Document:

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Exhibit 4.3

 

		 	CLIFFORD CHANCE LLP

 

EXECUTION VERSION

 

US$ 600,000,000

FACILITY AGREEMENT

 

DATED 27
JANUARY 2017

 

FOR

 

MILLICOM INTERNATIONAL CELLULAR S.A.

 

ARRANGED BY

 

THE BANK OF NOVA SCOTIA

 

BNP PARIBAS

 

CITIGROUP GLOBAL MARKETS LIMITED

 

DNB MARKETS, A PART OF DNB BANK ASA, SWEDEN
BRANCH

 

WITH

 

DNB BANK ASA, SWEDEN BRANCH

ACTING AS AGENT

 

 

 

MULTICURRENCY REVOLVING FACILITY

AGREEMENT

 

 

 

     

    
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CONTENTS

 

	Clause	 	Page
	 	 	 	 
	1.	Definitions and Interpretation	 	1
	 	 	 	 
	2.	The Facility	 	35
	 	 	 	 
	3.	Purpose	 	37
	 	 	 	 
	4.	Conditions of Utilisation	 	38
	 	 	 	 
	5.	Utilisation - Loans	 	40
	 	 	 	 
	6.	Optional Currencies	 	42
	 	 	 	 
	7.	Ancillary Facilities	 	43
	 	 	 	 
	8.	Repayment	 	49
	 	 	 	 
	9.	Prepayment and Cancellation	 	51
	 	 	 	 
	10.	Interest	 	55
	 	 	 	 
	11.	Interest Periods	 	56
	 	 	 	 
	12.	Changes to the Calculation of Interest	 	56
	 	 	 	 
	13.	Fees	 	57
	 	 	 	 
	14.	Tax Gross Up and Indemnities	 	59
	 	 	 	 
	15.	Increased Costs	 	64
	 	 	 	 
	16.	Other Indemnities	 	66
	 	 	 	 
	17.	Mitigation by the Lenders	 	67
	 	 	 	 
	18.	Costs and Expenses	 	68
	 	 	 	 
	19.	Guarantee and Indemnity	 	70
	 	 	 	 
	20.	Representations	 	73
	 	 	 	 
	21.	Information Undertakings	 	77
	 	 	 	 
	22.	Financial Covenants	 	82
	 	 	 	 
	23.	General Undertakings	 	89
	 	 	 	 
	24.	Events of Default	 	94
	 	 	 	 
	25.	Changes to the Lenders	 	98
	 	 	 	 
	26.	Changes to the Obligors	 	103
	 	 	 	 
	27.	Role of the Agent and the Arranger	 	105
	 	 	 	 
	28.	Conduct of Business by the Finance Parties	 	112
	 	 	 	 
	29.	Sharing among the Finance Parties	 	112
	 	 	 	 
	30.	Payment Mechanics	 	114
	 	 	 	 
	31.	Set-off	 	118
	 	 	 	 
	32.	Notices	 	118
	 	 	 	 
	33.	Calculations and Certificates	 	120
	 	 	 	 
	34.	Partial Invalidity	 	121

 

     

    
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	35.	Remedies and Waivers	121
	 	 	 
	36.	Amendments and Waivers	121
	 	 	 
	37.	Confidentiality	126
	 	 	 
	38.	Confidentiality of Reference Bank Rates	130
	 	 	 
	39.	Counterparts	132
	 	 	 
	40.	Governing Law	133
	 	 	 
	41.	Enforcement	133

 

	Schedule 1 The Original Parties	134
	 	 
	Part I The Original Obligors	134
	 	 
	Part II The Original Lenders	135
	 	 
	Schedule 2 Conditions Precedent	136
	 	 
	Part I Conditions Precedent to Initial Utilisation	136
	 	 
	Part II Conditions Precedent required to be delivered by an Additional Borrower	138
	 	 
	Schedule 3 Utilisation Request	139
	 	 
	Schedule 4 Form of Transfer Certificate	140
	 	 
	Schedule 5 Form of Assignment Agreement	142
	 	 
	Schedule 6 Form of Accession Letter	145
	 	 
	Schedule 7 Form of Resignation Letter	146
	 	 
	Schedule 8 Form of Compliance Certificate	147
	 	 
	Schedule 9 LMA Form of Confidentiality Undertaking	148
	 	 
	Schedule 10 Timetables	154
	 	 
	Schedule 11 Form of Affiliate Accession Undertaking	155
	 	 
	Schedule 12 Form of Increase Confirmation	156
	 	 
	Schedule 13 Form of Substitute Affiliate Lender Designation Notice	158

 

     

    
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THIS AGREEMENT is dated
27 January 2017 and made

 

BETWEEN:

 

		(1)	MILLICOM INTERNATIONAL CELLULAR S.A., a company (société anonyme) incorporated
under the laws of Luxembourg, having its registered office at 2, rue du Fort Bourbon, L-1249 Luxembourg and registered with the
Luxembourg Register of Commerce and Companies under number B. 40.630 (the "Company");

 

		(2)	THE COMPANY listed in Part I of Schedule 1 (The Original Parties) as original borrower
(the "Original Borrower");

 

		(3)	THE COMPANY listed in Part I of Schedule 1 (The Original Parties) as guarantor (the
 "Guarantor");

 

		(4)	THE BANK OF NOVA SCOTIA, BNP PARIBAS, CITIGROUP GLOBAL MARKETS LIMITED and DNB MARKETS,
A PART OF DNB BANK ASA, SWEDEN BRANCH as coordinators and bookrunning mandated lead arrangers and THE BANK OF NOVA SCOTIA,
BNP PARIBAS, CITIGROUP GLOBAL MARKETS LIMITED, DNB MARKETS, A PART OF DNB BANK ASA, SWEDEN BRANCH, GOLDMAN SACHS BANK USA, J.P.
MORGAN LIMITED, NORDEA BANK AB (PUBL), STANDARD CHARTERED BANK as arrangers (whether acting individually or together the "Arranger");

 

		(5)	THE FINANCIAL INSTITUTIONS listed in Part II of Schedule 1 (The Original Parties)
as lenders (the "Original Lenders"); and

 

		(6)	DNB BANK ASA, SWEDEN BRANCH as agent of the other Finance Parties (the "Agent").

 

IT IS AGREED as follows:

 

SECTION 1

 

INTERPRETATION

 

		1.	DEFINITIONS AND INTERPRETATION

 

		1.1	Definitions 

 

In this Agreement:

 

"Acceptable Bank"
means a bank or financial institution which has a rating for its long-term unsecured and non credit-enhanced debt obligations of
A- or higher by Standard & Poor's Rating Services or Fitch Ratings Ltd or A3 or higher by Moody's Investor Services Limited
or a comparable rating from an internationally recognised credit rating agency.

 

"Accession Letter"
means a document substantially in the form set out in Schedule 5 (Form of Accession Letter).

 

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"Acquired Debt"
has the meaning given to the term in Clause 22.1 (Financial Definitions).

 

"Additional Borrower"
means a company which becomes an Additional Borrower in accordance with Clause 26 (Changes to the Obligors).

 

"Affiliate "
means, in relation to any person, a Subsidiary of that person or a Holding Company of that person or any other Subsidiary of that
Holding Company.

 

"Affiliate Accession
Undertaking" means an undertaking in the form set out in Schedule 11 (Affiliate Accession Undertaking).

 

"Agent's Spot Rate of
Exchange" means the Agent's spot rate of exchange for the purchase of the relevant currency with the Base Currency in
the London foreign exchange market at or about 11:00 a.m. on a particular day.

 

"Ancillary Commencement
Date" means, in relation to an Ancillary Facility, the date on which that Ancillary Facility is first made available,
which date shall be a Business Day within the Availability Period.

 

"Ancillary Commitment"
means, in relation to an Ancillary Lender and an Ancillary Facility, the maximum Base Currency Amount which that Ancillary Lender
has agreed (whether or not subject to satisfaction of conditions precedent) to make available from time to time under an Ancillary
Facility and which has been authorised as such under Clause 7 (Ancillary Facilities), to the extent that amount is not cancelled
or reduced under this Agreement or the Ancillary Documents relating to that Ancillary Facility.

 

"Ancillary Document"
means each document relating to or evidencing the terms of an Ancillary Facility.

 

"Ancillary Facility"
means any ancillary facility made available by an Ancillary Lender in accordance with Clause 7 (Ancillary Facilities).

 

"Ancillary Lender"
means each Lender (or Affiliate of a Lender) which makes available an Ancillary Facility in accordance with Clause 7 (Ancillary
Facilities).

 

"Ancillary Outstandings"
means, at any time, in relation to an Ancillary Lender and an Ancillary Facility the aggregate of the equivalents (as calculated
by that Ancillary Lender) in the Base Currency of the following amounts outstanding under that Ancillary Facility then in force:

 

		(a)	the principal amount under each overdraft facility and on demand short term loan facility (net
of any Available Credit Balance);

 

		(b)	the face amount of each guarantee, bond and letter of credit under that Ancillary Facility; and

 

		(c)	the amount fairly representing the aggregate exposure (excluding
interest and similar charges) of that Ancillary Lender under each other type of accommodation provided under that Ancillary Facility,
in each case as determined by such Ancillary Lender in accordance with the relevant Ancillary Document or normal banking practice.

 

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"Annual Report" means the Millicom
Annual Report 2015.

 

"Assignment Agreement"
means an agreement substantially in the form set out in Schedule 5 (Form of Assignment Agreement) or any other form agreed
between the relevant assignor and assignee.

 

"Authorisation"
means an authorisation, consent, approval, resolution, licence, exemption, filing, notarisation or registration.

 

"Availability Period"
means the period from and including the date of this Agreement to and including the date falling one Month prior to the Termination
Date.

 

"Available Credit Balance"
means in relation to an Ancillary Facility, credit balances on any account of any Borrower of that Ancillary Facility with the
Ancillary Lender making available that Ancillary Facility to the extent that those credit balances are freely available to be set
off by that Ancillary Lender against liabilities owed to it by that Borrower under that Ancillary Facility.

 

"Available Commitment"
means, in relation to the Facility, a Lender's Commitment minus (subject as set out below):

 

		(a)	the Base Currency Amount of its participation in any outstanding Loans under the Facility and the
Base Currency Amount of the aggregate of its (and its Affiliate's) Ancillary Commitments under the Facility; and

 

		(b)	in relation to any proposed Utilisation, the Base Currency Amount of its participation in any other
Loans that are due to be made under the Facility on or before the proposed Utilisation Date, and the Base Currency Amount of its
(and its Affiliate's) Ancillary Commitment in relation to any new Ancillary Facility that is due to be made available under the
Facility on or before the proposed Utilisation Date.

 

For the purposes of calculating
a Lender's Available Commitment in relation to any proposed Utilisation, the following amounts shall not be deducted from that
Lender's Commitment:

 

		(i)	that Lender's participation in any Loans under the Facility that are due to be repaid or prepaid
on or before the proposed Utilisation Date; and

 

		(ii)	that Lender's (and its Affiliate's) Ancillary Commitments under the Facility to the extent that
they are due to be reduced or cancelled on or before the proposed Utilisation Date.

 

"Available Facility" means, in relation
to the Facility, the aggregate for the time being of each Lender's Available Commitment.

 

"Base Currency" means US Dollars.

 

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"Base Currency Amount" means:

 

		(a)	in relation to a Loan, the amount specified in the Utilisation Request delivered by a Borrower
for that Loan (or, if the amount requested is not denominated in the Base Currency, that amount converted into the Base Currency
at the Agent's Spot Rate of Exchange on the date which is three Business Days before the Utilisation Date or, if later, on the
date the Agent receives the Utilisation Request);

 

		(b)	in relation to an Ancillary Commitment, the amount specified as such in the notice delivered to
the Agent by the Company pursuant to Clause 7.2 (Availability) (or, if the amount specified is not denominated in the Base
Currency, that amount converted into the Base Currency at the Agent's Spot Rate of Exchange on the date which is three Business
Days before the Ancillary Commencement Date for that Ancillary Facility or, if later, the date the Agent receives the notice of
the Ancillary Commitment in accordance with the terms of this Agreement),

 

and adjusted in all cases to
reflect any repayment prepayment, consolidation or division of the Utilisation or (as the case may be) cancellation or reduction
of an Ancillary Facility.

 

"Borrower" means
an Original Borrower or an Additional Borrower unless it has ceased to be a Borrower in accordance with Clause 26 (Changes to
the Obligors), and, in respect of an Ancillary Facility only, any Affiliate of a Borrower that becomes a borrower of that Ancillary
Facility with the approval of the relevant Lender pursuant to Clause 7.9 (Affiliates of Borrowers).

 

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

 

		(a)	the interest which a Lender should have received for the period from the date of receipt of all
or any part of its participation in a Loan or Unpaid Sum to the last day of the current Interest Period in respect of that Loan
or Unpaid Sum, had the principal amount or Unpaid Sum received been paid on the last day of that Interest Period;

 

exceeds:

 

		(b)	the amount which that Lender would be able to obtain by placing an amount equal to the principal
amount or Unpaid Sum received by it on deposit with a leading bank in the Relevant Interbank Market for a period starting on the
Business Day following receipt or recovery and ending on the last day of the current Interest Period.

 

"Business Day"
means a day (other than a Saturday or Sunday) on which banks are open for general business in London, New York, Stockholm, Luxembourg,
Toronto and:

 

		(a)	(in relation to any date for payment or purchase of a currency other than euro) the principal financial
centre of the country of that currency; or

 

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

 

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"Capital Lease Obligation"
means the obligation to pay rent or other payment amounts under a lease of real or personal property of such person which is required
to be classified and accounted for as a capital lease on the face of a statement of financial position of such person in accordance
with IFRS. The stated maturity of such obligation shall be the date of the last payment of rent or any other amount due under such
lease prior to the first date upon which such lease may be terminated by the lessee without payment of a penalty. The principal
amount of Debt represented by such obligation shall be the capitalised amount thereof that would appear on the face of a statement
of financial position of such person in accordance with IFRS.

 

"Capital Stock"
of any person means any and all shares, interests, participation or other equivalents (however designated) of corporate stock or
other equity participation, including partnership interests, whether general or limited, of such person.

 

"Cash Equivalents"
has the meaning given to that term in Clause 22.1 (Financial definitions).

 

"Change of Control" means:

 

		(a)	any person or group of persons acting in concert (other than Kinnevik AB or its Related Parties)
gains direct or indirect control of the Company. For the purposes of this definition:

 

		(i)	"control" of the Company means the power (whether by way of ownership of shares,
proxy, contract, agency or otherwise) to cast, or control the casting of, more than 50 per cent. of the maximum number of votes
that might be cast at a general meeting of the Company; and

 

		(ii)	"acting in concert" means, a group of persons who, pursuant to an agreement or
understanding (whether formal or informal), actively co-operate, through the acquisition directly or indirectly of shares in the
Company by any of them, either directly or indirectly, to obtain or consolidate control of the Company.

 

		(b)	the direct or indirect sale, leasing, transfer, conveyance or other disposition (other than by
way of a Merger) of all or substantially all of the properties or assets of the Group, whether in a single transaction or a series
of related transactions; or

 

		(c)	the adoption of a plan relating to the liquidation, winding-up or dissolution of the Company.

 

"Code" means the US Internal Revenue
Code of 1986.

 

"Commitment" means:

 

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

 

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

 

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

 

"Compliance Certificate"
means a certificate substantially in the form set out in Schedule 8 (Form of Compliance Certificate).

 

"Confidential Information"
means all information relating to the Company, any Obligor, the Group, the Finance Documents or the Facility of which a Finance
Party becomes aware in its capacity as, or for the purpose of becoming, a Finance Party or which is received by a Finance Party
in relation to, or for the purpose of becoming a Finance Party under, the Finance Documents or the Facility from either:

 

		(a)	any member of the Group or any of its advisers; or

 

		(b)	another Finance Party, if the information was obtained by that Finance Party directly or indirectly
from any member of the Group or any of its advisers,

 

in whatever form, and includes
information given orally and any document, electronic file or any other way of representing or recording information which contains
or is derived or copied from such information but excludes information that:

 

		(i)	is or becomes public information other than as a direct or indirect result of any breach by that
Finance Party of Clause 37 (Confidentiality); or

 

		(ii)	is identified in writing at the time of delivery as non-confidential by any member of the Group
or any of its advisers; or

 

		(iii)	is known by that Finance Party before the date the information is disclosed to it in accordance
with paragraphs (a) or (b) above or is lawfully obtained by that Finance Party after that date, from a source which is, as far
as that Finance Party is aware, unconnected with the Group and which, in either case, as far as that Finance Party is aware, has
not been obtained in breach of, and is not otherwise subject to, any obligation of confidentiality; or

 

		(iv)	is a Reference Bank Quotation.

 

"Confidentiality Undertaking"
means a confidentiality undertaking substantially in a recommended form of the LMA as set out in Schedule 9 (LMA Form of Confidentiality
Undertaking) or in any other form agreed between the Company and the Agent.

 

"Consolidated EBITDA"
has the meaning given to that term in Clause 22.1 (Financial definitions).

 

"Consolidated Interest
Expense" has the meaning given to that term in Clause 22.1 (Financial definitions).

 

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"Consolidated Net Debt"
has the meaning given to that term in Clause 22.1 (Financial definitions).

 

"Cross Acceleration"
means any Debt of the Company or any of its Subsidiaries is cancelled, or declared to be or otherwise becomes due and payable prior
to its specified maturity as a result of an event of default (however described).

 

"Cross Payment Default"
means any event of default (howsoever described) arising from a failure by the Company or any of its Subsidiaries to pay any Debt
when due or within any originally applicable grace period.

 

"CTA" means the Corporation Tax Act
2009.

 

"Debt" means
(without duplication), with respect to any person, whether recourse is to all or a portion of the assets of such person and whether
or not contingent:

 

		(a)	the principal of and premium, if any, in respect of every obligation of such person for money borrowed;

 

		(b)	the principal of and premium, if any, in respect of every obligation of such person evidenced by
bonds, debentures, notes or other similar instruments, including obligations incurred in connection with the acquisition of property,
assets or businesses;

 

		(c)	every reimbursement obligation of such person with respect to letters of credit, bankers' acceptances
or similar facilities issued for the account of such person (but only to the extent such obligations are not reimbursed within
30 days following receipt by such person of a demand for reimbursement);

 

		(d)	every obligation of such person issued or assumed as the deferred purchase price of property or
services (including securities repurchase agreements but excluding trade accounts payable or accrued liabilities arising in the
ordinary course of business and excluding purchase price holdbacks in respect of a portion of the purchase price of an asset to
satisfy warranty or other unperformed obligations of the applicable seller and, in connection with the purchase by any member of
the Group of any business, any post-closing payment adjustments to which the seller may become entitled to the extent such payment
is determined by a final closing statement of financial position or such payment depends on the performance of such business after
the closing) where the deferred payment is arranged primarily as a means of raising finance, which purchase price is due more than
one year after the date of placing such property in service or taking final delivery and title thereto;

 

		(e)	every Capital Lease Obligation of such person;

 

		(f)	all Redeemable Stock issued by such person;

 

		(g)	the net obligation of such person under Interest Rate, Currency or Commodity Price Agreements of
such person; and

 

		(h)	every obligation of the type referred to in paragraphs (a) through (g) of another person and all
dividends of another person the payment of which, in either case, such person has guaranteed or is responsible or liable for, directly
or indirectly, as obligor, guarantor or otherwise.

 

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The "amount"
or "principal amount" of Debt at any time of determination as used herein represented by (A) any Debt issued at
a price that is less than the principal amount at maturity thereof, shall be the amount of the liability in respect thereof determined
in accordance with IFRS, (B) any Redeemable Stock, shall be the maximum fixed redemption or repurchase price in respect thereof
and (C) any Debt that has been cash-collateralised, to the extent so cash collateralised, shall be excluded from any calculation
of Debt. Notwithstanding anything else to the contrary, for all purposes under this Agreement, the amount of Debt incurred, repaid,
redeemed, repurchased or otherwise acquired by a member of the Group shall equal the liability in respect thereof determined in
accordance with IFRS and reflected on the Company's consolidated statement of financial position.

 

The term "Debt" shall not include:

 

		(i)	obligations described in paragraphs (a), (b) or (h) of the first paragraph of this definition of
Debt that are incurred by a member of the Group (the "Proceeds Recipient") and owed to a bank or other lending
institution (the "On-Lend Bank") to facilitate the substantially concurrent on-lending of proceeds (the "Proceeds
On-Loan") from Debt incurred by the Company or any member of the Group (other than the Proceeds Recipient) as permitted
by paragraph (a) (Net Leverage Ratio) of Clause 22.2 (Financial condition) (the "Initial Debt")
to the extent (A) the principal obligations in respect of the Proceeds On-Loan are secured by security over cash granted in favour
of the On-Lend Bank or any of its Affiliates in an amount not less than the principal amount of the Proceeds On-Loan, (B) the Proceeds
On-Loan is put in place substantially concurrently with a loan by any member of the Group (other than the Proceeds Recipient)
to the On-Lend Bank (the "On-Lend Bank Borrowing") pursuant to which the Proceeds Recipient is entitled to reduce
the principal amount of the Proceeds On-Loan by an amount equal to the principal amount of the On-Lend Bank Borrowing if a default
or acceleration occurs with respect to such On-Lend Bank Borrowing, or (C) the substantial risks and rewards of the Proceeds On-Loan
are transferred, using a synthetic instrument or any other arrangement or agreement, from the On-Lend Bank to any member of the
Group (other than the Proceeds Recipient) in exchange for an amount not less than (x) the amount of cash granted in favour of the
On-Lend Bank or any of its Affiliates, or (y) the outstanding amount of the On-Lend Bank Borrowing, as applicable, in each case
as at the effective date of such transfer;

 

		(ii)	any liability of the Company or any member of the Group (other than the Proceeds Recipient) attributable
to a synthetic instrument or any other arrangement or agreement described in paragraph (i)(C) above to the extent such obligation
under the relevant instrument, arrangement or agreement has not come due but is classified as a financial liability in accordance
with IFRS and recorded as a current liability on the Company's consolidated statement of financial position;

 

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		(iii)	any Restricted MFS Cash;

 

		(iv)	any liability of the Company attributable to a put option or similar instrument, arrangement or
agreement entered into after the date of this Agreement granted by the Company relating to an interest in any other entity, in
each case to the extent such option has not been exercised or such obligation under the relevant instrument, arrangement or agreement
has not come due but is classified as a financial liability in accordance with IFRS, and recorded as a current liability on the
Company's consolidated statement of financial position;

 

		(v)	any standby letter of credit, performance bond or surety bond provided by a member of the Group
that is customary in the Permitted Business to the extent such letters of credit or bonds are not drawn upon or, if and to the
extent drawn upon, are honored in accordance with their terms; and

 

		(vi)	any intercompany debt or other liability from the Company to Subsidiaries or from Subsidiaries
to the Company.

 

"Default" means
an Event of Default or any event or circumstance specified in Clause 24 (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.

 

"Defaulting Lender" means any Lender:

 

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

 

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

 

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

 

		(d)	an Affiliate of which is a Defaulting Lender,

 

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

 

		(i)	its failure to pay is caused by:

 

		(A)	administrative or technical error; or

 

		(B)	a Disruption Event, and

 

payment is made within 5 Business Days of its due
date; or

 

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

 

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"Designated Gross Amount"
means the amount notified by the Company to the Agent upon the establishment of a Multi-account Overdraft as being the maximum
amount of Gross Outstandings that will, at any time, be outstanding under that Multi-account Overdraft.

 

"Designated Net Amount" means the amount notified by the Company to the Agent upon the establishment of a Multi-account Overdraft as being the maximum
amount of Net Outstandings that will, at any time, be outstanding under that Multi-account Overdraft

 

"Disclosed Investigation"
means any investigation by any governmental, regulatory or law enforcement authorities of certain payments that were or may have
been made on behalf of Comunicaciones Celulares S.A., the Company’s joint venture in Guatemala, as described in the press
release issued by the Company on 21 October 2015, and any facts and circumstances relating thereto.

 

"Disruption Event" means either or
both of:

 

		(a)	a material disruption to those payment or communications systems or to those financial markets
which are, in each case, required to operate in order for payments to be made in connection with the Facility (or otherwise in
order for the transactions contemplated by the Finance Documents to be carried out) which disruption is not caused by, and is beyond
the control of, any of the Parties; or

 

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

 

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

 

		(ii)	from communicating with other Parties in accordance with the terms of the Finance Documents,

 

and which (in either such case) is not caused by, and
is beyond the control of, the Party whose operations are disrupted.

 

"Environmental Claim"
means any claim, proceeding or investigation by any person in respect of any Environmental Law.

 

"Environmental Law"
means any applicable law in any jurisdiction in which any member of the Group conducts business which relates to the pollution
or protection of the environment or harm to or the protection of human health or the health of animals or plants.

 

"Environmental Permits"
means any permit, licence, consent, approval and other authorisation and the filing of any notification, report or assessment required
under any Environmental Law for the operation of the business of any member of the Group conducted on or from the properties owned
or used by the relevant member of the Group.

 

    	 	- 10 -	 

    
	 	Confidential treatment requested by the registrant for its submission of this draft registration	MIC-0475
	 	statement pursuant to Securities and Exchange Commission Rule 83	 

    

 

"EURIBOR" means, in relation to any
Loan in euro:

 

		(a)	the applicable Screen Rate;

 

		(b)	(if no Screen Rate is available for the Interest Period of that Loan) the Interpolated Screen Rate
for that Loan; or

 

		(c)	if:

 

		(i)	no Screen Rate is available for the Interest Period of that Loan; and

 

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

 

the Reference Bank Rate,

 

as of, in the case of paragraphs
(a) and (c) above, the Specified Time on the Quotation Day for euro and for a period equal in length to the Interest Period of
that Loan and, if any such rate is below zero, EURIBOR will be deemed to be zero.

 

"Event of Default"
means any event or circumstance specified as such in Clause 24 (Events of Default).

 

"Existing Facilities"
means the facilities made available pursuant to the Existing Facilities Agreement.

 

"Existing Facilities
Agreement" means the $500,000,000 facility agreement dated 4 June 2014 between, amongst others, the Company as the company,
original borrower and guarantor, The Bank of Nova Scotia, BNP Paribas, Citigroup Global Markets Limited, DNB Bank ASA, Sweden Branch,
DNB Markets, a part of DNB Bank ASA, Sweden Branch, Barclays Bank PLC, Crédit Agricole Corporate and Investment Bank, Goldman
Sachs Bank USA, Itau BBA International PLC, J.P. Morgan Limited, Morgan Stanley Senior Funding, Inc., Nordea Bank AB (publ) and
The Royal Bank of Scotland plc as arrangers and DNB Bank ASA, Sweden Branch as agent, as amended, supplemented, varied or novated
from time to time.

 

"Facility" means
the revolving loan facility made available under this Agreement as described in Clause 2 (The Facility).

 

"Facility Office"
means the office or offices notified by a Lender to the Agent in writing on or before the date it becomes a Lender (or, following
that date, by not less than five Business Days' written notice) as the office or offices through which it will perform its obligations
under this Agreement.

 

"Fair Market Value"
means, with respect to any asset or property, the sale value that would be obtained in an arm's length free market transaction
between an informed and willing seller under no compulsion to sell and an informed and willing buyer under no compulsion to buy,
as determined in good faith by the Company's Chief Executive Officer, Chief Financial Officer or responsible accounting or financial
officer.

 

    	 	- 11 -	 

    
	 	Confidential treatment requested by the registrant for its submission of this draft registration	MIC-0476
	 	statement pursuant to Securities and Exchange Commission Rule 83	 

    

 

"FATCA" means:

 

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

 

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

 

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

 

"FATCA Application Date" means:

 

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

 

		(b)	in relation to a "withholdable payment" described in section 1473(1)(A)(ii) of the Code
(which relates to "gross proceeds" from the disposition of property of a type that can produce interest from sources
within the US), 1 January 2019; or

 

		(c)	in relation to a "passthru payment" described in section 1471(d)(7) of the Code not falling
within paragraphs (a) or (b) above, 1 January 2019,

 

or, in each case, such other
date from which such payment may become subject to a deduction or withholding required by FATCA as a result of any change in FATCA
after the date of this Agreement.

 

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

 

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

 

"Fee Letter" means:

 

		(a)	any letter or letters dated on or about the date of this Agreement between the Arrangers and the
Company (or the Agent and the Company) setting out any of the fees referred to in Clause 13 (Fees); and

 

		(b)	any other agreement setting out fees referred to in Clause 13.5 (Interest, commission and fees
on Ancillary Facilities).

 

"Finance Document"
means this Agreement, any Fee Letter, any Accession Letter, any Resignation Letter, any Ancillary Document and any other document
designated as a "Finance Document" by the Agent and the Company.

 

"Finance Party" means the Agent,
the Arrangers, a Lender or any Ancillary Lender.

 

    	 	- 12 -	 

    
	 	Confidential treatment requested by the registrant for its submission of this draft registration	MIC-0477
	 	statement pursuant to Securities and Exchange Commission Rule 83	 

    

 

"Financial Quarter"
has the meaning given to that term in Clause 22.1 (Financial definitions).

 

"Financial Year"
has the meaning given to that term in Clause 22.1 (Financial definitions).

 

"Government Securities"
has the meaning given to that term in Clause 22.1 (Financial definitions).

 

"Gross Outstandings"
means, in relation to a Multi-account Overdraft, the Ancillary Outstandings of that Multi-account Overdraft but calculated on the
basis that the words "(net of any Available Credit Balance)" in paragraph (a) of the definition of "Ancillary Outstandings"
were deleted.

 

"Group" means the Company and its
Subsidiaries for the time being.

 

"Holding Company"
means, in relation to a person, any other person in respect of which it is a Subsidiary.

 

"IFRS" means
international accounting standards within the meaning of the IAS Regulation 1606/2002 to the extent applicable to the relevant
financial statements.

 

"Impaired Agent" means the Agent
at any time when:

 

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

 

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

 

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

 

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

 

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

 

		(i)	its failure to pay is caused by:

 

		(A)	administrative or technical error; or

 

		(B)	a Disruption Event; and

 

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

 

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

 

"Increase Confirmation" means a confirmation
substantially in the form set out in Schedule 12 (Form of Increase Confirmation).

 

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

 

    	 	- 13 -	 

    
	 	Confidential treatment requested by the registrant for its submission of this draft registration	MIC-0478
	 	statement pursuant to Securities and Exchange Commission Rule 83	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	- 14 -	 

    
	 	Confidential treatment requested by the registrant for its submission of this draft registration	MIC-0479
	 	statement pursuant to Securities and Exchange Commission Rule 83	 

    

 

"Interest Cover"
has the meaning given to that term in Clause 22.1 (Financial definitions).

 

"Intellectual Property" means:

 

		(a)	any patents, trade marks, service marks, designs, business names, copyrights, database rights,
design rights, domain names, moral rights, inventions, confidential information, knowhow and other intellectual property rights
and interests (which may on or after the date of this Agreement subsist), whether registered or unregistered; and

 

		(b)	the benefit of all applications and rights to use such assets of each member of the Group (which
may on or after the date of this Agreement subsist).

 

"Interest Period"
means, in relation to a Loan, each period determined in accordance with Clause 11 (Interest Periods) and, in relation to
an Unpaid Sum, each period determined in accordance with Clause 10.3 (Default interest).

 

"Interest Rate, Currency
or Commodity Price Agreement" of any person means any forward contract, futures contract, swap, option or other financial
agreement or arrangement (including, without limitation, caps, floors, collars and similar agreements) relating to, or the value
of which is dependent upon, interest rates, currency exchange rates or commodity prices or indices (excluding contracts for the
purchase or sale of goods in the ordinary course of business).

 

"Interpolated Screen
Rate" means, in relation to LIBOR or EURIBOR for any Loan, the rate (rounded to the same number of decimal places as the
two relevant Screen Rates) which results from interpolating on a linear basis between:

 

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

 

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

 

each as of the Specified Time on the Quotation Day
for the currency of that Loan.

 

"Investment" has the meaning given
to that term in Clause 22.1 (Financial definitions).

 

"ITA" means the Income Tax Act 2007.

 

"Joint Venture" means any joint venture
entity, whether a company, unincorporated firm, undertaking, association, joint venture or partnership or any other entity.

 

"Joint Venture Consolidated EBITDA"
has the meaning given to that term in Clause 22.1 (Financial definitions).

 

"Lender" means:

 

		(a)	any Original Lender; and

 

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	 	Confidential treatment requested by the registrant for its submission of this draft registration	MIC-0480
	 	statement pursuant to Securities and Exchange Commission Rule 83	 

    

 

		(b)	any bank, financial institution, trust, fund or other entity which has become a Party as a Lender
in accordance with Clause 2.2. (Increase) or Clause 25 (Changes to the Lenders),

 

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

 

"LIBOR" means, in relation to any
Loan other than in Euros:

 

		(a)	the applicable Screen Rate;

 

		(b)	(if no Screen Rate is available for the Interest Period of that Loan) the Interpolated Screen Rate
for that Loan; or

 

		(c)	if:

 

		(i)	no Screen Rate is available for the currency of that Loan; or

 

		(ii)	no Screen Rate is available for the Interest Period of that Loan and it is not possible to calculate
an Interpolated Screen Rate for that Loan,

 

the Reference Bank Rate,

 

as of, in the case of paragraphs
(a) and (c) above, the Specified Time on the Quotation Day for the currency of that Loan and for a period equal in length to the
Interest Period of that Loan and, if any such rate is below zero, LIBOR will be deemed to be zero.

 

"Lien" means,
with respect to any property or assets, any mortgage, pledge, security interest, lien, charge, encumbrance, priority or other security
agreement or preferential arrangement of any kind or nature whatsoever on or with respect to such property or assets (including,
without limitation, any conditional sale or other title retention agreement having substantially the same economic effect as any
of the foregoing).

 

"LMA" means the Loan Market Association.

 

"Loan" means
a loan made or to be made under the Facility or the principal amount outstanding for the time being of that loan.

 

"Majority Lenders"
means a Lender or Lenders whose Commitments aggregate more than 662/3% of the Total Commitments (or, if the Total Commitments have
been reduced to zero, aggregated more than 662/3% of the Total Commitments immediately prior to the reduction).

 

"Mandate Letter"
means the letter dated 30 November 2016 between the Arranger, the Company and others.

 

"Mandatory Prepayment
Event" means any event of default, howsoever described, (other than a Cross Payment Default), taking into account any
originally applicable grace periods, which occurs under any agreement relating to any Debt of the Company or any of its Subsidiaries.

 

    	 	- 16 -	 

    
	 	Confidential treatment requested by the registrant for its submission of this draft registration	MIC-0481
	 	statement pursuant to Securities and Exchange Commission Rule 83	 

    

 

"Margin" means:

 

		(a)	in relation to any Loan, 1.50 per cent. per annum;

 

		(b)	in relation to any Unpaid Sum relating or referable to the Facility, the rate per annum specified
below for the Facility; and

 

		(c)	in relation to any other Unpaid Sum, the highest rate specified below,

 

but if:

 

		(d)	no Event of Default has occurred and is continuing; and

 

		(e)	Net Leverage Ratio in respect of the most recently completed Relevant Period is within a range
set out below,

 

then the Margin for each Loan will be the percentage
per annum set out below opposite that range:

 

		 	Margin	 
	Net Leverage Ratio	 	% p.a.	 
	 	 	 	 
	Less than 3.00:1 but greater than 2.50:1	 	 	2.00	 
	 	 	 	 	 
	Less than or equal to 2.50:1 but greater than 2.00:1	 	 	1.70	 
	 	 	 	 	 
	Less than or equal to 2.00:1 but greater than 1.50:1	 	 	1.50	 
	 	 	 	 	 
	Less than or equal to 1.50:1 but greater than 0.75:1	 	 	1.40	 
	 	 	 	 	 
	Less than or equal to 0.75:1	 	 	1.30	 

 

However:

 

		(i)	any decrease or increase in the Margin for a Loan shall take effect on the date (the "reset
date") which is five Business Days after receipt by the Agent of the Compliance Certificate for that Relevant Period pursuant
to Clause 21.2 (Compliance Certificate);

 

		(ii)	within 3 Business Days after the reset date, the Agent shall notify the Borrowers of any increase
or decrease in the Margin for each Loan and any corresponding change to the amount payable at maturity in respect of that Loan;

 

		(iii)	if, following receipt by the Agent of the Compliance Certificate related to any Quarterly Report
or audited consolidated financial statements for any Financial Year, that Compliance Certificate does not confirm the basis for
a reduced Margin, then paragraph (b) of Clause 10.2 (Payment of interest) shall apply and the Margin for that Loan shall
be the percentage per annum determined using the table above and the revised Net Leverage Ratio calculated using the figures in
that Compliance Certificate;

 

    	 	- 17 -	 

    
	 	Confidential treatment requested by the registrant for its submission of this draft registration	MIC-0482
	 	statement pursuant to Securities and Exchange Commission Rule 83	 

    

 

		(iv)	while an Event of Default is continuing, the Margin for each Loan shall be the highest percentage
per annum set out above for a Loan; and

 

		(v)	for the purpose of determining the Margin, Net Leverage Ratio and Relevant Period shall be determined
in accordance with Clause 22.1 (Financial definitions).

 

"Material Adverse Effect" means a
material adverse effect on:

 

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

 

		(b)	the ability of the Obligors (taken as a whole) to perform their obligations under the Finance Documents
in any material respect; or

 

		(c)	the validity or enforceability of the Finance Documents or the rights or remedies of any Finance
Party under the Finance Documents.

 

"Material Company" means:

 

		(a)	an Obligor;

 

		(b)	a Significant Subsidiary; or

 

		(c)	any other Subsidiaries which are not Significant Subsidiaries but where taken together, account
for more than 10 per cent. of the Consolidated EBITDA of the Group or consolidated revenues of the Group, or whose assets, taken
together, represent more than 10 per cent. of the assets of the Group.

 

"Merger" means:

 

		(a)	an amalgamation, merger, consolidation of the Company with another person; or

 

		(b)	the direct or indirect conveyance, transfer, sale, leasing or otherwise disposal by the Company
of all or substantially all of its assets to any other person,

 

other than pursuant to a Permitted Reorganisation.

 

    	 	- 18 -	 

    
	 	Confidential treatment requested by the registrant for its submission of this draft registration	MIC-0483
	 	statement pursuant to Securities and Exchange Commission Rule 83	 

    

 

"Minority Shareholder
Loan" has the meaning given to that term in Clause 22.1 (Financial definitions).

 

"Month" means
a period starting on one day in a calendar month and ending on the numerically corresponding day in the next calendar month, except
that:

 

		(a)	(subject to paragraph (c) below) if the numerically corresponding day is not a Business Day, that
period shall end on the next Business Day in that calendar month in which that period is to end if there is one, or if there is
not, on the immediately preceding Business Day;

 

		(b)	if there is no numerically corresponding day in the calendar month in which that period is to end,
that period shall end on the last Business Day in that calendar month; and

 

		(c)	if an Interest Period begins on the last Business Day of a calendar month, that Interest Period
shall end on the last Business Day in the calendar month in which that Interest Period is to end.

 

The above rules will only apply to the last Month
of any period.

 

"Multi-account Overdraft"
means an Ancillary Facility which is an overdraft facility comprising more than one account.

 

"Net Outstandings"
means, in relation to a Multi-account Overdraft, the Ancillary Outstandings of that Multi-account Overdraft.

 

"Net Leverage Ratio"
has the meaning given to that term in Clause 22.1 (Financial definitions).

 

"New Lender"
has the meaning given to that term in Clause 25 (Changes to the Lenders).

 

"Obligor" means a Borrower or the
Guarantor.

 

"Optional Currency"
means a currency (other than the Base Currency) which complies with the conditions set out in Clause 4.3 (Conditions relating
to Optional Currencies).

 

"Original Financial Statements"
means in relation to the Company, the audited consolidated financial statements of the Group for the Financial Year ended 31 December
2015.

 

"Original Obligor" means an Original
Borrower or the Guarantor.

 

"Participating Member
State" means any member state of the European Union that has the euro as its lawful currency in accordance with legislation
of the European Union relating to Economic and Monetary Union.

 

"Party" means a party to this Agreement.

 

    	 	- 19 -	 

    
	 	Confidential treatment requested by the registrant for its submission of this draft registration	MIC-0484
	 	statement pursuant to Securities and Exchange Commission Rule 83	 

    

 

"Permitted Business" means:

 

		(a)	any business, services or activities engaged in by the Company or any member of the Group on the
date of this Agreement; and

 

		(b)	any business, services and activities that are related, complementary, incidental, ancillary or
similar to any of the foregoing, or are extensions or developments thereof, including, without limitation, broadband internet,
network-related services, cable television, broadcast content, network neutral services, electronic transactional, financial and
commercial services related to provision of telephony or internet services.

 

"Permitted Discontinuance
of Property Maintenance" means the discontinuance of the operation or maintenance of the properties of any member of the
Group if such discontinuance is, in the Company's judgment, desirable in the conduct of its business or the business of such member
of the Group, and will not have a Material Adverse Effect.

 

"Permitted Disposal" means:

 

		(a)	any sale, lease, licence, transfer or other disposal:

 

		(i)	of any asset for which an agreement to effect such sale, lease, licence, transfer or other disposal
was entered into prior to the date of this Agreement and disclosed in writing to the Agent prior to the date of this Agreement;

 

		(ii)	of damaged, worn-out, obsolete or redundant assets for fair value;

 

		(iii)	of any asset by any member of the Group in the ordinary course of trading;

 

		(iv)	of any asset by a member of the Group to another member of the Group;

 

		(v)	of any asset in exchange for other assets comparable or superior as to type, value and quality;

 

		(vi)	of Cash Equivalents for cash or in exchange for other Cash Equivalents;

 

		(vii)	of any asset constituted by a licence of intellectual property rights permitted by Clause 23.18
(Intellectual Property);

 

		(viii)	of any asset to a Joint Venture, to the extent permitted by Clause 23.9 (Joint Ventures);
or

 

		(ix)	arising as a result of any Permitted Lien;

 

		(x)	of assets which are seized, expropriated or acquired by compulsory purchase by or by the order
of any central or local government authority;

 

    	 	- 20 -	 

    
	 	Confidential treatment requested by the registrant for its submission of this draft registration	MIC-0485
	 	statement pursuant to Securities and Exchange Commission Rule 83	 

    

 

		(b)	any Specified Subsidiary Sale;

 

		(c)	the disposal of Capital Stock of the Company held by the Company or any Subsidiary of the Company;

 

		(d)	the disposal of any asset at Fair Market Value, provided that the proceeds of such disposal
are:

 

		(i)	reinvested in assets to be used for the business of the Group as soon as reasonably practicable,
but in any event within six months of receipt; and

 

		(ii)	certified by the Chief Financial Officer of the Company as having been so reinvested in the next
Compliance Certificate delivered to the Agent following the expiry of the relevant six month period.

 

		(e)	any sale, lease, licence, transfer or other disposal of assets for cash where the higher of the
book value and net consideration receivable (when aggregated with the higher of the book value and net consideration receivable
for any other sale, lease, licence, transfer or other disposal) does not exceed US$ 150,000,000 (or its equivalent in any other
currency or currencies) in total during the term of this Agreement and does not exceed US$ 75,000,000 (or its equivalent in any
other currency or currencies) in any Financial Year of the Company; and

 

		(f)	the disposal of up to 25 per cent. of the outstanding ordinary shares or other Capital Stock of
any of the Subsidiaries of the Company organised or operating in Tanzania in a public offering and listing on the Dar es Salaam
Stock Exchange or any other exchange approved by the Company;

 

		(g)	any disposal made with the prior written consent of the Agent acting on the instructions of the
Majority Lenders.

 

"Permitted Gross Outstandings"
means, in relation to a Multi-account Overdraft, any amount, not exceeding its Designated Gross Amount, which is the amount of
the Gross Outstandings of that Multi-account Overdraft.

 

"Permitted Interest Rate,
Currency or Commodity Price Agreement" means any Interest Rate, Currency or Commodity Price Agreement entered into with
one or more financial institutions in the ordinary course of business that is designed to protect against fluctuations in interest
rates or currency exchange rates and which shall have a notional amount no greater than the payments due with respect to the Debt
being hedged thereby, or in the case of currency or commodity protection agreements against currency exchange or commodity price
fluctuations in the ordinary course of business relating to then existing financial obligations and not for purposes of speculation.

 

"Permitted Joint Venture" means any
Joint Venture where:

 

		(a)	the Joint Venture is incorporated, or established, and carries on its principle business in a jurisdiction
and territory that is not a Sanctioned Country;

 

    	 	- 21 -	 

    
	 	Confidential treatment requested by the registrant for its submission of this draft registration	MIC-0486
	 	statement pursuant to Securities and Exchange Commission Rule 83	 

    

 

		(b)	the Joint Venture is engaged in a business substantially the same as that carried on by the Group;
and

 

		(c)	in any Financial Year of the Company, the aggregate of:

 

		(i)	the contingent liabilities of any member of the Group under any guarantee given in respect of the
liabilities of any Joint Venture; and

 

		(ii)	the book value of any assets transferred by any member of the Group to any Joint Venture,

 

does not exceed US$ 100,000,000 (or its equivalent in
any other currency or currencies).

 

"Permitted Lien" means:

 

		(a)	Liens for taxes, assessments or governmental charges, or levies on the property of any member of
the Group if the same shall not at the time be delinquent or thereafter can be paid without penalty, or are being contested in
good faith and by appropriate proceeds promptly instituted and diligently concluded, provided that any reserve or other
appropriate provision that shall be required in conformity with IFRS shall have been made therefor;

 

		(b)	Liens imposed by law, such as statutory Liens of landlords', carriers', materialmen's, repairmen's,
construction, warehousemen's and mechanics' Liens and other similar Liens, on the property of any member of the Group arising in
the ordinary course of trading or Liens arising solely by virtue of any statutory or common law business relating to attorneys'
liens or bankers' liens, rights of set-off or similar rights and remedies as to deposit accounts or other funds maintained with
a creditor depositary institution;

 

		(c)	Liens on the property of any member of the Group incurred in the ordinary course of business to
secure performance of obligations with respect to statutory or regulatory requirements, performance bids, trade contracts, letters
of credit, performance or return-of-money bonds, surety bonds or other obligations of a like nature and incurred in a manner consistent
with industry practice, in each case which are not incurred in connection with the borrowing of money, the obtaining of advances
or credit or the payment of the deferred purchase price of property and which do not in the aggregate impair in any material respect
the use of property in the operation of the business of the Group taken as a whole;

 

		(d)	Liens on property at the time a member of the Group acquired such property and Liens incurred in
anticipation of or in connection with the transaction pursuant to which such property was acquired by a member of the Group, including
any acquisition by means of a merger or consolidation; provided, however, that any such Lien may not extend to any other
property of the relevant member of the Group;

 

    	 	- 22 -	 

    
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	 	statement pursuant to Securities and Exchange Commission Rule 83	 

    

 

		(e)	Liens on the property of a person at the time such person becomes a member of the Group; provided,
however, that any such Lien may not extend to any other property of any member of the Group that is not a direct, or, prior
to such time, indirect Subsidiary of such person; provided further, however, that any such Lien was not incurred in anticipation
of or in connection with the transaction or series of transactions pursuant to which such person became a member of the Group;

 

		(f)	pledges or deposits by any member of the Group under workmen's compensation laws, unemployment
insurance laws or similar legislation, or good faith deposits in connection with bids, tenders, contracts (other than for the payment
of Debt) or leases to which any member of the Group is party, or deposits to secure public or statutory obligations of a member
of the Group or deposits for the payment of rent, in each case incurred in the ordinary course of business;

 

		(g)	utility easements, building restrictions and such other encumbrances or charges against real property
as are of a nature generally existing with respect to properties of a similar character;

 

		(h)	any provision for the retention of title to any property by the vendor or transferor of such property
which property is acquired by a member of the Group in a transaction entered into in the ordinary course of business of the relevant
member of the Group and for which kind of transaction it is customary market practice for such retention of title provision to
be included;

 

		(i)	Liens arising by means of any judgment, decree or order of any court, to the extent not otherwise
resulting in a Default, so long as any appropriate legal proceedings which may have been duly initiated for the review of such
judgment, decree or order have not been fully terminated or the period within which such proceedings may be initiated has not expired
and any Liens that are required to protect or enforce rights in any administrative, arbitration or other court proceeding in the
ordinary course of business;

 

		(j)	any Lien securing Debt incurred under any Permitted Interest Rate, Currency or Commodity Price
Agreement;

 

		(k)	any Lien securing Acquired Debt;

 

		(l)	mortgages, liens, security interests, restrictions, encumbrances or any other matters of record
that have been placed by any developer, landlord or other third party on property over which a member of the Group has easement
rights or on any real property leased by any member of the Group or similar agreements relating thereto, and any condemnation or
eminent domain proceedings or compulsory purchase order affecting real property;

 

		(m)	Liens existing on the date of this Agreement and disclosed in writing to the Agent prior to the
date of this Agreement;

 

		(n)	Liens in favour of the Company;

 

		(o)	Liens on insurance policies and the proceeds thereof, or other deposits, to secure insurance premium
financings in respect of the Group;

 

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		(p)	Liens arising from financing statement filings (or other similar filings in any applicable jurisdiction)
regarding operating leases entered into by any member of the Group in the ordinary course of business;

 

		(q)	Liens on goods (and the proceeds thereof) and documents of title and the property covered thereby
securing Debt in respect of commercial letters of credit issued to facilitate the purchase, shipment or storage of such inventory
or other goods;

 

		(r)	Liens on the property of a member of the Group to replace in whole or in part, any Lien described
in the foregoing paragraphs (a) through (q); provided that any such Lien is limited to all or part of the same property
or assets (plus improvements, accessions, proceeds or dividends or distributions in respect thereof) that secured (or, under the
written arrangements under which the original Lien arose, could secure) the Debt being refinanced or in respect of property that
is the security for a Permitted Lien hereunder;

 

		(s)	Liens on any escrow account used in connection with pre-funding a refinancing of Debt otherwise
permitted under this Agreement;

 

		(t)	Liens on any member of the Group's deposits in favor of financial institutions arising from any
netting or set-off arrangement substantially consistent with its current practice for the purpose of netting debt and credit balances
substantially consistent with the Group's existing cash pooling arrangements;

 

		(u)	Liens incurred in the ordinary course of business of any member of the Group with respect to obligations
that do not exceed the greater of US$ 150,000,000 or 3% of the consolidated net assets of the Company (being the total assets shown
on the consolidated financial statements of the Company most recently delivered to the Lenders pursuant to this Agreement, less
all goodwill, patents, trade names, trademarks, copyrights, franchises, experimental expenses, organization expenses and any other
amounts classified as intangible assets in accordance with IFRS) at any one time outstanding and that do not in the aggregate materially
detract from the value of the property of the Company, or materially impair the use thereof in the operation of business by the
Group;

 

		(v)	Liens over cash or other assets that secure collateralised obligations described in paragraph (a)
of the third paragraph of the definition of Debt; provided that the amount of cash collateral does not exceed the principal
amount of the Proceeds On-Loan;

 

		(w)	Liens over cash or other assets that secure letters of credit, bankers' acceptances or similar
facilities; and

 

		(a)	Liens on Restricted MFS Cash in favour of the customers or dealers of, or third parties in relation
to, one or more member of the Group engaged in the provision of mobile financial services, in each case who provided such Restricted
MFS Cash to the relevant member of the Group.

 

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"Permitted Loan" means:

 

		(a)	any loan made by any member of the Group with the prior written consent of the Agent acting on
the instructions of the Majority Lenders;

 

		(b)	any loan or credit existing on the date of this Agreement and disclosed in writing to the Agent
prior to the date of this Agreement, or any replacement loan or credit between the same parties and on substantially the same terms
and for an amount not exceeding the original loan or credit;

 

		(c)	any loan made by an Obligor to a member of the Group to distribute the proceeds of Debt incurred
pursuant to this Agreement;

 

		(d)	any loan made by an Obligor to another Obligor or made by a member of the Group which is not an
Obligor to another member of the Group;

 

		(e)	any loan made by an Obligor to a member of the Group which is not an Obligor so long as the aggregate
amount of the Debt under any such loans does not exceed US$ 200,000,000 (or its equivalent in any other currency or currencies)
at any time;

 

		(f)	any loan made to another member of the Group pursuant to any cash pooling arrangement;

 

		(g)	any loan or credit constituted by a member of the Group deferring purchase consideration due to
it on the disposal of an asset, provided that the relevant disposal is a Permitted Disposal;

 

		(h)	any loan, credit or trade credit extended by any member of the Group to its customers on normal
commercial terms and in the ordinary course of its trading activities;

 

		(i)	any advance payment made in relation to capital expenditure in the ordinary course of day to day
business;

 

		(j)	any loan made for the purposes of enabling an Obligor to meet its payment obligations under the
Finance Documents, provided the relevant Obligor does not (or does not reasonably expect to) otherwise have sufficient cash available
to meet such payment obligations;

 

		(k)	any loan made by a member of the Group to an employee or director of any member of the Group if
the amount of that loan, when aggregated with the amount of all loans to employees and directors by members of the Group, does
not exceed US$ 25,000,000 (or its equivalent in any other currency or currencies) at any time;

 

		(l)	any loan to a Permitted Joint Venture which is not otherwise prohibited by the terms of this Agreement
if the principal amount of that loan, when aggregated with the principal amount of all other such loans to Permitted Joint Ventures,
does not exceed US$ 100,000,000 (or its equivalent in any other currency or currencies) at any time;

 

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		(m)	any credit balance held in the ordinary course of day to day business with a bank or financial
institution;

 

		(n)	any loan or extension of credit described in the third paragraph of the definition of Debt; and

 

		(o)	any other loan or extension of credit not permitted under paragraphs (a) to (n) above provided
the aggregate principal amount of Debt under all such loans does not exceed US$ 25,000,000 (or its equivalent in any other currency
or currencies) at any time.

 

"Permitted Reorganisation"
means an amalgamation, merger, consolidation, corporate reconstruction, or reorganisation involving the Company where the entity
formed by or surviving such amalgamation, merger, consolidation, corporate reconstruction, or reorganisation is the Company.

 

"Permitted Tax Non-Payment"
means a non-payment or non-discharge in respect of any tax, assessment or charge which, on the date of determination, is not delinquent
or thereafter can be paid without penalty or whose amount, applicability or validity is being contested in good faith by appropriate
proceedings and for which adequate reserves (if required in accordance with IFRS) have been established.

 

"Proceeds On-Loan" has the meaning
given to that term in the definition of "Debt".

 

"Quarter Date"
has the meaning given to that term in Clause 22.1 (Financial definitions).

 

"Quarterly Report" means a report
containing the following information:

 

		(a)	the unaudited condensed consolidated statement of financial position of the Company as at the end
of the most recent Financial Quarter and unaudited condensed consolidated income statements and statements of cashflow of the Company
for the most recent Financial Quarter and year to date periods ending on the unaudited condensed consolidated statement of financial
position date and the comparable prior period (as determined by the IFRS standard on preparation of interim condensed consolidated
financial statements); and

 

		(b)	a copy of the related operating and financial review included in the quarterly earnings release
of the Company for the applicable Financial Quarter.

 

"Quotation Day" means, in relation
to any period for which an interest rate is to be determined:

 

		(a)	(if the currency is domestic sterling) the first day of that period;

 

		(b)	(if the currency is euro) two TARGET Days before the first day of that period; or

 

		(c)	(for any other currency) two Business Days before the first day of that period,

 

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 unless market practice
differs in the Relevant Interbank Market for a currency, in which case the Quotation Day for that currency will be determined by
the Agent in accordance with market practice in the Relevant Interbank Market (and if quotations would normally be given by leading
banks in the Relevant Interbank Market on more than one day, the Quotation Day will be the last of those days).

 

"Redeemable Stock"
of any person means any Capital Stock of such person that by its terms (or by the terms of any security into which it is convertible
or for which it is exchangeable) or otherwise (including upon the occurrence of an event) matures or is required to be redeemed
(pursuant to any sinking fund obligation or otherwise) or is convertible into or exchangeable for Debt or is redeemable at the
option of the holder thereof, in whole or in part, at any time prior to the final Termination Date.

 

"Reference Bank Quotation"
means any quotation supplied to the Agent by a Reference Bank.

 

"Reference Bank Rate"
means the arithmetic mean of the rates (rounded upwards to four decimal places) as supplied to the Agent at its request by the
Reference Banks:

 

		(a)	in relation to LIBOR, as the rate at which the relevant Reference Bank could borrow funds in the
London interbank market; or

 

		(b)	in relation to EURIBOR, as the rate at which the relevant Reference Bank could borrow funds in
the European interbank market,

 

in the relevant currency and
for the relevant period, were it to do so by asking for and then accepting interbank offers for deposits in reasonable market size
in that currency and for that period.

 

"Reference Banks"
means such banks as may be appointed by the Agent in consultation with the Company (provided that any such bank has consented to
be a Reference Bank for the purposes of this Agreement).

 

"Related Fund"
in relation to a fund (the "first fund"), means a fund which is managed or advised by the same investment manager
or investment adviser as the first fund or, if it is managed by a different investment manager or investment adviser, a fund whose
investment manager or investment adviser is an Affiliate of the investment manager or investment adviser of the first fund.

 

"Related Parties" means:

 

		(a)	any controlling stockholder, partner or member of Kinnevik AB;

 

		(b)	any Subsidiary of Kinnevik AB; and

 

		(c)	any trust, corporation, partnership or other entity in respect of which Kinnevik AB and/or the
persons described in paragraphs (a) and (b) above are the beneficiaries, stockholders, partners, owners or persons beneficially
owning a majority or a controlling interest.

 

"Relevant Interbank Market" means
in relation to euro, the European interbank market, and, in relation to any other currency, the London interbank market.

 

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"Relevant Period"
has the meaning given to that term in Clause 22.1 (Financial definitions).

 

"Repeating Representations"
means each of the representations set out in Clauses 20.1 (Status) to 20.7 (Insolvency), Clause 20.10 (No default),
paragraph (c) of Clause 20.12 (Financial statements), 20.17 (Anti-corruption law) and 20.18 (Sanctions).

 

"Representative"
means any delegate, agent, manager, administrator, nominee, attorney, trustee or custodian.

 

"Resignation Letter"
means a letter substantially in the form set out in Schedule 7 (Form of Resignation Letter).

 

"Restricted Cash"
has the meaning given to that term in Clause 22.1 (Financial definitions).

 

"Restricted MFS Cash"
means, as of any date of determination, an amount equal to any cash paid in or deposited by or held on behalf of any customer or
dealer of, or any other third party in relation to, one or more member of the Group engaged in the provision of mobile financial
services and designated as "restricted cash" on the consolidated statement of financial position of the Company, together
with any interest thereon.

 

"Rollover Loan" means one or more
Loans:

 

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

 

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

 

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

 

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

 

"Sanctioned Country"
means a country or territory which is subject to general, country wide trade, economic or financial sanctions or embargoes imposed,
administered or enforced by:

 

		(a)	the United States of America (including the Office of Foreign Assets Control of the U.S. Department
of the Treasury, and the U.S. Department of State);

 

		(b)	the United Nations;

 

		(c)	the European Union;

 

		(d)	Her Majesty's Treasury, and the Foreign and Commonwealth Office of the United Kingdom;

 

		(e)	the Canadian Ministry for Foreign Affairs; or

 

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		(f)	any other relevant authority having jurisdiction over a Finance Party or a member of the Group.

 

"Sanctions "
means any economic or financial sanctions, trade embargoes, laws, regulations or restrictive measures imposed, administered or
enforced from time to time by:

 

		(a)	the United States of America (including the Office of Foreign Assets Control of the U.S. Department
of the Treasury, and the U.S. Department of State);

 

		(b)	the United Nations;

 

		(c)	the European Union;

 

		(d)	Her Majesty's Treasury, and the Foreign and Commonwealth Office of the United Kingdom;

 

		(e)	the Canadian Ministry for Foreign Affairs; or

 

		(f)	any other relevant authority.

 

"Sanctions List" means any of the
lists of specific designated nations, sectoral sanctions or designated persons or entities (or equivalent) held by:

 

		(a)	the United States of America (including the Office of Foreign Assets Control of the U.S. Department
of the Treasury, and the U.S. Department of State);

 

		(b)	the United Nations;

 

		(c)	the European Union;

 

		(d)	Her Majesty's Treasury, and the Foreign and Commonwealth Office of the United Kingdom;

 

		(e)	the Canadian Ministry for Foreign Affairs; or

 

		(f)	any other relevant authority having jurisdiction over a Finance Party or a member of the Group;

 

each as amended, supplemented or substituted from
time to time.

