggregate outstanding amount of all Advances;
	 
	 	(e)	 	the aggregate outstanding amount of all Advances will not, as a result of
the disbursement of the Advance, exceed an amount equal to 60% of
the Security Value; and
	 
	 	(f)	 	the Ratio of Equity to Total Assets, as set out in Clause
16.2 (Ratio of
Equity to Total Assets), is satisfied.

	4.	 	DRAWDOWN OF ADVANCES

	4.1	 	Drawdown
	 
	4.1.1	 	Whenever the Borrower wishes to borrow under the Facility, it shall deliver to the
Facility Agent a duly completed Drawdown Notice not later than 10.00 a.m.
(Stockholm time) three (3) Banking Days before the proposed Drawdown Date.
The Facility Agent shall forward a copy of such notice to the Banks not later then
during the following Banking Day and provide each Bank with details of the
amount of its participation in the Advance.
	 
	4.1.2	 	The proceeds of any amounts drawn under this Facility shall be utilised for the
purposes set out in Clause 2.2.1 (Purpose) only.
	 
	4.1.3	 	At close of business on the last day of the Commitment Period, the Facility shall
cease to be available for utilisation.

 

Table of Contents

11

	4.2	 	Completion of Drawdown Notice
	 
	4.2.1	 	Each Drawdown Notice is irrevocable and will not be regarded
as having been duly completed unless:

	 	(a)	 	the proposed Drawdown Date is a Banking Day falling not later than
three (3) months before the Final Maturity Date;
	 
	 	(b)	 	the requested amount of the proposed Advance is a minimum of
USD 10,000,000 or the equivalent thereof in any Nominated Currency,
calculated at the Agent’s Sport Rate of Exchange, or, if less, the
Available Facility;
	 
	 	(c)	 	only one Interest Period is specified, which Interest Period may not
extend beyond the Final Maturity Date; and
	 
	 	(d)	 	it is completed and signed by Authorised Signatories substantially in the
form set out in Appendix 3.

	4.2.2	 	The requested Advance may not exceed the Available Facility, as determined by
the Facility Agent on the date which is three (3) Banking Days before the
Drawdown Date or, if later, on the date the Facility Agent receives the Drawdown
Notice.
	 
	4.2.3	 	The Borrower may not deliver a Drawdown Notice if as a result of the proposed
Drawdown more than ten (10) Advances would be outstanding.
	 
	4.2.4	 	Subject to Clause 4.2.3 hereof, the Borrower may deliver any number of
Drawdown Notices on the same day and/or specify the same Drawdown Date.
	 
	4.2.5	 	The Drawdown Notice shall specify the account number/-s held by the Borrower
with the Facility Agent to which the proceeds of the drawn amount are to be paid.
	 
	4.2.6	 	The Drawdown Notice shall contain an irrevocable instruction
from the Borrower to the Facility Agent to transfer the proceeds of the drawn amount from the
account referred to in Clause 4.2.5 to a specified account of Stena Investment
held with the Security Agent with reference “Inter Company Loan”.
	 
	4.3	 	Participation in the Advances
	 
	4.3.1	 	If the conditions set out in this Agreement have been met, each Bank shall make
its participation in each Advance available through its Facility Office.
	 
	4.3.2	 	The amount of each Bank’s participation in each Advance will be equal to the
proportion borne by its Available Commitment to the Available Facility on the
Drawdown Date.

 

Table of Contents

12

	5.	 	INTEREST

	5.1	 	Calculation of interest

	5.1.1	 	The rate of interest on each Advance for each Interest Period is the percentage rate per
annum determined by the Facility Agent to be the aggregate of the applicable:

	 	(a)	 	Margin;
	 
	 	(b)	 	LIBOR/EURIBOR/STIBOR (as applicable); and
	 
	 	(c)	 	Mandatory Cost, if any.

	5.2	 	Interest Periods
	 
	5.2.1	 	The Borrower will select an Interest Period for an Advance in the Drawdown
Notice for such Advance. Subject to this Clause 5.2, the Borrower may select an
Interest Period of three (3) or six (6) months or such other period as may be
agreed between the Banks and the Borrower (however no Interest Period may
exceed twelve months).
	 
	5.2.2	 	An Interest Period shall not extend beyond the Final Maturity Date.
	 
	5.2.3	 	Any interest accruing under this Agreement will accrue from day to day from the
first day of the relevant Interest Period until and including the last day of the
relevant Interest Period and be calculated on the basis of the actual number of
days elapsed and a year of 360 days, or in case the practice in the relevant
interbank market would change, in accordance with that changed market
practice.
	 
	5.2.4	 	When any payment under a Finance Document would otherwise be due and
payable on a day which is not a Banking Day, the due date for payment shall be
extended to the next following Banking Day unless such Banking Day falls in the
next calendar month, in which case payment shall be made on the immediately
preceding Banking Day.
	 
	5.3	 	Payment of interest
	 
	5.3.1	 	Except as otherwise provided in this Agreement, the Borrower shall pay accrued interest on
each Advance on the last day of the Interest Period.
	 
	5.4	 	Default interest
	 
	5.4.1	 	If the Borrower fails to pay an amount payable by it under this Agreement on its due date,
subject to Clause 5.4.2, interest shall accrue on the overdue amount from the due date up to
the date of actual payment at a rate which is two (2) percentage units higher than the rate
determined in accordance with Clause 5.1.1 which would have been payable if the overdue amount
had, during the period of non-payment, constituted an Advance for successive Interest Periods,
each of a duration as the Facility Agent, acting reasonably, may determine. Any interest

 

Table of Contents

13

	 	 	accruing under this Clause 5.4.1 shall be immediately payable by the Borrower on demand by
the Facility Agent.

	5.4.2	 	The interest rate applicable to any overdue amount hereunder shall never be less
than the sum of (i) two (2) percentage units and (ii) the Banks’ cost (expressed as
an annual rate) of funding the overdue amount, as certified by the Banks.
	 
	5.4.3	 	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.

	6.	 	CHANGES TO THE CALCULATION OF INTEREST

	6.1	 	Absence of quotations
	 
	6.1.1	 	If LIBOR/EURIBOR/STIBOR (as applicable) is to be determined by reference to the Reference
Banks but a Reference Bank does not supply a quotation at the specified time on the Quotation
Date, the applicable LIBOR/EURIBOR/STIBOR shall be determined on the basis of the quotations
of the remaining Reference Banks.
	 
	6.2	 	Market disruption
	 
	6.2.1	 	In this Agreement “Market Disruption Event” means:

	 	(a)	 	that at or about 11.00 a.m. (Swedish time) with respect to EURIBOR
and STIBOR and at or about 11.00 a.m. (London time) with respect to
LIBOR on the Quotation Date for the relevant Interest Period, no rates
are quoted on the relevant screen or page, as the case may be, and
none or only one of the Reference Banks has supplied to the Facility
Agent a rate to determine LIBOR/EURIBOR/STIBOR (as applicable) for
the relevant Interest Period; or
	 
	 	(b)	 	that before close of business in Stockholm or London on the Quotation
Date for the relevant Interest Period, the Facility Agent
receives notification from a Bank or Banks that the cost to such Bank or Banks
(as the case may be) of obtaining matching deposits in the relevant
interbank market would be in excess of LIBOR/EURIBOR/STIBOR (as
applicable).

	6.2.2	 	The Facility Agent shall notify the Borrower and the Banks of the occurrence of a
Market Disruption Event.
	 
	6.2.3	 	If a Market Disruption Event occurs in relation to an Advance for any Interest
Period, then the rate of interest on each Bank’s share of that Advance for the
Interest Period shall be the rate per annum which is the sum of:

	 	(a)	 	the Margin;
	 
	 	(b)	 	the rate notified to the Facility Agent by the relevant Bank as soon as
practicable and in any event before interest is due to be paid in respect

 

Table of Contents

14

	 	 	 	of that Interest Period, to be that which expresses as a percentage rate per
annum the cost of that Bank of funding its participation in that Advance from
whatever source it may reasonably select; and
	 
	 	(c)	 	the Mandatory Cost, if any, applicable to that Bank’s participation
in the Advance.

	6.2.4	 	If a Market Disruption Event occurs and the Facility Agent or the Borrower so requires, the
Facility Agent and the Borrower shall enter into negotiations (for a period of not more than
ten (10) Banking Days) with a view to agreeing a substitute basis for determining the rate of
interest. Any such substitute basis agreed between the Facility Agent and the Borrower shall,
with the prior consent of all the Banks, be binding on all parties.

	7.	 	REPAYMENT

	7.1	 	Repayment
	 
	7.1.1	 	The Borrower shall repay each Advance (in the relevant currency) on the last day
of its interest Period to the Facility Agent for the account of the relevant Banks
participating in that Advance.
	 
	7.1.2	 	Subject to the continued availability of the Facility and unless stipulated to the
contrary in this Agreement, any amounts repaid may be re-borrowed in
accordance with the terms of this Agreement.

	8.	 	PREPAYMENT AND CANCELLATION

	8.1	 	Automatic cancellation

	8.1.1	 	The Commitment of each Bank shall be automatically cancelled at the close of business in
Stockholm on the Final Maturity Date.
	 
	8.2	 	Voluntary cancellation
	 
	8.2.1	 	The Borrower may, by giving not less than ten (10) Banking Days’ prior notice to the
Facility Agent, cancel the Available Facility in whole or in part but, if in part, in a
minimum amount of USD 10,000,000. Any cancellation under this Clause 8.2 shall rateably
reduce the Commitments of the Banks under the Facility.
	 
	8.3	 	Right of repayment and cancellation in relation to a single Bank
	 
	8.3.1	 	If a Borrower is required to pay any amount to any of the Banks under Clause 10
(Taxes) and/or Clause 11.1 (Increased costs), then, without prejudice to the
obligations of the Borrower under those Clauses and/or Clause 21.2 (Other
indemnities), the Borrower may give the Facility Agent a notice of cancellation of
the Commitment of that Bank and its intention to procure the repayment of that
Bank’s participation in the Advances.
	 
