Document:

EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
 Dated 25
February 2015 
 KONINKLIJKE AHOLD N.V. 

with 
 ABN AMRO BANK N.V.

 BANK OF AMERICA MERRILL LYNCH INTERNATIONAL LIMITED 

BNP PARIBAS FORTIS SA/NV, NETHERLANDS BRANCH 

COÖPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A. 

(TRADING AS RABOBANK) 

DEUTSCHE BANK LUXEMBOURG S.A. 

GOLDMAN SACHS BANK USA 

ING BANK N.V. 
 J.P.
MORGAN LIMITED 
 KBC BANK NV, ACTING THROUGH ITS BRANCH IN THE NETHERLANDS, 

KBC BANK NV NEDERLAND 

THE ROYAL BANK OF SCOTLAND PLC 

SOCIÉTÉ GÉNÉRALE CORPORATE & INVESTMENT BANKING (THE 

CORPORATE AND INVESTMENT BANKING DIVISION OF SOCIÉTÉ 

GÉNÉRALE) 

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD. 

U.S. BANK NATIONAL ASSOCIATION 

as Arrangers 

SOCIÉTÉ GÉNÉRALE CORPORATE & INVESTMENT BANKING (THE 

CORPORATE AND INVESTMENT BANKING DIVISION OF SOCIÉTÉ 

GÉNÉRALE) 

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD. 

as Coordinators 
 BANK OF
AMERICA MERRILL LYNCH INTERNATIONAL LIMITED 
 as Agent 

BANK OF AMERICA, N.A. and BNP PARIBAS FORTIS SA/NV, NETHERLANDS 

BRANCH 
 as Issuing Banks

 and 
 THE FINANCIAL
INSTITUTIONS 
 specified herein as Lenders 
  

 
 AMENDMENT AND
RESTATEMENT 
 AGREEMENT relating to a facilities agreement 

 
  

 
 

 

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
		
	 1. DEFINITIONS AND INTERPRETATIONS
	  	 	2	  
		
	 2. EFFECTIVE DATE
	  	 	3	  
		
	 3. AMENDMENT
	  	 	3	  
		
	 4. COMMITMENTS
	  	 	3	  
		
	 5. CONTINUITY AND CONFIRMATION OF GUARANTEES
	  	 	4	  
		
	 6. REPRESENTATIONS AND WARRANTIES
	  	 	4	  
		
	 7. INTEREST
	  	 	4	  
		
	 8. COSTS AND EXPENSES
	  	 	5	  
		
	 9. MISCELLANEOUS
	  	 	5	  
		
	 10. GOVERNING LAW AND JURISDICTION
	  	 	6	  
		
	 SCHEDULE 1 OBLIGORS
	  	 	7	  
		
	 SCHEDULE 2 LENDERS
	  	 	8	  
		
	 SCHEDULE 3 CONDITIONS PRECEDENT
	  	 	9	  
		
	 SCHEDULE 4 AMENDED AND RESTATED FACILITIES AGREEMENT
	  	 	11	  

  
 i 

 THIS AMENDMENT AND RESTATEMENT AGREEMENT (this “Agreement”) is made on 25 February
2015 between the following parties: 
  

	(1)	KONINKLIJKE AHOLD N.V., a public company (naamloze vennootschap) incorporated in The Netherlands, having its seat (statutaire zetel) in Zaandam (Gemeente Zaanstad), The Netherlands and its registered
office in the Provincialeweg 11, 1506 MA, Zaandam, The Netherlands and registered with the Dutch Chamber of Commerce (Kamer van Koophandel) under number 35000363 (the “Company”); 

 

	(2)	THE SUBSIDIARIES of the Company listed in Schedule 1 (Obligors) (each, together with the Company, an “Obligor”); 

 

	(3)	ABN AMRO BANK N.V., BANK OF AMERICA MERRILL LYNCH INTERNATIONAL LIMITED, BNP PARIBAS FORTIS SA/NV, NETHERLANDS BRANCH, U.S. BANK NATIONAL ASSOCIATION, COÖPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A.
(TRADING AS RABOBANK), DEUTSCHE BANK LUXEMBOURG S.A., GOLDMAN SACHS BANK USA, ING BANK N.V., KBC BANK NV, ACTING THROUGH ITS BRANCH IN THE NETHERLANDS, KBC BANK NV NEDERLAND, J.P. MORGAN LIMITED, THE ROYAL BANK OF SCOTLAND PLC and
SOCIÉTÉ GÉNÉRALE CORPORATE & INVESTMENT BANKING (THE CORPORATE AND INVESTMENT BANKING DIVISION OF SOCIÉTÉ GÉNÉRALE), THE BANK OF TOKYO-MITSUBISHI UFJ, LTD as Arrangers (the
“Arrangers”); 

  

	(4)	THE LENDERS (as defined in the Original Facilities Agreement); 

  

	(5)	BANK OF AMERICA, N.A. and BNP PARIBAS FORTIS SA/NV, NETHERLANDS BRANCH as issuing banks (in this capacity together, the “Original Issuing Banks”); and 

 

	(6)	BANK OF AMERICA MERRILL LYNCH INTERNATIONAL LIMITED as agent (in this capacity the “Agent”). 

WHEREAS: 
  

	(A)	The Company and certain of its Subsidiaries, the Agent and the Original Lenders (among others) entered into the Original Facilities Agreement (as defined below). 

 

	(B)	On 26 January 2015, the Company (acting on behalf of each Obligor) issued a letter to all the Lenders requesting certain amendments to be made to the Original Facilities Agreement (the “Amendment Request
Letter”). 

  

	(C)	The Company, the Agent and the Lenders have agreed to amend the Original Facilities Agreement as more particularly set out below. 

  
 1 

 IT IS AGREED as follows: 
  

	1.	DEFINITIONS AND INTERPRETATIONS 

  

	1.1	Definitions 

 In this Agreement: 

“Amended Facilities Agreement” means the Original Facilities Agreement as amended and restated by this Agreement on the date
of this Agreement in the form set out in Schedule 4 (Amended and Restated Facilities Agreement). 

“Authorisation” means an authorisation, consent, approval, resolution, licence, exemption, filing, notarisation or
registration. 
 “Effective Date” has the meaning given to it in Clause 2 (Effective Date). 

“Effective Date Lender” means each entity which is listed as an Effective Date Lender in Schedule 2 (Effective Date
Lenders). 
 “Exiting Lender” means Mizuho Bank Nederland N.V. 

“Outstanding Letters of Credit” means the Letters of Credit outstanding on the Effective Date. 

“Original Facilities Agreement” means the revolving facilities agreement in an aggregate principal amount of EUR1,200,000,000
and dated 6 June 2011, between, among others, the Company, certain of its Subsidiaries, the Agent and the Original Lenders. 
  

	1.2	Incorporation of Terms 

  

	 	(a)	Terms defined in the Original Facilities Agreement shall have the same meaning when used in this Agreement unless otherwise defined in this Agreement. 

 

	 	(b)	The provisions of Clause 1.2 (Construction) of the Original Facilities Agreement apply to this Agreement as though they were set out in full in this Agreement, save that references to the Original
Facilities Agreement are to be construed as references to this Agreement. 

  

	1.3	Clauses 

 In this Agreement, any reference to a “Clause” or a
“Schedule” is, unless the context otherwise requires, a reference to a Clause in or a Schedule to this Agreement. 
  

	1.4	Designation as Finance Document 

 In accordance with the Original Facilities Agreement,
each of the Company and the Agent designates this Agreement as a Finance Document. 

  
 2 

	2.	EFFECTIVE DATE 

  

	2.1	The effective date of this Agreement shall be the date on which the Agent has received or has waived the right to receive executed (to the extent relevant) copies of all the documents and other evidence listed in
Schedule 3 (Conditions Precedent) each in form and substance satisfactory to the Agent (acting reasonably) (the “Effective Date”). 

 

	2.2	The Agent will notify the Company and the Lenders promptly when the Effective Date occurs. 

  

	2.3	Other than to the extent that the Majority Lenders notify the Agent in writing to the contrary before the Agent gives the notification described in Clause 2.2 above, the Lenders authorise (but do not require) the Agent
to give such notification. The Agent shall not be liable for any damages, costs or losses whatsoever as a result of giving any such notification. 

  

	3.	AMENDMENT 

  

	3.1	Amendment of the Original Facilities Agreement 

 With effect from the Effective Date, the
parties to this Agreement acknowledge and agree that the Original Facilities Agreement shall be amended and restated as set out in Schedule 4 (Amended and Restated Facilities Agreement). 

 

	4.	COMMITMENTS 

  

	4.1	On the Effective Date: 

  

	 	(a)	each Commitment of each Effective Date Lender will be the amount in the Base Currency set opposite its name in Schedule 2 (Effective Date Lenders) under the heading “Commitment”;

  

	 	(b)	the Commitment of the Exiting Lender will be reduced to zero and it will not be a Lender under the Amended Facilities Agreement; 

  

	 	(c)	notwithstanding Clause 7.3.2 (Issue of Letters of Credit) of the Amended Facilities Agreement the amount of each Effective Date Lender’s share in each Outstanding Letter of Credit will be its Pro Rata Share on the
Effective Date; and 

  

	 	(d)	the Company will pay to the Exiting Lender the accrued Letters of Credit fees owing to it in respect of the Outstanding Letters of Credit and any other amounts owing to it. 

 

	4.2	 With effect from the Effective Date, Bank of America, N.A. shall transfer by novation all of its Commitment, rights and obligations under the Amended
Facilities Agreement to Bank of America Merrill Lynch International Limited, so that Bank of America Merrill Lynch International Limited will become a Lender under the Amended Facilities Agreement with a Commitment as set out opposite its name in
Schedule 2 (Effective Date Lenders). Bank of America Merrill Lynch International Limited hereby notifies the Agent in accordance with Clause 30.11.1 (Affiliates of 

  
 3 

	 	
Lenders) of the Amended Facilities Agreement that Bank of America N.A. shall be its Affiliate for the purposes of all Utilisations by the US Borrower. All the parties to the Amended Facilities
Agreement agree that this transfer and nomination of an Affiliate shall be deemed to have been completed in accordance with the terms of the Amended Facilities Agreement. 

 

	5.	CONTINUITY AND CONFIRMATION OF GUARANTEES 

  

	5.1	Continuing Obligations 

 Each Obligor agrees and acknowledges that, save as amended by
this Agreement, the provisions of the Original Facilities Agreement and each Finance Document to which it is a party shall continue in full force and effect. 
  

	5.2	Guarantee Confirmation 

 The Company confirms that, with effect from (and including) the
Effective Date, the guarantees and indemnities set out in Clause 18 (Guarantee and Indemnity) of the Original Facilities Agreement shall continue in full force and effect and extend to all new liabilities and obligations of any
Obligor under the Amended Facilities Agreement and other Finance Documents. 
  

	5.3	Further Assurance 

 Each Obligor shall, at the request of the Agent and at its own
expense, do all such acts and things necessary or desirable to give effect to the amendments effected or to be effected pursuant to this Agreement. 
  

	6.	REPRESENTATIONS AND WARRANTIES 

  

	6.1	Repetition 

 The Repeating Representations (as defined in the Amended Facilities
Agreement) are deemed to be made by each Obligor (by reference to the facts and circumstances then existing) on the date of this Agreement and on the Effective Date and references to “the Finance Documents” in the Repeating Representations
(as defined in the Amended Facilities Agreement) should be construed as to include this Agreement and the Original Facilities Agreement and on the Effective Date, to include the Amended Facilities Agreement. 

 

	7.	INTEREST 

  

	7.1	Subject only to sub-clause 7.2 below with effect from the Effective Date: 

  

	 	(a)	the Margin in respect of any Loan; and 

  

	 	(b)	the Letter of Credit fee applicable in relation to any Letter of Credit, 

 will in each case
accrue at the rates specified in the Amended Facilities Agreement. 

  
 4 

	7.2	Notwithstanding any other provision of any Finance Document: 

  

	 	(a)	the Margin in respect of any Loan which is outstanding immediately prior to the Effective Date will accrue at the rates specified in the Original Facilities Agreement for the remainder of the applicable Term during
which the Effective Date occurs; and 

  

	 	(b)	the Letter of Credit fee in respect of each Outstanding Letter of Credit will accrue at the rates specified in the Original Facilities Agreement for the remainder of the applicable Term during which the Effective Date
occurs by reference to: 

  

	 	(i)	the Pro Rata Share of each Lender in each Outstanding Letter of Credit as determined in accordance with the terms of the Original Facilities Agreement during the period from the Utilisation Date of that Letter of Credit
up to but excluding the Effective Date; and 

  

	 	(ii)	the Pro Rata Share of each Effective Date Lender in each Outstanding Letter of Credit as determined by reference to Clause 4.1(c) (Commitments) thereafter. 

 

	8.	FEES 

  

	8.1	The Company agrees to pay to the Agent for the account of the Lenders a fee in an amount equal to 0.15% in respect of each Lender’s aggregate Commitments on the Effective Date. 

 

	8.2	The above fees will only be payable if the Effective Date occurs and will be payable within three (3) Business Days of the Effective Date. 

 

	9.	COSTS AND EXPENSES 

 The Company must pay to each Finance Party the amount of all
reasonable costs and expenses (including legal fees) reasonably incurred by it (subject to any agreed caps) in connection with the negotiation, preparation, printing and execution of this Agreement. 

 

	10.	MISCELLANEOUS 

  

	10.1	Severability 

 If, any provision of this Agreement is or becomes invalid, illegal or
unenforceable in any respect under any law the validity, legality or enforceability of the remaining provisions shall not be affected or impaired in any way. 
  

	10.2	Remedies and Waivers 

 No failure to exercise, nor any delay in exercising, on the part
of any Finance Party, any right or remedy under this Agreement shall operate as a waiver, nor shall any single or partial exercise of any right or remedy prevent any further or other exercise or the exercise of any other right or remedy. The rights
and remedies provided in this Agreement are cumulative and not exclusive of any rights or remedies provided by law. 

  
 5 

	10.3	Counterparts 

 This Agreement may be executed in any number of counterparts and by each
party on separate counterparts. Each counterpart is an original and all counterparts taken together shall constitute one and the same instrument. 
  

	11.	GOVERNING LAW AND JURISDICTION 

 This Agreement and any non-contractual obligations
arising out of or in connection with it are governed by English law. The Company submits to the jurisdiction of the English courts in the terms set out in Clause 39 (Enforcement) of the Original Facilities Agreement (as if
references in that Clause 39 to “this Agreement” were references to this Agreement. 
 THIS AGREEMENT has been duly executed on the date
stated at the beginning of this Agreement. 

  
 6 

 SCHEDULE 1 

OBLIGORS 
 Koninklijke Ahold N.V. (the
“Company”) 
 Ahold USA, INC. (the “US Borrower”) 

Ahold Finance Company N.V., a public company (naamloze vennootschap) incorporated under the laws of the former Netherlands Antilles and
currently existing under the laws of Curaçao, having its seat (statutaire zetel) in Curaçao and its registered office in the Zeelandia Office Park Kaya W.F.G. (Jombi) Mensing 14 and registered with the
Curaçao Chamber of Commerce (Kamer van Koophandel) under number 86100, acting through its Geneva branch, Ahold Finance Company N.V., Curaçao, Geneva Branch (the “ Curaçao Borrower”) 

  
 7 

 SCHEDULE 2 

EFFECTIVE DATE LENDERS 
  

					
	Lender	  	Commitment (EUR)	 
	 Bank of America Merrill Lynch International Limited*
	  	 	76,923,077.00	  
	 Bank of Tokyo – Mitsubishi UFJ, (Holland) N.V.
	  	 	76,923,076.50	  
	 BNP Paribas Fortis SA/NV, Netherlands Branch
	  	 	76,923,077.00	  
	 U.S. Bank National Association
	  	 	76,923,077.00	  
	 Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A
	  	 	76,923,077.00	  
	 Deutsche Bank Luxembourg S.A.
	  	 	76,923,077.00	  
	 ING Bank N.V.
	  	 	76,923,077.00	  
	 JPMorgan Chase Bank, N.A., London Branch
	  	 	76,923,077.00	  
	 The Royal Bank of Scotland plc
	  	 	76,923,077.00	  
	 Société Générale S.A.
	  	 	76,923,076.50	  
	 ABN AMRO Bank N.V.
	  	 	76,923,077.00	  
	 Goldman Sachs Bank USA
	  	 	76,923,077.00	  
	 KBC Bank NV, acting through its branch in The
	  	 	76,923,077.00	  
	 Netherlands, KBC bank NV Nederland
	  			
		  	  
	  
	 
	 TOTAL
	  	 	1,000,000,000.00	  

  

	*	and, in the case of Utilisation by the US Borrower, Bank of America, N.A. 

  
 8 

 SCHEDULE 3 

CONDITIONS PRECEDENT 
  

	1.	FORMALITIES CERTIFICATE 

 A certificate in the agreed form from each Obligor signed by an
authorised signatory: 
  

	 	(a)	confirming that there has been no amendment to its constitutional documents since 6 June 2011 or, if there has been any such amendment, attaching a certified copy of the constitutional documents of the Company;

  

	 	(b)	attaching a copy of the resolution of its board of directors of directors of each Obligor (including, for the Curaçao Borrower, a resolution of the branch management of Ahold Finance Company N.V., Curaçao,
Geneva Branch): 

  

	 	(i)	approving the terms of and the transactions contemplated by this Agreement and resolving that it execute, deliver and perform this Agreement; 

 

	 	(ii)	confirming that borrowing or guaranteeing, as appropriate, the Total Commitments would not cause any borrowing, guarantee or similar limit binding on any Original Obligor to be exceeded; and 

 

	 	(iii)	authorising a specified person or persons to execute this Agreement and any documents to be signed or delivered under it; 

  

	 	(c)	setting out a specimen signature of each person authorised by the resolution referred to in paragraph (b) above in relation to this Agreement; and 

 

	 	(d)	attaching copies of all Authorisations required in connection with the entry into and performance of this Agreement. 

  

	2.	THE COMPANY 

 An extract from the register of Dutch Companies. 

 

	3.	CURAÇAO BORROWER 

  

	 	(a)	A copy of the directors’ licenses (bestuurdersvergunningen) granted to the Curaçao Borrower and/or its directors (as the case may be) for the directors who have been appointed since 6 June 2011.

  

	 	(b)	A certified extract from the commercial registry of the Canton of Geneva in respect of Ahold Finance Company N.V., Curaçao, Geneva Branch. 

 

	4.	LEGAL OPINIONS 

 Each of the following legal opinions, addressed to the Agent, the
Security Agent and the Lenders on the Effective Date and in form and substance satisfactory to the Agent: 
  

	 	(a)	a legal opinion of Clifford Chance LLP, legal advisers to the Agent and the Arrangers as to matters of English law; 

  
 9 

	 	(b)	a legal opinion of Clifford Chance LLP, legal advisers to the Agent and the Arrangers as to matters of Dutch law; 

  

	 	(c)	a legal opinion of Venable LLP, legal advisers to the Agent and the Arrangers as to matters of US law; 

  

	 	(d)	a legal opinion of Lenz & Staehelin, legal advisers to the Agent and the Arrangers as to matters of Swiss law; and 

  

	 	(e)	a legal opinion of Spigt Dutch Caribbean N.V., legal advisers to the Agent and the Arrangers as to matters of Curaçao law. 

  
 10 

 SCHEDULE 4 

AMENDED AND RESTATED FACILITIES AGREEMENT 

  
 11 

 Originally dated 

6 JUNE 2011 
 (as amended
and restated on             February 2015) 
 for 

KONINKLIJKE AHOLD N.V. 

with 
 BANK OF AMERICA MERRILL
LYNCH INTERNATIONAL LIMITED 
 THE BANK OF TOKYO-MITSUBISHI UFJ, LTD. 

BNP PARIBAS FORTIS SA/NV, NETHERLANDS BRANCH 

CITIGROUP GLOBAL MARKETS LIMITED 

COÖPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A. 

(TRADING AS RABOBANK) 

DEUTSCHE BANK AG, LONDON BRANCH 

ING BANK N.V. 
 MIZUHO
BANK NEDERLAND N.V. 
 J.P. MORGAN LIMITED 

THE ROYAL BANK OF SCOTLAND PLC 

SOCIÉTÉ GÉNÉRALE CORPORATE & INVESTMENT BANKING (THE 

CORPORATE AND INVESTMENT BANKING DIVISION OF SOCIÉTÉ 

GÉNÉRALE) 
 as
Mandated Lead Arrangers and Bookrunners 
 ABN AMRO BANK N.V. 

GOLDMAN SACHS BANK USA 

KBC BANK NV, ACTING THROUGH ITS BRANCH IN THE NETHERLANDS, 

KBC BANK NV NEDERLAND 
 as
Mandated Lead Arrangers 
 BANK OF AMERICA MERRILL LYNCH INTERNATIONAL LIMITED 

as Agent 
 BANK OF AMERICA, N.A.
and BNP PARIBAS FORTIS SA/NV, NETHERLANDS 
 BRANCH 

as Issuing Banks 
 and 

THE FINANCIAL INSTITUTIONS 

specified herein as Original Lenders 
  

 
 FACILITIES
AGREEMENT 
  
  

 
 

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	1.	 	 INTERPRETATION
	  	 	2	  
			
	2.	 	 FACILITY
	  	 	26	  
			
	3.	 	 PURPOSE
	  	 	27	  
			
	4.	 	 CONDITIONS PRECEDENT
	  	 	28	  
			
	5.	 	 UTILISATION – REVOLVING CREDIT LOANS
	  	 	29	  
			
	6.	 	 OPTIONAL CURRENCIES
	  	 	30	  
			
	7.	 	 UTILISATION – LETTERS OF CREDIT
	  	 	31	  
			
	8.	 	 LETTERS OF CREDIT
	  	 	34	  
			
	9.	 	 REPAYMENT
	  	 	40	  
			
	10.	 	 PREPAYMENT AND CANCELLATION
	  	 	41	  
			
	11.	 	 INTEREST
	  	 	45	  
			
	12.	 	 TERMS
	  	 	48	  
			
	13.	 	 MARKET DISRUPTION
	  	 	48	  
			
	14.	 	 TAXES
	  	 	49	  
			
	15.	 	 INCREASED COSTS
	  	 	56	  
			
	16.	 	 MITIGATION
	  	 	58	  
			
	17.	 	 PAYMENTS
	  	 	59	  
			
	18.	 	 GUARANTEE AND INDEMNITY
	  	 	63	  
			
	19.	 	 REPRESENTATIONS
	  	 	66	  
			
	20.	 	 INFORMATION COVENANTS
	  	 	71	  
			
	21.	 	 FINANCIAL COVENANTS
	  	 	77	  
			
	22.	 	 GENERAL COVENANTS
	  	 	80	  
			
	23.	 	 DEFAULT
	  	 	87	  
			
	24.	 	 THE ADMINISTRATIVE PARTIES
	  	 	91	  
			
	25.	 	 EVIDENCE AND CALCULATIONS
	  	 	103	  
			
	26.	 	 FEES
	  	 	104	  
			
	27.	 	 INDEMNITIES AND BREAK COSTS
	  	 	105	  

  
 i 

 TABLE OF CONTENTS (continued) 

 

							
	 	 	 	  	Page	 
	28.	 	 EXPENSES
	  	 	107	  
			
	29.	 	 AMENDMENTS AND WAIVERS
	  	 	107	  
			
	30.	 	 CHANGES TO THE PARTIES
	  	 	112	  
			
	31.	 	 DISCLOSURE OF INFORMATION
	  	 	120	  
			
	32.	 	 SET-OFF
	  	 	124	  
			
	33.	 	 CONFIDENTIALITY OF FUNDING RATES AND REFERENCE BANK QUOTATIONS
	  	 	124	  
			
	34.	 	 PRO RATA SHARING
	  	 	126	  
			
	35.	 	 SEVERABILITY
	  	 	128	  
			
	36.	 	 COUNTERPARTS
	  	 	128	  
			
	37.	 	 NOTICES
	  	 	128	  
			
	38.	 	 LANGUAGE
	  	 	131	  
			
	39.	 	 GOVERNING LAW
	  	 	131	  
			
	40.	 	 ENFORCEMENT
	  	 	131	  
		
	 SCHEDULE 1 ORIGINAL LENDERS
	  	 	133	  
		
	 SCHEDULE 2 CONDITIONS PRECEDENT DOCUMENTS
	  	 	134	  
		
	 Part A: To be delivered before the First Request
	  	 	134	  
		
	 Part B: For an Additional Borrower
	  	 	135	  
		
	 SCHEDULE 3 FORM OF REQUEST
	  	 	137	  
		
	 SCHEDULE 4 FORM OF TRANSFER CERTIFICATE
	  	 	139	  
		
	 SCHEDULE 5 FORM OF COMPLIANCE CERTIFICATE
	  	 	141	  
		
	 SCHEDULE 6 FORM OF ACCESSION AGREEMENT
	  	 	142	  
		
	 SCHEDULE 7 FORM OF RESIGNATION REQUEST
	  	 	143	  
		
	 SCHEDULE 8 TIMETABLES
	  	 	144	  
		
	 SCHEDULE 9 EXISTING LETTERS OF CREDIT
	  	 	145	  

  
 ii 

 THIS AGREEMENT was originally dated 6 June 2011 and made between the following parties (and amended
and restated pursuant to an Amendment and Restatement Agreement (as defined below)): 
  

	(1)	KONINKLIJKE AHOLD N.V., a public company (naamloze vennootschap) incorporated under the laws of The Netherlands, having its seat (statutaire zetel) in Zaandam (Gemeente Zaanstad), The
Netherlands and its registered office in the Provincialeweg 11, 1506 MA, Zaandam, The Netherlands and registered with the Dutch Chamber of Commerce (Kamer van Koophandel) under number 35000363 (the “Company”);

  

	(2)	AHOLD USA, INC. as borrower (in this capacity the “US Borrower”); 

  

	(3)	AHOLD FINANCE COMPANY N.V., (acting through its Geneva branch, Ahold Finance Company N.V., Curaçao, Geneva Branch) as borrower (in this capacity the “Curaçao Borrower”);

  

	(4)	BANK OF AMERICA MERRILL LYNCH INTERNATIONAL LIMITED, THE BANK OF TOKYO-MITSUBISHI UFJ, LTD. and BNP PARIBAS FORTIS SA/NV, NETHERLANDS BRANCH as mandated lead arrangers, bookrunners and co-ordinators;

  

	(5)	CITIGROUP GLOBAL MARKETS LIMITED, COÖPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A. (TRADING AS RABOBANK), DEUTSCHE BANK AG, LONDON BRANCH, ING BANK N.V., MIZUHO BANK NEDERLAND N.V., J.P. MORGAN LIMITED, THE
ROYAL BANK OF SCOTLAND PLC and SOCIÉTÉ GÉNÉRALE CORPORATE & INVESTMENT BANKING (THE CORPORATE AND INVESTMENT BANKING DIVISION OF SOCIÉTÉ GÉNÉRALE) as mandated lead arrangers and
bookrunners (together with the financial institutions listed at (4) above, the “Bookrunners”); 

  

	(6)	ABN AMRO BANK N.V., GOLDMAN SACHS BANK USA and KBC BANK NV, ACTING THROUGH ITS BRANCH IN THE NETHERLANDS, KBC BANK NV NEDERLAND as mandated lead arrangers (together with the financial institutions listed at
(4) and (5) above, the “Arrangers” (and, individually, each an “Arranger”); 

  

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

 

	(8)	BANK OF AMERICA, N.A. and BNP PARIBAS FORTIS SA/NV, NETHERLANDS BRANCH as issuing banks (in this capacity together, the “Original Issuing Banks”); and 

 

	(9)	BANK OF AMERICA MERRILL LYNCH INTERNATIONAL LIMITED as agent (in this capacity the “Agent”). 

IT IS AGREED as follows: 

  
 1 

	1.	INTERPRETATION 

  

	1.1	Definitions 

 In this Agreement: 

“Accession Agreement” means a letter, substantially in the form of Schedule 6 (Form of Accession
Agreement), with such amendments as the Agent and the Company may agree. 
 “Additional
Borrower” means any wholly owned Subsidiary of the Company which becomes a Borrower after the date of this Agreement pursuant to the terms of Clause 30.9 (Additional Borrowers). 

“Administrative Party” means an Arranger, an Issuing Bank or the Agent. 

“Affiliate” means a Subsidiary or a Holding Company of a person or any other Subsidiary of that Holding Company.
Notwithstanding the foregoing, in relation to: 
  

	 	(a)	The Royal Bank of Scotland plc only, the term “Affiliate” shall not include: 

  

	 	(i)	the UK government or any member or instrumentality thereof, including Her Majesty’s Treasury and UK Financial Investments Limited (or any directors, officers, employees or entities thereof); or 

 

	 	(ii)	any persons or entities controlled by or under common control with the UK government or any member or instrumentality thereof (including Her Majesty’s Treasury and UK Financial Investments Limited) and which are
not part of The Royal Bank of Scotland plc and its subsidiaries or subsidiary undertakings; and 

  

	 	(b)	Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. only, any of its member banks or affiliate banks. 

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

“Amendment and Restatement Agreement” means the amendment and restatement agreement dated
            2015 between, among others, the Company, the Lender and the Agent. 

“Anti-Corruption Laws” means (i) the US Foreign Corrupt Practises Act of 1977, as amended, and the rules and
regulations issued thereunder, (ii) the UK Bribery Act 2010, and (iii) any law, rule, regulation, or other legally binding measure of any jurisdiction, including, without limitation, the Russian Federation, that implements the OECD
Convention on Combating Bribery of Foreign Public Officials in International Business Transactions or that otherwise relates to bribery or corruption. 

  
 2 

 “Anti-Terrorism Laws” means each of: 

 

	 	(a)	the Executive Order No. 13224 of September 23, 2001 - Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten To Commit, or Support Terrorism (the “Executive Order”);

  

	 	(b)	the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56 (commonly known as the USA Patriot Act); 

 

	 	(c)	the Money Laundering Control Act of 1986, Public Law 99-570; 

  

	 	(d)	the International Emergency Economic Powers Act, 50 USC. §§ 1701 et seq, the Trading with the Enemy Act, 50 USC. App. §§ 1 et seq, any Executive Order or regulation promulgated thereunder and
administered by the Office of Foreign Assets Control (“OFAC”) of the US Department of the Treasury; and 

  

	 	(e)	any similar law enacted in the United States of America following the date of this Agreement. 

“Applicable Rating” bears the meaning given to that term in Clause 8.4.1 (Letters of Credit) and
Clause 11.3 (Margin adjustment). 
 “Available Commitment” means a Lender’s
Commitment minus: 
  

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

  

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

 

	 	(c)	other than the Base Currency Amount of that Lender’s participation in any Utilisations that are due to be repaid or prepaid on or before the proposed Utilisation Date. 

“Available Facility” means the aggregate for the time being of the Lenders’ Available Commitments. 

“Availability Period” means the period from and including the date of this Agreement to and including the date falling
one month prior to the Final Maturity Date. 
 “Base Currency” means Euro. 

“Base Currency Amount” means: 
  

	 	(a)	in relation to a Utilisation, the amount specified in the Request delivered by a Borrower for that Utilisation (or, if the amount requested is not denominated in the Base Currency, that amount converted into the Base
Currency at the Agent’s Spot Rate of Exchange on the date the Agent receives the Request); and 

  
 3 

	 	(b)	in the case of a Letter of Credit, the amount as adjusted under Clause 7.5 (Revaluation of Letters of Credit), 

adjusted to reflect any repayment or prepayment of a Utilisation. 

“Borrower” means the Company, the US Borrower, the Curaçao Borrower or an Additional Borrower. 

“Break Costs” means the amount (if any) which a Lender is entitled to receive under Clause 27.3 (Break
Costs) as compensation if any part of a Loan or overdue amount is repaid or prepaid. 
 “Business
Day” means a day (other than a Saturday or a Sunday) on which banks are open for general business in London, New York (in relation to Letter of Credit matters only) and Amsterdam and: 

 

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

 

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

“Code” means the United States Internal Revenue Code of 1986, as amended. 

“Commitment” means: 
  

	 	(a)	for an Original Lender, the amount in the Base Currency set opposite its name in Schedule 1 (Original Lenders) under the heading “Commitment” and the amount of any other Commitment it acquires;

  

	 	(b)	for an Effective Date Lender, the amount in the Base Currency set opposite its name in Schedule 2 (Effective Date Lenders) of the Amendment and Restatement Agreement under the heading
“Commitment” and the amount of any other Commitment it acquires; and 

  

	 	(c)	for any other Lender, the amount in the Base Currency of any Commitment it acquires, 

 to the
extent not cancelled, transferred or reduced in accordance with this Agreement. 
 “Compliance
Certificate” means a certificate substantially in the form of Schedule 5 (Form of Compliance Certificate) setting out, among other things, calculations of the financial covenants. 

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

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

  
 4 

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

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

	 	(i)	information that: 

  

	 	(A)	is or becomes public information other than as a direct or indirect result of any breach by that Finance Party of Clause 31 (Disclosure of Information); or 

 

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

  

	 	(ii)	any Funding Rate or Reference Bank Quotation. 

 “Confidentiality
Undertaking” means a confidentiality undertaking substantially in a recommended form of the LMA or in any other form agreed between the Company and the relevant Lender. 

“Curaçao Obligor” means an Obligor incorporated in Curaçao. 

“Debtor Relief Laws” means the Bankruptcy Code of the United States, and all other liquidation, conservatorship,
bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief laws of the United States or other applicable jurisdictions from time to time in effect and affecting
the rights of creditors generally. 
 “Default” means: 

 

	 	(a)	an Event of Default; or 

  

	 	(b)	an event specified in Clause 23 (Default) which would be (with the expiry of a grace period or the giving of notice or the making of any determination under the Finance Documents or any combination of them) an
Event of Default. 

  
 5 

 “Defaulting Lender” means any Lender: 

 

	 	(a)	which has failed to make its participation in a Loan available or has notified the Agent that it will not make its participation in a Loan available by the Utilisation Date of that Loan in accordance with Clause 5
(Utilisation - Revolving Credit Loans) or has failed to provide cash collateral under Clause 8.8 (Ratings Affected Lenders); 

  

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

  

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

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

	 	(i)	its failure to pay is caused by: 

  

	 	(A)	an administrative or technical error; or 

  

	 	(B)	a Market Disruption Event as defined in Clause 13 (Market Disruption) has occurred; and 

payment is made within 10 Business Days of its due date; or 
  

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

“Disruption Event” means either or both of: 

 

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

 

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

 

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

  

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

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

“Dutch Civil Code” means the Dutch Civil Code (Burgerlijk Wetboek). 

“Dutch FSA” means the Financial Supervision Act (Wet op het financieel toezicht), including any
regulations issued pursuant thereto. 
 “Dutch Obligor” means an Obligor incorporated in The Netherlands.

 “Effective Date” is as defined in the Amendment and Restatement Agreement. 

  
 6 

 “Effective Date Lender” is defined in the Amendment and Restatement
Agreement. 
 “Environmental Approval” means any authorisation required by an Environmental Law. 

“Environmental Claim” means any claim by any person in connection with: 

 

	 	(a)	a breach, or alleged breach, of an Environmental Law; 

  

	 	(b)	any accident, fire, explosion or other event of any type involving an emission or substance which is capable of causing harm to any living organism or the environment; or 

 

	 	(c)	any other environmental contamination. 

 “Environmental Law” means any
law or regulation concerning: 
  

	 	(a)	the protection of health and safety; 

  

	 	(b)	the environment; or 

  

	 	(c)	any emission or substance which is capable of causing harm to any living organism or the environment. 

“ERISA” means the United States Employee Retirement Income Security Act of 1974 as amended. 

“ERISA Affiliate” means any person treated as a single employer with any Obligor under Sections 414(b) or (c) of
the Code for the purpose of section 414 of the Code. 
 “EURIBOR” means, for a Term of any Loan or overdue
amount in Euro: 
  

	 	(a)	the applicable Screen Rate; 

  

	 	(b)	if no Screen Rate is available for the Term of that Loan, the Interpolated Screen Rate for a period equal in length to the Term of that Loan; or 

 

	 	(c)	if: 

  

	 	(i)	no Screen Rate is available for Euro; or 

  

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

the Reference Bank Rate, as of in the case of paragraphs (a) and (c) above. the Specified Time on the Quotation Day for Euro and for
a period equal in length to the Term of that Loan. 
 “Euro” means the single currency of the Participating Member
States. 
 “Event of Default” means an event or circumstance specified as such in Clause 23
(Default). 

  
 7 

 “Existing Facility” means the €2,000,000,000 multicurrency revolving
credit facility dated 17 May 2005 (as amended and restated by amendment and restatement agreements dated 21 October 2005 and 8 August 2007 respectively) between, amongst others, the Company and the Agent. 

“Existing Letter of Credit” means each letter of credit originally issued by Bank of America, N.A. in its
capacity as Original Issuing Bank under (and as defined in) the Existing Facility and adopted under this Agreement pursuant to Clause 7.6 (Adoption of Existing Letters of Credits), the details of which are set out in Schedule 9 (Existing
Letters of Credit). 
 “Extension Request” has the meaning given to such term in Clause 2.3
(Extension of Facility). 
 “Facility” means the revolving credit facility referred to
under Clause 2.1 (Revolving Credit Facility) and made available under this Agreement. 
 “Facility
Office” means the office(s) notified by a Lender to the Agent: 
  

	 	(a)	on or before the date it becomes a Lender; or 

  

	 	(b)	by not less than five Business Days’ 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 amended or successor version that is substantively comparable and not materially more onerous to comply with) 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 

  

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

 “FATCA Application Date” means: 

 

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

  

	 	(b)	in relation to a “withholdable payment” described in section 1473(1)(A)(ii) of the Code (which relates to “gross proceeds” from the disposition of property of a type that can produce interest from
sources within the US), 1 January 2017; or 

  
 8 

	 	(c)	in relation to “passthru payment” described in section 1471(d)(7) of the Code not falling within paragraphs (a) or (b) above, 1 January 2017, 

or, in each case, such other date from which such payment may become subject to a deduction or withholding required by FATCA as a result of any
change in FATCA after the date of this Agreement. 
 “FATCA Deduction” means a deduction or withholding from a
payment under a Finance Document required by FATCA. 
 “FATCA Exempt Party” means a Party that is entitled to
receive payments free from any FATCA Deduction. 
 “Fee Letter” means any letter entered into by reference to
this Agreement between one or more Administrative Parties and the Company setting out the amount of certain fees referred to in this Agreement or any fee letter entered into on or about the date of the Amendment and Restatement Agreement.

 “Final Maturity Date” means the Original Final Maturity Date as such date may be extended to the
First Extended Final Maturity Date (for any Lender that has given a First Notice of Extension in accordance with the provisions of Clause 2.3 (Extension of Facility)) and/or the Second Extended Final Maturity Date (for any Lender that has
given a Second Notice of Extension in accordance with the provisions of Clause 2.3 (Extension of Facility)). 

“Finance Document” means: 
  

	 	(a)	this Agreement; 

  

	 	(b)	the Amendment and Restatement Agreement; 

  

	 	(c)	a Fee Letter; 

  

	 	(d)	a Transfer Certificate; 

  

	 	(e)	an Accession Agreement; 

  

	 	(f)	an Extension Request; or 

  

	 	(g)	any other document designated as such by the Agent and the Company. 

 “Finance
Party” means a Lender or an Administrative Party. 
 “Financial Indebtedness” means any indebtedness
for or in respect of: 
  

	 	(a)	moneys borrowed; 

  

	 	(b)	any acceptance credit; 

  

	 	(c)	any bond, note, debenture, loan stock or other similar instrument; 

  

	 	(d)	any redeemable preference share which is capable of being redeemed in exchange for cash prior to the Final Maturity Date; 

  
 9 

	 	(e)	any agreement treated as a finance or capital lease in accordance with IFRS; 

  

	 	(f)	receivables sold or discounted (otherwise than on a non-recourse basis); 

  

	 	(g)	the acquisition cost of any asset to the extent payable after its acquisition or possession by the party liable where the deferred payment is arranged primarily as a method of raising finance or financing the
acquisition of that asset; 

  

	 	(h)	for the purposes of Clause 23.5 (Cross-default), any derivative transaction protecting against or benefiting from fluctuations in any rate, price, currency or commodity pricing (and, except for non-payment of an
amount, the then mark to market value of the derivative transaction will be used to calculate its amount); 

  

	 	(i)	any other transaction (including any forward sale or purchase agreement) which is treated as a borrowing in accordance with IFRS; 

  

	 	(j)	for the purposes of Clause 23.5 (Cross-default), any counter-indemnity obligation in respect of any guarantee, indemnity, bond, letter of credit or any other instrument issued by a bank or financial institution;
or 

  

	 	(k)	any guarantee, indemnity or similar assurance against financial loss of any person in respect of any item referred to in the above paragraphs, 

but, in all cases, without double-counting and, for the purposes of Clause 23.5 (Cross-default), disregarding any amounts owed
from one member of the Group to another member of the Group. 
 “First Extended Final Maturity Date” has the
meaning given to such term in Clause 2.3 (Extension of Facility). 
 “First Notice of
Extension” has the meaning given to such term in Clause 2.3 (Extension of Facility). 

“Funding Rate” means any individual rate notified by a Lender to the Agent pursuant to Clause 13.2.3(b)
(Market Disruption). 
 “Group” means the Company and its Subsidiaries from time to time. 

“Holding Company of any other person” means a company in respect of which that other person is a Subsidiary.

 “IFRS” means international accounting standards within the meaning of the IAS Regulation 1606/2002 to the
extent applicable to the relevant financial statements. 
 “Impaired Agent” means the Agent at any time
when: 
  

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

  
 10 

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

  

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

 

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

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

	 	(i)	its failure to pay is caused by: 

  

	 	(A)	administrative or technical error; or 

  

	 	(B)	a Disruption Event; and 

 payment is made within 10 Business Days of its due date; or 

 

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

“Increased Cost” means: 
  

	 	(a)	an additional or increased cost; 

  

	 	(b)	a reduction in the rate of return from a Facility or on its overall capital; or 

  

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

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

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

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

 

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

each as of the Specified Time for the currency of that Loan. 

“Issuing Bank” means the Original Issuing Banks and any other Lender which has notified the Agent that it has agreed to
the Company’s request to be an Issuing Bank pursuant to the terms of this Agreement provided that, in respect of a Letter of Credit issued or to be issued pursuant to the terms of this Agreement, the “Issuing Bank” shall be the
Issuing Bank which has issued or agreed to issue that Letter of Credit. 
 “Insolvency Event” in relation to a
Finance Party means that the Finance Party: 
  

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

  
 11 

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

 

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

  

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

  

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

  

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

 

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

all other than by way of an Undisclosed Administration; 
  

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

 

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

  

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

 

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

  

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

  
 12 

 “Legal Opinions” means the legal opinions delivered under
section 4 (Legal Opinions) of Part A of Schedule 2 (Conditions Precedent Documents to be delivered before the first Request) and section 2 (Legal Opinions) of Part B of Schedule 2 (Conditions Precedent Documents to be
delivered for an Additional Borrower). 
 “Lender” means: 

 

	 	(a)	an Original Lender; or 

  

	 	(b)	any person which becomes a Lender after the date of this Agreement. 

 “Lender
Collateral Account” means a special collateral account: 
  

	 	(a)	maintained in the name of the applicable Ratings Affected Lender (as defined in Clause 8.8.2 (Ratings Affected Lenders)), but under the sole dominion and control of the Agent, for the benefit of the relevant Issuing
Bank; 

  

	 	(b)	maintained pursuant to documentation reasonably satisfactory to the Agent and the Issuing Bank at the Agent’s office at the address specified pursuant to Clause 36.2.3 (Contact details); and 

 

	 	(c)	in which such Ratings Affected Lender shall not have an interest other than as set forth in Clause 8.8.5 (Ratings Affected Lenders). 

“Letter of Credit” means each Existing Letter of Credit and any other letter of credit in any form agreed between the
Company, the Issuing Banks and the Agent. 
 “LIBOR” means, for a Term of any Loan or overdue amount (other
than a Loan or overdue amount in Euro): 
  

	 	(a)	the applicable Screen Rate; 

  

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

  

	 	(c)	If: 

  

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

  

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

the Reference Bank Rate, as of, in the case of paragraphs (a) and (c) above, the Specified Time on the Quotation Day for the currency
of that Loan and for a period equal in length to the Term of that Loan. 
 “Loan” means, unless otherwise stated in
this Agreement, the principal amount of each borrowing (excluding, for the avoidance of doubt, any borrowing by way of Letter of Credit) under this Agreement or the principal amount outstanding of that borrowing. 

  
 13 

 “Majority Lenders” means, at any time, Lenders: 

 

	 	(a)	whose share in the outstanding Utilisations and whose undrawn Commitments then aggregate more than 662/3 per cent. of the aggregate of all the outstanding Utilisations and the undrawn Commitments of all the
Lenders; 

  

	 	(b)	if there is no Utilisation then outstanding, whose undrawn Commitments then aggregate more than 662/3 per cent. of the Total Commitments; or 

 

	 	(c)	if there is no Utilisation then outstanding and the Total Commitments have been reduced to zero, whose Commitments aggregated more than 662/3 per cent. of the Total Commitments immediately before the reduction.

 “Mandate Letter” means the mandate letter dated 12 May 2011 in respect of the Facilities (and
the syndication thereof) between, among others, the Arrangers and the Company. 
 “Margin”
means, subject to adjustment under Clause 11.3 (Margin adjustment), 0.45 per cent. per annum. 
 “Margin
Stock” means margin stock or “margin security” within the meaning of Regulations T, U and X. 

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

 

	 	(a)	the business or financial condition of the Group as a whole; 

  

	 	(b)	the ability of any Obligor to perform its payment obligations under any Finance Document or its obligations under Clause 21 (Financial Covenants); 

 

	 	(c)	the validity or enforceability of any Finance Document; or 

  

	 	(d)	any right or remedy of a Finance Party in respect of a Finance Document. 

“Material Group Member” means the Company or a Material Subsidiary. 

“Material Subsidiary” means, at any time, an Obligor (other than the Company) and any other Subsidiary of the Company
whose net sales (excluding intra-Group items) then equal or exceed 7.5 per cent. of the consolidated net sales of the Group. 

For this purpose: 
  

	 	(a)	the net sales of a Subsidiary of the Company will be determined from its financial statements (unconsolidated if it has Subsidiaries) upon which the latest audited financial statements of the Group have been based;

  

	 	(b)	if a Subsidiary of the Company becomes a member of the Group after the date on which the latest audited financial statements of the Group have been prepared, the net sales of that Subsidiary will be determined from its
latest financial statements; 

  

	 	(c)	the consolidated net sales of the Group will be determined from its latest audited financial statements, adjusted (where appropriate) to reflect the net sales of any company or business subsequently acquired or disposed
of; and 

  
 14 

	 	(d)	if a Material Subsidiary disposes of all or substantially all of its assets to another Subsidiary of the Company, it will immediately cease to be a Material Subsidiary and the other Subsidiary (if it is not already)
will immediately become a Material Subsidiary; the subsequent financial statements of those Subsidiaries and the Group will be used to determine whether those Subsidiaries are Material Subsidiaries or not, 

if there is a dispute as to whether or not a company is a Material Subsidiary, a certificate of the auditors of the Company will be, in the
absence of manifest error, conclusive. 
 “Measurement Period” has the meaning given to it in Clause 21.1
(Definitions). 
 “Maturity Date” means the last day of the Term of a Utilisation.

 “Moody’s” means Moody’s Investor Service, Inc. 

“Multiemployer Plan” means a “multiemployer plan” within the meaning of section 3(37) or 4001(a)(3) of
ERISA. 
 “Non-Obligor” means a member of the Group which is not an Obligor. 

“Non-Public Lender” means (a) an entity that provides repayable funds to the Borrower for a minimum amount of
€100,000 (or its equivalent in another currency), or (b) following the publication by relevant authorities of guidance on when an entity providing repayable funds to the Borrower will qualify as forming part of the public within the
meaning of the CRD IV, an entity that provides such funds and that qualifies as not forming part of the public within the meaning of the CRD IV. 

“Obligor” means the Company or a Borrower. 

“Optional Currency” means Dollars and any other currency (other than the Base Currency) which complies
with the conditions set out in Clause 4.3 (Conditions relating to Optional Currencies). 
 “Original Final
Maturity Date” means the date falling 60 months after the date of the Amendment and Restatement Agreement. 

“Original Financial Statements” means, in relation to the Company, the audited consolidated financial statements of the
Company for the year ended 2 January 2011; 
 “Original Obligor” means the Company or a Borrower.

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

“Party” means a party to this Agreement. 

“Permitted Long-Term LC” means a Letter of Credit issued under the Facility which is renewable and in respect of which,
prior to the date of issuance or any date of renewal thereof, the Issuing Bank is satisfied that it is able, at least two months prior to the Final Maturity Date, to refuse to renew that Letter of Credit in a manner which would otherwise result in
an exposure for the Issuing Bank beyond the Final Maturity Date. 

  
 15 

 “Plan” means an employee pension benefit plan as defined in section 3(2)
of ERISA: 
  

	 	(a)	maintained by any Obligor or any ERISA Affiliate; or 

  

	 	(b)	to which any Obligor or any ERISA Affiliate is required to make any payment or contribution. 

“Pro Rata Share” means: 
  

	 	(a)	for the purpose of determining a Lender’s share in a Utilisation, the proportion which its Commitment bears to the Total Commitments; and 

 

	 	(b)	for any other purpose on a particular date: 

  

	 	(i)	the proportion which a Lender’s share of the Utilisations (if any) bears to all the Utilisations; 

  

	 	(ii)	if there is no Utilisation outstanding on that date, the proportion which its Commitment bears to the Total Commitments on that date; or 

 

	 	(iii)	if the Total Commitments have been cancelled, the proportion which its Commitment bore to the Total Commitments immediately before being cancelled. 