 

"Screen Rate" means:

 

		(a)	in relation to LIBOR, the London interbank offered rate administered by ICE Benchmark Administration
Limited (or any other person which takes over the administration of that rate) for the relevant currency and period displayed on
pages LIBOR01 or LIBOR02 of the Thomson Reuters screen (or any replacement Thomson Reuters page which displays that rate); and

 

		(b)	in relation to EURIBOR, the euro interbank offered rate administered by the European Money Markets
Institute (or any other person which takes over the administration of that rate) for the relevant period displayed on page EURIBOR01
of the Thomson Reuters screen (or any replacement Thomson Reuters page which displays that rate),

 

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or, in each case, on the appropriate
page of such other information service which publishes that rate from time to time in place of Thomson Reuters. If such page or
service ceases to be available, the Agent may specify another page or service displaying the relevant rate after consultation with
the Company.

 

"Securities Act"
means the United States Securities Act of 1933, as amended from time to time and the rules and regulations promulgated pursuant
thereto..

 

"Security" means
a mortgage, charge, pledge, lien or other security interest securing any obligation of any person or any other agreement or arrangement
having a similar effect.

 

"Separate Loan"
has the meaning given to that term in Clause 8.1 (Repayment of Loans).

 

"Significant Subsidiary" means a
Subsidiary of the Company:

 

		(a)	which accounts for more than 10 per cent. of the Consolidated EBITDA of the Group or consolidated
revenues of the Group; or

 

		(b)	whose assets represent more than 10 per cent. of the assets of the Group.

 

"Specified Subsidiary
Sale" means the sale, transfer or other disposition of all of the Capital Stock, or all of the assets or properties of,
(a) any entity, the primary purpose of which is to own Tower Equipment located in any market in which any member of the Group operates;
(b) any person which operates any member of the Group's mobile financial services business; (c) Latin America Internet Holding
GmbH; or (d) Africa Internet Holding GmbH.

 

"Specified Time"
means a time determined in accordance with Schedule 10 (Timetables).

 

"Subsidiary" means in respect of
any person:

 

		(a)	any corporation in which it or one or more of its Subsidiaries directly or indirectly owns more
than 50 per cent. of the combined voting power of the outstanding voting stock; or

 

		(b)	any other entity in which it or one or more of its Subsidiaries:

 

		(i)	directly or indirectly has majority ownership, but only to the extent such majority ownership results
in an entitlement to the majority of the profits generated by that entity; or

 

		(ii)	has the power to direct the policies, management and affairs thereof.

 

"Syndication Date" means the day
specified by the Arrangers as the day on which primary syndication of the Facility is completed.

 

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"TARGET2" means
the Trans-European Automated Real-time Gross Settlement Express Transfer payment system which utilises a single shared platform
and which was launched on 19 November 2007.

 

"TARGET Day"
means any day on which TARGET2 is open for the settlement of payments in euro.

 

"Tax" means
any tax, levy, impost, duty or other charge or withholding of a similar nature (including any penalty or interest payable in connection
with any failure to pay or any delay in paying any of the same).

 

"Termination Date"
means the date falling 60 months from the date of this Agreement.

 

"Total Commitments"
means the aggregate of the Commitments, being US$ 600,000,000 at the date of this Agreement.

 

"Tower Equipment"
means passive infrastructure related to telecommunications services, excluding telecommunications equipment, but including, without
limitation, towers (including tower lights and lightning rods), power breakers, deep cycle batteries, generators, voltage regulators,
main AC power, rooftop masts, cable ladders, grounding, walls and fences, access roads, shelters, air conditioners and BTS batteries
owned by any member of the Group.

 

"Transfer Certificate"
means a certificate substantially in the form set out in Schedule 4 (Form of Transfer Certificate) or any other form agreed
between the Agent and the Company.

 

"Transfer Date" means, in relation
to an assignment or a transfer, the later of:

 

		(a)	the proposed Transfer Date specified in the relevant Assignment Agreement or Transfer Certificate;
and

 

		(b)	the date on which the Agent executes the relevant Assignment Agreement or Transfer Certificate.

 

"Unpaid Sum" means any sum due and
payable but unpaid by an Obligor under the Finance Documents.

 

"US Tax Obligor" means:

 

		(a)	a Borrower which is resident for tax purposes in the United States of America; or

 

		(b)	an Obligor some or all of whose payments under the Finance Documents are from sources within the
United States for US federal income tax purposes.

 

"Utilisation" means a utilisation
of the Facility.

 

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

 

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"Utilisation Request" means a notice
substantially in the form set out in Schedule 3 (Requests).

 

"VAT" means:

 

		(a)	any tax imposed in compliance with the Council Directive of 28 November 2006 on the common system
of value added tax (EC Directive 2006/112); and

 

		(b)	any other tax of a similar nature, whether imposed in a member state of the European Union in substitution
for, or levied in addition to, such tax referred to in paragraph (a) above, or imposed elsewhere.

 

		1.2	Construction 

 

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

 

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

 

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

 

		(iii)	a "Finance Document" or any other agreement or instrument is a reference to that
Finance Document or other agreement or instrument as amended, novated, supplemented, extended, replaced or restated;

 

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

 

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

 

		(vi)	a "regulation" includes any regulation, rule, official directive, request or guideline
(whether or not having the force of law) of any governmental, intergovernmental or supranational body, agency, department or of
any regulatory, self-regulatory or other authority or organisation;

 

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

 

		(viii)	a time of day is a reference to London time.

 

		(b)	Section, Clause and Schedule headings are for ease of reference only.

 

		(c)	Unless a contrary indication appears, a term used in any other Finance Document or in any notice
given under or in connection with any Finance Document has the same meaning in that Finance Document or notice as in this Agreement.

 

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		(d)	A Borrower providing "cash cover" for an Ancillary Facility means a Borrower paying
an amount in the currency of the Ancillary Facility to an interest-bearing account in the name of that Borrower and the following
conditions are met:

 

		(i)	the account is with the Ancillary Lender in respect of that Ancillary Facility;

 

		(ii)	withdrawals from the account may only be made to pay the relevant Ancillary Lender amounts due
and payable to it under this Agreement in respect of that Ancillary Facility until no amount is or may be outstanding under that
Ancillary Facility; and

 

		(iii)	that Borrower has executed a security document, in form and substance satisfactory to the Ancillary
Lender with which that account is held, creating a first ranking security interest over that account.

 

		(e)	A Default (other than an Event of Default) is "continuing" if it has not been
remedied or waived and an Event of Default is "continuing" if it has not been remedied or waived.

 

		(f)	A Borrower "repaying" or "prepaying" Ancillary Outstandings means:

 

		(i)	that Borrower providing cash cover in respect of those Ancillary Outstandings;

 

		(ii)	the maximum amount payable under that Ancillary Facility being reduced in accordance with its terms;
or

 

		(iii)	the Ancillary Lender being satisfied that it has no further liability under that Ancillary Facility,

 

and the amount by which Ancillary
Outstandings are repaid or prepaid under paragraphs 1.2(f)(i) and (ii) above is the amount of the relevant cash cover or reduction.

 

		(g)	An amount borrowed includes any amount utilised under an Ancillary Facility.

 

		1.3	Currency Symbols and Definitions 

 

		(a)	"$" and "dollars" denote the lawful currency of the United States
of America.

 

		(b)	"€", "EUR" and "euro" denote the single
currency of the Participating Member States.

 

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		1.4	Third party rights 

 

		(a)	A person who is not a Party has no right under the Contracts (Rights of Third Parties) Act 1999
(the "Third Parties Act") to enforce or to enjoy the benefit of any term of this Agreement.

 

		(b)	Subject to paragraph (b) of Clause 36.2 (Exceptions) but otherwise notwithstanding any term
of any Finance Document, the consent of any person who is not a Party is not required to rescind or vary this Agreement at any
time.

 

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SECTION 2 

THE FACILITY

 

		2.	THE FACILITY

 

		2.1	The Facility 

 

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

 

		(b)	Subject to the terms of this Agreement and the Ancillary Documents, an Ancillary Lender may make
all or part of its Commitment available to any Borrower as an Ancillary Facility.

 

		2.2	Increase 

 

		(a)	The Company may by giving prior notice to the Agent by no later than the date falling five Business
Days after the effective date of a cancellation of:

 

		(i)	the Available Commitments of a Defaulting Lender in accordance with Clause 9.8 (Right of cancellation
in relation to a Defaulting Lender); or

 

		(ii)	the Commitments of a Lender in accordance with:

 

		(A)	Clause 9.1 (Illegality); or

 

		(B)	paragraph (a) of Clause 9.7 (Right of replacement or repayment and cancellation in relation
to a single Lender),

 

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

 

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

 

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

 

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	 	statement pursuant to Securities and Exchange Commission Rule 83	 

    

 

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

 

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

 

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

 

		(b)	An increase in the Commitments relating to the Facility will only be effective on:

 

		(i)	the execution by the Agent of an Increase Confirmation from the relevant Increase Lender; and

 

		(ii)	in relation to an Increase Lender which is not a Lender immediately prior to the relevant increase
the Agent being satisfied that it has complied with all necessary "know your customer" or other similar checks under
all applicable laws and regulations in relation to the assumption of the increased Commitments by that Increase Lender. The Agent
shall promptly notify the Company and the Increase Lender upon being so satisfied.

 

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

 

		(d)	The Company shall, promptly on demand, pay the Agent the amount of all costs and expenses (including
legal fees) reasonably incurred by it in connection with any increase in Commitments under this Clause 2.2, in each case up to
the limit of an amount agreed by the Company and the Agent (provided that the Agent shall not be obliged to take any action
pursuant to this Clause 2.2 in the absence of any such agreement).

 

		(e)	The Increase Lender shall, on the date upon which the increase takes effect, pay to the Agent (for
its own account) a fee in an amount equal to the fee which would be payable under Clause 25.3 (Assignment or transfer fee)
if the increase was a transfer pursuant to Clause 25.5 (Procedure for transfer) and if the Increase Lender was a New Lender.

 

		(f)	The Company may pay to the Increase Lender a fee in the amount and at the times agreed between
the Company and the Increase Lender in a letter between the Company and the Increase Lender setting out that fee. A reference in
this Agreement to a Fee Letter shall include any letter referred to in this paragraph.

 

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		(g)	Clause 25.4 (Limitation of responsibility of Existing Lenders ) shall apply mutatis mutandis
in this Clause 2.2 in relation to an Increase Lender as if references in that Clause to:

 

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

 

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

 

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

 

		2.3	Finance Parties' rights and obligations 

 

		(a)	The obligations of each Finance Party under the Finance Documents are several. Failure by a Finance
Party to perform its obligations under the Finance Documents does not affect the obligations of any other Party under the Finance
Documents. No Finance Party is responsible for the obligations of any other Finance Party under the Finance Documents.

 

		(b)	The rights of each Finance Party under or in connection with the Finance Documents are separate
and independent rights and any debt arising under the Finance Documents to a Finance Party from an Obligor is a separate and independent
debt in respect of which a Finance Party shall be entitled to enforce its rights in accordance with paragraph (c) below. The rights
of each Finance Party include any debt owing to that Finance Party under the Finance Documents and, for the avoidance of doubt,
any part of a Loan or other amount owed by an Obligor which relates to a Finance Party's participation in the Facility or its role
under a Finance Document (including any such amount payable to the Agent on its behalf) is a debt owing to that Finance Party by
the relevant Obligor.

 

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

 

		3.	PURPOSE

 

		3.1	Purpose 

 

Each Borrower (and, in the case
of an Ancillary Facility, each Borrower or an Affiliate of a Borrower) shall apply all amounts borrowed by it under the Facility,
and any utilisation of any Ancillary Facility, towards the general corporate and working capital purposes of the Group, (including
financing any acquisitions, licenses, capital expenditure, and payment of dividends to the extent permitted under Clause 23.20
(Dividends)).

 

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		3.2	Monitoring 

 

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

 

		4.	CONDITIONS OF UTILISATION

 

		4.1	Initial conditions precedent 

 

		(a)	No Borrower may deliver a Utilisation Request unless the Agent has received all of the documents
and other evidence listed in Schedule 2 (Conditions precedent) in form and substance satisfactory to the Agent. The Agent
shall notify the Company and the Lenders promptly upon being so satisfied.

 

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

 

		4.2	Further conditions precedent 

 

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

 

		(a)	there is no breach of Clause 23.16 (Financial indebtedness);

 

		(b)	in the case of a Rollover Loan, no Event of Default is continuing or would result from the proposed
Loan and, in the case of any other Loan, no Default is continuing or would result from the proposed Loan; and

 

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

 

		4.3	Conditions relating to Optional Currencies 

 

		(a)	A currency will constitute an Optional Currency in relation to a Loan if:

 

		(i)	it is Euros; or

 

		(ii)	it is:

 

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

 

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

 

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		(b)	If the Agent has received a written request from the Company for a currency to be approved under
paragraph (a)(ii) above, the Agent will confirm to the Company by the Specified Time:

 

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

 

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

 

		4.4	Maximum number of Loans 

 

		(a)	A Borrower may not deliver a Utilisation Request if as a result of the proposed Utilisation the
aggregate number of Loans outstanding under the Facility would exceed 15.

 

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

 

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

 

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SECTION 3

UTILISATION

 

		5.	UTILISATION - LOANS

 

		5.1	Delivery of a Utilisation Request 

 

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

 

		5.2	Completion of a Utilisation Request 

 

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

 

		(i)	it identifies the Facility to be utilised;

 

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

 

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

 

		(iv)	the proposed Interest Period complies with Clause 11 (Interest Periods).

 

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

 

		5.3	Currency and amount 

 

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

 

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

 

		(i)	if the currency selected is the Base Currency, a minimum
of US$ 10,000,000 or, if less, the Available Facility; or

 

		(ii)	if the currency selected is Euros, a minimum of €10,000,000 or, if less, the Available Facility;
or

 

		(iii)	if the currency selected is an Optional Currency other than Euros, the minimum amount specified
by the Agent pursuant to paragraph (b) (ii) of Clause 4.3 (Conditions relating to Optional Currencies) or, if less, the
Available Facility; and

 

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

 

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		5.4	Lenders' participation 

 

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

 

		(b)	Other than as set out in paragraph (c) below, the amount of each Lender's participation in each
Loan will be equal to the proportion borne by its Available Commitment to the Available Facility immediately prior to making the
Loan.

 

		(c)	If a Utilisation is made to repay Ancillary Outstandings, each Lender's participation in that Utilisation
will be in an amount (as determined by the Agent) which will result as nearly as possible in the aggregate amount of its participation
in the Utilisations then outstanding bearing the same proportion to the aggregate amount of the Utilisations then outstanding as
its Commitment bears to the Total Commitments.

 

		(d)	The Agent shall determine the Base Currency Amount of each Loan which is to be made in an Optional
Currency and shall notify each Lender of the amount, currency and the Base Currency Amount of each Loan, the amount of its participation
in that Loan and if different, the amount of that participation to be made available in accordance with Clause 30.1 (Payments
to the Agent), in each case by the Specified Time.

 

		5.5	Lender Affiliates and Facility Office 

 

		(a)	In respect of a Loan or Loans to a particular Borrower ("Designated Loans") a
Lender (a "Designating Lender") may at any time and from time to time designate (by written notice to the Agent
and the Company):

 

		(i)	a substitute Facility Office from which it will make Designated Loans (a "Substitute Facility
Office"); or

 

		(ii)	nominate an Affiliate to act as the Lender of Designated Loans (a "Substitute Affiliate
Lender").

 

		(b)	A notice to nominate a Substitute Affiliate Lender must be in the form set out in Schedule 14 (Form
of Substitute Affiliate Lender Designation Notice) and be countersigned by the relevant Substitute Affiliate Lender confirming
it will be bound as a Lender under this Agreement in respect of the Designated Loans in respect of which it acts as Lender.

 

		(c)	The Designating Lender will act as the representative of any Substitute Affiliate Lender it nominates
for all administrative purposes under this Agreement. The Obligors, the Agent and the other Finance Parties will be entitled to
deal only with the Designating Lender, except that payments will be made in respect of Designated Loans to the Facility Office
of the Substitute Affiliate Lender. In particular the Commitments of the Designating Lender will not be treated as reduced by the
introduction of the Substitute Affiliate Lender for voting purposes under this Agreement or the other Finance Documents.

 

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		(d)	Save as mentioned in paragraph (c) above, a Substitute Affiliate Lender will be treated as a Lender
for all purposes under the Finance Documents and having a Commitment equal to the principal amount of all Designated Loans in which
it is participating if and for so long as it continues to be a Substitute Affiliate Lender under this Agreement.

 

		(e)	A Designating Lender may revoke its designation of an Affiliate as a Substitute Affiliate Lender
by notice in writing to the Agent and the Company provided that such notice may only take effect when there are no Designated Loans
outstanding to the Substitute Affiliate Lender. Upon such Substitute Affiliate Lender ceasing to be a Substitute Affiliate Lender
the Designating Lender will automatically assume (and be deemed to assume without further action by any Party) all rights and obligations
previously vested in the Substitute Affiliate Lender.

 

		(f)	If, as a result of the designation of a Substitute Facility Office or a Substitute Affiliate Lender,
an Obligor would be obliged to make a payment to the Designating Lender acting through its Substitute Facility Office or the Substitute
Affiliate Lender under Clause 14 (Tax gross-up and indemnities) or Clause 15 (Increased costs), then the Designating
Lender acting through its Substitute Facility Office or the Substitute Affiliate Lender (as applicable) is only entitled to receive
payment under those Clauses to the same extent as the Designating Lender would have been if such designation had not occurred.

 

		5.6	Cancellation of Commitment 

 

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

 

		6.	OPTIONAL CURRENCIES

 

		6.1	Selection of currency 

 

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

 

		6.2	Unavailability of a currency 

 

If before the Specified Time
on any Quotation Day:

 

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

 

		(b)	a Lender notifies the Agent that compliance with its obligation to participate in a Loan in the
proposed Optional Currency would contravene a law or regulation applicable to it,

 

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the Agent will give notice to
the relevant Borrower to that effect by the Specified Time on that day. In this event, any Lender that gives notice pursuant to
this Clause 6.2 will be required to participate in the Loan in the Base Currency (in an amount equal to that Lender's proportion
of the Base Currency Amount or, in respect of a Rollover Loan, an amount equal to that Lender's proportion of the Base Currency
Amount of the Rollover Loan that is due to be made) and its participation will be treated as a separate Loan denominated in the
Base Currency during that Interest Period.

 

		6.3	Participation in a Loan 

 

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

 

		7.	ANCILLARY FACILITIES

 

		7.1	Type of Facility 

 

An Ancillary Facility may be
made available by way of:

 

		(a)	an overdraft facility;

 

		(b)	a guarantee, bonding, documentary or stand-by letter of credit facility;

 

		(c)	a short term loan facility; or

 

		(d)	any other facility or accommodation required in connection with the business of the Group and which
is agreed by the Company with an Ancillary Lender.

 

		7.2	Availability 

 

		(a)	If the Company and a Lender agree, and, except as otherwise provided in this Agreement, a Lender
may provide all or part of its Commitment as an Ancillary Facility, provided that the aggregate Ancillary Commitments made
available under the Facility shall not exceed US$ 100,000,000.

 

		(b)	An Ancillary Facility shall not be made available unless, not later than five Business Days prior
to the Ancillary Commencement Date for an Ancillary Facility, the Agent has received from the Company:

 

		(i)	a notice in writing requesting the establishment of an Ancillary Facility and specifying:

 

		(A)	the Facility under which the Ancillary Facility is to be made available;

 

		(B)	the proposed Borrower(s) (or Affiliate(s) of a Borrower) which may use the Ancillary Facility;

 

		(C)	the proposed Ancillary Commencement Date and expiry date of the Ancillary Facility;

 

		(D)	the proposed type of Ancillary Facility to be provided;

 

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		(E)	the proposed Ancillary Lender;

 

		(F)	the proposed Ancillary Commitment, the maximum amount of the Ancillary Facility and, in the case
of a Multi-account Overdraft, its Designated Gross Amount and its Designated Net Amount; and

 

		(G)	the proposed currency of the Ancillary Facility (if not denominated in the Base Currency); and

 

		(ii)	any other information which the Agent may reasonably request in connection with the Ancillary Facility.

 

		(c)	The Agent shall promptly notify the Company, the Ancillary Lender and the other Lenders of the
establishment of an Ancillary Facility.

 

		(d)	Subject to compliance with paragraph (b) above:

 

		(i)	the Lender concerned will become an Ancillary Lender; and

 

		(ii)	the Ancillary Facility will be available,

 

with effect from the date agreed by the Company and
the Ancillary Lender.

 

		7.3	Terms of Ancillary Facilities 

 

		(a)	Except as provided below, the terms of any Ancillary Facility will be those agreed by the Ancillary
Lender and the Company.

 

		(b)	Those terms:

 

		(i)	must be based upon normal commercial terms at that time (except as varied by this Agreement);

 

		(ii)	may allow only Borrowers (or Affiliates of Borrowers nominated pursuant to Clause 7.9 (Affiliates
of Borrowers)) to use the Ancillary Facility;

 

		(iii)	may not allow the Ancillary Outstandings to exceed the Ancillary Commitment;

 

		(iv)	may not allow a Lender's Ancillary Commitment to exceed that Lender's Available Commitment (before
taking into account the effect of the Ancillary Facility on that Available Commitment); and

 

		(v)	must require that the Ancillary Commitment is reduced to zero, and that all Ancillary Outstandings
are repaid not later than the Termination Date (or such earlier date as the Commitment of the relevant Ancillary Lender (or its
Affiliate) is reduced to zero).

 

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		(c)	If there is any inconsistency between any term of an Ancillary Facility and any term of this Agreement,
this Agreement shall prevail except for:

 

		(i)	Clause 33.3 (Day count convention) which shall not prevail for the purposes of calculating
fees, interest or commission relating to an Ancillary Facility;

 

		(ii)	an Ancillary Facility comprising more than one account where the terms of the Ancillary Documents
shall prevail to the extent required to permit the netting of balances on those accounts; and

 

		(iii)	where the relevant term of this Agreement would be contrary to, or inconsistent with, the law governing
the relevant Ancillary Document in which case that term of this Agreement shall not prevail.

 

		(d)	Interest, commission and fees on Ancillary Facilities are dealt with in Clause 13.5 (Interest,
commission and fees on Ancillary Facilities).

 

		7.4	Repayment of Ancillary Facility 

 

		(a)	An Ancillary Facility shall cease to be available on the Termination Date, or such earlier date
on which its expiry date occurs or on which it is cancelled in accordance with the terms of this Agreement.

 

		(b)	If an Ancillary Facility expires in accordance with its terms the Ancillary Commitment of the Ancillary
Lender shall be reduced to zero.

 

		(c)	No Ancillary Lender may demand repayment or prepayment of any Ancillary Outstandings prior to the
expiry date of the relevant Ancillary Facility unless:

 

		(i)	required to reduce the Permitted Gross Outstandings of a Multi-account Overdraft to or towards
an amount equal to its Designated Net Amount;

 

		(ii)	the Total Commitments have been cancelled in full, or all outstanding Loans have become due and
payable in accordance with the terms of this Agreement; or

 

		(iii)	it becomes unlawful in any applicable jurisdiction for the Ancillary Lender to perform any of its
obligations as contemplated by this Agreement or to fund, issue or maintain its participation in its Ancillary Facility (or it
becomes unlawful for any Affiliate of the Ancillary Lender for the Ancillary Lender to do so); or

 

		(iv)	both:

 

		(A)	the Available Commitments relating to; and

 

		(B)	the notice of the demand given by the Ancillary Lender,

 

would not prevent the relevant Borrower funding the
repayment of those Ancillary Outstandings in full by way of Utilisation.

 

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		7.5	Limitation on Ancillary Outstandings 

 

Each Borrower shall procure that:

 

		(a)	the Ancillary Outstandings under any Ancillary Facility shall not exceed the Ancillary Commitment
applicable to that Ancillary Facility; and

 

		(b)	in relation to a Multi-account Overdraft:

 

		(i)	the Ancillary Outstandings shall not exceed the Designated Net Amount applicable to that Multi-account
Overdraft; and

 

		(ii)	the Gross Outstandings shall not exceed the Designated Gross Amount applicable to that Multi-account
Overdraft.

 

		7.6	Adjustment for Ancillary Facilities upon acceleration 

 

		(a)	In this Clause 7.6:

 

		(i)	"Facility Outstandings" means, in relation to a Lender, the aggregate of the equivalent
in the Base Currency of :

 

		(A)	its participation in each Loan then outstanding (together with the aggregate amount of all accrued
interest, fees and commission owed to it as a Lender under the Facility); and

 

		(B)	if the Lender is also an Ancillary Lender, the Ancillary Outstandings in respect of Ancillary Facilities
provided by that Ancillary Lender (or by its Affiliate) (together with the aggregate amount of all accrued interest, fees and commission
owed to it (or to its Affiliate) as an Ancillary Lender in respect of the Ancillary Facility); and

 

		(ii)	"Total Facility Outstandings" means the aggregate of all Facility Outstandings.

 

		(b)	If a notice is served under Clause 24.16 (Acceleration) (other than a notice declaring Loans
to be due on demand), each Lender and each Ancillary Lender shall (subject to paragraph (g) below) promptly adjust (by making or
receiving (as the case may be) corresponding transfers of rights and obligations under the Finance Documents relating to Facility
Outstandings) their claims in respect of amounts outstanding to them under the Facility and each Ancillary Facility to the
extent necessary to ensure that after such transfers the Facility Outstandings of each Lender bear the same proportion to the Total
Facility Outstandings as such Lender's Commitment bears to the Total Commitments, each as at the date the notice is served under
Clause 24.16 (Acceleration).

 

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		(c)	If an amount outstanding under an Ancillary Facility is a contingent liability and that contingent
liability becomes an actual liability or is reduced to zero after the original adjustment is made under paragraph (b) above, then
each Lender and each Ancillary Lender will make a further adjustment (by making or receiving (as the case may be) corresponding
transfers of rights and obligations under the Finance Documents relating to Facility Outstandings (to the extent necessary)) to
put themselves in the position they would have been in had the original adjustment been determined by reference to the actual liability
or, as the case may be, zero liability and not the contingent liability.

 

		(d)	Any transfer of rights and obligations relating to Facility Outstandings made pursuant to this
Clause 7.6 shall be made for a purchase price in cash, payable at the time of transfer, in an amount equal to those Facility Outstandings
(less any accrued interest, fees and commission to which the transferor will remain entitled to receive notwithstanding that transfer
pursuant to Clause 25.9 (Pro rata interest settlement)).

 

		(e)	Prior to the application of the provisions of paragraph (b) above, an Ancillary Lender that has
provided a Multi-account Overdraft shall set-off any Available Credit Balance on any account comprised in that Multi-account Overdraft.

 

		(f)	All calculations to be made pursuant to this Clause 7.6 shall be made by the Agent based upon information
provided to it by the Lenders and Ancillary Lenders and the Agent's Spot Rate of Exchange.

 

		(g)	This Clause 7.6 shall not oblige any Lender to accept the transfer of a claim relating to an amount
outstanding under an Ancillary Facility which is not denominated (pursuant to the relevant Finance Document) in either the Base
Currency, a currency which has been an Optional Currency for the purpose of any Utilisation or in another currency which is acceptable
to that Lender.

 

		7.7	Information 

 

Each Borrower and each Ancillary
Lender shall, promptly upon request by the Agent, supply the Agent with any information relating to the operation of an Ancillary
Facility (including the Ancillary Outstandings) as the Agent may reasonably request from time to time. Each Borrower consents to
all such information being released to the Agent and the other Finance Parties.

 

		7.8	Affiliates of Lenders as Ancillary Lenders 

 

		(a)	Subject to the terms of this Agreement, an Affiliate of a Lender may become an Ancillary Lender.
In such case, the Lender and its Affiliate shall be treated as a single Lender whose Commitment is the amount set out opposite
the relevant Lender's name in Part II of Schedule 1 (The Original Parties) and/or the amount of any Commitment transferred
to or assumed by that Lender under this Agreement, to the extent (in each case) not cancelled, reduced or transferred by it under
this Agreement.

 

		(b)	The Company shall specify any relevant Affiliate of a Lender
in any notice delivered by the Company to the Agent pursuant to paragraph (b)(i) of Clause 7.2 (Availability).

 

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		(c)	An Affiliate of a Lender which becomes an Ancillary Lender shall become a Party by delivery to
the Agent of a duly completed Affiliate Accession Undertaking.

 

		(d)	Subject to the terms of the relevant Ancillary Document, if a Lender assigns all of its rights
and benefits or transfers all of its rights and obligations to a New Lender, its Affiliate shall cease to have any obligations
under this Agreement or any Ancillary Document.

 

		(e)	Where this Agreement or any other Finance Document imposes an obligation on an Ancillary Lender
and the relevant Ancillary Lender is an Affiliate of a Lender which is not a party to that document, the relevant Lender shall
ensure that the obligation is performed by its Affiliate.

 

		7.9	Affiliates of Borrowers 

 

		(a)	Subject to the terms of this Agreement, an Affiliate of a Borrower may with the approval of the
relevant Lender, become a borrower with respect to an Ancillary Facility.

 

		(b)	The Company shall specify any relevant Affiliate of a Borrower in any notice delivered by the Company
to the Agent pursuant to paragraph (b)(i) of Clause 7.2 (Availability).

 

		(c)	If a Borrower ceases to be a Borrower under this Agreement in accordance with Clause 26.3 (Resignation
of a Borrower), its Affiliate shall cease to have any rights under this Agreement or any Ancillary Document.

 

		(d)	Where this Agreement or any other Finance Document imposes an obligation on a Borrower under an
Ancillary Facility and the relevant Borrower is an Affiliate of a Borrower which is not a party to that document, the relevant
Borrower shall ensure that the obligation is performed by its Affiliate.

 

		(e)	Any reference in this Agreement or any other Finance Document to a Borrower being under no obligations
(whether actual or contingent) as a Borrower under such Finance Document shall be construed to include a reference to any Affiliate
of a Borrower being under no obligations under any Finance Document or Ancillary Document.

 

		7.10	Commitment Amounts 

 

Notwithstanding any other term
of this Agreement, each Lender shall ensure that at all times its Commitment is not less than:

 

		(a)	its Ancillary Commitment; or

 

		(b)	the Ancillary Commitment of its Affiliate.

 

		7.11	Amendments and Waivers – Ancillary Facilities 

 

No amendment or waiver of a term
of any Ancillary Facility shall require the consent of any Finance Party other than the relevant Ancillary Lender unless such amendment
or waiver itself relates to or gives rise to a matter which would require an amendment of or under this Agreement (including, for
the avoidance of doubt, under this Clause 7). In such a case, Clause 36 (Amendments and Waivers) will apply.

 

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SECTION 4

REPAYMENT, PREPAYMENT AND CANCELLATION

 

		8.	REPAYMENT

 

		8.1	Repayment of Loans 

 

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

 

		(b)	Without prejudice to each Borrower's obligation under paragraph (a) above, if:

 

		(i)	one or more Loans are to be made available to a Borrower:

 

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

 

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

 

		(C)	in whole or in part for the purpose of refinancing the maturing Loan; and

 

		(ii)	the proportion borne by each Lender's participation in the relevant maturing Loan to the amount
of that maturing Loan, is the same as the proportion borne by that Lender's participation in the new Loan to the aggregate amount
of those new Loans,

 

the aggregate amount of the new
Loans shall, unless the Company notifies the Agent to the contrary in the relevant Utilisation Request, be treated as if applied
in or towards repayment of the relevant maturing Loan so that:

 

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

 

		(1)	the relevant Borrower will only be required to make a payment under Clause 30.1 (Payments to
the Agent) in the relevant currency equal to that excess; and

 

		(2)	each Lender's participation in the new Loans shall be treated as having been made available and
applied by the Borrower in or towards repayment of that Lender's participation in the relevant maturing Loan and that Lender will
not be required to make a payment under Clause 30.1 (Payments to the Agent) in respect of its participation in the relevant
new Loans; and

 

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

 

		(1)	the relevant Borrower will not be required to make a payment under Clause 30.1 (Payments to
the Agent); and

 

		(2)	each Lender will be required to make a payment under Clause 30.1 (Payments to the Agent)
in respect of its participation in the new Loans only to the extent that its participation in the relevant new Loans exceeds that
Lender's participation in the relevant maturing Loan and the remainder of that Lender's participation in the relevant new Loans
shall be treated as having been made available and applied by the Borrower in or towards repayment of that Lender's participation
in the relevant maturing Loan.

 

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

 

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

 

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

 

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

 

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		9.	PREPAYMENT AND CANCELLATION

 

		9.1	Illegality 

 

If, in any applicable jurisdiction,
it becomes unlawful for any Lender to perform any of its obligations as contemplated by this Agreement or to fund or maintain its
participation in any Loan or it becomes unlawful for any Affiliate of a Lender for that Lender to do so:

 

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

 

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

 

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

 

		9.2	Merger 

 

		(a)	Prior to any Merger, the Company shall promptly, and in any event no later than 30 days prior to
the completion of that Merger, notify the Agent of the proposed Merger.

 

		(b)	If a Lender so requires and notifies the Agent within 20 days of the Company notifying the Agent
of the Merger in accordance with paragraph (a) above, the Agent shall, by not less than 3 days' notice to the Company, cancel the
Commitment of that Lender and declare the participation of that Lender in all outstanding Loans and Ancillary Outstandings of that
Lender or Affiliate of that Lender, together with accrued interest and all other amounts accrued under the Finance Documents, due
and payable within 5 Business Days or, if earlier, the Business Day preceding the date on which the Merger is completed, at which
time the Commitment of that Lender will be cancelled and all such outstanding amounts will become due and payable prior to the
completion of the Merger.

 

		9.3	Change of Control 

 

Upon the occurrence of a Change
of Control:

 

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

 

		(b)	a Lender shall not be obliged to fund a Utilisation (except for a Rollover Loan) and an Ancillary
Lender shall not be obliged to fund a utilisation of an Ancillary Facility; and

 

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		(c)	the Commitment of each Lender shall be immediately cancelled, and if a Lender so requires and notifies
the Agent within 20 days of the Company notifying the Agent of the event, the Agent shall declare the participation of that Lender
in all outstanding Loans and Ancillary Outstandings of that Lender or Affiliate of that Lender, together with accrued interest
and all other amounts accrued under the Finance Documents, to be due and payable not less than 20 days following the delivery of
such notice by the Lender.

 

		9.4	Mandatory Prepayment Event 

 

		(a)	Subject to paragraph (b) below, upon the occurrence of a Mandatory Prepayment Event, the Facility
will immediately be cancelled and all outstanding Utilisations and Ancillary Outstandings, together with accrued interest, and
all other amounts accrued under the Finance Documents, shall become immediately due and payable, and the Borrower shall prepay
all outstanding amounts within three Business Days of that date.

 

		(b)	No cancellation shall occur and no prepayment shall be required to be made under paragraph (a),
if:

 

		(i)	the aggregate amount of the Debt that is the subject of a Mandatory Prepayment Event, when aggregated
with Debt that is the subject of a Cross Payment Default and/or Cross Acceleration (without double counting), is less than US$
100,000,000 (or its equivalent in any other currency or currencies); or

 

		(ii)	the Mandatory Prepayment Event is waived by the Majority Lenders.

 

		9.5	Voluntary cancellation 

 

The Company may, if it gives
the Agent not less than ten Business Days' (or such shorter period as the Majority Lenders may agree) prior notice, cancel the
whole or any part (being a minimum amount of US$ 10,000,000) of an Available Facility. Any cancellation under this Clause 9.5 shall
reduce the Commitments of the Lenders rateably under the Facility.

 

		9.6	Voluntary prepayment of Loans 

 

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

 

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

 

		(a)	If:

 

		(i)	any sum payable to any Lender by an Obligor is required to be increased under paragraph (c) of
Clause 14.2 (Tax gross-up); or

 

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		(ii)	any Lender claims indemnification from the Company underClause
14.3 (Tax indemnity) or Clause 15.1 (Increased costs);

 

the Company may, whilst the circumstance
giving rise to the requirement for that increase or indemnification continues, give the Agent notice of cancellation of the Commitment
of that Lender and its intention to procure the repayment of that Lender's participation in the Loans or give the Agent notice
of its intention to replace that Lender in accordance with paragraph (d) below.

 

		(b)	On receipt of a notice of cancellation referred to in paragraph (a) above, the Commitment of that
Lender shall immediately be reduced to zero.

 

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

 

		(d)	The Company may, in the circumstances set out in paragraph (a) above, on 15 Business Days' prior
notice to the Agent and that Lender, replace that Lender by requiring that Lender to (and to the extent permitted by law, that
Lender shall) transfer pursuant to Clause 25 (Changes to the Lenders) all (and not part only) of its rights and obligations
under this Agreement to a Lender or other bank, financial institution, trust, fund or other entity selected by the Company which
confirms its willingness to assume and does assume all the obligations of the transferring Lender in accordance with Clause 25
(Changes to the Lenders) for a purchase price in cash or other cash payment payable at the time of the transfer equal to
the outstanding principal amount of such Lender's participation in the outstanding Loans and all accrued interest (to the extent
that the Agent has not given a notification under Clause 25.9 (Pro rata interest settlement), Break Costs and other amounts
payable in relation thereto under the Finance Documents.

 

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

 

		(i)	the Company shall have no right to replace the Agent in its capacity as agent of the Finance Parties;

 

		(ii)	neither the Agent nor any Lender shall have any obligation to find a replacement Lender;

 

		(iii)	in no event shall the Lender replaced under paragraph (d) above be required to pay or surrender
any of the fees received by such Lender pursuant to the Finance Documents; and

 

		(iv)	the Lender shall only be obliged to transfer its rights and obligations pursuant to paragraph (d)
above once it is satisfied that it has complied with all necessary "know your customer" or other similar checks under
all applicable laws and regulations in relation to that transfer.

 

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		(f)	A Lender shall perform the checks described in paragraph (e)(iv) above as soon as reasonably practicable
following delivery of a notice referred to in paragraph (d) above and shall notify the Agent and the Company when it is satisfied
that it has complied with those checks.

 

		9.8	Right of cancellation in relation to a Defaulting Lender 

 

		(a)	If any Lender becomes a Defaulting Lender, the Company may, at any time whilst the Lender continues
to be a Defaulting Lender, give the Agent at least 10 Business Days' notice of cancellation of the Available Commitment of that
Lender.

 

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

 

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

 

		9.9	Restrictions 

 

		(a)	Any notice of cancellation or prepayment given by any Party under this Clause 9 shall be irrevocable
and, unless a contrary indication appears in this Agreement, shall specify the date or dates upon which the relevant cancellation
or prepayment is to be made and the amount of that cancellation or prepayment.

 

		(b)	Any prepayment under this Agreement shall be made together with accrued interest on the amount
prepaid and, subject to any Break Costs, without premium or penalty.

 

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

 

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

 

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

 

		(f)	If the Agent receives a notice under this Clause 9 it shall promptly forward a copy of that notice
to either the Company or the affected Lender, as appropriate.

 

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

 

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SECTION 5

COSTS OF UTILISATION

 

		10.	INTEREST

 

		10.1	Calculation of interest 

 

The rate of interest on each
Loan for each Interest Period is the percentage rate per annum which is the aggregate of the applicable:

 

		(a)	Margin; and

 

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

 

		10.2	Payment of interest 

 

		(a)	The Borrower to which a Loan has been made shall pay accrued interest on that Loan on the last
day of each Interest Period (and, if the Interest Period is longer than six Months, on the dates falling at six Monthly intervals
after the first day of the Interest Period).

 

		(b)	If the Compliance Certificate received by the Agent which relates to the relevant Quarterly Report
or audited consolidated financial statements for any Financial Year shows that a higher Margin should have applied during a certain
period, then the Company shall (or shall ensure the relevant Borrower shall) promptly pay to the Agent any amounts necessary to
put the Agent and the Lenders in the position they would have been in had the appropriate rate of the Margin applied during such
period.

 

		10.3	Default interest 

 

		(a)	If an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest
shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate
which, subject to paragraph (b) below, is one per cent higher than the rate which would have been payable if the overdue amount
had, during the period of non-payment, constituted a Loan in the currency of the overdue amount for successive Interest Periods,
each of a duration selected by the Agent (acting reasonably). Any interest accruing under this Clause 10.3 shall be immediately
payable by the Obligor on demand by the Agent.

 

		(b)	If any overdue amount consists of all or part of a Loan which became due on a day which was not
the last day of an Interest Period relating to that Loan:

 

		(i)	the first Interest Period for that overdue amount shall have a duration equal to the unexpired
portion of the current Interest Period relating to that Loan; and

 

		(ii)	the rate of interest applying to the overdue amount during that first Interest Period shall be
one per cent. higher than the rate which would have applied if the overdue amount had not become due.

 

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		(c)	Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount
at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.

 

		10.4	Notification of rates of interest 

 

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

 

		11.	INTEREST PERIODS

 

		11.1	Selection of Interest Periods 

 

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

 

		(b)	Subject to this Clause 11, a Borrower (or the Company on behalf of a Borrower) may select an Interest
Period of one, three or six Months or any other period agreed between the Company and the Agent (acting on the instructions of
all the Lenders in relation to the relevant Loan).

 

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

 

		(d)	Each Interest Period for a Loan shall start on the Utilisation Date.

 

		(e)	A Loan has one Interest Period only.

 

		11.2	Non-Business Days 

 

If an Interest Period would otherwise
end on a day which is not a Business Day, that Interest Period will instead end on the next Business Day in that calendar month
(if there is one) or the preceding Business Day (if there is not).

 

		12.	CHANGES TO THE CALCULATION OF INTEREST

 

		12.1	Absence of quotations 

 

Subject to Clause 12.2 (Market
disruption), if LIBOR or, if applicable, EURIBOR is to be determined by reference to the Reference Banks but a Reference Bank
does not supply a quotation by the Specified Time on the Quotation Day, the applicable LIBOR or EURIBOR shall be determined on
the basis of the quotations of the remaining Reference Banks.

 

		12.2	Market disruption 

 

		(a)	If a Market Disruption Event occurs in relation to a Loan for any Interest Period, then the rate
of interest on each Lender's share of that Loan for the Interest Period shall be the percentage rate per annum which is the sum
of:

 

		(i)	the Margin; and

 

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

 

		(b)	In this Agreement "Market Disruption Event" means:

 

		(i)	at or about noon on the Quotation Day for the relevant Interest Period LIBOR or, if applicable,
EURIBOR is to be determined by reference to the Reference Banks and none or only one of the Reference Banks supplies a rate to
the Agent to determine LIBOR or, if applicable, EURIBOR for the relevant currency and the relevant Interest Period; or

 

		(ii)	before close of business in London on the Quotation Day for the relevant Interest Period, the Agent
receives notifications from a Lender or Lenders (whose participations in a Loan exceed 35 per cent. of that Loan) that the cost
to it of obtaining matching deposits in the Relevant Interbank Market would be in excess of LIBOR or, if applicable, EURIBOR.

 

		12.3	Alternative basis of interest or funding 

 

		(a)	If a Market Disruption Event occurs and the Agent or the Company so requires, the Agent and the
Company shall enter into negotiations (for a period of not more than thirty days) with a view to agreeing a substitute basis for
determining the rate of interest.

 

		(b)	Any alternative basis agreed pursuant to paragraph (a) above shall, with the prior consent of all
the Lenders and the Company, be binding on all Parties.

 

		12.4	Break Costs 

 

		(a)	Each Borrower shall, within three Business Days of demand by a Finance Party, pay to that Finance
Party its Break Costs attributable to all or any part of a Loan or Unpaid Sum being paid by that Borrower on a day other than the
last day of an Interest Period for that Loan or Unpaid Sum.

 

		(b)	Each Lender shall, as soon as reasonably practicable after a demand by the Agent, provide a certificate
confirming the amount of its Break Costs for any Interest Period in which they accrue.

 

		13.	FEES

 

		13.1	Commitment fee 

 

		(a)	The Company shall pay to the Agent (for the account of each Lender) a fee in the Base Currency
computed at the rate of 35 per cent. of the Margin per annum on that Lender's Available Commitment for the Availability Period.

 

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

 

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

 

		13.2	Participation fee 

 

The Company shall pay to the
Agent (for the account of each Lender) a participation fee in the amount and at the times agreed in a Fee Letter.

 

		13.3	Utilisation fee 

 

		(a)	The Company shall pay to the Agent (for the account of the Lenders pro rata to their Commitments)
a fee in the Base Currency computed at the rate of:

 

		(i)	0.10 per cent. per annum on the aggregate Base Currency Amount of the Utilisations hereunder for
each date on which such amount is less than 33.33 per cent. of the Total Commitments;

 

		(ii)	0.20 per cent. per annum on the aggregate Base Currency Amount of the Utilisations hereunder for
each date on which such amount is greater than or equal to 33.33 per cent. but less than 66.66 per cent. of the Total Commitments;
and

 

		(iii)	0.40 per cent. per annum on the aggregate Base Currency Amount of the Utilisations hereunder for
each date on which such amount is equal to or greater than 66.66 per cent. of the Total Commitments.

 

		(b)	The accrued utilisation fee is payable on the last day of each successive period of three Months
commencing from the date of this Agreement and on the Termination Date.

 

		13.4	Agency fee 

 

The Company shall pay to the
Agent (for its own account) an agency fee in the amount and at the times agreed in a Fee Letter.

 

		13.5	Interest, commission and fees on Ancillary Facilities 

 

The rate and time of payment
of interest, commission, fees and any other remuneration in respect of each Ancillary Facility shall be determined by agreement
between the relevant Ancillary Lender and the Borrower of that Ancillary Facility based upon normal market rates and terms.

 

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SECTION 6

ADDITIONAL PAYMENT OBLIGATIONS

 

		14.	TAX GROSS UP AND INDEMNITIES

 

		14.1	Definitions 

 

		(a)	In this Agreement:

 

"Protected Party"
means a Finance Party which is or will be subject to any liability, or required to make any payment, for or on account of Tax in
relation to a sum received or receivable (or any sum deemed for the purposes of Tax to be received or receivable) under a Finance
Document.

 

"Tax Credit" means
a credit against, relief or remission for, or repayment of any Tax.

 

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

 

"Tax Payment"
means either the increase in a payment made by an Obligor to a Finance Party under Clause 14.2 (Tax gross-up) or a payment
under Clause 14.3 (Tax indemnity).

 

		(b)	Unless a contrary indication appears, in this Clause 14 a reference to "determines" or
 "determined" means a determination made in the absolute discretion of the person making the determination.

 

		14.2	Tax gross-up 

 

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

 

		(b)	The Company shall promptly upon becoming aware that an Obligor must make a Tax Deduction (or that
there is any change in the rate or the basis of a Tax Deduction) notify the Agent accordingly. Similarly, a Lender shall notify
the Agent on becoming so aware in respect of a payment payable to that Lender. If the Agent receives such notification from a Lender
it shall notify the Company and that Obligor.

 

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

 

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

 

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		(e)	Within thirty days of making either a Tax Deduction or any payment required in connection with
that Tax Deduction, the Obligor making that Tax Deduction shall deliver to the Agent for the Finance Party entitled to the payment
a statement under section 975 of the ITA or other evidence reasonably satisfactory to that Finance Party that the Tax Deduction
has been made or (as applicable) any appropriate payment paid to the relevant taxing authority.

 

		14.3	Tax indemnity 

 

		(a)	The Company shall (within three Business Days of demand by the Agent) pay to a Protected Party
an amount equal to the loss, liability or cost which that Protected Party determines will be or has been (directly or indirectly)
suffered for or on account of Tax by that Protected Party in respect of a Finance Document.

 

		(b)	Paragraph (a) above shall not apply:

 

		(i)	with respect to any Tax assessed on a Finance Party:

 

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

 

		(B)	under the law of the jurisdiction in which that Finance Party's Facility Office is located in respect
of amounts received or receivable in that jurisdiction,

 

if that Tax is imposed on or
calculated by reference to the net income received or receivable (but not any sum deemed to be received or receivable) by that
Finance Party; or

 

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

 

		(A)	is compensated for by an increased payment under Clause 14.2 (Tax gross-up);

 

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

 

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

 

		(d)	A Protected Party shall, on receiving a payment from an Obligor under this Clause 14.3, notify
the Agent.

 

		14.4	Tax Credit 

 

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

 

		(a)	a Tax Credit is attributable to an increased payment of which that Tax Payment forms part, to that
Tax Payment or to a Tax Deduction in consequence of which that Tax Payment was required; and

 

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		(b)	that Finance Party has obtained and utilised that Tax Credit,

 

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

 

		14.5	Stamp taxes 

 

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

 

		14.6	VAT 

 

		(a)	All amounts expressed to be payable under a Finance Document by any Party to a Finance Party which
(in whole or in part) constitute the consideration for any supply for VAT purposes are deemed to be exclusive of any VAT which
is chargeable on that supply, and accordingly, subject to paragraph (b) below, if VAT is or becomes chargeable on any supply made
by any Finance Party to any Party under a Finance Document and such Finance Party is required to account to the relevant tax authority
for the VAT, that Party must pay to such Finance Party (in addition to and at the same time as paying any other consideration for
such supply) an amount equal to the amount of the VAT (and such Finance Party must promptly provide an appropriate VAT invoice
to that Party) or, where applicable, directly account for such VAT at the appropriate rate under the reverse charge procedure provided
for by the Council Directive 2006/112/EC on the common system of value added tax, as amended, and any relevant VAT provision of
the jurisdiction in which the Party receives such supply.

 

		(b)	If VAT is or becomes chargeable on any supply made by any Finance Party (the "Supplier")
to any other Finance Party (the "Recipient") under a Finance Document, and any Party other than the Recipient
(the "Relevant Party") is required by the terms of any Finance Document to pay an amount equal to the consideration
for that supply to the Supplier (rather than being required to reimburse or indemnify the Recipient in respect of that consideration):

 

		(i)	(where the Supplier is the person required to account to the relevant tax authority for the VAT)
the Relevant Party must also pay to the Supplier (at the same time as paying that amount) an additional amount equal to the amount
of the VAT. The Recipient must (where this paragraph (i) applies) promptly pay to the Relevant Party an amount equal to any credit
or repayment the Recipient receives from the relevant tax authority which the Recipient reasonably determines relates to the VAT
chargeable on that supply; and

 

		(ii)	(where the Recipient is the person required to account to the relevant tax authority for the VAT)
the Relevant Party must promptly, following demand from the Recipient, pay to the Recipient an amount equal to the VAT chargeable
on that supply but only to the extent that the Recipient reasonably determines that it is not entitled to credit or repayment from
the relevant tax authority in respect of that VAT.

 

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		(c)	Where a Finance Document requires any Party to reimburse or indemnify a Finance Party for any cost
or expense, that Party shall reimburse or indemnify (as the case may be) such Finance Party for the full amount of such cost or
expense, including such part thereof as represents VAT, save to the extent that such Finance Party reasonably determines that it
is entitled to credit or repayment in respect of such VAT from the relevant tax authority.

 

		(d)	Any reference in this Clause 14.6 to any Party shall, at any time when such Party is treated as
a member of a group for VAT purposes, include (where appropriate and unless the context otherwise requires) a reference to the
representative member of such group at such time (the term "representative member" to have the same meaning as in the
Value Added Tax Act 1994).

 

		(e)	In relation to any supply made by a Finance Party to any Party under a Finance Document, if reasonably
requested by such Finance Party, that Party must promptly provide such Finance Party with details of that Party's VAT registration
and such other information as is reasonably requested in connection with such Finance Party's VAT reporting requirements in relation
to such supply.

 

		14.7	FATCA Information 

 

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

 

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

 

		(A)	a FATCA Exempt Party; or

 

		(B)	not a FATCA Exempt Party; and

 

		(ii)	supply to that other Party such forms, documentation and other information relating to its status
under FATCA (including its applicable "passthru payment percentage" or other information required under the US Treasury
Regulations or other official guidance including intergovernmental agreements) as that other Party reasonably requests for the
purposes of that other Party's compliance with FATCA.

 

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

 

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

 

		(i)	any law or regulation;

 

		(ii)	any fiduciary duty; or

 

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		(iii)	any duty of confidentiality.

 

		(d)	If a Party fails to confirm its status or to supply forms, documentation or other information requested
in accordance with paragraph (a) above (including, for the avoidance of doubt, where paragraph (c) above applies), then:

 

		(i)	if that Party failed to confirm whether it is (and/or remains) a FATCA Exempt Party then such Party
shall be treated for the purposes of the Finance Documents as if it is not a FATCA Exempt Party; and

 

		(ii)	if that Party failed to confirm its applicable "passthru payment percentage" then such
Party shall be treated for the purposes of the Finance Documents (and payments made thereunder) as if its applicable "passthru
payment percentage" is 100%,

 

until (in each case) such time
as the Party in question provides the requested confirmation, forms, documentation or other information.

 

		(e)	If a Borrower is a US Tax Obligor, or where the Agent reasonably believes that its obligations
under FATCA require it, each Lender shall, within ten Business Days of:

 

		(i)	where a Borrower is a US Tax Obligor and the relevant Lender
is an Original Lender, the date of this Agreement;

 

		(ii)	where a Borrower is a US Tax Obligor and the relevant Lender
is a New Lender, the relevant Transfer Date;

 

		(iii)	the date a new US Tax Obligor accedes as a Borrower; or

 

		(iv)	where the Borrower is not a US Tax Obligor, the date of
a request from the Agent,

 

supply to the Agent:

 

		(v)	a withholding certificate on Form W-8 or Form W-9 (or any successor form) (as applicable); or

 

		(vi)	any withholding statement and other documentation, authorisations and waivers as the Agent may
require to certify or establish the status of such Lender under FATCA.

 

The Agent shall provide any withholding
certificate, withholding statement, documentation, authorisations and waivers it receives from a Lender pursuant to this paragraph
(e) to the Borrower and shall be entitled to rely on any such withholding certificate, withholding statement, documentation, authorisations
and waivers provided without further verification. The Agent shall not be liable for any action taken by it under or in connection
with this paragraph (e).

 

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		(f)	Each Lender agrees that if any withholding certificate, withholding statement, documentation, authorisations
and waivers provided to the Agent pursuant to paragraph (e) above is or becomes materially inaccurate or incomplete, it shall promptly
update such withholding certificate, withholding statement, documentation, authorisations and waivers or promptly notify the Agent
in writing of its legal inability to do so. The Agent shall provide any such updated withholding certificate, withholding statement,
documentation, authorisations and waivers to the Borrower. The Agent shall not be liable for any action taken by it under or in
connection with this paragraph (f).

 

		14.8	FATCA Deduction 

 

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

 

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

 

		15.	INCREASED COSTS

 

		15.1	Increased costs 

 

		(a)	Subject to Clause 15.3 (Exceptions) the Company shall, within three Business Days of a demand
by the Agent, pay for the account of a Finance Party the amount of any Increased Costs incurred by that Finance Party or any of
its Affiliates as a result of:

 

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

 

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

 

		(iii)	the implementation or application of, or compliance with, Basel III or CRD IV or any law or regulation
that implements or applies Basel III or CRD IV, to the extent such Increased Costs were not capable of being calculated with sufficient
accuracy prior to the date of this Agreement.

 

		(b)	In this Agreement:

 

		(i)	"Increased Costs" means:

 

		(A)	a reduction in the rate of return from the Facility or on a Finance Party's (or its Affiliate's)
overall capital;

 

		(B)	an additional or increased cost; or

 

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

 

which is incurred or suffered
by a Finance Party or any of its Affiliates to the extent that it is attributable to that Finance Party having entered into its
Commitment or an Ancillary Commitment or funding or performing its obligations under any Finance Document; and

 

		(ii)	"Basel III" means:

 

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

 

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

 

		(C)	any further guidance or standards published by the Basel Committee on Banking Supervision relating
to "Basel III"; and

 

		(iii)	"CRD IV" means:

 

		(A)	Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential
requirements for credit institutions and investment firms; and

 

		(B)	Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to
the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive
2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC.

 

		15.2	Increased cost claims 

 

		(a)	A Finance Party intending to make a claim pursuant to Clause 15.1 (Increased costs) shall
notify the Agent of the event giving rise to the claim, following which the Agent shall promptly notify the Company.

 

		(b)	Each Finance Party shall, as soon as practicable after a demand by the Agent, provide a certificate
confirming the amount of its Increased Costs.

 

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		15.3	Exceptions 

 

		(a)	Clause 15.1 (Increased costs) does not apply to the extent any Increased Cost is:

 

		(i)	attributable to a Tax Deduction required by law to be made by an Obligor;

 

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

 

		(iii)	compensated for by Clause 14.3 (Tax indemnity) (or would have been compensated for under
Clause 14.3 (Tax indemnity) but was not so compensated solely because any of the exclusions in paragraph (b) of Clause 14.3
(Tax indemnity) applied); or

 

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

 

		(b)	In this Clause 15.3, a reference to a "Tax Deduction" has the same meaning given
to the term in Clause 1.1 (Definitions).

 

		16.	OTHER INDEMNITIES

 

		16.1	Currency indemnity 

 

		(a)	If any sum due from an Obligor under the Finance Documents (a "Sum"), or any order,
judgment or award given or made in relation to a Sum, has to be converted from the currency (the "First Currency")
in which that Sum is payable into another currency (the "Second Currency") for the purpose of:

 

		(i)	making or filing a claim or proof against that Obligor;

 

		(ii)	obtaining or enforcing an order, judgment or award in relation to any litigation or arbitration
proceedings,

 

that Obligor shall as an independent
obligation, within three Business Days of demand, indemnify each Finance Party to whom that Sum is due against any cost, loss or
liability arising out of or as a result of the conversion including any discrepancy between (A) the rate of exchange used to convert
that Sum from the First Currency into the Second Currency and (B) the rate or rates of exchange available to that person at the
time of its receipt of that Sum.

 

		(b)	Each Obligor waives any right it may have in any jurisdiction to pay any amount under the Finance
Documents in a currency or currency unit other than that in which it is expressed to be payable.

 

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		16.2	Other indemnities 

 

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

 

		(a)	the occurrence of any Event of Default;

 

		(b)	a failure by an Obligor to pay any amount due under a Finance Document on its due date, including
without limitation, any cost, loss or liability arising as a result of Clause 29 (Sharing among the Finance Parties);

 

		(c)	funding, or making arrangements to fund, its participation in a Loan requested by a Borrower in
a Utilisation Request but not made by reason of the operation of any one or more of the provisions of this Agreement (other than
by reason of default or negligence by that Finance Party alone); or

 

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

 

		16.3	Indemnity to the Agent 

 

The Company shall promptly indemnify
the Agent against:

 

		(a)	any cost, loss or liability incurred by the Agent (acting reasonably) as a result of:

 

		(i)	investigating any event which it reasonably believes is a Default, provided that the Agent
shall provide the Company with prior written notice thereof; or

 

		(ii)	acting or relying on any notice, request or instruction which it reasonably believes to be genuine,
correct and appropriately authorised.

 

		17.	MITIGATION BY THE LENDERS

 

		17.1	Mitigation 

 

		(a)	Each Finance Party shall, in consultation with the Company, take all reasonable steps to mitigate
any circumstances which arise and which would result in any amount becoming payable under or pursuant to, or cancelled pursuant
to, any of Clause 9.1 (Illegality), Clause 14 (Tax gross-up and indemnities), or Clause 15 (Increased costs)
including (but not limited to) transferring its rights and obligations under the Finance Documents to another Affiliate or Facility
Office.

 

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

 

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		17.2	Limitation of liability 

 

		(a)	The Company shall promptly indemnify each Finance Party for all costs and expenses reasonably incurred
by that Finance Party as a result of steps taken by it under Clause 17.1 (Mitigation).

 

		(b)	A Finance Party is not obliged to take any steps under Clause 17.1 (Mitigation) if, in the
opinion of that Finance Party (acting reasonably), to do so might be prejudicial to it.

 

		18.	COSTS AND EXPENSES

 

		18.1	Transaction expenses 

 

		(a)	Subject to paragraph (b) below, the Company shall promptly, and in any event within 30 Business
Days of, written demand pay the Agent and the Arranger the amount of all documented costs and expenses (including legal fees, up
to the limit of an agreed amount) reasonably incurred by any of them in connection with the negotiation, preparation, printing,
execution and syndication of:

 

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

 

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

 

		(b)	Cost and expenses other than legal fees, incurred by the Agent and the Arranger, in an amount in
excess of:

 

		(i)	US$ 15,000, individually; or

 

		(ii)	US$ 30,000 in the aggregate (or its equivalent in any currency or currencies);

 

shall be reimbursed by the Company
in accordance with paragraph (a) above, only if such costs and expenses were incurred with the prior consent of the Company.