	8.3.2	 	On the date of service of the notice referred to in Clause 8.3.1, the Commitment
of the relevant Bank shall immediately be reduced to zero.

 

Table of Contents

15

	8.3.3	 	On the last day of each Interest Period which ends after
the Borrower has given notice under Clause 8.3.1, the Borrower
shall repay the relevant Bank’s participation in the Advances.
	 
	8.4	 	Mandatory prepayment additional Security
	 
	8.4.1	 	If at any time the conditions set out in Clause 12.2.1 and
Clause 12.2.2 (Security) are not
met , then, the Facility Agent shall notify the Borrower and, within five (5) Banking Days of
receipt of such notification, the Borrower shall either (i) prepay the outstanding Advances
as and to the extent the Facility Agent shall certify to be necessary to comply with the
requirement in Clause 12.2.1 and Clause 12.2.2, together with all unpaid accrued interest
thereon and any other sum then due under this Agreement or (ii) provide or procure additional
Security - as the Banks deem satisfactory – to ensure that the conditions set out in Clause
12.2.1 and Clause 12.2.2 are met.
	 
	8.5	 	Miscellaneous provisions
	 
	8.5.1	 	Any notice of repayment and/or cancellation by the Borrower under this
Agreement shall be irrevocable and, unless a contrary indication appears in this
Agreement, shall specify the date or dates upon which the relevant repayment or
cancellation is to be made and the amount of that repayment or cancellation. This
Agreement shall survive any cancellation and continue in full force and effect until
all Advances have been repaid to the Banks and all other amounts due to the
Agents and the Banks hereunder have been paid in full.
	 
	8.5.2	 	Any repayment under this Agreement shall be made together with accrued
interest on the amount repaid and, subject to any Break Costs, without any
premium or penalty.
	 
	8.5.3	 	The Borrower is not entitled to repay or prepay all or any part of the Advances or
cancel all or any part of the Commitments except at the times and in the manner
expressly provided for in this Agreement.
	 
	8.5.4	 	If the Facility Agent receives a notice under this Clause 8 (Prepayment and
Cancellation), it shall promptly forward a copy of such notice to the affected Bank
or Banks.

	9.	 	PAYMENTS

	9.1	 	General
	 
	9.1.1	 	On each date on which the Borrower or a Bank is required to make a payment
under this Agreement, the Borrower or Bank, as the case may be, shall make
such payment available to the Facility Agent in the relevant currency 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 the settlement of transactions in USD, EUR or
SEK (as applicable) in the place of payment.
	 
	9.1.2	 	Payment shall be made to such account at such office or bank as the Facility
Agent may designate from time to time.

 

Table of Contents

16

	9.1.3	 	All payments made by the Borrower under this Agreement shall be made without
set-off or counterclaim.
	 
	9.1.4	 	When any payment under a Finance Document would otherwise be due and
payable on a day which is not a Banking Day, the due date for payment shall be
extended to the next following Banking Day unless such Banking Day falls in the
next calendar month, in which case payment shall be made on the immediately
preceding Banking Day.
	 
	9.2	 	Distributions by the Facility Agent
	 
	9.2.1	 	Each payment received by the Facility Agent under this Agreement for another party shall,
subject to Clause 9.3 (Distributions to the Borrower) and
Clause 9.4 (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 Bank, for the account
of its Facility Office), to such account and bank as that party may notify to the Facility
Agent by not less than five (5) Banking Days’ notice.
	 
	9.3	 	Distributions to the Borrower
	 
	9.3.1	 	The Facility Agent may (with the consent of the Borrower or in accordance with Clause 23.1
(Set-off)) apply any amount received by it for the account of the Borrower in or towards
payment (on the date and in the funds of receipt) of any amount due from the Borrower under
this Agreement.
	 
	9.4	 	Clawback
	 
	9.4.1	 	Where a sum is to be paid to the Facility Agent under this Agreement for the
account of another party, the Facility Agent is not obliged to pay that sum to that
other party until it has been able to establish to its satisfaction that it has actually
received that sum.
	 
	9.4.2	 	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.
	 
	9.5	 	Change of currency
	 
	9.5.1	 	If Swedish kronor is replaced as legal tender in Sweden by the Euro, all references to
Swedish kronor in this Agreement shall be deemed to be references to the Euro, provided that
the Facility Agent, acting reasonably and in good faith and after having consulted with the
Borrower, shall determine at what time such replacement shall be made for the purpose of this
Agreement in the event that such replacement includes a transition period.

 

Table of Contents

17

	9.5.2	 	In case of any such change of currency, this Agreement will, to the extent the
Facility Agent specifies to be necessary, be amended to comply with any
generally accepted conventions and market practices in the Stockholm interbank
market and otherwise to reflect the change in currency and to put the Finance
Parties and the Borrower in the same position, so far as possible, which they
would have been in if no change of currency had occurred.
	 
	9.5.3	 	The Borrower shall, on demand, indemnify each of the Finance Parties against
any reasonable cost, expense, loss or liability which it incurs as a consequence
of any change of currency, provided that such cost, expense loss or liability is
directly related to this Agreement and would not have been incurred had it not
been a party to this Agreement.
	 
	9.6	 	Partial payments
	 
	9.6.1	 	If a Finance Party receives a payment which is insufficient to discharge all the
amounts then due and payable by the Borrower under this Agreement, the
Finance Party shall apply such payment towards the obligations of the Borrower
under this Agreement in the following order:

	 	(a)	 	first, in or towards payment pro rata of any unpaid fees, costs and
expenses of each of the Agents, the Banks and the Arrangers;
	 
	 	(b)	 	secondly, in or towards payment pro rata of any accrued interest due but
unpaid;
	 
	 	(c)	 	thirdly, in or towards payment pro rata of any principal due but unpaid;
and
	 
	 	(d)	 	fourthly, in or towards payment pro rata of any other sum due but
unpaid,

	9.6.2	 	Clause 9.6.1 above will override any appropriation made by the Borrower.

	10.	 	TAXES

	10.1	 	Tax gross-up

	10.1.1	 	Except to the extent required by law, all payments to be made by the Borrower
under this Agreement shall be made free and clear of any deduction or
withholding for or on account of Tax. The Borrower shall promptly upon becoming
aware that it must make a Tax Deduction notify the Facility Agent accordingly.
Similarly, a Bank shall notify the Facility Agent on becoming so aware in respect
of a payment payable to that Bank. If the Facility Agent receives such notification
from a Bank, it shall notify the Borrower.
	 
	10.1.2	 	If the Borrower is required by law to make any deduction or withholding on
account of any Tax or otherwise from any sum paid or payable by the Borrower to
any Finance Party under this Agreement (a “Tax Deduction”), the Borrower shall
pay the Facility Agent for such Finance Party such additional amount (an
“Additional Amount”) as is necessary to ensure that, after making such Tax

 

Table of Contents

18

	 	 	Deduction, the relevant Finance Party receives a net sum equal to the sum which it would
have received had no such Tax Deduction been required or made.
	 
	10.1.3	 	If the Borrower is required to make a Tax Deduction, the Borrower 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. The Borrower shall as soon as possible
deliver to the Facility Agent for the Finance Party entitled to the payment 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.
	 
	10.1.4	 	Clause 10.1.2 above shall not apply with respect to any Tax assessed on a Finance Party:

	 	(a)	 	under the law of the jurisdiction in which the Finance Party is
incorporated or, if different, the jurisdiction (or jurisdictions) in which the
Finance Party is treated as resident for tax purposes; or
	 
	 	(b)	 	under the law of the jurisdiction in which the Finance Party’s Facility
Office is located in respect of amounts received or receivable in that jurisdiction,

	 	 	if that Tax is imposed on or calculated by reference to the net income received or
receivable by such Finance Party.
	 
	10.2	 	Tax credit
	 
	10.2.1	 	If the Borrower makes a payment pursuant to Clause 10.1.2 (a “Tax Payment”) and the
relevant Finance Party determines that it has obtained a refund of Tax or a credit against,
relief or remission for, any Tax (a “Tax Credit”) and the Finance Party utilises that Tax
Credit, then the Finance Party shall reimburse the Borrower such amount as the Finance Party
shall have reasonably concluded to be attributable to the Tax Payment and which will leave
the Finance Party (after the reimbursement) in the same after-Tax position as it would have
been in had the Tax Payment not been made by the Borrower. Notwithstanding the provisions of
this Clause 10.2.1, nothing contained in this Agreement shall interfere with the right of the
Finance Parties to arrange their tax affairs in whatever manner they think fit or oblige the
Finance Parties to disclose to the Borrower any information regarding their tax affairs or
tax computations.

	11.	 	INCREASED COSTS AND ILLEGALITY

	11.1	 	Increased costs
	 
	11.1.1	 	Subject to Clause 11.1.2, the Borrower shall forthwith on demand by the Facility Agent pay
to the Facility Agent for the account of a Finance Party the amount of any increased cost
incurred by the Finance Party as a result of (i) the introduction of, or any change in (or in
the interpretation or application of) any law or regulation or (ii) compliance with any law or
regulation made after the date of this Agreement (an “Increased Cost”).

Table of Contents

19

	11.1.2	 	Clause 11.1.1 does not apply to any Increased Cost:

	 	(a)	 	compensated for by the operation of Clause 10.1 (Taxes);
	 
	 	(b)	 	attributable to any change in the rate of tax on the overall net income of
the Finance Party (or the overall net income of a division or branch of such Finance
Party) imposed in any jurisdiction; or
	 
	 	(c)	 	attributable to a wilful breach by the relevant Finance Party of any law
or regulation.