“Rate Fixing Day” means, in respect of a Loan: 

 

	 	(a)	the second Business Day before the first day of a Term for a Loan (other than one in Euro); or 

  

	 	(b)	(in respect of a Loan in Euro) the second TARGET Day before the first day of a Term for such Loan, 

or such other day as the Agent determines is generally treated as the rate fixing day by market practice in the relevant interbank market. 

“Rating Agency” means Moody’s or S&P or any other rating agency approved by the Majority Lenders and the
Company. 
 “Reference Bank Quotation” means any quotation supplied to the Agent by a Reference Bank.

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

	 	(a)	in relation to LIBOR: 

  

	 	(i)	(other than where paragraph (ii) below applies) as the rate at which the relevant Reference Bank could borrow funds in the London interbank market in the relevant currency and for the relevant period were it to do
so by asking for and then accepting interbank offers for deposits in reasonable market size in that currency and for that period; or 

  
 16 

	 	(ii)	if different, as the rate (if any and applied to the relevant Reference Bank and the relevant currency and period) which contributors to the applicable Screen Rate are asked to submit to the relevant administrator; or

  

	 	(b)	in relation to EURIBOR: 

  

	 	(i)	(other than where paragraph (ii) below applies) as the rate at which the relevant Reference Bank believes one prime bank is quoting to another prime bank for interbank term deposits in euro within the Participating
Member States for the relevant period; or 

  

	 	(ii)	if different, as the rate (if any and applied to the relevant Reference Bank and the relevant period) which contributors to the applicable Screen Rate are asked to submit to the relevant administrator.

 “Reference Banks” means: 

 

	 	(a)	in relation to LIBOR, the principal London offices of any three banks, as may be appointed by the Agent with the approval of the Company and the relevant bank from time to time; 

 

	 	(b)	in relation to EURIBOR, the principal London offices of any three banks, as may be appointed by the Agent with the approval of the Company and the relevant bank from time to time. 

“Regulations T, U and X” means, respectively, Regulations T, U and X of the Board of Governors of the Federal Reserve
System of the United States (or any successor) as now and from time to time in effect from the date of this Agreement. 

“Relevant Interbank Market” means in relation to Euro, the European interbank market and in relation to any other
currency, the London interbank market. 
 “Repeating Representations” means the representations
which are deemed to be repeated under Clause 19.24 (Times for making representations) and, for the avoidance of doubt, include each of the representations in Clause 19.2 (Status) to Clause 19.9 (Financial statements), Clause
19.11 (Litigation), Clause 19.12 (Additional Information), Clause 19.19 (United States Laws), Clause 19.20 (Federal Reserve Regulations), and 19.22 (Anti-Terrorism Laws). 

“Reportable Event” means: 
  

	 	(a)	an event specified as such in section 4043 of ERISA or any related regulation, other than an event in relation to which the requirement to give notice of that event is waived; or 

 

	 	(b)	a failure to meet the minimum funding standard under section 412 of the Code or section 302 of ERISA, whether or not there has been any waiver of notice or waiver of the minimum funding standard under section 412 of the
Code, which failure would be reasonably likely to result in a Material Adverse Effect. 

  
 17 

 “Request” means a request for a Utilisation, substantially
in the form of Schedule 3 (Form of Request). 
 “Restricted Party” means any person listed: 

 

	 	(a)	in the Annex to the Executive Order; 

  

	 	(b)	on the “Specially Designated Nationals and Blocked Persons” list maintained by OFAC; or 

  

	 	(c)	in any successor list to either (a) or (b) above. 

 “Rollover
Loans” means one or more Loans: 
  

	 	(a)	made or to be made on the same day that: 

  

	 	(i)	a maturing Loan is due to be repaid; or 

  

	 	(ii)	a demand by the Agent pursuant to a drawing in respect of a Letter of Credit is due to be met; 

  

	 	(b)	the aggregate amount of which is equal to or less than the maturing Loans or the relevant claim in respect of that Letter of Credit; 

 

	 	(c)	in the same currency as the maturing Loan (unless it arose as a result of the operation of Clause 6.2 (Unavailability of a currency)) or the relevant claim in respect of that Letter of Credit; and

  

	 	(d)	made or to be made to the same Borrower for the purpose of: 

  

	 	(i)	refinancing that maturing Loan; or 

  

	 	(ii)	satisfying the relevant claim in respect of that Letter of Credit. 

 “Sanctioned
Person” means any person who is a designated target of Sanctions or is otherwise a subject of Sanctions (including without limitation as a result of being (a) owned or controlled directly or indirectly by any person which is a
designated target of Sanctions, or (b) organised under the laws of, or resident of, any country that is subject to general or country-wide Sanctions or (c) any person listed on, or owned or controlled by a person listed on any Sanctions
List).  
 “Sanctions” means any economic or financial sanction, trade embargoes or similar measure which is
brought into being by any law, enabling legislation, executive order, or regulation administered, enacted or enforced by any Sanctions Authority at any time.  

  
 18 

 “Sanctions Authority” means any of the following: (a) the United
States of America, (b) the United Nations, (c) the United Kingdom, (d) Switzerland, (e) the European Union or any present or future member state thereof, or (f) the respective governmental institutions or agencies of any of
the foregoing including, without limitation, Her Majesty’s Treasury (“HMT”), OFAC, the US Department of Commerce, and the US Department of State. 

“Sanctions List” means the “Specifically Designated Nationals and Blocked Persons” list issued by OFAC, the
“Consolidated List of Financial Sanctions Targets and Investment Ban List” issued by HMT, or similar list issued or maintained or made public by any of the Sanctions Authorities. 

“S&P” means Standard & Poor’s Ratings Services, a division of the McGraw Hill Companies, Inc.

 “Screen Rate” means: 
  

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

  

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

 or, in
each case, on the appropriate page of such other information service which publishes that rate from time to time in place of Thomson Reuters. If such page or service ceases to be available, the Agent may specify another page or service displaying
the relevant rate after consultation with the Company. 
 “Second Extended Final Maturity Date” has the meaning given
to such term in Clause 2.3 (Extension of Facility). 
 “Second Notice of Extension” has
the meaning given to such term in Clause 2.3 (Extension of Facility) 
 “Security
Interest” means any mortgage, pledge, lien, charge, assignment, hypothecation or security interest or any other agreement securing any obligation of any person or any other agreement or arrangement having a similar effect. 

“Specified Time” means a time determined in accordance with Schedule 8 (Timetables). 

“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.
However, if at any time the Company (directly or indirectly) owns more than 50 per cent. of the voting capital or similar right of ownership , but does not (under the terms of any relevant voting arrangement) have effective control over the
management or policies of that entity, such entity will not at that time be a “Subsidiary”. 

  
 19 

 “Swiss Borrower” means a Borrower who qualifies as a Swiss resident
(Inländer) according to Article 9 of the Swiss Federal Act on Withholding Tax (it being understood that, for the time being, Ahold Finance Company N.V. is a Swiss tax resident and each and any of its Swiss branch offices
(for the time being Ahold Finance Company N.V., Curaçao, Geneva Branch and Ahold Finance Company N.V., Curaçao, Zug Branch) shall, for the purposes of this Agreement and the Swiss Twenty-Non Bank rule (and unless a tax ruling is
obtained by that Borrower to the effect that the aforementioned branches and/or Ahold Finance Company N.V. may be treated as separate entities for purposes of the Swiss Twenty Non-Bank Rule) shall be deemed to be one and the same Swiss Borrower).

 “Swiss Federal Act on Withholding Tax” means the Bundesgesetz über die Verrechnungssteuer vom 13. Oktober
1965. 
 “Swiss Federal Withholding Tax Ordinance” means the Verordnung vom 19. Dezember 1966 über die
Verrechnungssteuer. 
 “Swiss Guidelines” means: 

 

	 	(a)	guideline S-02.123 in relation to interbank loans of September 22, 1986 (Merkblatt Verrechnungssteuer auf Zinsen von Bankguthaben, deren Gläubiger Banken sind (Interbankguthaben) vom 22. September
1986); 

  

	 	(b)	guideline S-02.130.1 in relation to money market instruments and book claims of April 1999 (Merkblatt vom April 1999 betreffend Geldmarktpapiere und Buchforderungen inländischer Schuldner);

  

	 	(c)	guideline S-02.122.1 in relation to bonds of April 1999 (Merkblatt Obligationen vom April 1999); 

  

	 	(d)	guideline S-02.128 in relation to syndicated credit facilities of January 2000 (Merkblatt Steuerliche Behandlung von Konsortialdarlehen, Schuldscheindarlehen, Wechseln und Unterbeteiligungen vom Januar 2000); and

  

	 	(e)	circular letter no. 34 (1.034 V 2011) of 26 July 2011 in relation to deposits (Kreisschreiben Nr. 34 vom 26 Juli 2011 betreffend Kundenguthaben), 

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

“Swiss Non-Qualifying Bank” means any Person which does not qualify as a Swiss Qualifying Bank. 

“Swiss Non-Bank Rules” means the Swiss Ten Non-Bank Rule and the Swiss Twenty Non-Bank Rule. 

  
 20 

 “Swiss Qualifying Bank” means a financial institution acting on its own
account which is licensed as a bank by the banking laws in force in its jurisdiction of incorporation and a branch of a financial institution, which is licensed as a bank by the banking laws in force in the jurisdiction where such branch is
situated, and which, in each case, exercises as its main purpose a true banking activity, having bank personnel, premises, communication devices of its own and decision-making authority, all in accordance with the Swiss Guidelines. 

“Swiss Ten Non-Bank Rule” means the rule that the aggregate number of Lenders which are Swiss Non Qualifying Banks must
not at any time exceed 10, all in accordance with the Swiss Guidelines. 
 “Swiss Twenty Non-Bank Rule” means
the rule that the aggregate number of creditors (other than: 
  

	 	(a)	Swiss Qualifying Banks; and 

  

	 	(b)	intra-group lenders to the extent they need not in accordance with the Swiss Federal Withholding Tax Ordinance and the Swiss Guidelines be counted for purposes of this rule) of a Swiss Borrower under all outstanding
borrowings (including under the Finance Documents), such as loans, facilities and private placements, made or deemed to be made by such Swiss Borrower must not at any time exceed 20, all in accordance with the Swiss Guidelines and being understood
that for purposes of this Agreement the maximum number of five Swiss Non Qualifying Banks permitted under this Agreement shall be taken into account irrespective of whether or not five Swiss Non-Qualifying Banks do so participate at any given time.

 “Swiss Tax Authorities” means the tax authorities referred to in Article 34 of the Swiss Federal Act
on Withholding Tax. 
 “Swiss Withholding Tax” means any taxes imposed under the Swiss Federal
Act on Withholding Tax (Bundesgesetz über die Verrechnungssteuer). 
 “TARGET Day” means a day on
which the Trans-European Automated Real-time Gross Settlement Express Transfer payment system is open for the settlement of payments in Euro. 

“Tax” means any present or future tax, levy, impost, duty or other charge or withholding of a similar nature (including
any related penalty or interest in connection with any failure by an Obligor to pay or any delay by an Obligor in paying the same). 

“Tax Deduction” means a deduction or withholding for or on account of Tax from a payment under a Finance Document,
other than: 
  

	 	(a)	a Tax described in Clause 14.3 (Tax Indemnity) or 

  

	 	(b)	a FATCA Deduction. 

 “Tax Payment” means a payment made by an Obligor to
a Finance Party in any way relating to a Tax Deduction or under any indemnity given by that Obligor in respect of Tax under any Finance Document. 

  
 21 

 “Term” means each period determined under this Agreement: 

 

	 	(a)	by reference to which interest on a Loan or an overdue amount is calculated; or 

  

	 	(b)	for which the Issuing Bank may be under a liability under a Letter of Credit. 

“Total Commitments” means the aggregate of the Commitments of all the Lenders, being €1,000,000,000 at the
Effective Date. 
 “Transfer Certificate” means a certificate, substantially in the form set out
in the relevant part of Schedule 4 (Forms of Transfer Certificate), with such amendments as the Agent may approve or reasonably require or any other form agreed between the Agent and the Company. 

“UK” means the United Kingdom. 

“Undisclosed Administration” means in relation to a Lender, the appointment of an administrator, provisional
liquidator, conservator, receiver, trustee, custodian or other similar official by a supervisory authority or regulator under or based on the law in the country where such Lender is subject to home jurisdiction supervision to the extent applicable
law requires that such appointment is not to be publicly disclosed. 
 “US” means the United States of
America. 
 “USD” or “Dollars” means the lawful currency of the US. 

“US Obligor” means  
  

	 	(a)	an Obligor incorporated or organised under the laws of the United States of America or any state of the United States of America (including the District of Columbia), for tax purposes in the US; or 

 

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

“US Tax Obligor” means  
  

	 	(c)	a Borrower which is resident for tax purposes in the US; or 

  

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

“Utilisation” means a Loan or a Letter of Credit; and 

“Utilisation Date” means each date on which a Utilisation is made. 

 

	1.2	Construction 

  

	 	1.2.1	In this Agreement, unless the contrary intention appears, a reference to: 

  

	 	(a)	an amendment includes a supplement, novation, restatement or re-enactment and amended will be construed accordingly; 

  
 22 

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

  

	 	(c)	an authorisation includes an authorisation, consent, approval, resolution, licence, exemption, filing, registration (from or with a governmental, self-regulatory or regulatory authority or agency) or notarisation;

  

	 	(d)	disposal means a sale, transfer, grant, lease (other than an operating lease granted in the ordinary course of business and on arm’s length terms by a member of the Group in respect of assets owned by that member
of the Group) or other disposal, whether voluntary or involuntary, and dispose will be construed accordingly; 

  

	 	(e)	indebtedness includes any obligation (whether incurred as principal or as surety) for the payment or repayment of money; 

  

	 	(f)	a person includes any individual, company, corporation, unincorporated association or body (including a partnership, trust, joint venture or consortium), government, state, agency, organisation or other entity whether
or not having separate legal personality; 

  

	 	(g)	a regulation includes any regulation, rule, official directive, request or guideline (whether or not having the force of law but, if not having the force of law, being of a type with which any person to which it applies
is generally accustomed to comply) of any governmental, inter-governmental or supranational body, agency, department or regulatory, self-regulatory or other authority or organisation; 

 

	 	(h)	a Default or Event of Default being outstanding or continuing means that it has not been remedied or waived; 

  

	 	(i)	a provision of law is a reference to that provision as extended, applied, amended or re-enacted and includes any subordinate legislation; 

 

	 	(j)	a Clause or a Schedule is a reference to a clause or a schedule to, this Agreement; 

  

	 	(k)	a Party or any other person includes its successors in title, permitted assigns and permitted transferees; 

  

	 	(l)	a Finance Document or another document is a reference to that Finance Document or other document as amended, supplemented, extended, restated or otherwise modified; and 

 

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

  
 23 

	 	1.2.2	Unless the contrary intention appears, a reference to a month or months is a reference to a period starting on one day in a calendar month and ending on the numerically corresponding day in the next calendar month or
the calendar month in which it is to end, except that: 

  

	 	(a)	if the numerically corresponding day is not a Business Day, the period will end on the next Business Day in that month (if there is one) or the preceding Business Day (if there is not); 

 

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

  

	 	(c)	notwithstanding (a) above, a period which commences on the last Business Day of a month will end on the last Business Day in the next month or the calendar month in which it is to end, as appropriate.

  

	 	1.2.3	Unless expressly provided to the contrary in a Finance Document, a person who is not a party to a Finance Document may not enforce or enjoy the benefit of any of its terms under the Contracts (Rights of Third Parties)
Act 1999 and, notwithstanding any term of any Finance Document, no consent of any third party is required for any variation (including any release or compromise of any liability) or termination of that Finance Document. 

 

	 	1.2.4	Unless the contrary intention appears: 

  

	 	(a)	a reference to a Party will not include that Party if it has ceased to be a Party under this Agreement; 

  

	 	(b)	an amount in Euro is payable only in the Euro unit; 

  

	 	(c)	a word or expression used in any other Finance Document or in any notice given in connection with any Finance Document has the same meaning in that Finance Document or notice as in this Agreement; and 

 

	 	(d)	any obligation of an Obligor under the Finance Documents which is not a payment obligation remains in force for so long as any payment obligation of an Obligor is or may be outstanding under the Finance Documents.

  

	 	1.2.5	The headings in this Agreement do not affect its interpretation. 

  

	1.3	Dutch Terms 

 In this Agreement, where it relates to a Dutch Obligor, a reference to:

  

	 	1.3.1	a necessary action to authorise where applicable, includes without limitation: 

  
 24 

	 	(a)	any action required to comply with the Dutch Works Council Act (Wet op de ondernemingsraden); and 

  

	 	(b)	obtaining unconditional positive advice (advies) from each competent works council; 

  

	 	1.3.2	a winding-up, administration or dissolution includes a Dutch entity being a declared bankrupt (failliet verklaard); or dissolved (ontbonden); 

 

	 	1.3.3	a moratorium includes surséance van betaling and granted a moratorium includes surséance verleend; 

  

	 	1.3.4	any step or procedure taken in connection with insolvency proceedings includes a Dutch entity having filed a notice under section 36 of the Dutch Tax Collection Act 1990 (Invorderingswet 1990) or Section 16d
of the Dutch Social Insurance Co-ordination Act (Coördinatiewet sociale verzekeringen); 

  

	 	1.3.5	a trustee in bankruptcy includes a curator; 

  

	 	1.3.6	an administrator includes a bewindvoerder; 

  

	 	1.3.7	a receiver or an administrative receiver does not include a curator or bewindvoerder; and 

  

	 	1.3.8	an attachment includes a beslag. 

  

	1.4	Curaçao terms 

 In this Agreement, where it relates to a Curaçao Obligor, a
reference to: 
  

	 	1.4.1	a Security includes any mortgage (hypotheek), pledge (pandrecht) and, in general, any right in rem (beperkt recht), created for the purpose of granting security (goederenrechtelijk
zekerheidsrecht); 

  

	 	1.4.2	a winding-up, administration or dissolution includes a Curaçao Obligor being: 

  

	 	(a)	declared bankrupt (failliet verklaard); or 

  

	 	(b)	dissolved (ontbonden); 

  

	 	1.4.3	a moratorium includes surséance van betaling and granted a moratorium includes surséance verleend; 

  

	 	1.4.4	a trustee in bankruptcy includes a curator; 

  

	 	1.4.5	an administrator includes a bewindvoerder; and 

  

	 	1.4.6	an attachment includes a beslag; and 

  

	 	1.4.7	an expropriation, attachment, sequestration, distress or execution or any analogous process includes an executory attachment (executoriaal beslag). 

  
 25 

	2.	FACILITY 

  

	2.1	Revolving Credit Facility 

 Subject to the terms of this Agreement, the Lenders make
available to the Borrowers a revolving credit facility denominated in Euros in an aggregate amount equal to the Total Commitments under which Loans may be made and USD Letters of Credit (having an aggregate face amount not exceeding $275,000,000)
may be issued. 
  

	2.2	Nature of a Finance Party’s rights and obligations 

 Unless otherwise agreed by all
the Finance Parties: 
  

	 	2.2.1	the obligations of each Finance Party under the Finance Documents are several; 

  

	 	2.2.2	failure by a Finance Party to perform its obligations under the Finance Documents does not affect the obligations of any other Party under the Finance Documents; 

 

	 	2.2.3	no Finance Party is responsible for the obligations of any other Finance Party under the Finance Documents; 

  

	 	2.2.4	the rights of each Finance Party under the Finance Documents or in connection therewith are separate and independent rights; 

  

	 	2.2.5	a Finance Party may, except as otherwise stated in the Finance Documents, separately enforce it rights under the Finance Documents; and 

 

	 	2.2.6	any debt arising under the Finance Documents to a Finance Party is a separate and independent debt. 

  

	2.3	Extension of Facility 

  

	 	2.3.1	The Company shall be entitled to request an extension of the Facility, for an additional period of 12 months by: 

  

	 	(a)	giving notice to the Agent (the “First Extension Request”) not more than 60 nor less than 30 days before the date falling on the first anniversary of the date of the Amendment and Restatement Agreement;
and/or 

  

	 	(b)	giving notice to the Agent (the “Second Extension Request” and together with the First Extension Request, the “Extension Requests”) not more than 60 nor less than 30 days before the
date falling on the second anniversary of the date of the Amendment and Restatement Agreement. Such notice shall be made in writing, be unconditional and binding on all the Obligors. 

 

	 	2.3.2	The Agent shall forward a copy of each Extension Request to the Lenders as soon as practicable after receipt of it. 

  
 26 

	 	2.3.3	If a Lender, in its individual and sole discretion, agrees to the extension requested by the Company, it shall give notice to the Agent, in relation to a First Extension Request, no later than 15 Business Days following
its receipt of the First Extension Request (a “First Notice of Extension”) and, in relation to a Second Extension Request, no later than 15 Business Days following its receipt of the Second Extension Request (a “Second
Notice of Extension” and together with the First Notice of Extension, the “Notices of Extension”). If a Lender does not give a Notice of Extension by the relevant date, then that Lender shall be deemed to have refused that
extension. 

  

	 	2.3.4	Nothing shall oblige a Lender to agree to an Extension Request. 

  

	 	2.3.5	Subject to Clause 2.3.6 below, the Final Maturity Date for the Lenders which have given a First Notice of Extension shall be extended from the Original Final Maturity Date to the day which is 12 months from the Original
Final Maturity Date (the “First Extended Final Maturity Date”) and the Final Maturity Date for the Lenders which have given a Second Notice of Extension shall be extended from the First Extended Final Maturity Date to the day which
is 12 months from the First Extended Final Maturity Date (the “Second Extended Final Maturity Date”). 

  

	 	2.3.6	Any Lender which has not agreed to the First Extension Request may agree to the Second Extension Request by giving a Second Notice of Extension in accordance with Clause 2.3.3 above whereupon the Final Maturity Date for
such Lender will be extended from the Original Final Maturity Date to the Second Extended Final Maturity Date. 

  

	 	2.3.7	For the avoidance of doubt, any Lender which has not agreed to an Extension Request will continue to remain party to this Agreement as a Lender until the Original Final Maturity Date. 

 

	 	2.3.8	The Agent shall promptly inform the Company of the names of the Lenders which have agreed to an Extension Request. 

  

	3.	PURPOSE 

  

	3.1	Loans 

 Each Loan must initially be used for refinancing the Existing Facility and
thereafter, may only be used for working capital and general corporate purposes of the Group including, without limiting the foregoing, the financing of permitted acquisitions. 

 

	3.2	Letters of Credit 

 Each Letter of Credit may only be issued for insurance, working
capital and general corporate purposes of the Group. No Letter of Credit may be issued by way of credit substitution for the purposes of procuring (directly or indirectly) additional financing arrangements for the Group not in existence at the date
of this Agreement. 

  
 27 

	3.3	No obligation to monitor 

 No Finance Party is bound to monitor or verify the utilisation
of the Facility. 
  

	4.	CONDITIONS PRECEDENT 

  

	4.1	Conditions precedent documents 

 A Request may not be given until the Agent has notified
the Company and the Lenders that it has received all of the documents and evidence set out in Part A of Schedule 2 (Conditions precedent documents) in form and substance satisfactory to the Agent (acting reasonably). The Agent must give this
notification to the Company and the Lenders promptly upon being so satisfied. 
  

	4.2	Further conditions precedent 

 The obligations of each Lender to participate in any
Utilisation are subject to the further conditions precedent that on both the date of the Request and the Utilisation Date: 
  

	 	4.2.1	the Repeating Representations are true, correct and accurate in all respects; 

  

	 	4.2.2	no Default or, in the case of a Rollover Loan, no Event of Default is outstanding or would result from the making of the Utilisation; and 

 

	 	4.2.3	save in the case of a Rollover Loan, no change of control has occurred as contemplated in Clause 10.2 (Mandatory prepayment – Company change of control). 

 

	4.3	Conditions relating to Optional Currencies 

  

	 	4.3.1	A currency will constitute an Optional Currency in relation to a Loan if it is Dollars or any other currency which: 

  

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

 

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

 

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

 

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

  

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

  
 28 

	4.4	Maximum number 

  

	 	4.4.1	Unless the Agent agrees a Request may not be given if, as a result, there would be more than 10 Loans outstanding. 

  

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

 

	5.	UTILISATION – REVOLVING CREDIT LOANS 

  

	5.1	Giving of Requests 

  

	 	5.1.1	A Borrower may borrow a Loan by giving to the Agent a duly completed Request. 

  

	 	5.1.2	Unless the Agent otherwise agrees, the latest time for receipt by the Agent of a duly completed Request is not later than the Specified Time for the proposed borrowing. 

 

	 	5.1.3	Each Request is irrevocable. 

  

	5.2	Completion of Requests 

  

	 	5.2.1	A Request for a Loan will not be regarded as having been duly completed unless: 

  

	 	(a)	it identifies the Borrower; 

  

	 	(b)	the Utilisation Date is a Business Day falling within the Availability Period; 

  

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

  

	 	(d)	the proposed Term complies with this Agreement. 

  

	 	5.2.2	Only one Loan may be requested in a Request. 

  

	5.3	Currency and amount of Loans 

  

	 	5.3.1	The currency specified in a Request must be the Base Currency or an Optional Currency. 

  

	 	5.3.2	The amount of the proposed Loan must be: 

  

	 	(a)	if the currency selected is the Base Currency, a minimum of €15,000,000 (and an integral multiple of €5,000,000) or if less, the Available Facility or such other amount as the Agent or the Lenders may agree;
or 

  

	 	(b)	if the currency selected is an Optional Currency, the minimum amount specified by the Agent pursuant to paragraph (b) of Clause 4.3.2 of Clause 4.3 (Conditions relating to Optional Currencies) or, if less,
the Available Facility or such other amount as the Agent or the Lenders may agree; and 

  
 29 

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

  

	 	5.3.3	The amount of each Lender’s share of a Loan will be its Pro Rata Share on the proposed Utilisation Date. 

  

	5.4	Advance of Loans 

  

	 	5.4.1	The Agent must promptly notify each Lender of the details of the requested Loan and the amount of its share in that Loan. 

  

	 	5.4.2	No Lender is obliged to participate in a Loan if, as a result: 

  

	 	(a)	its share in the Utilisations would exceed its Commitment; or 

  

	 	(b)	the Utilisations would exceed the Total Commitments. 

  

	 	5.4.3	If the conditions set out in this Agreement have been met, each Lender must make its share in the Loan available to the Agent for the relevant Borrower through its Facility Office by the Specified Time on the
Utilisation Date. 

  

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

  

	6.	OPTIONAL CURRENCIES 

  

	6.1	Selection of currency 

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

	6.2	Unavailability of a currency 

 If before the Specified Time on any Rate Fixing Day: 

 

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

  

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

the Agent will give notice to the relevant Borrower to that effect by the Specified Time on that day. In this event, any Lender that gives
notice pursuant to this Clause 6.2 will be required to participate in the Loan in the Base Currency (in an 

  
 30 

 
amount equal to that Lender’s proportion of the Base Currency Amount or, in respect of a Rollover Loan, an amount equal to that Lender’s proportion of the Base Currency Amount of the
Rollover Loan that is due to be made) and its participation will be treated as a separate Loan denominated in the Base Currency during that Term. 
  

	6.3	Participation in a Loan 

 Each Lender’s participation in a Loan will be
determined in accordance with Clause 5.3 (Currency and Amount of Loans). 
  

	7.	UTILISATION – LETTERS OF CREDIT 

  

	7.1	Giving of Requests 

  

	 	7.1.1	A Borrower may request a Letter of Credit to be issued by giving to the Agent (with a copy to the Issuing Bank) a duly completed Request. 

 

	 	7.1.2	Unless the Agent and the Issuing Bank otherwise agree, the latest time for receipt by the Agent of a duly completed Request (and of receipt by the Issuing Bank of a copy thereof) is 11.00am (New York time) two Business
Days before the proposed Utilisation Date. 

  

	7.2	Completion of Requests 

  

	 	7.2.1	A Request for a Letter of Credit will not be regarded as being duly completed unless: 

  

	 	(a)	it specifies that it is for a Letter of Credit (and, if applicable, specifying whether the Letter of Credit is to be a Permitted Long-Term LC); 

 

	 	(b)	the Utilisation Date is a Business Day falling within the Availability Period applicable to the relevant Lenders; 

  

	 	(c)	the amount of the Letter of Credit requested is in Dollars and: 

  

	 	(i)	that amount is (if the Base Currency Amount of the proposed Letter of Credit is less than the Available Facility) a minimum of $250,000 or such other amount as the Agent and the relevant Issuing Bank may agree; and

  

	 	(ii)	the Base Currency Amount of the Letter of Credit is less than or equal to the Available Facility on the proposed Utilisation Date; 

  

	 	(d)	the form of Letter of Credit is attached; 

  

	 	(e)	the expiry date of the Letter of Credit falls on or before the Original Final Maturity Date or, if the Facility has been extended following a First Notice of Extension, the First Extended Final Maturity Date, or if the
Facility has been extended following a Second Notice of Extension, the Second Extended Final Maturity Date (provided that: 

  
 31 

	 	(i)	on the First Extended Final Maturity Date and the Second Extended Final Maturity Date at least one Issuing Bank has agreed to extend its Commitment; and 

 

	 	(ii)	the amount of that Letter of Credit, when aggregated with the face value amounts of other outstanding Letters of Credit, does not exceed the aggregate Commitments of the Lenders that have agreed to extend pursuant to
Clause 2.3 (Extension of Facility), 

 (or, if it is a Permitted Long-Term LC, the relevant Issuing Bank has
confirmed that it is satisfied with its renewal terms and its right of refusal in respect of such renewal); 
  

	 	(f)	the delivery instructions for the Letter of Credit are specified; and 

  

	 	(g)	the identity of the beneficiary of the Letter of Credit: 

  

	 	(i)	has been agreed between the Agent, each of the Original Issuing Banks and the Company prior to the date of this Agreement; or 

  

	 	(ii)	is any other beneficiary approved by the relevant Issuing Bank. 

  

	 	7.2.2	Only one Letter of Credit may be requested in a Request. 

  

	7.3	Issue of Letter of Credit 

  

	 	7.3.1	The Agent must promptly notify the relevant Issuing Bank and each Lender of the details of the requested Letter of Credit and the amount of that Letter of Credit. 

 

	 	7.3.2	The amount of each Lender’s share in a Letter of Credit will be its Pro Rata Share on the proposed Utilisation Date. 

  

	 	7.3.3	The Agent shall determine the Base Currency Amount of each Letter of Credit which is to be issued in an Optional Currency and shall notify the Issuing Bank and each Lender of the details of the requested Letter of
Credit and its participation in that Letter of Credit by the Specified Time. 

  

	 	7.3.4	The relevant Issuing Bank is not obliged to issue any Letter of Credit if as a result: 

  

	 	(a)	a Lender’s share in the Utilisations would exceed its Commitment; 

  
 32 

	 	(b)	the Utilisations would exceed the Total Commitments; or 

  

	 	(c)	the aggregate of the face value amounts of the outstanding Letters of Credit would exceed $275,000,000. 

  

	 	7.3.5	The Issuing Bank may assume that the conditions set out in this Agreement have been met unless it is expressly notified to the contrary by the Agent. The Issuing Bank will have no liability to any person for issuing a
Letter of Credit based on such assumption. 

  

	7.4	Extension of a Letter of Credit 

  

	 	7.4.1	A Borrower may request that the Term of a Letter of Credit issued on its behalf be extended by delivery to the Agent and the relevant Issuing Bank of a notice specifying the new proposed Maturity Date no later than
three Business Days before the Maturity Date of that Letter of Credit. 

  

	 	7.4.2	An extension request will be treated in the same way as a Request except that the requirement to attach a form of the Letter of Credit will not apply. 

 

	 	7.4.3	The terms of each extended Letter of Credit will remain the same as before the extension, except that: 

  

	 	(a)	its amount may be reduced; and 

  

	 	(b)	its Maturity Date will be the date specified in the extension request. 

  

	 	7.4.4	If: 

  

	 	(a)	the conditions set out in this Clause, and those in this Agreement in respect of the delivery of Requests for the extension of such Letters of Credit, have been met; and 

 

	 	(b)	on both the date of the Request for the extension and the then current Maturity Date in respect of that Letter of Credit, the conditions set out in Clause 4.2 (Further conditions precedent) have been met as if
the extension constituted the issuance of a new Letter of Credit under the Facility,  

 the relevant Issuing Bank
shall deliver an amendment to the relevant Letter of Credit to the beneficiary, copied to the relevant Borrower and the Agent, no later than the original Maturity Date thereof. 

 

	7.5	Revaluation of Letters of Credit 

  

	 	7.5.1	The Agent shall at six monthly intervals after the date of this Agreement, recalculate the Base Currency Amount of each Letter of Credit by notionally converting into the Base Currency the outstanding amount of that
Letter of Credit on the basis of the Agent’s Spot Rate of Exchange on the date of calculation. 

  
 33 

	 	7.5.2	The Company shall, if requested by the Agent following any adjustment to a Base Currency Amount under Clause 7.5.1 above, ensure that within three Business Days sufficient Utilisations are prepaid to prevent the Base
Currency Amount of the Utilisations exceeding the Total Commitments. 

  

	7.6	Adoption of Existing Letters of Credit 

 On and from the date on which the Agent
provides confirmation to each of the Company and the Lenders pursuant to Clause 4.1 (Conditions precedent documents) above, each of the Existing Letters of Credit shall be deemed to be Letters of Credit requested and issued pursuant to and in
accordance with this Agreement and all of the terms of this Agreement shall be construed and the amount of the Available Facility shall be reduced accordingly. 
  

	8.	LETTERS OF CREDIT 

  

	8.1	General 

  

	 	8.1.1	A Letter of Credit is repaid or prepaid if: 

  

	 	(a)	the relevant Borrower provides cash cover for that Letter of Credit; 

  

	 	(b)	the maximum amount payable under the Letter of Credit is reduced in accordance with its terms; or 

  

	 	(c)	the relevant Issuing Bank is satisfied that it has no further liability under that Letter of Credit, 

the amount by which a Letter of Credit is repaid or prepaid under paragraphs (a) and (b) above is the amount of the relevant cash cover
or reduction. 
  

	 	8.1.2	If a Letter of Credit or any amount outstanding under a Letter of Credit is expressed to be immediately payable, the Borrower must repay or prepay that amount immediately. 

 

	 	8.1.3	Cash cover is provided for a Letter of Credit if the Borrower pays an amount in the currency of the Letter of Credit to an account with the Agent, or an Affiliate of the Agent in the name of the Borrower bearing
interest at the Agent’s standard interest rates applied to such accounts and the following conditions are met: 

  

	 	(a)	until no amount is or may be outstanding under that Letter of Credit, withdrawals from the account may only be made to pay a Finance Party amounts due and payable to it under that Letter of Credit or this Clause; and

  

	 	(b)	the Borrower has executed a security document over that account, in form and substance satisfactory to the Agent, creating a first ranking security interest over that account. 

  
 34 

	 	8.1.4	The outstanding or principal amount of a Letter of Credit at any time is the maximum amount that is or may be payable by the Borrower in respect of that Letter of Credit (excluding fronting fees and letter of credit
fees payable under Clause 8.3 (Fees in respect of Letters of Credit)) at that time. 

  

	8.2	Assignments and transfers 

 The consent of the relevant Issuing Bank is required for any
assignment or transfer of any Lender’s rights and obligations under the Facility. 
  

	8.3	Fees in respect of Letters of Credit 

  

	 	8.3.1	Each Borrower must pay to the relevant Issuing Bank a fronting fee in respect of each Letter of Credit requested by it in the manner agreed in the Fee Letter between the relevant Issuing Bank and the Company.

  

	 	8.3.2	Each Borrower must pay to the Agent for each Lender a letter of credit fee computed at the rate of, subject to adjustment under Clause 8.4 (Letter of credit fee adjustment), 0.45 per cent. per annum on the
outstanding amount of each Letter of Credit requested by it for the period from the issue of that Letter of Credit until its Maturity Date. This fee will be distributed according to each Lender’s Pro Rata Share, adjusted to reflect any
assignment or transfer to or by that Lender. 

  

	 	8.3.3	Accrued letter of credit fee is payable quarterly in arrears from the date of this Agreement. Accrued letter of credit fee is also payable to the Agent on the cancelled amount of any Lender’s Commitment at the time
the cancellation is effective if that Commitment is cancelled in full and the Letters of Credit prepaid or repaid in full. 

  

	8.4	Letter of credit fee adjustment 

  

	 	8.4.1	The letter of credit fee on the outstanding amount of each Letter of Credit for the period from the issue of the Letter of Credit until its Maturity Date will be adjusted upwards or downwards by reference to the long
term senior and unsecured credit rating of the Company, assigned by a Rating Agency, (each an “Applicable Rating” and together, the “Applicable Ratings”) as set out below. 

 

					
	 Column 1
 Applicable
Rating
	  	 Column 2

Letter of Credit fee (per cent. per annum)
	 
	 S&P/Moody’s
	  			
	 A- or higher/A3 or higher
	  	 	0.25	  
	 BBB+/Baa1
	  	 	0.30	  
	 BBB/Baa2
	  	 	0.40	  
	 BBB-/Baa3
	  	 	0.50	  
	 BB+/Ba1
	  	 	0.80	  
	 BB/Ba2 or below
	  	 	1.10	  

  
 35 

	 	8.4.2	In the event that the Applicable Ratings received by the Company from a Rating Agency set out in Column 1 above are set opposite two different Letter of Credit fees in Column 2 above, the Letter of Credit fee will be
the average of those two Letter of Credit fees. 

  

	 	8.4.3	At any time when an Event of Default is continuing or no senior unsecured credit rating is assigned to the Company by a Rating Agency, the letter of credit fee will be 1.10 per cent. per annum. 

 

	 	8.4.4	Any adjustment to the letter of credit fee in accordance with Clauses 8.4.1, 8.4.2 or 8.4.3 above will apply from: 

  

	 	(a)	the date of publication of any relevant change to the Applicable Ratings; or 

  

	 	(b)	the occurrence of an Event of Default; or 

  

	 	(c)	the date on which no credit rating referred to above is assigned to the Company by S&P or Moody’s or by any alternative approved in accordance with this Agreement, as the case may be. 

 

	 	8.4.5	Promptly after it becomes aware of it, the Company shall inform the Agent in writing of any change in the Applicable Ratings or if the circumstances contemplated by Clause 8.4.3 arise. 

 

	8.5	Claims under a Letter of Credit 

  

	 	8.5.1	Each Borrower irrevocably and unconditionally authorises the relevant Issuing Bank to pay any claim made or purported to be made under a Letter of Credit requested by it and which appears on its face to be in order (a
claim). 

  

	 	8.5.2	The relevant Borrower must immediately on demand pay to the Agent for the relevant Issuing Bank an amount equal to the amount of any claim. 

 

	 	8.5.3	Each Borrower acknowledges that each of the Issuing Banks: 

  

	 	(a)	is not obliged to carry out any investigation or seek any confirmation from any other person before paying a claim; and 

  

	 	(b)	deals in documents only and will not be concerned with the legality of a claim or any underlying transaction or any available set-off, counterclaim or other defence of any person. 

  
 36 

	 	8.5.4	The obligations of any Borrower under this Clause will not be affected by: 

  

	 	(a)	the sufficiency, accuracy or genuineness of any claim or any other document; or 

  

	 	(b)	any incapacity of, or limitation on the powers of, any person signing a claim or other document. 

  

	8.6	Indemnities 

  

	 	8.6.1	Each Borrower must immediately on demand indemnify the relevant Issuing Bank against any cost, loss or liability (including, without limitation, arising from any action or proceeding or claim but excluding any loss or
liability relating to Taxes) which the relevant Issuing Bank incurs under or in connection with any Letter of Credit requested by it, except to the extent that the loss or liability is directly caused by the gross negligence or wilful misconduct of
the relevant Issuing Bank. 

  

	 	8.6.2	Each Lender must immediately on demand indemnify the relevant Issuing Bank against its share of any cost, loss or liability which the relevant Issuing Bank incurs under or in connection with any Letter of Credit and
which has not been paid for by an Obligor, except to the extent that the loss or liability is directly caused by the gross negligence or wilful misconduct of the relevant Issuing Bank. 

 

	 	8.6.3	A Lender’s share of the liability or loss referred to in Clause 8.6.2 above will be its Pro Rata Share on the Utilisation Date, adjusted to reflect any subsequent assignment or transfer under this Agreement.

  

	 	8.6.4	The relevant Borrower must immediately on demand reimburse any Lender for any payment it makes to the relevant Issuing Bank under this Clause. 

 

	 	8.6.5	The obligations of each Lender under this Clause are continuing obligations and will extend to the ultimate balance of all sums payable by that Lender under or in connection with any Letter of Credit, regardless of any
intermediate payment or discharge in whole or in part. 

  

	 	8.6.6	The obligations of any Lender under this Clause will not be affected by any act, omission or thing which, but for this provision, would reduce, release or prejudice any of its obligations under this Clause (whether or
not known to it or any other person). This includes: 

  

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

  

	 	(b)	any release of any person under the terms of any composition or arrangement; 

  
 37 

	 	(c)	the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up or enforce, any rights against, or security over assets of, any person; 

 

	 	(d)	any non-presentation or non-observance of any formality or other requirement in respect of any instrument or any failure to realise the full value of any security; 

 

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

  

	 	(f)	any amendment (however fundamental) of a Finance Document, any Letter of Credit or any other document or security; 

  

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

 

	 	(h)	any insolvency or similar proceedings. 

 However, nothing in this Clause 8 shall oblige any
Lender to indemnify the Issuing Bank in respect of any loss or liability which is incurred by the Issuing Bank in respect of a Permitted Long-Term LC after the Final Maturity Date. 

 

	8.7	Rights of contribution 

 A Borrower will not be entitled to any right of contribution or
indemnity from any Finance Party in respect of any payment it may make under this Clause. 
  

	8.8	Ratings Affected Lenders 

  

	 	8.8.1	Each Lender shall submit to the Issuing Banks, the Company and the Agent a notice of any downgrade in 

  

	 	(a)	its Moody’s long term debt rating or, in the event that such Lender does not have a rating, the Moody’s long term debt rating of the 100 per cent. Holding Company of that Lender, (its
“Moody’s Rating”); or 

  

	 	(b)	its S&P’s long term debt rating or, in the event that such Lender does not have a rating, the S&P long term debt rating of the 100 per cent. Holding Company of that Lender, (its “S&P
Rating”), 

 resulting in its Moody’s Rating being below Baa1 or its S&P Rating being below BBB+,
within five Business Days of such change. 
  

	 	8.8.2	If at any time a Lender does not have at least one of: 

  

	 	(a)	a Moody’s Rating of Baa2 or higher, or 

  
 38 

	 	(b)	a S&P Rating of BBB or higher, 

 (such Lender being a “Ratings
Affected Lender”), then, if so requested by any Issuing Bank, such Lender shall use its commercially reasonable efforts to obtain a replacement Lender having a Moody’s Rating of Baa1 or above or a S&P Rating of BBB+ or above
(or such lower Moody’s Rating or S&P Rating as may be acceptable to the Issuing Bank). Any such replacement shall be subject to the prior written consent of the Company, and shall be made in accordance with the provisions of Clause 30.2
(Assignments and transfers by Lenders). 
  

	 	8.8.3	In addition to the foregoing and until such time as the Ratings Affected Lender has transferred all its interest hereunder to one or more replacement Lenders, upon written demand by any Issuing Bank, the Ratings
Affected Lender shall, as collateral for its obligations to each of the Issuing Banks hereunder, either: 

  

	 	(a)	deposit, or cause to be deposited, in the Lender Collateral Account cash in an amount equal to such Ratings Affected Lender’s Pro Rata Share in any Letter of Credit issued by that Issuing Bank; or

  

	 	(b)	obtain a standby letter of credit (in the same amount) issued in favour of the relevant Issuing Bank, provided that the issuing bank under such letter of credit is approved by the relevant Issuing Bank.

  

	 	8.8.4	The Ratings Affected Lender shall have no control over funds in the Lender Collateral Account, which funds shall secure its obligations to the relevant Issuing Bank hereunder and shall accrue interest at the
Agent’s standard interest rates applied to such accounts. 

  

	 	8.8.5	Such funds shall be promptly applied to reimburse the applicable Issuing Bank for such Ratings Affected Lender’s obligations to such Issuing Bank under this Agreement. Such funds, if any, remaining in the Lender
Collateral Account following the payment of all obligations in full or the earlier transfer by the Ratings Affected Lender of all of its interests hereunder to one or more replacement Lenders shall, unless the Agent is otherwise directed by a court
of competent jurisdiction, be promptly paid over to such Ratings Affected Lender. 

  

	 	8.8.6	If on the Utilisation Date in respect of a Letter of Credit, any Lender under the Facility is a Ratings Affected Lender and that Lender has failed to: 

 

	 	(a)	provide cash collateral to the relevant Issuing Bank pursuant to Clause 8.8.3(a); and 

  

	 	(b)	obtain a standby letter of credit in favour of the relevant Issuing Bank in accordance with Clause 8.8.3(b), 

and has failed to transfer all of its interest hereunder to one or more replacement Lenders despite using its reasonable endeavours to do so,
than the Issuing Bank may reduce the amount of that Letter of Credit by an amount equal to the amount of the participation of that Ratings Affected 

  
 39 

 
Lender in respect of that Letter of Credit and that Ratings Affected Lender shall be deemed not to have any participation (or obligation to indemnify the Issuing Bank) in respect of that Letter
of Credit for the purposes of the Finance Documents. 
  

	 	8.8.7	The Issuing Bank shall notify the Agent and the Company immediately of each reduction which is proposed to be made pursuant to Clause 8.8.6 and following such notice the Company may, notwithstanding that the Request was
expressed to be irrevocable, cancel the relevant Request by written notice to the Agent and the Issuing Bank. 

  

	 	8.8.8	Clause 8.8.6 shall not affect the participation of each other Lender in that Letter of Credit nor shall it affect the participation of each other Lender in any future Letter of Credit requested. 

 

	9.	REPAYMENT 

  

	9.1	Repayment of Loans 

  

	 	9.1.1	Each Borrower must repay each Loan made to it in full on its Maturity Date. 

  

	 	9.1.2	Subject to the other terms of this Agreement, any amounts repaid under Clause 9.1.1 above may be re-borrowed. 

  

	 	9.1.3	Without prejudice to each Borrower’s obligation under Clause 9.1.1 above, if one or more Loans are to be made available to a Borrower: 

 

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

  

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

 

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

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

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

  

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

  

	 	(B)	 each Lender’s participation (if any) in the new Loans shall be treated as having been made available and applied by the Borrower in or towards
repayment of that Lender’s 

  
 40 

	 	
participation (if any) in the maturing Loan and that Lender will not be required to make its participation in the new Loans available in cash; and 

 

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

  

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

  

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

  

	9.2	Repayment of Letters of Credit 

  

	 	9.2.1	A Borrower must repay each Letter of Credit in full on its Maturity Date unless the Letter of Credit is extended in accordance with Clause 7.4 (Extension of a Letter of Credit) above. No Letter of Credit
(other than a Permitted Long-Term LC) may expire after the Final Maturity Date. 

  

	 	9.2.2	Subject to the other terms of this Agreement, any amounts repaid under Clause 9.2.1 above may be re-utilised. 

  

	10.	PREPAYMENT AND CANCELLATION 

  

	10.1	Mandatory prepayment - illegality 

  

	 	10.1.1	A Lender must notify the Company promptly if it becomes aware that it is unlawful in any jurisdiction for that Lender to perform any of its obligations under a Finance Document or to fund or maintain its share in any
Utilisation. 

  

	 	10.1.2	After notification under Clause 10.1.1 above: 

  

	 	(a)	each Borrower must repay or prepay the share of that Lender in each Utilisation utilised by it on the date specified in Clause 10.1.3 below; and 

 

	 	(b)	the Commitment of that Lender will be immediately cancelled. 

  
 41 

	 	10.1.3	The date for repayment or prepayment of a Lender’s share in a Utilisation will be: 

  

	 	(a)	the last day of the current Term of that Utilisation; or 

  

	 	(b)	if earlier, the last day of any applicable grace period allowed by law, or any other earlier date agreed between the Borrowers and such Lender. 

 

	 	10.1.4	If it becomes unlawful for an Issuing Bank to issue or leave outstanding any Letter of Credit or it becomes unlawful for any Affiliate of an Issuing Bank for that Issuing Bank to do so then: 

 

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

  

	 	(b)	upon that Agent notifying the Parent, the Issuing Bank shall not be obliged to issue any Letter of Credit; 

  

	 	(c)	the Company shall procure that the relevant Borrower shall use its best endeavours to procure the release of each Letter of Credit issued by that Issuing Bank and outstanding at such time on or before the date specified
by the Issuing Bank in the notice delivered to the Agent (being no earlier than the last day of an applicable grace period permitted by law); 

  

	 	(d)	unless any other Lender is or has become an Issuing Bank pursuant to the terms of this Agreement, the Revolving Facility shall cease to be available for the issue of Letters of Credit. 

 

	10.2	Mandatory prepayment - Company change of control 

  

	 	10.2.1	A change of control occurs in respect of the Company if any person or group of persons acting in concert gains control of the Company (other than through Stichting Ahold Continuïteit
(“SAC”) gaining such control in accordance with the objects of SAC as set out in article 2 (Doel) of the articles of association of SAC dated March 8, 2006, through (i) the issue of preferred shares or
otherwise pursuant to an option agreement as amended and restated in April 1994, March 1997, December 2001, December 2003 and from time to time for the purposes of delaying, deferring or preventing a change in control of the Company
or (ii) any other similar arrangement that is approved by the Majority Lenders). 