 

		18.2	Amendment costs 

 

If (a) an Obligor requests an
amendment, waiver or consent or (b) an amendment is required pursuant to Clause 30.10 (Change of currency), the Company
shall, within three Business Days of demand, reimburse the Agent for the amount of all documented costs and expenses (including
legal fees), in each case up to the limit of an agreed amount (provided that the Agent shall not be obliged to take any
action pursuant to this Clause 18.2 in the absence of any such agreement), reasonably incurred by the Agent in responding to, evaluating,
negotiating or complying with that request or requirement.

 

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		18.3	Enforcement costs 

 

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

 

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SECTION 7

GUARANTEE

 

		19.	GUARANTEE AND INDEMNITY

 

		19.1	Guarantee and indemnity 

 

The Guarantor irrevocably and
unconditionally:

 

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

 

		(b)	undertakes with each Finance Party that whenever a Borrower does not pay any amount when due under
or in connection with any Finance Document, the Guarantor shall immediately on demand pay that amount as if it was the principal
obligor; and

 

		(c)	agrees with each Finance Party that if any obligation guaranteed by it is or becomes unenforceable,
invalid or illegal it will, as an independent and primary obligation, indemnify that Finance Party immediately on demand against
any cost, loss or liability it incurs as a result of a Borrower not paying any amount which would, but for such unenforceability,
invalidity or illegality, have been payable by it under any Finance Document on the date when it would have been due. The amount
payable by the Guarantor under this indemnity will not exceed the amount it would have had to pay under this Clause 19 if the amount
claimed had been recoverable on the basis of a guarantee.

 

		19.2	Continuing guarantee 

 

This guarantee is a continuing
guarantee and will extend to the ultimate balance of sums payable by any Borrower under the Finance Documents, regardless of any
intermediate payment or discharge in whole or in part.

 

		19.3	Reinstatement 

 

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

 

		19.4	Waiver of defences 

 

The obligations of the Guarantor
under this Clause 19 will not be affected by any act, omission, matter or thing which, but for this Clause, would reduce, release
or prejudice any of its obligations under this Clause 19 (without limitation and whether or not known to it or any Finance Party)
including:

 

		(a)	any time, waiver or consent granted to, or composition with, any Obligor or other person;

 

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		(b)	the release of any other Obligor or any other person under the terms of any composition or arrangement
with any creditor of any member of the Group;

 

		(c)	the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect,
take up or enforce, any rights against, or security over assets of, any Obligor or other person or any non-presentation or non-observance
of any formality or other requirement in respect of any instrument or any failure to realise the full value of any security;

 

		(d)	any incapacity or lack of power, authority or legal personality of or dissolution or change in
the members or status of an Obligor or any other person;

 

		(e)	any amendment, novation, supplement, extension or restatement (however fundamental and whether
or not more onerous) or replacement of a Finance Document or any other document or security including without limitation any change
in the purpose of, any extension of, or any increase in, any facility or the addition of any new facility under any Finance Document
or other document;

 

		(f)	any unenforceability, illegality or invalidity of any obligation of any person under any Finance
Document or any other document or security; or

 

		(g)	any insolvency or similar proceedings.

 

		19.5	Immediate recourse 

 

The Guarantor waives any right
it may have of first requiring any Finance Party (or any trustee or agent on its behalf) to proceed against or enforce any other
rights or security or claim payment from any person before claiming from the Guarantor under this Clause 19. This waiver applies
irrespective of any law or any provision of a Finance Document to the contrary.

 

		19.6	Appropriations 

 

Until all amounts which may be
or become payable by the Obligors under or in connection with the Finance Documents have been irrevocably paid in full, each Finance
Party (or any trustee or agent on its behalf) may:

 

		(a)	refrain from applying or enforcing any other moneys, security or rights held or received by that
Finance Party (or any trustee or agent on its behalf) in respect of those amounts, or apply and enforce the same in such manner
and order as it sees fit (whether against those amounts or otherwise) and the Guarantor shall not be entitled to the benefit of
the same; and

 

		(b)	hold in an interest-bearing suspense account any moneys received from the Guarantor or on account
of the Guarantor's liability under this Clause 19.

 

		19.7	Deferral of Guarantor's rights 

 

Until all amounts which may be
or become payable by the Obligors under or in connection with the Finance Documents have been irrevocably paid in full and unless
the Agent otherwise directs, the Guarantor will not exercise any rights which it may have by reason of performance by it of its
obligations under the Finance Documents or by reason of any amount being payable, or liability arising, under this Clause 19:

 

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		(a)	to be indemnified by an Obligor;

 

		(b)	to claim any contribution from any other guarantor of any Obligor's obligations under the Finance
Documents;

 

		(c)	to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any
rights of the Finance Parties under the Finance Documents or of any other guarantee or security taken pursuant to, or in connection
with, the Finance Documents by any Finance Party;

 

		(d)	to bring legal or other proceedings for an order requiring any Obligor to make any payment, or
perform any obligation, in respect of which the Guarantor has given a guarantee, undertaking or indemnity under Clause 19.1 (Guarantee
and Indemnity);

 

		(e)	to exercise any right of set-off against any Obligor; and/or

 

		(f)	to claim or prove as a creditor of any Obligor in competition with any Finance Party.

 

If the Guarantor receives any
benefit, payment or distribution in relation to such rights it shall hold that benefit, payment or distribution to the extent necessary
to enable all amounts which may be or become payable to the Finance Parties by the Obligors under or in connection with the Finance
Documents to be repaid in full on trust for the Finance Parties and shall promptly pay or transfer the same to the Agent or as
the Agent may direct for application in accordance with Clause 30 (Payment mechanics).

 

		19.8	Additional security 

 

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

 

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SECTION 8

REPRESENTATIONS, UNDERTAKINGS
AND EVENTS OF DEFAULT

 

		20.	REPRESENTATIONS 

 

Each Obligor makes the representations
and warranties set out in this Clause 20 to each Finance Party on the date of this Agreement.

 

		20.1	Status 

 

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

 

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

 

		20.2	Binding obligations 

 

The obligations expressed to
be assumed by it in each Finance Document are, subject to any general principles of law limiting its obligations which are specifically
referred to in any legal opinion delivered pursuant to Clause 4 (Conditions of Utilisation) or Clause 26 (Changes to
the Obligors), (the "Legal Reservations"), legal, valid, binding and enforceable obligations.

 

		20.3	Non-conflict with other obligations 

 

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

 

		(a)	any law or regulation applicable to it;

 

		(b)	its or any of its Subsidiaries' constitutional documents; or

 

		(c)	any agreement or instrument binding upon it or any of its Subsidiaries or any of its or any of
its Subsidiaries' assets which has or could reasonably be expected to have a Material Adverse Effect.

 

		20.4	Power and authority 

 

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

 

		20.5	Validity and admissibility in evidence 

 

All Authorisations required or
desirable:

 

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

 

		(b)	to make the Finance Documents to which it is a party admissible in evidence in its jurisdiction
of incorporation, have been obtained or effected and are in full force and effect.

 

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		20.6	Governing law and enforcement 

 

		(a)	Subject to the Legal Reservations, the choice of English law as the governing law of the Finance
Documents will be recognised and enforced in its jurisdiction of incorporation.

 

		(b)	Subject to the Legal Reservations, any judgment obtained in England in relation to a Finance Document
will be recognised and enforced in its jurisdiction of incorporation.

 

		20.7	Insolvency 

 

No:

 

		(a)	corporate action, legal proceeding or other procedure or step described in paragraph (a) of Clause
24.7(Insolvency proceedings); or

 

		(b)	creditors' process described in Clause 24.8 (Creditors' process),

 

has been taken or, to the knowledge
of the Company, threatened in relation to a Material Company, and none of the circumstances described in Clause 24.6 (Insolvency)
applies to a Material Company.

 

		20.8	Deduction of Tax 

 

It is not required to make any
deduction for or on account of Tax from any payment it may make under any Finance Document.

 

		20.9	No filing or stamp taxes 

 

Under the law of its jurisdiction
of incorporation it is not necessary that the Finance Documents be filed, recorded or enrolled with any court or other authority
in that jurisdiction or that any stamp, registration or similar tax be paid on or in relation to the Finance Documents or the transactions
contemplated by the Finance Documents.

 

		20.10	No default 

 

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

 

		(b)	No other event or circumstance is outstanding which constitutes a default under any other agreement
or instrument which is binding on it or on any Significant Subsidiary, or to which its (or any Significant Subsidiary's) assets
are subject which might have a Material Adverse Effect.

 

		20.11	No misleading information 

 

		(a)	Any factual information contained in the Annual Report was true and accurate in all material respects
as at the date it was provided or as at the date (if any) at which it is stated.

 

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		(b)	Nothing has occurred or been omitted from the Annual Report and no information has been given or
withheld that results in the information contained in the Annual Report being untrue or misleading in any material respect, in
each case as at the date it was provided or as at the date (if any) at which it is stated.

 

		20.12	Financial statements 

 

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

 

		(b)	Its Original Financial Statements fairly represent its financial condition and operations (consolidated
in the case of the Company) during the relevant Financial Year.

 

		(c)	There has been no material adverse change in its business or financial condition (or the business
or consolidated financial condition of the Group, in the case of the Company) since the date of the most recent financial statements
delivered pursuant to Clause 21.1 (Financial statements).

 

		20.13	Pari passu ranking 

 

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

 

		20.14	No proceedings 

 

Save as disclosed in the Original
Financial Statements or relating to a Disclosed Investigation, no litigation, arbitration or administrative proceedings of or before
any court, arbitral body or agency which, if adversely determined, are reasonably likely to have a Material Adverse Effect have
(to the best of its knowledge and belief) been started or threatened against it or any of its Subsidiaries.

 

		20.15	Environmental compliance 

 

Each Obligor and Significant
Subsidiary has performed and observed in all material respects all Environmental Law, Environmental Permits and all other material
covenants, conditions, restrictions or agreements directly or indirectly concerned with any contamination, pollution or waste or
the release or discharge of any toxic or hazardous substance in connection with any real property which is or was at any time owned,
leased or occupied by any Obligor or Significant Subsidiary or on which any Obligor or Significant Subsidiary has conducted any
activity where failure to do so might reasonably be expected to have a Material Adverse Effect.

 

		20.16	Taxation 

 

		(a)	Except for any Permitted Tax Non-Payments, it has duly and punctually paid and discharged all Taxes
imposed upon it or its assets within the time period allowed.

 

		(b)	It is not materially overdue in the filing of any Tax returns.

 

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		(c)	No claims are being or are reasonably likely to be asserted against it with respect to Taxes that
could reasonably be expected to have a Material Adverse Effect.

 

		20.17	Anti-corruption, anti-bribery and anti-money laundering laws and regulations 

 

Save for any Disclosed Investigation,
no Obligor, and no Subsidiary, director or officer of any Obligor and, to the best of its knowledge and belief, no Affiliate, has
engaged in any activity or conducted its businesses in any way which would violate any applicable anti-corruption, anti-bribery
or anti-money laundering laws or regulations and each Obligor has instituted and maintains policies and procedures designed to
promote and achieve compliance with such laws and regulations.

 

		20.18	Sanctions 

 

Each Obligor represents in respect
of itself and in respect of its Subsidiaries, directors and officers that:

 

		(a)	it is not the subject of any Sanctions; and

 

		(b)	it is not violating any Sanctions,

 

in either case applicable to
it, provided that, this representation and warranty shall not be deemed to be made to or for the benefit of any Finance
Party or any director, officer or employee thereof to the extent that this provision would expose that Finance Party or any director,
officer or employee thereof to any liability under any applicable anti-boycott law, regulation or statute.

 

		20.19	Intellectual Property 

 

It and each of its Subsidiaries:

 

		(a)	is the sole legal and beneficial owner of or has licensed to it on normal commercial terms all
the Intellectual Property which is material in the context of its business and which is required by it in order to carry on its
business as it is being conducted;

 

		(b)	does not (nor does any of its Subsidiaries), in carrying on its businesses, infringe any Intellectual
Property of any third party; and

 

		(c)	has taken all formal or procedural actions (including payment of fees) required to maintain any
material Intellectual Property owned by it,

 

save, in each case, where failure
to be so or to do so or to have done or does not and is not reasonably likely to have a Material Adverse Effect.

 

		20.20	Centre of main interests and establishments 

 

For the purposes of The Council
of the European Union Regulation No. 1346/2000 on Insolvency Proceedings (the "Regulation"), its centre of main interest
(as that term is used in Article 3(1) of the Regulation) is situated in Luxembourg and it has no "establishment" (as
that term is used in Article 2(h) of the Regulation) in any other jurisdiction.

 

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		20.21	Repetition 

 

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

 

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

 

		(ii)	in the case of an Additional Borrower, the day on which it becomes (or it is proposed that it becomes)
an Additional Borrower.

 

		(b)	The representations and warranties in Clause 20.11 (No misleading information) are deemed
to be made by each Obligor on the Syndication Date.

 

		21.	INFORMATION UNDERTAKINGS 

 

The undertakings in this Clause
21 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.

 

		21.1	Financial statements 

 

The Company shall supply to the
Agent:

 

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

 

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

 

		(ii)	its audited unconsolidated financial statements for that Financial Year;

 

		(b)	as soon as it is available, but in any event within 60 days after the end of each Financial Quarter
of each of its Financial Years (other than the Financial Quarter ending at the end of a Financial Year), its Quarterly Report for
that Financial Quarter;

 

		(c)	as soon as the same become available, but in any event within 90 days after the end of each Financial
Quarter of each of its Financial Years (other than the Financial Quarter ending at the end of a Financial Year), if required to
be prepared under IFRS, an unaudited pro forma interim condensed consolidated income statement and a statement of financial
position of the Company, together with explanatory footnotes, for any acquisitions, dispositions or recapitalisations that have
occurred since the beginning of the most recently completed Financial Year as to which such quarterly report relates; provided
that such pro forma financial information will be provided only to the extent available without unreasonable expense,
in which case the Company will provide, in the case of a material acquisition, the financial statements of the acquired company
to the extent available without unreasonable expense; and

 

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		(d)	as soon as the same become available, but in any event within 90 days after the end of each Financial
Quarter of each of its Financial Years:

 

		(i)	the details of sums being upstreamed by way of dividend or loan on a Subsidiary by Subsidiary basis;
and

 

		(ii)	the unaudited unconsolidated quarterly, semi-annual and annual financial statements in respect
of:

 

		(A)	each Significant Subsidiary incorporated in Guatemala and Paraguay for so long as such unconsolidated
financial statements are prepared in respect of such Significant Subsidiaries; and

 

		(B)	any other Significant Subsidiary to the extent such unconsolidated financial statements are prepared
in respect of those Significant Subsidiaries.

 

		21.2	Compliance Certificate 

 

		(a)	The Company shall supply to the Agent, with each set of financial statements delivered pursuant
to paragraph (a)(i) and (b) of Clause 21.1 (Financial statements), a Compliance Certificate setting out (in reasonable detail)
computations as to compliance with Clause 22 (Financial covenants) as at the date at which those financial statements were
drawn up.

 

		(b)	Each Compliance Certificate shall be signed by the Chief Executive Officer or the Chief Financial
Officer of the Company in the form agreed by the Company and the Majority Lenders.

 

		21.3	Requirements as to financial statements 

 

		(a)	Each set of financial statements delivered by the Company pursuant to Clause 21.1 (Financial
statements) shall be certified by a director of the relevant company as fairly representing its financial condition as at the
date at which those financial statements were drawn up.

 

(b)

 

		(i)	The Company shall procure that each set of financial statements of the Company or any of its Subsidiaries
delivered pursuant to Clause 21.1 (Financial statements) is prepared using IFRS. If there is a change to IFRS that might
result in any material alteration in the commercial effect of any of the terms of this Agreement (a "Material IFRS Change"),
the Company shall notify the Agent and, if the Agent so requests, deliver to the Agent sufficient information, in form and substance
as may be reasonably required by the Agent, to enable the Lenders to determine whether Clause 22 (Financial covenants) has
been complied with notwithstanding such Material IFRS Change.

 

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		(ii)	If the Company notifies the Agent of a Material IFRS Change in accordance with paragraph (i) above,
then the Company and Agent shall enter into negotiations in good faith with a view to agreeing any amendments to this Agreement
which may be necessary to ensure that the Material IFRS Change does not result in any material alteration in the commercial effect
of the terms of this Agreement, and if any amendments are agreed they shall take effect and be binding on each of the Parties in
accordance with their terms.

 

		21.4	Information: miscellaneous 

 

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

 

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

 

		(b)	promptly upon becoming aware of them, the details of any litigation, arbitration or administrative
proceedings which are current, threatened or pending against any member of the Group and which might, if adversely determined,
have a Material Adverse Effect, provided that this requirement and the notification requirement under Clause 23.12 (Environmental
Claims) shall be deemed satisfied where such details are contained in the Quarterly Report or the annual financial statements
of the Company;

 

		(c)	promptly after the occurrence of any material acquisition, disposition or restructuring of the
Group, or any changes to the Chief Executive Officer or Chief Financial Officer at the Company, or any other material event that
the Company announces publicly, a press release or report containing a description of such event; and

 

		(d)	promptly, such further information (which is not of a confidential nature) regarding the financial
condition, assets and operations of any member of the Group as any Finance Party (through the Agent) may reasonably request.

 

		21.5	Notification of default 

 

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

 

		(b)	Promptly upon a request by the Agent, the Company shall supply to the Agent a certificate signed
by two of its directors or senior officers on its behalf certifying that no Default is continuing (or if a Default is continuing,
specifying the Default and the steps, if any, being taken to remedy it).

 

		21.6	Use of websites 

 

		(a)	The Company may satisfy its obligation under this Agreement to deliver any information in relation
to:

 

		(i)	the Original Lenders; and

 

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		(ii)	those Lenders who accept this method of communication,

 

(together with the Original Lenders,
the "Website Lenders"), by posting this information onto an electronic website designated by the Company and the
Agent (the "Designated Website") if:

 

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

 

		(B)	both the Company and the Agent are aware of the address of and any relevant password specifications
for the Designated Website; and

 

		(C)	the information is in a format previously agreed between the Company and the Agent.

 

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

 

		(b)	The Agent shall supply each Website Lender with the address of and any relevant password specifications
for the Designated Website following designation of that website by the Company and the Agent.

 

		(c)	The Company shall promptly upon becoming aware of its occurrence notify the Agent if:

 

		(i)	the Designated Website cannot be accessed due to technical failure;

 

		(ii)	the password specifications for the Designated Website change;

 

		(iii)	any new information which is required to be provided under this Agreement is posted onto the Designated
Website;

 

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

 

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

 

If the Company notifies the Agent
under paragraph (c)(i) or paragraph (c)(v) above, all information to be provided by the Company under this Agreement after the
date of that notice shall be supplied in paper form unless and until the Agent and each Website Lender is satisfied that the circumstances
giving rise to the notification are no longer continuing.

 

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		(d)	Any Website Lender may request, through the Agent, one paper copy of any information required to
be provided under this Agreement which is posted onto the Designated Website. The Company shall comply with any such request within
ten Business Days.

 

		21.9	"Know your customer" checks 

 

		(a)	If:

 

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

 

		(ii)	any change in:

 

		(A)	the status of an Obligor; or

 

		(B)	the composition of the shareholders of an Obligor (other than the Company),

 

after the date of this Agreement;
or

 

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

 

obliges the Agent or any Lender
(or, in the case of paragraph (iii) above, any prospective new Lender) to comply with "know your customer" or similar
identification procedures in circumstances where the necessary information is not already available to it, each Obligor shall promptly
upon the request of the Agent or any Lender supply, or procure the supply of, such documentation and other evidence as is reasonably
requested by the Agent (for itself or on behalf of any Lender) or any Lender (for itself or, in the case of the event described
in paragraph (iii) above, on behalf of any prospective new Lender) in order for the Agent, such Lender or, in the case of the event
described in paragraph (iii) above, any prospective new Lender to carry out and be satisfied it has complied with all necessary
 "know your customer" or other similar checks under all applicable laws and regulations pursuant to the transactions contemplated
in the Finance Documents.

 

		(b)	Each Lender shall promptly upon the request of the Agent supply, or procure the supply of, such
documentation and other evidence as is reasonably requested by the Agent (for itself) in order for the Agent to carry out and be
satisfied it has complied with all necessary "know your customer" or other similar checks under all applicable laws and
regulations pursuant to the transactions contemplated in the Finance Documents.

 

		(c)	The Company shall, by not less than ten Business Days' prior written notice to the Agent, notify
the Agent (which shall promptly notify the Lenders) of its intention to request that one of its Subsidiaries becomes an Additional
Borrower pursuant to Clause 26 (Changes to the Obligors).

 

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		(d)	Following the giving of any notice pursuant to paragraph (c) above, if the accession of such Additional
Borrower obliges the Agent or any Lender to comply with "know your customer" or similar identification procedures in
circumstances where the necessary information is not already available to it, the Company shall promptly upon the request of the
Agent or any Lender supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Agent
(for itself or on behalf of any Lender) or any Lender (for itself or on behalf of any prospective new Lender) in order for the
Agent or such Lender or any prospective new Lender to carry out and be satisfied it has complied with all necessary "know
your customer" or other similar checks under all applicable laws and regulations pursuant to the accession of such Subsidiary
to this Agreement as an Additional Borrower.

 

		22.	FINANCIAL COVENANTS

 

		22.1	Financial definitions 

 

In this Clause 22:

 

"Acquired Debt"
means Debt of any person (i) incurred and outstanding at the time it becomes a member of the Group or is merged, consolidated,
amalgamated or otherwise combined with or into a member of the Group including pursuant to any acquisition of assets and assumption
of related liabilities) or (ii) incurred to provide all or part of the funds utilised to consummate the transaction or series of
related transactions pursuant to which such person became a member of the Group or was otherwise acquired by a member of the Group);
provided that, after giving pro forma effect to the transaction or transactions by which such person becomes a member of the Group
or is merged, consolidated, amalgamated or otherwise combined with or into a member of the Group, either (i) the Company is in
compliance with the requirements of paragraph (a) of Clause 22.2 (Financial Condition) or (ii) the Net Leverage Ratio would
not be more than such ratio before giving effect to such transaction or transactions.

 

"Cash Equivalents"
means, with respect to any person:

 

		(a)	Government Securities;

 

		(b)	deposit accounts, certificates of deposit and Eurodollar time deposits and money market deposits,
bankers' acceptances and overnight bank deposits, in each case issued by or with (i) any of the Original Lenders; (ii) a bank or
trust company which is organized under the laws of the United States of America, any state thereof, the United Kingdom, Switzerland,
Canada, Australia or any member state of the European Union, and which bank or trust company has capital, surplus and undivided
profits aggregating in excess of US$ 100,000,000 (or its equivalent in any other currency or currencies) and has outstanding debt
which is rated "A" (or such similar equivalent rating) or higher by at least one nationally recognized statistical rating
organization (as defined in Rule 436 under the Securities Act), or (iii) any money market fund sponsored by a U.S. registered broker
dealer or mutual fund distributor;

 

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		(c)	repurchase obligations with a term of not more than seven days for underlying securities of the
types described in paragraph (b)(i) and paragraph (b(ii) entered into with any financial institution meeting the qualifications
specified in paragraph (b)(ii) above;

 

		(d)	commercial paper having one of the two highest ratings obtainable from Fitch Ratings Ltd or Moody's
Investor Services Limited and in each case maturing within 365 days after the date of acquisition;

 

		(e)	money market funds mutual funds at least 95% of the assets of which constitute Cash Equivalents
of the types described in paragraphs (a) through (d) of this definition; and

 

		(f)	with respect to any person organised under the laws of, or having its principal business operations
in, a jurisdiction outside the United States, those investments that are of the same type as investments in paragraphs (a), (c)
and (d) of
this definition except that the obligor thereon is organised under the laws of the country (or any political subdivision thereof)
in which such person is organised or conducting business 

 

"Consolidated EBITDA"
means, for any period, operating profit, as such amount is determined in the Company’s consolidated income statement in accordance
with IFRS, plus the sum of the following amounts, in each case, without double counting. Losses shall be added (as a positive number)
and gains shall be deducted, in each case, to the extent such amounts were included in calculating operating profit:

 

		(a)	depreciation and amortization expenses, as indicated in the Company’s consolidated statement
of cash flows;

 

		(b)	the net loss or gain on the disposal and impairment of assets, as indicated in the Company’s
consolidated statement of cash flows;

 

		(c)	share-based compensation expenses, as indicated in the Company’s consolidated statement of
cash flows;

 

		(d)	in accordance with IFRS accounting practice, other non-cash charges reducing operating profit (provided
that if any such non-cash charge represents an accrual of or reserve for potential cash charges in any future period, the cash
payment in respect thereof in such future period shall reduce operating profit to such extent, and excluding amortization of a
prepaid cash item that was paid in a prior period) less other non-cash items of income increasing operating income (excluding any
such non-cash item of income to the extent it represents (x) a receipt of cash payments in any future period, (y) the reversal
of an accrual or reserve for a potential cash item that reduced operating income in any prior period and (z) any non-cash gains
with respect to cash actually received in a prior period so long as such cash did not increase operating income in such prior period);

 

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		(e)	any material extraordinary, one-off, non-recurring, exceptional or unusual gain, loss, expense
or charge, including any charges or reserves in respect of any restructuring, redundancy, relocation, refinancing, integration
or severance or other post-employment arrangements, signing, retention or completion bonuses, transaction costs, acquisition costs,
disposition costs, business optimization, information technology implementation or development costs, costs related to governmental
investigations and curtailments or modifications to pension or postretirement benefits schemes, litigation or any asset impairment
charges or the financial impacts of natural disasters (including fire, flood and storm and related events);

 

		(f)	the effects of adjustments in its consolidated financial statements pursuant to IFRS (including
inventory, property, equipment, software, goodwill, intangible assets, in process research and development, deferred revenue and
debt line items) attributable to the application of recapitalization accounting or acquisition accounting, as the case may be,
in relation to any consummated acquisition or joint venture investment or the amortization or write-off or writedown of amounts
thereof, net of taxes;

 

		(g)	any reasonable expenses, charges or other costs related to any sale of Capital Stock (other than
Redeemable Stock) of the Company or a Holding Company of the Company, Investment, acquisition, disposition, recapitalization or
the incurrence of any Debt, in each case, as determined in good faith by a responsible financial or accounting officer of the Company;

 

		(h)	any gains or losses on associates;

 

		(i)	any unrealized gains or losses due to changes in the fair value of equity Investments;

 

		(j)	any unrealized gains or losses due to changes in the fair value of Permitted Interest Rate, Currency
or Commodity Price Agreements;

 

		(k)	any unrealized gains or losses due to changes in the carrying value of put options in respect of
Capital Stock of, or voting rights with respect to, any Subsidiary, joint venture or associate;

 

		(l)	any unrealized gains or losses due to changes in the carrying value of call options in respect
of Capital Stock of, or voting rights with respect to, any Subsidiary, joint venture or associate;

 

		(m)	any net foreign exchange gains or losses;

 

		(n)	in accordance with IFRS accounting practice, any adjustments to reduce the impact of the cumulative
effect of a change in accounting principles and changes as a result of the adoption or modification of accounting policies;

 

		(o)	accruals and reserves that are established or adjusted within twelve months after the closing date
of any acquisition that are so required to be established or adjusted in accordance with IFRS;

 

		(p)	any expenses, charges or losses to the extent covered by insurance or indemnity and actually reimbursed,
or, so long as the Company or a Subsidiary has received confirmation that such amount will be reimbursed by the insurer or indemnifying
party and only to the extent that such amount is in fact reimbursed within 365 days of the date of the insurable or indemnifiable
event (net of any amount so added back in any prior period to the extent not so reimbursed within the applicable 365-day period);

 

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		(q)	the amount of proceeds received from business interruption insurance and reimbursements of any
expenses and charges that are covered by indemnification or other reimbursement provisions in connection with any acquisition,
Investment or any sale, conveyance, transfer or other disposition of assets; and

 

		(r)	any net gain (or loss) realized upon any sale/leaseback transaction that is not sold or otherwise
disposed of in the ordinary course of business, determined in good faith by a responsible financial or accounting officer of the
Company.

 

For the purposes of calculating
Consolidated EBITDA for any period, as of such date of determination:

 

		(i)	if, since the beginning of such period the Company or any Subsidiary has made any disposal of assets
not in the ordinary course of business or disposed of any company, any business, or any group of assets constituting an operating
unit of a business (any such disposition, a “Sale”), including any Sale occurring in connection with a transaction
causing a calculation to be made hereunder, then Consolidated EBITDA for such period will be reduced by an amount equal to the
Consolidated EBITDA (if positive) attributable to the assets which are the subject of such Sale for such period or increased by
an amount equal to the Consolidated EBITDA (if negative) attributable thereto for such period;

 

		(ii)	if, since the beginning of such period the Company or any Subsidiary (by merger or otherwise) will
have made an Investment in any Person that thereby becomes a Subsidiary, or otherwise acquires any company, any business, or any
group of assets constituting an operating unit of a business (any such Investment or acquisition, a “Purchase”),
including any such Purchase occurring in connection with a transaction causing a calculation to be made hereunder, then Consolidated
EBITDA for such period will be calculated after giving pro forma effect thereto as if such Purchase occurred on the first day of
such period;

 

		(iii)	if, since the beginning of such period any Person (that became a Subsidiary or was merged with
or into the Company or any Subsidiary since the beginning of such period) will have made any Sale or any Purchase that would have
required an adjustment pursuant to clauses (i) or
(ii) above if made by the Company or a Subsidiary since the beginning of such period, Consolidated EBITDA for such period will
be calculated after giving pro forma effect thereto as if such Sale or Purchase occurred on the first day of such period, including
anticipated synergies and cost savings as if such Sale or Purchase occurred on the first day of such period; and

 

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		(iv)	whenever pro forma effect is applied, the pro forma calculations will be as determined in good
faith by a responsible financial or accounting officer of the Company (including in respect of anticipated synergies and cost savings)
as though the full effect of such synergies and cost savings were realized on the first day of the relevant period and shall also
include the reasonably anticipated full run rate cost savings effect (as calculated in good faith by a responsible financial or
chief accounting officer of the Company) of cost savings programs that have been initiated by the Company or its Subsidiaries as
though such cost savings programs had been fully implemented on the first day of the relevant period, provided that if the aggregate
amount of such anticipated synergies and cost savings exceeds 5% of Consolidated EBITDA (calculated without reference to the applicable
Purchase or Sale), such amounts are confirmed by a reputable, independent third party advisor.

 

For the purpose of calculating
the Consolidated EBITDA of the Company, any Joint Venture Consolidated EBITDA shall be added to the amount determined in accordance
with the foregoing.

 

"Consolidated Interest
Expense" means for any Relevant Period, the consolidated interest expense included in the consolidated income statement
(without deduction of interest income) of the Company and its Subsidiaries for such Relevant Period prepared in accordance with
IFRS, excluding the interest component of any Capital Lease Obligation, and calculated without double counting any obligations
described in paragraphs (a), (b) or (h) of the first paragraph of the definition of Debt that are incurred by any member of the
Group and any obligations described in paragraph (a) of the definition of Debt.

 

"Consolidated Net Debt"
means, with respect to the Company as of any date of determination, the sum without duplication of:

 

		(a)	the total amount of Debt of the Company and its Subsidiaries on a consolidated basis that would
be stated on the statement of financial position of the Company as of such date in accordance with IFRS, minus

 

		(b)	the sum without duplication of:

 

(i)

 

		(A)	all Debt outstanding under Minority Shareholder Loans, plus

 

		(B)	any Debt which is a contingent obligation of the Company or its Subsidiaries on the date of the
most recent financial statements, plus

 

		(C)	the amount of cash and Cash Equivalents (other than cash or Cash Equivalents received from the
incurrence of Debt by any member of the Group to the extent such cash or Cash Equivalents has not been subsequently applied or
used for any purpose not prohibited by this Agreement) of the Company and its Subsidiaries on a consolidated basis that would be
stated on the statement of financial position of the Company as of such date in accordance with IFRS, plus

 

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		(D)	deposits pledged to secure Debt, as such amount is recorded under the line item "pledged deposits"
under non-current assets on the Company's statement of financial position, plus

 

		(E)	Debt of the Company and its Subsidiaries under any Capital Lease Obligation or operating lease,

 

less

 

		(ii)	Restricted Cash.

 

"Financial Quarter"
means the period commencing on the day after one Quarter Date and ending on the next Quarter Date.

 

"Financial Year"
means the annual accounting period of the Company ending on or about 31 December in each year.

 

"Government Securities"
means direct obligations of, or obligations guaranteed by, the United States of America for the payment of which obligations or
guarantee the full faith and credit of the United States of America is pledged and which have a remaining weighted average life
to maturity of not more than one year from the date of Investment therein.

 

"Interest Cover"
means the ratio of Consolidated EBITDA to Consolidated Interest Expense in respect of any Relevant Period.

 

"Investment"
by any person means any direct or indirect loan, advance or other extension of credit or capital contribution (by means of transfers
of cash or other property to others or payments for property or services for the account or use of others, or otherwise) to, or
purchase or acquisition of Capital Stock, bonds, notes, debentures or other securities or evidence of Debt issued by, any other
person, including any payment on a guarantee of any obligation of such other person, together with all items that are or would
be classified as Investments on a statement of financial position (excluding the footnotes thereto) prepared in accordance with
IFRS, but shall not include:

 

		(a)	trade accounts receivable in the ordinary course of business on credit terms made generally available
to the customers of such person; or

 

		(b)	commission, travel, payroll, entertainment, relocation and similar advances to officers and employees
and profit sharing and other employee benefit plan contributions made in the ordinary course of business.

 

Except as otherwise provided
in this Agreement, the amount of an Investment will be determined at the time the Investment is made and without giving effect
to a subsequent change in value and, to the extent applicable, shall be determined based on the equity value of such Investment.

 

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"Joint Venture Consolidated
EBITDA” means an amount equal to the product of (i) the Consolidated EBITDA of any joint venture (determined in good
faith by a responsible financial or accounting officer of the Company on the same basis as provided for in the definition of “Consolidated
EBITDA” (with the exception of clause (i) and the last sentence thereof) as if each reference to the “Company”
in such definition was to such joint venture) whose financial results are not consolidated with those of the Company in accordance
with IFRS and (ii) a percentage equal to the direct equity ownership percentage of the Company and/or its Subsidiaries in the Capital
Stock of such joint venture and its Subsidiaries.

 

"Minority Shareholder
Loan" means Debt of a Subsidiary of the Company that is issued to and held by an equity owner of such Subsidiary, other
than the Company or a subsidiary of the Company.

 

"Net Leverage Ratio"
means, with respect to the Company, the ratio of (a) the Consolidated Net Debt (excluding Debt consisting of Permitted Interest
Rate, Currency or Commodity Price Agreements) to (b) the Consolidated EBITDA of the Company for the four most recent Financial
Quarters ending immediately prior to such date for which consolidated financial statements are available, determined on a pro
forma basis as if any such Debt had been incurred, or such other Debt had been repaid, redeemed or repurchased, as applicable,
at the beginning of such four Financial Quarter period. For the avoidance of doubt, in determining Net Leverage Ratio, no cash
or Cash Equivalents shall be included that are the proceeds of Debt in respect of which the pro forma calculation is to
be made.

 

"Quarter Date"
means each of 31 March, 30 June, 30 September and 31 December.

 

"Relevant Period"
means each period of twelve months ending on or about the last day of the Financial Year and each period of twelve months ending
on or about the last day of each Financial Quarter.

 

"Restricted Cash"
means the sum of (a) Restricted MFS Cash, and (b) without duplication, the amount of cash that would be stated as "restricted
cash" on the consolidated statement of financial position of the Company as of such date in accordance with IFRS.

 

		22.2	Financial condition 

 

The Company shall ensure that:

 

		(a)	Net Leverage Ratio: Net Leverage Ratio in respect of any Relevant Period shall be less than
3.00:1 at all times.

 

		(b)	Interest Cover: Interest Cover in respect of any Relevant Period shall not be less than
4.00:1 at any time.

 

		22.3	Financial testing 

 

The financial covenants set out
in Clause 22.2 (Financial condition) shall be tested quarterly by reference to each of the financial statements delivered
pursuant to paragraphs (a)(i) and (b) of Clause 21.1 (Financial Statements) and/or each Compliance Certificate delivered
pursuant to Clause 21.2 (Compliance Certificate).

 

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		23.	GENERAL UNDERTAKINGS 

 

The undertakings in this Clause
23 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.

 

		23.1	Authorisations 

 

Each Obligor shall promptly:

 

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

 

		(b)	supply certified copies to the Agent of,

 

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

 

		23.2	Compliance with laws 

 

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

 

		23.3	Negative pledge 

 

In this Clause 23.3, "Quasi-Security"
means an arrangement or transaction described in paragraph (b) below.

 

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

 

		(b)	No Obligor shall (and the Company shall ensure that no other member of the Group will):

 

		(i)	sell, transfer or otherwise dispose of any of its assets on terms whereby they are or may be leased
to or re-acquired by an Obligor or any other member of the Group;

 

		(ii)	sell, transfer or otherwise dispose of any of its receivables on recourse terms;

 

		(iii)	enter into any arrangement under which money or the benefit of a bank or other account may be applied,
set-off or made subject to a combination of accounts; or

 

		(iv)	enter into any other preferential arrangement having a similar effect, in circumstances where the
arrangement or transaction is entered into primarily as a method of raising Debt or of financing the acquisition of an asset.

 

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		(c)	Paragraphs (a) and (b) above do not apply to any Lien or (as the case may be) Quasi-Security which
is a Permitted Lien.

 

		23.4	Disposals 

 

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

 

		(b)	Paragraph (a)) above does not apply to any sale, lease, transfer or other disposal which is a Permitted
Disposal.

 

		23.5	Arm's length basis 

 

		(a)	Except as permitted by paragraph (b) below, no Obligor shall (and the Company shall ensure that
no other member of the Group will) enter into any transaction with any person except on arm's length terms and for full market
value.

 

		(b)	The following transactions shall not be a breach of this Clause 23.5:

 

		(i)	intra-Group loans permitted under Clause 23.16 (Loans or credit); and

 

		(ii)	any Permitted Reorganisation to the extent that it only involves members of the Group; or

 

		(iii)	fees, costs and expenses payable under the Finance Documents in the amounts set out in the Finance
Documents delivered to the Agent under Clause 4.1 (Initial conditions precedent) or agreed by the Agent.

 

		23.6	Pari passu ranking 

 

Each Obligor shall ensure that
at all times any unsecured and unsubordinated claims of a Finance Party against it under the Finance Documents rank at least pari
passu with the claims of all its other unsecured and unsubordinated creditors except those creditors whose claims are mandatorily
preferred by laws of general application to companies.

 

		23.7	Change of business 

 

		(a)	Except as permitted under paragraph (b) below, the Company shall ensure that no substantial change
is made to the general nature of the business of the Company or the Group from that carried on at the date of this Agreement.

 

		(b)	Paragraph (a) shall not prevent the Company from engaging in any Permitted Business.

 

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		23.8	Preservation of properties 

 

Subject to Permitted Discontinuance
of Property Maintenance, each Obligor shall (and the Company shall ensure that each other member of the Group will) maintain in
good repair, working order and condition (ordinary wear and tear excepted) all of its material properties necessary or desirable
in the conduct of its business, all in accordance with the judgment of the Company (acting reasonably).

 

		23.9	Joint Ventures 

 

		(a)	Except as permitted under paragraph (b) below, no Obligor shall (and the Company shall ensure that
no other member of the Group will):

 

		(i)	enter into, invest in or acquire (or agree to acquire) any shares, stocks, securities or other
interest in any Joint Venture; or

 

		(ii)	transfer any assets or lend to or guarantee or give an indemnity for or give Security for the obligations
of a Joint Venture or maintain the solvency of or provide working capital to any Joint Venture (or agree to do any of the foregoing).

 

		(b)	Paragraph (a) above does not apply to any acquisition of (or agreement to acquire) any interest
in a Joint Venture or transfer of assets (or agreement to transfer assets) to a Joint Venture or loan made to or guarantee given
in respect of the obligations of a Joint Venture if such transaction is a Permitted Joint Venture.

 

		23.10	Insurance 

 

Each Obligor shall (and the Company
shall ensure that each member of the Group will) maintain insurances on and in relation to its properties with reputable underwriters
or insurance companies against those risks and to the extent as is usual for companies carrying on the same or substantially similar
business.

 

		23.11	Environmental Compliance 

 

Each Obligor shall (and the Company
shall ensure that each member of the Group will) comply in all material respects with all Environmental Law and obtain and maintain
any Environmental Permits where failure to do so has or is reasonably expected to have a Material Adverse Effect.

 

		23.12	Environmental Claims 

 

Subject to paragraph (b) of Clause
21.4 (Information: miscellaneous), the Company shall inform the Agent in writing as soon as reasonably practicable upon
becoming aware of:

 

		(a)	any Environmental Claim that has been commenced or (to the best of its knowledge and belief) is
threatened against any member of the Group; or

 

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		(b)	any facts or circumstances which will or are reasonably likely to result in any Environmental Claim
being commenced or threatened against any member of the Group,

 

where the claim would be reasonably
likely, if determined against that member of the Group, to have a Material Adverse Effect.

 

		23.13	Anti-corruption law 

 

		(a)	No Obligor shall (and the Company shall ensure that no other member of the Group will) directly
or indirectly use the proceeds of the Facility for any purpose which would breach the Bribery Act 2010, the United States Foreign
Corrupt Practices Act of 1977 or other similar legislation in other jurisdictions to which the relevant member of the Group or
any Finance Party is subject.

 

		(b)	Each Obligor shall (and the Company shall ensure that each other member of the Group will):

 

		(i)	conduct its businesses in compliance with applicable anti-corruption laws; and

 

		(ii)	maintain policies and procedures designed to promote and achieve compliance with such laws.

 

		23.14	Sanctions 

 

		(a)	No Obligor shall (and the Company shall ensure that no other member of the Group will) contribute
or otherwise use the proceeds or make available the proceeds of the Facility, directly or indirectly, to any person or entity listed
on any Sanctions List or located in a Sanctioned Country, to the extent such contribution or provision of proceeds would be prohibited
by Sanctions or would otherwise cause any Finance Party to be in breach of applicable Sanctions (at the time the proceeds were
made available or contributed).

 

		(b)	No Obligor shall (and the Company shall ensure that no other member of the Group will) fund all
or part of any payment under the Facility out of proceeds derived from transactions which are prohibited by Sanctions or would
otherwise cause any Finance Party to be in breach of applicable Sanctions (at the time the proceeds were made available or contributed).

 

		(c)	This covenant shall not be deemed to be made to or for the benefit of any Finance Party or any
director, officer or employee thereof to the extent that this provision would expose that Finance Party or any director, officer
or employee thereof to any liability under any applicable anti-boycott law, regulation or statute.

 

		23.15	Taxation 

 

		(a)	Except as permitted under paragraph (b) below, each Obligor shall (and the Company shall ensure
that each member of the Group will) duly and punctually pay and discharge all material Taxes imposed upon it or its assets within
the time period allowed without incurring penalties.

 

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		(b)	Paragraph (a) above, shall not apply to any payment which is a Permitted Tax Non-Payments.

 

		23.16	Financial indebtedness 

 

The Company shall ensure that
none of its Subsidiaries will incur or allow to remain outstanding any Debt, if and to the extent that such Debt would cause or
result in a Net Leverage Ratio of 2.75:1 or more, excluding in this calculation all Debt that only has recourse against the Company
and any Consolidated EBITDA generated by the Company.

 

		23.17	Loans and credit 

 

No Obligor shall (and the Company
shall ensure that no other member of the Group will) make any loans or grant any credit to or for the benefit of any person, other
than a Permitted Loan.

 

		23.18	Intellectual Property 

 

Each Obligor shall (and the Company
shall procure that each other member of the Group will):

 

		(a)	preserve and maintain the subsistence and validity of the Intellectual Property necessary for the
business of the relevant Group member ("Material Intellectual Property");

 

		(b)	use reasonable endeavours to prevent any infringement in any material respect of the Material Intellectual
Property;

 

		(c)	make registrations and pay all registration fees and taxes necessary to maintain the Material Intellectual
Property in full force and effect and record its interest in that Material Intellectual Property;

 

		(d)	not use or permit the Material Intellectual Property to be used in a way or take any step or omit
to take any step in respect of that Material Intellectual Property which may materially and adversely affect the existence or value
of the Material Intellectual Property or imperil the right of any member of the Group to use such property; and

 

		(e)	not discontinue the use of the Material Intellectual Property,

 

where failure to do so, in the
case of paragraphs (a) and (b) above, or, in the case of paragraphs (d) and (e) above, such use, permission to use, omission or
discontinuation, is reasonably likely to have a Material Adverse Effect.

 

		23.19	Treasury transactions 

 

No Obligor shall (and the Company
will procure that no other member of the Group will) enter into any Interest Rate, Currency or Commodity Price Agreement, other
than a Permitted Interest Rate, Currency or Commodity Price Agreement.

 

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		23.20	Dividends 

 

The Company shall not pay, make
or declare any dividend or other distribution to all or any of its shareholders whilst and for so long as (i) an Event of Default
has occurred and is continuing, and (ii) any Utilisation is outstanding under the Facility.

 

		23.21	Centre of main interests and establishments 

 

For the purposes of The Council
of the European Union Regulation No. 1346/2000 on Insolvency Proceedings (the "Regulation"), the Company shall
ensure that its centre of main interest (as that term is used in Article 3(1) of the Regulation) is situated in either Luxembourg,
Sweden or England and Wales, and that it shall have no "establishment" (as that term is used in Article 2(h) of the Regulation)
in any other jurisdiction.

 

		24.	EVENTS OF DEFAULT 

 

Each of the events or circumstances
set out in this Clause 24 is an Event of Default, save for Clause 24.16 (Acceleration).

 

		24.1	Non-payment 

 

An Obligor does not pay on the
due date any amount payable pursuant to a Finance Document at the place at and in the currency in which it is expressed to be
payable unless:

 

		(a)	its failure to pay is caused by:

 

		(i)	administrative or technical error; or

 

		(ii)	a Disruption Event; and

 

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

 

		24.2	Financial covenants 

 

Any requirement of Clause 22
(Financial covenants) is not satisfied.

 

		24.3	Other obligations 

 

			(a)

 

		(i)	An Obligor does not comply with the provision of Clauses 23.3 (Negative Pledge), 23.4 (Disposals),
23.6 (Pari passu ranking), 23.9 (Joint Ventures), 23.13 (Anti-corruption law), 23.14 (Sanctions), 23.17
(Loans and credit), 23.20 (Dividends), or 23.21 (Centre of main interests and establishments)).

 

		(ii)	No Event of Default under paragraph (a) above will occur if the failure to comply is capable of
remedy and is remedied within 20 days of the earlier of (A) the Agent giving notice to the Company, and (B) a member of the executive
committee or the treasury department of the Company becoming aware of the failure to comply.

 

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		 	(b)

 

		(i)	An Obligor does not comply with any provision of the Finance Documents, other than those referred
to in Clauses 24.1 (Non-payment), 22 (Financial covenants), paragraph (a) of 24.3 (Other obligations) and
23.16 (Financial Indebtedness).

 

		(ii)	No Event of Default under paragraph (a) above will occur if the failure to comply is capable of
remedy and is remedied within 30 days of the earlier of (A) the Agent giving notice to the Company and (B) a member of the executive
committee or the treasury department of the Company becoming aware of the failure to comply.

 

		24.4	Misrepresentation 

 

Any representation or statement
made or deemed to be made by an Obligor in the Finance Documents or any other document delivered by or on behalf of any Obligor
under or in connection with any Finance Document is or proves to have been incorrect or misleading in any material respect when
made or deemed to be made, and, the circumstance or event giving rise to such misrepresentation, if capable of remedy, is not remedied
within 21 days of the earlier of the Agent giving notice to the Company and the Company becoming aware of the relevant misrepresentation.

 

		24.5	Cross Payment Default and Cross Acceleration 

 

		(a)	The occurrence of a Cross Payment Default.

 

		(b)	The occurrence of a Cross Acceleration.

 

		(c)	No Event of Default will occur under this Clause 24.5 if the aggregate amount of Debt which is
the subject of the events referred to in paragraphs (a) and (b) above is less than US$ 50,000,000 (or its equivalent in any other
currency or currencies) without double counting.

 

		24.6	Insolvency 

 

		(a)	A Material Company is unable or admits inability to pay its debts as they fall due, suspends making
payments on any of its debts or, by reason of actual or anticipated financial difficulties, commences negotiations with one or
more of its creditors with a view to rescheduling any of its indebtedness.

 

		(b)	The value of the assets of any Material Company is less than its liabilities (taking into account
contingent and prospective liabilities).

 

		(c)	A moratorium is declared in respect of any indebtedness of any Material Company.

 

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		24.7	Insolvency proceedings 

 

Any corporate action, legal proceedings
or other procedure or step is taken in relation to:

 

		(a)	the suspension of payments, a moratorium of any indebtedness, winding-up, dissolution, administration
or reorganisation (by way of voluntary arrangement, scheme of arrangement or otherwise) of any Material Company;

 

		(b)	a composition, compromise, assignment or arrangement with any creditor of any Material Company;

 

		(c)	the appointment of a liquidator (other than in respect of a solvent liquidation of a member of
the Group which is not an Obligor), receiver, administrative receiver, administrator, compulsory manager or other similar officer
in respect of any Material Company or any of its assets; or

 

		(d)	enforcement of any Lien over any assets of any Material Company,

 

or any analogous procedure or
step is taken in any jurisdiction.

 

This Clause 24.7 shall not apply
to any winding-up petition which is frivolous or vexatious and is discharged, stayed or dismissed within 30 days of commencement.

 

		24.8	Creditors' process 

 

Any attachment, sequestration,
distress or execution affects any asset or assets of a Material Company having an aggregate value of US$50,000,000 and is not discharged
within 30 days or, where the Company reasonably believes such action is frivolous, vexatious or without merit, and is challenging
such action in good faith, it is not discharged within 180 days.

 

		24.9	Ownership of the Obligors 

 

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

 

		24.10	Cessation of business 

 

Any member of the Group suspends
or ceases to carry on (or threatens to suspend or cease to carry on) all or a material part of its business, except as a result
of a Permitted Reorganisation or a Permitted Disposal.

 

		24.11	Unlawfulness 

 

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

 

		24.12	Repudiation 

 

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

 

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		24.13	Expropriation 

 

The authority or ability of any
member of the Group to conduct its business is limited or wholly or substantially curtailed by any seizure, expropriation, nationalisation,
intervention, restriction or other action by or on behalf of any governmental, regulatory or other authority or other person in
relation to any member of the Group or any of its assets, where such action has or is reasonably likely to have a Material Adverse
Effect.

 

		24.14	Litigation 

 

Any litigation, arbitration,
administrative, governmental, regulatory or other investigations, proceedings or disputes are commenced or threatened, against
any member of the Group or its assets which, in the reasonable opinion of the Majority Lenders (having taken into account appropriate
local legal advice):

 

		(a)	is likely to be adversely determined; and

 

		(b)	if adversely determined, would have a Material Adverse Effect.

 

		24.15	Material adverse change 

 

Any event or circumstance occurs
which in the opinion of the Majority Lenders (acting reasonably) has or is reasonably likely to have a Material Adverse Effect.

 

		24.16	Acceleration 

 

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

 

		(a)	cancel the Total Commitments and/or Ancillary Commitments, at which time they shall immediately
be cancelled;

 

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

 

		(c)	declare that all or part of the Loans be payable on demand, at which time they shall immediately
become payable on demand by the Agent on the instructions of the Majority Lenders;

 

		(d)	declare that all or any part of the amounts (or cash cover in relation to those amounts) outstanding
under the Ancillary Facilities be immediately due and payable at which time they shall become immediately due and payable; and/or

 

		(e)	declare that all or any part of the amounts (or cash cover in relation to those amounts) outstanding
under the Ancillary Facilities be payable on demand, at which time they shall immediately become payable on demand by the Agent
on the instructions of the Majority Lenders.

 

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SECTION 9

CHANGES TO PARTIES

 

		25.	CHANGES TO THE LENDERS

 

		25.1	Assignments and transfers by the Lenders

 

Subject to this Clause 25, a
Lender (the "Existing Lender") may:

 

		(a)	assign any of its rights; or

 

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

 

to (i) another bank or financial
institution or (ii) a trust, fund or other entity which is regularly engaged in or established for the purpose of making, purchasing
or investing in loans, securities or other financial assets (a "Fund") (the "New Lender").

 

		25.2	Conditions of assignment or transfer 

 

		(a)	The consent of the Company is required for an assignment or transfer by an Existing Lender unless
the assignment or transfer is:

 

		(i)	to another Lender or an Affiliate of a Lender (provided such Lender or its Affiliate is not a Fund);
or

 

		(ii)	made at a time when an Event of Default is continuing; and

 

		(b)	The consent of the Company to an assignment or transfer must not be unreasonably withheld or delayed
(provided that a refusal to consent if the proposed assignee or transferee is a Fund, shall not be deemed unreasonable).
The Company will be deemed to have given its consent 10 Business Days after the Existing Lender has requested it (provided that
the request for consent is transmitted to two individuals at the Company whose details have been provided to the Agent in connection
with Clause 32 (Notices)) unless consent is expressly refused by the Company within that time.

 

		(c)	An assignment will only be effective on:

 

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

 

		(ii)	performance by the Agent of all necessary "know your customer" or other similar
checks under all applicable laws and regulations in relation to such assignment to a New Lender, the completion of which the Agent
shall promptly notify to the Existing Lender and the New Lender.

 

		(d)	An assignment or transfer shall be in a minimum Base Currency Amount of US$ 5,000,000.

 

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		(e)	A transfer will only be effective if the procedure set out in Clause 25.5 (Procedure for transfer)
is complied with.

 

		(f)	If:

 

		(i)	a Lender assigns or transfers any of its rights or obligations under the Finance Documents or changes
its Facility Office; and

 

		(ii)	as a result of circumstances existing at the date the assignment, transfer or change occurs, an
Obligor would be obliged to make a payment to the New Lender or Lender acting through its new Facility Office under Clause 14 (Tax
gross-up and indemnities) or Clause 15 (Increased costs),

 

then the New Lender or Lender acting
through its new Facility Office is only entitled to receive payment under those Clauses to the same extent as the Existing Lender
or Lender acting through its previous Facility Office would have been if the assignment, transfer or change had not occurred. This
paragraph (f) shall not apply in respect of an assignment or transfer made in the ordinary course of the primary syndication of
the Facility.

 

		(g)	Each New Lender, by executing the relevant Transfer Certificate or Assignment Agreement, confirms,
for the avoidance of doubt, that the Agent has authority to execute on its behalf any amendment or waiver that has been approved
by or on behalf of the requisite Lender or Lenders in accordance with this Agreement on or prior to the date on which the transfer
or assignment becomes effective in accordance with this Agreement and that it is bound by that decision to the same extent as the
Existing Lender would have been had it remained a Lender.

 

		25.3	Assignment or transfer fee 

 

The New Lender shall, on the
date upon which an assignment or transfer takes effect, pay to the Agent (for its own account) a fee of US$ 2,500.

 

		25.4	Limitation of responsibility of Existing Lenders 

 

		(a)	Unless expressly agreed to the contrary, an Existing Lender makes no representation or warranty
and assumes no responsibility to a New Lender for:

 

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

 

		(ii)	the financial condition of any Obligor;

 

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

 

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

 

and any representations or warranties
implied by law are excluded.

 

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

 

		(i)	has made (and shall continue to make) its own independent investigation and assessment of the financial
condition and affairs of each Obligor and its related entities in connection with its participation in this Agreement and has not
relied exclusively on any information provided to it by the Existing Lender in connection with any Finance Document; and

 

		(ii)	will continue to make its own independent appraisal of the creditworthiness of each Obligor and
its related entities whilst any amount is or may be outstanding under the Finance Documents or any Commitment is in force.

 

		(c)	Nothing in any Finance Document obliges an Existing Lender to:

 

		(i)	accept a re-transfer or re-assignment from a New Lender of any of the rights and obligations assigned
or transferred under this Clause 25; or

 

		(ii)	support any losses directly or indirectly incurred by the New Lender by reason of the non-performance
by any Obligor of its obligations under the Finance Documents or otherwise.

 

		25.5	Procedure for transfer 

 

		(a)	Subject to the conditions set out in Clause 25.2 (Conditions of assignment or transfer)
a transfer is effected in accordance with paragraph (c) below when the Agent executes an otherwise duly completed Transfer Certificate
delivered to it by the Existing Lender and the New Lender. The Agent shall, subject to paragraph (b) below, as soon as reasonably
practicable after receipt by it of a duly completed Transfer Certificate appearing on its face to comply with the terms of this
Agreement and delivered in accordance with the terms of this Agreement, execute that Transfer Certificate.

 

		(b)	The Agent shall only be obliged to execute a Transfer Certificate delivered to it by the Existing
Lender and the New Lender once it is satisfied it has complied with all necessary "know your customer" or other similar
checks under all applicable laws and regulations in relation to the transfer to such New Lender.

 

		(c)	Subject to Clause 25.9 (Pro rata interest settlement), on the Transfer Date:

 

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

 

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

 

		(iii)	the Agent, the Arranger, the New Lender, the other Lenders and any relevant Ancillary Lender shall
acquire the same rights and assume the same obligations between themselves as they would have acquired and assumed had the New
Lender been an Original Lender with the rights and/or obligations acquired or assumed by it as a result of the transfer and to
that extent the Agent, the Arranger, the Existing Lender and any relevant Ancillary Lender shall each be released from further
obligations to each other under the Finance Documents; and

 

		(iv)	the New Lender shall become a Party as a "Lender".

 

		25.6	Procedure for assignment 

 

		(a)	Subject to the conditions set out in Clause 25.2 (Conditions of assignment or transfer)
an assignment may be effected in accordance with paragraph (c) below when the Agent executes an otherwise duly completed Assignment
Agreement delivered to it by the Existing Lender and the New Lender. The Agent shall, subject to paragraph (b) below, as soon as
reasonably practicable after receipt by it of a duly completed Assignment Agreement appearing on its face to comply with the terms
of this Agreement and delivered in accordance with the terms of this Agreement, execute that Assignment Agreement.

 

		(b)	The Agent shall only be obliged to execute an Assignment Agreement delivered to it by the Existing
Lender and the New Lender once it is satisfied it has complied with all necessary "know your customer" or other similar
checks under all applicable laws and regulations in relation to the assignment to such New Lender.

 

		(c)	Subject to Clause 25.9 (Pro rata interest settlement), on the Transfer Date:

 

		(i)	the Existing Lender will assign absolutely to the New Lender the rights under the Finance Documents
expressed to be the subject of the assignment in the Assignment Agreement;

 

		(ii)	the Existing Lender will be released by each Obligor and the other Finance Parties from the obligations
owed by it (the "Relevant Obligations") and expressed to be the subject of the release in the Assignment Agreement;
and

 

		(iii)	the New Lender shall become a Party as a "Lender" and will be bound by obligations equivalent
to the Relevant Obligations.

 

		(d)	Lenders may utilise procedures other than those set out in this Clause 25.6 to assign their rights
under the Finance Documents (but not, without the consent of the relevant Obligor or unless in accordance with Clause 25.5 (Procedure
for transfer), to obtain a release by that Obligor from the obligations owed to that Obligor by the Lenders nor the assumption
of equivalent obligations by a New Lender) provided that they comply with the conditions set out in Clause 25.2 (Conditions
of assignment or transfer).

 

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		25.7	Copy of Transfer Certificate, Assignment Agreement or Increase Confirmation to Company 

 

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

 

		25.8	Security over Lenders' rights 

 

In addition to the other rights
provided to Lenders under this Clause 25.8, each Lender may without consulting with or obtaining consent from any Obligor at any
time charge, assign or otherwise create Security in or over (whether by way of collateral or otherwise) all or any of its rights
under any Finance Document to secure obligations of that Lender including, without limitation:

 

		(a)	any charge, assignment or other Security to secure obligations to a federal reserve or central
bank; and

 

		(b)	in the case of any Lender which is a Fund, any charge, assignment or other Security granted to
any holders (or trustee or representatives of holders) of obligations owed, or securities issued, by that Lender as Security for
those obligations or securities,

 

except that no such charge, assignment
or Security shall:

 

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

 

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

 

		25.9	Pro rata interest settlement 

 

If the Agent has notified the
Lenders that it is able to distribute interest payments on a "pro rata basis" to Existing Lenders and New Lenders
then (in respect of any transfer pursuant to Clause 25.5 (Procedure for transfer) or any assignment pursuant to Clause 25.6
(Procedure for assignment) the Transfer Date of which, in each case, is after the date of such notification and is not on
the last day of an Interest Period):

 

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

 

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

 

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

 

		(ii)	the amount payable to the New Lender on that date will be the amount which would, but for the application
of this Clause 25.8, have been payable to it on that date, but after deduction of the Accrued Amounts.