	11.1.3	 	A Finance Party intending to make a claim pursuant to Clause 11.1.1 shall notify the
Facility Agent of the event giving rise to the claim following which the Facility Agent shall
promptly notify the Borrower. Each Finance Party shall, as soon as practicable after a demand
by the Facility Agent, provide a certificate confirming the amount of its Increased Costs.
	 
	11.2	 	Illegality
	 
	11.2.1	 	If at any time it is or will become unlawful for a Bank to perform any of its obligations
as contemplated by this Agreement or to fund or maintain its participation in any Advance:

	 	(a)	 	the Bank shall promptly notify the Facility Agent upon becoming aware of
the event, following which the Facility Agent shall notify the Borrower;
	 
	 	(b)	 	upon the Facility Agent notifying the Borrower, the Commitment of that
Bank will be immediately cancelled; and
	 
	 	(d)	 	the Borrower shall prepay that Bank’s participation in the Advances on
the last day of the Interest Period for each Advance occurring after the
Facility Agent has notified the Borrower or, if earlier, the date specified
by the Bank in the notice delivered to the Facility Agent (being no earlier
than the last day of any applicable grace period permitted by law),
together with all unpaid accrued interest thereon and any other sum then
due to the Bank under this Agreement.

	11.3	 	Mitigation
	 
	11.3.1	 	If any circumstances arise which result, or would upon the giving of notice thereof result
in the Borrower being required to make payment to or for the account of a Bank pursuant to
Clauses 10.1 (Tax gross-up), 11.1 (Increased costs) or
11.2 (Illegality) or the Available
Commitment of such Bank being cancelled pursuant to Clause 11.2.1 (b) then, without in any
way limiting, reducing or otherwise qualifying the obligations of the Borrower under Clauses
10 (Taxes) and 11 (Increased Costs and Illegality) the Facility Agent or the relevant Bank
(as the case may be) shall endeavour to take such reasonable steps as may be open to it to
mitigate or remove such circumstances including (without limitation) the transfer of its
rights and obligations to another bank or financial institution acceptable to the Borrower
unless to do so might (in its opinion) be prejudicial to

Table of Contents

20

	 	 	it or be in conflict with its general banking policies or involve it in expense or an
unreasonable increased administrative burden.

	12.	 	SECURITY
	 
	12.1	 	Pledges
	 
	12.1.1	 	The Borrower shall procure that Stena Investment will, as security for the due performance
of the Borrower’s obligations under this Agreement and any other Finance Document, provide a
first priority security interest over the Stena Investment Pledged Assets pursuant to and in
accordance with the Security Documents.
	 
	12.2	 	Security value and other restrictions in respect of Investments and the
Security
	 
	12.2.1	 	The outstanding claims (excluding accrued interest) with respect to the Inter Company Loans
shall at all times be equal to or exceed the aggregate outstanding amount of all Advances.
	 
	12.2.2	 	The aggregate outstanding amount of all Advances may not at any time exceed 60% of the sum
of Security Value.
	 
	12.2.3	 	To the extent the Market Value for a single Investment, would exceed USD 150,000,000 (or
the equivalent thereof in any Nominated Currency), such excess amount shall not be included
in the calculation of the Security Value.
	 
	12.2.4	 	Bonds or other securities issued by the Stena Sphere shall not be included in the
calculation of the Security Value.
	 
	12.2.5	 	The Pledged Account shall not at any time contain less than four (4) Investments.

	13.	 	REPRESENTATIONS AND WARRANTIES
	 
	13.1	 	Representations and warranties
	 
	 	 	The Borrower makes the representations and warranties set out in this Clause 13.1 to each
Finance Party.
	 
	13.1.1	 	Status: It is a limited liability company duly organised and validly existing under the
laws of Luxembourg, possessing corporate existence and the capacity to sue or be sued in its
own name.
	 
	13.1.2	 	Power: It has the power to own its property and assets and carry on its business as it is
now being conducted, and it has complied with all statutes and other requirements which are
necessary to enable it to undertake its business and own its property and assets.
	 
	13.1.3	 	Authority: It has the power to enter into and perform, and has taken all necessary
corporate action to authorise the entry into and performance of, its obligations under the
Finance Documents and the transactions contemplated thereby.

Table of Contents

21

	13.1.4	 	Legal validity: The Finance Documents constitute its legal, valid and binding
obligations enforceable in accordance with their terms.
	 
	13.1.5	 	Non-conflict with laws: The entry into and performance of its obligations under the Finance
Documents and the transactions contemplated thereby do not and will not conflict with (i) any
law or regulation or any official or judicial order or (ii) its constitutional documents or
(iii) any material agreement, mortgage, bond or other instrument or document to which any
member of the Stena AB Group is party or to which any asset of any member of the Stena AB
Group is subject.
	 
	13.1.6	 	Pari passu ranking: Its obligations under the Finance Documents rank and will rank at least
pari passu with all its other unsecured and unsubordinated obligations, except for
obligations mandatorily preferred by law applying to companies generally.
	 
	13.1.7	 	No default: No Default is continuing or might result from the making of any Advance or the
performance by the Borrower of its obligations under any Finance Document. No other event has
occurred which constitutes (or with the giving of notice, lapse of time, determination of
materiality or the fulfilment of any other applicable condition or a combination of the
foregoing, might constitute) a default under or in respect of any document which is binding on
any member of the Stena AB Group or any asset of any member of the Stena AB Group to an extent
and in a manner which might have a Material Adverse Effect.
	 
	13.1.8	 	Authorisations: All authorisations required in connection with the entry into, performance,
validity and enforceability of, and the transactions contemplated by, the Finance Documents
have been obtained or effected (as appropriate) and are in full force and effect.
	 
	13.1.9	 	Financial statements:

	 	(a)	 	The financial statements have been prepared in accordance with law and
accounting practices generally accepted in Luxembourg consistently applied.
	 
	 	(b)	 	The financial statements fairly represent the Borrower’s financial
condition as at the date they were drawn up.
	 
	 	(c)	 	There has been no material adverse change in the Borrower’s business or
financial condition since the date to which those financial statements were drawn
up.

	13.1.10	 	Perfection of security: Each Security Document creates the relevant Security which it
purports to create with priority stated and such Security is not subject to any prior equal
or higher ranking Security Interest, other encumbrance or claim.
	 
	13.1.11	 	Ownership of Borrower: It is a wholly owned Subsidiary of Stena AB (publ) and its shares
are not subject to any Security Interest, encumbrance, pre-emption
rights or contractual restrictions with respect to the exercise of voting rights.

Table of Contents

22

	13.1.12	 	Taxes: It is not required under Swedish law to make any deduction for or on
account of Tax from any payment it may make under any Finance Document.
	 
	13.2	 	Repetition of representations and warranties
	 
	13.2.1	 	The representations and warranties set out in Clauses 13.1.1 to 13.1.7, 13.1.9 and 13.1.11
shall survive the execution of this Agreement and shall be deemed to be repeated on the date
of each Drawdown Notice, each Drawdown Date and on the date for delivery of each Compliance
Certificate, with reference to the facts and circumstances then existing, except in the case
of a Rollover Advance where only the representation and warranty in Clause 13.1.9 (c)
(Financial statements) shall be deemed to be repeated on the date of the relevant Drawdown
Notice and the relevant Drawdown Date, with reference to the facts and circumstances then
existing.

	14.	 	INFORMATION

	14.1	 	Duration
	 
	14.1.1	 	The undertakings in this Clause 14 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.
	 
	14.2	 	Financial information
	 
	14.2.1	 	The Borrower shall supply to the Facility Agent in form and substance satisfactory to the
Facility Agent and in sufficient copies for the Banks:

	 	(a)	 	as soon as the same are available but in any event within 180 days of the
end of each financial year, audited consolidated financial statements for the
Borrower for such financial year, such financial statements to have been prepared in
accordance with Luxembourg law and accounting practices generally accepted in
Luxembourg and which fairly represent the Borrower’s operations during the relevant
financial year and the Borrower’s financial condition at the end of such financial
year;
	 
	 	(b)	 	as soon as the same are available, interim reports for the Borrower, such
interim reports (which, for the avoidance of doubt, shall cover the periods ending
on March 31, June 30, September 30 and December 31, respectively) not to be supplied
later than within 45 days of the end of the period to which they refer;
	 
	 	(c)	 	together with the financial statements and interim reports delivered
pursuant to paragraphs (a) and (b) above (and, at any time, promptly upon request
from the Facility Agent), a Compliance Certificate in the form set out in
Appendix 4 signed by Authorised Signatories of the Borrower; and
	 
	 	(d)	 	promptly, all notices or other documents dispatched by the Borrower to its
creditors generally (or any class thereof).

Table of Contents

23

	14.2.2	 	The Borrower shall advise the Facility Agent if any material change in its
accounting principles is made. The Borrower shall in connection therewith, if so
requested, provide the Facility Agent with historical information on a comparable basis.
	 
	14.3	 	Notification of Default
	 
	14.3.1	 	The Borrower 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.
	 
	14.4	 	Other information
	 
	14.4.1	 	The Borrower shall promptly supply to the Facility Agent:

	 	(a)	 	information regarding any material change of its business
activities or any decision to implement such change;
	 
	 	(b)	 	(to the extent it is aware thereof) information regarding any other
occurrence relating to the Stena AB Group and any member of the
Stena AB Group (including any third party claim or liability) which might
have a Material Adverse Effect;
	 
	 	(c)	 	any financial or other information which gives rise to the reasonable
conclusion that the financial covenants set out in Clause 16
(Financial Covenants)
will not be satisfied or that the requirements in respect of the Security set out in
Clause 12 (Security) will not be met;
	 
	 	(d)	 	details of any litigation, arbitration or administrative proceedings which
are current, threatened or pending and which might, if adversely determined have a
Material Adverse Effect; and

	14.4.2	 	The Borrower shall without undue delay supply to the Facility Agent, upon request, such
information in the possession or control of the Borrower concerning its operations, assets
and financial position, which may reasonably be requested by the Facility Agent on behalf of
the Banks.
	 
