Document:

EX-4.34

 Exhibit 4.34 

Execution Version 

US$250,000,000 
 FACILITY
AGREEMENT 
 dated 28 March 2022 

for 
 MELCO INTERNATIONAL
DEVELOPMENT LIMITED 

新濠國際發展有限公司 
 with 

MELCO RESORTS & ENTERTAINMENT LIMITED 

acting as lender 

GIBSON, DUNN & CRUTCHER LLP 
  

 
 32/F Gloucester
Tower, The Landmark 
 15 Queen’s Road Central, Hong Kong  

+852 2214 3700 Tel +852 2214 3710 

 CONTENTS 
  

							
	CLAUSE	  	PAGE	 
	SECTION 1 INTERPRETATION	  	 	4	 
			
	1.	 	Definitions and Interpretation	  	 	4	 
		
	SECTION 2 THE FACILITY	  	 	10	 
			
	2.	 	The Facility	  	 	10	 
			
	3.	 	Purpose	  	 	10	 
			
	4.	 	Conditions of Utilisation	  	 	10	 
		
	SECTION 3 UTILISATION	  	 	11	 
			
	5.	 	Utilisation	  	 	11	 
		
	SECTION 4 REPAYMENT, PREPAYMENT AND CANCELLATION	  	 	12	 
			
	6.	 	Repayment	  	 	12	 
			
	7.	 	Prepayment and Cancellation	  	 	12	 
		
	SECTION 5 COSTS OF UTILISATION	  	 	14	 
			
	8.	 	Interest	  	 	14	 
			
	9.	 	Fees	  	 	14	 
		
	SECTION 6 ADDITIONAL PAYMENT OBLIGATIONS	  	 	15	 
			
	10.	 	Tax Gross-up and Indemnities	  	 	15	 
			
	11.	 	Increased Costs	  	 	17	 
			
	12.	 	Mitigation by the Lenders	  	 	18	 
			
	13.	 	Other Indemnities	  	 	19	 
			
	14.	 	Costs and Expenses	  	 	20	 
		
	SECTION 8 REPRESENTATIONS, UNDERTAKINGS AND EVENTS OF DEFAULT	  	 	21	 
			
	15.	 	Representations	  	 	21	 
			
	16.	 	Information Undertakings	  	 	22	 
			
	17.	 	Financial Covenants	  	 	24	 
			
	18.	 	General Undertakings	  	 	24	 
			
	19.	 	Events of Default	  	 	26	 
		
	SECTION 9 CHANGES TO PARTIES	  	 	30	 
			
	20.	 	Changes to the Lender	  	 	30	 
			
	21.	 	Changes to the Borrower	  	 	31	 
		
	SECTION 11 ADMINISTRATION	  	 	32	 
			
	22.	 	Payment Mechanics	  	 	32	 
			
	23.	 	Set-off	  	 	33	 
			
	24.	 	Notices	  	 	34	 
			
	25.	 	Calculations and Certificates	  	 	35	 
			
	26.	 	Partial Invalidity	  	 	35	 

							
			
	27.	 	Remedies and Waivers	  	 	35	 
			
	28.	 	Amendments and Waivers	  	 	36	 
			
	29.	 	Counterparts	  	 	36	 
			
	30.	 	Confidential Information	  	 	36	 
		
	SECTION 12 GOVERNING LAW AND ENFORCEMENT	  	 	38	 
			
	31.	 	Governing Law	  	 	38	 
			
	32.	 	Enforcement	  	 	38	 
		
	Schedule 1 Conditions Precedent	  	 	39	 
		
	Schedule 2 Utilisation Request	  	 	40	 
		
	Schedule 3 Timetables	  	 	41	 

 THIS AGREEMENT is dated 28 March 2022 and made between: 

 

	(1)	 MELCO INTERNATIONAL DEVELOPMENT LIMITED
新濠國際發展有限公司, registered in Hong Kong (CR No. 0000099) with its registered address at 38th Floor, The Centrium, 60
Wyndham Street, Central, Hong Kong, as borrower (the “Borrower”); and 

  

	(2)	 MELCO RESORTS & ENTERTAINMENT LIMITED, an exempted company limited by shares
incorporated under the laws of the Cayman Islands with registered number 143119 whose registered office is at Intertrust Corporate Services (Cayman) Limited, One Nexus Way, Camana Bay, Grand Cayman, KY1- 9005,
Cayman Islands as lender (the “Lender”). 

 IT IS AGREED as follows: 

SECTION 1 

INTERPRETATION 
  

	1.	 DEFINITIONS AND INTERPRETATION 

 

	1.1	 Definitions 

In this Agreement: 

“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. 
 “Authorisation” means: 

 

	 	(a)	 an authorisation, consent, approval, resolution, licence, exemption, filing, notarisation, lodgement or
registration; or 

  

	 	(b)	 in relation to anything which will be fully or partly prohibited or restricted by law if a Governmental Agency
intervenes or acts in any way within a specified period after lodgement, filing, registration or notification, the expiry of that period without intervention or action. 

“Availability Period” means the period from and including the date of this Agreement to and including the date falling one
(1) Month prior to the Final Repayment Date. 
 “Available Commitment” means the Lender’s Commitment minus:

  

	 	(a)	 the amount of any outstanding Loans; and 

 

	 	(b)	 in relation to any proposed Utilisation, the amount of any Loans that are due to be made on or before the
proposed Utilisation Date, 

 other than that Lender’s participation in any Loans that are due to be repaid or
prepaid on or before the proposed Utilisation Date. 
 “Business Day” means a day (other than a Saturday or Sunday) on which
banks are open for general business in: 
  

	 	(a)	 Hong Kong; and 

  

	 	(b)	 New York. 

“Code” means the US Internal Revenue Code of 1986. 

“Commitment” means US$250,000,000 to the extent not cancelled, reduced or transferred by the Lender under this Agreement. 

  

					
	Facility Agreement	  	- 4 -	  	

 “Confidential Information” means all information relating to the Borrower,
the Group, the Finance Documents or the Facility of which the Lender becomes aware in its capacity as, or for the purpose of becoming, the Lender or which is received by the Lender in relation to, or for the purpose of becoming the Lender under, the
Finance Documents or the Facility 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: 
  

	 	(a)	 is or becomes public information other than as a direct or indirect result of any breach by the Lender of
Clause 30 (Confidential Information); 

  

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

  

	 	(c)	 is known by the Lender before the date the information is disclosed to it or is lawfully obtained by the Lender
after that date, from a source which is, as far as the Lender is aware, unconnected with the Borrower and which, in either case, as far as the Lender is aware, has not been obtained in breach of, and is not otherwise subject to, any obligation of
confidentiality. 

 “Default” means an Event of Default or any event or circumstance specified in Clause
19 (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. 

“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; and 

  

	 	(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. 
 “Event of Default” means any event or circumstance specified as such in Clause 19 (Events of Default).
“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 the Lender to the Borrower in writing on or before the date of this
Agreement (or, following the date of this Agreement, by not less than five Business Days’ written notice) as the office or offices through which it will perform its obligations under this Agreement. 

“FATCA” means: 
  

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

 

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

  

					
	Facility Agreement	  	- 5 -	  	

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

“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. 

“Final Repayment Date” means the date falling 12 Months after the first Utilisation Date. 

“Finance Document” means this Agreement, any Utilisation Request and any other document designated as such by the Lender and
the Borrower. 
 “Financial Indebtedness” means any indebtedness for or in respect of: 

 

	 	(a)	 moneys borrowed; 

  

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

  

	 	(c)	 any amount raised pursuant to any note purchase facility or the issue of bonds, notes, debentures, loan stock
or any similar instrument; 

  

	 	(d)	 the amount of any liability in respect of any lease or hire purchase contract which would, in accordance with
GAAP, be treated as a balance sheet liability (other than any liability in respect of a lease or hire purchase contract which would, in accordance with GAAP in force prior to 1 January 2019, have been treated as an operating lease);

  

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

  

	 	(f)	 any amount raised under any other transaction (including any forward sale or purchase agreement) of a type not
referred to in any other paragraph of this definition having the commercial effect of a borrowing; 

  

	 	(g)	 any derivative transaction entered into in connection with protection against or benefit from fluctuation in
any rate or price (and, when calculating the value of any derivative transaction, only the marked to market value (or, if any actual amount is due as a result of the termination or close- out of that derivative transaction, that amount) shall be
taken into account); 

  

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

  

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

 “GAAP” means generally accepted accounting principles in Hong Kong,
including IFRS. 
 “Governmental Agency” means any government or any governmental agency, semi-governmental or judicial
entity or authority (including any stock exchange or any self-regulatory organisation established under statute). 
 “Group”
means the Borrower and its Subsidiaries (as defined in paragraph (b) of Clause 3.1 (Purpose)) from time to time. 

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

  

					
	Facility Agreement	  	- 6 -	  	

 “IFRS” means international accounting standards within the meaning of the
IAS Regulation 1606/2002 to the extent applicable to the relevant financial statements. 
 “Indirect Tax” means any goods
and services tax, consumption tax, value added tax or any tax of a similar nature. 
 “Legal Reservations” means: 

 

	 	(a)	 the principle that equitable remedies may be granted or refused at the discretion of a court and the limitation
of enforcement by laws relating to insolvency, reorganisation and other laws generally affecting the rights of creditors; 

  

	 	(b)	 the time barring of claims under the Limitation Ordinance (Cap. 347) of the Laws of Hong Kong, the possibility
that an undertaking to assume liability for or indemnify a person against non- payment of stamp duty may be void and defences of set-off or counterclaim;

  

	 	(c)	 the limitation of the enforcement of the terms of leases of real property by laws of general application to
those leases; 

  

	 	(d)	 similar principles, rights and remedies under the laws of any Relevant Jurisdiction; and 

 

	 	(e)	 any other matters which are set out as qualifications or reservations as to matters of law of general
application in any legal opinions supplied to the Lender as a condition precedent under this Agreement on or before the first Utilisation Date. 

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

 “Material Adverse Effect” means a material adverse effect on (a) the business, assets or financial condition
of the Borrower; (b) the ability of the Borrower to perform its payment obligations under the Finance Documents; or (c) the validity or enforceability of any of the Finance Documents. 

“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)	 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; and 

  

	 	(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. 

 The above rules will only apply to the last Month of any
period. 
 “Party” means a party to 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. 
 “Relevant Jurisdiction” means, in relation to the Borrower: 

 

	 	(a)	 its jurisdiction of incorporation; and 

 

	 	(b)	 any jurisdiction where it conducts its business. 

  

					
	Facility Agreement	  	- 7 -	  	

 “Repeating Representations” means each of the representations set out in
Clauses 15.1 (Status) to 15.6 (Governing law and enforcement), Clause 15.11 (Financial statements) and any other representations designated as repeating representations in any other Finance Document. 

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

“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. 
 “Senior Credit Agreement” means the US$1,000,000,000 credit
agreement dated 7 June 2021 entered into between (i) Melco Investment Resources Limited, as company, (ii) Melco International Development Limited and Melco Leisure and Entertainment Group Limited, as guarantors, (iii) Industrial
and Commercial Bank of China (Macau) Limited, as arranger, (iv) the financial institutions listed in Schedule 1 thereto, as original lenders and (v) Industrial and Commercial Bank of China (Macau) Limited as facility agent and security
agent. 
 “Specified Time” means a day or time determined in accordance with Schedule 3 (Timetables). 

“Subsidiary” means, in relation to any company or corporation, a company or corporation: 

 

	 	(a)	 which is controlled, directly or indirectly, by the first mentioned company or corporation;

  

	 	(b)	 more than half the issued equity share capital of which is beneficially owned, directly or indirectly, by the
first mentioned company or corporation; or 

  

	 	(c)	 which is a Subsidiary of another Subsidiary of the first mentioned company or corporation,

 and, for this purpose, a company or corporation shall be treated as being controlled by another if that other company or
corporation is able to direct its affairs and/or to control the composition of its board of directors or equivalent body. 