 

		(c)	In this Clause 25.9 references to "Interest Period" shall be construed to include a reference
to any other period for accrual of fees.

 

		26.	CHANGES TO THE OBLIGORS

 

		26.1	Assignments and transfers by Obligors 

 

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

 

		26.2	Additional Borrowers 

 

		(a)	Subject to compliance with the provisions of paragraphs
(c) and (d) of Clause 21.7 ("Know your customer" checks), the Company may request that any of its wholly owned
Subsidiaries becomes an Additional Borrower. That Subsidiary shall become an Additional Borrower if:

 

		(i)	all the Lenders approve the addition of that Subsidiary;

 

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

 

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

 

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

 

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

 

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

 

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		26.3	Resignation of a Borrower 

 

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

 

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

 

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

 

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

 

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

 

		26.4	Repetition of Representations 

 

Delivery of an Accession Letter
constitutes confirmation by the relevant Subsidiary that the Repeating Representations are true and correct in relation to it as
at the date of delivery as if made by reference to the facts and circumstances then existing.

 

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SECTION 10

THE FINANCE PARTIES

 

		27.	ROLE OF THE AGENT AND THE ARRANGER

 

		27.1	Appointment of the Agent 

 

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

 

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

 

		27.2	Duties of the Agent 

 

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

 

		(b)	Without prejudice to Clause 25.7 (Copy of Transfer Certificate or Assignment Agreement to Company),
paragraph (a) above shall not apply to any Transfer Certificate or to any Assignment Agreement.

 

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

 

		(d)	If the Agent receives notice from a Party referring to this Agreement, describing a Default and
stating that the circumstance described is a Default, it shall promptly notify the Finance Parties.

 

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

 

		(f)	The Agent's duties under the Finance Documents are solely mechanical and administrative in nature.

 

		27.3	Role of the Arranger 

 

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

 

		27.4	No fiduciary duties 

 

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

 

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		(b)	Neither the Agent nor the Arranger shall be bound to account to any Lender for any sum or the profit
element of any sum received by it for its own account.

 

		27.5	Business with the Group 

 

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

 

		27.6	Rights and discretions of the Agent 

 

		(a)	The Agent may rely on:

 

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

 

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

 

		(b)	The Agent may assume (unless it has received notice to the contrary in its capacity as agent for
the Lenders) that:

 

		(i)	no Default has occurred (unless it has actual knowledge of a Default arising under Clause 24.1
(Non-payment));

 

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

 

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

 

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

 

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

 

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

 

		(f)	Notwithstanding any other provision of any Finance Document to the contrary, neither the Agent
nor the Arranger is obliged to do or omit to do anything if it would or might in its reasonable opinion constitute a breach of
any law or regulation or a breach of a fiduciary duty or duty of confidentiality.

 

		27.7	Majority Lenders' instructions 

 

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

 

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

 

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

 

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

 

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

 

		27.8	Responsibility for documentation 

 

Neither the Agent nor the Arranger:

 

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

 

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

 

		(c)	is responsible for any determination as to whether any information provided or to be provided to
any Finance Party is non-public information the use of which may be regulated or prohibited by applicable law or regulation relating
to insider dealing or otherwise.

 

		27.9	Exclusion of liability 

 

		(a)	Without limiting paragraph (b) below (and without prejudice to the provisions of paragraph (e)
of Clause 30.11 (Disruption to Payment Systems etc.)), the Agent will not be liable (including, without limitation, for
negligence or any other category of liability whatsoever) for any action taken by it under or in connection with any Finance Document,
unless directly caused by its gross negligence or wilful misconduct.

 

		(b)	No Party (other than the Agent) may take any proceedings against any officer, employee or agent
of the Agent in respect of any claim it might have against the Agent or in respect of any act or omission of any kind by that officer,
employee or agent in relation to any Finance Document and any officer, employee or agent of the Agent may rely on this Clause subject
to Clause 1.4 (Third Party Rights) and the provisions of the Third Parties Act.

 

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		(c)	The Agent will not be liable for any delay (or any related consequences) in crediting an account
with an amount required under the Finance Documents to be paid by the Agent if the Agent has taken all necessary steps as soon
as reasonably practicable to comply with the regulations or operating procedures of any recognised clearing or settlement system
used by the Agent for that purpose.

 

		(d)	Nothing in this Agreement shall oblige the Agent or the Arranger to carry out any "know your
customer" or other checks in relation to any person on behalf of any Lender and each Lender confirms to the Agent and the
Arranger that it is solely responsible for any such checks it is required to carry out and that it may not rely on any statement
in relation to such checks made by the Agent or the Arranger.

 

		27.10	Lenders' indemnity to the Agent 

 

Each Lender shall (in proportion
to its share of the Total Commitments or, if the Total Commitments are then zero, to its share of the Total Commitments immediately
prior to their reduction to zero) indemnify the Agent, within three Business Days of demand, against any cost, loss or liability
(including, without limitation, for negligence or any other category of liability whatsoever) incurred by the Agent (otherwise
than by reason of the Agent's gross negligence or wilful misconduct) (or, in the case of any cost, loss or liability pursuant to
Clause 30.11 (Disruption to Payment Systems etc.) notwithstanding the Agent's negligence, gross negligence or any other
category of liability whatsoever but not including any claim based on the fraud of the Agent) in acting as Agent under the Finance
Documents (unless the Agent has been reimbursed by an Obligor pursuant to a Finance Document).

 

		27.11	Resignation of the Agent 

 

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

 

		(b)	Alternatively the Agent may resign by giving 30 days' notice to the other Finance Parties and the
Company, in which case the Majority Lenders (after consultation with the Company) may appoint a successor Agent.

 

		(c)	If the Majority Lenders have not appointed a successor Agent in accordance with paragraph (b) above
within 20 days after notice of resignation was given, the retiring Agent (after consultation with the Company) may appoint a successor
Agent (acting through an office in the United Kingdom).

 

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

 

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

 

		(f)	Upon the appointment of a successor, the retiring Agent shall be discharged from any further obligation
in respect of the Finance Documents but shall remain entitled to the benefit of this Clause 27. Any successor and each of the other
Parties shall have the same rights and obligations amongst themselves as they would have had if such successor had been an original
Party.

 

		(g)	After consultation with the Company, the Majority Lenders may, by notice to the Agent, require
it to resign in accordance with paragraph (b) above. In this event, the Agent shall resign in accordance with paragraph (b) above.

 

		(h)	The Agent shall resign in accordance with paragraph (b) above (and, to the extent applicable, shall
use reasonable endeavours to appoint a successor Agent pursuant to paragraph (c) above) if on or after the date which is three
months before the earliest FATCA Application Date relating to any payment to the Agent under the Finance Documents, either:

 

		(i)	the Agent fails to respond to a request under Clause 14.7 (FATCA Information) and the Company
or a Lender reasonably believes that the Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA
Application Date;

 

		(ii)	the information supplied by the Agent pursuant to Clause 14.7 (FATCA Information) indicates
that the Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date; or

 

		(iii)	the Agent notifies the Company and the Lenders that the Agent will not be (or will have ceased
to be) a FATCA Exempt Party on or after that FATCA Application Date,

 

and (in each case) the Company
or a Lender reasonably believes that a Party will be required to make a FATCA Deduction that would not be required if the Agent
were a FATCA Exempt Party, and the Company or that Lender, by notice to the Agent, requires it to resign.

 

		27.12	Confidentiality 

 

		(a)	In acting as agent for the Finance Parties, the Agent shall be regarded as acting through its agency
division which shall be treated as a separate entity from any other of its divisions or departments.

 

		(b)	If information is received by another division or department of the Agent, it may be treated as
confidential to that division or department and the Agent shall not be deemed to have notice of it.

 

		27.13	Relationship with the Lenders 

 

		(a)	Subject to Clause 25.9 (Pro rata Interest Settlement), the Agent may treat the person shown
in its records as Lender at the opening of business (in the place of the Agent's principal office as notified to the Finance Parties
from time to time) as the Lender acting through its Facility Office:

 

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		(i)	entitled to or liable for any payment due under any Finance Document on that day; and

 

		(ii)	entitled to receive and act upon any notice, request, document or communication or make any decision
or determination under any Finance Document made or delivered on that day,

 

unless it has received not less
than five Business Days' prior notice from that Lender to the contrary in accordance with the terms of this Agreement.

 

		(b)	Any Lender may by notice to the Agent appoint a person to receive on its behalf all notices, communications,
information and documents to be made or despatched to that Lender under the Finance Documents. Such notice shall contain the address,
fax number and (where communication by electronic mail or other electronic means is permitted under Clause 32.6 (Electronic
communication)) electronic mail address and/or any other information required to enable the sending and receipt of information
by that means (and, in each case, the department or officer, if any, for whose attention communication is to be made) and be treated
as a notification of a substitute address, fax number, electronic mail address, department and officer by that Lender for the purposes
of Clause 32.2 (Addresses) and paragraph (a)(ii) of Clause 32.6 (Electronic communication) and the Agent shall be
entitled to treat such person as the person entitled to receive all such notices, communications, information and documents as
though that person were that Lender.

 

		27.14	Credit appraisal by the Lenders 

 

Without affecting the responsibility
of any Obligor for information supplied by it or on its behalf in connection with any Finance Document, each Lender confirms to
the Agent and the Arranger that it has been, and will continue to be, solely responsible for making its own independent appraisal
and investigation of all risks arising under or in connection with any Finance Document including but not limited to:

 

		(a)	the financial condition, status and nature of each member of the Group;

 

		(b)	the legality, validity, effectiveness, adequacy or enforceability of any Finance Document and any
other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance
Document;

 

		(c)	whether that Lender has recourse, and the nature and extent of that recourse, against any Party
or any of its respective assets under or in connection with any Finance Document, the transactions contemplated by the Finance
Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection
with any Finance Document; and

 

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		(d)	the adequacy, accuracy and/or completeness of the Information Memorandum and any other information
provided by the Agent, any Party or by any other person under or in connection with any Finance Document, the transactions contemplated
by the Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under
or in connection with any Finance Document.

 

		27.15	Reference Banks 

 

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

 

		27.16	Deduction from amounts payable by the Agent 

 

If any Party owes an amount to
the Agent under the Finance Documents the Agent may, after giving notice to that Party, deduct an amount not exceeding that amount
from any payment to that Party which the Agent would otherwise be obliged to make under the Finance Documents and apply the amount
deducted in or towards satisfaction of the amount owed. For the purposes of the Finance Documents that Party shall be regarded
as having received any amount so deducted.

 

		27.17	Role of Reference Banks 

 

		(a)	No Reference Bank is under any obligation to provide a quotation or any other information to the
Agent.

 

		(b)	No Reference Bank will be liable for any action taken by it under or in connection with any Finance
Document in its capacity as a Reference Bank, or for any Reference Bank Quotation, unless directly caused by its gross negligence
or wilful misconduct.

 

		(c)	No Party (other than the relevant Reference Bank) may take any proceedings against any officer,
employee or agent of any Reference Bank in respect of any claim it might have against that Reference Bank or in respect of any
act or omission of any kind by that officer, employee or agent in relation to any Finance Document, or to any Reference Bank Quotation,
and any officer, employee or agent of each Reference Bank may rely on this Clause subject to Clause 1.4 (Third party rights)
and the provisions of the Third Parties Act.

 

		27.18	Third party Reference Banks 

 

Any Reference Bank may rely on
Clause 27.17 (Role of Reference Banks), Clause 37 (Confidentiality) and paragraph (b) of Clause 36.2 (Exceptions)
subject to Clause 1.4 (Third Party Rights) and the provisions of the Third Parties Act.

 

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		28.	CONDUCT OF BUSINESS BY THE FINANCE PARTIES 

 

No provision of this Agreement
will:

 

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

 

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

 

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

 

		29.	SHARING AMONG THE FINANCE PARTIES 

 

		29.1	Payments to Finance Parties 

 

		(a)	If a Finance Party (a "Recovering Finance Party") receives or recovers any amount
from an Obligor other than in accordance with Clause 30 (Payment mechanics) (a "Recovered Amount") and
applies that amount to a payment due under the Finance Documents then:

 

		(i)	the Recovering Finance Party shall, within three Business Days, notify details of the receipt or
recovery to the Agent;

 

		(ii)	the Agent shall determine whether the receipt or recovery is in excess of the amount the Recovering
Finance Party would have been paid had the receipt or recovery been received or made by the Agent and distributed in accordance
with Clause 30 (Payment mechanics), without taking account of any Tax which would be imposed on the Agent in relation to
the receipt, recovery or distribution; and

 

		(iii)	the Recovering Finance Party shall, within three Business Days of demand by the Agent, pay to the
Agent an amount (the "Sharing Payment") equal to such receipt or recovery less any amount which the Agent determines
may be retained by the Recovering Finance Party as its share of any payment to be made, in accordance with Clause 30.6 (Partial
payments).

 

		(b)	Paragraph (a) above shall not apply to any amount received or recovered by the Ancillary Lender
in respect of any cash cover placed in an account with such Ancillary Lender.

 

		29.2	Redistribution of payments 

 

The Agent shall treat the Sharing
Payment as if it had been paid by the relevant Obligor and distribute it between the Finance Parties (other than the Recovering
Finance Party) (the "Sharing Finance Parties") in accordance with Clause 30.6 (Partial payments) towards
the obligations of that Obligor to the Sharing Finance Parties.

 

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		29.3	Recovering Finance Party's rights 

 

On a distribution by the Agent
under Clause 29.2 (Redistribution of payments) of a payment received by a Recovering Finance Party from an Obligor as between
the relevant Obligor and the Recovering Finance Party, an amount of the Recovered Amount equal to the Sharing Payment will be treated
as not having been paid by that Obligor.

 

		29.4	Reversal of redistribution 

 

If any part of the Sharing Payment
received or recovered by a Recovering Finance Party becomes repayable and is repaid by that Recovering Finance Party, then:

 

		(a)	each Sharing Finance Party shall, upon request of the Agent, pay to the Agent for the account of
that Recovering Finance Party an amount equal to the appropriate part of its share of the Sharing Payment (together with an amount
as is necessary to reimburse that Recovering Finance Party for its proportion of any interest on the Sharing Payment which that
Recovering Finance Party is required to pay) (the "Redistributed Amount"); and

 

		(b)	as between the relevant Obligor and each relevant Sharing Finance Party, an amount equal to the
relevant Redistributed Amount will be treated as not having been paid by that Obligor.

 

		29.5	Exceptions 

 

		(a)	This Clause 29 shall not apply to the extent that the Recovering Finance Party would not, after
making any payment pursuant to this Clause, have a valid and enforceable claim against the relevant Obligor.

 

		(b)	A Recovering Finance Party is not obliged to share with any other Finance Party any amount which
the Recovering Finance Party has received or recovered as a result of taking legal or arbitration proceedings, if:

 

		(i)	it notified that other Finance Party of the legal or arbitration proceedings; and

 

		(ii)	that other Finance Party had an opportunity to participate in those legal or arbitration proceedings
but did not do so as soon as reasonably practicable having received notice and did not take separate legal or arbitration proceedings.

 

		29.6	Ancillary Lenders 

 

		(a)	This Clause 29 shall not apply to any receipt or recovery by a Lender in its capacity as an Ancillary
Lender at any time prior to service of notice under Clause 24.16 (Acceleration).

 

		(b)	Following service of notice under Clause 24.16 (Acceleration), this Clause 29 shall apply
to all receipts or recoveries by Ancillary Lenders except to the extent that the receipt or recovery represents a reduction of
the Permitted Gross Outstandings of a Multi-account Overdraft to or towards an amount equal to its Designated Net Amount.

 

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SECTION 11

ADMINISTRATION

 

		30.	PAYMENT MECHANICS

 

		30.1	Payments to the Agent 

 

		(a)	On each date on which an Obligor or a Lender is required to make a payment under a Finance Document,
excluding a payment under the terms of an Ancillary Document, that Obligor or Lender shall make the same available to the Agent
(unless a contrary indication appears in a Finance Document) for value on the due date at the time and in such funds specified
by the Agent as being customary at the time for settlement of transactions in the relevant currency in the place of payment.

 

		(b)	Payment shall be made to such account in the principal financial centre of the country of that
currency (or, in relation to euro, in such principal financial centre in such Participating Member State or London, as specified
by the Agent) and with such bank as the Agent, in each case, specifies.

 

		30.2	Distributions by the Agent 

 

Each payment received by the
Agent under the Finance Documents for another Party shall, subject to Clause 30.3 (Distributions to an Obligor), Clause
30.4 (Clawback and pre-funding) and Clause 27.16 (Deduction from amounts payable by the Agent) be made available
by the Agent as soon as practicable after receipt to the Party entitled to receive payment in accordance with this Agreement (in
the case of a Lender, for the account of its Facility Office), to such account as that Party may notify to the Agent by not less
than five Business Days' notice with a bank specified by that Party in the principal financial centre of the country of that currency
(or, in relation to euro, in the principal financial centre of a Participating Member State or London, as specified by that Party).

 

		30.3	Distributions to an Obligor 

 

The Agent may (with the consent
of the Obligor or in accordance with Clause 31 (Set-off)) apply any amount received by it for that Obligor in or towards
payment (on the date and in the currency and funds of receipt) of any amount due from that Obligor under the Finance Documents
or in or towards purchase of any amount of any currency to be so applied.

 

		30.4	Clawback and pre-funding 

 

		(a)	Where a sum is to be paid to the Agent under the Finance Documents for another Party, the Agent
is not obliged to pay that sum to that other Party (or to enter into or perform any related exchange contract) until it has been
able to establish to its satisfaction that it has actually received that sum.

 

		(b)	Unless paragraph (c) below applies, if the Agent pays an amount to another Party and it proves
to be the case that the Agent had not actually received that amount, then the Party to whom that amount (or the proceeds of any
related exchange contract) was paid by the Agent shall on demand refund the same to the Agent together with interest on that amount
from the date of payment to the date of receipt by the Agent, calculated by the Agent to reflect its cost of funds.

 

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		(c)	If the Agent has notified the Lenders that it is willing to make available amounts for the account
of a Borrower before receiving funds from the Lenders then if and to the extent that the Agent does so but it proves to be the
case that it does not then receive funds from a Lender in respect of a sum which it paid to a Borrower:

 

		(i)	the Agent shall notify the Company of that Lender's identity and the Borrower to whom that sum
was made available shall on demand refund it to the Agent; and

 

		(ii)	the Lender by whom those funds should have been made available or, if that Lender fails to do so,
the Borrower to whom that sum was made available, shall on demand pay to the Agent the amount (as certified by the Agent) which
will indemnify the Agent against any funding cost incurred by it as a result of paying out that sum before receiving those funds
from that Lender.

 

		30.5	Impaired Agent 

 

		(a)	If, at any time, the Agent becomes an Impaired Agent, an Obligor or a Lender which is required
to make a payment under the Finance Documents to the Agent in accordance with Clause 30.1 (Payments to the Agent) may instead
either:

 

		(i)	pay that amount direct to the required recipient(s); or

 

		(ii)	if in its absolute discretion it considers that it is not reasonably practicable to pay that amount
direct to the required recipient(s), pay that amount or the relevant part of that amount to an interest-bearing account held with
an Acceptable Bank and in relation to which no Insolvency Event has occurred and is continuing, in the name of the relevant Borrower
or the Lender making the payment (the "Paying Party") and designated as a trust account for the benefit of the
Party or Parties beneficially entitled to that payment under the Finance Documents (the "Recipient Party" or "Recipient
Parties"). In each case such payments must be made on the due date for payment under the Finance Documents.

 

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

 

		(c)	A Party which has made a payment in accordance with this Clause 30.5 shall be discharged of the
relevant payment obligation under the Finance Documents and shall not take any credit risk with respect to the amounts standing
to the credit of the trust account.

 

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		(d)	A Paying Party shall, promptly upon request by a Recipient Party and to the extent that it has
been provided with the necessary information by that Recipient Party, give all requisite instructions to the bank with whom the
trust account is held to transfer the relevant amount (together with any accrued interest) to that Recipient Party.

 

		30.6	Partial payments 

 

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

 

		(i)	first, in or towards payment pro rata of any unpaid amount owing to the Agent and
the Arranger under the Finance Documents;

 

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

 

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

 

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

 

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

 

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

 

		30.7	No set-off by Obligors 

 

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

 

		30.8	Business Days 

 

		(a)	Any payment which is due to be made on a day that is not a Business Day shall be made on the next
Business Day in the same calendar month (if there is one) or the preceding Business Day (if there is not).

 

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

 

		30.9	Currency of account 

 

		(a)	Subject to paragraphs (b) to (e) below, the Base Currency is the currency of account and payment
for any sum due from an Obligor under any Finance Document.

 

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		(b)	A repayment of a Loan or Unpaid Sum or a part of a Loan or Unpaid Sum shall be made in the currency
in which that Loan or Unpaid Sum is denominated on its due date.

 

		(c)	Each payment of interest shall be made in the currency in which the sum in respect of which the
interest is payable was denominated when that interest accrued.

 

		(d)	Each payment in respect of costs, expenses or Taxes shall be made in the currency in which the
costs, expenses or Taxes are incurred.

 

		(e)	Any amount expressed to be payable in a currency other than the Base Currency shall be paid in
that other currency.

 

		30.10	Change of currency 

 

		(a)	Unless otherwise prohibited by law, if more than one currency or currency unit are at the same
time recognised by the central bank of any country as the lawful currency of that country, then:

 

		(i)	any reference in the Finance Documents to, and any obligations arising under the Finance Documents
in, the currency of that country shall be translated into, or paid in, the currency or currency unit of that country designated
by the Agent (after consultation with the Company); and

 

		(ii)	any translation from one currency or currency unit to another shall be at the official rate of
exchange recognised by the central bank for the conversion of that currency or currency unit into the other, rounded up or down
by the Agent (acting reasonably).

 

		(b)	If a change in any currency of a country occurs, this Agreement will, to the extent the Agent (acting
reasonably and after consultation with the Company) specifies to be necessary, be amended to comply with any generally accepted
conventions and market practice in the Relevant Interbank Market and otherwise to reflect the change in currency.

 

		30.11	Disruption to Payment Systems etc. 

 

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

 

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

 

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

 

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

 

		(d)	any such changes agreed upon by the Agent and the Company shall (whether or not it is finally determined
that a Disruption Event has occurred) be binding upon the Parties as an amendment to (or, as the case may be, waiver of) the terms
of the Finance Documents notwithstanding the provisions of Clause 36 (Amendments and Waivers);

 

		(e)	the Agent shall not be liable for any damages, costs or losses to any person, any diminution in
value or any liability whatsoever (including, without limitation for negligence, gross negligence or any other category of liability
whatsoever but not including any claim based on the fraud of the Agent) arising as a result of its taking, or failing to take,
any actions pursuant to or in connection with this Clause 30.11; and

 

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

 

		31.	SET-OFF 

 

		(a)	A Finance Party may set off any matured obligation due from an Obligor under the Finance Documents
(to the extent beneficially owned by that Finance Party) against any matured obligation owed by that Finance Party to that Obligor,
regardless of the place of payment, booking branch or currency of either obligation. If the obligations are in different currencies,
the Finance Party may convert either obligation at a market rate of exchange in its usual course of business for the purpose of
the set-off.

 

		(b)	Any credit balances taken into account by an Ancillary Lender when operating a net limit in respect
of any overdraft under an Ancillary Facility shall on enforcement of the Finance Documents be applied first in reduction of the
overdraft provided under that Ancillary Facility in accordance with its terms.

 

		32.	NOTICES 

 

		32.1	Communications in writing 

 

Any communication to be made
under or in connection with the Finance Documents shall be made in writing and, unless otherwise stated, may be made by fax or
letter.

 

		32.2	Addresses 

 

The address and fax number (and
the department or officer, if any, for whose attention the communication is to be made) of each Party for any communication or
document to be made or delivered under or in connection with the Finance Documents is:

 

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

 

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

 

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

 

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

 

		32.3	Delivery 

 

		(a)	Any communication or document made or delivered by one person to another under or in connection
with the Finance Documents will only be effective:

 

		(i)	if by way of fax, when received in legible form; or

 

		(ii)	if by way of letter, when it has been left at the relevant address or five Business Days after
being deposited in the post postage prepaid in an envelope addressed to it at that address,

 

and, if a particular department
or officer is specified as part of its address details provided under Clause 32.2 (Addresses), if addressed to that department
or officer.

 

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

 

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

 

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

 

		(e)	Any communication or document which becomes effective, in accordance with paragraphs (a) to (d)
above after 5.00 p.m. in the place of receipt shall be deemed only to become effective on the following day.

 

		32.4	Notification of address and fax number 

 

Promptly upon receipt of notification
of an address and fax number or change of address or fax number pursuant to Clause 32.2 (Addresses) or changing its own
address or fax number, the Agent shall notify the other Parties.

 

		32.5	Communication when Agent is Impaired Agent 

 

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

 

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		32.6	Electronic communication 

 

		(a)	Any communication to be made between any two Parties under or in connection with the Finance Documents
may be made by electronic mail or other electronic means to the extent that those two Parties agree that, unless and until notified
to the contrary, this is to be an accepted form of communication and if those two Parties:

 

		(i)	notify each other in writing of their electronic mail address and/or any other information required
to enable the sending and receipt of information by that means; and

 

		(ii)	notify each other of any change to their address or any other such information supplied by them
by not less than five Business Days' notice.

 

		(b)	Any electronic communication made between those two Parties will be effective only when actually
received in readable form and in the case of any electronic communication made by a Party to the Agent only if it is addressed
in such a manner as the Agent shall specify for this purpose.

 

		(c)	Any electronic communication which becomes effective, in accordance with paragraph (b) above, after
5.00 p.m. in the place of receipt shall be deemed only to become effective on the following day.

 

		32.7	English language 

 

		(a)	Any notice given under or in connection with any Finance Document must be in English.

 

		(b)	All other documents provided under or in connection with any Finance Document must be:

 

		(i)	in English; or

 

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

 

		33.	CALCULATIONS AND CERTIFICATES

 

		33.1	Accounts 

 

In any litigation or arbitration
proceedings arising out of or in connection with a Finance Document, the entries made in the accounts maintained by a Finance Party
are prima facie evidence of the matters to which they relate.

 

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		33.2	Certificates and determinations 

 

Any certification or determination
by a Finance Party of a rate or amount under any Finance Document is, in the absence of manifest error, conclusive evidence of
the matters to which it relates.

 

		33.3	Day count convention 

 

Any interest, commission or fee
accruing under a Finance Document will accrue from day to day and is calculated on the basis of the actual number of days elapsed
and a year of 360 days or, in any case where the practice in the Relevant Interbank Market differs, in accordance with that market
practice.

 

		34.	PARTIAL INVALIDITY 

 

If, at any time, any provision
of the Finance Documents is or becomes illegal, invalid or unenforceable in any respect under any law of any jurisdiction, neither
the legality, validity or enforceability of the remaining provisions nor the legality, validity or enforceability of such provision
under the law of any other jurisdiction will in any way be affected or impaired.

 

		35.	REMEDIES AND WAIVERS 

 

No failure to exercise, nor any
delay in exercising, on the part of any Finance Party, any right or remedy under the Finance Documents shall operate as a waiver
of any such right or remedy or constitute an election to affirm any of the Finance Documents. No election to affirm any of the
Finance Documents on the part of any Finance Party shall be effective unless it is in writing. No single or partial exercise of
any right or remedy shall prevent any further or other exercise or the exercise of any other right or remedy. The rights and remedies
provided in this Agreement are cumulative and not exclusive of any rights or remedies provided by law.

 

		36.	AMENDMENTS AND WAIVERS 

 

		36.1	Required consents 

 

		(a)	Subject to Clause 36.2 (Exceptions) any term of the Finance Documents may be amended or
waived only with the consent of the Majority Lenders and the Obligors and any such amendment or waiver will be binding on all Parties.

 

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

 

		36.2	Exceptions 

 

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

 

		(i)	the definition of "Majority Lenders" in Clause 1.1 (Definitions);

 

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

 

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

 

		(iv)	a change in currency of payment of any amount under the Finance Documents;

 

		(v)	an increase in any Commitment or the Total Commitments, an extension of any Availability Period
or any requirement that a cancellation of Commitments reduces the Commitments of the Lenders rateably under the relevant Facility;

 

		(vi)	a change to the Borrowers other than in accordance with Clause 26 (Changes to the Obligors)
or the Guarantor;

 

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

 

		(viii)	Clause 2.3 (Finance Parties' rights and obligations), Clause 9 (Prepayment and cancellation),
Clause 14 (Tax Gross-Up and Indemnities) (but only to the extent it relates to FATCA), Clause 20.18 (Sanctions),
Clause 23.14 (Sanctions), Clause 25 (Changes to the Lenders), this Clause 36, Clause 40 (Governing law) or
Clause 41.1 (Jurisdiction); or

 

		(ix)	the nature or scope of the guarantee and indemnity granted under Clause 19 (Guarantee and indemnity);

 

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

 

		(b)	An amendment or waiver which relates to the rights or obligations of the Agent, the Arranger, any
Ancillary Lender or a Reference Bank (each in their capacity as such) may not be effected without the consent of the Agent, the
Arranger, that Ancillary Lender or that Reference Bank as the case may be.

 

		36.3	Replacement of Lenders 

 

		(a)	If:

 

		(i)	any Lender becomes a Non-Consenting Lender (as defined in paragraph (d) below); or

 

		(ii)	an Obligor becomes obliged to repay any amount in accordance with Clause 9.1
                                                              (Illegality) or to pay additional amounts pursuant to Clause 15 (Increased costs), Clause 14.2 (Tax
                                                              gross-up) or Clause 14.3 (Tax Indemnity) to any Lender;

 

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then the Company may, on at least
10 Business Days' prior written notice to the Agent and such Lender, replace such Lender by requiring such Lender to (and, to the
extent permitted by law, such Lender shall) transfer pursuant to Clause 25 (Changes to the Lenders) all (and not part only)
of its rights and obligations under this Agreement to a Lender or other bank, financial institution, trust, fund or other entity
(a "Replacement Lender") selected by the Company, and which confirms its willingness to assume and does assume
all the obligations of the transferring Lender in accordance with Clause 25 (Changes to the Lenders) for a purchase price
in cash payable at the time of transfer in an amount equal to the outstanding principal amount of such Lender's participation in
the outstanding Utilisations and all accrued interest (to the extent that the Agent has not given a notification under Clause 25.9
(Pro rata interest settlement)), Break Costs and other amounts payable in relation thereto under the Finance Documents.

 

		(b)	The replacement of a Lender pursuant to this Clause 36.3 shall be subject to the following conditions:

 

		(i)	the Company shall have no right to replace the Agent in its capacity as agent of the Finance Parties;

 

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

 

		(iii)	in the event of a replacement of a Non-Consenting Lender such replacement must take place no later
than 30 Business Days after the date on which that Lender is deemed a Non-Consenting Lender;

 

		(iv)	in no event shall the Lender replaced under Clause 36.3 be required to pay or surrender to such
Replacement Lender any of the fees received by such Lender pursuant to the Finance Documents; and

 

		(v)	the Lender shall only be obliged to transfer its rights and obligations pursuant to paragraph (a)
above once it is satisfied that it has complied with all necessary "know your customer" or other similar checks under
all applicable laws and regulations in relation to that transfer.

 

		(c)	A Lender shall perform the checks described in paragraph (b)(v) above as soon as reasonably practicable
following delivery of a notice referred to in paragraph (a) above and shall notify the Agent and the Company when it is satisfied
that it has complied with those checks.

 

		(d)	In the event that:

 

		(i)	the Company or the Agent (at the request of the Company) has requested the Lenders to give a consent
in relation to, or to agree to a waiver or amendment of, any provisions of the Finance Documents;

 

		(ii)	the consent, waiver or amendment in question requires the approval of all the Lenders; and

 

		(iii)	Lenders whose Commitments aggregate in the case of a consent, waiver or amendment requiring the
approval of all the Lenders, more than 85 per cent. of the Total Commitments (or, if the Total Commitments have been reduced to
zero, aggregated more than 85 per cent. of the Total Commitments prior to that reduction) have consented or agreed to such waiver
or amendment, then any Lender who does not and continues not to consent or agree to such waiver or amendment shall be deemed a
 "Non-Consenting Lender".

 

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		36.4	Disenfranchisement of Defaulting Lenders 

 

		(a)	For so long as a Defaulting Lender has any Available Commitment, in ascertaining:

 

		(i)	the Majority Lenders; or

 

		(ii)	whether:

 

		(A)	any given percentage (including, for the avoidance of doubt, unanimity) of the Total Commitments
under the Facility; or

 

		(B)	the agreement of any specified group of Lenders,

 

has been obtained to approve
any request for a consent, waiver, amendment or other vote under the Finance Documents, that Defaulting Lender's Commitment under
the relevant Facility will be reduced by the amount of its Available Commitment under the relevant Facility and to the extent that
that reduction results in that Defaulting Lender's Total Commitments being zero, that Defaulting Lender shall be deemed not to
be a Lender for the purposes of paragraphs (i) and (ii) above.

 

		(b)	For the purposes of this Clause 36.3, the Agent may assume that the following Lenders are Defaulting
Lenders:

 

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

 

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

 

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

 

		36.5	Excluded Commitments 

 

If any Defaulting Lender fails
to respond to a request for a consent, waiver, amendment of or in relation to any term of any Finance Document or any other vote
of Lenders under the terms of this Agreement within 10 Business Days (unless the Company and the Agent agree to a longer time period
in relation to any request) of that request being made:

 

		(a)	its Commitment shall not be included for the purpose of calculating the Total Commitments under
the relevant Facility when ascertaining whether any relevant percentage (including, for the avoidance of doubt, unanimity) of Total
Commitments has been obtained to approve that request; and

 

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		(b)	its status as a Lender shall be disregarded for the purpose of ascertaining whether the agreement
of any specified group of Lenders has been obtained to approve that request.

 

		36.6	Replacement of a Defaulting Lender 

 

		(a)	The Company may, at any time a Lender has become and continues to be a Defaulting Lender, by giving
at least 10 Business Days' prior written notice to the Agent and such Lender:

 

		(i)	replace such Lender by requiring such Lender to (and to the extent permitted by law, such Lender
shall) transfer pursuant to Clause 25 (Changes to the Lenders) all (and not part only) of its rights and obligations under
this Agreement; or

 

		(ii)	require such Lender to (and to the extent permitted by law, such Lender shall) transfer pursuant
to Clause 25 (Changes to the Lenders) all (and not part only) of the undrawn Commitment of the Lender ,

 

to a Lender or other bank, financial
institution, trust, fund or other entity (a "Replacement Non-Defaulting Lender") selected by the Company which
confirms its willingness to assume and does assume all the obligations or all the relevant obligations of the transferring Lender
in accordance with Clause 25 (Changes to the Lenders) for a purchase price in cash payable at the time of transfer which
is either:

 

		(A)	in an amount equal to the outstanding principal amount of such Lender's participation in the outstanding
Utilisations and all accrued interest (to the extent that the Agent has not given a notification under Clause 25.9 (Pro rata
interest settlement) Break Costs and other amounts payable in relation thereto under the Finance Documents; or

 

		(B)	in an amount agreed between that Defaulting Lender, the Replacement Non-Defaulting Lender and the
Company and which does not exceed the amount described in paragraph (A) above.

 

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

 

		(i)	the Company shall have no right to replace the Agent in its capacity as agent of the Finance Parties;

 

		(ii)	neither the Agent nor the Defaulting Lender shall have any obligation to the Company to find a
Replacement Non-Defaulting Lender;

 

		(iii)	the transfer must take place no later than 10 Business Days after the notice referred to in paragraph
(a) above unless any failure to effect the transfer within that period is due to the Defaulting Lender's failure to complete the
checks referred to in paragraph (b)(iv) below;

 

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		(iv)	in no event shall the Defaulting Lender be required to pay or surrender to the Replacement Non-Defaulting
Lender any of the fees received by the Defaulting Lender pursuant to the Finance Documents; and

 

		(v)	the Defaulting Lender shall only be obliged to transfer its rights and obligations pursuant to
paragraph (a) above once it is satisfied that it has complied with all necessary "know your customer" or other similar
checks under all applicable laws and regulations in relation to that transfer to the Replacement Non-Defaulting Lender.

 

		(c)	The Defaulting Lender shall perform the checks described in paragraph (b)(v) above as soon as reasonably
practicable following delivery of a notice referred to in paragraph (a) above and shall notify the Agent and the Company when it
is satisfied that it has complied with those checks.

 

		37.	CONFIDENTIALITY

 

		37.1	Confidential Information 

 

Each Finance Party agrees to
keep all Confidential Information confidential and not to disclose it to anyone, save to the extent permitted by Clause 37.2 (Disclosure
of Confidential Information) and Clause 37.3 (Disclosure to numbering service providers), and to ensure that all Confidential
Information is protected with security measures and a degree of care that would apply to its own confidential information.

 

		37.2	Disclosure of Confidential Information 

 

Any Finance Party may disclose:

 

		(a)	to any of its Affiliates and Related Funds and any of its or their officers, directors, employees,
professional advisers, auditors, partners and Representatives such Confidential Information as that Finance Party shall consider
appropriate if any person to whom the Confidential Information is to be given pursuant to this paragraph (a) is informed in writing
of its confidential nature and that some or all of such Confidential Information may be price-sensitive information except that
there shall be no such requirement to so inform if the recipient is subject to professional obligations to maintain the confidentiality
of the information or is otherwise bound by requirements of confidentiality in relation to the Confidential Information;

 

		(b)	to any person:

 

		(i)	to (or through) whom it assigns or transfers (or may potentially assign or transfer) all or any
of its rights and/or obligations under one or more Finance Documents and to any of that person's Affiliates, Related Funds, Representatives
and professional advisers;

 

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		(ii)	with (or through) whom it enters into (or may potentially enter into), whether directly or indirectly,
any sub-participation in relation to, or any other transaction under which payments are to be made or may be made by reference
to, one or more Finance Documents and/or one or more Obligors and to any of that person's Affiliates, Related Funds, Representatives
and professional advisers;

 

		(iii)	appointed by any Finance Party or by a person to whom sub paragraph (b)(i) or (ii) above applies
to receive communications, notices, information or documents delivered pursuant to the Finance Documents on its behalf (including,
without limitation, any person appointed under paragraph (b) of Clause 27.13 (Relationship with the Lenders));

 

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

 

		(v)	to whom information is required or requested to be disclosed by any court of competent jurisdiction
or any governmental, banking, taxation or other regulatory authority or similar body, the rules of any relevant stock exchange
or pursuant to any applicable law or regulation;

 

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

 

		(vii)	to whom or for whose benefit that Finance Party charges, assigns or otherwise creates Security
(or may do so) pursuant to Clause 25.8 (Security over Lenders' rights);

 

		(viii)	who is a Party; or

 

		(ix)	with the consent of the Company;

 

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

 

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

 

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

 

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		(C)	in relation to paragraphs (b)(v), (b)(vi) and (b)(vii) above, the person to whom the Confidential
Information is to be given is informed of its confidential nature and that some or all of such Confidential Information may be
price-sensitive information; and

 

		(D)	in relation to paragraphs (b)(vi) and (b)(vii) above, the Company is informed of any such disclosure;

 

		(c)	to any person appointed by that Finance Party or by a person to whom paragraph (b)(i) or (b)(ii)
above applies to provide administration or settlement services in respect of one or more of the Finance Documents including without
limitation, in relation to the trading of participations in respect of the Finance Documents, such Confidential Information as
may be required to be disclosed to enable such service provider to provide any of the services referred to in this paragraph (c)
if the service provider to whom the Confidential Information is to be given has entered into a confidentiality agreement substantially
in the form of the LMA Master Confidentiality Undertaking for Use With Administration/Settlement Service Providers or such other
form of confidentiality undertaking agreed between the Company and the relevant Finance Party;

 

		(d)	to any rating agency (including its professional advisers) such Confidential Information as may
be required to be disclosed to enable such rating agency to carry out its normal rating activities in relation to the Finance Documents
and/or the Obligors if the rating agency to whom the Confidential Information is to be given is informed of its confidential nature
and that some or all of such Confidential Information may be price-sensitive information,

 

provided that in all cases
the prior consent of the Company shall be required for disclosure of Confidential Information by a Finance Party to a Fund or to
any commercial competitor of any member of the Group.

 

		37.3	Disclosure to numbering service providers 

 

		(a)	Any Finance Party may disclose to any national or international numbering service provider appointed
by that Finance Party to provide identification numbering services in respect of this Agreement, the Facility and/or one or more
Obligors the following information:

 

		(i)	names of Obligors;

 

		(ii)	country of domicile of Obligors;

 

		(iii)	place of incorporation of Obligors;

 

		(iv)	date of this Agreement;

 

		(v)	the names of the Agent and the Arranger;

 

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

 

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		(vii)	amount of Total Commitments;

 

		(viii)	currencies of the Facility;

 

		(ix)	type of Facility;

 

		(x)	ranking of Facility;

 

		(xi)	Termination Date;

 

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

 

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

 

to enable such numbering service
provider to provide its usual syndicated loan numbering identification services.

 

		(b)	The Parties acknowledge and agree that each identification number assigned to this Agreement, the
Facility and/or one or more Obligors by a numbering service provider and the information associated with each such number may be
disclosed to users of its services in accordance with the standard terms and conditions of that numbering service provider.

 

		(c)	The Company represents that none of the information set out in paragraphs (i) to (xiii) of paragraph
(a) above is, nor will at any time be, unpublished price-sensitive information.

 

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

 

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

 

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

 

		37.4	Entire agreement 

 

This Clause 37 (Confidentiality)
constitutes the entire agreement between the Parties in relation to the obligations of the Finance Parties under the Finance Documents
regarding Confidential Information and supersedes any previous agreement, whether express or implied, regarding Confidential Information.

 

		37.5	Inside information 

 

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

 

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		37.6	Notification of disclosure 

 

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

 

		(a)	of the circumstances of any disclosure of Confidential Information made pursuant to paragraph (b)(v)
of Clause 37.2 (Disclosure of Confidential Information) except where such disclosure is made to any of the persons referred
to in that paragraph during the ordinary course of its supervisory or regulatory function; and

 

		(b)	upon becoming aware that Confidential Information has been disclosed in breach of this Clause 37
(Confidentiality).

 

		37.7	Continuing obligations 

 

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

 

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

 

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

 

		38.	CONFIDENTIALITY OF REFERENCE BANK RATES

 

		38.1	Confidentiality and disclosure 

 

		(a)	The Agent agrees to keep each Reference Bank Rate confidential and not to disclose it to anyone,
save to the extent permitted by paragraphs (b), (c) and (d) below.

 

		(b)	The Agent may disclose any Reference Bank Quotation to any person appointed by it to provide administration
services in respect of one or more of the Finance Documents to the extent necessary to enable such service provider to provide
those services if the service provider to whom that information is to be given has entered into a confidentiality agreement substantially
in the form of the LMA Master Confidentiality Undertaking for Use With Administration/Settlement Service Providers or such other
form of confidentiality undertaking agreed between the Agent and the relevant Lender or Reference Bank, as the case may be.

 

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		(c)	The Agent may disclose any Reference Bank Quotation to:

 

		(i)	any of its Affiliates and any of its or their officers, directors, employees, professional advisers,
auditors, partners and Representatives if any person to whom that Reference Bank Quotation is to be given pursuant to this paragraph
(i) is informed in writing of its confidential nature and that it may be price-sensitive information except that there shall be
no such requirement to so inform if the recipient is subject to professional obligations to maintain the confidentiality of that
Reference Bank Quotation or is otherwise bound by requirements of confidentiality in relation to it;

 

		(ii)	any person to whom information is required or requested to be disclosed by any court of competent
jurisdiction or any governmental, banking, taxation or other regulatory authority or similar body, the rules of any relevant stock
exchange or pursuant to any applicable law or regulation if the person to whom that Reference Bank Quotation is to be given is
informed in writing of its confidential nature and that it may be price-sensitive information except that there shall be no requirement
to so inform if, in the opinion of the Agent, as the case may be, it is not practicable to do so in the circumstances;

 

		(iii)	any person to whom information is required to be disclosed in connection with, and for the purposes
of, any litigation, arbitration, administrative or other investigations, proceedings or disputes if the person to whom that Reference
Bank Quotation is to be given is informed in writing of its confidential nature and that it may be price-sensitive information
except that there shall be no requirement to so inform if, in the opinion of the Agent, as the case may be, it is not practicable
to do so in the circumstances; and

 

		(iv)	any person with the consent of the relevant Reference Bank, as the case may be.

 

		(d)	The Agent's obligations in this Clause 38 relating to Reference Bank Quotations are without prejudice
to its obligations to make notifications under Clause 10.4 (Notification of rates of interest) provided that (other than
pursuant to paragraph (b)(i) above) the Agent shall not include the details of any individual Reference Bank Quotation as part
of any such notification.

 

		38.2	Other obligations 

 

		(a)	The Agent acknowledges that each Reference Bank Quotation is or may be price-sensitive information
and that its use may be regulated or prohibited by applicable legislation including securities law relating to insider dealing
and market abuse and the Agent undertakes not to use any Reference Bank Quotation for any unlawful purpose.

 

		(b)	The Agent agrees (to the extent permitted by law and regulation) to inform the relevant Reference
Bank, as the case may be:

 

		(i)	of the circumstances of any disclosure made pursuant to paragraph (c)(ii) of Clause 38.1 (Confidentiality
and disclosure) above except where such disclosure is made to any of the persons referred to in that paragraph during the ordinary
course of its supervisory or regulatory function; and

 

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		(ii)	upon becoming aware that any information has been disclosed in breach of this Clause 38.

 

		39.	COUNTERPARTS 

 

Each Finance Document may be
executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single
copy of the Finance Document.

 

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SECTION 12

GOVERNING LAW AND ENFORCEMENT

 

		40.	GOVERNING LAW 

 

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

 

		41.	ENFORCEMENT 

 

		41.1	Jurisdiction 

 

		(a)	The courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection
with this Agreement (including a dispute relating to the existence, validity or termination of this Agreement or the consequences
of its nullity or any non-contractual obligations arising out of or in connection with this Agreement) (a "Dispute").

 

		(b)	The Parties agree that the courts of England are the most appropriate and convenient courts to
settle Disputes and accordingly no Party will argue to the contrary.

 

		(c)	This Clause 41.1 (Jurisdiction) is for the benefit of the Finance Parties only. As a result,
and notwithstanding paragraph (a) of Clause 41.1, any Finance Party may take proceedings relating to a Dispute in any other courts
with jurisdiction. To the extent allowed by law, the Finance Parties may take concurrent proceedings in any number of jurisdictions.

 

		41.2	Service of process 

 

Each Obligor agrees that the
documents which start any proceedings in relation to any Finance Document, and any other documents required to be served in connection
with those proceedings, may be served on it by being delivered to the Company at 5th Floor, 610 Chiswick High Road,
London, W4 5RU, United Kingdom or to such other address in England and Wales as each such Obligor may specify by notice in writing
to the Agent. Nothing in this paragraph shall affect the right of any Finance Party to serve process in any other manner permitted
by law. This Clause applies to proceedings in England and proceedings elsewhere.

 

		41.3	Waiver of Immunity 

 

Each Obligor waives generally
all immunity it or its assets or revenues may otherwise have in any jurisdiction, including immunity in respect of:

 

		(a)	the giving of any relief by way of injunction or order for specific performance or for the recovery
of assets or revenues; and

 

		(b)	the issue of any process against its assets or revenues for the enforcement of a judgment or, in
an action in rem, for the arrest, detention or sale of any of its assets and revenues.

 

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

 

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SCHEDULE 1

THE ORIGINAL PARTIES

 

PART I

THE ORIGINAL OBLIGORS

 

	Name of Original Borrower	 	Registration number (or
	 	 	equivalent, if any)
	 	 	 
	Millicom International Cellular S.A.	 	 
	 	 	 
	Name of Guarantor	 	Registration number (or
	 	 	equivalent, if any)
	 	 	 
	Millicom International Cellular S.A.	 	 

 

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PART II

THE ORIGINAL LENDERS

 

	Name of Original Lender	 	Commitment (USD)	 
	 	 	 	 
	The Bank of Nova Scotia	 	 	55,000,000	 
	 	 	 	 	 
	BGL BNP Paribas S.A.	 	 	55,000,000	 
	 	 	 	 	 
	Citibank, N.A., London Branch	 	 	55,000,000	 
	 	 	 	 	 
	DNB Sweden AB	 	 	55,000,000	 
	 	 	 	 	 
	Bank of China (Luxembourg) S.A.	 	 	55,000,000	 
	 	 	 	 	 
	Goldman Sachs Bank USA	 	 	55,000,000	 
	 	 	 	 	 
	J.P. Morgan Securities plc	 	 	55,000,000	 
	 	 	 	 	 
	Barclays Bank PLC	 	 	40,000,000	 
	 	 	 	 	 
	Banco  Bilbao  Vizcaya  Argentaria,  S.A. London Branch	 	 	40,000,000	 
	 	 	 	 	 
	Industrial and Commercial Bank of China Ltd., Luxembourg Branch	 	 	40,000,000	 
	 	 	 	 	 
	Nordea Bank AB (publ)	 	 	40,000,000	 
	 	 	 	 	 
	The Standard Bank of South Africa Limited, Isle of Man Branch	 	 	27,500,000	 
	 	 	 	 	 
	Standard Chartered Bank	 	 	27,500,000	 
	 	 	 	 	 
	TOTAL	 	 	600,000,000.00	 

 

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SCHEDULE 2

CONDITIONS PRECEDENT

 

PART I

CONDITIONS PRECEDENT TO INITIAL UTILISATION

 

		1.	Original Obligors 

 

		(a)	A copy of the constitutional documents of each Original Obligor.

 

		(b)	A copy of a resolution of the board of directors of each Original Obligor:

 

		(i)	approving the terms of, and the transactions contemplated by, the Finance Documents to which it
is a party and resolving that it execute the Finance Documents to which it is a party;

 

		(ii)	authorising a specified person or persons to execute the Finance Documents to which it is a party
on its behalf; and

 

		(iii)	authorising a specified person or persons, on its behalf, to sign and/or despatch all documents
and notices (including, if relevant, any Utilisation Request) to be signed and/or despatched by it under or in connection with
the Finance Documents to which it is a party.

 

		(c)	A specimen of the signature of each person authorised by the resolution referred to in paragraph
(b) above.

 

		(d)	A certificate of the Company (signed by an authorised signatory) confirming that borrowing or guaranteeing,
as appropriate, the Total Commitments would not cause any borrowing, guaranteeing or similar limit binding on any Original Obligor
to be exceeded.

 

		(e)	A certificate of an authorised signatory of the relevant Original Obligor certifying that each
copy document relating to it specified in this Part I of this Schedule 2 is correct, complete and in full force and effect as at
a date no earlier than the date of this Agreement.

 

		2.	Legal opinions 

 

		(a)	A legal opinion of Clifford Chance LLP, legal advisers to the Arranger and the Agent in England,
substantially in the form distributed to the Original Lenders prior to signing this Agreement.

 

		(b)	A legal opinion of Hogan Lovells (Luxembourg) LLP, legal advisers to the Company in Luxembourg,
substantially in the form distributed to the Original Lenders prior to signing this Agreement.

 

		(c)	If an Original Obligor is incorporated in a jurisdiction other than England and Wales, or Luxembourg,
a legal opinion of the legal advisers to the Arranger and the Agent in the relevant jurisdiction, substantially in the form distributed
to the Original Lenders prior to signing this Agreement.

 

    	 	- 136 -	 

    
	 	Confidential treatment requested by the registrant for its submission of this draft registration	MIC-0601
	 	statement pursuant to Securities and Exchange Commission Rule 83	 

    

 

		3.	Other documents and evidence 

 

		(a)	This Agreement, the Fee Letters, and the Mandate Letter each duly executed by the Obligors party
to it.

 

		(b)	The 2015 Annual Report.

 

		(c)	A Group structure chart which shows the Group as at the date of this Agreement.

 

		(d)	A copy of any other Authorisation or other document, opinion or assurance which the Agent reasonably
considers to be necessary or desirable (if it has notified the Company accordingly) in connection with the entry into and performance
of the transactions contemplated by any Finance Document or for the validity and enforceability of any Finance Document.

 

		(e)	The Original Financial Statements of each Original Obligor.

 

		(f)	Evidence that the fees, costs and expenses then due from the Company pursuant to Clause 13 (Fees)
and Clause 18 (Costs and expenses) have been paid or will be paid by the first Utilisation Date (provided that invoices
in respect of any costs and expenses (including, without limitation, legal fees) have been received by the Company at least three
Business Days prior to the first Utilisation Date).

 

		(g)	Evidence that:

 

		(i)	the Existing Facilities have been, or will be with effect from the date of first Utilisation under
this Agreement, cancelled in full; and

 

		(ii)	all amounts outstanding (including, for the avoidance of doubt, all accrued interest, fees and
breakage costs (if any)) under the Existing Facility Agreement have been, or will be with effect from the date of first Utilisation
under this Agreement, paid in full.

 

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	 	Confidential treatment requested by the registrant for its submission of this draft registration	MIC-0602
	 	statement pursuant to Securities and Exchange Commission Rule 83	 

    

 

PART II

CONDITIONS PRECEDENT REQUIRED TO BE DELIVERED

BY AN ADDITIONAL BORROWER

 

		1.	An Accession Letter, duly executed by the Additional Borrower and the Company.

 

		2.	A copy of the constitutional documents of the Additional Borrower.

 

		3.	A copy of a resolution of the board of directors of the Additional Borrower:

 

		(a)	approving the terms of, and the transactions contemplated by, the Accession Letter and the Finance
Documents and resolving that it execute the Accession Letter;

 

		(b)	authorising a specified person or persons to execute the Accession Letter on its behalf; and

 

		(c)	authorising a specified person or persons, on its behalf, to sign and/or despatch all other documents
and notices (including, in relation to an Additional Borrower, any Utilisation Request ) to be signed and/or despatched by it under
or in connection with the Finance Documents.

 

		4.	A specimen of the signature of each person authorised by the resolution referred to in paragraph
3 above.

 

		5.	A certificate of the Additional Borrower (signed by an authorised signatory) confirming that borrowing
or guaranteeing, as appropriate, the Total Commitments would not cause any borrowing, guaranteeing or similar limit binding on
it to be exceeded.

 

		6.	A certificate of an authorised signatory of the Additional Borrower certifying that each copy document
listed in this Part II of Schedule 2 is correct, complete and in full force and effect as at a date no earlier than the date of
the Accession Letter.

 

		7.	A copy of any other Authorisation or other document, opinion or assurance which the Agent considers
to be necessary or desirable in connection with the entry into and performance of the transactions contemplated by the Accession
Letter or for the validity and enforceability of any Finance Document.

 

		8.	If available, the latest audited financial statements of the Additional Borrower.

 

		9.	A legal opinion of Clifford Chance LLP, legal advisers to the Arranger and the Agent in England.

 

		10.	If the Additional Borrower is incorporated in a jurisdiction other than England and Wales, a legal
opinion of the legal advisers to the Arranger and the Agent in the jurisdiction in which the Additional Borrower is incorporated.

 

		11.	If the Additional Borrower is incorporated in a jurisdiction other than England and Wales, evidence
that any process agent referred to in Clause 41.2 (Service of process) has accepted its appointment in relation to the Additional
Borrower.

 

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	 	statement pursuant to Securities and Exchange Commission Rule 83	 

    

 

SCHEDULE 3

UTILISATION REQUEST

 

		From:	[name of relevant Borrower]

 

		To:	DNB Bank ASA, Sweden Branch as Agent

 

Dated:

 

Dear Sirs

 

Millicom
International Cellular S.A. – US$ 600,000,000 Facility Agreement dated ___ January 2017 (the "Agreement")

 

		1.	We refer to the Agreement. This is a Utilisation Request. Terms defined in the Agreement have the
same meaning in this Utilisation Request unless given a different meaning in this Utilisation Request.

 

		2.	We wish to borrow a Loan on the following terms:

  

	Proposed Utilisation Date:	[•]
    (or, if that is not a Business Day, the next Business Day)
	 	 
	Facility to be utilised:	The Facility
	 	 
	Currency of Loan:	[•]
	 	 
	Amount:	[•] or, if less, the Available Facility
	 	 
	Interest Period:	[•]

 

Net Leverage Ratio1

 

		3.	We confirm that each condition specified in Clause 4.2 (Further conditions precedent) is
satisfied on the date of this Utilisation Request.

 

		4.	[This Loan is to be made in [whole]/[part]
for the purpose of refinancing [identify maturing Loan]. [The proceeds of this Loan should be credited to [account].]]2
OR

 

[The proceeds of this Loan should
be credited to [account].]3

 

		5.	This Utilisation Request is irrevocable.

 

Yours faithfully

 

 

 

authorised signatory for and on behalf of

[name of relevant Borrower]

 

 

		1	Based on most recently delivered financial statements/Compliance
Certificate.

 

		2	Include if the optional paragraph (b) to Clause 8.1 (Repayment
of Loans) is included.

 

		3	Include if the optional paragraph (b) to Clause 8.1 (Repayment
of Loans) is not included.

 

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	 	Confidential treatment requested by the registrant for its submission of this draft registration	MIC-0604
	 	statement pursuant to Securities and Exchange Commission Rule 83	 

    

 

SCHEDULE 4

FORM OF TRANSFER CERTIFICATE

 

		To:	DNB Bank ASA, Sweden Branch as Agent

 

		From:	[The Existing Lender] (the "Existing Lender") and [The New Lender]
(the "New Lender")

 

Dated:

 

Millicom
International Cellular S.A. – US$ 600,000,000 Facility Agreement dated ___ January 2017 (the "Agreement")

 

		1.	We refer to the Agreement. This is a Transfer Certificate.
Terms defined in the Agreement have the same meaning in this Transfer Certificate unless given a different meaning in this Transfer
Certificate.

 

		2.	We refer to Clause 25.5 (Procedure for transfer):

 

		(a)	The Existing Lender and the New Lender agree to the Existing
Lender transferring to the New Lender by novation, and in accordance with Clause 25.5 (Procedure for transfer), all of
the Existing Lender's rights and obligations under the Agreement and other Finance Documents which relate to that portion of the
Existing Lender's Commitment(s) and participations in Loans under the Agreement as specified in the Schedule.

 

		(b)	The proposed Transfer Date is [•].

 

		(c)	The Facility Office and address, fax number and attention
details for notices of the New Lender for the purposes of Clause 32.2 (Addresses) are set out in the Schedule.

 

		3.	The New Lender expressly acknowledges the limitations on
the Existing Lender's obligations set out in paragraph (c) of Clause 25.4 (Limitation of responsibility of Existing Lenders).

 

		[5/6].	This Transfer Certificate may be executed in any number of counterparts and this has the same effect
as if the signatures on the counterparts were on a single copy of this Transfer Certificate.

 

		[6/7].	This Transfer Certificate and any non-contractual obligations arising out of or in connection with
it are governed by English law.

 

		[7/8].	This Transfer Certificate has been entered into on the date stated at the beginning of this Transfer
Certificate.

 

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	 	Confidential treatment requested by the registrant for its submission of this draft registration	MIC-0605
	 	statement pursuant to Securities and Exchange Commission Rule 83	 

    

 

THE SCHEDULE

 

Commitment/rights and obligations to
be transferred

 

[insert relevant details]

 

[Facility Office address, fax number
and attention details for notices and account details for payments,]

 

	For and on behalf of	For and on behalf of
	[Existing Lender]	[New Lender]
	 	 
	By:	By:

 

This Transfer Certificate is accepted by
the Agent and the Transfer Date is confirmed as [•].

 

For and on behalf of

DNB Bank ASA, Sweden Branch

 

By:

 

    	 	- 141 -	 

    
	 	Confidential treatment requested by the registrant for its submission of this draft registration	MIC-0606
	 	statement pursuant to Securities and Exchange Commission Rule 83	 

    

 

SCHEDULE 5

FORM OF ASSIGNMENT AGREEMENT

 

		To:	DNB Bank ASA, Sweden Branch as Agent and Millicom International
Cellular S.A. as Company, for and on behalf of each Obligor

 

		From:	[the Existing Lender] (the "Existing Lender")
and [the New Lender] (the "New Lender")

 

Dated:

 

Millicom
International Cellular S.A. – US$ 600,000,000 Facility Agreement dated ___ January 2017 (the "Agreement")

 

		1.	We refer to the Agreement. This is an Assignment Agreement.
Terms defined in the Agreement have the same meaning in this Assignment Agreement unless given a different meaning in this Assignment
Agreement.