	14.4.3	 	The Borrower shall without undue delay procure that Stena Investment supplies to the
Security Agent, upon request, such information in the possession or control of Stena
Investment concerning its operations, assets and financial position, which may reasonably be
requested by the Security Agent on behalf of the Banks.

	15.	 	GENERAL UNDERTAKINGS
	 
	15.1	 	Duration
	 
	 	 	The undertakings in this Clause 15 shall remain in force and effect from the date of this
Agreement for so long as any amount is outstanding under the Finance Documents or any
Commitment is in force.

Table of Contents

24

	15.2	 	Pari passu ranking
	 
	 	 	The Borrower shall procure that its payment obligations under this Agreement and the
other Finance Documents do and will rank at least pari passu with all its other present
and future unsecured and unsubordinated obligations, except for obligations which are
mandatorily preferred by law.
	 
	15.3	 	Maintenance of status, authorisations, compliance
	 
	15.3.1	 	The Borrower shall from time to time do all such things and take such action as is
necessary to maintain its corporate existence.
	 
	15.3.2	 	The Borrower shall promptly obtain, comply with the terms of, and do all that is necessary
to maintain in full force and effect, all authorisations, approvals, licences and consents
required in or by the laws and regulations of Luxembourg to enable it lawfully to (i) carry
out the business activities which it carries on the date of this Agreement, and (ii) enter
into and perform its obligations under the Finance Documents or to ensure the legality,
validity, enforceability of the Finance Documents.
	 
	15.3.3	 	The Borrower shall comply in all respects with (i) all laws to which it may be subject and
(ii) the terms of the Finance Documents and the Intercreditor Agreements.
	 
	15.4	 	Negative pledge
	 
	15.4.1	 	The Borrower shall procure that Stena Investment does not create or permit to subsist any
second priority Security Interest over the Stena Investment Pledged Assets.
	 
	15.4.2	 	The Borrower shall not make any advances, grant any credit, give any guarantee or indemnity
to or for the benefit of any person, or otherwise voluntarily assume any liability, whether
actual or contingent, in respect of any obligation of any person, except in the ordinary
course of business or as contemplated by the Finance Documents.
	 
	15.4.3	 	The Borrower shall not incur any indebtedness other than Subordinated Loans (and
indebtedness under this Agreement).
	 
	15.5	 	Change of business, mergers, disposals and acquisitions
	 
	15.5.1	 	The Borrower shall procure that no substantial change is made to the general nature of the
business of the Borrower from that carried on at the date of this Agreement.
	 
	15.5.2	 	The Borrower shall not enter into any amalgamation, demerger, merger or any joint venture
or corporate reconstruction.
	 
	15.5.3	 	The Borrower shall not enter into any partnership agreement, other than in the ordinary
course of business or with the prior written consent of the Majority Banks.

Table of Contents

25

	15.6	 	Change of Ownership
	 
	15.6.1	 	The Borrower shall remain a wholly owned member of the Stena AB Group.
	 
	15.7	 	Transactions with owners
	 
	15.7.1	 	Without prejudice and subject to the provisions of Clause 15.5, the Borrower shall not
acquire any assets from or sell any assets to any owner of it or an Affiliate of such owner,
or enter into any agreement or arrangement with such owner or an Affiliate of such owner,
except on arm’s length terms and for fair market value or with the prior written consent of
the Majority Banks.
	 
	15.8	 	Subordinated Loans
	 
	15.8.1	 	The Borrower may repay or prepay any Subordinated Loan to the extent that
such repayment or prepayment, in the opinion of the Facility Agent, will not result in the
Ratio of Equity to Total Assets being less than thirty (30) per
cent. and then only on
condition that no Default is then continuing or would occur as a result of such repayment
or prepayment of the Subordinated Loan and otherwise subject to the provisions of relevant
Intercreditor Agreements.

	16.	 	FINANCIAL COVENANTS
	 
	16.1	 	Duration
	 
	16.1.1	 	The Borrower shall, as from the date of this Agreement and for so long as any amount is
outstanding under the Finance Documents or any Commitment is in force, ensure that the
financial covenants set out in this Clause 16 are met.
	 
	16.1.2	 	The Facility Agent in its sole discretion may, and if instructed by the Majority Banks
shall, at any time test whether the Borrower satisfies the financial covenants set out in
this Clause 16. Without prejudice to the generality of the foregoing, such tests will be
carried out on the following occasions:

	 	(a)	 	as per March 31, June 30, September 30 and December 31 respectively each
year and in each case on the basis of the financial information and the Compliance
Certificates delivered pursuant to Clause 14.2 (Financial information); and
	 
	 	(b)	 	each time a Subordinated Lender demands repayment in whole or in part of
any Subordinated Loan.

	16.2	 	Ratio of Equity to Total Assets
	 
	16.2.1	 	The Ratio of Equity to Total Assets shall for each Reference Date be at least thirty (30)%.

Table of Contents

26

	16.2.2	 	The Ratio of Equity to Total Assets means the ratio calculated for the Borrower
and Stena Investment, based on the consolidated balance sheet for the Borrower
and Stena Investment, using the following equation:

Equity

Total Assets

	 	 	Equity = the aggregate amount of restricted equity, non-restricted equity, and
Subordinated Loans).
	 
	 	 	Total Assets = fixed and current assets where Investments shall be adjusted to Market
Value.

	16.2.3	 	If the Ratio of Equity to Total Assets is below thirty (30) % at any time a test by
the Facility Agent of the satisfaction by the Borrower of the Ratio of Equity to
Total Assets is carried out, then the Borrower shall take measures satisfactory to
the Banks, the effect of which are to increase the Ratio of Equity to Total Assets
to a level of at least thirty (30) % within twenty-one (21) days following the date of
such test unless otherwise agreed by the Majority Banks.
	 
	16.3	 	Change of accounting principles
	 
	 	 	If there is a change in generally accepted accounting principles in Luxembourg or in the
interpretation of such principles, the Facility Agent and the Borrower shall, at the
Facility Agent’s request, negotiate in good faith with a view to agreeing such amendments
to the financial covenants in this Clause 16 and/or the definitions used herein as may be
necessary to provide the Banks with protection comparable to that provided on the date
hereof, and any amendments as agreed will take effect as of the date agreed between the
Facility Agent and the Borrower.

	17.	 	DEFAULT AND ACCELERATION
	 
	17.1	 	Events of Default
	 
	 	 	Each of the events set out this in Clause 17.1 is an Event of Default (whether or not
caused by any reason whatsoever outside the control of the Borrower or any other person).
The breach of any undertaking or covenant expressed to be undertaken by the Borrower
herein shall constitute an Event of Default even if such breach is caused by a decision
of its shareholders or by a Subordinated Lender.
	 
	17.1.1	 	Non-payment: The Borrower does not pay on the due date, any amount payable by it under this
Agreement or any other Finance Document at the place and in the manner in which it is
expressed to be payable, unless such failure is due solely to technical or administrative
errors and payment is received within three (3) Banking Days of its due date.
	 
	17.1.2	 	Breach of material obligations: The Borrower does not comply with the provisions in Clause
2.2 (Purpose), Clause 8.4.1 (Mandatory prepayment
additional Security), Clause 12 (Security),
Clause 14.3 (Notification of Default),

Table of Contents

27

	 	 	Clause 14.4 (Other information) (except for Clauses 14.4.1 (b) and (c)), Clause 15.4
(Negative pledge), Clause 15.5 (Change of business,
mergers, disposals and acquisitions),
Clause 15,8 (Subordinated loans) or Clause 16 (Financial Covenants) or any requirement
set out therein is not satisfied.
	 
	17.1.3	 	Breach of any obligations under any Security Documents: Stena Investment does not comply
with any obligations in any of the Security Documents.
	 
	17.1.4	 	Breach of other obligations: The Borrower does not comply with any obligations in this
Agreement (other than those referred to in Clauses 17.1.1, 17.1.2 and 17.1.3) or in any other
Finance Document and such failure (if capable of remedy) is not remedied within thirty (30)
days after the Facility Agent has given written notice thereof to the Borrower.
	 
	17.1.5	 	Misrepresentation: Any representation or warranty made or repeated in this Agreement or in
any other Finance Document, or in any certificate, statement or document delivered by or on
behalf of the Borrower under or in connection with any Finance Document is or proves to have
been incorrect or misleading in any material respect when made or repeated.
	 
	17.1.6	 	Cross-default

	 	(a)	 	Any indebtedness of the Borrower or any other member of the Stena AB Group
is not paid when due nor within any originally applicable grace period.
	 
	 	(b)	 	Any indebtedness of the Borrower or any other member of the Stena AB Group
becomes, or becomes capable of being declared, prematurely due and payable or is
placed on demand, in either case as a result of an event of default (howsoever
described) under the document relating to that indebtedness.
	 
	 	(c)	 	Any commitment for, or underwriting of, any indebtedness of the Borrower
or any other member of the Stena AB Group is cancelled or suspended by a creditor of
a member of the Stena AB Group as a result of an event of default (howsoever
described) under the document relating to that indebtedness.
	 
	 	(d)	 	Any Security Interest, securing indebtedness, over any asset of the
Borrower or any other member of the Stena AB Group becomes enforceable.
	 
	 	(e)	 	The circumstances in this Clause 6 will only constitute an Event of Default
if the amount of indebtedness referred to exceeds USD 30,000,000 (except in respect
of the Borrower, for which the relevant amount shall be zero) in aggregate (or the
equivalent thereof in any other currency.

Table of Contents

28

	17.1.7	 	Insolvency:

	 	(a)	 	A member of the Stena AB Group is, or is deemed for the purposes of any law
to be, insolvent or admits in writing its inability to pay its debts as they fall
due.
	 
	 	(b)	 	A member of the Stena AB Group suspends making payments on all or any class
of its debts or announces an intention to do so, or a moratorium is declared in
respect of any of its indebtedness.
	 