  

	 	10.2.2	In the event that a change of control occurs the Company shall promptly notify the Agent upon becoming aware of that event. 

For the purposes of this Clause 10.2: 
  

	 	(a)	“acting in concert” means acting together pursuant to an agreement or understanding (whether formal or informal); and 

  
 42 

	 	(b)	“control” means the power to direct the management and policies of an entity, whether through the ownership of voting capital, by contract or otherwise. 

 

	 	10.2.3	After a change of control of the Company, if the Majority Lenders so require, the Agent must, by no less than five Business Days’ prior notice to the Company: 

 

	 	(a)	cancel the Total Commitments; 

  

	 	(b)	declare all outstanding Loans, together with accrued interest and all other amounts accrued under the Finance Documents, to be immediately due and payable; and 

 

	 	(c)	call for repayment (within the meaning of that term in Clause 8.1 (General)) in full in respect of each Letter of Credit. 

Any such notice will take effect in accordance with its terms. 

 

	10.3	Voluntary prepayment 

  

	 	10.3.1	Subject to Clauses 10.3.2 and 10.3.3 below, each Borrower may, by giving not less than five Business Days’ prior notice to the Agent, prepay any Utilisation at any time in whole or in part. 

 

	 	10.3.2	No Borrower may use the proceeds of a Loan to prepay another Loan unless agreed by the Lenders. 

  

	 	10.3.3	If a Borrower delivers a notice of prepayment, the relevant Borrower may apply the prepayment amount to such Loans owed or incurred by that Borrower as it may choose, in its sole discretion, and subsequently, in or
towards prepayment or repayment (within the meaning of those terms in Clause 8.1 (General)) of any Letters of Credit. 

  

	 	10.3.4	A prepayment of part of a Utilisation must be in an amount that reduces the Base Currency Amount of a Loan by a minimum amount of €15,000,000. 

 

	10.4	Automatic cancellation 

 The Commitments of each Lender will be automatically cancelled
at the close of business on the last day of the Availability Period relevant to that Lender. 
  

	10.5	Voluntary cancellation 

  

	 	10.5.1	The Company may, by giving not less than five Business Days’ prior notice to the Agent, cancel the unutilised amount of the Total Commitments in whole or in part. 

 

	 	10.5.2	Partial cancellation of the Total Commitments must be in a minimum amount of €15,000,000 and an integral multiple of €5,000,000. 

  
 43 

	 	10.5.3	Any cancellation in part will be applied against the Commitment of each Lender pro rata. 

  

	10.6	Involuntary prepayment and cancellation 

  

	 	10.6.1	If an Obligor is, or will be, required to pay to a Lender a Tax Payment or an Increased Cost, the Company may, while the requirement continues, give notice to the Agent requesting prepayment and cancellation in respect
of that Lender. 

  

	 	10.6.2	After notification under Clause 10.6.1 above: 

  

	 	(a)	each Borrower must repay or prepay that Lender’s share in each Utilisation utilised by it on the date specified in Clause 10.6.3 below; and 

 

	 	(b)	the Commitment of that Lender will be immediately cancelled. 

  

	 	10.6.3	The date for repayment or prepayment of a Lender’s share in a Utilisation will be the last day of the Term for that Utilisation or, if earlier, the date specified by the Company in its notification.

  

	10.7	Re-borrowing of Utilisations 

 Any voluntary prepayment of a Utilisation may be
re-borrowed on the terms of this Agreement. Any mandatory or involuntary prepayment of a Utilisation may not be re-borrowed. 
  

	10.8	Miscellaneous provisions 

  

	 	10.8.1	Any notice of prepayment and/or cancellation under this Agreement is irrevocable and must specify the relevant date(s) and the affected Utilisations and Commitments. The Agent must notify the Lenders promptly of receipt
of any such notice. 

  

	 	10.8.2	All prepayments under this Agreement must be made with accrued interest on the amount prepaid. No premium or penalty is payable in respect of any prepayment except for Break Costs. 

 

	 	10.8.3	The Majority Lenders may agree to a shorter notice period for a voluntary prepayment or a voluntary cancellation. 

  

	 	10.8.4	No prepayment or cancellation is allowed except in accordance with the express terms of this Agreement. 

  

	 	10.8.5	No amount of the Total Commitments cancelled under this Agreement may subsequently be reinstated. 

  
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	11.	INTEREST 

  

	11.1	Calculation of interest 

 The rate of interest on each Loan for each Term is the
percentage rate per annum equal to the aggregate of the applicable: 
  

	 	11.1.1	Margin; and 

  

	 	11.1.2	LIBOR or, in relation to any Loan in Euro, EURIBOR or any other reference rate applicable to an Optional Currency (other than Dollars). 

 

	11.2	Payment of interest 

 Except where it is provided to the contrary in this Agreement, each
Borrower must pay accrued interest on each Loan made to it on the last day of each Term and also, if the Term is longer than six months, on the dates falling at six-monthly intervals after the first day of that Term. 

 

	11.3	Margin adjustment 

  

	 	11.3.1	The Margin for each Loan for each of its Terms will be adjusted upwards or downwards by reference to the long-term senior and unsecured credit rating of the Company, assigned by a Rating Agency, (each an
“Applicable Rating” and together, the “Applicable Ratings”) as set out below. 

  

					
	 Column 1
 Applicable
Rating
	  	 Column 2

Margin (per cent. per annum)
	 
	 S&P/Moody’s
	  			
	 A- or above/A3 or above
	  	 	0.25	  
	 BBB+/Baa1
	  	 	0.30	  
	 BBB/Baa2
	  	 	0.40	  
	 BBB-/Baa3
	  	 	0.50	  
	 BB+/Ba1
	  	 	0.80	  
	 BB/Ba2 or below
	  	 	1.10	  

  

	 	11.3.2	In the event that the Applicable Ratings received by the Company from a Rating Agency set out in Column 1 above are set opposite two different Margins in Column 2 above, the Margin will be the average of those two
Margins. 

  

	 	11.3.3	At any time: 

  

	 	(a)	when no senior unsecured credit rating is assigned to the Company by a Rating Agency; or 

  
 45 

	 	(b)	an Event of Default is continuing, 

 the Margin will be 1.10 per cent. per annum. 

 

	 	11.3.4	Any adjustment to the Margin in accordance with Clauses 11.3.1, 11.3.2 or 11.3.3 above will apply to the Term of a Loan which starts on or after: 

 

	 	(a)	the date of publication of any relevant change to the Applicable Ratings; 

  

	 	(b)	the occurrence of an Event of Default; or 

  

	 	(c)	the date on which no credit rating referred to above is assigned to the Company by a Rating Agency. 

  

	 	11.3.5	Promptly after it becomes aware of it, the Company shall inform the Agent in writing of any change in the Applicable Ratings or if the circumstances contemplated by Clause 11.3.3 arise. 

 

	11.4	Interest on overdue amounts 

  

	 	11.4.1	If an Obligor fails to pay any amount payable by it under the Finance Documents, it must immediately on demand by the Agent pay interest on the overdue amount from its due date up to the date of actual payment, both
before, on and after judgment. 

  

	 	11.4.2	Interest on an overdue amount is payable at a rate determined by the Agent to be one per cent. per annum above the rate which would have been payable if the overdue amount had, during the period of non-payment,
constituted a Loan in the currency of the overdue amount. For this purpose, the Agent may (acting reasonably): 

  

	 	(a)	select successive Terms of any duration of up to three months; and 

  

	 	(b)	determine the appropriate Rate Fixing Day for that Term. 

  

	 	11.4.3	Notwithstanding Clause 11.4.2 above, if the overdue amount is a principal amount of a Loan and becomes due and payable prior to the last day of its current Term, then: 

 

	 	(a)	the first Term for that overdue amount will be the unexpired portion of that current Term; and 

  

	 	(b)	the rate of interest on the overdue amount for that first Term will be one per cent. per annum above the rate then payable on that Loan. 

After the expiry of the first Term for that overdue amount, the rate on the overdue amount will be calculated in accordance with Clause 11.4.2
above. 

  
 46 

	 	11.4.4	Interest (if unpaid) on an overdue amount will be compounded with that overdue amount at the end of each of its Terms but will remain immediately due and payable. 

 

	11.5	Minimum interest rates and payments 

  

	 	11.5.1	When entering into this Agreement, the Parties have assumed that the interest payable under this Agreement is not and will not become subject to any Tax Deduction on account of Swiss Withholding Tax. Notwithstanding the
foregoing, if a Tax Deduction is required by law in respect of any interest payable by a Swiss Borrower under a Finance Document, and should it be unlawful for such Swiss Borrower to comply with Clause 14.2 (Tax gross-up) for any reason
(where this would otherwise be required by the terms of Clause 14.2 (Tax gross-up) then:  

  

	 	(a)	the applicable interest rate in relation to that interest payment shall be the interest rate which would have applied to that interest payment as provided for by Clause 11.1 (Calculation of interest) divided by
one minus the rate at which the relevant Tax Deduction is required to be made under Swiss domestic Tax law and/or applicable double taxation treaties (where the rate at which the relevant Tax Deduction is required to be made is for this purpose
expressed as a fraction of one); and 

  

	 	(b)	the Swiss Borrower will: 

  

	 	(i)	pay the relevant interest at the adjusted rate in accordance with paragraph (a) above; 

  

	 	(ii)	make the Tax Deduction on the interest so re-calculated; and 

  

	 	(iii)	all references to a rate of interest under the Finance Documents shall be construed accordingly. 

  

	 	11.5.2	To the extent that interest payable by a Swiss Borrower under a Finance Document becomes subject to Swiss Withholding Tax, each relevant Lender and the Swiss Borrower must promptly cooperate in completing any procedural
formalities (including submitting forms and documents required by the appropriate Tax authority) to the extent possible and necessary: 

  

	 	(a)	for the Swiss Borrower to obtain authorisation to make interest payments being subject to Swiss Withholding Tax at a rate reduced at source; and 

 

	 	(b)	to ensure that any Person who is entitled to a full or partial refund under any applicable double taxation treaty is so refunded. 

  
 47 

	11.6	Notification of rates of interest 

 The Agent must promptly notify each relevant Party of
the determination of a rate of interest under this Agreement. 
  

	12.	TERMS 

  

	12.1	Selection – Loans 

  

	 	12.1.1	Each Loan has one Term only. 

  

	 	12.1.2	A Borrower must select the Term for a Loan in the relevant Request. 

  

	 	12.1.3	Subject to the following provisions of this Clause, each Term for a Loan will be one, two, three, six, nine or 12 months or any other period agreed by the Company and the Agent acting on the instructions of all the
Lenders. 

  

	12.2	No overrunning the Final Maturity Date 

  

	 	12.2.1	If a Term would otherwise overrun the Original Final Maturity Date, it will be shortened so that it ends on the Original Final Maturity Date unless all the Lenders have given a First Notice of Extension in accordance
with Clause 2.3 (Extension of Facility). 

  

	 	12.2.2	If a Term would otherwise overrun the First Extended Final Maturity Date, it will be shortened so that it ends on the First Extended Final Maturity Date unless all the Lenders that have given a First Notice of Extension
give a Second Notice of Extension in accordance with Clause 2.3 (Extension of Facility). 

  

	 	12.2.3	If a Term would otherwise overrun the Second Extended Final Maturity Date, it will be shortened so that it ends on the Second Extended Final Maturity Date. 

 

	12.3	Notification 

 The Agent must notify the relevant Borrower and the Lenders of the
duration of each Term promptly after ascertaining its duration. 
  

	13.	MARKET DISRUPTION 

  

	13.1	Failure of a Reference Bank to supply a rate 

 If LIBOR or EURIBOR is to be calculated by
reference to the Reference Banks but a Reference Bank does not supply a rate by 12.00pm (local time) on a Rate Fixing Day, the applicable LIBOR or EURIBOR will, subject as provided below, be calculated on the basis of the rates of the remaining
Reference Banks. 

  
 48 

	13.2	Market disruption 

  

	 	13.2.1	In this Agreement “Market Disruption Event” means: 

  

	 	(a)	LIBOR or EURIBOR is to be calculated by reference to the Reference Banks but no, or only one, Reference Bank supplies a rate by 12.00pm (local time) on the Rate Fixing Day; or 

 

	 	(b)	the Agent receives by close of business on the Rate Fixing Day notification from Lenders whose shares in the relevant Loan exceed 35 per cent. of that Loan that the cost to them of funding itself from whatever
source it may reasonably select is in excess of LIBOR or EURIBOR for the relevant Term. 

  

	 	13.2.2	The Agent must promptly notify the Company and the Lenders of a market disruption event. 

  

	 	13.2.3	After notification under Clause 13.2.2 above, the rate of interest on each Lender’s share in the affected Loan for the relevant Term will be the aggregate of the applicable: 

 

	 	(a)	Margin; and 

  

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

  

	13.3	Alternative basis of interest or funding 

  

	 	13.3.1	If a market disruption event occurs and the Agent or the Company so requires, the Company and the Agent must enter into negotiations for a period of not more than 30 days with a view to agreeing an alternative basis for
determining the rate of interest and/or funding for the affected Loan and any future Loan. 

  

	 	13.3.2	Any alternative basis agreed will be, with the prior consent of all the Lenders and the Company, binding on all the Parties. 

  

	14.	TAXES 

  

	14.1	General 

 In this Clause “Tax Benefit” means any refund or elimination
of, deduction for, or credit against, any Tax or any relief or remission for Tax (or its repayment). 
  

	14.2	Tax gross-up 

  

	 	14.2.1	Each Obligor must make all payments to be made by it under the Finance Documents without any Tax Deduction, unless a Tax Deduction is required by law. No Obligor will be required to increase the amount of any payment if
and to the extent that such Tax Deduction could have been avoided by the Lender by the timely filing of a statement of residence or similar statement with the relevant tax authorities. 

  
 49 

	 	14.2.2	If an Obligor or a Lender is aware that an Obligor must make a Tax Deduction (or that there is a change in the rate or the basis of a Tax Deduction), it must promptly notify the Agent. The Agent must then promptly
notify the affected Parties. 

  

	 	14.2.3	Subject to Clause 14.6 (US Taxes), Clauses 14.2.1 and 14.2.4 of this Clause 14.2 and Clause 16.1 (Mitigation), if a Tax Deduction is required by law to be made by an Obligor or the Agent, the amount of the
payment due from the Obligor will be increased to an amount which (after making the Tax Deduction) leaves an amount equal to the payment which would have been due if no Tax Deduction had been required. 

 

	 	14.2.4	In addition, an Obligor shall only be required to make an increased payment to a Lender that is a foreign intermediary or a flow-through entity for US federal income tax purposes to the extent that a portion of the
payment made to such Lender, which was not subject to a Tax Deduction at the later of: 

  

	 	(a)	the date such Lender became a Lender under this Agreement; or 

  

	 	(b)	the date that the member or beneficiary of the Lender to whom such portion is attributable became a member or beneficiary of such Lender is subject to a Tax Deduction as a result of any change after such date in any law
or regulation or any published practice or concession of any relevant taxing authority. 

  

	 	14.2.5	If an Obligor is required to make a Tax Deduction, that Obligor must make the minimum Tax Deduction allowed by law and must make any payment required in connection with that Tax Deduction within the time allowed by law.

  

	 	14.2.6	Within 30 days of making either a Tax Deduction or a payment required in connection with a Tax Deduction, the Obligor making that Tax Deduction must deliver to the Agent for the relevant Finance Party evidence
satisfactory to that Finance Party (acting reasonably) that the Tax Deduction has been made or (as applicable) the appropriate payment has been paid to the relevant taxing authority. 

 

	14.3	Tax indemnity 

  

	 	14.3.1	Except as provided below, and subject to Clause 14.6 (US Taxes) each Obligor must indemnify a Finance Party against any loss or liability which that Finance Party determines has been suffered by that Finance
Party or any of its Affiliates (for which, and to the extent that, that Obligor has not made a payment to that Finance Party pursuant to Clause 14.2.3) for or on account of any Tax in relation to a payment received or receivable (or any payment
deemed to be received or receivable) from that Obligor under a Finance Document. 

  
 50 

	 	14.3.2	Clause 14.3.1 above does not apply to any Tax assessed on a Finance Party under the laws of the jurisdiction in which: 

  

	 	(a)	that Finance Party is incorporated or, if different, the jurisdiction (or jurisdictions) in which that Finance Party has a Facility Office and is treated as resident for tax purposes; 

 

	 	(b)	that Finance Party’s Facility Office is located in respect of amounts received or receivable in that jurisdiction; or 

if that Tax is a franchise tax or is imposed on or calculated by reference to the net income or net profits of that Finance Party. However,
any payment deemed to be received or receivable, including any amount treated as income but not actually received by the Finance Party, such as a Tax Deduction, will not be treated as net income for this purpose. 

 

	 	14.3.3	Clause 14.3.1 above does not apply to any Tax assessed on a Finance Party that relates to a FATCA Deduction required to be made by a Party. 

 

	 	14.3.4	A Finance Party making, or intending to make, a claim under Clause 14.3.1 above must promptly notify the Company of the event which will give, or has given, rise to the claim. 

 

	14.4	Tax Benefits 

 If an Obligor makes a Tax Payment and the relevant Finance Party (in its
absolute discretion and in good faith) determines that: 
  

	 	14.4.1	a Tax Benefit is attributable to that Tax Payment; and 

  

	 	14.4.2	it has used that Tax Benefit, 

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

 

	14.5	Stamp taxes 

 Each Obligor must pay and indemnify each Finance Party against any stamp
duty, registration or other similar Tax payable in connection with the entry into, performance or enforcement of any Finance Document to which that Obligor is a party, except for any such Tax payable in connection with the entry into a Transfer
Certificate. 
  

	14.6	US Taxes 

  

	 	14.6.1	In this Clause, US person has the meaning given to it in Section 7701(a)(30) of the Code. 

  
 51 

	 	14.6.2	Except as provided below, each Lender who is a US person must supply to the Agent on or prior to the first date for the payment of interest by a US Obligor under this Agreement (or, in the case of a New Lender, on or
prior to the first date for the payment of interest by a US Obligor after such New Lender becomes a New Lender), two duly executed, accurate and complete US Internal Revenue Service (“IRS”) forms W-9. In addition, each Lender who is
a US person agrees that from time to time, when a lapse in time or change in circumstances has rendered or will render the previous certification obsolete or inaccurate in any material respect, or upon reasonable request from the Company or a US
Obligor (through the Agent) to that effect, it will deliver to the Agent two new duly executed, accurate and complete IRS forms W-9 and such other forms as may be required in order to confirm or establish whether such Lender is entitled to a
continued exemption from US withholding Tax with respect to payments from a US Obligor. 

 Except as provided below, each
Lender who is not a US person must supply to the Agent on or prior to the first date for the payment of interest by the US Obligor under this Agreement (or, in the case of a New Lender, on or prior to the first date for the payment of interest by
the US Obligor after such New Lender becomes a New Lender or, in the case of a member or beneficiary of a Lender that is a foreign intermediary or flow-through entity for US Federal income tax purposes, on or prior to the first date for the payment
of interest by the US Borrower after such member or beneficiary becomes a member or beneficiary of the foreign intermediary or flow-through entity), or in the case of a Lender that is a foreign intermediary or a flow-through entity for US federal
income tax purposes, under the cover of a duly executed IRS form W-8IMY, as appropriate, two duly executed, accurate and complete IRS forms (i) W-8BEN or W-8BEN-E as applicable (with respect to an exemption under an income tax treaty)
(ii) W-8BEN or W-8BEN-E as applicable and such information as a Obligor may reasonably require to establish an exemption from withholding under Section 881(c) of the Code (with respect to the portfolio interest exemption),
(iii) W-8EXP, or (iv) W-8ECI (as appropriate) to enable each US Obligor to make payments to that Lender, or in case of a Lender that is a foreign intermediary or a flow-through entity for US federal income tax purposes, a portion of such
payments attributable to one or more members or beneficiaries of the foreign intermediary or flow-through entity, under the Finance Documents without any deduction or withholding in respect of any Tax in the United States of America. In addition,
each Lender which is not a US person agrees that from time to time, when a lapse in time or change in circumstances has rendered or will render the previous certification obsolete or inaccurate in any material respect, or upon reasonable request
from the Company or US Obligor (through the Agent) to that effect, it will deliver to the Agent, or in the case of a Lender that is a foreign intermediary or a flow-through entity for US federal income tax purposes, under the cover of a duly
executed IRS form W-8IMY, as appropriate, two new duly executed, accurate and complete IRS forms (i) W-8BEN or W-8BEN-E as applicable (with respect to the benefits of any income tax treaty) (ii) W-8BEN or W-8BEN-E as applicable and such
information as a Obligor may reasonably require to establish an exemption from withholding under Section 881(c) of the Code 

  
 52 

 
(with respect to the portfolio interest exemption) (iii) W-8EXP, or (iv) W-8ECI (as appropriate) and such other forms as may be required in order to confirm or establish the entitlement
of such Lender to a continued exemption from or reduction in US withholding Tax with respect to payments, or in case of a Lender that is a foreign intermediary or a flow-through entity for US federal income tax purposes, a portion of such payments
attributable to one or more members or beneficiaries of the foreign intermediary or flow-through entity, under this Agreement. 
 As
promptly as practicable following receipt of any forms from a Lender pursuant to this Clause 14.6.2, the Agent shall deliver one of such forms to the US Obligor(s). 
  

	 	14.6.3	A Lender must comply with its obligations under Clause 14.6.2 above as soon as practicable after the date it becomes a Party or (if later) the date a US Obligor becomes a Party. 

 

	 	14.6.4	A Lender is not obliged to supply any form under Clause 14.6.2 above if it is unable to do so by reason of any change after the date of this Agreement in (or in the interpretation, administration or application of) any
law or regulation or any published practice or concession of any relevant taxing authority. 

  

	 	14.6.5	A US Obligor is not obliged to pay any amount to a Lender pursuant to Clause 14.2 (Tax gross-up) or Clause 14.3 (Tax indemnity) to the extent that such amount would not have been payable if that Lender had
complied with its obligations under this Clause, including in the event such Lender fails to supply any form under Clause 14.6.2 hereof (other than if the failure to supply such form is due to a change in law occurring after the date on which the
form was originally required to be provided, notwithstanding the provisions of Clause 14.6.4 above). 

  

	 	14.6.6	A US Obligor is not obliged to pay any amount to a Lender pursuant to Clause 14.2 (Tax gross-up) or Clause 14.3 (Tax indemnity) in respect of any US federal Withholding Tax imposed under FATCA.

  

	14.7	VAT 

  

	 	14.7.1	All amounts set out or expressed in a Finance Document to be payable by any Party to a Finance Party which (in whole or in part) constitute the consideration for a supply or supplies for VAT purposes shall be deemed to
be exclusive of any VAT which is chargeable on such supply or supplies, and accordingly, subject to Clause 14.7.2 below, if VAT is or becomes chargeable on any supply made by any Finance Party to any Party under a Finance Document, that Party shall
pay to the Finance Party (in addition to and at the same time as paying any other consideration for such supply) an amount equal to the amount of such VAT (and such Finance Party shall promptly provide an appropriate VAT invoice to such Party).

  
 53 

	 	14.7.2	If VAT is or becomes chargeable on any supply made by any Finance Party (the “Supplier”) to any other Finance Party (the “Recipient”) under a Finance Document, and any Party other than
the Recipient (the “Subject Party”) is required by the terms of any Finance Document to pay an amount equal to the consideration for such supply to the Supplier (rather than being required to reimburse the Recipient in respect of
that consideration), such Party shall also pay to the Supplier (in addition to and at the same time as paying such amount) an amount equal to the amount of such VAT. The Recipient will promptly pay to the Subject Party an amount equal to any credit
or repayment obtained by the Recipient from the relevant tax authority which the Recipient reasonably determines is in respect of such VAT. 

  

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

 

	 	14.7.4	Any reference in this Clause 14.7 to any Party shall, at any time when such Party is treated as a member of a group for VAT purposes, include (where appropriate and unless the context otherwise requires) a reference to
the representative member of such group at such time (the term “representative member” to have the same meaning as in the Value Added Tax Act 1994). 

 

	14.8	FATCA Information 

  

	 	14.8.1	Subject to Clause 14.8.3 below, each Party shall, within 20 Business Days of a reasonable request by another Party: 

  

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

  

	 	(i)	a FATCA Exempt Party; or 

  

	 	(ii)	not a FATCA Exempt Party; 

  

	 	(b)	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; or

  

	 	(c)	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. 

  

	 	14.8.2	If a Party confirms to another Party pursuant to Clause 14.8.1(a) above that it is a FATCA Exempt Party and it subsequently becomes aware that it is not or has ceases to be a FATCA Exempt Party, that Party shall notify
that other Party reasonably promptly. 

  
 54 

	 	14.8.3	Clause 14.8.1 above shall not oblige any Finance Party to do anything, and Clause 14.8.1(c) above shall not oblige any other Party to do anything, which would or might in its reasonable opinion constitute a breach of:

  

	 	(a)	any law or regulation; 

  

	 	(b)	any fiduciary duty; or 

  

	 	(c)	any duty of confidentiality. 

  

	 	14.8.4	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 Clause 14.8.1(a) or 14.8.1(b) above (including, for the avoidance
of doubt, where Clause 14.8.3 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. 

  

	 	14.8.5	If a Borrower is a US Tax Obligor or the Agent reasonably believes that its obligations under FATCA or any other applicable law or regulation require it, each Lender shall, within 10 Business Days of: 

 

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

  

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

  

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

  

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

 Supply to the
Agent: 
  

	 	(i)	a withholding certificate on the applicable Form W-8, From W-9 or any other relevant form; or 

  

	 	(ii)	any withholding statement or other document, authorisation or waiver as the Agent may require to certify or establish the status of such Lender under FATCA or that other law or regulation. 

 

	 	14.8.6	The Agent shall provide any withholding certificate, withholding statement, document, authorisation or wavier it receives from a Lender pursuant to Clause 14.8.5 above to the relevant Borrower. 

  
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	 	14.8.7	If any withholding certificate, withholding statement, document, authorisation or wavier provided to the Agent by a Lender pursuant to Clause 14.8.5 above is or becomes materially inaccurate or incomplete, that Lender
shall promptly update it and provide such updated withholding certificate, withholding statement, document, authorisation or wavier to the Agent unless it is unlawful for the Lender to do so (in which case the Lender shall promptly notify the
Agent). The Agent shall provide any such updated withholding certificate, withholding statement, document, authorisation or wavier to the relevant Borrower. 

  

	 	14.8.8	The Agent may rely on any withholding certificate, withholding statement, document, authorisation or waiver it receives from a Lender pursuant to Clause 14.8.5 or 14.8.7 above without further verification. The Agent
shall not be liable for any action taken by it under or in connection with Clause 14.8.5, 14.8.6 or 14.8.7 above. 

  

	14.9	FATCA Deduction 

  

	 	14.9.1	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. 

  

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

  

	15.	INCREASED COSTS 

  

	15.1	Increased Costs 

 Except as provided below in this Clause, each Borrower must, in respect
of the borrowings made by it, pay to a Finance Party the amount of any Increased Cost incurred by that Finance Party or any of its Affiliates as a result of: 
  

	 	15.1.1	the introduction of, or any change in, or any change in the interpretation, administration or application of, any law or regulation; 

 

	 	15.1.2	compliance with any law or regulation; or 

  

	 	15.1.3	the implementation or application of, or compliance with the Basel III as implemented by CRD IV or any law or regulation that implements or applies the Basel III as implemented by CRD IV, 

made after the date of this Agreement. 

  
 56 

	15.2	Exceptions 

 No Borrower need make any payment for an Increased Cost to the extent that
the Increased Cost is: 
  

	 	15.2.1	compensated for under another Clause or would have been but for an exception to that Clause; 

  

	 	15.2.2	attributable to a Tax Deduction required by law to be made by an Obligor; 

  

	 	15.2.3	attributable to a FATCA Deduction required to be made by a Party; 

  

	 	15.2.4	compensated for by Clauses 14.2 (Tax gross-up) or 14.3 (Tax indemnity) (or would have been compensated for under Clauses 14.2 (Tax gross-up) or 14.3 (Tax indemnity) but was not so compensated
solely because any of the exclusions in Clauses 14.2.1 or 14.3.2 as applicable; 

  

	 	15.2.5	attributable to a Finance Party or its Affiliate wilfully failing to comply with any law or regulation; or 

  

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

  

	 	15.2.7	attributable to the implementation or application of, or compliance with, Basel III as implemented by CRD IV to the extent that a Finance Party knew about or could reasonably be expected to have known about the
relevant Increased Cost at the Effective Date (provided that, if the Increased Cost was not fully quantifiable on or prior to the date on which it became a Finance Party, Clause 15.2 (Exceptions) shall not apply to that amount of the
Increased Cost which was not, or could not reasonably be expected to have been quantifiable). 

 In Clauses 15.1
and 15.2 “Basel III” means  
  

	 	(A)	the agreements on capital requirements, a leverage ratio and liquidity standards contained in “Basel III: International framework for liquidity risk measurement, standards and monitoring” and “Guidance
for national authorities operating the countercyclical capital buffer” published by the Basel Committee on Banking Supervision in December 2012, each as amended, supplemented or restated; 

 

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

  
 57 

	 	(C)	any further guidance or standards published by the Basel Committee on Banking Supervision relating to “Basel III”. 

In Clauses 15.1 and 15.2 “CRD IV” means: 
  

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

 

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

  

	15.3	Claims 

  

	 	15.3.1	A Finance Party intending to make a claim for an Increased Cost must provide written notice to the Company 10 Business Days prior to the claim being issued. In addition, the Finance Party making the claim must when
doing so provide the Company with reasonable evidence of the existence of the increased cost incurred and the amount and basis of calculation of the claim provided that it does not extend to information that the Lender is prevented from disclosing
by law or which is confidential or price-sensitive. 

  

	 	15.3.2	For the avoidance of doubt, a claim for an Increased Cost can only be made for a period beginning from the date the Increased Cost was incurred up to six months thereafter. A claim for the relevant Increased Cost will
not be permitted following the expiry of that six month period. 

  

	16.	MITIGATION 

  

	16.1	Mitigation 

  

	 	16.1.1	Each Finance Party must, in consultation with the Company, take all reasonable steps to mitigate any circumstances which arise and which result or would result in: 

 

	 	(a)	any Tax Payment or Increased Cost being payable to that Finance Party; 

  

	 	(b)	that Finance Party being able to exercise any right of prepayment and/or cancellation under this Agreement by reason of any illegality; or 

 

	 	(c)	that Finance Party incurring any cost of complying with the minimum reserve requirements of any relevant central bank, 

including transferring its rights and obligations under the Finance Documents to an Affiliate or changing its Facility Office. 

  
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	 	16.1.2	Clause 16.1.1 above does not in any way limit the obligations of any Borrower under the Finance Documents. 

  

	 	16.1.3	The Company shall promptly indemnify each Finance Party for all costs and expenses reasonably incurred by that Finance Party as a result of any step taken by it under this Clause. 

 

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

 

	16.2	Conduct of business by a Finance Party 

 No term of this Agreement will: 

 

	 	16.2.1	interfere with the right of any Finance Party to arrange its affairs (Tax or otherwise) in whatever manner it thinks fit; 

  

	 	16.2.2	oblige any Finance Party to investigate or claim any credit, relief, remission or repayment available to it in respect of Tax or the extent, order and manner of any claim; or 

 

	 	16.2.3	oblige any Finance Party to disclose any information relating to its affairs (Tax or otherwise) or any computation in respect of Tax. 

 

	17.	PAYMENTS 

  

	17.1	Place 

 Unless a Finance Document specifies that payments under it are to be made in
another manner, all payments by a Party (other than the Agent) under the Finance Documents must be made to the Agent to its account at such office or bank: 
  

	 	17.1.1	in the principal financial centre of the country of the relevant currency; or 

  

	 	17.1.2	in the case of Euro, in the principal financial centre of a Participating Member State or London, 

as it may notify to that Party for this purpose by not less than five Business Days’ prior notice. 

 

	17.2	Funds 

 Payments under the Finance Documents to the Agent must be made for value on the
due date at such times and in such funds as the Agent may specify to the Party concerned as being customary at the time for the settlement of transactions in that currency in the place for payment. 

  
 59 

	17.3	Distribution 

  

	 	17.3.1	Each payment received by the Agent under the Finance Documents for another Party must, except as provided below, be made available by the Agent to that Party by payment (as soon as practicable after receipt) to its
account with such office or bank: 

  

	 	(a)	in the principal financial centre of the country of the relevant currency; or 

  

	 	(b)	in the case of Euro, in the principal financial centre of a Participating Member State or London, 

as it may notify to that Party for this purpose by not less than five Business Days’ prior notice. 

 

	 	17.3.2	The Agent may apply any amount received by it for an Obligor in or towards payment (as soon as practicable after receipt) of any amount due from that Obligor under the Finance Documents or in or towards the purchase of
any amount of any currency to be so applied. 

  

	 	17.3.3	Where a sum is paid to the Agent under this Agreement for another Party, the Agent is not obliged to pay that sum to that Party until it has established that it has actually received it. However, the Agent may assume
that the sum has been paid to it, and, in reliance on that assumption, make available to that Party a corresponding amount. If it transpires that the sum has not been received by the Agent, that Party must immediately on demand by the Agent refund
any corresponding amount made available to it together with interest on that amount from the date of payment to the date of receipt by the Agent at a rate calculated by the Agent to reflect its cost of funds. 

 

	17.4	Impaired Agent 

  

	 	17.4.1	If, at any time, the Agent becomes an Impaired Agent, an Obligor or a Lender which is required to make a payment under the Finance Documents to the Agent may instead either pay that amount direct to the required
recipient or pay that amount to an interest bearing account held with an Acceptable Bank in accordance with the provisions of Clause 21.1 (Definitions) and in relation to which no Insolvency Event has occurred and is continuing, in the name
of the Obligor or the Lender making the payment and designated as a trust account for the benefit of the Party or Parties beneficially entitled to that payment under the Finance Documents. In each case such payments must be made on the due date for
payment under the Finance Documents. 

  

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

 

	 	17.4.3	A Party which has made a payment in accordance with this Clause 17.4 shall be discharged of the relevant payment obligation under the Finance Documents and shall not take any credit risk with respect to the amounts
standing to the credit of the trust account. 

  
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	 	17.4.4	Promptly upon the appointment of a successor Agent in accordance with Clause 24.17 (Replacement of the Agent), each Party which has made a payment to a trust account in accordance with this Clause 17.4 shall give
all requisite instructions to the bank with whom the trust account is held to transfer the amount (together with any accrued interest) to the successor Agent for distribution in accordance with Clause 17.3 (Distribution). 

 

	17.5	Currency 

  

	 	17.5.1	Unless a Finance Document specifies that payments under it are to be made in a different manner the currency of each amount payable under the Finance Documents, subject to Clauses 17.5.2 to 17.5.5 below, is the Base
Currency. 

  

	 	17.5.2	Interest is payable in the currency in which the relevant amount in respect of which it is payable is denominated. 

  

	 	17.5.3	A repayment or prepayment of any principal amount is payable in the currency in which that principal amount is denominated on its due date. 

 

	 	17.5.4	Amounts payable in respect of costs, expenses or Taxes are payable in the currency in which they are incurred. 

  

	 	17.5.5	Each other amount payable under the Finance Documents is payable in the Base Currency. 

  

	17.6	No set-off or counterclaim 

 All payments made by an Obligor under the Finance Documents
must be made without set-off or counterclaim. 
  

	17.7	Business Days 

  

	 	17.7.1	If a payment under the Finance Documents is due on a day which is not a Business Day, the due date for that payment will instead be the next Business Day in the same calendar month (if there is one) or the preceding
Business Day (if there is not) or whatever day the Agent determines is market practice. 

  

	 	17.7.2	During any extension of the due date for payment of any principal under this Agreement interest is payable on that principal at the rate payable on the original due date. 

 

	17.8	Partial payments 

  

	 	17.8.1	If any Administrative Party receives a payment insufficient to discharge all the amounts then due and payable by the Obligors under the Finance Documents, the Administrative Party must apply that payment towards the
obligations of the Obligors under the Finance Documents in the following order: 

  
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	 	(a)	first, in or towards payment pro rata of any unpaid fees, costs and expenses of the Administrative Parties under the Finance Documents; 

 

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

  

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

  

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

  

	 	17.8.2	The Agent must, if so directed by the Majority Lenders, vary the order set out in paragraphs (b) to (d) of Clause 17.8.1 above. 

This Clause will override any appropriation made by an Obligor. 
  

	17.9	Disruption to Payment Systems etc. 

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

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

  

	 	17.9.2	the Agent shall not be obliged to consult with the Company in relation to any changes mentioned in Clause 17.9.1 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; 

  

	 	17.9.3	the Agent may consult with the Finance Parties in relation to any changes mentioned in Clause 17.9.1 but shall not be obliged to do so if, in its opinion, it is not practicable to do so in the circumstances;

  

	 	17.9.4	any such changes agreed upon by the Agent and the Company shall (whether or not it is finally determined that a Disruption Event has occurred) be binding upon the Parties as an amendment to (or, as the case may be,
waiver of) the terms of the Finance Documents notwithstanding the provisions of Clause 29 (Amendments and Waivers); 

  

	 	17.9.5	the Agent shall not be liable for any damages, costs or losses whatsoever (including, without limitation for negligence, gross negligence or any other category of liability whatsoever but not including any claim based
on the fraud of the Agent) arising as a result of its taking, or failing to take, any actions pursuant to or in connection with this Clause 17.9; and 

  

	 	17.9.6	the Agent shall notify the Finance Parties of all changes agreed pursuant to Cause 17.9.4 above. 

  
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	17.10	Timing of payments 

 If a Finance Document does not provide for when a particular payment
is due, that payment will be due within three Business Days of demand by the relevant Finance Party. 
  

	18.	GUARANTEE AND INDEMNITY 

  

	18.1	Guarantee and indemnity 

 The Company irrevocably and unconditionally: 

 

	 	18.1.1	guarantees to each Finance Party punctual performance by each Borrower of all its payment obligations under the Finance Documents; 

  

	 	18.1.2	undertakes with each Finance Party that, whenever a Borrower does not pay any amount when due under any Finance Document, it must immediately on demand by the Agent pay that amount as if it were the principal obligor;
and 

  

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

 

	18.2	Continuing guarantee 

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

	18.3	Reinstatement 

  

	 	18.3.1	If any discharge (whether in respect of the obligations of any Obligor or any security for those obligations or otherwise), release or arrangement is made in whole or in part on the faith of any payment, security or
other disposition which is avoided or must be restored on insolvency, liquidation or any similar event, the liability of the Company under this Clause will continue or be reinstated as if the discharge, release or arrangement had not occurred.

  

	 	18.3.2	Each Finance Party may concede or compromise any claim that any payment, security or other disposition is liable to avoidance or restoration. 

  
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	18.4	Waiver of defences 

 The obligations of the Company under this Clause will not be
affected by any act, omission or thing which, but for this provision, would reduce, release or prejudice any of its obligations under this Clause (whether or not known to it or any Finance Party). This includes: 

 

	 	18.4.1	any time or waiver granted to, or composition with, any person; 

  

	 	18.4.2	any release of any person under the terms of any composition or arrangement; 

  

	 	18.4.3	the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up or enforce, any rights against, or security over assets of, any person; 

 

	 	18.4.4	any non-presentation or non-observance of any formality or other requirement in respect of any instrument or any failure to realise the full value of any security; 

 

	 	18.4.5	any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of any person; 

  

	 	18.4.6	any amendment (however fundamental) of a Finance Document or any other document or security; 

  

	 	18.4.7	any unenforceability, illegality, invalidity or non-provability of any obligation of any person under any Finance Document or any other document or security; or 

 

	 	18.4.8	any insolvency or similar proceedings. 

  

	18.5	Immediate recourse 

 The Company waives any right it may have of first requiring any
Finance Party (or any trustee or agent on its behalf) to proceed against or enforce any other right or security or claim payment from any person before claiming from the Company under this Clause. 

 

	18.6	Appropriations 

 Until all amounts which may be or become payable by the Obligors under
the Finance Documents have been irrevocably paid in full, each Finance Party (or any trustee or agent on its behalf) may without affecting the liability of the Company under this Clause: 

 

	 	18.6.1	refrain from applying or enforcing any other moneys, security or rights held or received by that Finance Party (or any trustee or agent on its behalf) in respect of those amounts; or 

 

	 	18.6.2	apply and enforce them in such manner and order as it sees fit (whether against those amounts or otherwise); and 

  
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	 	18.6.3	hold in an interest-bearing suspense account any moneys received from the Company or on account of the Company’s liability under this Clause. 

 

	18.7	Non-competition 

 Until all amounts which may be or become payable by the Obligors under
the Finance Documents have been irrevocably paid in full, and unless the Agent otherwise directs, the Company shall not, after a claim has been made or by virtue of any payment or performance by it under this Clause: 

 

	 	18.7.1	be subrogated to any rights, security or moneys held, received or receivable by any Finance Party (or any trustee or agent on its behalf); 

 

	 	18.7.2	be entitled to any right of contribution or indemnity in respect of any payment made or moneys received on account of the Company’s liability under this Clause; 

 

	 	18.7.3	claim, rank, prove or vote as a creditor of any Obligor or its estate in competition with any Finance Party (or any trustee or agent on its behalf); or 

 

	 	18.7.4	receive, claim or have the benefit of any payment, distribution or security from or on account of any Obligor, or exercise any right of set-off as against any Obligor. 

The Company must hold in trust for and immediately pay or transfer to the Agent for the Finance Parties any payment or distribution or benefit
of security received by it contrary to this Clause or in accordance with any directions given by the Agent under this Clause. 
  

	18.8	Additional Security 

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

	18.9	Limitations 

 Notwithstanding any other provisions of this Clause 18 (Guarantee
and Indemnity) the guarantee, indemnity and other obligations of the Company expressed to be assumed in this Clause 18 (Guarantee and Indemnity) shall be deemed not to be assumed by the Company to the extent that the same would constitute
unlawful financial assistance within the meaning of Article 2.98c of the Dutch Civil Code or any other applicable financial assistance rules under any relevant jurisdiction (the “Prohibition”) and the provisions of
this Agreement and the other Finance Documents shall be construed accordingly. For the avoidance of doubt it is expressly acknowledged that the Company will continue to guarantee all such obligations which, if included, do not constitute a violation
of the Prohibition. Furthermore, notwithstanding anything to the contrary contained herein, neither the US Obligor (or any future US Obligor) nor any subsidiary thereof shall be required to provide any guarantee, pledge or asset support agreement
that, in the reasonable judgment of the US Obligor, would subject the US Obligor to any adverse tax consequence due to the application of Section 956 of the Code. 

  
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	19.	REPRESENTATIONS 

  

	19.1	Representations 

 The representations set out in this Clause are made by each Obligor or
(if it so states) the Company to each Finance Party, in each case with respect to itself, and where a representation relates to a member of the Group, the Company will make the representation in respect of that member of the Group. 

 

	19.2	Status 

  

	 	19.2.1	It is a limited liability company (or, in the case of the US Borrower, corporation), duly incorporated and validly existing under the laws of its jurisdiction of incorporation. 

 

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

  

	19.3	Powers and authority 

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

 

	19.4	Sanctions and Anti-Corruption Laws 

  

	 	19.4.1	Neither it nor any member of the Group nor, to its knowledge, any director, officer, agent, employee of any member of the Group is a Sanctioned Person or has received notice of, or is otherwise aware of, any claim,
suit, proceedings or investigation involving it with respect to Sanctions. 

  

	 	19.4.2	Neither it nor, to its knowledge, any member of the Group, any director, officer, agent, employee of any member of the Group has conducted its business in a manner that is non-compliant with applicable Anti-Corruption
Laws. 

  

	 	19.4.3	Each Obligor and, to the best of each Obligor’s knowledge, each of its Group members has taken reasonable measures to ensure compliance with applicable Anti-Corruption Laws. 

 

	19.5	Legal validity 

 Subject to any general principles of law limiting its obligations and
referred to in the Legal Opinions, each Finance Document to which it is a party is its legally binding, valid and enforceable obligation and is admissible in evidence in its jurisdiction of incorporation. 

 

	19.6	Non-conflict 

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

  
 66 

	 	19.6.1	any law or regulation applicable to it; 

  

	 	19.6.2	its constitutional documents; or 

  

	 	19.6.3	any document which is binding upon it or any of its Subsidiaries or any of its or its Subsidiaries’ assets, 

in a manner which, in the case of Clause 19.6.1 and 19.6.3, is reasonably likely to have a Material Adverse Effect. 

 

	19.7	No default 

  

	 	19.7.1	No Default is outstanding or will result from the execution of, or the performance of any transaction contemplated by, any Finance Document. 

 

	 	19.7.2	No other event is outstanding which constitutes a default under any document which is binding on it or any of its Subsidiaries or any of its or its Subsidiaries’ assets to an extent or in a manner which is
reasonably likely to have a Material Adverse Effect. 

  

	19.8	Authorisations 

 All authorisations required by it in connection with the entry into,
performance, validity and enforceability of, and the transactions contemplated by, the Finance Documents have been obtained or effected (as appropriate) and are in full force and effect (or will be, when required). 

 

	19.9	Financial statements 

 Its audited financial statements (consolidated, if applicable)
most recently delivered to the Agent: 
  

	 	19.9.1	have been prepared in accordance with accounting principles and practices generally accepted in its jurisdiction of incorporation and consistently applied; and 

 

	 	19.9.2	give a true and fair view of its financial condition as at the date to which they were drawn up. 

  

	19.10	No material adverse change 

 As at the date of this Agreement and the date of the first
Request delivered under this Agreement, there has been no material adverse change in the consolidated financial condition of the Company or the Group as a whole, as the case may be, since the date to which the relevant Original Financial Statements
were drawn up. 
  

	19.11	Litigation 

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

  
 67 

	19.12	Additional information 

 All factual written information supplied to the Agent in
relation to this Agreement pursuant to Clause 20.4 (Information - miscellaneous) by or on behalf of any member of the Group after the date of this Agreement (or otherwise designated by the Agent and the Company as being covered by this Clause
19.12) is true, complete and accurate in all material respects as at the date it was given and is not misleading in any material respect. 
  

	19.13	Pari passu ranking 

 As at the date of this Agreement and the date of the first
Request delivered under this Agreement, its payment obligations under the Finance Documents rank at least pari passu with all its other present and future unsecured payment obligations, except for obligations mandatorily preferred by law. 

  

	19.14	Taxes on payments 

 As at the date of this Agreement, subject to Clause 14.6
(US Taxes) or Clause 14.2.1 of Clause 14.2 (Tax Gross-up), and subject to any qualifications contained in the Legal Opinions, all amounts payable by it under the Finance Documents may be made without any Tax Deduction. 

 

	19.15	Stamp duties 

 As at the date of this Agreement and subject to any qualifications
contained in the Legal Opinions, no stamp or registration duty or similar Tax or charge is payable in its jurisdiction of incorporation in respect of any Finance Document. 
  

	19.16	Financial Indebtedness and Security Interests 

 As at the date of this Agreement and the
date of the first Request delivered under this Agreement: 
  

	 	19.16.1	no member of the Group has any Financial Indebtedness outstanding other than to the extent permitted by the terms of this Agreement; and 

 

	 	19.16.2	no Security Interest exists over the whole or any part of the respective present or future assets of any member of the Group except for those permitted under Clause 22.8 (Negative pledge).

  

	19.17	No winding-up 

 As at the date of this Agreement and the date of the first Request
delivered under this Agreement: 
  

	 	19.17.1	 no Material Group Member has taken any corporate action nor have any other steps been taken or legal proceedings been started or (to the best of its
knowledge and belief) threatened against any such Material Group Member 

  
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for its winding-up, dissolution, administration or re-organisation or for the appointment of a receiver, administrator, administrative receiver, trustee or similar officer in respect of a
Material Group Member or of any or all of its assets or revenues; and 

  

	 	19.17.2	it and each of its Subsidiaries which is a Material Group Member is able to pay its debts as and when they fall due. 

  

	19.18	Jurisdiction/governing law 

 As at the date of this Agreement and the date of the first
Request delivered under this Agreement, subject to any qualifications as to matters of law contained in the Legal Opinions and, with respect to the US Borrower and any other Obligor organised under the laws of the United States, any state thereof or
the District of Columbia, subject to Debtor Relief Laws and general principles of equity, its: 
  

	 	19.18.1	irrevocable submission under this Agreement to the jurisdiction of (i) the courts of England and (ii) New York State courts and Federal courts sitting in the Borough of Manhattan, New York City; and

  

	 	19.18.2	agreement that this Agreement is governed by English law, 

  

	 	19.18.3	are legal, valid and binding under the laws of its jurisdiction of incorporation; and 

  

	 	19.18.4	any judgment obtained in England or in New York will be recognised and be enforceable by the courts of its jurisdiction of incorporation and, in the case of New York, subject to Dutch laws, if applicable.

  

	19.19	United States laws 

  

	 	19.19.1	In this Clause: 

  

	 	(a)	investment company and controlled have the meanings given to them in the United States Investment Company Act 1940, as amended. 

  

	 	(b)	public utility has the meaning given to it in the United States Federal Power Act of 1920, as amended. 

  

	 	19.19.2	The US Borrower is not: 

  

	 	(a)	a public utility, or subject to regulation, under the United States Federal Power Act of 1920, as amended; 

  

	 	(b)	required to be registered as an investment company under the United States Investment Company Act of 1940, as amended. 

  

	 	19.19.3	 Except as would not be reasonably likely to result in a Material Adverse Effect, each Plan of a US Obligor and of each ERISA Affiliate of a US Obligor
complies with all applicable requirements of law and regulation. 