“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). 
 “Tax Deduction” has the meaning
given to such term in Clause 10.1 (Tax definitions). 
 “Unpaid Sum” means any sum due and payable but unpaid by the
Borrower under the Finance Documents. 
 “US” means the United States of America. 

“Utilisation” means a utilisation of the Facility. 

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

“Utilisation Request” means a notice substantially in the form set out in Schedule 2 (Utilisation Request). 

 

	1.2	 Construction 

  

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

 

	 	(i)	 the “Lender”, the “Borrower” or any “Party” shall be
construed so as to include its successors in title, permitted assigns and permitted transferees to, or of, its rights and/or obligations under the Finance Documents; 

 

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

  

					
	Facility Agreement	  	- 8 -	  	

	 	(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 or restated; 

  

	 	(iv)	 “including” shall be construed as “including without limitation” (and cognate
expressions shall be construed similarly); 

  

	 	(v)	 “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; 

  

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

  

	 	(vii)	 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; 

 

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

  

	 	(ix)	 a time of day is a reference to Hong Kong time. 

 

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

 

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

  

	 	(d)	 A Default (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 waived. 

  

	 	(e)	 Where this Agreement specifies an amount in a given currency (the “specified currency”)
“or its equivalent”, the “equivalent” is a reference to the amount of any other currency which, when converted into the specified currency utilising the Lender’s spot rate of exchange (or, if the Lender does
not have an available spot rate of exchange, any publicly available spot rate of exchange selected by the Lender (acting reasonably)) for the purchase of the specified currency with that other currency at or about 11 a.m. on the relevant date, is
equal to the relevant amount in the specified currency. 

  

	1.3	 Currency symbols and definitions 

“$”, “US$” and “US dollars” denote the lawful currency of the United States of America. 

 

	1.4	 Third party rights 

 

	 	(a)	 Unless expressly provided to the contrary in a Finance Document, a person who is not a Party has no right under
the Contracts (Rights of Third Parties) Ordinance (Cap. 623) of the Laws of Hong Kong to enforce or to enjoy the benefit of any term of this Agreement. 

  

	 	(b)	 Notwithstanding any term of any Finance Document, the consent of any person who is not a Party is not required
to rescind or vary this Agreement at any time. 

  

					
	Facility Agreement	  	- 9 -	  	

 SECTION 2 

THE FACILITY 
  

	2.	 THE FACILITY 

  

	2.1	 The Facility 

Subject to the terms of this Agreement, the Lender makes available to the Borrower a US dollar revolving loan facility in an aggregate amount
equal to the Commitments. 
  

	3.	 PURPOSE 

  

	3.1	 Purpose 

  

	 	(a)	 The Borrower shall apply all amounts borrowed by it under the Facility towards the general corporate purposes
of the Borrower and its Subsidiaries (excluding the Lender and its Subsidiaries). 

  

	 	(b)	 For the purpose of this Clause 3.1, “Subsidiary” means an entity of which a person has direct
or indirect control or owns directly or indirectly more than 50 per cent. of the voting capital or similar right of ownership and “control” for this purpose means the power to direct the management and the policies of the entity
whether through the ownership of voting capital, by contract or otherwise. 

  

	3.2	 Monitoring 

The Lender is not bound to monitor or verify the application of any amount borrowed pursuant to this Agreement. 

 

	4.	 CONDITIONS OF UTILISATION 

 

	4.1	 Initial conditions precedent 

The Lender will only be obliged to comply with Clause 5.4 (Availability of Loan) in relation to any Utilisation if on or before the
Utilisation Date, it has received all of the documents and other evidence listed in Schedule 1 (Conditions Precedent) in form and substance satisfactory to the Lender. The Lender shall notify the Borrower promptly upon being so satisfied.

  

	4.2	 Further conditions precedent 

The Lender will only be obliged to comply with Clause 5.4 (Availability of Loan) if on the date of the Utilisation Request and on the
proposed Utilisation Date: 
  

	 	(a)	 no Default is continuing or would result from the proposed Loan; and 

 

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

  

	4.3	 Maximum number of Loans 

The Borrower may not deliver a Utilisation Request if as a result of the proposed Utilisation more than 10 Loans would be outstanding. 

  

					
	Facility Agreement	  	- 10 -	  	

 SECTION 3 

UTILISATION 
  

	5.	 UTILISATION 

  

	5.1	 Delivery of a Utilisation Request 

The Borrower may utilise the Facility by delivery to the Lender of a duly completed Utilisation Request not later than the Specified Time or
such later time as the Lender may agree. 
  

	5.2	 Completion of a Utilisation Request 

 

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

  

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

 

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

  

	 	(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 US dollars. 

 

	 	(b)	 The amount of the proposed Loan must be an amount which is not more than the Available Commitment and which is
a minimum of US$5,000,000 or, if less, the Available Commitment. 

  

	5.4	 Availability of Loan 

If the conditions set out in Clause 4 (Conditions of Utilisation) and Clauses 5.1 (Delivery of a Utilisation Request) to 5.3
(Currency and amount) have been met, the Lender shall make the relevant Loan available by the Utilisation Date through its Facility Office. 
  

	5.5	 Cancellation of Available Facility 

The Commitments which, at that time, are unutilised shall be immediately cancelled at 5 p.m. on the last day of the Availability Period. 

  

					
	Facility Agreement	  	- 11 -	  	

 SECTION 4 

REPAYMENT, PREPAYMENT AND CANCELLATION 
  

	6.	 REPAYMENT 

  

	6.1	 Repayment of Loans 

The Borrower shall repay all Loans and all amounts outstanding under the Finance Documents on the Final Repayment Date. 

 

	6.2	 Reborrowing 

The Borrower may reborrow any part of the Facility which is repaid. 
  

	7.	 PREPAYMENT AND CANCELLATION 

 

	7.1	 Illegality 

If, at any time, it is or will become unlawful in any applicable jurisdiction for the Lender to perform any of its obligations as contemplated
by this Agreement or to fund or maintain any Loan or it is or will become unlawful for any Affiliate of a Lender for that Lender to do so: 
  

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

 

	 	(b)	 upon the Lender notifying the Borrower, the Available Commitment will be immediately cancelled; and

  

	 	(c)	 the Borrower shall repay the Loans within ten (10) Business Days of the date the Lender has notified the
Borrower or, if earlier, the date specified by the Lender in the notice delivered to the Borrower (being no earlier than the last day of any applicable grace period permitted by law). 

 

	7.2	 Voluntary cancellation 

The Borrower may, if it gives the Lender not less than five (5) Business Days’ (or such shorter period as the Lender may agree) prior
notice, cancel the whole or any part (being a minimum amount of US$1,000,000) of the Available Commitment. 
  

	7.3	 Voluntary prepayment of Loans 

The Borrower may, if it gives the Lender not less than five (5) Business Days’ (or such shorter period as the Lender may agree) prior
notice, prepay the whole or any part of any Loan (but, if in part, being an amount that reduces the amount of the Loan by a minimum amount of US$1,000,000). 
  

	7.4	 Restrictions 

  

	 	(a)	 Any notice of cancellation or prepayment given by any Party under this Clause 7 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
without premium or penalty. 

  

	 	(c)	 The Borrower may reborrow any part of the Facility which is prepaid. 

 

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

  

	 	(e)	 No amount of the Commitments cancelled under this Agreement may be subsequently reinstated.

  

					
	Facility Agreement	  	- 12 -	  	

	 	(f)	 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 precedents)), an amount of the Commitment (equal to the amount of the Loan which is repaid or prepaid) will be deemed to be cancelled on the date of repayment or prepayment. 

  

					
	Facility Agreement	  	- 13 -	  	

 SECTION 5 

COSTS OF UTILISATION 
  

	8.	 INTEREST 

  

	8.1	 Calculation of interest 

The rate of interest on each Loan is 11.00 per cent. per annum. 
  

	8.2	 Payment of interest 

Without prejudice to Clause 7.4(b) (Restrictions), the Borrower shall pay all accrued interest on each Loan on the Final Repayment Date.

  

	8.3	 Default interest 

 

	 	(a)	 If the Borrower fails to pay any amount payable by it under a Finance Document on its due date, interest shall
accrue on the Unpaid Sum from the due date to the date of actual payment (both before and after judgment) at a rate which is 13.00 per cent. per annum . Any interest accruing under this Clause 8.3 shall be immediately payable by the Borrower on
demand by the Lender. 

  

	 	(b)	 Default interest (if unpaid) arising on an Unpaid Sum will be compounded with the Unpaid Sum at the end of each
interest period (each of a duration selected by the Lender (acting reasonably)) applicable to that Unpaid Sum but will remain immediately due and payable. 

  

	9.	 FEES 

[intentionally omitted] 

  

					
	Facility Agreement	  	- 14 -	  	

 SECTION 6 

ADDITIONAL PAYMENT OBLIGATIONS 
  

	10.	 TAX GROSS-UP AND INDEMNITIES 

 

	10.1	 Tax definitions 

 

	 	(a)	 In this Clause 10: 

“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 an increased payment made by the Borrower to the Lender under Clause 10.2 (Tax
gross-up) or a payment under Clause 10.3 (Tax indemnity). 
  

	 	(b)	 Unless a contrary indication appears, in this Clause 10 a reference to “determines” or
“determined” means a determination made in the absolute discretion of the person making the determination. 

  

	10.2	 Tax gross-up 

 

	 	(a)	 All payments to be made by the Borrower to the Lender under the Finance Documents shall be made free and clear
of and without any Tax Deduction unless the Borrower is required to make a Tax Deduction, in which case the sum payable by the Borrower (in respect of which such Tax Deduction is required to be made) shall be increased to the extent necessary to
ensure that the Lender receives a sum net of any deduction or withholding equal to the sum which it would have received had no such Tax Deduction been made or required to be made. 

 

	 	(b)	 The Borrower shall promptly upon becoming aware that it must make a Tax Deduction (or that there is any change
in the rate or the basis of a Tax Deduction) notify the Lender accordingly. Similarly, the Lender shall notify the Borrower on becoming so aware in respect of a payment payable to the Lender. 

 

	 	(c)	 If the Borrower is required to make a Tax Deduction, it 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. 

  

	 	(d)	 Within 30 days of making either a Tax Deduction or any payment required in connection with that Tax Deduction,
the Borrower shall deliver to the Lender evidence reasonably satisfactory to the Lender that the Tax Deduction has been made or (as applicable) any appropriate payment paid to the relevant taxing authority. 

 

	10.3	 Tax indemnity 

 

	 	(a)	 Without prejudice to Clause 10.2 (Tax gross-up), if the Lender
is required to make any payment of or on account of Tax on or in relation to any sum received or receivable under the Finance Documents (including any sum deemed for the purposes of Tax to be received or receivable by the Lender whether or not
actually received or receivable) or if any liability in respect of any such payment is asserted, imposed, levied or assessed against the Lender, the Borrower shall, within three Business Days of demand of the Lender, promptly indemnify the Lender,
together with any interest, penalties, costs and expenses payable or incurred in connection therewith, provided that this Clause 10.3 shall not apply to: 

 

	 	(i)	 any Tax imposed on and calculated by reference to the net income actually received or receivable by the Lender
(but, for the avoidance of doubt, not including any sum deemed for the purposes of Tax to be received or receivable by the Lender but not actually receivable) by the jurisdiction in which the Lender is incorporated; 

  

					
	Facility Agreement	  	- 15 -	  	

	 	(ii)	 any Tax imposed on and calculated by reference to the net income of the Facility Office of the Lender actually
received or receivable by the Lender (but, for the avoidance of doubt, not including any sum deemed for the purposes of Tax to be received or receivable by the Lender but not actually receivable) by the jurisdiction in which its Facility Office is
located; or 

  

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

 

	 	(b)	 If the Lender intends to make a claim under paragraph (a) above, it shall notify the Borrower of the event
giving rise to the claim. 