	 	(c)	 	A member of the Stena AB Group commences negotiations with any one or more
of its creditors with a view to the general readjustment or rescheduling of its
indebtedness, or makes a composition or an arrangement with its creditors or any
similar proceeding, arrangement or assignment.

	17.1.8	 	Insolvency proceedings:

	 	(a)	 	A member of the Stena AB Group takes any corporate action or any order is
made or resolution passed for the suspension of payments, business reorganisation,
forced or insolvent liquidation or bankruptcy of a member of the Stena AB Group
(except in the context of a solvent reconstruction or amalgamation, provided
that such reconstruction or amalgamation, in the opinion of the Majority Banks,
will not lead to the creditworthiness of the resulting or surviving entity being
materially weaker than that of the original entity immediately prior to such
reconstruction or amalgamation).
	 
	 	(b)	 	A liquidator in a forced or insolvent, receiver, insolvency manager,
reconstruction manager or similar officer is appointed in respect of a member of the
Stena AB Group or in respect of all or substantially all of its assets.
	 
	 	(c)	 	A corporate action, legal proceeding or other procedure or step has been
taken in relation to:

	 	-	 	the bankruptcy, suspension of payments (sursis de
paiement), a moratorium of any indebtedness, winding-up, dissolution,
judicial management, a “concordat préventif de la faillite” or a “gestion
contrôlée” or any analogous proceedings (by way of voluntary arrangement,
scheme of arrangement or otherwise) of the Borrower;
	 
	 	-	 	a composition, assignment or arrangement with any
creditor of the Borrower with respect to any undisputed debt;
	 
	 	-	 	the appointment of a liquidator, judicial manager,
receiver and/or manager, administrator, administrative receiver, compulsory
manager, provisional supervisor, supervisor or other similar officer in
respect of the Borrower.

Table of Contents

29

	17.1.9	 	Creditors’ process: Any attachment, distress or execution affects a substantial
part of the assets of the Borrower and is not discharged within thirty (30) days.
	 
	17.1.10	 	Analogous proceedings: There occurs, in relation to the Borrower, or with regard to events
referred to in Clauses 17.1.7 and 17.1.8, a member of the Stena AB Group, any event anywhere
which is analogous to any of those mentioned in Clauses 17.1.7 to 16.
	 
	17.1.11	 	Default under the Intercreditor Agreement: The Borrower or any other Intercreditor Obligor
does not comply with the provisions of the Intercreditor Agreement or any requirement set out
therein is not satisfied.
	 
	17.1.12	 	Cessation of business: The Borrower ceases or threatens to cease to carry on all or a
substantial part of its business.
	 
	17.1.13	 	Unlawfulness: At any time it is or becomes unlawful for the Borrower to perform or comply
with any or all of its obligations under any Finance Document or any of the obligations of
the Borrower under the Finance Documents are not or cease to be legal, valid and binding.
	 
	17.1.14	 	Change of control: The Borrower ceases to be a wholly owned Subsidiary of Stena AB (publ).
	 
	17.1.15	 	Litigation: Any litigation, arbitration or administrative proceedings which might, if
adversely determined, have a Material Adverse Effect.
	 
	17.1.16	 	Material adverse change: Any event or series of events occurs which in the opinion of the
Majority Banks might have a Material Adverse Effect.
	 
	17.2	 	Acceleration
	 
	17.2.1	 	On and at any time after the occurrence of an Event of Default and so long as it is
continuing, the Facility Agent may, and if so instructed by the Majority Banks shall, by
notice to the Borrower:

	 	(a)	 	cancel the Facility and all Commitments whereupon they shall immediately
be cancelled; and/or
	 
	 	(b)	 	declare all or part of the Advances, together with accrued interest, and
other amounts accrued or outstanding under this Agreement and under the other
Finance Documents due and payable, whereupon they shall become due and payable on
the date specified by the Facility Agent, or if no date is specified, on demand by
the Facility Agent.

	18.	 	FEES AND EXPENSES
	 
	18.1	 	Commitment fee
	 
	18.1.1	 	The Borrower shall pay to the Facility Agent (for the account of each Bank) a commitment
fee computed at the rate of 0.15% per annum on that Bank’s Available Commitment for the
Commitment Period. The accrued commitment fee

Table of Contents

30

	 	 	is payable in arrears on the last day of each successive period of three months which
ends during the Commitment Period and on the last day of the Commitment Period. The first
date for payment of the Commitment Fee shall be December 31, 2007.
	 
	18.1.2	 	The commitment fees shall be calculated on a 360 day/year basis and the actual number of
days elapsed.
	 
	18.2	 	Arrangement fee
	 
	18.2.1	 	The Borrower shall pay to the Banks an arrangement fee computed at the rate of 0.15% of the
Total Commitment, payable on or before signing of this Agreement.
	 
	18.3	 	Agency/deposit fee
	 
	 	 	The Borrower shall pay to the Agents an agency/deposit fee subject to and in accordance
with the Fee Letter.
	 
	18.4	 	Mandatory costs
	 
	18.4.1	 	The Borrower shall, at the request of the Facility Agent, acting on instructions of the
Banks, pay to the Facility Agent (for the account of each Bank) the amount (if any) determined
by the Facility Agent as being (i) the cost to any Bank of compliance with any reserve asset
requirements of the European Central Bank, and/or (ii) the cost to any Bank of compliance with
any reserve assets, liquidity or cash margin or other similar requirements of any other
applicable monetary or other authority.
	 
	18.4.2	 	The amounts payable by the Borrower under Clause 18.4.1 shall be paid on the dates
specified by the Facility Agent.
	 
	18.4.3	 	Any Bank wishing to claim compensation under Clause 18.4.1 shall deliver to the Facility
Agent a computation of the amount claimed, setting out in reasonable detail the basis for
such computation.
	 
	18.5	 	Other costs
	 
	18.5.1	 	The Borrower shall reimburse the Arrangers and the Agents on demand for all reasonable
out-of-pocket costs and expenses (including external and internal legal costs) together with
any value added tax (if any) thereon incurred by them in connection with the preparation,
negotiation and execution of this Agreement and the other Finance Documents, whether this
Agreement is signed or not.
	 
	18.5.2	 	The Borrower shall within three (3) Banking Days of demand pay to the Agents the amount of
all costs and expenses (including external and internal legal fees) together with any value
added tax (if any) thereon reasonably incurred by them:

	 	(a)	 	in connection with any amendments or requested waivers, or a
suspension of rights, or a proposal for any of the foregoing, related to this
Agreement or any other Finance Document;

Table of Contents

31

	 	(b)	 	in connection with the preservation and enforcement of any rights under this
Agreement or any other Finance Document; or
	 
	 	(c)	 	in connection with the investigation of any Default.

	18.5.3	 	The Borrower shall pay all stamp, registration
and other duties and similar taxes, if any, to which
any Finance Document may be subject or give rise and
shall indemnify the Finance Parties against any and all
liabilities with respect to or resulting from any delay
or omission in paying any such duties or taxes.

	19.	 	 RELATIONSHIP BETWEEN THE BANKS
	 
	19.1	 	Rights and obligations several
	 
	19.1.1	 	The obligations of each Bank under this Agreement are several. The failure of a Bank to
perform its obligations under this Agreement shall not affect the obligations of any other
party under this Agreement. No Finance Party is responsible for the obligations of any other
Finance Party under this Agreement.
	 
	19.1.2	 	The rights of each Bank under or in connection with this Agreement are separate and
independent rights and any debt arising under this Agreement to a Bank from the Borrower
shall be a separate and independent debt.
	 
	19.2	 	Recoveries
	 
	19.2.1	 	If any Bank at any time receives or recovers by set-off or otherwise any sum which it is
obliged (or being so entitled has elected) to apply towards payment of any amount due to it
hereunder (otherwise than amounts specifically payable to that Bank under the terms of this
Agreement) then such Bank shall be obliged to offer to each other Bank through the Facility
Agent such payment by way of adjustment as may be necessary to ensure that at all times each
Bank receives the same proportion (save as referred to in Clause 19.2.2) of principal,
interest and fees and commissions due to it under this Agreement as each other Bank and to
ensure that payments are applied in the order of priority set out in Clause 9.6
(Partial payments).
	 
	19.2.2	 	An offer made by a Bank in accordance with Clause 19.2.1 shall be conditional upon each
Bank who may accept such offer (the “Accepting Bank”) agreeing to indemnify the Bank making
such offer (the “Offering Bank”) on terms reasonably acceptable to the Offering Bank against
any loss (other than the loss suffered by such payment by way of adjustment) which the
Offering Bank may subsequently suffer by reason of having made such payment by way of
adjustment to such Accepting Bank.
	 
	19.2.3	 	A Bank pursuing any action or proceeding in any court under this Agreement shall not be
obliged to make an offer pursuant to Clause 19.2.1 to another Bank which has the legal right
to, but does not (after consultation), join in such action or proceeding or does not
diligently pursue a separate action to enforce its rights in another court.

Table of Contents

32

	19.3	 	Decisions
	 
	19.3.1	 	As between the Banks, any decision to be made by the Banks and which would increase the
commitment of any of the Banks, amend the definitions of Banks, Majority Banks, Finance
Parties, reduce the interest rate or any fees or the basis or method by which interest
hereunder is calculated, extend availability of the Facility, defer repayment, reduce or
defer the amount of any payment of principal, interest or other amounts or change the
provisions in this Clause 19.3.1 shall be made only with the agreement of all Banks, other
than to the extent this Agreement includes express amendment provisions stipulating
otherwise.
	 
	19.3.2	 	Subject to the matters provided for elsewhere in this Agreement, the Majority Banks shall
be entitled at any time to (i) waive any right or remedy against the Borrower under or
pursuant to this Agreement, the other Finance Documents or any ancillary document or
arrangement, or (ii) grant any consent pursuant to this Agreement or the other Finance
Documents. Any such waiver, consent or amendment shall inure to the benefit of and be binding
upon all the Banks.