  
 69 

	 	
No Reportable Event has occurred with respect to any Plan, and except as would not be reasonably likely to result in a Material Adverse Effect, no steps have been taken to terminate any Plan.
Except as would not be reasonably likely to result in a Material Adverse Effect, no a US Obligor nor any of its Subsidiaries or ERISA Affiliates has had a complete or partial withdrawal from any Multiemployer Plan or initiated any steps to do so.

  

	19.20	Federal Reserve Regulations 

  

	 	19.20.1	The US Borrower is not engaged, nor does it intend to engage, principally or as one of its important activities, in the business of owning or extending credit for the purpose of “buying” or
“carrying” any Margin Stock. 

  

	 	19.20.2	None of the proceeds of the Loans or other extensions of credit under this Agreement will be used for any purpose that violates the provisions of Regulations T, U or X. 

 

	19.21	Environment 

  

	 	19.21.1	As at the date of this Agreement and the date of the first Request delivered under this Agreement, it has obtained all Environmental Approvals required for the carrying on of its business as currently conducted and has
at all times complied with: 

  

	 	(a)	the terms and conditions of such Environmental Approvals; and 

  

	 	(b)	all other applicable Environmental Laws, 

 where, in each case, if not obtained or complied
with, the failure to do so or its consequences would have a Material Adverse Effect. There are to its knowledge, as at the date of this Agreement and the date of the first Request delivered under this Agreement, no circumstances that may prevent or
interfere with such compliance in the future. 
  

	 	19.21.2	As at the date of this Agreement and the date of the first Request delivered under this Agreement, there are no Environmental Claims pending or formally threatened and there are no past or present acts, omissions,
events or circumstances that would form, or are reasonably likely to form, the basis of any Environmental Claim (including any arising out of the generation, storage, transport, disposal or release of any dangerous substance) against any member of
the Group which, if adversely determined, would have a Material Adverse Effect. 

  

	19.22	Anti-Terrorism Laws 

  

	 	19.22.1	To the best of each Obligor’s knowledge, neither it nor any of its Affiliates: 

  

	 	(a)	is, or is controlled by, a Restricted Party; 

  

	 	(b)	has received funds or other property from a Restricted Party; or 

  
 70 

	 	(c)	is in breach of or is the subject of any action or investigation under any Anti-Terrorism Laws. 

Each Obligor and, to the best of each Obligor’s knowledge, each of its Affiliates has taken reasonable measures to ensure compliance with
the Anti-Terrorism Laws. 
  

	19.23	Compliance with Swiss Twenty Non-Bank Rule 

  

	 	19.23.1	As of the date of this Agreement each Swiss Borrower is in compliance with the Swiss Non-Bank Rules. 

  

	 	19.23.2	For the purposes of Clause 19.23.1 above, each Swiss Borrower shall assume that the aggregate number of Lenders which are Swiss Non-Qualifying Banks is five. 

provided that no Swiss Borrower shall be in breach of this Clause 19.23 if such number of creditors is exceeded solely by reason of a
failure of one or more Lenders or sub-participants to comply with their respective obligations under Clause 30.2 (Assignments and transfers by Lenders) and Clause 30.3 (Swiss Qualifying Bank). 

 

	19.24	Times for making representations 

  

	 	19.24.1	The representations set out in this Clause are made by each Original Obligor on the date of this Agreement. 

  

	 	19.24.2	Unless a representation is expressed to be given at a specific date, each representation is deemed to be repeated by: 

  

	 	(a)	each Additional Borrower on the date that Additional Borrower becomes a Borrower; and 

  

	 	(b)	each Obligor on the date of each Request and the first day of each Term. 

  

	 	19.24.3	When a representation in Clause 19.7.1 of Clause 19.7 (No Default) is repeated on a Request for a Rollover Loan or the first day of a Term for a Loan (other than the first Term for that Loan), the reference to a
Default will be construed as a reference to an Event of Default. 

  

	 	19.24.4	When a representation is repeated, it is applied to the circumstances existing at the time of repetition. 

  

	20.	INFORMATION COVENANTS 

  

	20.1	Financial statements 

  

	 	20.1.1	The Company must supply to the Agent in sufficient copies for all the Lenders (subject to Clause 20.7 (Use of websites)): 

 

	 	(a)	its audited consolidated financial statements for each of its financial years; 

  
 71 

	 	(b)	its consolidated unaudited interim financial statements for the first half year of each of its financial years; and 

  

	 	(c)	the audited consolidated financial statements of each Obligor (other than the Company) for each of their financial years (provided, in each case, that the relevant Obligor produces such financial statements).

  

	 	20.1.2	All financial statements must be supplied as soon as they are available and: 

  

	 	(a)	in the case of its annual audited financial statements, no later than 150 days after the end of the relevant financial year; 

  

	 	(b)	in the case of any unaudited interim financial statements, within 60 days of the end of the relevant financial period; and 

  

	 	(c)	where applicable, in the case of the annual audited financial statements of any Obligor (other than the Company), no later than 210 days after the end of the relevant financial year. 

 

	20.2	Form of financial statements 

  

	 	20.2.1	The Company must ensure that each set of financial statements supplied under this Agreement gives (if audited) a true and fair view of, or (if unaudited) fairly represents, the financial condition (consolidated or
otherwise) of the relevant person as at the date to which those financial statements were drawn up. 

  

	 	20.2.2	The Company must notify the Agent of any material change to the manner in which the financial statements of any Obligor are prepared (including any change in the accounting principles, practices, policies or reference
periods applicable to such financial statements). 

  

	 	20.2.3	If requested by the Agent, the Company must supply to the Agent: 

  

	 	(a)	a description of any change notified under Clause 20.2.2 above; and 

  

	 	(b)	a reconciliation statement showing sufficient information: 

  

	 	(i)	to enable the Finance Parties to make a reasonable comparison between the financial position shown by the set of financial statements prepared on the changed basis and its most recent such financial statements delivered
to the Agent under this Agreement; and 

  

	 	(ii)	 to test the financial covenants set out in Clause 21 (Financial covenants) and to test compliance with the relevant percentages of
shareholders’ equity set out in Clause 22.8 (Negative Pledge), paragraph (i)  

  
 72 

	 	
of Clause 22.9.2 (Financial Indebtedness) as if the new set of financial statements had been prepared on the same basis as that used in the Original Financial Statements.

  

	 	20.2.4	If requested by the Agent, the Company and the Agent must enter into good faith discussions for a period of not more than 30 days with a view to agreeing any amendments reasonably required to be made to this Agreement
to place the Finance Parties in materially the same position as they would have been in if the change notified under Clause 20.2.2 above had not happened, with the intention that the level of headroom available in respect of the financial covenants
set out in Clause 21 (Financial covenants) and the limits provided for in Clause 22.8 (Negative Pledge) and paragraph (j) of Clause 22.9.2 (Financial Indebtedness) should not be altered as a result of such amendments. For
the avoidance of doubt, notwithstanding Clause 21.3.1, any revision of definitions used in computing the leverage ratio under Clause 21.3.1 as a consequence of changes to the accounting treatments under IFRS shall ensure the original ratio’s
headroom available will not be reduced as a result of those changes. Any increase or reduction in the ratio of 4.0:1 shall require the approval of all of the Obligors and consent of the Majority Lenders. 

 

	 	20.2.5	Until an agreement is reached under Clause 20.2.4 above (or otherwise at any time) on the required amendments to this Agreement as a result of a change notified under Clause 20.2.2 above, the Company must ensure that
each subsequent set of financial statements or management accounts delivered under this Agreement is accompanied by a reconciliation statement of the type referred to in Clause 20.2.4 above. 

 

	20.3	Compliance Certificate 

  

	 	20.3.1	The Company must supply to the Agent a Compliance Certificate with each set of its financial statements delivered in respect of a period ending on the last day of the first half of each financial year and the last day
of each such financial year. 

  

	 	20.3.2	A Compliance Certificate must be signed by a member of the corporate executive of the board of the Company and an authorised signatory of the Company and, in the case of a Compliance Certificate supplied with its annual
audited consolidated financial statements, be in such form as its auditors are prepared to give (if and only to the extent that firms of auditors of international repute have not adopted a general policy of not providing such reports).

  

	20.4	Information - miscellaneous 

  

	 	20.4.1	The Company must supply to the Agent (in sufficient copies for all the Lenders if the Agent so requests and subject to Clause 20.7 (Use of websites)): 

  
 73 

	 	(a)	copies of all documents despatched by the Company to its shareholders (or any class of them) or its creditors generally or any class of them at the same time as they are despatched save to the extent that disclosure
would contravene applicable laws and regulations or be in breach of any confidentiality agreements by which it is bound (save that the Company will use all reasonable endeavours to procure disclosure subject to a confidentiality undertaking provided
by the Finance Parties); 

  

	 	(b)	promptly upon becoming aware of them, details of any material litigation, arbitration or administrative proceedings which are current, formally threatened in writing or pending and which are in the reasonable opinion of
the Company reasonably likely to be adversely determined and, if adversely determined, are reasonably likely to have a Material Adverse Effect, except to the extent that a disclosure of any such information is restricted by any applicable laws,
rules, regulations or stock exchange requirements, including that of the Securities and Exchange Commission, or by any duties of confidentiality which arise in the ordinary course of business; and 

 

	 	(c)	promptly, such further information regarding the financial condition, business and operations of any member of the Group as any Finance Party (through the Agent) may reasonably request save to the extent that disclosure
would contravene applicable laws and regulations or be in breach of any confidentiality agreement (save that the Company will use all reasonable endeavours to procure disclosure subject to a Confidentiality Undertaking provided by the Finance
Parties). 

  

	 	20.4.2	The Company must, promptly upon becoming aware of it, notify the Agent of any change in rating, or new rating, applicable to it or any of its Financial Indebtedness and published by a Rating Agency. 

 

	20.5	Notification of Default 

  

	 	20.5.1	Unless the Agent has already been so notified by another Obligor, an Obligor (or the Company on its behalf) must notify the Agent of any Default (and the steps, if any, being taken to remedy it) promptly upon that
Obligor becoming aware of its occurrence. 

  

	 	20.5.2	Promptly on request by the Agent, the Company must supply to the Agent a certificate, signed by two of its authorised signatories on its behalf, certifying that no Default is outstanding or, if a Default is outstanding,
specifying the Default and the steps, if any, being taken to remedy it. 

  
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	20.6	Year end 

 No Obligor may change its financial year end, other than minor adjustments for
the purposes of bringing any Obligor’s financial year end in line with that of the Company. 
  

	20.7	Use of websites 

  

	 	20.7.1	The Company may deliver any information under this Agreement to a Lender by posting it on to an electronic website provided that: 

  

	 	(a)	the Company and the Agent shall designate an electronic website for this purpose; 

  

	 	(b)	the Company and the Agent have confirmed to each other the address of and any password for the website; and 

  

	 	(c)	the information posted shall be in a format agreed between the Company and the Agent. 

  

	 	20.7.2	The Agent must supply each relevant Lender with the address of and any password for the website. 

  

	 	20.7.3	Notwithstanding the above, if so requested by the Agent, the Company must supply to the Agent in paper form a copy of any information posted on the website together with sufficient copies for: 

 

	 	(a)	any Lender not agreeing to receive information via the website; and 

  

	 	(b)	within 10 Business Days of request any other Lender, if that Lender so requests. 

  

	 	20.7.4	The Company must promptly upon becoming aware of its occurrence, notify the Agent if: 

  

	 	(a)	the website cannot be accessed; 

  

	 	(b)	the website or any information on the website is infected by any electronic virus or similar software; 

  

	 	(c)	the password for the website is changed; or 

  

	 	(d)	any information to be supplied under this Agreement is posted on the website or amended in any material respect after being posted. 

  

	 	20.7.5	If the circumstances in Clauses 20.7.4(a) or (b) above occur, the Company must supply any information required under this Agreement in paper form. 

  
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	20.8	“Know your customer” checks 

  

	 	20.8.1	If: 

  

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

 

	 	(b)	any change in the status of an Obligor or the composition of the shareholders of an Obligor after the date of this Agreement; or 

  

	 	(c)	an assignment or transfer by a Lender of any of its rights and obligations under this Agreement to a party that is not a Lender prior to such assignment or transfer proposed subject only to completion of the formalities
described in this Clause 20.8 and/or Clause 30.2 (Assignments and transfers by Lenders) or any completed such assignment or transfer, 

obliges the Agent or any Lender (or, in the case of paragraph (c) above, any prospective new Lender) to comply with “know your
customer” or similar identification procedures in circumstances where the necessary information is not already available to it, each Obligor shall promptly upon the request of the Agent or any Lender supply, or procure the supply of, such
documentation and other evidence as is reasonably requested by the Agent (for itself, or on behalf of any Lender) or any Lender (for itself or, in the case of the event described in paragraph (c) above, or on behalf of any prospective new
Lender) in order for the Agent, such Lender or, in the case of the event described in paragraph (c) above, any prospective new Lender to carry out and be satisfied it has complied with all necessary “know your customer” or other
similar checks under all applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents. 
  

	 	20.8.2	Each Lender shall promptly upon the request of the Agent supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Agent (for itself) in order for the Agent to carry out
and be satisfied it has complied with all necessary “know your customer” or other similar checks under all applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents. 

 

	 	20.8.3	The Company shall, by not less than 10 Business Days’ prior written notice to the Agent, notify the Agent (which shall promptly notify the Lenders) of its intention to request that one of its Subsidiaries becomes
an Additional Borrower pursuant to Clause 30.9 (Additional Borrowers). 

  

	 	20.8.4	 Following the giving of any notice pursuant to Clause 20.8.3 above, if the accession of such Additional Borrower obliges the Agent or any Lender to
comply with “know your customer” or similar identification procedures in circumstances where the necessary information is not already available to it, the Company shall promptly upon the request of the Agent or any Lender supply, or
procure the supply of, such documentation and other evidence as 

  
 76 

	 	
is reasonably requested by the Agent (for itself or on behalf of any Lender) or any Lender (for itself or on behalf of any prospective new Lender) in order for the Agent, such Lender or any
prospective new Lender to carry out and be satisfied it has complied with the results of all necessary “know your customer” or other similar checks under all applicable laws and regulations pursuant to the accession of such Subsidiary to
this Agreement as an Additional Borrower. 

  

	21.	FINANCIAL COVENANTS 

  

	21.1	Definitions 

 In this Clause: 

 

	 	21.1.1	“Acceptable Bank” means a commercial bank, financial institution or trust company which has a rating of A- or higher by Standard & Poor’s or Fitch IBCA or A3 or higher by
Moody’s or a comparable rating from a nationally recognised credit rating agency for its long-term debt obligations or has been approved by the Majority Lenders. 

 

	 	21.1.2	“Consolidated Cash and Cash Equivalents” means, at any time: 

  

	 	(a)	cash in bank, cash investments (including Rule 2a7 and IMMFA compliant Money Market Funds) and time deposits with any Acceptable Bank or asset management group acceptable to the Agent (acting on the instructions of the
Majority Lenders); 

  

	 	(b)	cash in hand physically held by the Company and its Subsidiaries and cash in transit to any Acceptable Bank; 

  

	 	(c)	certificates of deposit, maturing within one year after the relevant date of calculation, issued by an Acceptable Bank; 

  

	 	(d)	any investment in marketable obligations issued or guaranteed by the government of the United States of America or the UK, any member state of the European Economic Area or any Participating Member State or by an
instrumentality or agency of them having an equivalent credit rating; 

  

	 	(e)	open market commercial paper: 

  

	 	(i)	for which a recognised trading market exists; 

  

	 	(ii)	issued in the United States of America or the UK, any member state of the European Economic Area or any Participating Member State; 

  

	 	(iii)	which matures within one year after the relevant date of calculation; and 

  
 77 

	 	(iv)	which has a credit rating of either A-1 by Standard & Poor’s or Fitch IBCA or P-1 by Moody’s, or, if no rating is available in respect of the commercial paper, the issuer of which has, in respect of
its long-term debt obligations, an equivalent rating; or 

  

	 	(f)	any other instrument, security or investment approved by the Majority Lenders, 

 in each case,
to which any member of the Group is beneficially entitled at that time and which is capable of being applied against Consolidated Total Borrowings. An acceptable bank for this purpose is a commercial bank, financial institution or trust company
which has a rating of A- or higher by Standard & Poor’s or Fitch IBCA or A3 or higher by Moody’s or a comparable rating from a nationally recognised credit rating agency for its long-term debt obligations or has been approved by
the Majority Lenders. 
  

	 	21.1.3	“Consolidated EBITDA” means the operating income of the Group for a Measurement Period, as adjusted by (to the extent any of the following items have been taken into account in the determination
of operating income): 

  

	 	(a)	adding back (if negative) or deducting (if positive) any exceptional item; 

  

	 	(b)	adding back depreciation, amortisation and impairment of tangible and intangible assets; and 

  

	 	(c)	adding back any loss against or deducting any gain over book value arising on the disposal of an asset (otherwise than in the ordinary course of trading) by a member of the Group during that Measurement Period.

 For these purposes, “operating income” is determined in the Original Financial Statements before taking into
account: 
  

	 	(a)	all interest and other financing costs, charges and expenses (whether, in each case, paid, payable or capitalised) and losses or gains on foreign exchange transactions and derivatives; 

 

	 	(b)	any amount paid or accounted for in respect of taxation; 

  

	 	(c)	any extraordinary item; and 

  

	 	(d)	any amount attributable to minority interests and any share in the profits or losses of joint ventures and associates. 

  

	 	21.1.4	“Consolidated Total Borrowings” means, in respect of the Group, at any time the aggregate of the following: 

  

	 	(a)	the outstanding principal amount of any moneys borrowed; 

  
 78 

	 	(b)	the outstanding principal amount of any acceptance under any acceptance credit; 

  

	 	(c)	the outstanding principal amount of any bond, note, debenture, loan stock or other similar instrument; 

  

	 	(d)	the capitalised element of indebtedness under a finance or capital lease; 

  

	 	(e)	the outstanding principal amount of all moneys owing in connection with the sale or discounting of receivables (otherwise than on a non-recourse basis); 

 

	 	(f)	the outstanding principal amount of any indebtedness arising from any deferred payment agreements arranged primarily as a method of raising finance or financing the acquisition of an asset; 

 

	 	(g)	any fixed or minimum premium payable on the repayment or redemption of any instrument referred to in paragraph (c) above; 

  

	 	(h)	the outstanding principal amount of any indebtedness arising in connection with any other transaction (including any forward sale or purchase agreement) which is treated as a borrowing in accordance with IFRS; and

  

	 	(i)	the outstanding principal amount of any indebtedness of any person of a type referred to in paragraphs (a) to (h) above which is the subject of a guarantee, indemnity or similar assurance against financial
loss given by a member of the Group. 

  

	 	    	For the avoidance of doubt, any of (a)-(i) above which is treated as equity in accordance with IFRS shall not be included for the purposes of determination of the Consolidated Total Borrowings. 

“Consolidated Total Net Borrowings” means at any time Consolidated Total Borrowings less Consolidated Cash and Cash
Equivalents. 
 “Measurement Period” means each period of 12 months ending on the last day of the first half of each
financial year of the Company and the last day of each such financial year. 
  

	21.2	Interpretation 

  

	 	21.2.1	Except as provided to the contrary in this Agreement, an accounting term used in this Agreement is to be construed in accordance with the principles applied in connection with the Original Financial Statements.

  
 79 

	 	21.2.2	Any amount which is utilised for the purposes of determining compliance with the covenant set out in Clause 21.3 (Leverage ratio) for any Measurement Period, and denominated in a currency other than Euro, shall
be taken into account on the basis of its Euro equivalent, calculated in accordance with the relevant rates of exchange used by the Company and published in its financial statements for the last financial quarter of that Measurement Period.

  

	 	21.2.3	No item must be credited or deducted more than once in any calculation under this Clause. 

  

	21.3	Leverage ratio 

  

	 	21.3.1	Subject to Clause 21.3.2 below, the Company must ensure that the ratio of Consolidated Total Net Borrowings to Consolidated EBITDA does not exceed 4.0:1. 

 

	 	21.3.2	Clause 21.3.1 above shall not apply at any time when the Applicable Ratings of the Company are BBB/Baa2 or better but will apply if at any time no long term unsecured rating is assigned to the Company by at least one of
the two ratings agencies (being Moody’s and S&P). 

  

	22.	GENERAL COVENANTS 

  

	22.1	General 

 Each Obligor agrees to be bound by the covenants set out in this Clause
relating to it and, where the covenant is expressed to apply to each member of the Group, each Obligor must ensure that each of its Subsidiaries performs that covenant. 
  

	22.2	Authorisations 

 Each Obligor must promptly obtain, maintain and comply with the terms of
any authorisation required under any law or regulation to enable it to perform its obligations under, or for the validity or enforceability of, any Finance Document. 
  

	22.3	Compliance with laws 

 Each member of the Group must comply with all laws to which it is
subject to the extent that a breach of such law will be reasonably likely to have a Material Adverse Effect. 
  

	22.4	Sanctions 

  

	 	22.4.1	The Obligors will not (and each Obligor shall ensure that no other member of the Group will) directly or indirectly use the proceeds of any Utilisation, or otherwise make available such proceeds to any person in any
manner that would result in a violation of Sanctions (including without limitation as a result of the proceeds of the Facility being used to fund or facilitate any activities or business of, with or related to (or otherwise to make funds available
to or for the benefit of) any person who is a Sanctioned Person). 

  
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	 	22.4.2	The Company shall ensure that (i) no person that is a Sanctioned Person will have any legal or beneficial interest in any funds repaid or remitted by a Borrower to any Finance Party in connection with the Facility,
and (ii) no Borrower shall use any revenue or benefit derived from any activity or dealing with a Sanctioned Person for the purpose of discharging amounts owing to any Finance Party in respect of the Facility. 

 

	 	22.4.3	Each Obligor shall, and shall procure that each other member of the Group will, promptly upon becoming aware of the same, supply to the Agent details of any claim, action, suit, proceedings or investigation against it
with respect to Sanctions. 

  

	22.5	Restricted Lender/Restricted Obligor 

  

	 	22.5.1	The representations and undertakings under Clauses 19.4 (Sanctions and Anti-Corruption Laws) and Clause 22.4 (Sanctions) (together the “Sanctions Provisions”) apply to any
Obligor only if and to the extent that making of or compliance with such provisions does not result in a violation of the Council Regulation (EC) No 2271/96 of 22 November 1996 protecting against the effects of the extra-territorial application
of legislation adopted by a third country, and actions based thereon or resulting therefrom, section 7 of the German Foreign Trade Regulation (Außenwirtschaftsverordnung - AWV) in connection with the German Foreign Trade Law
(Außenwirtschaftsgesetz - AWG), the UK Equality Act 2010 and/or any other applicable anti-boycott or similar laws or regulations (together the “Anti Boycott Regulations”). 

 

	 	22.5.2	In relation to each Lender that notifies the Facility Agent to this effect (each a “Restricted Lender”), the Sanction Provisions shall only apply for the benefit of that Restricted Lender to the extent
that it would not result in any violation of any Anti Boycott Regulations. 

  

	 	22.5.3	In connection with any amendment, waiver, determination or direction relating to any part of a Sanction Provision of which a Restricted Lender does not have the benefit pursuant to paragraph Clause 22.5.2 above, the
Commitments of that Restricted Lender will be excluded for the purpose of determining whether the consent of the Majority Lenders has been obtained or whether the determination or direction by the Majority Lenders has been made. 

 

	22.6	Usage of proceeds 

  

	 	22.6.1	No part of the proceeds of any Utilisation will be used, directly or indirectly, for any purpose that would breach any applicable Anti-Corruption Laws. 

 

	22.7	Pari passu ranking 

 Each Obligor must ensure that its payment obligations under
the Finance Documents rank at least pari passu with all its other present and future unsecured payment obligations, except for obligations mandatorily preferred by law. 

  
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	22.8	Negative pledge 

  

	 	22.8.1	Except as provided below, no member of the Group may create or allow to exist any Security Interest on any of its assets. 

  

	 	22.8.2	Clause 22.8.1 does not apply to: 

  

	 	(a)	any Security Interest on assets or revenues made in the ordinary course of a Group member’s trade; 

  

	 	(b)	any Security Interest arising by operation of mandatory provisions of laws applicable in that jurisdiction or under any retention of title, hire purchase or conditional sale arrangements; 

 

	 	(c)	any Security Interest over assets or revenues existing at the time of acquisition thereof provided that the Security Interest is released within six months of acquisition of the asset or revenue; 

 

	 	(d)	any Security Interest over assets pursuant to the general terms and conditions of a bank, customary in that jurisdiction, for example in the form of the General Banking Conditions (Algemene Bankvoorwaarden)
prepared by the Dutch Bankers Association (Nederlandse Vereniging van Banken), and Consumers Union (Consumentenbond) or arising from any netting or set-off arrangements arising in the ordinary course of banking arrangements for the
purpose of netting debt and credit balances; 

  

	 	(e)	any Security Interest over or affecting the assets or revenues of any company or other entity acquired by or merged with a member of the Group provided that the Security Interest is released within six months of such
acquisition; and 

  

	 	(f)	any Security Interest provided over assets or revenues already in existence or arising out of contractual obligations entered into prior to the date of this Agreement provided that the principal amount of the Financial
Indebtedness so secured when aggregated with the Financial Indebtedness incurred from time to time by members of the Group (other than the Company) does not exceed 10 per cent. of the total consolidated fixed assets of the Group (which, for the
avoidance of doubt, shall only include the property, plant and equipment and investment property of the Group). 

  

	22.9	Financial Indebtedness 

  

	 	22.9.1	Except as provided below, no member of the Group (other than the Company) may incur any Financial Indebtedness. 

  

	 	22.9.2	Clause 22.9.1 does not apply to: 

  
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	 	(a)	any Financial Indebtedness incurred in the ordinary course of a Group member’s trade; 

  

	 	(b)	any Financial Indebtedness incurred by a Subsidiary of the Company prior to the date of this Agreement the principal amount of which being, to the best of the Company’s knowledge, having made due and careful
enquiry, not more than, in aggregate €7,075,000,000 (or its equivalent) in aggregate; 

  

	 	(c)	any Financial Indebtedness incurred under the Finance Documents or in respect of the Existing Facility; 

  

	 	(d)	any derivative transaction protecting against fluctuations in any rate, price, currency or commodity pricing entered into in the ordinary course of business (and not for speculative purposes); 

 

	 	(e)	any Financial Indebtedness incurred by a Subsidiary of the Company to replace or renew on substantially similar terms (but without increasing the aggregate principal amount outstanding or available thereunder at the
time of replacement or renewal and excluding any Financial Indebtedness redeemed or repaid directly or indirectly from the making of a Utilisation) facilities existing prior to the date of this Agreement which fall due for final repayment after the
Final Maturity Date; 

  

	 	(f)	any Financial Indebtedness owed by any member of the Group to any other member of the Group; 

  

	 	(g)	any Financial Indebtedness owed by any Subsidiary of the Company under any leases of its properties used for its trade and operational premises; 

 

	 	(h)	any Financial Indebtedness of any Subsidiary of the Company which Subsidiary is a financing vehicle (the principal amount of which when taken together with the principal amount of any Financial Indebtedness falling
within paragraphs (b) and (e) above does not exceed, the Financial Indebtedness of all Subsidiaries of the Company existing at the date of this Agreement, the principal amount of which being to the best of the Company’s knowledge,
having made due and careful enquiry, in aggregate €7,075,000,000 (or its equivalent) of existing indebtedness); 

  

	 	(i)	any Financial Indebtedness of any company or business acquired by a member of the Group after the date of this Agreement provided that: 

  
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	 	(i)	that Financial Indebtedness was owed by the relevant company or business on the date it was so acquired and was not created or incurred in contemplation of the acquisition; and 

 

	 	(ii)	that Financial Indebtedness is discharged in full within 90 days after the completion of the relevant acquisition; and 

  

	 	(j)	any other Financial Indebtedness not falling within paragraphs (a) to (i) above provided that the aggregate amount thereof, when added to any Financial Indebtedness falling within Clause 22.8 (Negative
Pledge), does not at any time exceed 10 per cent. (or, at any time when the Applicable Ratings of the Company are BBB/Baa2 or better, 15 per cent.) of the total consolidated assets of the Group according to the audited consolidated
financial statements of the Company delivered pursuant to Clause 20.1 (Financial Statements) (as adjusted in accordance with any reconciliation statement delivered pursuant to Clause 20.2.4 of Clause 20.2 (Form of Financial
Statements)). 

  

	 	22.9.3	The amount of the Financial Indebtedness referred to in paragraphs (b) and (h) of Clause 22.9.2 will be computed on the basis of IFRS prevailing as of 2 January 2011. 

 

	22.10	Change of business 

 The Company must ensure that no substantial change is made to the
general nature of the business of the Group taken as a whole from that carried on at the date of this Agreement, provided that this provision shall not restrict any member of the Group from engaging in any ancillary or related business. 

 

	22.11	Mergers 

  

	 	22.11.1	Except as provided below, no Obligor may enter into any amalgamation, demerger, merger or reconstruction unless the surviving entity remains responsible for its obligations under the Finance Document and the Agent has
received a satisfactory legal opinion confirming this. 

  

	 	22.11.2	Clause 22.11.1 does not apply to any such amalgamation, demerger, merger or reconstruction: 

  

	 	(a)	permitted under Clause 22.12 (Disposals); or 

  

	 	(b)	constituting an internal reorganisation or restructuring of any member of the Group (other than the Company) on a solvent basis. 

  
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	22.12	Disposals 

  

	 	22.12.1	Except as provided in Clause 22.12.2 below, no member of the Group may, either in a single transaction or in a series of transactions and whether related or not and whether voluntarily or involuntarily, dispose of all
or any part of its assets. 

  

	 	22.12.2	Clause 22.12.1 above does not apply to any disposal of assets made (with the exception of a disposal referred to in paragraph (d) below) on arm’s length terms: 

 

	 	(a)	by a member of the Group in its ordinary course of trading; 

  

	 	(b)	of obsolete or surplus assets not required for the efficient operation of the business of the Group; 

  

	 	(c)	in exchange for or to be replaced by other assets which are comparable or superior as to type, value and quality; 

  

	 	(d)	of assets by a member of the Group to another member of the Group; 

  

	 	(e)	disposals to which Group members are already committed prior to the date of this Agreement; 

  

	 	(f)	any disposal of cash and cash equivalent investments in the ordinary course of business; or 

  

	 	(g)	not otherwise permitted pursuant to paragraphs (a) to (f) above provided that the aggregate fair market value of the assets disposed of in reliance on this paragraph (g) do not exceed 30 per cent. of
the total consolidated assets of the Group according to the most recent audited consolidated financial statements of the Company over the life of the Facility. 

  

	22.13	Environmental matters 

  

	 	22.13.1	Each member of the Group must ensure that it is, and has been, in compliance with all Environmental Law and Environmental Approvals applicable to it, where failure to do so is reasonably likely to have a Material
Adverse Effect. 

  

	 	22.13.2	Each Obligor must, promptly upon becoming aware of it, notify the Agent of: 

  

	 	(a)	any Environmental Claim which is current, or to its knowledge, which is pending or formally threatened; or 

  

	 	(b)	any circumstances reasonably likely to result in an Environmental Claim, 

  
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 which, if substantiated, is reasonably likely to have a Material Adverse Effect. 

 

	22.14	Insurance 

 Each member of the Group must insure its business and assets with its captive
insurance company or with insurance companies to such an extent and against such risks as companies engaged in a similar business normally insure unless the failure to do so would not be reasonably likely to have a Material Adverse Effect. 

 

	22.15	United States laws 

  

	 	22.15.1	No Obligor may, in violation of Regulations T, U or X: 

  

	 	(a)	extend credit for the purpose, directly or indirectly, of buying or carrying Margin Stock; or 

  

	 	(b)	use any Loan, directly or indirectly, to buy or carry Margin Stock or to extend credit to others for the purpose of buying or carrying Margin Stock. 

 

	 	22.15.2	Each Obligor must promptly upon becoming aware of it notify the Agent of: 

  

	 	(a)	any Reportable Event; 

  

	 	(b)	the termination of or withdrawal from, or any circumstances that would result in the termination of or withdrawal from, any Plan subject to Title IV of ERISA that would give rise to a liability in excess of
€10,000,000; and 

  

	 	(c)	a claim or other communication received by the Obligor or any ERISA Affiliate from any governmental agency alleging material non-compliance with any law or regulation relating to any Plan. 

 

	 	22.15.3	Except as would not be reasonably likely to result in a Material Adverse Effect, each Obligor and its ERISA Affiliates must be, and remain, in compliance in all material respects with all laws and regulations relating
to each of its Plans. 

  

	 	22.15.4	Each of the Obligors and its ERISA Affiliates must ensure that no event or condition exists at any time in relation to a Plan which would result in the imposition of a Security Interest on any of its assets.

  

	22.16	Compliance with Swiss Twenty Non-Bank Rule 

  

	 	22.16.1	Each Swiss Borrower undertakes to ensure that it is in compliance with the Swiss Non-Bank Rules. 

  

	 	22.16.2	For the purposes of Clause 22.16.1 above, each Swiss Borrower shall assume that the aggregate number of Lenders which are Swiss Non-Qualifying Banks is five, 

  
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 provided that no Swiss Borrower shall be in breach of this Clause 22.16 if
such number of creditors is exceeded solely by reason of a failure of one or more Lenders or sub-participants to comply with their respective obligations under Clauses 30.2 (Assignments and transfers by Lender) and 30.3 (Swiss Qualifying
Bank). 
  

	22.17	Removal of Restrictions 

 The obligations of the Obligors under Clause 22.12
(Disposals), and the €7,075,000,000 (or its equivalent) limit contained in paragraphs (b) and (h) of Clause 22.9.2 of Clause 22.9 (Financial Indebtedness) shall cease to apply at any time after the Applicable Ratings are
at least BBB/Baa2 or higher. 
  

	22.18	Tax Status 

 Each Dutch Obligor shall ensure that, in the event its activities
bring it, or at any time will bring it, within the definition of “Bank” in the Dutch FSA: 
  

	 	22.18.1	it will comply with Chapter 2.2 Dutch FSA; or 

  

	 	22.18.2	it has the benefit of a statutory exemption under Article 3:2 Dutch FSA. 

  

	23.	DEFAULT 

  

	23.1	Events of Default 

 Each of the events set out in this Clause is an Event of
Default save for Clause 23.14 (Acceleration). 
  

	23.2	Non-payment 

 An Obligor does not pay on the due date any amount payable by it under the
Finance Documents in the manner and in the currency required under the Finance Documents, unless the non-payment: 
  

	 	23.2.1	is caused by technical or administrative error; and 

  

	 	23.2.2	is remedied within five Business Days of the due date. 

  

	23.3	Breach of other obligations 

  

	 	23.3.1	An Obligor does not comply with any term of Clause 21 (Financial Covenants); or 

  

	 	23.3.2	an Obligor does not comply with any other term of the Finance Documents not already referred to in this Clause, unless the non-compliance: 

 

	 	(a)	is capable of remedy; and 

  

	 	(b)	is remedied within 30 days of the earlier of the Agent giving notice and the Obligor becoming aware of the non-compliance. 

  
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	23.4	Misrepresentation 

 A representation made or repeated by an Obligor in any Finance
Document or in any document delivered by or on behalf of any Obligor under any Finance Document (including, without limitation, under Clause 4 (Conditions Precedent)) is incorrect in any material respect when made or deemed to be repeated,
unless the circumstances giving rise to the misrepresentation: 
  

	 	23.4.1	are capable of remedy; and 

  

	 	23.4.2	are remedied within 30 days of the earlier of the Agent giving notice and the Obligor becoming aware of the misrepresentation. 

  

	23.5	Cross-default 

 Any of the following occurs in respect of a member of the Group: 

 

	 	23.5.1	any of its Financial Indebtedness is not paid when due (after the expiry of any originally applicable grace period); 

  

	 	23.5.2	any of its Financial Indebtedness: 

  

	 	(a)	becomes prematurely due and payable; or 

  

	 	(b)	is placed on demand, 

 in each case, as a result of an event of default (howsoever described);
or 
  

	 	23.5.3	any commitment for its Financial Indebtedness is cancelled or suspended as a result of an event of default (howsoever described), 

unless the aggregate amount of Financial Indebtedness or commitment for Financial Indebtedness falling within Clauses 23.5.1 to 23.5.3 above is
less than €75,000,000 (or its equivalent in any other currency or currencies). 
  

	23.6	Insolvency 

 Any of the following occurs in respect of a Material Group Member: 

 

	 	23.6.1	it is, or is deemed for the purposes of any law to be, unable to pay its debts as they fall due or insolvent; 

  

	 	23.6.2	it admits its inability to pay its debts as they fall due; 

  

	 	23.6.3	it suspends making payments on any of its debts or announces an intention to do so; 

  

	 	23.6.4	by reason of actual or anticipated financial difficulties, it begins negotiations with any creditor for the rescheduling of any of its indebtedness (other than any bilateral discussions with individual creditors in
relation only to the deferral of the date on which payments are due to that creditor); or 

  
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	 	23.6.5	a moratorium is declared in respect of any of its indebtedness. 

  

	23.7	Insolvency proceedings 

  

	 	23.7.1	Except as provided below, any of the following occurs in respect of a Material Group Member: 

  

	 	(a)	any step is taken with a view to a moratorium or a composition, assignment or similar arrangement with any of its creditors; 

  

	 	(b)	a meeting of its shareholders, directors or other officers is convened for the purpose of considering any resolution for, to petition for or to file documents with a court or any registrar for, its winding-up,
administration or dissolution or any such resolution is passed; 

  

	 	(c)	any person presents a petition, or files documents with a court or any registrar, for its winding-up, administration or dissolution; 

 

	 	(d)	an order for its winding-up, administration or dissolution is made; 

  

	 	(e)	any liquidator, trustee in bankruptcy, judicial custodian, compulsory manager, receiver, administrative receiver, administrator or similar officer is appointed in respect of it or any of its assets; 

 

	 	(f)	its shareholders, directors or other officers request the appointment of, or give notice of their intention to appoint, a liquidator, trustee in bankruptcy, judicial custodian, compulsory manager, receiver,
administrative receiver, administrator or similar officer; or 

  

	 	(g)	any other analogous step or procedure is taken in any jurisdiction. 

  

	 	23.7.2	Clause 23.7.1 does not apply: 

  

	 	(a)	to any petition for winding-up presented by a creditor which is being contested in good faith and with due diligence and is discharged or struck out within 30 days; or 

 

	 	(b)	to any solvent reorganisation or restructuring of any Non-Obligor on terms satisfactory to the Majority Lenders. 

  

	23.8	Creditors’ process 

 Any attachment, sequestration, distress, execution or
analogous event affects any asset(s) of a Material Group Member in respect of indebtedness in the aggregate principal amount in excess of €25,000,000, and (other than a Dutch conservatory attachment (conservatoir beslag)) is not
discharged within 30 days. 

  
 89 

	23.9	United States Bankruptcy Laws 

  

	 	23.9.1	In this Clause: 

  

	 	(a)	“US Bankruptcy Law” means the Bankruptcy Code of the United States or any other United States Federal or State bankruptcy, insolvency or similar law. 

 

	 	(b)	“US Material Group Member” means any Material Group Member incorporated or organised under the laws of the United States of America or any state of the United States of America (including the
District of Columbia). 

  

	 	23.9.2	Any of the following occurs in respect of a US Material Group Member: 

  

	 	(a)	it makes a general assignment for the benefit of creditors; 

  

	 	(b)	it commences a voluntary case or proceeding under any US Bankruptcy Law; or 

  

	 	(c)	an involuntary case under any US Bankruptcy Law is commenced against it and is not controverted within 30 days or is not dismissed or stayed within 90 days after commencement of the case. 

 

	23.10	Cessation of business 

 A Material Group Member ceases, or threatens to cease, to carry
on business except as a result of any disposal allowed under this Agreement. 
  

	23.11	Effectiveness of Finance Documents 

  

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

  

	 	23.11.2	Any Finance Document is not effective or is alleged by an Obligor to be ineffective for any reason. 

  

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

  

	23.12	Ownership of the Obligors 

 An Obligor (other than the Company) is not or ceases to be a
wholly-owned Subsidiary of the Company, other than as a result of a disposal which is permitted under this Agreement. 

  
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	23.13	Tax Status 

 A notice under Article 36 of the Tax Collection Act
(Invorderingswet 1990) has been given by a Dutch Obligor. 
  

	23.14	Acceleration 

  

	 	23.14.1	If an Event of Default described in Clause 23.9 (United States Bankruptcy Laws) occurs in relation to any US Borrower, the Total Commitments will, if not already cancelled under this Agreement, be immediately and
automatically cancelled. 

  

	 	23.14.2	If any Event of Default has occurred and is outstanding, the Agent may, and must if so directed by the Majority Lenders, by notice to the Company: 

 

	 	(a)	if not already cancelled under Clause 23.14.1, cancel the Total Commitments; and/or 

  

	 	(b)	declare that all or part of any amounts outstanding under the Finance Documents are: 

  

	 	(i)	immediately due and payable; and/or 

  

	 	(ii)	payable on demand by the Agent acting on the instructions of the Majority Lenders; and/or 

  

	 	(c)	declare that full cash cover in respect of each Letter of Credit is immediately due and payable. 

Any notice given under this Clause will take effect in accordance with its terms. 

 

	24.	THE ADMINISTRATIVE PARTIES 

  

	24.1	Appointment and duties of the Agents 

  

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

 

	 	24.1.2	Each Finance Party irrevocably authorises the Agent to: 

  

	 	(a)	perform the duties, obligations and responsibilities and to exercise the rights, powers, authorities and discretions that are specifically given to it under or in connection with the Finance Documents, together with any
other incidental rights, powers, authorities and discretions; and 

  

	 	(b)	execute each Finance Document expressed to be executed by the Agent. 

  
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	24.2	Instructions 

  

	 	24.2.1	The Agent shall: 

  

	 	(a)	unless a contrary indication appears in a Finance Document, exercise or refrain from exercising any right, power, authority or discretion vested in it as Agent in accordance with any instructions given to it by:

  

	 	(i)	all Lenders if the relevant Finance Document stipulates the matter is an all Lender decision; and 

  

	 	(ii)	in all other cases, the Majority Lenders; and 

  

	 	(b)	not be liable for any act (or omission) if it acts (or refrains from acting) in accordance with paragraph (i) above. 

  

	 	24.2.2	The Agent shall be entitled to request instructions, or clarification of any instruction, from the Majority Lenders (or, if the relevant Finance Document stipulates the matter is a decision for any other Lender or group
of Lenders, from that Lender or group of Lenders) as to whether, and in what manner, it should exercise or refrain from exercising any right, power, authority or discretion. The Agent may refrain from acting unless and until it receives any such
instructions or clarification that it has requested. 

  

	 	24.2.3	Save in the case of decisions stipulated to be a matter for any other Lender or group of Lenders under the relevant Finance Document and unless a contrary indication appears in a Finance Document, any instructions given
to the Agent by the Majority Lenders shall override any conflicting instructions given by any other Parties and will be binding on all Finance Parties. 

  

	 	24.2.4	The Agent may refrain from acting in accordance with any instructions of any Lender or group of Lenders until it has received any indemnification and/or security that it may in its discretion require (which may be
greater in extent than that contained in the Finance Documents and which may include payment in advance) for any cost, loss or liability which it may incur in complying with those instructions. 

 

	 	24.2.5	In the absence of instructions, the Agent may act (or refrain from acting) as it considers to be in the best interest of the Lenders. 

 

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

 

	24.3	Duties of the Agent 

  

	 	24.3.1	The Agent has only those duties which are expressly specified in the Finance Documents. Those duties are solely mechanical and administrative in nature. 

  
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	 	24.3.2	The Agent shall promptly forward to a Party the original or a copy of any document which is delivered to the Agent for that Party by any other Party. 

 

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

 

	 	24.3.4	If the Agent receives notice from a Party referring to this Agreement, describing a Default and stating that the circumstance described is a Default, it shall promptly notify the other Finance Parties.

  

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

  

	 	24.3.6	The Agent shall have only those duties, obligations and responsibilities expressly specified in the Finance Documents to which it is expressed to be a party (and no others shall be implied). 

 

	 	24.3.7	The Agent shall provide to the Company within 10 Business Days of a request by the Company (but no more frequently than once per calendar month), a list (which may be in electronic form) setting out the names of the
Lenders as at the date of that request, their respective Commitments, the address and fax number (and the department or officer, if any, for whose attention any communication is to be made) of each Lender for any communication to be made or document
to be delivered under or in connection with the Finance Documents, the electronic mail address and/or any other information required to enable the sending and receipt of information by electronic mail or other electronic means to and by each Lender
to whom any communication under or in connection with the Finance Documents may be made by that means and the account details of each Lender for any payment to be distributed by the Agent to that Lender under the Finance Documents.

  

	24.4	Role of the Arrangers 

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

	24.5	No fiduciary duties 

 Except as specifically provided in a Finance Document, nothing in
any Finance Document makes an Administrative Party a trustee or fiduciary for any other Party or any other person. No Administrative Party shall be bound to account to any Lender for any sum or the profit element of any sum received by it for its
own account. 

  
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	24.6	Individual position of an Administrative Party 

  

	 	24.6.1	If it is also a Lender, each Administrative Party has the same rights and powers under the Finance Documents as any other Lender and may exercise those rights and powers as though it were not an Administrative Party.

  

	 	24.6.2	Each Administrative Party may: 

  

	 	(a)	carry on any business with any Obligor or its related entities (including acting as an agent or a trustee for any other financing); and 

 

	 	(b)	retain any profits or remuneration it receives under the Finance Documents or in relation to any other business it carries on with any Obligor or its related entities. 

 

	24.7	Business with the Group 

  

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

 

	24.8	Reliance 

 The Agent and the Issuing Bank may: 

 

	 	24.8.1	rely on any representation, communication, notice or document believed by it to be genuine, correct and appropriately authorised to have been signed by, or with the authority of, the proper person; 

 

	 	24.8.2	assume that: 

  

	 	(a)	any instructions received by it from the Majority Lenders, any Lenders or any group of Lenders are duly given in accordance with the terms of the Finance Documents; and 

 

	 	(b)	unless it has received notice of revocation, that those instructions have not been revoked; and 

  

	 	24.8.3	rely on a certificate from any person: 

  

	 	(a)	as to any matter of fact or circumstance which might reasonably be expected to be within the knowledge of that person; or 

  

	 	(b)	to the effect that such person approves of any particular dealing, transaction, step, action or thing, 

as sufficient evidence that that is the case and, in the case of paragraph (a) above, may assume the truth and accuracy of that
certificate; and 
  

	 	24.8.4	act under the Finance Documents through its personnel and agents. 

  
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	24.9	Majority Lenders’ instructions 

  

	 	24.9.1	The Agent is fully protected if it acts on the instructions of the Majority Lenders in the exercise of any right, power or discretion or any matter not expressly provided for in the Finance Documents. Any such
instructions given by the Majority Lenders will be binding on all the Lenders. In the absence of instructions, the Agent may act as it considers to be in the best interests of all the Lenders. 

 

	 	24.9.2	The Agent may assume that unless it has received notice to the contrary, any right, power, authority or discretion vested in any Party or the Majority Lenders has not been exercised. 

 

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

 

	 	24.9.4	The Agent may require the receipt of security satisfactory to it, whether by way of payment in advance or otherwise, against any liability or loss which it may incur in complying with the instructions of the Majority
Lenders. 

  

	 	24.9.5	The Agent may engage and pay for the advice or services of any lawyers, accountants, tax advisers, surveyors or other professional advisers or experts. 

 

	 	24.9.6	Without prejudice to the generality of clause 24.9.5 above or clause 24.9.7 below, the Agent may at any time engage and pay for the services of any lawyers to act as independent counsel to the Agent (and so separate
from any lawyers instructed by the Lenders) if the Agent in its reasonable opinion deems this to be necessary. 

  

	 	24.9.7	The Agent may rely on the advice or services of any lawyers, accountants, tax advisers, surveyors or other professional advisers or experts (whether obtained by the Agent or by any other Party) and shall not be liable
for any damages, costs or losses to any person, any diminution in value or any liability whatsoever arising as a result of its so relying. 

  

	 	24.9.8	The Agent may act in relation to the Finance Documents through its officers, employees and agents. 

  

	 	24.9.9	Unless a Finance Document expressly provides otherwise the Agent may disclose to any other Party any information it reasonably believes it has received as agent under this Agreement. 

 

	 	24.9.10	Notwithstanding any other provision of any Finance Document to the contrary, neither the Agent nor the Arranger is obliged to do or omit to do anything if it would, or might in its reasonable opinion, constitute a
breach of any law or regulation or a breach of a fiduciary duty or duty of confidentiality. 

  
 95 

	 	24.9.11	Notwithstanding any provision of any Finance Document to the contrary, the Agent is not obliged to expend or risk its own funds or otherwise incur any financial liability in the performance of its duties, obligations or
responsibilities or the exercise of any right, power, authority or discretion if it has grounds for believing the repayment of such funds or adequate indemnity against, or security for, such risk or liability is not reasonably assured to it.

  

	24.10	Responsibility 

  

	 	24.10.1	No Administrative Party is responsible to any other Finance Party for the adequacy, accuracy or completeness of: 

  

	 	(a)	any Finance Document or any other document; or 

  

	 	(b)	any statement or information (whether written or oral) made in or supplied in connection with any Finance Document. 

  

	 	24.10.2	Without affecting the responsibility of any Obligor for information supplied by it or on its behalf in connection with any Finance Document, each Lender confirms that it: 

 

	 	(a)	has made, and will continue to make, its own independent appraisal of all risks arising under or in connection with the Finance Documents (including the financial condition and affairs of each Obligor and its related
entities and the nature and extent of any recourse against any Party or its assets); and 

  

	 	(b)	has not relied exclusively on any information provided to it by any Administrative Party in connection with any Finance Document. 