  

	10.4	 Tax credit 

If the Borrower makes a Tax Payment and the Lender 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 

  

	 	(b)	 the Lender has obtained and utilised that Tax Credit, 

the Lender shall pay an amount to the Borrower which the Lender 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 Borrower. 
  

	10.5	 Stamp taxes 

The Borrower shall: 
  

	 	(a)	 pay all stamp duty, registration and other similar Taxes payable in respect of any Finance Document; and

  

	 	(b)	 within three Business Days of demand, indemnify the Lender against any cost, loss or liability the Lender
incurs in relation to any stamp duty, registration or other similar Tax paid or payable in respect of any Finance Document. 

  

	10.6	 Indirect tax 

  

	 	(a)	 All amounts set out or expressed in a Finance Document to be payable by the Borrower to the Lender shall be
deemed to be exclusive of any Indirect Tax. If any Indirect Tax is chargeable on any supply made by the Borrower to the Lender in connection with a Finance Document, the Borrower shall pay to the Lender (in addition to and at the same time as paying
the consideration) an amount equal to the amount of the Indirect Tax. 

  

	 	(b)	 Where a Finance Document requires the Borrower to reimburse or indemnify the Lender for any costs or expenses,
the Borrower shall also at the same time pay and indemnify the Lender against all Indirect Tax incurred by the Lender in respect of the costs or expenses to the extent that the Lender reasonably determines that it is not entitled to credit or
repayment in respect of the Indirect Tax. 

  

	10.7	 FATCA information 

 

	 	(a)	 Subject to paragraph (c) below, each Party shall, within 10 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; 

  

					
	Facility Agreement	  	- 16 -	  	

	 	(ii)	 supply to that other Party such forms, documentation and other information relating to its status under FATCA
as that other Party reasonably requests for the purposes of that other Party’s compliance with FATCA; and 

  

	 	(iii)	 supply to that other Party such forms, documentation and other information relating to its status as that other
Party reasonably requests for the purposes of that other Party’s compliance with any other law, regulation, or exchange of information regime. 

  

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

  

	 	(c)	 Paragraph (a) above shall not oblige the Lender to do anything, and paragraph (a)(iii) above shall not
oblige any other Party to do anything, which would or might in its reasonable opinion constitute a breach of: 

  

	 	(i)	 any law or regulation; 

 

	 	(ii)	 any fiduciary duty; or 

 

	 	(iii)	 any duty of confidentiality. 

 

	 	(d)	 If a Party fails to confirm whether or not it is a FATCA Exempt Party or to supply forms, documentation or
other information requested in accordance with paragraph (a)(i) or (a)(ii) above (including, for the avoidance of doubt, where paragraph (c) above applies), then such Party shall be treated for the purposes of the Finance Documents (and
payments under them) as if it is not a FATCA Exempt Party until such time as the Party in question provides the requested confirmation, forms, documentation or other information. 

 

	10.8	 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. 

  

	11.	 INCREASED COSTS 

 

	11.1	 Increased Costs 

 

	 	(a)	 Subject to Clause 11.3 (Exceptions) the Borrower shall, within three Business Days of a demand by the
Lender, pay the amount of any Increased Costs incurred by the Lender 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 or
(ii) compliance with any law or regulation made after the date of this Agreement. The terms “law” and “regulation” in this paragraph (a) shall include any law or regulation concerning capital adequacy, prudential
limits, liquidity, reserve assets or Tax. 

  

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

 

	 	(i)	 a reduction in the rate of return from the Facility or on the Lender’s (or its Affiliate’s) overall
capital (including as a result of any reduction in the rate of return on capital brought about by more capital being required to be allocated by the Lender); 

  

	 	(ii)	 an additional or increased cost; or 

  

					
	Facility Agreement	  	- 17 -	  	

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

which is incurred or suffered by the Lender or any of its Affiliates to the extent that it is attributable to the undertaking, funding or
performance by the Lender of any of its obligations under any Finance Document or making any Loan or Unpaid Sum available. 
  

	11.2	 Increased Cost claims 

 

	 	(a)	 If the Lender intends to make a claim pursuant to Clause 11.1 (Increased Costs), it shall notify the
Borrower of the event giving rise to the claim. 

  

	 	(b)	 The Lender shall, as soon as practicable after a demand by the Borrower, provide a certificate confirming the
amount of its Increased Costs. 

  

	11.3	 Exceptions 

Clause 11.1 (Increased Costs) does not apply to the extent any Increased Cost is: 

 

	 	(a)	 attributable to a Tax Deduction required by law to be made by the Borrower; 

 

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

 

	 	(c)	 compensated for by Clause 10.3 (Tax indemnity) (or would have been compensated for under Clause 10.3
(Tax indemnity) but was not so compensated solely because any of the exclusions in paragraph (a) of Clause 10.3 (Tax indemnity) applied); or 

 

	 	(d)	 attributable to the wilful breach by the Lender or its Affiliates of any law or regulation.

  

	12.	 MITIGATION BY THE LENDERS 

 

	12.1	 Mitigation 

  

	 	(a)	 The Lender shall, in consultation with the Borrower, 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 7.1 (Illegality), Clause 10 (Tax Gross-up and Indemnities) or
Clause 11 (Increased Costs), including: 

  

	 	(i)	 providing such information as the Borrower may reasonably request in order to permit the Borrower to determine
its entitlement to claim any exemption or other relief (whether pursuant to a double taxation treaty or otherwise) from any obligation to make a Tax Deduction; and 

 

	 	(ii)	 in relation to any circumstances which arise following the date of this Agreement, 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 the Borrower under the Finance Documents.

  

	12.2	 Limitation of liability 

 

	 	(a)	 The Borrower shall promptly indemnify the Lender for all costs and expenses reasonably incurred by the Lender
as a result of steps taken by it under Clause 12.1 (Mitigation). 

  

	 	(b)	 The Lender is not obliged to take any steps under Clause 12.1 (Mitigation) if, in the opinion of the
Lender (acting reasonably), to do so might be prejudicial to it. 

  

					
	Facility Agreement	  	- 18 -	  	

	12.3	 Conduct of business by the Lender 

No provision of this Agreement will: 
  

	 	(a)	 interfere with the right of the Lender to arrange its affairs (tax or otherwise) in whatever manner it thinks
fit; 

  

	 	(b)	 oblige the Lender 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 the Lender to disclose any information relating to its affairs (tax or otherwise) or any computations in
respect of Tax. 

  

	13.	 OTHER INDEMNITIES 

 

	13.1	 Currency indemnity 

 

	 	(a)	 If any sum due from the Borrower 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 the Borrower; or 

 

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

 the Borrower shall as an independent obligation, within three Business Days of demand, indemnify the Lender 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)	 The Borrower 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. 

  

	13.2	 Other indemnities 

The Borrower shall, within three Business Days of demand, indemnify the Lender against any cost, loss or liability incurred by the Lender as a
result of: 
  

	 	(a)	 the occurrence of any Event of Default; 

 

	 	(b)	 any information produced or approved by the Borrower being or being alleged to be misleading and/or deceptive
in any respect; 

  

	 	(c)	 any enquiry, investigation, subpoena (or similar order) or litigation with respect to the Borrower or with
respect to the transactions contemplated or financed under any Finance Document; 

  

	 	(d)	 a failure by the Borrower to pay any amount due under a Finance Document on its due date or in the relevant
currency; 

  

	 	(e)	 funding, or making arrangements to fund, a Loan requested by the 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 the Lender alone); or 

  

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

  

					
	Facility Agreement	  	- 19 -	  	

	13.3	 Indemnity to the Lender 

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

  

	 	(a)	 investigating any event which it reasonably believes is a Default; 

 

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

  

	 	(c)	 instructing lawyers, accountants, tax advisers, surveyors or other professional advisers or experts as
permitted under this Agreement. 

  

	14.	 COSTS AND EXPENSES 

 

	14.1	 Transaction expenses 

The Borrower shall, within three Business Days of demand, pay the Lender the amount of all costs and expenses (including legal fees) reasonably
incurred by it in connection with the negotiation, preparation, printing and execution of: 
  

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

 

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

 

	14.2	 Amendment costs 

If: 
  

	 	(a)	 the Borrower requests an amendment, waiver or consent; or 

 

	 	(b)	 an amendment is required pursuant to Clause 22.7 (Change of currency), 

the Borrower shall, within three Business Days of demand, reimburse the Lender for the amount of all costs and expenses (including legal fees)
reasonably incurred by the Lender in responding to, evaluating, negotiating or complying with that request or requirement. 
  

	14.3	 Enforcement costs 

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

  

					
	Facility Agreement	  	- 20 -	  	

 SECTION 8 

REPRESENTATIONS, UNDERTAKINGS AND EVENTS OF DEFAULT 
  

	15.	 REPRESENTATIONS 

The Borrower makes the representations and warranties set out in this Clause 15 to the Lender on the date of this Agreement. 

 

	15.1	 Status 

  

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

  

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

 

	15.2	 Binding obligations 

Subject to the Legal Reservations, the obligations expressed to be assumed by it in each Finance Document are legal, valid, binding and
enforceable obligations. 
  

	15.3	 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 constitutional documents; or 

 

	 	(c)	 any agreement or instrument binding upon it or any of its assets, breach of which would reasonably be expected
to have a Material Adverse Effect. 

  

	15.4	 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 and the transactions contemplated by those Finance Documents. 
  

	15.5	 Validity and admissibility in evidence 

All Authorisations required: 
  

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

  

	 	(b)	 to make the Finance Documents admissible in evidence in its Relevant Jurisdictions; and 

 

	 	(c)	 for it to carry on its business, and which are material, 

have been obtained or effected and are in full force and effect. 
  

	15.6	 Governing law and enforcement 

Subject to the Legal Reservations: 
  

	 	(a)	 the choice of Hong Kong law as the governing law of this Agreement will be recognised and enforced in its
jurisdiction of incorporation; and 

  

					
	Facility Agreement	  	- 21 -	  	

	 	(b)	 any judgment obtained in the courts of Hong Kong in relation to a Finance Document will be recognised and
enforced in its jurisdiction of incorporation. 

  

	15.7	 Deduction of Tax 

It is not required under the law applicable where it is incorporated or resident or at the address specified in this Agreement to make any Tax
Deduction from any payment it may make under any Finance Document. 
  

	15.8	 No filing or stamp taxes 

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. 
  

	15.9	 No default 

  

	 	(a)	 No Event of Default is continuing or would 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 to which its assets are subject which would reasonably be expected to have a Material Adverse Effect. 

  

	15.10	 No misleading information 

All information supplied by the Borrower was true, complete and accurate in all material respects as at the date it was given and was not
misleading in any respect. 
  

	15.11	 Financial statements 

 

	 	(a)	 Its audited financial statements most recently supplied to the Lender were prepared in accordance with GAAP
consistently applied save to the extent expressly disclosed in such financial statements. 

  

	 	(b)	 Its financial statements most recently supplied to the Lender give a true and fair view of (if audited) or
fairly represent (if unaudited) its financial condition and operations for the period to which they relate, save to the extent expressly disclosed in such financial statements. 

 

	15.12	 Pari passu ranking 

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

	15.13	 No proceedings 

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

 

	15.14	 Repetition 

The Repeating Representations are deemed to be made by the Borrower by reference to the facts and circumstances then existing on the date of
each Utilisation Request and on the last day of each Month following that Utilisation Date while the relevant Loan remains outstanding. 
  

	16.	 INFORMATION UNDERTAKINGS 

The undertakings in this Clause 16 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. 

  

					
	Facility Agreement	  	- 22 -	  	

	16.1	 Financial statements 

The Borrower shall supply to the Lender: 
  

	 	(a)	 as soon as the same become available, but in any event within 120 days after the end of each of its financial
years, its audited consolidated financial statements for that financial year; and 

  

	 	(b)	 as soon as the same become available, but in any event within 90 days after the end of the first six (6) months
of each of its financial years, its consolidated financial statements for that the first six (6) months of that financial year. 