 

		2.	We refer to Clause 25.6 (Procedure for assignment):

 

		(a)	The Existing Lender assigns absolutely to the New Lender
all the rights of the Existing Lender under the Agreement and the other Finance Documents which relate to that portion of the
Existing Lender's Commitment(s) and participations in Loans under the Agreement as specified in the Schedule.

 

		(b)	The Existing Lender is released from all the obligations
of the Existing Lender which correspond to that portion of the Existing Lender's Commitment(s) and participations in Loans under
the Agreement specified in the Schedule.

 

		(c)	The New Lender becomes a Party as a Lender and is bound
by obligations equivalent to those from which the Existing Lender is released under paragraph (b) above.4

 

		3.	The proposed Transfer Date is [•].

 

		4.	On the Transfer Date the New Lender becomes Party to the
Finance Documents as a Lender.

 

		5.	The Facility Office and address, fax number and attention
details for notices of the New Lender for the purposes of Clause 32.2 (Addresses) are set out in the Schedule.

 

		6.	The New Lender expressly acknowledges the limitations on
the Existing Lender's obligations set out in paragraph (c) of Clause 25.4 (Limitation of responsibility of Existing Lenders).

 

		[8/9].	This Assignment Agreement acts as notice to the Agent (on behalf of each Finance Party) and, upon
delivery in accordance with Clause 25.7 (Copy of Transfer Certificate or Assignment Agreement to Company), to the Company
(on behalf of each Obligor) of the assignment referred to in this Assignment Agreement.

 

 

		4	If the Assignment Agreement is used in place of a Transfer Certificate in order to avoid a novation
of rights/obligations for reasons relevant to a civil jurisdiction, local law advice should be sought to check the suitability
of the Assignment Agreement due to the assumption of obligations contained in paragraph 2(c).

 

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	 	Confidential treatment requested by the registrant for its submission of this draft registration	MIC-0607
	 	statement pursuant to Securities and Exchange Commission Rule 83	 

    

 

		[9/10].	This Assignment Agreement may be executed in any number of counterparts and this has the same effect
as if the signatures on the counterparts were on a single copy of this Assignment Agreement.

 

		[10/11].	This Assignment Agreement and any non -contractual obligations arising out of or in connection
with it are governed by English law.

 

		[11/12].	This Assignment Agreement has been entered into on the date stated at the beginning of this Assignment
Agreement.

 

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	 	statement pursuant to Securities and Exchange Commission Rule 83	 

    

 

THE SCHEDULE

 

Rights to be assigned and obligations
to be released and undertaken

 

[insert relevant details]

 

[Facility office address, fax number
and attention details for notices and account details for payments]

 

	For and on behalf of	For and on behalf of
	[Existing Lender]	[New Lender]
	 	 
	By:	By:

 

This Assignment Agreement is accepted by
the Agent and the Transfer Date is confirmed as [•].

 

Signature of this Assignment Agreement
by the Agent constitutes confirmation by the Agent of receipt of notice of the assignment referred to herein, which notice the
Agent receives on behalf of each Finance Party.

 

For and on behalf of

DNB Bank ASA, Sweden Branch

 

By:

 

    	 	- 144 -	 

    
	 	Confidential treatment requested by the registrant for its submission of this draft registration	MIC-0609
	 	statement pursuant to Securities and Exchange Commission Rule 83	 

    

 

SCHEDULE 6

FORM OF ACCESSION LETTER

 

		To:	DNB Bank ASA, Sweden Branch as Agent

 

		From:	[Subsidiary] and Millicom International Cellular
S.A.

 

Dated:

 

Dear Sirs

 

Millicom
International Cellular S.A. – US$ 600,000,000 Facility Agreement dated ___ January 2017 (the "Agreement")

 

		1.	We refer to the Agreement. This is an Accession Letter. Terms defined in the Agreement have the
same meaning in this Accession Letter unless given a different meaning in this Accession Letter.

 

		2.	[Subsidiary] agrees to become an Additional Borrower and to be bound by the terms of the
Agreement as an Additional Borrower pursuant to Clause 26.2 (Additional Borrowers) of the Agreement. [Subsidiary]
is a company duly incorporated under the laws of [name of relevant jurisdiction].

 

		3.	[The Company confirms that no Default is continuing or would occur as a result of [Subsidiary]
becoming an Additional Borrower.]5

 

		4.	[Subsidiary's] administrative details are as follows:

 

Address:

 

Fax No:

 

Attention:

 

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

 

[This Accession Letter is entered into
by deed.]6

 

	For and on behalf of	For and on behalf of
	Millicom International Cellular S.A.	[Subsidiary]
	 	 
	By:	By:

 

 

		5	Include in the case of an Additional Borrower.

 

		6	If the facility is fully drawn there may be an issue in relation to past consideration for the
proposed Additional Guarantor. This can be overcome by acceding by way of deed.

 

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	 	Confidential treatment requested by the registrant for its submission of this draft registration	MIC-0610
	 	statement pursuant to Securities and Exchange Commission Rule 83	 

    

 

SCHEDULE 7

FORM OF RESIGNATION LETTER

 

		To:	DNB Bank ASA, Sweden Branch as Agent

 

		From:	[resigning Borrower] and Millicom International
Cellular S.A.

 

Dated:

 

Dear Sirs

 

Millicom
International Cellular S.A. – US$ 600,000,000 Facility Agreement dated ___ January 2017 (the "Agreement")

 

		1.	We refer to the Agreement. This is a Resignation Letter. Terms defined in the Agreement have the
same meaning in this Resignation Letter unless given a different meaning in this Resignation Letter.

 

		2.	Pursuant to Clause 26.3 (Resignation of a Borrower), we request that [resigning Borrower]
be released from its obligations as a Borrower under the Agreement.

 

		3.	We confirm that:

 

		(a)	no Default is continuing or would result from the acceptance of this request; and

 

		(b)	[•]*

 

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

 

	For and on behalf of	For and on behalf of
	Millicom International Cellular S.A.	[Subsidiary]
	 	 
	By:	By:

 

NOTES:

 

		*	Insert any other conditions required by the Facility Agreement.

 

    	 	- 146 -	 

    
	 	Confidential treatment requested by the registrant for its submission of this draft registration	MIC-0611
	 	statement pursuant to Securities and Exchange Commission Rule 83	 

    

 

SCHEDULE 8 

FORM OF COMPLIANCE CERTIFICATE

 

		To:	DNB Bank ASA, Sweden Branch as Agent

 

		From:	Millicom International Cellular S.A.

 

Dated:

 

Dear Sirs

 

Millicom
International Cellular S.A. – US$ 600,000,000 Facility Agreement dated ___ January 2017 (the " Agreement")

 

		1.	We refer to the Agreement. This is a Compliance Certificate. Terms defined in the Agreement have
the same meaning when used in this Compliance Certificate unless given a different meaning in this Compliance Certificate.

 

		2.	We confirm that:

 

		(a)	in respect of the Relevant Period ending on [•], Consolidated Net Debt for such Relevant Period
was [•] and Consolidated EBITDA was [•]. Therefore Net Leverage Ratio was [•] and the covenant contained in paragraph
(a) of Clause 22.1 (Financial Condition) ) [has/has not] been complied with; and

 

		(b)	in respect of the Relevant Period ending on [•],Consolidated
EBITDA for such Relevant Period was [•] and Consolidated Interest Expense was [•]. Therefore Interest Cover was [•]
and the covenant contained in paragraph (b) of Clause 22.1 (Financial Condition) ) [has/has not] been complied with.

 

		3.	[We confirm that no Default is continuing.]*

 

	Signed:	 	 	 	 
	 	Director	 	Director	 
	 	of	 	of	 
	 	Company	 	Company	 

 

NOTES:

 

		*	If this statement cannot be made, the certificate should
identify any Default that is continuing and the steps, if any, being taken to remedy it.

 

    	 	- 147 -	 

    
	 	Confidential treatment requested by the registrant for its submission of this draft registration	MIC-0612
	 	statement pursuant to Securities and Exchange Commission Rule 83	 

    

 

SCHEDULE 9

LMA FORM OF
CONFIDENTIALITY UNDERTAKING

 

THIS MASTER CONFIDENTIALITY UNDERTAKING
is dated [•] and made between:

 

		(1)	[•]; and

 

		(2)	[•].

 

Either party (in this capacity the "Purchaser")
may from time to time consider acquiring an interest from the other party (in this capacity the "Seller") in certain
Agreements which, subject to the Agreements, may be by way of novation, assignment, the entering into, whether directly or indirectly,
of a sub-participation or any other transaction under which payments are to be made or may be made by reference to one or more
relevant Finance Documents and/or one or more relevant Obligors or by way of investing in or otherwise financing, directly or indirectly,
any such novation, assignment, sub-participation or other transaction (each an "Acquisition"). In consideration
of the Seller agreeing to make available to the Purchaser certain information in relation to each Acquisition it is agreed as follows:

 

		1.	CONFIDENTIALITY UNDERTAKING 

 

The Purchaser undertakes in relation
to each Acquisition made or which may be made by it (a) to keep all Confidential Information which the Seller supplies to the Purchaser
in relation to that Acquisition confidential and not to disclose it to anyone, save to the extent permitted by paragraph 2 below
and to ensure that all Confidential Information which the Seller supplies to the Purchaser in relation to that Acquisition is protected
with security measures and a degree of care that would apply to the Purchaser's own confidential information and (b) until that
Acquisition is completed, to use the Confidential Information which the Seller supplies to the Purchaser in relation to that Acquisition
only for the Permitted Purpose.

 

		2.	PERMITTED DISCLOSURE 

 

The Purchaser may disclose in
relation to each Acquisition made or which may be made by it:

 

		2.1	to any of its Affiliates and any of its or their officers, directors, employees, professional advisers
and auditors such Confidential Information as the Purchaser shall consider appropriate if any person to whom such Confidential
Information is to be given pursuant to this paragraph 2.1 is informed in writing of its confidential nature and that some or all
of such Confidential Information may be price-sensitive information except that there shall be no such requirement to so inform
if the recipient is subject to professional obligations to maintain the confidentiality of the information or is otherwise bound
by requirements of confidentiality in relation to such Confidential Information;

 

		2.2	subject to the requirements of the relevant Agreement, to any person:

 

		(a)	to (or through) whom the Purchaser assigns or transfers (or may potentially assign or transfer)
all or any of its rights and/or obligations which it may acquire under that Agreement such Confidential Information which the Seller
supplies to the Purchaser in relation to that Acquisition as the Purchaser shall consider appropriate if the person to whom such
Confidential Information is to be given pursuant to this sub-paragraph (a) of paragraph 2.2 has delivered a letter to the Purchaser
in equivalent form to this undertaking;

 

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		(b)	with (or through) whom the Purchaser enters into (or may potentially enter into) any sub-participation
in relation to, or any other transaction under which payments are to be made or may be made by reference to that Agreement or any
relevant Obligor such Confidential Information which the Seller supplies to the Purchaser in relation to that Acquisition as the
Purchaser shall consider appropriate if the person to whom such Confidential Information is to be given pursuant to this sub-paragraph
(b) of paragraph 2.2 has delivered a letter to the Purchaser in equivalent form to this undertaking;

 

		(c)	to whom information is required or requested to be disclosed by any governmental, banking, taxation
or other regulatory authority or similar body, the rules of any relevant stock exchange or pursuant to any applicable law or regulation
such Confidential Information which the Seller supplies to the Purchaser in relation to that Acquisition as the Purchaser shall
consider appropriate; and

 

		2.3	notwithstanding paragraphs 2.1 and 2.2 above, Confidential Information to such persons to whom,
and on the same terms as, a Finance Party is permitted to disclose such Confidential Information under the Agreement to which that
Acquisition relates, as if such permissions were set out in full in this undertaking for the purposes of that Acquisition and as
if references in those permissions to Finance Party were references to the Purchaser for the purposes of that Acquisition.

 

		3.	NOTIFICATION OF DISCLOSURE 

 

The Purchaser agrees in relation
to each Acquisition made or which may be made by it (to the extent permitted by law and regulation) to inform the Seller:

 

		3.1	of the circumstances of any disclosure of Confidential Information made pursuant to sub-paragraph
(c) of paragraph 2.2 above except where such disclosure is made to any of the persons referred to in that paragraph during the
ordinary course of its supervisory or regulatory function; and

 

		3.2	upon becoming aware that Confidential Information relating to that Acquisition has been disclosed
in breach of this undertaking.

 

		4.	RETURN OF COPIES 

 

If the Purchaser does not enter
into an Acquisition and the Seller so requests in writing, the Purchaser shall return or destroy all Confidential Information supplied
to the Purchaser by the Seller in relation to that Acquisition and destroy or permanently erase (to the extent technically practicable)
all copies of such Confidential Information made by the Purchaser and use its reasonable endeavours to ensure that anyone to whom
the Purchaser has supplied any such Confidential Information destroys or permanently erases (to the extent technically practicable)
such Confidential Information and any copies made by them, in each case save to the extent that the Purchaser or the recipients
are required to retain any such Confidential Information by any applicable law, rule or regulation or by any competent judicial,
governmental, supervisory or regulatory body or in accordance with internal policy, or where the Confidential Information has been
disclosed under sub- paragraph (c) of paragraph 2.2 above.

 

    	 	- 149 -	 

    
	 	Confidential treatment requested by the registrant for its submission of this draft registration	MIC-0614
	 	statement pursuant to Securities and Exchange Commission Rule 83	 

    

 

		5.	CONTINUING OBLIGATIONS 

 

The obligations in this undertaking
are continuing and, in particular, shall survive and remain binding on the Purchaser in relation to each Acquisition made or which
may be made by it until (a) if the Purchaser becomes a party to the Agreement to which that Acquisition relates as a lender of
record, the date on which the Purchaser becomes such a party to such Agreement; (b) if the Purchaser enters into that Acquisition
but it does not result in the Purchaser becoming a party to the Agreement to which that Acquisition relates as a lender of record,
the date falling twelve months after the date on which all of the Purchaser's rights and obligations contained in the documentation
entered into to implement that Acquisition have terminated; or (c) in any other case the date falling twelve months after the date
of the Purchaser's final receipt (in whatever manner) of any Confidential Information in relation to that Acquisition.

 

		6.	NO REPRESENTATION; CONSEQUENCES OF BREACH, ETC. 

 

The Purchaser acknowledges and
agrees that, in relation to each Acquisition made or which may be made by it:

 

		6.1	neither the Seller, nor any member of the relevant Group nor any of the Seller's or the relevant
Group's respective officers, employees or advisers (each a "Relevant Person") (i) make any representation or warranty,
express or implied, as to, or assume any responsibility for, the accuracy, reliability or completeness of any of the Confidential
Information supplied by the Seller to the Purchaser in relation to that Acquisition or any other information supplied by the Seller
to the Purchaser in relation to that Acquisition or the assumptions on which it is based or (ii) shall be under any obligation
to update or correct any inaccuracy in the Confidential Information supplied by the Seller to the Purchaser in relation to that
Acquisition or any other information supplied by the Seller to the Purchaser in relation to that Acquisition or be otherwise liable
to the Purchaser or any other person in respect of the Confidential Information supplied by the Seller to the Purchaser in relation
to that Acquisition or any such information; and

 

		6.2	the Seller or members of the relevant Group may be irreparably harmed by the breach of the terms
of this undertaking and damages may not be an adequate remedy; each Relevant Person may be granted an injunction or specific performance
for any threatened or actual breach of the provisions of this undertaking by the Purchaser.

 

		7.	ENTIRE AGREEMENT: NO WAIVER; AMENDMENTS, ETC.

 

		7.1	This undertaking constitutes the entire agreement between the Seller and the Purchaser in relation
to the Purchaser's obligations regarding Confidential Information and supersedes any previous agreement, whether express or implied,
regarding Confidential Information.

 

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	 	Confidential treatment requested by the registrant for its submission of this draft registration	MIC-0615
	 	statement pursuant to Securities and Exchange Commission Rule 83	 

    

 

		7.2	No failure to exercise, nor any delay in exercising any right or
remedy under this undertaking will operate as a waiver of any such right or remedy or constitute an election to affirm this letter.
No election to affirm this letter will be effective unless it is in writing. No single or partial exercise of any right or remedy
will prevent any further or other exercise or the exercise of any other right or remedy under this undertaking. 

 

		7.3	The terms of this undertaking and the Purchaser's obligations under this undertaking may only be
amended or modified by written agreement between the parties.

 

		8.	INSIDE INFORMATION 

 

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

 

		9.	NATURE OF UNDERTAKINGS 

 

The undertakings given by the
Purchaser in this undertaking are given to the Seller and are also given for the benefit of the relevant Company and each other
member of the relevant Group.

 

		10.	THIRD PARTY RIGHTS 

 

		10.1	Subject to this paragraph 10 and to paragraphs 6 and 9, a person who is not a party to this undertaking
has no right under the Contracts (Rights of Third Parties) Act 1999 (the "Third Parties Act") to enforce or to
enjoy the benefit of any term of this undertaking.

 

		10.2	The Relevant Persons may enjoy the benefit of the terms of paragraphs 6 and 9 subject to and in
accordance with this paragraph 10 and the provisions of the Third Parties Act.

 

		10.3	Notwithstanding any provisions of this undertaking, the parties to this undertaking do not require
the consent of any Relevant Person to rescind or vary this undertaking at any time.

 

		11.	GOVERNING LAW AND JURISDICTION

 

		11.1	This undertaking and any non-contractual obligations arising out of or in connection with it (including
any non-contractual obligations arising out of the negotiation of any Acquisition) are governed by English law.

 

		11.2	The courts of England have non-exclusive jurisdiction to settle any dispute arising out of or in
connection with this undertaking (including a dispute relating to any non-contractual obligation arising out of or in connection
with either this undertaking or the negotiation of any Acquisition).

 

    	 	- 151 -	 

    
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		12.	DEFINITIONS 

 

In this undertaking terms defined
in the relevant Agreement (as defined below) shall, unless the context otherwise requires, have the same meaning and:

 

"Agreement"
means the USD600,000,000 facility agreement dated [•] 2017 between, amongst others, Millicom International Cellular S.A. as
the company, DNB Bank ASA, Sweden Branch as agent and certain financial institutions named therein as lenders.

 

"Company" means
Millicom International Cellular S.A.

 

"Confidential Information"
means, in relation to each Acquisition, all information relating to the relevant Company, any relevant Obligor, the relevant Group,
the relevant Finance Documents, [the/a] relevant Facility and/or that Acquisition which is received by the Purchaser in relation
to the relevant Finance Documents or [the/a] relevant Facility from the Seller or any of its affiliates or advisers, in whatever
form, and includes information given orally and any document, electronic file or any other way of representing or recording information
which contains or is derived or copied from such information but excludes information that:

 

		(a)	is or becomes public information other than as a direct or indirect result of any breach by the
Purchaser of this undertaking; or

 

		(b)	is identified in writing at the time of delivery as non-confidential by the Seller or its advisers;
or

 

		(c)	is known by the Purchaser before the date the information is disclosed to the Purchaser by the
Seller or any of its affiliates or advisers or is lawfully obtained by the Purchaser after that date, from a source which is, as
far as the Purchaser is aware, unconnected with the relevant Group and which, in either case, as far as the Purchaser is aware,
has not been obtained in breach of, and is not otherwise subject to, any obligation of confidentiality.

 

"Group" means,
in relation to each Acquisition, the relevant Company and its subsidiaries for the time being (as such term is defined in the Companies
Act 2006).

 

"Permitted Purpose
 " means, in relation to each Acquisition, considering and evaluating whether to enter into that Acquisition.

 

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

 

    	 	- 152 -	 

    
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SIGNATURES

 

	[•]	 
	 	 
	By:	 
	 	 
	[•]	 
	 	 
	By:	 

 

    	 	- 153 -	 

    
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SCHEDULE 10

 

TIMETABLES

 

	 	 		 	Loans in US dollars
	 	 	Loans in euro	 	and other currencies
	 	 	 	 	 
	Agent confirms to Company if a currency is approved as an Optional Currency in accordance with Clause 4.3(b) (Conditions relating to Optional Currencies)	 	-	 	U-4
	 	 	 	 	 
	Delivery of a duly completed Utilisation Request (Clause 5.1 (Delivery of a Utilisation Request)	 	
        U-3

         

        9.30am
	 	
        U-3 9

         

        30am

	 	 	 	 	 
	Agent determines (in relation to a Utilisation) the Base Currency Amount of the Loan, if required under Clause 5.4 (Lenders' participation)	 	
        U-3

         

        noon
	 	
        U-3

         

        noon

	 	 	 	 	 
	Agent notifies the Lenders of the Loan in accordance with Clause 5.4 (Lenders' participation)	 	
        U-3

         

        3.00pm
	 	
        U-3

         

        3.00pm

	 	 	 	 	 
	Agent receives a notification from a Lender under Clause 6.2 (Unavailability of a currency)	 	
        Quotation Day

         

        10.00am
	 	
        Quotation Day

         

        10.00am

	 	 	 	 	 
	Agent gives notice in accordance with Clause 6.2 (Unavailability of a currency)	 	
        Quotation Day

         

        10.30am
	 	
        Quotation Day

         

        10.30am

	 	 	 	 	 
	LIBOR or EURIBOR is fixed	 	Quotation Day as of 11.00 a.m. Brussels time	 	Quotation Day as of 11:00 a.m. London time

 

"U" = date of utilisation

 

"U - X" = Business Days prior
to date of utilisation

 

    	 	- 154 -	 

    
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SCHEDULE 11

 

FORM OF AFFILIATE ACCESSION UNDERTAKING

 

		To:	[•] as Agent

 

		From:	[The "Acceding Lender"]

 

Dated:

 

Millicom
International Cellular S.A. – US$ 600,000,000 Facility Agreement dated ___ January 2017 (the "Agreement")

 

		1.	We refer to the Agreement. This is an Affiliate Accession Undertaking. Terms defined in the Agreement
have the same meaning in this Affiliate Accession Undertaking unless given a different meaning in this Affiliate Accession Undertaking.

 

		2.	The Acceding Lender is an Affiliate of a Lender and has become a provider of an Ancillary Facility.
In consideration of the Acceding Lender being accepted as an Ancillary Lender for the purposes of the Agreement, the Acceding Lender
confirms, for the benefit of the Parties, that, as from [date], it intends to be party to the Agreement as an Ancillary
Lender, and undertakes to perform all the obligations expressed in the Agreement to be assumed by a Finance Party and agrees that
it shall be bound by all the provisions of the Agreement, as if it had been an original party to the Agreement as an Ancillary
Lender.]

 

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

 

	For and on behalf of 
	[Acceding Lender]
	 
	By:

 

    	 	- 155 -	 

    
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SCHEDULE 12

 

FORM OF INCREASE CONFIRMATION

 

		To:	[•] as Agent, and Millicom International Cellular S.A. as Company, for and on behalf of each
Obligor

 

		From:	[the Increase Lender] (the "Increase Lender")

 

Dated:

 

Millicom International
Cellular S.A. – US$ 600,000,000 Facility Agreement dated ___ January 2017 (the "Agreement")

 

		1.	We refer to the Agreement. This is an Increase Confirmation. Terms defined in the Agreement have
the same meaning in this Increase Confirmation unless given a different meaning in this Increase Confirmation.

 

		2.	We refer to Clause 2.2 (Increase) of the Agreement.

 

		3.	The Increase Lender agrees to assume and will assume all of the obligations corresponding to the
Commitment specified in the Schedule (the "Relevant Commitment") as if it was an Original Lender under the Agreement.

 

		4.	The proposed date on which the increase in relation to the Increase Lender and the Relevant Commitment
is to take effect (the "Increase Date") is [•].

 

		5.	On the Increase Date, the Increase Lender becomes party to the Finance Documents as a Lender.

 

		6.	The Facility Office and address, fax number and attention details for notices to the Increase Lender
for the purposes of Clause 32.2 (Addresses) are set out in the Schedule.

 

		7.	The Increase Lender expressly acknowledges the limitations on the Lenders' obligations referred
to in paragraph (g) of Clause 2.2 (Increase).

 

		[10/11.]	This Increase Confirmation may be executed in any number of counterparts and this has the same
effect as if the signatures on the counterparts were on a single copy of this Increase Confirmation.

 

		[11/12.]	This Increase Confirmation and any non-contractual obligations arising out of or in connection
with it are governed by English law.

 

		[12/13].	This Increase Confirmation has been entered into on the date stated at the beginning of this Increase
Confirmation.

 

    	 	- 156 -	 

    
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THE SCHEDULE

 

Relevant Commitment/rights and obligations
to be assumed by the Increase Lender

 

[insert relevant details]

 

[Facility
office address, fax number and attention details for notices and account details for payments]

 

[Increase Lender]

 

By:

 

This Increase Confirmation is accepted
as an Increase Confirmation for the purposes of the Agreement by the Agent and the Increase Date is confirmed as [•].

 

	Agent	 
	 	 
	By:	 

 

    	 	- 157 -	 

    
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SCHEDULE 13

 

FORM OF SUBSTITUTE AFFILIATE LENDER DESIGNATION
NOTICE

 

		To:	DNB Bank ASA, Sweden Branch as Agent

 

		Cc:	Millicom International Cellular S.A. as the Company

 

		From:	[Designating Lender] (the "Designating Lender")

 

		Dated:	[•]

 

Dear Sirs

 

Millicom International
Cellular S.A. – US$ 600,000,000 Facility Agreement dated ___ January 2017 (the " Agreement")

 

		1.	We refer to the Facility Agreement. Terms defined in the Facility Agreement have the same meaning
in this Designation Notice.

 

		2.	We hereby designate our Affiliate details of which are given below as a Substitute Affiliate Lender
in respect of any Loans required to be advanced to [specify name of borrower or refer to all borrowers in a particular jurisdiction
etc] ("Designated Loans").

 

		3.	The details of the Substitute Affiliate Lender are as follows: 

 

Name:

 

Facility Office:

 

Fax Number:

 

Attention:

 

Jurisdiction of Incorporation:

 

		4.	By countersigning this notice below the Designated Affiliate Lender agrees to become a Designated
Affiliate Lender in respect of Designated Loans as indicated above and agrees to be bound by the terms of the Facility Agreement
accordingly.

 

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

 

    	 	- 158 -	 

    
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	For and on behalf of	 
	 	 
	[Designating Lender]	 
	 	 
	We acknowledge and agree to the terms of the above.	 
	 	 
	 	 
	 	 
	For and on behalf of	 
	 	 
	[Substitute Affiliate Lender]	 
	 	 
	We acknowledge the terms of the above.	 
	 	 
	 	 
	 	 
	For and on behalf of	 
	 	 
	The Agent	 
	 	 
	Dated: [•]	 

 

    	 	- 159 -	 

    
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SIGNATURES

 

	THE COMPANY	 	 
	 	 	 
	For and on behalf of	 	 
	MILLICOM INTERNATIONAL CELLULAR S.A.	 	 
	 	 	 	 
	By:	/s/ Justine Dimovic	 	/s/ Patrick Gill
	 	JUSTINE DIMOVIC	 	Patrick Gill
	 	Group Treasurer	 	Director Corporate Governance
	 		 	and Risk Management
	 	 	 	 
	Address:	2, rue du Fort Bourbon, L 1249 Luxembourg

	 	 	 	 
	Fax:	+352 2775 9932	 	 
	 	 	 	 
	THE ORIGINAL BORROWER	 	 
	 	 	 
	For and on behalf of	 	 
	MILLICOM INTERNATIONAL CELLULAR S.A.	 	 
	 	 	 	 
	By:	/s/ Justine Dimovic	 	/s/ Patrick Gill
	 	JUSTINE DIMOVIC	 	Patrick Gill
	 	Group Treasurer	 	Director Corporate Governance
	 		 	and Risk Management
	 	 	 	 
	Address:	2, rue du Fort Bourbon, L 1249 Luxembourg
	 	 	 	 
	Fax:	+352 2775 9932	 	 
	 	 	 	 
	THE GUARANTOR	 	 
	 	 	 
	For and on behalf of	 	 
	MILLICOM INTERNATIONAL CELLULAR S.A.	 	 
	 	 	 	 
	By:	/s/ Justine Dimovic	 	/s/ Patrick Gill
	 	JUSTINE DIMOVIC	 	Patrick Gill
	 	Group Treasurer	 	Director Corporate Governance
	 		 	and Risk Management
	 	 	 	 
	Address:	2, rue du Fort Bourbon, L 1249 Luxembourg
	 	 	 	 
	Fax:	+352 2775 9932	 	 

 

     

    
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	THE ARRANGERS 	 	 
	 	 	 
	For and on behalf of 	 	 
	THE BANK OF NOVA SCOTI	 	 
	 	 	 	 
	By:	/s/ Enrique Lopez	 	/s/ Philip Lloyd
	 	Enrique Lopez,	 	Philip Lloyd
	 	Vice President, International Banking	 	Director, International Banking
	 	 	 	 
	Address: 	44 King Street West, 6th Floor, Toronto, Ontario, Canada, M5H 1H1
	 	 	 	 
	Fax:	416-933-2295	 	 

 

	For and on behalf of 	 	 
	BNP PARIBAS	 	 
	 	 	 	 
	By:	 	 	 
	 	 	 	 
	Address:	10 Harewood Avenue NW1 6AA	 	 
	 	 	 	 
	Fax:	+44 (0) 20 75956597	 	 

 

	For and on behalf of	 	 
	CITIGROUP GLOBAL MARKETS LIMITED	 	 
	 	 	 	 
	By:	/s/ Caryn Bell	 	 
	 	Caryn Bell	 	 
	 	Director	 	 
	 	 	 	 
	Address:	 	 	 
	 	 	 	 
	Fax:	 	 	 

 

	
        For and on behalf of

        DNB MARKETS, A PART OF DNB BANK ASA, SWEDEN BRANCH
	 	 
	 	 	 	 
	By:	/s/ Oskar Andrews	 	/s/ Samir Fariss
	 	Oskar Andrews	 	Samir Fariss
	 	 	 	 
	Address:	att. Agency	 	 
	 	SE-105 88, Stockholm	 	 
	 	 	 	 
	Fax:	+46 8 473 4106	 	 

 

     

    
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	For and on behalf of 	 	 
	GOLDMAN SACHS BANK USA	 	 
	 	 	 	 
	By:	/s/ Lorraine Schmit 	 	 
	 	Lorraine Schmit	 	 
	 	Authorised Signatory	 	 
	 	 	 	 
	Address:	 	 	 
	 	 	 	 
	Fax:	 	 	 
	 	 	 	 
	For and on behalf of	 	 
	J.P. MORGAN LIMITED	 	 
	 	 	 	 
	By:	/s/ Richard Johansson	 	 
	 	Richard Johansson	 	 
	 	Vice President	 	 
	 	 	 	 
	Address:	23 Bank Street, London, E14 5JP

	 	 
	 	 	 	 
	Fax:	+44 207 7774821

	 	 
	 	 	 	 
	For and on behalf of 	 	 
	NORDEA BANK AB (PUBL)	 	 
	 	 	 	 
	By	/s/ Linda Agren	 	/s/ Helena Hedman
	 	Linda Agren	 	Helena Hedman
	 	 	 	 
	Address:	 	 	 
	 	 	 	 
	Fax:	 	 	 
	 	 	 	 
	For and on behalf of 	 	 
	STANDARD CHARTERED BANK	 	 
	 	 	 	 
	By:	/s/ Vivek Sinha 	 	 
	 	Vivek Sinha	 	 
	 	Executive Director 	 	 
	 	Loan Syndications 	 	 
	 	Standard Chartered Bank	 	 
	 	 	 	 
	Address:	 	 	 
	 	 	 	 
	Fax:	 	 	 

 

     

    
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	THE AGENT	 	 
	 	 	 
	For and on behalf of	 	 
	DNB BANK ASA, SWEDEN BRANCH	 	 
	 	 	 	 
	By:	/s/ Oskar Andrews  	 	/s/ Samir Fariss
	 	Oskar Andrews  	 	Samir Fariss
	 	 	 	 
	Address: 	SE-105 88, Stockholm	 	 
	 	 	 	 
	Fax: 	+46 8 473 4106	 	 
	 	 	 	 
	Attention:	Agency	 	 

 

     

    
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	THE ORIGINAL LENDERS	 	 
	 	 	 
	For and on behalf of  

                    THE BANK OF NOVA SCOTI
	 	 
	 	 	 	 
	By:	/s/ Enrique Lopez	 	/s/ Philip Lloyd
	 	Enrique Lopez,	 	Philip Lloyd
	 	Vice President, International Banking	 	Director, International Banking
	 	 	 	 
	Address: 	44 King Street West, 6th Floor, Toronto, Ontario, Canada, M5H 1H1
	 	 	 	 
	Fax:	416-933-2295	 	 

 

	For and on behalf of 	 	 
	BGL BNP PARIBAS S.A.	 	 
	 	 	 	 
	By:	/s/ Carlo THILL	 	/s/ Thierry Schuman
	 	Carlo THILL	 	Thierry Schuman
	 	 	 	 
	Address:	 	 	 
	 	 	 	 
	Fax:	 	 	 

 

	For and on behalf of	 	 
	CITIBANK N.A., LONDON BRANCH	 	 
	 	 	 	 
	By:	/s/ Caryn Bell	 	 
	 	Caryn Bell	 	 
	 	Director	 	 
	 	 	 	 
	Address:	 	 	 
	 	 	 	 
	Fax:	 	 	 

 

	For and on behalf of 	 	 
	DNB SWEDEN AB	 	 
	 	 	 	 
	By:	/s/ Oskar Andrews  	 	/s/ Samir Fariss
	 	Oskar Andrews	 	Samir Fariss
	 	 	 	 
	Address:	att. Agency, SE-105 88, Stockholm	 	 
	 	 	 	 
	Fax:	+46 8 473 4106	 	 

 

     

    
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        For and on behalf of
	 	 
	BANK OF CHINA (LUXEMBOURG) S.A	 	 
	 	 	 	 
	By	/s/ Mr. Chen longjian	 	 
	 	Mr. Chen longjian	 	 
	 	Deputy General Manager	 	 
	 	 	 	 
	Address	37139 Boulevard Prince Henri L-1724 Luxembourg	 	 
	 	 	 	 
	Fax:	+352 228 776	 	 

 

 

     

    
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	For and on behalf of	 	 
	GOLDMAN SACHS BANK USA 	 	 
	 	 	 	 
	By:	/s/ Lorraine Schmit	 	 
	 	Lorraine Schmit	 	 
	 	Authorised Signatory	 	 
	 	 	 	 
	Address: 	 	 	 
	 	 	 	 
	Fax:	 	 	 
	 	 	 	 
	For and on behalf of	 	 
	J.P. MORGAN SECURITIES PLC	 	 
	 	 	 	 
	By	/s/ Richard Johansson	 	 
	 	Richard Johansson	 	 
	 	Vice President	 	 
	 	 	 	 
	Address:	23 Bank Street London E14 5JP
 	 	 
	 	 	 	 
	Fax:	+44 207 777 4821	 	 
	 	 	 	 
	For and on behalf of	 	 
	BARCLAYS BANK PLC	 	 
	 	 	 	 
	By:	/s/ Barclays Bank PLC	 	 
	 	Barclays Bank PLC	 	 
	 	 	 	 
	Address:	1 Churchill Place London E14 5HP	 	 
	 	 	 	 
	Fax:	 	 	 

 

	For and on behalf of	 	 
	BANCO BILBAO VIZCAYA ARGENTARIA, S.A. LONDON BRANCH	 	 
	 	 	 	 
	By:	/s/ Pedro Gawido	 	/s/ Almudena Lopez
	 	Pedro Gawido	 	Almudena Lopez
	 	 	 	 
	Address:	One Canada Square, 44th floor, Canary Wharf, London E14 5AA, England
	 	 	 	 
	Fax:	 	 	 

 

     

    
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	For and on behalf of	 	 
	INDUSTRIAL AND COMMERCIAL BANK OF CHINA LTD., LUXEMBOURG	 	 
	 	 	 	 
	By:	[ILLEGIBLE]	 	 
	 	 	 	 
	Address:	32 Boulevard Royal, 2-244P Luxembourg	 	 
	 	 	 	 
	Fax	+35226866666	 	 

 

	For and on behalf of 	 	 
	NORDEA BANK AB (PUBL)	 	 
	 	 	 	 
	By:	/s/ Linda Agren	 	/s/ Helena Hedman
	 	Linda Agren	 	Helena Hedman
	 	 	 	 
	Address:	 	 	 
	 	 	 	 
	Fax:	 	 	 
	 	 	 	 
	For and on behalf of	 	 
	THE STANDARD BANK OF SOUTH AFRICA LIMITED, ISLE OF MAN BRANCH	 	 
	 	 	 	 
	By:	/s/ Mike Waghorn	 	/s/ Douglas Hendry
	 	Mike Waghorn	 	Douglas Hendry
	 	 	 	 
	Address:	Standard Bank House, One Circular Road, Douglas, isle of man, IM1	 	
	 	 	 	 
	Fax:	+44 1624 643808	 	

 

	For and on behalf of 	 	 
	STANDARD CHARTERED BANK	 	 
	 	 	 	 
	By:	/s/ Vivek Sinha	 	 
	 	Vivek Sinha	 	 
	 	Executive Director Loan Syndications Standard Chartered Bank	 	 
	 	 	 	 
	Address:		 	 
	 	 	 	 
	Fax:Confidential treatment requested by the registrant for its submission of this draft registration	MIC-0632
	 	statement pursuant to Securities and Exchange Commission Rule 83	 

 

 

Exhibit 4.4

 

EXECUTION VERSION

 

 

 

STOCK PURCHASE AGREEMENT

 

BY AND AMONG

 

MEDIOS DE COMUNICACION LTD.,

 

TELECARRIER INTERNATIONAL LIMITED,

 

MILLICOM LIH S.A.,

 

AND

 

MILLICOM INTERNATIONAL CELLULAR S.A.

(Solely for the purposes of Section 9.18)

 

DATED AS OF OCTOBER 7, 2018

 

 

  

    	 

    
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TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	 	Article 1	 
	Definitions 	1
	 	 	 
	Section 1.1.	Definitions	1
	 	 	 
	 	Article 2	 
	PURCHASE AND SALE 	14
	 	 	 
	Section 2.1.	Purchase and Sale of the Shares	14
	Section 2.2.	Final Purchase Price	14
	Section 2.3.	Closing	14
	Section 2.4.	Preliminary Closing Report; Post-Closing Adjustment	16
	 	 	 
	 	Article 3	 
	REPRESENTATIONS AND WARRANTIES OF SELLERS 	19
	 	 	 
	Section 3.1.	Organization and Authority of Sellers	19
	Section 3.2.	Organization, Authority and Qualification of the Acquired Companies	20
	Section 3.3.	Capitalization; Organizational Documents	20
	Section 3.4.	Subsidiaries	21
	Section 3.5.	No Conflicts; Consents	22
	Section 3.6.	Financial Statements; Internal Controls	23
	Section 3.7.	No Undisclosed Liabilities	23
	Section 3.8.	Absence of Certain Developments	23
	Section 3.9.	Title, Condition and Sufficiency of Assets	23
	Section 3.10.	Compliance with Laws; Permits	24
	Section 3.11.	Legal Proceedings; Governmental Orders	25
	Section 3.12.	Insurance Coverage	25
	Section 3.13.	Material Contracts	25
	Section 3.14.	Intellectual Property	27
	Section 3.15.	Labor Matters	29
	Section 3.16.	Taxes	30
	Section 3.17.	Environmental Matters	31
	Section 3.18.	Intercompany Accounts	31
	Section 3.19.	Related Party Transactions	32
	Section 3.20.	Anti-Corruption	32
	Section 3.21.	Brokers	33
	Section 3.22.	Capital Expenditures To Date	33

 

    		i	 

    
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	 	Article 4	 
	REPRESENTATIONS AND WARRANTIES OF BUYER 	33
	 	 	 
	Section 4.1.	Organization and Authority of Buyer	33
	Section 4.2.	No Conflicts; Consents	33
	Section 4.3.	Legal Proceedings; Governmental Orders	34
	Section 4.4.	Sufficiency of Funds; Solvency	34
	Section 4.5.	Brokers	34
	Section 4.6.	Investment Purpose	35
	Section 4.7.	Independent Investigation; No Other Representations and Warranties	35
	 	 	 
	 	Article 5	 
	COVENANTS 	36
	 	 	 
	Section 5.1.	Conduct of Business of the Company	36
	Section 5.2.	Access to Information	39
	Section 5.3.	Notification of Certain Matters	40
	Section 5.4.	Efforts to Consummate	40
	Section 5.5.	Consents	41
	Section 5.6.	Governmental Approvals	41
	Section 5.7.	Public Announcements	41
	Section 5.8.	Books and Records	42
	Section 5.9.	Confidentiality	42
	Section 5.10.	Director and Officer Indemnification	42
	Section 5.11.	Employment and Benefits Arrangements	44
	Section 5.12.	Termination of Related Party Agreements and Arrangements	44
	Section 5.13.	Trademarks; Tradenames	44
	Section 5.14.	Exercise of Minority Shareholder Put	44
	Section 5.15.	Corporate Bonds	45
	Section 5.16.	Tax Matters	46
	Section 5.17.	Further Assurances	46
	 	 	 
	 	Article 6	 
	CONDITIONS TO CLOSING 	46
	 	 	 
	Section 6.1.	Conditions to Each Party’s Obligations	46
	Section 6.2.	Other Conditions to the Obligations of Buyer	47
	Section 6.3.	Other Conditions to the Obligations of Sellers	47

 

    		ii	 

    
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	 	Article 7	 
	TERMINATION 	48
	 	 	 
	Section 7.1.	Termination	48
	Section 7.2.	Effect of Termination	49
	 	 	 
	 	Article 8	 
	SURVIVAL; INDEMNIFICATION; LIMITATIONS ON LIABILITY 	49
	 	 	 
	Section 8.1.	Survival	49
	Section 8.2.	Indemnification by Sellers	50
	Section 8.3.	Indemnification by Buyer	50
	Section 8.4.	Limitations and Other Matters Relating to Indemnification	51
	Section 8.5.	Indemnification Procedures	53
	Section 8.6.	Tax Treatment of Indemnification Payments	55
	Section 8.7.	Manner of Payment	55
	Section 8.8.	Exclusive Remedy; No Duplication; No Set-off	56
	Section 8.9.	Indemnity Escrow Amount	56
	Section 8.10.	Distribution of Escrow Funds	57
	 	 	 
	 	Article 9	 
	MISCELLANEOUS 	57
	 	 	 
	Section 9.1.	Fees and Expenses	57
	Section 9.2.	Notices	58
	Section 9.3.	Entire Agreement	59
	Section 9.4.	Amendment	60
	Section 9.5.	Waivers	60
	Section 9.6.	Severability	60
	Section 9.7.	No Third Party Beneficiaries	60
	Section 9.8.	Assignment	60
	Section 9.9.	Governing Law; Submission to Arbitration	61
	Section 9.10.	Remedies	62
	Section 9.11.	Transfer Taxes	62
	Section 9.12.	Capital Gains Tax	63
	Section 9.13.	Post-Closing Tax Matters	63
	Section 9.14.	Interpretation; Construction	63
	Section 9.15.	Counterparts and Electronic Signatures; Effectiveness	65
	Section 9.16.	Releases	65
	Section 9.17.	Nonrecourse	66
	Section 9.18.	Buyer Guarantee	66

 

    		iii	 

    
	 	Confidential treatment requested by the registrant for its submission of this draft registration	MIC-0636
	 	statement pursuant to Securities and Exchange Commission Rule 83	 

    

 

EXHIBITS

 

		Exhibit A	Form of Shareholders Agreement

 

SELLERS DISCLOSURE SCHEDULES

 

    		iv	 

    
	 	Confidential treatment requested by the registrant for its submission of this draft registration	MIC-0637
	 	statement pursuant to Securities and Exchange Commission Rule 83	 

    

 

STOCK PURCHASE AGREEMENT

 

This STOCK PURCHASE
AGREEMENT (this “Agreement”), dated as of October 7, 2018, is entered into among Medios de Comunicacion LTD.,
a British Virgin Island company (“Medcom”), Telecarrier International Limited, a British Virgin Islands company
(“Telecarrier”, and together with Medcom, the “Sellers”), Millicom LIH S.A., a societe
anonyme under the Laws of the Grand Duchy of Luxembourg (“Buyer”) and Millicom International Cellular S.A.,
a societe anonyme under the Laws of the Grand Duchy of Luxembourg (“Buyer Guarantor”) (solely for purposes
of ‎Section 9.18).

 

RECITALS

 

WHEREAS, Cable Onda,
S.A., a Panamanian sociedad anónima (the “Company”), has 243,356 shares of common stock issued
and outstanding (the “Total Shares”);

 

WHEREAS, all of the
issued and outstanding Total Shares owned by Sellers are held in trust as collateral pursuant to the collateral trust agreement
the (“Collateral Trust Agreement”) dated as of August 4, 2015, by and among Medcom and Telecarrier, as settlors,
the Company, as issuer, and BG Trust, Inc., as trustee (the “Trustee”) in order to secure the obligations of
the Company under the Corporate Bonds;

 

WHEREAS, pursuant and
subject to the Collateral Trust Agreement, each of the Sellers owns the Shareholding Interests in the Total Shares set forth opposite
its respective name in Schedule I-A of the Sellers Disclosure Schedules, as described in ‎Section 3.3(c); and

 

WHEREAS, Sellers wish
to sell to Buyer, and Buyer wishes to purchase from Sellers, an amount of the Total Shares set forth opposite each Seller’s
respective name in Schedule I-B of the Sellers Disclosure Schedules (each such amount as relates to each respective Seller,
the “Shares”), which amount, in the aggregate, together with the Management Shares (as defined below) represents
eighty percent (80%) of the Total Shares, subject to the terms and conditions set forth herein.

 

NOW, THEREFORE, in
consideration of the premises and the mutual covenants and agreements contained herein and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, agree as follows:

 

Article
1

Definitions

 

Section 1.1.       Definitions.
   As used in this Agreement, the following terms have the respective meanings set forth below.

 

“500 License”
means such license issued by the Autoridad Nacional de los Servicios Públicos pursuant to Resolution JD-025 of December
12, 1996.

 

    		1	 

    
	 	Confidential treatment requested by the registrant for its submission of this draft registration	MIC-0638
	 	statement pursuant to Securities and Exchange Commission Rule 83	 

    

 

“Accounting
Firm” means a Central America-based engagement team of KPMG; provided, however, that if such Central America-based
engagement team of KPMG shall decline such appointment or otherwise be unable to serve, “Accounting Firm” shall mean
such other independent public accounting firm that will accept such appointment and that is mutually agreed to by Buyer and Sellers;
provided, further, that if Buyer and Sellers are unable to agree on an independent public accounting firm that will
accept such appointment within fifteen (15) Business Days after notice that such Central America-based engagement team of KPMG
has declined such appointment or is otherwise unable to serve, Sellers may request that an internationally recognized public accounting
firm that has not had a material relationship with either of the Parties in the preceding two years be appointed by the ICC and,
upon such appointment, “Accounting Firm” shall mean such firm.

 

“Accounting
Firm’s Report” has the meaning set forth in ‎Section 2.4(c)(iii).

 

“Acquired
Companies” means the Company and each Company Subsidiary.

 

“Additional
Payment Amount” has the meaning set forth in ‎Section 2.4(d).

 

“Adjustment
Escrow Amount” means that portion of the Escrow Amount equal to $30,000,000, in cash.

 

“Adjustment
Fund” means that portion of the Escrow Funds attributable to the Adjustment Escrow Amount.

 

“Affiliate”
means, with respect to any Person, any other Person that directly or indirectly, including through one or more intermediaries,
controls, is controlled by or is under common control with such Person. As used in this definition, the term “controls”
(including the terms “controlled by” and “under common control with”) means possession, directly or indirectly,
including through one or more intermediaries, of the power to direct or cause the direction of the management or policies of a
Person, whether through the ownership of voting securities, by Contract or otherwise. None of the Acquired Companies shall be deemed
to be an affiliate of Sellers.

 

“Agreed Sellers
Taxes” has the meaning set forth in ‎Section 9.13.

 

“Agreement”
has the meaning set forth in the introductory paragraph to this Agreement.

 

“Anti-Corruption
Laws” means the U.S. Foreign Corrupt Practices Act, UK Bribery Act, and any other applicable anti-corruption Laws.

 

“Audited Balance
Sheet” means the audited consolidated balance sheet of the Acquired Companies as of December 31, 2017.

 

“Audited Balance
Sheet Date” means the date of the Audited Balance Sheet.

 

“Audited Financial
Statements” means the audited consolidated financial statements consisting of the balance sheets and related statements
of income, cash flows and stockholders’ equity of the Acquired Companies as of and for the fiscal years ended December 31,
2015, December 31, 2016 and December 31, 2017 (including, in each case, any related notes thereto and the related reports of the
independent public accountants).

 

    		2	 

    
	 	Confidential treatment requested by the registrant for its submission of this draft registration	MIC-0639
	 	statement pursuant to Securities and Exchange Commission Rule 83	 

    

 

“Board”
has the meaning set forth in ‎Section 5.15(b)(iii).

 

“Business
Day” means any day except Saturday, Sunday or any other day on which commercial banks in New York City, New York or Panama
City, Panama are authorized or required by Law to be closed. Any event the scheduled occurrence of which would fall on a day that
is not a Business Day shall be deferred until the next succeeding Business Day.

 

“Buyer”
has the meaning set forth in the introductory paragraph to this Agreement.

 

“Buyer Adjustment
Report” has the meaning set forth in ‎Section 2.4(b).

 

“Buyer Fundamental
Representations” has the meaning set forth in ‎Section 8.1(a).

 

“Buyer Indemnification
Threshold” has the meaning set forth in ‎Section 8.4(b)(i).

 

“Buyer Indemnified
Parties” has the meaning set forth in ‎Section 8.2.

 

“Buyer Material
Adverse Effect” means any material adverse effect on the ability of Buyer to perform its obligations under, and consummate
the transactions contemplated by, this Agreement.

 

“Buyer Obligations”
has the meaning set forth in ‎Section 9.18(a).

 

“Buyer Per
Claim Threshold” has the meaning set forth in ‎Section 8.4(b)(i).

 

“Capital Expenditures”
means expenditures of the type included in the line items “Adquisición de activos fijos” and "Activos
intangibles, neto” contained in the statement of cash flows (Estado Consolidado de Flujos de Efectivo) of the
Financial Statements.

 

“Capital Gains
Tax” shall have the meaning set forth in ‎Section 2.3(b)(i)(A).

 

“Cash and
Cash Equivalents” means, without duplication, all cash, cash equivalents (including money market accounts, money market
funds, money market instruments and demand deposits) and marketable securities of the Acquired Companies; provided, however,
that Cash and Cash Equivalents shall, without duplication, (i) exclude the total amount of outstanding checks issued but not yet
debited against the applicable amount, (ii) include the total amount of outstanding checks and drafts issued for the benefit of
the Acquired Companies but not yet cleared as of immediately prior to the Closing (in each case of clauses (i) and (ii), to the
extent such outstanding checks and drafts subsequently clear prior to the date the Buyer Adjustment Report is delivered), (iii)
exclude any amount held as collateral in respect of outstanding letters of credit or otherwise (except to the extent a corresponding
amount is included in Indebtedness) and (iv) include any cash or cash equivalents used to pay any Indebtedness of the Acquired
Companies at Closing; provided that “Cash and Cash Equivalents” for purposes of calculating “Net Indebtedness”
or “Working Capital” shall be determined consistent with Schedule II of the Sellers Disclosure Schedules. Any
portion of Cash and Cash Equivalents that is not in U.S. dollars shall be translated into U.S. dollars using the spot foreign exchange
rates as published in The Wall Street Journal two (2) Business Days prior to the Closing Date. For the avoidance of doubt, and
without duplication, customer deposits shall be included in the calculation of Cash and Cash Equivalents.

 

    		3	 

    
	 	Confidential treatment requested by the registrant for its submission of this draft registration	MIC-0640
	 	statement pursuant to Securities and Exchange Commission Rule 83	 

    

 

“Claim”
has the meaning set forth in ‎Section 8.5(a).

 

“Claim Notice”
has the meaning set forth in ‎Section 8.5(a).

 

“Closing”
has the meaning set forth in ‎Section 2.3(a).

 

“Closing Date”
has the meaning set forth in ‎Section 2.3(a).

 

“Closing Purchase
Price” has the meaning set forth in ‎Section 2.3(c).

 

“Closing Transaction
Expenses” means all fees, expenses and costs incurred in connection with the transactions contemplated by this Agreement
and the other Transaction Agreements (including as a result of the Closing and whether billed prior to, on or after the Closing
Date) by any of the Acquired Companies, in each case to the extent unpaid as of the Closing Date, including (i) the fees and expenses
of financial advisors, accountants, legal counsel and other advisors and representatives, (ii) any assignment, change in control
or similar fees payable as a result of the execution of this Agreement or the other Transaction Agreements or the consummation
of the transactions contemplated hereby or thereby (excluding, for the avoidance of doubt, any prepayment penalties or breakage
costs which shall be captured by clause (xii) of the definition of “Indebtedness”), (iii) all costs, fees, reimbursement
obligations and expenses incurred as a result of (or that would be incurred as a result of) the termination of any Related Party
Contract as contemplated hereby, (iv) any bonuses, including one-time employee transaction completion bonuses to be paid by the
Acquired Companies to their employees in connection with the Closing, (v) amounts payable by the Company pursuant to the Phantom
and Common Stock Compensation Plan, (vi) the employer portion of any employment, payroll or similar Taxes attributable to the amounts
set forth in clauses (iv), (v) and, to the extent applicable (ii), (vii) fifty percent (50%) of the Escrow Fees, and (viii) any
other amount expressly identified herein as a Closing Transaction Expense.

 

“Collateral
Trust Agreement” has the meaning set forth in the recitals to this Agreement.

 

“Company”
has the meaning set forth in the recitals to this Agreement.

 

“Company Marks”
has the meaning set forth in ‎Section 5.13.

 

    		4	 

    
	 	Confidential treatment requested by the registrant for its submission of this draft registration	MIC-0641
	 	statement pursuant to Securities and Exchange Commission Rule 83	 

    

 

“Company Material
Adverse Effect” means any material adverse effect on the business, financial condition, assets or results of operations
of the Acquired Companies, taken as a whole; provided, however, that in no event shall any state of facts, circumstance,
condition, event, change, development, occurrence or effect (each, an “Effect”), individually or in the aggregate,
constitute or be taken into account in determining the occurrence of, a Company Material Adverse Effect if such Effect relates
to, arises out of or results from (i) changes in general economic or business conditions in the United States, Panama or elsewhere
in the world; (ii) changes in the credit, debt, financial or capital markets or changes in interest or exchange rates, in
each case, in the United States, Panama or elsewhere in the world; (iii) changes in conditions generally affecting the industry
in which any of the Acquired Companies operate; (iv) any outbreak or escalation of any military conflict, declared or undeclared
war, armed hostilities, civil unrest, riots, general labor strikes, or acts of foreign or domestic terrorism, including any cyber-terrorism
or cyber-attack; (v) any hurricane, flood, tornado, earthquake or other natural disaster; (vi) changes or proposed changes
in applicable Law or IFRS or in the interpretation or enforcement thereof; (vii) any failure by the Acquired Companies to meet
any internal or external estimates, expectations, budgets, projections or forecasts (but not the underlying causes of such failure
unless such underlying causes would otherwise be excepted from this definition); (viii) the public announcement of this Agreement,
the identity of (or any actions taken by) Buyer or the pendency or consummation of the transactions contemplated hereby, including
any Effect arising out of actions of competitors, customers, suppliers, distributors, joint venture partners, employees (including
losses of employees) or labor unions in connection therewith, and including any litigation arising in connection with this Agreement
or the transactions contemplated hereby; (ix)(A) any action taken by Sellers or any Acquired Company (1)  required by this
Agreement or (2) at the request of Buyer or (B) the failure by Sellers or any Acquired Company to take any action prohibited
by this Agreement if the Sellers have requested the consent of Buyer to take such action and Buyer has unreasonably withheld such
consent; provided, further, that any Effect arising out of or resulting from any change or event referred to in clause
(i), (ii), (iii), (iv), (v) or (vi) above may constitute a Company Material Adverse Effect to the extent that such change or event
has a materially disproportionate impact on the Acquired Companies compared to other companies that operate in the industries in
which the Acquired Companies operate.

 

“Company Subsidiary”
means each Subsidiary of the Company.

 

“Confidentiality
Agreement” means the confidentiality agreement, dated as of July 16, 2018, between Buyer and the Company.

 

“Consent”
means any approval, authorization, consent, ratification, permission, exemption or waiver, including, without limitation, any consent
of, or waiver by, the Sellers and the Company with respect to the Sellers Shareholders Agreement.

 

“Consolidation
Order” has the meaning set forth in ‎Section 9.9(c).

 

“Contract”
means any contract, agreement or other legally binding arrangement, including any note, bond, mortgage, loan, deed, indenture,
commitment, undertaking, promise, sale or purchase order, lease, sublease, license or sublicense, joint venture or other binding
arrangement whether written or oral (including all amendments, waivers, renewals, extension and modifications thereto).

 

“Corporate
Bond Consents” means each of (i) the written consent with respect to the transactions set forth in this Agreement from
at least fifty-one percent (51%) of the registered holders of the $200,000,000 single-series corporate bonds issued by the Company,
dated September 1, 2015 (the “Corporate Bonds”), as registered with the Superintendence of Capital Markets (“SCM”)
pursuant to SCM Resolution No. 479-15 of August 3, 2015 and (ii) the written consent with respect to the transactions set forth
in this Agreement of the Trustee, as may be necessary or required under applicable Law and the terms of the Corporate Bonds to
reflect Buyer as transferee of the Shareholding Interests and as a beneficiary of the Shares and the Management Shares under the
terms of the Collateral Trust Agreement.

 

“Corporate
Bonds” has the meaning set forth under the defined term “Corporate Bond Consents.”

 

    		5	 

    
	 	Confidential treatment requested by the registrant for its submission of this draft registration	MIC-0642
	 	statement pursuant to Securities and Exchange Commission Rule 83	 

    

 

“D&O Expenses”
has the meaning set forth in ‎Section 5.10(b).

 

“D&O Indemnifiable
Claim” has the meaning set forth in ‎Section 5.10(b).

 

“D&O Indemnified
Person” has the meaning set forth in ‎Section 5.10(a).

 

“D&O Indemnifying
Party” has the meaning set forth in ‎Section 5.10(b).

 

“Data Room”
means the electronic data site established for “Project Megaloop” by IntraLinks on behalf of Sellers and to which Buyer
and its Representatives have been given access in connection with the transactions contemplated hereby.

 

“Direct Claim”
has the meaning set forth in ‎Section 8.5(a).

 

“Disputed
Items” has the meaning set forth in ‎Section 2.4(c)(iii).

 

“Effect”
has the meaning set forth in the definition of “Company Material Adverse Effect.”

 

“Employee
Plan” means any (i) “employee benefit plan” as defined in Section 3(3) of the U.S. Employee Retirement Income
Security Act of 1974, as amended (“ERISA”), whether or not subject to ERISA, (ii) compensation, employment,
consulting, severance, termination protection, change in control, transaction bonus, retention or similar plan, agreement, arrangement,
program or policy or (iii) other plan, agreement, arrangement, program or policy providing for compensation, bonuses, profit-sharing,
equity or equity-based compensation or other forms of incentive or deferred compensation, vacation benefits, insurance (including
any self-insured arrangement), medical, dental, vision, prescription or fringe benefits, life insurance, relocation or expatriate
benefits, perquisites, disability or sick leave benefits, employee assistance program, workers’ compensation, supplemental
unemployment benefits or post-employment or retirement benefits (including compensation, pension, health, medical or insurance
benefits), including relating to any acquired rights provided for pursuant to applicable Law, in each case whether or not written
(x) that is sponsored, maintained, administered, contributed to or entered into by the Acquired Companies or any of their Affiliates
for the current or future benefit of any current or former Service Provider or (y) for which the Acquired Companies have any direct
or indirect liability.

 

“Encumbrance”
means any lien, pledge, mortgage, security interest or similar encumbrance (including any restriction on the right to vote, sell
or otherwise dispose of capital stock, voting securities or ownership interests).

 

“Enforceability
Limitations” has the meaning set forth in ‎Section 3.1(c).

 

“Environmental
Law” means any Law related to the protection, preservation or cleanup of the environment or natural resources.

 

“Escrow Account”
means the escrow account established pursuant to the Escrow Agreement and to which the Escrow Amount will be deposited at the Closing.