	20.	 	AGENCY
	 
	20.1	 	The Facility Agent
	 
	20.1.1	 	The Facility Agent is appointed to act on behalf of the Banks and in the best interest of
the Banks in connection with the Finance Documents (other than the Security Documents), to
communicate with the Borrower, receive notices, and exercise any rights of the Banks arising
out of or in connection with the Finance Documents (other than Security Documents) including
any incidental rights and powers. However, the Facility Agent may not commence legal
proceeding in a Bank’s name without such Bank’s prior written consent.
	 
	20.1.2	 	If a Default occurs or if legal proceedings are to be commenced, then the Facility Agent
shall act in accordance with instructions from the Majority Banks. In the absence of such
instructions, the Facility Agent shall have the right, but not the obligation, to take, or
instruct the Security Agent to take, such measures as the Facility Agent, in its sole
discretion, deems appropriate.
	 
	20.1.3	 	When the Facility Agent has received a Drawdown Notice for an Advance believed by the
Facility Agent to be in accordance with this Agreement, the Facility Agent shall give a
notice to each of the Banks of the respective Bank’s participation in the relevant Advance,
calculated in accordance with Clause 4.3. The Banks shall pay such amount to the Facility
Agent, who will make disbursements on behalf of the Banks. The Facility Agent shall also
promptly distribute to the Banks all sums received by it on behalf of the Banks hereunder.
	 
	20.1.4	 	The Facility Agent shall promptly without request forward to the Banks information and
copies of documents (other than the Finance Documents) received by it under or in relation to
this Agreement.
	 
	20.1.5	 	The Facility Agent shall not be obliged to monitor or enquire as to the Borrower’s
compliance with this Agreement or the other Finance Documents. However, if the Facility Agent
receives notice from the Borrower specifically stating that a Default

Table of Contents

33

	 	 	has occurred or if there is a payment default of which the Facility Agent is aware, it
shall promptly notify the Banks thereof.
	 
	20.2	 	The Security Agent
	 
	20.2.1	 	Each Bank appoints the Security Agent as its agent to act on its behalf in relation to the
Security created under the Security Documents. The Security Agent shall act on the
instructions of the Facility Agent. However, the Security Agent may not commence legal
proceeding in a Bank’s name without such Bank’s prior written consent.
	 
	20.2.2	 	The Security Agent shall enter into the Security Documents and all documents it considers
necessary or desirable in connection therewith on behalf of the Banks.
	 
	20.2.3	 	The Security Agent shall hold amounts recovered, net of costs
(including legal costs) and
expenses incurred in connection with the recovery for the account of the Banks and distribute
such amounts recovered promptly to the Banks in accordance with the instructions of the
Facility Agent.
	 
	20.3	 	Change of Agents
	 
	20.3.1	 	The Facility Agent may at any time resign by giving notice to the Borrower and the Banks in
writing, whereupon the Banks shall appoint a successor Facility Agent. The Banks shall
consult with the Borrower before a successor Facility Agent is appointed. At the request of
the Majority Banks, the Facility Agent shall resign as aforesaid.
	 
	20.3.2	 	The Security Agent may at any time resign by giving notice to the Facility Agent, whereupon
the Facility Agent shall on behalf of the Banks appoint a successor Security Agent. The
Facility Agent shall consult with the Borrower before a successor Security Agent is appointed.
At the request of the Majority Banks, the Security Agent shall resign as aforesaid.
	 
	20.3.3	 	If no successor Agent has been appointed in accordance with Clause 20.3.1 or 20.3.2, as the
case may be, within thirty (30) days after the notice of termination, then the retiring Agent
may appoint a successor Agent. An Agent shall in any event not cease to act as Agent until a
successor Agent has accepted its appointment as Agent.
	 
	20.3.4	 	The resignation of a retiring Agent and the appointment of any successor Agent shall both
become effective upon the successor Agent notifying all the parties hereto that it accepts
such appointment, whereupon the successor Agent shall succeed to the position of the relevant
retiring Agent and the term “Facility Agent” or “Security Agent” as appropriate herein shall
be construed as a reference to any person who from time to time succeeds to the position of
the relevant Agent in accordance with the terms of this Agreement.
	 
	20.3.5	 	Upon the acceptance of appointment, the successor Agent shall become vested with all the
rights and duties of the retiring Agent and the retiring Agent shall be discharged from its
duties and obligations. The retiring Agent shall, however, remain liable for any loss or
damage which results from its gross negligence or

 

Table of Contents

34

wilful misconduct in taking or omitting to take any action before its resignation or
removal as Agent was effective.

	20.4	 	Miscellaneous

	20.4.1	 	No Agent shall be liable to the Banks or the other Agent for any action taken or
not taken by it under or in connection with the Finance Documents, other than by
reason of its gross negligence or wilful misconduct. In no circumstances shall an
Agent be liable for any action taken in accordance with instructions from the
Majority Banks.
	 
	20.4.2	 	Each of the Agents may carry on any business with the Borrower or their related
entities and act as agent or arranger for, or in relation to, any financing involving
the Borrower or their related entities. If an Agent should act for the Borrower in
any capacity (whether as bank or otherwise) in relation to any other matter, any
information given by the Borrower to an Agent in relation thereto may be treated
as confidential and such Agent shall, as between itself and the Banks, not be
obliged to disclose the same to any Bank or any other person.
	 
	20.4.3	 	Each Agent shall be entitled to rely on any communication believed by it to be
genuine and to have been sent or signed by the person by whom it purports to
have been sent or signed. The Agents do not accept responsibility to any Bank
for the accuracy or completeness of any information supplied or for the legality,
validity and enforceability of this Agreement or the other Finance Documents.
Each Bank is responsible for making its own independent appraisal and
investigations of the Borrower.

	21.	 	INDEMNITIES
	 
	21.1	 	Currency indemnity

If any Finance Party receives an amount in respect of the Borrower’s liability under
this Agreement or if that liability is converted into a claim, proof, judgement or order
in a currency other than the Commitment currency or any Nominated Currency (as
applicable):

	 	(a)	 	the Borrower shall within three (3) Banking Days of demand indemnify
such Finance Party as an independent obligation against any loss or
liability arising out of or as a result of the conversion;
	 
	 	(b)	 	if the amount received by any Finance Party, when converted into the
Commitment currency or any Nominated Currency (as applicable) at a
market rate in the usual course of its business, is less than the amount
owed in the Commitment currency or any Nominated Currency (as
applicable), the Borrower shall within three (3) Banking Days of demand
pay to such Finance Party an amount in the Commitment currency or
any Nominated Currency (as applicable) equal to the deficit; and
	 
	 	(c)	 	the Borrower shall within three (3) Banking Days of demand pay to such
Finance Party any exchange costs and Taxes payable in connection
with any such conversion.

Table of Contents

35

	21.2	 	Other indemnities
	 
	21.2.1	 	The Borrower shall within three (3) Banking Days of demand indemnify each Finance Party
against any cost, expense, loss or liability, as determined by the Facility Agent, which such
Finance Party incurs as a consequence of:

	 	(a)	 	the occurrence of any Default (taking into account, where appropriate,
any amounts received by a Bank under Clause 5.4 (Default interest));
	 
	 	(b)	 	an Advance (or part of an Advance) not being prepaid in accordance
with a notice of prepayment given by the Borrower or (other than by
reason of negligence or default by any Finance Party) an Advance not
being made after the Borrower has delivered a Drawdown Notice for that
Advance; and
	 
	 	(c)	 	a failure by the Borrower to pay any amount due under this Agreement
on its due date (including but not limited to the acceleration of or
repayment of any Advance or the receipt or the recovery of all or any
part of an Advance otherwise than on its due date).

The Borrower’s liability shall in each case include any Break Costs incurred by the Banks
and attributable to all or any part of an Advance.

	21.3	 	The Banks’ liability to indemnify the Agents
	 
	21.3.1	 	Each Bank shall on demand by an Agent (in writing and in reasonable detail)
indemnify it against any and all fees (charged but not promptly recovered from
the Borrower) costs, claims or expenses and liabilities in connection with this
Agreement which the Agent may pay or incur (other than by reason of its own
gross negligence or wilful misconduct) in acting in its capacity as Agent.
	 
	21.3.2	 	The liability of each Bank under Clause 21.3.1 will be limited to its share of the
total losses and expenses which correspond to the proportion which its
participation in outstanding Advances bears to the total amount of outstanding
Advances, or if no Advances are outstanding, the proportion which that Bank’s
Commitment bears to Total Commitments. If the losses or expenses are
attributable to an activity of an Agent which relates only to some of the Banks, the
relevant Agent may instead notify the Banks of a different sharing arrangement
determined by the relevant Agent.
	 
	21.3.3	 	If a Bank fails to pay its due contribution under this Clause 21.3, then the relevant
Agent may (without prejudice to its other rights and remedies) deduct the amount
due from the defaulting Bank from any sums then or thereafter in its possession
which would otherwise be payable to the defaulting Bank.
	 
	21.3.4	 	This Clause 21.3 shall not limit the Banks’ right to recover from the Borrower any
amount which the Borrower has failed to pay to Agents and which for that reason
the Banks have paid to the Agents by way of an indemnity hereunder.

Table of Contents

36

	22.	 	ASSIGNMENT
	 
	22.1	 	No assignment by the Borrower
	 
	 	 	The Borrower may not assign or transfer any of its rights and/or obligations under this
Agreement or under any other Finance Document.
	 