  

	24.11	Exclusion of liability 

  

	 	24.11.1	Without limiting paragraph (a) below (and without prejudice to any other provision of any Finance Document excluding or limiting the liability of the Agent), the Agent will not be liable for: 

 

	 	(a)	any damages, costs or losses to any person, any diminution in value, or any liability whatsoever arising as a result of taking or not taking any action under or in connection with any Finance Document, unless directly
caused by its gross negligence or wilful misconduct; 

  

	 	(b)	exercising, or not exercising, any right, power, authority or discretion given to it by, or in connection with, any Finance Document or any other agreement, arrangement or document entered into, made or executed in
anticipation of, under or in connection with, any Finance Document, other than by reason of its gross negligence or wilful misconduct; or 

  
 96 

	 	(c)	without prejudice to the generality of paragraphs (a) and (b) above, any damages, costs or losses to any person, any diminution in value or any liability whatsoever (but not including any claim based on the
fraud of the Agent) arising as a result of: 

  

	 	(i)	any act, event or circumstance not reasonably within its control; or 

  

	 	(ii)	the general risks of investment in, or the holding of assets in, any jurisdiction, 

 including
(in each case and without limitation) such damages, costs, losses, diminution in value or liability arising as a result of: nationalisation, expropriation or other governmental actions; any regulation, currency restriction, devaluation or
fluctuation; market conditions affecting the execution or settlement of transactions or the value of assets (including any Disruption Event); breakdown, failure or malfunction of any third party transport, telecommunications, computer services or
systems; natural disasters or acts of God; war, terrorism, insurrection or revolution; or strikes or industrial action. 
  

	 	24.11.2	No Party (other than the Agent or the Issuing Bank) may take any proceedings against any officer, employee or agent of the Agent or, as the case may be, the Issuing Bank, in respect of any claim it might have against
the Agent or Issuing Bank or in respect of any act or omission of any kind by that officer, employee or agent in connection with any Finance Document. Any officer, employee or agent of the Agent or Issuing Bank may rely on this Clause and enforce
its terms under the Contracts (Rights of Third Parties) Act 1999. 

  

	 	24.11.3	The Agent will not be liable for any delay (or any related consequences) in crediting an account with an amount required under the Finance Documents to be paid by the Agent if the Agent has taken all necessary steps as
soon as reasonably practicable to comply with the regulations or operating procedures of any recognised clearing or settlement system used by the Agent for that purpose. 

 

	 	24.11.4	Nothing in this Agreement shall oblige the Agent or the Arranger to carry out: 

  

	 	(a)	any “know your customer” or other checks in relation to any person; or 

  

	 	(b)	any check on the extent to which any transaction contemplated by this Agreement might be unlawful for any Lender, 

on behalf of any Lender and each Lender confirms to the Agent and the Arranger that it is solely responsible for any such checks it is
required to carry out and that it may not rely on any statement in relation to such checks made by the Agent or the Arranger. 

  
 97 

	 	24.11.5	Without prejudice to any provision of any Finance Document excluding or limiting the Agent’s liability, any liability of the Agent arising under or in connection with any Finance Document shall be limited to the
amount of actual loss which has been suffered (as determined by reference to the date of default of the Agent or, if later, the date on which the loss arises as a result of such default) but without reference to any special conditions or
circumstances known to the Agent at any time which increase the amount of that loss. In no event shall the Agent be liable for any loss of profits, goodwill, reputation, business opportunity or anticipated saving, or for special, punitive, indirect
or consequential damages, whether or not the Agent has been advised of the possibility of such loss or damages. 

  

	24.12	Default 

  

	 	24.12.1	The Agent is not obliged to monitor or enquire whether a Default has occurred. The Agent is not deemed to have knowledge of the occurrence of a Default. 

 

	 	24.12.2	If the Agent: 

  

	 	(a)	receives notice from a Party referring to this Agreement, describing a Default and stating that the event is a Default; or 

  

	 	(b)	is aware of the non-payment of any principal or interest or any fee payable to a Lender under this Agreement, 

it must promptly notify the Lenders. 
  

	24.13	Information 

  

	 	24.13.1	The Agent must promptly forward to the person concerned the original or a copy of any document which is delivered to the Agent by a Party for that person. 

 

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

 

	 	24.13.3	Except as provided above, the Agent has no duty: 

  

	 	(a)	either initially or on a continuing basis to provide any Lender with any credit or other information concerning the risks arising under or in connection with the Finance Documents (including any information relating to
the financial condition or affairs of any Obligor or its related entities or the nature or extent of recourse against any Party or its assets) whether coming into its possession before, on or after the date of this Agreement; or 

  
 98 

	 	(b)	unless specifically requested to do so by a Lender in accordance with a Finance Document, to request any certificate or other document from any Obligor. 

 

	 	24.13.4	In acting as the Agent, the agency division of the Agent is treated as a separate entity from its other divisions and departments. Any information acquired by the Agent which, in its opinion, is acquired by it otherwise
than in its capacity as the Agent may be treated as confidential by the Agent and will not be treated as information possessed by the Agent in its capacity as such. 

 

	 	24.13.5	The Agent is not obliged to disclose to any person any confidential information supplied to it by or on behalf of a member of the Group solely for the purpose of evaluating whether any waiver or amendment is required in
respect of any term of the Finance Documents. 

  

	 	24.13.6	Each Obligor irrevocably authorises the Agent to disclose to the other Finance Parties any information which, in the Agent’s opinion, is received by it in its capacity as Agent. No Lender may request to see the
Mandate Letter or any Fee Letter. 

  

	24.14	Indemnities 

  

	 	24.14.1	Without limiting the liability of any Obligor under the Finance Documents, each Lender must indemnify the Agent for that Lender’s Pro Rata Share of any loss or liability incurred by the Agent in acting as Agent
under the Finance Documents, except to the extent that the loss or liability is caused by the Agent’s gross negligence or wilful misconduct. 

  

	 	24.14.2	The Agent may deduct from any amount received by it for a Lender any amount due to the Agent from that Lender under a Finance Document but unpaid. 

 

	24.15	Compliance 

 Each Administrative Party may refrain from doing anything (including
disclosing any information) which might, in its opinion, constitute a breach of any law or regulation or be otherwise actionable at the suit of any person, and may do anything which, in its opinion, is necessary or desirable to comply with any law
or regulation. 
  

	24.16	Resignation of the Agent 

  

	 	24.16.1	The Agent may resign and appoint any of its Affiliates as successor Agent by giving notice to the Lenders and the Company. 

  

	 	24.16.2	Alternatively, the Agent may resign by giving 30 days’ notice to the Lenders and the Company, in which case the Majority Lenders may, in consultation with the Company, appoint the successor Agent.

  

	 	24.16.3	If no successor Agent has been appointed under Clause 24.16.2 above within 30 days after notice of resignation was given, the Agent may appoint the successor Agent. 

  
 99 

	 	24.16.4	The person(s) appointing the successor Agent must, if practicable, consult with the Company prior to the appointment. Any successor Agent must have an office in the UK. 

 

	 	24.16.5	The resignation of the Agent and the appointment of the successor Agent will both become effective only when the successor Agent notifies all the Parties that it accepts its appointment. On giving the notification, the
successor Agent will succeed to the position of the Agent and the term Agent will mean the successor Agent. 

  

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

  

	 	24.16.7	Upon its resignation becoming effective, this Clause will continue to benefit the retiring Agent in respect of any action taken or not taken by it in connection with the Finance Documents while it was Agent, and,
subject to Clause 24.16.6 above, it will have no further obligations under any Finance Document. 

  

	 	24.16.8	After consultation with the Company, the Majority Lenders may, by notice to the Agent, require it to resign under Clause 24.16.2 above. 

 

	 	24.16.9	The Agent shall resign in accordance with this Clause 24.16 (and, to the extent applicable, shall use reasonable endeavours to appoint a successor Agent pursuant to Clause 24.16.3 above) if on or after the date which is
three months before the earliest FATCA Application Date relating to any payment to the Agent under the Finance Documents, either: 

  

	 	(a)	the Agent fails to respond to a request under Clause 14.8 (FATCA Information) and the Company or a Lender reasonably believes that the Agent will not be (or will have ceased to be) a FATCA Exempt Party on or
after that FATCA Application Date; 

  

	 	(b)	the information supplied by the Agent pursuant to Clause 14.8 (FATCA Information) indicates that the Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date;
or 

  

	 	(c)	the Agent notifies the Company and the Lenders that the Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date; 

and (in each case) the Company or a Lender reasonably believes that a Party will be required to make a FATCA Deduction that would not be
required if the Agent were a FATCA Exempt Party, and the Company or that Lender, by notice to the Agent, requires it to resign. 

  
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	24.17	Replacement of the Agent 

  

	 	24.17.1	After consultation with the Company, the Majority Lenders may, by giving 30 days’ notice to the Agent (or, at any time the Agent is an Impaired Agent, by giving any shorter notice determined by the Majority
Lenders) replace the Agent by appointing a successor Agent. 

  

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

  

	 	24.17.3	The appointment of the successor Agent shall take effect on the date specified in the notice from the Majority Lenders to the retiring Agent. As from this date, the retiring Agent shall be discharged from any further
obligation in respect of the Finance Documents but shall remain entitled to the benefit of this Clause 24 (and any agency fees for the account of the retiring Agent shall cease to accrue from (and shall be payable on) that date). 

 

	 	24.17.4	Any successor Agent and each of the other Parties shall have the same rights and obligations amongst themselves as they would have had if such successor had been an original Party. 

 

	 	24.17.5	When replacing an Agent in accordance with the terms of this Clause the transfer restrictions as set out in Clause 30.2 (Assignments and transfers by Lenders) and Clause 30.3 (Swiss Qualifying Bank) shall
be complied with. 

  

	24.18	Confidentiality 

  

	 	24.18.1	In acting as agent for the Finance Parties, the Agent shall be regarded as acting through its agency division which shall be treated as a separate entity from any other of its divisions or departments.

  

	 	24.18.2	If information is received by another division or department of the Agent, it may be treated as confidential to that division or department and the Agent shall not be deemed to have notice of it. 

 

	24.19	Credit appraisal by the Lenders 

  

	 	24.19.1	Without affecting the responsibility of any Obligor for information supplied by it or on its behalf in connection with any Finance Document, each Lender confirms to the Agent and the Arranger that it has been, and will
continue to be, solely responsible for making its own independent appraisal and investigation of all risks arising under or in connection with any Finance Document including but not limited to: 

 

	 	(a)	the financial condition, status and nature of each member of the Group; 

  
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	 	(b)	the legality, validity, effectiveness, adequacy or enforceability of any Finance Document and any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with
any Finance Document; 

  

	 	(c)	whether that Lender has recourse, and the nature and extent of that recourse, against any Party or any of its respective assets under or in connection with any Finance Document, the transactions contemplated by the
Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document; and 

 

	 	(d)	the adequacy, accuracy or completeness of the Information Memorandum and any other information provided by the Agent, any Party or by any other person under or in connection with any Finance Document, the transactions
contemplated by any Finance Document or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document. 

 

	24.20	Relationship with the Lenders 

  

	 	24.20.1	The Agent may treat each Lender as a Lender entitled to payments under this Agreement and as acting through its Facility Office(s) until it has received not less than five Business Days’ prior notice from that
Lender to the contrary. 

  

	 	24.20.2	The Agent may at any time, and must if requested to do so by the Majority Lenders, convene a meeting of the Lenders. 

  

	 	24.20.3	The Agent must keep a register of all the Parties and supply any other Party with a copy of the register on request. The register will include each Lender’s Facility Office(s) and contact details for the purposes
of this Agreement. 

  

	24.21	Agent’s management time 

 If the Agent requires, any amount payable to the Agent by
any Party under any indemnity, or in respect of any costs or expenses incurred by the Agent under the Finance Documents after the date of this Agreement may (except, in respect of the ordinary day-to-day administrative matters carried out prior to
the occurrence of a Default, to the extent already covered by any other fees payable by the Company pursuant to the terms of its Fee Letter with the Agent), include the reasonable cost of using its management time or other resources and will be
calculated on the basis of such reasonable daily or hourly rates as the Agent may notify to the relevant Party. 

  
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	24.22	Role of Reference Banks 

  

	 	24.22.1	No Reference Bank is under any obligation to provide a quotation or any other information to the Agent. 

  

	 	24.22.2	No Reference Bank will be liable for any action taken by it under or in connection with any Finance Document, or for any Reference Bank Quotation, unless directly caused by its gross negligence or wilful misconduct.

  

	 	24.22.3	No Party (other than the relevant Reference Bank) may take any proceedings against any officer, employee or agent of any Reference Bank in respect of any claim it might have against that Reference Bank or in respect of
any act or omission of any kind by that officer, employee or agent in relation to any Finance Document, or to any Reference Bank Quotation, and any officer, employee or agent of each Reference Bank may rely on this Clause 24.22 subject to Clause
Error! Reference source not found. and the provisions of the Third Parties Act. 

  

	24.23	Third party Reference Banks 

 A Reference Bank which is not a Party may rely on
Clause 24.22 (Role of Reference Banks) and Clause 33 (Confidentiality of Funding Rates and Reference Bank Quotations) subject to Clause 1.2.3 and the provisions of the Third Parties Act. 

 

	24.24	Notice period 

 Where this Agreement specifies a minimum period of notice to be given to
the Agent, the Agent may, at its discretion, accept a shorter notice period. 
  

	25.	EVIDENCE AND CALCULATIONS 

  

	25.1	Accounts 

 Accounts maintained by a Finance Party in connection with this Agreement are
prima facie evidence of the matters to which they relate for the purpose of any litigation or arbitration proceedings. 
  

	25.2	Certificates and determinations 

 Any certification or determination by a Finance Party
of a rate or amount under the Finance Documents shall set out the basis of calculation in reasonable detail and will be, in the absence of manifest error, conclusive evidence of the matters to which it relates. 

 

	25.3	Calculations 

 Any interest or fee accruing under this Agreement accrues from day to day
and is calculated on the basis of the actual number of days elapsed and a year of 360 or 365 days or otherwise, depending on what the Agent determines is market practice. 

  
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	26.	FEES 

  

	26.1	Agent’s fee 

 The Company must pay to the Agent, for its own account, an agency fee
in the manner agreed in the Fee Letter between the Agent and the Company. 
  

	26.2	Issuing Bank fee 

 26.2.1 The Company must pay to the Issuing Bank, for its own account,
a fee in the manner agreed in the Fee Letter between the Issuing Bank and the Company. 
 26.2.2 The Issuing Bank fee will not be
payable in the event that an Issuing Bank becomes a Ratings Affected Lender (as defined in Clause 8.8 (Ratings Affected Lenders)) and, as a result, ceases to be an Issuing Bank save for outstanding Letters of Credit where it continues to be
an Issuing Bank. 
  

	26.3	Upfront fees 

 The Company must pay to the Arrangers, for their own account, upfront fees
in the manner agreed in any Fee Letter between the Arrangers (or the Agent) and the Company. 
  

	26.4	Commitment fee 

  

	 	26.4.1	The Company must pay a commitment fee in the Base Currency on the undrawn, uncancelled amount of each Lender’s Commitment, computed at 35 per cent. per annum of the applicable Margin from time to time.

  

	 	26.4.2	Accrued commitment fee which is to be paid by the Company is payable from the date of this Agreement and is payable quarterly in arrears. Accrued commitment fee is also payable to the Agent for a Lender on the date any
relevant Commitment is cancelled in full. 

  

	 	26.4.3	No commitment fee will be payable by the Company to a Defaulting Lender for any day on which that Lender is a Defaulting Lender under the terms of this Agreement. 

 

	26.5	Utilisation fee 

  

	 	26.5.1	The Company shall pay to the Agent (for the account of each Lender) from the Effective Date until the Final Maturity Date, a utilisation fee payable quarterly in arrears (on the basis of the actual number of days
elapsed and a 360 day year) computed at the rate of: 

  

	 	(a)	0.10 per cent. per annum on the daily aggregate principal amount of the Loans outstanding on each day on which the aggregate principal amount of Loans outstanding exceeds zero per cent. but does not exceed
33 per cent. (inclusive) of the Total Commitments; 

  
 104 

	 	(b)	0.20 per cent. per annum on the daily aggregate principal amount of the Loans outstanding on each day on which the aggregate principal amount of Loans outstanding exceeds 33 per cent. but does not exceed
66 per cent. (inclusive) of the Total Commitments; or 

  

	 	(c)	0.40 per cent. per annum on the daily aggregate principal amount of the Loans outstanding on each day on which the aggregate principal amount of Loans outstanding exceeds 66 per cent. of the Total Commitments.

  

	 	26.5.2	Accrued utilisation fee is payable quarterly in arrears. Accrued utilisation fee is also payable to the Agent for a Lender on the date that its Commitment is cancelled and its share in the Utilisations prepaid or repaid
in full. 

  

	27.	INDEMNITIES AND BREAK COSTS 

  

	27.1	Currency indemnity 

  

	 	27.1.1	Each Borrower must, as an independent obligation, indemnify each Finance Party against any loss or liability which that Finance Party incurs as a consequence of: 

 

	 	(a)	that Finance Party receiving an amount in respect of that Borrower’s liability under the Finance Documents; or 

  

	 	(b)	that liability being converted into a claim, proof, judgment or order, 

 in a currency other
than the currency in which the amount is expressed to be payable under the relevant Finance Document. 
  

	 	27.1.2	Unless otherwise required by law, each Obligor waives any right it may have in any jurisdiction to pay any amount under the Finance Documents in a currency other than that in which it is expressed to be payable.

  

	27.2	Other indemnities 

  

	 	27.2.1	Each Borrower must indemnify each Finance Party against any loss or liability which that Finance Party incurs as a consequence of: 

  

	 	(a)	the occurrence of any Event of Default; 

  

	 	(b)	any failure by that Borrower to pay any amount due under a Finance Document on its due date, including any resulting from any distribution or redistribution of any amount among the Lenders under this Agreement;

  

	 	(c)	(other than by reason of negligence or default by that Finance Party) a Utilisation not being made after a Request has been delivered by that Borrower for that Utilisation; or 

  
 105 

	 	(d)	a Utilisation (or part of a Utilisation) not being prepaid by that Borrower in accordance with a notice of prepayment. 

  

	 	27.2.2	Each Borrower’s liability in each case includes any loss or expense on account of funds borrowed, contracted for or utilised to fund any amount payable under any Finance Document, any amount repaid or prepaid or
any Utilisation. 

  

	 	27.2.3	Each Borrower must indemnify the Agent against any loss or liability incurred by the Agent as a result of: 

  

	 	(a)	investigating any event which the Agent reasonably believes to be a Default; 

  

	 	(b)	entering into or performing any foreign exchange contract for the purposes of Clause 6 (Optional Currencies); or 

  

	 	(c)	acting or relying on any notice which the Agent reasonably believes to be genuine, correct and appropriately authorised. 

  

	27.3	Break Costs 

  

	 	27.3.1	The relevant Borrower must pay to each Lender its Break Costs in respect of the borrowings made by such Borrower. 

  

	 	27.3.2	Break Costs are the amount (if any) determined by the relevant Lender by which: 

  

	 	(a)	the interest (excluding Margin) which that Lender would have received for the period from the date of receipt of any part of its share in a Loan or an overdue amount to the last day of the applicable Term for that Loan
or overdue amount if the principal or overdue amount received had been paid on the last day of that Term; 

 exceeds, 

 

	 	(b)	the amount which that Lender would be able to obtain by placing an amount equal to the amount received by it on deposit with a leading bank in the appropriate interbank market for a period starting on the Business Day
following receipt and ending on the last day of the applicable Term. 

  

	 	27.3.3	Each Lender must supply to the Agent for the relevant Borrower details of the amount and basis of calculation of any Break Costs claimed by it under this Clause. 

  
 106 

	28.	EXPENSES 

  

	28.1	Initial costs 

 The Company must pay to each Administrative Party the amount of all
reasonable costs and expenses (including legal fees) reasonably incurred by it (subject to any agreed cap) in connection with the negotiation, preparation, printing, execution and syndication of the Finance Documents. 

 

	28.2	Subsequent costs 

 The Company must pay to the Agent the amount of all costs and expenses
(including legal fees) reasonably incurred by it in connection with: 
  

	 	28.2.1	the negotiation, preparation, printing and execution of any Finance Document (other than a Transfer Certificate) executed after the date of this Agreement; and 

 

	 	28.2.2	any amendment, waiver or consent requested by or on behalf of an Obligor or specifically allowed by this Agreement. 

  

	28.3	Enforcement costs 

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

	29.	AMENDMENTS AND WAIVERS 

  

	29.1	Procedure 

  

	 	29.1.1	Except as provided in this Clause, any term of the Finance Documents may be amended or waived with the agreement of the Company and the Majority Lenders. The Agent may effect, on behalf of any Finance Party, an
amendment or waiver allowed under this Clause. 

  

	 	29.1.2	The Agent must promptly notify the other Parties of any amendment or waiver effected by it under Clause 29.1.1 above. Any such amendment or waiver is binding on all the Parties. 

 

	29.2	Exceptions 

  

	 	29.2.1	An amendment or waiver which relates to: 

  

	 	(a)	the definition of Majority Lenders in Clause 1.1 (Definitions); 

  

	 	(b)	an extension of the date of payment of any amount to a Lender under the Finance Documents; 

  
 107 

	 	(c)	a reduction in the Margin or a reduction in the amount of any payment of principal, interest, fee or other amount payable to a Lender under the Finance Documents; 

 

	 	(d)	an increase in or an extension of a Commitment or the Total Commitments, an extension of any Availability Period or any requirement that a cancellation of Commitments reduces the Commitments of the Lenders rateably
under the Facility; 

  

	 	(e)	a release of an Obligor other than permitted in the Finance Documents; 

  

	 	(f)	a term of a Finance Document which expressly requires the consent of each Lender; 

  

	 	(g)	Clause 2.2 (Nature of Finance Parties’ rights and obligations), Clause 39 (Governing Law) or Clause 40.1 (Jurisdiction); 

 

	 	(h)	the right of the Lender to assign or transfer its rights or obligations under the Finance Documents; or 

  

	 	(i)	this Clause, 

 may only be made with the prior consent of all the Lenders. 

 

	 	29.2.2	An amendment or waiver which relates to the rights or obligations of an Administrative Party or a Reference Bank may only be made with the consent of that Administrative Party or that Reference Bank. 

 

	 	29.2.3	If any Lender fails to respond to a request for a consent, waiver, amendment of or in relation to any of the terms of any Finance Document or other vote of Lenders under the terms of this Agreement within 10 Business
Days (unless the Company and the Agent agree to a longer time period in relation to any request) of that request being made, its Commitment and/or participation shall not be included for the purpose of calculating the Total Commitments or
participations under the Facility when ascertaining whether any relevant percentage (including, for the avoidance of doubt, unanimity) of Total Commitments and/or participations has been obtained to approve that request. 

 

	29.3	Change of currency 

 If a change in any currency of a country occurs (including where
there is more than one currency or currency unit recognised at the same time as the lawful currency of a country), the Finance Documents will be amended to the extent the Agent (acting reasonably and after consultation with the Company) determines
is necessary to reflect the change. 

  
 108 

	29.4	Replacement of Lender 

  

	 	29.4.1	In the event that: 

  

	 	(a)	the Company or the Agent (at the request of the Company) has requested the Lenders to give a consent in relation to, or to agree to a waiver or amendment of, any provisions of the Finance Documents; 

 

	 	(b)	the consent, waiver or amendment in question requires the approval of all the Lenders; and 

  

	 	(c)	the Lenders whose Commitments aggregate more than 85 per cent. of the Total Commitments have consented or agreed to such waiver or amendment, 

then any Lender who does not and continues not to consent or agree to such waiver or amendment shall be deemed a
“Non-Consenting Lender”. 
  

	 	29.4.2	If at any time: 

  

	 	(a)	any Lender becomes a Non-Consenting Lender; 

  

	 	(b)	any Obligor becomes obliged to repay any amount in accordance with Clause 10.1 (Mandatory prepayment - illegality) or to pay any amounts pursuant to Clause 14.2 (Tax Gross Up), 14.3 (Tax
Indemnity) or 14.9.2 (Increased Costs) to any Lender or results in the application of Clause 11.5 (Minimum interest rates and payments); or 

 

	 	(c)	any Lender gives a notification under Clause 13.2 (Market disruption), 

then the Company may, provided it gives at least 10 Business Days prior written notice to the Agent and such Lender, replace such
Lender by requiring such Lender to (and such Lender shall) transfer pursuant to Clause 30 (Changes to the Parties) all (and not part only) of its rights and obligations under this Agreement to a Lender or other bank, financial institution,
trust, fund or other entity which is regularly engaged in or established for the purpose of making, purchasing or investing in or securitising loans, securities or other financial assets (excluding any member of the Group) (a
“Replacement Lender”) selected by the Company, and which is acceptable to the Agent (acting reasonably), which confirms its willingness to assume and does assume all the obligations of the transferring Lender
(including the assumption of the transferring Lender’s participations on the same basis as the transferring Lender) for a purchase price in cash payable at the time of transfer equal to the outstanding principal amount of such Lender’s
participation in the outstanding Utilisation and all accrued interest, commission, Letter of Credit fees, Break Costs and other amounts payable in relation thereto under the Finance Documents. 

  
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	 	29.4.3	The replacement of a Lender pursuant to this Clause 29.4 shall be subject to the following conditions: 

  

	 	(a)	in the event of a replacement of a Non-Consenting Lender pursuant to Clause 29.4.2 above, such replacement may occur at any time during a period of 60 days commencing on the date on which the relevant consent is
requested; 

  

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

  

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

  

	 	(d)	in no event shall the Lender replaced under Clause 29.4. be required to pay or surrender to such Replacement Lender any of the fees received by such Lender pursuant to the Finance Documents; and 

 

	 	(e)	the transfer restrictions as set out in Clause 30.2 (Assignments and transfers by Lenders) and Clause 30.3 (Swiss Qualifying Bank) shall be complied with. 

 

	29.5	Disenfranchisement of Defaulting Lenders 

  

	 	29.5.1	For so long as a Defaulting Lender has any Available Commitment, in ascertaining the Majority Lenders or whether any given percentage (including, for the avoidance of doubt, unanimity) of the Total Commitments has been
obtained to approve any request for a consent, waiver, amendment or other vote under the Finance Documents, that Defaulting Lender’s Commitments will be deemed reduced by the amount of its Available Commitments. 

 

	 	29.5.2	For the purposes of this Clause 29.5, the Agent may assume that the following Lenders are Defaulting Lenders: 

  

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

  

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

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

	29.6	Replacement of a Defaulting Lender 

  

	 	29.6.1	 The Company may, at any time a Lender has become and continues to be a Defaulting Lender, by giving 10 Business Days’ prior written notice to the
Agent and such Lender replace such Lender by requiring such Lender to 

  
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(and such Lender shall) transfer pursuant to Clause 30 (Changes to the Parties) all (and not part only) of its rights and obligations under this Agreement, to a Lender or other bank,
financial institution, trust, fund or other entity (other than a member of the Group (a “Replacement Lender”) selected by the Company and which (unless the replacement Lender is already a Lender) has satisfied all the
Agents ‘know your client’ and other similar checks, for a purchase price in cash payable at the time of transfer equal to the outstanding principal amount of such Lender’s participation in the outstanding Utilisation and all accrued
interest and/or Break Costs and other amounts payable in relation thereto under the Finance Documents. 

  

	 	29.6.2	Any transfer of rights and obligations of a Defaulting Lender pursuant to this Clause 29.6 shall be subject to the following conditions: 

 

	 	(a)	The Company shall have no right to replace the Agent; 

  

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

  

	 	(c)	the transfer must take place no later than 60 days after the notice referred to in Clause 29.6.1; 

  

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

 

	 	(e)	the transfer restrictions as set out in Clause 30.2 (Assignments and transfers by Lenders) and Clause 30.3 (Swiss Qualifying Bank) shall be complied with. 

 

	29.7	Waivers and remedies cumulative 

  

	 	29.7.1	The rights of each Finance Party under the Finance Documents: 

  

	 	(a)	may be exercised as often as necessary; 

  

	 	(b)	are cumulative and not exclusive of its rights under the general law; and 

  

	 	(c)	may be waived only in writing and specifically. 

  

	 	29.7.2	No failure to exercise, nor any delay in exercising, on the part of any Finance Party, any right or remedy under the Finance Documents shall operate as a waiver, nor shall any single or partial exercise of any right or
remedy prevent any further or other exercise or the exercise of any other right or remedy. The rights and remedies provided in this Agreement are cumulative and not exclusive of any rights or remedies provided by law. 

  
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	30.	CHANGES TO THE PARTIES 

  

	30.1	Assignments and transfers by Obligors 

 No Obligor may assign or transfer any of its
rights and obligations under the Finance Documents and the Company shall not be released from its obligations as Guarantor under Clause 18 above without the prior consent of all the Lenders. 

 

	30.2	Assignments and transfers by Lenders 

  

	 	30.2.1	Subject as provided in Clause 30.3 (Swiss Qualifying Bank), a Lender (the Existing Lender) may at any time assign or transfer (including by way of novation) any of its rights and obligations under this Agreement
to any other 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”) provided that: 

  

	 	(a)	such assignment or transfer does not result in the aggregate number of Lenders which are Swiss Non Qualifying Banks exceeding five in number; 

 

	 	(b)	the consent of the Company is required for an assignment or transfer by a Lender, unless: 

  

	 	(i)	the transfer or assignment is to another Lender or an Affiliate of a Lender; or 

  

	 	(ii)	an Event of Default is continuing, 

  

	 	(c)	the consent of the Company to an assignment or transfer must not be unreasonably withheld or delayed, and the Company will be deemed to have given its consent if no express refusal is received within 10 days;

  

	 	(d)	in no event shall an Obligor be obligated to pay to such New Lender any amounts, pursuant to Clause 14 of this Agreement, greater than such amounts the Obligor would have been required to pay to the assigning Lender in
the absence of such Assignment; and 

  

	 	(e)	the consent of the Issuing Banks is required for a transfer unless: 

  

	 	(i)	an Event of Default is continuing; and 

  

	 	(ii)	 the New Lender (A) has a long-term foreign currency rating with either S&P or Moody’s of BBB/Baa2 or better, or (B) deposits in a
collateral account (held in the name of the relevant New Lender but under the sole dominion and control of the Agent for the benefit of the relevant Issuing Bank) cash in an 

  
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amount equal to such New Lender’s Pro Rata Share in any Letter of Credit as collateral for its obligations to such Issuing Bank, over which security, in a form reasonably acceptable to the
Agent and that Issuing Bank, has been granted. 

  

	 	30.2.2	A transfer of obligations will be effective only if obligations are novated in accordance with the following provisions of this Clause being that: 

 

	 	(a)	the New Lender confirms to the Agent and the Company in form and substance satisfactory to the Agent that it is bound by the terms of this Agreement as a Lender; 

 

	 	(b)	on the transfer becoming effective in this manner, the Existing Lender will be released from its obligations under this Agreement to the extent that they are transferred to the New Lender; and 

 

	 	(c)	no assignment shall be effective unless it has been duly recorded in the Register pursuant to Clause 30.2.5. 

  

	 	30.2.3	Unless the Agent otherwise agrees, the New Lender (unless it is an Affiliate of the Existing Lender) must pay to the Agent for its own account, on or before the date any assignment or transfer occurs, a fee of
€2,000. 

  

	 	30.2.4	Any reference in this Agreement to a Lender includes a New Lender but excludes a Lender if no amount is or may be owed to or by it under this Agreement. 

 

	 	30.2.5	The Agent, acting solely for this purpose as the agent of the Obligors, shall maintain at one of its offices a copy of each assignment agreement and Transfer Certificate delivered to it and a register (the
“Register”) for the recordation of the names and address of each Lender and the Commitments of and obligations owing to each Lender. The entries in the Register shall be conclusive, absent manifest error, and each Obligor, the Agent
and each Lender shall treat each person whose name is recorded in the Register as a Lender notwithstanding any notice to the contrary. The Register shall be available for inspection by each Obligor at any reasonable time and from time to time upon
reasonable prior notice. 

  

	30.3	Swiss Qualifying Bank 

  

	 	30.3.1	Subject to Clause 30.3.3 below, or save as may be otherwise agreed by the Agent and the Company (such agreement not to be unreasonably withheld), no Lender may: 

 

	 	(a)	assign all or any of its rights and benefits hereunder; or 

  

	 	(b)	transfer all or any of its rights, benefits and obligations hereunder, to any person which, at the time of such an assignment or transfer, does not confirm that it is a Swiss Qualifying Bank; or 

  
 113 

	 	(c)	enter into a sub-participation agreement in relation to this Agreement with any person which, at the time of such a sub-participation, does not confirm that it is a Swiss Qualifying Bank. 

Save for an assignment, transfer or sub-participation permitted under Clause 30.3.3 below, a Swiss Borrower is not obliged to pay any
amount to any Lender pursuant to Clause 14.2 (Tax Gross-Up) or Clause 14.3 (Tax Indemnity) if and for so long as the obligation to pay such amount arises solely because the relevant assignee, transferee or sub-participant is not a
Swiss Qualifying Bank and, accordingly, the confirmation given by it referred to in this Clause 30.3.1 is, at the time of such confirmation, incorrect as to that person’s status as a Swiss Qualifying Bank. In the circumstance where such an
incorrect statement has been made such assignment, transfer or sub-participation shall be deemed to be void and shall have no effect. 
  

	 	30.3.2	Any Lender which enters into a sub-participation agreement in relation to this Agreement shall ensure that: 

  

	 	(a)	the terms of such sub-participation agreement oblige the sub-participant to neither enter into further sub-participation agreements (in relation to the rights between it and such Lender) nor assign or grant any interest
over the sub-participation agreement, except in each case to a person which confirms that it is at such time a Swiss Qualifying Bank; 

  

	 	(b)	the sub-participant enters into an undertaking in favour of each Lender and the Company to abide by the terms included in the sub-participation agreement to reflect paragraph (a) above; 

 

	 	(c)	the terms of such sub-participation agreement oblige the sub-participant, in respect of any further sub-participation, assignment or grant, to include a term identical to the provisions of this Clause mutatis mutandis,
including a requirement that any further sub-participant, assignee or grantee enters into such undertaking; and 

  

	 	(d)	 each Lender that enters in a sub-participation shall, acting solely for this purpose as a non-fiduciary agent of the Obligors, maintain a register for
the recordation of the names and addresses of each sub-participant and the principal amounts (and interest thereon) of each participant’s interest in the Loans or other obligations under this Agreement (the “Participant
Register”). The entries in the Participant Register shall be conclusive, absent manifest error, and each Obligor, the Agent and each Lender shall treat each person  

  
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whose name is recorded n the Participant Register as the owner of such participation for all purposes of this Agreement, notwithstanding any notice to the contrary. 

 

	 	30.3.3	A Lender may only assign, transfer or sub-participate all or any of its rights, benefits and obligations hereunder to a person which does not confirm that it is a Swiss Qualifying Bank in accordance with Clause 30.3.1
if (i) the Company has confirmed in writing that, after giving effect to the proposed accession of such person as a Lender, it will remain in compliance with the Swiss Non-Bank Rules and (ii) if so requested by the Company, such person
has, as a condition precedent to its becoming a party hereto as a Lender or becoming a sub-participant, delivered to the Company tax rulings from the Swiss Tax Authorities satisfactory to the Company provided that such confirmation from the Company
and such delivery of tax rulings to the Company is not required (1) if the transfer or assignment is to another Lender or an Affiliate of a Lender (provided that such Affiliate is a Swiss Qualifying Bank) or (2) an Event of Default is
continuing. 

  

	 	30.3.4	Each Lender undertakes to notify the Company promptly after it has ceased to be a Swiss Qualifying Bank. 

  

	 	30.3.5	Each Swiss Borrower shall, if it would otherwise be in breach of the Swiss Non-Bank Rules, have an enforceable right under this Agreement to repay any Loan granted by a Lender if such Lender ceases to be a Swiss
Qualifying Bank. 

  

	30.4	Security over Lenders’ rights 

 In addition to the other rights provided to Lenders
under this Clause 30, each Lender may without consulting with or obtaining consent from any Obligor, at any time charge, assign or otherwise create a Security Interest in or over (whether by way of collateral or otherwise) all or any of its rights
under any Finance Document to secure obligations of that Lender including, without limitation: 
  

	 	30.4.1	any charge, assignment or other Security Interest to secure obligations to a federal reserve or central bank; and 

  

	 	30.4.2	in the case of any Lender which is a fund, any charge, assignment or other Security Interest granted to any holders (or trustee or representatives of holders) of obligations owed, or securities issued, by that Lender as
security for those obligations or securities, 

 except that no such charge, assignment or Security Interest shall: 

 

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

  

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

  
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 and any such charge, assignment or Security in or over all or any of its rights under any
Finance Document shall provide that, upon any enforcement thereof, any resulting assignment of such rights under any Finance Documents in accordance with paragraph (a) and (b) above shall be made in accordance with Clauses 30.2
(Assignments and transfers by Lenders) and 30.3 (Swiss Qualifying Bank) of Clause 30 (Changes to the Parties). 
  

	30.5	Disapplication or amendment of Non-Bank Rules 

 If the Swiss Non-Bank Rules are
disapplied or amended in any material respect from their form as at the date of this Agreement, the Company or the Agent may (and the Agent shall, at the request of the Majority Lenders) request in writing to the Agent or the Company, as the case
may be, that this Agreement be amended to reflect such change. The Company and the Finance Parties shall enter into discussions for a period of not more than 30 days with a view to agreeing any amendments required to be made to this Agreement to
place the Obligors and the Finance Parties in substantially the same position (or otherwise in a position acceptable to the Company and the Majority Lenders) from a Swiss Withholding Tax perspective as they would have been in if the change had not
happened. Any agreement between the Company and the Agent shall be, with the prior consent of the Majority Lenders, binding on all the Parties and if no agreement is reached under this Clause 30.4, this Agreement shall continue in effect in
accordance with its terms. 
  

	30.6	Procedure for transfer by way of novations 

  

	 	30.6.1	In this Clause: 

 “Transfer Date” means, for a Transfer Certificate,
the later of: 
  

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

  

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

  

	 	30.6.2	A novation is effected if: 

  

	 	(a)	the Existing Lender and the New Lender deliver to the Agent a duly completed Transfer Certificate in the form set out in the relevant part of Schedule 4 (Forms of Transfer Certificate); and

  

	 	(b)	the Agent executes it. 

 The Agent must execute as soon as reasonably practicable a Transfer
Certificate delivered to it and which appears on its face to be in order. 

  
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	 	30.6.3	Each Party (other than the Existing Lender and the New Lender) irrevocably authorises the Agent to execute any duly completed Transfer Certificate on its behalf. 

 

	 	30.6.4	On the Transfer Date: 

  

	 	(a)	the New Lender will assume the rights and obligations of the Existing Lender expressed to be the subject of the novation in the Transfer Certificate in substitution for the Existing Lender; and 

 

	 	(b)	the Existing Lender will be released from those obligations and cease to have those rights. 

  

	30.7	Limitation of responsibility of Existing Lender 

  

	 	30.7.1	Unless expressly agreed to the contrary, an Existing Lender is not responsible to a New Lender for the legality, validity, adequacy, accuracy, completeness or performance of: 

 

	 	(a)	any Finance Document or any other document; or 

  

	 	(b)	any statement or information (whether written or oral) made in or supplied in connection with any Finance Document, 

and any representations or warranties implied by law are excluded. 

 

	 	30.7.2	Each New Lender confirms to the Existing Lender and the other Finance Parties that it: 

  

	 	(a)	has made, and will continue to make, its own independent appraisal of all risks arising under or in connection with the Finance Documents (including the financial condition and affairs of each Obligor and its related
entities and the nature and extent of any recourse against any Party or its assets) in connection with its participation in this Agreement; and 

  

	 	(b)	has not relied exclusively on any information supplied to it by the Existing Lender in connection with any Finance Document. 

  

	 	30.7.3	Nothing in any Finance Document requires an Existing Lender to: 

  

	 	(a)	accept a re-transfer from a New Lender of any of the rights and obligations assigned or transferred under this Clause; or 

  

	 	(b)	support any losses incurred by the New Lender by reason of the non-performance by any Obligor of its obligations under any Finance Document or otherwise. 

  
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	30.8	Costs resulting from change of Lender or Facility Office 

 If: 

 

	 	30.8.1	a Lender assigns or transfers any of its rights and obligations under the Finance Documents or changes its Facility Office; and 

  

	 	30.8.2	as a result of circumstances existing at the date the assignment, transfer or change occurs, an Obligor would be obliged to pay a Tax Payment or an Increased Cost, 

then, unless the assignment, transfer or change is made by a Lender to mitigate any circumstances giving rise to the Tax Payment, Increased
Cost or a right to be prepaid and/or cancelled by reason of illegality, the Obligor need only pay that Tax Payment or Increased Cost to the same extent that it would have been obliged to if no assignment, transfer or change had occurred. 

 

	30.9	Additional Borrowers 

  

	 	30.9.1	Subject to compliance with the provisions of Clauses 20.8.3 and 20.8.4 of Clause 20.8 (“Know your customer” checks), the Company may request that any of its wholly owned Subsidiaries
becomes an Additional Borrower. The wholly owned Subsidiary shall become an Additional Borrower if: 

  

	 	(a)	all the Lenders (or, in the case of a wholly owned Subsidiary incorporated in the same jurisdiction as any existing Borrower, all the Majority Lenders) approve the addition of that Subsidiary; 

 

	 	(b)	the Company delivers to the Agent a duly completed and executed Accession Agreement; 

  

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

 

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

  

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

  

	 	30.9.3	Other than to the extent the Majority Lenders notify the Agent in writing to the contrary before the Agent gives the notification descried in 30.9.2 above, the Lenders authorise (but do not require) the Agent to give
that notification. The Agent shall not be liable for any damages, costs or losses whatsoever as a result of giving any such notification. 

  
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	 	30.9.4	Delivery of an Accession Agreement, executed by the relevant Subsidiary and the Company, to the Agent constitutes confirmation by that Subsidiary and the Company that the Repeating Representations are true.

  

	30.10	Resignation of a Borrower 

  

	 	30.10.1	In this Clause, Resignation Request means a letter in the form of Schedule 7 (Form of Resignation Request), with such amendments as the Agent may approve or reasonably require. 

 

	 	30.10.2	The Company may request that a Borrower (other than the Company) ceases to be a Borrower by giving to the Agent a duly completed Resignation Request. 

 

	 	30.10.3	The Agent must accept a Resignation Request and notify the Company and the Lenders of its acceptance: 

  

	 	(a)	if the Lenders have consented to the Resignation Request; 

  

	 	(b)	it is not aware that a Default is outstanding or would result from the acceptance of the Resignation Request; and 

  

	 	(c)	no amount owed by that Borrower under this Agreement is still outstanding. 

  

	 	30.10.4	The Borrower will cease to be a Borrower when the Agent gives the notification referred to in Clause 30.10.3 above. 

  

	30.11	Affiliates of Lenders 

  

	 	30.11.1	Each Lender may fulfil its obligations in respect of any Utilisation through an Affiliate if: 

  

	 	(a)	the relevant Affiliate is specified in this Agreement as a Lender in Schedule 1 (Original Lenders) or becomes a Lender by means of a Transfer Certificate in accordance with this Agreement; and

  

	 	(b)	the Utilisations in which that Affiliate will participate are specified in this Agreement or in a notice given by that Lender to the Agent and the Company. 

In this event, the Lender and the Affiliate will participate in Utilisations in the manner provided for in paragraph (b) above. 

 

	 	30.11.2	If Clause 30.11.1 above applies, the Lender and its Affiliate will be treated as having a single Commitment and a single vote, but, for all other purposes, will be treated as separate Lenders. 

 

	 	30.11.3	The Affiliate of a Lender shall be entitled to all rights and benefits under the Finance Documents relating to its participation in Utilisations, and shall have the corresponding duties of a Lender in relation thereto,
and is a Party to this Agreement for those purposes. 

  
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	 	30.11.4	A Lender which has an Affiliate will remain liable for the relevant obligations under the Finance Documents in the event that the Affiliate fails to perform them. 

 

	31.	DISCLOSURE OF INFORMATION 

  

	31.1	Confidential Information 

 Each Finance Party agrees to keep all Confidential
Information confidential and not to disclose it to anyone, save to the extent permitted by Clause 31.2 (Disclosure of Confidential Information) to ensure that all Confidential Information is protected with security measures and a degree of
care that would apply to its own confidential information. 
  

	31.2	Disclosure of Confidential Information 

 Any Finance Party may disclose: 

 

	 	31.2.1	to any of its Affiliates and any of its or their officers, directors, employees, professional advisers, auditors, partners and Representatives such Confidential Information as that Finance Party shall consider
appropriate if any person to whom the Confidential Information is to be given pursuant to this Clause 31.2.1 is informed in writing of its confidential nature and that some or all of such Confidential Information may be price-sensitive information
except that there shall be no such requirement to so inform if the recipient is subject to professional obligations to maintain the confidentiality of the information or is otherwise bound by requirements of confidentiality in relation to the
Confidential Information; 

  

	 	31.2.2	to any person: 

  

	 	(a)	to (or through) whom it assigns or transfers (or may potentially assign or transfer) all or any of its rights and/or obligations under one or more Finance Documents and to any of that person’s Affiliates and
professional advisers; 

  

	 	(b)	with (or through) whom it enters into (or may potentially enter into), whether directly or indirectly, any sub-participation in relation to, or any other transaction under which payments are to be made or may be made by
reference to, one or more Finance Documents and/or one or more Obligors and to any of that person’s Affiliates and professional advisers; 

  

	 	(c)	appointed by any Finance Party or by a person to whom paragraph (a) or (b) above applies to receive communications, notices, information or documents delivered pursuant to the Finance Documents on its behalf
(including, without limitation, any person appointed under Clause 24.20.3 of Clause 24.20 (Relationship with Lenders));  

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

 

	 	(e)	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; 

  

	 	(f)	to whom or for whose benefit that Finance Party charges, assigns or otherwise creates Security (or may do so) pursuant to Clause 30.4 (Security over Lenders’ rights); 

 

	 	(g)	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; 

 

	 	(h)	who is a Party; or 

  

	 	(i)	with the consent of the Company; 

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

	 	(i)	in relation to paragraphs (a), (b) and (c) 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; 

 

	 	(ii)	in relation to paragraph (d) 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; 

  

	 	(iii)	 in relation to paragraphs (e), (f) and (g) 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 

  
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price-sensitive information except that there shall be no requirement to so inform if, in the opinion of that Finance Party, it is not practicable so to do in the circumstances;

  

	 	31.2.3	to any person appointed by that Finance Party or by a person to whom paragraph (a) or (b) above applies to provide administration or settlement services in respect of one or more of the Finance Documents
including without limitation, in relation to the trading of participations in respect of the Finance Documents, such Confidential Information as may be required to be disclosed to enable such service provider to provide any of the services referred
to in this Clause 31.2.3 if the service provider to whom the Confidential Information is to be given has entered into a confidentiality agreement substantially in the form of the LMA Master Confidentiality Undertaking for Use With
Administration/Settlement Service Providers or such other form of confidentiality undertaking agreed between the Company and the relevant Finance Party; and 

  

	 	31.2.4	to any rating agency (including its professional advisers) such Confidential Information as may be required to be disclosed to enable such rating agency to carry out its normal rating activities in relation to the
Finance Documents and/or the Obligors if the rating agency to whom the Confidential Information is to be given is informed of its confidential nature and that some or all of such Confidential Information may be price-sensitive information.

  

	31.3	Disclosure to numbering service providers 

  

	 	31.3.1	Any Finance Party may disclose to any national or international numbering service provider appointed by that Finance Party to provide identification numbering services in respect of this Agreement, the Facility and/or
one or more Obligors the following information: 

  

	 	(a)	names of Obligors; 

  

	 	(b)	country of domicile of Obligors; 

  

	 	(c)	place of incorporation of Obligors; 

  

	 	(d)	date of this Agreement; 

  

	 	(e)	the names of the Agent and the Arrangers; 

  

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

  

	 	(g)	amount of Total Commitments; 

  

	 	(h)	currencies of the Facility; 

  

	 	(i)	type of Facility; 

  

	 	(j)	ranking of Facility; 

  
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	 	(k)	Final Maturity Date for the Facility; 

  

	 	(l)	changes to any of the information previously supplied pursuant to paragraphs (a) to (k) above; and 

  

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

 to enable such
numbering service provider to provide its usual syndicated loan numbering identification services. 
  

	 	31.3.2	The Parties acknowledge and agree that each identification number assigned to this Agreement, the Facilities and/or one or more Obligors by a numbering service provider and the information associated with each such
number may be disclosed to users of its services in accordance with the standard terms and conditions of that numbering service provider. 

  

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

  

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

 

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

 

	31.4	Entire agreement 

 This Clause 31 (Disclosure of Information) constitutes
the entire agreement between the Parties in relation to the obligations of the Finance Parties under the Finance Documents regarding Confidential Information and supersedes any previous agreement, whether express or implied, regarding Confidential
Information. 
  

	31.5	Inside information 

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

	31.6	Notification of disclosure 

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

	 	31.6.1	of the circumstances of any disclosure of Confidential Information made pursuant to paragraph (e) of Clause 31.2.2 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 

  
 123 

	 	31.6.2	upon becoming aware that Confidential Information has been disclosed in breach of this Clause 31 (Disclosure of Information). 