 

    		6	 

    
	 	Confidential treatment requested by the registrant for its submission of this draft registration	MIC-0643
	 	statement pursuant to Securities and Exchange Commission Rule 83	 

    

 

“Escrow Agent”
means the entity designated to serve as escrow agent under the Escrow Agreement.

 

“Escrow Agreement”
means an escrow agreement among Buyer, Sellers and the Escrow Agent, to be executed and delivered at the Closing in a form reasonably
satisfactory to Buyer and Sellers.

 

“Escrow Amount”
means the Adjustment Escrow Amount and the Indemnity Escrow Amount.

 

“Escrow Fees”
has the meaning set forth in ‎Section 9.1.

 

“Escrow Funds”
means the Escrow Amount deposited with the Escrow Agent in accordance with the Escrow Agreement, together with any interest, income
or profits thereon.

 

“Excepted
Representations” means the representations and warranties set forth in ‎Section 3.8(b), ‎Section 3.10(b)
(solely with respect to the phrase “material to the conduct of the business”), ‎Section 3.11(b) (solely
with respect to the word “material” in “material Orders”), ‎Section 3.12 (solely with respect
to the word “material” in “material insurance policies”, “material property”, “material
claim” and “material self-insurance programs”), ‎Section 3.15(a) (solely with respect to the word
 “material” in “Material Employee Plan”), and any representations and warranties that include the term “Material
Contracts” (solely with respect to the word “material” in “Material Contracts”).

 

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

 

“Final Adjustment
Report” has the meaning set forth in ‎Section 2.4(c)(ii).

 

“Final Net
Indebtedness” has the meaning set forth in ‎Section 2.4(c)(iii).

 

“Final Purchase
Price” has the meaning set forth in ‎Section 2.2.

 

“Final Transaction
Expenses” has the meaning set forth in ‎Section 2.4(c)(iii).

 

“Financial
Statements” means the Audited Financial Statements and the Unaudited Financial Statements.

 

“First Release
Date” has the meaning set forth in ‎Section 8.1(a).

 

“Governmental
Body” means any foreign, federal, state, prefect, provincial, municipal, local or other court or governmental authority,
agency, division or any instrumentality or other political subdivision thereof, international authority, board or commission, or
any instrumentality or officer acting in an official capacity of any of the foregoing.

 

“Government
Official” means any public or elected official or officer, employee (regardless of rank), or person acting in an official
capacity on behalf of a national, provincial, or local government, including a department, agency, instrumentality, state-owned
or state–controlled company, public international organization (such as the United Nations or World Bank), or non-U.S. political
party, non-U.S. party official or any candidate for political office.

 

    		7	 

    
	 	Confidential treatment requested by the registrant for its submission of this draft registration	MIC-0644
	 	statement pursuant to Securities and Exchange Commission Rule 83	 

    

 

“ICC”
has the meaning set forth in ‎Section 9.9(b).

 

“IFRS”
means International Financial Reporting Standards, as issued by the International Financial Reporting Standards Board (IASB).

 

“Indebtedness”
means, with respect to any Person and without duplication, all obligations of such Person to pay principal and interest, including
accrued but unpaid interest, with respect to (i) any indebtedness for borrowed money (including debt in connection with Green Real
Estate and Investments Corp.), (ii) all liabilities evidenced by bonds, debentures, notes or other similar instruments or debt
securities, (iii) letters of credit, standby letters of credit or performance bonds issued by such Person to the extent actually
drawn, (iv) finance or capital leases under which such Person is the lessee that are capitalized in accordance with IFRS as in
effect in 2018 (excluding, for the avoidance of doubt, IFRS 16 to become effective in 2019) and, with respect to the Acquired Companies,
capitalized in the corporate books of the Acquired Companies, (v) dividends declared with a record date before the Closing that
are to be paid after the Closing, (vi) interest rate or currency swap, foreign exchange, forward, spot or similar agreements, in
each case, valued at the fair market value on the date of closing thereof, but only if such arrangement is terminated by the counterparty
thereof upon the Closing in accordance with the terms thereof, (vii) direct or indirect guarantees or other forms of credit support
of obligations described in the foregoing clauses (i) through (vi) of any Person, (viii) all unpaid current liabilities for estimated
income Tax of the Acquired Companies net of any prepaid income Tax (estimadas) in respect of (A) a Pre-Closing Tax Period
that ends on or includes the Closing Date and (B) any other Pre-Closing Tax Period if an Acquired Company has not yet filed an
income Tax return with respect thereto, and (ix) to the extent not already included in Closing Transaction Expenses, all obligations
to pay penalties (including but not limited to prepayment penalties or breakage costs, other than any breakage costs in connection
with the prepayment of the Corporate Bonds), fees, guarantees, reimbursements and costs of unwinding in connection with the obligations
described in the foregoing clauses (i) through (vii) of any Person to the extent that such Indebtedness is required by its existing
terms or the terms of this Agreement to be paid on or prior to or as a result of the Closing; provided, however, that “Indebtedness”
shall exclude any amounts owed by any Acquired Company solely to another Acquired Company; provided, further, that
 “Indebtedness” for purposes of any calculation to be made in accordance with ‎Section 2.3(c) or ‎Section
2.4 shall be determined consistent with Schedule II of the Sellers Disclosure Schedules.

 

“Indemnified
Party” has the meaning set forth in ‎Section 8.5(a).

 

“Indemnifying
Party” has the meaning set forth in ‎Section 8.5(a).

 

“Indemnity
Escrow Amount” means that portion of the Escrow Amount initially equal to $150,000,000 in the form of Indemnity Escrow
Shares, and as adjusted pursuant to ‎Section 8.9.

 

“Indemnity
Escrow Funds” means that portion of the Escrow Funds attributable to the Indemnity Escrow Amount.

 

“Indemnity
Escrow Shares” means the Shareholding Interests with a value equal to the Sellers’ Retained Shares which initially
represents the Indemnity Escrow Amount, calculated based on a valuation of the Sellers’ Retained Shares implied by the Closing
Purchase Price, after giving effect to any Recapitalization Event, as such Shareholding Interests shall be replaced with Sellers’
Retained Shares with an equivalent value pursuant to ‎Section 5.15, and which Indemnity Escrow Shares may be replaced
with cash pursuant to ‎Section 8.9.

 

    		8	 

    
	 	Confidential treatment requested by the registrant for its submission of this draft registration	MIC-0645
	 	statement pursuant to Securities and Exchange Commission Rule 83	 

    

 

“Indemnity
Payments” has the meaning set forth in ‎Section 8.9(b).

 

“Intellectual
Property” means any and all worldwide intellectual property and similar proprietary rights, including (i) inventions,
(ii) patents and patent applications, including all provisionals, non-provisionals, continuations, continuations-in-part,
divisionals, reissues, reexaminations, renewals and extensions, (iii) trade secrets and know-how, (iv) copyrights, including
registrations and applications therefor and all derivative works, moral rights, renewals, extensions, reversions and restorations
associated with such copyrights, now or hereafter provided by law, regardless of the medium of fixation or means of expression,
(v) trademarks, service marks, trade names, logos, corporate names, brand names, certification marks, trade dress, social media
identifiers and accounts and other source indicators (and any goodwill associated therewith), (vi) Internet domain names and
Internet protocol addresses, (vii) software (including source code, object code, firmware, operating systems and specifications),
(viii) databases and data collections and (ix) any and all applications and registrations for any and all of the foregoing.

 

“IT Assets”
means any and all computers, software, firmware, middleware, servers, workstations, routers, hubs, switches, data communications
lines, and all other information technology assets, including all associated documentation related to any of the foregoing, (i)
owned by any Acquired Company or (ii) licensed or leased to any Acquired Company.

 

“J.P. Morgan”
means J.P. Morgan Securities LLC.

 

“Law”
means any law, statute, code, rule or regulation enacted by any Governmental Body.

 

“Leased Real
Property” means all leases, subleases or licenses (including all modifications, extensions, amendments or supplements
thereto) under which any of the Acquired Companies leases, subleases or licenses any real property.

 

“Legal Proceeding”
means any claim, action, suit or proceeding before any Governmental Body, including any Tax Contest.

 

“Licensed
Intellectual Property” means any and all Intellectual Property owned by a third party and licensed or sublicensed to
any Acquired Company or for which any Acquired Company has obtained a covenant not to be sued.

 

“Loan”
has the meaning set forth in ‎Section 5.15(b)(iii).

 

    		9	 

    
	 	Confidential treatment requested by the registrant for its submission of this draft registration	MIC-0646
	 	statement pursuant to Securities and Exchange Commission Rule 83	 

    

 

“Losses”
means all damages, fines, penalties, costs (including cost-adjustments) and expenses (including reasonable costs of investigation,
defense or settlement, court costs and reasonable fees and expenses of attorneys and other professionals), claims, awards, assessments,
charges, Taxes or other liabilities whatsoever, whether contractual, tortious, statutory or otherwise, suffered, sustained, paid
or incurred by a Person, including in connection with any Legal Proceeding, whether involving a claim brought by a Governmental
Body, a Third-Party Claim, or a claim solely between parties hereto; provided that, except to the extent awarded in respect
of a Third-Party Claim, Losses shall not include (i) incidental, indirect or consequential damages, lost profits or diminution
in value (other than to the extent reasonably foreseeable) or (ii) exemplary, punitive or similar damages. For the avoidance of
doubt, in the case of indemnity payments made by the Company, any Losses of any Buyer Indemnified Party shall expressly include
the amount required to gross up Buyer to take into account the portion of such payment indirectly borne by Buyer by reason of Buyer’s
ownership interest in the Company.

 

“Management
Shares” means the shares issued by the Company from time to time to one or more key executives of the Company pursuant
to the Phantom and Common Stock Compensation Plan, as set forth on Schedule I-C of the Sellers Disclosure Schedules.

 

“Material
Contracts” has the meaning set forth in ‎Section 3.13(a).

 

“Net Indebtedness”
means, as of a specified time, the aggregate amount of Indebtedness of the Acquired Companies minus the aggregate amount
of Cash and Cash Equivalents of the Acquired Companies (which may be a positive or negative number); provided that “Net
Indebtedness” for purposes of any calculation to be made in accordance with ‎Section 2.3(c) or ‎Section
2.4 shall be determined consistent with Schedule II of the Sellers Disclosure Schedules.

 

“Non-Success
Based” means, with respect to capital expenditures, all capital expenditures other than those related to (i) equipment
on customer premises, (ii) installation costs of services provided to customers and (iii) investments related to projects with
business or government customers.

 

“Notice of
Disagreement” has the meaning set forth in ‎Section 2.4(c)(ii).

 

“Order”
means any judgment, order, written opinion or decree of any Governmental Body.

 

“Organizational
Documents” means, with respect to any Person, the articles of incorporation, certificate of incorporation, charter, by-laws,
articles of formation, certificate of formation, regulations, operating agreement, partnership agreement, shareholders agreement,
certificate of limited partnership, and all other similar documents, instruments or certificates executed, adopted or filed in
connection with the creation, formation or organization of such Person, including any amendments thereto or restatements thereof.

 

“Owned Intellectual Property”
means any and all Intellectual Property owned, or purported to be owned, by any Acquired Company.

 

“Owned Real Property”
means any and all real property owned by any of the Acquired Companies.

 

“Panama” means the Republic
of Panama.

 

“Party”
means each of Buyer and each Seller.

 

“Pending Claim”
has the meaning set forth in ‎Section 8.9(a).

 

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	 	Confidential treatment requested by the registrant for its submission of this draft registration	MIC-0647
	 	statement pursuant to Securities and Exchange Commission Rule 83	 

    

 

“Permits” means
all permits, licenses, franchises, concessions, certificates, authorizations, registrations and approvals obtained from Governmental
Bodies.

 

“Permitted
Encumbrances” means (a) Encumbrances for Taxes not yet due and payable or for Taxes that are being contested in good
faith by appropriate proceedings and for which adequate accruals or reserves have been established in the Audited Balance Sheet
as of the Audited Balance Sheet Date; (b) Encumbrances of carriers, warehousemen, mechanics, materialmen, repairmen and other
similar common law or statutory Encumbrances arising or incurred in the ordinary course of business consistent with past practice
for amounts that are not more than 60 days overdue or are being contested in good faith by appropriate procedures and for which
adequate accruals or reserves have been established in the Audited Balance Sheet as of the Audited Balance Sheet Date; (c) Encumbrances
arising under original purchase price conditional sales contracts and equipment leases with third parties entered into in the ordinary
course of business consistent with past practice; (d) the effect of zoning, entitlement, building and land use ordinances,
codes and regulations imposed by any Governmental Body; (e) customary covenants, defects of title, easements, rights of way,
restrictions and other similar non-monetary Encumbrances affecting Real Property that are disclosed in publicly recorded documents
and that, individually or in the aggregate, do not interfere in any material respect with or otherwise impair in any material respect
the use, occupancy, value or marketability of title of the property subject thereto; (f) any Encumbrances reflected in the
Financial Statements; and (g) any other Encumbrances that are not, individually or in the aggregate, material to the business of
the Acquired Companies or that will be released on or prior to the Closing Date.

 

“Person”
means any individual, general or limited partnership, corporation, limited liability company, business trust, joint stock company,
trust, unincorporated organization, joint venture, firm, association or other entity or organization (whether or not a legal entity),
including any Governmental Body (or any department, agency, or political subdivision thereof).

 

“Phantom and
Common Stock Compensation Plan” means (a) that certain phantom and common stock compensation plan as approved by the
board of directors of the Company as of February 14, 2014, and as amended and supplemented from time to time on or prior to the
date hereof, whereby certain members of the management team listed under the plan receive a bonus paid in cash in an amount equivalent
to the value of the stock and/or stock grants, as determined by the Company from time to time; and (b) any grant agreements or
other contracts entered into by the Company pursuant to such plan.

 

“Pre-Closing
Period” has the meaning set forth in ‎Section 5.1(a).

 

“Pre-Closing
Tax Period” means any Tax period of the Acquired Companies ending on or prior to the Closing Date and, with respect to
a Tax period that begins on or prior to the Closing Date and ends after the Closing Date, the portion of such Tax period ending
on and including the Closing Date. For purposes of determining the income Taxes that are with respect to a Pre-Closing Tax Period
for a Tax period that begins on or before the Closing Date occurs and ends thereafter, Pre-Closing Tax Period Taxes shall be deemed
to include the amount that would be payable if the relevant Tax period ended on and included the Closing Date.

 

“Preliminary
Closing Report” has the meaning set forth in ‎Section 2.4(a).

 

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	 	Confidential treatment requested by the registrant for its submission of this draft registration	MIC-0648
	 	statement pursuant to Securities and Exchange Commission Rule 83	 

    

 

“Pro Rata
Share” means with respect to each Seller, the percentage set forth across from such Seller’s name on Schedule
I-B of the Sellers Disclosure Schedules.

 

“Real Properties”
means, collectively, the Owned Real Property and the Leased Real Property (each, individually, a “Real Property”).

 

“Real Property
Leases” means all leases, subleases and ground leases (including all modifications, extensions, amendments and/or supplements
thereto and any guaranties thereof) relating to each Leased Real Property.

 

“Recapitalization
Event” means any event of share combination or subdivision, stock splits, stock dividends, bonus shares or any other
reclassification, reorganization or recapitalization of the Total Shares.

 

“Registered
Company Intellectual Property” has the meaning set forth in ‎Section 3.14(a).

 

“Related Agreements”
has the meaning set forth in ‎Section 9.9(c).

 

“Related Party”
has the meaning set forth in ‎Section 3.19.

 

“Related Party
Contract Amendments” means (i) Adenda No. 1 al Contrato de Transmisión de Canales de Television “COS
y COS FC” by and between the Company and Corporación Medcom Panamá, S.A., (ii) Adenda No. 1 al Contrato
de Transmisión del Canal de Television “ECO” by and between the Company and Corporación Medcom Panamá,
S.A., (iii) Adenda No. 1 al Contrato de Cesión de Derechos de Comercialización by and between the Company
and Corporación Medcom Panamá, S.A., (iv) Adenda No. 1 al Contrato de Licencia de Derechos de Contenido de las
Señales de Televisión Abierta “Telemetro” y “RPC” by and between the Company and Corporación
Medcom Panamá, S.A., (v) Adenda No. 1 al Contrato de Licencia de Derechos de Contenido de la Señal de Televisión
Abierta “OYE” by and between the Company and Corporación Medcom Panamá, S.A. and (vi) Adenda No.
1 al Contrato de Licencia de Derechos de Contenido de las Señales de Televisión Abierta “TVN” y “TVMAX”
by and between the Company and Televisora Nacional, S.A., each dated as of October 4, 2018.

 

“Released
Buyer Person” has the meaning set forth in ‎Section 9.16.

 

“Released
Sellers Person” has the meaning set forth in ‎Section 9.16.

 

“Releasing
Buyer Person” has the meaning set forth in ‎Section 9.16.

 

“Releasing
Sellers Person” has the meaning set forth in ‎Section 9.16.

 

“Representatives”
means the directors, officers, employees, investment bankers, consultants, attorneys, accountants and other advisors and representatives
of a Person.

 

“Resolution
Period” has the meaning set forth in ‎Section 2.4(c)(ii).

 

“Review Period”
has the meaning set forth in ‎Section 2.4(c)(i).

 

“SCM”
has the meaning set forth under the defined term “Corporate Bond Consents.”

 

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	 	Confidential treatment requested by the registrant for its submission of this draft registration	MIC-0649
	 	statement pursuant to Securities and Exchange Commission Rule 83	 

    

 

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

 

“Second Release
Date” means the date that is the third anniversary of the Closing.

 

“Sellers”
has the meaning set forth in the introductory paragraph to this Agreement.

 

“Sellers Disclosure
Schedules” means the disclosure schedules delivered by Sellers to Buyer concurrently with the execution and delivery
of this Agreement dated as of the date hereof.

 

“Sellers Fundamental
Representations” has the meaning set forth in ‎Section 8.1(a).

 

“Sellers Indemnification
Threshold” has the meaning set forth in ‎Section 8.4(a)(i).

 

“Sellers Indemnified
Parties” has the meaning set forth in ‎Section 8.3.

 

“Sellers Per
Claim Threshold” has the meaning set forth in ‎Section 8.4(a)(i).

 

“Sellers’
Knowledge” means, as to a particular matter, the knowledge, after reasonable inquiry, of the individuals listed in Schedule
III of the Sellers Disclosure Schedules.

 

“Sellers’
Retained Shares” means the Total Shares, minus the Shares and the Management Shares.

 

“Sellers Shareholder
Agreement” means that certain shareholders agreement dated as of December 1, 2009, among the Sellers and the Company,
as amended.

 

“Service Provider”
means any director, officer, employee or individual independent contractor of any of the Acquired Companies.

 

“Severance
Funds” means those certain severance funds (fondos de cesantía) pursuant to Articles 229-A to 229-K of
the Labor Code of the Republic of Panama.

 

“Shareholders
Agreement” has the meaning set forth in ‎Section 6.1(d).

 

“Shareholding
Interests” means the beneficial interest (“Intereses Accionarios”) in the Total Shares recognized
by the Trustee pursuant to the Collateral Trust Agreement.

 

“Shares”
has the meaning set forth in the recitals to this Agreement.

 

“Subsidiary”
means, with respect to any Person, any other Person with respect to which such first Person (alone or in combination with any of
such first Person’s other Subsidiaries) owns (a) capital stock or other equity interests having the ordinary voting
power to elect a majority of the board of directors or other governing body of such Person or (b) if no such governing body
exists, a majority of the outstanding voting securities of such Person.

 

“Subsidiary
Shares” has the meaning set forth in ‎Section 3.4(a) to this Agreement.

 

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	 	statement pursuant to Securities and Exchange Commission Rule 83	 

    

 

“Tax”
or “Taxes” means any and all foreign, federal, state, provincial or local taxes, withholdings, charges, fees,
levies or other assessments or similar charges of any kind whatsoever imposed by any Governmental Body, together with all interest,
fines, penalties and additions attributable to or imposed with respect to such amounts.

 

“Tax Claim”
means any pending or threatened Tax Contest for which the Sellers may be required to indemnify any Buyer Indemnified Party under
‎Section 8.2.

 

“Tax Contest”
means any audit, assessment, proposed adjustment, deficiency, action, suit, court or administrative proceeding, investigation or
other dispute or similar claim with respect to any Tax matter that affects any of the Acquired Companies.

 

“Termination
Date” has the meaning set forth in ‎Section 7.1(b).

 

“Territory”
means the Republic of Panama.

 

“Third-Party
Claim” has the meaning set forth in ‎Section 8.5(a).

 

“Third-Party
Payments” has the meaning set forth in ‎Section 8.4(c).

 

“Total Shares”
has the meaning set forth in the recitals to this Agreement.

 

“Transaction
Agreements” means this Agreement, the Escrow Agreement, the Shareholders Agreement and the other agreements, instruments
and documents delivered at the Closing in connection with the transactions contemplated by this Agreement, unless expressly excluded
by the terms of such other agreements, instruments or documents.

 

“Transfer
Taxes” has the meaning set forth in ‎Section 9.11.

 

“Trustee”
means BG Trust, Inc., solely in its capacity as trustee under the Collateral Trust Agreement.

 

“Unaudited
Balance Sheet” means the unaudited consolidated balance sheet of the Acquired Companies as of June 30, 2018.

 

“Unaudited
Financial Statements” means the unaudited consolidated financial statements of the Acquired Companies consisting of the
Unaudited Balance Sheet and all of the related statements of income, cash flows and stockholders’ equity of the Acquired
Companies for the six (6) months ended June 30, 2018 (including, in each case, any related notes thereto).

 

“Working Capital”
means (i) the sum of all current assets (excluding Cash and Cash Equivalents) of the Acquired Companies immediately prior to the
Closing Date less (ii) the sum of all current and certain long-term liabilities as referenced in Schedule IV of the Sellers
Disclosure Schedules (excluding Indebtedness and Closing Transaction Expenses) of the Acquired Companies immediately prior to the
Closing Date, and in each case determined in accordance with IFRS rules in effect in 2018 (excluding, for the avoidance of doubt,
IFRS 16 to become effective in 2019); provided, however, that “Working Capital” for purposes of any calculation
to be made in accordance with ‎Section 2.3(c) or ‎Section 2.4 shall be determined consistent with Schedule
IV of the Sellers Disclosure Schedules.

 

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	 	statement pursuant to Securities and Exchange Commission Rule 83	 

    

 

“Working Capital
Adjustment Amount” means the amount equal to (a) Working Capital minus (b) the Working Capital Target.

 

“Working Capital
Target” means $15 million.

 

Article
2

PURCHASE
AND SALE

 

Section 2.1.          Purchase
and Sale of the Shares.   On the terms and subject to the conditions set forth in this Agreement, at the Closing,
Sellers shall sell, assign, transfer and convey, or shall cause the sale, assignment, transfer and conveyance of, the Shares and
the Management Shares, to Buyer, and Buyer shall purchase, acquire and accept from Sellers, the Shares and the Management Shares,
in consideration for payment of the Closing Purchase Price. Each Seller shall be entitled to receive its Pro Rata Share of the
Closing Purchase Price.

 

Section 2.2.          Final
Purchase Price.   The aggregate purchase price payable by Buyer to Sellers for the Shares and the Management
Shares (the “Final Purchase Price”) shall be an amount equal to (a) the Closing Purchase Price (as determined
in accordance with ‎Section 2.3(c)), (b) plus the amount, if any, payable by Buyer to Sellers pursuant to ‎Section
2.4(d) or (c) minus the amount, if any, payable by Sellers to Buyer pursuant to ‎Section 2.4(d). Each Seller
shall be entitled to receive its Pro Rata Share of the Final Purchase Price.

 

Section 2.3.          Closing

 

(a)          Subject
to the terms and conditions of this Agreement, the closing of the transactions contemplated hereby (the “Closing”)
shall take place at 10:00 a.m., Eastern time, at the offices of Arias, Fábrega & Fábrega, ARIFA Building, 10th
Floor, West Boulevard, Santa Maria Business District, Panama, Republic of Panama, on the date that is the twelfth (12th) Business
Day of the month immediately following the month in which all the conditions to Closing set forth in ‎Article 6 have
been satisfied or waived in writing (other than any conditions that by their nature are to be satisfied at the Closing, it being
understood that the occurrence of the Closing shall remain subject to the satisfaction or waiver in writing of such conditions
at the Closing), unless another date, place or time is agreed to in writing by Buyer and Sellers. The date on which the Closing
is actually held is referred to herein as the “Closing Date.” The Closing will be deemed effective as of the
close of business on the Closing Date for tax and accounting purposes.

 

(b)          At
the Closing:

 

(i)          Buyer
shall deliver, or cause to be delivered, to Sellers:

 

(A)         the
Closing Purchase Price, as determined pursuant to ‎Section 2.3‎(c), less an amount equal to five percent
(5%) (the “Capital Gains Tax”) of the Closing Purchase Price, which amount represents an advance payment of
the capital gains tax payable under Panamanian Law and which shall be withheld by Buyer and paid by Buyer, on behalf of the Sellers,
pursuant to ‎Section 9.12(a). The Closing Purchase Price shall be delivered to Sellers by wire transfer of immediately
available funds to accounts designated in writing by Sellers to Buyer at least two (2) Business Days prior to the Closing Date;

 

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	 	statement pursuant to Securities and Exchange Commission Rule 83	 

    

 

(B)         the
certificate contemplated by ‎Section 6.3(c);

 

(C)         duly
executed corporate resolutions of Buyer authorizing and approving the execution, delivery and performance of the Transaction Agreements
and the transactions contemplated hereby and thereby;

 

(D)         Buyer’s
duly executed counterpart to the Escrow Agreement; and

 

(E)         such
other documents or instruments as Sellers reasonably request and are reasonably necessary or advisable to consummate the transactions
contemplated by the Transaction Agreements.

 

(ii)         (A)
Buyer shall deposit (or cause to be deposited) with the Escrow Agent the Adjustment Escrow Amount by wire transfer of immediately
available funds subject to the terms of the Escrow Agreement, which deposit shall be made out of funds that otherwise would have
been paid as part of the Closing Purchase Price, and Buyer shall be deemed to have deposited on behalf of each Seller its Pro Rata
Share of the Adjustment Escrow Amount; and (B) Sellers shall deposit (or cause to be deposited) with the Escrow Agent, the Indemnity
Escrow Amount.

 

(iii)        Sellers
shall deliver, or cause to be delivered, to Buyer:

 

(A)         stock
certificates evidencing the Shares and the Management Shares, free and clear of all Encumbrances (other than the Encumbrance created
by the Collateral Trust Agreement), accompanied by instruments of transfer, subject to the conditions set forth in ‎Section
2.3(b)(iv);

 

(B)         the
certificate contemplated by ‎Section 6.2(d);

 

(C)         duly
executed corporate resolutions of the Sellers authorizing and approving the execution, delivery and performance of the Transaction
Agreements and the transactions contemplated hereby and thereby;

 

(D)         evidence
that the Sellers Shareholders Agreement shall have been terminated on or prior to the Closing Date without any continuing liability
or obligation of the Company or any of the Company’s Affiliates after the Closing Date in connection therewith or thereunder;
and

 

(E)         each
Seller’s duly executed counterpart to the Escrow Agreement.

 

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	 	Confidential treatment requested by the registrant for its submission of this draft registration	MIC-0653
	 	statement pursuant to Securities and Exchange Commission Rule 83	 

    

 

(iv)        The
parties hereto acknowledge that the Shares and the Management Shares are sold subject to the Encumbrance created by the Collateral
Trust Agreement and the transfer by Sellers to Buyer of the Shares and the Management Shares at the Closing pursuant to this Agreement
shall be made subject to the following conditions: (i) the Shares and the Management Shares shall remain and continue to be at
all times subject to the Encumbrance created by the Collateral Trust Agreement to secure the obligations of the Company under the
Corporate Bonds and (ii) simultaneously with the acceptance of title to the Shares and the Management Shares, Buyer shall assign
and transfer title to the Shares and the Management Shares to the Trustee such that the Shares and the Management Shares remain
and continue to be at all times subject to the Encumbrance created by the Collateral Trust Agreement to secure the obligations
of the Company under the Corporate Bonds. Immediately upon such assignment and transfer of title by Buyer to the Trustee, the Trustee
shall recognize the Buyer as beneficiary of the Shareholding Interests in the Shares and the Management Shares. If required by
the Trustee, Buyer shall sign a joinder agreement to the Collateral Trust Agreement.

 

(c)          The
amount of cash to be paid by Buyer to Sellers at the Closing before reduction on account of the Capital Gains Tax (the “Closing
Purchase Price”) shall be: (x) eighty percent (80%) of the total of an amount equal to $1,460,000,000 minus Net
Indebtedness of the Acquired Companies as of immediately prior to the Closing Date minus Closing Transaction Expenses plus
the Working Capital Adjustment Amount (which may be a positive or negative number); minus (y) the Adjustment Escrow Amount.
For the avoidance of doubt, there shall be no duplication among the items included in Net Indebtedness, Closing Transaction Expenses
and Working Capital. Further, for the avoidance of doubt, consideration for the Management Shares shall be paid by Buyer out of
the Closing Purchase Price to such key executives of the Company set forth on Schedule I-C of the Sellers Disclosure Schedules
in respect of each such key executive’s pro rata portion of the Closing Purchase Price; upon delivering such consideration
to such key executives, Buyer shall have no further obligations with respect to the Management Shares.

 

Section 2.4.          Preliminary
Closing Report; Post-Closing Adjustment

 

(a)          At
least three (3) days prior to the anticipated Closing Date, Sellers shall deliver to Buyer a written report (“Preliminary
Closing Report”) setting forth in reasonable detail the Sellers’ reasonable, good faith estimates of the Closing
Purchase Price, Net Indebtedness, Closing Transaction Expenses and the Working Capital Adjustment Amount as of the close of business
on the day immediately preceding the Closing Date. Each of the components of the Preliminary Closing Report will be prepared in
a manner consistent with the respective definitions thereof as set forth herein. Sellers shall consider in good faith any of Buyer’s
comments to such Preliminary Closing Report and reasonably cooperate with Buyer to provide such supporting documentation as reasonably
requested by Buyer in connection with Buyer’s review of the Preliminary Closing Report.

 

(b)          As
soon as reasonably practicable following the Closing Date (but no later than sixty (60) days after the Closing Date), Buyer shall
deliver to Sellers a statement (the “Buyer Adjustment Report”) setting forth in reasonable detail Buyer’s
good-faith calculation of Final Purchase Price, Net Indebtedness, Closing Transaction Expenses and the Working Capital Adjustment
Amount as of the Closing Date. If Buyer does not timely deliver the Buyer Adjustment Report within such sixty (60) day period,
the Closing Purchase Price as determined pursuant to ‎Section 2.3(c) shall be deemed to be the “Final Purchase
Price” for all purposes hereunder.

 

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	 	Confidential treatment requested by the registrant for its submission of this draft registration	MIC-0654
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(c)          The
following procedures shall apply with respect to the review of the Buyer Adjustment Report:

 

(i)          Sellers
shall have a period of sixty (60) days after receipt by Sellers of the Buyer Adjustment Report to review such Report (the “Review
Period”). During the Review Period, Buyer shall (x) provide the Sellers and their Representatives reasonable access during
normal business hours to the books and records of the Acquired Companies used in preparation of the Buyer Adjustment Report, (y)
reasonably cooperate with Sellers to provide other information reasonably requested by Sellers in connection with Sellers’
review of the Buyer Adjustment Report and any dispute with respect thereto as contemplated by this ‎Section 2.4, and
(z) use its commercially reasonable efforts to cause its accountants and employees to reasonably cooperate with Sellers in connection
with such review.

 

(ii)         If
Sellers do not deliver to Buyer a written statement describing any objections Sellers have to the Buyer Adjustment Report and in
reasonable detail Sellers’ grounds for such objections (a “Notice of Disagreement”) on or before the final
day of the Review Period, or if the Sellers deliver, prior to the final day of the Review Period, written notice to Buyer that
it has no objections to the Buyer Adjustment Report, then Sellers shall be deemed to have irrevocably accepted such Buyer Adjustment
Report, and such Buyer Adjustment Report shall be binding on and non-appealable by the Parties and deemed to be the “Final
Adjustment Report” for purposes of the payment (if any) contemplated by ‎Section 2.4(d). Any matters or amounts
not raised in the Notice of Disagreement shall be deemed to be final and binding on, and non-appealable by, the Parties. If Sellers
deliver to Buyer a Notice of Disagreement on or before the final day of the Review Period, then Buyer and Sellers shall attempt
to resolve in good faith the matters contained in the Notice of Disagreement within thirty (30) days after Buyer’s receipt
of the Notice of Disagreement (the “Resolution Period”). If Buyer and Sellers reach a resolution with respect
to such matters on or before the final day of the Resolution Period, then the Buyer Adjustment Report, as modified by such resolution,
shall be deemed to be the “Final Adjustment Report” for purposes of the payment (if any) contemplated by ‎Section
2.4(d).

 

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	 	Confidential treatment requested by the registrant for its submission of this draft registration	MIC-0655
	 	statement pursuant to Securities and Exchange Commission Rule 83	 

    

 

(iii)        If
such a resolution is not reached on or before the final day of the Resolution Period (or such longer period as the Sellers and
Buyer may agree in writing), then Buyer and Sellers shall promptly (and in any event no later than five (5) Business Days after
the last day of the Resolution Period or such other agreed upon date) retain the Accounting Firm (including by executing a customary
agreement with the Accounting Firm in connection with its engagement) and submit any and all unresolved objections covered by the
Notice of Disagreement (but only such matters and amounts) (the “Disputed Items”) to the Accounting Firm for
resolution in accordance with this ‎Section 2.4(c)(iii). The Accounting Firm will be instructed to (A) make a final
determination on an expedited basis (and in any event within thirty (30) days after submission of the Disputed Items) with respect
to each of the Disputed Items (and only the Disputed Items) that is within the range of the respective positions taken by each
of Buyer and Sellers and (B) prepare and deliver to Buyer and Sellers a written statement setting forth its final determination
(and a reasonably detailed description of the basis therefor) with respect to each Disputed Item (the “Accounting Firm’s
Report”). During the ten (10) days after submission of the Disputed Items to the Accounting Firm, each of Buyer and Sellers
may provide the Accounting Firm with a definitive statement in writing of its positions with respect to the Disputed Items (and
only the Disputed Items) and any supporting documents or materials that such party deems necessary or appropriate. The Accounting
Firm will be provided with reasonable access to the books and records of Buyer, the Acquired Companies and Sellers for purposes
of making its final determination with respect to the Disputed Items, and Buyer, Sellers and the Acquired Companies shall otherwise
reasonably cooperate with the Accounting Firm in connection therewith. Each of Buyer and each Seller agrees that (1) the Accounting
Firm’s determination with respect to each Disputed Item as reflected in the Accounting Firm’s Report shall be deemed
to be final, conclusive, binding and non-appealable, absent fraud or manifest error, (2) the Buyer Adjustment Report, as modified
by any changes thereto in accordance with the Accounting Firm’s Report, shall be deemed to be the “Final Adjustment
Report” for purposes of the payment (if any) contemplated by ‎Section 2.4(d), (3) the procedures set forth
in this ‎Section 2.4 shall be the sole and exclusive remedy with respect to the final determination of the Final Adjustment
Report and (4) the Accounting Firm’s determination under this ‎Section 2.4(c)(iii) shall be enforceable as
an arbitral award, and judgment may be entered thereupon in any court having jurisdiction over the Party against which such determination
is to be enforced. (x) Net Indebtedness, (y) Closing Transaction Expenses and (z) the Working Capital Adjustment Amount, each as
of the Closing Date as set forth in the Final Adjustment Report, shall be deemed to be, respectively, the “Final Net Indebtedness”,
 “Final Transaction Expenses” and the “Final Working Capital Adjustment Amount”. Notwithstanding
anything to the contrary contained herein, if the Closing occurs after December 31, 2018, all calculations contained in the Final
Adjustment Report shall be calculated without giving effect to IFRS 16.

 

(iv)        Each
of Buyer and Sellers shall (A) pay its own respective costs and expenses incurred in connection with this ‎Section
2.4 and (B) be responsible for the fees and expenses of the Accounting Firm on a pro rata basis based on the amount of
the adjustment relative to the respective positions of Buyer and Sellers (which shall be determined by the Accounting Firm and
set forth in the Accounting Firm’s Report).

 

(d)          Within
two (2) Business Days after the determination of the Final Adjustment Report in accordance with this ‎Section 2.4 (including
by failure to timely deliver a Notice of Disagreement):

 

(i)          if
the Additional Payment Amount is a negative number or zero, then (x) Buyer shall pay an amount in cash equal to the absolute value
of the Additional Payment Amount, less the applicable Capital Gains Tax, to Sellers by wire transfer of immediately available funds
to such account or accounts of Sellers as may be designated in writing by Sellers to Buyer and (y) Buyer and Sellers shall, pursuant
to the terms of the Escrow Agreement, deliver a joint written instruction to the Escrow Agent to release the Adjustment Fund from
the Escrow Account to Sellers; or

 

(ii)         if
the Additional Payment Amount is a positive number, then, Buyer and Sellers shall, pursuant to the terms of the Escrow Agreement,
deliver a joint written instruction to the Escrow Agent to release the Additional Payment Amount from the Escrow Funds to Buyer,
and if the Adjustment Fund exceeds the Additional Payment Amount, to release an amount equal to such excess from the Adjustment
Fund to Sellers. If the Additional Payment Amount exceeds both the Adjustment Fund and the Indemnity Escrow Funds, then each Seller
shall pay its Pro Rata Share of an amount in cash equal to the excess to Buyer by wire transfer of immediately available funds
to such account of Buyer as may be designated in writing by Buyer to Sellers.

 

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	 	Confidential treatment requested by the registrant for its submission of this draft registration	MIC-0656
	 	statement pursuant to Securities and Exchange Commission Rule 83	 

    

 

 

For purposes hereof,
 “Additional Payment Amount” means eighty percent (80%) of the sum of (x) Final Net Indebtedness minus
Net Indebtedness as of immediately prior to the Closing Date, (y) Final Transaction Expenses minus Closing Transaction Expenses
and (z) Final Working Capital Adjustment Amount minus the Working Capital Adjustment Amount, each as notified by Sellers
to Buyer pursuant to ‎Section 2.3(c) (for the avoidance of doubt, the Additional Payment Amount may be a negative number).

 

Article
3

REPRESENTATIONS
AND WARRANTIES OF SELLERS

 

Except as set forth
in the Sellers Disclosure Schedules (which shall be interpreted in accordance with ‎Section 9.14(f)),
each Seller, severally as to itself only, and not jointly or jointly and severally, represents and warrants to Buyer that the statements
contained in this ‎Article 3 are true and correct as of the date hereof and as of the Closing Date.

 

Section 3.1.          Organization
and Authority of Sellers.

 

(a)          Each
Seller is a company or corporation, duly organized, validly existing and in good standing under the Laws of its jurisdiction of
incorporation or formation. Each Seller has all requisite corporate power and authority to enter into this Agreement and the other
Transaction Agreements to which it is a party, carry out its obligations hereunder and thereunder, consummate the transactions
contemplated hereby and thereby, (including all power and authority to sell, assign, transfer and convey the Shares as provided
by this Agreement). Each key executive set forth in Schedule I-C of the Sellers Disclosure Schedules has, or will have prior
to the Closing, when such Management Shares have vested in accordance with the terms of the Phantom and Common Stock Compensation
Plan, all power and authority to sell, assign, transfer and convey the Management Shares set forth opposite his or her name in
Schedule I-C of the Sellers Disclosure Schedules as provided by this Agreement.

 

(b)         The
execution and delivery by such Seller of this Agreement and the other Transaction Agreements to which such Seller is a party, the
performance by such Seller of its obligations hereunder and thereunder and the consummation by such Seller of the transactions
contemplated hereby and thereby, have been duly and validly authorized and approved by all requisite corporate or other similar
action on the part of such Seller.

 

(c)          This
Agreement has been duly and validly executed and delivered by such Seller, and (assuming due authorization, execution and delivery
by Buyer) this Agreement constitutes a legal, valid and binding obligation of such Seller enforceable against such Seller in accordance
with its terms, except as such enforceability may be limited by bankruptcy, insolvency, moratorium or similar Laws affecting creditors’
rights generally and by general equity principles (the “Enforceability Limitations”) and each of the other Transaction
Agreements to which such Seller is or will be a party has been or will be duly and validly executed and delivered by such Seller,
and (assuming due authorization, execution and delivery by the other party or parties thereto) constitutes or will constitute a
legal, valid and binding obligation of such Seller enforceable against such Seller in accordance with its terms, except as such
enforceability may be limited by the Enforceability Limitations.

 

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Section 3.2.          Organization,
Authority and Qualification of the Acquired Companies.

 

(a)          Each
Acquired Company is a sociedad anónima or corporation, duly organized, validly existing and in good standing under
the Laws of the jurisdiction of its incorporation or formation and has all requisite corporate power and authority to own, lease
and operate its respective properties and assets and to conduct its business as it is now being conducted.

 

(b)          Each
Acquired Company is qualified to do business and is in good standing in each jurisdiction in which the operation of its business
as currently conducted makes such qualification necessary, except where the failure to be so qualified or in good standing has
not had a Company Material Adverse Effect.

 

Section 3.3.          Capitalization;
Organizational Documents.

 

(a)          As
of the date of this Agreement, the authorized capital stock of the Company consists of 245,000 shares of common stock, of which
243,356 shares are issued and outstanding and constitute the Total Shares (except with respect to the Management Shares, which
shall be issued as of the date hereof and outstanding as of Closing, once vested in accordance with the terms of the Phantom and
Common Stock Compensation Plan). The Total Shares have been duly authorized and validly issued and are fully paid and non-assessable.
The Total Shares have been issued and granted in compliance with all applicable Law or pursuant to valid exemptions therefrom.
None of the Total Shares were issued in violation of any Contract or any preemptive or similar rights of any Person.

 

(b)         The
Trustee is the record owner of, and has good, valid and marketable title to, the Total Shares, free and clear of all Encumbrances
other than the Encumbrance created by, and pursuant to, the provisions of the Collateral Trust Agreement.

 

(c)          Each
Seller is the beneficial owner of, in its respective capacity as settlor and beneficiary under the Collateral Trust Agreement,
all of the Total Shares set forth opposite its name in Schedule I-A of the Sellers Disclosure Schedules, which includes
therein its respective Shares, in each case, free and clear of all Encumbrances other than the Encumbrance created by, and pursuant
to, the provisions of the Collateral Trust Agreement.

 

(d)          Each
key executive set forth in Schedule I-C of the Sellers Disclosure Schedules is the beneficial owner of, in its respective
capacity as beneficiary under the Collateral Trust Agreement, all of the Management Shares set forth opposite its name in Schedule
I-C of the Sellers Disclosure Schedules, in each case, free and clear of all Encumbrances other than (i) the Encumbrance created
by, and pursuant to, the provisions of the Collateral Trust Agreement and (ii) the terms pursuant to Article 20 of the Phantom
and Common Stock Compensation Plan.

 

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(e)          Except
for the Total Shares and, in the case of clause (iii) of this paragraph, the performance-based bonuses granted pursuant to the
Phantom and Common Stock Compensation Plan, there are no (i) equity securities of any class of the Company or any securities convertible
into or exchangeable or exercisable for any such equity securities issued, reserved for issuance or outstanding, (ii) outstanding
or authorized options, warrants, convertible securities, subscriptions, call rights, redemption rights, repurchase rights or any
other rights, agreements, arrangements or commitments of any kind relating to the issued or unissued capital stock of the Company
or obligating Sellers or the Company to issue or sell any shares of capital stock of, or any other interest in, the Company and
(iii) outstanding or authorized stock appreciation rights, phantom stock, performance-based rights or profit participation or similar
rights or obligations of the Company. Except as otherwise set forth in the Collateral Trust Agreement, the Sellers Shareholders
Agreement or the Phantom and Common Stock Compensation Plan, there are no voting trusts, stockholder agreements, proxies or other
agreements or understandings in effect with respect to the voting or sale or transfer of any of the Total Shares or any other equity
interests of the Company.

 

(f)         The
Sellers have heretofore provided to Buyer true and complete copies of the Organizational Documents of each of the Acquired Companies
except for the Sellers Shareholders Agreement. No Acquired Company is in violation of any of the provisions of its Organizational
Documents.

 

Section 3.4.          Subsidiaries.

 

(a)          ‎Section
3.4(a) of the Sellers Disclosure Schedules contains a correct and complete list as of the date hereof of each of the Company
Subsidiaries and their respective jurisdictions of organization. All of the issued and outstanding shares of capital stock owned
by the Company of, or other equity or voting interests granted to the Company in, the Company Subsidiaries (the “Subsidiary
Shares”) have been duly authorized and validly issued and are fully paid and non-assessable and were issued and granted
in compliance with all Law or pursuant to valid exemptions therefrom. None of the Subsidiary Shares were issued in violation of
any Contract or any preemptive or similar rights of any Person. Other than the Subsidiary Shares of Fronteras Security, Inc., all
of the Subsidiary Shares are owned, directly or indirectly, of record and beneficially by an Acquired Company, free and clear of
all Encumbrances, other than Permitted Encumbrances.

 

(b)          Except
for the Subsidiary Shares and as set forth in ‎Section 3.4(b) of the Sellers Disclosure Schedules, there are no equity
securities of any class of any Company Subsidiary or any securities convertible into or exchangeable or exercisable for any such
equity securities issued, reserved for issuance or outstanding. Except as set forth in ‎Section 3.4(b) of the Sellers
Disclosure Schedules, there are no outstanding or authorized options, warrants, convertible securities, subscriptions, call rights,
redemption rights, repurchase rights or any other rights, agreements, arrangements or commitments of any kind relating to the issued
or unissued capital stock of any Company Subsidiary or obligating Sellers or any Acquired Company to issue or sell any shares of
capital stock of, or any other interest in, any Company Subsidiary. There are no outstanding or authorized stock appreciation rights,
phantom stock, performance-based rights or profit participation or similar rights or obligations of any Company Subsidiary. Except
for the shareholder agreement dated as of October 9, 2013 in respect of Fronteras Security, Inc., there are no voting trusts, stockholder
agreements, proxies or other agreements or understandings in effect with respect to the voting or sale or transfer of any of the
Subsidiary Shares or any other equity interests of any Company Subsidiary.

 

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(c)         As
of the date hereof, except for the Subsidiary Shares and as set forth in ‎Section 3.4(c) of the Sellers Disclosure Schedules,
no Acquired Company has any direct or indirect equity interest or similar interest by stock ownership or otherwise in any Person.

 

Section 3.5.          No
Conflicts; Consents.

 

(a)          Subject
to the receipt of the Consents and Permits, and the making of the declarations, filings and notices, referred to in ‎Section
3.5(b), neither the execution, delivery or performance by such Seller of this Agreement and the other Transaction Agreements
to which such Seller is a party, nor the consummation of the transactions contemplated hereby, will:

 

(i)           result
in a material violation or material breach of, or material default under, or the acceleration of any rights under or the creation
in any party of the right to accelerate, any provision of the Organizational Documents of such Seller or any Acquired Company;

 

(ii)          result
in a violation of, or give any Governmental Body the right to challenge any of the transactions contemplated hereby under, any
Law or Order applicable to such Seller or any Acquired Company; or

 

(iii)         (A)
result in a violation or breach of, (B) constitute a default under, (C) result in the acceleration of or create in any
party the right to accelerate, terminate or cancel or (D) require the Consent of any other Person under, any Material Contract;

 

except in the case of clauses ‎(ii)
and ‎(iii) where such conflict, violation, breach, event of default or other result described in such clauses would
not reasonably be expected to have, individually or in the aggregate, a Company Material Adverse Effect.

 

(b)          Except
as set forth in ‎Section 3.5(b) of the Sellers Disclosure Schedules, no Consent, Permit, declaration or filing with,
or notice to, any Governmental Body is required by or with respect to such Seller or any Acquired Company in connection with the
execution and delivery of this Agreement or the consummation of the transactions contemplated hereby, except for such Consents,
Permits, declarations, filings or notices the failure of which to make or obtain would not reasonably be expected to have, individually
or in the aggregate, a Company Material Adverse Effect.

 

(c)          Except
as set forth in ‎Section 3.5‎(c) of the Sellers Disclosure Schedules, no party has or will have any right under
the Sellers Shareholders Agreement in respect of the execution, delivery or performance by such Seller of this Agreement and the
other Transaction Agreements to which such Seller is a party, nor the consummation of the transactions contemplated hereby or therein.
The Sellers Shareholders Agreement does not contain or impose any obligations or liabilities on any of the Acquired Companies which
would survive such agreement’s termination pursuant to ‎Section 2.3(b)(iii)(D).

 

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Section 3.6.          Financial
Statements; Internal Controls. ‎Section 3.6 of the Sellers Disclosure Schedules sets forth correct and complete
copies of the Financial Statements. Except as set forth in ‎Section 3.6 of the Sellers Disclosure Schedules, the Financial
Statements fairly present, in all material respects, the consolidated financial condition of the Acquired Companies as of the
dates indicated therein and the results of the operations of the Acquired Companies for the periods covered thereby, all in accordance
with IFRS as in effect as of the date of such Financial Statements (excluding, for the avoidance of doubt, IFRS 16 to become effective
in 2019). The Financial Statements have been prepared in accordance with IFRS as in effect as of the date of such Financial Statements
(excluding, for the avoidance of doubt, IFRS 16 to become effective in 2019) applied on a consistent basis throughout the periods
covered thereby, except, in the case of the Audited Financial Statements, as set forth in the notes thereto and subject, in
the case of the Unaudited Financial Statements, to normal and recurring year-end adjustments.

 

Section 3.7.          No
Undisclosed Liabilities. The Acquired Companies do not have any liabilities or obligations of any nature required to be
reflected or reserved against on a consolidated balance sheet of the Acquired Companies in accordance with IFRS as of the date
hereof (excluding, for the avoidance of doubt, IFRS 16 to become effective in 2019), except for (i) liabilities set forth
in ‎Section 3.7 of the Sellers Disclosure Schedules, (ii) liabilities reserved against in the Audited Balance
Sheet (or the notes thereto) in accordance with IFRS as in effect as of the Audited Balance Sheet Date (excluding, for the avoidance
of doubt, IFRS 16 to become effective in 2019), (iii) liabilities that have been incurred in the ordinary course of business
consistent with past practice since the Audited Balance Sheet Date, and (iv) other undisclosed liabilities that are not,
or would not be reasonably expected to be, individually or in the aggregate, material to the Acquired Companies, taken as a whole.

 

Section 3.8.          Absence
of Certain Developments.

 

(a)          Except
for the transactions contemplated by this Agreement, from the Audited Balance Sheet Date until the date of this Agreement, the
Acquired Companies have operated in the ordinary course of business consistent in all material respects with past practice.

 

(b)          Except
for the transactions contemplated by this Agreement, since the Audited Balance Sheet Date, there has not been any event, occurrence,
development or state of circumstances or facts that has had or would reasonably be expected to have, individually or in the aggregate,
a Company Material Adverse Effect.

 

Section 3.9.           Title,
Condition and Sufficiency of Assets.

 

(a)          Except
as set forth in ‎Section 3.9(a) of the Seller Disclosure Schedules, one or more of the Acquired Companies has good and
valid title to, or a valid leasehold interest in, all tangible and material personal property and other assets reflected in the
Audited Balance Sheet or acquired after the Audited Balance Sheet Date or otherwise necessary for the operations of the Acquired
Companies in the ordinary course of business consistent in all material respects with past practice, free and clear of all Encumbrances
other than Permitted Encumbrances, except for properties and assets sold or otherwise disposed of in the ordinary course of business
consistent with past practice since the Audited Balance Sheet Date. The buildings, structures, equipment, vehicles and other items
of tangible personal property owned or leased by the Acquired Companies are in all material respects in satisfactory operating
condition and repair for the uses to which they are being put, and have been reasonably maintained consistent with standards generally
followed in the industry (subject to ordinary wear and tear and maintenance and repair requirements) and are adequate and suitable
for their current use.

 

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(b)          ‎Section
3.9(b) of the Sellers Disclosure Schedules sets forth a correct and complete list, as of the date hereof, of all Owned Real
Property, together with, for each such real property, a description of the address, record owner, registration folio number and
location code and use thereof. Other than as set forth in ‎Section 3.9(b) of the Sellers Disclosure Schedules, none
of the Acquired Companies is a lessor or grantor under any lease or other similar instrument granting to any other Person any right
to the possession, lease, occupancy or enjoyment of any Owned Real Property or any portion thereof. There are no outstanding options
to purchase or rights of first refusal to purchase or lease any Owned Real Property of the Acquired Companies. The Acquired Companies
have good, valid and marketable fee simple title to all Owned Real Property set forth in ‎Section 3.9(b) of the Sellers
Disclosure Schedules, in each case free and clear of all Encumbrances, other than Permitted Encumbrances.

 

(c)          ‎Section
3.9(c) of the Sellers Disclosure Schedules sets forth a correct and complete list, as of the date hereof, of all Leased Real
Property, together with, for each such Leased Real Property, a description of the address, registration folio number and location
code, landlord and tenant. The Acquired Companies have good and valid title to the leasehold estate (as lessee or sublessee) in
all Leased Real Property set forth in ‎Section 3.9(c) of the Sellers Disclosure Schedules, in each case free and clear
of all Encumbrances, other than Permitted Encumbrances.

 

(d)          The
Real Properties and the properties, assets and rights of the Acquired Companies include all properties, assets and rights necessary
for the continued conduct of the business of the Acquired Companies after the Closing in substantially the same manner in all material
respects as conducted prior to the Closing.

 

(e)          There
is no owned real property or leased real property primarily used in the business of the Acquired Companies other than the Real
Properties.

 

Section 3.10.        Compliance
with Laws; Permits.

 

(a)          Except
as set forth in ‎Section 3.10(a) of the Sellers Disclosure Schedules, (i) the Acquired Companies
are in compliance in all material respects with all Laws applicable to the Acquired Companies, (ii) since January 1, 2017,
no Acquired Company has violated any Law nor received any written or, to Sellers’ Knowledge, oral notice from any Governmental
Body alleging any material noncompliance by any Acquired Company with respect to any such Law and (iii) no investigation of
the Acquired Companies by any Governmental Body regarding a violation of any such Law is pending or, to Sellers’ Knowledge,
threatened in writing.

 

(b)          ‎Section
3.10(b) of the Sellers Disclosure Schedules correctly describes each Permit that is material to the conduct of the business
of the Acquired Companies and the name of the Governmental Body issuing such Permit. All Permits required for the Acquired Companies
to conduct their business as currently conducted have been obtained by an Acquired Company and are valid and in full force and
effect, except where the failure to obtain any such Permit or the failure to be valid and in full force and effect would not, individually
or in the aggregate, materially impair the conduct of such business, and the Acquired Companies are, and have been since January
1, 2017, in compliance in all material respects with all such Permits, except as set forth in ‎Section 3.10(b) of the
Sellers Disclosure Schedules. Subject to the receipt of the Consents and Permits, and the making of the declarations, filings and
notices, referred to in ‎Section 3.5(b), none of the Permits shall be terminated or impaired or become terminable, in
whole or in part, as a result of the transactions contemplated by this Agreement and the other Transaction Agreements, in each
case other than as would not reasonably be expected to be, individually or in the aggregate, material to the Acquired Companies,
taken as a whole.

 

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Section 3.11.        Legal
Proceedings; Governmental Orders.

 

(a)          Except
as set forth in ‎Section 3.11(a) of the Sellers Disclosure Schedules, there is no Legal Proceeding pending or, to Sellers’
Knowledge, threatened in writing against or by any Acquired Company affecting any of its properties or assets (or by or against
Sellers or any Affiliate thereof and relating to an Acquired Company) that, if determined adversely to the relevant Acquired Company
(or Sellers or relevant Affiliate thereof), would reasonably be expected to have, individually or in the aggregate, a Company Material
Adverse Effect or that challenges or seeks to prevent, enjoin, alter or materially delay the transactions contemplated by this
Agreement and the other Transaction Agreements; provided that this ‎Section 3.11(a) shall not require disclosure
of any matters addressed in ‎Section 3.11(b).

 

(b)          ‎Section
3.11(b) of the Sellers Disclosure Schedules sets forth a correct and complete list of all outstanding material Orders applicable
to the Acquired Companies. To Sellers’ Knowledge, except as set forth in ‎Section 3.11(b) of the Sellers Disclosure
Schedules, no Governmental Body has issued, or has pending, a Law or Order, the effect of which is to declare any of the Acquired
Companies as market “dominant.”

 

Section 3.12.       Insurance
Coverage. ‎Section 3.12 of the Sellers Disclosure Schedules sets forth a list of all material insurance policies
and surety bonds of (or that provide coverage to) the Acquired Companies, including material property and general commercial liability
insurance policies, each of which is in full force and effect. Such policies and surety bonds are of the type and provide coverage
as are reasonable and appropriate considering the business of the Acquired Companies (including the Contracts to which each is
bound), and the Acquired Companies are in compliance in all material respects thereunder, including with respect to the payment
of premiums. Except as set forth in ‎Section 3.12 of the Sellers Disclosure Schedules, there is no material claim pending
under any such insurance policy or surety bond as to which coverage has been denied or disputed by the insurer. Except as disclosed
in ‎Section 3.12 of the Sellers Disclosure Schedules, no Acquired Company has any material self-insurance programs.
The Sellers have no Knowledge of (a) any threatened termination of, material premium increase with respect to or material alteration
of coverage under any of such insurance policies or surety bonds or (b) any facts, conditions, situations or set of circumstances
(including the consummation of the transactions contemplated hereby) that could reasonably be expected to result in or be the
basis for any of the foregoing.

 

Section 3.13.        Material
Contracts.

 

(a)          ‎Section
3.13(a) of the Sellers Disclosure Schedules sets forth a correct and complete list of the following Contracts to which an Acquired
Company is party as of the date hereof (each such Contract, a “Material Contract”):

 

(i)          any
Real Property Lease (where an Acquired Company is either the lessee or the lessor);

 

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(ii)          any
Contract under which any of the Acquired Companies licenses programming content from such content’s owner;

 

(iii)         any
Contract or group of Contracts (other than any Contracts referenced in ‎Section 3.13(a)(ii)) with the same counterparty
relating to similar subject matter (including for the sale, license, lease or other purchase of goods or services) pursuant to
which the Acquired Companies may be obligated to pay more than $750,000 or make aggregate payments of more than $750,000 in any
calendar year;

 

(iv)        any
Contract or group of Contracts with the same counterparty relating to similar subject matter (including for the sale, license,
lease or other disposition of goods or services) pursuant to which the Acquired Companies may be entitled to receive more than
$750,000 or aggregate payments of more than $750,000 in any calendar year;

 

(v)         any
Contract that limits or purports to limit the ability of any Acquired Company (or, after the Closing, that purports to so limit
or restrict Buyer or any of its Affiliates) to (A) sell any products or services of or to any other Person or in any geographic
region, (B) compete in any line of business, (C) obtain products or services from any Person or (D) solicit any
individuals for employment, in each case that cannot be cancelled by an Acquired Company without material penalty upon no more
than ninety (90) days’ notice;

 

(vi)        any
Contract relating to the creation, incurrence, assumption or guarantee of any indebtedness for borrowed money in excess of $750,000
or involving aggregate payments of more than $750,000 in any calendar year;

 

(vii)       any
Contract relating to any loan or other extension of credit made by any of the Acquired Companies in excess of $750,000 or involving
aggregate payments of more than $750,000 in any calendar year;

 

(viii)      any
Contract pursuant to which any Acquired Company grants or obtains any material license, sublicense, right or authorization to use
or covenant not to be sued under any Intellectual Property (other than any Contracts pursuant to which any Acquired Company obtains
non-exclusive licenses for commercial off-the-shelf software that are generally available on nondiscriminatory pricing terms);

 

(ix)         any
Contract (including letters of intent but excluding confidentiality and non-disclosure agreements that do not contain any restrictions
other than customary confidentiality and non-disclosure obligations) that relates to the acquisition or disposition of any business,
a material amount of stock or assets of any Person or any real property (whether by merger, sale of stock, sale of assets or otherwise);

 

(x)          any
stockholders, investors rights, registration rights or similar Contract, other than the Sellers Shareholder Agreement;

 

(xi)         any
Contract granting any Person an option or a right of first refusal or first offer or similar preferential right to purchase or
acquire any Shares or any material assets of any Acquired Company, other than the Sellers Shareholder Agreement;

 

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(xii)        any
partnership, joint venture or other similar agreement or arrangement that requires the sharing of profits;

 

(xiii)       any
(i) employment or service Contract with any Service Provider whose base compensation is more than $100,000 per year or (ii) Contract
providing for retention, change in control or transaction bonuses or benefits;

 

(xiv)       any
collective bargaining agreement or other arrangement with any union or similar employee representative

 

(xv)        any
Contract or group of Contracts with the same Governmental Body relating to similar subject matter pursuant to which the Acquired
Companies may be entitled to receive more than $750,000 or aggregate payments of more than $750,000 in any calendar year, from
a Governmental Body; and

 

(xvi)       any
Contract with a Related Party, other than any Contracts entered into in the ordinary course of business on arms-length terms and
for which such Contract’s value is less than $100,000.