  

	16.2	 Requirements as to financial statements 

 

	 	(a)	 The Borrower must ensure that each set of financial statements delivered by the Borrower pursuant to Clause
16.1 (Financial statements) gives a true and fair view of (in the case of any such financial statements which are audited) or fairly represents (in the case of any such financial statements which are unaudited) its financial condition as at
the date as at which those financial statements were drawn up. 

  

	 	(b)	 The Borrower must ensure that each set of financial statements delivered pursuant to Clause 16.1 (Financial
statements) is prepared using GAAP, accounting practices and financial reference periods consistent with those applied in the preparation of the first set of financial statements delivered pursuant to pursuant to Clause 16.1 (Financial
statements) unless, in relation to any set of financial statements, it notifies the Lender that there has been a change in GAAP, the accounting practices or reference periods and its auditors (or, if appropriate, the auditors of the Borrower)
deliver to the Lender: 

  

	 	(i)	 a full description of any change necessary for those financial statements to reflect the GAAP, accounting
practices and reference periods on which the first set of financial statements delivered pursuant to pursuant to Clause 16.1 (Financial statements) were prepared; and 

 

	 	(ii)	 sufficient information, in form and substance as may be reasonably required by the Lender to enable it to make
a proper comparison between the financial position shown by the set of financial statements prepared on the changed basis and the Borrower’s most recent audited financial statements delivered to the Lender under Clause 16.1 (Financial
statements). 

 Any reference in this Agreement to those financial statements will be construed as a reference to
those financial statements as adjusted to reflect the basis on which the first set of financial statements delivered pursuant to pursuant to Clause 16.1 (Financial statements) were prepared. 

 

	 	(c)	 If the Borrower notifies the Lender of a change under paragraph (b) above, the Borrower and the Lender
must enter into negotiations in good faith for a period of not more than 30 days with a view to agreeing any amendments to this Agreement required to put the Borrower and the Lender to the extent practicable in the same position as they would have
been in if the change had not happened. Any such amendments agreed by the Borrower and the Lender will bind all the Parties. 

  

	 	(d)	 If no agreement is reached under paragraph (c) above on the required amendments to this Agreement, the
Borrower must supply with each set of its financial statements another set of its financial statements prepared on the same basis as the first set of financial statements delivered pursuant to pursuant to Clause 16.1 (Financial statements).

  

	16.3	 Information: miscellaneous 

The Borrower shall supply to the Lender: 

  

					
	Facility Agreement	  	- 23 -	  	

	 	(a)	 all documents dispatched by the Borrower to its shareholders (or any class of them) (other than any public
announcement made by the Borrower only through publication on the website of The Stock Exchange of Hong Kong Limited and the Borrower) or its creditors generally at the same time as they are despatched; 

 

	 	(b)	 promptly upon becoming aware of them, the details of any litigation, arbitration or administrative proceedings
which are current, threatened or pending against the Borrower, and which have or would be reasonably likely to, if adversely determined, have a Material Adverse Effect; 

 

	 	(c)	 promptly, such further information regarding the financial condition, business and operations of the Borrower
as the Lender may reasonably request except to the extent that disclosure of the information would breach any law, regulation, stock exchange requirement or duty of confidentiality or would constitute material
non-public information; and 

  

	 	(d)	 promptly, notice of any change in authorised signatories of the Borrower signed by a director or company
secretary of the Borrower accompanied by specimen signatures of any new authorised signatories. 

  

	16.4	 Notification of default 

 

	 	(a)	 The Borrower shall notify the Lender of any Default (and the steps, if any, being taken to remedy it) promptly
upon becoming aware of its occurrence. 

  

	 	(b)	 Promptly upon a request by the Lender, the Borrower shall supply to the Lender 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). 

 

	16.5	 Direct electronic delivery by Borrower 

The Borrower may satisfy its obligation under this Agreement to deliver any information in relation to the Lender by delivering that
information directly to the Lender in accordance with Clause 24.4 (Electronic communication) to the extent the Lender agrees to this method of delivery. 
  

	16.6	 “Know your customer” checks 

The Borrower shall promptly upon the request of the Lender supply, or procure the supply of, such documentation and other evidence as is
reasonably requested by the Lender in order for the Lender or any prospective new Lender to conduct all “know your customer” and other similar procedures that it is required to conduct under any applicable law or regulation in connection
with the transaction contemplated by the Finance Documents. 
  

	17.	 FINANCIAL COVENANTS 

[intentionally omitted] 
  

	18.	 GENERAL UNDERTAKINGS 

The undertakings in this Clause 18 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. 
  

	18.1	 Authorisations 

The Borrower 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 Lender of, 

  

					
	Facility Agreement	  	- 24 -	  	

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

	18.2	 Compliance with laws 

The Borrower 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. 
  

	18.3	 Pari passu ranking 

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

	18.4	 Negative pledge 

In this Clause 18.4, “Quasi-Security” means an arrangement or transaction described in paragraph (b) below. 

 

	 	(a)	 The Borrower shall not create or permit to subsist any Security over any of its assets. 

 

	 	(b)	 The Borrower shall not: 

 

	 	(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 it; 

  

	 	(ii)	 sell, transfer or otherwise dispose of any of its receivables on recourse terms; 

 

	 	(iii)	 enter into or permit to subsist any title retention arrangement; 

 

	 	(iv)	 enter into or permit to subsist 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 

  

	 	(v)	 enter into or permit to subsist any other preferential arrangement having a similar effect,

 in circumstances where the arrangement or transaction is entered into primarily as a method of raising Financial
Indebtedness or of financing the acquisition of an asset. 
  

	 	(c)	 Paragraphs (a) and (b) above do not apply to: 

 

	 	(i)	 any Security or Quasi-Security granted in connection with the Senior Credit Facility; 

 

	 	(ii)	 any Security or Quasi-Security granted by it in the ordinary course of business; or 

 

	 	(iii)	 any other Security or Quasi-Security granted over any of its assets where such Security or Quasi-Security does
not have or would not reasonably be expected to have a Material Adverse Effect. 

  

	18.5	 Disposals 

  

	 	(a)	 The Borrower shall not, 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: 

 

	 	(i)	 made in the ordinary course of trading of the disposing entity; 

  

					
	Facility Agreement	  	- 25 -	  	

	 	(ii)	 of assets in exchange for other assets comparable or superior as to type, value and quality and for a similar
purpose (other than an exchange of a non-cash asset for cash); 

  

	 	(iii)	 permitted under the Senior Credit Agreement; or 

 

	 	(iv)	 which does not fall within paragraphs (i) to (iii) above but does not have or would not reasonably be
expected to have a Material Adverse Effect. 

  

	18.6	 Merger 

  

	 	(a)	 The Borrower shall not enter into any amalgamation, demerger, merger or corporate reconstruction.

  

	 	(b)	 Paragraph (a) above does not apply to any sale, lease, transfer or other disposal permitted pursuant to
Clause 18.5 (Disposals). 

  

	18.7	 Change of business 

The Borrower shall procure that no substantial change is made to the general nature of its business from that carried on at the date of this
Agreement if such change has or would reasonably be expected to have a Material Adverse Effect. 
  

	18.8	 Financial Indebtedness 

 

	 	(a)	 The Borrower shall not incur or permit to remain outstanding any Borrowings, save for any Borrowings:

  

	 	(i)	 permitted, not prohibited or otherwise approved under the Senior Credit Agreement; or 

 

	 	(ii)	 incurred with the prior written consent of the Lender. 

 

	 	(b)	 For the purpose of this Clause 18.8, “Borrowings” means, in respect of the Borrower, monies
borrowed the amount of which would be included in the aggregate amount as it appears under the line item “Borrowings – due within one year” and the line item “Borrowings – due after one year” in the consolidated
financial statements of the Borrower delivered under Clause 16.1 (Financial statements). 

  

	18.9	 Arm’s length basis 

Save as permitted by the Lender, the Borrower shall not enter into any transaction with any person except on arm’s length terms and for
full market value. 
  

	19.	 EVENTS OF DEFAULT 

Each of the events or circumstances set out in the following sub-clauses of this Clause 19 (other than
Clause 19.12 (Acceleration)) is an Event of Default. 
  

	19.1	 Non-payment 

The Borrower 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 

  

					
	Facility Agreement	  	- 26 -	  	

	 	(b)	 payment is made within three (3) Business Days of its due date. 

 

	19.2	 Other obligations 

 

	 	(a)	 The Borrower does not comply with any provision of the Finance Documents (other than those referred to in
Clause 19.1 (Non-payment). 

  

	 	(b)	 No Event of Default under paragraph (a) above will occur if the failure to comply is capable of remedy and
is remedied within 20 Business Days of the earlier of (A) the Lender giving notice to the Borrower of the failure to comply and (B) the Borrower becoming aware of the failure to comply. 

 

	19.3	 Misrepresentation 

Any representation or statement made or deemed to be made by the Borrower in the Finance Documents or any other document delivered by or on
behalf of the Borrower under or in connection with any Finance Document is or proves to have been incorrect or misleading in any material respect when made or deemed to be made, unless the circumstances giving rise to the misrepresentation, breach
of warranty or misstatement: 
  

	 	(a)	 are capable of remedy; and 

 

	 	(b)	 are remedied within 20 Business Days of the earlier of (A) the Lender giving notice of the
misrepresentation, breach of warranty or misstatement of the Borrower and (B) the Borrower becoming aware of the misrepresentation, breach of warranty or misstatement. 

 

	19.4	 Cross default 

 

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

  

	 	(b)	 Any Financial Indebtedness of the Borrower is declared to be or otherwise becomes due and payable prior to its
specified maturity as a result of an event of default (however described). 

  

	 	(c)	 Any commitment for any Financial Indebtedness of the Borrower is cancelled or suspended by a creditor of the
Borrower as a result of an event of default (however described). 

  

	 	(d)	 Any creditor of the Borrower becomes entitled to declare any Financial Indebtedness of the Borrower due and
payable prior to its specified maturity as a result of an event of default (however described). 

  

	 	(e)	 No Event of Default will occur under this Clause 19.4 if the aggregate amount of Financial Indebtedness or
commitment for Financial Indebtedness falling within paragraphs (a) to (d) above is less than US$50,000,000 (or its equivalent in any other currency or currencies). 

 

	19.5	 Insolvency 

  

	 	(a)	 The Borrower is or is presumed or deemed to be 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 (excluding the Lender in its capacity as such) with a view to rescheduling any of
its indebtedness. 

  

	 	(b)	 The value of the assets of the Borrower is less than its liabilities (taking into account contingent and
prospective liabilities). 

  

	 	(c)	 A moratorium is declared in respect of any indebtedness of the Borrower. 

  

					
	Facility Agreement	  	- 27 -	  	

	19.6	 Insolvency proceedings 

 

	 	(a)	 Any corporate action, legal proceedings or other procedure or step is taken in relation to:

  

	 	(i)	 the suspension of payments, a moratorium of any indebtedness,
winding-up, dissolution, administration, provisional supervision or reorganisation (by way of voluntary arrangement, scheme of arrangement or otherwise) of the Borrower; 

 

	 	(ii)	 a composition or arrangement with any creditor of the Borrower, or an assignment for the benefit of creditors
generally of the Borrower or a class of such creditors; 

  

	 	(iii)	 the appointment of a liquidator, receiver, administrator, administrative receiver, compulsory manager,
provisional supervisor or other similar officer in respect of the Borrower or any of its assets; or 

  

	 	(iv)	 enforcement of any Security over any assets of the Borrower, 

or any analogous procedure or step is taken in any jurisdiction. 

Paragraph (i) above shall not apply to any winding-up petition which is frivolous or vexatious or
which is being contested in good faith and with due diligence, and, in each case, is discharged, stayed or dismissed within 14 days of commencement. 
  

	19.7	 Creditors’ process 

Any expropriation, attachment, sequestration, distress or execution affects any asset or assets of the Borrower having an aggregate value of
not less than US$50,000,000 (or its equivalent in other currency or currencies), and is not discharged within 14 days. 
  