 

	31.7	Continuing obligations 

 The obligations in this Clause 31 (Disclosure of
Information) are continuing and, in particular, shall survive and remain binding on each Finance Party for a period of 12 months from the earlier of: 
  

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

 

	 	31.7.2	the date on which such Finance Party otherwise ceases to be a Finance Party. 

  

	31.8	Notification 

 The Agent shall, as soon as reasonably possible after receiving a
Transfer Certificate, notify the Company of such assignment, transfer or other transaction reported in the Transfer Certificate. Each Finance Party hereby consents to the Company disclosing any information with regard to any Transfer Certificate,
and any other information in relation to the Finance Documents, requested by the Eidgenoessische Steuerverwaltung, CH-Berne (“Eidgenoessische Steuerverwaltung”). 

 

	32.	SET-OFF 

 At any time after an Event of Default has occurred and is continuing, a Finance
Party may set off any matured obligation owed to it by an Obligor under the Finance Documents (to the extent beneficially owned by that Finance Party) against any obligation (whether or not matured) owed by that Finance Party to that Obligor,
regardless of the place of payment, booking branch or currency of either obligation. If the obligations are in different currencies, the Finance Party may convert either obligation at a market rate of exchange in its usual course of business for the
purpose of the set-off. 
  

	33.	CONFIDENTIALITY OF FUNDING RATES AND REFERENCE BANK QUOTATIONS 

  

	33.1	Confidentiality and disclosure 

  

	 	33.1.1	The Agent and each Obligor agree to keep each Funding Rate (and, in the case of the Agent, each Reference Bank Quotation) confidential and not to disclose it to anyone, save to the extent permitted by Clauses 33.1.2 and
33.1.3 below. 

  

	 	33.1.2	The Agent may disclose: 

  

	 	(a)	any Funding Rate (but not, for the avoidance of doubt, any Reference Bank Quotation) to the relevant Borrower; and 

  
 124 

	 	(b)	any Funding Rate or any Reference Bank Quotation to any person appointed by it to provide administration services in respect of one or more of the Finance Documents to the extent necessary to enable such service
provider to provide those services if the service provider to whom that information is to be given has entered into a confidentiality agreement substantially in the form of the LMA Master Confidentiality Undertaking for Use With
Administration/Settlement Service Providers or such other form of confidentiality undertaking agreed between the Agent and the relevant Lender or Reference Bank, as the case may be. 

 

	 	33.1.3	The Agent may disclose any Funding Rate or any Reference Bank Quotation, and each Obligor may disclose any Funding Rate, to: 

  

	 	(a)	any of its Affiliates and any of its or their officers, directors, employees, professional advisers, auditors, partners and Representatives if any person to whom that Funding Rate or Reference Bank Quotation is to be
given pursuant to this paragraph (a) is informed in writing of its confidential nature and that it may be price-sensitive information except that there shall be no such requirement to so inform if the recipient is subject to professional
obligations to maintain the confidentiality of that Funding Rate or Reference Bank Quotation or is otherwise bound by requirements of confidentiality in relation to it; 

 

	 	(b)	any person to whom information is required or requested to be disclosed by any court of competent jurisdiction or any governmental, banking, taxation or other regulatory authority or similar body, the rules of any
relevant stock exchange or pursuant to any applicable law or regulation if the person to whom that Funding Rate or Reference Bank Quotation is to be given is informed in writing of its confidential nature and that it may be price-sensitive
information except that there shall be no requirement to so inform if, in the opinion of the Agent or the relevant Obligor, as the case may be, it is not practicable to do so in the circumstances; 

 

	 	(c)	any person to whom information is required to be disclosed in connection with, and for the purposes of, any litigation, arbitration, administrative or other investigations, proceedings or disputes if the person to whom
that Funding Rate or Reference Bank Quotation is to be given is informed in writing of its confidential nature and that it may be price-sensitive information except that there shall be no requirement to so inform if, in the opinion of the Agent or
the relevant Obligor , as the case may be, it is not practicable to do so in the circumstances; and 

  
 125 

	 	(d)	any person with the consent of the relevant Lender or Reference Bank, as the case may be. 

  

	33.2	Related obligations 

  

	 	33.2.1	The Agent and each Obligor acknowledge that each Funding Rate (and, in the case of the Agent, each Reference Bank Quotation) is or may be price-sensitive information and that its use may be regulated or prohibited by
applicable legislation including securities law relating to insider dealing and market abuse and the Agent and each Obligor undertake not to use any Funding Rate or, in the case of the Agent, any Reference Bank Quotation for any unlawful purpose.

  

	 	33.2.2	The Agent and each Obligor agree (to the extent permitted by law and regulation) to inform the relevant Lender or Reference Bank, as the case may be: 

 

	 	(a)	of the circumstances of any disclosure made pursuant to Clause 33.1.3(b) (Confidentiality and disclosure) 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 any information has been disclosed in breach of this Clause 32. 

  

	33.3	No Event of Default 

 No Event of Default will occur under Clause 23.3 (Breach of
other obligations) by reason only of an Obligor’s failure to comply with this Clause 33. 
  

	34.	PRO RATA SHARING 

  

	34.1	Redistribution 

 If any amount owing by an Obligor under this Agreement to a Lender (the
recovering Lender) is discharged by payment, set-off or any other manner other than through the Agent under this Agreement (a recovery), then: 
  

	 	34.1.1	the recovering Lender must, within three Business Days, supply details of the recovery to the Agent; 

  

	 	34.1.2	the Agent must calculate whether the recovery is in excess of the amount which the recovering Lender would have received if the recovery had been received by the Agent under this Agreement; and 

 

	 	34.1.3	the recovering Lender must pay to the Agent an amount equal to the excess (the redistribution). 

  
 126 

	34.2	Effect of redistribution 

  

	 	34.2.1	The Agent must treat a redistribution as if it were a payment by the relevant Obligor under this Agreement and distribute it among the Lenders, other than the recovering Lender, accordingly. 

 

	 	34.2.2	When the Agent makes a distribution under Clause 34.2.1 above, the recovering Lender will be subrogated to the rights of the Finance Parties which have shared in that redistribution. 

 

	 	34.2.3	If and to the extent that the recovering Lender is not able to rely on any rights of subrogation under Clause 34.2.2 above, the relevant Obligor will owe the recovering Lender a debt which is equal to the
redistribution, immediately payable and of the type originally discharged. 

  

	 	34.2.4	If: 

  

	 	(a)	a recovering Lender must subsequently return a recovery, or an amount measured by reference to a recovery, to an Obligor; and 

  

	 	(b)	the recovering Lender has paid a redistribution in relation to that recovery, 

 each Finance
Party must reimburse the recovering Lender all or the appropriate portion of the redistribution paid to that Finance Party, together with interest for the period while it held the re-distribution. In this event, the subrogation in Clause 34.2.2
above will operate in reverse to the extent of the reimbursement. 
  

	34.3	Exceptions 

 Notwithstanding any other term of this Clause, a recovering Lender need not
pay a redistribution to the extent that: 
  

	 	34.3.1	it would not, after the payment, have a valid claim against the relevant Obligor in the amount of the redistribution; or 

  

	 	34.3.2	it would be sharing with another Finance Party any amount which the recovering Lender has received or recovered as a result of legal or arbitration proceedings, where: 

 

	 	(a)	the recovering Lender notified the Agent of those proceedings; and 

  

	 	(b)	the other Finance Party had an opportunity to participate in those proceedings but did not do so or did not take separate legal or arbitration proceedings as soon as reasonably practicable after receiving notice of
them. 

  
 127 

	35.	SEVERABILITY 

 If a term of a Finance Document is or becomes illegal, invalid or
unenforceable in any jurisdiction, that will not affect: 
  

	 	35.1.1	the legality, validity or enforceability in that jurisdiction of any other term of the Finance Documents; or 

  

	 	35.1.2	the legality, validity or enforceability in other jurisdictions of that or any other term of the Finance Documents. 

  

	36.	COUNTERPARTS 

 Each Finance Document may be executed in any number of counterparts. This
has the same effect as if the signatures on the counterparts were on a single copy of the Finance Document. 
  

	37.	NOTICES 

  

	37.1	In writing 

  

	 	37.1.1	Any communication in connection with a Finance Document must be in writing and, unless otherwise stated, may be given: 

  

	 	(a)	in person, by post, fax, email or any other electronic communication approved by the Agent; or 

  

	 	(b)	if between the Agent and a Lender and the Agent and the Lender agree, by email or other electronic communication. 

  

	 	37.1.2	For the purpose of the Finance Documents, an electronic communication will be treated as being in writing. 

  

	 	37.1.3	Unless it is agreed to the contrary, any consent or agreement required under a Finance Document must be given in writing. 

  

	37.2	Contact details 

  

	 	37.2.1	Except as provided below, the contact details of each Party for all communications in connection with the Finance Documents are those notified by that Party for this purpose to the Agent on or before the date it becomes
a Party. 

  

	 	37.2.2	The contact details of the Company for this purpose are: 

  

			
	Address:	  	Provincialeweg 11
		  	1506 MA Zaandam
		  	The Netherlands
		
	Email:	  	group.legal@ahold.com
	Attention:	  	Senior Director Corporate Support

  
 128 

			
	 With a copy to:
	  	Ahold Finance Company N.V.
		  	Curaçao, Geneva Branch
		  	2, Rue Jean-Petitot
		  	1204 Geneva
		  	Switzerland
		
	 Fax number:
	  	+41 22 592 8034
	 Email:
	  	andy.nash@ahold.com, andre.van.der.toorn@ahold.com
	 Attention:
	  	SVP Treasury, VP Treasury
		
	 With a copy to:
	  	Ahold USA, Inc.
	 Fax number:
	  	+1 617 770 6416
	 Email:
	  	thippler@stopandshop.com
	 Attention:
	  	Executive Vice President and General Counsel of Ahold U.S.A.

  

	 	37.2.3	The contact details of the Agent for this purpose are: 

			
		
	 Address:
	  	2 King Edward Street
		  	London EC1A 1HQ
		
	 Fax Number:
	  	+44 20 8313 2149
	 Email:
	  	emea.7115loansagency@bankofamerica.com
	 Attention:
	  	Loans Agency

  

	 	37.2.4	The contact details of each Original Issuing Bank for this purpose are: 

			
		
	 Address:
	  	Bank or America
		  	One Fleet Way
		  	Scranton, PA 18507
		  	USA
		
	 Fax number:
	  	+1 570 330 4187
	 Telephone:
	  	+1 570 330 4214
	 Email:
	  	michael.a.grizzanti@baml.com
	 Attention:
	  	Michael A Grizzanti, Vice President
		
	 Address:
	  	BNP Paribas Fortis SA/NV, Netherlands Branch
		  	Herengracht 595
		  	1017CE Amsterdam
		  	The Netherlands
		
	 Fax number:
	  	+ 31 20 550 13 06
	 Telephone:
	  	+31 20 550 13 21/+31 20 550 13 87/+31 20 550 13 28/
		  	+31 20 550 13 52
	 Email:
	  	gts-amsterdam@bnpparibas.com
	 Attention:
	  	Martin Peters, phone: +31 20 550 13 21
		  	Erna Flapper, phone: +31 20 550 13 87
		  	Rogelia Ratti, phone: +31 20 550 13 28
		  	Ertunc Sarcan, phone: +31 20 550 13 52

  
 129 

	 	37.2.5	Any Party may change its contact details by giving five Business Days’ notice to the Agent or (in the case of the Agent) to the other Parties. 

 

	 	37.2.6	Where a Party nominates a particular department or officer to receive a communication, a communication will not be effective if it fails to specify that department or officer. 

 

	37.3	Effectiveness 

  

	 	37.3.1	Except as provided below, any communication in connection with a Finance Document will be deemed to be given as follows: 

  

	 	(a)	if delivered in person, at the time of delivery; 

  

	 	(b)	if posted, five days after being deposited in the post, postage prepaid, in a correctly addressed envelope; 

  

	 	(c)	if by fax, when received in legible form; and 

  

	 	(d)	if by e-mail or any other electronic communication, when received in legible form. 

  

	 	37.3.2	A communication given under Clause 37.3.1 above but received on a non-working day or after business hours in the place of receipt will only be deemed to be given on the next working day in that place. 

 

	 	37.3.3	A communication to the Agent will only be effective on actual receipt by it. 

  

	37.4	Communication when Agent is Impaired Agent 

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

 

	37.5	Obligors 

  

	 	37.5.1	All communications under the Finance Documents to or from an Obligor must be sent through the Agent. 

  

	 	37.5.2	All communications under the Finance Documents to or from an Obligor (other than the Company) must be sent through the Company. 

  

	 	37.5.3	Each Obligor (other than the Company) irrevocably appoints the Company to act as its agent: 

  

	 	(a)	to give and receive all communications under the Finance Documents; 

  
 130 

	 	(b)	to supply all information concerning itself to any Finance Party; and 

  

	 	(c)	to sign all documents under or in connection with the Finance Documents. 

  

	 	37.5.4	Any communication given to the Company in connection with a Finance Document will be deemed to have been given also to the other Obligors. 

 

	 	37.5.5	The Agent may assume that any communication made by the Company is made with the consent of each other Obligor. 

  

	38.	LANGUAGE 

  

	 	38.1.1	Any notice given in connection with a Finance Document must be in English. 

  

	 	38.1.2	Any other document provided in connection with a Finance Document must be: 

  

	 	(a)	in English; or 

  

	 	(b)	(unless the Agent otherwise agrees) accompanied by a certified English translation. In this case, the English translation prevails unless the document is a statutory or other official document. 

 

	39.	GOVERNING LAW 

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

	40.	ENFORCEMENT 

  

	40.1	Jurisdiction 

  

	 	40.1.1	The English courts have exclusive jurisdiction to settle any dispute in connection with any Finance Document including a dispute regarding any non-contractual obligations arising out of or in connection with it or a
dispute regarding its existence, validity or termination (each a “Dispute”). 

  

	 	40.1.2	Notwithstanding Clause 40.1.1 above, any New York State court or Federal court sitting in the Borough of Manhattan, New York City also has jurisdiction to settle any Dispute and each Obligor hereby irrevocably submits
to the jurisdiction of such courts in any such Dispute. 

  

	 	40.1.3	The English and New York courts are the most appropriate and convenient courts to settle any Dispute, and each Obligor waives objection to those courts on the grounds of inconvenient forum or otherwise and waives any
objection to the laying of venue in relation to proceedings brought in such courts in connection with any Finance Document. 

  
 131 

	 	40.1.4	This Clause is for the benefit of the Finance Parties only. To the extent allowed by law, a Finance Party may take: 

  

	 	(a)	proceedings in any other court; and 

  

	 	(b)	concurrent proceedings in any number of jurisdictions. 

  

	40.2	Service of process 

  

	 	40.2.1	Each Obligor not incorporated in England and Wales irrevocably appoints Law Debenture Corporate Services Limited at 5th Floor, 100 Wood Street, London EC2V 7EX as its
agent under the Finance Documents for service of process in any proceedings before the English courts. 

  

	 	40.2.2	Each Obligor not incorporated in New York State irrevocably appoints Law Debenture Corporate Services Limited at 400 Madison Avenue 4th Floor New York, New York 10017
as its agent for service of process in any proceedings before any New York State courts. 

  

	 	40.2.3	If any person appointed as process agent is unable for any reason to act as agent for service of process, the Company (on behalf of all the Obligors) must immediately appoint another agent on terms acceptable to the
Agent. Failing this, the Agent may appoint another agent for this purpose. 

  

	 	40.2.4	Each Obligor agrees that failure by a process agent to notify it of any process will not invalidate the relevant proceedings. 

  

	 	40.2.5	This Clause does not affect any other method of service allowed by law. 

  

	40.3	Waiver of trial by jury 

 Each party waives any right it may have to a jury trial of any
claim or cause of action in connection with any finance document or any transaction contemplated by any finance document. This Agreement may be filed as a written consent to trial by court. 

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

  
 132 

 SCHEDULE 1 

ORIGINAL LENDERS 
  

					
	Name of Original Lender	  	Commitment
(EUR)	 
	 Bank of America, N.A.
	  	 	93,000,000	  
	 Bank of Tokyo - Mitsubishi UFJ (Holland) N.V.
	  	 	93,000,000	  
	 BNP Paribas Fortis SA/NV, Netherlands Branch
	  	 	93,000,000	  
	 Citibank International Plc*
	  	 	93,000,000	  
	 Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A
	  	 	93,000,000	  
	 Deutsche Bank Luxembourg S.A.
	  	 	93,000,000	  
	 ING Bank N.V.
	  	 	93,000,000	  
	 JPMorgan Chase Bank N.A., London Branch
	  	 	93,000,000	  
	 Mizuho Bank Nederland N.V.
	  	 	93,000,000	  
	 The Royal Bank of Scotland plc
	  	 	93,000,000	  
	 Société Générale
	  	 	93,000,000	  
	 ABN AMRO Bank N.V.
	  	 	59,000,000	  
	 Goldman Sachs Bank USA
	  	 	59,000,000	  
	 KBC Bank NV, acting through its branch in The Netherlands, KBC bank NV Nederland
	  	 	59,000,000	  
	 Total Commitments
	  	 	1,200,000,000	  
		  	  
	  
	 

  

	*	and, in the case of Utilisation by the US Borrower., Citibank, N.A. 

  
 133 

 SCHEDULE 2 

CONDITIONS PRECEDENT DOCUMENTS 

Part A: To be delivered before the First Request 
  

	1.	Original Obligors 

  

	 	(a)	A copy of the constitutional documents of each Original Obligor and (where applicable) a certificate of good standing of each Original Obligor. 

 

	 	(b)	A copy of a resolution of the board of directors of each Original Obligor (including a resolution of the management of Ahold Finance Company N.V., Curaçao, Geneva Branch) approving the terms of, and the
transactions contemplated by, each Finance Document to which it is a party and authorising a specified person or specified persons to execute such Finance Documents on its behalf. 

 

	 	(c)	A specimen of the signature of each person authorised on behalf of an Original Obligor to execute or witness the execution of any Finance Document or to sign or send any document or notice in connection with any Finance
Document. 

  

	 	(d)	A certificate of an authorised signatory of the Company certifying that each copy document specified in Part A of this Schedule is correct, complete and in full force and effect as at a date no earlier than the date of
this Agreement, and confirming that borrowing or guaranteeing, as appropriate, the Total Commitments would not cause any borrowing, guarantee or similar limit binding on any Original Obligor to be exceeded. 

 

	 	(e)	Evidence that each agent of the Original Obligors under the Finance Documents for service of process in the UK and New York respectively has accepted its appointment. 

 

	2.	Dutch Obligors 

  

	 	(a)	An unconditional positive (central) works council advice in respect of the transactions contemplated by the Finance Documents (if applicable). 

 

	 	(b)	An extract from the register of Dutch Companies in respect of the Company. 

  

	3.	Curaçao Obligor 

  

	 	(a)	Such evidence as may be required to enable the Finance Parties to comply with the Curaçao Identifications of Financial Services Ordinances (Landsverordeningen identificatie financiële
dienstverlening). 

  

	 	(b)	A copy of the business licence (vestigingsvergunning) and directors’ licenses (directeursvergunningen) granted to it and/or its directors (as the case may be) pursuant to the Establishment Ordinance
(Vestigingsregeling voor Bedrijven). 

  

	 	(c)	A copy of either an exemption of Sections 9-15 of the Foreign Exchange Ordinance of Curaçao (Landsverordening Deviezenverkeer) granted to it or a licence as referred to in Section 10 of the Foreign
Exchange Ordinance of Curaçao (Landsverordening Deviezenverkeer) granted to it. 

  
 134 

	4.	Legal Opinions 

 A Legal Opinion of: 

 

	 	(a)	Clifford Chance LLP, legal advisers in England to the Arrangers and the Agent; 

  

	 	(b)	Clifford Chance LLP, legal advisers in the Netherlands to the Arrangers and the Agent; 

  

	 	(c)	Spigt Dutch Caribbean N.V., Curaçao, legal advisers in Curaçao to the Arrangers and the Agent; 

  

	 	(d)	Lenz & Staehelin, legal advisers in Switzerland to the Arrangers and the Agent; and 

  

	 	(e)	Venable LLP, legal adviser in Maryland, USA to the Arrangers and the Agent, 

 in each case,
addressed to the Finance Parties. 
  

	5.	Other Documents and Evidence 

  

	 	(a)	Evidence that all fees and expenses including legal fees due and payable from the Company under the Finance Documents have been or will be paid by the first Utilisation Date. 

 

	 	(b)	A copy of the Original Financial Statements. 

  

	 	(c)	Evidence of appointment of process agents referred to in Clause 40.2 (Service of Process) 

  

	 	(d)	Evidence that the Existing Facility has been cancelled and repaid in full or will be repaid from the proceeds of the first Utilisation. 

Part B: For an Additional Borrower 
  

	1.	Additional Borrowers 

  

	 	(a)	An Accession Agreement, duly executed by the Company and the Additional Borrower. 

  

	 	(b)	A copy of the constitutional documents of the Additional Borrower and (where applicable in the case of an Additional Borrower incorporated in the US, a certificate of good standing certificate of the Additional
Borrower). 

  

	 	(c)	A copy of a resolution of the board of directors of the Additional Borrower approving the terms of, and the transactions contemplated by, the Accession Agreement. 

  
 135 

	 	(d)	A specimen of the signature of each person authorised on behalf of the Additional Borrower to execute or witness the execution of any Finance Document or to sign or send any document or notice in connection with any
Finance Document. 

  

	 	(e)	In the case of an Additional Borrower incorporated in The Netherlands: 

  

	 	(i)	A copy of a resolution of the managing board/supervisory board/shareholders (in each case to the extent applicable for that Additional Borrower) of the Additional Borrower approving the terms of, and transactions
contemplated by, this Agreement. 

  

	 	(ii)	If applicable to the relevant Additional Borrower, an unconditional positive works council advice (advies) in respect of the transactions contemplated by this Agreement. 

 

	 	(iii)	An extract of the registration of the Additional Borrower in the trade register of the chamber of commerce. 

  

	 	(f)	A certificate of an authorised signatory of the Additional Borrower certifying that each copy document specified in Part B of this Schedule is correct, complete and in full force and effect as at a date no earlier than
the date of the Accession Agreement. 

  

	 	(g)	If available, a copy of the latest audited accounts of the Additional Borrower. 

  

	 	(h)	Evidence that each agent of the Additional Borrower under the Finance Documents for service of process in the UK and New York respectively has accepted its appointment. 

 

	2.	Legal Opinions 

  

	 	(a)	If the Additional Borrower is incorporated in a jurisdiction other than England, a legal opinion from legal advisers in that jurisdiction, addressed to the Finance Parties. 

 

	 	(b)	A legal opinion of Clifford Chance LLP, legal advisers in England to the Agent, addressed to the Finance Parties. 

  

	3.	Other Documents and Evidence 

  

	 	(a)	Evidence that all expenses due and payable from the Company under this Agreement in respect of the Accession Agreement have been paid. 

 

	 	(b)	A copy of any other authorisation or other document, opinion or assurance which the Agent has notified the Company is necessary or desirable in connection with the entry into and performance of, and the transactions
contemplated by, the Accession Agreement or for the validity and enforceability of any Finance Document. 

  
 136 

 SCHEDULE 3 

FORM OF REQUEST 
  

			
	To:	  	BANK OF AMERICA MERRILL LYNCH INTERNATIONAL LIMITED as Agent
		
	[Copy:	  	BANK OF AMERICA, N.A. and BNP Paribas Fortis SA/NV, Netherlands Branch together as the Issuing Banks]1
		
	From:	  	[•]
		
	Date:	  	[•]

 KONINKLIJKE AHOLD N.V. – €1,000,000,000 Facilities Agreement dated [•] 2011 (the “Agreement”)

  

	2.	We refer to the Agreement. This is a Request. Terms defined in the Agreement have the same meaning in this Request unless given a different meaning in this Request. 

 

	3.	We wish to [borrow a Loan / arrange for a Letter of Credit to be issued] on the following terms: 

  

	 	(a)	Utilisation Date: [•]; 

  

	 	(b)	Currency of Loan: [•]; 

  

	 	(c)	Amount: [•]; 

  

	 	(d)	Term: [•] (Specify whether Permitted Long-Term LC is requested); and 

  

	 	(e)	Name of Beneficiary: (LC Requests only). 

  

	4.	Our [payment/delivery]2 instructions are: [•]. 

  

	5.	We confirm that each of the Repeating Representations will be true as of the date of this Request and the Utilisation Date and that no [Default][Event of Default]3
has occurred and is continuing under the Agreement. [We also confirm (on behalf of the Company) that, as at each of those dates, the Company is not aware that there is a breach of any of the financial covenants set out in Clause 21 (Financial
Covenants) of the Agreement in respect of the most recently ended Measurement Period.4 

  

	6.	This Request is irrevocable. 

  

	7.	[We attach a copy of the proposed Letter of Credit.]5 

 

	1 	For Letter of Credit Requests only. 

	2 	Delete as applicable. 

	3 	Event of Default for Rollover Loans. 

	4 	Include if Compliance Certificate for most recently ended Measurement Period has not yet been delivered. 

	5 	Delete as applicable. 

  
 137 

 By: 

[Borrower] 

  
 138 

 SCHEDULE 4 

FORM OF TRANSFER CERTIFICATE 
  

			
	To:	  	BANK OF AMERICA MERRILL LYNCH INTERNATIONAL LIMITED as Agent
		
	From:	  	[THE EXISTING LENDER] (the “Existing Lender”) and [THE NEW LENDER] (the “New Lender”)
		
	Date:	  	[•]

 KONINKLIJKE AHOLD N.V. – €1,000,000,000 Facilities Agreement dated [•] 2011 (the “Agreement”)

 We refer to the Agreement. This is a Transfer Certificate in respect of the Existing Lender’s Commitment. Terms defined in the Agreement have the
same meaning in this Transfer Certificate unless given a different meaning in this Transfer Certificate. 
  

	1.	The Existing Lender transfers by novation to the New Lender the Existing Lender’s rights and obligations referred to in the Schedule below in accordance with the terms of the Agreement. 

 

	2.	The proposed Transfer Date is [•]. 

  

	3.	The administrative details of the New Lender for the purposes of the Agreement are set out in the Schedule. 

  

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

  

	5.	The amount transferred to a New Lender in relation to a Loan/Commitment made to a Borrower shall be at least €100,000 (or its equivalent in another currency) or, if it is less, the New Lender shall confirm in
writing to the relevant Borrower that it is a Non-Public Lender. 

  

	6.	[The New Lender represents and warrants to the Company that on the Transfer Date it is a Swiss Qualifying Bank for the purposes of Swiss Withholding Tax.].6

 THE SCHEDULE 

Rights and obligations to be transferred by novation 

[Insert relevant details, including amount of Existing Lender’s Commitment] 

Administrative details of the New Lender 

[Insert details of Facility Office, address for notices and payment details etc.] 

 
  

	6 	To be included if it is a requirement of Dutch law that a New Lender to the Company must be a Non-Public Lender. 

  
 139 

			
	[EXISTING LENDER]	  	[NEW LENDER]
		
	By:	  	By:

 The Transfer Date is confirmed by the Agent as [•]. 

BANK OF AMERICA MERRILL LYNCH INTERNATIONAL LIMITED 
 By:

  
 140 

 SCHEDULE 5 

FORM OF COMPLIANCE CERTIFICATE 
  

			
		
	To:	  	BANK OF AMERICA MERRILL LYNCH INTERNATIONAL LIMITED as Agent
		
	From:	  	KONINKLIJKE AHOLD N.V.
		
	Date:	  	[•]

 KONINKLIJKE AHOLD N.V. – €1,000,000,000 Facilities Agreement dated [•] 2011 (the “Agreement”)

 We refer to the Agreement. This is a Compliance Certificate. Terms defined in the Agreement have the same meaning in this Compliance Certificate
unless given a different meaning in this Compliance Certificate. 
  

	1.	We confirm that as at [relevant testing date] Consolidated Total Net Borrowings were [•] and for the Measurement Period ending on that date Consolidated EBITDA was [•]; therefore, the ratio of Consolidated
Total Net Borrowings to Consolidated EBITDA was [•:•]. 

  

	2.	We set out below calculations establishing the figures in paragraph 2 above: 

 (a) [•] 

 

	3.	[We confirm that no Default is outstanding as at [relevant testing date]]. 

  

	4.	We confirm that the [senior unsecured credit rating of the Company with S&P]/[senior unsecured credit rating of the Company with Moody’s]/[the rating of the Company with an equivalent rating of another ratings
agency approved as an alternative by the Agent and the Company in writing] is currently [•]. 

  

			
	 KONINKLIJKE AHOLD N.V.

		
	 By:
	 	
	
	 [insert applicable certification language]

		
	 for
	 	  

		 	[auditors of the Company]

  
 141 

 SCHEDULE 6 

FORM OF ACCESSION AGREEMENT 
  

							
		
	To:	  	BANK OF AMERICA MERRILL LYNCH INTERNATIONAL LIMITED as Agent
		
	From:	  	KONINKLIJKE AHOLD N.V. and [Proposed Borrower]
		
	Date:	  	[•]

 KONINKLIJKE AHOLD N.V. – €1,000,000,000 Facilities Agreement dated [•] 2011 (the “Agreement”)

  

	1.	We refer to the Agreement. This deed (the “Accession Deed”) shall take effect as an Accession Deed for the purposes of the Agreement. Terms defined in the Agreement have the same meaning in paragraphs
1-3 of this Accession Deed unless given a different meaning in this Accession Deed. 

  

	2.	[Proposed Borrower] agrees to become an Additional Borrower and to be bound by the terms of the Agreement and the other Finance Documents as an Additional Borrower pursuant to Clause 30.9 (Additional Borrowers)
of the Agreement. [Subsidiary] is a company duly incorporated under the laws of [name of relevant jurisdiction] and is a limited liability company and registered number [•]. 

 

	3.	[Proposed Borrower’s] administrative details for the purposes of the Agreement are as follows: 

Address: [•] 
 Fax No:
[•] 
 Attention: [•] 
  

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

THIS ACCESSION DEED has been signed on behalf of the Company and executed as a deed by [Proposed Borrower] and is delivered on the
date stated above. 
 KONINKLIJKE AHOLD N.V. 

By: 
 PROPOSED BORROWER 

By: 

  
 142 

 SCHEDULE 7 

FORM OF RESIGNATION REQUEST 
  

			
	To:	  	BANK OF AMERICA MERRILL LYNCH INTERNATIONAL LIMITED as Agent
		
	From:	  	KONINKLIJKE AHOLD N.V. and [relevant Borrower]
		
	Date:	  	[•]

 KONINKLIJKE AHOLD N.V. – EUR 1,000,000,000 Facilities Agreement dated [•] 2011 (the “Agreement”)

 We refer to the Agreement. This is a Resignation Request. Terms defined in the Agreement have the same meaning in this Resignation Request unless
given a different meaning in this Resignation Request. 
  

	1.	We request that [resigning Borrower] be released from its obligations as a Borrower under the Agreement. 

  

	2.	We confirm that no Default is outstanding or would result from the acceptance of this Resignation Request. 

  

	3.	We confirm that as at the date of this Resignation Request no amount owed by [resigning Borrower] under the Agreement is outstanding. 

 

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

  

			
	 KONINKLIJKE AHOLD N.V.
	  	[Relevant Borrower]
		
	 By:
	  	By:

 The Agent confirms that this resignation takes effect on [•]. 

BANK OF AMERICA MERRILL LYNCH INTERNATIONAL LIMITED 
 By:

  
 143 

 SCHEDULE 8 

TIMETABLES 
  

							
	 	  	Loans in Euro (€)	  	Loans in
Sterling (£)	  	Loans in other
currencies
	 Agent notifies the Company if a currency is approved as an Optional Currency in accordance with Clause 4.3 (Conditions relating to
Optional Currencies)
	  	—  	  	—  	  	U-4
	 Delivery of a duly completed Request (Clause 5.2 (Completion of Requests)
	  	U-3
 9.30am
	  	U-1
 9.30am
	  	U-3
 9.30am

	 Agent determines (in relation to a utilisation) the Base Currency Amount of the Loan, if required under Clause 5.4 (Advance of
Loan)
	  	Date of receipt
by Agent of
 Request12.00pm
	  	Date of receipt
by Agent of
 Request12.00pm
	  	Date of receipt
by Agent of
 Request12.00pm

	 Agent notifies the Lenders of the Loan in accordance with Clause 5.4 (Advance of Loans)
	  	U-3
 3.00pm
	  	U-1
 3.00pm
	  	U-3
 3.00pm

	 Agent receives a notification from a Lender under Clause 6.2 (Unavailability of a currency)
	  	U-2
 9.00am
	  	U
 9.00am
	  	U-2
 9.00am

	 Agent gives notice in accordance with Clause 6.2 (Unavailability of a currency)
	  	U-2
 10.00am
	  	U-2
 10.00am
	  	U-2
 10.00am

	 LIBOR or EURIBOR is fixed
	  	Rate Fixing Day
 as of 11.00am

Brussels time in
 respect of

EURIBOR
	  	Rate Fixing Day
 as of 11.00am
	  	Rate Fixing Day
 as of 11.00am

	 Each Lender makes its participation in a Loan available in accordance with Clause 5.4 (Advance of Loans)
	  	U
 2.00pm
	  	U
 2.00pm
	  	U
 2.00pm

 “U” = date of utilisation 

“U - X” = X Business Days prior to date of utilisation 

  
 144 

 SCHEDULE 9 

EXISTING LETTERS OF CREDIT 
 [•] 

  
 145 

 IN WITNESS of which this document has been executed as an agreement on the date which first appears on
page 1 above. 
  

					
	Company	  		  	
			
	     Signed by [name]

    for and on behalf of

    KONINKLIJKE AHOLD N.V.
	  	 )
 )

)
	  	
			
	  
	  	Signature	  	
			
	US Borrower	  		  	
			
	 Signed by [name]

for and on behalf of

AHOLD U.S.A., INC
	  	 )
 )

)
	  	
			
	  
	  	Signature	  	
			
	Curaçao Borrower	  		  	
			
	 Signed by [name]

for and on behalf of

AHOLD FINANCE COMPANY

N.V. (acting through its Geneva

branch AHOLD FINANCE

COMPANY N.V., CURAÇAO,

GENEVA BRANCH)
	  	 )
 )

)
 )

)
 )

)
	  	
			
	  
	  	Signature	  	
			
	Arrangers, Bookrunners and co-ordinators	  		  	
			
	 Signed by [name]

for and on behalf of

BANK OF AMERICA MERRILL

LYNCH INTERNATIONAL

LIMITED
	  	 )
 )

)
 )
	  	
			
	  
	  	Signature	  	
			
	 Signed by [name]

for and on behalf of

THE BANK OF TOKYO-

MITSUBISHI UFJ, LTD.
	  	 )
 )

)
 )
	  	
			
	  
	  	Signature	  	

  
 146 

					
			
	 Signed by [name]

for and on behalf of

BNP PARIBAS FORTIS SA/NV,

NETHERLANDS BRANCH
	  	 )
 )

)
	  	
			
	  
	  	Signature	  	
			
	Arrangers and Bookrunners	  		  	
			
	 Signed by [name]

for and on behalf of

CITIGROUP GLOBAL

MARKETS LIMITED .
	  	 )
 )

)
 )
	  	
			
	  
	  	Signature	  	
			
	 Signed by [name]

for and on behalf of

COÖPERATIEVE CENTRALE

RAIFFEISEN-

BOERENLEENBANK B.A.

(TRADING AS RABOBANK)
	  	 )
 )

)
 )

)
 )

)
	  	
			
	  
	  	Signature	  	
			
	 Signed by [name]

for and on behalf of

DEUTSCHE BANK AG,

LONDON BRANCH
	  	 )
 )

)
 )
	  	
			
	  
	  	Signature	  	
			
	 Signed by [name]

for and on behalf of

ING BANK N.V.
	  	 )
 )

)
	  	
			
	  
	  	Signature	  	

  
 147 

					
			
	 Signed by [name]

for and on behalf of

MIZUHO BANK NEDERLAND N.V.
	  	 )
 )

)
 )
	  	
			
	  
	  	Signature	  	
			
	 Signed by [name]

for and on behalf of

J.P. MORGAN LIMITED
	  	 )
 )

)
	  	
			
	  
	  	Signature	  	
			
	 Signed by [name]

for and on behalf of

THE ROYAL BANK OF SCOTLAND PLC
	  	 )
 )

)
 )
	  	
			
	  
	  	Signature	  	
			
	 Signed by [name]

for and on behalf of

SOCIÉTÉ GÉNÉRALE

CORPORATE & INVESTMENT

BANKING (THE CORPORATE

AND INVESTMENT BANKING

DIVISION OF SOCIÉTÉ GÉNÉRALE)
	  	 )
 )

)
 )

)
 )

)
 )

)
	  	
			
	  
	  	Signature	  	
			
	Arrangers	  		  	
			
	 Signed by [name]

for and on behalf of

ABN AMRO BANK N.V.
	  	 )
 )

)
	  	
			
	  
	  	Signature	  	

  
 148 

					
	 Signed by [name]

for and on behalf of

GOLDMAN SACHS

BANK USA
	  	 )
 )

)
 )
	  	
			
	  
	  	Signature	  	
			
	 Signed by [name]

for and on behalf of

KBC BANK NV, ACTING

THROUGH ITS BRANCH IN

THE NETHERLANDS, KBC

BANK NV NEDERLAND
	  	 )
 )

)
 )

)
 )
	  	
			
	  
	  	Signature	  	
			
	Original Lenders	  		  	
			
	 Signed by [name]

for and on behalf of

BANK OF TOKYO -

MITSUBISHI UFJ (HOLLAND)

N.V.
	  	 )
 )

)
 )

)
	  	
			
	  
	  	Signature	  	
			
	 Signed by [name]

for and on behalf of

BANK OF AMERICA, N.A.
	  	 )
 )

)
	  	
			
	  
	  	Signature	  	
			
	 Signed by [name]

for and on behalf of

BNP PARIBAS FORTIS SA/NV, NETHERLANDS BRANCH
	  	 )
 )

)
	  	
			
	  
	  	Signature	  	

  
 149 

					
	 Signed by [name]

for and on behalf of

U.S. BANK NATIONAL

ASSOCIATION
	  	 )
 )

)
 )
	  	
			
	  
	  	Signature	  	
			
	 Signed by [name]

for and on behalf of

COÖPERATIEVE CENTRALE

RAIFFEISEN-

BOERENLEENBANK B.A.
	  	 )
 )

)
 )

)
	  	
			
	  
	  	Signature	  	
			
	 Signed by [name]

for and on behalf of

DEUTSCHE BANK

LUXEMBOURG S.A.
	  	 )
 )

)
 )
	  	
			
	  
	  	Signature	  	
			
	 Signed by [name]

for and on behalf of

ING BANK N.V.
	  	 )
 )

)
	  	
			
	  
	  	Signature	  	
			
	 Signed by [name]

for and on behalf of

JPMORGAN CHASE BANK

N.A., LONDON BRANCH
	  	 )
 )

)
 )
	  	
			
	  
	  	Signature	  	
			
	 Signed by [name]

for and on behalf of

MIZUHO BANK NEDERLAND

N.V.
	  	 )
 )

)
 )
	  	
			
	  
	  	Signature	  	

  
 150 

					
			
	 Signed by [name]

for and on behalf of

THE ROYAL BANK OF

SCOTLAND PLC
	  	 )
 )

)
 )
	  	
			
	  
	  	Signature	  	
			
	 Signed by [name]

for and on behalf of

SOCIÉTÉ GÉNÉRALE
	  	 )
 )

)
	  	
			
	  
	  	Signature	  	
			
	 Signed by [name]

for and on behalf of

ABN AMRO BANK N.V.
	  	 )
 )

)
	  	
			
	  
	  	Signature	  	
			
	 Signed by [name]

for and on behalf of

GOLDMAN SACHS BANK USA
	  	 )
 )

)
	  	
			
	  
	  	Signature	  	
			
	 Signed by [name]

for and on behalf of

KBC BANK NV, ACTING

THROUGH ITS BRANCH IN

THE NETHERLANDS, KBC

BANK NV NEDERLAND
	  	 )
 )

)
 )

)
 )
	  	
			
	  
	  	Signature	  	
			
	Issuing Bank	  		  	
			
	 Signed by [name]

for and on behalf of

BANK OF AMERICA, N.A.
	  	 )
 )

)
	  	
			
	  
	  	Signature	  	

  
 151 

					
	 Signed by [name]

for and on behalf of

BNP PARIBAS FORTIS SA/NV, NETHERLANDS BRANCH
	  	 )
 )

)
	  	
			
	  
	  	Signature	  	
			
	Agent	  		  	
			
	 Signed by [name]

for and on behalf of

BANK OF AMERICA MERRILL LYNCH INTERNATIONAL LIMITED
	  	 )
 )

)
 )
	  	
			
	  
	  	Signature	  	

  
 152 

											
	SIGNATORIES	 		  		  		  	
					
	Company	 		  		  		  	
						
		 	 Signed by
 for and on behalf of

KONINKLIJKE AHOLD N.Y.
	 	 )
 )

)
	  		  		  	
					
		 	 /s/ Andrew C. Nash
	 	Signature	  		  	
					
	US Borrower	 		  		  		  	
						
		 	 Signed by for and on behalf of
 AHOLD U.S.A.,
INC
	 	 )
 )
	  		  		  	
					
		 	 /s/ Andrew C. Nash
	 	Signature	  		  	
					
	Curaçao Borrower	 		  		  		  	
						
		 	 Signed by
 for and on behalf of

AHOLD FINANCE COMPANY
 N.V. (acting through its Geneva
branch AHOLD FINANCE COMPANY N.V., CURAÇAO, GENEVA BRANCH)
	 	 )
 )

)
 )

)
 )

)
	  		  		  	
					
		 	 /s/ Andrew C. Nash
	 	Signature	  		  	
					
	Arrangers	 		  		  		  	
						
		 	 Signed by
 for and on behalf of

BANK OF AMERICA MERRILL
 LYNCH INTERNATIONAL

LIMITED
	 	 )
 )

)
 )

)
	  		  		  	
					
		 	 /s/ Tarun Mehta
	 	Signature	  		  	
						
		 	 Signed by
 for and on behalf of

BNP PARIBAS FORTIS SA/NV,
 NETHERLANDS
BRANCH
	 	 )
 )

)
 )
	  		  		  	
					
		 	 /s/ Bertrand Willems
	 	Signature	  		  	
					
		 	 /s/ Matijn van Went
	 		  		  	

  
 12 

							
	 Signed by Joyce P. Dorsett, VP
 for and on
behalf of
 U.S. BANK NATIONAL

ASSOCIATION
	  	 )
 )

)
 )
	  		  	
			
	 /s/ Joyce P. Dorsett
	  	Signature	  	
				
	 Signed by Tim (TBH) Servatius (B proxy)
 for and
on behalf of
 COÖPERATIEVE CENTRALE

RAIFFEISEN-
 BOERENLEENBANK B.A.

(TRADING AS RABOBANK)
	  	 )
 )

)
 )

)
 )

)
	  		  	
			
	 /s/ T.B.H. Servatius
	  	Signature	  	
				
	 Signed by Jeroen (J) Leffelaar (AB proxy)

for and on behalf of
 COÖPERATIEVE CENTRALE

RAIFFEISEN-
 BOERENLEENBANK B.A.

(TRADING AS RABOBANK)
	  	 )
 )

)
 )

)
 )

)
	  		  	
			
	 /s/ Jeroen (J) Leffelaar
	  	Signature	  	
				
	 Signed by
 for and on behalf of

DEUTSCHE BANK
	  	 )
 )

)
	  		  	
	LUXEMBOURG S.A.	  	)	  		  	
				
	 /s/ M. HEINEMANN
	  	Signature	  		  	
				
	 /s/ A. BREYER-SIMSKI
	  		  		  	
				
	 Signed by R.W.J. Rijpstra
 Director

for and on behalf of
 ING BANK N.V.
	  	 )
 )

)
 )
	  		  	
			
	 /s/ R.W.J. Rijpstra
	  	Signature	  	
				
	 Signed A. Mansour
 Managing Director

for and on behalf of
 ING BANK N.V.
	  	 )
 )

)
 )
	  		  	
			
	 /s/ A. Mansour
	  	Signature	  	

  
 13 

									
					
	 Signed by
 for and on behalf of

J.P. MORGAN LIMITED
	  	 )
 )

)
	  		  		  	
				
	 /s/ Jonathan Richards
	  	Signature	  		  	
					
	 Signed by
 for and on behalf of

THE ROYAL BANK OF
 SCOTLAND PLC
	  	 )
 )

)
 )
	  		  		  	
				
	 /s/ Stephan Mathu
	  	Signature	  		  	
					
	 Signed by Sebastien Morlet
 for and on behalf
of
 SOCIÉTÉ GÉNÉRALE

CORPORATE & INVESTMENT
 BANKING (THE
CORPORATE
 AND INVESTMENT BANKING
 DIVISION OF
SOCIÉTÉ
 GÉNÉRALE)
	  	 )
 )

)
 )

)
 )

)
 )
	  		  		  	
				
	 /s/ Sebastien Morlet
	  	Signature	  		  	
					
	 Signed by Daniel Moreno
 for and on behalf
of
 THE BANK OF TOKYO-
 MITSUBISHI UFJ,
LTD.
	  	 )
 )

)
 )
	  		  		  	
				
	 /s/ Daniel Moreno
	  	Signature	  		  	
					
	 Signed by S.H. Limpens
 Executive Director

for and on behalf of
 ABN AMRO BANK N.V.
	  	 )
 )

)
	  		  		  	
				
	 /s/ S.H. Limpens
	  	Signature	  		  	
				
	 /s/ W. KONING
	  		  		  	

  
 14 

									
					
		 	 Signed by Mr. Alisdair Fraser
 for and on behalf
of
 GOLDMAN SACHS
 BANK USA
	  	 )
 )

)
 )
	  		  	
				
		 	 /s/ Alisdair Fraser
	  	Signature	  	
					
		 	 Signed by
 for and on behalf of

KBC BANK NV, ACTING
 THROUGH ITS BRANCH IN

THE NETHERLANDS, KBC BANK NV NEDERLAND
	  	 )
 )

)
 )

)
 )
	  		  	
				
		 	 /s/ SUZANNE GREIFENBERG
	  	Signature	  	
					
		 	 /s/ BASTIAAN DE RUITER
	  		  		  	
			
	Lenders	  		  	
					
		 	 Signed by
 for and on behalf of

BANK OF TOKYO -
 MITSUBISHI UFJ (HOLLAND)

N.V.
	  	 )
 )

)
 )

)
	  		  	
				
		 	 /s/ C.W. Uphoff
	  	Signature	  	
					
		 	 /s/ B.V. IJssel de Schepper
	  		  		  	
					
		 	 Signed by
 for and on behalf of

BANK OF AMERICA MERRILL
 LYNCH
INTERNATIONAL
 LIMITED
	  	 )
 )

)
 )

)
	  		  	
				
		 	 /s/ Tarun Mehta
	  	Signature	  	
					
		 	 Signed by
 for and on behalf of

BANK OF AMERICA, N.A.
	  	 )
 )

)
	  		  	
				
		 	 /s/ Erika Sovisova
	  	Signature	  	
					
		 	 Signed by
 for and on behalf of

BNP PARIBAS FORTIS SA/NV,
 NETHERLANDS
BRANCH
	  	 )
 )

)
 )
	  		  	
				
		 	 /s/ Bertrand Willems
	  	Signature	  	
					
		 	 /s/ Matijn van Went
	  		  		  	

  
 15 

									
					
	 Signed by Joyce P. Dorsett, VP
 for and on
behalf of
 U.S. BANK NATIONAL

ASSOCIATION
	  	 )
 )

)
 )
	  		  		  	
				
	 /s/ Joyce P. Dorsett
	  	Signature	  		  	
					
	 Signed by
 for and on behalf of

COÖPERATIEVE CENTRALE
 RAIFFEISEN-

BOERENLEENBANK B.A.
	  	 )
 )

)
 )

)
	  		  		  	
				
	 /s/ T.B.H. Servatius
	  	Signature	  		  	
					
	 /s/ Jeroen (J) Leffelaar
	  		  		  		  	
					
	 Signed by
 for and on behalf of

DEUTSCHE BANK
 LUXEMBOURG S.A.
	  	 )
 )

)
 )
	  		  		  	
				
	 /s/ M. HEINEMANN
	  	Signature	  		  	
					
	 /s/ A. BREYER-SIMSKI
	  		  		  		  	
					
	 Signed by R.W.J. Rijpstra
 Director for and on
behalf of
 ING BANK N.V.
	  	 )
 )

)
 )
	  		  		  	
				
	 /s/ R.W.J. Rijpstra
	  	Signature	  		  	
					
	 Signed A. Mansour
 Managing Director

for and on behalf of
 ING BANK N.V.
	  	 )
 )

)
 )
	  		  		  	
				
	 /s/ A. Mansour
	  	Signature	  		  	
					
	 Signed by
 for and on behalf of

JPMORGAN CHASE BANK
 N.A., LONDON BRANCH
	  	 )
 )

)
 )
	  		  		  	
				
	 /s/ Jonathan Richards
	  	Signature	  		  	

  
 16 

									
		 	 Signed by
 for and on behalf of

THE ROYAL BANK OF
 SCOTLAND PLC
	  	 )
 )

)
 )
	  		  	
				
		 	 /s/ Stephan Mathu
	  	Signature	  	
					
		 	 Signed by Sebastien Morlet
 for and on behalf
of
 SOCIÉTÉ GÉNÉRALE S.A.
	  	 )
 )

)
	  		  	
				
		 	 /s/ Sebastien Morlet
	  	Signature	  	
					
		 	 Signed by S.H.Limpens

Executive Director
 for and on behalf of

ABN AMRO BANK N.V.
	  	 )
 )

)
	  		  	
				
		 	 /s/ S.H.Limpens
	  	Signature	  	
					
		 	 /s/ W. KONING
	  		  		  	
					
		 	 Signed by Mr. Alasdair Fraser
 for and on behalf
of
 GOLDMAN SACHS BANK USA
	  	 )
 )

)
	  		  	
				
		 	 /s/ Alisdair Fraser
	  	Signature	  	
					
		 	 Signed by
 for and on behalf of

KBC BANK NV, ACTING
 THROUGH ITS BRANCH IN

THE NETHERLANDS, KBC
 BANK NV NEDERLAND
	  	 )
 )

)
 )

)
 )
	  		  	
				
		 	 /s/ SUZANNE GREIFENBERG
	  	Signature	  	
					
		 	 /s/ BASTIAAN DE RUITER
	  		  		  	
	  
 Exiting Lender
	  		  		  	
					
		 	 Signed by
 for and on behalf of

MIZUHO BANK NEDERLAND
 N.V.
	  	 )
 )

)
 )
	  		  	
				
		 	 /s/ Ryuichiro KAMBARA
	  	Signature	  	
					
		 	 /s/ Shimpel IKEMATSU
	  		  		  	

  
 17 

									
				
	Issuing Bank	  		  		  	
					
		 	 Signed by
 for and on behalf of

BANK OF AMERICA, N.A.
	  	 )
 )

)
	  		  	
				
		 	 /s/ Erika Sovisova
	  	Signature	  	
					
		 	 Signed by
 for and on behalf of

BNP PARIBAS FORTIS SA/NV,
 NETHERLANDS
BRANCH
	  	 )
 )

)
 )
	  		  	
				
		 	 /s/ Bertrand Willems
	  	Signature	  	
					
		 	 /s/ Matijn van Went
	  		  		  	
				
	Agent	  		  		  	
					
		 	 Signed by
 for and on behalf of

BANK OF AMERICA MERRILL
 LYNCH INTERNATIONAL

LIMITED
	  	 )
 )

)
 )

)
	  		  	
				
		 	 /s/ Kevin Day
	  	Signature	  	
		 		  		  	
		 		  		  	

  
 18IMPRIMIS
PHARMACEUTICALS, INC.