	22.2	 	Assignment by the Banks
	 
	22.2.1	 	Subject to this Clause 22.2, a Bank may at any time assign or transfer all or any
part of its rights and obligations under this Agreement

	 	(a)	 	with the prior written consent of the Borrower, not to be unreasonably
withheld or delayed;
	 
	 	(b)	 	without the consent of the Borrower, to another Bank or within an
existing Bank’s group or to associated companies of a Bank subject,
however, no increased costs for the Borrower; or
	 
	 	(c)	 	without the consent of the Borrower if a Default has occurred and has
been continuing for more than 45 days.

	22.2.2	 	An assignment of rights and obligations will be effective only upon the assignee’s
confirmation by delivery of a duly completed and signed Assignment Certificate to
the Borrower and the Facility Agent that it undertakes to be bound by the terms of
this Agreement and the other Finance Documents as if it had been an Original
Bank and that it confirms the appointments of the Facility Agent and the Security
Agent (if appropriate) to act on its behalf. Upon the assignment becoming
effective in this manner, the assignor shall be relieved of its obligations under this
Agreement and the other Finance Documents to the extent that they are
assigned to the assignee.
	 
	22.2.3	 	The assignee shall have the same rights against the Borrower as it would have
had if it had been an Original Bank, provided that the Borrower shall not bear any
expenses or costs whatsoever arising out of, in connection with, or as a result of
such assignment.
	 
	22.2.4	 	Each Bank may disclose to a prospective assignee such information relating to
the Stena AB Group as shall have been made available to such Bank in
connection with this Agreement, subject to obtaining from any such party an
undertaking to treat in confidence any confidential information so disclosed.

	23.	 	MISCELLANEOUS
	 
	23.1	 	Set-Off
	 
	 	 	The Borrower authorises each Finance Party to set off any obligations owed by the Finance
Party to it in satisfaction of any obligation owed by it under the Finance Documents,
regardless of the place of payment, the lending office or currency of either obligation.
If the obligations are in different currencies, it authorises the Finance Party (for the
purpose of the set-off) to convert either

Table of Contents

37

obligation at its market rate of exchange in accordance with its usual course of business
for the purpose of the set-off.

	23.2	 	Accounts
	 
	23.2.1	 	The Facility Agent will maintain and keep accounts showing the amounts of the Advances, the
interest accrued thereon and all payments with respect thereto made by the Borrower. The
accounts kept by the Facility Agent together with the relevant Drawdown Notices shall in the
absence of manifest error be prima facie evidence of disbursements made, payments received
and the aggregate amount outstanding hereunder from time to time.
	 
	23.3	 	Amendments
	 
	 	 	No amendment to this Agreement or any Finance Document shall be effective against any
party unless made in writing and signed by such party.
	 
	23.4	 	No waiver
	 
	 	 	No delay or omission in exercising any powers or privileges of the Finance Parties
hereunder shall be construed as a waiver thereof or an acquiescence therewith. Any
exercise of any part of the rights shall not preclude subsequent enforcement of any such
rights which have not, or have not fully, been exercised.
	 
	23.5	 	Limitation of the Agents’ and the Banks’ liability
	 
	23.5.1	 	Neither the Agents nor any of the Banks shall be held responsible for any loss or
damage resulting from any Swedish or foreign legal enactment, or any measure
taken by a Swedish or foreign public authority, or war, strike, lockout, boycott,
blockade or any other similar circumstance. The reservation in respect of strikes,
lockouts, boycotts and blockades applies even if any Agent or Bank itself takes
such measures, or is subject to such measures.
	 
	23.5.2	 	Any loss or damage that may arise in other cases shall not be indemnified by the
Agents or the Banks if they have observed general standard of care. The Agents
and the Banks shall not in any case be held responsible for any indirect damage.
	 
	23.5.3	 	Should an obstacle described in this Clause 23.5 arise which prevents the Agents
and/or the Banks from making a payment or taking any action required to comply
with this Agreement, such payment or action may be postponed until the obstacle
has been removed.
	 
	23.5.4	 	Where a circumstance as referred to in Clause 23.5.1 should prevent a Finance
Party from receiving payments, such Finance Party shall, as long as the obstacle
exists, be entitled to interest only on the terms prevailing on the date of maturity
for the payment.

Table of Contents

38

	24.	 	NOTICES
	 
	24.1	 	Method of communication
	 
	24.1.1	 	All notices or other communications under or in connection
with this Agreement shall be in the English language and be given by letter or by telefax (and, in the
case of telefax, confirmed by letter). Any such notice will be deemed to be given
as follows:

	 	(a)	 	if by letter, when delivered to the address notified in accordance with
Clause 24.2 (Addresses); and
	 
	 	(b)	 	if by telefax, when received in legible form.

	24.1.2	 	Any notice received on a non-Banking Day or after business hours in the place of
receipt will only be deemed to be given on the next Banking Day in that place.
	 
	24.2	 	Addresses
	 
	 	 	The address and telefax number of each party for all notices under or in connection with
this Agreement are:

	 	 	 	 	 
	 

	 	The Borrower:
	 	Stena Royal S.a.r.l.
	 

	 	 	 	26 B, Bvd Royal, L-2449 Luxembourg
	 
	 	 	 	 
	 

	 	 	 	Attention: Steve Clarkson
	 
	 	 	 	 
	 

	 	 	 	Telephone: +352 26486700
	 

	 	 	 	Telefax: +352 26486710
	 
	 	 	 	 
	 

	 	 	 	with a copy to AB Stena Finans for
the account of the Finance Manager
	 

	 	 	 	SE-405 19 Göteborg
	 
	 	 	 	 
	 

	 	 	 	Telephone: +46 31 85 50 00
	 

	 	 	 	Telefax: +46 31 42 88 53
	 
	 	 	 	 
	 

	 	The Facility Agent:
	 	Svenska Handelsbanken AB (publ)
	 

	 	 	 	RVC
	 

	 	 	 	SE-405 40 Göteborg
	 

	 	 	 	Sweden
	 
	 	 	 	 
	 

	 	 	 	Reference: RVC-STOLU854
	 
	 	 	 	 
	 

	 	 	 	Telephone: +46 31 774 80 00
	 

	 	 	 	Telefax: +46 31 774 83 08
	 
	 	 	 	 
	 

	 	The Security Agent:
	 	Svenska Handelsbanken SA
	 

	 	 	 	PO 678, LU-2016 Luxembourg
	 

	 	 	 	with a copy to the Facility Agent

Table of Contents

39

Reference: Stena Investment

Telephone: +352 4998111 

Telefax:
+352 499811514

or any other address notified by one party to the other parties by not less than five (5)
Banking Days’ notice.

	25.	 	GOVERNING LAW AND JURISDICTION
	 
	25.1	 	Governing law
	 
	 	 	This Agreement shall be governed by and construed in accordance with Swedish law.
	 
	25.2	 	Jurisdiction
	 
	25.2.1	 	Subject to Clause 25.2.2, the courts of Sweden shall have exclusive jurisdiction
over matters arising out of or in connection with this Agreement. The City Court of
Göteborg shall be court of first instance.
	 
	25.2.2	 	The submission to the jurisdiction of the courts of Sweden in Clause 25.2.1 shall
not limit the right of the Finance Parties to initiate proceedings against the
Borrower in any court which may otherwise exercise jurisdiction over the
Borrower or any of its assets.
	 
	25.2.3	 	The Borrower hereby irrevocably authorises and appoints Stena Finans AB, 405
19 Göteborg, as its agent in Sweden for the acceptance of service of legal
proceedings arising out of or connected with the Finance Documents; accordingly
service on such process agent shall be deemed to be service on the Borrower.

 

IN WITNESS WHEREOF, this Agreement has been signed in four (4) originals.

	 	 	 
	STENA ROYAL S.a.r.l.
	 	 
	as Borrower
	 	 
	 
	 	 
	/s/ Stephen Robert Clarkson
 

Name: Stephen Robert Clarkson

	 	 

 

Table of Contents

40

	 	 	 
	SVENSKA HANDELSBANKEN AB (PUBL)
	 	 
	as Facility Agent and Bank
	 	 
	 
	 	 
	/s/
[ILLEGIBLE] 

Name: [ILLEGIBLE]

	 	 
	 
	 	 
	SVENSKA HANDELSBANKEN SA
	 	 
	as Security Agent
	 	 
	 
	 	 
	/s/
Hats Littorin
 

Name: Hats Littorin

	 	 
	 
	 	 
	NORDEA BANK AB (PUBL)
	 	 
	as Bank
	 	 
	 
	 	 
	/s/
Bengt Zacharoff
 

Name: Bengt Zacharoff

	 	 

ACCEPTANCE

I hereby accept the appointment as process agent set out in Clause 25.2.3 above.

Göteborg September 28, 2007

AB STENA FINANS

	 	 	 
	/s/ Rolf Mahlkvist
 

Name: Rolf Mahlkvist

	 	 

2007-09-27
RVJ/ML/Avtal Stena Royal

 

Table of Contents

Appendix 1

The Banks and their Commitments

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	Commitment	 	Percentage
	Name	 	Address and fax number	 	$	 	%
	Nordea Bank

AB (publ)
	 	Östra Hamngatan 16

SE-405 09 Göteborg

Sweden

Fax: 46 31 771 6470

Attention: Nordea
Shipping

Offshore and Oil Services

	 	 	175,000,000	 	 	 	50	 
	 	 	 
	 	 	 	 	 	 	 	 
	Svenska Handelsbanken

AB (publ)
	 	Östra Hamngatan 23

SE-405 40 Göteborg

Sweden

Fax: 46 31 774 8308

Attention: RVC-STOLU854

	 	 	175,000,000	 	 	 	50	 
	 	 	 
	 	 	 	 	 	 	 	 
	 	 	Total

	 	 	350,000,000	 	 	 	100	 

 

Table of Contents

Appendix 2

Initial Conditions Precedent

	(A)	 	This Agreement duly executed by the parties.
	 
	(B)	 	The Security Documents duly executed on behalf of the relevant parties thereto.

	 
	(C)	 	One (1) original of the Fee Letter duly executed on behalf of the parties thereto.
	 