	19.8	 Unlawfulness and invalidity 

 

	 	(a)	 It is or becomes unlawful for the Borrower to perform any of its obligations under the Finance Documents.

  

	 	(b)	 Any obligation or obligations of the Borrower under any Finance Documents are not (subject to the Legal
Reservations) or cease to be legal, valid, binding or enforceable and the cessation individually or cumulatively materially and adversely affects the interests of the Lender under the Finance Documents. 

 

	 	(c)	 Any Finance Document ceases to be in full force and effect or is alleged by a party to it (other than the
Lender) to be ineffective. 

  

	19.9	 Repudiation 

The Borrower repudiates or evidences an intention to repudiate a Finance Document. 

 

	19.10	 Cessation of business 

The Borrower ceases, or threatens to cease, to carry on all or a material part of its business except as a result of any disposal allowed under
this Agreement. 
  

	19.11	 Material adverse change 

Any other event or circumstance occurs which has or is reasonably likely to have a Material Adverse Effect. 

  

					
	Facility Agreement	  	- 28 -	  	

	19.12	 Acceleration 

On and at any time after the occurrence of an Event of Default which is continuing the Lender may by notice to the Borrower: 

 

	 	(a)	 without prejudice to any Loans then outstanding: 

 

	 	(i)	 cancel the Available Commitment, whereupon the Available Commitment shall immediately be cancelled and the
Facility shall immediately cease to be available for further utilisation; or 

  

	 	(ii)	 cancel any part of any Commitment (and reduce such Commitment accordingly), whereupon the relevant part shall
immediately be cancelled (and the relevant Commitment shall be immediately reduced accordingly); and/or 

  

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

  

	 	(c)	 declare that all or part of the Loans be payable on demand, whereupon they shall immediately become payable on
demand by the Lender. 

  

					
	Facility Agreement	  	- 29 -	  	

 SECTION 9 

CHANGES TO PARTIES 
  

	20.	 CHANGES TO THE LENDER 

 

	20.1	 Assignments and transfers by the Lender 

Subject to this Clause 20, the Lender (the “Existing Lender”) may: 

 

	 	(a)	 assign any of its rights; or 

 

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

under the Finance Documents to another bank or financial institution or to a trust, fund or other entity which is regularly engaged in or
established for the purpose of making, purchasing or investing in loans, securities or other financial assets (the “New Lender”). 
  

	20.2	 Conditions of assignment or transfer 

The consent of the Borrower is not required for any assignment or transfer by a Lender pursuant to this Clause 20. 

 

	20.3	 Limitation of responsibility of Existing Lenders 

 

	 	(a)	 Unless expressly agreed to the contrary, the 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 the Borrower; 

 

	 	(iii)	 the performance and observance by the Borrower 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. 

 

	 	(b)	 Each New Lender confirms to the Existing Lender that it: 

 

	 	(i)	 has made (and shall continue to make) its own independent investigation and assessment of the financial
condition and affairs of the Borrower and its related entities in connection with 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 the Borrower 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 20; or 

  

	 	(ii)	 support any losses directly or indirectly incurred by the New Lender by reason of the non- performance by the Borrower of its obligations under the Finance Documents or otherwise. 

  

					
	Facility Agreement	  	- 30 -	  	

	20.4	 Existing consents and waivers 

A New Lender shall be bound by any consent, waiver, election or decision given or made by the Existing Lender under or pursuant to any Finance
Document prior to the coming into effect of the relevant assignment or transfer to such New Lender. 
  

	21.	 CHANGES TO THE BORROWER 

 

	21.1	 Assignments and transfers by the Borrower 

The Borrower may not assign any of its rights or transfer any of its rights or obligations under the Finance Documents, except with the prior
written consent of the Lender. 

  

					
	Facility Agreement	  	- 31 -	  	

 SECTION 11 

ADMINISTRATION 
  

	22.	 PAYMENT MECHANICS 

 

	22.1	 Payments to the Lender 

 

	 	(a)	 On each date on which the Borrower is required to make a payment under a Finance Document, it shall make the
same available to the Lender (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 Lender 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 and
with such bank as the Lender, in each case, specifies. 

  

	22.2	 Distributions to the Borrower 

The Lender may (with the consent of the Borrower or in accordance with Clause 23 (Set-off))
apply any amount received by it for the Borrower in or towards payment (on the date and in the currency and funds of receipt) of any amount due from the Borrower under the Finance Documents or in or towards purchase of any amount of any currency to
be so applied. 
  

	22.3	 Partial payments 

 

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

 

	 	(i)	 first, in or towards payment pro rata of any accrued interest, fee or commission due but unpaid
under the Finance Documents; 

  

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

  

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

  

	 	(b)	 The Lender may vary the order set out in paragraphs (a)(i) to (a)(iii) above. 

 

	 	(c)	 Paragraphs (a) and (b) above will override any appropriation made by the Borrower. 

 

	22.4	 No set-off by Borrower 

All payments to be made by the Borrower under the Finance Documents shall be calculated and be made without (and free and clear of any
deduction for) set-off or counterclaim. 
  

	22.5	 Business Days 

 

	 	(a)	 Any payment under the Finance Documents 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. 

  

					
	Facility Agreement	  	- 32 -	  	

	22.6	 Currency of account 

 

	 	(a)	 Subject to paragraphs (b) and (c) below, US dollars is the currency of account and payment for any sum due
from the Borrower under any Finance Document. 

  

	 	(b)	 Each payment in respect of costs, expenses or Taxes shall be made in the currency in which the costs, expenses
or Taxes are incurred. 

  

	 	(c)	 Any amount expressed to be payable in a currency other than US dollars shall be paid in that other currency.

  

	22.7	 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 Lender (after consultation with the Borrower); 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 Lender (acting reasonably). 

  

	 	(b)	 If a change in any currency of a country occurs, this Agreement will, to the extent the Lender (acting
reasonably and after consultation with the Borrower) specifies to be necessary, be amended to comply with any generally accepted conventions and market practice in the relevant market and otherwise to reflect the change in currency.

  

	22.8	 Disruption to payment systems etc. 

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

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

  

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

  

	 	(c)	 any such changes agreed upon by the Lender and the Borrower 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 28 (Amendments and Waivers); and

  

	 	(d)	 the Lender shall not be liable for any damages, costs or losses to any person, any diminution in value or any
liability whatsoever (including for negligence, gross negligence or any other category of liability whatsoever but not including any claim based on the fraud of the Lender) arising as a result of its taking, or failing to take, any actions pursuant
to or in connection with this Clause 22.8. 

  

	23.	 SET-OFF 

The Lender may set off any matured obligation due from the Borrower under the Finance Documents (to the extent beneficially owned by the
Lender) against any matured obligation owed by the Lender to the Borrower, regardless of the place of payment, booking branch or currency of either obligation. If the obligations are in different currencies, the Lender may convert either obligation
at a market rate of exchange in its usual course of business for the purpose of the set-off. 

  

					
	Facility Agreement	  	- 33 -	  	

	24.	 NOTICES 

  

	24.1	 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. 
  

	24.2	 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 that identified with its name below or any substitute address, fax number or department or officer as the Party may notify to the other Party by
not less than five Business Days’ notice. 
  

	24.3	 Delivery 

  

	 	(a)	 Any communication or document made or delivered by one person to another under or in connection with the
Finance Documents will be effective: 

  

	 	(i)	 if by way of fax, only when received in legible form; or 

 

	 	(ii)	 if by way of letter, only 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 24.2 (Addresses), if addressed to that department or officer. 
  

	 	(b)	 Any communication or document which becomes effective, in accordance with paragraph (a) above, after 5
p.m. in the place of receipt shall be deemed only to become effective on the following day. 

  

	24.4	 Electronic communication 

 

	 	(a)	 Any communication or document to be made or delivered by one Party to another under or in connection with the
Finance Documents may be made or delivered by electronic mail or other electronic means (including by way of posting to a secure website) if those two Parties: 

 

	 	(i)	 notify each other in writing of their electronic mail address and/or any other information required to enable
the transmission 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 such electronic communication or delivery as specified in paragraph (a) above to be made between the
Borrower and the Lender may only be made in that way 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 or delivery. 

 

	 	(c)	 Any such electronic communication or delivery as specified in paragraph (a) above made or delivered by one
Party to another will be effective only when actually received (or made available) in readable form and in the case of any electronic communication or document made or delivered by a Party to the Lender only if it is addressed in such a manner as
the Lender shall specify for this purpose. 

  

					
	Facility Agreement	  	- 34 -	  	

	 	(d)	 Any electronic communication or document which becomes effective, in accordance with paragraph (c) above,
after 5 p.m. in the place in which the Party to whom the relevant communication or document is sent or made available has its address for the purpose of this Agreement shall be deemed only to become effective on the following day.

  

	 	(e)	 Any reference in a Finance Document to a communication being sent or received or a document being delivered
shall be construed to include that communication or document being made available in accordance with this Clause 24.4. 

  

	24.5	 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 Lender, 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. 

  

	25.	 CALCULATIONS AND CERTIFICATES 

 

	25.1	 Accounts 

In any litigation or arbitration proceedings arising out of or in connection with the Lender, the entries made in the accounts maintained by
the Lender are prima facie evidence of the matters to which they relate. 
  

	25.2	 Certificates and determinations 

Any certification or determination by the Lender 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. 
  

	25.3	 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 market differs, in accordance with that market practice. 
  

	26.	 PARTIAL INVALIDITY 

If, at any time, any provision of a Finance Document 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. 

 

	27.	 REMEDIES AND WAIVERS 

No failure to exercise, nor any delay in exercising, on the part of the Lender, any right or remedy under a Finance Document 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 Finance Document on the part of the Lender 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 each Finance Document are cumulative and not exclusive of any rights or remedies provided by law. 

  

					
	Facility Agreement	  	- 35 -	  	

	28.	 AMENDMENTS AND WAIVERS 

 

	28.1	 Required consents 

Any term of the Finance Documents may be amended or waived only with the consent of the Lender and Borrower. 

 

	29.	 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. 
  

	30.	 CONFIDENTIAL INFORMATION 

 

	30.1	 Confidentiality 

The Lender agrees to keep all Confidential Information confidential and not to disclose it to anyone, save to the extent permitted by Clause
30.2 (Disclosure of Confidential Information), 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. 

 

	30.2	 Disclosure of Confidential Information 

The Lender 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 the Lender 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, in each case, to any of that person’s Affiliates, Related Funds, Representatives and professional advisers; 

 

	 	(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 the Borrower and to any of that person’s
Affiliates, Related Funds, Representatives and professional advisers; 

  

	 	(iii)	 appointed by the Lender or by a person to whom paragraph (i) or (ii) above applies to receive
communications, notices, information or documents delivered pursuant to the Finance Documents on its behalf; 

  

	 	(iv)	 who invests in or otherwise finances (or may potentially invest in or otherwise finance), directly or
indirectly, any transaction referred to in paragraph (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; 

  

					
	Facility Agreement	  	- 36 -	  	

	 	(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)	 who is a Party; 

  

	 	(viii)	 who is a lender or other funding source of the Lender or its Subsidiaries; or 

 

	 	(ix)	 with the consent of the Borrower, 

in each case, such Confidential Information as the Lender 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) and (b)(viii) 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; or 

  

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

  

	30.3	 Entire agreement 

This Clause 30 constitutes the entire agreement between the Parties in relation to the obligations of the Lender under the Finance Documents
regarding Confidential Information and supersedes any previous agreement, whether express or implied, regarding Confidential Information. 
  

	30.4	 Inside information 

The Lender 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 Lender undertakes not to use any Confidential Information for any unlawful purpose. 

 

	30.5	 Notification of disclosure 

The Lender agrees (to the extent permitted by law and regulation) to inform the Borrower: 

 

	 	(a)	 of the circumstances of any disclosure of Confidential Information made pursuant to paragraph (b)(v) of Clause
30.2 (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 30.