 

(b)          Sellers
have made available to Buyer copies of each Material Contract in effect as of the date hereof that are correct and complete in
all material respects. Except as set forth in ‎Section 3.13(a) of the Sellers Disclosure Schedules, each Material Contract
is in full force and effect and is a valid and binding agreement of an Acquired Company enforceable by and against an Acquired
Company in accordance with its terms, except as such enforceability may be limited by the Enforceability Limitations. No Acquired
Company nor, to Sellers’ Knowledge, any other party to any Material Contract is in material breach of or material default
under, or has, since the Audited Balance Sheet Date, provided or received any notice (whether written or, to Sellers’ Knowledge,
oral) of any intention to terminate or not renew, any Material Contract.

 

Section 3.14.        Intellectual
Property.

 

(a)          ‎Section
3.14(a) of the Sellers Disclosure Schedules sets forth a true and complete list of any and all registered Intellectual Property
owned by the Acquired Companies (the “Registered Company Intellectual Property”). Except as set forth in ‎Section
3.14(a) of the Sellers Disclosure Schedules, the Acquired Companies solely and exclusively hold good and valid title to all
Owned Intellectual Property and hold all right, title and interest in and to all Owned Intellectual Property and Licensed Intellectual
Property free and clear of any and all Encumbrances, except for and subject to Permitted Encumbrances.

 

(b)          Except
as set forth in ‎Section 3.14(b) of the Sellers Disclosure Schedules and as would not reasonably be expected to have,
individually or in the aggregate, a Company Material Adverse Effect:

 

(i)          the
operation of the Acquired Companies does not infringe, misappropriate or otherwise violate, and, since January 1, 2017, has not
infringed, misappropriated or otherwise violated, the Intellectual Property of any Person;

 

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(ii)          there
are no claims pending, or, to Sellers’ Knowledge, threatened in writing, (A) that the operation of the Acquired Companies
infringes, misappropriates or otherwise violates, or, since January 1, 2017, has infringed, misappropriated or otherwise violated,
any Intellectual Property of any Person, (B) challenging the validity, enforceability, registrability or ownership of any
Owned Intellectual Property or any Acquired Company’s rights in any Licensed Intellectual Property or (C) that any Person
is infringing, misappropriating or otherwise violating, or, since January 1, 2017, has infringed, misappropriated or otherwise
violated, any Owned Intellectual Property; and

 

(iii)          to
Sellers’ Knowledge, no Person is infringing, misappropriating or otherwise violating, or, since January 1, 2017, has infringed,
misappropriated or otherwise violated, any Intellectual Property owned or purported to be owned by the Acquired Companies.

 

(c)          Except
as set forth in ‎Section 3.14(c) of the Sellers Disclosure Schedules, the Acquired Companies own or have a valid and
enforceable license to use any and all Intellectual Property used or held for use in, or otherwise necessary for, the conduct of
the business of the Acquired Companies.

 

(d)          None
of the Owned Intellectual Property has been adjudged invalid or unenforceable in whole or part, and, to the knowledge of the Company,
all such Owned Intellectual Property are valid and enforceable. None of the Acquired Companies is subject to any outstanding Order
that does or would restrict or impair the use of any Owned Intellectual Property or Licensed Intellectual Property.

 

(e)          The
Acquired Companies have taken all commercially reasonable actions to maintain, protect and enforce their rights in the Owned Intellectual
Property and Licensed Intellectual Property, including all commercially reasonable steps to protect and preserve the confidentiality
of all trade secrets and other confidential information included in the Owned Intellectual Property. None of the trade secrets
or other confidential information included in the Owned Intellectual Property (including any software source code) have been disclosed
other than to employees, consultants, representatives and agents of the Acquired Companies.

 

(f)          None
of the software included in the Owned Intellectual Property or otherwise distributed by any Acquired Company contains any software
code that is licensed under any terms or conditions that require that any software be (i) made available or distributed in
source code form, (ii) licensed for the purpose of making derivative works, (iii) licensed under terms that allow reverse
engineering, reverse assembly or disassembly of any kind or (iv) redistributable at no charge.

 

(g)          The
IT Assets are fully functional and operate and perform in a manner that permits the Acquired Company to conduct their business
as currently conducted and as currently planned to be conducted, and to Seller’s Knowledge, there are no defects, viruses,
worms, Trojan horses, bombs, backdoors, clocks, timers or similar harmful, malicious or hidden programs in any IT Assets. The Acquired
Companies have taken commercially reasonable actions, consistent with current industry standards, to protect the confidentiality,
integrity, operation and security of the IT Assets (and all information and transactions stored or contained therein or transmitted
thereby) against any unauthorized use, access, interruption, modification or corruption. There has been no material unauthorized
use, access, interruption, modification or corruption of any IT Assets (or any information or transactions stored or contained
therein or transmitted thereby).

 

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(h)          Since
January 1, 2017, the Acquired Companies have at all times complied in all material respects with all (i) Laws relating to privacy,
data protection and the collection and use of personal information and user information gathered or accessed in the course of their
respective operations and (ii) rules, policies and procedures established by the Acquired Companies from time to time with respect
to the foregoing. No notices, indemnification requests or claims are pending or, to Sellers’ Knowledge, threatened against
any Acquired Company alleging a violation of any Person’s privacy, personal or confidentiality rights under any Laws, regulations,
rules, policies or procedures.

 

Section 3.15.        Labor
Matters.

 

(a)          ‎Section
3.15(a) of the Sellers Disclosure Schedules sets forth each material Employee Plan. The Acquired Companies have never employed
any individuals in the United States nor sponsored, maintained or contributed to any Employee Plan intended to cover individuals
located in the United States. For each Employee Plan, Seller has made available to Buyer a copy of such plan (or a description,
if such plan is not written) and all amendments thereto and, as applicable: (i) all trust agreements, insurance contracts
or other funding arrangements and amendments thereto; (ii) all current administrative and other service contracts and amendments
thereto with third-party services providers; (iii) all current employee handbooks, manuals and policies; and (iv) any
other documents as may be relevant to the maintenance or administration of the Employee Plan under Law. No actuarial reports or
financial statements are required to be prepared in connection with any Employee Plan.

 

(b)          Except
as set forth in ‎Section 3.15(b) of the Sellers Disclosure Schedules, (i) there are no labor, works council or
collective bargaining agreements that pertain to any of the Acquired Companies’ employees, (ii) no labor, works council
or collective bargaining agreement is presently being negotiated, (iii) no labor organization represents for purposes of collective
bargaining any of the Acquired Companies’ employees, and (iv) there is no labor strike, slowdown, work stoppage, dispute,
lockout or other labor controversy in effect or, to Sellers’ Knowledge, threatened at any of the Acquired Companies. The
Consent or consultation of, or the rendering of formal advice by, any labor or trade union, works council or other employee representative
body is not required for the Company to enter into this Agreement or to consummate any of the transactions contemplated hereby.

 

(c)          ‎Section
3.15(c) of the Sellers Disclosure Schedules sets forth, for each employee of the Acquired Companies, such employee’s
name, employer, title, hire date, location, whether full- or part-time, whether active or on leave (and, if on leave, the nature
of the leave and the expected return date), annual salary or wage rate, accumulated vacation time (if any), most recent annual
bonus received and current annual bonus opportunity. The Severance Funds of the Acquired Companies have been sufficiently funded
in accordance with the Law of Panama and are in good standing. ‎Section 3.15(c) of the Sellers Disclosure Schedules
separately sets forth, as of September 30, 2018, for each individual independent contractor engaged by any of the Acquired Companies
whose base compensation is more than $100,000 per year, such contractor’s name, duties, rate of compensation, any early termination
fees, if applicable, and to Sellers’ Knowledge, the approximate amount of employees under each such contractor.

 

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(d)          Except
as set forth in ‎Section 3.15(d) of the Sellers Disclosure Schedules, the Acquired Companies are, and since January
1, 2017, have been, in compliance, in all material respects, with all Laws, agreements, contracts, policies, plans and programs
related to employment and labor, hours, terms and conditions of employment, terminations of employment, overtime, acquired rights,
employee classification, inclusion rules, discrimination, sexual harassment, civil rights, affirmative action, work authorization,
immigration, safety and health, information privacy and security, workers compensation, wage payment and the payment and withholding
of Taxes.

 

(e)          Each
Employee Plan (i) has been maintained in compliance in all material respects with its terms and all Law, (ii) if intended
to qualify for special tax treatment, meets all the requirements for such treatment and (iii) if required, to any extent,
to be funded, book-reserved or secured by an insurance policy, is fully funded, book-reserved or secured by an insurance policy.
No action, suit, investigation, audit, proceeding or claim (or any basis therefore) (other than routine claims for benefits) is
pending against or involves or, to the Sellers’ Knowledge, is threatened against or threatened to involve, any Employee Plan
before any arbitrator or any Governmental Body. All contributions, premiums and payments that are due have been made for each Employee
Plan within the time periods prescribed by the terms of such plan and Law, and all contributions, premiums and payments for any
period ending on or before the Closing that are not due are properly accrued to the extent required to be accrued under applicable
accounting principles and applicable Law.

 

(f)          Except
pursuant to the Phantom and Common Stock Compensation Plan, neither the execution of this Agreement nor the consummation of the
transactions contemplated hereby (either alone or together with any other event) will (i) entitle any current or former Service
Provider to any payment or benefit, including any bonus, retention, severance, retirement or job security payment or benefit, (ii) accelerate
the time of payment or vesting or trigger any payment or funding (through a grantor trust or otherwise) of compensation or benefits
under, or increase the amount payable or trigger any other obligation under, any Employee Plan or (iii) limit or restrict
the right of any of the Acquired Companies or, after the Closing, Buyer, to merge, amend or terminate any Employee Plan.

 

Section 3.16.        Taxes.

 

(a)          All
material Tax returns required to be filed under applicable Law by any Acquired Companies have been timely filed, taking into account
all available extensions, and all such Tax returns were true, complete and correct in all material respects.

 

(b)          None
of the Acquired Companies is delinquent in the payment of any Tax, nor is there any Tax deficiency outstanding, assessed or proposed
in writing against any of the Acquired Companies. No Governmental Body has raised a material dispute or made a material claim in
relation to any Tax liability of any Acquired Company, other than a claim for a deficiency for Taxes that has been resolved and
paid in full.

 

(c)          Except
as set forth in ‎Section 3.16(c) of the Sellers Disclosure Schedules, no audit or other examination of any Tax
return of any of the Acquired Companies is presently in progress, nor has any Acquired Company been notified in writing of any
request for such an audit or other examination.

 

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(d)          No
Acquired Company has waived any statute of limitations (and no request for any such waiver or consent is pending) with respect
to Taxes or has agreed to any extension of the period for assessment or collection of any Taxes or deficiencies against an Acquired
Company.

 

(e)          None
of the Acquired Companies is a party to, or otherwise bound by (nor does any of the Acquired Companies have any obligation under)
any Tax sharing agreement and is not responsible, through contract or applicable law, for any Tax liability of any other Person.

 

(f)          Taxes
that any of the Acquired Companies is (or was) required by applicable Law to withhold or collect in connection with amounts paid
or owing to any employee, independent contractor, creditor, stockholder, member or other third party have been duly withheld or
collected, and have been timely paid over to the proper authorities to the extent due and payable.

 

(g)          ‎Section
3.16(g) of the Sellers Disclosure Schedules sets forth a list of all jurisdictions to which any Tax is required to be paid
by an Acquired Company.

 

(h)          No
Acquired Company owns an interest in real property in any jurisdiction in which a Tax is imposed, or the value of the interest
is reassessed, on the transfer of an interest in real property and which treats the transfer of an interest in an entity that owns
an interest in real property as a transfer of the interest in real property.

 

Section 3.17.        Environmental
Matters.

 

(a)          Except
as set forth in ‎Section 3.17 of the Sellers Disclosure Schedule or as would not reasonably be expected to have, individually
or in the aggregate, a Company Material Adverse Effect:

 

(i)          The
Acquired Companies are in compliance with all applicable Environmental Laws and have obtained all Permits required by applicable
Environmental Laws to operate the business of the Acquired Companies as currently conducted;

 

(ii)         There
is no Legal Proceeding, notice, notification, citation, request for information pending or, to Sellers’ Knowledge, threatened
in writing against an Acquired Company pursuant to Environmental Law; and

 

(iii)        There
has been no environmental investigation, study, audit, test, review or other analysis conducted of which Sellers have knowledge
in relation to the business of the Acquired Companies or any property or facility owned, leased or operated by the Acquired Companies
which has not been delivered to Buyer at least 10 days prior to the date hereof.

 

Section 3.18.        Intercompany
Accounts. ‎Section 3.18 of the Sellers Disclosure Schedules sets forth a complete list of all intercompany balances
as of the Audited Balance Sheet Date between Sellers and their respective Affiliates, on the one hand, and the Acquired Companies,
on the other hand. Since the Audited Balance Sheet Date, there has not been any accrual of liability by any of the Acquired Companies
to Sellers or any of their respective Affiliates or other transaction between the Acquired Companies and Sellers or any of their
respective Affiliates, except with respect to the period prior to the date of this Agreement, in the ordinary course of business
of the Acquired Companies consistent with past practice.

 

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Section 3.19.       Related
Party Transactions. Except (A) as set forth in ‎Section 3.19 of the Sellers Disclosure Schedules, (B) for the
Transaction Agreements, and (C) for any Contracts, transactions and services entered into in the ordinary course of business on
arms-length terms for which such Contract’s value is less than $100,000 no (i) Seller, (ii) director or officer of any
Acquired Company, (iii) Affiliate of any Acquired Company (other than another Acquired Company) or (iv) Affiliate or
any “associate” or any member of the “immediate family” (as such terms are respectively defined in Rule
12b-2 and Rule 16a-1 of the Exchange Act) of any Person described in the foregoing clauses ‎(i) or ‎(ii) (each
of the foregoing, a “Related Party”) is a party to or otherwise involved, directly or indirectly, in any
Contract, transaction or other business dealing with, provides any services to, is owed any money by or owes any money to any Acquired
Company (other than in connection with employment, severance or other similar arrangements with directors, officers or employees
of the Acquired Company) or directly or indirectly owns, or otherwise has any right, title or interest in, to or under, any
property, asset or right (whether tangible or intangible) that is used by any Acquired Company.

 

Section 3.20.        Anti-Corruption.

 

(a)          The
Acquired Companies and each of their respective officers, directors and, to Sellers’ Knowledge, their respective employees,
agents and representatives, when acting on behalf of any of the Acquired Companies, have materially complied with, and are in material
compliance with, all Anti-Corruption Laws.

 

(b)          Neither
the Acquired Companies nor any of their respective officers, directors, employees, agents, representatives or other persons acting
on their behalf (i) has offered, promised, given or authorized the giving or will offer, promise, give or authorize the giving
of money or anything else of value, whether directly or through another person or entity, to (A) any Government Official or (B)
any other Person with the knowledge that all or any portion of the money or thing of value will be offered or given to a Government
Official, in each of clauses ‎(A) and ‎(B) for the purpose of influencing any action or decision of the Government Official
in his or her official capacity, including a decision to fail to perform his or her official duties, or inducing the Government
Official to use his or her influence with any Governmental Body to affect or influence any official act; or (ii) has or will make
or authorize any other person to make any payments or transfers of value which have the purpose or effect of commercial bribery,
or acceptance or acquiescence in kickbacks or other unlawful or improper means of obtaining or retaining business. For purposes
of clauses ‎(A) and ‎(B), a person shall be deemed to have “knowledge” with respect to conduct, circumstances
or results if such person is aware of (i) the existence of or (ii) a high probability of the existence of such conduct, circumstances
or results.

 

(c)          The
Acquired Companies have maintained and currently maintain (i) books, records and accounts which, in reasonable detail, accurately
and fairly reflect the transactions and dispositions of the assets of the Acquired Companies, and (ii) internal accounting
controls sufficient to provide reasonable assurances that all transactions and access to assets of the Acquired Companies were,
have been and are executed only in accordance with management’s general or specific authorization.

 

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(d)          Except
as set forth in ‎Section 3.20(d) of the Sellers Disclosure Schedules, none of the Acquired Companies, nor any of their
respective beneficial owners (other than beneficial owners who are beneficial owners through a publicly traded entity), officers,
directors, or to Sellers’ Knowledge, their respective employees, is or was a Government Official or a close family member
of a Government Official.

 

(e)          No
Governmental Body has notified Sellers or any Acquired Company that it is investigating or has in the past five (5) years conducted
or initiated any investigation of the Acquired Companies or any of their respective officers, directors or employees for alleged
violation of Anti-Corruption Laws.

 

Section 3.21.        Brokers.
Except for J.P. Morgan, no broker, finder, investment banker, agent or other similar Person is or shall be entitled to any broker’s,
finder’s, financial advisor’s or other similar fee or commission in connection with the transactions contemplated
by this Agreement based upon arrangements made by or on behalf of Sellers or any Acquired Company.

 

Section 3.22.        Capital
Expenditures To Date. From January 1, 2018 to the Closing, the Company shall have made Capital Expenditures of at least
$75,000,000; provided that in the event the Closing occurs prior to December 1, 2018, such amount shall be reduced pro
rata, on the basis that such $75,000,000 represents eleven (11) months of Capital Expenditures beginning January 1, 2018. For
the avoidance of doubt, this representation shall not affect the Company’s covenant to operate in the ordinary course of
business in accordance with ‎Section 5.1(a).

 

Article
4

REPRESENTATIONS
AND WARRANTIES OF BUYER

 

Buyer represents and
warrants to Sellers that the statements contained in this ‎Article 4 are true and correct as of the date
hereof and as of the Closing Date.

 

Section 4.1.          Organization
and Authority of Buyer. Buyer is a societe anonyme duly organized, validly existing and in good standing under
the Laws of the Grand Duchy of Luxembourg. Buyer has all requisite corporate power and authority to enter into this Agreement
and the other Transaction Agreements to which it is a party, carry out its obligations hereunder and thereunder and consummate
the transactions contemplated hereby and thereby. The execution and delivery by Buyer of this Agreement and the other Transaction
Agreements to which it is a party, the performance by Buyer of its obligations hereunder and thereunder and the consummation by
Buyer of the transactions contemplated hereby and thereby have been duly and validly authorized and approved by all requisite
corporate or other similar action on the part of Buyer. This Agreement has been duly and validly executed and delivered by Buyer,
and (assuming due authorization, execution and delivery by Sellers) this Agreement constitutes a legal, valid and binding obligation
of Buyer enforceable against Buyer in accordance with its terms, except as such enforceability may be limited by the Enforceability
Limitations.

 

Section 4.2.          No
Conflicts; Consents.

 

(a)          Neither
the execution, delivery or performance by Buyer of this Agreement and the other Transaction Agreements to which it is a party,
nor the consummation of the transactions contemplated hereby, will:

 

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(i)          result
in a material violation or material breach of, or material default under, any provision of the Organizational Documents of Buyer;

 

(ii)          result
in a violation of, or give any Governmental Body the right to challenge any of the transactions contemplated hereby under, any
Law or Order applicable to Buyer; or

 

(iii)         (A) result
in a violation or breach of, (B) constitute a default under, (C) result in the acceleration of or create in any party
the right to accelerate, terminate or cancel or (D) require the Consent of any other Person under, any material Contract to
which Buyer is a party or is bound or to which any of the properties or assets of Buyer are subject;

 

except in the case of clauses ‎(ii)
and ‎(iii) where such conflict, violation, breach, event of default or other result described in such clauses would not reasonably
be expected to have, individually or in the aggregate, a Buyer Material Adverse Effect.

 

(b)          Except
for those items set forth in ‎Section 3.5(b) of the Sellers Disclosure Schedules, no Consent, Permit, declaration or
filing with, or notice to, any Governmental Body is required by or with respect to Buyer in connection with the execution and delivery
of this Agreement or the consummation of the transactions contemplated hereby, except for such Consents, Permits, declarations,
filings or notices the failure of which to make or obtain would not reasonably be expected to have, individually or in the aggregate,
a Buyer Material Adverse Effect.

 

Section 4.3.         Legal
Proceedings; Governmental Orders. There is no pending Legal Proceeding and, to the knowledge of Buyer, no Person has threatened
to commence any Legal Proceeding against Buyer that challenges, or that could have the effect of preventing, delaying, making
illegal or otherwise interfering with, any of the transactions contemplated by this Agreement, and there is no Order applicable
to Buyer that could have the effect of preventing, delaying, making illegal or otherwise interfering with any of the transactions
contemplated by this Agreement.

 

Section 4.4.         Sufficiency
of Funds; Solvency. Buyer currently has or will have on the Closing Date sufficient funds available to consummate the
transactions contemplated hereby, including to pay the Final Purchase Price and the fees and expenses of Buyer related to the
transactions contemplated hereby.

 

Section 4.5.         Brokers.
Except for Goldman Sachs & Co. LLC, no broker, finder or investment banker is entitled to any brokerage, finder’s or
other fee or commission in connection with the transactions contemplated by this Agreement based upon arrangements made by or
on behalf of Buyer.

 

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Section 4.6.             Investment
Purpose. Buyer is acquiring the Shares and the Management Shares for its own account for investment only and not with a
view to (or for) resale in connection with any public sale or distribution thereof. Buyer acknowledges that the Shares and the
Management Shares are not registered under the Securities Act or any state securities laws, and that the Shares and the Management
Shares may not be transferred or sold except pursuant to the registration provisions of the Securities Act or pursuant to an applicable
exemption therefrom and subject to state securities laws and regulations, as applicable. Buyer acknowledges that it is a sophisticated
party and has sufficient experience and expertise to evaluate, and is fully informed as to, the risks of the transactions contemplated
by this Agreement and ownership of the Shares and the Management Shares, and that Buyer has been adequately represented by counsel.
Buyer acknowledges that Sellers have given Buyer and its Representatives the opportunity to ask questions of Sellers and the Acquired
Companies and to acquire such additional information regarding the business and financial condition of the Acquired Companies as
Buyer has requested.

 

Section 4.7.          Independent
Investigation; No Other Representations and Warranties.

 

(a)          Buyer
has conducted its own independent investigation, review and analysis of, and reached its own independent conclusions regarding,
the business, operations, assets, condition (financial or otherwise) and prospects of the Acquired Companies. Buyer acknowledges
that it and its Representatives have been provided adequate access to the personnel, properties, premises, records and other documents
and information of and relating to the Acquired Companies for such purpose. In entering into this Agreement, Buyer acknowledges
that it has relied solely upon its own investigation, review and analysis and has not relied on and is not relying on any representation,
warranty or other statement (whether written or oral) made by, on behalf of or relating to Sellers or any Acquired Company except
for the representations and warranties expressly set forth in ‎Article 3 of this Agreement or in the certificate
contemplated by ‎Section 6.2(d) (and, with respect to such representations and warranties, subject to
any limitations included in this Agreement), or in the other Transaction Agreements.

 

(b)          Buyer
acknowledges and agrees that (i) other than the representations and warranties expressly set forth in ‎Article
3 of this Agreement or in the other Transaction Agreements, none of Sellers, any Acquired Company or any other Person has made
or makes any other representation or warranty, written or oral, express or implied, at law or in equity, with respect to the Acquired
Companies, including any representation or warranty as to (A) value, merchantability or fitness for a particular use or purpose
or for ordinary purposes, (B) the operation or probable success or profitability of the Acquired Companies following the Closing
or (C) the accuracy or completeness of any information regarding the Acquired Companies made available or otherwise provided
to Buyer and its Representatives in connection with this Agreement or their investigation of the Acquired Companies (including
any estimates, forecasts, budgets, projections or other financial information with respect to the Acquired Companies), and (ii) Buyer
will have no right or remedy (and Sellers will have no liability whatsoever) arising out of, and Buyer expressly disclaims any
reliance upon, any representation, warranty or other statement (whether written or oral) made by, on behalf of or relating to Sellers
or any Acquired Company, including in any information regarding the Acquired Companies made available or otherwise provided to
Buyer and its Representatives in connection with this Agreement or their investigation of the Acquired Companies (including any
estimates, forecasts, budgets, projections or other financial information with respect to the Acquired Companies), or any errors
therein or omissions therefrom, other than the representations and warranties expressly set forth in ‎Article
3 of this Agreement or in the other Transaction Agreements.

 

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Article
5

COVENANTS

 

Section 5.1.          Conduct
of Business of the Company.

 

(a)          During
the period commencing on the date hereof and ending on the earlier of the termination of this Agreement in accordance with its
terms and the Closing Date (the “Pre-Closing Period”), except as (i) otherwise required by this Agreement,
(ii) set forth in ‎Section 5.1(a) or ‎Section 5.1(b) of the Sellers Disclosure Schedules, (iii) required
by any Law or Order applicable to Sellers or any Acquired Company or the assets, or operation of the business, of Sellers or any
Acquired Company or any Contract (which was entered into before the Closing) to which an Acquired Company is party or by which
any of the Acquired Companies’ assets or properties are bound or (iv) consented to in writing by Buyer (which consent
shall not be unreasonably withheld, conditioned or delayed, and provided that the failure of Buyer to respond to such a request
for consent within seven (7) Business Days thereafter shall be deemed to constitute consent), Sellers shall, and shall cause the
Acquired Companies to, use commercially reasonable efforts to: (1) operate the business of the Acquired Companies in the ordinary
course of business consistent with past practice (including with respect to the making of Capital Expenditures) and in material
compliance with its Permits and Law; and (2) (A) maintain and preserve the Acquired Companies’ present business organizations,
assets and technology; (B) maintain in effect all of the Permits material to the business of the Acquired Companies; (C) maintain
and preserve the Acquired Companies’ relationships and good will with customers, suppliers and others having material business
dealings with the Acquired Companies; and (D) manage the working capital of the Acquired Companies (including the timing of collection
of accounts receivable and payment of accounts payable) in the ordinary course of business consistent with past practice (provided
that Sellers shall not take any action (or direct the Acquired Companies to take any action), the primary intent of which is to
manipulate the Working Capital Adjustment Amount and/or the Final Working Capital Adjustment Amount); provided, however,
that (x) no action or inaction by Sellers or any of the Acquired Companies with respect to any matters specifically addressed
by any clause of ‎Section 5.1(b) shall be deemed a breach of this ‎Section 5.1(a)
unless such action or inaction would constitute a breach of such clause of ‎Section 5.1(b) and (y) Buyer’s
consent with respect to any action or matter pursuant to ‎Section 5.1(b) shall be deemed to constitute
consent for all purposes under this Agreement, including for purposes of this ‎Section 5.1(a).

 

(b)          Without
limiting the generality of the foregoing ‎Section 5.1(a), during the Pre-Closing Period, except as (x) otherwise
required by this Agreement, (y) set forth in ‎Section 5.1(b) of the Sellers Disclosure Schedules or (z) as
required by any Law or Order applicable to Sellers or any Acquired Company or the assets, or operation of the business, of Sellers
or any Acquired Company, Sellers shall not, and shall cause the Acquired Companies not to, take any of the following actions
with respect to the Acquired Companies without the prior written consent of Buyer (which consent shall not be unreasonably withheld,
conditioned or delayed, and provided that the failure of Buyer to respond to such a request for consent within seven (7) Business
Days thereafter shall be deemed to constitute consent):

 

(i)          make
any amendment to the Organizational Documents of the Acquired Companies;

 

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(ii)          issue,
sell, grant, pledge or otherwise dispose of, or grant or suffer to exist any Encumbrance with respect to, any of the Acquired Companies’
capital stock, or grant any options, warrants or other rights to acquire any such capital stock or other interest or any instrument
convertible into or exchangeable or exercisable for any such capital stock or other interest;

 

(iii)         (A) split,
combine or reclassify any shares of its capital stock, equity securities or other ownership interests, (B) declare, set aside
or pay any dividend or other distribution (whether in cash, stock or property or any combination thereof) in respect of its capital
stock, equity securities or other ownership interests, (C) redeem, repurchase or otherwise acquire or offer to redeem, repurchase
or otherwise acquire any Shares, Management Shares or Subsidiary Shares or (D) enter into any agreement with respect to the
voting of its capital stock, equity securities or other ownership interests;

 

(iv)         adopt
any plan of merger, consolidation, reorganization, recapitalization, liquidation or dissolution of any Acquired Company, file a
petition in bankruptcy under any provisions of federal or state bankruptcy Law on behalf of any Acquired Company or consent to
the filing of any bankruptcy petition against any Acquired Companies under any similar Law;

 

(v)          create
any Subsidiary of an Acquired Company;

 

(vi)         make
any material changes in any accounting methods, principles or practices except as required by IFRS or as disclosed in the notes
to any of the Financial Statements;

 

(vii)        make
any material changes in its cash management practices or its policies, practices and procedures with respect to collection of accounts
receivable, establishment of reserves for uncollectible accounts, accrual of accounts receivable, prepayment of expenses, payment
of trade accounts payable, accrual of other expenses, deferral of revenue and acceptance of customer deposits;

 

(viii)      except
in the ordinary course of business consistent with past practice (A) accelerate, terminate, cancel, renew, amend, grant a
waiver under or otherwise modify any Material Contract in any material respect; provided that the Acquired Companies shall
not fail to exercise a right to extend or renew a Material Contract or any rights thereunder without prior consultation with Buyer,
(B) enter into any Contract that would constitute a Material Contract if in effect as of the date hereof or (C) waive,
release or assign any material rights, claims or benefits of any Acquired Company;

 

(ix)         make
any capital expenditures in excess of $30,000,000, individually or in the aggregate, per fiscal quarter;

 

(x)          incur,
assume or guarantee any indebtedness for borrowed money other than (A) in an amount not exceeding $25,000,000 individually or in
the aggregate, (B) indebtedness incurred in order to fund the payment of amounts paid in accordance with the Phantom and Common
Stock Compensation Plan or the one-time employee transaction completion bonus, in each case on or prior to the Closing Date or
(C) in the ordinary course of business consistent with past practice (and, for the avoidance of doubt, any amounts not repaid
prior to the Closing will constitute Indebtedness);

 

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(xi)         grant
or suffer to exist any material Encumbrance, other than any Permitted Encumbrances, on any properties or assets (other than Intellectual
Property), tangible or intangible, of the Acquired Companies;

 

(xii)        sell,
lease, pledge, abandon, assign or otherwise dispose of any of the material assets, securities, properties (including Real Property)
or rights (other than Intellectual Property) of any Acquired Company except (A) pursuant to existing Contracts or (B) in
the ordinary course of business consistent with past practice;

 

(xiii)       sell,
assign, lease, sublease, license, sublicense or otherwise transfer or dispose of, abandon or permit to lapse, fail to take any
action necessary to maintain, enforce or protect, or create or incur any Encumbrance on any material Owned Intellectual Property
or material Licensed Intellectual Property;

 

(xiv)       purchase
or acquire, directly or indirectly (including by merger, consolidation, or acquisition of stock or assets or any other business
combination), any corporation, partnership, other business organization or division thereof;

 

(xv)        institute,
terminate or settle or offer or propose to settle any Legal Proceeding;

 

(xvi)       except
as required by the terms of an Employee Plan as in effect on the date hereof, (A) grant any severance, retention or termination
pay to, or enter into or amend any severance, retention, termination, employment, consulting, bonus, change in control or severance
agreement with, any current or former Service Provider, (B) increase the compensation or benefits provided to any current or former
Service Provider other than increases in base compensation of not more than three percent (3%) to employees with annual base compensation
of less than $100,000 in the ordinary course of business consistent with past practice; (C) grant any equity or equity-based awards
to, or discretionarily accelerate the vesting or payment of any such awards held by, any current or former Service Provider; or
(D) establish, adopt, enter into or amend any Employee Plan, collective bargaining agreement or other labor agreement;

 

(xvii)      (A)
hire any employees of the Acquired Companies (other than to fill vacancies arising due to terminations (for just cause) of employment
of employees with annual base compensation of less than $100,000) or (B) terminate (for just cause) the employment of any employees
of the Acquired Companies with annual base compensation of $100,000 or more;

 

(xviii)     make
or change any material Tax election, change any annual Tax accounting period, adopt or change any material method of Tax accounting,
file any material amended Tax return, obtain any Tax ruling or enter into any closing or similar agreement, settle any material
Tax claim, assessment, audit, contest or other similar proceeding, surrender any right to claim a material Tax refund, offset or
other reduction in Tax liability, or consent to any extension or waiver of the limitations period applicable to any material Tax
claim or assessment; or

 

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	 	statement pursuant to Securities and Exchange Commission Rule 83	 

    

 

(xix)       agree
or commit to take any of the actions in the foregoing clauses ‎(i) through ‎(xviii).

 

(c)          Except
as specifically set forth herein, nothing contained in this Agreement shall give Buyer, directly or indirectly, the right to control
or direct the business and operations of the Acquired Companies prior to the Closing. Prior to the Closing, Sellers and the Acquired
Companies shall exercise, consistent with the terms and conditions of this Agreement, complete control and supervision over the
business and operations of the Acquired Companies.

 

Section 5.2.          Access
to Information.

 

(a)          During
the Pre-Closing Period, Sellers shall, and shall cause the Acquired Companies to, use commercially reasonable efforts to provide
Buyer and its Representatives with reasonable access to (i) all of the Acquired Companies’ properties, assets, books
and records, (ii) all senior management of the Acquired Companies and (iii) any other information relating solely to
the business, properties, assets, books and records and personnel of the Acquired Companies as Buyer or any of its Representatives
may reasonably request. All access and investigation pursuant to this ‎Section 5.2(a) shall be (A) conducted
during normal business hours upon reasonable advance notice to Sellers, (B) conducted in such a manner as not to interfere
with the normal operations of the Acquired Companies, (C) coordinated through the Company’s chief executive officer
or designee thereof and (D) conducted at Buyer’s sole cost and expense, and Sellers shall have the right to have one
or more of their Representatives present at all times during any visits, examinations, discussions or contacts contemplated by
this ‎Section 5.2(a). During the Pre-Closing Period, the Sellers shall, and shall cause the Acquired Companies
to, use commercially reasonable efforts to cause its employees, counsel, financial advisors, auditors and other authorized Representatives
to cooperate with Buyer in its investigation of the Acquired Companies. Notwithstanding anything to the contrary contained herein,
during the Pre-Closing Period, neither Sellers nor any Acquired Company shall be required to provide access or disclose information
where such access or disclosure would, in Sellers’ reasonable judgment, (1) jeopardize the attorney-client privilege
or other immunity or protection from disclosure of Sellers or any Acquired Company or (2)(x) conflict with any Law or Order applicable
to Sellers or any Acquired Company or the assets, or operation of the business, of Sellers or any Acquired Company or (y) materially
breach any Contract (with respect to the obligations placed therein on the applicable Acquired Company) to which an Acquired Company
is party or by which any of the Acquired Companies’ assets or properties are bound; provided, however, that,
in such instances, Sellers shall inform Buyer of the general nature of the information being withheld and, upon Buyer’s request
and at Buyer’s sole cost and expense, reasonably cooperate with Buyer to provide such information, in whole or in part, in
a manner that would not result in any of the outcomes described in the foregoing clauses ‎(1) or ‎(2). Notwithstanding
anything to the contrary contained herein, during the Pre-Closing Period, without the prior written consent of Sellers (which consent
shall not be unreasonably withheld, conditioned or delayed), (x) Buyer shall not, and shall cause its Affiliates and its Representatives
not to, contact any vendor, supplier or customer of an Acquired Company regarding the business, operations, or prospects of the
Acquired Companies or this Agreement or the transactions contemplated hereby, and (y) Buyer shall have no right to perform
invasive or subsurface investigations of the properties or facilities of any Acquired Company.

 

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	 	Confidential treatment requested by the registrant for its submission of this draft registration	MIC-0677
	 	statement pursuant to Securities and Exchange Commission Rule 83	 

    

 

(b)          Buyer
will hold any information obtained pursuant to ‎Section 5.2(a) in confidence in accordance with the Confidentiality
Agreement.

 

Section 5.3.          Notification
of Certain Matters.

 

(a)          During
the Pre-Closing Period, each Party shall promptly notify the other Party of any occurrence of which it is aware (or of which it
should reasonably be aware) that would or is reasonably likely to result in any of the conditions set forth in ‎Article
6 to (i) be incapable of being satisfied or (ii) not be satisfied by the Termination Date; provided, however,
that either Party’s good faith failure to give notice of any such occurrence as required pursuant to this ‎Section
5.3 shall not be (i) deemed to be a breach of the covenant contained in this ‎Section 5.3‎, but instead
shall (if applicable) constitute only a breach of the applicable underlying representation, warranty, covenant or agreement, or
(ii) taken into account in determining whether the conditions to Closing set forth in ‎‎Article 6
have been satisfied.

 

(b)         For
a period of eighteen (18) months after the Closing, (i) Buyer shall not, and shall cause the Acquired Companies to not, offer an
audit of historical reporting practices in connection with any proposal to a programmer to renegotiate or renew any of the Contracts
referenced in ‎Section 3.13(a)(ii); provided that this clause (i) shall not (A) limit the ability of Buyer or
any Acquired Company to respond to a request from a programmer to conduct an audit or (B) respond to a claim by a programmer of
a breach of any such Contract and (ii) if any such audit does take place or any Acquired Company becomes aware of such audit, Buyer
shall use reasonable efforts to (x) notify Sellers that such audit has commenced, (y) periodically apprise Sellers of the state
of such audit and (z) provide Sellers with the right to participate in any such audit, which right shall include the right to be
consulted about all significant decisions made regarding the conduct of such audit and the right to have a reasonable opportunity
to provide input to the representatives of Buyer regarding all such significant decisions.

 

Section 5.4.          Efforts
to Consummate. Subject to ‎Section 5.5 and ‎Section 5.6, during the Pre-Closing Period, each of
Buyer and Sellers shall, and Sellers shall cause the Acquired Companies to, use reasonable best efforts (unless, with respect
to any action, another standard of performance is expressly provided for herein) to take, or cause to be taken, all actions and
to do, or cause to be done, all things necessary, proper or advisable to consummate and make effective the transactions contemplated
by this Agreement and the other Transaction Agreements as promptly as reasonably practicable, including satisfaction (but not
waiver) of the conditions to Closing set forth in ‎Article 6; provided that the Parties shall not be required
to take any action that would, individually or in the aggregate, have an effect that is adverse and material to the Acquired Companies.
None of the Parties nor any of their Affiliates or Representatives shall take any action that could reasonably be expected to
have the effect of delaying, impairing or impeding the consummation of the Closing.

 

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	 	Confidential treatment requested by the registrant for its submission of this draft registration	MIC-0678
	 	statement pursuant to Securities and Exchange Commission Rule 83	 

    

 

Section 5.5.          Consents.

 

(a)          During
the Pre-Closing Period, each of Buyer and Sellers shall, and Sellers shall cause the Acquired Companies to, use reasonable best
efforts to give all notices to, and obtain all Consents from all Persons required pursuant to any Material Contract or in connection
with the consummation of the transactions contemplated by this Agreement and the other Transaction Agreements; provided,
however, that Sellers shall not have any obligation to (i) amend or modify any Contract, (ii) pay any consideration
to any Person for the purpose of obtaining any such Consent or (iii) pay any costs and expenses of any Person resulting from
the process of obtaining such Consent, all of which such costs and expenses (if any) shall be borne exclusively by Buyer.

 

(b)          Buyer
acknowledges that certain Consents and waivers with respect to the transactions contemplated by this Agreement and the other Transaction
Agreements may be required from parties to the Material Contracts and other Contracts to which an Acquired Company is party and
that such Consents and waivers (except as otherwise provided in this Agreement) may not be obtained prior to Closing and are not
conditions to the consummation of the transactions contemplated hereby. Buyer acknowledges that no representation, warranty or
covenant of Sellers contained herein shall be breached or deemed inaccurate or breached, and no condition shall be deemed not satisfied,
as a result of (i) the failure to obtain any such Consent or waiver, (ii) any such termination or (iii) any Legal
Proceeding commenced or threatened by or on behalf of any Person arising out of or relating to the failure to obtain any such Consent
or waiver or any such termination.

 

Section 5.6.          Governmental
Approvals. Prior to the Closing, Buyer and Sellers shall, and Sellers shall cause the Acquired Companies to, obtain and
maintain in full force and effect all required Consents or Permits, in each case from any Governmental Body, to permit each respective
Party to perform its obligations under this Agreement and the other Transaction Agreements and to consummate the transactions contemplated
hereby and thereby.

 

Section 5.7.          Public
Announcements. Except as otherwise expressly contemplated by or necessary to implement the provisions of this Agreement,
and except for the joint press release to be issued by the Parties in the form previously agreed, neither Buyer nor Sellers (nor
any of their respective Affiliates) shall issue any press release or otherwise make any public statements or disclosure with respect
to the transactions contemplated by this Agreement without the prior written consent of the other Party, except to the extent such
disclosure is required by applicable Law or the rules of any stock exchange, in which case the Party seeking to make such disclosure
shall promptly notify the other Party thereof and the Parties shall use reasonable efforts to cause a mutually agreeable release
or announcement to be issued; provided, however, that nothing in this ‎Section 5.7 shall prohibit Sellers
and, prior to the Closing Date, the Company, from making public statements or disclosure in response to press or regulatory inquiries
to the extent that such statements or disclosure were already publicly disclosed previously subject to the foregoing requirements
contemplated hereunder.

 

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	 	statement pursuant to Securities and Exchange Commission Rule 83	 

    

 

Section 5.8.          Books
and Records. For a period of five (5) years after the Closing, each of Buyer and Sellers shall (and Buyer shall cause
the Acquired Companies to) use commercially reasonable efforts to (a) give Buyer or Sellers, as the case may be, and their
respective Representatives reasonable access during normal business hours to their respective Representatives, including employees,
books and records and other information with respect to the Acquired Companies relating to periods prior to the Closing for any
reasonable purpose, including as may be necessary for (i) the preparation of Tax returns and financial statements and (ii) complying
with any audit request, subpoena or other investigative demand by any Governmental Body or for any Legal Proceeding (including
any Third-Party Claim pursuant to ‎Article 8), subject in all cases to reasonable restrictions imposed from time to
time upon advice of counsel in respect of applicable Laws relating to the confidentiality of information, and (b) maintain
all such books and records in the same or a similar accessible format as currently existing. The access provided pursuant to ‎Section
5.8(a) shall be conducted in such a manner so as not to interfere unreasonably with the operation of the business of Buyer
and the Acquired Companies or Sellers, as the case may be, and in no event will Buyer, Sellers or the Acquired Companies be required
to furnish any documents or information pursuant to ‎Section 5.8(a) that are required by any applicable Law or Order
to be kept confidential, or if furnishing such documents or information would reasonably be expected to jeopardize the status
of such documents or information as privileged (except that, prior to withholding any such information, the withholding party
shall notify the requesting party in writing of the nature of the information being withheld and take commercially reasonable
actions as may reasonably be requested by the requesting party to implement alternate arrangements). Notwithstanding the foregoing,
if the Parties are in an adversarial relationship in any Legal Proceeding, the furnishing of information, documents or records
in accordance with ‎Section 5.8(a) shall be subject to any applicable rules relating to discovery.

 

Section 5.9.          Confidentiality.

 

(a)          The
confidentiality and restrictions on use provisions of the Confidentiality Agreement shall be deemed incorporated herein by reference
as if set forth herein and shall continue in full force and effect until the Closing, unless this Agreement is terminated prior
to the Closing, in which case the Confidentiality Agreement shall nonetheless continue in full force and effect in accordance with
its terms.

 

Section 5.10.        Director
and Officer Indemnification.

 

(a)          Buyer
agrees that all rights to exculpation, indemnification and advancement of expenses pursuant to the Organizational Documents of
the Acquired Companies or any indemnification agreement to which any D&O Indemnified Person is party for acts or omissions
occurring on or prior to the Closing Date, whether (i) asserted or claimed prior to, on or after the Closing Date (including
in respect of any matters arising in connection with this Agreement and the transactions contemplated hereby), (ii) now existing
or (iii) arising prior to Closing, in favor of each Person who is now, or who has been at any time prior to the date hereof,
or who becomes prior to the Closing, a director or officer of an Acquired Company (each, a “D&O Indemnified Person”)
shall survive the Closing Date and the consummation of the transactions contemplated hereby and remain in full force and effect.
For a period of at least six (6) years after the Closing Date, (A) Buyer shall not, and shall not permit any Acquired Company
to, amend, repeal or modify any provision in any Acquired Company’s Organizational Documents relating to the exculpation,
indemnification or advancement of expenses with respect to any D&O Indemnified Person in connection with acts or omissions
occurring on or prior to the Closing Date, whether asserted or claimed prior to, on or after the Closing Date (including in respect
of any matters arising in connection with this Agreement and the transactions contemplated hereby), unless, and only to the extent,
required by applicable Law, it being the intent of the Parties that all such D&O Indemnified Persons shall continue to be entitled
to such exculpation, indemnification and advancement of expenses to the fullest extent permitted by applicable Law, and that no
change, modification or amendment of such documents or arrangements may be made that will adversely affect any such D&O Indemnified
Person’s rights thereto without the prior written consent of such D&O Indemnified Person, and (B) Buyer shall, and
shall cause the Acquired Companies to, maintain in full force and effect any indemnification agreements of any Acquired Company
with any D&O Indemnified Person.

 

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	 	statement pursuant to Securities and Exchange Commission Rule 83	 

    

 

(b)          In
addition to the other rights provided for in this ‎Section 5.10 and not in limitation thereof, from and
after the Closing Date, Buyer and the Acquired Companies (each, a “D&O Indemnifying Party”) shall, to the
fullest extent permitted by applicable Law, (i) indemnify, defend and hold harmless the D&O Indemnified Persons against
all D&O Expenses and all losses, claims, damages, judgments, fines, penalties and amounts paid in settlement (“D&O
Losses”) in respect of any threatened, pending or completed claim, action, inquiry, suit, proceeding or judgment, whether
criminal, civil, administrative or investigative, based on, arising out of, relating to or in connection with the fact that such
D&O Indemnified Person is or was a director, officer, employee or other fiduciary of an Acquired Company or in such D&O
Indemnified Person’s capacity as a director, officer, employee or other fiduciary of an Acquired Company on, prior to or
after the Closing Date (including in respect of any matters arising in connection with this Agreement and the transactions contemplated
hereby) (a “D&O Indemnifiable Claim”) and (ii) advance, unconditionally and interest-free, to such
D&O Indemnified Persons all D&O Expenses incurred in connection with any D&O Indemnifiable Claim (including in circumstances
where the D&O Indemnifying Party is otherwise entitled to assume the defense of such claim and has assumed such defense) promptly
after receipt of statements therefor. Advance payment of D&O Expenses in connection with any D&O Indemnifiable Claim shall
continue until such D&O Indemnifiable Claim is disposed of or all judgments, orders, decrees or other rulings in connection
with such D&O Indemnifiable Claim become final and non-appealable and are fully and finally satisfied. For the purposes of
this ‎Section 5.10(b), “D&O Expenses” shall include attorneys’ fees, expert
fees, arbitrator and mediator fees, and all other costs, charges and expenses paid or incurred in connection with investigating,
defending, being a witness in or otherwise participating in (including on appeal), or preparing to defend, to be a witness in or
participate in, any D&O Indemnifiable Claim. In the event of any such D&O Indemnifiable Claim, Buyer and the Acquired Companies
shall cooperate with the D&O Indemnified Person in the defense of any such D&O Indemnifiable Claim. Each of Buyer and the
Acquired Companies shall be a full indemnitor of first resort, shall be required to advance the full amount of all D&O Expenses
incurred by a D&O Indemnified Person and shall be liable for the full amount of all D&O Losses to the extent legally permitted
and as required, without regard to any rights a D&O Indemnified Person may have against Sellers, any of Sellers’ Affiliates
or any insurer providing insurance coverage under an insurance policy issued to Sellers or any of their Affiliates.

 

(c)          In
the event that Buyer, any Acquired Company or any of their respective successors or assigns (i) consolidates with or merges
into any other Person and is not the continuing or surviving corporation or entity of such consolidation or merger or (ii) transfers
or conveys fifty percent (50%) or more of its properties and other assets to any Person, then, and in each such case, proper provision
shall be made so that such successors, assigns or transferees shall expressly assume the obligations set forth in this ‎Section
5.10.

 

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	 	statement pursuant to Securities and Exchange Commission Rule 83	 

    

 

(d)          Notwithstanding
anything to the contrary contained herein or otherwise, the rights and benefits of the D&O Indemnified Persons under this ‎Section
5.10 shall not be terminated or modified in any manner as to adversely affect any D&O Indemnified Person without the prior
written consent of such D&O Indemnified Person. The provisions of this ‎Section 5.10 are intended
to be for the benefit of, and shall be enforceable by, each D&O Indemnified Person, his or her heirs and his or her executors,
administrators and personal representatives, each of whom is an intended third-party beneficiary of this ‎Section
5.10, and are in addition to, and not in substitution for, any other rights, including rights to indemnification or contribution
that any such Person may have by Contract or otherwise. The provisions of this ‎Section 5.10 shall survive
consummation of the Closing.

 

Section 5.11.         Employment
and Benefits Arrangements.   Immediately
prior to the Closing, the Company shall pay (i) all amounts payable under the Phantom and Common Stock Compensation Plan
as of the Closing Date in accordance therewith and (ii) the one-time employee transaction completion bonus.

 

Section 5.12.         Termination
of Related Party Agreements and Arrangements.   Each
Seller (on its own behalf and on behalf of its Affiliates) agrees to cause any or all Contracts and accounts between any Acquired
Company, on the one hand, and any Related Party, on the other hand, including the Contracts listed in ‎Section 3.19
of the Sellers Disclosure Schedules, to be terminated, released, canceled, paid or otherwise settled prior to the Closing, without
any continuing liability of any Acquired Company thereunder, excluding (i) any employment, severance or other similar arrangements
with directors, officers or employees of the Acquired Companies, (ii) compensation for services performed by a Related Party
as director, officer or employee of the Acquired Companies and amounts reimbursable for routine travel and other business expenses
in the ordinary course of business, (iii) any of the Transaction Agreements, (iv) any Contracts set forth in Schedule 5.12
of the Sellers Disclosure Schedules, (v) any of the Related Party Contract Amendments and (vi) any Related Party Contract
entered into in the ordinary course of business on arms-length terms for which such Contract’s value is less than $100,000;
provided that, in the case of Related Party Contracts covered by the foregoing clause (vi), upon written request from Buyer
no later than fifteen (15) Business Days prior to Closing, Sellers shall cause the termination of such Related Party Contracts.

 

Section 5.13.         Trademarks;
Tradenames.   After the Closing none of the
Sellers, their Affiliates or any of their respective directors, officers, successors, assigns, agents or representatives shall
(a) register or attempt to register, or directly or indirectly use in any fashion, including in signage, corporate letterhead,
business cards, internet websites or marketing material, or seek to register, in connection with any products or services anywhere
in the world in any medium, any trademarks, service marks, domain names, trade names or other indicia of origin that contain “Cable
Onda”, including the trademarks, service marks, domain names, trade names and other indicia of origin set forth in Schedule
5.13 of the Sellers Disclosure Schedules or any derivative thereof or anything confusingly similar thereto (collectively,
the “Company Marks”), or (b) challenge or assist any third party in opposing the rights of Buyer or any
of its Affiliates anywhere in the world in any Company Marks.

 

Section 5.14.         Exercise
of Minority Shareholder Put.   Following
the Closing, in the event that, for the period of eighteen (18) months from the Closing, the holders of any Subsidiary Shares
of Fronteras Security, Inc., elect to exercise any right to put such Subsidiary Shares pursuant to the terms of the shareholders
agreement governing such Subsidiary Shares, Sellers shall, severally in accordance with their Pro Rata Share, be responsible for
any amounts in excess of $2,000,000 required to be paid by the Acquired Companies to such holders as a result thereof.

 

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	 	Confidential treatment requested by the registrant for its submission of this draft registration	MIC-0682
	 	statement pursuant to Securities and Exchange Commission Rule 83	 

    

 

Section 5.15.        Corporate
Bonds.

 

(a)          During
the period starting on the date hereof and ending on May 3, 2019, Sellers shall use commercially reasonable efforts to obtain such
Consents required to release the Total Shares from the Encumbrance created pursuant to the Collateral Trust Agreement. During the
same period, Buyer shall reasonably cooperate with Sellers with respect to the foregoing. Notwithstanding the foregoing, no amendments
of the terms of the Corporate Bonds or related documentation, other than the removal of the Encumbrance created pursuant to the
Collateral Trust Agreement, shall be made without the consent of Buyer (such consent to be provided by Buyer in its sole discretion).

 

(b)          If
all Encumbrances on the Total Shares have not been eliminated by April 1, 2019, then:

 

(i)          first,
Sellers shall promptly notify Buyer of such failure to eliminate all Encumbrances on the Total Shares;

 

(ii)         second,
upon such notification, Buyer shall cause the Company to promptly initiate the Corporate Bonds prepayment process;

 

(iii)        third,
as soon as practicable thereafter, the Company shall hold a meeting of its board of directors (the “Board”),
wherein both Sellers and Buyer shall propose financing options for the amount of cash equal to the principal payment owed under
the Corporate Bonds. At such meeting, the Board shall select the financing option that is most favorable to the Company (the “Loan”).

 

(iv)        fourth,
on June 3, 2019, Buyer shall cause the Company to (x) use the Loan to pay off the principal amount owed under the Corporate Bonds
and (y) pay off any amounts owed for accrued interest or breakage costs under the Corporate Bonds;

 

(v)         fifth,
promptly thereafter, Sellers shall deliver to Buyer by wire transfer of immediately available funds to an account designated in
writing by Buyer, an amount equal to eighty percent (80%) of the aggregate payment made by the Company in connection with the breakage
costs set forth in 5.15(b)‎(iv)(y); and

 

(vi)        sixth,
promptly following the removal of the Encumbrance created pursuant to the Collateral Trust Agreement (and any and all other Encumbrances),
Sellers shall replace any Shareholding Interests in the Sellers’ Retained Shares then remaining in the Escrow Account with
Sellers’ Retained Shares having an equivalent value, calculated based on the value of the Sellers’ Retained Shares
implied by the Closing Purchase Price, after giving effect to any Recapitalization Event.

 

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	 	Confidential treatment requested by the registrant for its submission of this draft registration	MIC-0683
	 	statement pursuant to Securities and Exchange Commission Rule 83	 

    

 

Section 5.16.         Tax
Matters.   Buyer and its Affiliates (including, after the Closing, the Acquired Companies) shall not, without
the prior written consent of Sellers (such consent not to be unreasonably withheld, conditioned or delayed), cause or permit the
Acquired Companies or any Affiliate of Buyer (a) to take any action on the Closing Date other than in the ordinary course of business,
(b) to make or change any Tax election relating to or affecting a Pre-Closing Tax Period, (c) to amend any Tax returns of any of
the Acquired Companies for a Pre-Closing Tax Period, initiate any voluntary disclosure with respect to Taxes of any of the Acquired
Companies for a Pre-Closing Tax Period or agree to extend or waive the statute of limitations of any Pre-Closing Tax Period of
any of the Acquired Companies, unless (i) in the case of clause (c), Buyer determined in its good faith judgment that such action
is required by applicable Law in order for any Acquired Company to conduct business operations in any jurisdiction in which it
currently conducts business (provided that any action taken by Buyer or its Affiliates that would have been prohibited by clause
(c) absent the exception set forth in this clause (i) shall not affect the determination of whether any Buyer Indemnified Party
is entitled to indemnification under ‎Section 8.2 with respect to any Taxes relating to such action, and shall not be
determinative of the amount of Taxes that are subject to indemnification thereunder or (ii) in the case of clauses (a), (b) or
(c), (x) such action is required by applicable Law, (y) is taken in connection with Buyer’s conduct of a Tax Claim that Buyer
controls pursuant to Section 8.5, provided that Buyer is permitted to take such action by Section 8.5, Buyer has provided
notice to Seller of such Tax Claim as required by Section 8.5(a) and such action is with respect to such Tax Claim or (z) Buyer
waives its rights under this Agreement to any indemnification from Sellers with respect to Taxes that may result from such action.

 

Section 5.17.         Further
Assurances. Following the Closing, and subject to the terms and conditions of this Agreement, each of Buyer and Sellers
shall, and shall cause their respective Affiliates to, execute and deliver such additional documents, instruments and assurances
and take such other actions as may reasonably be requested to carry out and give effect to the transactions contemplated by this
Agreement.

 

Article
6

CONDITIONS
TO CLOSING

 

Section 6.1.          Conditions
to Each Party’s Obligations.   The respective obligations of each Party to consummate the transactions
contemplated by this Agreement shall be subject to the satisfaction (or waiver in writing by both Buyer and Sellers), at or prior
to the Closing, of each of the following conditions:

 

(a)          The
Corporate Bond Consents shall have been obtained.

 

(b)          The
renewal of the Company’s 500 License shall have been obtained.

 

(c)          No
Governmental Body shall have (i) enacted, issued, promulgated, enforced or entered any Law or Order that is in effect and would (x)
make the Closing illegal or (y) otherwise prohibit or enjoin consummation of the transactions contemplated by this Agreement;
or (ii) issued a resolution, the effect of which is to declare any of the Acquired Companies as market “dominant,”
which resolution shall be in effect as of immediately prior to the Closing Date.

 

(d)          (i)
The Sellers, Buyer and the Company shall have entered into a shareholders’ agreement, effective as of the Closing Date, governing
their relationship with respect to the ownership of the Company, substantially in the form of Exhibit A (the “Shareholders
Agreement”) and (ii) the Company shall have amended and restated its articles of incorporation and by-laws, in each case
effective as of the Closing Date, in accordance with the terms of the Shareholders Agreement.

 

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	 	Confidential treatment requested by the registrant for its submission of this draft registration	MIC-0684
	 	statement pursuant to Securities and Exchange Commission Rule 83	 

    

 

Section 6.2.          Other
Conditions to the Obligations of Buyer.   In
addition to the conditions set forth in ‎‎Section 6.1, the obligations of Buyer to consummate the transactions
contemplated by this Agreement shall be subject to the satisfaction, or waiver in writing by Buyer, of each of the following conditions
at or prior to the Closing:

 

(a)          (i) The
Sellers Fundamental Representations shall be true and correct in all material respects as of the Closing Date with the same force
and effect as if made on and as of the Closing Date (except that any such representations and warranties that are specifically
made as of a particular date shall be true and correct in all material respects as of such date) and (ii) the representations
and warranties of Sellers contained in ‎Article 3 of this Agreement (other than those set forth in clause (i) of this
‎Section 6.2‎(a) shall be true and correct as of the Closing Date with the same force and effect as if made on and
as of the Closing Date (except that any such representations and warranties that are specifically made as of a particular date
shall be true and correct as of such specified date), except where the failure to be true and correct as of such date (without
regard to any qualification as to materiality or Company Material Adverse Effect included therein), individually or in the aggregate,
has not had and would not reasonably be expected to have a Company Material Adverse Effect; provided that for purposes of
this closing condition in determining the accuracy of the representations and warranties in ‎Section 3.5, the last sentence
of ‎Section 3.10(b), the last sentence of ‎Section 3.12, and ‎Section 3.15(f), clause (viii) of
the first proviso included in the definition of “Company Material Adverse Effect” shall be disregarded.

 

(b)          Sellers
shall have performed and complied in all material respects with the material agreements and covenants required to be performed
or complied with by it on or prior to the Closing Date.

 

(c)          Since
the date hereof, there has not been any event, occurrence, development or state of circumstances or facts that has had or would
reasonably be expected to have, individually or in the aggregate, a Company Material Adverse Effect and be continuing as of the
Closing Date.

 

(d)          Buyer
shall have received a certificate, dated the Closing Date and signed by a duly authorized officer of Sellers, stating on behalf
of Sellers that each of the conditions set forth in ‎Section 6.2‎(a) and ‎Section 6.2(b) have been satisfied.