	(D)	 	Legal opinions in form and substance acceptable to the Banks (or confirmation
satisfactory to the Banks that such legal opinions will be issued in form and
substance acceptable to them).

 

Table of Contents

Appendix 3

Form of Drawdown Notice

			
	To:	 	Svenska Handelsbanken AB (publ)

SE-405 40 Göteborg

Sweden

Attention: RVC-STOLU854

Fax. no. 0046-31 774 8308

[Date]

U.S.$375,000,000

Facility Agreement dated [      ]

We refer to the above Facility Agreement and hereby give you notice that we wish to draw an
Advance of USD/SEK/EUR [      ] on [      ] and select an Interest Period in respect thereof
of [      ] months. The funds should be credited to our account with you no. [      ]. Furthermore you are
hereby irrevocably instructed to transfer the same amount (excluding bank charges) from that
account to Stena Investment’s account with the Security Agent [account number] with reference
“Inter Company Loan”.

We confirm that the borrowing to be effected by such Advance will be within our corporate powers,
has been validly authorised by appropriate corporate action and will not cause any limit on our
borrowings (whether imposed by statute, regulation, agreement or otherwise) to be exceeded.

We further confirm that each condition specified in Clause 3.2 (Further conditions precedent) is
and will be satisfied on the date of this Drawdown Notice and on the Drawdown Date.

Words and expressions defined in the Facility Agreement shall have the same meanings where used
herein.

This notice is irrevocable.

For and on behalf of

[Name of Borrower]

                                        

 

Table of Contents

Appendix 4

Form of Compliance Certificate

	 	 	 
	To:

	 	Svenska Handelsbanken AB (publ).
	 
	 	 
	From:

	 	[ The Borrower ]
	 
	 	 
	   1.

	 	RELEVANT ACCOUNTS
	 
	 	 
	   1.1

	 	We refer to Clause 16 (Financial covenants) and Clause 14.2.1 (c) (Financial
information) of the Facility Agreement and confirm that the following are accurate
computations prepared in accordance with the provisions of the Facility Agreement.
	 
	 	 
	   1.2

	 	In the event this Certificate is delivered for the purpose of testing the Borrower’s
satisfaction of the financial covenant pursuant to Clause 16.1.2 (a) of the Facility
Agreement, the computations are based on the [audited/unaudited] consolidated
[annual/interim] accounts of the Borrower for the [three months period/financial
year] ending on [              ] (the relevant Reference Date). Such accounts are attached
to this Certificate.
	 
	 	 
	   2.

	 	FINANCIAL COVENANTS
	 
	 	 
	   2.1

	 	Ratio of Equity to Total Assets
	 
	 	 
	   2.1.1

	 	The following are the relevant figures on the Reference Date:

	 	 	 	 	 	 	 
	 

	 	(A)
	 	Restricted equity
	 	[ Amount ]
	 

	 	(B)
	 	Non-restricted equity
	 	[ Amount ]
	 

	 	(C)
	 	Subordinated loans
	 	[ Amount ]
	 

	 	(D)
	 	Totalt Assets
	 	[ Amount ]

	 	 	 
	   2.1.2

	 	The Ratio of Equity to Total Assets as of [ Reference Date ] is [ ] %.
	 
	 	 
	 

	 	The covenant minimum is 30 %.
	 
	 	 
	   3.

	 	REPRESENTATIONS AND WARRANTIES AND CONFIRMATIONS
	 
	 	 
	   3.1

	 	We represent and warrant to the Finance Parties in the terms of Clause 13.1
(Representations and warranties) to be repeated in accordance with Clause 13.2
(Repetition of representations and warranties) of the Facility Agreement by
reference to the facts and circumstances existing at the date hereof.
	 
	 	 
	   3.2

	 	We confirm that as of the date of this Certificate there is no Default outstanding.
	 
	 	 
	   3.3

	 	We confirm that the outstanding claims with respect to the Inter Company Loans
are equal to or exceeds the aggregate amount of all outstanding Advancess.
	 
	 	 
	   3.4

	 	Since [Date of latest Compliance Certificate] the following Subordinated Loans
have been made:

 

Table of Contents

	 	 	 	 	 	 	 
	 

	[Subordinated Lender]
	 	[Amount of Subordinated Loan]

	 	 	 
	   3.4

	 	We confirm that all of the undertakings on our part in the Facility Agreement are
being complied with.

Terms used herein and not otherwise defined herein shall have the meanings set forth in the
Facility Agreement.

IN
WITNESS WHEREOF, the undersigned has set his hand this • day of • [20•].

[ Borrower]

	 	 	 	 	 
	By:

	 	 	 	 
	 

	 	 	 	 
	[Chief Financial Officer]	 	 

 

Table of Contents

Appendix 5

Form of Assignment Certificate

	 	 	 
	To:

	 	Svenska Handelsbanken AB (publ) as Facility Agent; and
	 
	 	 
	 

	 	[            ] as Borrower
	 
	 	 
	From:

	 	[The Existing Bank] and [The New Bank]
	 
	 	 
	Date:

	 	[          ]

[     Borrower’s name     ]

USD 350,000,000 Facility Agreement

Dated [       ]

	 	 	 
	   1.

	 	We refer to the above agreement between you as Facility Agent, the Borrower and
various other parties (the “Agreement”). Terms defined in the Agreement shall have
the same meaning in this Assignment Certificate.
	 
	 	 
	   2.

	 	Pursuant to Clause 22 (Assignment) of the Agreement, we [The Existing Bank] (the
“Existing Bank”) and [The New Bank] (the “New Bank”) agree to the Existing Bank
assigning to the New Bank the Existing Bank’s rights and obligations under the
Finance Documents as and to the extent set out in the Schedule attached hereto and in
accordance with the provisions of the Facility Agreement and the other Finance
Documents, including [USD/SEK/EUR .... of] / [all of] the Existing Bank’s share of
the Advance[s] (together the “Assigned Agreements”), as if the New Bank had been an
Original Bank.
	 
	 	 
	   3.

	 	The New Bank undertakes to be bound by and perform the relevant obligations in
accordance with the terms of the Assigned Agreements.
	 
	 	 
	   4.

	 	The New Bank confirms the appointment of the Facility Agent and the Security Agent
to act as its agents in connection with the Assigned Agreements and the Security.
	 
	 	 
	   5.

	 	[The New Bank acknowledges that the Assigned Agreements relate to Advances
which are due for repayment on a day falling after the date hereof and which have
been funded as to its relevant share thereof by the Existing Bank and in respect of
which the Existing Bank has incurred and continues to incur funding costs at an
annual rate of interest per annum approximate to the relevant rate of
LIBOR/STIBOR/EURIBOR for each such Advance as determined by the Facility

 

Table of Contents

	 	 	 
	 

	 	Agent prior to the drawdown thereof. In consideration of the Existing Bank agreeing to
assign the Assigned Agreements to the New Bank, the New Bank undertakes that upon the
repayment date for each such Advance, the New Bank will pay to the Existing Bank a sum in
USD/SEK/EUR for value on such repayment date equal to the aggregate of:

	 	 	 	 	 
	 

	 	(A)
	 	the amount of principal repaid to the New Bank under the Agreement in
respect of the share of such Advance assigned by the Existing Bank to the
New Bank under this Assignment Certificate;
	 
	 	 	 	 
	 

	 	(B)
	 	the amount of all interest received by the New Bank under the Agreement in
respect of the share of such Advance assigned by the Existing Bank to the
New Bank under this Assignment Certificate which is attributable to
LIBOR/STIBOR/EURIBOR (i.e. so that it excludes that part of such interest
which is attributable to the Margin), and
	 
	 	 	 	 
	 

	 	(C)
	 	the amount of all interest received by by the New Bank under the Agreement
in respect of the share of such Advance assigned by the Existing Bank to the
New Bank under this Assignment Certificate which has accrued during the
period from the relevant drawdown date up to (but excluding) the specified
date for the assignment pursuant to Section 7 hereof and which is
attributable to the Margin.

	 	 	 
	 

	 	By its execution of this Assignment Certificate the New Bank hereby irrevocably and
unconditionally authorises and instincts the Facility Agent to effect on its behalf the
payments to be made to the Existing Bank as referred to in this Section 5 from the
corresponding payments of interest and repayment of principal received by it on behalf of
the Banks under the Agreement.]
	 
	 	 
	   6.

	 	The Existing Bank makes no representations or warranties and assumes no
responsibility with the respect to the legality, validity or enforceability of the Assigned
Agreements or any document relating thereto and assumes no responsibility for the
financial condition of the Borrower or any Bank.
	 
	 	 
	   7.

	 	The specified date for the assignment is [ Date ].
	 
	 	 
	   8.

	 	The Facility Office and address for notices of the New Bank are set out in the
Schedule.
	 
	 	 
	   9.

	 	This Assignment Certificate shall be governed by and construed in accordance with
Swedish law. The courts of Sweden shall have exclusive jurisdiction over matters
arising out of or in connection with this Assignment Certificate. The City Court of
Göteborg shall be the court of first instance.

 

Table of Contents

The Schedule

Rights and obligations to be assigned

[Details of rights and obligations of the Existing Bank to be assigned, including the Security.]

	 	 	 	 	 
	[Place and date]

	 	[Place and date]
	 	 
	[EXISTING BANK]

	 	[NEW BANK]	 	 
	 
	 
	 	 	 	 
	 

	 	 	 	 
	Name

	 	Name	 	 
	 
	 	 	 	 
	 

	 	Facility Office:	 	 
	 

	 	[            ]	 	 
	 
	 	 	 	 
	 

	 	Address for notices:	 	 
	 

	 	[            ]	 	 

      

	 	 	 
	Acknowledged and approved:

	 	 
	 
	 	 
	[The Borrower]

	 	 
	 
	 
	 	 
	 

[Authorised signatories]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00157-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00157-of-00352.parquet"}]]