  

	30.6	 Continuing obligations 

The obligations in this Clause 30 are continuing and, in particular, shall survive and remain binding on the Lender for a period of 12 months
from the date on which all amounts payable by the Borrower under or in connection with this Agreement have been paid in full and all Commitments have been cancelled or otherwise cease to be available. 

  

					
	Facility Agreement	  	- 37 -	  	

 SECTION 12 

GOVERNING LAW AND ENFORCEMENT 
  

	31.	 GOVERNING LAW 

This Agreement is governed by Hong Kong law. 
  

	32.	 ENFORCEMENT 

  

	32.1	 Jurisdiction of Hong Kong courts 

 

	 	(a)	 The courts of Hong Kong have exclusive jurisdiction to settle any dispute arising out of or in connection with
this Agreement (including any dispute regarding the existence, validity or termination of this Agreement) (a “Dispute”). 

  

	 	(b)	 The Parties agree that the courts of Hong Kong are the most appropriate and convenient courts to settle
Disputes and accordingly no Party will argue to the contrary. 

  

	 	(c)	 Notwithstanding paragraphs (a) and (b) above, the Lender shall not be prevented from taking proceedings
relating to a Dispute in any other courts with jurisdiction. To the extent allowed by law, the Lender may take concurrent proceedings in any number of jurisdictions. 

 

	32.2	 Waiver of immunities 

The Borrower irrevocably waives, to the extent permitted by applicable law, with respect to itself and its revenues and assets (irrespective of
their use or intended use), all immunity on the grounds of sovereignty or other similar grounds from: 
  

	 	(a)	 suit; 

  

	 	(b)	 jurisdiction of any court; 

 

	 	(c)	 relief by way of injunction or order for specific performance or recovery of property; 

 

	 	(d)	 attachment of its assets (whether before or after judgment); and 

 

	 	(e)	 execution or enforcement of any judgment to which it or its revenues or assets might otherwise be entitled in
any proceedings in the courts of any jurisdiction (and irrevocably agrees, to the extent permitted by applicable law, that it will not claim any immunity in any such proceedings). 

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

  

					
	Facility Agreement	  	- 38 -	  	

 SCHEDULE 1 

CONDITIONS PRECEDENT 
  

	1.	 The Borrower 

  

	(a)	 A copy of the constitutional documents of the Borrower. 

 

	(b)	 A copy of a resolution of the board of directors of the Borrower: 

 

	 	(i)	 approving the terms of, and the transactions contemplated by, the Finance Documents and resolving that it
execute the Finance Documents; 

  

	 	(ii)	 authorising a specified person or persons to execute the Finance Documents 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. 

  

	(c)	 A specimen of the signature of each person authorised by the resolution referred to in paragraph
(b) above. 

  

	(d)	 A certificate from the Borrower (signed by a director) confirming that borrowing the Commitments would not
cause any borrowing or similar limit binding on it to be exceeded. 

  

	(e)	 A certificate of an authorised signatory of the Borrower certifying that each copy document relating to it
specified in this Schedule 1 is correct, complete and in full force and effect as at a date no earlier than the date of this Agreement. 

  

	2.	 Other documents and evidence 

 

	(a)	 A copy of any other Authorisation or other document, opinion or assurance which the Lender considers to be
necessary or desirable (if it has notified the Borrower 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.

  

	(b)	 Evidence that the fees, costs and expenses then due from the Borrower pursuant to Clause 9 (Fees) and
Clause 14 (Costs and Expenses) have been paid or will be paid by the first Utilisation Date. 

  

					
	Facility Agreement	  	- 39 -	  	

 SCHEDULE 2 

UTILISATION REQUEST 
  

	From:	 [Borrower] 

  

	To:	 [Lender] 

Dated: 
  

[Borrower] – [             ] Facility Agreement 

dated [             ] (the “Facility Agreement”) 

 

	1.	 We refer to the Facility Agreement. This is a Utilisation Request. Terms defined in the Facility Agreement
shall have the same 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)
	Amount:	  	[             ] or, if less, the Available Commitment

  

	3.	 We confirm that each condition specified in Clause 4.2 (Further conditions precedent) of the Facility
Agreement is satisfied on the date of this Utilisation Request. 

  

	4.	 The proceeds of this Loan should be credited to [account]. 

 

	5.	 This Utilisation Request is irrevocable. 

Yours faithfully 

....................................... 

authorised signatory for 
 [name
of Borrower] 

  

					
	Facility Agreement	  	- 40 -	  	

 SCHEDULE 3 

TIMETABLES 
  

			
	Delivery of a duly completed Utilisation Request (Clause 5.1 (Delivery of a Utilisation Request))	  	11:00 a.m. on the day falling five Business Days prior to the proposed Utilisation Date

  

					
	Facility Agreement	  	- 41 -	  	

 THE BORROWER 

MELCO INTERNATIONAL DEVELOPMENT LIMITED
新濠國際發展有限公司 

 

	
	 /s/ Yuk Man Chung

	
	 By: Yuk Man Chung

	
	
Address: 38th Floor, The Centrium, 60 Wyndham Street, Central, 
Hong Kong

	
	 Email: VincentLeung@melco-group.com

	
	 Fax: (852) 3162 3579

	
	 Attention: The Company Secretary

  

					
	Facility Agreement	  	- 42 -	  	

 THE LENDER 

MELCO RESORTS & ENTERTAINMENT LIMITED 
  

	
	 /s/ Stephanie Cheung

	
	 By: Stephanie Cheung

	
	
Address: 38th Floor, The Centrium, 60 Wyndham Street, Central, 
Hong Kong SAR

	
	 Email: mco-comsec@melco-resorts.com

	
	 Fax: +852 2537 3618

	
	 Attention: Company Secretary

  

					
	Facility Agreement	  	- 43 -Exhibit 4.5

 

DESCRIPTION OF SECURITIES

 

General

 

As of March 31, 2022 BurTech Acquisition Corp.
30,079,500 shares of Class A common stock, par value $0.0001 per share, and 9,487,500 shares of Class B common stock, par value $0.0001
per share, issued and outstanding. We have three classes of securities registered under Section 12 of the Securities Exchange Act of 1934,
as amended (the “Exchange Act”): (1) our units; (2) our common stock; and (3) our warrants.

 

The following description of our units, common
stock, and warrants is a summary and does not purport to be complete. It is subject to and qualified in its entirety by reference to our
Second Amended and Restated Certificate of Incorporation, which is incorporated by reference as an exhibit to the Annual Report on Form
10-K of which this Exhibit 4.5 is a part.

 

Terms not otherwise defined herein shall have
the meaning assigned to them in the Annual Report on Form 10-K of which this Exhibit 4.5 is a part.

 

Units

 

Each unit has an offering price of $10.00 and
consists of one share of Class A common stock and one redeemable warrant. Each warrant entitles the holder to purchase one share of common
stock. Pursuant to the warrant agreement, a warrant holder may exercise his, her or its warrants only for a whole number of shares of
common stock. No fractional warrants will be issued upon separation of the units and only whole warrants will trade.

 

The Class A common stock and warrants comprising
the units began separate trading on January 31, 2022. Once the shares of Class A common stock and warrants commence separate trading,
holders will have the option to continue to hold units or separate their units into the component securities. Holders will need to have
their brokers contact our transfer agent in order to separate the units into shares of Class A common stock and warrants.

 

Placement Units

 

The placement units are identical to the units
sold in the initial public offering except that the placement units and their component securities will not be transferable, assignable
or salable until 30 days after the consummation of our initial business combination except to permitted transferees, and will be entitled
to registration rights.

 

Common Stock

 

There are 39,567,000 shares of our common stock
outstanding including:

 

• 29,648,250 shares of our Class A common
stock underlying the units sold in the initial public offering and the private placement;

 

• 431,250 shares of our Class A common stock
issued to the representative of the underwriters; and

 

​• 9,487,500 shares of our Class B
common stock held by our initial stockholders

 

Our sponsor has purchased an aggregate of
898.250 placement units at a price of $10.00 per unit, for an aggregate purchase price of $8,982,500. The initial stockholders will
hold an aggregate of approximately 26.6% of the issued and outstanding common stock following the offering and the expiration of the
underwriters’ over-allotment option (including the placement shares to be issued to the sponsor, excluding representative
shares and assuming they do not purchase any units in the initial public offering or the public market). Our initial stockholders
hold 24.81% of the issued and outstanding shares of our common stock (excluding the shares of Class A common stock issued to the
representative or its designees, the placement units and underlying securities of the foregoing and assuming they do not purchase
any units in the initial public offering) upon the consummation of the initial public offering.

 

     

     

    

 

Common stockholders of record are entitled to
one vote for each share held on all matters to be voted on by stockholders. Holders of the Class A common stock and holders of the Class
B common stock will vote together as a single class on all matters submitted to a vote of our stockholders, except as required by law.
Unless specified in our amended and restated certificate of incorporation or bylaws, or as required by applicable provisions of the DGCL
or applicable stock exchange rules, the affirmative vote of a majority of our shares of common stock that are voted is required to approve
any such matter voted on by our stockholders. Our board of directors will be divided into two classes, each of which will generally serve
for a term of two years with only one class of directors being elected in each year. There is no cumulative voting with respect to the
election of directors, with the result that the holders of more than 50% of the shares voted for the election of directors can elect all
of the directors. Our stockholders are entitled to receive ratable dividends when, as and if declared by the board of directors out of
funds legally available therefor.

 

Because our amended and restated certificate of
incorporation authorizes the issuance of up to 280,000,000 shares of Class A common stock, if we were to enter into an initial business
combination, we may (depending on the terms of such an initial business combination) be required to increase the number of shares of Class
A common stock which we are authorized to issue at the same time as our stockholders vote on the initial business combination to the extent
we seek stockholder approval in connection with our initial business combination.

 

In accordance with Nasdaq corporate governance
requirements, we are not required to hold an annual meeting until no later than one year after our first fiscal year end following our
listing on Nasdaq. Under Section 211(b) of the DGCL, we are, however, required to hold an annual meeting of stockholders for the purposes
of electing directors in accordance with our bylaws, unless such election is made by written consent in lieu of such a meeting. We may
not hold an annual meeting of stockholders to elect new directors prior to the consummation of our initial business combination, and thus
we may not be in compliance with Section 211(b) of the DGCL, which requires an annual meeting. Therefore, if our stockholders want us
to hold an annual meeting prior to the consummation of our initial business combination, they may attempt to force us to hold one by submitting
an application to the Delaware Court of Chancery in accordance with Section 211(c) of the DGCL.