 

Section 6.3.          Other
Conditions to the Obligations of Sellers.   In
addition to the conditions set forth in ‎Section 6.1, the obligations of Sellers to consummate the transactions contemplated
by this Agreement shall be subject to the satisfaction, or waiver in writing by Sellers, of each of the following conditions at
or prior to the Closing:

 

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(a)          (i) The
Buyer Fundamental Representations shall be true and correct in all material respects as of the Closing Date with the same force
and effect as if made on and as of the Closing Date (except that any such representations and warranties that are specifically
made as of a particular date shall be true and correct in all material respects as of such date) and (ii) the representations
and warranties of Buyer contained in ‎Article 4 of this Agreement (other than those set forth in clause
(i) of this ‎Section 6.3(a)) shall be true and correct as of the Closing Date with the same force and
effect as if made on and as of the Closing Date (except that any such representations and warranties that are specifically made
as of a particular date shall be true and correct as of such specified date), except where the failure to be true and correct as
of such date (without regard to any qualification as to materiality or Buyer Material Adverse Effect included therein), individually
or in the aggregate, has not had and would not reasonably be expected to have a Buyer Material Adverse Effect.

 

(b)          Buyer
shall have performed and complied in all material respects with the material agreements and covenants required to be performed
or complied with by it on or prior to the Closing Date.

 

(c)          Sellers
shall have received a certificate, dated the Closing Date and signed by a duly authorized officer of Buyer, stating on behalf of
Buyer that each of the conditions set forth in ‎Section 6.3(a) and ‎Section 6.3(b) have been satisfied.

 

Article
7

TERMINATION

 

Section 7.1.          Termination.
  At any time prior to the Closing, this Agreement may be terminated and the transactions contemplated
hereby abandoned as follows (and the Party seeking to terminate this Agreement pursuant to this ‎Section 7.1 (other
than ‎Section 7.1(a)) shall give written notice of such termination to the other Party setting forth a brief description
of the basis on which it is terminating this Agreement):

 

(a)          by
the mutual written consent of Buyer and Sellers;

 

(b)          subject
to ‎‎Section 9.10(c), by either Buyer or Sellers, if the Closing shall not have occurred on or before
the date that is six (6) months after the date hereof or such other date that Buyer and Sellers may agree upon in writing (the
 “Termination Date”); provided, however, that the right to terminate this Agreement pursuant to
this ‎Section 7.1(b) shall not be available to Buyer or Sellers, as the case may be, if a material breach of this Agreement
by such Party has resulted in the failure of the Closing to occur before the Termination Date;

 

(c)          by
either Buyer or Sellers, if (i) there shall be any Law enacted, promulgated or issued by any Governmental Body that makes
consummation of the Closing illegal or otherwise prohibited or (ii) any Governmental Body shall have issued an Order permanently
enjoining the transactions contemplated by this Agreement, and such Order shall have become final and non-appealable; provided,
however, that the Party seeking to terminate this Agreement pursuant to this ‎Section 7.1(c) shall
have used the efforts required by ‎Section 5.4 and ‎Section 5.6 to contest and remove such
Law or Order;

 

(d)          by
Buyer, if (i) there shall have been a breach by Sellers of any representation, warranty, covenant or agreement contained herein
that would result in the failure of any of the conditions set forth in ‎Section 6.1 or ‎Section 6.2 to be
satisfied, (ii) Buyer is not then in breach of any provision of this Agreement and (iii) such breach by Sellers (A) shall
not have been cured on or prior to the earlier of (1) the Termination Date and (2) forty-five (45) Business Days after
receipt by Sellers of written notice of such breach from Buyer, and (B) in the case of the foregoing clause (2), cannot be
cured prior to the Termination Date; or

 

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(e)          by
Sellers, if (i) there shall have been a breach by Buyer of any representation, warranty, covenant or agreement contained herein
that would result in the failure of any of the conditions set forth in ‎Section 6.1 or ‎Section 6.3 to be
satisfied, (ii) Sellers are not then in breach of any provision of this Agreement and (iii) such breach by Buyer (A) shall
not have been cured on or prior to the earlier of (1) the Termination Date and (2) forty-five (45) Business Days after
receipt by Buyer of written notice of such breach from Sellers, and (B) in the case of the foregoing clause (2), cannot be
cured prior to the Termination Date.

 

Section 7.2.          Effect
of Termination.   In the event of the termination
of this Agreement in accordance with this ‎Article 7:

 

(a)          this
Agreement shall forthwith become null and void (except for this ‎Section 7.2, ‎Section 5.7, ‎Section
5.9, and ‎Article 9 each of which shall survive such termination and remain valid and binding obligations of the
Parties in accordance with their terms); and

 

(b)          there
shall be no liability of any kind on the part of Buyer or Sellers or any of Buyer’s or Sellers’ former, current or
future Affiliates, Representatives, officers, directors, direct or indirect general or limited partners, equityholders, stockholders,
controlling persons, managers or members; provided, however, that termination pursuant to this ‎Article 7
shall not relieve either Party from such liability (i) pursuant to the sections specified in ‎Section 7.2(a) that
survive termination or (ii) for any breach of this Agreement prior to such termination.

 

Article
8

SURVIVAL;
INDEMNIFICATION; LIMITATIONS ON LIABILITY

 

Section 8.1.          Survival.

 

(a)          Subject
to the other terms and conditions of this ‎Article 8, each of the representations and warranties set forth in this Agreement,
or any certificate or other instrument delivered by or on behalf of a Party pursuant to this Agreement, shall survive the Closing
and the consummation of the transactions contemplated hereby and shall expire (together with any right to assert a claim under
‎Section 8.2(a) or ‎Section 8.3(a), as applicable) on the date that is eighteen
(18) months after the Closing Date (the “First Release Date”); provided that (i) the representations
and warranties of Sellers set forth in ‎Section 3.1, ‎Section 3.2(a), ‎Section 3.3, ‎Section
3.5(a)(i), ‎Section 3.5(c), and ‎Section 3.21 (the “Sellers Fundamental Representations”),
and the representations and warranties of Buyer set forth in ‎Section 4.1, ‎Section 4.2(a)(i), ‎Section
4.4 and ‎Section 4.5 (the “Buyer Fundamental Representations”), in each case shall survive indefinitely
or until the latest date permitted by law; and (ii) the representations and warranties of Sellers set forth in ‎Section
3.16 shall expire on the date that is three (3) years after the Closing Date.

 

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(b)          Each
of the covenants and other agreements contained in this Agreement or any certificate or other instrument delivered by or on behalf
of a Party pursuant to this Agreement that are to be performed prior to the Closing shall expire (together with any right to assert
a claim under ‎Section 8.2(b) or ‎Section 8.3(b), as applicable) on the date
that is nine (9) months from the Closing Date. The covenants and other agreements contained in this Agreement or any other certificate
of other instrument delivered by or on behalf of a Party pursuant to this Agreement that, by its terms, expressly contemplates
performance after the Closing Date, shall expire (together with any right to assert a claim under ‎Section
8.2(b) or ‎Section 8.3(b), as applicable) upon expiration of its term or performance of the undertaking
set forth therein.

 

(c)          It
is the express intent of Buyer and Sellers that, (i) if the applicable period set forth in ‎Section 8.1(a)
or ‎Section 8.1(b) for the survival of the representations, warranties, covenants and other agreements
and for the making of claims for indemnification based on any breaches thereof is shorter than the statute of limitations that
would otherwise have been applicable thereto, then, by contract, the statute of limitations applicable thereto shall be reduced
to the survival period set forth in ‎Section 8.1(a) or ‎Section 8.1(b), as applicable,
and (ii) neither Party shall be obligated to indemnify, defend, hold harmless, compensate or reimburse the other Party after
the last date that is within the survival period set forth in ‎Section 8.1(a) or ‎Section
8.1(b), as applicable, with respect to any particular claim for indemnification, and all rights and remedies that may be exercised
by a Party with respect to such representations, warranties, covenants and other agreements and any claim for indemnification based
on any breaches thereof will expire and terminate simultaneously with the ending of the survival period set forth in ‎Section
8.1(a) or ‎Section 8.1(b), as applicable; provided, however, that any Claim asserted
in good faith pursuant to ‎Section 8.5 by delivery of a Claim Notice prior to the expiration of the applicable
survival period set forth in ‎Section 8.1(a) or ‎Section 8.1(b) shall survive
until such Claim is fully and finally resolved in accordance with the terms hereof. Buyer and Sellers further acknowledge that
(A) the survival periods set forth in ‎Section 8.1(a) and ‎Section 8.1(b)
are the result of arms’ length negotiations between Buyer and Sellers, (B) Buyer and Sellers intend for such survival
periods to be enforced as agreed by Buyer and Sellers and (C) such survival periods shall not be deemed to be tolled following
the Closing Date or to otherwise extend beyond the end of such survival periods for any reason.

 

Section 8.2.          Indemnification
by Sellers.   Subject to the other terms
and conditions of this ‎Article 8, from and after the Closing, each Seller, with respect to its Pro Rata Share, and
the Company shall indemnify, defend and hold harmless Buyer and each of Buyer’s Affiliates, and their respective representatives,
members, partners, shareholders, managers and directors (collectively, the “Buyer Indemnified Parties”) from
and against, and shall pay and reimburse any Buyer Indemnified Party for, any and all Losses of any Buyer Indemnified Party to
the extent arising out of:

 

(a)          any
inaccuracy in or breach of any representation or warranty of any Seller contained in ‎Article 3 of this
Agreement (determined, except with respect to the Excepted Representations, without regard to any qualification or exception contained
therein relating to materiality or Company Material Adverse Effect or any similar qualification or standard); and

 

(b)          any
breach of any covenant, agreement or obligation to be performed by any Seller pursuant to this Agreement.

 

Section 8.3.          Indemnification
by Buyer.   Subject to the other terms and
conditions of this ‎Article 8, from and after the Closing Date, Buyer shall indemnify, defend and hold harmless Sellers
and each of Sellers’ representatives, members, partners, shareholders, managers, directors and affiliates (collectively,
the “Sellers Indemnified Parties”) against, and shall pay and reimburse any Sellers Indemnified Party for,
any and all Losses of any Sellers Indemnified Party to the extent arising out of:

 

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(a)          any
inaccuracy in or breach of any representation or warranty of Buyer contained in ‎Article 4 of this Agreement;
and

 

(b)          any
breach of any covenant, agreement or obligation to be performed by Buyer pursuant to this Agreement.

 

Section 8.4.          Limitations
and Other Matters Relating to Indemnification.

 

(a)          With
respect to indemnification by Sellers under ‎Section 8.2(a), except in respect of breaches of the Sellers Fundamental
Representations:

 

(i)          Sellers
shall not be required to indemnify, defend, hold harmless, pay or reimburse any Buyer Indemnified Party: (x) other than in
respect of breaches of ‎Section 3.13(a)(ii) or ‎Section 3.16, unless and until the aggregate amount of all
Losses in respect of such indemnification under ‎Section 8.2(a) exceeds $12,000,000 (the “Sellers Indemnification
Threshold”), and once the Sellers Indemnification Threshold has been exceeded, Sellers shall only be required to indemnify,
defend, hold harmless, pay and reimburse for Losses in excess of the Sellers Indemnification Threshold (subject to the limitations
set forth in ‎Section 8.4(a)(ii) and subject to the Sellers Per Claim Threshold); and (y) unless
and until the amount of Losses in respect of such indemnification under ‎Section 8.2(a), arising from
any particular inaccuracy in or breach of any representation or warranty of Sellers in this Agreement exceeds $200,000 (the “Sellers
Per Claim Threshold”), and once the Sellers Per Claim Threshold has been exceeded, Sellers shall be required to indemnify,
hold harmless, pay and reimburse for all Losses arising from such particular inaccuracy or breach (subject to the limitations set
forth in ‎Section 8.4‎(a)‎(ii) and only to the extent in excess of the Sellers Indemnification Threshold). 
Notwithstanding anything to the contrary contained herein, with respect to any particular inaccuracy in or breach of any representation
or warranty of Sellers in this Agreement for which the related Losses do not exceed the Sellers Per Claim Threshold, such Losses
shall not be counted toward the Sellers Indemnification Threshold.

 

(ii)         Sellers
shall not be required to indemnify, defend, hold harmless, pay or reimburse any Buyer Indemnified Party from and after the time
that the aggregate amount of all Losses in respect of such indemnification under ‎Section 8.2(a) exceeds an amount equal
to $150,000,000.

 

(iii)        The
sole and exclusive source of indemnification payments in respect of ‎Section 8.2‎(a) shall be the Indemnity Escrow
Funds.

 

(iv)        
With respect to indemnification by the Sellers (x) under ‎Section 8.2(b) and (y) for any breach of a Sellers Fundamental
Representation, each Seller’s maximum aggregate Liability shall be limited to the Final Purchase Price received by such Seller.

 

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(b)          With
respect to indemnification by Buyer under ‎Section 8.3(a), except in respect of breaches of Buyer Fundamental Representations:

 

(i)          Buyer
shall not be required to indemnify, defend, hold harmless, pay or reimburse any Sellers Indemnified Party: (x) unless and
until the aggregate amount of all Losses in respect of such indemnification under ‎Section 8.3(a) exceeds $12,000,000
(the “Buyer Indemnification Threshold”), and once the Buyer Indemnification Threshold has been exceeded, Buyer
shall only be required to indemnify, defend, hold harmless, pay and reimburse for Losses in excess of the Buyer Indemnification
Threshold (subject to the limitations set forth in ‎Section 8.4(b)(ii) and subject to the Buyer Per Claim Threshold);
and (y) unless and until the amount of Losses in respect of such indemnification under ‎Section 8.3(a),
arising from any particular inaccuracy in or breach of any representation or warranty of Buyer in this Agreement exceeds $200,000
(the “Buyer Per Claim Threshold”), and once the Buyer Per Claim Threshold has been exceeded, Buyer shall be
required to indemnify, hold harmless, pay and reimburse for all Losses in excess of the Buyer Indemnification Threshold arising
from such particular inaccuracy or breach (subject to the limitations set forth in ‎Section 8.4(b)(ii)
and only to the extent in excess of the Buyer Indemnification Threshold).  Notwithstanding anything to the contrary contained
herein, with respect to any particular inaccuracy in or breach of any representation or warranty of Buyer in this Agreement for
which the related Losses do not exceed the Buyer Per Claim Threshold, such Losses shall not be counted toward the Buyer Indemnification
Threshold.

 

(ii)         Buyer
shall not be required to indemnify, defend, hold harmless, pay or reimburse any Sellers Indemnified Party from and after the time
that the aggregate amount of all Losses in respect of such indemnification under ‎Section 8.3(a) exceeds an amount equal to
$150,000,000.

 

(c)          The
amount of any Losses that are subject to indemnification, compensation or reimbursement under this ‎Article
8 shall be reduced by the amount of any insurance proceeds, reimbursement and any indemnity, Tax benefit (determined as set
forth in ‎Section 8.4(d)), contribution or other similar payment actually received by the Indemnified Party in respect
of such Losses or any of the events, conditions, facts or circumstances resulting in or relating to such Losses (net of any expenses
or costs of collection incurred by such Indemnified Party in recovering such amounts, including any increases in premiums under
any insurance policies where such increase directly resulted from any such insurance payments) (“Third-Party Payments”).
If an Indemnified Party receives any Third-Party Payment with respect to any Losses for which it has previously been indemnified
(directly or indirectly) by an Indemnifying Party, the Indemnified Party shall promptly (and in any event within three (3) Business
Days after receiving such Payment) pay to the Indemnifying Party an amount equal to such Third-Party Payment or, if it is a lesser
amount, the amount of such previously indemnified Losses. The Indemnified Party shall use its commercially reasonable efforts to
recover under insurance policies or indemnity, contribution or other similar agreements other than this Agreement for any Losses.

 

(d)          The
amount of any Losses that are subject to indemnification, payment or reimbursement under this ‎Article 8
shall be reduced by an amount equal to any Tax benefit actually realized as a result of such Losses by the Indemnified Party. The
Indemnified Party shall be deemed to have “actually realized” a Tax benefit to the extent that the amount of Taxes
paid by the Indemnified Party or any of its Affiliates in the taxable period in which Loss occurs or any prior taxable period is
reduced below the amount of Taxes that such Persons would have been required to pay but for the Tax benefit.

 

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(e)          For
the avoidance of doubt, in calculating Losses actually suffered by Buyer pursuant to ‎Section 8.2, such Losses
shall be based on Buyer’s eighty percent (80%) ownership interest in the Company.

 

(f)          Each
Indemnified Party shall (and shall cause its Affiliates to) use commercially reasonable efforts to pursue all legal rights and
remedies available in order to mitigate and minimize any Losses subject to indemnification pursuant to this ‎Article
8 promptly upon becoming aware of any event or circumstance that could reasonably be expected to constitute or give rise to
such Losses.

 

(g)          Notwithstanding
anything to the contrary herein, in no event shall any Indemnifying Party be required to indemnify, defend, hold harmless, pay
or reimburse any Indemnified Party for Losses under this ‎Article 8 to the extent such Losses (i) were
considered in the determination of the Final Adjustment Report pursuant to ‎Section 2.4, (ii) were
reserved for or reflected in the Financial Statements or (iii) in the case of Sellers, resulted from the failure by Sellers
or any Acquired Company to take any action prohibited by ‎Section 5.1(b) of this Agreement if Sellers
requested the consent of Buyer to take such action and Buyer unreasonably withheld such consent.

 

(h)          For
the purposes of calculating the amount of Losses related to any breach of representation or warranty other than any Excepted Representation,
for the purposes of ‎Section 8.2(a), any qualification as to materiality, “Company Material Adverse Effect”
or any other similar qualification or standard contained in ‎Article 3‎ of this Agreement shall be disregarded.

 

(i)          Notwithstanding
anything to the contrary provided herein, no Buyer Indemnified Party shall be permitted to make a Direct Claim related to any breach
of any of the Contracts referenced in ‎Section 3.13(a)(ii).

 

Section 8.5.          Indemnification
Procedures.

 

(a)          All
claims for indemnification pursuant to this ‎Article 8 shall be made in accordance with the procedures set forth in
this ‎Section 8.5. A Person entitled to assert a claim for indemnification (a “Claim”) pursuant to
this ‎Article 8 (an “Indemnified Party”) shall give the Indemnifying Party written notice of any
such Claim (a “Claim Notice”), which notice shall include a description in reasonable detail of (i) the
basis for, and nature of, such Claim, including the facts constituting the basis for such Claim, and (ii) the estimated amount
of the Losses that have been or may be sustained by the Indemnified Party in connection with such Claim. Any Claim Notice shall
be given by the Indemnified Party to the Indemnifying Party, (A) in the case of a Claim in connection with any Legal Proceeding
made or brought by any Person (other than Buyer or Sellers in connection with this Agreement) against such Indemnified Party (a
 “Third-Party Claim”), promptly, but in any event not later than ten (10) Business Days, following receipt of
notice of the assertion or commencement of such Legal Proceeding, and (B) in the case of a Claim other than a Third-Party
Claim (a “Direct Claim”), promptly, but in any event not later than ten (10) Business Days, after the Indemnified
Party becomes aware of the facts constituting the basis for such Direct Claim; provided, however, that no failure
to give such prompt written notice shall relieve the Indemnifying Party of any of its indemnification obligations hereunder except
to the extent that the Indemnifying Party is prejudiced by such failure. The Indemnifying Party and Indemnified Party will cooperate
in good faith to resolve any Direct Claim for a period of twenty (20) Business Days before commencing any Legal Proceeding in connection
with such Claim. For the purposes of this Agreement, “Indemnifying Party” means Buyer (in the case of a claim
for indemnification by Sellers) or Sellers (in the case of a claim for indemnification by Buyer).

 

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(b)          With
respect to any Third-Party Claim, the Indemnifying Party shall have the right, by giving written notice to the Indemnified Party
within thirty (30) days after delivery of the Claim Notice with respect to such Third-Party Claim, to assume control of the defense
of such Third-Party Claim at the Indemnifying Party’s expense with counsel of its choosing and the Indemnified Party shall
cooperate in good faith in such defense. The Indemnified Party or Indemnifying Party, as the case may be, that is not controlling
such defense shall have the right, at its own cost and expense, to participate in the defense of any Third-Party Claim with counsel
selected by it; provided that in the following circumstances the Indemnifying Party shall pay the reasonable fees and expenses
of such separate counsel: (x) to the extent incurred by the Indemnified Party prior to the date that the Indemnified Party assumes
control of the defense of the Third-Party Claim or (y) if the Indemnified Party is advised by counsel that (1) there is a conflict
of interest between the Indemnifying Party and the Indemnified Party in the conduct of the defense of such claim or (2) there may
be one or more defenses or claims available to the Indemnified Party that are different from or additional to those available to
the Indemnifying Party and that could be materially adverse to the Indemnifying Party. In the case of the foregoing clause (y),
the Indemnifying Party shall keep the Indemnified Party reasonably informed with respect to such Third-Party Claim and cooperate
with the Indemnified Party in connection therewith. If the Indemnifying Party agrees in writing not to control the defense of such
Third-Party Claim, the Indemnified Party may control the defense of such Third-Party Claim with counsel of its choosing, and the
Indemnifying Party shall be liable for the reasonable fees and expenses of such counsel to the Indemnified Party. Each of Buyer
and Sellers shall reasonably cooperate with each other in connection with the defense of any Third-Party Claim, including by retaining
and providing to the Party controlling such defense records and information that are reasonably relevant to such Third-Party Claim
and making available employees on a mutually convenient basis for providing additional information and explanation of any material
provided hereunder. The Indemnified Party or Indemnifying Party, as the case may be, that is controlling such defense shall keep
the other Party reasonably advised of the status of such Legal Proceeding and the defense thereof.

 

(c)          The
Indemnifying Party shall not be entitled to assume or maintain control of the defense of any Third-Party Claim if (i) the Third-Party
Claim relates to or arises in connection with any criminal proceeding, action, indictment, allegation or investigation, (ii) the
Third-Party Claim seeks an injunction or equitable relief against the Indemnified Party or any of its Affiliates or (iii) in the
case of a Buyer Indemnified Party, the amount of the Third-Party Claim, if determined in accordance with the claimant’s demands,
would reasonably be expected to result in any Losses, together with all other unresolved claims for indemnification by the Buyer
Indemnified Parties, that would not be available for recovery under this ‎Article 8 (other than as a result of the application
of the Sellers Indemnification Threshold).

 

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(d)          Notwithstanding
anything in this Agreement to the contrary, (i) an Indemnifying Party shall not agree to any settlement of any Third-Party
Claim without the prior written consent of the Indemnified Party, such consent not to be unreasonably withheld, conditioned or
delayed, unless such settlement would (A) include a complete and unconditional release of each Indemnified Party from all
liabilities or obligations with respect thereto, (B) not impose any liability or obligation (including any equitable remedies)
on the Indemnified Party and (C) not involve a finding or admission of any wrongdoing on the part of the Indemnified Party,
and (ii) an Indemnified Party shall not agree to any settlement of a Third-Party Claim without the prior written consent of
the Indemnifying Party, such consent not to be unreasonably withheld, conditioned or delayed.

 

(e)          With
respect to any Third-Party Claim that is a Tax Claim that Sellers elect to control, (i) Buyer shall have the right to participate
in any such Tax Claim, which right shall include the right to receive copies of all documents furnished or received by Sellers
in connection with the Tax Claim, the right to be involved in any oral communications, where practical, between any representative
of Sellers and the applicable Governmental Body, the right to be consulted about all significant decisions made regarding the conduct
of the Tax Claim and the right to have a reasonable opportunity to provide input to the representatives of Sellers regarding all
such significant decisions at its own expense and with counsel of its own choosing, separate from counsel retained by Sellers and
(ii) Sellers’ control of the defense of such Tax Claim shall not unreasonably interfere with the day-to-day operation of
Buyer’s tax function (other than in connection with Buyer’s exercise of its rights to participate therein). In the
event that any provision of this Section 8.5(e) is inconsistent with any provision of another clause of Section 8.5, this Section
8.5(e) shall apply.

 

Section 8.6.          Tax
Treatment of Indemnification Payments.   All
indemnification payments made under this ‎Article 8 shall be deemed adjustments to the Purchase Price for Tax purposes,
unless otherwise required by applicable Law.

 

Section 8.7.          Manner
of Payment.   Any indemnification amount
payable by the Sellers to a Buyer Indemnified Party pursuant to this ‎Article 8 shall be paid, (x) as applicable, first,
from the Indemnity Escrow Funds in the form of cash or Indemnity Escrow Shares, at Sellers’ sole election, and with respect
to the Indemnity Escrow Shares, calculated based on the value of the Sellers’ Retained Shares implied by the Closing Purchase
Price, after giving effect to any Recapitalization Event, and second, if the Indemnity Escrow Funds are not sufficient to satisfy
such claim, by wire transfer of immediately available funds to an account designated by Buyer, in each case within ten (10) Business
Days following the final non-appealable determination by a court of competent jurisdiction of an indemnification claim pursuant
to this ‎Article 8 or (y) as otherwise mutually agreed to by Buyer and Sellers. Any indemnification amount payable
by Buyer to Sellers pursuant to this ‎Article 8 shall be payable by wire transfer of immediately available funds to
an account or accounts designated by Sellers within ten (10) Business Days following the final non-appealable determination by
a court of competent jurisdiction of an indemnification claim pursuant to this ‎Article 8.

 

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	 	statement pursuant to Securities and Exchange Commission Rule 83	 

    

 

Section 8.8.          Exclusive
Remedy; No Duplication; No Set-off.

 

(a)          From
and after the Closing, the Parties acknowledge and agree that, with respect to any claims for Losses for which indemnification
is provided hereunder, (i) this ‎Article 8 shall be the sole and exclusive remedy of Buyer and Sellers in connection
with this Agreement and the transactions contemplated hereby, (ii) neither Buyer nor Sellers shall be liable or responsible
in any manner whatsoever (whether for indemnification or otherwise) to any Indemnified Party for a breach of this Agreement or
in connection with any of the transactions contemplated by this Agreement, including the purchase of the Shares and the Management
Shares pursuant hereto, except pursuant to the indemnification provisions set forth in this ‎Article 8, and (iii) each
Party hereby waives, to the fullest extent permitted under applicable Law, any and all rights, claims, causes of action, suits,
demands and Legal Proceedings (A) for any breach of any representation, warranty, covenant, agreement or obligation set forth
herein or (B) otherwise relating to or in connection with this Agreement and the transactions contemplated hereby, in each
case, that it may have against the other Party and any of such Party’s Affiliates or Representatives arising under or based
upon any applicable Law, except pursuant to the indemnification provisions set forth in this ‎Article 8; provided, however,
that nothing in this ‎Section 8.8(a) shall limit the rights or remedies of, or constitute a waiver of any rights or
remedies by, any Person pursuant to (or shall otherwise operate to interfere with the operation of) ‎Section 2.4, ‎Section
9.9 or ‎Section 9.10).

 

(b)          Any
Losses subject to indemnification hereunder shall be determined without duplication of recovery by reason of a particular occurrence
giving rise to such Losses, constituting a breach of more than one representation, warranty, covenant or other provision of this
Agreement.

 

(c)          Neither
Buyer nor Sellers shall have any right to set-off any unresolved claim for indemnification pursuant to this ‎Article
8 against any payment due pursuant to any other provision of this Agreement.

 

Section 8.9.          Indemnity
Escrow Amount.

 

(a)          Except
for any dividend or distribution made in connection with a Recapitalization Event, Sellers shall be entitled to all cash dividends
and distributions on account of the Indemnity Escrow Shares.

 

(b)          Upon
the occurrence of a Recapitalization Event, Sellers shall, within ten (10) Business Days of the effectiveness of such Recapitalization
Event, deposit in the Escrow Account, at Sellers’ election, additional cash and/or additional Indemnity Escrow Shares (with
respect to the Indemnity Escrow Shares, calculated based on the value of the Sellers’ Retained Shares implied by the Closing
Purchase Price, after giving effect to any Recapitalization Event), such that the amount of the Indemnity Escrow Funds on deposit
in the Escrow Account on such date shall be equal to: (i) prior to the First Release Date, $150,000,000 minus amounts then
previously paid to Buyer with respect to indemnity claims pursuant to this Agreement (“Indemnity Payments”);
(ii) on and after the First Release Date and prior to the Second Release Date, $75,000,000, plus the aggregate amount of
all Losses specified in any then-unresolved indemnification claims made by any Buyer Indemnified Party pursuant to this ‎Article
8 (the “Pending Claims”) and minus any Indemnity Payments; and (iii) on and after the Second Release
Date, the amount of remaining Escrow Funds as of immediately prior to the Recapitalization Event.

 

(c)          Sellers
may, at Sellers’ sole election and at any time, replace all or any portion of the Indemnity Escrow Shares then remaining
in the Escrow Account with an amount of cash equal to the value of such Indemnity Escrow Shares, calculated based on the value
of the Sellers’ Retained Shares implied by the Closing Purchase Price, after giving effect to any Recapitalization Event.

 

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	 	statement pursuant to Securities and Exchange Commission Rule 83	 

    

 

(d)          In
the event that ownership of the Sellers’ Retained Shares is transferred pursuant to the provisions of the Shareholders Agreement,
and such transfer includes any or all of the Indemnity Escrow Shares then remaining in the Escrow Account, following receipt by
the Sellers of the consideration in respect of such transfer, Sellers shall replace such Indemnity Escrow Shares with an amount
of cash equal to the value of such Indemnity Escrow Shares, calculated based on the value of the Sellers’ Retained Shares
implied by the Closing Purchase Price, after giving effect to any Recapitalization Event.

 

Section 8.10.         Distribution
of Escrow Funds.

 

(a)          Within
two Business Days after the First Release Date, Sellers and Buyer shall, pursuant to the terms of the Escrow Agreement, deliver
joint written instructions to the Escrow Agent to distribute to Sellers out of the Indemnity Escrow Funds an amount equal to (i) $75,000,000
(with respect to the Indemnity Escrow Shares, calculated based on the value of the Sellers’ Retained Shares implied by the
Closing Purchase Price, after giving effect to any Recapitalization Event) minus (ii) the aggregate amount of all Losses
specified in any then-Pending Claims and minus (iii) any Indemnity Payments paid prior to the First Release Date.

 

(b)          Within
two Business Days after the Second Release Date, Sellers and Buyer shall, pursuant to the terms of the Escrow Agreement, deliver
joint written instructions to the Escrow Agent to distribute to Sellers out of the Indemnity Escrow Funds an amount equal to (i) the
remaining Escrow Funds at such time less (ii) the aggregate amount of all Losses specified in any then-Pending Claims.

 

(c)          Promptly
after all Pending Claims have been resolved and satisfied, Sellers and Buyer shall, pursuant to the terms of the Escrow Agreement,
deliver joint written instructions to the Escrow Agent to distribute to Sellers the remaining portion of the Indemnity Escrow Funds
not required to satisfy such claims.

 

Article
9

MISCELLANEOUS

 

Section 9.1.          Fees
and Expenses.   Except as otherwise expressly
provided in this Agreement, including in ‎Section 1.1 ‎Section 2.4, ‎Section 5.2, ‎Section
5.5 and ‎Section 5.9, whether or not the Closing is consummated, all costs and expenses incurred, including fees
and disbursements of counsel, financial advisors and accountants, in connection with this Agreement and the other Transaction
Agreements and the transactions contemplated hereby and thereby shall be borne by the Party incurring such costs and expenses;
provided, however, that, in the event this Agreement is terminated in accordance with its terms, the obligation
of each Party to bear its own costs and expenses will be subject to any rights of such Party arising from a breach of this Agreement
by the other Party prior to such termination; provided, further, that, without prejudice to any other remedies that
may be available to Sellers under this Agreement, in the event this Agreement is terminated pursuant to ‎Section 7.1(e),
Buyer shall be responsible for all costs and expenses of the Sellers and, prior to the Closing Date, the Company, in connection
with this Agreement. Each of Buyer and Sellers shall be responsible for and pay fifty percent (50%) of any applicable (i) stamp
Taxes payable in connection with this Agreement and (ii) fees and expenses of the Escrow Agent (the “Escrow Fees”).

 

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	 	statement pursuant to Securities and Exchange Commission Rule 83	 

    

 

Section 9.2.          Notices.
  All notices or other communications to be delivered in connection with this Agreement, including pursuant
to ‎Section 5.1, shall be in writing and shall be deemed to have been properly delivered, given and received (a) on
the date of delivery if delivered by hand during normal business hours of the recipient during a Business Day, otherwise on the
next Business Day, (b) on the date of successful transmission if an executed copy of such notice is sent via facsimile or
email during normal business hours of the recipient during a Business Day (otherwise on the next Business Day) and so long as
a receipt of such email or facsimile is requested and received, or (c) on the date of receipt by the addressee if sent by
a nationally recognized overnight courier or by registered or certified mail, return receipt requested, if received on a Business
Day, otherwise on the next Business Day. Such notices or other communications must be sent to each respective Party at the address,
email address or facsimile number set forth below (or at such other address, email address or facsimile number as shall be specified
by a Party in a notice given in accordance with this ‎Section 9.2):

 

	If to Sellers:	Medios de Comunicación LTD.
	 	Level 1, Palm Grove House, P.O. Box 985
	 	Wickham’s Cay 1
	 	Road Town, Tortola
	 	British Virgin Islands, VG1110
	 	Email: nrevillap@medcom.com.pa
	 	Attention: Nicolás González Revilla P.
	 	 
	 	Telecarrier International Limited
	 	Chera Chambers, P.O. Box 3163
	 	Road Town, Tortola
	 	British Virgin Islands, VG1110
	 	Facsimile: +284-494-5687
	 	Email: m.heras@invbahia.com
	 	Attention: Miguel Heras
	 	 
	 	In each case, with a copy (which shall not constitute notice) to:
	 	 
	 	Arias, Fábrega & Fábrega
	 	ARIFA Building, 10th Floor, West Boulevard, Santa Maria
	 	Business District
	 	Panama, Republic of Panama
	 	Facsimile: 507-205-7001
	 	Email: rarango@arifa.com
	 	Attention: Ricardo M. Arango
	 	 
	 	Cleary Gottlieb Steen & Hamilton LLP
	 	One Liberty Plaza
	 	New York, New York, 10006
	 	Facsimile: +1 212 225 3999
	 	Email: flodell@cgsh.com
	 	Attention: Francesca L. Odell

 

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	 	statement pursuant to Securities and Exchange Commission Rule 83	 

    

 

	If to Buyer:	Millicom LIH S.A.
	 	2 rue du Fort Bourbon
	 	L-1249 Luxembourg
	 	R.C.S. Luxembourg: B 204 062
	 	Facsimile: +352 27 759 901
	 	Email: Patrick.Gill@millicom.com
	 	Attention: Company Secretary, Patrick Gill
	 	 
	If to Buyer Guarantor:	Millicom International Cellular S.A.
	 	2 rue du Fort Bourbon
	 	L-1249 Luxembourg
	 	R.C.S. Luxembourg: B 204 062
	 	Facsimile: +352 27 759 901
	 	Email: Patrick.Gill@millicom.com
	 	Attention: Company Secretary, Patrick Gill
	 	 
	 	In each case, with a copy (which shall not constitute notice) to:
	 	 
	 	Millicom International Services LLC
	 	396 Alhambra Circle, 11th Floor
	 	Coral Gables, FL 33134, USA
	 	Facsimile: (305) 442-9567
	 	Email: Salvador.Escalon@millicom.com
	 	Attention: General Counsel, Salvador Escalon
	 	 
	 	Davis Polk & Wardwell LLP
	 	450 Lexington Avenue
	 	New York, New York, 10017
	 	Facsimile: (212) 701-5800
	 	Email: william.aaronson@davispolk.com
	 	Attention: William H. Aaronson

 

Section 9.3.          Entire
Agreement.   This Agreement, the other Transaction
Agreements, the Sellers Disclosure Schedules, the Confidentiality Agreement and any other agreements, instruments or documents
being or to be executed and delivered by a Party or any of its Affiliates pursuant to or in connection with this Agreement constitute
the sole and entire agreement of the Parties with respect to the subject matter contained herein and therein and all inducements
to the making of this Agreement relied upon by the Parties, and they supersede all other prior representations, warranties, understandings
and agreements, both written and oral, with respect to such subject matter.

 

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	 	statement pursuant to Securities and Exchange Commission Rule 83	 

    

 

Section 9.4.          Amendment.
  This Agreement shall not be amended, modified or supplemented except by an instrument in writing specifically
designated as an amendment hereto and executed by each of the Parties.

 

Section 9.5.          Waivers.
  Either Party may, at any time, (a) extend the time for the performance of any of the obligations
or other acts of the other Party, (b) waive any inaccuracies in the representations and warranties of the other Party contained
herein or (c) waive compliance by the other Party with any of the agreements or conditions contained herein. No waiver by
any Party of any of the provisions hereof shall be effective unless explicitly set forth in a written instrument executed and
delivered by the Party so waiving. No waiver by any Party of any breach of this Agreement shall operate or be construed as a waiver
of any preceding or subsequent breach, whether of a similar or different character, unless expressly set forth in such written
waiver. Neither any course of conduct or failure or delay of any Party in exercising or enforcing any right, remedy or power hereunder
shall operate or be construed as a waiver thereof, nor shall any single or partial exercise of any right, remedy or power hereunder,
or any abandonment or discontinuance of steps to enforce such right, remedy or power, or any course of conduct, preclude any other
or further exercise thereof or the exercise of any other right, remedy or power.

 

Section 9.6.          Severability.
  If any term or provision of this Agreement is invalid, illegal or incapable of being enforced in any
situation or in any jurisdiction, such invalidity, illegality or unenforceability shall not affect the validity, legality or enforceability
of any other term or provision hereof or the offending term or provision in any other situation or any other jurisdiction, so
long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse
to either Party. Upon any such determination that any term or other provision is invalid, illegal or incapable of being enforced,
the Parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely
as possible, in a mutually acceptable manner, in order that the transactions contemplated hereby be consummated as originally
contemplated to the fullest extent possible.

 

Section 9.7.          No
Third Party Beneficiaries.   Except to the
extent provided in ‎Section 5.10 (the provisions of which shall inure to the benefit of the Persons referenced therein
as third-party beneficiaries of such provisions), this Agreement shall be binding upon and inure solely to the benefit of each
Party and its successors and permitted assigns, and nothing in this Agreement, express or implied, is intended to or shall be
construed to confer upon any other Person any legal or equitable rights, benefits or remedies of any nature whatsoever under or
by reason of this Agreement. Except to the extent provided in ‎Section 5.10, this Agreement may be amended
or terminated, and any provision of this Agreement may be waived, in accordance with the terms hereof without the consent of any
Person other than the Parties.

 

Section 9.8.          Assignment.
  Neither this Agreement nor any of the rights, interests or obligations hereunder may be assigned or
delegated, in whole or in part, by either Party without the prior written consent of the other Party, and any purported assignment
or delegation in contravention of this ‎Section 9.8 shall be null and void and of no force and effect; except
that Buyer may transfer or assign its rights and obligations under this Agreement, in whole or from time to time in part, to one
or more of its Affiliates; provided that no such transfer or assignment shall relieve Buyer of its obligations hereunder
or enlarge, alter or change any obligation of any other party hereto to Buyer. Subject to the preceding sentences of this ‎Section
9.8, this Agreement shall be binding upon, shall inure to the benefit of and shall be enforceable by the Parties and their
respective successors and permitted assigns.

 

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	 	statement pursuant to Securities and Exchange Commission Rule 83	 

    

 

Section 9.9.          Governing
Law; Submission to Arbitration.

 

(a)          This
Agreement and all matters, claims, controversies, disputes, suits, actions or proceedings arising out of or relating to this Agreement
and the negotiation, execution or performance of this Agreement or any of the transactions contemplated hereby, including all rights
of the Parties (whether sounding in contract, tort, common or statutory law, equity or otherwise) in connection therewith, shall
be interpreted, construed and governed by and in accordance with, and enforced pursuant to, the internal Laws of the State of New
York without giving effect to any choice or conflict of law provision or rule (whether of the State of New York or any other jurisdiction)
that would cause the application of the Law of any jurisdiction other than those of the State of New York.

 

(b)          Any
dispute, controversy or claim arising out of, relating to, or in connection with this Agreement, including, without limitation,
its validity or termination, or the performance or breach thereof, shall be finally settled by binding arbitration in accordance
with the Rules of Arbitration of the International Chamber of Commerce (“ICC”) in effect at the time of the arbitration,
except as they may be modified herein or by agreement of the Parties. The arbitration shall be conducted by three arbitrators appointed
in accordance with the ICC Rules, except that the presiding arbitrator shall be agreed to by the two party-appointed arbitrators,
in consultation with the respective parties. The place of arbitration shall be New York, New York. The proceedings shall be conducted
in the English language. The Expedited Procedure Provisions of the ICC Rules shall not apply. The award rendered by the arbitrators
shall be final and binding on the parties. Judgment on the award may be entered and the award may be enforced in any court of competent
jurisdiction. Notwithstanding anything to the contrary herein, the arbitration provisions set forth herein, and any arbitration
conducted thereunder, shall be governed exclusively by the Federal Arbitration Act, Title 9 United States Code, to the exclusion
of any state or municipal law of arbitration.

 

(c)          The
Parties agree that an arbitral tribunal appointed hereunder may exercise jurisdiction with respect to both this Agreement and any
other Transaction Agreements (the “Related Agreements”). The Parties consent to the consolidation of arbitrations commenced
hereunder and/or under the Related Agreements as follows. If two or more arbitrations are commenced hereunder and/or under the
Related Agreements, any party named as claimant or respondent in any of these arbitrations may petition any arbitral tribunal appointed
in these arbitrations for an order that the several arbitrations be consolidated in a single arbitration before that arbitral tribunal
(a “Consolidation Order”). In deciding whether to make such a Consolidation Order, that arbitral tribunal shall
consider (i) whether the several arbitrations raise common issues of law or fact and whether to consolidate the several arbitrations
would serve the interests of justice and efficiency and (ii) whether any Party would be materially prejudiced as a result of such
consolidation through undue delay or otherwise. If before a Consolidation Order is made by an arbitral tribunal with respect to
another arbitration, arbitrators have already been appointed in that other arbitration, their appointment terminates upon the making
of such Consolidation Order and they are deemed to be functus officio. In the event of two or more conflicting Consolidation Orders,
the Consolidation Order that was made first in time shall prevail.

 

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	 	statement pursuant to Securities and Exchange Commission Rule 83	 

    

 

(d)          Except
as may be required by applicable Law or court order or this Agreement, neither Party may disclose the existence, content or results
of the arbitration without the prior written consent of the other Parties, except that nothing herein shall prevent any party from
disclosing information regarding such arbitration for purposes of proceedings to enforce this clause or to enforce the award or
for purposes of seeking provisional remedies from a court of competent jurisdiction. The Parties further agree to use their reasonable
best efforts to cause the arbitrators to maintain confidentiality of the arbitration.

 

Section 9.10.         Remedies.

 

(a)          Except
as otherwise provided in this Agreement, any and all remedies herein expressly conferred upon a Party will be deemed cumulative
with and not exclusive of any other remedy expressly conferred hereby, and the exercise by a Party of any one such remedy will
not preclude the exercise of any other such remedy.

 

(b)          The
Parties agree that irreparable damage and harm would occur in the event that any provision of this Agreement were not performed
in accordance with its terms and that, although monetary damages may be available for such a breach, monetary damages would be
an inadequate remedy therefor. Accordingly, each of the Parties agrees that, in the event of any breach or threatened breach of
any provision of this Agreement by such Party, the other Party shall be entitled to an injunction or injunctions, specific performance
and other equitable relief to prevent or restrain breaches or threatened breaches hereof and to specifically enforce the terms
and provisions hereof. A Party seeking an order or injunction to prevent breaches of this Agreement or to enforce specifically
the terms and provisions hereof shall not be required to provide, furnish or post any bond or other security in connection with
or as a condition to obtaining any such order or injunction, and each Party hereby irrevocably waives any right it may have to
require the provision, furnishing or posting of any such bond or other security. In the event that any Legal Proceeding should
be brought in equity to enforce the provisions of this Agreement, each Party agrees that it shall not allege, and each Party hereby
waives the defense, that there is an adequate remedy available at law.

 

(c)          If
either Party brings a Legal Proceeding to enforce specifically the performance of the terms and provisions of this Agreement (other
than a Legal Proceeding to enforce specifically any provision that expressly survives termination of this Agreement) when expressly
available to such Party pursuant to the terms of this Agreement, the Termination Date shall automatically be extended to the later
of (i) the twentieth (20th) Business Day following the resolution of such Legal Proceeding or (ii) such other time period
established by the court presiding over such Legal Proceeding.

 

Section 9.11.         Transfer
Taxes.   Except as set forth in ‎Section
9.1 with respect to any stamp Taxes payable in connection with this Agreement, all excise, sales, use, value-added, transfer
(including real property transfer), stamp, documentary, filing, recordation, registration and other similar taxes, together with
any interest or penalties thereon, resulting directly from the transactions contemplated by this Agreement (“Transfer
Taxes”) shall be borne fifty percent (50%) by Buyer, on the one hand, and fifty (50%) by Sellers, on the other hand,
and Sellers will file all necessary Tax returns and other documentation with respect to all such Transfer Taxes, fees and charges,
and, if required by applicable Law, Buyer will join in the execution of any such Tax returns and other documentation. Buyer will
promptly pay to Sellers their portion of the Transfer Taxes reflected on such Tax returns, and in any case within five (5) days
after the filing of such Tax returns.

 

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	 	statement pursuant to Securities and Exchange Commission Rule 83	 

    

 

Section 9.12.         Capital
Gains Tax.

 

(a)          Within
ten (10) days following the Closing, Buyer shall pay the Capital Gains Tax with respect to the Closing Purchase Price, withheld
by Buyer pursuant to ‎Section 2.3(b)(i)(A), to the applicable Panamanian Governmental Body (Dirección General
de Ingresos – Ministerio de Economía y Finanzas). Buyer shall deliver to Sellers the original receipt of payment
of such Capital Gains Tax within two (2) Business Days of such payment.

 

(b)          Within
ten (10) days following the payment of any Additional Payment Amount by Buyer pursuant to ‎Section 2.4(d)(i), Buyer
shall pay the Capital Gains Tax in respect of such Additional Payment Amount to the applicable Panamanian Governmental Body (Dirección
General de Ingresos – Ministerio de Economía y Finanzas). Buyer shall deliver to Sellers the original receipt
of payment of such Capital Gains Tax within two (2) Business Days of such payment.

 

Section 9.13.         Post-Closing
Tax Matters.   After the Closing, Buyer shall
be responsible for causing the Acquired Companies to prepare any tax returns for the Acquired Companies for a taxable period (or
portion thereof) ending on the Closing Date. Such tax returns shall be prepared consistent with past practice unless otherwise
required by applicable Law. To the extent that Buyer and Sellers agree that any such tax returns include Taxes for which Buyer
is entitled to indemnification against Sellers pursuant to ‎‎Section 8.2 of this Agreement (“Agreed Sellers
Taxes”), Buyer shall deliver a draft of such tax returns to Sellers at least thirty (30) days prior to the due date
for filing such tax returns (taking into account available extensions), and shall include all reasonable comments made by Sellers
with respect to Agreed Sellers Taxes that are delivered to Buyer at least five (5) days prior to such due date.

 

Section 9.14.         Interpretation;
Construction.

 

(a)          The
table of contents, articles, titles and headings to sections herein are inserted for convenience of reference only and are not
intended to be a part of or to affect the meaning or interpretation of this Agreement. Except as otherwise indicated, all references
in this Agreement to “Articles,” “Sections,” “Disclosure Schedules” and “Exhibits”
are intended to refer to Articles and Sections of this Agreement and Schedules and Exhibits to this Agreement. The Sellers Disclosure
Schedules and Exhibits referred to herein shall be construed with and as an integral part of this Agreement to the same extent
as if they were set forth verbatim herein. Any capitalized terms used in the Sellers Disclosure Schedules or any Exhibit but not
otherwise defined therein shall be defined as set forth in this Agreement unless the context otherwise requires.

 

(b)          For
purposes of this Agreement: (i) “include,” “includes” or “including” shall be deemed to
be followed by “without limitation;” (ii) “hereof,” “herein,” “hereby,” “hereto”
and “hereunder” shall refer to this Agreement as a whole and not to any particular provision of this Agreement; (iii) “extent”
in the phrase “to the extent” shall mean the degree to which a subject or other item extends and shall not simply mean
 “if;” (iv) “Dollars” and “$” shall mean United States Dollars; (v) the singular includes
the plural and vice versa; (vi) reference to a gender includes the other gender; (vii) “any” shall mean “any
and all;” (viii) “or” is used in the inclusive sense of “and/or;” (ix) reference to any
agreement, document or instrument means such agreement, document or instrument as amended, supplemented and modified in effect
from time to time in accordance with its terms; and (x) reference to any Law means such Law as amended from time to time and
includes any successor legislation thereto and any rules and regulations promulgated thereunder.

 

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(c)          Neither
the specification of any dollar amount in any representation or warranty contained in this Agreement nor the inclusion of any specific
item in the Sellers Disclosure Schedules is intended to imply that such amount, or higher or lower amounts, or the item so included
or other items, are or are not material, and no Party shall use the fact of the setting forth of any such amount or the inclusion
of any such item in any dispute or controversy between the Parties as to whether any obligation, item or matter not described herein
or included in the Sellers Disclosure Schedules is or is not material for purposes of this Agreement. Unless this Agreement specifically
provides otherwise, neither the specification of any item or matter in any representation or warranty contained in this Agreement
nor the inclusion of any specific item in the Sellers Disclosure Schedules is intended to imply that such item or matter, or other
items or matters, are or are not in the ordinary course of business, and no Party shall use the fact of the setting forth or the
inclusion of any such item or matter in any dispute or controversy between the Parties as to whether any obligation, item or matter
not described herein or included in the Sellers Disclosure Schedules is or is not in the ordinary course of business for purposes
of this Agreement.

 

(d)          The
Parties have participated jointly in the negotiation and drafting of this Agreement with the benefit of competent legal representation,
and the language used in this Agreement shall be deemed to be the language chosen by the Parties to express their mutual intent.
In the event that an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted
jointly by the Parties, and no presumption or burden of proof shall arise favoring or disfavoring either Party by virtue of the
authorship of any provisions hereof.

 

(e)          References
to any document or information having been “made available” by Sellers to Buyer shall include Sellers or their Representatives
having posted any such document or information to the Data Room or otherwise having made a copy of such document or information
available (electronically or otherwise) prior to the execution hereof (subject to any redaction (in good faith) reasonably deemed
necessary or appropriate by Sellers of information contained therein; provided that, upon Buyer’s request, Sellers
use reasonable best efforts to lessen such redactions).

 

(f)          The
Sellers Disclosure Schedules shall be arranged in sections that correspond to the sections of this Agreement and reference in a
particular Section of the Sellers Disclosure Schedules shall only be deemed to be an exception to (or, as applicable, a disclosure
for purposes of) the representations and warranties of the Sellers that are contained in the corresponding Section of this Agreement;
provided, however, that the disclosure of any information in any Section of the Sellers Disclosure Schedules shall
also constitute disclosure for purposes of all other sections of this Agreement with respect to which such disclosure is applicable
or relevant or reasonably apparent on its face.

 

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	 	Confidential treatment requested by the registrant for its submission of this draft registration	MIC-0702
	 	statement pursuant to Securities and Exchange Commission Rule 83	 

    

 

Section 9.15.         Counterparts
and Electronic Signatures; Effectiveness.   This
Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original and all of which, when
taken together, shall be deemed to be one and the same agreement or document. A signed copy of this Agreement transmitted by facsimile,
email or other means of electronic transmission shall be deemed to have the same legal effect as delivery of an original executed
copy of this Agreement for all purposes. This Agreement shall become effective when each party hereto shall have received a counterpart
hereof signed by all of the other parties hereto. Until and unless each party has received a counterpart hereof signed by the
other party hereto, this Agreement shall have no effect and no party shall have any right or obligation hereunder (whether by
virtue of any other oral or written agreement or other communication).

 

Section 9.16.         Releases.
  As of the Closing (but only if the Closing actually occurs), (a) each of Buyer and its Subsidiaries
(including, as of immediately following the Closing, the Acquired Companies) (each, a “Releasing Buyer Person”),
hereby releases and forever discharges Sellers and each of their Affiliates, successors, assigns, former, current or future direct
or indirect stockholders, equity holders, controlling persons, portfolio companies, directors, officers, employees, incorporators,
managers, members, trustees, general or limited partners, agents, attorneys or other Representatives (in each case, solely in
their capacities as such) (each, a “Released Sellers Person”) from all debts, demands, causes of action, suits,
covenants, torts, damages and any and all claims, defenses, offsets, judgments, demands and liabilities whatsoever, of every name
and nature, both at law and in equity, known or unknown, accrued or unaccrued, that have been or could have been asserted against
any Released Sellers Person, that any Releasing Buyer Person has or ever had, that arises out of or in any way relates to events,
circumstances or actions occurring, existing or taken prior to or as of the Closing Date in respect of matters relating to the
Acquired Companies, and (b) each of Sellers and its Subsidiaries (each, a “Releasing Sellers Person”),
hereby releases and forever discharges Buyer and each of its Affiliates (including, as of immediately following the Closing, the
Acquired Companies), successors, assigns, former, current or future direct or indirect stockholders, equity holders, controlling
persons, portfolio companies, directors, officers, employees, incorporators, managers, members, trustees, general or limited partners,
agents, attorneys or other Representatives (in each case, solely in their capacities as such) (each, a “Released Buyer
Person”) from all debts, demands, causes of action, suits, covenants, torts, damages and any and all claims, defenses,
offsets, judgments, demands and liabilities whatsoever, of every name and nature, both at law and in equity, known or unknown,
accrued or unaccrued, that have been or could have been asserted against any Released Buyer Person, that any Releasing Sellers
Person has or ever had, that arises out of or in any way relates to events, circumstances or actions occurring, existing or taken
prior to or as of the Closing Date in respect of matters relating to the Acquired Companies; provided, however,
that the Parties acknowledge and agree that this ‎Section 9.16 does not apply to and shall not constitute a release
of any rights or obligations to the extent arising under (i) this Agreement, any other Transaction Agreement or any certificate
or other instrument delivered by or on behalf of either Party pursuant to this Agreement and (ii) any of the agreements set
forth in Schedule 9.16 of the Sellers Disclosure Schedules.

 

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	 	Confidential treatment requested by the registrant for its submission of this draft registration	MIC-0703
	 	statement pursuant to Securities and Exchange Commission Rule 83	 

    

 

Section 9.17.         Nonrecourse.
  Notwithstanding anything to the contrary herein, this Agreement may only be enforced against, and any
Legal Proceeding that may be based upon, arise out of, or relate to this Agreement, the negotiation, execution or performance
of this Agreement or the transactions contemplated hereby, may only be brought against each Person that is expressly named as
a Party in such Person’s capacity as such, and only with respect to the specific obligations set forth herein with respect
to such Party, and no former, current or future direct or indirect stockholders, equity holders, controlling persons, portfolio
companies, directors, officers, employees, incorporators, managers, members, trustees, general or limited partners, Affiliates,
agents, attorneys or other Representatives of any Party or of any Affiliate of any Party, or any of their successors or permitted
assigns, shall have any liability for any obligations or liabilities of any Party under this Agreement or for any claim or other
Legal Proceeding (whether at law or in equity, in tort, contract or otherwise) based on, in respect of or by reason of the transactions
contemplated hereby or in respect of any covenants, representations, warranties or statements (whether written or oral, express
or implied) made or alleged to have been made in connection herewith.

 

Section 9.18.         Buyer
Guarantee.

 

(a)          Buyer
Guarantor hereby irrevocably and unconditionally guarantees to Sellers the prompt and full discharge by Buyer of all of Buyer’s
covenants, agreements, obligations and liabilities under this Agreement and the other Transaction Agreements, including the due
and punctual payment of all amounts which are or may become due and payable by Buyer hereunder and thereunder when and as the same
shall become due and payable (collectively, the “Buyer Obligations”), in accordance with the terms hereof and
thereof. Buyer Guarantor acknowledges and agrees that, with respect to all Buyer Obligations to pay money, such guaranty shall
be a guaranty of payment and performance and not of collection and shall not be conditioned or contingent upon the pursuit of any
remedies against Buyer. If Buyer shall default in the due and punctual performance of any Buyer Obligation, including the full
and timely payment of any amount due and payable pursuant to any Buyer Obligation, Buyer Guarantor will forthwith perform or cause
to be performed such Buyer Obligation and will forthwith make full payment of any amount due with respect thereto at its sole cost
and expense.

 

(b)          The
obligations of Buyer Guarantor hereunder shall be absolute and unconditional, present and continuing and, without limiting the
generality of the foregoing, shall not be released, discharged or otherwise affected by:

 

(i)          any
bankruptcy proceeding involving Buyer or Buyer’s Affiliates or any voluntary or involuntary liquidation, dissolution or winding
up the affairs of, or termination of the existence of, Buyer or any of its other Affiliates or any circumstance which might constitute
a legal or equitable discharge of a guarantor;

 

(ii)         any
modification, amendment, restatement, waiver or rescission of, or any consent to the departure from, any of the terms of any Transaction
Agreement (provided that, for the avoidance of doubt, Buyer Guarantor’s obligations shall be with respect to the Buyer Obligations
as so modified, amended, restated, waived or rescinded);

 

(iii)        
any change in the corporate structure or ownership of Buyer;

 

(iv)        the
existence of any defense, set-off or other rights that Buyer Guarantor may have at any time against Buyer or Sellers (or their
respective Affiliates) or any other Person, whether in connection herewith or any unrelated transactions; or

 

    		67	 

    
	 	Confidential treatment requested by the registrant for its submission of this draft registration	MIC-0704
	 	statement pursuant to Securities and Exchange Commission Rule 83	 

    

 

(v)         any
other act or failure to act or delay of any kind by Buyer or any of its Affiliates.

 

(c)          Buyer
Guarantor hereby waives any right, whether legal or equitable, statutory or non-statutory, to require Sellers to proceed against
or take any action against or pursue any remedy with respect to Buyer or any other Person or make presentment, protest or demand
for performance or give any notice of nonperformance before Sellers may enforce their rights hereunder against Buyer Guarantor,
and no such act or omission of any kind shall in any way affect or impair this guarantee.

 

(d)          The
guarantee provided by the Buyer Guarantor hereunder shall continue to be effective, or be automatically reinstated, as the case
may be, if at any time payment or performance or any part thereof, of any of the obligations guaranteed hereunder, is rescinded
or must otherwise be restored, returned or rejected upon the insolvency, bankruptcy, dissolution, liquidation or reorganization
of Buyer or any Affiliate thereof, or upon or as a result of the appointment of a receiver, intervenor or conservator of, or trustee
or similar officer for, Buyer or any of its Affiliates, all as though such payment or performance had not been made.

 

(e)          Buyer
Guarantor hereby makes the representations and warranties in Sections ‎4.1 ‎4.2, ‎4.3 and ‎4.4, mutatis mutandis,
with respect to its obligations under this ‎Section 9.18.

 

(f)          The
guarantee provided by the Buyer Guarantor hereunder may not be assigned or transferred, in whole or in part, without the prior
written consent of Sellers, and any purported assignment or transfer in contravention of this ‎Section 9.18 shall be
null and void and of no force and effect.

 

[SIGNATURE PAGE FOLLOWS]

 

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	 	Confidential treatment requested by the registrant for its submission of this draft registration	MIC-0705
	 	statement pursuant to Securities and Exchange Commission Rule 83	 

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be executed as of the date first written above by their respective officers thereunto
duly authorized.

 

	 	Medios de Comunicacion LTD.
	 	 
	 	By:	  /s/ Nicolas Antonio Gonzalez Revilla Jurado
	 	 	Name:	Nicolas Antonio Gonzalez Revilla Jurado
	 	 	Title:	Executive Vice President

 

	 	Telecarrier International Limited
	 	 
	 	By:	  /s/ Miguel Heras Castro
	 	 	Name:	Miguel Heras Castro
	 	 	Title:	Director and Secretary of the Board

 

	 	Millicom LIH S.A.
	 	 
	 	By:	  /s/ Mauricio Ramos
	 	 	Name:	Mauricio Ramos
	 	 	Title:	Chief Executive Officer

 

	 	By:	  /s/ Salvador Escalón
	 	 	Name:	Salvador Escalón
	 	 	Title:	Executive Vice President and
	 	 	 	General Counsel

 

	 	Millicom International Cellular S.A.
	 	(Solely for the purposes of Section 9.18)
	 	 
	 	By:	  /s/ Mauricio Ramos
	 	 	Name:	Mauricio Ramos
	 	 	Title:	Chief Executive Officer

 

	 	By:	  /s/ Salvador Escalón
	 	 	Name:	Salvador Escalón
	 	 	Title:	Executive Vice President and
	 	 	 	General Counsel

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