 

8.00%
Convertible Senior Secured Note

 

THE
ISSUANCE AND SALE OF NEITHER THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE
CONVERTIBLE HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR APPLICABLE
STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN
EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS, OR (B) AN OPINION
OF COUNSEL, IN A FORM REASONABLY ACCEPTABLE TO THE COMPANY, THAT REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT OR (II)
UNLESS PURSUANT TO RULE 144 (OR ANY SUCCESSOR THERETO) UNDER THE SECURITIES ACT.

 

    	 

     

    

 

IMPRIMIS
PHARMACEUTICALS, INC.

 

8.00%
Convertible Senior Secured Note

 

Certificate
No.A-1

 

Imprimis
Pharmaceuticals, Inc., a Delaware corporation, for value received, promises to pay to IMMY Funding LLC, a Delaware limited liability
company, or its registered assigns, the principal sum of three million dollars ($3,000,000.00), and to pay interest thereon, as
provided in this Note, until the principal and all accrued and unpaid interest are paid or duly provided for.

 

Additional
provisions of this Note are set forth on the other side of this Note.

 

[The
Remainder of This Page Intentionally Left Blank; Signature Page Follows]

 

    	 

     

    

 

IN
WITNESS WHEREOF, Imprimis Pharmaceuticals, Inc. has caused this instrument to be duly executed as of the date set forth below.

 

	 	Imprimis
    Pharmaceuticals, Inc.
	 	 	 
	Date:
    January 22, 2016	By:	/s/
    Mark L. Baum
	 	Name:	Mark
    L. Baum
	 	Title:	Chief
    Executive Officer

 

[Signature
Page to Convertible Senior Secured Note, Certificate No. A-1]

 

    	 

     

    

 

IMPRIMIS
PHARMACEUTICALS, INC.

 

8.00%
Convertible Senior Secured Note

 

This
Note (this “Note” and, collectively with any Note issued in exchange therefor or in substitution thereof, the
“Notes”) is issued by Imprimis Pharmaceuticals, Inc., a Delaware corporation (the ”Company”),
and designated as its 8.00% Convertible Senior Secured Note.

 

Section
1.Definitions.

 

“Account”
is any “account” as defined in the Uniform Commercial Code with such additions to such term as may hereafter be made,
and includes, without limitation, all accounts receivable and other sums owing to the Company.

 

“Additional
Interest” means any interest that accrues on any Note pursuant to Section 12.

 

“Affiliate”
has the meaning set forth in Rule 144 under the Securities Act.

 

“Applicable
Percentage” has the following meaning with respect to a Note subject to Redemption on a Redemption Date: (A) if such
Redemption Date is before March 1, 2019, one hundred and nine percent (109%); (B) if such Redemption Date is on or after March
1, 2019 and before March 1, 2020, one hundred and seven percent (107%); and (C) if such Redemption Date is on or after March 1,
2020, one hundred and five percent (105%).

 

“Blocked
Person” means (A) any Person listed in the annex to, or is otherwise subject to the provisions of, Executive Order No.
13224; (B) any Person owned or controlled by, or acting for or on behalf of, any Person that is listed in the annex to, or is
otherwise subject to the provisions of, Executive Order No. 13224; (C) any Person with which any Holder is prohibited from dealing
or otherwise engaging in any transaction by any Anti-Terrorism Law; (D) any Person that commits, threatens or conspires to commit
or supports “terrorism” as defined in Executive Order No. 13224; or (E) any Person that is named a “specially
designated national” or “blocked person” on the most current list published by OFAC or other similar list.

 

“Board
of Directors” means the board of directors of the Company or a committee of such board duly authorized to act on behalf
of such board.

 

“Books”
means the Company’s or any of its Subsidiaries’ books and records, including ledgers, federal and state tax returns,
records regarding the Company’s or its Subsidiaries’ assets or liabilities, the Collateral, business operations or
financial condition and all computer programs or storage or any equipment containing such information.

 

“Business
Day” means any day other than a Saturday, a Sunday or any day on which the Federal Reserve Bank of New York is authorized
or required by law or executive order to close or be closed.

 

    	- 1 -

     

    

 

“Capital
Stock” of any Person means any and all shares of, interests in, rights to purchase, warrants or options for, participations
in, or other equivalents of, in each case however designated, the equity of such Person, but excluding any debt securities convertible
into such equity.

 

“Cash
Equivalents” means (A) marketable direct obligations issued or unconditionally guaranteed by the United States or any
agency or any State thereof having maturities of not more than one (1) year from the date of acquisition; (B) commercial paper
maturing no more than one (1) year after its creation and having the highest rating from either Standard & Poor’s Ratings
Group or Moody’s Investors Service, Inc.; and (C) certificates of deposit maturing no more than one (1) year after issue,
provided that the account in which any such certificate of deposit is maintained is subject to a Control Agreement (as
defined in the Security Agreement) in favor of Collateral Agent.

 

“Close
of Business” means 5:00 p.m., New York City time.

 

“Collateral”
has the meaning set forth in the Security Agreement.

 

“Collateral
Agent” has the meaning set forth in the Security Agreement.

 

“Commission”
means the U.S. Securities and Exchange Commission.

 

“Common
Stock” means the common stock, $0.001 par value per share, of the Company, subject to Section 8(I).

 

“Common
Stock Change Event” has the meaning set forth in Section 8(I).

 

“Consultant”
means any natural person that provides bona fide services to the Company or any of its Subsidiaries, provided that
such services (A) are not in connection with the offer or sale of any securities in a capital-raising transaction; and (B) do
not directly or indirectly promote or maintain a market for the securities of the Company or any of its Subsidiaries.

 

“Contingent
Obligation” means, for any Person, any direct or indirect liability, contingent or not, of that Person for (A) any indebtedness,
lease, dividend, letter of credit or other obligation of another, such as an obligation directly or indirectly guaranteed, endorsed,
co-made, discounted or sold with recourse by that Person, or for which that Person is directly or indirectly liable; (B) any obligations
for undrawn letters of credit for the account of that Person; and (C) all obligations from any interest rate, currency or commodity
swap agreement, interest rate cap or collar agreement, or other agreement or arrangement designated to protect a Person against
fluctuation in interest rates, currency exchange rates or commodity prices; provided, however, that “Contingent
Obligation” does not include endorsements in the ordinary course of business. The amount of a Contingent Obligation is the
stated or determined amount of the primary obligation for which the Contingent Obligation is made or, if not determinable, the
maximum reasonably anticipated liability for it determined by the Person in good faith; but the amount may not exceed the maximum
of the obligations under any guarantee or other support arrangement.

 

    	- 2 -

     

    

 

“Conversion
Consideration” has the meaning set forth in Section 8(C)(i).

 

“Conversion
Value” means, with respect to a Note as of any Trading Day, an amount equal to the product of (A) the principal amount
of such Note (expressed in thousands); (B) the Conversion Rate in effect on such Trading Day; and (C) the Last Reported Sale Price
per share of Common Stock on such Trading Day.

 

“Conversion
Date” means, with respect to a Note, the first Business Day on which the requirements set forth in Section 8(B) to
convert such Note are satisfied.

 

“Conversion
Price” means, as of any time, an amount equal to (A) one thousand dollars ($1,000) divided by (B) the Conversion
Rate in effect at such time.

 

“Conversion
Rate” initially means 169.4915 shares of Common Stock per $1,000 principal amount of Notes, which amount is subject
to adjustment pursuant to Section 8. Whenever this Note refers to the Conversion Rate as of a particular date without setting
forth a particular time on such date, such reference will be deemed to be to the Conversion Rate as of the Close of Business on
such date.

 

“Copyrights”
means any and all copyright rights, copyright applications, copyright registrations and like protections in each work of authorship
and derivative work thereof, whether published or unpublished and whether or not the same also constitutes a trade secret.

 

“Default”
means any event that is (or, after notice, passage of time or both, would be) an Event of Default.

 

“Default
Interest” has the meaning set forth in Section 4(B).

 

“Defaulted
Amount” has the meaning set forth in Section 4(B).

 

“DOJ”
means the U.S. Department of Justice or any successor thereto or any other comparable Governmental Authority.

 

“Effective
Price” has the following meaning with respect to the issuance or sale of any shares of Common Stock or any options,
warrants or other rights to purchase or otherwise acquire any shares of Common Stock in a Qualified Financing:

 

(A)in
the case of the issuance or sale of shares of Common Stock, the value of the consideration received or receivable by (or at the
direction of) the Company or any of its Affiliates for such shares, expressed as an amount per share of Common Stock; and

 

    	- 3 -

     

    

 

(B)in
the case of the issuance or sale of any such options, warrants or rights, an amount equal to a fraction whose:

 

(i)numerator
is equal to sum, without duplication, of (x) the value of the aggregate consideration received or receivable by (or at the direction
of) the Company or any of its Affiliates for the issuance or sale of such options, warrants or rights; and (y) the value of the
minimum aggregate additional consideration payable pursuant to such options, warrants or rights to purchase or otherwise acquire
shares of Common Stock; and

 

(ii)denominator
is equal to the maximum number of shares of Common Stock underlying such options, warrants or rights;

 

provided,
however, that:

 

(x)for
purposes of clause (B), if such minimum aggregate consideration, or such maximum number of shares of Common Stock, is not determinable
at the time such options, warrants or rights are issued or sold, then the initial consideration payable under such options, warrants
or rights, or the initial number of shares of Common Stock underlying such options, warrants or rights, as applicable, will be
used and each time thereafter when such amount of consideration or number of shares becomes determinable or is otherwise adjusted
(including pursuant to “anti-dilution” or similar provisions) will be deemed, for purposes of Section 8(E)(i)(2)
and without affecting any prior adjustments theretofore made to the Conversion Rate, to be the issuance of additional options,
warrants or rights in such Qualified Financing;

 

(y)for
purposes of clause (B), the surrender, extinguishment, maturity or other expiration of any such options, warrants or rights will
be deemed not to constitute consideration payable pursuant to such options, warrants or rights to purchase or otherwise acquire
shares of Common Stock; and

 

(z)the
“value” of any such consideration will be the fair value thereof, as of the date such shares, options, warrants or
rights, as applicable, are issued or sold, determined in good faith by the Company (or, in the case of cash denominated in U.S.
dollars, the face amount thereof).

 

“Equipment”
means all “equipment” as defined in the Uniform Commercial Code with such additions to such term as may hereafter
be made, and includes all machinery, fixtures, goods, vehicles (including motor vehicles and trailers), and any interest in any
of the foregoing.

 

“Equity
Financing” means the Company’s issuance or sale of any shares of Common Stock, or any options, warrants or other
rights to purchase or otherwise acquire (whether immediately, during specified times, upon the satisfaction of any conditions
or otherwise) any shares of Common Stock, in a transaction or series of transactions that is primarily for the purpose of raising
capital; provided, however, that in no case shall an Exempt Issuance be an Equity Financing.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended, and its regulations.

 

“Event
of Default” has the meaning set forth in Section 12(A)(i).

 

    	- 4 -

     

    

 

“Ex-Dividend
Date” means, with respect to an issuance, dividend or distribution on the Common Stock, the first date on which shares
of Common Stock trade on the applicable exchange or in the applicable market, regular way, without the right to receive such issuance,
dividend or distribution (including pursuant to due bills or similar arrangements required by the relevant stock exchange). For
the avoidance of doubt, any alternative trading convention on the applicable exchange or market in respect of the Common Stock
under a separate ticker symbol or CUSIP number will not be considered “regular way” for this purpose.

 

“Exchange
Act” means the U.S. Securities Exchange Act of 1934, as amended.

 

“Excluded
Account” means accounts of the Company or any of its Subsidiaries used exclusively for payroll, payroll taxes and other
employee wage and benefit payments, as identified to the Collateral Agent by the Company as such in the Perfection Certificate
(as defined in the Security Agreement) or otherwise by written notice from time to time.

 

“Exempt
Issuance” means (A) the Company’s issuance of any securities as full or partial consideration in connection with
a strategic acquisition or collaboration transaction, including mergers, acquisitions, consolidations, licenses or purchases of
all or substantially all of the securities or assets of a corporation or other entity; (B) the Company’s issuance or grant
of shares of Common Stock or options to purchase shares Common Stock to employees, directors or Consultants of the Company or
any of its Subsidiaries, pursuant to plans that have been approved by a majority of the independent members of the Board of Directors
or that exist as of the Issue Date; (C) the Company’s issuance of securities upon the exercise, exchange or conversion of
any securities that are exercisable or exchangeable for, or convertible into, shares of Common Stock and are outstanding as of
the Issue Date, provided that such exercise, exchange or conversion is effected pursuant to the terms of such securities
as in effect on the Issue Date; (D) the Company’s issuance of securities pursuant to any equipment loan or leasing arrangement,
real property leasing arrangement or debt financing from a bank or similar financial institution approved by a majority of the
disinterested members of the Board of Directors; or (E) the Company’s issuance of the Notes and any shares of Common Stock
upon conversion of the Notes.

 

“FDA”
means the U.S. Food and Drug Administration or any successor thereto or any other comparable Governmental Authority.

 

“Free
Trade Date” means, with respect to any Note, the date that is one (1) year after the Last Original Issue Date of such
Note.

 

“Freely
Tradable” means, with respect to any Note, that such Note is (A) eligible to be offered, sold or otherwise transferred
pursuant to Rule 144 or otherwise by a Person that is not an Affiliate of the Company, and that has not been an Affiliate of the
Company during the immediately preceding three (3) months, without any requirements as to volume, manner of sale, availability
of current public information or notice under the Securities Act; (B) not identified by a “restricted” CUSIP or ISIN
number at any time after the Free Trade Date of such Note; and (C) not represented by any certificate that bears a Restricted
Note Legend at any time after the Free Trade Date of such Note.

 

    	- 5 -

     

    

 

“Fundamental
Change” means any of the following events:

 

(A)a
“person” or “group” (within the meaning of Section 13(d)(3) of the Exchange Act), other than the Company
or its wholly owned Subsidiaries, has become the direct or indirect “beneficial owner” (as defined below) of shares
of the Company’s common equity representing more than fifty percent (50%) of the voting power of all of the Company’s
common equity;

 

(B)the
consummation of:

 

(i)any
sale, lease or other transfer, in one transaction or a series of transactions, of all or substantially all of the assets of the
Company and its Subsidiaries, taken as a whole, to any Person; or

 

(ii)any
transaction or series of related transactions in connection with which (whether by means of merger, consolidation, share exchange,
combination, reclassification, recapitalization, acquisition, liquidation or otherwise) all of the Common Stock is exchanged for,
converted into, acquired for, or constitutes solely the right to receive, other securities, cash or other property, but excluding
any merger, consolidation, share exchange, combination or acquisition of the Company with or by another Person pursuant to which
the Persons that directly or indirectly “beneficially owned” (as defined below) all classes of the Company’s
common equity immediately before such transaction directly or indirectly “beneficially own,” immediately after such
transaction, more than fifty percent (50%) of all classes of common equity of the surviving, continuing or acquiring company or
other transferee (or the parent thereof) in substantially the same proportions vis-à-vis each other as immediately before
such transaction;

 

(C)the
Company’s stockholders approve any plan or proposal for the liquidation or dissolution of the Company; or

 

(D)the
Common Stock ceases to be listed on any of The NASDAQ Capital Market, The NASDAQ Global Market, The NASDAQ Global Select Market
or The New York Stock Exchange (or any of their respective successors);

 

provided,
however, that a transaction or event described in clause (A) or (B) above will not constitute a Fundamental
Change if at least ninety percent (90%) of the consideration received or to be received by the holders of Common Stock (excluding
cash payments for fractional shares or pursuant to dissenters rights), in connection with such transaction or event, consists
of shares of common stock listed on any of The NASDAQ Capital Market, The NASDAQ Global Market, The NASDAQ Global Select Market
or The New York Stock Exchange (or any of their respective successors), or that will be so listed when issued or exchanged in
connection with such transaction or event, and such transaction or event constitutes a Common Stock Change Event whose Reference
Property consists of such consideration.

 

    	- 6 -

     

    

 

For
the purposes of this definition, (x) any transaction or event that constitutes a Fundamental Change under both clause (A)
and clause (B) above will be deemed to constitute a Fundamental Change solely under clause (B) above; and (y) whether
a Person is a “beneficial owner” and whether shares are “beneficially owned” will be determined
in accordance with Rule 13d-3 under the Exchange Act.

 

“Fundamental
Change Notice” has the meaning set forth in Section 6(E).

 

“Fundamental
Change Repurchase Date” means the date fixed for the repurchase of any Notes by the Company pursuant to a Repurchase
Upon Fundamental Change.

 

“Fundamental
Change Repurchase Notice” means a notice (including a notice substantially in the form of the “Fundamental Change
Repurchase Notice” attached hereto containing the information, or otherwise complying with the requirements, set forth in
Section 6(F)(i) and Section 6(F)(ii).

 

“Fundamental
Change Repurchase Price” means the cash price payable by the Company to repurchase any Note upon its Repurchase Upon
Fundamental Change, calculated pursuant to Section 6(D).

 

“Fundamental
Change Repurchase Right” has the meaning set forth in Section 6(A).

 

“GAAP”
means generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board
of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards
Board or in such other statements by such other Person as may be approved by a significant segment of the accounting profession
in the United States, which are applicable to the circumstances as of the date of determination.

 

“Governmental
Authority” means any nation or government, any state or other political subdivision thereof, any agency, authority,
instrumentality, regulatory body (including the FDA and any state board of pharmacy or state pharmacy licensing authority), court,
central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative functions of or
pertaining to government, any securities exchange and any self-regulatory organization.

 

“Guarantor”
means any Person providing a Guaranty in favor of the Holders.

 

“Guaranty”
has the meaning set forth in the Security Agreement.

 

“Holder”
means a person in whose name a Note is registered on the books of the Company.

 

The
term “including” means “including without limitation.”

 

    	- 7 -

     

    

 

“Indebtedness”
means (A) indebtedness for borrowed money or the deferred price of property or services, such as reimbursement and other obligations
for surety bonds and letters of credit; (B) obligations evidenced by notes, bonds, debentures or similar instruments; (C) capital
lease obligations; and (D) Contingent Obligations.

 

“Insolvency
Proceeding” is any proceeding by or against any Person under the United States Bankruptcy Code, or any other bankruptcy
or insolvency law, including assignments for the benefit of creditors, compositions or proceedings seeking reorganization, arrangement,
or other relief.

 

“Insolvent”
means not Solvent.

 

“Intellectual
Property” means all of the Company’s or any of its Subsidiaries’ right, title and interest in and to the
following:

 

(A)its
Copyrights, Trademarks and Patents;

 

(B)any
and all trade secrets and trade secret rights, including any rights to unpatented inventions, know-how, operating manuals;

 

(C)any
and all source code;

 

(D)any
and all design rights which may be available to the Company;

 

(E)any
and all claims for damages by way of past, present and future infringement of any of the foregoing, with the right, but not the
obligation, to sue for and collect such damages for said use or infringement of the Intellectual Property rights identified above;

 

(F)all
amendments, renewals and extensions of any of the Copyrights, Trademarks or Patents; and

 

(G)all
licenses, sublicenses or other contracts under which the Company or any of its Subsidiaries is granted rights by third parties
in any Intellectual Property asset.

 

The
term “interest” includes Stated Interest, Additional Interest and Special Interest, unless the context requires
otherwise.

 

“Interest
Payment Date” means, with respect to a Note, each first (1st) calendar day of each calendar month, beginning on March
1, 2016. For the avoidance of doubt the Maturity Date is an Interest Payment Date.

 

“Inventory”
means all “inventory” as defined in the Uniform Commercial Code in effect on the Issue Date with such additions to
such term as may hereafter be made under the Uniform Commercial Code, and includes all merchandise, raw materials, parts, supplies,
packing and shipping materials, work in process and finished products, including such inventory as is temporarily out of any Person’s
custody or possession or in transit and including any returned goods and any documents of title representing any of the above.

 

    	- 8 -

     

    

 

“Investment”
means any beneficial ownership interest in any Person (including stock, partnership interest or other securities) and any loan,
advance or capital contribution to any Person.

 

“Issue
Date” means January 22, 2016.

 

“Key
Person” means the Company’s Chief Executive Officer, who is Mark L. Baum as of the Issue Date.

 

“Last
Original Issue Date” means, with respect to any Note, and any Notes issued in exchange therefor or in substitution thereof,
the date such Note was originally issued.

 

“Last
Reported Sale Price” of the Common Stock for any Trading Day means the closing sale price per share (or, if no closing
sale price is reported, the average of the last bid price and the last ask price per share or, if more than one in either case,
the average of the average last bid prices and the average last ask prices per share) of Common Stock on such Trading Day as reported
in composite transactions for the principal U.S. national or regional securities exchange on which the Common Stock is then listed.
If the Common Stock is not listed on a U.S. national or regional securities exchange on such Trading Day, then the Last Reported
Sale Price will be the last quoted bid price per share of Common Stock on such Trading Day in the over-the-counter market as reported
by OTC Markets Group Inc. or a similar organization. If the Common Stock is not so quoted on such Trading Day, then the Last Reported
Sale Price will be the average of the mid-point of the last bid price and the last ask price per share of Common Stock on such
Trading Day from a nationally recognized independent investment banking firms selected by the Company.

 

“Lien”
has the meaning set forth in the Security Agreement.

 

“Loan
Documents” has the meaning set forth in the Security Agreement.

 

“Market
Disruption Event” means, with respect to any date, the occurrence or existence, during the one-half hour period ending
at the scheduled close of trading on such date on the principal U.S. national or regional securities exchange or other market
on which the Common Stock is listed for trading or trades, of any material suspension or limitation imposed on trading (by reason
of movements in price exceeding limits permitted by the relevant exchange or otherwise) in the Common Stock or in any options,
contracts or future contracts relating to the Common Stock.

 

    	- 9 -

     

    

 

“Material
Adverse Change” means (A) a material adverse change in the business, operations or condition (financial or otherwise)
of the Company of any of its Subsidiaries, when taken as a whole; (B) a material impairment of the prospect of repayment of any
portion of the amounts due under the Notes; or (C) a material adverse effect on the Collateral (as defined in the Security Agreement)
that is not the result of action or inaction by the Collateral Agent or the Company in connection with filings made or not made
with respect to the Collateral. For the avoidance of doubt, the following events, solely in and of themselves, will not constitute
a Material Adverse Change: (w) a “going concern” or like qualification or “emphasis of matter” paragraph
in an auditor’s opinion; (x) the Company or any of its Subsidiaries conducts a mandatory or voluntary recall which could
reasonably be expected to result in liability and expense to the Company or any of its Subsidiaries of one million dollars ($1,000,000)
or less; (y) the Company or any of its Subsidiaries enters into a settlement agreement with the FDA, the DOJ or any other Governmental
Authority that results in aggregate liability as to any single or related series of transactions, incidents or conditions, of
one million dollars ($1,000,000) or less; or (z) an action by a Governmental Authority of a type and magnitude substantially similar
to those disclosed in the Perfection Certificate (as defined in the Security Agreement) provided to the Collateral Agent prior
to the Issue Date, which could not reasonably be expected to cause the Company to discontinue its operations or otherwise result
in or cause a Material Adverse Change.

 

“Material
Agreement” means any license, agreement or other contractual arrangement with a Person or Governmental Authority whereby
the Company or any of its Subsidiaries is reasonably likely to be required to transfer, either in-kind or in cash, prior to the
Maturity Date, assets or property valued (book or market) at more than five hundred thousand dollars ($500,000) in the aggregate
or any license, agreement or other contractual arrangement conveying rights in or to any Intellectual Property necessary to make,
use or sell any Inventory, products or services of the Company or any Subsidiary.

 

“Maturity
Date” means May 11, 2021.

 

“Note
Purchase Agreement” means that certain Note Purchase Agreement, dated as of the Issue Date, between the Company and
IMMY Funding LLC providing for the initial issuance of the Notes.

 

“Open
of Business” means 9:00 a.m., New York City time.

 

“OFAC
Lists” means, collectively, the Specially Designated Nationals and Blocked Persons List maintained by OFAC pursuant
to Executive Order No. 13224, 66 Fed. Reg. 49079 (Sept. 25, 2001) or any other list of terrorists or other restricted Persons
maintained pursuant to any of the rules and regulations of OFAC or pursuant to any other applicable Executive Orders.

 

The
term “or” is not exclusive.

 

“Patents”
means all patents, patent applications and like protections including improvements, divisions, continuations, renewals, reissues,
re-examination certificates, utility models, extensions and continuations-in-part of the same.

 

“Permitted
Indebtedness” means:

 

(A)The
Company’s and the Guarantors’ Indebtedness to the Holders under the Notes and the Guaranties, respectively, and to
the Collateral Agent under the Security Agreement;

 

(B)Indebtedness
existing on the Issue Date and disclosed on the Perfection Certificate(s) (as defined in the Security Agreement);

 

    	- 10 -

     

    

 

(C)Subordinated
Debt;

 

(D)unsecured
Indebtedness to trade creditors and in connection with credit cards incurred in the ordinary course of business;

 

(E)Indebtedness
consisting of capitalized lease obligations and purchase money Indebtedness, in each case incurred by the Company or any of its
Subsidiaries to finance the acquisition, repair, improvement or construction of fixed or capital assets of such Person, provided
that (i) the aggregate outstanding principal amount of all such Indebtedness does not exceed (x) two million dollars ($2,000,000.00)
for construction and improvement efforts of pharmacy and outsourcing facilities in New Jersey and California; and (y) two hundred
fifty thousand dollars ($250,000.00) for other capitalized lease obligations and purchase money Indebtedness at any time, and
(ii) the principal amount of such Indebtedness does not exceed the lower of the cost or fair market value of the property so acquired
or built or of such repairs or improvements financed with such Indebtedness (each measured at the time of such acquisition, repair,
improvement or construction is made);

 

(F)Indebtedness
incurred as a result of endorsing negotiable instruments received in the ordinary course of the Company’s business;

 

(G)provided
that the full amount of the Term Loans (as defined in the Security Agreement) have been drawn thereunder, Indebtedness related
to secured accounts receivable and inventory financing (i) secured solely by accounts receivable and cash proceeds thereof; (ii)
in an aggregate outstanding principal amount that does not exceed two million five hundred thousand dollars ($2,500,000.00); (iii)
that is subject to an intercreditor agreement in form and substance satisfactory to the Collateral Agent; and (iv) that subjects
borrowings thereunder to a maximum borrowing base for accounts receivable of eighty percent (80%) and a maximum borrowing base
for inventory of forty percent (40%);

 

(H)Indebtedness
related to letters of credit related to trade payables and creditors and real estate leases incurred in the Company’s ordinary
course of business, in an aggregate outstanding principal amount that does not exceed five hundred thousand dollars ($500,000.00);

 

(I)Indebtedness
consisting of deferred compensation owing under the Stock Purchase Agreement, dated as of November 26, 2014 (without any amendment
or modification effective after the Issue Date without the Collateral Agent’s consent), among the Company, South Coast Specialty
Compounding, Inc. (d/b/a Park Compounding) and the seller parties thereto;

 

(J)Indebtedness
consisting of the bona fide financing of insurance premiums or self-insurance obligations (which must be commercially reasonable
and consistent with insurance practices generally) that does not exceed two hundred and fifty thousand dollars ($250,000.00);

 

    	- 11 -

     

    

 

(K)Indebtedness
(x) of any Subsidiary of the Company to the Company that is a Permitted Investment, and (y) of any Subsidiary of the Company to
another Subsidiary of the Company, provided that, in each case, if any such Indebtedness exceeds two hundred and fifty thousand
dollars ($250,000.00) for each transaction or seven hundred and fifty thousand dollars ($750,000.00) in the aggregate, it is,
at Collateral Agent’s discretion, subordinated to the Company’s obligations under the Notes hereunder in form and
substance acceptable to Collateral Agent and any notes or other instruments evidencing such Indebtedness are pledged to the Collateral
Agent;

 

(L)deposits
or advances received from customers in the ordinary course of business;

 

(M)Indebtedness
consisting of guarantees resulting from endorsement of negotiable instruments for collection by the Company or any of its Subsidiaries
in the ordinary course of business; and

 

(N)extensions,
refinancings, modifications, amendments and restatements of any items of Permitted Indebtedness set forth in clauses (A)
through (M) above, provided that the principal amount thereof is not increased or the terms thereof are not modified
to impose materially more burdensome terms upon the Company, or its Subsidiary, as the case may be.

 

“Permitted
Investments” means:

 

(A)Investments
disclosed on the Perfection Certificate(s) (as defined in the Security Agreement) and existing on the Issue Date;

 

(B)(i)
Investments consisting of cash and Cash Equivalents; and (ii) any Investments permitted by the Company’s investment policy,
as amended from time to time, provided that such investment policy (and any such amendment thereto) has been approved in
writing by the Collateral Agent;

 

(C)Investments
consisting of the endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary course
of the Company;

 

(D)Investments
consisting of Deposit Accounts (as defined in the Security Agreement) in which the Collateral Agent has a perfected security interest;

 

(E)Investments
in connection with Transfers permitted by Section 9(A);

 

(F)Investments
consisting of (i) travel advances and employee relocation loans and other employee loans and advances in the ordinary course of
business; (ii) loans to employees, officers or directors relating to the purchase of equity securities of the Company or its Subsidiaries
pursuant to employee stock purchase plans or agreements approved by the Company’s board of directors; and (iii) other loans
or arrangements in the ordinary course of the Company’s business that do not to exceed in the aggregate for clauses (i),
(ii) and (iii), (x) two hundred fifty thousand dollars ($250,000.00) in fiscal year 2016; and (y) three hundred
fifty thousand dollars ($350,000.00) in each fiscal year thereafter.

 

    	- 12 -

     

    

 

(G)Investments
(including debt obligations) received in connection with the bankruptcy or reorganization of customers or suppliers and in settlement
of delinquent obligations of, and other disputes with, customers or suppliers arising in the ordinary course of business;

 

(H)Investments
consisting of notes receivable of, or prepaid royalties and other credit extensions, to customers and suppliers who are not Affiliates,
in the ordinary course of business; provided, however, that this clause (H) will not apply to Investments
of the Company in any of its Subsidiaries;

 

(I)Investments
in Subsidiaries, not to exceed five hundred thousand dollars ($500,000.00) per fiscal year;

 

(J)Investments
in joint ventures or strategic alliances in the ordinary course of the Company’s business consisting of the licensing of
technology, the development of technology or the providing of technical support, in each case as permitted under the Notes (i.e.,
under a Permitted License), not to exceed five hundred thousand dollars ($500,000.00) per fiscal year; and

 

(K)Excluded
Accounts.

 

“Permitted
Licenses” means (A) licenses of over-the-counter software that is commercially available to the public; (B) non-exclusive
licenses for the use of the Intellectual Property of the Company or any of its Subsidiaries entered into in the ordinary course
of business, provided, that, with respect to each such license described in this clause (B), the license constitutes
an arms-length transaction, the terms of which, on their face, do not provide for a sale or assignment of any Intellectual Property
and do not restrict the ability of the Company or any of its Subsidiaries, as applicable, to pledge, grant a security interest
in or lien on, or assign or otherwise Transfer any Intellectual Property; or (C) exclusive or non-exclusive licenses relating
to Investments described under clause (J) of the definition of “Permitted Investments,” provided, that,
with respect to each such exclusive license described in this clause (C), (x) the license constitutes an arms-length transaction,
the terms of which, on their face, do not provide for a sale or assignment of any Intellectual Property and do not restrict the
ability of the Company or any of its Subsidiaries, as applicable, to pledge, grant a security interest in or lien on, or assign
or otherwise Transfer any Intellectual Property; (y) the license is limited in territory with respect to a specific geographic
country or region (i.e., Japan, Germany, northern China) outside of the United States (i.e., not exclusive in the
United States); and (z) the Company has obtained the consent and acknowledgement of the counterparty to such license for the collateral
assignment of such license to the Collateral Agent for the benefit of the Holders.

 

“Permitted
Liens” means:

 

(A)Liens
existing on the Issue Date and disclosed on the Perfection Certificates (as defined in the Security Agreement) or arising under
the Notes and the Loan Documents;

 

(B)Liens
for taxes, fees, assessments or other government charges or levies, either (i) not due and payable; or (ii) being contested in
good faith and for which the Company maintains adequate reserves on its Books, provided that no notice of any such Lien
has been filed or recorded under the Internal Revenue Code of 1986, as amended, and the Treasury Regulations adopted thereunder;

 

    	- 13 -

     

    

 

(C)Liens
securing Indebtedness permitted under clause (E) of the definition of “Permitted Indebtedness,” provided
that (i) such Liens exist prior to the acquisition of, or attach substantially simultaneous with, or within twenty (20) days
after, the acquisition, lease, repair, improvement or construction of, such property financed or leased by such Indebtedness;
and (ii) such Liens do not extend to any property of the Company other than the property (and proceeds thereof) acquired, leased
or built and, or the improvements or repairs, financed by such Indebtedness;

 

(D)Liens
securing Indebtedness permitted under clause (G) of the definition of “Permitted Indebtedness”;

 

(E)Liens
of carriers, warehousemen, suppliers or other Persons that are possessory in nature arising in the ordinary course of business
so long as such Liens attach only to Inventory, securing liabilities in the aggregate amount not to exceed one hundred thousand
dollars ($100,000.00), and which are not delinquent or remain payable without penalty or which are being contested in good faith
and by appropriate proceedings, which proceedings have the effect of preventing the forfeiture or sale of the property subject
thereto;

 

(F)Liens
to secure payment of workers’ compensation, employment insurance, old-age pensions, social security and other like obligations
incurred in the ordinary course of business (other than Liens imposed by ERISA);

 

(G)Liens
incurred in the extension, renewal or refinancing of the Indebtedness secured by Liens described in clauses (A) through
(D) above, but any extension, renewal or replacement Lien must be limited to the property encumbered by the existing Lien
and the principal amount of the Indebtedness may not increase;

 

(H)leases
or subleases of real property granted in the ordinary course of the Company’s business (or, if referring to another Person,
in the ordinary course of such Person’s business), and leases, subleases, non-exclusive licenses or sublicenses of personal
property (other than Intellectual Property) granted in the ordinary course of the Company’s business (or, if referring to
another Person, in the ordinary course of such Person’s business), if the leases, subleases, licenses and sublicenses do
not prohibit granting the Collateral Agent or any Lender a security interest therein;

 

(I)banker’s
liens, rights of setoff and Liens in favor of financial institutions incurred in the ordinary course of business arising in connection
with the Company’s deposit accounts or securities accounts held at such institutions solely to secure payment of fees and
similar costs and expenses and provided such accounts are maintained in compliance with Section 6.6 of the Security Agreement;

 

(J)Liens
arising from judgments, decrees or attachments in circumstances not constituting an Event of Default under clause (9) of
Section 12(A)(i);

 

    	- 14 -

     

    

 

(K)Permitted
Licenses;

 

(L)deposits
to secure indebtedness permitted under clause (H) of the definition of “Permitted Indebtedness”;

 

(M)servitudes,
easements, rights of way, restrictions and other similar encumbrances on real property imposed by applicable laws and encumbrances
consisting of zoning or building restrictions, easements, licenses, restrictions on the use of property or minor imperfections
in title thereto which, in the aggregate, are not material, and which do not in any case materially detract from the value of
the property subject thereto or interfere with the ordinary conduct of the business of the Company and its Subsidiaries; and

 

(N)with
respect to any real property, (i) such defects or encroachments as might be revealed by an up-to-date survey of such real property;
(ii) the reservations, limitations, provisos and conditions expressed in the original grant, deed or patent of such property by
the original owner of such real property pursuant to applicable laws; and (iii) rights of expropriation, access or user or any
similar right conferred or reserved by or in applicable laws, which, in the aggregate for clause (i), (ii) and (iii), are not
material, and which do not in any case materially detract from the value of the property subject thereto or interfere with the
ordinary conduct of the business of the Company and its Subsidiaries.

 

“Person”
or “person” means any individual, sole proprietorship, partnership, limited liability company, joint venture,
company, trust, unincorporated organization, association, corporation, institution, public benefit corporation, firm, joint stock
company, estate, entity or government agency.

 

“Qualified
Financing” means the first to occur Equity Financing while any Notes are outstanding that generates aggregate gross
proceeds to the Company of at least three million dollars ($3,000,000), whether in a single transaction or a series of related
transactions.

 

“Redemption”
means the repurchase of any Note by the Company pursuant to Section 7.

 

“Redemption
Date” means the date fixed for the repurchase of any Notes by the Company pursuant to a Redemption.

 

“Redemption
Notice” has the meaning set forth in Section 7(F).

 

“Redemption
Notice Date” means, with respect to a Redemption, the date on which the Company sends the Redemption Notice for such
Redemption pursuant to Section 7(F).

 

“Redemption
Price” means the cash price payable by the Company to redeem any Note upon its Redemption, calculated pursuant to Section
7(E).

 

“Reference
Property” has the meaning set forth in Section 8(I).

 

    	- 15 -

     

    

 

“Reference
Property Unit” has the meaning set forth in Section 8(I).

 

“Registration”
means any registration, authorization, approval, license, permit, clearance, certificate and exemption issued or allowed by the
FDA or state pharmacy licensing authorities (including new drug applications, abbreviated new drug applications, biologics license
applications, investigational new drug applications, over-the-counter drug monograph, device pre-market approval applications,
device pre-market notifications, investigational device exemptions, product re-certifications, manufacturing approvals, registrations
and authorizations, CE Marks, pricing and reimbursement approvals, labeling approvals or their foreign equivalent, controlled
substance registrations and wholesale distributor permits).

 

“Regulatory
Action” means an administrative, regulatory or judicial enforcement action, proceeding, investigation or inspection,
FDA Form 483 notice of inspectional observation, warning letter, untitled letter, other notice of violation letter, recall, seizure,
Section 305 notice or other similar written communication, injunction or consent decree, issued by the FDA or a federal or state
court.

 

“Reporting
Event of Default” has the meaning set forth in Section 13(F)(i).

 

“Repurchase
Upon Fundamental Change” means the repurchase of any Note by the Company pursuant to Section 6.

 

“Restricted
Note Legend” means any legend generally to the effect that (A) the offer and sale of any Note or share of Common Stock
issuable upon conversion thereof has not been registered under the Securities Act or other applicable securities laws; or (B)
such Note or shares may not be resold or otherwise transferred except in transactions that are registered under, exempt from or
not subject to the Securities Act or other applicable securities laws.

 

“Securities
Act” means the U.S. Securities Act of 1933, as amended.

 

“Security
Agreement” means that certain Loan and Security Agreement, dated as of May 11, 2015, among the Company, as borrower,
IMMY Funding LLC, as collateral agent, and the lenders party thereto from time to time, as amended by that certain First Amendment
to Loan and Security Agreement, dated as of October 20, 2015, and that certain Second Amendment to Loan and Security Agreement,
dated as of the date hereof, and as the same may be amended from time to time.

 

“Solvent”
means, with respect to any Person, that (A) the fair salable value of such Person’s consolidated assets (including goodwill
minus disposition costs) exceeds the fair value of such Person’s liabilities; (B) such Person is not left with unreasonably
small capital after the transactions contemplated by the Note Purchase Agreement and Notes; and (C) such Person is able to pay
its debts (including trade debts) as they mature in the ordinary course (without taking into account any forbearance and extensions
related thereto).

 

“Special
Interest” means any interest that accrues on any Note pursuant to Section 13(F).

 

    	- 16 -

     

    

 

“Subordinated
Debt” means indebtedness incurred by the Company or any of its Subsidiaries subordinated to all Indebtedness of the
Company or its Subsidiaries to the Holders pursuant to the Notes and to the Collateral Agent pursuant to the Security Agreement
(pursuant to a subordination, intercreditor or other similar agreement in form and substance reasonably satisfactory to the Collateral
Agent and the Holders entered into between Collateral Agent, the Company or any of its Subsidiaries, and the other creditor),
on terms acceptable to the Collateral Agent and the Holders.

 

“Successor
Person” has the meaning set forth in Section 8(I).

 

“Subsidiary”
means, with respect to any Person, (A) any corporation, association or other business entity (other than a partnership or limited
liability company) of which more than fifty percent (50%) of the total voting power of the Capital Stock entitled (without regard
to the occurrence of any contingency, but after giving effect to any voting agreement or stockholders’ agreement that effectively
transfers voting power) to vote in the election of directors, managers or trustees, as applicable, of such corporation, association
or other business entity is owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries
of such Person; and (B) any partnership or limited liability company where (i) more than fifty percent (50%) of the capital accounts,
distribution rights, equity and voting interests, or of the general and limited partnership interests, as applicable, of such
partnership or limited liability company are owned or controlled, directly or indirectly, by such Person or one or more of the
other Subsidiaries of such Person, whether in the form of membership, general, special or limited partnership or limited liability
company interests or otherwise; and (ii) such Person or any one or more of the other Subsidiaries of such Person is a controlling
general partner of, or otherwise controls, such partnership or limited liability company.

 

“Trademarks”
means any trademark and servicemark rights, whether registered or not, applications to register and registrations of the same
and like protections, and the entire goodwill of the business of Company and each of its Subsidiaries connected with and symbolized
by such trademarks.

 

“Trading
Day” means any day on which (A) trading in the Common Stock generally occurs on the principal U.S. national or regional
securities exchange on which the Common Stock is then listed or, if the Common Stock is not then listed on a U.S. national or
regional securities exchange, on the principal other market on which the Common Stock is then traded; and (B) there is no Market
Disruption Event. If the Common Stock is not so listed or traded, then “Trading Day” means a Business Day.

 

“Transfer”
has the meaning set forth in Section 9(A).

 

    	- 17 -

     

    

 

“Uniform
Commercial Code” means the Uniform Commercial Code, as the same may, from time to time, be enacted and in effect in
the State of New York; provided, however, that, to the extent that the Uniform Commercial Code is used to define
any term herein and such term is defined differently in different Articles or Divisions of the Uniform Commercial Code, the definition
of such term contained in Article or Division 9 shall govern; provided, further, that in the event that, by reason
of mandatory provisions of law, any or all of the attachment, perfection, or priority of, or remedies with respect to, the Lien
of the Collateral Agent on any Collateral is governed by the Uniform Commercial Code in effect in a jurisdiction other than the
State of New York, then the term “Uniform Commercial Code” means the Uniform Commercial Code as enacted and in effect
in such other jurisdiction solely for purposes of the provisions thereof relating to such attachment, perfection, priority or
remedies and for purposes of definitions relating to such provisions.

 

Section
2.Persons Deemed Owners.

 

The
Holder of this Note will be treated as the owner of this Note for all purposes.

 

Section
3.Denominations; Transfers and Exchanges.

 

All
Notes will be in registered form, without coupons. The Holder of this Note may transfer or exchange this Note by presenting it
to the Company; provided, however, that the Company may refuse to effect any transfer of this Note (other than any
transfer to an Affiliate of the Holder of this Note) until the Holder thereof provides the Company with such certificates or other
documentation or evidence as the Company may reasonably require to determine that such transfer complies with the Securities Act
and other applicable securities laws.

 

The
Company will not impose any service charge on any Holder for any transfer, exchange or conversion of Notes, but the Company may
require payment of a sum sufficient to cover any transfer tax or similar governmental charge that may be imposed in connection
with any transfer, exchange or conversion of any Note if the Holder thereof requests that such Note or any share of Common Stock
issuable upon conversion of such Note, as applicable, be issued in a name other than such Holder’s name.

 

Upon
any partial conversion, repurchase or transfer of Notes, or any exchange of Notes, the Company will issue one or more Notes in
order to effect such conversion, repurchase, transfer or exchange.

 

Section
4.Accrual of Interest; Defaulted Amounts.

 

(A)Accrual
of Interest. This Note will accrue interest at a rate per annum equal to 8.00% (the “Stated Interest”),
plus any Additional Interest and Special Interest that may accrue pursuant to Section 12(A) and Section 13(F), respectively.
Stated Interest on this Note will (i) accrue from, and including, the most recent date to which Stated Interest has been paid
or duly provided for (or, if no Stated Interest has theretofore been paid or duly provided for, February 1, 2016) to, but excluding,
the date of payment of such Stated Interest; (ii) be payable monthly in arrears on each Interest Payment Date; and (iii) be computed
on the basis of a three hundred sixty-five (365) day year and the actual number of days elapsed.

 

    	- 18 -

     

    

 

(B)Defaulted
Amounts. If the Company fails to pay any amount (a “Defaulted Amount”) payable on this Note on or before
the due date therefor as provided in this Note, then, regardless of whether such failure constitutes an Event of Default, (i)
such Defaulted Amount will forthwith cease to be payable to the Holder of this Note otherwise entitled to such payment; (ii) to
the extent lawful, interest (“Default Interest”) will accrue on such Defaulted Amount at a rate per annum equal
to the sum of the rate per annum at which Stated Interest accrues plus five hundred (500) basis points, from, and including,
such due date to, but excluding, the date of payment of such Defaulted Amount and Default Interest; (iii) such Defaulted Amount
and Default Interest will be paid on a payment date selected by the Company; and (iv) at least fifteen (15) calendar days before
such payment date, the Company will send written notice to the Holder of this Note that stating such payment date and the amount
of such Defaulted Amount and Default Interest to be paid on such payment date.

 

Section
5.Method of Payment; When Payment Date is
Not a Business Day.

 

(A)Method
of Payment. The Company will pay all cash amounts due under this Note by check mailed to the address of the Holder of this
Note entitled to such payment as set forth in the books of the Company (or, if such Holder provides the Company, at least five
(5) days before the date such amount is due, with written notice of an account of such Holder within the United States, by wire
transfer of immediately available funds to such account).

 

(B)Delay
of Payment when Payment Date is Not a Business Day. If the due date for a payment on this Note as provided in this Note is
not a Business Day, then, notwithstanding anything to the contrary in this Note, such payment may be made on the immediately following
Business Day and no interest will accrue on such payment as a result of the related delay.

 

Section
6.Right of Holders to Require the Company
to Repurchase Notes upon a Fundamental Change.

 

(A)Right
of Holders to Require the Company to Repurchase Notes Upon a Fundamental Change. Subject to the other terms of this Section
6, and without limiting the generality of Section 9(C), if a Fundamental Change occurs, then each Holder will have
the right (the “Fundamental Change Repurchase Right”) to require the Company to repurchase such Holder’s
Notes (or any portion thereof) on the Fundamental Change Repurchase Date for such Fundamental Change for a cash purchase price
equal to the Fundamental Change Repurchase Price.

 

(B)Repurchase
Prohibited in Certain Circumstances. If the principal amount of the Notes has been accelerated and such acceleration has not
been rescinded on or before the Fundamental Change Repurchase Date for a Repurchase upon Fundamental Change (including as a result
of the payment of the related Fundamental Change Repurchase Price on such Fundamental Change Repurchase Date), then (i) the Company
may not repurchase any Notes pursuant to this Section 6; and (y) the Company will cause any Notes theretofore surrendered
for such Repurchase upon Fundamental Change to be returned to the Holders thereof.

 

(C)Fundamental
Change Repurchase Date. The Fundamental Change Repurchase Date for any Fundamental Change will be a Business Day of the Company’s
choosing that is no more than thirty five (35), nor less than twenty (20), Business Days after the date the Company sends the
related Fundamental Change Notice pursuant to Section 6(E).

 

    	- 19 -

     

    

 

(D)Fundamental
Change Repurchase Price. The Fundamental Change Repurchase Price for any Note to be repurchased upon a Repurchase Upon Fundamental
Change following a Fundamental Change is an amount in cash equal to the sum of (i) the greater of (x) one hundred and five percent
(105%) of the principal amount of such Note; and (y) the Conversion Value of such Note as of the Trading Day immediately preceding
the Fundamental Change Repurchase Date for such Fundamental Change; and (ii) accrued and unpaid interest on such Note to, but
excluding, such Fundamental Change Repurchase Date.