 

We will provide our stockholders with the
opportunity to redeem all or a portion of their public shares upon the completion of our initial business combination at a per-share
price, payable in cash, equal to the aggregate amount then on deposit in the trust account as of two business days prior to the
consummation of our initial business combination including interest earned on the funds held in the trust account and not previously
released to us to pay our taxes, divided by the number of then outstanding public shares, subject to the limitations described
herein. The amount in the trust account is initially anticipated to be approximately $10.15 per public share. The per-share amount
we will distribute to investors who properly redeem their shares will not be reduced by the deferred underwriting commissions we
will pay to the underwriters. Our sponsor, officers and directors have entered into a letter agreement with us, pursuant to which
they will agree to waive their redemption rights with respect to any founder shares and placement shares and any public shares held
by them in connection with the completion of our initial business combination. Unlike many blank check companies that hold
stockholder votes and conduct proxy solicitations in conjunction with their initial business combinations and provide for related
redemptions of public shares for cash upon completion of such initial business combinations even when a vote is not required by
applicable law or stock exchange requirements, if a stockholder vote is not required by law and we do not decide to hold a
stockholder vote for business or other legal reasons, we will, pursuant to our amended and restated certificate of incorporation,
conduct the redemptions pursuant to the tender offer rules of the SEC, and file tender offer documents with the SEC prior to
completing our initial business combination. Our amended and restated certificate of incorporation will require these tender offer
documents to contain substantially the same financial and other information about the initial business combination and the
redemption rights as is required under the SEC’s proxy rules. If, however, a stockholder approval of the transaction is
required by applicable law or stock exchange requirements, or we decide to obtain stockholder approval for business or other legal
reasons, we will, like many blank check companies, offer to redeem shares in conjunction with a proxy solicitation pursuant to the
proxy rules and not pursuant to the tender offer rules. If we seek stockholder approval, we will complete our initial business
combination only if a majority of the outstanding shares of common stock voted are voted in favor of the initial business
combination. A quorum for such meeting will consist of the holders present in person or by proxy of shares of outstanding capital
stock of the company representing a majority of the voting power of all outstanding shares of capital stock of the company entitled
to vote at such meeting. The underwriters will have the same redemption rights as a public stockholder with respect to any public
shares it acquires. The representative has informed us that it has no current commitments, plans or intentions to acquire any public
shares for its own account; however, if they do acquire public shares, it will do so in the ordinary course of business or in the
types of transaction described in the first paragraph under “Proposed Business — Effecting our Initial Business
Combination — Permitted purchases of our securities.” The underwriters will not make any such purchases when in
possession of any material nonpublic information not disclosed to the seller, during a restricted period under Regulation M under
the Exchange Act, in transactions that would violate Section 9(a)(2) or Rule 10(b)-5 under the Exchange Act, or if prohibited by
applicable state securities laws or broker-dealer regulations. To the extent our initial stockholders or purchasers of placement
units transfer any of these securities to certain permitted transferees, such permitted transferees will agree, as a condition to
such transfer, to waive these same redemption rights. Also, our sponsor has committed to purchase 804,500 placement units (or up to
898,250 placement units if the over-allotment option is exercised in full) at the price of $10.00 per unit in a private placement
that will occur simultaneously with the completion of the initial public offering. If we submit our initial business combination to
our public stockholders for a vote, our sponsor, the other initial stockholders, our officers and our directors have agreed to vote
their respective founder shares, placement shares and any public shares held by them in favor of our initial business
combination.

 

    2

     

    

 

The participation of our sponsor, officers, directors
or their affiliates in privately-negotiated transactions (as described in the public offering prospectus dated December 10, 2021), if
any, could result in the approval of our initial business combination even if a majority of our public stockholders vote, or indicate
their intention to vote, against such business combination. For purposes of seeking approval of the majority of our outstanding shares
of common stock voted, non-votes will have no effect on the approval of our initial business combination once a quorum is obtained. We
intend to give approximately 30 days (but not less than 10 days nor more than 60 days) prior written notice of any such meeting, if required,
at which a vote shall be taken to approve our initial business combination. These quorum and voting thresholds, and the voting agreements
of our initial stockholders, may make it more likely that we will consummate our initial business combination.

 

If we seek stockholder approval of our initial
business combination and we do not conduct redemptions in connection with our initial business combination pursuant to the tender offer
rules, our amended and restated certificate of incorporation will provide that a public stockholder, together with any affiliate of such
stockholder or any other person with whom such stockholder is acting in concert or as a “group” (as defined under Section
13 of the Exchange Act), will be restricted from redeeming its shares with respect to more than an aggregate of 15% of the shares of
common stock sold in the initial public offering, which we refer to as the Excess Shares. However, we would not be restricting our stockholders’
ability to vote all of their shares (including Excess Shares) for or against our initial business combination. Our stockholders’
inability to redeem the Excess Shares will reduce their influence over our ability to complete our initial business combination, and
such stockholders could suffer a material loss in their investment if they sell such Excess Shares on the open market. Additionally,
such stockholders will not receive redemption distributions with respect to the Excess Shares if we complete the initial business combination.
And, as a result, such stockholders will continue to hold that number of shares exceeding 15% and, in order to dispose such shares would
be required to sell their stock in open market transactions, potentially at a loss.

 

If we seek stockholder approval in
connection with our initial business combination, pursuant to the letter agreement our sponsor, officers and directors have agreed
to vote any founder shares and placement shares held by them and any public shares they may acquire during or after the initial
public offering (including in open market and privately negotiated transactions) in favor of our initial business combination. As a
result, in addition to our initial stockholders’ founder shares and placement shares, we would need no additional public
shares sold in the initial public offering to be voted in favor of an initial business combination (assuming only the minimum number
of shares representing a quorum are voted) in order to have our initial business combination approved (assuming the over-allotment
option is not exercised and that the initial stockholders do not purchase any units in the initial public offering or units or
shares in the after-market and excluding the representative’s shares). In the event that all shares of our outstanding common
stock are voted, we would need 8,160,251 or 32.64%, of the 25,000,000 public shares sold in the initial public offering to be voted
in favor of an initial business combination in order to have our initial business combination approved (assuming the over-allotment
option is not exercised, that the initial stockholders do not purchase any units in the initial public offering or units or shares
in the after-market and excluding the representative’s shares). Additionally, each public stockholder may elect to redeem its
public shares irrespective of whether they vote for or against the proposed transaction (subject to the limitation described in the
preceding paragraph).

 

    3

     

    

 

Pursuant to our amended and restated certificate
of incorporation, if we are unable to complete our initial business combination within 15 months from the closing of the initial public
offering, we will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but no more than
ten business days thereafter subject to lawfully available funds therefor, redeem the public shares, at a per-share price, payable in
cash, equal to the aggregate amount then on deposit in the trust account including interest earned on the funds held in the trust account
and not previously released to us to pay our taxes (less up to $100,000 of interest to pay dissolution expenses), divided by the number
of then outstanding public shares, which redemption will completely extinguish public stockholders’ rights as stockholders (including
the right to receive further liquidating distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible
following such redemption, subject to the approval of our remaining stockholders and our board of directors, dissolve and liquidate, subject
in the case of clauses (ii) and (iii) above to our obligations under Delaware law to provide for claims of creditors and the requirements
of other applicable law. Our sponsor, officers and directors have entered into a letter agreement with us, pursuant to which they will
agree to waive their rights to liquidating distributions from the trust account with respect to any founder shares and placement shares
held by them if we fail to complete our initial business combination within 15 months from the closing of the initial public offering.
However, if our initial stockholders acquire public shares in or after the initial public offering, they will be entitled to liquidating
distributions from the trust account with respect to such public shares if we fail to complete our initial business combination within
the prescribed time period.

 

In the event of a liquidation, dissolution or
winding up of the company after an initial business combination, our stockholders are entitled to share ratably in all assets remaining
available for distribution to them after payment of liabilities and after provision is made for each class of stock, if any, having preference
over the common stock. Our stockholders have no preemptive or other subscription rights. There are no sinking fund provisions applicable
to the common stock, except that we will provide our stockholders with the opportunity to redeem their public shares for cash equal to
their pro rata share of the aggregate amount then on deposit in the trust account, upon the completion of our initial business combination,
subject to the limitations described herein.

 

Founder Shares and Placement Shares

 

The founder shares and placement shares are identical
to the shares of Class A common stock included in the units being sold in the initial public offering, and holders of founder shares and
placement shares have the same stockholder rights as public stockholders, except that (i) the founder shares and placement shares are
subject to certain transfer restrictions, as described in more detail below, (ii) our sponsor, officers and directors have entered into
a letter agreement with us, pursuant to which they have agreed (A) to waive their redemption rights with respect to any founder shares
and placement shares and any public shares held by them in connection with the completion of our initial business combination, (B) to
waive their redemption rights with respect to their founder shares and placement shares and any public shares in connection with a stockholder
vote to approve an amendment to our amended and restated certificate of incorporation (x) to modify the substance or timing of our obligation
to allow redemption in connection with our initial business combination or certain amendments to our charter prior thereto or to redeem
100% of our public shares if we do not complete our initial business combination within 15 months from the closing of the initial public
offering or (y) with respect to any other provision relating to stockholders’ rights or pre-initial business combination activity
and (C) to waive their rights to liquidating distributions from the trust account with respect to any founder shares held by them if we
fail to complete our initial business combination within 15 months from the closing of the initial public offering, although they will
be entitled to liquidating distributions from the trust account with respect to any public shares they hold if we fail to complete our
initial business combination within such time period, (iii) the founder shares are shares of our Class B common stock that will automatically
convert into shares of our Class A common stock at the time of the consummation of our initial business combination, on a one-for-one
basis, subject to adjustment as described herein, and (iv) are entitled to registration rights. If we submit our initial business combination
to our public stockholders for a vote, our sponsor, officers and directors have agreed pursuant to the letter agreement to vote any founder
shares and placement shares held by them and any public shares purchased during or after the initial public offering (including in open
market and privately negotiated transactions) in favor of our initial business combination. The placement shares will not be transferable,
assignable or saleable until 30 days after the consummation of our initial business combination except to permitted transferees.

 

    4

     

    

 

The shares of Class B common stock will automatically
convert into shares of Class A common stock at the time of the consummation of our initial business combination on a one-for-one basis
(subject to adjustment for stock splits, stock dividends, reorganizations, recapitalizations and the like), and subject to further adjustment
as provided herein. In the case that additional shares of Class A common stock, or equity-linked securities, are issued or deemed issued
in excess of the amounts offered in the prospectus and related to the closing of the initial business combination, the ratio at which
shares of Class B common stock shall convert into shares of Class A common stock will be adjusted (unless the holders of a majority of
the outstanding shares of Class B common stock agree to waive such adjustment with respect to any such issuance or deemed issuance) so
that the number of shares of Class A common stock issuable upon conversion of all shares of Class B common stock will equal, in the aggregate,
on an as-converted basis, 24.81% of the sum of the total number of all shares of common stock outstanding upon completion of the initial
public offering (excluding the shares of Class A common stock issued to the representative or its designees, the placement units and securities
underlying the placement units and assuming the initial stockholders do not purchase units in the initial public offering)plus all shares
of Class A common stock and equity-linked securities issued or deemed issued in connection with the initial business combination (excluding
any shares or equity-linked securities issued, or to be issued, to any seller in the initial business combination, any private placement-equivalent
units and their underlying securities issued to our sponsor or its affiliates upon conversion of loans made to us). We cannot determine
at this time whether a majority of the holders of our Class B common stock at the time of any future issuance would agree to waive such
adjustment to the conversion ratio. They may waive such adjustment due to (but not limited to) the following: (i) closing conditions which
are part of the agreement for our initial business combination; (ii) negotiation with Class A stockholders on structuring an initial business
combination; or (iii) negotiation with parties providing financing which would trigger the anti-dilution provisions of the Class B common
stock. If such adjustment is not waived, the issuance would not reduce the percentage ownership of holders of our Class B common stock,
but would reduce the percentage ownership of holders of our Class A common stock. If such adjustment is waived, the issuance would reduce
the percentage ownership of holders of both classes of our common stock. The term “equity-linked securities” refers to any
debt or equity securities that are convertible, exercisable or exchangeable for shares of Class A common stock issues in a financing transaction
in connection with our initial business combination, including but not limited to a private placement of equity or debt. Securities could
be “deemed issued” for purposes of the conversion rate adjustment if such shares are issuable upon the conversion or exercise
of convertible securities, warrants or similar securities.

 

With certain limited exceptions, the founder shares
are not transferable, assignable or saleable (except to our officers and directors and other persons or entities affiliated with our sponsor,
each of whom will be subject to the same transfer restrictions) until the earlier to occur of: (A) six months after the completion of
our initial business combination and (B) subsequent to our initial business combination, if the reported last sale price of our Class
A common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and
the like) for any 20 trading days within any 30-trading day period commencing after our initial business combination.

 

Preferred Stock

 

Our amended and restated certificate of incorporation
provides that shares of preferred stock may be issued from time to time in one or more series. Our board of directors will be authorized
to fix the voting rights, if any, designations, powers, preferences, the relative, participating, optional or other special rights and
any qualifications, limitations and restrictions thereof, applicable to the shares of each series. Our board of directors will be able
to, without stockholder approval, issue preferred stock with voting and other rights that could adversely affect the voting power and
other rights of the holders of the common stock and could have anti-takeover effects. The ability of our board of directors to issue preferred
stock without stockholder approval could have the effect of delaying, deferring or preventing a change of control of us or the removal
of existing management. We have no preferred stock outstanding at the date hereof. Although we do not currently intend to issue any shares
of preferred stock, we cannot assure you that we will not do so in the future. No shares of preferred stock were issued or registered
in the initial public offering.

 

Redeemable Warrants

 

Public Stockholders’ Warrants

 

Each warrant entitles the registered holder
to purchase one share of our Class A common stock at a price of $11.50 per share, subject to adjustment as discussed below, at any
time commencing on the later of 12 months from the closing of the initial public offering and 30 days after the completion of our
initial business combination. Pursuant to the warrant agreement, a warrant holder may exercise its warrants only for a whole number
of shares of Class A common stock. This means that only a whole warrant may be exercised at any given time by a warrant holder. No
fractional warrants will be issued upon separation of the units and only whole warrants will trade.

 

    5

     

    

 

The warrants will expire five years after the
completion of our initial business combination, at 5:00 p.m., New York City time, or earlier upon redemption or liquidation.

 

We will not be obligated to deliver any shares
of Class A common stock pursuant to the exercise of a warrant and will have no obligation to settle such warrant exercise unless a registration
statement under the Securities Act with respect to the shares of Class A common stock underlying the warrants is then effective and a
prospectus relating thereto is current, subject to our satisfying our obligations described below with respect to registration. No warrant
will be exercisable and we will not be obligated to issue shares of Class A common stock upon exercise of a warrant unless Class A common
stock issuable upon such warrant exercise has been registered, qualified or deemed to be exempt under the securities laws of the state
of residence of the registered holder of the warrants. In the event that the conditions in the two immediately preceding sentences are
not satisfied with respect to a warrant, the holder of such warrant will not be entitled to exercise such warrant and such warrant may
have no value and expire worthless. In no event will we be required to net cash settle any warrant. In the event that a registration statement
is not effective for the exercised warrants, the purchaser of a unit containing such warrant will have paid the full purchase price for
the unit solely for the share of Class A common stock underlying such unit.

 

We are not registering the shares of Class A common
stock issuable upon exercise of the warrants at this time. However, we have agreed that as soon as practicable, after the closing of our
initial business combination, we will use our best efforts to file with the SEC a registration statement covering the shares of Class
A common stock issuable upon exercise of the warrants, to cause such registration statement to become effective and to maintain a current
prospectus relating to those shares of Class A common stock until the warrants expire or are redeemed, as specified in the warrant agreement.
If a registration statement covering the shares of Class A common stock issuable upon exercise of the warrants is not effective by the
60th business day after the closing of our initial business combination, warrant holders may, until such time as there is an effective
registration statement and during any period when we will have failed to maintain an effective registration statement, exercise warrants
on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act or another exemption. Notwithstanding the foregoing,
if a registration statement covering the Class A common stock issuable upon exercise of the warrants is not effective within a specified
period following the consummation of our initial business combination, warrant holders may, until such time as there is an effective registration
statement and during any period when we shall have failed to maintain an effective registration statement, exercise warrants on a cashless
basis pursuant to the exemption provided by Section 3(a)(9) of the Securities Act of 1933, as amended, or the Securities Act, provided
that such exemption is available. If that exemption, or another exemption, is not available, holders will not be able to exercise their
warrants on a cashless basis. In the event of such cashless exercise, each holder would pay the exercise price by surrendering the warrants
for that number of shares of Class A common stock equal to the quotient obtained by dividing (x) the product of the number of shares of
Class A common stock underlying the warrants, multiplied by the difference between the exercise price of the warrants and the “fair
market value” (defined below) by (y) the fair market value. The “fair market value” for this purpose will mean the average
reported last sale price of the shares of Class A common stock for the 5 trading days ending on the trading day prior to the date of exercise.
The warrants will expire on the fifth anniversary of our completion of an initial business combination, at 5:00 p.m., New York City time,
or earlier upon redemption or liquidation.

 

The placement warrants, as well as any warrants
underlying additional units we issue to our sponsor, officers, directors, initial stockholders or their affiliates in payment of working
capital loans made to us, will be identical to the warrants underlying the units being offered in the initial public offering, except
that they will not be transferable, assignable or saleable until 30 days after the consummation of the initial business combination.

 

Once the warrants become exercisable, we may call
the warrants for redemption:

 

•       in
whole and not in part;

 

•       at
a price of $0.01 per warrant;

 

    6

     

    

 

•       upon
not less than 30 days’ prior written notice of redemption given after the warrants become exercisable (the “30-day redemption
period”) to each warrant holder;

 

•       

if, and only if, the reported last sale price
of the Class A common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations
and the like) for any 20 trading days within a 30-trading day period commencing once the warrants become exercisable and ending three
business days before we send the notice of redemption to the warrant holders; and’

 

•       if,
and only if, there is a current registration statement in effect with respect to the shares of Class A common stock underlying such warrants.

 

The right to exercise will be forfeited unless
the warrants are exercised prior to the date specified in the notice of redemption. On and after the redemption date, a record holder
of a warrant will have no further rights except to receive the redemption price for such holder’s warrant upon surrender of such
warrant.

 

We have established the last of the redemption
criterion discussed above to prevent a redemption call unless there is at the time of the call a significant premium to the warrant exercise
price. If the foregoing conditions are satisfied and we issue a notice of redemption of the warrants, each warrant holder will be entitled
to exercise its warrant prior to the scheduled redemption date. However, the price of the Class A common stock may fall below the $18.00
redemption trigger price (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) as well as the
$11.50 warrant exercise price after the redemption notice is issued.

 

If we call the warrants for redemption as described
above, our management will have the option to require any holder that wishes to exercise its warrant to do so on a “cashless basis.”
In such event, each holder would pay the exercise price by surrendering the warrants for that number of shares of Class A common stock
equal to the quotient obtained by dividing (x) the product of the number of shares of Class A common stock underlying the warrants, multiplied
by the difference between the exercise price of the warrants and the “fair market value” (defined below) by (y) the fair market
value. The “fair market value” for this purpose shall mean the average reported last sale price of the shares of Class A common
stock for the 5 trading days ending on the third trading day prior to the date on which the notice of redemption is sent to the holders
of warrants.

 

The warrants will be issued in registered form
under a warrant agreement between Continental Stock Transfer & Trust Company, as warrant agent, and us. The warrant agreement provides
that the terms of the warrants may be amended without the consent of any holder (i) to cure any ambiguity or correct any mistake, including
to conform the provisions of the warrant agreement to the description of the terms of the warrants and the warrant agreement set forth
in the public offering prospectus, or to cure, correct or supplement any defective provision, or (ii) to add or change any other provisions
with respect to matters or questions arising under the warrant agreement as the parties to the warrant agreement may deem necessary or
desirable and that the parties deem to not adversely affect the interests of the registered holders of the warrants. The warrant agreement
requires the approval, by written consent or vote, of the holders of at least 50% of the then outstanding public warrants in order to
make any change that adversely affects the interests of the registered holders.

 

The exercise price and number of shares of Class
A common stock issuable on exercise of the warrants may be adjusted in certain circumstances including in the event of a stock dividend,
extraordinary dividend or our recapitalization, reorganization, merger or consolidation. However, except as described below, the warrants
will not be adjusted for issuances of shares of Class A common stock at a price below their respective exercise prices.

 

In addition, if (x) we issue additional
shares of Class A common stock or equity-linked securities for capital raising purposes in connection with the closing of our
initial business combination at a Newly Issued Price of less than $9.20 per share of Class A common stock (with such issue price or
effective issue price to be determined in good faith by our board of directors, and in the case of any such issuance to our sponsor,
initial stockholders or their affiliates, without taking into account any founder shares held by them prior to such issuance), (y)
the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon,
available for the funding of our initial business combination on the date of the consummation of our initial business combination
(net of redemptions), and (z) the Market Value is below $9.20 per share, then the exercise price of the warrants will be adjusted
(to the nearest cent) to be equal to 115% of the greater of (i) the Market Value or (ii) the Newly Issued Price, and the $18.00 per
share redemption trigger price of the warrants will be adjusted (to the nearest cent) to be equal to 180% of the greater of (i) the
Market Value or (ii) the Newly Issued Price.

 

    7

     

    

 

The warrants may be exercised upon surrender of
the warrant certificate on or prior to the expiration date at the offices of the warrant agent, with the exercise form on the reverse
side of the warrant certificate completed and executed as indicated, accompanied by full payment of the exercise price, by certified or
official bank check payable to us, for the number of warrants being exercised. The warrant holders do not have the rights or privileges
of holders of shares of Class A common stock and any voting rights until they exercise their warrants and receive shares of Class A common
stock. After the issuance of shares of Class A common stock upon exercise of the warrants, each holder will be entitled to one vote for
each share held of record on all matters to be voted on by stockholders.

 

Warrant holders may elect to be subject to a restriction
on the exercise of their warrants such that an electing warrant holder would not be able to exercise their warrants to the extent that,
after giving effect to such exercise, such holder would beneficially own in excess of 9.8% of the shares of Class A common stock outstanding.

 

No fractional shares will be issued upon exercise
of the warrants. If, upon exercise of the warrants, a holder would be entitled to receive a fractional interest in a share, we will, upon
exercise, round up to the nearest whole number the number of shares of Class A common stock to be issued to the warrant holder.

 

We have agreed that, subject to applicable law,
any action, proceeding or claim against us arising out of or relating in any way to the warrant agreement will be brought and enforced
in the courts of the State of New York or the United States District Court for the Southern District of New York, and we irrevocably submit
to such jurisdiction, which jurisdiction will be the exclusive forum for any such action, proceeding or claim. See “Risk Factors
 — Our warrant agreement will designate the courts of the State of New York or the United States District Court for the Southern
District of New York as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by holders of
our warrants, which could limit the ability of warrant holders to obtain a favorable judicial forum for disputes with our company.”
This provision applies to claims under the Securities Act but does not apply to claims under the Exchange Act or any claim for which the
federal district courts of the United States of America are the sole and exclusive forum.

 

Placement warrants

 

The placement warrants have terms and provisions
that are identical to those of the warrants being sold as part of the units in the public offering, including as to exercise price, exercisability
and exercise period.

 

In addition, holders of our placement warrants
are entitled to certain registration rights.

 

Our sponsor has agreed not to transfer, assign
or sell any of the placement warrants (including the Class A common stock issuable upon exercise of any of these warrants) until the date
that is 30 days after the date we complete our initial business combination, except among other limited exceptions as described under
the section of the public offering prospectus entitled “Principal Stockholders — Restrictions on Transfers of Founder Shares
and Placement Warrants” made to our officers and directors and other persons or entities affiliated with our sponsor.

 

Dividends

 

We have not paid any cash dividends on our
common stock to date and do not intend to pay cash dividends prior to the completion of an initial business combination. The payment
of cash dividends in the future will be dependent upon our revenues and earnings, if any, capital requirements and general financial
conditions subsequent to completion of an initial business combination. The payment of any cash dividends subsequent to an initial
business combination will be within the discretion of our board of directors at such time. If we increase or decrease the size of
the offering we will effect a stock dividend or a share contribution back to capital or other appropriate mechanism, as applicable,
with respect to our Class B common stock immediately prior to the consummation of the offering in such amount as to maintain the
ownership of our initial stockholders at 24.81% of the issued and outstanding shares of our common stock (excluding the shares of
Class A common stock issued to the representative or its designees, the placement units and the securities underlying the placement
units and assuming they do not purchase any units in the initial public offering) upon the consummation of the initial public
offering. Further, if we incur any indebtedness, our ability to declare dividends may be limited by restrictive covenants we may
agree to in connection therewith.

 

    8

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