 

(E)Fundamental
Change Notice. On or before the twentieth (20th) calendar day after the occurrence of a Fundamental Change, the Company will
send to each Holder a written notice of such Fundamental Change (a “Fundamental Change Notice”). Such Fundamental
Change Notice must state:

 

(i)briefly,
the events causing such Fundamental Change;

 

(ii)the
effective date of such Fundamental Change;

 

(iii)briefly,
that the Notes will be subject to repurchase by the Company at the option of the Holders thereof pursuant to this Section 6;

 

(iv)the
Fundamental Change Repurchase Date for such Fundamental Change; and

 

(v)the
Conversion Rate in effect on the date of such Fundamental Change Notice.

 

Neither
the failure to deliver a Fundamental Change Notice nor any defect in a Fundamental Change Notice will limit the Fundamental Change
Repurchase Right of any Holder or otherwise affect the validity of any proceedings relating to any Repurchase Upon Fundamental
Change.

 

(F)Procedures
to Exercise the Fundamental Change Repurchase Right.

 

(i)Delivery
of Fundamental Change Repurchase Notice and Notes to Be Repurchased. To exercise its Fundamental Change Repurchase Right for
a Note following a Fundamental Change, the Holder thereof must deliver to the Company:

 

(1)before
the Close of Business on the Business Day immediately before the related Fundamental Change Repurchase Date (or such later time
as may be required by law), a duly completed, written Fundamental Change Repurchase Notice with respect to such Note; and

 

(2)such
Note, duly endorsed for transfer.

 

(ii)Contents
of Fundamental Change Repurchase Notices. Each Fundamental Change Repurchase Notice with respect to a Note must state:

 

(1)the
certificate number of such Note;

 

    	- 20 -

     

    

 

(2)the
principal amount of such Note to be repurchased; and

 

(3)that
such Holder is exercising its Fundamental Change Repurchase Right with respect to such principal amount of such Note.

 

(iii)Withdrawal
of Fundamental Change Repurchase Notice. A Holder that has delivered a Fundamental Change Repurchase Notice with respect to
Note may withdraw such Fundamental Change Repurchase Notice by delivering a written notice of withdrawal to the Company at any
time before the Close of Business on the Business Day immediately before the related Fundamental Change Repurchase Date. Such
withdrawal notice must state:

 

(1)the
certificate number of such Note;

 

(2)the
principal amount of such Note to be withdrawn; and

 

(3)the
principal amount of such Note, if any, that remains subject to such Fundamental Change Repurchase Notice.

 

(G)Payment
of the Fundamental Change Repurchase Price. The Company will cause the Fundamental Change Repurchase Price for a Note (or
portion thereof) to be repurchased pursuant to a Repurchase Upon Fundamental Change to be paid to the Holder thereof on or before
the later of (i) the applicable Fundamental Change Repurchase Date; and (ii) the date such Note is delivered to the Company.

 

(H)Compliance
with Applicable Securities Laws. To the extent applicable, the Company will comply with all federal and state securities laws
in connection with a Repurchase Upon Fundamental Change (including complying with Rules 13e-4 and 14e-1 under the Exchange Act
and filing any required Schedule TO, to the extent applicable) so as to permit effecting such Repurchase Upon Fundamental Change
in the manner set forth in the Notes.

 

(I)Repurchase
in Part. Subject to the terms of this Section 6, Notes may be repurchased pursuant to a Repurchase Upon Fundamental
Change in part. Provisions of this Section 6 applying to the repurchase of a Note in whole will equally apply to the repurchase
of a permitted portion of a Note.

 

Section
7.Right of the Company to Redeem the Notes.

 

(A)No
Right to Redeem Before March 1, 2018. The Company may not redeem the Notes at its option at any time before March 1, 2018.

 

(B)Right
to Redeem the Notes On or After March 1, 2018. Subject to the terms of this Section 7, the Company has the right, at
its election, to redeem all, but not less than all, of the Notes, at any time, on a Redemption Date on or after March 1, 2018,
for a cash purchase price equal to the Redemption Price, but only if the all of the Company’s borrowings and other obligations
under the Security Agreement have been fully discharged before, or concurrently with, the Redemption of the Notes.

 

    	- 21 -

     

    

 

(C)Redemption
Prohibited in Certain Circumstances. If the principal amount of the Notes has been accelerated and such acceleration has not
been rescinded on or before the Redemption Date (including as a result of the payment of the related Redemption Price), then (i)
the Company may not call for Redemption or otherwise redeem any Notes pursuant to this Section 7; and (ii) the Company
will cause any Notes theretofore surrendered for such Redemption to be returned to the Holders thereof.

 

(D)Redemption
Date. The Redemption Date for any Redemption will be a Business Day of the Company’s choosing that is no more than sixty
(60), nor less than thirty (30), calendar days after the Redemption Notice Date for such Redemption.

 

(E)Redemption
Price. The Redemption Price for any Note called for Redemption is an amount in cash equal to the sum of (i) the product of
the Applicable Percentage and the principal amount of such Note; and (ii) accrued and unpaid interest on such Note to, but excluding,
the Redemption Date for such Redemption.

 

(F)Redemption
Notice. To call any Notes for Redemption, the Company must send to each Holder a written notice of such Redemption (a “Redemption
Notice”). Such Redemption Notice must state:

 

(i)that
the Notes have been called for Redemption, briefly describing the Company’s Redemption right;

 

(ii)the
Redemption Date for such Redemption;

 

(iii)the
Redemption Price per $1,000 principal amount of Notes for such Redemption;

 

(iv)the
Conversion Rate in effect on the Redemption Notice Date for such Redemption; and

 

(v)if
the Company’s borrowings and other obligations under the Security Agreement have not been fully discharged before such Redemption
Notice Date, an undertaking that such borrowings and other obligations will be fully discharged before, or concurrently with,
the Redemption of the Notes and that if all Notes are converted or cease to be outstanding before such Redemption, the Company
will nonetheless effect such full discharge on or before the Redemption Date.

 

(G)Payment
of the Redemption Price. The Company will cause the Redemption Price for a Note subject to Redemption to be paid to the Holder
thereof on or before the later of (i) the applicable Redemption Date; and (ii) the date such Note is delivered to the Company.

 

Section
8.Conversion.

 

(A)Right
to Convert.

 

(i)Generally.
Subject to the provisions of this Section 8, each Holder may, at its option, convert such Holder’s Notes into
Conversion Consideration at any time prior to the Close of Business on the Business Day immediately preceding the Maturity Date.

 

    	- 22 -

     

    

 

(ii)Conversions
in Part. Subject to the terms of the Notes, the Notes may be converted in part. Provisions of this Section 8 applying
to the conversion of a Note in whole will equally apply to conversions of a permitted portion of a Note.

 

(iii)Limitations
and Closed Periods. Notwithstanding anything to the contrary in the Notes:

 

(1)if
the Company calls any Note for Redemption pursuant to Section 7, then the Holder of such Note may not convert such Note
after the Close of Business on the Business Day immediately before the applicable Redemption Date, except to the extent the Company
fails to pay the Redemption Price for such Note; and

 

(2)if
a Fundamental Change Repurchase Notice is validly delivered pursuant to Section 6 with respect to any Note, then such Note
may not be converted, except to the extent (x) such Note is not subject to such notice; (y) such notice is withdrawn in accordance
with Section 6; or (z) the Company fails to pay the Fundamental Change Repurchase Price for such Note.

 

(B)Conversion
Procedures.

 

(i)Generally.
To convert all or a portion of a Note, the Holder of such Note must (1) complete, manually sign and deliver to the Company the
conversion notice attached to such Note or a facsimile of such conversion notice (at which time such conversion will become irrevocable);
(2) deliver such Note to the Company; (3) furnish any endorsements and transfer documents that the Company may require; and (4)
pay any amounts due pursuant to Section 8 (B)(iv).

 

(ii)Effect
of Converting a Note. At the Close of Business on the Conversion Date for a Note (or any portion thereof), such Note (or such
portion thereof) will be deemed to cease to be outstanding (and, for the avoidance of doubt, no Person will be deemed to be a
Holder of such Note (or such portion thereof) as of the Close of Business on such Conversion Date).

 

(iii)Holder
of Record of Conversion Shares. The person in whose name any share of Common Stock is issuable upon conversion of any Note
will be deemed to become the holder of record of such share as of the Close of Business on the Conversion Date for such conversion.

 

(iv)Taxes
and Duties. If a Holder converts a Note, the Company will pay any documentary, stamp or similar issue or transfer tax or duty
due on the issue of any shares of Common Stock upon such conversion; provided, however, that if any tax or duty
is due because such Holder requested such shares to be issued in a name other than that of such Holder, then such Holder will
pay such tax or duty and, until having received a sum sufficient to pay such tax or duty, the Company may refuse to deliver any
such shares to be issued in a name other than that of such Holder.

 

    	- 23 -

     

    

 

(C)Settlement
upon Conversion.

 

(i)Generally.
The consideration (the “Conversion Consideration”) due in respect of each $1,000 principal amount of a Note
to be converted will be a number of shares of Common Stock equal to the Conversion Rate in effect on the Conversion Date for such
conversion; provided, however, that the Company will not be obligated to issue any fractional share and will, in
lieu thereof, deliver a cash amount based on the Last Reported Sale Price per share of Common Stock on the relevant Conversion
Date.

 

(ii)Delivery
of the Conversion Consideration. The Company will pay or deliver, as applicable, the Conversion Consideration due upon the
conversion of any Note to the Holder on or before the third (3rd) Business Day immediately after the Conversion Date for such
conversion.

 

(iii)Deemed
Payment of Principal and Interest; Settlement of Accrued Interest Notwithstanding Conversion. If a Holder converts a Note,
then the Company will not adjust the Conversion Rate to account for any accrued and unpaid interest on such Note, and the Company’s
delivery of the Conversion Consideration due in respect of such conversion will be deemed to fully satisfy and discharge the Company’s
obligation to pay the principal of, and accrued and unpaid interest, if any, on, such Note to, but excluding the Conversion Date.
As a result, any accrued and unpaid interest on a converted Note will be deemed to be paid in full rather than cancelled, extinguished
or forfeited.

 

(iv)Stockholder
Rights Plans. If any shares of Common Stock are to be issued upon conversion of any Note and, at the time of such conversion,
the Company has in effect any stockholder rights plan, then the Holder of such Note will be entitled to receive, in addition to,
and concurrently with the delivery of, the Conversion Consideration otherwise payable hereunder upon such conversion, the rights
set forth in such stockholder rights plan, unless such rights have separated from the Common Stock at such time, in which case,
and only in such case, the provisions of Section 8(F) will apply with respect to rights under such plan as if, at the time
of such separation, the Company had made a distribution of the type referred to in such Section to all holders of the Common Stock.

 

(D)Reserve
and Status of Common Stock Issued upon Conversion.

 

(i)Stock
Reserve. At all times when any Notes are outstanding, the Company will reserve, out of its authorized but unissued and unreserved
shares of Common Stock, a number of shares of Common Stock sufficient to permit the conversion of all then-outstanding Notes.

 

(ii)Status
of Conversion Shares; Listing. Each share of Common Stock delivered upon conversion of any Note will be a newly issued or
treasury share and will be duly and validly issued, fully paid, non-assessable, free from preemptive rights and free of any lien
or adverse claim (except to the extent of any lien or adverse claim created by the action or inaction of the Holder of such Note
or the Person to whom such share will be delivered). If the Common Stock is then listed on any securities exchange, or quoted
on any inter-dealer quotation system, then the Company will cause each share of Common Stock issued upon conversion of a Note,
when delivered upon such conversion, to be admitted for listing on such exchange or quotation on such system.

 

    	- 24 -

     

    

 

(E)Adjustments
to the Conversion Rate.

 

(i)Events
Requiring an Adjustment to the Conversion Rate. The Company will adjust the Conversion Rate from time to time as follows:

 

(1)Stock
Dividends, Splits and Combinations. If the Company issues solely shares of Common Stock as a dividend or distribution on all
or substantially all shares of the Common Stock, or if the Company effects a stock split or a stock combination of the Common
Stock (in each case excluding an issuance solely pursuant to a Common Stock Change Event, as to which the provisions set forth
in Section 8(I) will apply), then the Conversion Rate will be adjusted based on the following formula:

 

 

 

where:

 

	 	CR0	=	the
    Conversion Rate in effect immediately before the Open of Business on the Ex-Dividend Date for such dividend or distribution,
    or immediately before the Open of Business on the effective date of such stock split or stock combination, as applicable;
	 	 	 	 
	 	CR1	=	the
    Conversion Rate in effect immediately after the Open of Business on such Ex-Dividend Date or the Open of Business on such
    effective date, as applicable;
	 	 	 	 
	 	OS0	=	the
    number of shares of Common Stock outstanding immediately before the Open of Business on such Ex-Dividend Date or effective
    date, as applicable; and
	 	 	 	 
	 	OS1	=	the
    number of shares of Common Stock outstanding immediately after giving effect to such dividend, distribution, stock split or
    stock combination.

 

For
the avoidance of doubt, as provided in the definition of CR0 above, such adjustment to the Conversion Rate will become
effective immediately after the Open of Business on such Ex-Dividend Date or the Open of Business on such effective date, as applicable.
If any dividend, distribution, stock split or stock combination of the type described in this Section 8(E)(i)(1) is declared
or announced, but not so paid or made, then the Conversion Rate will be readjusted, effective as of the date the Board of Directors
determines not to pay such dividend or distribution or to effect such stock split or stock combination, to the Conversion Rate
that would then be in effect had such dividend, distribution, stock split or stock combination not been declared or announced.

 

    	- 25 -

     

    

 

(2)One-Time
Adjustment Upon a Dilutive Qualified Financing. Subject to Section 8(H), if the Company closes a Qualified Financing
and the Effective Price per share of Common Stock issued or sold in the Qualified Financing is less than the Conversion Price
in effect as of the date of such issuance or sale, then, effective as of the Close of Business on such date, the Conversion Rate
will be increased to an amount equal to (x) one thousand dollars ($1,000) divided by (y) such Effective Price per share
of Common Stock issued or sold in such Qualified Financing; provided, however, that (I) in no event will the Conversion
Rate be adjusted pursuant to this Section 8(E)(i)(2) solely as a result of an Exempt Issuance; (II) in no event will the
Conversion Rate be decreased pursuant to this Section 8(E)(i)(2); and (III) for the avoidance of doubt, in no event will
the Conversion Rate be adjusted pursuant to this Section 8(E)(i)(2) in connection with any issuance of shares of Common
Stock, or options, warrants or other rights to purchase or otherwise acquire shares of Common Stock, other than the Qualified
Financing. For purposes of this Section 8(E)(i)(2), if there occurs any re-pricing or amendment of any options, warrants
or other rights issued or sold in the Qualified Financing, then the adjustment to the Conversion Rate, if any, pursuant to this
Section 8(E)(i)(2) will be effected as if such re-pricing or amendment had occurred at the time such options, warrants
or rights were initially issued or sold in such Qualified Financing.

 

(ii)Limitation
on Effecting Transactions Resulting in Certain Adjustments. The Company will not engage in or be a party to any transaction
or event that would require the Conversion Rate to be adjusted pursuant to Section 8(E) to an amount that would result
in the Conversion Price per share of Common Stock being less than the par value per share of Common Stock.

 

(iii)Calculations.
All calculations with respect to the Conversion Rate and adjustments thereto will be made to the nearest cent (with 0.5 of a cent
rounded upward) or to the nearest 1/10,000th of a share of Common Stock (with 5/100,000ths rounded upward), as applicable.

 

(iv)Notice
of Conversion Rate Adjustments. Upon the effectiveness of any adjustment to the Conversion Rate pursuant to Section 8(E)(i),
the Company will promptly provide written notice to the Holders, containing (i) a brief description of the transaction or other
event on account of which such adjustment was made; (ii) the Conversion Rate in effect immediately after such adjustment; and
(iii) the effective time of such adjustment.

 

    	- 26 -

     

    

 

(F)Participation
Rights. Subject to Section 8(C)(iv), if the Company issues, dividends or otherwise distributes, to all or substantially
all holders of Common Stock, any securities (including any Capital Stock, rights, options, warrants, or evidences of indebtedness,
whether or not issued by the Company) or other property (including cash), other than solely pursuant to an event that requires
an adjustment to the Conversion Rate pursuant to Section 8(E)(i)(1), then each Holder will participate, at the same time
and on the same terms as holders of Common Stock, solely by virtue of being a Holder of Notes, and without the need for any action
on the part of such Holder, in such issuance, dividend or distribution without having to convert such Holder’s Notes and
as if such Holder held a number of shares of Common Stock equal to the product of (i) the Conversion Rate in effect on the applicable
record, effective or other date on which the shares of Common Stock entitled to participate in such issuance, dividend or distribution
are determined; and (ii) the aggregate principal amount (expressed in thousands) of Notes held by such Holder on such date. The
Company will not effect any such issuance, dividend or distribution without complying with the requirements of this Section
8(F).

 

(G)Prohibition
Against Certain Tender/Exchange Offers. The Company will not, and will not permit any of its Subsidiaries to, make, at any
time when any Notes are outstanding, a payment in respect of a tender offer or exchange offer for shares of Common Stock if the
value (determined by the Board of Directors as of the time such tender or exchange offer expires) of the cash and other consideration
paid per share of Common Stock in such tender or exchange offer exceeds the Last Reported Sale Price per share of Common Stock
on the Trading Day immediately after the last date on which tenders or exchanges may be made pursuant to such tender or exchange
offer (as it may be amended). In order to effect compliance with the preceding sentence, the Company will not, and will not permit
any of its Subsidiaries to, make, at any time when any Notes are outstanding, any such payment in respect of such a tender offer
or exchange offer before the time such Last Reported Sale Price per share of Common Stock has been determined.

 

(H)Compliance
with Stock Exchange Listing Standards. Notwithstanding anything to the contrary in the Notes, the Company will not engage
in any transaction, or take any action, that would require an increase to the Conversion Rate pursuant to Section 8(E)(i)
without complying with the applicable stockholder approval rules of The NASDAQ Stock Market. Without limiting the generality of
the foregoing, the Company will not effect and will not be obligated to effect any issuance or sale that would result in an adjustment
to the Conversion Rate pursuant to Section 8(E)(i)(2) that would violate such stockholder approval rules. The restrictions
set forth in the preceding sentences of this Section 8(H) will apply at any time when the Notes are outstanding, regardless
of whether the Company then has a class of securities listed on The NASDAQ Stock Market.

 

(I)Effect
of Certain Recapitalizations, Reclassifications, Consolidations, Mergers and Sales.

 

(i)Generally.
If there occurs:

 

(1)any
recapitalization, reclassification or change of the Common Stock (other than (x) changes solely resulting from a subdivision or
combination or change only in par value or from par value to no par value or no par value to par value and (y) stock splits and
stock combinations that do not involve the issuance of any other series or class of securities);

 

    	- 27 -

     

    

 

(2)any
consolidation, merger, combination or binding share exchange involving the Company;

 

(3)any
sale, lease or other transfer, in one transaction or a series of transactions, of all or substantially all of the assets of the
Company and its Subsidiaries, taken as a whole, to any Person; or

 

(4)any
statutory share exchange,

 

and,
in each case, as a result of such occurrence, the Common Stock is converted into, or is exchanged for, or represents solely the
right to receive, other securities or other property (including cash or any combination of the foregoing) (such an event, a “Common
Stock Change Event,” and such other securities or other property, the “Reference Property,” and the
amount and kind of Reference Property that a holder of one (1) share of Common Stock would be entitled to receive on account of
such Common Stock Change Event (without giving effect to any arrangement not to issue fractional shares of securities or other
property), a “Reference Property Unit”), then, notwithstanding anything to the contrary in the Notes, at the
effective time of such Common Stock Change Event, (x) the Conversion Consideration due upon conversion of any Note will be determined
in the same manner as if each reference to any number of shares of Common Stock in this Section 8 (or in any related definitions)
were instead a reference to the same number of Reference Property Units; and (y) for purposes of the definition of “Fundamental
Change,” the term “Common Stock” will be deemed to mean the common equity, if any, forming part of such Reference
Property. For these purposes, the Last Reported Sale Price of any Reference Property Unit or portion thereof that does not consist
of a class of securities will be the fair value of such Reference Property Unit or portion thereof, as applicable, determined
in good faith by the Company (or, in the case of cash denominated in U.S. dollars, the face amount thereof).

 

If
the Reference Property consists of more than a single type of consideration (determined based in part upon any form of stockholder
election), then the composition of the Reference Property Unit will be deemed to be (x) the weighted average, per share of Common
Stock, of the types and amounts of consideration received by the holders of Common Stock that affirmatively make such an election;
or (y) if no holders of Common Stock affirmatively make such an election, the types and amounts of consideration actually received,
per share of Common Stock, by the holders of Common Stock. The Company will notify Holders of the weighted average as soon as
practicable after such determination is made.

 

At
or before the effective date of such Common Stock Change Event, the Company and the resulting, surviving or transferee Person
(if not the Company) of such Common Stock Change Event (the “Successor Person”) will execute and deliver such
instruments or agreements that will (x) provide for subsequent conversions of Notes in the manner set forth in this Section
8(I); (y) provide for subsequent adjustments to the Conversion Rate pursuant to Section 8(E)(i) in a manner consistent
with this Section 8(I); and (z) contain such other provisions as the Company in good faith determines are appropriate to
preserve the economic interests of the Holders and to give effect to the provisions of this Section 8(I). If the Reference
Property includes shares of stock or other securities or assets of a Person other than the Successor Person, then such other Person
will also execute such instruments or agreements and such instruments or agreements will contain such additional provisions the
Company reasonably determines are appropriate to preserve the economic interests of the Holders.

 

    	- 28 -

     

    

 

(ii)Notice
of Common Stock Change Events. As soon as practicable after learning the anticipated or actual effective date of any Common
Stock Change Event, the Company will provide written notice to the Holders of such Common Stock Change Event, including a brief
description of such Common Stock Change Event, its anticipated effective date and a brief description of the anticipated change
in the conversion right of the Notes.

 

(iii)Compliance
Covenant. The Company will not become a party to any Common Stock Change Event unless its terms are consistent with this Section
8(I).

 

Section
9.Negative Covenants.

 

The
Company will not, and will not permit any of its Subsidiaries (or, with respect to clause (L) below, any Affiliates of
the Company or any of its Subsidiaries) to, do any of the following without the prior written consent of Holders of a majority
in aggregate principal amount of the Notes then outstanding:

 

(A)Dispositions.
Convey, sell, lease, transfer, assign, dispose of (collectively, “Transfer”) all or any part of its business
or property (including Intellectual Property), except for Transfers (i) of Inventory in the ordinary course of business; (ii)
of worn-out or obsolete Equipment; and (ii) Permitted Liens, Permitted Investments and Permitted Licenses.

 

(B)Changes
in Business, Management, Ownership or Business Locations.

 

(i)Engage
in any business other than the businesses engaged in by the Company as of the Issue Date or reasonably related thereto;

 

(ii)liquidate
or dissolve; or

 

(iii)(x)
permit any Key Person to cease to be actively engaged in the management of the Company unless written notice thereof is provided
to the Collateral Agent and each Holder within ten (10) days of the same; or (y) enter into any transaction or series of related
transactions in which (I) the stockholders of the Company who were not stockholders immediately prior to the first such transaction
own more than thirty five percent (35%) of the voting stock of the Company immediately after giving effect to such transaction
or related series of such transactions; and (II) the Company ceases to own 100% of the ownership interests of a Subsidiary of
the Company. The Company will not, without at least thirty (30) days’ prior written notice to the Collateral Agent: (v)
add any new offices or business locations, including warehouses (unless such new offices or business locations contain less than
two hundred fifty thousand dollars ($250,000.00) in assets or property of the Company or any of its Subsidiaries); (w) change
its jurisdiction of organization; (x) change its organizational structure or type; (y) change its legal name; or (z) change any
organizational number (if any) assigned by its jurisdiction of organization.

 

    	- 29 -

     

    

 

(C)Mergers
or Acquisitions. Merge or consolidate with, or permit any of its Subsidiaries to merge or consolidate, or sell, lease or otherwise
transfer, in one transaction or a series of transactions, all or substantially all of the consolidated assets of the Company,
any other Person, or acquire, all or substantially all of the capital stock, shares or assets of another Person; provided,
however, that a Subsidiary of the Company may merge or consolidate into, or sell, lease or otherwise transfer, in one transaction
or a series of transactions, all or substantially all of its consolidated assets to, (x) another Subsidiary of the Company or
(y) the Company, provided the Company is the surviving legal entity, and as long as no Event of Default is occurring prior
thereto or arises as a result therefrom.

 

(D)Indebtedness.
Create, incur, assume, or be liable for any Indebtedness, other than Permitted Indebtedness.

 

(E)Encumbrance.
Create, incur, allow, or suffer any Lien on any of its property, or assign or convey any right to receive income, including the
sale of any Accounts, except for Permitted Liens, or permit any Collateral not to be subject to the first priority security interest
granted pursuant to the Security Agreement (except for Permitted Liens), or enter into any agreement, document, instrument or
other arrangement (except with or in favor of the Collateral Agent, for the ratable benefit of the Holders) with any Person that
directly or indirectly prohibits or has the effect of prohibiting the Company or any of its Subsidiaries from assigning, mortgaging,
pledging, granting a security interest in or upon, or encumbering any of the Company’s or such Subsidiary’s Intellectual
Property, except as is otherwise permitted in Section 9(A) and the definition of “Permitted Liens”.

 

(F)Maintenance
of Collateral Accounts. Maintain any Collateral Account (as defined in the Security Agreement) except pursuant to the terms
of Section 6.6 of the Security Agreement.

 

(G)Restricted
Payments. Pay any dividends (other than dividends payable solely in capital stock) or make any distribution or payment in
respect of or redeem, retire or purchase any capital stock (other than (i) repurchases pursuant to the terms of employee stock
purchase plans, employee restricted stock agreements, stockholder rights plans, director or consultant stock option plans or similar
plans, provided, in each case, that such repurchases and payments do not exceed three hundred thousand dollars ($300,000.00)
in the aggregate per fiscal year; and (ii) payments related to share withholdings for individual taxes related to vested restricted
stock units (RSUs), options and other equity grants made to employees, as permitted under the Company’s 2007 Incentive Stock
and Awards Plan, as amended as of the Issue Date, and required under certain of the Company’s equity grants and employment
agreements, in each case as in effect as of the Issue Date, and provided that, in each case, such payments or distributions
(x) shall only be made with the proceeds of a simultaneous (subject to customary provisions in relation to the receipt of funds)
equity or Subordinated Debt offering; and (y) do not permit the Company’s net cash position (i.e., cash on balance
sheet) to change in connection with such distributions or payments. Notwithstanding anything to the contrary in the foregoing,
nothing in this Section 9(G) will prohibit or restrict the payment of any amount or the delivery of any property (including
Conversion Consideration) due on the Notes.

 

    	- 30 -

     

    

 

(H)Investments.
Directly or indirectly make any Investment other than Permitted Investments.

 

(I)Transactions
with Affiliates. Directly or indirectly enter into or permit to exist any material transaction with any Affiliate of the Company
or any of its Subsidiaries, except for (i) transactions that are in the ordinary course of the Company’s or such Subsidiary’s
business, upon fair and reasonable terms that are no less favorable to the Company or such Subsidiary than would be obtained in
an arm’s length transaction with a non-affiliated Person; and (ii) Subordinated Debt or equity investments by the Company’s
investors in the Company or its Subsidiaries.

 

(J)Subordinated
Debt. (i) Make or permit any payment on any Subordinated Debt, except under the terms of the subordination, intercreditor
or other similar agreement to which such Subordinated Debt is subject; or (ii) amend any provision in any document relating to
the Subordinated Debt that would increase the amount thereof or adversely affect the subordination thereof to obligations owed
to the Holders pursuant to the Notes without the consent of the Holders, which consent will not be unreasonably withheld, delayed
or conditioned.

 

(K)Compliance.
(i) Become an “investment company” or a company controlled by an “investment company,” under the Investment
Company Act of 1940, as amended, or undertake as one of its important activities extending credit to purchase or carry margin
stock (as defined in Regulation U of the Board of Governors of the Federal Reserve System), or use the proceeds of the issuance
and sale of the Notes for that purpose; (ii) fail to meet the minimum funding requirements of ERISA, permit a “Reportable
Event” or “Prohibited Transaction” (as defined in ERISA) to occur, if the violation could reasonably be expected
to have a Material Adverse Change; (iii) fail to comply with the Federal Fair Labor Standards Act or violate any other law or
regulation, if the violation could reasonably be expected to have a Material Adverse Change; or (iv) withdraw from participation
in, permit partial or complete termination of, or permit the occurrence of any other event with respect to, any present pension,
profit sharing and deferred compensation plan that could reasonably be expected to result in any material liability of the Company
or any of its Subsidiaries, including any material liability to the Pension Benefit Guaranty Corporation or its successors or
any other Governmental Authority.

 

(L)Compliance
with Anti-Terrorism Laws. directly or indirectly (i) knowingly enter into any documents, instruments, agreements or contracts
with any Person listed on the OFAC Lists; (ii) conduct any business or engage in any transaction or dealing with any Blocked Person,
including the making or receiving of any contribution of funds, goods or services to or for the benefit of any Blocked Person;
(iii) deal in, or otherwise engage in any transaction relating to, any property or interests in property blocked pursuant to Executive
Order No. 13224 or any similar executive order or other Anti-Terrorism Law; or (iv) engage in or conspire to engage in any transaction
that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the prohibitions set forth in
Executive Order No. 13224 or other Anti-Terrorism Law.

 

    	- 31 -

     

    

 

(M)Material
Agreements. Without the consent of Collateral Agent (which consent will not be unreasonably withheld, conditioned or otherwise
delayed), (I) enter into a Material Agreement; or (II) materially amend a Material Agreement, in each case if such action would
materially and adversely affect the interests of the Holders under the Notes.

 

Section
10.Exchange Act Reports.

 

The
Company shall deliver to Holders of the Notes within fifteen (15) days after the same is required to be filed with the Commission,
copies of any documents or reports that the Company is required to file with the Commission pursuant to Section 13(a) or 15(d)
of the Exchange Act (after giving effect to any grace periods provided under the Exchange Act). Any such document or report that
the Company files with the Commission via the Commission’s EDGAR system (or any successor thereto) shall be deemed to be
delivered to Holders for purposes of this Section 10 at the time such documents are filed via the EDGAR system (or such
successor). Notwithstanding anything to the contrary in this Section 10, in no event will this Section 10 require
the Company to deliver or otherwise provide any information for which it is seeking, or has received, confidential treatment from
the Commission.

 

Section
11.Security Agreement.

 

The
Notes are secured pursuant to the terms of the Security Agreement.

 

Section
12.Additional Interest.

 

(A)Accrual
of Additional Interest.

 

(i)If,
at any time during the six (6) month period beginning on, and including, the date that is six (6) months after the Last Original
Issue Date of any Note,

 

(1)the
Company fails to timely file any report (other than Form 8-K reports) that the Company is required to file with the Commission
pursuant to Section 13 or 15(d) of the Exchange Act (after giving effect to all applicable grace periods thereunder); or

 

(2)such
Note is not otherwise Freely Tradable,

 

then
Additional Interest will accrue on such Note for each day during such period on which such failure is continuing or such Note
is not Freely Tradable.

 

(ii)In
addition, Additional Interest will accrue on a Note on each day on which such Note is not Freely Tradable on or after the Free
Trade Date of such Note.

 

(B)Amount
and Payment of Additional Interest. Any Additional Interest that accrues on a Note pursuant to Section 12(A) will be
payable on the same dates and in the same manner as the Stated Interest on such Note and will accrue at a rate per annum equal
to one percent (1.00%) of the principal amount thereof. For the avoidance of doubt, any Additional Interest that accrues on a
Note will be in addition to any Stated Interest and Special Interest that accrues on such Note.

 

    	- 32 -

     

    

 

(C)Notice
of Accrual of Additional Interest. The Company will send written notice to the Holder of each Note of the commencement and
termination of any period in which Additional Interest accrues on such Note.

 

Section
13.Defaults and Remedies

 

(A)Events
of Default.

 

(i)Definition
of Events of Default. “Event of Default” means the occurrence of any of the following:

 

(1)a
default in the payment when due (whether at maturity or otherwise) of the principal, Fundamental Change Repurchase Price or Redemption
Price of any Note;

 

(2)a
default for three (3) Business Days in the payment when due of interest on any Note;

 

(3)a
default in the Company’s obligation to convert a Note in accordance with Section 8 upon the exercise of the conversion
right with respect thereto;

 

(4)a
default in the Company’s obligations under Section 9(C);

 

(5)a
default in any of the Company’s obligations or agreements under the Notes (other than a default set forth in clause
(1), (2), (3) or (4) of this Section 12(A)(i)) or the Security Agreement; provided,
however, that if such default can be cured, then such default will not be an Event of Default unless the Company has failed
to cure such default within fifteen (15) days after its occurrence; provided, further, that if such default cannot
by its nature be cured within fifteen (15) days or cannot after diligent attempts by the Company be cured within fifteen (15)
days, and such default is likely to be cured within a reasonable time, then the Company will have an additional period (which
will not in any event exceed thirty (30) days) to attempt to cure such default, and, within such reasonable time period, the failure
to cure such default will not be deemed to be an Event of Default;

 

(6)the
occurrence of an “Event of Default” (as defined in the Security Agreement);

 

(7)the
occurrence of a Material Adverse Change;

 

(8)either
(I) a default in any agreement to which the Company or any of its Subsidiaries is a party with a third party or parties resulting
in a right by such third party or parties, whether or not exercised, to accelerate the maturity of any Indebtedness in an amount
in excess of two hundred fifty thousand dollars ($250,000.00) or that could reasonably be expected to have a Material Adverse
Change; (II) a default under a Material Agreement that permits the counterparty thereto to accelerate the payments owed thereunder;
or (III) a revocation of a Material Agreement which is reasonably likely to cause a Material Adverse Change;

 

    	- 33 -

     

    

 

(9)either
(I) one or more judgments, orders, or decrees for the payment of money in an amount, individually or in the aggregate, of at least
two hundred fifty thousand dollars ($250,000.00) (not covered by independent third-party insurance) is rendered against the Company
or any of its Subsidiaries and remains unsatisfied, unvacated or unstayed for a period of thirty (30) days after the entry thereof;
or (II) any judgments, orders or decrees rendered against the Company that could reasonably be expected to result in a Material
Adverse Change;

 

(10)a
default or breach under any Material Agreement between the Company or any of its Subsidiaries and any creditor of the Company
or any of its Subsidiaries that signed a subordination, intercreditor or other similar agreement with the Collateral Agent or
any Holder, or the breach of any material terms of such agreement by any creditor that has signed such an agreement with the Collateral
Agent or any Holder;

 

(11)either
(I) the revocation, rescission, suspension, modification in an adverse manner, or the non-renewal in the ordinary course for a
full term, of any Governmental Approval, and such revocation, rescission, suspension, modification or non-renewal has resulted
in or could reasonably be expected to result in a Material Adverse Change; (II) the initiation by the FDA, the DOJ or any other
Governmental Authority of a Regulatory Action or any other enforcement action against the Company or any of its Subsidiaries or
any supplier of the Company or any of its Subsidiaries that causes the Company or any of its Subsidiaries to recall, withdraw,
remove or discontinue manufacturing, distributing or marketing any of its products that (x) for each individual product, constitutes
trailing twelve (12) months’ revenues (in accordance with GAAP) to the Company and its Subsidiaries of at least one million
dollars ($1,000,000.00), or (y) in the aggregate for all such products, constitute trailing twelve (12) months’ revenues
(in accordance with GAAP) to the Company and its Subsidiaries of at least two million five hundred thousand dollars ($2,500,000.00)
or five percent (5.0%) of the total trailing twelve (12) month revenue for the Company and its Subsidiaries, whichever is greater,
in each case even if such action is based on previously disclosed conduct; (III) the issuance by the FDA of a warning letter or
Regulatory Action to the Company or any of its Subsidiaries with respect to any of its activities or products which could reasonably
be expected to result in a Material Adverse Change; (IV) a mandatory or voluntary recall being conducted by the Company or any
of its Subsidiaries that could reasonably be expected to result in liability and expense to the Company or any of its Subsidiaries
of one million dollars ($1,000,000.00) or more; (V) the entry by the Company or any of its Subsidiaries into a settlement agreement
with the FDA, the DOJ or any other Governmental Authority that results in aggregate liability as to any single or related series
of transactions, incidents or conditions, of one million dollars ($1,000,000.00) or more, or that could reasonably be expected
to result in a Material Adverse Change even if such settlement agreement is based on previously disclosed conduct; (VI) the failure
by the Company or any of its Subsidiaries to make adequate progress remediating observations identified in an FDA Form 483 notice
of inspection observation to the Collateral Agent’s or, if agreed by the Collateral Agent and the Company (which agreement
by the Collateral Agent or the Holders will not be unreasonably withheld or delayed), a qualified third party’s, reasonable
satisfaction, within six (6) months of receipt; or (VII) the revocation, by the FDA, of any authorization or permission granted
under any Registration, or the withdrawal, by the Company or any of its Subsidiaries, of any Registration, that could reasonably
be expected to result in a Material Adverse Change; or

 

    	- 34 -

     

    

 

(12)either
(I) the Company or any of its Subsidiaries is or becomes Insolvent; (II) the Company or any of its Subsidiaries begins an Insolvency
Proceeding; or (III) an Insolvency Proceeding is begun against Borrower or any of its Subsidiaries and not dismissed or stayed
within sixty (60) days (for purposes of this clause (12) only, “Subsidiaries” excludes any single Subsidiary
or group of Subsidiaries where such Subsidiary’s revenue or such group of Subsidiaries’ revenues (in each case in
accordance with GAAP) or assets is less than five percent (5.0%) of the aggregate (x) revenue or (y) assets of the Company and
all its Subsidiaries, in each case measured on a consolidated basis for the Company and all its Subsidiaries).

 

(B)Acceleration.

 

(i)Automatic
Acceleration in Certain Circumstances. If an Event of Default set forth in Section 12(A)(i)(12) occurs with respect
to the Company (and not solely with respect to a Subsidiary of the Company (as defined in such Section)), then the principal amount
of, and all accrued and unpaid interest on, all of the Notes then outstanding will immediately become due and payable without
any further action or notice by any Person.

 

(ii)Optional
Acceleration. If an Event of Default (other than an Event of Default set forth in Section 12(A)(i)(12) with respect
to the Company and not solely with respect to a Subsidiary of the Company (as defined in such Section)) occurs and is continuing,
then Holders of a majority of the aggregate principal amount of Notes then outstanding, by notice to the Company, may declare
the principal amount of, and all accrued and unpaid interest on, all of the Notes then outstanding to become due and payable immediately.

 

(C)Rescission
of Acceleration. Notwithstanding anything to the contrary in the Notes, the Holders of a majority in aggregate principal amount
of the Notes then outstanding, by written notice to the Company, may, on behalf of all Holders, rescind any acceleration of the
Notes and its consequences if (i) such rescission would not conflict with any judgment or decree of a court of competent jurisdiction;
and (ii) all existing Events of Default (except the non-payment of principal of, or interest on, the Notes that has become due
solely because of such acceleration) have been cured or waived. No such rescission will affect any subsequent Default or impair
any right consequent thereto.

 

    	- 35 -

     

    

 

(D)Waiver
of Past Defaults. An Event of Default pursuant to clause (1), (2), (3) or (5) of Section
12(A)(i) (that, in the case of clause (5) only, results from a Default under any covenant that cannot be amended without
the consent of each affected Holder), and a Default that could lead to such an Event of Default, can be waived only with the consent
of each affected Holder. Each other Default or Event of Default may be waived, on behalf of all Holders, by the Holders of a majority
in aggregate principal amount of the Notes then outstanding. If an Event of Default is so waived, then it will cease to exist.
If a Default is so waived, then it will be deemed to be cured and any Event of Default arising therefrom will be deemed not to
occur. However, no such waiver will extend to any subsequent or other Default or Event of Default or impair any right arising
therefrom.

 

(E)Absolute
Right of Holders to Receive Payment and Conversion Consideration. Notwithstanding anything to the contrary in the Notes, the
right of each Holder of a Note to receive payment or delivery, as applicable, of the principal of, or any interest on, or the
Conversion Consideration due pursuant to Section 8 upon conversion of, such Note on or after the respective due dates therefor
provided in the Notes, or to bring suit for the enforcement of any such payment or delivery on or after such respective due dates,
will not be impaired or affected without the consent of such Holder.

 

(F)Sole
Remedy for a Failure to Report.

 

(i)Generally.
Notwithstanding anything to the contrary in the Notes, the Company may elect that the sole remedy for any Event of Default (a
“Reporting Event of Default”) pursuant to Section 12(A)(i)(5) arising from the Company’s failure
to comply with Section 10 will, for each of the first sixty (60) calendar days on which a Reporting Event of Default has
occurred and is continuing, consist exclusively of the accrual of Special Interest on the Notes. If the Company has made such
an election, then (i) the Notes will be subject to acceleration pursuant to Section 12(B)(ii) on account of the relevant
Reporting Event of Default from, and including, the sixty first (61st) calendar day on which a Reporting Event of Default has
occurred and is continuing or if the Company fails to pay any accrued and unpaid Special Interest when due; and (ii) Special Interest
will cease to accrue on any Notes from, and including, such sixty first (61st) calendar day.

 

(ii)Amount
and Payment of Special Interest. Any Special Interest that accrues on a Note pursuant to Section 12(F)(i) will be payable
on the same dates and in the same manner as the Stated Interest on such Note and will accrue at a rate per annum equal to one
percent (1.00%) of the principal amount thereof. For the avoidance of doubt, any Special Interest that accrues on a Note will
be in addition to any Stated Interest and Additional Interest that accrues on such Note.

 

    	- 36 -

     

    

 

(iii)Notice
of Election. To make the election set forth in Section 12(F)(i), the Company must send to the Holders, before the date
on which each Reporting Event of Default first occurs, a written notice that (i) briefly describes of the report(s) that the Company
failed to file with the Commission; (ii) states that the Company is electing that the sole remedy for such Reporting Event of
Default consist of the accrual of Special Interest; and (iii) briefly describe the periods during which and rate at which Special
Interest will accrue and the circumstances under which the Notes will be subject to acceleration on account of such Reporting
Event of Default.

 

(iv)No
Effect on Other Events of Default. No election pursuant to this Section 12 with respect to a Reporting Event of Default
will affect the rights of any Holder with respect to any other Event of Default, including with respect to any other Reporting
Event of Default.

 

Section
14.Amendments, Supplements and Waivers.

 

(A)Without
the Consent of Holders. Notwithstanding anything to the contrary in Section 14(B), the Company may amend or supplement
the Notes without the consent of any Holder to:

 

(i)cure
any ambiguity or correct any omission, defect or inconsistency;

 

(ii)add
guarantees with respect to the Company’s obligations under the Notes;

 

(iii)add
to the Company’s covenants or Events of Default for the benefit of the Holders or surrender any right or power conferred
on the Company;

 

(iv)enter
into instruments or agreements pursuant to, and in accordance with, Section 8(I) in connection with a Common Stock Change
Event; or

 

(v)make
any other change to the Notes that does not, individually or in the aggregate with all other such changes, adversely affect the
rights of the Holders.

 

(B)With
the Consent of Holders. Subject to Section 14(A), Section 12(D) and Section 12(E), the Company may, with
the consent of a Holder of a Note, amend or supplement such Note or waive compliance with any provision of such Note. The Company
may not amend any Note except as provided in Section 14(A) or this Section 14(B).

 

(C)Notice
of Amendments, Supplements and Waivers. Promptly after any amendment, supplement or waiver pursuant to Section 14(A)
or Section 14(B) becomes effective, the Company will send to each Holder of the Notes so amended written notice that (A)
describes the substance of such amendment, supplement or waiver in reasonable detail and (B) states the effective date thereof.
The failure to send, or the existence of any defect in, such notice will not impair or affect the validity of such amendment,
supplement or waiver.

 

    	- 37 -

     

    

 

(D)Notations
and Exchanges. If any amendment, supplement or waiver changes the terms of a Note, then the Company may, in its discretion,
require the Holder of such Note to deliver such Note to the Company so that the Company may place an appropriate notation on such
Note and return such Note to such Holder. Alternatively, at its discretion, the Company may, in exchange for such Note, issue,
execute and deliver a new Note that reflects the changed terms. The failure to make any appropriate notation or issue a new Note
will not impair or affect the validity of such amendment, supplement or waiver.

 

Section
15.Ranking.

 

Subject
to the Security Agreement, the indebtedness of the Company arising under or in connection with this Note from time to time constitutes
and will constitute a senior obligation of the Company, ranking equally in right of payment with other existing and future senior
indebtedness of the Company (including indebtedness under the Security Agreement) and ranking senior in right of payment to any
existing or future subordinated indebtedness of the Company.

 

Section
16.Replacement Notes.

 

If
a Holder of any Note claims that such Note has been mutilated, lost, destroyed or wrongfully taken, then the Company will issue,
execute and deliver a replacement Note upon surrender to the Company of such mutilated Note, or upon delivery to the Company of
evidence of such loss, destruction or wrongful taking reasonably satisfactory to the Company. In the case of a lost, destroyed
or wrongfully taken Note, the Company may require the Holder thereof to provide such security or n indemnity that is reasonably
satisfactory to the Company to protect the Company from any loss that it may suffer if such Note is replaced.

 

Section
17.Notices.

 

Any
notice or communication to the Company will be deemed to have been duly given if in writing and delivered in person or by first
class mail (registered or certified, return receipt requested), facsimile transmission, electronic transmission or other similar
means of unsecured electronic communication or overnight air courier guaranteeing next day delivery, or to the other’s address,
which initially is as follows:

 

Imprimis
Pharmaceuticals, Inc.

12264
El Camino Real

Suite
350

San
Diego, CA 92130

Attention:
Chief Financial Officer

 

The
Company, by notice to the Holders, may designate additional or different addresses for subsequent notices or communications.

 

Any
notice or communication to a Holder will be mailed by first class mail, certified or registered, return receipt requested, or
by overnight air courier guaranteeing next day delivery to its address shown on the register kept by the Registrar. The failure
to mail a notice or communication to a Holder, or any defect in such notice or communication, will not affect its sufficiency
with respect to any other Holder.

 

    	- 38 -

     

    

 

If
a notice or communication is mailed in the manner provided above within the time prescribed, it will be deemed to have been duly
given, whether or not the addressee receives it.

 

Section
18.No Personal Liability of Directors, Officers,
Employees and Stockholders.

 

No
past, present or future director, officer, employee, incorporator or stockholder of the Company, as such, will have any liability
for any obligations of the Company under the Notes or for any claim based on, in respect of, or by reason of, such obligations
or their creation. By accepting any Note, each Holder waives and releases all such liability. Such waiver and release are part
of the consideration for the issuance of the Notes.

 

Section
19.Successors.

 

All
agreements of the Company in the Notes will bind its successors.

 

Section
20.Severability.

 

If
any provision of the Notes is invalid, illegal or unenforceable, then the validity, legality and enforceability of the remaining
provisions of the Notes will not in any way be affected or impaired thereby.

 

Section
21.Headings, Etc.

 

The
headings of the Sections of this Note have been inserted for convenience of reference only, are not to be considered a part of
this Note and will in no way modify or restrict any of the terms or provisions of this Note.

 

Section
22.Governing Law; Waiver of Jury Trial.

 

THE
INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THIS NOTE. THE COMPANY IRREVOCABLY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS
NOTES.

 

Section
23.Submission to Jurisdiction.

 

The
Company (A) agrees that any suit, action or proceeding against it arising out of or relating to the Notes may be instituted in
any U.S. federal court with applicable subject matter jurisdiction sitting in The City of New York; (B) waives, to the fullest
extent permitted by applicable law, (i) any objection that it may now or hereafter have to the laying of venue of any such suit,
action or proceeding; and (ii) any claim that it may now or hereafter have that any such suit, action or proceeding in such a
court has been brought in an inconvenient forum; and (C) submits to the nonexclusive jurisdiction of such courts in any such suit,
action or proceeding.

 

    	- 39 -

     

    

 

CONVERSION
NOTICE

 

IMPRIMIS
PHARMACEUTICALS, INC.

 

8.00%
Convertible Senior Secured Notes

 

Subject
to the terms of the Notes, by executing and delivering this Conversion Notice, the undersigned Holder of the Note identified below
directs the Company to convert (check one):

 

[  ]
the entire principal amount of

 

[  ]
$ _____________ aggregate principal amount of

 

the
Note identified by Certificate No. ____________.

 

	Date:_______________________	 
	 	(Legal
    Name of Holder)
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	 

     

    

 

FUNDAMENTAL
CHANGE REPURCHASE NOTICE

 

IMPRIMIS
PHARMACEUTICALS, INC.

 

8.00%
Convertible Senior Secured Notes

 

Subject
to the terms of the above-referenced Notes, by executing and delivering this Fundamental Change Repurchase Notice, the undersigned
Holder of the Note identified below is exercising its Fundamental Change Repurchase Right with respect to (check one):

 

[  ]
the entire principal amount of

 

[  ]
$ ____________ aggregate principal amount of

 

the
Note identified by Certificate No. _____________.

 

The
undersigned acknowledges that this Note, duly endorsed for transfer, must be delivered to the Company before the Fundamental Change
Repurchase Price will be paid.

 

	Date:_______________________	 
	 	(Legal
    Name of Holder)
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:

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